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Loans and Allowance for Loan Losses | 3 Months Ended
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Mar. 31, 2021
Loans and Allowances for Loan Losses |
Loans and Allowance for Loan Losses | (2) Loans and Allowance for Loan Losses Loans Major classifications within the Company’s held for investment loan portfolio at March 31, 2021 and December 31, 2020 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, | ​ | December 31,
(in thousands) |  | 2021 |  | 2020
Commercial, financial, and agricultural (a) | ​ | $ | 251,943 | ​ | $ | 272,918
Real estate construction − residential | ​ |  | 33,962 | ​ |  | 29,692
Real estate construction − commercial | ​ |  | 78,576 | ​ |  | 78,144
Real estate mortgage − residential | ​ |  | 258,259 | ​ |  | 262,339
Real estate mortgage − commercial | ​ |  | 628,178 | ​ |  | 617,133
Installment and other consumer | ​ |  | 25,267 | ​ |  | 26,741
Total loans held for investment | ​ | $ | 1,276,185 | ​ | $ | 1,286,967
(a) | Includes $56.3 million and $63.3 million SBA PPP loans, net as of March 31, 2021 and December 31, 2020, respectively.
The Bank grants real estate, commercial, installment, and other consumer loans to customers located within the Missouri communities surrounding Jefferson City, Columbia, Clinton, Warsaw, Springfield, St. Louis, and the greater Kansas City metropolitan area. As such, the Bank is susceptible to changes in the economic environment in these communities. The Bank does not have a concentration of credit in any one economic sector. Installment and other consumer loans consist primarily of the financing of automotive vehicles. At March 31, 2021, loans of $552.5 million were pledged to the Federal Home Loan Bank as collateral for borrowings and letters of credit. Allowance for Loan Losses The following table illustrates the changes in the allowance for loan losses by portfolio segment: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31, 2021
​ | ​ | Commercial, | ​ | Real Estate | ​ | Real Estate | ​ | Real Estate | ​ | Real Estate | ​ | Installment | ​ | ​ | ​ | ​ |  | ​
​ | ​ | Financial, & | ​ | Construction - | ​ | Construction - | ​ | Mortgage - | ​ | Mortgage - | ​ | and Other | ​ | Un- | ​ |  | ​
(in thousands) |  | Agricultural |  | Residential |  | Commercial |  | Residential |  | Commercial |  | Consumer |  | allocated |  | Total
Balance at beginning of period | ​ | $ | 5,121 | ​ | $ | 213 | ​ | $ | 475 | ​ | $ | 2,679 | ​ | $ | 9,354 | ​ | $ | 264 | ​ | $ | 7 | ​ | $ | 18,113
Additions: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Provision for loan losses | ​ |  | (567) | ​ |  | 83 | ​ |  | 57 | ​ |  | (253) | ​ |  | 573 | ​ |  | 13 | ​ |  | 94 | ​ |  | —
Deductions: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Loans charged off | ​ |  | 27 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 23 | ​ |  | 57 | ​ |  | — | ​ |  | 107
Less recoveries on loans | ​ |  | (149) | ​ |  | (13) | ​ |  | — | ​ |  | (168) | ​ |  | — | ​ |  | (25) | ​ |  | — | ​ |  | (355)
Net loan charge-offs (recoveries) | ​ |  | (122) | ​ |  | (13) | ​ |  | — | ​ |  | (168) | ​ |  | 23 | ​ |  | 32 | ​ |  | — | ​ |  | (248)
Balance at end of period | ​ | $ | 4,676 | ​ | $ | 309 | ​ | $ | 532 | ​ | $ | 2,594 | ​ | $ | 9,904 | ​ | $ | 245 | ​ | $ | 101 | ​ | $ | 18,361
​ ​ ​ ​ ​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31, 2020
​ | ​ | Commercial, | ​ | Real Estate | ​ | Real Estate | ​ | Real Estate | ​ | Real Estate | ​ | Installment | ​ | ​ | ​ | ​ |  | ​
​ | ​ | Financial, & | ​ | Construction - | ​ | Construction - | ​ | Mortgage - | ​ | Mortgage - | ​ | and Other | ​ | Un- | ​ |  | ​
(in thousands) |  | Agricultural |  | Residential |  | Commercial |  | Residential |  | Commercial |  | Consumer |  | allocated |  | Total
Balance at beginning of period | ​ | $ | 2,918 | ​ | $ | 64 | ​ | $ | 369 | ​ | $ | 2,118 | ​ | $ | 6,547 | ​ | $ | 381 | ​ | $ | 80 | ​ | $ | 12,477
Additions: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Provision for loan losses | ​ |  | 721 | ​ |  | 53 | ​ |  | 253 | ​ |  | 255 | ​ |  | 2,087 | ​ |  | 8 | ​ |  | (77) | ​ |  | 3,300
Deductions: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Loans charged off | ​ |  | 41 | ​ |  | — | ​ |  | — | ​ |  | 19 | ​ |  | 22 | ​ |  | 52 | ​ |  | — | ​ |  | 134
Less recoveries on loans | ​ |  | (25) | ​ |  | — | ​ |  | — | ​ |  | (9) | ​ |  | (2) | ​ |  | (14) | ​ |  | — | ​ |  | (50)
Net loan charge-offs | ​ |  | 16 | ​ |  | — | ​ |  | — | ​ |  | 10 | ​ |  | 20 | ​ |  | 38 | ​ |  | — | ​ |  | 84
Balance at end of period | ​ | $ | 3,623 | ​ | $ | 117 | ​ | $ | 622 | ​ | $ | 2,363 | ​ | $ | 8,614 | ​ | $ | 351 | ​ | $ | 3 | ​ | $ | 15,693
​ Loans, or portions of loans, are charged off to the extent deemed uncollectible or a loss is confirmed. Loan charge-offs reduce the allowance for loan losses, and recoveries of loans previously charged off are added back to the allowance. If management determines that it is probable that all amounts due on a loan will not be collected under the original terms of the loan agreement, the loan is considered to be impaired. These loans are evaluated individually for impairment, and in conjunction with current economic conditions and loss experience, specific reserves are estimated as further discussed below. Loans not individually evaluated are aggregated by risk characteristics and reserves are recorded using a consistent methodology that considers historical loan loss experience by loan type, delinquencies, current economic conditions, loan risk ratings and industry concentration. These historical loss rates for each risk group are used as the starting point to determine loss rates for measurement purposes. The historical loan loss rates are multiplied by loss emergence periods (LEP) which represent the estimated time period between a borrower first experiencing financial difficulty and the recognition of a loss. Management's look-back period began with loss history in the first quarter 2012 as the starting point through the current quarter and it will continue to include this starting point going forward. The look-back period will continue to be evaluated and will be adjusted once a sustained loss producing downturn is recognized and found to be representative of historical losses expected for the current portfolio. The Company’s methodology includes qualitative risk factors that allow management to adjust its estimates of losses based on the most recent information available and to address other limitations in the quantitative component that is based on historical loss rates. Such risk factors are generally reviewed and updated quarterly, as appropriate, and are adjusted to reflect changes in national and local economic conditions and developments, the nature, volume and terms of loans in the portfolio, including changes in volume and severity of past due loans, the volume of nonaccrual loans, and the volume and severity of adversely classified or graded loans, loan concentrations, assessment of trends in collateral values, assessment of changes in the quality of the Company’s internal loan review department, and changes in lending policies and procedures, including underwriting standards and collections, charge-off and recovery practices. When the COVID-19 pandemic surfaced in the first quarter of 2020, management reassessed the calculation of the allowance for loan loss by increasing the economic qualitative factor in order to capture the impact on the credit risk present in the loan portfolio given the economic environment that existed at that time. As of the fourth quarter of 2020, management reassessed the qualitative factor and economic indicators. Enough time had passed so that data after the outbreak would be available and a better interpretation of the impact of the virus on the economy. Management determined that the local market and economy had been able to transition to a functional level while adapting to the new requirements aimed at stopping the spread of the virus and returned to calculating the qualitative adjustment according to the Company's methodology detailed above. ​ Additionally, the funding of $88.4 million and $40.2 million in SBA PPP loans during 2020 and 2021, respectively, required management to assess the methodology that would be adopted in regard to the allowance for loan losses applicable to these loans. As the SBA PPP loans are expected to be mostly paid off in the next six to twelve months and carry a 100% credit guarantee from the SBA, management determined that no allowance for loan losses was deemed necessary for these loans. At March 31, 2021 the net balance of the PPP loans totaled $56.3 million. All SBA PPP loans have a 1% interest rate and the Company earns a fee that is based upon a tiered schedule corresponding with the amount of the loan to the borrower, which is deferred and recognized over the life of the loan. Based upon the borrower meeting certain criteria as defined by the CARES Act, the loan may be forgiven by the SBA. The Company reports these loans at their principal amount outstanding, net of unearned income, unamortized deferred loan fee income and loan origination costs. Interest is accrued as earned and loan origination fees and direct costs are deferred and accreted or amortized into interest income, as an adjustment to the yield, over the life of the loan using the level yield method. When a PPP loan is paid off or forgiven by the SBA, the remaining unaccreted or unamortized net origination fees or costs are immediately recognized into income. The following table illustrates the allowance for loan losses and recorded investment by portfolio segment: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Commercial, | ​ | Real Estate | ​ | Real Estate | ​ | Real Estate | ​ | Real Estate | ​ | Installment | ​ | ​ | ​ | ​ |  | ​
​ | ​ | Financial, and | ​ | Construction - | ​ | Construction - | ​ | Mortgage - | ​ | Mortgage - | ​ | and Other | ​ | Un- | ​ |  | ​
(in thousands) |  | Agricultural |  | Residential |  | Commercial |  | Residential |  | Commercial |  | Consumer |  | allocated |  | Total
March 31, 2021 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Allowance for loan losses: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Individually evaluated for impairment | ​ | $ | 2,134 | ​ | $ | 26 | ​ | $ | 28 | ​ | $ | 256 | ​ | $ | 2,691 | ​ | $ | 9 | ​ | $ | — | ​ | $ | 5,144
Collectively evaluated for impairment | ​ |  | 2,542 | ​ |  | 283 | ​ |  | 504 | ​ |  | 2,338 | ​ |  | 7,213 | ​ |  | 236 | ​ |  | 101 | ​ |  | 13,217
Total | ​ | $ | 4,676 | ​ | $ | 309 | ​ | $ | 532 | ​ | $ | 2,594 | ​ | $ | 9,904 | ​ | $ | 245 | ​ | $ | 101 | ​ | $ | 18,361
Loans outstanding: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Individually evaluated for impairment | ​ | $ | 7,408 | ​ | $ | 189 | ​ | $ | 198 | ​ | $ | 3,134 | ​ | $ | 25,647 | ​ | $ | 71 | ​ | $ | — | ​ | $ | 36,647
Collectively evaluated for impairment | ​ |  | 244,535 | ​ |  | 33,773 | ​ |  | 78,378 | ​ |  | 255,125 | ​ |  | 602,531 | ​ |  | 25,196 | ​ |  | — | ​ |  | 1,239,538
Total | ​ | $ | 251,943 | ​ | $ | 33,962 | ​ | $ | 78,576 | ​ | $ | 258,259 | ​ | $ | 628,178 | ​ | $ | 25,267 | ​ | $ | — | ​ | $ | 1,276,185
​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
December 31, 2020 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Allowance for loan losses: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Individually evaluated for impairment | ​ | $ | 2,187 | ​ | $ | 27 | ​ | $ | 28 | ​ | $ | 263 | ​ | $ | 2,594 | ​ | $ | 14 | ​ | $ | — | ​ | $ | 5,113
Collectively evaluated for impairment | ​ |  | 2,934 | ​ |  | 186 | ​ |  | 447 | ​ |  | 2,416 | ​ |  | 6,760 | ​ |  | 250 | ​ |  | 7 | ​ |  | 13,000
Total | ​ | $ | 5,121 | ​ | $ | 213 | ​ | $ | 475 | ​ | $ | 2,679 | ​ | $ | 9,354 | ​ | $ | 264 | ​ | $ | 7 | ​ | $ | 18,113
Loans outstanding: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Individually evaluated for impairment | ​ | $ | 7,552 | ​ | $ | 192 | ​ | $ | 200 | ​ | $ | 3,626 | ​ | $ | 25,657 | ​ | $ | 108 | ​ | $ | — | ​ | $ | 37,335
Collectively evaluated for impairment | ​ |  | 265,366 | ​ |  | 29,500 | ​ |  | 77,944 | ​ |  | 258,713 | ​ |  | 591,476 | ​ |  | 26,633 | ​ |  | — | ​ |  | 1,249,632
Total | ​ | $ | 272,918 | ​ | $ | 29,692 | ​ | $ | 78,144 | ​ | $ | 262,339 | ​ | $ | 617,133 | ​ | $ | 26,741 | ​ | $ | — | ​ | $ | 1,286,967
​ Impaired Loans Loans evaluated under ASC 310-10-35 include loans which are individually evaluated for impairment. All other loans are collectively evaluated for impairment under ASC 450-20. Impaired loans individually evaluated for impairment totaled $36.6 million and $37.3 million at March 31, 2021 and December 31, 2020, respectively, and are comprised of loans on non-accrual status and loans which have been classified as troubled debt restructurings (TDRs). The net carrying value of impaired loans is based on the fair values of collateral obtained through independent appraisals or internal evaluations, or by discounting the total expected future cash flows. At March 31, 2021, $31.8 million of impaired loans were evaluated based on the fair value less estimated selling costs of the loans' collateral compared to $32.2 million at December 31, 2020. Once the impairment amount is calculated, a specific reserve allocation is recorded. At March 31, 2021, $5.1 million of the Company’s allowance for loan losses was allocated to impaired loans totaling $36.6 million compared to $5.1 million of the Company’s allowance for loan losses allocated to impaired loans totaling approximately $37.3 million at December 31, 2020. Management determined that $12.6 million, or 34%, of total impaired loans required no reserve allocation at March 31, 2021 compared to $11.9 million, or 32%, at December 31, 2020, primarily due to adequate collateral values, acceptable payment history and adequate cash flow ability. The categories of impaired loans at March 31, 2021 and December 31, 2020 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, | ​ | December 31,
(in thousands) |  | 2021 |  | 2020
Non-accrual loans | ​ | $ | 34,233 | ​ | $ | 34,559
Performing TDRs | ​ |  | 2,414 | ​ |  | 2,776
Total impaired loans | ​ | $ | 36,647 | ​ | $ | 37,335
​ The following tables provide additional information about impaired loans at March 31, 2021 and December 31, 2020, respectively, segregated between loans for which an allowance has been provided and loans for which no allowance has been provided.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Unpaid |  | ​ | ​
​ | ​ | Recorded | ​ | Principal | ​ | Specific
(in thousands) | ​ | Investment | ​ | Balance | ​ | Reserves
March 31, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
With no related allowance recorded: |  | ​ |  |  | ​ |  |  | ​ |
Commercial, financial and agricultural | ​ | $ | 1,837 | ​ | $ | 1,882 | ​ | $ | —
Real estate mortgage − residential | ​ |  | 1,275 | ​ |  | 1,377 | ​ |  | —
Real estate mortgage − commercial | ​ | ​ | 9,457 | ​ | ​ | 9,467 | ​ | ​ | —
Total | ​ | $ | 12,569 | ​ | $ | 12,726 | ​ | $ | —
With an allowance recorded: | ​ |  |  | ​ |  |  | ​ |  |
Commercial, financial and agricultural | ​ | $ | 5,571 | ​ | $ | 5,645 | ​ | $ | 2,134
Real estate construction − residential | ​ | ​ | 189 | ​ | ​ | 189 | ​ | ​ | 26
Real estate construction − commercial | ​ |  | 198 | ​ |  | 251 | ​ |  | 28
Real estate mortgage − residential | ​ |  | 1,859 | ​ |  | 2,304 | ​ |  | 256
Real estate mortgage − commercial | ​ |  | 16,190 | ​ |  | 16,257 | ​ |  | 2,691
Installment and other consumer | ​ |  | 71 | ​ |  | 75 | ​ |  | 9
Total | ​ | $ | 24,078 | ​ | $ | 24,721 | ​ | $ | 5,144
Total impaired loans | ​ | $ | 36,647 | ​ | $ | 37,447 | ​ | $ | 5,144
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Unpaid |  | ​ | ​
​ | ​ | Recorded | ​ | Principal | ​ | Specific
(in thousands) | ​ | Investment | ​ | Balance | ​ | Reserves
December 31, 2020 |  | ​ |  |  | ​ |  |  | ​ |
With no related allowance recorded: |  | ​ |  |  | ​ |  |  | ​ |
Commercial, financial and agricultural | ​ | $ | 1,703 | ​ | $ | 1,731 | ​ | $ | —
Real estate mortgage − residential | ​ |  | 1,300 | ​ |  | 1,395 | ​ |  | —
Real estate mortgage − commercial | ​ | ​ | 8,943 | ​ | ​ | 8,943 | ​ | ​ | —
Total | ​ | $ | 11,946 | ​ | $ | 12,069 | ​ | $ | —
With an allowance recorded: | ​ |  |  | ​ |  |  | ​ |  |
Commercial, financial and agricultural | ​ | $ | 5,849 | ​ | $ | 6,180 | ​ | $ | 2,187
Real estate construction − residential | ​ | ​ | 192 | ​ | ​ | 192 | ​ | ​ | 27
Real estate construction − commercial | ​ |  | 200 | ​ |  | 251 | ​ |  | 28
Real estate mortgage − residential | ​ |  | 2,326 | ​ |  | 2,786 | ​ |  | 263
Real estate mortgage − commercial | ​ |  | 16,714 | ​ |  | 16,787 | ​ |  | 2,594
Installment and other consumer | ​ |  | 108 | ​ |  | 112 | ​ |  | 14
Total | ​ | $ | 25,389 | ​ | $ | 26,308 | ​ | $ | 5,113
Total impaired loans | ​ | $ | 37,335 | ​ | $ | 38,377 | ​ | $ | 5,113
​ The following table presents by class, information related to the average recorded investment and interest income recognized on impaired loans during the periods indicated.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31, | ​
​ | ​ | 2021 | ​ | 2020 | ​
​ | ​ | ​ | ​ | ​ | Interest | ​ | ​ | ​ | ​ | Interest | ​
​ | ​ | Average | ​ | Recognized | ​ | Average | ​ | Recognized | ​
​ | ​ | Recorded | ​ | For the | ​ | Recorded | ​ | For the | ​
(in thousands) |  | Investment |  | Period Ended |  | Investment |  | Period Ended | ​
With no related allowance recorded: | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
Commercial, financial and agricultural | ​ | $ | 1,742 | ​ | $ | 8 | ​ | $ | 1,014 | ​ | $ | — | ​
Real estate construction − commercial | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 227 | ​ | ​ | — | ​
Real estate mortgage − residential | ​ |  | 1,424 | ​ |  | 9 | ​ |  | 1,581 | ​ |  | — | ​
Real estate mortgage − commercial | ​ |  | 9,457 | ​ |  | — | ​ |  | 1,163 | ​ |  | 6 | ​
Installment and other consumer | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 12 | ​ | ​ | — | ​
Total | ​ | $ | 12,623 | ​ | $ | 17 | ​ | $ | 3,997 | ​ | $ | 6 | ​
With an allowance recorded: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​
Commercial, financial and agricultural | ​ | $ | 5,696 | ​ | $ | 7 | ​ | $ | 1,195 | ​ | $ | 8 | ​
Real estate construction − residential | ​ | ​ | 190 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​
Real estate construction − commercial | ​ |  | 199 | ​ |  | — | ​ |  | — | ​ |  | — | ​
Real estate mortgage − residential | ​ |  | 1,958 | ​ |  | 6 | ​ |  | 2,550 | ​ |  | 20 | ​
Real estate mortgage − commercial | ​ |  | 16,195 | ​ |  | 7 | ​ |  | 370 | ​ |  | 2 | ​
Installment and other consumer | ​ |  | 85 | ​ |  | 3 | ​ |  | 117 | ​ |  | 6 | ​
Total | ​ | $ | 24,323 | ​ | $ | 23 | ​ | $ | 4,232 | ​ | $ | 36 | ​
Total impaired loans | ​ | $ | 36,946 | ​ | $ | 40 | ​ | $ | 8,229 | ​ | $ | 42 | ​
​ The recorded investment varies from the unpaid principal balance primarily due to partial charge-offs taken resulting from current appraisals received. The amount recognized as interest income on impaired loans continuing to accrue interest, primarily related to troubled debt restructurings, was $40,000 for the three months ended March 31, 2021 compared to $42,000 for the three months ended March 31, 2020. The average recorded investment in impaired loans is calculated on a monthly basis during the periods reported. Delinquent and Non-Accrual Loans The delinquency status of loans is determined based on the contractual terms of the notes. Borrowers are generally classified as delinquent once payments become 30 days or more past due. The Company’s policy is to discontinue the accrual of interest income on any loan when, in the opinion of management, the ultimate collectability of interest or principal is no longer probable. In general, loans are placed on non-accrual when they become 90 days or more past due. However, management considers many factors before placing a loan on non-accrual, including the delinquency status of the loan, the overall financial condition of the borrower, the progress of management’s collection efforts and the value of the underlying collateral. Subsequent interest payments received on non-accrual loans are applied to principal if any doubt exists as to the collectability of such principal; otherwise, such receipts are recorded as interest income on a cash basis. Non-accrual loans are returned to accrual status when, in the opinion of management, the financial condition of the borrower indicates that the timely collectability of interest and principal is probable and the borrower demonstrates the ability to pay under the terms of the note through a sustained period of repayment performance, which is generally six months. The following table provides aging information for the Company’s past due and non-accrual loans at March 31, 2021 and December 31, 2020. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Current or |  | ​ | ​ |  | 90 Days |  | ​ | ​ |  | ​ | ​
​ | ​ | Less Than | ​ | ​ | ​ | ​ | Past Due | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 30 Days | ​ | 30 - 89 Days | ​ | And Still | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) | ​ | Past Due | ​ | Past Due | ​ | Accruing | ​ | Non-Accrual | ​ | Total
March 31, 2021 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Commercial, Financial, and Agricultural | ​ | $ | 245,019 | ​ | $ | 333 | ​ | $ | — | ​ | $ | 6,591 | ​ | $ | 251,943
Real estate construction − residential | ​ |  | 33,773 | ​ |  | — | ​ |  | — | ​ |  | 189 | ​ |  | 33,962
Real estate construction − commercial | ​ |  | 78,378 | ​ |  | — | ​ |  | — | ​ |  | 198 | ​ |  | 78,576
Real estate mortgage − residential | ​ |  | 255,172 | ​ |  | 1,170 | ​ |  | — | ​ |  | 1,917 | ​ |  | 258,259
Real estate mortgage − commercial | ​ |  | 602,502 | ​ |  | 367 | ​ |  | — | ​ |  | 25,309 | ​ |  | 628,178
Installment and Other Consumer | ​ |  | 25,181 | ​ |  | 57 | ​ |  | — | ​ |  | 29 | ​ |  | 25,267
Total | ​ | $ | 1,240,025 | ​ | $ | 1,927 | ​ | $ | — | ​ | $ | 34,233 | ​ | $ | 1,276,185
December 31, 2020 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Commercial, Financial, and Agricultural | ​ | $ | 265,821 | ​ | $ | 380 | ​ | $ | — | ​ | $ | 6,717 | ​ | $ | 272,918
Real estate construction − residential | ​ |  | 29,500 | ​ |  | — | ​ |  | — | ​ |  | 192 | ​ |  | 29,692
Real estate construction − commercial | ​ |  | 77,944 | ​ |  | — | ​ |  | — | ​ |  | 200 | ​ |  | 78,144
Real estate mortgage − residential | ​ |  | 259,688 | ​ |  | 546 | ​ |  | — | ​ |  | 2,105 | ​ |  | 262,339
Real estate mortgage − commercial | ​ |  | 591,815 | ​ |  | 4 | ​ |  | — | ​ |  | 25,314 | ​ |  | 617,133
Installment and Other Consumer | ​ |  | 26,576 | ​ |  | 117 | ​ |  | 17 | ​ |  | 31 | ​ |  | 26,741
Total | ​ | $ | 1,251,344 | ​ | $ | 1,047 | ​ | $ | 17 | ​ | $ | 34,559 | ​ | $ | 1,286,967
​ The Company's past due and non-accrual loans at March 31, 2021 and December 31, 2020 do not include $43.5 million and $57.1 million of loans accepting forbearance under the CARES Act, respectively. Their delinquency status will not change through the forbearance period as they are fulfilling the agreement they have made with the Company. Of the total remaining $72.8 million loan modifications under the CARES Act, $29.3 million, are on nonaccrual status at March 31, 2021. ​ Credit Quality The Company categorizes loans into risk categories based upon an internal rating system reflecting management’s risk assessment. Loans are placed on watch status when one or more weaknesses are identified that may result in the borrower being unable to meet repayment terms or the Company’s credit position could deteriorate at some future date. Loans classified as substandard are inadequately protected by the current sound worth and paying capacity of the obligor or by the collateral pledged, if any. Loans so classified may have a well-defined weakness or weaknesses that jeopardize the repayment of the debt. Such loans are characterized by the distinct possibility that the Company may sustain some loss if the deficiencies are not corrected. A loan is classified as a troubled debt restructuring (TDR) when a borrower is experiencing financial difficulties that lead to the restructuring of a loan, and the Company grants concessions to the borrower in the restructuring that it would not otherwise consider. Loans classified as TDRs that are accruing interest are classified as performing TDRs. Loans classified as TDRs, that are not accruing interest are classified as nonperforming TDRs and are included with all other nonaccrual loans for presentation purposes. It is the Company’s policy to discontinue the accrual of interest income on loans when management believes that the collection of interest or principal is doubtful. The following table presents the risk categories by class at March 31, 2021 and December 31, 2020. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Commercial, |  | Real Estate |  | Real Estate |  | Real Estate |  | Real Estate |  | Installment |  | ​ | ​
​ | ​ | Financial, & | ​ | Construction - | ​ | Construction - | ​ | Mortgage - | ​ | Mortgage - | ​ | and other | ​ | ​ | ​
(in thousands) | ​ | Agricultural | ​ | Residential | ​ | Commercial | ​ | Residential | ​ | Commercial | ​ | Consumer | ​ | Total
At March 31, 2021 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Watch | ​ | $ | 8,675 | ​ | $ | 540 | ​ | $ | 7,013 | ​ | $ | 15,694 | ​ | $ | 71,375 | ​ | $ | — | ​ | $ | 103,297
Substandard | ​ |  | 581 | ​ |  | — | ​ |  | 2,670 | ​ |  | 954 | ​ |  | 1,645 | ​ |  | — | ​ |  | 5,850
Performing TDRs | ​ |  | 817 | ​ |  | — | ​ |  | — | ​ |  | 1,217 | ​ |  | 338 | ​ |  | 42 | ​ |  | 2,414
Non-accrual loans | ​ |  | 6,591 | ​ |  | 189 | ​ |  | 198 | ​ |  | 1,917 | ​ |  | 25,309 | ​ |  | 29 | ​ |  | 34,233
Total | ​ | $ | 16,664 | ​ | $ | 729 | ​ | $ | 9,881 | ​ | $ | 19,782 | ​ | $ | 98,667 | ​ | $ | 71 | ​ | $ | 145,794
At December 31, 2020 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Watch | ​ | $ | 9,649 | ​ | $ | 545 | ​ | $ | 10,806 | ​ | $ | 15,835 | ​ | $ | 66,936 | ​ | $ | — | ​ | $ | 103,771
Substandard | ​ |  | 598 | ​ |  | — | ​ |  | — | ​ |  | 1,002 | ​ |  | 1,662 | ​ |  | — | ​ |  | 3,262
Performing TDRs | ​ |  | 835 | ​ |  | — | ​ |  | — | ​ |  | 1,521 | ​ |  | 343 | ​ |  | 77 | ​ |  | 2,776
Non-accrual loans | ​ |  | 6,717 | ​ |  | 192 | ​ |  | 200 | ​ |  | 2,105 | ​ |  | 25,314 | ​ |  | 31 | ​ |  | 34,559
Total | ​ | $ | 17,799 | ​ | $ | 737 | ​ | $ | 11,006 | ​ | $ | 20,463 | ​ | $ | 94,255 | ​ | $ | 108 | ​ | $ | 144,368
​ Troubled Debt Restructurings At March 31, 2021, loans classified as TDRs totaled $3.3 million, of which $0.9 million were classified as non-performing TDRs and $2.4 million were classified as performing TDRs. At December 31, 2020, loans classified as TDRs totaled $3.7 million, of which $0.9 million were classified as non-performing TDRs and $2.8 million were classified as performing TDRs. Both performing and nonperforming TDRs are considered impaired loans. When an individual loan is determined to be a TDR, the amount of impairment is based upon the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the underlying collateral less applicable selling costs. Accordingly, specific reserves of $172,000 and $214,000 related to TDRs were allocated to the allowance for loan losses at March 31, 2021 and December 31, 2020, respectively. As provided for by the CARES Act, the Company offered payment modifications to borrowers. At March 31, 2021, $72.8 million, or 5.7% of total loans, remained in some form of a modification. These loan modifications include $28.1 million, or 38.5%, on interest only, $39.6 million, or 54.5%, on full deferral and $5.1 million, or 7.0%, with extended amortization. (See table below titled – Loan Modifications under the CARES Act by NAICS Code.) ​ ​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​
​ | ​ | ​ | ​
​ | ​ | Total Remaining Loan Modifications under the CARES Act by NAICS Code as of March 31, 2021 | ​
​ |  | ​ | ​ | ​ | % of | ​ | ​ | ​ | % of | ​ | ​ | ​ | % of | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Total Remaining | Full | Total Remaining | ​ | ​ | ​ | Total Remaining | ​ | ​ | ​
​ | ​ | Interest | Loan | Deferral | Loan | Extended | Loan | ​ | ​ | ​
Industry Category |  | Only | Modifications | (1) | Modifications | Amortizations | Modifications | Totals
(in thousands) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Real Estate and Rental and Leasing | ​ | $ | 4,521 |  | ​ | 6.2 | % | $ | 5,790 | ​ | ​ | 8.0 | % | $ | 499 | ​ | ​ | 0.7 | % | $ | 10,810 | ​
Accommodations and Food Services | ​ | ​ | 10,590 | ​ | ​ | 14.5 | ​ | ​ | 29,007 | ​ | ​ | 39.8 | ​ | ​ | 4,592 | ​ | ​ | 6.3 | ​ | ​ | 44,189 | ​
Construction | ​ | ​ | 144 | ​ | ​ | 0.2 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 144 | ​
Lands and lots | ​ | ​ | 1,553 | ​ | ​ | 2.1 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,553 | ​
Cinemas | ​ | ​ | 1,086 | ​ | ​ | 1.5 | ​ | ​ | 4,691 | ​ | ​ | 6.4 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 5,777 | ​
Arts, Entertainment, Recreation | ​ | ​ | 10,164 | ​ | ​ | 14.0 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 10,164 | ​
Non-NAICS (Consumer) | ​ | ​ | — | ​ | ​ | 0.0 | ​ | ​ | 161 | ​ | ​ | 0.3 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 161 | ​
Total modifications | ​ | $ | 28,058 | ​ | ​ | 38.5 | % | $ | 39,649 | ​ | ​ | 54.5 | % | $ | 5,091 | ​ | ​ | 7.0 | % | $ | 72,798 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ Remaining loan modifications under the CARES Act as a percent of the total loan portfolio 5.7% ​
| (1) | Of the $39.6 million loan modifications on full deferral, $29.3 million, or 40.3% of the total remaining loan modifications, were determined to be on nonaccrual status as of March 31, 2021.
The following table summarizes loans that were modified as TDRs during the periods indicated. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31,
​ | ​ | 2021 | ​ | 2020
​ | ​ | Recorded Investment (1) | ​ | Recorded Investment (1)
​ | ​ | Number of | ​ | Pre- | ​ | Post- | ​ | Number of | ​ | Pre- | ​ | Post-
(in thousands) |  | Contracts |  | Modification |  | Modification |  | Contracts |  | Modification |  | Modification
Troubled Debt Restructurings |  |  |  | ​ |  |  | ​ |  |  |  |  | ​ |  |  | ​ | ​
Installment and other consumer | ​ | — | ​ | $ | — | ​ | $ | — |  | 1 | ​ | $ | 6 | $ |  | 5
Total |  | — | ​ | $ | — | ​ | $ | — |  | 1 | ​ | $ | 6 | ​ | $ | 5
(1) | The amounts reported post-modification are inclusive of all partial pay-downs and charge-offs, and no portion of the debt was forgiven. Loans modified as a TDR that were fully paid down, charged-off or foreclosed upon during the period ended are not reported.
The Company’s portfolio of loans classified as TDRs include concessions for the borrower given their financial condition such as interest rates below the current market rate, deferring principal payments, and extending maturity dates. There were no loans meeting the TDR criteria that were modified during the three months ended March 31, 2021 and one loan during the three months ended March 31, 2020. The Company considers a TDR to be in default when it is 90 days or more past due under the modified terms, a charge-off occurs, or in the process of foreclosure. There were no loans modified as a TDR that defaulted during any of the three months ended March 31, 2021 and 2020, respectively, and within twelve months of their modification date. See Lending and Credit Management section for further information. Loans Held For Sale The Company designates certain long-term fixed rate personal real estate loans as held for sale, and the Company carries them at the lower of cost or fair value. The loans are primarily sold to Freddie Mac, Fannie Mae, PennyMac, and other various secondary market investors. At March 31, 2021, the carrying amount of these loans was $6.3 million compared to $5.1 million and $4.3 million at December 31, 2020 and March 31, 2020, respectively.

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