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Allowance for Loan Losses | 12 Months Ended
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Dec. 31, 2021
Text Block [Abstract] |
Allowance for Loan Losses | NOTE 4 - ALLOWANCE FOR LOAN LOSSES Management has an established methodology to determine the adequacy of the allowance for loan losses that assesses the risks and losses inherent in the loan portfolio. For purposes of determining the allowance for loan losses, the Company has segmented certain loans in the portfolio by product type. Loans are segmented into the following pools: Commercial and Agriculture loans, Commercial Real Estate – Owner Occupied loans, Commercial Real Estate – Non-owner Occupied loans, Residential Real Estate loans, Real Estate Construction loans, Farm Real Estate loans and Consumer and Other loans. Loss migration rates for each risk category are calculated and used as the basis for calculating loan loss allowance allocations. Loss migration rates are calculated over a three-year period for all portfolio segments. Management also considers certain economic factors for trends that management uses to account for the qualitative and environmental changes in risk, which affects the level of the reserve. The following economic factors are analyzed:
| • |  | Changes in lending policies and procedures
| • |  | Changes in experience and depth of lending and management staff
| • |  | Changes in quality of credit review system
| • |  | Changes in the nature and volume of the loan portfolio
| • |  | Changes in past due, classified and nonaccrual loans and TDRs
| • |  | Changes in economic and business conditions
| • |  | Changes in competition or legal and regulatory requirements
| • |  | Changes in concentrations within the loan portfolio
| • |  | Changes in the underlying collateral for collateral dependent loans
The total allowance reflects management’s estimate of loan losses inherent in the loan portfolio at the consolidated balance sheet date. The Company considers the allowance for loan losses of $26,641 adequate to cover loan losses inherent in the loan portfolio, at December 31, 2021. The following tables present, by portfolio segment, the changes in the allowance for loan losses, the ending allocation of the allowance for loan losses and the loan balances outstanding for the years ended December 31, 2021, 2020 and 2019. The changes can be impacted by overall loan volume, adversely graded loans, historical charge-offs and economic factors. Allowance for loan losses:
December 31, 2021 |  | Beginning balance |  |  | Charge-offs |  |  | Recoveries |  |  | Provision (Credit) |  |  | Ending Balance |
Commercial & Agriculture |  | $ | 2,810 |  |  | $ | (15 | ) |  | $ | 165 |  |  | $ | (360 | ) |  | $ | 2,600 |
Commercial Real Estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner Occupied |  |  | 4,057 |  |  |  | — |  |  |  | 7 |  |  |  | 400 |  |  |  | 4,464 |
Non-Owner Occupied |  |  | 12,451 |  |  |  | — |  |  |  | 395 |  |  |  | 1,014 |  |  |  | 13,860 |
Residential Real Estate |  |  | 2,484 |  |  |  | (120 | ) |  |  | 302 |  |  |  | (69 | ) |  |  | 2,597 |
Real Estate Construction |  |  | 2,439 |  |  |  | — |  |  |  | 1 |  |  |  | (630 | ) |  |  | 1,810 |
Farm Real Estate |  |  | 338 |  |  |  | — |  |  |  | 12 |  |  |  | (63 | ) |  |  | 287 |
Consumer and Other |  |  | 209 |  |  |  | (24 | ) |  |  | 60 |  |  |  | (69 | ) |  |  | 176 |
Unallocated |  |  | 240 |  |  |  | — |  |  |  | — |  |  |  | 607 |  |  |  | 847 |
Total |  | $ | 25,028 |  |  | $ | (159 | ) |  | $ | 942 |  |  | $ | 830 |  |  | $ | 26,641 |
For the year ended December 31, 2021, the Company provided $830 to the allowance for loan losses, as compared to a provision of $10,112 for the year ended December 31, 2020. The decrease in the provision was due to the stability of our credit quality metrics coupled with the stabilization and, in some cases, improvement of international, national, regional and local economic conditions that were adversely impacted by the 2020 economic shutdown and restrictions in response to the ongoing COVID-19 pandemic. While vaccinations and booster shots in 2021 have created some level of optimism in the business community, there remains uncertainty due to the continued concern over increased infections from the Delta and Omicron variants of COVID. We remain cautious given the level of classified loans in the portfolio, particularly l oa ns to borrowers in the hotel industry as well as the challenges businesses face in today’s environment. The lingering economic impacts related to the COVID-19 pandemic have included the loss of revenue experienced by our business clients, disruption of supply chains, higher employee wages coupled with workforce shortages and increased costs of materials and services. While some of the pressures have eased, ongoing supply chain and staffing challenges, as well as inflationary pressures remain. Our Commercial and Commercial Real Estate portfolios have been, and are expected to continue to be, impacted the most. For the year ended December 31, 2021, the allowance for Commercial & Agriculture loans decreased due to a decrease in general reserves required for this type as a result of a decrease in loss rates. Commercial and Agriculture loan balances decreased during the year mainly from Civista’s participation in the PPP loan program. The result was represented as a decrease in the provision. The allowance for Commercial Real Estate – Owner Occupied loans increased due to an increase in general reserves required for this type as a result of increased loan balances, offset by a decrease in classified loans balances. The result was represented as an increase in the provision. The allowance for Commercial Real Estate – Non-Owner Occupied loans increased due to an increase in general reserves required as a result of an increase in loan balances, offset by decreases in classified loan balances and loss rates. This was represented as an increase in the provision. The allowance for Residential Real Estate loans increased due to an increase in loss rates for this type of loan. The result was represented by an increase in the provision. The allowance for Real Estate Construction loans decreased due to a decrease in loan balances. This was represented as a decrease in the provision. Management feels that the unallocated amount is appropriate and within the relevant range for the allowance that is reflective of the risk in the portfolio at December 31, 2021. Allowance for loan losses:
December 31, 2020 |  | Beginning balance |  |  | Charge-offs |  |  | Recoveries |  |  | Provision (Credit) |  |  | Ending Balance |
Commercial & Agriculture |  | $ | 2,219 |  |  | $ | (20 | ) |  | $ | 7 |  |  | $ | 604 |  |  | $ | 2,810 |
Commercial Real Estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner Occupied |  |  | 2,541 |  |  |  | (148 | ) |  |  | 259 |  |  |  | 1,405 |  |  |  | 4,057 |
Non-Owner Occupied |  |  | 6,584 |  |  |  | — |  |  |  | 48 |  |  |  | 5,819 |  |  |  | 12,451 |
Residential Real Estate |  |  | 1,582 |  |  |  | (236 | ) |  |  | 218 |  |  |  | 920 |  |  |  | 2,484 |
Real Estate Construction |  |  | 1,250 |  |  |  | — |  |  |  | 4 |  |  |  | 1,185 |  |  |  | 2,439 |
Farm Real Estate |  |  | 344 |  |  |  | — |  |  |  | 13 |  |  |  | (19) |  |  |  | 338 |
Consumer and Other |  |  | 247 |  |  |  | (61 | ) |  |  | 65 |  |  |  | (42) |  |  |  | 209 |
Unallocated |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 240 |  |  |  | 240 |
Total |  | $ | 14,767 |  |  | $ | (465 | ) |  | $ | 614 |  |  | $ | 10,112 |  |  | $ | 25,028 |
For the year ended December 31, 2020, the Company provided $10,112 to the allowance for loan losses. The provision was primarily the result of an increase in Civista’s qualitative factors, primarily changes in international, national, regional and local conditions, related to the economic shutdown driven by the ongoing COVID-19 pandemic. Economic impacts related to the COVID-19 pandemic during 2020 included the loss of revenue by our business clients, disruption of supply chains, additional employee costs for businesses due to the pandemic, higher unemployment rates throughout our footprint and a large number of customers requesting payment relief. The allowance for Commercial & Agriculture loans increased due to an increase in general reserves required for this type as a result of an increase in loan balances mainly from Civista’s participation in the PPP loan program and by an increase in loss rates, resulting in an increase in the provision. PPP loans are eligible for a 100% guaranty by the U.S. Small Business Administration (“SBA”) and, as a result, the reserve percentage for PPP loans is substantially less than the other loans in t h is segment. However, in the event of a loss resulting from a default on a PPP loan, and a determination by the SBA that there was a deficiency in the manner on which the PPP loan was originated or funded, the SBA may deny its liability under the guaranty. For the year ended December 31, 2020, the allowance for Commercial Real Estate – Owner Occupied loans increased due to an increase in general reserves required for this type as a result of higher loan balances, an increase in classified loans and the volume of loans in payment deferral, and an increase in loss rates. The result was represented as an increase in the provision. The allowance for Commercial Real Estate – Non-Owner Occupied loans increased due to an increase in general reserves required as a result of an increase in loan balances, an increase in classified loans and the volume of loans in payment deferral, and an increase in loss rates. This was represented as an increase in the provision. The allowance for Residential Real Estate loans increased due to an increase in general reserves required for this type as a result of factors related to the COVID-19 pandemic, offset by a decrease in loan balances, represented by an increase in the provision. The allowance for Real Estate Construction loans increased due to an increase in general reserves required as a result of an increase in loan balances and an increase in loss rates, represented by an increase in the provision. The allowance for Farm Real Estate loans decreased due to a decrease in general reserves required as a result of a decrease in loan balances. The result was represented as a decrease in the provision.​​​​​​​ The allowance for Consumer and Other loans decreased due to a decrease in general reserves required as a result of a decrease in loan balances and loss rates. The result was represented as a decrease in the provision. Allowance for loan losses:
December 31, 2019 |  | Beginning balance |  |  | Charge-offs |  |  | Recoveries |  |  | Provision (Credit) |  |  | Ending Balance |
Commercial & Agriculture |  | $ | 1,747 |  |  | $ | (114 | ) |  | $ | 86 |  |  | $ | 500 |  |  | $ | 2,219 |
Commercial Real Estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner Occupied |  |  | 1,962 |  |  |  | (161 | ) |  |  | 289 |  |  |  | 451 |  |  |  | 2,541 |
Non-Owner Occupied |  |  | 5,803 |  |  |  | — |  |  |  | 102 |  |  |  | 679 |  |  |  | 6,584 |
Residential Real Estate |  |  | 1,531 |  |  |  | (294 | ) |  |  | 259 |  |  |  | 86 |  |  |  | 1,582 |
Real Estate Construction |  |  | 1,046 |  |  |  | (24 | ) |  |  | 3 |  |  |  | 225 |  |  |  | 1,250 |
Farm Real Estate |  |  | 397 |  |  |  | — |  |  |  | 5 |  |  |  | (58 | ) |  |  | 344 |
Consumer and Other |  |  | 284 |  |  |  | (183 | ) |  |  | 85 |  |  |  | 61 |  |  |  | 247 |
Unallocated |  |  | 909 |  |  |  | — |  |  |  | — |  |  |  | (909 | ) |  |  | — |
Total |  | $ | 13,679 |  |  | $ | (776 | ) |  | $ | 829 |  |  | $ | 1,035 |  |  | $ | 14,767 |
For the year ended December 31, 2019, the allowance for Commercial & Agriculture loans increased as a result of an increase in general reserves due to higher loan balances. The result was represented as an increase in the provision. The allowance for Commercial Real Estate – Owner Occupied loans increased as a result of an increase in general reserves due to higher loan balances. The result was represented as an increase in the provision. The allowance for Commercial Real Estate – Non-Owner Occupied loans increased due to an increase in general reserves required for this type as a result of higher loan balances. The allowance for Residential Real Estate loans increased as a result of an increase in general reserves required for this type as a result of an increase in outstanding loan balances, represented by an increase in the provision. The allowance for Real Estate Construction loans increased due to higher outstanding loan balances for this type of loan. The allowance for Farm Real Estate loans was reduced by a decrease in general reserves required for this type as a result of lower outstanding loan balances. The result was represented as a decrease in the provision.​​​​​​​ The following tables present, by portfolio segment, the allocation of the allowance for loan losses and related loan balances as of December 31, 2021 and December 31, 2020.
December 31, 2021 |  | Loans acquired with credit deterioration |  |  | Loans individually evaluated for impairment |  |  | Loans collectively evaluated for impairment |  |  | Total |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial & Agriculture |  | $ | — |  |  | $ | — |  |  | $ | 2,600 |  |  | $ | 2,600 |
Commercial Real Estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner Occupied |  |  | — |  |  |  | 7 |  |  |  | 4,457 |  |  |  | 4,464 |
Non-Owner Occupied |  |  | — |  |  |  | — |  |  |  | 13,860 |  |  |  | 13,860 |
Residential Real Estate |  |  | — |  |  |  | 11 |  |  |  | 2,586 |  |  |  | 2,597 |
Real Estate Construction |  |  | — |  |  |  | — |  |  |  | 1,810 |  |  |  | 1,810 |
Farm Real Estate |  |  | — |  |  |  | — |  |  |  | 287 |  |  |  | 287 |
Consumer and Other |  |  | — |  |  |  | — |  |  |  | 176 |  |  |  | 176 |
Unallocated |  |  | — |  |  |  | — |  |  |  | 847 |  |  |  | 847 |
Total |  | $ | — |  |  | $ | 18 |  |  | $ | 26,623 |  |  | $ | 26,641 |
Outstanding loan balances: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial & Agriculture |  | $ | — |  |  | $ | — |  |  | $ | 246,502 |  |  | $ | 246,502 |
Commercial Real Estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner Occupied |  |  | — |  |  |  | 187 |  |  |  | 295,265 |  |  |  | 295,452 |
Non-Owner Occupied |  |  | — |  |  |  | — |  |  |  | 829,310 |  |  |  | 829,310 |
Residential Real Estate |  |  | 290 |  |  |  | 526 |  |  |  | 429,244 |  |  |  | 430,060 |
Real Estate Construction |  |  | — |  |  |  | — |  |  |  | 157,127 |  |  |  | 157,127 |
Farm Real Estate |  |  | — |  |  |  | 509 |  |  |  | 27,910 |  |  |  | 28,419 |
Consumer and Other |  |  | — |  |  |  | — |  |  |  | 11,009 |  |  |  | 11,009 |
Total |  | $ | 290 |  |  | $ | 1,222 |  |  | $ | 1,996,367 |  |  | $ | 1,997,879 |
December 31, 2020 |  | Loans acquired with credit deterioration |  |  | Loans individually evaluated for impairment |  |  | Loans collectively evaluated for impairment |  |  | Total |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial & Agriculture |  | $ | — |  |  | $ | 73 |  |  | $ | 2,737 |  |  | $ | 2,810 |
Commercial Real Estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner Occupied |  |  | — |  |  |  | 5 |  |  |  | 4,052 |  |  |  | 4,057 |
Non-Owner Occupied |  |  | — |  |  |  | — |  |  |  | 12,451 |  |  |  | 12,451 |
Residential Real Estate |  |  | — |  |  |  | 29 |  |  |  | 2,455 |  |  |  | 2,484 |
Real Estate Construction |  |  | — |  |  |  | — |  |  |  | 2,439 |  |  |  | 2,439 |
Farm Real Estate |  |  | — |  |  |  | — |  |  |  | 338 |  |  |  | 338 |
Consumer and Other |  |  | — |  |  |  | — |  |  |  | 209 |  |  |  | 209 |
Unallocated |  |  | — |  |  |  | — |  |  |  | 240 |  |  |  | 240 |
Total |  | $ | — |  |  | $ | 107 |  |  | $ | 24,921 |  |  | $ | 25,028 |
Outstanding loan balances: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial & Agriculture |  | $ | — |  |  | $ | 74 |  |  | $ | 409,802 |  |  | $ | 409,876 |
Commercial Real Estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner Occupied |  |  | — |  |  |  | 980 |  |  |  | 277,433 |  |  |  | 278,413 |
Non-Owner Occupied |  |  | — |  |  |  | 48 |  |  |  | 705,024 |  |  |  | 705,072 |
Residential Real Estate |  |  | 388 |  |  |  | 946 |  |  |  | 441,254 |  |  |  | 442,588 |
Real Estate Construction |  |  | — |  |  |  | — |  |  |  | 175,609 |  |  |  | 175,609 |
Farm Real Estate |  |  | — |  |  |  | 618 |  |  |  | 32,484 |  |  |  | 33,102 |
Consumer and Other |  |  | — |  |  |  | — |  |  |  | 12,842 |  |  |  | 12,842 |
Total |  | $ | 388 |  |  | $ | 2,666 |  |  | $ | 2,054,448 |  |  | $ | 2,057,502 |
The following tables represent credit exposures by internally assigned risk ratings for the periods ended December 31, 2021 and 2020. The remaining loans in the Residential Real Estate, Real Estate Construction and Consumer and Other loan categories that are not assigned a risk grade are presented in a separate table below. The risk rating analysis estimates the capability of the borrower to repay the contractual obligations of the loan agreements as scheduled or at all. The Company’s internal credit risk rating system is based on experiences with similarly graded loans. The Company’s internally assigned grades are as follows:
| • |  | Pass – loans which are protected by the current net worth and paying capacity of the obligor or by the value of the underlying collateral.
| • |  | Special Mention – loans where a potential weakness or risk exists, which could cause a more serious problem if not corrected.
| • |  | Substandard – loans that have a well-defined weakness based on objective evidence and are characterized by the distinct possibility that Civista will sustain some loss if the deficiencies are not corrected.
| • |  | Doubtful – loans classified as doubtful have all the weaknesses inherent in a substandard asset. In addition, these weaknesses make collection or liquidation in full highly questionable and improbable, based on existing circumstances.
| • |  | Loss – loans classified as a loss are considered uncollectible, or of such value that continuance as an asset is not warranted.
| • |  | Unrated – Generally, Residential Real Estate, Real Estate Construction and Consumer and Other loans are not risk-graded, except when collateral is used for a business purpose.
December 31, 2021 |  | Pass |  |  | Special Mention |  |  | Substandard |  |  | Doubtful |  |  | Ending Balance |
Commercial & Agriculture |  | $ | 244,787 |  |  | $ | 526 |  |  | $ | 1,189 |  |  | $ | — |  |  | $ | 246,502 |
Commercial Real Estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner Occupied |  |  | 290,617 |  |  |  | 3,119 |  |  |  | 1,716 |  |  |  | — |  |  |  | 295,452 |
Non-Owner Occupied |  |  | 764,181 |  |  |  | 28,042 |  |  |  | 37,087 |  |  |  | — |  |  |  | 829,310 |
Residential Real Estate |  |  | 77,594 |  |  |  | 164 |  |  |  | 4,455 |  |  |  | — |  |  |  | 82,213 |
Real Estate Construction |  |  | 136,149 |  |  |  | 260 |  |  |  | 5 |  |  |  | — |  |  |  | 136,414 |
Farm Real Estate |  |  | 27,023 |  |  |  | 205 |  |  |  | 1,191 |  |  |  | — |  |  |  | 28,419 |
Consumer and Other |  |  | 764 |  |  |  | — |  |  |  | 20 |  |  |  | — |  |  |  | 784 |
Total |  | $ | 1,541,115 |  |  | $ | 32,316 |  |  | $ | 45,663 |  |  | $ | — |  |  | $ | 1,619,094 |
December 31, 2020 |  | Pass |  |  | Special Mention |  |  | Substandard |  |  | Doubtful |  |  | Ending Balance |
Commercial & Agriculture |  | $ | 401,636 |  |  | $ | 4,472 |  |  | $ | 3,768 |  |  | $ | — |  |  | $ | 409,876 |
Commercial Real Estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner Occupied |  |  | 248,316 |  |  |  | 19,429 |  |  |  | 10,668 |  |  |  | — |  |  |  | 278,413 |
Non-Owner Occupied |  |  | 604,909 |  |  |  | 58,270 |  |  |  | 41,893 |  |  |  | — |  |  |  | 705,072 |
Residential Real Estate |  |  | 81,409 |  |  |  | 668 |  |  |  | 5,524 |  |  |  | — |  |  |  | 87,601 |
Real Estate Construction |  |  | 158,207 |  |  |  | 962 |  |  |  | 492 |  |  |  | — |  |  |  | 159,661 |
Farm Real Estate |  |  | 30,486 |  |  |  | 216 |  |  |  | 2,400 |  |  |  | — |  |  |  | 33,102 |
Consumer and Other |  |  | 833 |  |  |  | — |  |  |  | 33 |  |  |  | — |  |  |  | 866 |
Total |  | $ | 1,525,796 |  |  | $ | 84,017 |  |  | $ | 64,778 |  |  | $ | — |  |  | $ | 1,674,591 |
Due to the business disruptions and shut-downs due to the Covid-19 pandemic, in 2020, management offered payment deferments to a number of customers that had previously been current in all respects. Civista instituted an enhanced portfolio management process which included meeting with customers, requesting additional financial information and evaluating cashflow and adjusting risk ratings as conditions warrant. During this process we systematically downgraded a significant number of loans to recognize the increased risk attributed to the pandemic. Additionally, Civista offered longer term deferrals under Section 4013 of the Cares Act, that were also downgraded as appropriate. Based on improved financial performance the bank has upgraded 48% of criticized loans during the year. The lodging industry was hit the hardest and recovery is taking longer for that segment. Civista believes it has prudently identified risk, assigned appropriate risk ratings, and has a comprehensive portfolio management process to identify and quantify risk. The following tables present performing and nonperforming loans based solely on payment activity for the years ended December 31 , 2021 and December 31 , 2020 that have not been assigned an internal risk grade. The types of loans presented here are not assigned a risk grade unless there is evidence of a problem. Payment activity is reviewed by management on a monthly basis to evaluate performance. Loans are considered to be nonperforming when they become 90 days past due or if management thinks that we may not collect all of our principal and interest. Nonperforming loans also include certain loans that have been modified in Troubled Debt Restructurings (TDRs) where economic concessions have been granted to borrowers who have experienced or are expected to experience financial difficulties. These concessions typically result from the Company’s loss mitigation activities and could include reductions in the interest rate, payment extensions, forgiveness of principal, forbearance or other actions due to economic status. Certain TDRs are classified as nonperforming at the time of restructure and may only be returned to performing status after considering the borrower’s sustained repayment performance for a reasonable period, generally six months .
December 31, 2021 |  | Residential Real Estate |  |  | Real Estate Construction |  |  | Consumer and Other |  |  | Total |
Performing |  | $ | 347,847 |  |  | $ | 20,713 |  |  | $ | 10,225 |  |  | $ | 378,785 |
Nonperforming |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 347,847 |  |  | $ | 20,713 |  |  | $ | 10,225 |  |  | $ | 378,785 |
December 31, 2020 |  | Residential Real Estate |  |  | Real Estate Construction |  |  | Consumer and Other |  |  | Total |
Performing |  | $ | 354,987 |  |  | $ | 15,948 |  |  | $ | 11,976 |  |  | $ | 382,911 |
Nonperforming |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 354,987 |  |  | $ | 15,948 |  |  | $ | 11,976 |  |  | $ | 382,911 |
The following tables include an aging analysis of the recorded investment of past due loans outstanding as of December 31, 2021 and 2020.
December 31, 2021 |  | 30-59 Days Past Due |  |  | 60-89 Days Past Due |  |  | 90 Days or Greater |  |  | Total Past Due |  |  | Current |  |  | Purchased Credit- Impaired Loans |  |  | Total Loans |  |  | Past Due 90 Days and Accruing |
Commercial & Agriculture |  | $ | 249 |  |  | $ | 13 |  |  | $ | 78 |  |  | $ | 340 |  |  | $ | 246,162 |  |  | $ | — |  |  | $ | 246,502 |  |  | $ | — |
Commercial Real Estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner Occupied |  |  | — |  |  |  | — |  |  |  | 106 |  |  |  | 106 |  |  |  | 295,346 |  |  |  | — |  |  |  | 295,452 |  |  |  | — |
Non-Owner Occupied |  |  | — |  |  |  | — |  |  |  | 4 |  |  |  | 4 |  |  |  | 829,306 |  |  |  | — |  |  |  | 829,310 |  |  |  | — |
Residential Real Estate |  |  | 1,848 |  |  |  | 879 |  |  |  | 842 |  |  |  | 3,569 |  |  |  | 426,201 |  |  |  | 290 |  |  |  | 430,060 |  |  |  | — |
Real Estate Construction |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 157,127 |  |  |  | — |  |  |  | 157,127 |  |  |  | — |
Farm Real Estate |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 28,419 |  |  |  | — |  |  |  | 28,419 |  |  |  | — |
Consumer and Other |  |  | 42 |  |  |  | — |  |  |  | 9 |  |  |  | 51 |  |  |  | 10,958 |  |  |  | — |  |  |  | 11,009 |  |  |  | — |
Total |  | $ | 2,139 |  |  | $ | 892 |  |  | $ | 1,039 |  |  | $ | 4,070 |  |  | $ | 1,993,519 |  |  | $ | 290 |  |  | $ | 1,997,879 |  |  | $ | — |
December 31, 2020 |  | 30-59 Days Past Due |  |  | 60-89 Days Past Due |  |  | 90 Days or Greater |  |  | Total Past Due |  |  | Current |  |  | Purchased Credit- Impaired Loans |  |  | Total Loans |  |  | Past Due 90 Days and Accruing |
Commercial & Agriculture |  | $ | 117 |  |  | $ | 25 |  |  | $ | 50 |  |  | $ | 192 |  |  | $ | 409,684 |  |  | $ | — |  |  | $ | 409,876 |  |  | $ | — |
Commercial Real Estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner Occupied |  |  | — |  |  |  | 4 |  |  |  | 102 |  |  |  | 106 |  |  |  | 278,307 |  |  |  | — |  |  |  | 278,413 |  |  |  | — |
Non-Owner Occupied |  |  | — |  |  |  | — |  |  |  | 6 |  |  |  | 6 |  |  |  | 705,066 |  |  |  | — |  |  |  | 705,072 |  |  |  | — |
Residential Real Estate |  |  | 1,059 |  |  |  | 867 |  |  |  | 1,314 |  |  |  | 3,240 |  |  |  | 438,960 |  |  |  | 388 |  |  |  | 442,588 |  |  |  | — |
Real Estate Construction |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 175,609 |  |  |  | — |  |  |  | 175,609 |  |  |  | — |
Farm Real Estate |  |  | — |  |  |  | — |  |  |  | 4 |  |  |  | 4 |  |  |  | 33,098 |  |  |  | — |  |  |  | 33,102 |  |  |  | — |
Consumer and Other |  |  | 59 |  |  |  | 1 |  |  |  | 16 |  |  |  | 76 |  |  |  | 12,766 |  |  |  | — |  |  |  | 12,842 |  |  |  | — |
Total |  | $ | 1,235 |  |  | $ | 897 |  |  | $ | 1,492 |  |  | $ | 3,624 |  |  | $ | 2,053,490 |  |  | $ | 388 |  |  | $ | 2,057,502 |  |  | $ | — |
The following table presents loans on nonaccrual status, excluding purchased credit-impaired (PCI) loans, as of December 31, 2021 and 2020.
|  | 2021 |  |  | 2020 |
Commercial & Agriculture |  | $ | 78 |  |  | $ | 139 |
Commercial Real Estate: |  |  |  |  |  |  |  |
Owner Occupied |  |  | 334 |  |  |  | 964 |
Non-Owner Occupied |  |  | 4 |  |  |  | 6 |
Residential Real Estate |  |  | 3,232 |  |  |  | 3,893 |
Real Estate Construction |  |  | 5 |  |  |  | 7 |
Farm Real Estate |  |  | — |  |  |  | 85 |
Consumer and Other |  |  | 20 |  |  |  | 31 |
Total |  | $ | 3,673 |  |  | $ | 5,125 |
Nonaccrual Loans: Loans are considered for nonaccrual status upon reaching 90 days delinquency, unless the loan is well secured and in the process of collection, although Civista may be receiving partial payments of interest and partial repayments of principal on such loans. When a loan is placed on nonaccrual status, previously accrued but unpaid interest is deducted from interest income. A loan may be returned to accruing status only if one of three conditions are met: the loan is well-secured and none of the principal and interest has been past due for a minimum of 90 days; the loan is a TDR and the borrower has made a minimum of six months payments; or the principal and interest payments are reasonably assured and a sustained period of performance has occurred, generally six months. The gross interest income that would have been recorded on nonaccrual loans in 2021, 2020 and 2019 if the loans had been current in accordance with their original terms and had been outstanding throughout the period or since origination, if held for part of the period, was $307, $536 and $571, respectively. The amount of interest income on such loans recognized on a cash basis was $716 in 2021, $477 in 2020 and $379 in 2019. Modifications: A modification of a loan constitutes a TDR when Civista for economic or legal reasons related to a borrower’s financial difficulties grants a concession to the borrower that it would not otherwise consider. Civista offers various types of concessions when modifying a loan, however, forgiveness of principal is rarely granted. Commercial Real Estate loans modified in a TDR often involve reducing the interest rate lower than the current market rate for new debt with similar risk. Real Estate loans modified in a TDR were primarily comprised of interest rate reductions where monthly payments were lowered to accommodate the borrowers’ financial needs. Loans modified in a TDR are typically already on non-accrual status and partial charge-offs have in some cases already been taken against the outstanding loan balance. As a result, loans modified in a TDR may have the financial effect of increasing the specific allowance associated with the loan. An allowance for impaired loans that have been modified in a TDR are measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate or the estimated fair value of the collateral, less any selling costs, if the loan is collateral dependent. Management exercises significant judgment in developing these estimates. TDRs accounted for $18 of the allowance for loan losses as of December 31, 2021, $35 as of December 31, 2020 and $91 as of December 31, 2019. Loan Modifications/Troubled Debt Restructurings In the second quarter of 2020, in the initial days of the pandemic, Civista booked 90-day payment modifications on 813 loans with an aggregate principal balance outstanding of $431.3 million. Additional 90-day modifications were extended on 100 loans with an aggregate principal balance outstanding of $124.4 million. Both deferral programs primarily consisted of the deferral of principal and/or interest payments. All such modified loans were performing at December 31, 2019 and complied with the provisions of the CARES Act to not be considered a TDR. As of December 31, 2021, Civista had 7 loans with an aggregate principal balance outstanding of $5,142 that remained on CARES Act modifications. Details with respect to loan modifications that remain on deferred status are as follows:
Type of Loan |  | Number of Loans |  |  | Balance |  |  | Percent of Loans Outstanding 1 |
|  |  |  |  | (In thousands) |  |  |  |
Commercial & Agriculture |  |  | 2 |  |  | $ | 498 |  |  |  | 0.03 | %
Commercial Real Estate: |  |  |  |  |  |  |  |  |  |  |  |
Non-Owner Occupied |  |  | 5 |  |  |  | 4,644 |  |  |  | 0.24 | %
Total |  |  | 7 |  |  | $ | 5,142 |  |  |  | 0.26 | %
1 excluding PPP loans |  |  |  |  |  |  |  |  |  |  |  |
There were no loans modified during the twelve month period ended December 31, 2021 and 2020. Loan modifications that are considered TDRs completed during the twelve month periods ended December 31, 2019 were as follows:
|  | For the Twelve Month Period Ended December 31, 2019 |
|  | Number of Contracts |  |  | Pre- Modification Outstanding Recorded Investment |  |  | Post- Modification Outstanding Recorded Investment |
Commercial & Agriculture |  |  | — |  |  | $ | — |  |  | $ | — |
Commercial Real Estate: |  |  |  |  |  |  |  |  |  |  |  |
Owner Occupied |  |  | — |  |  |  | — |  |  |  | — |
Non-Owner Occupied |  |  | 1 |  |  |  | 382 |  |  |  | 382 |
Residential Real Estate |  |  | — |  |  |  | — |  |  |  | — |
Real Estate Construction |  |  | — |  |  |  | — |  |  |  | — |
Farm Real Estate |  |  | — |  |  |  | — |  |  |  | — |
Consumer and Other |  |  | — |  |  |  | — |  |  |  | — |
Total Loan Modifications |  |  | 1 |  |  | $ | 382 |  |  | $ | 382 |
Recidivism, or the borrower defaulting on its obligation pursuant to a modified loan, results in the loan once again becoming a non-accrual loan. Recidivism occurs at a notably higher rate than do defaults on new originations loans, so modified loans present a higher risk of loss than do new origination loans. During the periods ended December 31, 2021, 2020 and 2019, there were no defaults on loans that were modified and considered TDRs during the previous twelve months. Impaired Loans: Larger (greater than $350) commercial loan, commercial real estate loan and farm real estate loan relationships, all TDRs and residential real estate and consumer loans that are part of a larger relationship are tested for impairment. These loans are analyzed to determine if it is probable that all amounts will not be collected according to the contractual terms of the loan agreement. If management determines that the value of the impaired loan is less than the recorded investment in the loan (net of previous charge-offs, deferred loan fees or costs and unamortized premium or discount), impairment is recognized through an allowance estimate or a charge-off to the allowance. The following table includes the recorded investment and unpaid principal balances for impaired financing receivables, excluding PCI loans, with the associated allowance amount, if applicable, as of December 31, 2021 and 2020.
|  | December 31, 2021 |  |  | December 31, 2020 |
|  | Recorded Investment |  |  | Unpaid Principal Balance |  |  | Related Allowance |  |  | Recorded Investment |  |  | Unpaid Principal Balance |  |  | Related Allowance |
With no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Real Estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner Occupied |  | $ | — |  |  | $ | — |  |  |  |  |  |  | $ | 757 |  |  | $ | 757 |  |  |  |  |
Non-Owner Occupied |  |  | — |  |  |  | — |  |  |  |  |  |  |  | 48 |  |  |  | 48 |  |  |  |  |
Residential Real Estate |  |  | 503 |  |  |  | 528 |  |  |  |  |  |  |  | 915 |  |  |  | 940 |  |  |  |  |
Farm Real Estate |  |  | 509 |  |  |  | 509 |  |  |  |  |  |  |  | 618 |  |  |  | 618 |  |  |  |  |
Total |  |  | 1,012 |  |  |  | 1,037 |  |  |  |  |  |  |  | 2,338 |  |  |  | 2,363 |  |  |  |  |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial & Agriculture |  |  | — |  |  |  | — |  |  | $ | — |  |  |  | 74 |  |  |  | 74 |  |  | $ | 73 |
Commercial Real Estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner Occupied |  |  | 187 |  |  |  | 187 |  |  |  | 7 |  |  |  | 223 |  |  |  | 223 |  |  |  | 5 |
Residential Real Estate |  |  | 23 |  |  |  | 27 |  |  |  | 11 |  |  |  | 31 |  |  |  | 35 |  |  |  | 29 |
Total |  |  | 210 |  |  |  | 214 |  |  |  | 18 |  |  |  | 328 |  |  |  | 332 |  |  |  | 107 |
Total: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial & Agriculture |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 74 |  |  |  | 74 |  |  |  | 73 |
Commercial Real Estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner Occupied |  |  | 187 |  |  |  | 187 |  |  |  | 7 |  |  |  | 980 |  |  |  | 980 |  |  |  | 5 |
Non-Owner Occupied |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 48 |  |  |  | 48 |  |  |  | — |
Residential Real Estate |  |  | 526 |  |  |  | 555 |  |  |  | 11 |  |  |  | 946 |  |  |  | 975 |  |  |  | 29 |
Farm Real Estate |  |  | 509 |  |  |  | 509 |  |  |  | — |  |  |  | 618 |  |  |  | 618 |  |  |  | — |
Total |  | $ | 1,222 |  |  | $ | 1,251 |  |  | $ | 18 |  |  | $ | 2,666 |  |  | $ | 2,695 |  |  | $ | 107 |
The following tables include the average recorded investment and interest income recognized for impaired financing receivables as of, and for the years ended, December 31, 2021, 2020 and 2019.
For the year ended: |  | December 31, 2021 |  |  | December 31, 2020 |
|  | Average Recorded Investment |  |  | Interest Income Recognized |  |  | Average Recorded Investment |  |  | Interest Income Recognized |
Commercial & Agriculture |  | $ | 15 |  |  | $ | — |  |  | $ | 88 |  |  | $ | 4 |
Commercial Real Estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner Occupied |  |  | 396 |  |  |  | 18 |  |  |  | 520 |  |  |  | 27 |
Non-Owner Occupied |  |  | 23 |  |  |  | 1 |  |  |  | 243 |  |  |  | 16 |
Residential Real Estate |  |  | 629 |  |  |  | 31 |  |  |  | 1,361 |  |  |  | 43 |
Farm Real Estate |  |  | 569 |  |  |  | 24 |  |  |  | 647 |  |  |  | 26 |
Total |  | $ | 1,632 |  |  | $ | 74 |  |  | $ | 2,859 |  |  | $ | 116 |
For the year ended: |  | December 31, 2019 |
|  | Average Recorded Investment |  |  | Interest Income Recognized |
Commercial & Agriculture |  | $ | 367 |  |  | $ | 33 |
Commercial Real Estate: |  |  |  |  |  |  |  |
Owner Occupied |  |  | 456 |  |  |  | 32 |
Non-Owner Occupied |  |  | 308 |  |  |  | 20 |
Residential Real Estate |  |  | 1,271 |  |  |  | 58 |
Farm Real Estate |  |  | 683 |  |  |  | 29 |
Total |  | $ | 3,085 |  |  | $ | 172 |
Foreclosed assets acquired in settlement of loans are carried at fair value less estimated costs to sell and are included in other assets on the Consolidated Balance Sheet. As of December 31, 2021, there were no foreclosed assets included in other assets. As of December 31, 2020, there were $31 of foreclosed assets included in other assets. As of December 31, 2020 and 2019, the Company had initiated formal foreclosure procedures on $293 and $741, respectively, of Residential Real Estate loans. Changes in the amortizable yield for PCI loans were as follows, since acquisition:
|  | At December 31, 2021 |  |  | At December 31, 2020 |
|  | (In Thousands) |  |  | (In Thousands) |
Balance at beginning of period |  | $ | 225 |  |  | $ | 255 |
Acquisition of PCI loans |  |  | — |  |  |  | — |
Accretion |  |  | (77 | ) |  |  | (336 | )
Transfers from non-accretable to accretable |  |  | 69 |  |  |  | 306 |
Balance at end of period |  | $ | 217 |  |  | $ | 225 |
The following table presents additional information regarding loans acquired and accounted for in accordance with ASC 310-30:
|  | At December 31, 2021 |  |  | At December 31, 2020 |
|  | Acquired Loans with Specific Evidence of Deterioration of Credit Quality (ASC 310-30) |  |  | Acquired Loans with Specific Evidence of Deterioration of Credit Quality (ASC 310-30) |
|  | (In Thousands) |
Outstanding balance |  | $ | 512 |  |  | $ | 687 |
Carrying amount |  |  | 290 |  |  |  | 388 |
There was no allowance for loan losses recorded for acquired loans with or without specific evidence of deterioration in credit quality as of December 31, 2021 and 2020, respectively.

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