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Note 8 - Loans | 12 Months Ended
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Dec. 31, 2019
Notes to Financial Statements |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 8. LOANS Loans outstanding at December 31, 2019 and 2018 are summarized as follows:
Summary of Loans by Type |  |  |  |  |  |  |  |
(In Thousands) |  | Dec. 31, |  |  | Dec. 31, |
|  | 2019 |  |  | 2018 |
Residential mortgage: |  |  |  |  |  |  |  |
Residential mortgage loans - first liens |  | $ | 510,641 |  |  | $ | 372,339 |
Residential mortgage loans - junior liens |  |  | 27,503 |  |  |  | 25,450 |
Home equity lines of credit |  |  | 33,638 |  |  |  | 34,319 |
1-4 Family residential construction |  |  | 14,798 |  |  |  | 24,698 |
Total residential mortgage |  |  | 586,580 |  |  |  | 456,806 |
Commercial: |  |  |  |  |  |  |  |
Commercial loans secured by real estate |  |  | 301,227 |  |  |  | 162,611 |
Commercial and industrial |  |  | 126,374 |  |  |  | 91,856 |
Political subdivisions |  |  | 53,570 |  |  |  | 53,263 |
Commercial construction and land |  |  | 33,555 |  |  |  | 11,962 |
Loans secured by farmland |  |  | 12,251 |  |  |  | 7,146 |
Multi-family (5 or more) residential |  |  | 31,070 |  |  |  | 7,180 |
Agricultural loans |  |  | 4,319 |  |  |  | 5,659 |
Other commercial loans |  |  | 16,535 |  |  |  | 13,950 |
Total commercial |  |  | 578,901 |  |  |  | 353,627 |
Consumer |  |  | 16,741 |  |  |  | 17,130 |
Total |  |  | 1,182,222 |  |  |  | 827,563 |
Less: allowance for loan losses |  |  | (9,836 | ) |  |  | (9,309 | )
Loans, net |  | $ | 1,172,386 |  |  | $ | 818,254 |
In the table above, outstanding loan balances are presented net of deferred loan origination fees, net, of $2,482,000 at December 31, 2019 and $1,999,000 at December 31, 2018. As described in Note 3, effective April 1, 2019, the Corporation acquired loans pursuant to the acquisition of Monument. The loans acquired from Monument were recorded at an initial fair value of $259,295,000. The gross amortized cost of loans acquired from Monument on April 1, 2019 was reduced $1,807,000 based on movements in interest rates (market rate adjustment) and was also reduced $1,914,000 based on a credit fair value adjustment on non-impaired loans and by $318,000 based on a credit fair value adjustment on impaired loans. In 2019, adjustments to these initial discounts to the carrying amounts of loans were recognized as follows:
(In Thousands) |  |  |  |  |  | Credit |  |  |  |  |
|  | Market |  |  | Adjustment on |  |  | Credit |
|  | Rate |  |  | Non-impaired |  |  | Adjustment on |
|  | Adjustment |  |  | Loans |  |  | PCI Loans |
Adjustments to gross amortized cost of loans at acquisition |  | $ | (1,807 | ) |  | $ | (1,914 | ) |  | $ | (318 | )
Accretion recognized in interest income |  |  | 392 |  |  |  | 698 |  |  |  |  |
Recovery from PCI loan pay-off |  |  |  |  |  |  |  |  |  |  | 10 |
Adjustments to gross amortized cost of loans at December 31, 2019 |  | $ | (1,415 | ) |  | $ | (1,216 | ) |  | $ | (308 | )
The Corporation grants loans to individuals as well as commercial and tax-exempt entities. Commercial, residential and personal loans are made to customers geographically concentrated in northcentral Pennsylvania, the southern tier of New York State, southeastern Pennsylvania and southcentral Pennsylvania. Although the Corporation has a diversified loan portfolio, a significant portion of its debtors’ ability to honor their contracts is dependent on the local economic conditions within the region. There is no concentration of loans to borrowers engaged in similar businesses or activities that exceed 10% of total loans at December 31, 2019. Transactions within the allowance for loan losses, summarized by segment and class, were as follows:
Year Ended December 31, 2019 |  | Dec. 31, |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Dec. 31, |
(In Thousands) |  | 2018 Balance |  |  | Charge-offs |  |  | Recoveries |  |  | Provision (Credit) |  |  | 2019 Balance |
Allowance for Loan Losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage loans - first liens |  | $ | 3,156 |  |  | $ | (166 | ) |  | $ | 4 |  |  | $ | 411 |  |  | $ | 3,405 |
Residential mortgage loans - junior liens |  |  | 325 |  |  |  | (24 | ) |  |  | 2 |  |  |  | 81 |  |  |  | 384 |
Home equity lines of credit |  |  | 302 |  |  |  | 0 |  |  |  | 5 |  |  |  | (31 | ) |  |  | 276 |
1-4 Family residential construction |  |  | 203 |  |  |  | 0 |  |  |  | 1 |  |  |  | (87 | ) |  |  | 117 |
Total residential mortgage |  |  | 3,986 |  |  |  | (190 | ) |  |  | 12 |  |  |  | 374 |  |  |  | 4,182 |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial loans secured by real estate |  |  | 2,538 |  |  |  | 0 |  |  |  | 0 |  |  |  | (617 | ) |  |  | 1,921 |
Commercial and industrial |  |  | 1,553 |  |  |  | (6 | ) |  |  | 6 |  |  |  | (162 | ) |  |  | 1,391 |
Commercial construction and land |  |  | 110 |  |  |  | 0 |  |  |  | 0 |  |  |  | 856 |  |  |  | 966 |
Loans secured by farmland |  |  | 102 |  |  |  | 0 |  |  |  | 0 |  |  |  | 56 |  |  |  | 158 |
Multi-family (5 or more) residential |  |  | 114 |  |  |  | 0 |  |  |  | 0 |  |  |  | 42 |  |  |  | 156 |
Agricultural loans |  |  | 46 |  |  |  | 0 |  |  |  | 0 |  |  |  | (5 | ) |  |  | 41 |
Other commercial loans |  |  | 128 |  |  |  | 0 |  |  |  | 0 |  |  |  | 27 |  |  |  | 155 |
Total commercial |  |  | 4,591 |  |  |  | (6 | ) |  |  | 6 |  |  |  | 197 |  |  |  | 4,788 |
Consumer |  |  | 233 |  |  |  | (183 | ) |  |  | 39 |  |  |  | 192 |  |  |  | 281 |
Unallocated |  |  | 499 |  |  |  | 0 |  |  |  | 0 |  |  |  | 86 |  |  |  | 585 |
Total Allowance for Loan Losses |  | $ | 9,309 |  |  | $ | (379 | ) |  | $ | 57 |  |  | $ | 849 |  |  | $ | 9,836 |
Year Ended December 31, 2018 |  | Dec. 31, |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Dec. 31, |
(In Thousands) |  | 2017 Balance |  |  | Charge-offs |  |  | Recoveries |  |  | Provision (Credit) |  |  | 2018 Balance |
Allowance for Loan Losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage loans - first liens |  | $ | 3,200 |  |  | $ | (108 | ) |  | $ | 4 |  |  | $ | 60 |  |  | $ | 3,156 |
Residential mortgage loans - junior liens |  |  | 224 |  |  |  | 0 |  |  |  | 4 |  |  |  | 97 |  |  |  | 325 |
Home equity lines of credit |  |  | 296 |  |  |  | (50 | ) |  |  | 0 |  |  |  | 56 |  |  |  | 302 |
1-4 Family residential construction |  |  | 243 |  |  |  | 0 |  |  |  | 0 |  |  |  | (40 | ) |  |  | 203 |
Total residential mortgage |  |  | 3,963 |  |  |  | (158 | ) |  |  | 8 |  |  |  | 173 |  |  |  | 3,986 |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial loans secured by real estate |  |  | 2,584 |  |  |  | (21 | ) |  |  | 0 |  |  |  | (25 | ) |  |  | 2,538 |
Commercial and industrial |  |  | 1,065 |  |  |  | (144 | ) |  |  | 6 |  |  |  | 626 |  |  |  | 1,553 |
Commercial construction and land |  |  | 150 |  |  |  | 0 |  |  |  | 0 |  |  |  | (40 | ) |  |  | 110 |
Loans secured by farmland |  |  | 105 |  |  |  | 0 |  |  |  | 0 |  |  |  | (3 | ) |  |  | 102 |
Multi-family (5 or more) residential |  |  | 172 |  |  |  | 0 |  |  |  | 311 |  |  |  | (369 | ) |  |  | 114 |
Agricultural loans |  |  | 57 |  |  |  | 0 |  |  |  | 0 |  |  |  | (11 | ) |  |  | 46 |
Other commercial loans |  |  | 102 |  |  |  | 0 |  |  |  | 0 |  |  |  | 26 |  |  |  | 128 |
Total commercial |  |  | 4,235 |  |  |  | (165 | ) |  |  | 317 |  |  |  | 204 |  |  |  | 4,591 |
Consumer |  |  | 159 |  |  |  | (174 | ) |  |  | 41 |  |  |  | 207 |  |  |  | 233 |
Unallocated |  |  | 499 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 499 |
Total Allowance for Loan Losses |  | $ | 8,856 |  |  | $ | (497 | ) |  | $ | 366 |  |  | $ | 584 |  |  | $ | 9,309 |
In the evaluation of the loan portfolio, management determines two major components for the allowance for loan losses – ( 1 ) a specific component based on an assessment of certain larger relationships, mainly commercial purpose loans, on a loan-by-loan basis; and ( 2 ) a general component for the remainder of the portfolio, except for performing loans purchased in 2019 from Monument, based on a collective evaluation of pools of loans with similar risk characteristics. The general component is assigned to each pool of loans based on both historical net charge-off experience, and an evaluation of certain qualitative factors. An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the above methodologies for estimating specific and general losses in the portfolio. Loans acquired from Monument that were identified as having a deterioration in credit quality (purchased credit impaired, or PCI) were valued at $441,000 at April 1, 2019 and December 31, 2019. The remainder of the portfolio was deemed to be the performing component of the portfolio. None of the performing loans purchased were found to be impaired at December 31, 2019, and the performing loans purchased in 2019 were excluded from the loan pools for which the general component of the allowance for loan losses was calculated. In determining the larger loan relationships for detailed assessment under the specific allowance component, the Corporation uses an internal risk rating system. Under the risk rating system, the Corporation classifies problem or potential problem loans as “Special Mention,” “Substandard,” or “Doubtful” on the basis of currently existing facts, conditions and values. Loans that do not currently expose the Corporation to sufficient risk to warrant classification as Substandard or Doubtful, but possess weaknesses that deserve management’s close attention, are deemed to be Special Mention. Substandard loans include those characterized by the distinct possibility that the Corporation will sustain some loss if the deficiencies are not corrected. Loans classified as Doubtful have all the weaknesses inherent in those classified as Substandard with the added characteristic that the weaknesses present make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. Risk ratings are updated any time that conditions or the situation warrants. Loans not classified are included in the “Pass” column in the table below. The following tables summarize the aggregate credit quality classification of outstanding loans by risk rating as of December 31, 2019 and 2018:
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Purchased |  |  |  |  |
(In Thousands) |  |  |  |  |  | Special |  |  |  |  |  |  |  |  |  |  | Credit |  |  |  |  |
|  | Pass |  |  | Mention |  |  | Substandard |  |  | Doubtful |  |  | Impaired |  |  | Total |
Residential Mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential Mortgage loans - first liens |  | $ | 500,963 |  |  | $ | 193 |  |  | $ | 9,324 |  |  | $ | 84 |  |  | $ | 77 |  |  | $ | 510,641 |
Residential Mortgage loans - junior liens |  |  | 26,953 |  |  |  | 79 |  |  |  | 471 |  |  |  | 0 |  |  |  | 0 |  |  |  | 27,503 |
Home Equity lines of credit |  |  | 33,170 |  |  |  | 59 |  |  |  | 409 |  |  |  | 0 |  |  |  | 0 |  |  |  | 33,638 |
1-4 Family residential construction |  |  | 14,798 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 14,798 |
Total residential mortgage |  |  | 575,884 |  |  |  | 331 |  |  |  | 10,204 |  |  |  | 84 |  |  |  | 77 |  |  |  | 586,580 |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial loans secured by real estate |  |  | 294,397 |  |  |  | 4,773 |  |  |  | 1,693 |  |  |  | 0 |  |  |  | 364 |  |  |  | 301,227 |
Commercial and Industrial |  |  | 114,293 |  |  |  | 9,538 |  |  |  | 2,543 |  |  |  | 0 |  |  |  | 0 |  |  |  | 126,374 |
Political subdivisions |  |  | 53,570 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 53,570 |
Commercial construction and land |  |  | 32,224 |  |  |  | 0 |  |  |  | 1,331 |  |  |  | 0 |  |  |  | 0 |  |  |  | 33,555 |
Loans secured by farmland |  |  | 6,528 |  |  |  | 4,681 |  |  |  | 1,042 |  |  |  | 0 |  |  |  | 0 |  |  |  | 12,251 |
Multi-family (5 or more) residential |  |  | 30,160 |  |  |  | 0 |  |  |  | 910 |  |  |  | 0 |  |  |  | 0 |  |  |  | 31,070 |
Agricultural loans |  |  | 3,343 |  |  |  | 335 |  |  |  | 641 |  |  |  | 0 |  |  |  | 0 |  |  |  | 4,319 |
Other commercial loans |  |  | 16,416 |  |  |  | 0 |  |  |  | 119 |  |  |  | 0 |  |  |  | 0 |  |  |  | 16,535 |
Total commercial |  |  | 550,931 |  |  |  | 19,327 |  |  |  | 8,279 |  |  |  | 0 |  |  |  | 364 |  |  |  | 578,901 |
Consumer |  |  | 16,720 |  |  |  | 0 |  |  |  | 21 |  |  |  | 0 |  |  |  | 0 |  |  |  | 16,741 |
Totals |  | $ | 1,143,535 |  |  | $ | 19,658 |  |  | $ | 18,504 |  |  | $ | 84 |  |  | $ | 441 |  |  | $ | 1,182,222 |
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(In Thousands) |  |  |  |  |  | Special |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Pass |  |  | Mention |  |  | Substandard |  |  | Doubtful |  |  | Total |
Residential Mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage loans - first liens |  | $ | 363,407 |  |  | $ | 937 |  |  | $ | 7,944 |  |  | $ | 51 |  |  | $ | 372,339 |
Residential mortgage loans - junior liens |  |  | 24,841 |  |  |  | 176 |  |  |  | 433 |  |  |  | 0 |  |  |  | 25,450 |
Home equity lines of credit |  |  | 33,659 |  |  |  | 59 |  |  |  | 601 |  |  |  | 0 |  |  |  | 34,319 |
1-4 Family residential construction |  |  | 24,698 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 24,698 |
Total residential mortgage |  |  | 446,605 |  |  |  | 1,172 |  |  |  | 8,978 |  |  |  | 51 |  |  |  | 456,806 |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial loans secured by real estate |  |  | 156,308 |  |  |  | 740 |  |  |  | 5,563 |  |  |  | 0 |  |  |  | 162,611 |
Commercial and Industrial |  |  | 84,232 |  |  |  | 5,230 |  |  |  | 2,394 |  |  |  | 0 |  |  |  | 91,856 |
Political subdivisions |  |  | 53,263 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 53,263 |
Commercial construction and land |  |  | 11,887 |  |  |  | 0 |  |  |  | 75 |  |  |  | 0 |  |  |  | 11,962 |
Loans secured by farmland |  |  | 5,171 |  |  |  | 168 |  |  |  | 1,796 |  |  |  | 11 |  |  |  | 7,146 |
Multi-family (5 or more) residential |  |  | 7,180 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 7,180 |
Agricultural loans |  |  | 4,910 |  |  |  | 84 |  |  |  | 665 |  |  |  | 0 |  |  |  | 5,659 |
Other commercial loans |  |  | 13,879 |  |  |  | 0 |  |  |  | 71 |  |  |  | 0 |  |  |  | 13,950 |
Total commercial |  |  | 336,830 |  |  |  | 6,222 |  |  |  | 10,564 |  |  |  | 11 |  |  |  | 353,627 |
Consumer |  |  | 17,116 |  |  |  | 0 |  |  |  | 14 |  |  |  | 0 |  |  |  | 17,130 |
Totals |  | $ | 800,551 |  |  | $ | 7,394 |  |  | $ | 19,556 |  |  | $ | 62 |  |  | $ | 827,563 |
As shown in the tables immediately above, total loans classified as special mention increased to $19,658,000 at December 31, 2019 from $7,394,000 at December 31, 2018. At December 31, 2019, there were 60 loans classified as special mention, with an average balance of $328,000. In comparison, at December 31, 2018, there were 53 loans classified as special mention, with an average balance of $140,000 . Of the total balance of special mention loans at December 31, 2019, loans of $500,000 or more totaled $15,357,000 , or 78% of the total. Special mention loans with balances of $500,000 or more at December 31, 2019 included 9 commercial loans to 7 different borrowers, summarized with comparative December 31, 2018 ( if applicable) as follows:
|  |  |  |  |  |  |  |  |  | Risk |
(In Thousands) |  | Balance, |  |  | Balance, |  |  | Rating |
|  | December 31, |  |  | December 31, |  |  | December 31, |
|  | 2019 |  |  | 2018 |  |  | 2018 |
4 loans downgraded in 2019 |  | $ | 6,668 |  |  | $ | 7,043 |  |  | Pass |
1 loan with no change in rating in 2019 |  |  | 984 |  |  |  | 1,098 |  |  | Special Mention |
2 loans upgraded in 2019 |  |  | 3,570 |  |  |  | 3,781 |  |  | Substandard |
2 loans originated in 2019 |  |  | 4,135 |  |  |  | 0 |  |  | N/A |
Total Special Mention Loans of $500,000 or |  |  |  |  |  |  |  |  |  |  |
More at December 31, 2019 |  | $ | 15,357 |  |  | $ | 11,922 |  |  |  |
There was no specific allowance for loan losses recorded on any loans classified as special mention at December 31, 2019 and 2018. At December 31, 2018, there were specific allowances totaling $1,365,000 on the 2 loans in the table above that were upgraded from substandard at December 31, 2018 to special mention at December 31, 2019. These loans were no longer considered impaired in 2019. One of the loans originated in 2019 and classified as special mention at December 31, 2019, with an outstanding balance of $3,500,000 at December 31, 2019, was made on a partially unsecured basis. The Corporation estimates the liquidation value of the related collateral, net of selling costs, would be approximately $1,500,000, with a shortfall of $2,000,000. Despite the shortfall, based on available information, the Corporation believes the loan should be repaid in full due to the high reported value of the borrower’s net worth. At December 31, 2019, total loans classified as substandard amounted to $18,504,000, down from $19,556,000 at December 31, 2018. At December 31, 2019, there were 225 loans classified as substandard, with an average balance of $82,000. In comparison, at December 31, 2018, there were 215 loans classified as substandard, with an average balance of $91,000. Of the total balance of substandard loans at December 31, 2019, loans of $500,000 or more totaled $4,185,000, or 23% of the total, with the largest balance from one commercial construction loan with an outstanding balance of $1,261,000 and a specific allowance for loan losses of $678,000. The following tables present a summary of loan balances and the related allowance for loan losses summarized by portfolio segment and class for each impairment method used as of December 31, 2019 and 2018:
December 31, 2019 |  | Loans: |  |  | Allowance for Loan Losses: |
(In Thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | Purchased |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Individually |  |  | Collectively |  |  | Performing |  |  |  |  |  |  | Individually |  |  | Collectively |  |  |  |  |
|  | Evaluated |  |  | Evaluated |  |  | Loans |  |  | Totals |  |  | Evaluated |  |  | Evaluated |  |  | Totals |
Residential mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage loans - first liens |  | $ | 1,023 |  |  | $ | 405,186 |  |  | $ | 104,432 |  |  | $ | 510,641 |  |  | $ | 0 |  |  | $ | 3,405 |  |  | $ | 3,405 |
Residential mortgage loans - junior liens |  |  | 368 |  |  |  | 24,730 |  |  |  | 2,405 |  |  |  | 27,503 |  |  |  | 176 |  |  |  | 208 |  |  |  | 384 |
Home equity lines of credit |  |  | 0 |  |  |  | 32,147 |  |  |  | 1,491 |  |  |  | 33,638 |  |  |  | 0 |  |  |  | 276 |  |  |  | 276 |
1-4 Family residential construction |  |  | 0 |  |  |  | 14,640 |  |  |  | 158 |  |  |  | 14,798 |  |  |  | 0 |  |  |  | 117 |  |  |  | 117 |
Total residential mortgage |  |  | 1,391 |  |  |  | 476,703 |  |  |  | 108,486 |  |  |  | 586,580 |  |  |  | 176 |  |  |  | 4,006 |  |  |  | 4,182 |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial loans secured by real estate |  |  | 684 |  |  |  | 198,532 |  |  |  | 102,011 |  |  |  | 301,227 |  |  |  | 0 |  |  |  | 1,921 |  |  |  | 1,921 |
Commercial and industrial |  |  | 1,467 |  |  |  | 122,313 |  |  |  | 2,594 |  |  |  | 126,374 |  |  |  | 149 |  |  |  | 1,242 |  |  |  | 1,391 |
Political subdivisions |  |  | 0 |  |  |  | 53,570 |  |  |  | 0 |  |  |  | 53,570 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Commercial construction and land |  |  | 1,261 |  |  |  | 29,710 |  |  |  | 2,584 |  |  |  | 33,555 |  |  |  | 678 |  |  |  | 288 |  |  |  | 966 |
Loans secured by farmland |  |  | 607 |  |  |  | 11,386 |  |  |  | 258 |  |  |  | 12,251 |  |  |  | 48 |  |  |  | 110 |  |  |  | 158 |
Multi-family (5 or more) residential |  |  | 0 |  |  |  | 10,617 |  |  |  | 20,453 |  |  |  | 31,070 |  |  |  | 0 |  |  |  | 156 |  |  |  | 156 |
Agricultural loans |  |  | 76 |  |  |  | 4,243 |  |  |  | 0 |  |  |  | 4,319 |  |  |  | 0 |  |  |  | 41 |  |  |  | 41 |
Other commercial loans |  |  | 0 |  |  |  | 15,947 |  |  |  | 588 |  |  |  | 16,535 |  |  |  | 0 |  |  |  | 155 |  |  |  | 155 |
Total commercial |  |  | 4,095 |  |  |  | 446,318 |  |  |  | 128,488 |  |  |  | 578,901 |  |  |  | 875 |  |  |  | 3,913 |  |  |  | 4,788 |
Consumer |  |  | 0 |  |  |  | 16,741 |  |  |  | 0 |  |  |  | 16,741 |  |  |  | 0 |  |  |  | 281 |  |  |  | 281 |
Unallocated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 585 |
Total |  | $ | 5,486 |  |  | $ | 939,762 |  |  | $ | 236,974 |  |  | $ | 1,182,222 |  |  | $ | 1,051 |  |  | $ | 8,200 |  |  | $ | 9,836 |
December 31, 2018 |  | Loans: |  |  | Allowance for Loan Losses: |
(In Thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Individually |  |  | Collectively |  |  |  |  |  |  | Individually |  |  | Collectively |  |  |  |  |
|  | Evaluated |  |  | Evaluated |  |  | Totals |  |  | Evaluated |  |  | Evaluated |  |  | Totals |
Residential mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage loans - first liens |  | $ | 991 |  |  | $ | 371,348 |  |  | $ | 372,339 |  |  | $ | 0 |  |  | $ | 3,156 |  |  | $ | 3,156 |
Residential mortgage loans - junior liens |  |  | 293 |  |  |  | 25,157 |  |  |  | 25,450 |  |  |  | 116 |  |  |  | 209 |  |  |  | 325 |
Home equity lines of credit |  |  | 0 |  |  |  | 34,319 |  |  |  | 34,319 |  |  |  | 0 |  |  |  | 302 |  |  |  | 302 |
1-4 Family residential construction |  |  | 0 |  |  |  | 24,698 |  |  |  | 24,698 |  |  |  | 0 |  |  |  | 203 |  |  |  | 203 |
Total residential mortgage |  |  | 1,284 |  |  |  | 455,522 |  |  |  | 456,806 |  |  |  | 116 |  |  |  | 3,870 |  |  |  | 3,986 |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial loans secured by real estate |  |  | 4,302 |  |  |  | 158,309 |  |  |  | 162,611 |  |  |  | 781 |  |  |  | 1,757 |  |  |  | 2,538 |
Commercial and industrial |  |  | 2,157 |  |  |  | 89,699 |  |  |  | 91,856 |  |  |  | 659 |  |  |  | 894 |  |  |  | 1,553 |
Political subdivisions |  |  | 0 |  |  |  | 53,263 |  |  |  | 53,263 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Commercial construction and land |  |  | 0 |  |  |  | 11,962 |  |  |  | 11,962 |  |  |  | 0 |  |  |  | 110 |  |  |  | 110 |
Loans secured by farmland |  |  | 1,349 |  |  |  | 5,797 |  |  |  | 7,146 |  |  |  | 49 |  |  |  | 53 |  |  |  | 102 |
Multi-family (5 or more) residential |  |  | 0 |  |  |  | 7,180 |  |  |  | 7,180 |  |  |  | 0 |  |  |  | 114 |  |  |  | 114 |
Agricultural loans |  |  | 665 |  |  |  | 4,994 |  |  |  | 5,659 |  |  |  | 0 |  |  |  | 46 |  |  |  | 46 |
Other commercial loans |  |  | 0 |  |  |  | 13,950 |  |  |  | 13,950 |  |  |  | 0 |  |  |  | 128 |  |  |  | 128 |
Total commercial |  |  | 8,473 |  |  |  | 345,154 |  |  |  | 353,627 |  |  |  | 1,489 |  |  |  | 3,102 |  |  |  | 4,591 |
Consumer |  |  | 17 |  |  |  | 17,113 |  |  |  | 17,130 |  |  |  | 0 |  |  |  | 233 |  |  |  | 233 |
Unallocated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 499 |
Total |  | $ | 9,774 |  |  | $ | 817,789 |  |  | $ | 827,563 |  |  | $ | 1,605 |  |  | $ | 7,205 |  |  | $ | 9,309 |
Summary information related to impaired loans as of December 31, 2019 and 2018 is as follows:
(In Thousands) |  | December 31, 2019 |  |  | December 31, 2018 |
|  | Unpaid |  |  |  |  |  |  |  |  |  |  | Unpaid |  |  |  |  |  |  |  |  |
|  | Principal |  |  | Recorded |  |  | Related |  |  | Principal |  |  | Recorded |  |  | Related |
|  | Balance |  |  | Investment |  |  | Allowance |  |  | Balance |  |  | Investment |  |  | Allowance |
With no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage loans - first liens |  | $ | 645 |  |  | $ | 617 |  |  | $ | 0 |  |  | $ | 750 |  |  | $ | 721 |  |  | $ | 0 |
Residential mortgage loans - junior liens |  |  | 42 |  |  |  | 42 |  |  |  | 0 |  |  |  | 54 |  |  |  | 54 |  |  |  | 0 |
Commercial loans secured by real estate |  |  | 684 |  |  |  | 684 |  |  |  | 0 |  |  |  | 1,787 |  |  |  | 1,787 |  |  |  | 0 |
Commercial and industrial |  |  | 563 |  |  |  | 563 |  |  |  | 0 |  |  |  | 817 |  |  |  | 817 |  |  |  | 0 |
Loans secured by farmland |  |  | 129 |  |  |  | 129 |  |  |  | 0 |  |  |  | 862 |  |  |  | 862 |  |  |  | 0 |
Agricultural loans |  |  | 76 |  |  |  | 76 |  |  |  | 0 |  |  |  | 665 |  |  |  | 665 |  |  |  | 0 |
Consumer |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 17 |  |  |  | 17 |  |  |  | 0 |
Total with no related allowance recorded |  |  | 2,139 |  |  |  | 2,111 |  |  |  | 0 |  |  |  | 4,952 |  |  |  | 4,923 |  |  |  | 0 |
With a related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage loans - first liens |  |  | 406 |  |  |  | 406 |  |  |  | 0 |  |  |  | 270 |  |  |  | 270 |  |  |  | 0 |
Residential mortgage loans - junior liens |  |  | 326 |  |  |  | 326 |  |  |  | 176 |  |  |  | 239 |  |  |  | 239 |  |  |  | 116 |
Commercial loans secured by real estate |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 2,515 |  |  |  | 2,515 |  |  |  | 781 |
Commercial and industrial |  |  | 904 |  |  |  | 904 |  |  |  | 149 |  |  |  | 1,340 |  |  |  | 1,340 |  |  |  | 659 |
Construction and other land loans |  |  | 1,261 |  |  |  | 1,261 |  |  |  | 678 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Loans secured by farmland |  |  | 478 |  |  |  | 478 |  |  |  | 48 |  |  |  | 487 |  |  |  | 487 |  |  |  | 49 |
Total with a related allowance recorded |  |  | 3,375 |  |  |  | 3,375 |  |  |  | 1,051 |  |  |  | 4,851 |  |  |  | 4,851 |  |  |  | 1,605 |
Total |  | $ | 5,514 |  |  | $ | 5,486 |  |  | $ | 1,051 |  |  | $ | 9,803 |  |  | $ | 9,774 |  |  | $ | 1,605 |
In the table immediately above, two loans to one borrower are presented under the Residential mortgage loans – first liens and Residential mortgage loans – junior liens classes. These loans are collateralized by one property, and the allowance associated with these loans was determined based on an analysis of the total amounts of the Corporation’s exposure in comparison to the estimated net proceeds if the Corporation were to sell the property. The average balance of impaired loans and interest income recognized on impaired loans is as follows:
|  |  |  |  |  |  |  |  |  | Interest Income Recognized |
|  | Average Investment in |  |  | on Impaired Loans |
|  | Impaired Loans |  |  | o n a Cash Basis |
(In Thousands) |  | Year Ended December 31, |  |  | Year Ended December 31, |
|  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Residential mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage loans - first lien |  | $ | 1,440 |  |  | $ | 980 |  |  | $ | 87 |  |  | $ | 52 |
Residential mortgage loans - junior lien |  |  | 288 |  |  |  | 297 |  |  |  | 12 |  |  |  | 11 |
Home equity lines of credit |  |  | 26 |  |  |  | 0 |  |  |  | 4 |  |  |  | 0 |
Total residential mortgage |  |  | 1,754 |  |  |  | 1,277 |  |  |  | 103 |  |  |  | 63 |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial loans secured by real estate |  |  | 1,562 |  |  |  | 4,897 |  |  |  | 19 |  |  |  | 141 |
Commercial and industrial |  |  | 1,186 |  |  |  | 708 |  |  |  | 25 |  |  |  | 47 |
Commercial construction and land |  |  | 556 |  |  |  | 0 |  |  |  | 71 |  |  |  | 0 |
Loans secured by farmland |  |  | 1,276 |  |  |  | 1,357 |  |  |  | 49 |  |  |  | 35 |
Multi-family (5 or more) residential |  |  | 0 |  |  |  | 314 |  |  |  | 0 |  |  |  | 0 |
Agricultural loans |  |  | 399 |  |  |  | 542 |  |  |  | 31 |  |  |  | 46 |
Other commercial loans |  |  | 20 |  |  |  | 0 |  |  |  | 4 |  |  |  | 0 |
Total commercial |  |  | 4,999 |  |  |  | 7,818 |  |  |  | 199 |  |  |  | 269 |
Consumer |  |  | 3 |  |  |  | 18 |  |  |  | 0 |  |  |  | 1 |
Total |  | $ | 6,756 |  |  | $ | 9,113 |  |  | $ | 302 |  |  | $ | 333 |
The breakdown by portfolio segment and class of nonaccrual loans and loans past due ninety days or more and still accruing is as follows:
(In Thousands) |  | December 31, 2019 |  |  | December 31, 2018 |
|  | Past Due |  |  |  |  |  |  | Past Due |  |  |  |  |
|  | 90+ Days and |  |  |  |  |  |  | 90+ Days and |  |  |  |  |
|  | Accruing |  |  | Nonaccrual |  |  | Accruing |  |  | Nonaccrual |
Residential mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage loans - first liens |  | $ | 878 |  |  | $ | 4,679 |  |  | $ | 1,633 |  |  | $ | 4,750 |
Residential mortgage loans - junior liens |  |  | 53 |  |  |  | 326 |  |  |  | 151 |  |  |  | 239 |
Home equity lines of credit |  |  | 71 |  |  |  | 73 |  |  |  | 219 |  |  |  | 27 |
Total residential mortgage |  |  | 1,002 |  |  |  | 5,078 |  |  |  | 2,003 |  |  |  | 5,016 |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial loans secured by real estate |  |  | 107 |  |  |  | 1,148 |  |  |  | 394 |  |  |  | 3,958 |
Commercial and industrial |  |  | 15 |  |  |  | 1,051 |  |  |  | 18 |  |  |  | 2,111 |
Commercial construction and land |  |  | 0 |  |  |  | 1,311 |  |  |  | 0 |  |  |  | 52 |
Loans secured by farmland |  |  | 43 |  |  |  | 565 |  |  |  | 459 |  |  |  | 1,297 |
Agricultural loans |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 665 |
Other commercial |  |  | 0 |  |  |  | 49 |  |  |  | 0 |  |  |  | 0 |
Total commercial |  |  | 165 |  |  |  | 4,124 |  |  |  | 871 |  |  |  | 8,083 |
Consumer |  |  | 40 |  |  |  | 16 |  |  |  | 32 |  |  |  | 14 |
Totals |  | $ | 1,207 |  |  | $ | 9,218 |  |  | $ | 2,906 |  |  | $ | 13,113 |
The amounts shown in the table immediately above include loans classified as troubled debt restructurings (described in more detail below), if such loans are considered past due ninety days or more, or nonaccrual. The tables below present a summary of the contractual aging of loans as of December 31, 2019 and 2018:
|  | As of December 31, 2019 |  |  | As of December 31, 2018 |
|  | Current & |  |  |  |  |  |  |  |  |  |  |  |  |  | Current & |  |  |  |  |  |  |  |  |  |  |  |
(In Thousands) |  | Past Due |  |  | Past Due |  |  | Past Due |  |  |  |  |  |  | Past Due |  |  | Past Due |  |  | Past Due |  |  |  |  |
|  | Less than |  |  | 30-89 |  |  | 90+ |  |  |  |  |  |  | Less than |  |  | 30-89 |  |  | 90+ |  |  |  |  |
|  | 30 Days |  |  | Days |  |  | Days |  |  | Total |  |  | 30 Days |  |  | Days |  |  | Days |  |  | Total |
Residential mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage loans - first liens |  | $ | 499,024 |  |  | 7,839 |  |  | $ | 3,778 |  |  | $ | 510,641 |  |  | $ | 361,362 |  |  | 6,414 |  |  | $ | 4,563 |  |  | $ | 372,339 |
Residential mortgage loans - junior liens |  |  | 27,041 |  |  | 83 |  |  |  | 379 |  |  |  | 27,503 |  |  |  | 24,876 |  |  | 184 |  |  |  | 390 |  |  |  | 25,450 |
Home equity lines of credit |  |  | 33,115 |  |  | 452 |  |  |  | 71 |  |  |  | 33,638 |  |  |  | 33,611 |  |  | 480 |  |  |  | 228 |  |  |  | 34,319 |
1-4 Family residential construction |  |  | 14,758 |  |  | 40 |  |  |  | 0 |  |  |  | 14,798 |  |  |  | 24,531 |  |  | 167 |  |  |  | 0 |  |  |  | 24,698 |
Total residential mortgage |  |  | 573,938 |  |  | 8,414 |  |  |  | 4,228 |  |  |  | 586,580 |  |  |  | 444,380 |  |  | 7,245 |  |  |  | 5,181 |  |  |  | 456,806 |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial loans secured by real estate |  |  | 299,640 |  |  | 737 |  |  |  | 850 |  |  |  | 301,227 |  |  |  | 160,668 |  |  | 226 |  |  |  | 1,717 |  |  |  | 162,611 |
Commercial and industrial |  |  | 126,221 |  |  | 16 |  |  |  | 137 |  |  |  | 126,374 |  |  |  | 90,915 |  |  | 152 |  |  |  | 789 |  |  |  | 91,856 |
Political subdivisions |  |  | 53,570 |  |  | 0 |  |  |  | 0 |  |  |  | 53,570 |  |  |  | 53,263 |  |  | 0 |  |  |  | 0 |  |  |  | 53,263 |
Commercial construction and land |  |  | 33,505 |  |  | 0 |  |  |  | 50 |  |  |  | 33,555 |  |  |  | 11,910 |  |  | 0 |  |  |  | 52 |  |  |  | 11,962 |
Loans secured by farmland |  |  | 11,455 |  |  | 666 |  |  |  | 130 |  |  |  | 12,251 |  |  |  | 5,390 |  |  | 487 |  |  |  | 1,269 |  |  |  | 7,146 |
Multi-family (5 or more) residential |  |  | 31,070 |  |  | 0 |  |  |  | 0 |  |  |  | 31,070 |  |  |  | 7,104 |  |  | 76 |  |  |  | 0 |  |  |  | 7,180 |
Agricultural loans |  |  | 4,318 |  |  | 1 |  |  |  | 0 |  |  |  | 4,319 |  |  |  | 5,624 |  |  | 29 |  |  |  | 6 |  |  |  | 5,659 |
Other commercial loans |  |  | 16,535 |  |  | 0 |  |  |  | 0 |  |  |  | 16,535 |  |  |  | 13,950 |  |  | 0 |  |  |  | 0 |  |  |  | 13,950 |
Total commercial |  |  | 576,314 |  |  | 1,420 |  |  |  | 1,167 |  |  |  | 578,901 |  |  |  | 348,824 |  |  | 970 |  |  |  | 3,833 |  |  |  | 353,627 |
Consumer |  |  | 16,496 |  |  | 189 |  |  |  | 56 |  |  |  | 16,741 |  |  |  | 16,991 |  |  | 93 |  |  |  | 46 |  |  |  | 17,130 |
Totals |  | $ | 1,166,748 |  |  | 10,023 |  |  | $ | 5,451 |  |  | $ | 1,182,222 |  |  | $ | 810,195 |  | $ | 8,308 |  |  | $ | 9,060 |  |  | $ | 827,563 |
Nonaccrual loans are included in the contractual aging immediately above. A summary of the contractual aging of nonaccrual loans at December 31, 2019 and 2018 is as follows:
|  | Current & |  |  |  |  |  |  |  |  |  |  |  |  |
(In Thousands) |  | Past Due |  |  | Past Due |  |  | Past Due |  |  |  |  |
|  | Less than |  |  | 30-89 |  |  | 90+ |  |  |  |  |
|  | 30 Days |  |  | Days |  |  | Days |  |  | Total |
December 31, 2019 Nonaccrual Totals |  | $ | 3,840 |  |  | $ | 1,134 |  |  | $ | 4,244 |  |  | $ | 9,218 |
December 31, 2018 Nonaccrual Totals |  | $ | 5,793 |  |  | $ | 1,166 |  |  | $ | 6,154 |  |  | $ | 13,113 |
Loans whose terms are modified are classified as Troubled Debt Restructurings (TDRs) if the Corporation grants such borrowers concessions and it is deemed that those borrowers are experiencing financial difficulty. Loans classified as TDRs are designated as impaired and reviewed each quarter to determine if a specific allowance for loan losses is required. The outstanding balance of loans subject to TDRs, as well as the contractual aging information at December 31, 2019 and 2018 is as follows:
Troubled Debt Restructurings (TDRs): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Current & |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(In Thousands) |  | Past Due |  |  | Past Due |  |  | Past Due |  |  |  |  |  |  |  |  |
|  | Less than |  |  | 30-89 |  |  | 90+ |  |  |  |  |  |  |  |  |
|  | 30 Days |  |  | Days |  |  | Days |  |  | Nonaccrual |  |  | Total |
December 31, 2019 Totals |  | $ | 889 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 1,737 |  |  | $ | 2,626 |
December 31, 2018 Totals |  | $ | 612 |  |  | $ | 43 |  |  | $ | 0 |  |  | $ | 2,884 |  |  | $ | 3,539 |
At December 31, 2019 and 2018, there were no commitments to loan additional funds to borrowers whose loans have been classified as TDRs. A summary of TDRs that occurred during 2019 and 2018 is as follows:
(Balances in Thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 2019 |  |  | 2018 |
|  |  |  |  |  | Post- |  |  |  |  |  |  | Post- |
|  | Number |  |  | Modification |  |  | Number |  |  | Modification |
|  | of |  |  | Recorded |  |  | of |  |  | Recorded |
|  | Loans |  |  | Investment |  |  | Loans |  |  | Investment |
Residential mortgage - first liens: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reduced monthly payments and extended maturity date |  |  | 1 |  |  | $ | 271 |  |  |  | 0 |  |  | $ | 0 |
Reduced monthly payments for a six-month period |  |  | 0 |  |  |  | 0 |  |  |  | 1 |  |  |  | 80 |
Residential mortgage - junior liens, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reduced monthly payments and extended maturity date |  |  | 1 |  |  |  | 18 |  |  |  | 0 |  |  |  | 0 |
Commercial loans secured by real estate, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Extended interest only payments for a six-month period |  |  | 0 |  |  |  | 0 |  |  |  | 2 |  |  |  | 36 |
Commercial and industrial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Extended interest only payments for a six-month period |  |  | 0 |  |  |  | 0 |  |  |  | 1 |  |  |  | 46 |
Reduced monthly payments and extended maturity date |  |  | 8 |  |  |  | 177 |  |  |  | 0 |  |  |  | 0 |
Commercial construction and land, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Extended interest only payments and reduced monthly payments with a balloon payment at maturity |  |  | 1 |  |  |  | 1,261 |  |  |  | 0 |  |  |  | 0 |
Agricultural loans, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reduced monthly payments and extended maturity date |  |  | 1 |  |  |  | 84 |  |  |  | 0 |  |  |  | 0 |
Total |  |  | 12 |  |  | $ | 1,811 |  |  |  | 4 |  |  | $ | 162 |
There were no differences between the outstanding contractual amounts and the recorded investments in receivables resulting from TDRs that occurred in 2019 and 2018. At December 31, 2019, the Corporation maintained a specific allowance for loan losses of $678,000 related to the commercial construction loan for which a TDR occurred in 2019. The other loans for which TDRs were granted in 2019 are associated with one relationship for which payment defaults occurred in 2019 as described below. In 2019 and 2018, payment defaults on loans for which modifications considered to be TDRs were entered into within the previous 12 months are summarized as follows:
(Balances in Thousands) |  |  |  |  |  |
|  | 2019 |  |  | 2018 |
|  | Number |  |  |  |  |  |  | Number |  |  |  |  |
|  | of |  |  | Recorded |  |  | of |  |  | Recorded |
|  | Loans |  |  | Investment |  |  | Loans |  |  | Investment |
Residential mortgage - first liens |  |  | 1 |  |  | $ | 261 |  |  |  | 0 |  |  |  | 0 |
Residential mortgage - junior liens |  |  | 1 |  |  |  | 18 |  |  |  | 0 |  |  |  | 0 |
Commercial and industrial |  |  | 8 |  |  |  | 170 |  |  |  | 0 |  |  |  | 0 |
Agricultural loans |  |  | 1 |  |  |  | 81 |  |  |  | 0 |  |  |  | 0 |
Total |  |  | 11 |  |  | $ | 530 |  |  |  | 0 |  |  | $ | 0 |
All of the TDRs for which payment defaults occurred in 2019 were related to one commercial relationship. These loans were individually evaluated for impairment at December 31, 2019 and 2018, and no specific allowance for loan losses was recognized because the estimated values of collateral and U.S. Government (Small Business Administration) guarantees exceeded the outstanding balances of the loans. The carrying amount of foreclosed residential real estate properties held as a result of obtaining physical possession (included in Foreclosed assets held for sale in the consolidated balance sheets) is as follows:
(In Thousands) |  | Dec. 31, |  |  | Dec. 31, |
|  | 2019 |  |  | 2018 |
Foreclosed residential real estate |  | $ | 292 |  |  | $ | 64 |
The recorded investment of consumer mortgage loans secured by residential real properties for which formal foreclosure proceedings were in process is as follows:
(In Thousands) |  | Dec. 31, |  |  | Dec. 31, |
|  | 2019 |  |  | 2018 |
Residential real estate in process of foreclosure |  | $ | 1,717 |  |  | $ | 1,097 |

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 + Details
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