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Loans | 12 Months Ended
--- | ---
Dec. 31, 2017
Loans and Leases Receivable Disclosure [Abstract] |
Loans | Loans The following table shows the composition of the Company's loan portfolio as of December 31, 2017 and 2016:
| December 31, 2017 |  | December 31, 2016
Commercial |  |  |  |  |  |  |
Real estate | $ | 323,809,000 |  |  | 27.8 | % |  | $ | 302,506,000 |  |  | 28.2 | %
Construction | 38,056,000 |  |  | 3.3 | % |  | 25,406,000 |  |  | 2.4 | %
Other | 181,528,000 |  |  | 15.6 | % |  | 150,769,000 |  |  | 14.1 | %
Municipal | 33,391,000 |  |  | 2.9 | % |  | 27,056,000 |  |  | 2.5 | %
Residential |  |  |  |  |  |  |
Term | 432,661,000 |  |  | 37.1 | % |  | 411,469,000 |  |  | 38.4 | %
Construction | 17,868,000 |  |  | 1.5 | % |  | 18,303,000 |  |  | 1.7 | %
Home equity line of credit | 111,302,000 |  |  | 9.6 | % |  | 110,907,000 |  |  | 10.4 | %
Consumer | 25,524,000 |  |  | 2.2 | % |  | 25,110,000 |  |  | 2.3 | %
Total loans | $ | 1,164,139,000 |  |  | 100.0 | % |  | $ | 1,071,526,000 |  |  | 100.0 | %
Loan balances include net deferred loan costs of $5,748,000 in 2017 and $4,921,000 in 2016. Pursuant to collateral agreements, qualifying first mortgage loans, which were valued at $239,805,000 and $257,122,000 at December 31, 2017 and 2016, respectively, were used to collateralize borrowings from the Federal Home Loan Bank of Boston. In addition, commercial, construction and home equity loans totaling $290,247,000 at December 31, 2017 and $261,463,000 at December 31, 2016, were used to collateralize a standby line of credit at the Federal Reserve Bank of Boston that is currently unused. At December 31, 2017 and 2016, non-accrual loans were $14,736,000 and $7,774,000, respectively. For the years ended December 31, 2017, 2016 and 2015, interest income which would have been recognized on these loans, if interest had been accrued, was $496,000, $288,000, and $369,000, respectively. Loans more than 90 days past due accruing interest totaled $445,000 at December 31, 2017 and $777,000 at December 31, 2016. 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 $34,715,000 at December 31, 2017 and $34,889,000 at December 31, 2016. A summary of loans to directors and executive officers is as follows:
For the years ended December 31, | 2017 |  | 2016
Balance at beginning of year | $ | 23,293,000 |  |  | $ | 20,401,000 |
New loans | 867,000 |  |  | 6,278,000 |
Repayments | (1,863,000 | ) |  | (3,386,000 | )
Balance at end of year | $ | 22,297,000 |  |  | $ | 23,293,000 |
Information on the past-due status of loans as of December 31, 2017, 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 | $ | 574,000 |  |  | $ | 80,000 |  |  | $ | 220,000 |  |  | $ | 874,000 |  |  | $ | 322,935,000 |  |  | $ | 323,809,000 |  |  | $ | — |
Construction | — |  |  | — |  |  | — |  |  | — |  |  | 38,056,000 |  |  | 38,056,000 |  |  | — |
Other | 542,000 |  |  | 6,663,000 |  |  | 574,000 |  |  | 7,779,000 |  |  | 173,749,000 |  |  | 181,528,000 |  |  | — |
Municipal | — |  |  | — |  |  | — |  |  | — |  |  | 33,391,000 |  |  | 33,391,000 |  |  | — |
Residential |  |  |  |  |  |  |  |  |  |  |  |  |
Term | 1,031,000 |  |  | 4,372,000 |  |  | 2,256,000 |  |  | 7,659,000 |  |  | 425,002,000 |  |  | 432,661,000 |  |  | 436,000 |
Construction | 101,000 |  |  | 370,000 |  |  | — |  |  | 471,000 |  |  | 17,397,000 |  |  | 17,868,000 |  |  | — |
Home equity line of credit | 537,000 |  |  | 445,000 |  |  | 725,000 |  |  | 1,707,000 |  |  | 109,595,000 |  |  | 111,302,000 |  |  | — |
Consumer | 159,000 |  |  | 18,000 |  |  | 9,000 |  |  | 186,000 |  |  | 25,338,000 |  |  | 25,524,000 |  |  | 9,000 |
Total | $ | 2,944,000 |  |  | $ | 11,948,000 |  |  | $ | 3,784,000 |  |  | $ | 18,676,000 |  |  | $ | 1,145,463,000 |  |  | $ | 1,164,139,000 |  |  | $ | 445,000 |
Information on the past-due status of loans as of December 31, 2016, 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 | $ | 1,039,000 |  |  | $ | 22,000 |  |  | $ | 2,415,000 |  |  | $ | 3,476,000 |  |  | $ | 299,030,000 |  |  | $ | 302,506,000 |  |  | $ | 753,000 |
Construction | — |  |  | — |  |  | — |  |  | — |  |  | 25,406,000 |  |  | 25,406,000 |  |  | — |
Other | 202,000 |  |  | 33,000 |  |  | 796,000 |  |  | 1,031,000 |  |  | 149,738,000 |  |  | 150,769,000 |  |  | 20,000 |
Municipal | — |  |  | — |  |  | — |  |  | — |  |  | 27,056,000 |  |  | 27,056,000 |  |  | — |
Residential |  |  |  |  |  |  |  |  |  |  |  |  |
Term | 631,000 |  |  | 3,970,000 |  |  | 1,802,000 |  |  | 6,403,000 |  |  | 405,066,000 |  |  | 411,469,000 |  |  | — |
Construction | — |  |  | — |  |  | — |  |  | — |  |  | 18,303,000 |  |  | 18,303,000 |  |  | — |
Home equity line of credit | 704,000 |  |  | 157,000 |  |  | 703,000 |  |  | 1,564,000 |  |  | 109,343,000 |  |  | 110,907,000 |  |  | — |
Consumer | 135,000 |  |  | 45,000 |  |  | 4,000 |  |  | 184,000 |  |  | 24,926,000 |  |  | 25,110,000 |  |  | 4,000 |
Total | $ | 2,711,000 |  |  | $ | 4,227,000 |  |  | $ | 5,720,000 |  |  | $ | 12,658,000 |  |  | $ | 1,058,868,000 |  |  | $ | 1,071,526,000 |  |  | $ | 777,000 |
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, 2017 and 2016 is presented in the following table:
As of December 31, | 2017 |  | 2016
Commercial |  |  |
Real estate | $ | 752,000 |  |  | $ | 1,907,000 |
Construction | — |  |  | — |
Other | 9,357,000 |  |  | 964,000 |
Municipal | — |  |  | — |
Residential |  |  |
Term | 3,778,000 |  |  | 4,060,000 |
Construction | — |  |  | — |
Home equity line of credit | 833,000 |  |  | 843,000 |
Consumer | 16,000 |  |  | — |
Total | $ | 14,736,000 |  |  | $ | 7,774,000 |
Information regarding impaired loans is as follows:
For the years ended December 31, | 2017 |  | 2016 |  | 2015
Average investment in impaired loans | $ | 29,108,000 |  |  | $ | 28,217,000 |  |  | $ | 32,698,000 |
Interest income recognized on impaired loans, all on cash basis | 784,000 |  |  | 1,104,000 |  |  | 1,220,000 |
As of December 31, | 2017 |  | 2016
Balance of impaired loans | $ | 31,392,000 |  |  | $ | 27,583,000 |
Less portion for which no allowance for loan losses is allocated | (18,023,000 | ) |  | (19,716,000 | )
Portion of impaired loan balance for which an allowance for loan losses is allocated | $ | 13,369,000 |  |  | $ | 7,867,000 |
Portion of allowance for loan losses allocated to the impaired loan balance | $ | 1,812,000 |  |  | $ | 974,000 |
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, 2017, 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 | $ | 3,791,000 |  |  | $ | 3,996,000 |  |  | $ | — |  |  | $ | 5,124,000 |  |  | $ | 164,000 |
Construction | 741,000 |  |  | 741,000 |  |  | — |  |  | 62,000 |  |  | 38,000 |
Other | 2,591,000 |  |  | 2,671,000 |  |  | — |  |  | 1,908,000 |  |  | 36,000 |
Municipal | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential |  |  |  |  |  |  |  |  |
Term | 9,769,000 |  |  | 10,909,000 |  |  | — |  |  | 10,770,000 |  |  | 297,000 |
Construction | — |  |  | — |  |  | — |  |  | — |  |  | — |
Home equity line of credit | 1,115,000 |  |  | 1,429,000 |  |  | — |  |  | 1,351,000 |  |  | 18,000 |
Consumer | 16,000 |  |  | 29,000 |  |  | — |  |  | 12,000 |  |  | — |
| $ | 18,023,000 |  |  | $ | 19,775,000 |  |  | $ | — |  |  | $ | 19,227,000 |  |  | $ | 553,000 |
With an Allowance Recorded |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |
Real estate | $ | 3,999,000 |  |  | $ | 4,116,000 |  |  | $ | 224,000 |  |  | $ | 4,460,000 |  |  | $ | 152,000 |
Construction | — |  |  | — |  |  | — |  |  | 699,000 |  |  | — |
Other | 7,327,000 |  |  | 7,371,000 |  |  | 1,309,000 |  |  | 2,584,000 |  |  | — |
Municipal | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential |  |  |  |  |  |  |  |  |
Term | 1,979,000 |  |  | 2,144,000 |  |  | 255,000 |  |  | 2,106,000 |  |  | 79,000 |
Construction | — |  |  | — |  |  | — |  |  | — |  |  | — |
Home equity line of credit | 64,000 |  |  | 67,000 |  |  | 24,000 |  |  | 32,000 |  |  | — |
Consumer | — |  |  | — |  |  | — |  |  | — |  |  | — |
| $ | 13,369,000 |  |  | $ | 13,698,000 |  |  | $ | 1,812,000 |  |  | $ | 9,881,000 |  |  | $ | 231,000 |
Total |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |
Real estate | $ | 7,790,000 |  |  | $ | 8,112,000 |  |  | $ | 224,000 |  |  | $ | 9,584,000 |  |  | $ | 316,000 |
Construction | 741,000 |  |  | 741,000 |  |  | — |  |  | 761,000 |  |  | 38,000 |
Other | 9,918,000 |  |  | 10,042,000 |  |  | 1,309,000 |  |  | 4,492,000 |  |  | 36,000 |
Municipal | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential |  |  |  |  |  |  |  |  |
Term | 11,748,000 |  |  | 13,053,000 |  |  | 255,000 |  |  | 12,876,000 |  |  | 376,000 |
Construction | — |  |  | — |  |  | — |  |  | — |  |  | — |
Home equity line of credit | 1,179,000 |  |  | 1,496,000 |  |  | 24,000 |  |  | 1,383,000 |  |  | 18,000 |
Consumer | 16,000 |  |  | 29,000 |  |  | — |  |  | 12,000 |  |  | — |
| $ | 31,392,000 |  |  | $ | 33,473,000 |  |  | $ | 1,812,000 |  |  | $ | 29,108,000 |  |  | $ | 784,000 |
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, 2016, 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 | $ | 5,201,000 |  |  | $ | 5,614,000 |  |  | $ | — |  |  | $ | 6,252,000 |  |  | $ | 220,000 |
Construction | — |  |  | — |  |  | — |  |  | 32,000 |  |  | — |
Other | 1,671,000 |  |  | 1,852,000 |  |  | — |  |  | 1,074,000 |  |  | 86,000 |
Municipal | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential |  |  |  |  |  |  |  |  |
Term | 11,483,000 |  |  | 12,654,000 |  |  | — |  |  | 11,025,000 |  |  | 442,000 |
Construction | — |  |  | — |  |  | — |  |  | — |  |  | — |
Home equity line of credit | 1,361,000 |  |  | 1,733,000 |  |  | — |  |  | 1,213,000 |  |  | 33,000 |
Consumer | — |  |  | — |  |  | — |  |  | 9,000 |  |  | — |
| $ | 19,716,000 |  |  | $ | 21,853,000 |  |  | $ | — |  |  | $ | 19,605,000 |  |  | $ | 781,000 |
With an Allowance Recorded |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate | $ | 4,820,000 |  |  | $ | 4,925,000 |  |  | $ | 505,000 |  |  | $ | 4,153,000 |  |  | $ | 186,000 |
Construction | 763,000 |  |  | 763,000 |  |  | 100,000 |  |  | 816,000 |  |  | 36,000 |
Other | 72,000 |  |  | 72,000 |  |  | 39,000 |  |  | 317,000 |  |  | — |
Municipal | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential |  |  |  |  |  |  |  |  |
Term | 2,186,000 |  |  | 2,328,000 |  |  | 304,000 |  |  | 3,209,000 |  |  | 101,000 |
Construction | — |  |  | — |  |  | — |  |  | — |  |  | — |
Home equity line of credit | 26,000 |  |  | 28,000 |  |  | 26,000 |  |  | 69,000 |  |  | — |
Consumer | — |  |  | — |  |  | — |  |  | 48,000 |  |  | — |
| $ | 7,867,000 |  |  | $ | 8,116,000 |  |  | $ | 974,000 |  |  | $ | 8,612,000 |  |  | $ | 323,000 |
Total |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |
Real estate | $ | 10,021,000 |  |  | $ | 10,539,000 |  |  | $ | 505,000 |  |  | $ | 10,405,000 |  |  | $ | 406,000 |
Construction | 763,000 |  |  | 763,000 |  |  | 100,000 |  |  | 848,000 |  |  | 36,000 |
Other | 1,743,000 |  |  | 1,924,000 |  |  | 39,000 |  |  | 1,391,000 |  |  | 86,000 |
Municipal | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential |  |  |  |  |  |  |  |  |
Term | 13,669,000 |  |  | 14,982,000 |  |  | 304,000 |  |  | 14,234,000 |  |  | 543,000 |
Construction | — |  |  | — |  |  | — |  |  | — |  |  | — |
Home equity line of credit | 1,387,000 |  |  | 1,761,000 |  |  | 26,000 |  |  | 1,282,000 |  |  | 33,000 |
Consumer | — |  |  | — |  |  | — |  |  | 57,000 |  |  | — |
| $ | 27,583,000 |  |  | $ | 29,969,000 |  |  | $ | 974,000 |  |  | $ | 28,217,000 |  |  | $ | 1,104,000 |
A breakdown of impaired loans by category as of December 31, 2015, 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 | $ | 7,173,000 |  |  | $ | 7,496,000 |  |  | $ | — |  |  | $ | 8,990,000 |  |  | $ | 301,000 |
Construction | 30,000 |  |  | 30,000 |  |  | — |  |  | 3,000 |  |  | 1,000 |
Other | 1,163,000 |  |  | 1,210,000 |  |  | — |  |  | 1,893,000 |  |  | 76,000 |
Municipal | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential |  |  |  |  |  |  |  |  |
Term | 11,122,000 |  |  | 12,157,000 |  |  | — |  |  | 10,480,000 |  |  | 415,000 |
Construction | — |  |  | — |  |  | — |  |  | — |  |  | — |
Home equity line of credit | 1,401,000 |  |  | 2,054,000 |  |  | — |  |  | 1,400,000 |  |  | 43,000 |
Consumer | — |  |  | — |  |  | — |  |  | 42,000 |  |  | 3,000 |
| $ | 20,889,000 |  |  | $ | 22,947,000 |  |  | $ | — |  |  | $ | 22,808,000 |  |  | $ | 839,000 |
With an Allowance Recorded |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |
Real estate | $ | 3,544,000 |  |  | $ | 3,627,000 |  |  | $ | 89,000 |  |  | $ | 3,066,000 |  |  | $ | 149,000 |
Construction | 996,000 |  |  | 996,000 |  |  | 302,000 |  |  | 1,153,000 |  |  | 44,000 |
Other | 71,000 |  |  | 77,000 |  |  | 8,000 |  |  | 256,000 |  |  | 5,000 |
Municipal | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential |  |  |  |  |  |  |  |  |
Term | 3,966,000 |  |  | 4,193,000 |  |  | 326,000 |  |  | 5,228,000 |  |  | 180,000 |
Construction | — |  |  | — |  |  | — |  |  | — |  |  | — |
Home equity line of credit | 65,000 |  |  | 66,000 |  |  | 29,000 |  |  | 187,000 |  |  | 3,000 |
Consumer | — |  |  | — |  |  | — |  |  | — |  |  | — |
| $ | 8,642,000 |  |  | $ | 8,959,000 |  |  | $ | 754,000 |  |  | $ | 9,890,000 |  |  | $ | 381,000 |
Total |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |
Real estate | $ | 10,717,000 |  |  | $ | 11,123,000 |  |  | $ | 89,000 |  |  | $ | 12,056,000 |  |  | $ | 450,000 |
Construction | 1,026,000 |  |  | 1,026,000 |  |  | 302,000 |  |  | 1,156,000 |  |  | 45,000 |
Other | 1,234,000 |  |  | 1,287,000 |  |  | 8,000 |  |  | 2,149,000 |  |  | 81,000 |
Municipal | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential |  |  |  |  |  |  |  |  |
Term | 15,088,000 |  |  | 16,350,000 |  |  | 326,000 |  |  | 15,708,000 |  |  | 595,000 |
Construction | — |  |  | — |  |  | — |  |  | — |  |  | — |
Home equity line of credit | 1,466,000 |  |  | 2,120,000 |  |  | 29,000 |  |  | 1,587,000 |  |  | 46,000 |
Consumer | — |  |  | — |  |  | — |  |  | 42,000 |  |  | 3,000 |
| $ | 29,531,000 |  |  | $ | 31,906,000 |  |  | $ | 754,000 |  |  | $ | 32,698,000 |  |  | $ | 1,220,000 |
Troubled Debt Restructured A 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 December 31, 2017, the Company had 62 loans with a value of $17,801,000 that have been classified as TDRs. This compares to 71 loans with a value of $21,526,000 classified as TDRs as of December 31, 2016. 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, 2017:
| Number of Loans |  | Balance |  | Specific Reserves
Commercial |  |  |  |  |
Real estate | 8 |  |  | $ | 7,038,000 |  |  | $ | 90,000 |
Construction | 1 |  |  | 741,000 |  |  | — |
Other | 4 |  |  | 561,000 |  |  | — |
Municipal | — |  |  | — |  |  | — |
Residential |  |  |  |  |
Term | 46 |  |  | 8,948,000 |  |  | 233,000 |
Construction | — |  |  | — |  |  | — |
Home equity line of credit | 3 |  |  | 513,000 |  |  | — |
Consumer | — |  |  | — |  |  | — |
| 62 |  |  | $ | 17,801,000 |  |  | $ | 323,000 |
The following table shows TDRs by class and the specific reserve as of December 31, 2016:
| Number of Loans |  | Balance |  | Specific Reserves
Commercial |  |  |  |  |
Real estate | 10 |  |  | $ | 8,937,000 |  |  | $ | 375,000 |
Construction | 1 |  |  | 763,000 |  |  | 100,000 |
Other | 5 |  |  | 779,000 |  |  | — |
Municipal | — |  |  | — |  |  | — |
Residential |  |  |  |  |
Term | 52 |  |  | 10,503,000 |  |  | 261,000 |
Construction | — |  |  | — |  |  | — |
Home equity line of credit | 3 |  |  | 544,000 |  |  | — |
Consumer | — |  |  | — |  |  | — |
| 71 |  |  | $ | 21,526,000 |  |  | $ | 736,000 |
As of December 31, 2017, 12 of the loans classified as TDRs with a total balance of $1,407,000 were more than 30 days past due. None of these loans 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, 2017:
| Number of Loans |  | Balance |  | Specific Reserves
Commercial |  |  |  |  |
Real estate | — |  |  | $ | — |  |  | $ | — |
Construction | — |  |  | — |  |  | — |
Other | — |  |  | — |  |  | — |
Municipal | — |  |  | — |  |  | — |
Residential |  |  |  |  |  |  |  |
Term | 11 |  |  | 1,240,000 |  |  | 44,000 |
Construction | — |  |  | — |  |  | — |
Home equity line of credit | 1 |  |  | 167,000 |  |  | — |
Consumer | — |  |  | — |  |  | — |
| 12 |  |  | $ | 1,407,000 |  |  | $ | 44,000 |
As of December 31, 2016, 12 of the loans classified as TDRs with a total balance of $2,303,000 were more than 30 days past due. None of these loans 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, 2016:
| Number of Loans |  | Balance |  | Specific Reserves
Commercial |  |  |  |  |
Real estate | 1 |  |  | $ | 822,000 |  |  | $ | 264,000 |
Construction | — |  |  | — |  |  | — |
Other | — |  |  | — |  |  | — |
Municipal | — |  |  | — |  |  | — |
Residential |  |  |  |  |
Term | 10 |  |  | 1,314,000 |  |  | 26,000 |
Construction | — |  |  | — |  |  | — |
Home equity line of credit | 1 |  |  | 167,000 |  |  | — |
Consumer | — |  |  | — |  |  | — |
| 12 |  |  | $ | 2,303,000 |  |  | $ | 290,000 |
For the years ended December 31, 2017 and 2016, no loans were placed on TDR status.
As of December 31, 2017, Management is aware of four loans classified as TDRs that are involved in bankruptcy with an outstanding balance of $688,000. As of December 31, 2017, there were nine loans with an outstanding balance of $1,145,000 that were classified as TDRs and were on non-accrual status, three of which, with an outstanding balance of $458,000, were in the process of foreclosure. Residential Mortgage Loans in Process of Foreclosure As of December 31, 2017, there were 12 mortgage loans collateralized by residential real estate in the process of foreclosure with a total balance of $1,777,000; this compares to 15 mortgage loans collateralized by residential real estate in the process of foreclosure with a total balance of $2,058,000 as of December 31, 2016.

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