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Loans | 3 Months Ended
--- | ---
Mar. 31, 2019
Receivables [Abstract] |
Loans | Loans Major classifications of loans at March 31, 2019 and December 31, 2018 are as follows (in thousands):
| March 31, 2019 |  | December 31, 2018
Commercial and industrial | $ | 79,725 |  |  | 77,740 |
Commercial, secured by real estate | 764,424 |  |  | 740,647 |
Residential real estate | 334,227 |  |  | 349,127 |
Consumer | 17,409 |  |  | 17,283 |
Agricultural | 10,900 |  |  | 13,297 |
Other loans, including deposit overdrafts | 409 |  |  | 450 |
Loans, gross | 1,207,094 |  |  | 1,198,544 |
Deferred origination costs, net | 40 |  |  | 79 |
Loans, net of deferred origination costs | 1,207,134 |  |  | 1,198,623 |
Less allowance for loan losses | 4,126 |  |  | 4,046 |
Loans, net | $ | 1,203,008 |  |  | 1,194,577 |
Non-accrual, past-due, and accruing restructured loans as of March 31, 2019 and December 31, 2018 are as follows (in thousands):
| March 31, 2019 |  | December 31, 2018
Non-accrual loans: |  |  |
Commercial and industrial | $ | — |  |  | — |
Commercial, secured by real estate | 1,983 |  |  | 1,767 |
Residential real estate | 862 |  |  | 1,007 |
Consumer | — |  |  | — |
Agricultural | — |  |  | 177 |
Total non-accrual loans | 2,845 |  |  | 2,951 |
Past-due 90 days or more and still accruing | 177 |  |  | 149 |
Total non-accrual and past-due 90 days or more and still accruing | 3,022 |  |  | 3,100 |
Accruing restructured loans | 8,136 |  |  | 10,516 |
Total | $ | 11,158 |  |  | 13,616 |
The allowance for loan losses for the three months ended March 31, 2019 and 2018 are as follows (in thousands):
| Commercial & Industrial |  | Commercial, Secured by Real Estate |  | Residential Real Estate |  | Consumer |  | Agricultural |  | Other |  | Total
Three Months Ended March 31, 2019
Balance, beginning of year | $ | 400 |  |  | 2,745 |  |  | 767 |  |  | 87 |  |  | 46 |  |  | 1 |  |  | 4,046 |
(Credit) provision charged to expenses | 51 |  |  | 57 |  |  | (195 | ) |  | (31 | ) |  | (5 | ) |  | 18 |  |  | (105 | )
Losses charged off | — |  |  | — |  |  | (33 | ) |  | — |  |  | — |  |  | (31 | ) |  | (64 | )
Recoveries | — |  |  | 56 |  |  | 154 |  |  | 21 |  |  | — |  |  | 18 |  |  | 249 |
Balance, end of period | $ | 451 |  |  | 2,858 |  |  | 693 |  |  | 77 |  |  | 41 |  |  | 6 |  |  | 4,126 |
Three Months Ended March 31, 2018
Balance, beginning of year | $ | 378 |  |  | 2,178 |  |  | 717 |  |  | 76 |  |  | 53 |  |  | 1 |  |  | 3,403 |
(Credit) provision charged to expenses | 15 |  |  | (131 | ) |  | 186 |  |  | 8 |  |  | (9 | ) |  | 10 |  |  | 79 |
Losses charged off | — |  |  | (29 | ) |  | (35 | ) |  | (11 | ) |  | — |  |  | (31 | ) |  | (106 | )
Recoveries | — |  |  | 125 |  |  | 1 |  |  | 5 |  |  | — |  |  | 22 |  |  | 153 |
Balance, end of period | $ | 393 |  |  | 2,143 |  |  | 869 |  |  | 78 |  |  | 44 |  |  | 2 |  |  | 3,529 |
A breakdown of the allowance for loan losses and the loan portfolio by loan segment at March 31, 2019 and December 31, 2018 are as follows (in thousands):
| Commercial & Industrial |  | Commercial, Secured by Real Estate |  | Residential Real Estate |  | Consumer |  | Agricultural |  | Other |  | Total
March 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment | $ | 9 |  |  | 2 |  |  | 29 |  |  | — |  |  | — |  |  | — |  |  | 40 |
Collectively evaluated for impairment | 442 |  |  | 2,849 |  |  | 664 |  |  | 77 |  |  | 41 |  |  | 6 |  |  | 4,079 |
Acquired credit impaired loans | — |  |  | 7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7 |
Balance, end of period | $ | 451 |  |  | 2,858 |  |  | 693 |  |  | 77 |  |  | 41 |  |  | 6 |  |  | 4,126 |
Loans: |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment | $ | 258 |  |  | 11,487 |  |  | 1,305 |  |  | 34 |  |  | — |  |  | — |  |  | 13,084 |
Collectively evaluated for impairment | 78,919 |  |  | 746,161 |  |  | 330,138 |  |  | 17,492 |  |  | 10,914 |  |  | 65 |  |  | 1,183,689 |
Acquired credit impaired loans | 605 |  |  | 6,219 |  |  | 3,193 |  |  | — |  |  | — |  |  | 344 |  |  | 10,361 |
Balance, end of period | $ | 79,782 |  |  | 763,867 |  |  | 334,636 |  |  | 17,526 |  |  | 10,914 |  |  | 409 |  |  | 1,207,134 |
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment | $ | 10 |  |  | 3 |  |  | 49 |  |  | — |  |  | — |  |  | — |  |  | 62 |
Collectively evaluated for impairment | 390 |  |  | 2,742 |  |  | 718 |  |  | 87 |  |  | 46 |  |  | 1 |  |  | 3,984 |
Acquired credit impaired loans | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Balance, end of period | $ | 400 |  |  | 2,745 |  |  | 767 |  |  | 87 |  |  | 46 |  |  | 1 |  |  | 4,046 |
Loans: |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment | $ | 268 |  |  | 15,101 |  |  | 1,558 |  |  | 36 |  |  | 177 |  |  | — |  |  | 17,140 |
Collectively evaluated for impairment | 76,609 |  |  | 718,709 |  |  | 344,751 |  |  | 17,363 |  |  | 13,135 |  |  | 114 |  |  | 1,170,681 |
Acquired credit impaired loans | 922 |  |  | 6,315 |  |  | 3,229 |  |  | — |  |  | — |  |  | 336 |  |  | 10,802 |
Balance, end of period | $ | 77,799 |  |  | 740,125 |  |  | 349,538 |  |  | 17,399 |  |  | 13,312 |  |  | 450 |  |  | 1,198,623 |
The risk characteristics of LCNB's material loan portfolio segments are as follows: Commercial and Industrial Loans. LCNB’s commercial and industrial loan portfolio consists of loans for various purposes, including loans to fund working capital requirements (such as inventory and receivables financing) and purchases of machinery and equipment. LCNB offers a variety of commercial and industrial loan arrangements, including term loans, balloon loans, and lines of credit. Most commercial and industrial loans have a fixed rate, with maturities ranging from one to ten years. Commercial and industrial loans are offered to businesses and professionals for short and medium terms on both a collateralized and uncollateralized basis. Commercial and industrial loans typically are underwritten on the basis of the borrower’s ability to make repayment from the cash flow of the business. Collateral, when obtained, may include liens on furniture, fixtures, equipment, inventory, receivables, or other assets. As a result, such loans involve complexities, variables, and risks that require thorough underwriting and more robust servicing than other types of loans. Commercial, Secured by Real Estate Loans. Commercial real estate loans include loans secured by a variety of commercial, retail, and office buildings, religious facilities, hotels, multifamily (more than four-family) residential properties, construction and land development loans, and other land loans. Commercial real estate loan products generally amortize over five to twenty-five years and are payable in monthly principal and interest installments. Some have balloon payments due within one to ten years after the origination date. The majority have adjustable interest rates with adjustment periods ranging from one to ten years, some of which are subject to established “floor” interest rates. Commercial real estate loans are underwritten based on the ability of the property, in the case of income producing property, or the borrower’s business to generate sufficient cash flow to amortize the debt. Secondary emphasis is placed upon global debt service, collateral value, financial strength of any and all guarantors, and other factors. Commercial real estate loans are generally originated with a 75% to 85% maximum loan to appraised value ratio, depending upon borrower occupancy. Residential Real Estate Loans. Residential real estate loans include loans secured by first or second mortgage liens on one to four-family residential properties. Home equity lines of credit and mortgage loans secured by owner-occupied agricultural property are included in this category. First and second mortgage loans are generally amortized over five to thirty years with monthly principal and interest payments. Home equity lines of credit generally have a five year or less draw period with interest only payments followed by a repayment period with monthly payments based on the amount outstanding. LCNB offers both fixed and adjustable rate mortgage loans. Adjustable rate loans are available with adjustment periods ranging between one to ten years and adjust according to an established index plus a margin, subject to certain floor and ceiling rates. Home equity lines of credit have a variable rate based on the Wall Street Journal prime rate plus a margin. LCNB does not originate reverse mortgage loans or residential real estate loans generally considered to be “subprime.” Residential real estate loans are underwritten primarily based on the borrower’s ability to repay, prior credit history, and the value of the collateral. LCNB generally requires private mortgage insurance for first mortgage loans that have a loan to appraised value ratio of greater than 80%. Consumer Loans. LCNB’s portfolio of consumer loans generally includes secured and unsecured loans to individuals for household, family and other personal expenditures. Secured loans include loans to fund the purchase of automobiles, recreational vehicles, boats, and similar acquisitions. Consumer loans made by LCNB generally have fixed rates and terms ranging up to 72 months, depending upon the nature of the collateral, size of the loan, and other relevant factors. Consumer loans generally have higher interest rates, but pose additional risks of collectibility and loss when compared to certain other types of loans. Collateral, if present, is generally subject to damage, wear, and depreciation. The borrower’s ability to repay is of primary importance in the underwriting of consumer loans. Agricultural Loans. LCNB’s portfolio of agricultural loans includes loans for financing agricultural production or for financing the purchase of equipment used in the production of agricultural products. LCNB’s agricultural loans are generally secured by farm machinery, livestock, crops, vehicles, or other agricultural-related collateral. LCNB uses a risk-rating system to quantify loan quality. A loan is assigned to a risk category based on relevant information about the ability of the borrower to service the debt including, but not limited to, current financial information, historical payment experience, credit documentation, public information, and current economic trends. The categories used are:
• | Pass – loans categorized in this category are higher quality loans that do not fit any of the other categories described below.
• | Other Assets Especially Mentioned ("OAEM") – loans in this category are currently protected but are potentially weak. These loans constitute a risk but not to the point of justifying a classification of substandard. The credit risk may be relatively minor yet constitute an undue risk in light of the circumstances surrounding a specific asset.
• | Substandard – loans in this category are inadequately protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the possibility that LCNB will sustain some loss if the deficiencies are not corrected.
• | Doubtful – loans classified in this category have all the weaknesses inherent in loans classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.
A breakdown of the loan portfolio by credit quality indicators at March 31, 2019 and December 31, 2018 is as follows (in thousands):
| Pass |  | OAEM |  | Substandard |  | Doubtful |  | Total
March 31, 2019 |  |  |  |  |  |  |  |  |
Commercial & industrial | $ | 78,062 |  |  | 192 |  |  | 1,528 |  |  | — |  |  | 79,782 |
Commercial, secured by real estate | 743,661 |  |  | 758 |  |  | 19,448 |  |  | — |  |  | 763,867 |
Residential real estate | 331,823 |  |  | — |  |  | 2,813 |  |  | — |  |  | 334,636 |
Consumer | 17,504 |  |  | — |  |  | 22 |  |  | — |  |  | 17,526 |
Agricultural | 10,883 |  |  | — |  |  | 31 |  |  | — |  |  | 10,914 |
Other | 409 |  |  | — |  |  | — |  |  | — |  |  | 409 |
Total | $ | 1,182,342 |  |  | 950 |  |  | 23,842 |  |  | — |  |  | 1,207,134 |
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial & industrial | $ | 74,530 |  |  | 89 |  |  | 3,180 |  |  | — |  |  | 77,799 |
Commercial, secured by real estate | 718,233 |  |  | 768 |  |  | 21,124 |  |  | — |  |  | 740,125 |
Residential real estate | 344,432 |  |  | — |  |  | 5,106 |  |  | — |  |  | 349,538 |
Consumer | 17,381 |  |  | — |  |  | 18 |  |  | — |  |  | 17,399 |
Agricultural | 13,116 |  |  | — |  |  | 196 |  |  | — |  |  | 13,312 |
Other | 450 |  |  | — |  |  | — |  |  | — |  |  | 450 |
Total | $ | 1,168,142 |  |  | 857 |  |  | 29,624 |  |  | — |  |  | 1,198,623 |
A loan portfolio aging analysis at March 31, 2019 and December 31, 2018 is as follows (in thousands):
| 30-59 Days Past Due |  | 60-89 Days Past Due |  | Greater Than 90 Days Past Due |  | Total Past Due |  | Current |  | Total Loans Receivable |  | Total Loans Greater Than 90 Days and Accruing
March 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial & industrial | $ | 45 |  |  | — |  |  | — |  |  | 45 |  |  | 79,737 |  |  | 79,782 |  |  | — |
Commercial, secured by real estate | — |  |  | 189 |  |  | 236 |  |  | 425 |  |  | 763,442 |  |  | 763,867 |  |  | 140 |
Residential real estate | 631 |  |  | 34 |  |  | 555 |  |  | 1,220 |  |  | 333,416 |  |  | 334,636 |  |  | 37 |
Consumer | 3 |  |  | 14 |  |  | — |  |  | 17 |  |  | 17,509 |  |  | 17,526 |  |  | — |
Agricultural | 31 |  |  | — |  |  | — |  |  | 31 |  |  | 10,883 |  |  | 10,914 |  |  | — |
Other | 65 |  |  | — |  |  | — |  |  | 65 |  |  | 344 |  |  | 409 |  |  | — |
Total | $ | 775 |  |  | 237 |  |  | 791 |  |  | 1,803 |  |  | 1,205,331 |  |  | 1,207,134 |  |  | 177 |
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial & industrial | $ | 626 |  |  | 173 |  |  | — |  |  | 799 |  |  | 77,000 |  |  | 77,799 |  |  | — |
Commercial, secured by real estate | 347 |  |  | 141 |  |  | 347 |  |  | 835 |  |  | 739,290 |  |  | 740,125 |  |  | — |
Residential real estate | 905 |  |  | 536 |  |  | 1,046 |  |  | 2,487 |  |  | 347,051 |  |  | 349,538 |  |  | 149 |
Consumer | 14 |  |  | — |  |  | — |  |  | 14 |  |  | 17,385 |  |  | 17,399 |  |  | — |
Agricultural | 19 |  |  | — |  |  | 178 |  |  | 197 |  |  | 13,115 |  |  | 13,312 |  |  | — |
Other | 114 |  |  | — |  |  | — |  |  | 114 |  |  | 336 |  |  | 450 |  |  | — |
Total | $ | 2,025 |  |  | 850 |  |  | 1,571 |  |  | 4,446 |  |  | 1,194,177 |  |  | 1,198,623 |  |  | 149 |
Impaired loans, including acquired credit impaired loans, at March 31, 2019 and December 31, 2018 are as follows (in thousands):
| March 31, 2019 |  | December 31, 2018
| Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance |  | Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance
With no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |
Commercial & industrial | $ | 608 |  |  | 1,143 |  |  | — |  |  | 926 |  |  | 1,457 |  |  | — |
Commercial, secured by real estate | 17,465 |  |  | 18,459 |  |  | — |  |  | 21,266 |  |  | 22,451 |  |  | — |
Residential real estate | 3,886 |  |  | 4,583 |  |  | — |  |  | 4,122 |  |  | 4,872 |  |  | — |
Consumer | 13 |  |  | 13 |  |  | — |  |  | 13 |  |  | 13 |  |  | — |
Agricultural | — |  |  | — |  |  | — |  |  | 177 |  |  | 177 |  |  | — |
Other | 344 |  |  | 475 |  |  | — |  |  | 336 |  |  | 475 |  |  | — |
Total | $ | 22,316 |  |  | 24,673 |  |  | — |  |  | 26,840 |  |  | 29,445 |  |  | — |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial & industrial | $ | 255 |  |  | 261 |  |  | 9 |  |  | 264 |  |  | 269 |  |  | 10 |
Commercial, secured by real estate | 241 |  |  | 427 |  |  | 9 |  |  | 150 |  |  | 150 |  |  | 3 |
Residential real estate | 612 |  |  | 637 |  |  | 29 |  |  | 665 |  |  | 684 |  |  | 49 |
Consumer | 21 |  |  | 21 |  |  | — |  |  | 23 |  |  | 23 |  |  | — |
Agricultural | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 1,129 |  |  | 1,346 |  |  | 47 |  |  | 1,102 |  |  | 1,126 |  |  | 62 |
Total: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial & industrial | $ | 863 |  |  | 1,404 |  |  | 9 |  |  | 1,190 |  |  | 1,726 |  |  | 10 |
Commercial, secured by real estate | 17,706 |  |  | 18,886 |  |  | 9 |  |  | 21,416 |  |  | 22,601 |  |  | 3 |
Residential real estate | 4,498 |  |  | 5,220 |  |  | 29 |  |  | 4,787 |  |  | 5,556 |  |  | 49 |
Consumer | 34 |  |  | 34 |  |  | — |  |  | 36 |  |  | 36 |  |  | — |
Agricultural | — |  |  | — |  |  | — |  |  | 177 |  |  | 177 |  |  | — |
Other | 344 |  |  | 475 |  |  | — |  |  | 336 |  |  | 475 |  |  | — |
Total | $ | 23,445 |  |  | 26,019 |  |  | 47 |  |  | 27,942 |  |  | 30,571 |  |  | 62 |
The following presents information related to the average recorded investment and interest income recognized on impaired loans, including acquired credit impaired loans, for the three months ended March 31, 2019 and 2018 (in thousands):
| 2019 |  | 2018
| Average Recorded Investment |  | Interest Income Recognized |  | Average Recorded Investment |  | Interest Income Recognized
Three Months Ended March 31, |  |  |  |  |  |  |
With no related allowance recorded: |  |  |  |  |  |  |
Commercial & industrial | $ | 767 |  |  | 7 |  |  | 639 |  |  | 11 |
Commercial, secured by real estate | 18,302 |  |  | 199 |  |  | 14,991 |  |  | 196 |
Residential real estate | 3,916 |  |  | 47 |  |  | 2,791 |  |  | 45 |
Consumer | 13 |  |  | — |  |  | 6 |  |  | — |
Agricultural | — |  |  | — |  |  | 177 |  |  | — |
Other | 340 |  |  | 9 |  |  | 407 |  |  | 11 |
Total | $ | 23,338 |  |  | 262 |  |  | 19,011 |  |  | 263 |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |
Commercial & industrial | $ | 259 |  |  | 4 |  |  | 291 |  |  | 4 |
Commercial, secured by real estate | 244 |  |  | 12 |  |  | 157 |  |  | 3 |
Residential real estate | 622 |  |  | 8 |  |  | 755 |  |  | 9 |
Consumer | 22 |  |  | — |  |  | 41 |  |  | 1 |
Agricultural | — |  |  | — |  |  | — |  |  | — |
Other | — |  |  | — |  |  | — |  |  | — |
Total | $ | 1,147 |  |  | 24 |  |  | 1,244 |  |  | 17 |
Total: |  |  |  |  |  |  |  |  |  |  |
Commercial & industrial | $ | 1,026 |  |  | 11 |  |  | 930 |  |  | 15 |
Commercial, secured by real estate | 18,546 |  |  | 211 |  |  | 15,148 |  |  | 199 |
Residential real estate | 4,538 |  |  | 55 |  |  | 3,546 |  |  | 54 |
Consumer | 35 |  |  | — |  |  | 47 |  |  | 1 |
Agricultural | — |  |  | — |  |  | 177 |  |  | — |
Other | 340 |  |  | 9 |  |  | 407 |  |  | 11 |
Total | $ | 24,485 |  |  | 286 |  |  | 20,255 |  |  | 280 |
Of the interest income recognized on impaired loans during the three months ended March 31, 2019 and 2018, approximately $0 and $20,000, respectively, were recognized on a cash basis. From time to time, the terms of certain loans are modified as troubled debt restructurings ("TDRs") where concessions are granted to borrowers experiencing financial difficulties. The modification of the terms of such loans may have included one, or a combination of, the following: a temporary or permanent reduction of the stated interest rate of the loan, an increase in the stated rate of interest lower than the current market rate for new debt with similar risk, forgiveness of principal, an extension of the maturity date, or a change in the payment terms. Loan modifications that were classified as TDRs during the three months ended March 31, 2019 and 2018 were as follows:
| 2019 |  | 2018
| Number of Loans |  | Pre-Modification Recorded Balance |  | Post-Modification Recorded Balance |  | Number of Loans |  | Pre-Modification Recorded Balance |  | Post-Modification Recorded Balance
Three Months Ended March 31, |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial | — |  |  | $ | — |  |  | — |  |  | — |  |  | $ | — |  |  | — |
Commercial, secured by real estate | 2 |  |  | 258 |  |  | 258 |  |  | — |  |  | — |  |  | — |
Residential real estate | 2 |  |  | 54 |  |  | 54 |  |  | — |  |  | — |  |  | — |
Consumer | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | 4 |  |  | $ | 312 |  |  | 312 |  |  | — |  |  | $ | — |  |  | — |
Post-modification balances of newly restructured troubled debt by type of modification for the three months ended March 31, 2019 and 2018 were as follows (in thousands):
| Term Modification |  | Rate Modification |  | Interest Only |  | Principal Forgiveness |  | Combination |  | Total Modifications
Three Months Ended March 31, 2019 |  |  |  |  |  |  |  |  |  |  |
Commercial & industrial | $ | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial, secured by real estate | — |  |  | — |  |  | — |  |  | — |  |  | 258 |  |  | 258 |
Residential real estate | 54 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 54 |
Consumer | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 54 |  |  | — |  |  | — |  |  | — |  |  | 258 |  |  | 312 |
Three Months Ended March 31, 2018 |  |  |  |  |  |  |  |  |  |  |
Commercial & industrial | $ | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial, secured by real estate | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential real estate | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Consumer | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
There were no troubled debt restructurings that subsequently defaulted within twelve months of the restructuring date for the three months ended March 31, 2019 and 2018 and that remained in default at period end. Information concerning loans that were modified during the three months ended March 31, 2019 and 2018 and that were determined to be troubled debt restructurings follows (in thousands):
| 2019 |  | 2018
Impaired loans without a valuation allowance at the end of the period | $ | 312 |  |  | — |
Impaired loans with a valuation allowance at the end of the period | — |  |  | — |
Mortgage loans sold to and serviced for investors are not included in the accompanying consolidated condensed balance sheets. The unpaid principal balances of those loans at March 31, 2019 and December 31, 2018 were approximately $89,049,000 and $97,685,000, respectively. The total recorded investment in residential consumer mortgage loans secured by residential real estate that were in the process of foreclosure at March 31, 2019 was $197,000.

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