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Loans | 9 Months Ended
--- | ---
Sep. 30, 2021
Loans and Leases Receivable Disclosure [Abstract] |
Loans | Loans The following table shows the composition of the Company's loan portfolio as of September 30, 2021 and 2020 and at December 31, 2020:
| September 30, 2021 |  | December 31, 2020 |  | September 30, 2020 |
Commercial |  |  |  |  |  |  |  |  |  |  |  |
Real estate | $ | 550,077,000 |  |  | 34.0 |  | % | $ | 442,121,000 |  |  | 29.9 |  | % | $ | 407,128,000 |  |  | 28.3 |  | %
Construction | 73,302,000 |  |  | 4.6 |  | % | 56,565,000 |  |  | 3.8 |  | % | 52,038,000 |  |  | 3.6 |  | %
Other | 288,121,000 |  |  | 17.8 |  | % | 285,015,000 |  |  | 19.3 |  | % | 309,297,000 |  |  | 21.5 |  | %
Municipal | 40,616,000 |  |  | 2.5 |  | % | 43,783,000 |  |  | 3.0 |  | % | 44,110,000 |  |  | 3.1 |  | %
Residential |  |  |  |  |  |  |  |  |  |  |  |
Term | 537,811,000 |  |  | 33.3 |  | % | 522,070,000 |  |  | 35.3 |  | % | 497,667,000 |  |  | 34.6 |  | %
Construction | 29,358,000 |  |  | 1.8 |  | % | 21,600,000 |  |  | 1.5 |  | % | 16,101,000 |  |  | 1.2 |  | %
Home equity line of credit | 74,594,000 |  |  | 4.6 |  | % | 79,750,000 |  |  | 5.4 |  | % | 82,982,000 |  |  | 5.8 |  | %
Consumer | 23,333,000 |  |  | 1.4 |  | % | 25,857,000 |  |  | 1.8 |  | % | 27,323,000 |  |  | 1.9 |  | %
Total | $ | 1,617,212,000 |  |  | 100.0 |  | % | $ | 1,476,761,000 |  |  | 100.0 |  | % | $ | 1,436,646,000 |  |  | 100.0 |  | %
Loan balances include net deferred loan costs of $6,597,000 as of September 30, 2021, $6,931,000 as of December 31, 2020, and $5,323,000 as of September 30, 2020. Net deferred loan costs have increased from a year ago and decreased year-to-date largely due to unearned fees and deferred costs associated with US Small Business Administration ("SBA") Payroll Protection Program ("PPP") loans originated in 2020 and during the first and second quarters of 2021. Pursuant to collateral agreements, qualifying first mortgage loans and commercial real estate loans, which totaled $356,517,000 at September 30, 2021, were used to collateralize borrowings from the FHLB. This compares to qualifying loans which totaled $378,183,000 at December 31, 2020, and $379,387,000 at September 30, 2020. In addition, commercial, construction and home equity loans totaling $291,188,000 at September 30, 2021, $259,599,000 at December 31, 2020, and $271,905,000 at September 30, 2020, were used to collateralize a standby line of credit at the Federal Reserve Bank of Boston. 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 September 30, 2021, 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 | $ | 33,000 |  |  | $ | — |  |  | $ | 226,000 |  |  | $ | 259,000 |  |  | $ | 549,818,000 |  |  | $ | 550,077,000 |  |  | $ | 36,000 |
Construction | 13,000 |  |  | 15,000 |  |  | — |  |  | 28,000 |  |  | 73,274,000 |  |  | 73,302,000 |  |  | — |
Other | 92,000 |  |  | 359,000 |  |  | 225,000 |  |  | 676,000 |  |  | 287,445,000 |  |  | 288,121,000 |  |  | — |
Municipal | — |  |  | — |  |  | — |  |  | — |  |  | 40,616,000 |  |  | 40,616,000 |  |  | — |
Residential |  |  |  |  |  |  |  |  |  |  |  |  |
Term | 549,000 |  |  | 918,000 |  |  | 986,000 |  |  | 2,453,000 |  |  | 535,358,000 |  |  | 537,811,000 |  |  | 190,000 |
Construction | — |  |  | — |  |  | — |  |  | — |  |  | 29,358,000 |  |  | 29,358,000 |  |  | — |
Home equity line of credit | 251,000 |  |  | 25,000 |  |  | 131,000 |  |  | 407,000 |  |  | 74,187,000 |  |  | 74,594,000 |  |  | — |
Consumer | 90,000 |  |  | 202,000 |  |  | 3,000 |  |  | 295,000 |  |  | 23,038,000 |  |  | 23,333,000 |  |  | 3,000 |
Total | $ | 1,028,000 |  |  | $ | 1,519,000 |  |  | $ | 1,571,000 |  |  | $ | 4,118,000 |  |  | $ | 1,613,094,000 |  |  | $ | 1,617,212,000 |  |  | $ | 229,000 |
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, which was extended by the Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020. The Company actively worked with borrowers impacted by the COVID-19 outbreak and as of September 30, 2021, a total of 1,051 loan modification requests for interest-only payments or deferred payments had been completed in conformance with the Interagency Statement or CARES Act, representing $287,922,000 in loan balances, or approximately 18.3% of the loan portfolio excluding PPP balances. One of these modifications of de minimis amount has been classified as a TDR since being modified. So long as modified terms are met, loans in an active modification are not included in past due loan totals and continue to accrue interest. As of September 30, 2021, loans totaling $6,609,000, or 0.41% of all loans, remained in either their original modification or a subsequent modification. Modification statuses by portfolio segment are summarized below:
Commercial/Municipal Loan Modifications
| Units | Percentage | Balance | Percentage
Paid Off | 156 | 26 | % | $ | 35,130,000 |  | 15 | %
Charged Off | 1 | — | % | 66,000 |  | — | %
Subsequent Modification | 2 | — | % | 1,014,000 |  | — | %
Still in Original Modification | 1 | — | % | 125,000 |  | — | %
Out of Modification | 445 | 74 | % | 197,999,000 |  | 85 | %
Total | 605 | 100 | % | $ | 234,334,000 |  | 100 | %
Residential Real Estate Modifications
| Units | Percentage | Balance | Percentage
Paid Off | 73 | 20 | % | $ | 12,694,000 |  | 24 | %
Subsequent Modification | 53 | 14 | % | 5,405,000 |  | 10 | %
Still in Original Modification | 1 | — | % | 22,000 |  | — | %
Out of Modification | 250 | 66 | % | 34,457,000 |  | 66 | %
Total | 377 | 100 | % | $ | 52,578,000 |  | 100 | %
Consumer Loan Modifications
| Units | Percentage | Balance | Percentage
Paid Off | 23 | 34 | % | $ | 209,000 |  | 21 | %
Charged Off | 1 | 1 | % | 10,000 |  | 1 | %
Subsequent Modification | 2 | 3 | % | 43,000 |  | 4 | %
Out of Modification | 43 | 62 | % | 748,000 |  | 74 | %
Total | 69 | 100 | % | $ | 1,010,000 |  | 100 | %
Information on the past-due status of loans by class of financing receivable as of December 31, 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 | $ | 139,000 |  |  | $ | 190,000 |  |  | $ | 226,000 |  |  | $ | 555,000 |  |  | $ | 441,566,000 |  |  | $ | 442,121,000 |  |  | $ | — |
Construction | 13,000 |  |  | — |  |  | 80,000 |  |  | 93,000 |  |  | 56,472,000 |  |  | 56,565,000 |  |  | — |
Other | 490,000 |  |  | 62,000 |  |  | 2,082,000 |  |  | 2,634,000 |  |  | 282,381,000 |  |  | 285,015,000 |  |  | 1,464,000 |
Municipal | — |  |  | — |  |  | — |  |  | — |  |  | 43,783,000 |  |  | 43,783,000 |  |  | — |
Residential |  |  |  |  |  |  |  |  |  |  |  |  |
Term | 540,000 |  |  | 1,799,000 |  |  | 1,616,000 |  |  | 3,955,000 |  |  | 518,115,000 |  |  | 522,070,000 |  |  | 23,000 |
Construction | — |  |  | — |  |  | — |  |  | — |  |  | 21,600,000 |  |  | 21,600,000 |  |  | — |
Home equity line of credit | 1,645,000 |  |  | 324,000 |  |  | 367,000 |  |  | 2,336,000 |  |  | 77,414,000 |  |  | 79,750,000 |  |  | — |
Consumer | 89,000 |  |  | 42,000 |  |  | 18,000 |  |  | 149,000 |  |  | 25,708,000 |  |  | 25,857,000 |  |  | 18,000 |
Total | $ | 2,916,000 |  |  | $ | 2,417,000 |  |  | $ | 4,389,000 |  |  | $ | 9,722,000 |  |  | $ | 1,467,039,000 |  |  | $ | 1,476,761,000 |  |  | $ | 1,505,000 |
Information on the past-due status of loans by class of financing receivable as of September 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 | $ | 2,397,000 |  |  | $ | 58,000 |  |  | $ | 454,000 |  |  | $ | 2,909,000 |  |  | $ | 404,219,000 |  |  | $ | 407,128,000 |  |  | $ | — |
Construction | — |  |  | — |  |  | 80,000 |  |  | 80,000 |  |  | 51,958,000 |  |  | 52,038,000 |  |  | — |
Other | 547,000 |  |  | 258,000 |  |  | 1,871,000 |  |  | 2,676,000 |  |  | 306,621,000 |  |  | 309,297,000 |  |  | 1,464,000 |
Municipal | — |  |  | — |  |  | — |  |  | — |  |  | 44,110,000 |  |  | 44,110,000 |  |  | — |
Residential |  |  |  |  |  |  |  |  |  |  |  |  |
Term | 2,550,000 |  |  | 357,000 |  |  | 1,602,000 |  |  | 4,509,000 |  |  | 493,158,000 |  |  | 497,667,000 |  |  | — |
Construction | — |  |  | — |  |  | — |  |  | — |  |  | 16,101,000 |  |  | 16,101,000 |  |  | — |
Home equity line of credit | 868,000 |  |  | 65,000 |  |  | 1,392,000 |  |  | 2,325,000 |  |  | 80,657,000 |  |  | 82,982,000 |  |  | — |
Consumer | 219,000 |  |  | 28,000 |  |  | 30,000 |  |  | 277,000 |  |  | 27,046,000 |  |  | 27,323,000 |  |  | 30,000 |
Total | $ | 6,581,000 |  |  | $ | 766,000 |  |  | $ | 5,429,000 |  |  | $ | 12,776,000 |  |  | $ | 1,423,870,000 |  |  | $ | 1,436,646,000 |  |  | $ | 1,494,000 |
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 September 30, 2021 and 2020 and at December 31, 2020 is presented in the following table:
| September 30, 2021 |  | December 31, 2020 |  | September 30, 2020
Commercial |  |  |  |  |
Real estate | $ | 604,000 |  |  | $ | 543,000 |  |  | $ | 1,771,000 |
Construction | 23,000 |  |  | 89,000 |  |  | 307,000 |
Other | 1,251,000 |  |  | 1,481,000 |  |  | 503,000 |
Municipal | — |  |  | — |  |  | — |
Residential |  |  |  |  |
Term | 3,785,000 |  |  | 3,593,000 |  |  | 4,467,000 |
Construction | — |  |  | — |  |  | — |
Home equity line of credit | 482,000 |  |  | 1,015,000 |  |  | 2,063,000 |
Consumer | — |  |  | — |  |  | — |
Total | $ | 6,145,000 |  |  | $ | 6,721,000 |  |  | $ | 9,111,000 |
Impaired loans include TDR 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 class of financing receivable as of and for the period ended September 30, 2021 is presented in the following table:
|  |  |  | For the nine months ended September 30, 2021 | For the quarter ended September 30, 2021
| 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 | $ | 1,906,000 |  | $ | 2,257,000 |  | $ | — |  | $ | 2,215,000 |  | $ | 50,000 |  | $ | 2,053,000 |  | $ | 15,000 |
Construction | 24,000 |  | 25,000 |  | — |  | 69,000 |  | — |  | 24,000 |  | — |
Other | 1,353,000 |  | 1,459,000 |  | — |  | 1,534,000 |  | 12,000 |  | 1,372,000 |  | 4,000 |
Municipal | — |  | — |  | — |  | — |  | — |  | — |  | — |
Residential |  |  |  |  |  |  |
Term | 7,021,000 |  | 8,181,000 |  | — |  | 7,231,000 |  | 101,000 |  | 7,180,000 |  | 33,000 |
Construction | — |  | — |  | — |  | 9,000 |  | — |  | — |  | — |
Home equity line of credit | 482,000 |  | 516,000 |  | — |  | 725,000 |  | — |  | 546,000 |  | — |
Consumer | 4,000 |  | 4,000 |  | — |  | 6,000 |  | — |  | 4,000 |  | — |
| $ | 10,790,000 |  | $ | 12,442,000 |  | $ | — |  | $ | 11,789,000 |  | $ | 163,000 |  | $ | 11,179,000 |  | $ | 52,000 |
With an Allowance Recorded
Commercial |  |  |  |  |  |  |
Real estate | $ | 894,000 |  | $ | 923,000 |  | $ | 138,000 |  | $ | 940,000 |  | $ | 30,000 |  | $ | 910,000 |  | $ | 10,000 |
Construction | 681,000 |  | 681,000 |  | 18,000 |  | 681,000 |  | 17,000 |  | 681,000 |  | 6,000 |
Other | 402,000 |  | 421,000 |  | 397,000 |  | 466,000 |  | 10,000 |  | 403,000 |  | 5,000 |
Municipal | — |  | — |  | — |  | — |  | — |  | — |  | — |
Residential |  |  |  |  |  |  |
Term | 1,761,000 |  | 1,923,000 |  | 129,000 |  | 1,753,000 |  | 32,000 |  | 1,641,000 |  | 9,000 |
Construction | — |  | — |  | — |  | — |  | — |  | — |  | — |
Home equity line of credit | 21,000 |  | 21,000 |  | — |  | 15,000 |  | — |  | 21,000 |  | — |
Consumer | — |  | — |  | — |  | 1,000 |  | — |  | 3,000 |  | — |
| $ | 3,759,000 |  | $ | 3,969,000 |  | $ | 682,000 |  | $ | 3,856,000 |  | $ | 89,000 |  | $ | 3,659,000 |  | $ | 30,000 |
Total
Commercial |  |  |  |  |  |  |
Real estate | $ | 2,800,000 |  | $ | 3,180,000 |  | $ | 138,000 |  | $ | 3,155,000 |  | $ | 80,000 |  | $ | 2,963,000 |  | $ | 25,000 |
Construction | 705,000 |  | 706,000 |  | 18,000 |  | 750,000 |  | 17,000 |  | 705,000 |  | 6,000 |
Other | 1,755,000 |  | 1,880,000 |  | 397,000 |  | 2,000,000 |  | 22,000 |  | 1,775,000 |  | 9,000 |
Municipal | — |  | — |  | — |  | — |  | — |  | — |  | — |
Residential |  |  |  |  |  |  |
Term | 8,782,000 |  | 10,104,000 |  | 129,000 |  | 8,984,000 |  | 133,000 |  | 8,821,000 |  | 42,000 |
Construction | — |  | — |  | — |  | 9,000 |  | — |  | — |  | — |
Home equity line of credit | 503,000 |  | 537,000 |  | — |  | 740,000 |  | — |  | 567,000 |  | — |
Consumer | 4,000 |  | 4,000 |  | — |  | 7,000 |  | — |  | 7,000 |  | — |
| $ | 14,549,000 |  | $ | 16,411,000 |  | $ | 682,000 |  | $ | 15,645,000 |  | $ | 252,000 |  | $ | 14,838,000 |  | $ | 82,000 |
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, 2020 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 | $ | 2,060,000 |  |  | $ | 2,368,000 |  |  | $ | — |  |  | $ | 4,123,000 |  |  | $ | 127,000 |
Construction | 89,000 |  |  | 89,000 |  |  | — |  |  | 358,000 |  |  | — |
Other | 1,591,000 |  |  | 1,623,000 |  |  | — |  |  | 999,000 |  |  | 15,000 |
Municipal | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential |  |  |  |  |  |  |  |  |
Term | 7,335,000 |  |  | 8,629,000 |  |  | — |  |  | 8,773,000 |  |  | 193,000 |
Construction | — |  |  | — |  |  | — |  |  | — |  |  | — |
Home equity line of credit | 1,015,000 |  |  | 1,089,000 |  |  | — |  |  | 1,219,000 |  |  | — |
Consumer | 8,000 |  |  | 8,000 |  |  | — |  |  | 1,000 |  |  | 1,000 |
| $ | 12,098,000 |  |  | $ | 13,806,000 |  |  | $ | — |  |  | $ | 15,473,000 |  |  | $ | 336,000 |
With an Allowance Recorded
Commercial |  |  |  |  |  |  |  |  |
Real estate | $ | 969,000 |  |  | $ | 995,000 |  |  | $ | 112,000 |  |  | $ | 1,018,000 |  |  | $ | 43,000 |
Construction | 681,000 |  |  | 681,000 |  |  | 18,000 |  |  | 579,000 |  |  | 30,000 |
Other | 188,000 |  |  | 202,000 |  |  | 169,000 |  |  | 1,193,000 |  |  | 3,000 |
Municipal | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential |  |  |  |  |  |  |  |  |
Term | 2,079,000 |  |  | 2,134,000 |  |  | 163,000 |  |  | 2,073,000 |  |  | 65,000 |
Construction | — |  |  | — |  |  | — |  |  | — |  |  | — |
Home equity line of credit | 24,000 |  |  | 24,000 |  |  | — |  |  | 744,000 |  |  | 1,000 |
Consumer | — |  |  | — |  |  | — |  |  | 8,000 |  |  | — |
| $ | 3,941,000 |  |  | $ | 4,036,000 |  |  | $ | 462,000 |  |  | $ | 5,615,000 |  |  | $ | 142,000 |
Total
Commercial |  |  |  |  |  |  |  |  |
Real estate | $ | 3,029,000 |  |  | $ | 3,363,000 |  |  | $ | 112,000 |  |  | $ | 5,141,000 |  |  | $ | 170,000 |
Construction | 770,000 |  |  | 770,000 |  |  | 18,000 |  |  | 937,000 |  |  | 30,000 |
Other | 1,779,000 |  |  | 1,825,000 |  |  | 169,000 |  |  | 2,192,000 |  |  | 18,000 |
Municipal | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential |  |  |  |  |  |  |  |  |
Term | 9,414,000 |  |  | 10,763,000 |  |  | 163,000 |  |  | 10,846,000 |  |  | 258,000 |
Construction | — |  |  | — |  |  | — |  |  | — |  |  | — |
Home equity line of credit | 1,039,000 |  |  | 1,113,000 |  |  | — |  |  | 1,963,000 |  |  | 1,000 |
Consumer | 8,000 |  |  | 8,000 |  |  | — |  |  | 9,000 |  |  | 1,000 |
| $ | 16,039,000 |  |  | $ | 17,842,000 |  |  | $ | 462,000 |  |  | $ | 21,088,000 |  |  | $ | 478,000 |
A breakdown of impaired loans by class of financing receivable as of and for the period ended September 30, 2020 is presented in the following table:
|  |  |  | For the nine months ended September 30, 2020 | For the quarter ended September 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 | $ | 3,730,000 |  | $ | 4,528,000 |  | $ | — |  | $ | 4,673,000 |  | $ | 117,000 |  | $ | 4,068,000 |  | $ | 33,000 |
Construction | 308,000 |  | 337,000 |  | — |  | 402,000 |  | — |  | 256,000 |  | — |
Other | 862,000 |  | 887,000 |  | — |  | 796,000 |  | 19,000 |  | 814,000 |  | 6,000 |
Municipal | — |  | — |  | — |  | — |  | — |  | — |  | — |
Residential |  |  |  |  |  |  |
Term | 7,783,000 |  | 9,058,000 |  | — |  | 9,173,000 |  | 123,000 |  | 8,024,000 |  | 31,000 |
Construction | — |  | — |  | — |  | — |  | — |  | — |  | — |
Home equity line of credit | 1,478,000 |  | 1,551,000 |  | — |  | 1,284,000 |  | 10,000 |  | 1,438,000 |  | 2,000 |
Consumer | — |  | — |  | — |  | — |  | — |  | — |  | — |
| $ | 14,161,000 |  | $ | 16,361,000 |  | $ | — |  | $ | 16,328,000 |  | $ | 269,000 |  | $ | 14,600,000 |  | $ | 72,000 |
With an Allowance Recorded
Commercial |  |  |  |  |  |  |
Real estate | $ | 1,023,000 |  | $ | 1,047,000 |  | $ | 135,000 |  | $ | 1,032,000 |  | $ | 32,000 |  | $ | 1,027,000 |  | $ | 11,000 |
Construction | 701,000 |  | 701,000 |  | 19,000 |  | 546,000 |  | 25,000 |  | 701,000 |  | 8,000 |
Other | 161,000 |  | 183,000 |  | 128,000 |  | 1,523,000 |  | — |  | 143,000 |  | — |
Municipal | — |  | — |  | — |  | — |  | — |  | — |  | — |
Residential |  |  |  |  |  |  |
Term | 2,399,000 |  | 2,466,000 |  | 204,000 |  | 2,002,000 |  | 63,000 |  | 2,207,000 |  | 27,000 |
Construction | — |  | — |  | — |  | — |  | — |  | — |  | — |
Home equity line of credit | 886,000 |  | 886,000 |  | 403,000 |  | 981,000 |  | 1,000 |  | 870,000 |  | 1,000 |
Consumer | 10,000 |  | 10,000 |  | 1,000 |  | 10,000 |  | — |  | 3,000 |  | — |
| $ | 5,180,000 |  | $ | 5,293,000 |  | $ | 890,000 |  | $ | 6,094,000 |  | $ | 121,000 |  | $ | 4,951,000 |  | $ | 47,000 |
Total
Commercial |  |  |  |  |  |  |
Real estate | $ | 4,753,000 |  | $ | 5,575,000 |  | $ | 135,000 |  | $ | 5,705,000 |  | $ | 149,000 |  | $ | 5,095,000 |  | $ | 44,000 |
Construction | 1,009,000 |  | 1,038,000 |  | 19,000 |  | 948,000 |  | 25,000 |  | 957,000 |  | 8,000 |
Other | 1,023,000 |  | 1,070,000 |  | 128,000 |  | 2,319,000 |  | 19,000 |  | 957,000 |  | 6,000 |
Municipal | — |  | — |  | — |  | — |  | — |  | — |  | — |
Residential |  |  |  |  |  |  |
Term | 10,182,000 |  | 11,524,000 |  | 204,000 |  | 11,175,000 |  | 186,000 |  | 10,231,000 |  | 58,000 |
Construction | — |  | — |  | — |  | — |  | — |  | — |  | — |
Home equity line of credit | 2,364,000 |  | 2,437,000 |  | 403,000 |  | 2,265,000 |  | 11,000 |  | 2,308,000 |  | 3,000 |
Consumer | 10,000 |  | 10,000 |  | 1,000 |  | 10,000 |  | — |  | 3,000 |  | — |
| $ | 19,341,000 |  | $ | 21,654,000 |  | $ | 890,000 |  | $ | 22,422,000 |  | $ | 390,000 |  | $ | 19,551,000 |  | $ | 119,000 |
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 September 30, 2021, the Company had 64 loans with a balance of $10,051,000 that have been classified as TDRs. This compares to 74 loans with a balance of $11,534,000 and 78 loans with a balance of $13,390,000 classified as TDRs as of December 31, 2020 and September 30, 2020, 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 September 30, 2021:
| Number of Loans |  | Balance |  | Specific Reserves
Commercial |  |  |  |  |
Real estate | 10 |  |  | $ | 2,238,000 |  |  | $ | 138,000 |
Construction | 1 |  |  | 681,000 |  |  | 18,000 |
Other | 6 |  |  | 883,000 |  |  | 351,000 |
Municipal | — |  |  | — |  |  | — |
Residential |  |  |  |  |
Term | 45 |  |  | 6,224,000 |  |  | 129,000 |
Construction | — |  |  | — |  |  | — |
Home equity line of credit | 1 |  |  | 21,000 |  |  | — |
Consumer | 1 |  |  | 4,000 |  |  | — |
| 64 |  |  | $ | 10,051,000 |  |  | $ | 636,000 |
The following table shows TDRs by class and the specific reserve as of December 31, 2020:
| Number of Loans |  | Balance |  | Specific Reserves
Commercial |  |  |  |  |
Real estate | 13 |  |  | $ | 2,558,000 |  |  | $ | 106,000 |
Construction | 1 |  |  | 681,000 |  |  | 18,000 |
Other | 6 |  |  | 717,000 |  |  | 96,000 |
Municipal | — |  |  | — |  |  | — |
Residential |  |  |  |  |
Term | 51 |  |  | 7,384,000 |  |  | 149,000 |
Construction | — |  |  | — |  |  | — |
Home equity line of credit | 2 |  |  | 186,000 |  |  | — |
Consumer | 1 |  |  | 8,000 |  |  | — |
| 74 |  |  | $ | 11,534,000 |  |  | $ | 369,000 |
The following table shows TDRs by class and the specific reserve as of September 30, 2020:
| Number of Loans |  | Balance |  | Specific Reserves
Commercial |  |  |  |  |
Real estate | 16 |  |  | $ | 4,054,000 |  |  | $ | 130,000 |
Construction | 1 |  |  | 701,000 |  |  | 19,000 |
Other | 6 |  |  | 729,000 |  |  | 92,000 |
Municipal | — |  |  | — |  |  | — |
Residential |  |  |  |  |
Term | 51 |  |  | 7,430,000 |  |  | 153,000 |
Construction | — |  |  | — |  |  | — |
Home equity line of credit | 3 |  |  | 466,000 |  |  | — |
Consumer | 1 |  |  | 10,000 |  |  | 1,000 |
| 78 |  |  | $ | 13,390,000 |  |  | $ | 395,000 |
As of September 30, 2021, 12 of the loans classified as TDRs with a total balance of $1,095,000 were more than 30 days past due. Of these loans, two 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 September 30, 2021:
| Number of Loans |  | Balance |  | Specific Reserves
Commercial |  |  |  |  |
Real estate | — |  |  | $ | — |  |  | $ | — |
Construction | — |  |  | — |  |  | — |
Other | 5 |  |  | 641,000 |  |  | 351,000 |
Municipal | — |  |  | — |  |  | — |
Residential |  |  |  |  |
Term | 6 |  |  | 450,000 |  |  | — |
Construction | — |  |  | — |  |  | — |
Home equity line of credit | — |  |  | — |  |  | — |
Consumer | 1 |  |  | 4,000 |  |  | — |
| 12 |  |  | $ | 1,095,000 |  |  | $ | 351,000 |
As of September 30, 2020, 15 of the loans classified as TDRs with a total balance of $2,814,000 were more than 30 days past due. Of these loans, two 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 September 30, 2020:
| Number of Loans |  | Balance |  | Specific Reserves
Commercial |  |  |  |  |
Real estate | 3 |  |  | $ | 1,472,000 |  |  | $ | — |
Construction | — |  |  | — |  |  |
Other | 4 |  |  | 424,000 |  |  | 92,000 |
Municipal | — |  |  | — |  |  |
Residential |  |  |  |  |
Term | 6 |  |  | 743,000 |  |  | — |
Construction | — |  |  | — |  |  | — |
Home equity line of credit | 1 |  |  | 165,000 |  |  | — |
Consumer | 1 |  |  | 10,000 |  |  | 1,000 |
| 15 |  |  | $ | 2,814,000 |  |  | $ | 93,000 |
For the nine months ended September 30, 2021, three loans were placed on TDR status. The following table shows these TDRs, by class and the associated specific reserves included in the allowance for loan losses as of September 30, 2021:
| Number of Loans |  | Pre-Modification Outstanding Recorded Investment |  | Post-Modification Outstanding Recorded Investment |  | Specific Reserves
Commercial |  |  |  |  |  |  |
Real estate | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Construction | 1 |  |  | 80,000 |  |  | 80,000 |  |  | — |
Other | 1 |  |  | 261,000 |  |  | 261,000 |  |  | 261,000 |
Municipal | — |  |  | — |  |  | — |  |  | — |
Residential |  |  |  |  |  |  |
Term | 1 |  |  | 9,000 |  |  | 4,000 |  |  | — |
Construction | — |  |  | — |  |  | — |  |  | — |
Home equity line of credit | — |  |  | — |  |  | — |  |  | — |
Consumer | — |  |  | — |  |  | — |  |  | — |
| 3 |  |  | $ | 350,000 |  |  | $ | 345,000 |  |  | $ | 261,000 |
For the nine months ended September 30, 2020, three 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 September 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 |  |  | 187,000 |  |  | 23,000 |
Construction | — |  |  | — |  |  | — |  |  | — |
Home equity line of credit | — |  |  | — |  |  | — |  |  | — |
Consumer | 1 |  |  | 10,000 |  |  | 10,000 |  |  | 1,000 |
| 3 |  |  | $ | 245,000 |  |  | $ | 197,000 |  |  | $ | 24,000 |
For the quarter ended September 30, 2021, no loans were placed on TDR status.
For the quarter ended September 30, 2020, one loan was placed on TDR status. The following table shows this TDR by class and the associated specific reserve included in the allowance for loan losses as of September 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 | — |  |  | — |  |  | — |  |  | — |
Construction | — |  |  | — |  |  | — |  |  | — |
Home equity line of credit | — |  |  | — |  |  | — |  |  |
Consumer | 1 |  |  | 10,000 |  |  | 10,000 |  |  | 1,000 |
| 1 |  |  | $ | 10,000 |  |  | $ | 10,000 |  |  | $ | 1,000 |
As of September 30, 2021, Management is aware of eight loans classified as TDRs that are involved in bankruptcy with an outstanding balance of $961,000. There were also 19 loans with an outstanding balance of $1,648,000 that were classified as TDRs and on non-accrual status, of which no loans were in the process of foreclosure. Residential Mortgage Loans in Process of Foreclosure As of September 30, 2021, there were 10 mortgage loans collateralized by residential real estate in the process of foreclosure with a total balance of $839,000. This compares to 17 mortgage loans collateralized by residential real estate in the process of foreclosure with a total balance of $2,083,000 as of September 30, 2020.

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 + Details
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