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Loans | 12 Months Ended
--- | ---
Dec. 31, 2021
Receivables [Abstract] |
Loans | Loans The following table shows the composition of the Company's loan portfolio as of December 31, 2021 and 2020:
| December 31, 2021 |  | December 31, 2020
Commercial |  |  |  |  |  |  |
Real estate | $ | 576,198,000 |  |  | 35.0 | % |  | $ | 442,121,000 |  |  | 29.9 | %
Construction | 79,365,000 |  |  | 4.8 | % |  | 56,565,000 |  |  | 3.8 | %
Other | 264,570,000 |  |  | 16.1 | % |  | 285,015,000 |  |  | 19.3 | %
Municipal | 48,362,000 |  |  | 2.9 | % |  | 43,783,000 |  |  | 3.0 | %
Residential |  |  |  |  |  |  |
Term | 550,783,000 |  |  | 33.4 | % |  | 522,070,000 |  |  | 35.3 | %
Construction | 31,763,000 |  |  | 1.9 | % |  | 21,600,000 |  |  | 1.5 | %
Home equity line of credit | 73,632,000 |  |  | 4.5 | % |  | 79,750,000 |  |  | 5.4 | %
Consumer | 22,976,000 |  |  | 1.4 | % |  | 25,857,000 |  |  | 1.8 | %
Total loans | $ | 1,647,649,000 |  |  | 100.0 | % |  | $ | 1,476,761,000 |  |  | 100.0 | %
Loan balances include net deferred loan costs of $7,890,000 in 2021 and $6,931,000 in 2020. Pursuant to collateral agreements, qualifying first mortgage loans and commercial real estate, which totaled $364,968,000 and $378,183,000 at December 31, 2021 and 2020, respectively, were used to collateralize borrowings from the Federal Home Loan Bank of Boston. In addition, commercial, residential construction and home equity loans totaling $295,090,000 at December 31, 2021 and $259,599,000 at December 31, 2020 were used to collateralize a standby line of credit at the Federal Reserve Bank of Boston. The Bank is a designated SBA preferred lender and has participated in both the 2020 (PPP1) and 2021 (PPP2) rounds of the Payroll Protection Program. Under PPP1, 1,718 loans were granted totaling $97,755,000 in funds disbursed to qualified small businesses. The Bank has been actively working with these borrowers to process applications for forgiveness per PPP guidelines; as of December 31, 2021, PPP1 balances had been reduced to $8,000. Under PPP2, 1,263 loans totaling $52,053,000 had been granted as of December 31, 2021, and the outstanding balances had been reduced to $22,025,000. At December 31, 2021 and 2020, non-accrual loans were $5,602,000 and $6,721,000, respectively. For the years ended December 31, 2021 and 2020, interest income which would have been recognized on these loans, if interest had been accrued, was $345,000 and $558,000. Loans more than 90 days past due accruing interest totaled $32,000 at December 31, 2021 and $1,505,000 at December 31, 2020. The year-end 2021 total is made up of two units, one of which is a checking account overdraft; we expect to collect all amounts due on each, including interest. Loans to directors, officers and employees totaled $42,784,000 at December 31, 2021 and $36,880,000 at December 31, 2020. A summary of loans to directors and executive officers is as follows:
For the years ended December 31, | 2021 |  | 2020
Balance at beginning of year | $ | 21,214,000 |  |  | $ | 21,134,000 |
New loans | 10,074,000 |  |  | 3,544,000 |
Repayments | (2,498,000) |  |  | (3,138,000) |
Retired executive officers | (2,483,000) |  |  | (326,000) |
Balance at end of year | $ | 26,307,000 |  |  | $ | 21,214,000 |
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 December 31, 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 | $ | 249,000 |  |  | $ | — |  |  | $ | 191,000 |  |  | $ | 440,000 |  |  | $ | 575,758,000 |  |  | $ | 576,198,000 |  |  | $ | — |
Construction | 12,000 |  |  | — |  |  | 12,000 |  |  | 24,000 |  |  | 79,341,000 |  |  | 79,365,000 |  |  | — |
Other | 30,000 |  |  | 23,000 |  |  | 104,000 |  |  | 157,000 |  |  | 264,413,000 |  |  | 264,570,000 |  |  | — |
Municipal | — |  |  | — |  |  | — |  |  | — |  |  | 48,362,000 |  |  | 48,362,000 |  |  | — |
Residential |  |  |  |  |  |  |  |  |  |  |  |  |
Term | 348,000 |  |  | 169,000 |  |  | 1,780,000 |  |  | 2,297,000 |  |  | 548,486,000 |  |  | 550,783,000 |  |  | — |
Construction | — |  |  | — |  |  | — |  |  | — |  |  | 31,763,000 |  |  | 31,763,000 |  |  | — |
Home equity line of credit | 741,000 |  |  | 159,000 |  |  | 135,000 |  |  | 1,035,000 |  |  | 72,597,000 |  |  | 73,632,000 |  |  | — |
Consumer | 168,000 |  |  | 192,000 |  |  | 32,000 |  |  | 392,000 |  |  | 22,584,000 |  |  | 22,976,000 |  |  | 32,000 |
Total | $ | 1,548,000 |  |  | $ | 543,000 |  |  | $ | 2,254,000 |  |  | $ | 4,345,000 |  |  | $ | 1,643,304,000 |  |  | $ | 1,647,649,000 |  |  | $ | 32,000 |
On March 22, 2020, banking regulators issued an Interagency Statement on Loan Modifications and Reporting in response to the onset of COVID-19; on March 30, 2020, the Coronavirus Aid, Relief, and Economic Security ("CARES") Act was passed; on December 27, 2020 the Consolidated Appropriations Act, 2021 (CAA) was enacted. Both the Interagency Statement and the CARES Act provided an exemption for qualified modifications from Troubled Debt Restructure ("TDR") designation, while CAA extended the TDR exemption timeline. The Company actively worked with borrowers impacted by the COVID-19 outbreak and as of December 31, 2021, a total of 1053 loan modification requests for interest-only payments or deferred payments had been completed in conformance with the Interagency Statement or CARES Act, representing $284,813,000 in loan balances, or approximately 17.3% of the loan portfolio. 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 December 31, 2021, loans totaling $2,854,000 or 0.17% 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 | 216 | 36.0 | % | $ | 53,316,000 |  | 23.0 | %
Charged Off | 2 | — | % | 121,000 |  | — | %
Subsequent Modification | 1 | — | % | 999,000 |  | — | %
Still in Original Modification | 0 | — | % | — |  | — | %
Out of Modification | 388 | 64.0 | % | 176,950,000 |  | 77.0 | %
Total | 607 | 100.0 | % | $ | 231,386,000 |  | 100.0 | %
Residential Real Estate Modifications
| Units | Percentage | Balance | Percentage
Paid Off | 80 | 21.0 | % | $ | 13,085,000 |  | 25.0 | %
Subsequent Modification | 15 | 4.0 | % | 1,812,000 |  | 3.0 | %
Still in Original Modification | 0 | — | % | — |  | — | %
Out of Modification | 282 | 75.0 | % | 37,572,000 |  | 72.0 | %
Total | 377 | 100.0 | % | $ | 52,469,000 |  | 100.0 | %
Consumer Loan Modifications
| Units | Percentage | Balance | Percentage
Paid Off | 25 | 36.0 | % | $ | 260,000 |  | 27.0 | %
Charged Off | 1 | 1.0 | % | 10,000 |  | 1.0 | %
Subsequent Modification | 2 | 3.0 | % | 43,000 |  | 5.0 | %
Still in Original Modification | 0 | — | % | — |  | — | %
Out of Modification | 41 | 60.0 | % | 645,000 |  | 67.0 | %
Total | 69 | 100.0 | % | $ | 958,000 |  | 100.0 | %
Of the $215,167,000 in total loans that are Out of Modification, balances of $875,000 were past due as of December 31, 2021, a past due rate of 0.41%. 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 |
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 December 31, 2021 and 2020 is presented in the following table:
As of December 31, | 2021 |  | 2020
Commercial |  |  |
Real estate | $ | 242,000 |  |  | $ | 543,000 |
Construction | 27,000 |  |  | 89,000 |
Other | 1,068,000 |  |  | 1,481,000 |
Municipal | — |  |  | — |
Residential |  |  |
Term | 3,808,000 |  |  | 3,593,000 |
Construction | — |  |  | — |
Home equity line of credit | 457,000 |  |  | 1,015,000 |
Consumer | — |  |  | — |
Total | $ | 5,602,000 |  |  | $ | 6,721,000 |
Information regarding impaired loans is as follows:
For the years ended December 31, | 2021 |  | 2020 |  | 2019
Average investment in impaired loans | $ | 13,121,000 |  |  | $ | 21,088,000 |  |  | $ | 31,557,000 |
Interest income recognized on impaired loans, all on cash basis | 242,000 |  |  | 478,000 |  |  | 735,000 |
As of December 31, | 2021 |  | 2020
Balance of impaired loans | $ | 12,052,000 |  |  | $ | 16,039,000 |
Less portion for which no allowance for loan losses is allocated | (8,968,000) |  |  | (12,098,000) |
Portion of impaired loan balance for which an allowance for loan losses is allocated | $ | 3,084,000 |  |  | $ | 3,941,000 |
Portion of allowance for loan losses allocated to the impaired loan balance | $ | 576,000 |  |  | $ | 462,000 |
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 December 31, 2021, 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 | $ | 1,386,000 |  |  | $ | 1,689,000 |  |  | $ | — |  |  | $ | 1,590,000 |  |  | $ | 63,000 |
Construction | 28,000 |  |  | 28,000 |  |  | — |  |  | 22,000 |  |  | — |
Other | 917,000 |  |  | 1,009,000 |  |  | — |  |  | 1,051,000 |  |  | 15,000 |
Municipal | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential |  |  |  |  |  |  |  |  |
Term | 6,178,000 |  |  | 7,238,000 |  |  | — |  |  | 6,429,000 |  |  | 87,000 |
Construction | — |  |  | — |  |  | — |  |  | — |  |  | — |
Home equity line of credit | 457,000 |  |  | 487,000 |  |  | — |  |  | 461,000 |  |  | — |
Consumer | 2,000 |  |  | 2,000 |  |  | — |  |  | — |  |  | 1,000 |
| $ | 8,968,000 |  |  | $ | 10,453,000 |  |  | $ | — |  |  | $ | 9,553,000 |  |  | $ | 166,000 |
With an Allowance Recorded |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |
Real estate | $ | 42,000 |  |  | $ | 71,000 |  |  | $ | 42,000 |  |  | $ | 614,000 |  |  | $ | — |
Construction | 661,000 |  |  | 661,000 |  |  | 16,000 |  |  | 661,000 |  |  | 22,000 |
Other | 386,000 |  |  | 411,000 |  |  | 381,000 |  |  | 396,000 |  |  | — |
Municipal | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential |  |  |  |  |  |  |  |  |
Term | 1,995,000 |  |  | 2,164,000 |  |  | 137,000 |  |  | 1,897,000 |  |  | 54,000 |
Construction | — |  |  | — |  |  | — |  |  | — |  |  | — |
Home equity line of credit | — |  |  | — |  |  | — |  |  | — |  |  | — |
Consumer | — |  |  | — |  |  | — |  |  | — |  |  | — |
| $ | 3,084,000 |  |  | $ | 3,307,000 |  |  | $ | 576,000 |  |  | $ | 3,568,000 |  |  | $ | 76,000 |
Total |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |
Real estate | $ | 1,428,000 |  |  | $ | 1,760,000 |  |  | $ | 42,000 |  |  | $ | 2,204,000 |  |  | $ | 63,000 |
Construction | 689,000 |  |  | 689,000 |  |  | 16,000 |  |  | 683,000 |  |  | 22,000 |
Other | 1,303,000 |  |  | 1,420,000 |  |  | 381,000 |  |  | 1,447,000 |  |  | 15,000 |
Municipal | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential |  |  |  |  |  |  |  |  |
Term | 8,173,000 |  |  | 9,402,000 |  |  | 137,000 |  |  | 8,326,000 |  |  | 141,000 |
Construction | — |  |  | — |  |  | — |  |  | — |  |  | — |
Home equity line of credit | 457,000 |  |  | 487,000 |  |  | — |  |  | 461,000 |  |  | — |
Consumer | 2,000 |  |  | 2,000 |  |  | — |  |  | — |  |  | 1,000 |
| $ | 12,052,000 |  |  | $ | 13,760,000 |  |  | $ | 576,000 |  |  | $ | 13,121,000 |  |  | $ | 242,000 |
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 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 category as of 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 |
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, 2021, the Company had 60 loans with a value of $8,341,000 that have been classified as TDRs. This compares to 74 loans with a value of $11,534,000 classified as TDRs as of December 31, 2020. 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, 2021:
| Number of Loans |  | Balance |  | Specific Reserves
Commercial |  |  |  |  |
Real estate | 8 |  |  | $ | 1,227,000 |  |  | $ | 42,000 |
Construction | 1 |  |  | 661,000 |  |  | 16,000 |
Other | 5 |  |  | 765,000 |  |  | 337,000 |
Municipal | — |  |  | — |  |  | — |
Residential |  |  |  |  |
Term | 45 |  |  | 5,686,000 |  |  | 137,000 |
Construction | — |  |  | — |  |  | — |
Home equity line of credit | — |  |  | — |  |  | — |
Consumer | 1 |  |  | 2,000 |  |  | — |
| 60 |  |  | $ | 8,341,000 |  |  | $ | 532,000 |
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 |
As of December 31, 2021, five of the loans classified as TDRs with a total balance of $349,000 were more than 30 days past due. One 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, 2021:
| Number of Loans |  | Balance |  | Specific Reserves
Commercial |  |  |  |  |
Real estate | — |  |  | $ | — |  |  | $ | — |
Construction | — |  |  | — |  |  | — |
Other | 1 |  |  | 83,000 |  |  | — |
Municipal | — |  |  | — |  |  | — |
Residential |  |  |  |  |
Term | 4 |  |  | 266,000 |  |  | — |
Construction | — |  |  | — |  |  | — |
Home equity line of credit | — |  |  | — |  |  | — |
Consumer | — |  |  | — |  |  | — |
| 5 |  |  | $ | 349,000 |  |  | $ | — |
As of December 31, 2020, 14 of the loans classified as TDRs with a total balance of $1,577,000 were more than 30 days past due. One 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, 2020:
| Number of Loans |  | Balance |  | Specific Reserves
Commercial |  |  |  |  |
Real estate | — |  |  | $ | — |  |  | $ | — |
Construction | — |  |  | — |  |  | — |
Other | 4 |  |  | 419,000 |  |  | 92,000 |
Municipal | — |  |  | — |  |  | — |
Residential |  |  |  |  |
Term | 8 |  |  | 988,000 |  |  | 5,000 |
Construction | — |  |  | — |  |  | — |
Home equity line of credit | 1 |  |  | 162,000 |  |  | — |
Consumer | 1 |  |  | 8,000 |  |  | — |
| 14 |  |  | $ | 1,577,000 |  |  | $ | 97,000 |
For the year ended December 31, 2021, four 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 December 31, 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 |  |  | 251,000 |  |  | 247,000 |  |  | 247,000 |
Municipal | — |  |  | — |  |  | — |  |  | — |
Residential |  |  |  |  |  |  |
Term | 2 |  |  | 142,000 |  |  | 124,000 |  |  | — |
Construction | — |  |  | — |  |  | — |  |  | — |
Home equity line of credit | — |  |  | — |  |  | — |  |  | — |
Consumer | — |  |  | — |  |  | — |  |  | — |
| 4 |  |  | $ | 473,000 |  |  | $ | 451,000 |  |  | $ | 247,000 |
For the year ended December 31, 2020, three loans were placed in TDR status. The following table shows these TDRs by class and the associated specific reserves included in the allowance for loan losses as for December 31, 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 |  |  | 234,000 |  |  | 185,000 |  |  | 21,000 |
Construction | — |  |  | — |  |  | — |  |  | — |
Home equity line of credit | — |  |  | — |  |  | — |  |  | — |
Consumer | 1 |  |  | 8,000 |  |  | 8,000 |  |  | — |
| 3 |  |  | $ | 242,000 |  |  | $ | 193,000 |  |  | $ | 21,000 |
As of December 31, 2021, Management is aware of eight loans classified as TDRs that are involved in bankruptcy with an outstanding balance of $950,000. As of December 31, 2021, there were 20 loans with an outstanding balance of $1,894,000 that were classified as TDRs and were on non-accrual status, of which none were in the process of foreclosure. Residential Mortgage Loans in Process of Foreclosure As of December 31, 2021, there were four mortgage loans collateralized by residential real estate in the process of foreclosure with a total balance of $367,000; this compares to 11 mortgage loans collateralized by residential real estate in the process of foreclosure with a total balance of $1,109,000 as of December 31, 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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