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LOANS | 6 Months Ended
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Jun. 30, 2020
LOANS |
LOANS | 7. LOANS The loans receivable portfolio is segmented into residential mortgage, commercial and consumer loans. Loans outstanding at June 30, 2020 and December 31, 2019 are summarized by segment, and by classes within each segment, as follows: Summary of Loans by Type (In Thousands) ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, |  | Dec. 31,
​ | ​ | 2020 | ​ | 2019
Residential mortgage: |  | ​ |  |  | ​ |
Residential mortgage loans - first liens | ​ | $ | 493,214 | ​ | $ | 510,641
Residential mortgage loans - junior liens | ​ |  | 25,632 | ​ |  | 27,503
Home equity lines of credit | ​ |  | 31,826 | ​ |  | 33,638
1-4 Family residential construction | ​ |  | 15,621 | ​ |  | 14,798
Total residential mortgage | ​ |  | 566,293 | ​ |  | 586,580
Commercial: | ​ |  |  | ​ |  |
Commercial loans secured by real estate | ​ |  | 293,304 | ​ |  | 301,227
Commercial and industrial | ​ |  | 120,202 | ​ |  | 126,374
Small Business Administration - Paycheck Protection Program | ​ | ​ | 97,103 | ​ | ​ | 0
Political subdivisions | ​ |  | 43,134 | ​ |  | 53,570
Commercial construction and land | ​ |  | 40,348 | ​ |  | 33,555
Loans secured by farmland | ​ |  | 11,433 | ​ |  | 12,251
Multi-family (5 or more) residential | ​ |  | 32,699 | ​ |  | 31,070
Agricultural loans | ​ |  | 3,874 | ​ |  | 4,319
Other commercial loans | ​ |  | 16,579 | ​ |  | 16,535
Total commercial | ​ |  | 658,676 | ​ |  | 578,901
Consumer | ​ |  | 16,444 | ​ |  | 16,741
Total | ​ |  | 1,241,413 | ​ |  | 1,182,222
Less: allowance for loan losses | ​ |  | (11,026) | ​ |  | (9,836)
Loans, net | ​ | $ | 1,230,387 | ​ | $ | 1,172,386
​ In the table above, outstanding loan balances are presented net of deferred loan origination fees, net, of $5,519,000 at June 30, 2020 and $2,482,000 at December 31, 2019. 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 the last three quarters of 2019 and first six months of 2020, the Corporation recognized accretion of a portion of the market rate adjustment and credit adjustment on non-impaired loans, and a partial recovery of purchased credit impaired (PCI) loans. For the three-month and six-month periods ended June 30, 2020 and 2019, adjustments to the initial market rate and credit fair value adjustments were recognized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(In Thousands) |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
​ | ​ | 3 Months Ended | ​ | 6 Months Ended
​ | ​ | June 30, | ​ | June 30, | ​ | June 30, | ​ | June 30,
​ | ​ | 2020 | ​ | 2019 | ​ | 2020 | ​ | 2019
Market Rate Adjustment |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Adjustments to gross amortized cost of loans at beginning of period | ​ | $ | (1,268) | ​ | $ | 0 | ​ | $ | (1,415) | ​ | $ | 0
Market rate adjustment recorded in acquisition | ​ | ​ | 0 | ​ | ​ | (1,807) | ​ | ​ | 0 | ​ | ​ | (1,807)
Accretion recognized in interest income | ​ | ​ | 165 | ​ | ​ | 149 | ​ | ​ | 312 | ​ | ​ | 149
Adjustments to gross amortized cost of loans at end of period | ​ | $ | (1,103) | ​ | $ | (1,658) | ​ | $ | (1,103) | ​ | $ | (1,658)
Credit Adjustment on Non-impaired Loans | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Adjustments to gross amortized cost of loans at beginning of period | ​ | $ | (1,011) | ​ | $ | 0 | ​ | $ | (1,216) | ​ | $ | 0
Credit adjustment recorded in acquisition | ​ | ​ | 0 | ​ | ​ | (1,914) | ​ | ​ | 0 | ​ | ​ | (1,914)
Accretion recognized in interest income | ​ |  | 133 | ​ |  | 261 | ​ |  | 338 | ​ |  | 261
Adjustments to gross amortized cost of loans at end of period | ​ | $ | (878) | ​ | $ | (1,653) | ​ | $ | (878) | ​ | $ | (1,653)
​ PCI loans acquired from Monument were valued at $441,000 at April 1, 2019, which was $318,000 lower than the total outstanding balance of the loans. The fair values of all of the PCI loans were determined based on the estimated realizable value of underlying real estate collateral, net of estimated selling cost. In the first six months of 2020, the Corporation recorded interest income of $113,000 from the excess of proceeds received on the pay-off of PCI loans over their carrying amounts. A summary of PCI loans held at June 30, 2020 and December 31, 2019 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(In Thousands) | ​ | June 30, | ​ | December 31,
​ |  | 2020 |  | 2019
Outstanding balance | ​ | $ | 407 | ​ | $ | 759
Carrying amount | ​ |  | 305 | ​ |  | 441
​ 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 and southeastern 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 either June 30, 2020 or December 31, 2019. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law. The CARES Act is a $2 trillion stimulus package designed to provide relief to U.S. businesses and consumers struggling as a result of the pandemic. A provision in the CARES Act includes creation of the Paycheck Protection Program (“PPP”) through the Small Business Administration (SBA) and Treasury Department. Under the PPP, the Corporation, as an SBA-certified lender, provides SBA-guaranteed loans to small businesses to pay their employees, rent, mortgage interest, and utilities. PPP loans will be forgiven subject to clients’ providing documentation evidencing their compliant use of funds and otherwise complying with the terms of the program. The maximum term of PPP loans is five years, though most of the Corporation’s PPP loans have two-year terms, and the Corporation will be repaid sooner to the extent the loans are forgiven. The interest rate on PPP loans is 1%, and the Corporation has received fees from the SBA ranging between 1% and 5% per loan, depending on the size of the loan. Consistent with current SBA guidance, if a borrower uses an agent in the loan process, the Corporation would pay a percentage of the SBA fees to the agent. Fees on PPP loans, net of origination costs, will be recognized in interest income as a yield adjustment over the term of the loans. The Corporation began accepting and processing applications for loans under the PPP on April 3, 2020. As of June 30, 2020, the recorded investment in PPP loans was $97,103,000, including contractual principal balances of $100,120,000, reduced by net deferred origination fees of $3,017,000. Net deferred origination fees on PPP loans are recognized in interest income as a yield adjustment (accretion over the term of the loans). Accretion of $337,000 from fees received on PPP loans was included in interest and fees on (taxable) loans in the consolidated statements of income in the three-month and six-month periods ended June 30, 2020. Section 4013 of the CARES Act provides that, from the period beginning March 1, 2020 until the earlier of December 31, 2020 or the date that is 60 days after the date on which the national emergency concerning the coronavirus (COVID-19) pandemic declared by the President of the United States under the National Emergencies Act terminates (the “applicable period”), the Corporation may elect to suspend U.S. GAAP for loan modifications related to the pandemic that would otherwise be categorized as troubled debt restructurings (TDRs) and suspend any determination of a loan modified as a result of the effects of the pandemic as being a TDR, including impairment for accounting purposes. The suspension is applicable for the term of the loan modification that occurs during the applicable period for a loan that was not more than 30 days past due as of December 31, 2019. The suspension is not applicable to any adverse impact on the credit of a borrower that is not related to the pandemic. In addition, the banking regulators and other financial regulators, on March 22, 2020 and revised April 7, 2020, issued a joint interagency statement titled the “Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus” that encourages financial institutions to work prudently with borrowers who are or may be unable to meet their contractual payment obligations due to the effects of the COVID-19 pandemic. Pursuant to the interagency statement, loan modifications that do not meet the conditions of Section 4013 of the CARES Act may still qualify as a modification that does not need to be accounted for as a TDR. Specifically, the agencies confirmed with the FASB staff that short-term modifications made in good faith in response to the pandemic to borrowers who were current prior to any relief are not TDRs under U.S. GAAP. This includes short-term (e.g. six months) modifications such as payment deferrals, fee waivers, extensions of repayment terms, or delays in payment that are insignificant. Borrowers considered current are those that are less than 30 days past due on their contractual payments at the time a modification program is implemented. Appropriate allowances for loan and lease losses are expected to be maintained. With regard to loans not otherwise reportable as past due, financial institutions are not expected to designate loans with deferrals granted due to the pandemic as past due because of the deferral. The interagency statement also states that during short-term pandemic-related loan modifications, these loans generally should not be reported as nonaccrual. To work with clients impacted by COVID-19, the Corporation is offering short-term loan modifications on a case-by-case basis to borrowers who were current in their payments at the inception of the loan modification program. These efforts have been designed to assist borrowers as they deal with the current crisis and help the Corporation mitigate credit risk. For loans subject to the program, each borrower is required to resume making regularly scheduled loan payments at the end of the modification period and the deferred amounts will be moved to the end of the loan term. Consistent with Section 4013 of the CARES ACT and guidance from the joint interagency statement described in the preceding paragraphs, the modified loans have not been reported as past due, nonaccrual or as TDRs at June 30, 2020. Most of the modifications under the program became effective In March or April 2020 and provided a deferral of interest or principal and interest for 90 days. Accordingly, most of the loans for which deferrals were granted returned to full payment status in June or July 2020. There have been 706 loans for which deferrals have been granted through June 30, 2020 with an aggregate recorded investment of approximately $202 million at the time of deferral. The quantity and balances of modifications outstanding under the program at June 30, 2020 and July 31, 2020 (excluding loans acquired pursuant to the Covenant acquisition on July 1, 2020) are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Deferrals Remaining | ​ | Deferrals Remaining
​ | ​ | As of June 30, 2020 | ​ | As of July 31, 2020
(Dollars in Thousands) | ​ | Number | ​ | ​ | ​ | ​ | Number | ​ | ​ | ​
​ | ​ | of | ​ | Recorded | ​ | of | ​ | Recorded
​ |  | Loans |  | Investment |  | Loans |  | Investment
COVID-19-related loan modifications: |  |  |  | ​ |  |  |  |  | ​ |
Residential mortgage |  | 307 | ​ | $ | 40,930 | ​ | 54 | ​ | $ | 7,130
Consumer |  | 36 | ​ |  | 364 | ​ | — | ​ | ​ | —
Commercial |  | 198 | ​ |  | 117,424 | ​ | 24 | ​ | ​ | 22,488
Total |  | 541 | ​ | $ | 158,718 | ​ | 78 | ​ | $ | 29,618
​ The ultimate effect of COVID-19 on the local or broader economy is not known. In the first six months of 2020, the Corporation increased the allowance for loan losses $646,000, including $244,000 in the second quarter, based on an increase in qualitative factors related to potential deterioration in economic conditions. Further, in June 2020, the Corporation’s credit administration and commercial lending staffs performed a review of commercial credits with “Pass” ratings in an effort to reduce the risk of failing to identify loans that should be evaluated for risk rating downgrade or a specific allowance. Updated risk ratings and specific allowances based on that review have been included in the June 30, 2020 information presented below. Because of the significant uncertainties related to the ultimate duration of the COVID-19 pandemic and its economic impact, the total impact on the Corporation’s loan portfolio is not determinable. The Corporation maintains an allowance for loan losses that represents management’s estimate of the losses inherent in the loan portfolio as of the balance sheet date and recorded as a reduction of the investment in loans. The allowance for loan losses is maintained at a level considered adequate to provide for losses that can be reasonably anticipated. Management performs a quarterly evaluation of the adequacy of the allowance. The allowance is based on the Corporation’s past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, composition of the loan portfolio, current economic conditions and other relevant factors. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant revision as more information becomes available. In the process of evaluating the loan portfolio, management also considers the Corporation’s exposure to losses from unfunded loan commitments. As of June 30, 2020, and December 31, 2019, management determined that no allowance for credit losses related to unfunded loan commitments was required. Transactions within the allowance for loan losses, summarized by segment and class, for the three-month and six-month periods ended June 30, 2020 and 2019 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three Months Ended June 30, 2020 | ​ | March 31, |  |  | ​ |  |  | ​ |  |  | ​ |  | June 30,
(In Thousands) |  | 2020 Balance |  | Charge-offs |  | Recoveries |  | Provision (Credit) |  | 2020 Balance
Allowance for Loan Losses: |  | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Residential mortgage: |  | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Residential mortgage loans - first liens | ​ | $ | 3,572 | ​ | $ | 0 | ​ | $ | 1 | ​ | $ | (42) | ​ | $ | 3,531
Residential mortgage loans - junior liens | ​ |  | 414 | ​ |  | 0 | ​ |  | 0 | ​ |  | (49) | ​ |  | 365
Home equity lines of credit | ​ |  | 278 | ​ |  | 0 | ​ |  | 1 | ​ |  | 8 | ​ |  | 287
1-4 Family residential construction | ​ |  | 119 | ​ |  | 0 | ​ |  | 0 | ​ |  | 18 | ​ |  | 137
Total residential mortgage | ​ |  | 4,383 | ​ |  | 0 | ​ |  | 2 | ​ |  | (65) | ​ |  | 4,320
Commercial: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Commercial loans secured by real estate | ​ |  | 1,932 | ​ |  | 0 | ​ |  | 0 | ​ |  | 494 | ​ |  | 2,426
Commercial and industrial | ​ |  | 2,645 | ​ |  | 0 | ​ |  | 0 | ​ |  | (149) | ​ |  | 2,496
Commercial construction and land | ​ |  | 970 | ​ |  | (107) | ​ |  | 0 | ​ |  | (443) | ​ |  | 420
Loans secured by farmland | ​ |  | 144 | ​ |  | 0 | ​ |  | 0 | ​ |  | 2 | ​ |  | 146
Multi-family (5 or more) residential | ​ |  | 199 | ​ |  | 0 | ​ |  | 0 | ​ |  | (36) | ​ |  | 163
Agricultural loans | ​ |  | 39 | ​ |  | 0 | ​ |  | 0 | ​ |  | 1 | ​ |  | 40
Other commercial loans | ​ |  | 160 | ​ |  | 0 | ​ |  | 0 | ​ |  | 7 | ​ |  | 167
Total commercial | ​ |  | 6,089 | ​ |  | (107) | ​ |  | 0 | ​ |  | (124) | ​ |  | 5,858
Consumer | ​ |  | 273 | ​ |  | (39) | ​ |  | 16 | ​ |  | 13 | ​ |  | 263
Unallocated | ​ |  | 585 | ​ |  | 0 | ​ |  | 0 | ​ |  | 0 | ​ |  | 585
Total Allowance for Loan Losses | ​ | $ | 11,330 | ​ | $ | (146) | ​ | $ | 18 | ​ | $ | (176) | ​ | $ | 11,026
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three Months Ended June 30, 2019 | ​ | March 31, |  |  | ​ |  |  | ​ |  |  | ​ |  | June 30,
(In Thousands) |  | 2019 Balance |  | Charge-offs |  | Recoveries |  | Provision (Credit) |  | 2019 Balance
Allowance for Loan Losses: |  | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Residential mortgage: |  | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Residential mortgage loans - first liens | ​ | $ | 3,178 | ​ | $ | (33) | ​ | $ | 1 | ​ | $ | (16) | ​ | $ | 3,130
Residential mortgage loans - junior liens | ​ |  | 329 | ​ |  | 0 | ​ |  | 0 | ​ |  | 4 | ​ |  | 333
Home equity lines of credit | ​ |  | 286 | ​ |  | 0 | ​ |  | 1 | ​ |  | (7) | ​ |  | 280
1-4 Family residential construction | ​ |  | 198 | ​ |  | 0 | ​ |  | 0 | ​ |  | 22 | ​ |  | 220
Total residential mortgage | ​ |  | 3,991 | ​ |  | (33) | ​ |  | 2 | ​ |  | 3 | ​ |  | 3,963
Commercial: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Commercial loans secured by real estate | ​ |  | 1,887 | ​ |  | 0 | ​ |  | 0 | ​ |  | (310) | ​ |  | 1,577
Commercial and industrial | ​ |  | 1,069 | ​ |  | (6) | ​ |  | 1 | ​ |  | 182 | ​ |  | 1,246
Commercial construction and land | ​ |  | 114 | ​ |  | 0 | ​ |  | 0 | ​ |  | 38 | ​ |  | 152
Loans secured by farmland | ​ |  | 98 | ​ |  | 0 | ​ |  | 0 | ​ |  | 4 | ​ |  | 102
Multi-family (5 or more) residential | ​ |  | 112 | ​ |  | 0 | ​ |  | 0 | ​ |  | 38 | ​ |  | 150
Agricultural loans | ​ |  | 43 | ​ |  | 0 | ​ |  | 0 | ​ |  | (1) | ​ |  | 42
Other commercial loans | ​ |  | 121 | ​ |  | 0 | ​ |  | 0 | ​ |  | (2) | ​ |  | 119
Total commercial | ​ |  | 3,444 | ​ |  | (6) | ​ |  | 1 | ​ |  | (51) | ​ |  | 3,388
Consumer | ​ |  | 236 | ​ |  | (29) | ​ |  | 13 | ​ |  | 44 | ​ |  | 264
Unallocated | ​ |  | 585 | ​ |  | 0 | ​ |  | 0 | ​ |  | 0 | ​ |  | 585
Total Allowance for Loan Losses | ​ | $ | 8,256 | ​ | $ | (68) | ​ | $ | 16 | ​ | $ | (4) | ​ | $ | 8,200
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Dec. 31, |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | June 30,
Six Months Ended June 30, 2020 | ​ | 2019 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Provision | ​ | 2020
(In Thousands) | ​ | Balance | ​ | Charge-offs | ​ | Recoveries | ​ | (Credit) | ​ | Balance
Allowance for Loan Losses: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Residential mortgage: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Residential mortgage loans - first liens | ​ | $ | 3,405 | ​ | $ | 0 | ​ | $ | 2 | ​ | $ | 124 | ​ | $ | 3,531
Residential mortgage loans - junior liens | ​ |  | 384 | ​ |  | 0 | ​ |  | 1 | ​ |  | (20) | ​ |  | 365
Home equity lines of credit | ​ |  | 276 | ​ |  | 0 | ​ |  | 2 | ​ |  | 9 | ​ |  | 287
1-4 Family residential construction | ​ |  | 117 | ​ |  | 0 | ​ |  | 0 | ​ |  | 20 | ​ |  | 137
Total residential mortgage | ​ |  | 4,182 | ​ |  | 0 | ​ |  | 5 | ​ |  | 133 | ​ |  | 4,320
Commercial: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Commercial loans secured by real estate | ​ |  | 1,921 | ​ |  | 0 | ​ |  | 0 | ​ |  | 505 | ​ |  | 2,426
Commercial and industrial | ​ |  | 1,391 | ​ |  | (17) | ​ |  | 0 | ​ |  | 1,122 | ​ |  | 2,496
Commercial construction and land | ​ |  | 966 | ​ |  | (107) | ​ |  | 0 | ​ |  | (439) | ​ |  | 420
Loans secured by farmland | ​ |  | 158 | ​ |  | 0 | ​ |  | 0 | ​ |  | (12) | ​ |  | 146
Multi-family (5 or more) residential | ​ |  | 156 | ​ |  | 0 | ​ |  | 0 | ​ |  | 7 | ​ |  | 163
Agricultural loans | ​ |  | 41 | ​ |  | 0 | ​ |  | 0 | ​ |  | (1) | ​ |  | 40
Other commercial loans | ​ |  | 155 | ​ |  | 0 | ​ |  | 0 | ​ |  | 12 | ​ |  | 167
Total commercial | ​ |  | 4,788 | ​ |  | (124) | ​ |  | 0 | ​ |  | 1,194 | ​ |  | 5,858
Consumer | ​ |  | 281 | ​ |  | (70) | ​ |  | 27 | ​ |  | 25 | ​ |  | 263
Unallocated | ​ |  | 585 | ​ |  | 0 | ​ |  | 0 | ​ |  | 0 | ​ |  | 585
Total Allowance for Loan Losses | ​ | $ | 9,836 | ​ | $ | (194) | ​ | $ | 32 | ​ | $ | 1,352 | ​ | $ | 11,026
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Dec. 31, |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | June 30,
Six Months Ended June 30, 2019 | ​ | 2018 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Provision | ​ | 2019
(In Thousands) | ​ | Balance | ​ | Charge-offs | ​ | Recoveries | ​ | (Credit) | ​ | Balance
Allowance for Loan Losses: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Residential mortgage: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Residential mortgage loans - first liens | ​ | $ | 3,156 | ​ | $ | (83) | ​ | $ | 2 | ​ | $ | 55 | ​ | $ | 3,130
Residential mortgage loans - junior liens | ​ |  | 325 | ​ |  | (24) | ​ |  | 0 | ​ |  | 32 | ​ |  | 333
Home equity lines of credit | ​ |  | 302 | ​ |  | 0 | ​ |  | 4 | ​ |  | (26) | ​ |  | 280
1-4 Family residential construction | ​ |  | 203 | ​ |  | 0 | ​ |  | 0 | ​ |  | 17 | ​ |  | 220
Total residential mortgage | ​ |  | 3,986 | ​ |  | (107) | ​ |  | 6 | ​ |  | 78 | ​ |  | 3,963
Commercial: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Commercial loans secured by real estate | ​ |  | 2,538 | ​ |  | 0 | ​ |  | 0 | ​ |  | (961) | ​ |  | 1,577
Commercial and industrial | ​ |  | 1,553 | ​ |  | (6) | ​ |  | 3 | ​ |  | (304) | ​ |  | 1,246
Commercial construction and land | ​ |  | 110 | ​ |  | 0 | ​ |  | 0 | ​ |  | 42 | ​ |  | 152
Loans secured by farmland | ​ |  | 102 | ​ |  | 0 | ​ |  | 0 | ​ |  | 0 | ​ |  | 102
Multi-family (5 or more) residential | ​ |  | 114 | ​ |  | 0 | ​ |  | 0 | ​ |  | 36 | ​ |  | 150
Agricultural loans | ​ |  | 46 | ​ |  | 0 | ​ |  | 0 | ​ |  | (4) | ​ |  | 42
Other commercial loans | ​ |  | 128 | ​ |  | 0 | ​ |  | 0 | ​ |  | (9) | ​ |  | 119
Total commercial | ​ |  | 4,591 | ​ |  | (6) | ​ |  | 3 | ​ |  | (1,200) | ​ |  | 3,388
Consumer | ​ |  | 233 | ​ |  | (66) | ​ |  | 22 | ​ |  | 75 | ​ |  | 264
Unallocated | ​ |  | 499 | ​ |  | 0 | ​ |  | 0 | ​ |  | 86 | ​ |  | 585
Total Allowance for Loan Losses | ​ | $ | 9,309 | ​ | $ | (179) | ​ | $ | 31 | ​ | $ | (961) | ​ | $ | 8,200
​ 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 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. Performing loans acquired from Monument are presented net of a discount for credit losses of $878,000 at June 30, 2020 and $1,216,000 at December 31, 2019. This discount reflects an estimate of the present value of credit losses based on market expectations at the date of acquisition of $1,914,000, subsequently reduced as accretion has been recognized based on estimated and actual principal pay-downs. At June 30, 2020, it was determined that five purchased loans to two borrowers with recorded investments totaling $6,075,000 were found to be impaired. Specific allowances totaling $350,000 were recorded on these loans at June 30, 2020, based on the excess of the recorded investments in the loans over the estimated value of the related real estate collateral, net of selling costs. Purchased performing loans were excluded from the loan pools for which the general component of the allowance for loan losses was calculated. The credit for loan losses of $176,000 in the second quarter 2020 included the benefit of repayment of a commercial construction loan for less than the full principal balance, resulting in a charge-off of $107,000 as compared to a specific allowance on the loan of $674,000 at March 31, 2020. For the first six months of 2020, the provision for loan losses was $1,352,000, an increase in expense of $2,313,000 as compared to the credit for loan losses of $961,000 recorded in the first six months of 2019. In 2020, the provision includes the effects of recording a specific allowance of $1,193,000 on a commercial loan in the first quarter, partially offset by the benefit from the previously described repayment of the commercial construction loan in the second quarter. In total, the provision for the first six months of 2020 included a net charge of $1,067,000 related to specific loans (net increase in specific allowances on loans of $905,000 and net charge-offs of $162,000); a charge of $646,000 attributable to increases in qualitative factors; a credit of $272,000 from the impact of a reduction in outstanding loans, excluding PPP loans; and a credit of $89,000 in the net charge-off experience factors used to estimate the allowance. No provision for loan losses was recognized on PPP loans because the SBA guarantees the loans, subject to compliance with program requirements. The credit for loan losses in the first six months of 2019 included a benefit from eliminating specific allowances on commercial loans that were no longer considered impaired. 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. 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. 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. Risk ratings are updated any time that conditions or the situation warrants. Loans not classified are included in the “Pass” column in the table that follows. The following tables summarize the aggregate credit quality classification of outstanding loans by risk rating as of June 30, 2020 and December 31, 2019: June 30, 2020 (In Thousands) ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | Purchased |  | ​ | ​
​ | ​ | ​ | ​ | ​ | Special | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Credit | ​ | ​ | ​
​ | ​ | Pass | ​ | Mention | ​ | Substandard | ​ | Doubtful | ​ | Impaired | ​ | Total
Residential Mortgage: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Residential Mortgage loans - first liens | ​ | $ | 480,338 | ​ | $ | 2,977 | ​ | $ | 9,822 | ​ | $ | 0 | ​ | $ | 77 | ​ | $ | 493,214
Residential Mortgage loans - junior liens | ​ |  | 24,990 | ​ |  | 130 | ​ |  | 512 | ​ |  | 0 | ​ |  | 0 | ​ |  | 25,632
Home Equity lines of credit | ​ |  | 31,115 | ​ |  | 59 | ​ |  | 652 | ​ |  | 0 | ​ |  | 0 | ​ |  | 31,826
1-4 Family residential construction | ​ |  | 15,621 | ​ |  | 0 | ​ |  | 0 | ​ |  | 0 | ​ |  | 0 | ​ |  | 15,621
Total residential mortgage | ​ |  | 552,064 | ​ |  | 3,166 | ​ |  | 10,986 | ​ |  | 0 | ​ |  | 77 | ​ |  | 566,293
Commercial: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Commercial loans secured by real estate | ​ |  | 276,776 | ​ |  | 6,536 | ​ |  | 9,764 | ​ |  | 0 | ​ |  | 228 | ​ |  | 293,304
Commercial and Industrial | ​ |  | 107,788 | ​ |  | 6,225 | ​ |  | 2,689 | ​ |  | 3,500 | ​ |  | 0 | ​ |  | 120,202
Small Business Administration - Paycheck | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Protection Program | ​ | ​ | 97,103 | ​ | ​ | 0 | ​ | ​ | 0 | ​ | ​ | 0 | ​ | ​ | 0 | ​ | ​ | 97,103
Political subdivisions | ​ |  | 43,134 | ​ |  | 0 | ​ |  | 0 | ​ |  | 0 | ​ |  | 0 | ​ |  | 43,134
Commercial construction and land | ​ |  | 40,082 | ​ |  | 198 | ​ |  | 68 | ​ |  | 0 | ​ |  | 0 | ​ |  | 40,348
Loans secured by farmland | ​ |  | 9,819 | ​ |  | 728 | ​ |  | 886 | ​ |  | 0 | ​ |  | 0 | ​ |  | 11,433
Multi-family (5 or more) residential | ​ |  | 29,364 | ​ |  | 2,434 | ​ |  | 901 | ​ |  | 0 | ​ |  | 0 | ​ |  | 32,699
Agricultural loans | ​ |  | 3,261 | ​ |  | 0 | ​ |  | 613 | ​ |  | 0 | ​ |  | 0 | ​ |  | 3,874
Other commercial loans | ​ |  | 16,579 | ​ |  | 0 | ​ |  | 0 | ​ |  | 0 | ​ |  | 0 | ​ |  | 16,579
Total commercial | ​ |  | 623,906 | ​ |  | 16,121 | ​ |  | 14,921 | ​ |  | 3,500 | ​ |  | 228 | ​ |  | 658,676
Consumer | ​ |  | 16,345 | ​ |  | 0 | ​ |  | 99 | ​ |  | 0 | ​ |  | 0 | ​ |  | 16,444
Totals | ​ | $ | 1,192,315 | ​ | $ | 19,287 | ​ | $ | 26,006 | ​ | $ | 3,500 | ​ | $ | 305 | ​ | $ | 1,241,413
​ December 31, 2019 (In Thousands) ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | Purchased |  | ​ | ​
​ | ​ | ​ | ​ | ​ | 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
​ The general component of the allowance for loan losses covers pools of loans including commercial loans not considered individually impaired, as well as smaller balance homogeneous classes of loans, such as residential real estate, home equity lines of credit and other consumer loans. Accordingly, the Corporation generally does not separately identify individual consumer and residential loans for impairment disclosures, unless such a loan: (1) is subject to a restructuring agreement, or (2) has an outstanding balance of $400,000 or more and a credit grade of Special Mention, Substandard or Doubtful. The pools of loans are evaluated for loss exposure based upon average historical net charge-off rates for each loan class, adjusted for qualitative factors (described in the following paragraphs). The time period used in determining the average historical net charge-off rate for each loan class is based on management’s evaluation of an appropriate time period that captures an historical loss experience relevant to the current portfolio. At June 30, 2020 and December 31, 2019, a five-year average net charge-off rate was used for commercial loans secured by real estate and for multi-family residential loans, while a three-year average net charge-off rate was used for all other loan classes. Qualitative risk factors are evaluated for the impact on each of the three segments (residential mortgage, commercial and consumer) within the loan portfolio. Each qualitative factor is assigned a value to reflect improving, stable or declining conditions based on management’s judgment using relevant information available at the time of the evaluation. The adjustment for qualitative factors is applied as an increase or decrease to the average net charge-off rate for each loan class within each segment. The qualitative factors used in the general component calculations are designed to address credit risk characteristics associated with each segment. The Corporation’s credit risk associated with all of the segments is significantly impacted by these factors, which include economic conditions within its market area, the Corporation’s lending policies, changes or trends in the portfolio, risk profile, competition, regulatory requirements and other factors. Loans are classified as impaired, when, based on current information and events, it is probable that the Corporation will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis for commercial loans, by the fair value of the collateral (if the loan is collateral dependent), by future cash flows discounted at the loan’s effective rate or by the loan’s observable market price. The scope of loans reviewed individually each quarter to determine if they are impaired include all commercial loan relationships greater than $200,000 and any residential mortgage or consumer loans of $400,000 or more for which there is at least one extension of credit graded Special Mention, Substandard or Doubtful. Loans that are individually reviewed, but which are determined to not be impaired, are combined with all remaining loans that are not reviewed on a specific basis, and such loans are included within larger pools of loans based on similar risk and loss characteristics for purposes of determining the general component of the allowance. The loans that have been individually reviewed, but which have been determined to not be impaired, are included in the “Collectively Evaluated” column in the table summarizing the allowance and associated loan balances as of June 30, 2020 and December 31, 2019. All loans classified as troubled debt restructurings (discussed in more detail below) and all commercial loan relationships less than $200,000 or other loan relationships less than $400,000 in the aggregate, but with an estimated loss of $100,000 or more, are individually evaluated for impairment. 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 June 30, 2020 and December 31, 2019. June 30, 2020 (In Thousands) ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Loans: | ​ | Allowance for Loan Losses:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Purchased | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Individually | ​ | Collectively | ​ | Performing | ​ | ​ | ​ | ​ | Individually | ​ | Collectively | ​ |  | ​
​ |  | Evaluated |  | Evaluated |  | Loans |  | Totals |  | Evaluated |  | Evaluated |  | Totals
Residential mortgage: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Residential mortgage loans - first liens | ​ | $ | 1,358 | ​ | $ | 391,116 | ​ | $ | 100,740 | ​ | $ | 493,214 | ​ | $ | 10 | ​ | $ | 3,521 | ​ | $ | 3,531
Residential mortgage loans - junior liens | ​ |  | 355 | ​ |  | 23,422 | ​ |  | 1,855 | ​ |  | 25,632 | ​ |  | 154 | ​ |  | 211 | ​ |  | 365
Home equity lines of credit | ​ |  | 0 | ​ |  | 30,540 | ​ |  | 1,286 | ​ |  | 31,826 | ​ |  | 0 | ​ |  | 287 | ​ |  | 287
1-4 Family residential construction | ​ |  | 0 | ​ |  | 15,621 | ​ |  | 0 | ​ |  | 15,621 | ​ |  | 0 | ​ |  | 137 | ​ |  | 137
Total residential mortgage | ​ |  | 1,713 | ​ |  | 460,699 | ​ |  | 103,881 | ​ |  | 566,293 | ​ |  | 164 | ​ |  | 4,156 | ​ |  | 4,320
Commercial: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Commercial loans secured by real estate | ​ |  | 7,501 | ​ |  | 186,066 | ​ |  | 99,737 | ​ |  | 293,304 | ​ |  | 494 | ​ |  | 1,932 | ​ |  | 2,426
Commercial and industrial | ​ |  | 4,645 | ​ |  | 112,891 | ​ |  | 2,666 | ​ |  | 120,202 | ​ |  | 1,264 | ​ |  | 1,232 | ​ |  | 2,496
Small Business Administration - Paycheck | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Protection Program | ​ |  | 0 | ​ |  | 97,103 | ​ |  | 0 | ​ |  | 97,103 | ​ |  | 0 | ​ |  | 0 | ​ |  | 0
Political subdivisions | ​ |  | 0 | ​ |  | 43,134 | ​ |  | 0 | ​ |  | 43,134 | ​ |  | 0 | ​ |  | 0 | ​ |  | 0
Commercial construction and land | ​ |  | 0 | ​ |  | 40,348 | ​ |  | 0 | ​ |  | 40,348 | ​ |  | 0 | ​ |  | 420 | ​ |  | 420
Loans secured by farmland | ​ |  | 421 | ​ |  | 10,758 | ​ |  | 254 | ​ |  | 11,433 | ​ |  | 34 | ​ |  | 112 | ​ |  | 146
Multi-family (5 or more) residential | ​ |  | 0 | ​ |  | 11,195 | ​ |  | 21,504 | ​ |  | 32,699 | ​ |  | 0 | ​ |  | 163 | ​ |  | 163
Agricultural loans | ​ |  | 0 | ​ |  | 3,874 | ​ |  | 0 | ​ |  | 3,874 | ​ |  | 0 | ​ |  | 40 | ​ |  | 40
Other commercial loans | ​ |  | 0 | ​ |  | 16,031 | ​ |  | 548 | ​ |  | 16,579 | ​ |  | 0 | ​ |  | 167 | ​ |  | 167
Total commercial | ​ |  | 12,567 | ​ |  | 521,400 | ​ |  | 124,709 | ​ |  | 658,676 | ​ |  | 1,792 | ​ |  | 4,066 | ​ |  | 5,858
Consumer | ​ |  | 0 | ​ |  | 16,444 | ​ |  | 0 | ​ |  | 16,444 | ​ |  | 0 | ​ |  | 263 | ​ |  | 263
Unallocated | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | 585
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | $ | 14,280 | ​ | $ | 998,543 | ​ | $ | 228,590 | ​ | $ | 1,241,413 | ​ | $ | 1,956 | ​ | $ | 8,485 | ​ | $ | 11,026
​ December 31, 2019 (In Thousands) ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Loans: | ​ | Allowance for Loan Losses:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 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
​ Summary information related to impaired loans at June 30, 2020 and December 31, 2019 is provided in the table immediately below. Purchased credit impaired loans of $305,000 at June 30, 2020 and $441,000 at December 31, 2019 are excluded from the table. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(In Thousands) | ​ | June 30, 2020 | ​ | December 31, 2019
​ | ​ | Unpaid | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Unpaid | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Principal | ​ | Recorded | ​ | Related | ​ | Principal | ​ | Recorded | ​ | Related
​ |  | Balance |  | Investment |  | Allowance |  | Balance |  | Investment |  | Allowance
With no related allowance recorded: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Residential mortgage loans - first liens | ​ | $ | 179 | ​ | $ | 152 | ​ | $ | 0 | ​ | $ | 645 | ​ | $ | 617 | ​ | $ | 0
Residential mortgage loans - junior liens | ​ |  | 41 | ​ |  | 41 | ​ |  | 0 | ​ |  | 42 | ​ |  | 42 | ​ |  | 0
Commercial loans secured by real estate | ​ |  | 747 | ​ |  | 747 | ​ |  | 0 | ​ |  | 684 | ​ |  | 684 | ​ |  | 0
Commercial and industrial | ​ |  | 1,065 | ​ |  | 1,065 | ​ |  | 0 | ​ |  | 563 | ​ |  | 563 | ​ |  | 0
Loans secured by farmland | ​ |  | 86 | ​ |  | 86 | ​ |  | 0 | ​ |  | 129 | ​ |  | 129 | ​ |  | 0
Agricultural loans | ​ |  | 0 | ​ |  | 0 | ​ |  | 0 | ​ |  | 76 | ​ |  | 76 | ​ |  | 0
Total with no related allowance recorded | ​ |  | 2,118 | ​ |  | 2,091 | ​ |  | 0 | ​ |  | 2,139 | ​ |  | 2,111 | ​ |  | 0
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
With a related allowance recorded: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  |  | ​ |  |  | ​ |  |
Residential mortgage loans - first liens | ​ |  | 1,206 | ​ |  | 1,206 | ​ |  | 10 | ​ |  | 406 | ​ |  | 406 | ​ |  | 0
Residential mortgage loans - junior liens | ​ |  | 314 | ​ |  | 314 | ​ |  | 154 | ​ |  | 326 | ​ |  | 326 | ​ |  | 176
Commercial loans secured by real estate | ​ | ​ | 6,754 | ​ | ​ | 6,754 | ​ | ​ | 494 | ​ | ​ | 0 | ​ | ​ | 0 | ​ | ​ | 0
Commercial and industrial | ​ |  | 3,580 | ​ |  | 3,580 | ​ |  | 1,264 | ​ |  | 904 | ​ |  | 904 | ​ |  | 149
Construction and other land loans | ​ |  | 0 | ​ |  | 0 | ​ |  | 0 | ​ |  | 1,261 | ​ |  | 1,261 | ​ |  | 678
Loans secured by farmland | ​ |  | 335 | ​ |  | 335 | ​ |  | 34 | ​ |  | 478 | ​ |  | 478 | ​ |  | 48
Total with a related allowance recorded | ​ |  | 12,189 | ​ |  | 12,189 | ​ |  | 1,956 | ​ |  | 3,375 | ​ |  | 3,375 | ​ |  | 1,051
Total | ​ | $ | 14,307 | ​ | $ | 14,280 | ​ | $ | 1,956 | ​ | $ | 5,514 | ​ | $ | 5,486 | ​ | $ | 1,051
​ In the table immediately above, loans to two borrowers are presented under the Residential mortgage loans – first liens and Residential mortgage loans – junior liens classes. Each of these loans is collateralized by one property, and the allowance associated with each of 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 total allowance related to these two borrowers was $154,000 at June 30, 2020 and $176,000 at December 31, 2019. The average balance of impaired loans, excluding purchased credit impaired loans, and interest income recognized on these impaired loans is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(In Thousands) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Interest Income Recognized on
​ | ​ | Average Investment in Impaired Loans | ​ | Impaired Loans on a Cash Basis
​ | ​ | 3 Months Ended | ​ | 6 Months Ended | ​ | 3 Months Ended | ​ | 6 Months Ended
​ | ​ | June 30, | ​ | June 30, | ​ | June 30, | ​ | June 30,
​ |  | 2020 | ​ | 2019 | ​ | 2020 |  | 2019 | ​ | 2020 | ​ | 2019 |  | 2020 |  | 2019
Residential mortgage: |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  |  | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ |  |  | ​ |
Residential mortgage loans - first lien | ​ | $ | 1,398 | ​ | $ | 970 | ​ | $ | 1,315 | ​ | $ | 977 | ​ | $ | 35 | ​ | $ | 8 | ​ | $ | 43 | ​ | $ | 18
Residential mortgage loans - junior lien | ​ | ​ | 391 | ​ | ​ | 289 | ​ |  | 387 | ​ |  | 290 | ​ | ​ | 13 | ​ | ​ | 0 | ​ |  | 13 | ​ |  | 2
Home equity lines of credit | ​ | ​ | 65 | ​ | ​ | 0 | ​ |  | 65 | ​ |  | 0 | ​ | ​ | 1 | ​ | ​ | 0 | ​ |  | 2 | ​ |  | 0
Total residential mortgage | ​ | ​ | 1,854 | ​ | ​ | 1,259 | ​ |  | 1,767 | ​ |  | 1,267 | ​ | ​ | 49 | ​ | ​ | 8 | ​ |  | 58 | ​ |  | 20
Commercial: | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​
Commercial loans secured by real estate | ​ | ​ | 3,771 | ​ | ​ | 1,722 | ​ |  | 2,079 | ​ |  | 2,582 | ​ | ​ | 12 | ​ | ​ | 7 | ​ |  | 16 | ​ |  | 17
Commercial and industrial | ​ | ​ | 4,460 | ​ | ​ | 1,241 | ​ |  | 3,666 | ​ |  | 1,546 | ​ | ​ | 19 | ​ | ​ | 8 | ​ |  | 20 | ​ |  | 34
Commercial construction and land | ​ | ​ | 678 | ​ | ​ | 0 | ​ |  | 993 | ​ |  | 0 | ​ | ​ | 1 | ​ | ​ | 0 | ​ |  | 13 | ​ |  | 0
Loans secured by farmland | ​ | ​ | 422 | ​ | ​ | 1,533 | ​ |  | 469 | ​ |  | 1,471 | ​ | ​ | 7 | ​ | ​ | 18 | ​ |  | 24 | ​ |  | 19
Agricultural loans | ​ | ​ | 76 | ​ | ​ | 626 | ​ |  | 76 | ​ |  | 639 | ​ | ​ | 2 | ​ | ​ | 12 | ​ |  | 2 | ​ |  | 24
Other commercial loans | ​ | ​ | 25 | ​ | ​ | 0 | ​ |  | 37 | ​ |  | 0 | ​ | ​ | 0 | ​ | ​ | 0 | ​ |  | 1 | ​ |  | 0
Total commercial | ​ | ​ | 9,432 | ​ | ​ | 5,122 | ​ |  | 7,320 | ​ |  | 6,238 | ​ | ​ | 41 | ​ | ​ | 45 | ​ |  | 76 | ​ |  | 94
Consumer | ​ | ​ | 0 | ​ | ​ | 0 | ​ |  | 0 | ​ |  | 6 | ​ | ​ | 0 | ​ | ​ | 0 | ​ |  | 0 | ​ |  | 0
Total | ​ | $ | 11,286 | ​ | $ | 6,381 | ​ | $ | 9,087 | ​ | $ | 7,511 | ​ | $ | 90 | ​ | $ | 53 | ​ | $ | 134 | ​ | $ | 114
​ Loans are placed on nonaccrual status for all classes of loans when, in the opinion of management, collection of interest is doubtful. Any unpaid interest previously accrued on those loans is reversed from income. Interest income is not recognized on specific impaired loans unless the likelihood of further loss is remote. Interest payments received on loans for which the risk of further loss is greater than remote are applied as a reduction of the loan principal balance. Interest income on other nonaccrual loans, including impaired loans, is recognized only to the extent of interest payments received. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time (generally six months) and the ultimate collectability of the total contractual principal and interest is no longer in doubt. The past due status of all classes of loans receivable is determined based on contractual due dates for loan payments. Also, the amortization of deferred loan fees is discontinued when a loan is placed on nonaccrual status. 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) | ​ | June 30,2020 | ​ | December 31,2019
​ | ​ | Past Due | ​ | ​ | ​ | ​ | Past Due | ​ | ​ | ​
​ | ​ | 90+ Days and | ​ | ​ | ​ | ​ | 90+ Days and | ​ | ​ | ​
​ |  | Accruing |  | Nonaccrual |  | Accruing |  | Nonaccrual
Residential mortgage: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Residential mortgage loans - first liens | ​ | $ | 1,545 | ​ | $ | 5,888 | ​ | $ | 878 | ​ | $ | 4,679
Residential mortgage loans - junior liens | ​ |  | 59 | ​ |  | 344 | ​ |  | 53 | ​ |  | 326
Home equity lines of credit | ​ |  | 243 | ​ |  | 273 | ​ |  | 71 | ​ |  | 73
1-4 Family residential construction | ​ |  | 0 | ​ |  | 39 | ​ |  | 0 | ​ |  | 0
Total residential mortgage | ​ |  | 1,847 | ​ |  | 6,544 | ​ |  | 1,002 | ​ |  | 5,078
Commercial: | ​ |  | ​ | ​ |  | ​ | ​ |  |  | ​ |  |
Commercial loans secured by real estate | ​ |  | 558 | ​ |  | 7,482 | ​ |  | 107 | ​ |  | 1,148
Commercial and industrial | ​ |  | 135 | ​ |  | 4,227 | ​ |  | 15 | ​ |  | 1,051
Commercial construction and land | ​ |  | 0 | ​ |  | 50 | ​ |  | 0 | ​ |  | 1,311
Loans secured by farmland | ​ |  | 188 | ​ |  | 421 | ​ |  | 43 | ​ |  | 565
Other commercial | ​ |  | 0 | ​ |  | 0 | ​ |  | 0 | ​ |  | 49
Total commercial | ​ |  | 881 | ​ |  | 12,180 | ​ |  | 165 | ​ |  | 4,124
Consumer | ​ |  | 84 | ​ |  | 39 | ​ |  | 40 | ​ |  | 16
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Totals | ​ | $ | 2,812 | ​ | $ | 18,763 | ​ | $ | 1,207 | ​ | $ | 9,218
​ The amounts shown in the table immediately above include loans classified as troubled debt restructurings (described in more detail below), if such loans are past due ninety days or more or nonaccrual. The table below presents a summary of the contractual aging of loans as of June 30, 2020 and December 31, 2019: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(In Thousands) | ​ | As of June 30, 2020 | ​ | As of December 31, 2019
​ |  | Current & |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | Current & |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
​ | ​ | 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 | ​ | $ | 484,129 | ​ | $ | 5,111 | ​ | $ | 3,974 | ​ | $ | 493,214 | ​ | $ | 499,024 | ​ | $ | 7,839 | ​ | $ | 3,778 | ​ | $ | 510,641
Residential mortgage loans - junior liens | ​ |  | 25,482 | ​ |  | 4 | ​ |  | 146 | ​ |  | 25,632 | ​ |  | 27,041 | ​ |  | 83 | ​ |  | 379 | ​ |  | 27,503
Home equity lines of credit | ​ |  | 31,246 | ​ |  | 337 | ​ |  | 243 | ​ |  | 31,826 | ​ |  | 33,115 | ​ |  | 452 | ​ |  | 71 | ​ |  | 33,638
1-4 Family residential construction | ​ |  | 15,621 | ​ |  | 0 | ​ |  | 0 | ​ |  | 15,621 | ​ |  | 14,758 | ​ |  | 40 | ​ |  | 0 | ​ |  | 14,798
Total residential mortgage | ​ |  | 556,478 | ​ |  | 5,452 | ​ |  | 4,363 | ​ |  | 566,293 | ​ |  | 573,938 | ​ |  | 8,414 | ​ |  | 4,228 | ​ |  | 586,580
​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Commercial: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Commercial loans secured by real estate | ​ |  | 291,728 | ​ |  | 245 | ​ |  | 1,331 | ​ |  | 293,304 | ​ |  | 299,640 | ​ |  | 737 | ​ |  | 850 | ​ |  | 301,227
Commercial and industrial | ​ |  | 116,429 | ​ |  | 67 | ​ |  | 3,706 | ​ |  | 120,202 | ​ |  | 126,221 | ​ |  | 16 | ​ |  | 137 | ​ |  | 126,374
Small Business Administration - | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Paycheck Protection Program | ​ | ​ | 97,103 | ​ | ​ | 0 | ​ | ​ | 0 | ​ | ​ | 97,103 | ​ | ​ | 0 | ​ | ​ | 0 | ​ | ​ | 0 | ​ | ​ | 0
Political subdivisions | ​ |  | 43,134 | ​ |  | 0 | ​ |  | 0 | ​ |  | 43,134 | ​ |  | 53,570 | ​ |  | 0 | ​ |  | 0 | ​ |  | 53,570
Commercial construction and land | ​ |  | 39,947 | ​ |  | 351 | ​ |  | 50 | ​ |  | 40,348 | ​ |  | 33,505 | ​ |  | 0 | ​ |  | 50 | ​ |  | 33,555
Loans secured by farmland | ​ |  | 11,159 | ​ |  | 52 | ​ |  | 222 | ​ |  | 11,433 | ​ |  | 11,455 | ​ |  | 666 | ​ |  | 130 | ​ |  | 12,251
Multi-family (5 or more) residential | ​ |  | 32,699 | ​ |  | 0 | ​ |  | 0 | ​ |  | 32,699 | ​ |  | 31,070 | ​ |  | 0 | ​ |  | 0 | ​ |  | 31,070
Agricultural loans | ​ |  | 3,800 | ​ |  | 74 | ​ |  | 0 | ​ |  | 3,874 | ​ |  | 4,318 | ​ |  | 1 | ​ |  | 0 | ​ |  | 4,319
Other commercial loans | ​ |  | 16,553 | ​ |  | 26 | ​ |  | 0 | ​ |  | 16,579 | ​ |  | 16,535 | ​ |  | 0 | ​ |  | 0 | ​ |  | 16,535
Total commercial | ​ |  | 652,552 | ​ |  | 815 | ​ |  | 5,309 | ​ |  | 658,676 | ​ |  | 576,314 | ​ |  | 1,420 | ​ |  | 1,167 | ​ |  | 578,901
Consumer | ​ |  | 16,205 | ​ |  | 124 | ​ |  | 115 | ​ |  | 16,444 | ​ |  | 16,496 | ​ |  | 189 | ​ |  | 56 | ​ |  | 16,741
Totals | ​ | $ | 1,225,235 | ​ | $ | 6,391 | ​ | $ | 9,787 | ​ | $ | 1,241,413 | ​ | $ | 1,166,748 | ​ | $ | 10,023 | ​ | $ | 5,451 | ​ | $ | 1,182,222
​ Nonaccrual loans are included in the contractual aging in the immediately preceding table. A summary of the contractual aging of nonaccrual loans at June 30, 2020 and December 31, 2019 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(In Thousands) | ​ | Current & | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​
​ | ​ | Past Due | ​ | Past Due | ​ | Past Due | ​ |  | ​
​ | ​ | Less than | ​ | 30-89 | ​ | 90+ | ​ |  | ​
​ |  | 30 Days |  | Days |  | Days |  | Total
June 30, 2020 Nonaccrual Totals | ​ | $ | 10,521 | ​ | $ | 1,267 | ​ | $ | 6,975 | ​ | $ | 18,763
December 31, 2019 Nonaccrual Totals | ​ | $ | 3,840 | ​ | $ | 1,134 | ​ | $ | 4,244 | ​ | $ | 9,218
​ Loans whose terms are modified are classified as 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. The outstanding balance of loans subject to TDRs, as well as contractual aging information at June 30, 2020 and December 31, 2019 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(In Thousands) | ​ | Current & | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​
​ | ​ | Past Due | ​ | Past Due | ​ | Past Due | ​ |  | ​ | ​ |  | ​
​ | ​ | Less than | ​ | 30-89 | ​ | 90+ | ​ |  | ​ | ​ |  | ​
​ |  | 30 Days |  | Days |  | Days |  | Nonaccrual |  | Total
June 30, 2020 Totals | ​ | $ | 172 | ​ | $ | 93 | ​ | $ | 338 | ​ | $ | 452 | ​ | $ | 1,055
December 31, 2019 Totals | ​ | $ | 889 | ​ | $ | 0 | ​ | $ | 0 | ​ | $ | 1,737 | ​ | $ | 2,626
​ At June 30, 2020 and December 31, 2019, there were no commitments to loan additional funds to borrowers whose loans have been classified as TDRs. TDRs that occurred during the three-month and six-month periods ended June 30, 2020 and 2019 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Three Months Ended
​ | ​ | June 30, 2020 | ​ | June 30, 2019
​ | ​ | ​ | ​ | Post- | ​ | ​ | ​ | Post-
​ | ​ | Number | ​ | Modification | ​ | Number | ​ | Modification
​ | ​ | of | ​ | Recorded | ​ | of | ​ | Recorded
(Balances in Thousands) | ​ | Loans | ​ | Investment | ​ | Loans | ​ | Investment
Commercial and industrial, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest only payments for a nine-month period |  | 1 |  | $ | 240 |  | 0 |  | $ | 0
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Balances in Thousands) | ​ | Six Months Ended | ​ | Six Months Ended
​ | ​ | June 30, 2020 | ​ | June 30, 2019
​ |  | ​ |  | 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 |  | 0 | ​ | $ | 0 |  | 1 | ​ | $ | 271
Residential mortgage - junior liens: |  |  | ​ |  |  |  |  | ​ |  |
Reduced monthly payments and extended maturity date |  | 0 | ​ |  | 0 |  | 1 | ​ |  | 18
New loan at lower than risk-adjusted market rate to borrower from whom short sale of other collateral was accepted |  | 1 | ​ |  | 30 |  | 0 | ​ |  | 0
Commercial and industrial: |  |  | ​ |  |  |  |  | ​ |  |
Reduced monthly payments and extended maturity date |  | 0 | ​ |  | 0 |  | 8 | ​ |  | 177
Interest only payments for a nine-month period | ​ | 1 | ​ | ​ | 240 | ​ | 0 | ​ | ​ | 0
Agricultural loans, |  |  | ​ |  |  |  |  | ​ |  |
Reduced monthly payments and extended maturity date |  | 0 | ​ |  | 0 |  | 1 | ​ |  | 84
Total |  | 2 | ​ | $ | 270 |  | 11 | ​ | $ | 550
​ All of the loans for which TDRs were granted in the table above in the six-month period ended June 30, 2019 are associated with one relationship. In the three-month and six-month periods ended June 30, 2020 and 2019, there were no defaults on loans for which modifications considered to be TDRs were entered into within the previous 12 months. 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 unaudited consolidated balance sheets) is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(In Thousands) |  | June 30, |  | Dec. 31,
​ | ​ | 2020 | ​ | 2019
Foreclosed residential real estate | ​ | $ | 118 | ​ | $ | 292
​ 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) |  | June 30, |  | Dec. 31,
​ | ​ | 2020 | ​ | 2019
Residential real estate in process of foreclosure | ​ | $ | 1,502 | ​ | $ | 1,717
​

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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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