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Loans | 12 Months Ended
--- | ---
Dec. 31, 2013
Loans and Leases Receivable Disclosure [Abstract] |
Loans | Loans The following table shows the composition of the Company's loan portfolio as of December 31, 2013 and 2012:
| December 31, 2013 |  | December 31, 2012
Commercial |  |  |  |  |  |  |
Real estate | $ | 245,943,000 |  |  | 28.2 | % |  | $ | 251,335,000 |  |  | 28.9 | %
Construction | 20,382,000 |  |  | 2.3 | % |  | 22,417,000 |  |  | 2.6 | %
Other | 95,289,000 |  |  | 10.9 | % |  | 81,183,000 |  |  | 9.3 | %
Municipal | 19,117,000 |  |  | 2.2 | % |  | 14,704,000 |  |  | 1.7 | %
Residential |  |  |  |  |  |  |
Term | 377,218,000 |  |  | 43.0 | % |  | 379,447,000 |  |  | 43.7 | %
Construction | 11,803,000 |  |  | 1.3 | % |  | 6,459,000 |  |  | 0.7 | %
Home equity line of credit | 91,549,000 |  |  | 10.4 | % |  | 99,082,000 |  |  | 11.4 | %
Consumer | 15,066,000 |  |  | 1.7 | % |  | 14,657,000 |  |  | 1.7 | %
Total loans | $ | 876,367,000 |  |  | 100.0 | % |  | $ | 869,284,000 |  |  | 100.0 | %
Loan balances include net deferred loan costs of $2,086,000 in 2013 and $1,783,000 in 2012. Pursuant to collateral agreements, qualifying first mortgage loans, which were valued at $266,740,000 and $256,378,000 at December 31, 2013 and 2012, respectively, were used to collateralize borrowings from the Federal Home Loan Bank of Boston. In addition, commercial, construction and home equity loans totaling $189,728,000 at December 31, 2013 and 220,520,000 at December 2012, were used to collateralize a standby line of credit at the Federal Reserve Bank of Boston that is currently unused. At December 31, 2013 and 2012, non-accrual loans were $16,318,000 and $19,150,000, respectively. As of December 31, 2013, 2012 and 2011, interest income which would have been recognized on these loans, if interest had been accrued, was $917,000, $1,158,000, and $1,052,000, respectively. Loans more than 90 days past due accruing interest totaled $1,043,000 at December 31, 2013 and $1,051,000 at December 31, 2012. The Company continues to accrue interest on these loans because it believes collection of principal and interest is reasonably assured. Loans to directors, officers and employees totaled $28,821,000 at December 31, 2013 and $28,707,000 at December 31, 2012. A summary of loans to directors and executive officers, which in the aggregate exceed $60,000, is as follows:
For the years ended December 31, | 2013 |  | 2012
Balance at beginning of year | $ | 14,917,000 |  |  | $ | 24,551,000 |
New loans | 909,000 |  |  | 275,000 |
Repayments | (942,000 | ) |  | (9,909,000 | )
Balance at end of year | $ | 14,884,000 |  |  | $ | 14,917,000 |
Information on the past-due status of loans as of December 31, 2013, is presented in the following table:
| 30-59 Days Past Due |  | 60-89 Days Past Due |  | 90+ Days Past Due |  | All Past Due |  | Current |  | Total |  | 90+ Days & Accruing
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate | $ | 82,000 |  |  | $ | 259,000 |  |  | $ | 745,000 |  |  | $ | 1,086,000 |  |  | $ | 244,857,000 |  |  | $ | 245,943,000 |  |  | $ | — |
Construction | — |  |  | — |  |  | — |  |  | — |  |  | 20,382,000 |  |  | 20,382,000 |  |  | — |
Other | 544,000 |  |  | 128,000 |  |  | 2,797,000 |  |  | 3,469,000 |  |  | 91,820,000 |  |  | 95,289,000 |  |  | — |
Municipal | — |  |  | — |  |  | — |  |  | — |  |  | 19,117,000 |  |  | 19,117,000 |  |  | — |
Residential |  |  |  |  |  |  |  |  |  |  |  |  |
Term | 229,000 |  |  | 1,913,000 |  |  | 7,002,000 |  |  | 9,144,000 |  |  | 368,074,000 |  |  | 377,218,000 |  |  | 596,000 |
Construction | 47,000 |  |  | — |  |  | — |  |  | 47,000 |  |  | 11,756,000 |  |  | 11,803,000 |  |  | — |
Home equity line of credit | 573,000 |  |  | 145,000 |  |  | 1,001,000 |  |  | 1,719,000 |  |  | 89,830,000 |  |  | 91,549,000 |  |  | 59,000 |
Consumer | 113,000 |  |  | 26,000 |  |  | 388,000 |  |  | 527,000 |  |  | 14,539,000 |  |  | 15,066,000 |  |  | 388,000 |
Total | $ | 1,588,000 |  |  | $ | 2,471,000 |  |  | $ | 11,933,000 |  |  | $ | 15,992,000 |  |  | $ | 860,375,000 |  |  | $ | 876,367,000 |  |  | $ | 1,043,000 |
Information on the past-due status of loans as of December 31, 2012, is presented in the following table:
| 30-59 Days Past Due |  | 60-89 Days Past Due |  | 90+ Days Past Due |  | All Past Due |  | Current |  | Total |  | 90+ Days & Accruing
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate | $ | 2,172,000 |  |  | $ | 346,000 |  |  | $ | 2,380,000 |  |  | $ | 4,898,000 |  |  | $ | 246,437,000 |  |  | $ | 251,335,000 |  |  | $ | 102,000 |
Construction | — |  |  | 29,000 |  |  | 35,000 |  |  | 64,000 |  |  | 22,353,000 |  |  | 22,417,000 |  |  | — |
Other | 658,000 |  |  | 218,000 |  |  | 2,306,000 |  |  | 3,182,000 |  |  | 78,001,000 |  |  | 81,183,000 |  |  | 2,000 |
Municipal | 136,000 |  |  | — |  |  | — |  |  | 136,000 |  |  | 14,568,000 |  |  | 14,704,000 |  |  | — |
Residential |  |  |  |  |  |  |  |  |  |  |  |  |
Term | 2,404,000 |  |  | 1,082,000 |  |  | 9,298,000 |  |  | 12,784,000 |  |  | 366,663,000 |  |  | 379,447,000 |  |  | 363,000 |
Construction | 188,000 |  |  | — |  |  | — |  |  | 188,000 |  |  | 6,271,000 |  |  | 6,459,000 |  |  | — |
Home equity line of credit | 430,000 |  |  | 133,000 |  |  | 1,136,000 |  |  | 1,699,000 |  |  | 97,383,000 |  |  | 99,082,000 |  |  | 539,000 |
Consumer | 101,000 |  |  | 70,000 |  |  | 45,000 |  |  | 216,000 |  |  | 14,441,000 |  |  | 14,657,000 |  |  | 45,000 |
Total | $ | 6,089,000 |  |  | $ | 1,878,000 |  |  | $ | 15,200,000 |  |  | $ | 23,167,000 |  |  | $ | 846,117,000 |  |  | $ | 869,284,000 |  |  | $ | 1,051,000 |
For all classes, loans are placed on non-accrual status when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement or when principal and interest is 90 days or more past due unless the loan is both well secured and in the process of collection (in which case the loan may continue to accrue interest in spite of its past due status). A loan is "well secured" if it is secured (1) by collateral in the form of liens on or pledges of real or personal property, including securities, that have a realizable value sufficient to discharge the debt (including accrued interest) in full, or (2) by the guarantee of a financially responsible party. A loan is "in the process of collection" if collection of the loan is proceeding in due course either (1) through legal action, including judgment enforcement procedures, or, (2) in appropriate circumstances, through collection efforts not involving legal action which are reasonably expected to result in repayment of the debt or in its restoration to a current status in the near future. Information on nonaccrual loans as of December 31, 2013 and 2012 is presented in the following table:
As of December 31, | 2013 |  | 2012
Commercial |  |  |
Real estate | $ | 2,457,000 |  |  | $ | 4,603,000 |
Construction | — |  |  | 101,000 |
Other | 4,370,000 |  |  | 3,459,000 |
Municipal | — |  |  | — |
Residential |  |  |
Term | 8,484,000 |  |  | 10,333,000 |
Construction | — |  |  | — |
Home equity line of credit | 1,007,000 |  |  | 654,000 |
Consumer | — |  |  | — |
Total | $ | 16,318,000 |  |  | $ | 19,150,000 |
Information regarding impaired loans is as follows:
For the years ended December 31, | 2013 |  | 2012 |  | 2011
Average investment in impaired loans | $ | 45,722,000 |  |  | $ | 45,019,000 |  |  | $ | 28,777,000 |
Interest income recognized on impaired loans, all on cash basis | 1,750,000 |  |  | 1,039,000 |  |  | 598,000 |
As of December 31, | 2013 |  | 2012
Balance of impaired loans | $ | 42,351,000 |  |  | $ | 45,744,000 |
Less portion for which no allowance for loan losses is allocated | (32,417,000 | ) |  | (28,282,000 | )
Portion of impaired loan balance for which an allowance for loan losses is allocated | $ | 9,934,000 |  |  | $ | 17,462,000 |
Portion of allowance for loan losses allocated to the impaired loan balance | $ | 2,461,000 |  |  | $ | 3,539,000 |
Impaired loans include restructured loans and loans placed on non-accrual. These loans are measured at the present value of expected future cash flows discounted at the loan's effective interest rate or at the fair value of the collateral if the loan is collateral dependent. If the measure of an impaired loan is lower than the recorded investment in the loan and estimated selling costs, a specific reserve is established for the difference, or, in certain situations, if the measure of an impaired loan is lower than the recorded investment in the loan and estimated selling costs, the difference is written off. A breakdown of impaired loans by category as of December 31, 2013, is presented in the following table:
| Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance |  | Average Recorded Investment |  | Recognized Interest Income
With No Related Allowance |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |
Real estate | $ | 11,813,000 |  |  | $ | 12,419,000 |  |  | $ | — |  |  | $ | 11,100,000 |  |  | $ | 495,000 |
Construction | — |  |  | — |  |  | — |  |  | 202,000 |  |  | — |
Other | 5,617,000 |  |  | 7,309,000 |  |  | — |  |  | 4,265,000 |  |  | 322,000 |
Municipal | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential |  |  |  |  |  |  |  |  |
Term | 13,432,000 |  |  | 14,600,000 |  |  | — |  |  | 14,396,000 |  |  | 511,000 |
Construction | — |  |  | — |  |  | — |  |  | — |  |  | — |
Home equity line of credit | 1,555,000 |  |  | 1,791,000 |  |  | — |  |  | 1,578,000 |  |  | 32,000 |
Consumer | — |  |  | — |  |  | — |  |  | — |  |  | — |
| $ | 32,417,000 |  |  | $ | 36,119,000 |  |  | $ | — |  |  | $ | 31,541,000 |  |  | $ | 1,360,000 |
With an Allowance Recorded |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |
Real estate | $ | 3,122,000 |  |  | $ | 3,264,000 |  |  | $ | 890,000 |  |  | $ | 5,673,000 |  |  | $ | 150,000 |
Construction | 1,284,000 |  |  | 1,284,000 |  |  | 272,000 |  |  | 1,795,000 |  |  | 48,000 |
Other | 1,081,000 |  |  | 1,132,000 |  |  | 841,000 |  |  | 1,633,000 |  |  | 28,000 |
Municipal | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential |  |  |  |  |  |  |  |  |
Term | 4,354,000 |  |  | 4,516,000 |  |  | 404,000 |  |  | 4,982,000 |  |  | 162,000 |
Construction | — |  |  | — |  |  | — |  |  | — |  |  | — |
Home equity line of credit | 93,000 |  |  | 93,000 |  |  | 54,000 |  |  | 98,000 |  |  | 2,000 |
Consumer | — |  |  | — |  |  | — |  |  | — |  |  | — |
| $ | 9,934,000 |  |  | $ | 10,289,000 |  |  | $ | 2,461,000 |  |  | $ | 14,181,000 |  |  | $ | 390,000 |
Total |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |
Real estate | $ | 14,935,000 |  |  | $ | 15,683,000 |  |  | $ | 890,000 |  |  | $ | 16,773,000 |  |  | $ | 645,000 |
Construction | 1,284,000 |  |  | 1,284,000 |  |  | 272,000 |  |  | 1,997,000 |  |  | 48,000 |
Other | 6,698,000 |  |  | 8,441,000 |  |  | 841,000 |  |  | 5,898,000 |  |  | 350,000 |
Municipal | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential |  |  |  |  |  |  |  |  |
Term | 17,786,000 |  |  | 19,116,000 |  |  | 404,000 |  |  | 19,378,000 |  |  | 673,000 |
Construction | — |  |  | — |  |  | — |  |  | — |  |  | — |
Home equity line of credit | 1,648,000 |  |  | 1,884,000 |  |  | 54,000 |  |  | 1,676,000 |  |  | 34,000 |
Consumer | — |  |  | — |  |  | — |  |  | — |  |  | — |
| $ | 42,351,000 |  |  | $ | 46,408,000 |  |  | $ | 2,461,000 |  |  | $ | 45,722,000 |  |  | $ | 1,750,000 |
Substantially all interest income recognized on impaired loans for all classes of financing receivables was recognized on a cash basis as received. A breakdown of impaired loans by category as of December 31, 2012, is presented in the following table:
| Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance |  | Average Recorded Investment |  | Recognized Interest Income
With No Related Allowance |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |
Real estate | $ | 9,386,000 |  |  | $ | 9,963,000 |  |  | $ | — |  |  | $ | 10,102,000 |  |  | $ | 199,000 |
Construction | 101,000 |  |  | 115,000 |  |  | — |  |  | 2,533,000 |  |  | — |
Other | 4,737,000 |  |  | 5,345,000 |  |  | — |  |  | 2,877,000 |  |  | 53,000 |
Municipal | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential |  |  |  |  |  |  |  |  |
Term | 12,747,000 |  |  | 14,440,000 |  |  | — |  |  | 9,801,000 |  |  | 189,000 |
Construction | — |  |  | — |  |  | — |  |  | 560,000 |  |  | — |
Home equity line of credit | 1,311,000 |  |  | 1,440,000 |  |  | — |  |  | 961,000 |  |  | 27,000 |
Consumer | — |  |  | — |  |  | — |  |  | 3,000 |  |  | — |
| $ | 28,282,000 |  |  | $ | 31,303,000 |  |  | $ | — |  |  | $ | 26,837,000 |  |  | $ | 468,000 |
With an Allowance Recorded |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate | $ | 6,388,000 |  |  | $ | 7,018,000 |  |  | $ | 1,523,000 |  |  | $ | 4,614,000 |  |  | $ | 211,000 |
Construction | 3,253,000 |  |  | 3,253,000 |  |  | 969,000 |  |  | 1,816,000 |  |  | 85,000 |
Other | 1,124,000 |  |  | 1,126,000 |  |  | 652,000 |  |  | 1,974,000 |  |  | 38,000 |
Municipal | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential |  |  |  |  |  |  |  |  |
Term | 6,697,000 |  |  | 6,842,000 |  |  | 395,000 |  |  | 9,066,000 |  |  | 237,000 |
Construction | — |  |  | — |  |  | — |  |  | 261,000 |  |  | — |
Home equity line of credit | — |  |  | — |  |  | — |  |  | 442,000 |  |  | — |
Consumer | — |  |  | — |  |  | — |  |  | 9,000 |  |  | — |
| $ | 17,462,000 |  |  | $ | 18,239,000 |  |  | $ | 3,539,000 |  |  | $ | 18,182,000 |  |  | $ | 571,000 |
Total |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |
Real estate | $ | 15,774,000 |  |  | $ | 16,981,000 |  |  | $ | 1,523,000 |  |  | $ | 14,716,000 |  |  | $ | 410,000 |
Construction | 3,354,000 |  |  | 3,368,000 |  |  | 969,000 |  |  | 4,349,000 |  |  | 85,000 |
Other | 5,861,000 |  |  | 6,471,000 |  |  | 652,000 |  |  | 4,851,000 |  |  | 91,000 |
Municipal | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential |  |  |  |  |  |  |  |  |
Term | 19,444,000 |  |  | 21,282,000 |  |  | 395,000 |  |  | 18,867,000 |  |  | 426,000 |
Construction | — |  |  | — |  |  | — |  |  | 821,000 |  |  | — |
Home equity line of credit | 1,311,000 |  |  | 1,440,000 |  |  | — |  |  | 1,403,000 |  |  | 27,000 |
Consumer | — |  |  | — |  |  | — |  |  | 12,000 |  |  | — |
| $ | 45,744,000 |  |  | $ | 49,542,000 |  |  | $ | 3,539,000 |  |  | $ | 45,019,000 |  |  | $ | 1,039,000 |
A breakdown of impaired loans by category as of December 31, 2011, is presented in the following table:
| Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance |  | Average Recorded Investment |  | Recognized Interest Income
With No Related Allowance |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |
Real estate | $ | 5,584,000 |  |  | $ | 5,584,000 |  |  | $ | — |  |  | $ | 5,212,000 |  |  | $ | 23,000 |
Construction | 5,172,000 |  |  | 5,172,000 |  |  | — |  |  | 1,072,000 |  |  | 143,000 |
Other | 6,022,000 |  |  | 6,022,000 |  |  | — |  |  | 1,918,000 |  |  | 28,000 |
Municipal | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential |  |  |  |  |  |  |  |  |
Term | 9,875,000 |  |  | 9,875,000 |  |  | — |  |  | 9,493,000 |  |  | 54,000 |
Construction | 468,000 |  |  | 468,000 |  |  | — |  |  | 961,000 |  |  | — |
Home equity line of credit | 739,000 |  |  | 739,000 |  |  | — |  |  | 646,000 |  |  | — |
Consumer | 37,000 |  |  | 37,000 |  |  | — |  |  | 39,000 |  |  | — |
| $ | 27,897,000 |  |  | $ | 27,897,000 |  |  | $ | — |  |  | $ | 19,341,000 |  |  | $ | 248,000 |
With an Allowance Recorded |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |
Real estate | $ | 4,557,000 |  |  | $ | 4,557,000 |  |  | $ | 808,000 |  |  | $ | 2,307,000 |  |  | $ | 103,000 |
Construction | 530,000 |  |  | 530,000 |  |  | 33,000 |  |  | 247,000 |  |  | — |
Other | 1,020,000 |  |  | 1,020,000 |  |  | 402,000 |  |  | 681,000 |  |  | 19,000 |
Municipal | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential |  |  |  |  |  |  |  |  |
Term | 6,946,000 |  |  | 6,946,000 |  |  | 478,000 |  |  | 5,628,000 |  |  | 228,000 |
Construction | 730,000 |  |  | 730,000 |  |  | 235,000 |  |  | 244,000 |  |  | — |
Home equity line of credit | 424,000 |  |  | 424,000 |  |  | 91,000 |  |  | 272,000 |  |  | — |
Consumer | 16,000 |  |  | 16,000 |  |  | 11,000 |  |  | 57,000 |  |  | — |
| $ | 14,223,000 |  |  | $ | 14,223,000 |  |  | $ | 2,058,000 |  |  | $ | 9,436,000 |  |  | $ | 350,000 |
Total |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |
Real estate | $ | 10,141,000 |  |  | $ | 10,141,000 |  |  | $ | 808,000 |  |  | $ | 7,519,000 |  |  | $ | 126,000 |
Construction | 5,702,000 |  |  | 5,702,000 |  |  | 33,000 |  |  | 1,319,000 |  |  | 143,000 |
Other | 7,042,000 |  |  | 7,042,000 |  |  | 402,000 |  |  | 2,599,000 |  |  | 47,000 |
Municipal | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential |  |  |  |  |  |  |  |  |
Term | 16,821,000 |  |  | 16,821,000 |  |  | 478,000 |  |  | 15,121,000 |  |  | 282,000 |
Construction | 1,198,000 |  |  | 1,198,000 |  |  | 235,000 |  |  | 1,205,000 |  |  | — |
Home equity line of credit | 1,163,000 |  |  | 1,163,000 |  |  | 91,000 |  |  | 918,000 |  |  | — |
Consumer | 53,000 |  |  | 53,000 |  |  | 11,000 |  |  | 96,000 |  |  | — |
| $ | 42,120,000 |  |  | $ | 42,120,000 |  |  | $ | 2,058,000 |  |  | $ | 28,777,000 |  |  | $ | 598,000 |
Troubled Debt Restructured A TDR constitutes a restructuring of debt if the Bank, for economic or legal reasons related to the borrower's financial difficulties, grants a concession to the borrower that it would not otherwise consider. To determine whether or not a loan should be classified as a TDR, Management evaluates a loan based upon the following criteria:
• | The borrower demonstrates financial difficulty; common indicators include past due status with bank obligations, substandard credit bureau reports, or an inability to refinance with another lender, and
• | The Bank has granted a concession; common concession types include maturity date extension, interest rate adjustments to below market pricing, and deferment of payments.
The Bank applies the same interest accrual policy to TDRs as it does for all classes of loans. As of December 31, 2013, the Bank had 99 loans with a value of $29,098,000 that have been restructured. This compares to 101 loans with a value of $29,955,000 classified as TDRs as of December 31, 2012. The impairment carried as a specific reserve in the allowance for loan losses is calculated by present valuing the cashflow modification on the loan, or, for collateral-dependent loans, using the fair value of the collateral less costs to sell. The following table shows TDRs by class and the specific reserve as of December 31, 2013:
| Number of Loans |  | Balance |  | Specific Reserves
Commercial |  |  |  |  |
Real estate | 20 |  |  | $ | 13,018,000 |  |  | $ | 433,000 |
Construction | 1 |  |  | 1,284,000 |  |  | 274,000 |
Other | 20 |  |  | 2,734,000 |  |  | 100,000 |
Municipal | — |  |  | — |  |  | — |
Residential |  |  |  |  |
Term | 53 |  |  | 11,220,000 |  |  | 210,000 |
Construction | — |  |  | — |  |  | — |
Home equity line of credit | 5 |  |  | 842,000 |  |  | — |
Consumer | — |  |  | — |  |  | — |
| 99 |  |  | $ | 29,098,000 |  |  | $ | 1,017,000 |
The following table shows TDRs by class and the specific reserve as of December 31, 2012:
| Number of Loans |  | Balance |  | Specific Reserves
Commercial |  |  |  |  |
Real estate | 18 |  |  | $ | 11,961,000 |  |  | $ | 823,000 |
Construction | 3 |  |  | 3,319,000 |  |  | 969,000 |
Other | 23 |  |  | 3,074,000 |  |  | 574,000 |
Municipal | — |  |  | — |  |  | — |
Residential |  |  |  |  |
Term | 53 |  |  | 10,945,000 |  |  | 224,000 |
Construction | — |  |  | — |  |  | — |
Home equity line of credit | 4 |  |  | 656,000 |  |  | — |
Consumer | — |  |  | — |  |  | — |
| 101 |  |  | $ | 29,955,000 |  |  | $ | 2,590,000 |
As of December 31, 2013, 16 of the loans classified as TDRs with a total balance of $3,261,000 were more than 30 days past due. Of these loans, six loans with an outstanding balance of $810,000 had been placed on TDR status in the previous 12 months. The following table shows past-due TDRs by class and the associated specific reserves included in the allowance for loan losses as of December 31, 2013:
| Number of Loans |  | Balance |  | Specific Reserves
Commercial |  |  |  |  |
Real estate | 2 |  |  | $ | 990,000 |  |  | $ | — |
Construction | — |  |  | — |  |  | — |
Other | 2 |  |  | 355,000 |  |  | — |
Municipal | — |  |  | — |  |  | — |
Residential |  |  |  |  |  |  |  |
Term | 10 |  |  | 1,688,000 |  |  | 37,000 |
Construction | — |  |  | — |  |  | — |
Home equity line of credit | 2 |  |  | 228,000 |  |  | — |
Consumer | — |  |  | — |  |  | — |
| 16 |  |  | $ | 3,261,000 |  |  | $ | 37,000 |
As of December 31, 2012, 12 of the loans classified as TDRs with a total balance of $2,413,000 were more than 30 days past due. Of these loans, six loans with an outstanding balance of $1,059,000 had been placed on TDR status in the previous 12 months. The following table shows past-due TDRs by class and the associated specific reserves included in the allowance for loan losses as of December 31, 2012:
| Number of Loans |  | Balance |  | Specific Reserves
Commercial |  |  |  |  |
Real estate | 3 |  |  | $ | 760,000 |  |  | $ | — |
Construction | — |  |  | — |  |  | — |
Other | — |  |  | — |  |  | — |
Municipal | — |  |  | — |  |  | — |
Residential |  |  |  |  |
Term | 8 |  |  | 1,624,000 |  |  | 67,000 |
Construction | — |  |  | — |  |  | — |
Home equity line of credit | 1 |  |  | 29,000 |  |  | — |
Consumer | — |  |  | — |  |  | — |
| 12 |  |  | $ | 2,413,000 |  |  | $ | 67,000 |
During the year ended December 31, 2013, 10 loans were placed on TDR status with an outstanding balance of $3,610,000. These were considered TDRs because concessions had been granted to borrowers experiencing financial difficulties. Concessions include reductions in interest rates, principal and/or interest forbearance, payment extensions, or combinations thereof. The following table shows loans placed on TDR status during the year ended December 31, 2013, by class of loan and the associated specific reserve included in the allowance for loan losses as of December 31, 2013:
| Number of Loans |  | Pre-Modification Outstanding Recorded Investment |  | Post-Modification Outstanding Recorded Investment |  | Specific Reserves
Commercial |  |  |  |  |  |  |
Real estate | 2 |  |  | $ | 1,883,000 |  |  | $ | 1,883,000 |  |  | $ | — |
Construction | — |  |  | — |  |  | — |  |  | — |
Other | 2 |  |  | 491,000 |  |  | 491,000 |  |  | — |
Municipal | — |  |  | — |  |  | — |  |  | — |
Residential |  |  |  |  |  |  |
Term | 5 |  |  | 1,032,000 |  |  | 1,029,000 |  |  | 31,000 |
Construction | — |  |  | — |  |  | — |  |  | — |
Home equity line of credit | 1 |  |  | 204,000 |  |  | 201,000 |  |  | — |
Consumer | — |  |  | — |  |  | — |  |  | — |
| 10 |  |  | $ | 3,610,000 |  |  | $ | 3,604,000 |  |  | $ | 31,000 |
During the year ended December 31, 2012, 52 loans were placed on TDR status with an outstanding balance of $15,030,000. These were considered to be TDRs because concessions had been granted to borrowers experiencing financial difficulties. Concessions include reductions in interest rates, principal and/or interest forbearance, payment extensions, or combinations thereof. The following table shows loans placed on TDR status in 2012 by type of loan and the associated specific reserve included in the allowance for loan losses as of December 31, 2012:
| Number of Loans |  | Pre-Modification Outstanding Recorded Investment |  | Post-Modification Outstanding Recorded Investment |  | Specific Reserves
Commercial |  |  |  |  |  |  |
Real estate | 13 |  |  | $ | 7,149,000 |  |  | $ | 6,821,000 |  |  | $ | 180,000 |
Construction | 3 |  |  | 3,333,000 |  |  | 3,319,000 |  |  | 969,000 |
Other | 19 |  |  | 1,903,000 |  |  | 1,887,000 |  |  | 543,000 |
Municipal | — |  |  | — |  |  | — |  |  | — |
Residential |  |  |  |  |  |  |
Term | 13 |  |  | 1,989,000 |  |  | 1,974,000 |  |  | 77,000 |
Construction | — |  |  | — |  |  | — |  |  | — |
Home equity line of credit | 4 |  |  | 656,000 |  |  | 656,000 |  |  | — |
Consumer | — |  |  | — |  |  | — |  |  | — |
| 52 |  |  | $ | 15,030,000 |  |  | $ | 14,657,000 |  |  | $ | 1,769,000 |
As of December 31, 2013, Management is aware of 12 loans classified as TDRs that are involved in bankruptcy with an outstanding balance of $1,690,000. As of December 31, 2013, there were 16 loans with an outstanding balance of $3,065,000 that were classified as TDRs and were on non-accrual status, three of which, with an outstanding balance of $356,000, were in the process of foreclosure.

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