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LOANS | 3 Months Ended
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Mar. 31, 2021
LOANS |
LOANS | 7. LOANS The loans receivable portfolio is segmented into commercial, residential mortgage and consumer loans. Loans outstanding at March 31, 2021 and December 31, 2020 are summarized by segment, and by classes within each segment, as follows: Summary of Loans by Type (In Thousands) ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, |  | December 31,
​ | ​ | 2021 | ​ | 2020
Commercial: | ​ |  |  | ​ |  |
Commercial loans secured by real estate | ​ | $ | 524,886 | ​ | $ | 531,810
Commercial and industrial | ​ |  | 155,828 | ​ |  | 159,577
Paycheck Protection Program - 1st Draw | ​ | ​ | 71,708 | ​ | ​ | 132,269
Paycheck Protection Program - 2nd Draw | ​ | ​ | 66,127 | ​ | ​ | 0
Political subdivisions | ​ |  | 49,860 | ​ |  | 53,221
Commercial construction and land | ​ |  | 45,307 | ​ |  | 42,874
Loans secured by farmland | ​ |  | 10,897 | ​ |  | 11,736
Multi-family (5 or more) residential | ​ |  | 54,049 | ​ |  | 55,811
Agricultural loans | ​ |  | 2,460 | ​ |  | 3,164
Other commercial loans | ​ |  | 16,315 | ​ |  | 17,289
Total commercial | ​ |  | 997,437 | ​ |  | 1,007,751
Residential mortgage: |  | ​ |  |  | ​ |
Residential mortgage loans - first liens | ​ | ​ | 518,392 | ​ | ​ | 532,947
Residential mortgage loans - junior liens | ​ |  | 25,402 | ​ |  | 27,311
Home equity lines of credit | ​ |  | 39,083 | ​ |  | 39,301
1-4 Family residential construction | ​ |  | 18,376 | ​ |  | 20,613
Total residential mortgage | ​ |  | 601,253 | ​ |  | 620,172
Consumer | ​ |  | 15,897 | ​ |  | 16,286
Total | ​ |  | 1,614,587 | ​ |  | 1,644,209
Less: allowance for loan losses | ​ |  | (11,661) | ​ |  | (11,385)
Loans, net | ​ | $ | 1,602,926 | ​ | $ | 1,632,824
​ In the table above, outstanding loan balances are presented net of deferred loan origination fees, net, of $7,388,000 at March 31, 2021 and $6,286,000 at December 31, 2020. 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. 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. Information related to PPP loans advanced pursuant to the CARES Act are labeled “1st Draw” within the tables. Section 4013 of the CARES Act provides that, from the period beginning March 1, 2020 until 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. On December 27, 2020, the President of the United States signed into law the Consolidated Appropriations Act, 2021 (the “CAA”), which both funds the federal government until September 30, 2021 and broadly addresses additional COVID-19 responses and relief. Among the additional relief measures included are certain extensions to elements of the CARES Act, including extension of temporary relief from troubled debt restructurings established under Section 4013 of the CARES Act to the earlier of a) January 1, 2022, or b) the date that is 60 days after the date on which the national COVID-19 emergency terminates. The CAA also includes additional funding for the PPP with additional eligibility requirements for borrowers with generally the same loan terms as provided under the CARES Act. Information related to PPP loans advanced pursuant to the CAA are labeled “2nd Draw” within the tables. The maximum term of PPP loans is five years. Most of the Corporation’s 1st Draw PPP loans have two-year terms, while 2nd Draw PPP loans have five-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. Fees on PPP loans, net of origination costs and a market rate adjustment on PPP loans acquired from Covenant, are 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. Covenant also engaged in PPP lending starting in early April 2020. As of March 31, 2021, the recorded investment in 1st Draw PPP loans was $71,708,000, including contractual principal balances of $72,987,000, increased by a market rate adjustment on PPP loans acquired from Covenant of $164,000 and reduced by net deferred origination fees of $1,443,000. The recorded investment in 2nd Draw PPP loans was $66,127,000, including contractual principal balances of $69,000,000 reduced by net deferred origination fees of $2,873,000. Accretion of fees received on 1st Draw PPP loans, net of amortization of the market rate adjustment on PPP loans acquired from Covenant, was $1,548,000 and the accretion of fees on 2nd Draw PPP loans was $97,000 in the three-month period ended March 31, 2021. 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. Prior to the merger, Covenant had a similar program in place, and these modified loans have been incorporated into the Corporation’s 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, the modified loans have not been reported as past due, nonaccrual or as TDRs at March 31, 2021. Most of the initial modifications under the program became effective in March 2020 or the second quarter 2020 and provided a deferral of interest or principal and interest for 90-to-180 days. Many of the loans for which deferrals were granted returned to full payment status prior to March 31, 2021, while additional deferrals have been granted on certain loans. The quantity and balances of modifications outstanding under the program and a summary of their risk ratings at March 31, 2021 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Deferrals Remaining
​ | ​ | As of March 31, 2021
(Dollars in Thousands) | ​ | Number | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Purchased | ​ | ​ | ​
​ | ​ | of | ​ | ​ | ​ | Special | ​ | ​ | ​ | Credit | ​ | ​
​ |  | Loans |  | Pass |  | Mention | ​ | Substandard | ​ | Impaired |  | Total
COVID-19-related loan modifications: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accommodation and food services - hotels | ​ | 5 | ​ | $ | 9,186 | ​ | $ | 10,349 | ​ | $ | 0 | ​ | $ | 0 | ​ | $ | 19,535
Lessors of residential buildings and dwellings | ​ | 3 | ​ | ​ | 0 | ​ | ​ | 0 | ​ | ​ | 55 | ​ | ​ | 1,557 | ​ | ​ | 1,612
Lessors of nonresidential buildings (except miniwarehouses) | ​ | 1 | ​ | ​ | 0 | ​ | ​ | 0 | ​ | ​ | 0 | ​ | ​ | 1,411 | ​ | ​ | 1,411
Transportation and warehousing | ​ | 4 | ​ | ​ | 1,197 | ​ | ​ | 0 | ​ | ​ | 0 | ​ | ​ | 0 | ​ | ​ | 1,197
Religious organizations | ​ | 2 | ​ | ​ | 757 | ​ | ​ | 0 | ​ | ​ | 0 | ​ | ​ | 0 | ​ | ​ | 757
Real estate rental and leasing - other | ​ | 1 | ​ | ​ | 438 | ​ | ​ | 0 | ​ | ​ | 0 | ​ | ​ | 0 | ​ | ​ | 438
Total commercial | ​ | 16 | ​ | ​ | 11,578 | ​ | ​ | 10,349 | ​ | ​ | 55 | ​ | ​ | 2,968 | ​ | ​ | 24,950
Residential mortgage | ​ | 9 | ​ | ​ | 619 | ​ | ​ | 0 | ​ | ​ | 475 | ​ | ​ | 0 | ​ | ​ | 1,094
Consumer | ​ | 0 | ​ | ​ | 0 | ​ | ​ | 0 | ​ | ​ | 0 | ​ | ​ | 0 | ​ | ​ | 0
Total | ​ | 25 | ​ | $ | 12,197 | ​ | $ | 10,349 | ​ | $ | 530 | ​ | $ | 2,968 | ​ | $ | 26,044
​ For the loans in the table above, the deferral periods as of March 31, 2021 expire in the second or third quarters of 2021. The Corporation will continue to evaluate requests for additional deferrals on a case-by-case basis. The ultimate effect of COVID-19 on the local or broader economy is not known. In June, September and December 2020, and March 2021, the Corporation’s credit administration and commercial lending staffs performed reviews 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 March 31, 2021 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. As described in Note 2, effective July 1, 2020, the Corporation acquired loans pursuant to its acquisition of Covenant, and effective April 1, 2019, the Corporation acquired loans pursuant to the acquisition of Monument Bancorp, Inc. (“Monument”). The acquired loans were recorded at their initial fair value, with adjustments made to the gross amortized cost of loans based on movements in interest rates (market rate adjustment) and based on credit fair value adjustments on non-impaired loans and impaired loans. In the last three quarters of 2019 and in 2020, the Corporation recognized amortization and accretion of a portion of the market rate adjustments and credit adjustments on non-impaired (performing) loans, and a partial recovery of purchased credit impaired (PCI) loans. For the three-month periods ended March 31, 2021 and 2020, adjustments to the initial market rate and credit fair value adjustments of performing loans were recognized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(In Thousands) |  | ​ | ​ |  | ​ | ​
​ | ​ | Three Months Ended
​ | ​ | March 31, | ​ | March 31,
​ | ​ | 2021 | ​ | 2020
Market Rate Adjustment |  | ​ |  |  | ​ |
Adjustments to gross amortized cost of loans at beginning of period | ​ | $ | 718 | ​ | $ | (1,415)
(Amortization) accretion recognized in interest income | ​ | ​ | (366) | ​ | ​ | 147
Adjustments to gross amortized cost of loans at end of period | ​ | $ | 352 | ​ | $ | (1,268)
Credit Adjustment on Non-impaired Loans | ​ | ​ | ​ | ​ | ​ | ​
Adjustments to gross amortized cost of loans at beginning of period | ​ | $ | (5,979) | ​ | $ | (1,216)
Accretion recognized in interest income | ​ |  | 797 | ​ |  | 205
Adjustments to gross amortized cost of loans at end of period | ​ | $ | (5,182) | ​ | $ | (1,011)
​ A summary of PCI loans held at March 31, 2021 and December 31, 2020 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(In Thousands) | ​ | March 31, | ​ | December 31,
​ |  | 2021 |  | 2020
Outstanding balance | ​ | $ | 10,256 | ​ | $ | 10,316
Carrying amount | ​ |  | 6,781 | ​ |  | 6,841
​ 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 March 31, 2021 and December 31, 2020, 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 periods ended March 31, 2021 and 2020 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three Months Ended March 31, 2021 | ​ | December 31, 2020 |  |  | ​ |  |  | ​ |  |  | ​ |  | March 31, 2021
(In Thousands) |  | Balance |  | Charge-offs |  | Recoveries |  | Provision (Credit) |  | Balance
Allowance for Loan Losses: |  | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Commercial: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Commercial loans secured by real estate | ​ | $ | 3,051 | ​ | $ | 0 | ​ | $ | 0 | ​ | $ | 299 | ​ | $ | 3,350
Commercial and industrial | ​ |  | 2,245 | ​ |  | 0 | ​ |  | 14 | ​ |  | (72) | ​ |  | 2,187
Commercial construction and land | ​ |  | 454 | ​ |  | 0 | ​ |  | 0 | ​ |  | 22 | ​ |  | 476
Loans secured by farmland | ​ |  | 120 | ​ |  | 0 | ​ |  | 0 | ​ |  | (9) | ​ |  | 111
Multi-family (5 or more) residential | ​ |  | 236 | ​ |  | 0 | ​ |  | 0 | ​ |  | 19 | ​ |  | 255
Agricultural loans | ​ |  | 34 | ​ |  | 0 | ​ |  | 0 | ​ |  | (8) | ​ |  | 26
Other commercial loans | ​ |  | 168 | ​ |  | 0 | ​ |  | 0 | ​ |  | (9) | ​ |  | 159
Total commercial | ​ |  | 6,308 | ​ |  | 0 | ​ |  | 14 | ​ |  | 242 | ​ |  | 6,564
Residential mortgage: |  | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Residential mortgage loans - first liens | ​ | ​ | 3,524 | ​ | ​ | 0 | ​ | ​ | 1 | ​ | ​ | (18) | ​ | ​ | 3,507
Residential mortgage loans - junior liens | ​ |  | 349 | ​ |  | 0 | ​ |  | 0 | ​ |  | (15) | ​ |  | 334
Home equity lines of credit | ​ |  | 281 | ​ |  | 0 | ​ |  | 1 | ​ |  | (1) | ​ |  | 281
1-4 Family residential construction | ​ |  | 99 | ​ |  | 0 | ​ |  | 0 | ​ |  | (21) | ​ |  | 78
Total residential mortgage | ​ |  | 4,253 | ​ |  | 0 | ​ |  | 2 | ​ |  | (55) | ​ | ​ | 4,200
Consumer | ​ |  | 239 | ​ |  | (11) | ​ |  | 12 | ​ |  | (20) | ​ |  | 220
Unallocated | ​ |  | 585 | ​ |  | 0 | ​ |  | 0 | ​ |  | 92 | ​ |  | 677
Total Allowance for Loan Losses | ​ | $ | 11,385 | ​ | $ | (11) | ​ | $ | 28 | ​ | $ | 259 | ​ | $ | 11,661
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three Months Ended March 31, 2020 | ​ | December 31, 2019 |  |  | ​ |  |  | ​ |  |  | ​ |  | March 31, 2020
(In Thousands) |  | Balance |  | Charge-offs |  | Recoveries |  | Provision (Credit) |  | Balance
Allowance for Loan Losses: |  | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Commercial: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Commercial loans secured by real estate | ​ | $ | 1,921 | ​ | $ | 0 | ​ | $ | 0 | ​ | $ | 11 | ​ | $ | 1,932
Commercial and industrial | ​ |  | 1,391 | ​ |  | (17) | ​ |  | 0 | ​ |  | 1,271 | ​ |  | 2,645
Commercial construction and land | ​ |  | 966 | ​ |  | 0 | ​ |  | 0 | ​ |  | 4 | ​ |  | 970
Loans secured by farmland | ​ |  | 158 | ​ |  | 0 | ​ |  | 0 | ​ |  | (14) | ​ |  | 144
Multi-family (5 or more) residential | ​ |  | 156 | ​ |  | 0 | ​ |  | 0 | ​ |  | 43 | ​ |  | 199
Agricultural loans | ​ |  | 41 | ​ |  | 0 | ​ |  | 0 | ​ |  | (2) | ​ |  | 39
Other commercial loans | ​ |  | 155 | ​ |  | 0 | ​ |  | 0 | ​ |  | 5 | ​ |  | 160
Total commercial | ​ |  | 4,788 | ​ |  | (17) | ​ |  | 0 | ​ |  | 1,318 | ​ |  | 6,089
Residential mortgage: |  | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Residential mortgage loans - first liens | ​ | ​ | 3,405 | ​ | ​ | 0 | ​ | ​ | 1 | ​ | ​ | 166 | ​ | ​ | 3,572
Residential mortgage loans - junior liens | ​ |  | 384 | ​ |  | 0 | ​ |  | 1 | ​ |  | 29 | ​ |  | 414
Home equity lines of credit | ​ |  | 276 | ​ |  | 0 | ​ |  | 1 | ​ |  | 1 | ​ |  | 278
1-4 Family residential construction | ​ |  | 117 | ​ |  | 0 | ​ |  | 0 | ​ |  | 2 | ​ |  | 119
Total residential mortgage | ​ |  | 4,182 | ​ |  | 0 | ​ |  | 3 | ​ |  | 198 | ​ |  | 4,383
Consumer | ​ |  | 281 | ​ |  | (31) | ​ |  | 11 | ​ |  | 12 | ​ |  | 273
Unallocated | ​ |  | 585 | ​ |  | 0 | ​ |  | 0 | ​ |  | 0 | ​ |  | 585
Total Allowance for Loan Losses | ​ | $ | 9,836 | ​ | $ | (48) | ​ | $ | 14 | ​ | $ | 1,528 | ​ | $ | 11,330
​ For the three months ended March 31, 2021, the provision for loan losses was $259,000, a decrease in expense of $1,269,000 as compared to the three months ended March 31, 2020. In the first three months of 2020, the provision included the effects of recording a specific allowance of $1,193,000 on a commercial loan for which a charge-off of $2,219,000 was subsequently recorded in the third quarter 2020. 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 March 31, 2021 and December 31, 2020: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
March 31, 2021 |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | Purchased |  | ​ | ​
(In Thousands) | ​ | ​ | ​ | ​ | Special | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Credit | ​ | ​ | ​
​ | ​ | Pass | ​ | Mention | ​ | Substandard | ​ | Doubtful | ​ | Impaired | ​ | Total
Commercial: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Commercial loans secured by real estate | ​ | $ | 485,821 | ​ | $ | 18,419 | ​ | $ | 16,371 | ​ | $ | 0 | ​ | $ | 4,275 | ​ | $ | 524,886
Commercial and Industrial | ​ |  | 139,780 | ​ |  | 8,627 | ​ |  | 6,537 | ​ |  | 95 | ​ |  | 789 | ​ |  | 155,828
Paycheck Protection Program - 1st Draw | ​ | ​ | 71,708 | ​ | ​ | 0 | ​ | ​ | 0 | ​ | ​ | 0 | ​ | ​ | 0 | ​ | ​ | 71,708
Paycheck Protection Program - 2nd Draw | ​ | ​ | 66,127 | ​ | ​ | 0 | ​ | ​ | 0 | ​ | ​ | 0 | ​ | ​ | 0 | ​ | ​ | 66,127
Political subdivisions | ​ |  | 49,860 | ​ |  | 0 | ​ |  | 0 | ​ |  | 0 | ​ |  | 0 | ​ |  | 49,860
Commercial construction and land | ​ |  | 44,543 | ​ |  | 715 | ​ |  | 49 | ​ |  | 0 | ​ |  | 0 | ​ |  | 45,307
Loans secured by farmland | ​ |  | 9,657 | ​ |  | 397 | ​ |  | 843 | ​ |  | 0 | ​ |  | 0 | ​ |  | 10,897
Multi-family (5 or more) residential | ​ |  | 49,204 | ​ |  | 2,380 | ​ |  | 887 | ​ |  | 0 | ​ |  | 1,578 | ​ |  | 54,049
Agricultural loans | ​ |  | 1,880 | ​ |  | 0 | ​ |  | 580 | ​ |  | 0 | ​ |  | 0 | ​ |  | 2,460
Other commercial loans | ​ |  | 16,315 | ​ |  | 0 | ​ |  | 0 | ​ |  | 0 | ​ |  | 0 | ​ |  | 16,315
Total commercial | ​ |  | 934,895 | ​ |  | 30,538 | ​ |  | 25,267 | ​ |  | 95 | ​ |  | 6,642 | ​ |  | 997,437
Residential Mortgage: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Residential Mortgage loans - first liens | ​ | ​ | 501,338 | ​ | ​ | 5,397 | ​ | ​ | 11,583 | ​ | ​ | 0 | ​ | ​ | 74 | ​ | ​ | 518,392
Residential Mortgage loans - junior liens | ​ |  | 24,601 | ​ |  | 132 | ​ |  | 604 | ​ |  | 0 | ​ |  | 65 | ​ |  | 25,402
Home equity lines of credit | ​ |  | 38,326 | ​ |  | 59 | ​ |  | 698 | ​ |  | 0 | ​ |  | 0 | ​ |  | 39,083
1-4 Family residential construction | ​ |  | 18,376 | ​ |  | 0 | ​ |  | 0 | ​ |  | 0 | ​ |  | 0 | ​ |  | 18,376
Total residential mortgage | ​ |  | 582,641 | ​ |  | 5,588 | ​ |  | 12,885 | ​ |  | 0 | ​ |  | 139 | ​ |  | 601,253
Consumer | ​ |  | 15,784 | ​ |  | 0 | ​ |  | 113 | ​ |  | 0 | ​ |  | 0 | ​ |  | 15,897
Totals | ​ | $ | 1,533,320 | ​ | $ | 36,126 | ​ | $ | 38,265 | ​ | $ | 95 | ​ | $ | 6,781 | ​ | $ | 1,614,587
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2020 |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | Purchased |  | ​ | ​
(In Thousands) | ​ | ​ | ​ | ​ | Special | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Credit | ​ | ​ | ​
​ | ​ | Pass | ​ | Mention | ​ | Substandard | ​ | Doubtful | ​ | Impaired | ​ | Total
Commercial: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Commercial loans secured by real estate | ​ | $ | 494,876 | ​ | $ | 17,374 | ​ | $ | 15,262 | ​ | $ | 0 | ​ | $ | 4,298 | ​ | $ | 531,810
Commercial and Industrial | ​ |  | 143,500 | ​ |  | 8,025 | ​ |  | 7,268 | ​ |  | 0 | ​ |  | 784 | ​ |  | 159,577
Paycheck Protection Program - 1st Draw | ​ | ​ | 132,269 | ​ | ​ | 0 | ​ | ​ | 0 | ​ | ​ | 0 | ​ | ​ | 0 | ​ | ​ | 132,269
Political subdivisions | ​ |  | 53,221 | ​ |  | 0 | ​ |  | 0 | ​ |  | 0 | ​ |  | 0 | ​ |  | 53,221
Commercial construction and land | ​ |  | 42,110 | ​ |  | 715 | ​ |  | 49 | ​ |  | 0 | ​ |  | 0 | ​ |  | 42,874
Loans secured by farmland | ​ |  | 10,473 | ​ |  | 405 | ​ |  | 858 | ​ |  | 0 | ​ |  | 0 | ​ |  | 11,736
Multi-family (5 or more) residential | ​ |  | 50,563 | ​ |  | 2,405 | ​ |  | 1,229 | ​ |  | 0 | ​ |  | 1,614 | ​ |  | 55,811
Agricultural loans | ​ |  | 2,569 | ​ |  | 0 | ​ |  | 595 | ​ |  | 0 | ​ |  | 0 | ​ |  | 3,164
Other commercial loans | ​ |  | 17,289 | ​ |  | 0 | ​ |  | 0 | ​ |  | 0 | ​ |  | 0 | ​ |  | 17,289
Total commercial | ​ |  | 946,870 | ​ |  | 28,924 | ​ |  | 25,261 | ​ |  | 0 | ​ |  | 6,696 | ​ |  | 1,007,751
Residential Mortgage: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Residential Mortgage loans - first liens | ​ | ​ | 516,685 | ​ | ​ | 6,192 | ​ | ​ | 9,994 | ​ | ​ | 0 | ​ | ​ | 76 | ​ | ​ | 532,947
Residential Mortgage loans - junior liens | ​ |  | 26,480 | ​ |  | 141 | ​ |  | 621 | ​ |  | 0 | ​ |  | 69 | ​ |  | 27,311
Home equity lines of credit | ​ |  | 38,529 | ​ |  | 59 | ​ |  | 713 | ​ |  | 0 | ​ |  | 0 | ​ |  | 39,301
1-4 Family residential construction | ​ |  | 20,613 | ​ |  | 0 | ​ |  | 0 | ​ |  | 0 | ​ |  | 0 | ​ |  | 20,613
Total residential mortgage | ​ |  | 602,307 | ​ |  | 6,392 | ​ |  | 11,328 | ​ |  | 0 | ​ |  | 145 | ​ |  | 620,172
Consumer | ​ |  | 16,172 | ​ |  | 0 | ​ |  | 114 | ​ |  | 0 | ​ |  | 0 | ​ |  | 16,286
Totals | ​ | $ | 1,565,349 | ​ | $ | 35,316 | ​ | $ | 36,703 | ​ | $ | 0 | ​ | $ | 6,841 | ​ | $ | 1,644,209
​ 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 March 31, 2021 and December 31, 2020. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
March 31, 2021 |  | Loans: | ​ | Allowance for Loan Losses:
(In Thousands) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Individually | ​ | Collectively | ​ | ​ | ​ | ​ | Individually | ​ | Collectively | ​ |  | ​
​ |  | Evaluated |  | Evaluated |  | Totals |  | Evaluated |  | Evaluated |  | Totals
Commercial: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Commercial loans secured by real estate | ​ | $ | 12,749 | ​ | $ | 512,137 | ​ | $ | 524,886 | ​ | $ | 899 | ​ | $ | 2,451 | ​ | $ | 3,350
Commercial and industrial | ​ |  | 1,422 | ​ |  | 154,406 | ​ |  | 155,828 | ​ |  | 71 | ​ |  | 2,116 | ​ |  | 2,187
Paycheck Protection Program - 1st Draw | ​ |  | 0 | ​ |  | 71,708 | ​ |  | 71,708 | ​ |  | 0 | ​ |  | 0 | ​ |  | 0
Paycheck Protection Program - 2nd Draw | ​ | ​ | 0 | ​ | ​ | 66,127 | ​ | ​ | 66,127 | ​ | ​ | 0 | ​ | ​ | 0 | ​ | ​ | 0
Political subdivisions | ​ |  | 0 | ​ |  | 49,860 | ​ |  | 49,860 | ​ |  | 0 | ​ |  | 0 | ​ |  | 0
Commercial construction and land | ​ |  | 0 | ​ |  | 45,307 | ​ |  | 45,307 | ​ |  | 0 | ​ |  | 476 | ​ |  | 476
Loans secured by farmland | ​ |  | 84 | ​ |  | 10,813 | ​ |  | 10,897 | ​ |  | 0 | ​ |  | 111 | ​ |  | 111
Multi-family (5 or more) residential | ​ |  | 1,578 | ​ |  | 52,471 | ​ |  | 54,049 | ​ |  | 0 | ​ |  | 255 | ​ |  | 255
Agricultural loans | ​ |  | 0 | ​ |  | 2,460 | ​ |  | 2,460 | ​ |  | 0 | ​ |  | 26 | ​ |  | 26
Other commercial loans | ​ |  | 0 | ​ |  | 16,315 | ​ |  | 16,315 | ​ |  | 0 | ​ |  | 159 | ​ |  | 159
Total commercial | ​ |  | 15,833 | ​ |  | 981,604 | ​ |  | 997,437 | ​ |  | 970 | ​ |  | 5,594 | ​ |  | 6,564
Residential mortgage: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Residential mortgage loans - first liens | ​ | ​ | 1,920 | ​ | ​ | 516,472 | ​ | ​ | 518,392 | ​ | ​ | 8 | ​ | ​ | 3,499 | ​ | ​ | 3,507
Residential mortgage loans - junior liens | ​ |  | 405 | ​ |  | 24,997 | ​ |  | 25,402 | ​ |  | 146 | ​ |  | 188 | ​ |  | 334
Home equity lines of credit | ​ |  | 0 | ​ |  | 39,083 | ​ |  | 39,083 | ​ |  | 0 | ​ |  | 281 | ​ |  | 281
1-4 Family residential construction | ​ |  | 0 | ​ |  | 18,376 | ​ |  | 18,376 | ​ |  | 0 | ​ |  | 78 | ​ |  | 78
Total residential mortgage | ​ |  | 2,325 | ​ |  | 598,928 | ​ |  | 601,253 | ​ |  | 154 | ​ |  | 4,046 | ​ |  | 4,200
Consumer | ​ |  | 0 | ​ |  | 15,897 | ​ |  | 15,897 | ​ |  | 0 | ​ |  | 220 | ​ |  | 220
Unallocated | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | 677
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | $ | 18,158 | ​ | $ | 1,596,429 | ​ | $ | 1,614,587 | ​ | $ | 1,124 | ​ | $ | 9,860 | ​ | $ | 11,661
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2020 |  | Loans: | ​ | Allowance for Loan Losses:
(In Thousands) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Individually | ​ | Collectively | ​ | ​ | ​ | ​ | Individually | ​ | Collectively | ​ |  | ​
​ |  | Evaluated |  | Evaluated |  | Totals |  | Evaluated |  | Evaluated |  | Totals
Commercial: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Commercial loans secured by real estate | ​ | $ | 11,962 | ​ | $ | 519,848 | ​ | $ | 531,810 | ​ | $ | 692 | ​ | $ | 2,359 | ​ | $ | 3,051
Commercial and industrial | ​ |  | 1,359 | ​ |  | 158,218 | ​ |  | 159,577 | ​ |  | 71 | ​ |  | 2,174 | ​ |  | 2,245
Paycheck Protection Program - 1st Draw | ​ |  | 0 | ​ |  | 132,269 | ​ |  | 132,269 | ​ |  | 0 | ​ |  | 0 | ​ |  | 0
Political subdivisions | ​ |  | 0 | ​ |  | 53,221 | ​ |  | 53,221 | ​ |  | 0 | ​ |  | 0 | ​ |  | 0
Commercial construction and land | ​ |  | 0 | ​ |  | 42,874 | ​ |  | 42,874 | ​ |  | 0 | ​ |  | 454 | ​ |  | 454
Loans secured by farmland | ​ |  | 84 | ​ |  | 11,652 | ​ |  | 11,736 | ​ |  | 0 | ​ |  | 120 | ​ |  | 120
Multi-family (5 or more) residential | ​ |  | 1,614 | ​ |  | 54,197 | ​ |  | 55,811 | ​ |  | 0 | ​ |  | 236 | ​ |  | 236
Agricultural loans | ​ |  | 0 | ​ |  | 3,164 | ​ |  | 3,164 | ​ |  | 0 | ​ |  | 34 | ​ |  | 34
Other commercial loans | ​ |  | 0 | ​ |  | 17,289 | ​ |  | 17,289 | ​ |  | 0 | ​ |  | 168 | ​ |  | 168
Total commercial | ​ |  | 15,019 | ​ |  | 992,732 | ​ |  | 1,007,751 | ​ |  | 763 | ​ |  | 5,545 | ​ |  | 6,308
Residential mortgage: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Residential mortgage loans - first liens | ​ | ​ | 2,385 | ​ | ​ | 530,562 | ​ | ​ | 532,947 | ​ | ​ | 9 | ​ | ​ | 3,515 | ​ | ​ | 3,524
Residential mortgage loans - junior liens | ​ |  | 414 | ​ |  | 26,897 | ​ |  | 27,311 | ​ |  | 153 | ​ |  | 196 | ​ |  | 349
Home equity lines of credit | ​ |  | 0 | ​ |  | 39,301 | ​ |  | 39,301 | ​ |  | 0 | ​ |  | 281 | ​ |  | 281
1-4 Family residential construction | ​ |  | 0 | ​ |  | 20,613 | ​ |  | 20,613 | ​ |  | 0 | ​ |  | 99 | ​ |  | 99
Total residential mortgage | ​ |  | 2,799 | ​ |  | 617,373 | ​ |  | 620,172 | ​ |  | 162 | ​ |  | 4,091 | ​ |  | 4,253
Consumer | ​ |  | 0 | ​ |  | 16,286 | ​ |  | 16,286 | ​ |  | 0 | ​ |  | 239 | ​ |  | 239
Unallocated | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | 585
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | $ | 17,818 | ​ | $ | 1,626,391 | ​ | $ | 1,644,209 | ​ | $ | 925 | ​ | $ | 9,875 | ​ | $ | 11,385
​ Summary information related to impaired loans at March 31, 2021 and December 31, 2020 is provided in the table immediately below. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(In Thousands) | ​ | March 31, 2021 | ​ | December 31, 2020
​ | ​ | Unpaid | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Unpaid | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Principal | ​ | Recorded | ​ | Related | ​ | Principal | ​ | Recorded | ​ | Related
​ |  | Balance |  | Investment |  | Allowance |  | Balance |  | Investment |  | Allowance
With no related allowance recorded: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Commercial loans secured by real estate | ​ | $ | 6,731 | ​ | $ | 4,961 | ​ | $ | 0 | ​ | $ | 7,168 | ​ | $ | 5,398 | ​ | $ | 0
Commercial and industrial | ​ |  | 1,844 | ​ |  | 1,350 | ​ |  | 0 | ​ |  | 1,781 | ​ |  | 1,287 | ​ |  | 0
Residential mortgage loans - first liens | ​ | ​ | 731 | ​ | ​ | 731 | ​ | ​ | 0 | ​ | ​ | 1,248 | ​ | ​ | 1,248 | ​ | ​ | 0
Residential mortgage loans - junior liens | ​ |  | 155 | ​ |  | 100 | ​ |  | 0 | ​ |  | 160 | ​ |  | 105 | ​ |  | 0
Loans secured by farmland | ​ |  | 84 | ​ |  | 84 | ​ |  | 0 | ​ |  | 84 | ​ |  | 84 | ​ |  | 0
Multi-family (5 or more) residential | ​ | ​ | 2,734 | ​ | ​ | 1,578 | ​ | ​ | 0 | ​ | ​ | 2,770 | ​ | ​ | 1,614 | ​ | ​ | 0
Total with no related allowance recorded | ​ |  | 12,279 | ​ |  | 8,804 | ​ |  | 0 | ​ |  | 13,211 | ​ |  | 9,736 | ​ |  | 0
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
With a related allowance recorded: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Commercial loans secured by real estate | ​ | ​ | 7,788 | ​ | ​ | 7,788 | ​ | ​ | 898 | ​ | ​ | 6,501 | ​ | ​ | 6,501 | ​ | ​ | 691
Commercial and industrial | ​ |  | 72 | ​ |  | 72 | ​ |  | 72 | ​ |  | 72 | ​ |  | 72 | ​ |  | 72
Residential mortgage loans - first liens | ​ |  | 1,189 | ​ |  | 1,189 | ​ |  | 8 | ​ |  | 1,200 | ​ |  | 1,200 | ​ |  | 9
Residential mortgage loans - junior liens | ​ |  | 305 | ​ |  | 305 | ​ |  | 146 | ​ |  | 309 | ​ |  | 309 | ​ |  | 153
Total with a related allowance recorded | ​ |  | 9,354 | ​ |  | 9,354 | ​ |  | 1,124 | ​ |  | 8,082 | ​ |  | 8,082 | ​ |  | 925
Total | ​ | $ | 21,633 | ​ | $ | 18,158 | ​ | $ | 1,124 | ​ | $ | 21,293 | ​ | $ | 17,818 | ​ | $ | 925
​ 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 $146,000 at March 31, 2021 and $153,000 at December 31, 2020. 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
​ | ​ | Three Months Ended | ​ | Three Months Ended
​ | ​ | March 31, | ​ | March 31,
​ |  | 2021 | ​ | 2020 | ​ | 2021 | ​ | 2020
Commercial: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial loans secured by real estate | ​ | $ | 12,203 | ​ | $ | 387 | ​ | $ | 143 | ​ | $ | 4
Commercial and industrial | ​ | ​ | 1,082 | ​ | ​ | 2,872 | ​ | ​ | 12 | ​ | ​ | 1
Commercial construction and land | ​ | ​ | 49 | ​ | ​ | 1,308 | ​ | ​ | 1 | ​ | ​ | 12
Loans secured by farmland | ​ | ​ | 84 | ​ | ​ | 516 | ​ | ​ | 1 | ​ | ​ | 17
Multi-family (5 or more) residential | ​ | ​ | 1,596 | ​ | ​ | 0 | ​ | ​ | 61 | ​ | ​ | 0
Agricultural loans | ​ | ​ | 69 | ​ | ​ | 76 | ​ | ​ | 2 | ​ | ​ | 0
Other commercial loans | ​ | ​ | 0 | ​ | ​ | 50 | ​ | ​ | 0 | ​ | ​ | 1
Total commercial | ​ | ​ | 15,083 | ​ | ​ | 5,209 | ​ | ​ | 220 | ​ | ​ | 35
Residential mortgage: |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential mortgage loans - first lien | ​ | ​ | 2,451 | ​ | ​ | 1,232 | ​ | ​ | 37 | ​ | ​ | 8
Residential mortgage loans - junior lien | ​ | ​ | 437 | ​ | ​ | 382 | ​ | ​ | 5 | ​ | ​ | 0
Home equity lines of credit | ​ | ​ | 18 | ​ | ​ | 65 | ​ | ​ | 0 | ​ | ​ | 1
Total residential mortgage | ​ | ​ | 2,906 | ​ | ​ | 1,679 | ​ | ​ | 42 | ​ | ​ | 9
Consumer | ​ | ​ | 0 | ​ | ​ | 0 | ​ | ​ | 0 | ​ | ​ | 0
Total | ​ | $ | 17,989 | ​ | $ | 6,888 | ​ | $ | 262 | ​ | $ | 44
​ 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) | ​ | March 31, 2021 | ​ | December 31, 2020
​ | ​ | Past Due | ​ | ​ | ​ | ​ | Past Due | ​ | ​ | ​
​ | ​ | 90+ Days and | ​ | ​ | ​ | ​ | 90+ Days and | ​ | ​ | ​
​ |  | Accruing |  | Nonaccrual |  | Accruing |  | Nonaccrual
Commercial: | ​ |  | ​ | ​ |  | ​ | ​ |  |  | ​ |  |
Commercial loans secured by real estate | ​ | $ | 155 | ​ | $ | 12,648 | ​ | $ | 395 | ​ | $ | 11,550
Commercial and industrial | ​ |  | 103 | ​ |  | 1,047 | ​ |  | 142 | ​ |  | 970
Commercial construction and land | ​ |  | 0 | ​ |  | 49 | ​ |  | 0 | ​ |  | 49
Loans secured by farmland | ​ |  | 188 | ​ |  | 84 | ​ |  | 188 | ​ |  | 84
Multi-family (5 or more) residential | ​ | ​ | 0 | ​ | ​ | 1,578 | ​ | ​ | 0 | ​ | ​ | 1,614
Other commercial | ​ |  | 0 | ​ |  | 0 | ​ |  | 71 | ​ |  | 0
Total commercial | ​ |  | 446 | ​ |  | 15,406 | ​ |  | 796 | ​ |  | 14,267
Residential mortgage: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Residential mortgage loans - first liens | ​ | ​ | 550 | ​ | ​ | 5,964 | ​ | ​ | 838 | ​ | ​ | 6,387
Residential mortgage loans - junior liens | ​ |  | 45 | ​ |  | 370 | ​ |  | 52 | ​ |  | 378
Home equity lines of credit | ​ |  | 196 | ​ |  | 295 | ​ |  | 233 | ​ |  | 299
Total residential mortgage | ​ |  | 791 | ​ |  | 6,629 | ​ |  | 1,123 | ​ |  | 7,064
Consumer | ​ |  | 48 | ​ |  | 81 | ​ |  | 56 | ​ |  | 85
Totals | ​ | $ | 1,285 | ​ | $ | 22,116 | ​ | $ | 1,975 | ​ | $ | 21,416
​ 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. PCI loans with a total recorded investment of $6,781,000 at March 31, 2021 and $6,841,000 at December 31, 2020 are classified as nonaccrual. The table below presents a summary of the contractual aging of loans as of March 31, 2021 and December 31, 2020. Loans modified under the Corporation’s program designed to work with clients impacted by COVID-19, as described above, are included in the current and past due less than 30 days category in the table that follows. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(In Thousands) | ​ | As of March 31, 2021 | ​ | As of December 31, 2020
​ |  | 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
Commercial: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Commercial loans secured by real estate | ​ | $ | 519,474 | ​ | $ | 630 | ​ | $ | 4,782 | ​ | $ | 524,886 | ​ | $ | 529,998 | ​ | $ | 66 | ​ | $ | 1,746 | ​ | $ | 531,810
Commercial and industrial | ​ |  | 154,745 | ​ |  | 94 | ​ |  | 989 | ​ |  | 155,828 | ​ |  | 158,523 | ​ |  | 55 | ​ |  | 999 | ​ |  | 159,577
Paycheck Protection Program - 1st Draw | ​ | ​ | 71,708 | ​ | ​ | 0 | ​ | ​ | 0 | ​ | ​ | 71,708 | ​ | ​ | 132,269 | ​ | ​ | 0 | ​ | ​ | 0 | ​ | ​ | 132,269
Paycheck Protection Program - 2nd Draw | ​ | ​ | 66,127 | ​ | ​ | 0 | ​ | ​ | 0 | ​ | ​ | 66,127 | ​ | ​ | 0 | ​ | ​ | 0 | ​ | ​ | 0 | ​ | ​ | 0
Political subdivisions | ​ |  | 49,860 | ​ |  | 0 | ​ |  | 0 | ​ |  | 49,860 | ​ |  | 53,221 | ​ |  | 0 | ​ |  | 0 | ​ |  | 53,221
Commercial construction and land | ​ |  | 45,060 | ​ |  | 198 | ​ |  | 49 | ​ |  | 45,307 | ​ |  | 42,590 | ​ |  | 284 | ​ |  | 0 | ​ |  | 42,874
Loans secured by farmland | ​ |  | 10,593 | ​ |  | 82 | ​ |  | 222 | ​ |  | 10,897 | ​ |  | 11,419 | ​ |  | 95 | ​ |  | 222 | ​ |  | 11,736
Multi-family (5 or more) residential | ​ |  | 54,049 | ​ |  | 0 | ​ |  | 0 | ​ |  | 54,049 | ​ |  | 53,860 | ​ |  | 1,951 | ​ |  | 0 | ​ |  | 55,811
Agricultural loans | ​ |  | 2,364 | ​ |  | 96 | ​ |  | 0 | ​ |  | 2,460 | ​ |  | 3,091 | ​ |  | 2 | ​ |  | 71 | ​ |  | 3,164
Other commercial loans | ​ |  | 16,315 | ​ |  | 0 | ​ |  | 0 | ​ |  | 16,315 | ​ |  | 17,289 | ​ |  | 0 | ​ |  | 0 | ​ |  | 17,289
Total commercial | ​ |  | 990,295 | ​ |  | 1,100 | ​ |  | 6,042 | ​ |  | 997,437 | ​ |  | 1,002,260 | ​ |  | 2,453 | ​ |  | 3,038 | ​ |  | 1,007,751
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential mortgage: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Residential mortgage loans - first liens | ​ | ​ | 508,818 | ​ | ​ | 7,176 | ​ | ​ | 2,398 | ​ | ​ | 518,392 | ​ | ​ | 523,191 | ​ | ​ | 5,703 | ​ | ​ | 4,053 | ​ | ​ | 532,947
Residential mortgage loans - junior liens | ​ |  | 25,201 | ​ |  | 20 | ​ |  | 181 | ​ |  | 25,402 | ​ |  | 27,009 | ​ |  | 111 | ​ |  | 191 | ​ |  | 27,311
Home equity lines of credit | ​ |  | 38,455 | ​ |  | 432 | ​ |  | 196 | ​ |  | 39,083 | ​ |  | 38,919 | ​ |  | 101 | ​ |  | 281 | ​ |  | 39,301
1-4 Family residential construction | ​ |  | 18,376 | ​ |  | 0 | ​ |  | 0 | ​ |  | 18,376 | ​ |  | 20,457 | ​ |  | 156 | ​ |  | 0 | ​ |  | 20,613
Total residential mortgage | ​ |  | 590,850 | ​ |  | 7,628 | ​ |  | 2,775 | ​ |  | 601,253 | ​ |  | 609,576 | ​ |  | 6,071 | ​ |  | 4,525 | ​ |  | 620,172
Consumer | ​ |  | 15,752 | ​ |  | 26 | ​ |  | 119 | ​ |  | 15,897 | ​ |  | 16,063 | ​ |  | 83 | ​ |  | 140 | ​ |  | 16,286
Totals | ​ | $ | 1,596,897 | ​ | $ | 8,754 | ​ | $ | 8,936 | ​ | $ | 1,614,587 | ​ | $ | 1,627,899 | ​ | $ | 8,607 | ​ | $ | 7,703 | ​ | $ | 1,644,209
​ Nonaccrual loans are included in the contractual aging in the immediately preceding table. A summary of the contractual aging of nonaccrual loans at March 31, 2021 and December 31, 2020 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(In Thousands) | ​ | Current & | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​
​ | ​ | Past Due | ​ | Past Due | ​ | Past Due | ​ |  | ​
​ | ​ | Less than | ​ | 30-89 | ​ | 90+ | ​ |  | ​
​ |  | 30 Days |  | Days |  | Days |  | Total
March 31, 2021 Nonaccrual Totals | ​ | $ | 12,654 | ​ | $ | 1,861 | ​ | $ | 7,601 | ​ | $ | 22,116
December 31, 2020 Nonaccrual Totals | ​ | $ | 12,999 | ​ | $ | 2,689 | ​ | $ | 5,728 | ​ | $ | 21,416
​ 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 March 31, 2021 and December 31, 2020 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(In Thousands) | ​ | Current & | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​
​ | ​ | Past Due | ​ | Past Due | ​ | Past Due | ​ |  | ​ | ​ |  | ​
​ | ​ | Less than | ​ | 30-89 | ​ | 90+ | ​ |  | ​ | ​ |  | ​
​ |  | 30 Days |  | Days |  | Days |  | Nonaccrual |  | Total
March 31, 2021 Totals | ​ | $ | 176 | ​ | $ | 126 | ​ | $ | 67 | ​ | $ | 6,816 | ​ | $ | 7,185
December 31, 2020 Totals | ​ | $ | 166 | ​ | $ | 0 | ​ | $ | 418 | ​ | $ | 6,867 | ​ | $ | 7,451
​ At March 31, 2021 and December 31, 2020, there were no commitments to loan additional funds to borrowers whose loans have been classified as TDRs. TDRs that occurred during the three-month periods ended March 31, 2021 and 2020 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Three Months Ended
​ | ​ | March 31, 2021 | ​ | March 31, 2020
​ | ​ | ​ | ​ | Post- | ​ | ​ | ​ | Post-
​ | ​ | Number | ​ | Modification | ​ | Number | ​ | Modification
​ | ​ | of | ​ | Recorded | ​ | of | ​ | Recorded
(Balances in Thousands) | ​ | Loans | ​ | Investment | ​ | Loans | ​ | Investment
Residential mortgage - first liens, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reduced monthly payments and extended maturity date |  | 1 |  | $ | 12 |  | 0 |  | $ | 0
Residential mortgage - junior liens, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
New loan at lower than risk-adjusted market rate to borrower from whom short sale of other collateral was accepted |  | 0 |  | ​ | 0 |  | 1 |  | ​ | 30
Consumer, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reduced monthly payments and extended maturity date | ​ | 1 | ​ | ​ | 24 | ​ | 0 | ​ | ​ | 0
Total |  | 2 |  | $ | 36 |  | 1 |  | $ | 30
​ In the three-month periods ended March 31, 2021 and 2020, defaults on loans for which modifications that were considered to be TDR and were entered into within the previous 12 months are summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Balances in Thousands) | ​ | Three Months Ended | ​ | Three Months Ended
​ | ​ | March 31, 2021 | ​ | March 31, 2020
​ | ​ | Number | ​ | ​ | ​ | Number | ​ | ​
​ | ​ | of | ​ | Recorded | ​ | of | ​ | Recorded
​ | ​ | Loans | ​ | Investment | ​ | Loans | ​ | Investment
Commercial loans secured by real estate | ​ | 1 | ​ | $ | 3,392 | ​ | 0 | ​ | $ | 0
Total |  | 1 | ​ | $ | 3,392 |  | 0 | ​ | $ | 0
​ 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) |  | March 31, |  | December 31,
​ | ​ | 2021 | ​ | 2020
Foreclosed residential real estate | ​ | $ | 218 | ​ | $ | 80
​ 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) |  | March 31, |  | December 31,
​ | ​ | 2021 | ​ | 2020
Residential real estate in process of foreclosure | ​ | $ | 1,852 | ​ | $ | 1,246
​

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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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- References No definition available. + Details
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