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Loans (Tables)

6 Months Ended

Jun. 30, 2020

Loans and Leases Receivable Disclosure [Abstract]

Composition of Loan Portfolio

The following table shows the composition of the Company's loan portfolio as of June 30, 2020 and 2019 and at December 31, 2019:

			June 30, 2020																		December 31, 2019																		June 30, 2019
Commercial
Real estate			$	397,155,000					27.4			%			$	372,810,000					28.7			%			$	359,581,000					28.8			%
Construction			47,169,000						3.2			%			38,084,000						3.0			%			32,785,000						2.6			%
Other			327,967,000						22.6			%			218,773,000						16.9			%			205,910,000						16.5			%
Municipal			49,644,000						3.4			%			41,288,000						3.2			%			36,113,000						2.9			%
Residential
Term			499,693,000						34.4			%			492,455,000						37.9			%			481,349,000						38.5			%
Construction			14,707,000						1.1			%			14,813,000						1.2			%			13,239,000						1.1			%
Home equity line of credit			87,019,000						6.0			%			92,349,000						7.1			%			94,763,000						7.6			%
Consumer			28,269,000						1.9			%			26,503,000						2.0			%			25,392,000						2.0			%
Total			$	1,451,623,000					100.0			%			$	1,297,075,000					100.0			%			$	1,249,132,000					100.0			%

Past Due Loans Aging

Information on the past-due status of loans by class of financing receivable as of June 30, 2020, 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			$	134,000					$	76,000					$	1,048,000					$	1,258,000					$	395,897,000					$	397,155,000					$	—
Construction			—						—						—						—						47,169,000						47,169,000						—
Other			172,000						11,000						1,741,000						1,924,000						326,043,000						327,967,000						1,464,000
Municipal			—						—						—						—						49,644,000						49,644,000						—
Residential
Term			270,000						1,413,000						1,850,000						3,533,000						496,160,000						499,693,000						—
Construction			—						—						—						—						14,707,000						14,707,000						—
Home equity line of credit			896,000						145,000						1,540,000						2,581,000						84,438,000						87,019,000						—
Consumer			146,000						106,000						9,000						261,000						28,008,000						28,269,000						4,000
Total			$	1,618,000					$	1,751,000					$	6,188,000					$	9,557,000					$	1,442,066,000					$	1,451,623,000					$	1,468,000

On March 22, 2020, banking regulators issued an Interagency Statement on Loan Modifications and Reporting in response to the onset of COVID-19; shortly thereafter, on March 30, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed. Both the Interagency Statement and the CARES Act provided an exemption for qualified modifications from Troubled Debt Restructure (TDR) designation. The Company actively worked with borrowers impacted by the COVID-19 outbreak and as of June 30, 2020 a total of 867 loan modification requests had been completed in conformance with the Interagency Statement issued in March, representing $239,484,000 in loan balances, or approximately 16.5% of the overall loan portfolio. These loans have not been classified as TDRs and are not included as past due in any loan delinquency data so long as the modified terms are met.

Information on the past-due status of loans by class of financing receivable as of December 31, 2019, 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			$	786,000					$	377,000					$	611,000					$	1,774,000					$	371,036,000					$	372,810,000					$	—
Construction			—						14,000						257,000						271,000						37,813,000						38,084,000						—
Other			2,764,000						465,000						1,799,000						5,028,000						213,745,000						218,773,000						1,464,000
Municipal			—						—						—						—						41,288,000						41,288,000						—
Residential
Term			1,129,000						1,132,000						2,379,000						4,640,000						487,815,000						492,455,000						86,000
Construction			—						—						—						—						14,813,000						14,813,000						—
Home equity line of credit			1,169,000						58,000						1,730,000						2,957,000						89,392,000						92,349,000						—
Consumer			291,000						46,000						10,000						347,000						26,156,000						26,503,000						10,000
Total			$	6,139,000					$	2,092,000					$	6,786,000					$	15,017,000					$	1,282,058,000					$	1,297,075,000					$	1,560,000

Information on the past-due status of loans by class of financing receivable as of June 30, 2019, 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			$	240,000					$	—					$	828,000					$	1,068,000					$	358,513,000					$	359,581,000					$	—
Construction			15,000						—						—						15,000						32,770,000						32,785,000						—
Other			2,031,000						—						264,000						2,295,000						203,615,000						205,910,000						—
Municipal			—						—						—						—						36,113,000						36,113,000						—
Residential
Term			1,079,000						2,302,000						3,898,000						7,279,000						474,070,000						481,349,000						664,000
Construction			—						—						—						—						13,239,000						13,239,000						—
Home equity line of credit			698,000						197,000						347,000						1,242,000						93,521,000						94,763,000						—
Consumer			336,000						30,000						9,000						375,000						25,017,000						25,392,000						8,000
Total			$	4,399,000					$	2,529,000					$	5,346,000					$	12,274,000					$	1,236,858,000					$	1,249,132,000					$	672,000

Nonaccrual Loans

Information on nonaccrual loans as of June 30, 2020 and 2019 and at December 31, 2019 is presented in the following table:

			June 30, 2020						December 31, 2019						June 30, 2019
Commercial
Real estate			$	1,245,000					$	1,784,000					$	1,532,000
Construction			232,000						256,000						261,000
Other			323,000						6,534,000						7,014,000
Municipal			—						—						—
Residential
Term			4,685,000						5,899,000						5,892,000
Construction			—						—						—
Home equity line of credit			1,854,000						2,171,000						694,000
Consumer			5,000						5,000						—
Total			$	8,344,000					$	16,649,000					$	15,393,000

Impaired Loans by Class of Financing Receivable

A breakdown of impaired loans by class of financing receivable as of and for the period ended June 30, 2020 is presented in the following table:

																					For the six months ended June 30, 2020																		For the quarter ended June 30, 2020
			Recorded Investment						Unpaid Principal Balance						Related Allowance						Average Recorded Investment						Recognized Interest Income						Average Recorded Investment						Recognized Interest Income
With No Related Allowance
Commercial
Real estate			$	4,757,000					$	5,013,000					$	—					$	4,975,000					$	84,000					$	4,794,000					$	37,000
Construction			233,000						257,000						—						475,000						—						234,000						—
Other			713,000						737,000						—						787,000						13,000						781,000						10,000
Municipal			—						—						—						—						—						—						—
Residential
Term			8,293,000						9,620,000						—						9,746,000						92,000						9,478,000						25,000
Construction			—						—						—						—						—						—						—
Home equity line of credit			1,299,000						1,362,000						—						1,207,000						8,000						1,228,000						4,000
Consumer			—						—						—						—						—						—						—
			$	15,295,000					$	16,989,000					$	—					$	17,190,000					$	197,000					$	16,515,000					$	76,000
With an Allowance Recorded
Commercial
Real estate			$	992,000					$	1,015,000					$	199,000					$	1,034,000					$	21,000					$	1,004,000					$	13,000
Construction			701,000						701,000						20,000						468,000						17,000						701,000						7,000
Other			140,000						159,000						132,000						2,213,000						—						157,000						—
Municipal			—						—						—						—						—						—						—
Residential
Term			2,018,000						2,047,000						269,000						1,900,000						36,000						1,800,000						23,000
Construction			—						—						—						—						—						—						—
Home equity line of credit			862,000						862,000						292,000						1,038,000						—						951,000						—
Consumer			5,000						5,000						5,000						15,000						—						5,000						—
			$	4,718,000					$	4,789,000					$	917,000					$	6,668,000					$	74,000					$	4,618,000					$	43,000
Total
Commercial
Real estate			$	5,749,000					$	6,028,000					$	199,000					$	6,009,000					$	105,000					$	5,798,000					$	50,000
Construction			934,000						958,000						20,000						943,000						17,000						935,000						7,000
Other			853,000						896,000						132,000						3,000,000						13,000						938,000						10,000
Municipal			—						—						—						—						—						—						—
Residential
Term			10,311,000						11,667,000						269,000						11,646,000						128,000						11,278,000						48,000
Construction			—						—						—						—						—						—						—
Home equity line of credit			2,161,000						2,224,000						292,000						2,245,000						8,000						2,179,000						4,000
Consumer			5,000						5,000						5,000						15,000						—						5,000						—
			$	20,013,000					$	21,778,000					$	917,000					$	23,858,000					$	271,000					$	21,133,000					$	119,000

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, 2019 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			$	5,235,000					$	5,492,000					$	—					$	7,611,000					$	228,000
Construction			958,000						970,000						—						936,000						47,000
Other			756,000						786,000						—						965,000						29,000
Municipal			—						—						—						—						—
Residential
Term			10,176,000						11,931,000						—						10,033,000						269,000
Construction			—						—						—						—						—
Home equity line of credit			1,087,000						1,151,000						—						997,000						20,000
Consumer			—						—						—						—						—
			$	18,212,000					$	20,330,000					$	—					$	20,542,000					$	593,000
With an Allowance Recorded
Commercial
Real estate			$	1,074,000					$	1,093,000					$	251,000					$	1,528,000					$	60,000
Construction			—						—						—						—						—
Other			6,319,000						6,925,000						1,273,000						6,778,000						—
Municipal			—						—						—						—						—
Residential
Term			2,263,000						2,412,000						237,000						2,424,000						82,000
Construction			—						—						—						—						—
Home equity line of credit			1,401,000						1,412,000						447,000						283,000						—
Consumer			5,000						6,000						5,000						2,000						—
			$	11,062,000					$	11,848,000					$	2,213,000					$	11,015,000					$	142,000
Total
Commercial
Real estate			$	6,309,000					$	6,585,000					$	251,000					$	9,139,000					$	288,000
Construction			958,000						970,000						—						936,000						47,000
Other			7,075,000						7,711,000						1,273,000						7,743,000						29,000
Municipal			—						—						—						—						—
Residential
Term			12,439,000						14,343,000						237,000						12,457,000						351,000
Construction			—						—						—						—						—
Home equity line of credit			2,488,000						2,563,000						447,000						1,280,000						20,000
Consumer			5,000						6,000						5,000						2,000						—
			$	29,274,000					$	32,178,000					$	2,213,000					$	31,557,000					$	735,000

A breakdown of impaired loans by class of financing receivable as of and for the period ended June 30, 2019 is presented in the following table:

																					For the six months ended June 30, 2019																		For the quarter ended June 30, 2019
			Recorded Investment						Unpaid Principal Balance						Related Allowance						Average Recorded Investment						Recognized Interest Income						Average Recorded Investment						Recognized Interest Income
With No Related Allowance
Commercial
Real estate			$	7,230,000					$	7,510,000					$	—					$	8,273,000					$	183,000					$	7,805,000					$	93,000
Construction			982,000						990,000						—						903,000						23,000						990,000						11,000
Other			949,000						978,000						—						1,034,000						14,000						862,000						8,000
Municipal			—						—						—						—						—						—						—
Residential
Term			10,004,000						11,689,000						—						9,571,000						139,000						10,136,000						71,000
Construction			—						—						—						—						—						—						—
Home equity line of credit			1,000,000						1,065,000						—						989,000						10,000						1,002,000						5,000
Consumer			—						—						—						—						—						—						—
			$	20,165,000					$	22,232,000					$	—					$	20,770,000					$	369,000					$	20,795,000					$	188,000
With an Allowance Recorded
Commercial
Real estate			$	1,731,000					$	1,742,000					$	196,000					$	1,446,000					$	49,000					$	1,677,000					$	23,000
Construction			—						—						—						—						—						—						—
Other			6,633,000						7,022,000						1,320,000						7,144,000						—						6,778,000						—
Municipal			—						—						—						—						—						—						—
Residential
Term			2,632,000						2,813,000						305,000						2,031,000						36,000						2,217,000						19,000
Construction			—						—						—						—						—						—						—
Home equity line of credit			19,000						24,000						9,000						24,000						—						20,000						—
Consumer			—						—						—						1,000						—						1,000						—
			$	11,015,000					$	11,601,000					$	1,830,000					$	10,646,000					$	85,000					$	10,693,000					$	42,000
Total
Commercial
Real estate			$	8,961,000					$	9,252,000					$	196,000					$	9,719,000					$	232,000					$	9,482,000					$	116,000
Construction			982,000						990,000						—						903,000						23,000						990,000						11,000
Other			7,582,000						8,000,000						1,320,000						8,178,000						14,000						7,640,000						8,000
Municipal			—						—						—						—						—						—						—
Residential
Term			12,636,000						14,502,000						305,000						11,602,000						175,000						12,353,000						90,000
Construction			—						—						—						—						—						—						—
Home equity line of credit			1,019,000						1,089,000						9,000						1,013,000						10,000						1,022,000						5,000
Consumer			—						—						—						1,000						—						1,000						—
			$	31,180,000					$	33,833,000					$	1,830,000					$	31,416,000					$	454,000					$	31,488,000					$	230,000

Troubled Debt Restructurings on Financing Receivables

The following table shows TDRs by class and the specific reserve as of June 30, 2020:

			Number of Loans						Balance						Specific Reserves
Commercial
Real estate			16						$	4,585,000					$	194,000
Construction			1						701,000						20,000
Other			7						777,000						131,000
Municipal			—						—						—
Residential
Term			51						7,477,000						198,000
Construction			—						—						—
Home equity line of credit			3						473,000						—
Consumer			—						—						—
			78						$	14,013,000					$	543,000

The following table shows TDRs by class and the specific reserve as of December 31, 2019:

			Number of Loans						Balance						Specific Reserves
Commercial
Real estate			17						$	4,836,000					$	246,000
Construction			1						701,000						—
Other			8						6,932,000						1,231,000
Municipal			—						—						—
Residential
Term			52						8,472,000						200,000
Construction			—						—						—
Home equity line of credit			3						483,000						—
Consumer			—						—						—
			81						$	21,424,000					$	1,677,000

The following table shows TDRs by class and the specific reserve as of June 30, 2019:

			Number of Loans						Balance						Specific Reserves
Commercial
Real estate			19						$	7,624,000					$	192,000
Construction			1						721,000						—
Other			9						7,185,000						1,275,000
Municipal			—						—						—
Residential
Term			51						8,433,000						224,000
Construction			—						—						—
Home equity line of credit			3						491,000						—
Consumer			—						—						—
			83						$	24,454,000					$	1,691,000

As of June 30, 2020, 11 of the loans classified as TDRs with a total balance of $1,479,000 were more than 30 days past due. Of these loans, one 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 June 30, 2020:

			Number of Loans						Balance						Specific Reserves
Commercial
Real estate			—						$	—					$	—
Construction			—						—						—
Other			3						247,000						131,000
Municipal			—						—						—
Residential
Term			7						1,066,000						—
Construction			—						—						—
Home equity line of credit			1						166,000						—
Consumer			—						—						—
			11						$	1,479,000					$	131,000

As of June 30, 2019, 15 of the loans classified as TDRs with a total balance of $1,681,000 were more than 30 days past due. Of these loans, three 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 June 30, 2019:

			Number of Loans						Balance						Specific Reserves
Commercial
Real estate			—						$	—					$	—
Construction			—						—						—
Other			4						392,000						134,000
Municipal			—						—						—
Residential
Term			9						1,094,000						39,000
Construction			—						—						—
Home equity line of credit			2						195,000						—
Consumer			—						—						—
			15						$	1,681,000					$	173,000

For the six months ended June 30, 2020, two loans were placed on TDR status. The following table shows these TDRs, net of principle deductions of $2,000, by class and the associated specific reserves included in the allowance for loan losses as of June 30, 2020:

			Number of Loans						Pre-Modification Outstanding Recorded Investment						Post-Modification Outstanding Recorded Investment						Specific Reserves
Commercial
Real estate			—						$	—					$	—					$	—
Construction			—						—						—						—
Other			—						—						—						—
Municipal			—						—						—						—
Residential
Term			2						235,000						188,000						—
Construction			—						—						—						—
Home equity line of credit			—						—						—						—
Consumer			—						—						—						—
			2						$	235,000					$	188,000					$	—

For the six months ended June 30, 2019, nine loans were placed on TDR status. The following table shows these TDRs by class and associated specific reserves included in the allowance for loan losses as of June 30, 2019:

			Number of Loans						Pre-Modification Outstanding Recorded Investment						Post-Modification Outstanding Recorded Investment						Specific Reserves
Commercial
Real estate			2						$	111,000					$	100,000					$	100,000
Construction			—						—						—						—
Other			—						—						—						—
Municipal			—						—						—						—
Residential
Term			7						805,000						710,000						74,000
Construction			—						—						—						—
Home equity line of credit			—						—						—						—
Consumer			—						—						—						—
			9						$	916,000					$	810,000					$	174,000

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Tabular disclosure of the composition of loans contained in the loan portfolio.

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Tabular disclosure of impaired financing receivables.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121611835&loc=d3e5212-111524

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- Definition

Tabular disclosure of aging analysis for financing receivable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121599337&loc=SL82919253-210447

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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