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Loans | 3 Months Ended
--- | ---
Mar. 31, 2014
Loans and Leases Receivable Disclosure [Abstract] |
Loans | Loans The following table shows the composition of the Company's loan portfolio as of March 31, 2014 and 2013 and at December 31, 2013:
| March 31, 2014 |  | December 31, 2013 |  | March 31, 2013 |
Commercial |  |  |  |  |  |  |  |  |  |  |  |
Real estate | $ | 240,187,000 |  |  | 27.7 | % | $ | 245,943,000 |  |  | 28.2 | % | $ | 250,180,000 |  |  | 29.0 | %
Construction | 21,686,000 |  |  | 2.5 | % | 20,382,000 |  |  | 2.3 | % | 17,090,000 |  |  | 2.0 | %
Other | 97,276,000 |  |  | 11.2 | % | 95,289,000 |  |  | 10.9 | % | 89,874,000 |  |  | 10.4 | %
Municipal | 17,790,000 |  |  | 2.0 | % | 19,117,000 |  |  | 2.2 | % | 15,017,000 |  |  | 1.7 | %
Residential |  |  |  |  |  |  |  |  |  |  |  |
Term | 372,479,000 |  |  | 42.9 | % | 377,218,000 |  |  | 43.0 | % | 376,029,000 |  |  | 43.5 | %
Construction | 12,360,000 |  |  | 1.4 | % | 11,803,000 |  |  | 1.3 | % | 4,222,000 |  |  | 0.5 | %
Home equity line of credit | 92,202,000 |  |  | 10.6 | % | 91,549,000 |  |  | 10.4 | % | 96,536,000 |  |  | 11.2 | %
Consumer | 14,934,000 |  |  | 1.7 | % | 15,066,000 |  |  | 1.7 | % | 14,529,000 |  |  | 1.7 | %
Total | $ | 868,914,000 |  |  | 100.0 | % | $ | 876,367,000 |  |  | 100.0 | % | $ | 863,477,000 |  |  | 100.0 | %
Loan balances include net deferred loan costs of $2,264,000 as of March 31, 2014, $2,086,000 as of December 31, 2013, and $1,901,000 as of March 31, 2013. Pursuant to collateral agreements, qualifying first mortgage loans, which totaled $268,963,000 at March 31, 2014, $266,740,000 at December 31, 2013, and $253,031,000 at March 31, 2013, were used to collateralize borrowings from the FHLB. In addition, commercial, construction and home equity loans totaling $181,617,000 at March 31, 2014, $189,728,000 at December 31, 2013, and $233,980,000 at March 31, 2013, were used to collateralize a standby line of credit at the Federal Reserve Bank of Boston that is currently unused. For all loan classes, loans over 30 days past due are considered delinquent. Information on the past-due status of loans by class of financing receivable as of March 31, 2014, 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 | $ | 330,000 |  |  | $ | 55,000 |  |  | $ | 1,977,000 |  |  | $ | 2,362,000 |  |  | $ | 237,825,000 |  |  | $ | 240,187,000 |  |  | $ | — |
Construction | — |  |  | — |  |  | 208,000 |  |  | 208,000 |  |  | 21,478,000 |  |  | 21,686,000 |  |  | — |
Other | 232,000 |  |  | — |  |  | 1,614,000 |  |  | 1,846,000 |  |  | 95,430,000 |  |  | 97,276,000 |  |  | — |
Municipal | — |  |  | — |  |  | — |  |  | — |  |  | 17,790,000 |  |  | 17,790,000 |  |  | — |
Residential |  |  |  |  |  |  |  |  |  |  |  |  |
Term | 1,177,000 |  |  | 448,000 |  |  | 5,357,000 |  |  | 6,982,000 |  |  | 365,497,000 |  |  | 372,479,000 |  |  | 137,000 |
Construction | — |  |  | — |  |  | — |  |  | — |  |  | 12,360,000 |  |  | 12,360,000 |  |  | — |
Home equity line of credit | 250,000 |  |  | 40,000 |  |  | 1,046,000 |  |  | 1,336,000 |  |  | 90,866,000 |  |  | 92,202,000 |  |  | 29,000 |
Consumer | 67,000 |  |  | 26,000 |  |  | 58,000 |  |  | 151,000 |  |  | 14,783,000 |  |  | 14,934,000 |  |  | 58,000 |
Total | $ | 2,056,000 |  |  | $ | 569,000 |  |  | $ | 10,260,000 |  |  | $ | 12,885,000 |  |  | $ | 856,029,000 |  |  | $ | 868,914,000 |  |  | $ | 224,000 |
Information on the past-due status of loans by class of financing receivable 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 by class of financing receivable as of March 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 | $ | 709,000 |  |  | $ | 1,360,000 |  |  | $ | 2,295,000 |  |  | $ | 4,364,000 |  |  | $ | 245,816,000 |  |  | $ | 250,180,000 |  |  | $ | — |
Construction | 22,000 |  |  | — |  |  | 30,000 |  |  | 52,000 |  |  | 17,038,000 |  |  | 17,090,000 |  |  | — |
Other | 1,403,000 |  |  | 2,828,000 |  |  | 2,464,000 |  |  | 6,695,000 |  |  | 83,179,000 |  |  | 89,874,000 |  |  | — |
Municipal | — |  |  | — |  |  | — |  |  | — |  |  | 15,017,000 |  |  | 15,017,000 |  |  | — |
Residential |  |  |  |  |  |  |  |  |  |  |  |  |
Term | 1,496,000 |  |  | 3,032,000 |  |  | 8,844,000 |  |  | 13,372,000 |  |  | 362,657,000 |  |  | 376,029,000 |  |  | 233,000 |
Construction | 189,000 |  |  | — |  |  | — |  |  | 189,000 |  |  | 4,033,000 |  |  | 4,222,000 |  |  | — |
Home equity line of credit | 916,000 |  |  | 248,000 |  |  | 771,000 |  |  | 1,935,000 |  |  | 94,601,000 |  |  | 96,536,000 |  |  | — |
Consumer | 100,000 |  |  | 67,000 |  |  | 156,000 |  |  | 323,000 |  |  | 14,206,000 |  |  | 14,529,000 |  |  | 156,000 |
Total | $ | 4,835,000 |  |  | $ | 7,535,000 |  |  | $ | 14,560,000 |  |  | $ | 26,930,000 |  |  | $ | 836,547,000 |  |  | $ | 863,477,000 |  |  | $ | 389,000 |
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. Cash payments received on non-accrual loans, which are included in impaired loans, are applied to reduce the loan's principal balance until the remaining principal balance is deemed collectible, after which interest is recognized when collected. As a general rule, a loan may be restored to accrual status when payments are current for a substantial period of time, generally six months, and repayment of the remaining contractual amounts is expected or when it otherwise becomes well secured and in the process of collection. Information on nonaccrual loans as of March 31, 2014 and 2013 and at December 31, 2013 is presented in the following table:
| March 31, 2014 |  | December 31, 2013 |  | March 31, 2013
Commercial |  |  |  |  |
Real estate | $ | 2,835,000 |  |  | $ | 2,457,000 |  |  | $ | 4,599,000 |
Construction | 208,000 |  |  | — |  |  | 1,045,000 |
Other | 3,008,000 |  |  | 4,370,000 |  |  | 3,152,000 |
Municipal | — |  |  | — |  |  | — |
Residential |  |  |  |  |
Term | 7,103,000 |  |  | 8,484,000 |  |  | 11,098,000 |
Construction | — |  |  | — |  |  | — |
Home equity line of credit | 1,017,000 |  |  | — |  |  | 1,030,000 |
Consumer | — |  |  | 1,007,000 |  |  | — |
Total | $ | 14,171,000 |  |  | $ | 16,318,000 |  |  | $ | 20,924,000 |
Impaired loans include troubled debt restructured 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. A breakdown of impaired loans by class of financing receivable as of and for the period ended March 31, 2014, 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 | $ | 11,428,000 |  |  | $ | 12,066,000 |  |  | $ | — |  |  | $ | 11,735,000 |  |  | $ | 94,000 |  |
Construction | 208,000 |  |  | 208,000 |  |  | — |  |  | 69,000 |  |  | — |  |
Other | 4,214,000 |  |  | 5,910,000 |  |  | — |  |  | 5,148,000 |  |  | 24,000 |  |
Municipal | — |  |  | — |  |  | — |  |  | — |  |  | — |  |
Residential |  |  |  |  |  |  |  |  |  |
Term | 10,985,000 |  |  | 11,898,000 |  |  | — |  |  | 11,325,000 |  |  | 188,000 |  |
Construction | — |  |  | — |  |  | — |  |  | — |  |  | — |  |
Home equity line of credit | 1,473,000 |  |  | 1,716,000 |  |  | — |  |  | 1,510,000 |  |  | 6,000 |  |
Consumer | — |  |  | — |  |  | — |  |  | — |  |  | — |  |
| $ | 28,308,000 |  |  | $ | 31,798,000 |  |  | $ | — |  |  | $ | 29,787,000 |  |  | $ | 312,000 |  |
With an Allowance Recorded
Commercial |  |  |  |  |  |  |  |  |  |
Real estate | $ | 3,832,000 |  |  | $ | 3,992,000 |  |  | $ | 1,019,000 |  |  | $ | 3,533,000 |  |  | $ | 34,000 |  |
Construction | 1,284,000 |  |  | 1,284,000 |  |  | 276,000 |  |  | 1,284,000 |  |  | 16,000 |  |
Other | 1,044,000 |  |  | 1,097,000 |  |  | 834,000 |  |  | 1,054,000 |  |  | 4,000 |  |
Municipal | — |  |  | — |  |  | — |  |  | — |  |  | — |  |
Residential |  |  |  |  |  |  |  |  |  |
Term | 5,939,000 |  |  | 6,195,000 |  |  | 574,000 |  |  | 5,817,000 |  |  | 65,000 |  |
Construction | — |  |  | — |  |  | — |  |  | — |  |  | — |  |
Home equity line of credit | 180,000 |  |  | 181,000 |  |  | 83,000 |  |  | 122,000 |  |  | 1,000 |  |
Consumer | — |  |  | — |  |  | — |  |  | — |  |  | — |  |
| $ | 12,279,000 |  |  | $ | 12,749,000 |  |  | $ | 2,786,000 |  |  | $ | 11,810,000 |  |  | $ | 120,000 |  |
Total
Commercial |  |  |  |  |  |  |  |  |  |
Real estate | $ | 15,260,000 |  |  | $ | 16,058,000 |  |  | $ | 1,019,000 |  |  | $ | 15,267,000 |  |  | $ | 128,000 |  |
Construction | 1,492,000 |  |  | 1,492,000 |  |  | 276,000 |  |  | 1,354,000 |  |  | 16,000 |  |
Other | 5,258,000 |  |  | 7,007,000 |  |  | 834,000 |  |  | 6,202,000 |  |  | 28,000 |  |
Municipal | — |  |  | — |  |  | — |  |  | — |  |  | — |  |
Residential |  |  |  |  |  |  |  |  |  |
Term | 16,924,000 |  |  | 18,093,000 |  |  | 574,000 |  |  | 17,142,000 |  |  | 253,000 |  |
Construction | — |  |  | — |  |  | — |  |  | — |  |  | — |  |
Home equity line of credit | 1,653,000 |  |  | 1,897,000 |  |  | 83,000 |  |  | 1,631,000 |  |  | 7,000 |  |
Consumer | — |  |  | — |  |  | — |  |  | — |  |  | — |  |
| $ | 40,587,000 |  |  | $ | 44,547,000 |  |  | $ | 2,786,000 |  |  | $ | 41,596,000 |  |  | $ | 432,000 |  |
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 class of financing receivable as of and for the year ended 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 |
A breakdown of impaired loans by class of financing receivable as of and for the period ended March 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 | $ | 11,010,000 |  |  | $ | 11,468,000 |  |  | $ | — |  |  | $ | 10,154,000 |  |  | $ | 101,000 |  |
Construction | 95,000 |  |  | 115,000 |  |  | — |  |  | 43,000 |  |  | 1,000 |  |
Other | 3,580,000 |  |  | 4,315,000 |  |  | — |  |  | 3,695,000 |  |  | 27,000 |  |
Municipal | — |  |  | — |  |  | — |  |  | — |  |  | — |  |
Residential |  |  |  |  |  |  |  |  |  |
Term | 13,611,000 |  |  | 15,476,000 |  |  | — |  |  | 13,078,000 |  |  | 98,000 |  |
Construction | — |  |  | — |  |  | — |  |  | — |  |  | — |  |
Home equity line of credit | 1,683,000 |  |  | 1,912,000 |  |  | — |  |  | 1,492,000 |  |  | 8,000 |  |
Consumer | — |  |  | — |  |  | — |  |  | — |  |  | — |  |
| $ | 29,979,000 |  |  | $ | 33,286,000 |  |  | $ | — |  |  | $ | 28,462,000 |  |  | $ | 235,000 |  |
With an Allowance Recorded
Commercial |  |  |  |  |  |  |  |  |  |
Real estate | $ | 6,524,000 |  |  | $ | 7,217,000 |  |  | $ | 1,473,000 |  |  | $ | 6,800,000 |  |  | $ | 62,000 |  |
Construction | 2,252,000 |  |  | 2,252,000 |  |  | 760,000 |  |  | 2,975,000 |  |  | 26,000 |  |
Other | 1,970,000 |  |  | 1,991,000 |  |  | 535,000 |  |  | 2,097,000 |  |  | 9,000 |  |
Municipal | — |  |  | — |  |  | — |  |  | — |  |  | — |  |
Residential |  |  |  |  |  |  |  |  |  |
Term | 6,651,000 |  |  | 6,786,000 |  |  | 337,000 |  |  | 6,814,000 |  |  | 64,000 |  |
Construction | — |  |  | — |  |  | — |  |  | — |  |  | — |  |
Home equity line of credit | — |  |  | — |  |  | — |  |  | 174,000 |  |  | — |  |
Consumer | — |  |  | — |  |  | — |  |  | — |  |  | — |  |
| $ | 17,397,000 |  |  | $ | 18,246,000 |  |  | $ | 3,105,000 |  |  | $ | 18,860,000 |  |  | $ | 161,000 |  |
Total
Commercial |  |  |  |  |  |  |  |  |  |
Real estate | $ | 17,534,000 |  |  | $ | 18,685,000 |  |  | $ | 1,473,000 |  |  | $ | 16,954,000 |  |  | $ | 163,000 |  |
Construction | 2,347,000 |  |  | 2,367,000 |  |  | 760,000 |  |  | 3,018,000 |  |  | 27,000 |  |
Other | 5,550,000 |  |  | 6,306,000 |  |  | 535,000 |  |  | 5,792,000 |  |  | 36,000 |  |
Municipal | — |  |  | — |  |  | — |  |  | — |  |  | — |  |
Residential |  |  |  |  |  |  |  |  |  |
Term | 20,262,000 |  |  | 22,262,000 |  |  | 337,000 |  |  | 19,892,000 |  |  | 162,000 |  |
Construction | — |  |  | — |  |  | — |  |  | — |  |  | — |  |
Home equity line of credit | 1,683,000 |  |  | 1,912,000 |  |  | — |  |  | 1,666,000 |  |  | 8,000 |  |
Consumer | — |  |  | — |  |  | — |  |  | — |  |  | — |  |
| $ | 47,376,000 |  |  | $ | 51,532,000 |  |  | $ | 3,105,000 |  |  | $ | 47,322,000 |  |  | $ | 396,000 |  |
Troubled Debt Restructured A troubled debt restructured ("TDR") constitutes a restructuring of debt if the Company, 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 Company has granted a concession; common concession types include maturity date extension, interest rate adjustments to below market pricing, and deferment of payments.
As of March 31, 2014, the Company had 101 loans with a value of $28,796,000 that have been classified as TDRs. This compares to 99 loans with a value of $29,098,000 and 106 loans with a value of $31,147,000 classified as TDRs as of December 31, 2013 and March 31, 2013, respectively. The impairment carried as a specific reserve in the allowance for loan losses is calculated by present valuing the expected cash flows on the loan at the original interest rate, 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 March 31, 2014:
| Number of Loans |  | Balance |  | Specific Reserves
Commercial |  |  |  |  |
Real estate | 20 |  |  | $ | 12,925,000 |  |  | $ | 520,000 |
Construction | 1 |  |  | 1,284,000 |  |  | 277,000 |
Other | 19 |  |  | 2,300,000 |  |  | 103,000 |
Municipal | — |  |  | — |  |  | — |
Residential |  |  |  |  |
Term | 56 |  |  | 11,450,000 |  |  | 346,000 |
Construction | — |  |  | — |  |  | — |
Home equity line of credit | 5 |  |  | 837,000 |  |  | — |
Consumer | — |  |  | — |  |  | — |
| 101 |  |  | $ | 28,796,000 |  |  | $ | 1,246,000 |
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 March 31, 2013:
| Number of Loans |  | Balance |  | Specific Reserves
Commercial |  |  |  |  |
Real estate | 20 |  |  | $ | 13,715,000 |  |  | $ | 313,000 |
Construction | 3 |  |  | 2,317,000 |  |  | 1,194,000 |
Other | 24 |  |  | 3,063,000 |  |  | 40,000 |
Municipal | — |  |  | — |  |  | — |
Residential |  |  |  |  |
Term | 54 |  |  | 11,195,000 |  |  | 1,034,000 |
Construction | — |  |  | — |  |  | — |
Home equity line of credit | 5 |  |  | 857,000 |  |  | 9,000 |
Consumer | — |  |  | — |  |  | — |
| 106 |  |  | $ | 31,147,000 |  |  | $ | 2,590,000 |
As of March 31, 2014, 13 of the loans classified as TDRs with a total balance of $1,915,000 were more than 30 days past due. Of these loans, two loans with an outstanding balance of $301,000 had been placed on TDR status in the previous 12 months. The following table shows these TDRs by class and the associated specific reserves included in the allowance for loan losses as of March 31, 2014:
| Number of Loans |  | Balance |  | Specific Reserves
Commercial |  |  |  |  |
Real estate | 2 |  |  | $ | 307,000 |  |  | $ | 5,000 |
Construction | — |  |  | — |  |  | — |
Other | 1 |  |  | 3,000 |  |  | — |
Municipal | — |  |  | — |  |  | — |
Residential |  |  |  |  |
Term | 9 |  |  | 1,404,000 |  |  | 66,000 |
Construction | — |  |  | — |  |  | — |
Home equity line of credit | 1 |  |  | 201,000 |  |  | — |
Consumer | — |  |  | — |  |  | — |
| 13 |  |  | $ | 1,915,000 |  |  | $ | 71,000 |
As of March 31, 2013, 11 of the loans classified as TDRs with a total balance of $2,503,000 were more than 30 days past due. Of these loans, two loans with an outstanding balance of $409,000 had been placed on TDR status in the previous 12 months. The following table shows these TDRs by class and the associated specific reserves included in the allowance for loan losses as of March 31, 2013:
| Number of Loans |  | Balance |  | Specific Reserves
Commercial |  |  |  |  |
Real estate | 2 |  |  | $ | 409,000 |  |  | $ | — |
Construction | — |  |  | — |  |  | — |
Other | — |  |  | — |  |  | — |
Municipal | — |  |  | — |  |  | — |
Residential |  |  |  |  |
Term | 9 |  |  | 2,094,000 |  |  | 421,000 |
Construction | — |  |  | — |  |  | — |
Home equity line of credit | — |  |  | — |  |  | — |
Consumer | — |  |  | — |  |  | — |
| 11 |  |  | $ | 2,503,000 |  |  | $ | 421,000 |
For the three months ended March 31, 2014, three loans were placed on TDR status with a post modification outstanding balance of $293,000. This compares to seven loans placed on TDR status with a post modification outstanding balance of $2,948,000 for the three months ended March 31, 2013. 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 tables show loans placed on TDR status in the three months ended March 31, 2014 and 2013, by class of loan and the associated specific reserve included in the allowance for loan losses as of March 31, 2014 and 2013:
For the three months ended March 31, 2014 | Number of Loans |  | Pre-Modification Outstanding Recorded Investment |  | Post-Modification Outstanding Recorded Investment |  | Specific Reserves
Commercial |  |  |  |  |  |  |
Real estate | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Construction | — |  |  | — |  |  | — |  |  | — |
Other | — |  |  | — |  |  | — |  |  | — |
Municipal | — |  |  | — |  |  | — |  |  | — |
Residential |  |  |  |  |  |  |
Term | 3 |  |  | 349,000 |  |  | 293,000 |  |  | 3,000 |
Construction | — |  |  | — |  |  | — |  |  | — |
Home equity line of credit | — |  |  | — |  |  | — |  |  | — |
Consumer | — |  |  | — |  |  | — |  |  | — |
| 3 |  |  | $ | 349,000 |  |  | $ | 293,000 |  |  | $ | 3,000 |
For the three months ended March 31, 2013 | Number of Loans |  | Pre-Modification Outstanding Recorded Investment |  | Post-Modification Outstanding Recorded Investment |  | Specific Reserves
Commercial |  |  |  |  |  |  |
Real estate | 2 |  |  | $ | 1,897,000 |  |  | $ | 1,897,000 |  |  | $ | — |
Construction | — |  |  | — |  |  | — |  |  | — |
Other | 3 |  |  | 546,000 |  |  | 536,000 |  |  | 40,000 |
Municipal | — |  |  | — |  |  | — |  |  | — |
Residential |  |  |  |  |  |  |
Term | 1 |  |  | 312,000 |  |  | 312,000 |  |  | — |
Construction | — |  |  | — |  |  | — |  |  | — |
Home equity line of credit | 1 |  |  | 204,000 |  |  | 203,000 |  |  | — |
Consumer | — |  |  | — |  |  | — |  |  | — |
| 7 |  |  | $ | 2,959,000 |  |  | $ | 2,948,000 |  |  | $ | 40,000 |
As of March 31, 2014, Management is aware of 12 loans classified as TDRs that are involved in bankruptcy with an outstanding balance of $1,675,000. There were also 17 loans with an outstanding balance of $2,417,000 that were classified as TDRs and on non-accrual status. Five loans with an outstanding balance of $699,000, that were classified as TDRs, were in the process of foreclosure.

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