Allowance for Credit Losses

3 Months Ended

Mar. 31, 2020

Allowance for Credit Losses

Allowance for Credit Losses

4. Allowance for Credit Losses

The Company maintains an ACL that is deducted from the amortized cost basis of loans and leases to present the net carrying value of loans and leases expected to be collected. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount of loans and leases.

The Company also maintains an estimated reserve for unfunded commitments on the unaudited interim consolidated balance sheets. The reserve for unfunded commitments is reduced in the period in which the OBS financial instruments expire, loan funding occurs, or is otherwise settled.

The U.S. has been operating under a presidentially declared emergency since March 13, 2020 (the “National Emergency”) as a result of COVID-19. On March 27, 2020, the CARES Act was signed into law. The CARES Act creates a forbearance program for federally backed mortgage loans, protects borrowers from negative credit reporting due to loan accommodations related to the National Emergency, and provides financial institutions the option to temporarily suspend certain requirements under GAAP related to TDRs for a limited period of time to account for the effects of COVID-19. Financial institutions accounting for eligible loans under the CARES Act are not required to report such loans as TDRs in accordance with GAAP. In addition, Interagency Statements were issued on March 22, 2020 and April 7, 2020 to encourage financial institutions to work prudently with borrowers and to describe the agencies’ interpretation of how current accounting rules under GAAP apply to certain COVID-19 related modifications. The agencies confirmed with the FASB that short-term modifications (e.g., six months or less) for payment deferrals, fee waivers, extensions of repayment terms, or delays in payment that are insignificant and made on a good faith basis in response to borrowers impacted by COVID-19 who were current prior to any relief are not TDRs under GAAP. The agencies also confirmed that these short-term modifications should not be reported as being on nonaccrual status and should not be considered past due during the period of the deferral.

Rollforward of the Allowance for Credit Losses

The following presents the activity in the ACL by class of loans and leases for the three months ended March 31, 2020:

	Three Months Ended March 31, 2020
	Commercial Lending								Residential Lending
	Commercial		Commercial								Home
	and		Real				Lease		Residential		Equity
(dollars in thousands)	Industrial		Estate		Construction		Financing		Mortgage		Line		Consumer		Unallocated		Total
Allowance for credit losses:
Balance at beginning of period	$	28,975	$	22,325	$	4,844	$	424	$	29,303	$	9,876	$	34,644	$	139	$	130,530
Adoption of ASU No. 2016-13		(16,105)		10,559		(1,803)		207		(2,793)		(4,731)		15,575		(139)		770
Charge-offs		(201)		—		—		—		—		(8)		(8,597)		—		(8,806)
Recoveries		220		—		110		—		135		122		2,083		—		2,670
Increase in Provision		7,995		9,954		5,673		220		3,376		1,297		12,334		—		40,849
Balance at end of period	$	20,884	$	42,838	$	8,824	$	851	$	30,021	$	6,556	$	56,039	$	—	$	166,013

The following presents the activity in the ACL by class of loans and leases for the three months ended March 31, 2019, presented in accordance with Topic 310, Receivables:

	Three Months Ended March 31, 2019
	Commercial Lending
	Commercial		Commercial
	and		Real				Lease
(dollars in thousands)	Industrial		Estate		Construction		Financing		Residential		Consumer		Unallocated		Total
Allowance for credit losses:
Balance at beginning of period	$	34,501	$	19,725	$	5,813	$	432	$	44,906	$	35,813	$	528	$	141,718
Charge-offs		—		—		—		(24)		—		(8,598)		—		(8,622)
Recoveries		37		31		—		—		250		2,452		—		2,770
Increase (decrease) in Provision		(2,745)		1,441		(432)		3		(245)		5,432		2,226		5,680
Balance at end of period	$	31,793	$	21,197	$	5,381	$	411	$	44,911	$	35,099	$	2,754	$	141,546

The disaggregation of the ACL and recorded investment in loans by impairment methodology as of December 31, 2019, presented in accordance with Topic 310, Receivables, was as follows:

	December 31, 2019
	Commercial Lending
	Commercial		Commercial
	and		Real				Lease
(dollars in thousands)	Industrial		Estate		Construction		Financing		Residential		Consumer		Unallocated		Total
Allowance for credit losses:
Individually evaluated for impairment	$	46	$	27	$	—	$	—	$	130	$	—	$	—	$	203
Collectively evaluated for impairment		28,929		22,298		4,844		424		39,049		34,644		139		130,327
Balance at end of period	$	28,975	$	22,325	$	4,844	$	424	$	39,179	$	34,644	$	139	$	130,530
Loans and leases:
Individually evaluated for impairment	$	4,951	$	723	$	—	$	—	$	14,964	$	—	$	—	$	20,638
Collectively evaluated for impairment		2,738,291		3,463,230		519,241		202,483		4,647,211		1,620,556		—		13,191,012
Balance at end of period	$	2,743,242	$	3,463,953	$	519,241	$	202,483	$	4,662,175	$	1,620,556	$	—	$	13,211,650

Rollforward of the Reserve for Unfunded Commitments

The following presents the activity in the Reserve for Unfunded Commitments for the three months ended March 31, 2020:

	Three Months Ended March 31, 2020
	Commercial Lending								Residential Lending
	Commercial		Commercial								Home
	and		Real				Lease		Residential		Equity
(dollars in thousands)	Industrial		Estate		Construction		Financing		Mortgage		Line		Consumer		Total
Reserve for unfunded commitments:
Balance at beginning of period	$	—	$	—	$	—	$	—	$	—	$	—	$	600	$	600
Adoption of ASU No. 2016-13		5,390		778		4,119		—		7		6,587		(581)		16,300
Increase (decrease) in Provision		(599)		(82)		694		—		(6)		340		4		351
Balance at end of period	$	4,791	$	696	$	4,813	$	—	$	1	$	6,927	$	23	$	17,251

Credit Quality Information

The Company performs an internal loan review and grading or scoring procedures on an ongoing basis. The review provides management with periodic information as to the quality of the loan portfolio and effectiveness of the Company’s lending policies and procedures. The objective of the loan review and grading or scoring procedures is to identify, in a timely manner, existing or emerging credit quality issues so that appropriate steps can be initiated to avoid or minimize future losses.

Loans and leases subject to grading primarily include: commercial and industrial loans, commercial real estate loans, construction loans and lease financing. Other loans subject to grading include installment loans to businesses or individuals for business and commercial purposes, overdraft lines of credit, commercial credit cards, and other credits as may be determined. Credit quality indicators for internally graded loans and leases are generally updated on an annual basis or on a quarterly basis for those loans  and leases deemed to be of potentially higher risk.

An internal credit risk rating system is used to determine loan grade and is based on borrower credit risk and transactional risk. The loan grading process is a mechanism used to determine the risk of a particular borrower and is based on the following factors of a borrower: character, earnings and operating cash flow, asset and liability structure, debt capacity, management and controls, borrowing entity, and industry and operating environment.

Pass – “Pass” (uncriticized) loans and leases, are not considered to carry greater than normal risk. The borrower has the apparent ability to satisfy obligations to the Company, and therefore no loss in ultimate collection is anticipated.

Special Mention – Loans and leases that have potential weaknesses deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for assets or in the institution’s credit position at some future date. Special mention assets are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification.

Substandard – Loans and leases that are inadequately protected by the current financial condition and paying capacity of the obligor or by any collateral pledged. Loans and leases so classified must have a well-defined weakness or weaknesses that jeopardize the collection of the debt. They are characterized by the distinct possibility that the bank may sustain some loss if the deficiencies are not corrected.

Doubtful – Loans and leases that have weaknesses found in substandard borrowers with the added provision that the weaknesses make collection of debt in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.

Loss – Loans and leases classified as loss are considered uncollectible and of such little value that their continuance as an asset is not warranted. This classification does not mean that the loan or lease has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be effected in the future.

Loans that are primarily monitored for credit quality using FICO scores include: residential real estate loans, home equity lines and consumer loans. FICO scores are calculated primarily based on a consideration of payment history, the current amount of debt, the length of credit history available, a recent history of new sources of credit and the mix of credit type. FICO scores are updated on a monthly, quarterly or bi-annual basis, depending on the product type.

The amortized cost basis by year of origination and credit quality indicator of the Company's loans and leases as of March 31, 2020 was as follows:

															Revolving
															Loans
															Converted
	Term Loans												Revolving		to Term
	Amortized Cost Basis by Origination Year												Loans		Loans
													Amortized		Amortized
(dollars in thousands)	2020		2019		2018		2017		2016		Prior		Cost Basis		Cost Basis		Total
Commercial Lending
Commercial and Industrial
Risk rating:
Pass	$	96,493	$	364,221	$	294,506	$	86,993	$	72,683	$	210,731	$	1,542,232	$	62,021	$	2,729,880
Special Mention		126		3,490		2,757		360		535		7,064		88,787		256		103,375
Substandard		160		7,456		3,568		1,569		57		5,465		50,830		969		70,074
Other (1)		7,239		18,375		13,894		8,985		3,859		1,247		68,417		—		122,016
Total Commercial and Industrial		104,018		393,542		314,725		97,907		77,134		224,507		1,750,266		63,246		3,025,345
Commercial Real Estate
Risk rating:
Pass		70,775		731,880		577,488		497,579		324,782		1,024,477		47,680		2		3,274,663
Special Mention		—		8,810		17,407		23,558		28,562		27,346		2,999		—		108,682
Substandard		—		24,404		—		—		426		4,325		—		—		29,155
Other (1)		—		—		—		—		—		514		—		—		514
Total Commercial Real Estate		70,775		765,094		594,895		521,137		353,770		1,056,662		50,679		2		3,413,014
Construction
Risk rating:
Pass		15,537		96,333		192,397		99,207		25,151		53,105		25,991		—		507,721
Special Mention		—		—		—		—		—		—		200		—		200
Substandard		—		—		—		2,219		—		1,002		—		—		3,221
Other (1)		2,269		31,408		14,370		6,562		1,735		4,576		—		—		60,920
Total Construction		17,806		127,741		206,767		107,988		26,886		58,683		26,191		—		572,062
Lease Financing
Risk rating:
Pass		49,616		73,066		17,998		22,263		5,939		66,866		—		—		235,748
Special Mention		—		287		84		440		—		64		—		—		875
Total Lease Financing		49,616		73,353		18,082		22,703		5,939		66,930		—		—		236,623
Total Commercial Lending	$	242,215	$	1,359,730	$	1,134,469	$	749,735	$	463,729	$	1,406,782	$	1,827,136	$	63,248	$	7,247,044

(continued)

															Revolving
															Loans
															Converted
	Term Loans												Revolving		to Term
	Amortized Cost Basis by Origination Year												Loans		Loans
(continued)													Amortized		Amortized
(dollars in thousands)	2020		2019		2018		2017		2016		Prior		Cost Basis		Cost Basis		Total
Residential Lending
Residential Mortgage
FICO:
740 and greater	$	134,802	$	429,854	$	380,979	$	437,915	$	376,570	$	1,044,890	$	—	$	—	$	2,805,010
680 - 739		28,248		71,374		69,543		69,434		44,492		170,974		—		—		454,065
620 - 679		3,527		13,645		11,235		13,074		11,621		57,611		—		—		110,713
550 - 619		2,012		1,834		3,547		4,096		3,050		13,474		—		—		28,013
Less than 550		—		—		1,206		1,912		966		6,363		—		—		10,447
No Score (3)		11,783		21,987		25,655		26,042		16,592		54,212		—		—		156,271
Other (2)		4,783		20,938		26,627		25,451		12,528		17,524		580		505		108,936
Total Residential Mortgage		185,155		559,632		518,792		577,924		465,819		1,365,048		580		505		3,673,455
Home Equity Line
FICO:
740 and greater		—		—		—		—		—		—		629,818		—		629,818
680 - 739		—		—		—		—		—		—		173,990		—		173,990
620 - 679		—		—		—		—		—		—		58,863		—		58,863
550 - 619		—		—		—		—		—		—		16,863		—		16,863
Less than 550		—		—		—		—		—		—		6,852		—		6,852
No Score (3)		—		—		—		—		—		—		5,312		—		5,312
Total Home Equity Line		—		—		—		—		—		—		891,698		—		891,698
Total Residential Lending		185,155		559,632		518,792		577,924		465,819		1,365,048		892,278		505		4,565,153
Consumer Lending
FICO:
740 and greater		46,781		150,459		128,010		76,608		41,303		17,034		117,149		—		577,344
680 - 739		29,047		124,783		99,908		59,075		29,503		13,332		92,315		—		447,963
620 - 679		11,357		73,221		51,785		35,102		18,932		9,072		49,123		—		248,592
550 - 619		1,679		21,334		23,130		20,105		10,676		6,105		18,624		—		101,653
Less than 550		581		7,625		12,696		12,928		6,832		3,459		7,906		—		52,027
No Score (3)		2,796		6,248		174		151		30		3		37,382		—		46,784
Other (2)		600		9,173		104		2,230		100		6,823		74,680		—		93,710
Total Consumer Lending		92,841		392,843		315,807		206,199		107,376		55,828		397,179		—		1,568,073
Total Loans and Leases	$	520,211	$	2,312,205	$	1,969,068	$	1,533,858	$	1,036,924	$	2,827,658	$	3,116,593	$	63,753	$	13,380,270

(1) Other credit quality indicators used for monitoring purposes are primarily FICO scores.

(2) Other credit quality indicators used for monitoring purposes are primarily internal risk ratings.

(3) No FICO scores are primarily related to loans and leases extended to non-residents.  Loans and leases of this nature are primarily secured by collateral and/or are closely monitored for performance.

There were no loans and leases graded as Loss as of March 31, 2020.

The amortized cost basis of revolving loans that were converted to term loans during the three months ended March 31, 2020 was as follows:

	Three Months Ended
(dollars in thousands)	March 31, 2020
Commercial and industrial	$	28,228
Residential mortgage		296
Total Revolving Loans Converted to Term Loans During the Period	$	28,524

The credit risk profiles by internally assigned grade for loans and leases as of December 31, 2019, presented in accordance with Topic 310, Receivables, were as follows:

	December 31, 2019
	Commercial		Commercial
	and		Real				Lease
(dollars in thousands)	Industrial		Estate		Construction		Financing		Total
Grade:
Pass	$	2,585,908	$	3,327,659	$	515,993	$	201,461	$	6,631,021
Special mention		91,365		106,331		127		1,022		198,845
Substandard		65,969		29,963		3,121		—		99,053
Total	$	2,743,242	$	3,463,953	$	519,241	$	202,483	$	6,928,919

There were no loans and leases graded as Loss as of December 31, 2019.

The credit risk profiles based on payment activity for loans and leases that were not subject to loan grading as of December 31, 2019, presented in accordance with Topic 310, Receivables, were as follows:

	December 31, 2019
(dollars in thousands)	Residential Mortgage		Home Equity Line		Consumer		Consumer - Auto		Credit Cards		Total
Performing	$	3,759,799	$	886,879	$	219,046	$	1,016,142	$	347,264	$	6,229,130
Non-performing and delinquent		9,137		6,360		7,258		24,326		6,520		53,601
Total	$	3,768,936	$	893,239	$	226,304	$	1,040,468	$	353,784	$	6,282,731

Past-Due Status

The Company continually updates its aging analysis for loans and leases to monitor the migration of loans and leases into past due categories. The Company considers loans and leases that are delinquent for 30 days or more to be past due. As of March 31, 2020, the aging analysis of the amortized cost basis of the Company’s past due loans and leases was as follows:

	March 31, 2020
	Past Due												Loans and
					Greater								Leases Past
					Than or								Due 90 Days
	30-59		60-89		Equal to								or More and
	Days		Days		90 Days		Total				Total Loans		Still Accruing
(dollars in thousands)	Past Due		Past Due		Past Due		Past Due		Current		and Leases		Interest
Commercial and industrial	$	6,634	$	1,010	$	4,041	$	11,685	$	3,013,660	$	3,025,345	$	4,007
Commercial real estate		14,204		2,706		757		17,667		3,395,347		3,413,014		757
Construction		6,003		104		2,570		8,677		563,385		572,062		148
Lease financing		—		—		—		—		236,623		236,623		—
Residential mortgage		3,556		2,349		2,671		8,576		3,664,879		3,673,455		82
Home equity line		6,947		1,462		2,566		10,975		880,723		891,698		2,566
Consumer		33,077		6,223		3,353		42,653		1,525,420		1,568,073		3,353
Total	$	70,421	$	13,854	$	15,958	$	100,233	$	13,280,037	$	13,380,270	$	10,913

As of December 31, 2019, the aging analysis of the Company’s past due loans and leases, presented in accordance with Topic 310, Receivables, was as follows:

	December 31, 2019
	Accruing Loans and Leases
					Greater								Total Non
					Than or						Total		Accruing
	30-59		60-89		Equal to		Total				Accruing		Loans
	Days		Days		90 Days		Past				Loans and		and		Total
(dollars in thousands)	Past Due		Past Due		Past Due		Due		Current		Leases		Leases		Outstanding
Commercial and industrial	$	1,525	$	808	$	1,429	$	3,762	$	2,739,448	$	2,743,210	$	32	$	2,743,242
Commercial real estate		1,664		1,125		1,013		3,802		3,460,121		3,463,923		30		3,463,953
Construction		—		—		2,367		2,367		516,874		519,241		—		519,241
Lease financing		—		—		—		—		202,483		202,483		—		202,483
Residential mortgage		3,258		399		74		3,731		3,759,799		3,763,530		5,406		3,768,936
Home equity line		2,971		394		2,995		6,360		886,879		893,239		—		893,239
Consumer		26,810		7,022		4,272		38,104		1,582,452		1,620,556		—		1,620,556
Total	$	36,228	$	9,748	$	12,150	$	58,126	$	13,148,056	$	13,206,182	$	5,468	$	13,211,650

Nonaccrual Loans and Leases

The Company generally places a loan or lease on nonaccrual status when management believes that collection of principal or interest has become doubtful or when a loan or lease becomes 90 days past due as to principal or interest, unless it is well secured and in the process of collection. The Company charges off a loan or lease when facts indicate that the loan or lease is considered uncollectible.

The amortized cost basis of loans and leases on nonaccrual status as of March 31, 2020 and January 1, 2020 and the amortized cost basis of loans and leases on nonaccrual status with no allowance for credit losses as of March 31, 2020 were as follows:

	March 31, 2020				January 1, 2020
	Nonaccrual
	Loans
	and Leases
	With No		Nonaccrual		Nonaccrual
	Allowance		Loans		Loans
(dollars in thousands)	for Credit Losses		and Leases		and Leases
Commercial and industrial	$	—	$	32	$	32
Commercial real estate		—		—		30
Construction		—		2,422		—
Residential mortgage		806		4,472		5,406
Total Nonaccrual Loans and Leases	$	806	$	6,926	$	5,468

For the three months ended March 31, 2020, the Company recognized interest income of nil on nonaccrual loans and leases. Furthermore, for the three months ended March 31, 2020, the amount of accrued interest receivables written off by reversing interest income was not material.

Collateral-Dependent Loans and Leases

Collateral-dependent loans and leases are those for which repayment (on the basis of the Company’s assessment as of the reporting date) is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty. As of March 31, 2020, the amortized cost basis of collateral-dependent loans was $35.1 million. These loans were primarily collateralized by residential real estate property and borrower assets. As of March 31, 2020, the fair value of collateral on substantially all collateral-dependent loans were significantly in excess of their amortized cost basis.

Impaired Loans

The total carrying amounts and the total unpaid principal balances of impaired loans and leases as of December 31, 2019, presented in accordance with Topic 310, Receivables, were as follows:

	December 31, 2019
			Unpaid
	Recorded		Principal		Related
(dollars in thousands)	Investment		Balance		Allowance
Impaired loans with no related allowance recorded:
Commercial and industrial	$	3,825	$	3,841	$	—
Commercial real estate		30		30		—
Residential mortgage		10,425		10,718		—
Total	$	14,280	$	14,589	$	—
Impaired loans with a related allowance recorded:
Commercial and industrial	$	1,126	$	1,126	$	46
Commercial real estate		693		693		27
Residential mortgage		4,539		4,819		130
Total	$	6,358	$	6,638	$	203
Total impaired loans:
Commercial and industrial	$	4,951	$	4,967	$	46
Commercial real estate		723		723		27
Residential mortgage		14,964		15,537		130
Total	$	20,638	$	21,227	$	203

The following table provides information with respect to the Company’s average balances, and of interest income recognized from, impaired loans for the three months ended March 31, 2019, presented in accordance with Topic 310, Receivables:

	Three Months Ended
	March 31, 2019
	Average		Interest
	Recorded		Income
(dollars in thousands)	Investment		Recognized
Impaired loans with no related allowance recorded:
Commercial and industrial	$	3,418	$	29
Commercial real estate		4,102		171
Residential mortgage		8,666		100
Total	$	16,186	$	300
Impaired loans with a related allowance recorded:
Commercial and industrial	$	5,978	$	108
Commercial real estate		723		10
Residential mortgage		7,156		96
Total	$	13,857	$	214
Total impaired loans:
Commercial and industrial	$	9,396	$	137
Commercial real estate		4,825		181
Residential mortgage		15,822		196
Total	$	30,043	$	514

Modifications

Commercial and industrial loans modified in a TDR may involve temporary interest-only payments, term extensions, and converting revolving credit lines to term loans. Modifications of commercial real estate and construction loans in a TDR may involve reducing the interest rate for the remaining term of the loan, extending the maturity date at an interest rate lower than the current market rate for new debt with similar risk, or substituting or adding a new borrower or guarantor. Modifications of construction loans in a TDR may also involve extending the interest-only payment period. Interest continues to accrue on the missed payments and as a result, the effective yield on the loan remains unchanged. As the forbearance period usually involves an insignificant payment delay, lease financing modifications typically do not meet the reporting criteria for a TDR. Residential real estate loans modified in a TDR may be comprised of loans where monthly payments are lowered to accommodate the borrowers' financial needs for a period of time, normally two years. Generally,

consumer loans are not classified as a TDR as they are normally charged off upon reaching a predetermined delinquency status that ranges from 120 to 180 days and varies by product type.

Loans modified in a TDR may already be on nonaccrual status and in some cases partial charge-offs may have already been taken against the outstanding loan balance. Loans modified in a TDR are evaluated for impairment. As a result, this may have a financial effect of increasing the specific ACL associated with the loan. An ACL for impaired commercial loans, including commercial real estate and construction loans, that have been modified in a TDR is measured based on the present value of expected future cash flows discounted at the loan's effective interest rate or if the loan is collateral dependent, the estimated fair value of the collateral, less any selling costs. An ACL for impaired residential real estate loans that have been modified in a TDR is measured based on the estimated fair value of the collateral, less any selling costs. Management exercises significant judgment in developing these estimates.

The following presents, by class, information related to loans modified in a TDR during the three months ended March 31, 2020 and 2019:

	Three Months Ended					Three Months Ended
	March 31, 2020					March 31, 2019
	Number of	Recorded		Related		Number of	Recorded		Related
(dollars in thousands)	Contracts	Investment(1)		Allowance		Contracts	Investment(1)		Allowance
Commercial and industrial	1	$	500	$	30	4	$	916	$	24
Residential mortgage	—		—		—	1		352		14
Total	1	$	500	$	30	5	$	1,268	$	38

(1) The recorded investment balances reflect all partial paydowns and charge-offs since the modification date and do not include TDRs that have been fully paid off, charged off, or foreclosed upon by the end of the period.

The above loans were modified in a TDR through an extension of maturity dates, temporary interest-only payments, reduced payments, or below-market interest rates.

The Company had commitments to extend credit, standby letters of credit, and commercial letters of credit totaling $5.9 billion and $6.1 billion as of March 31, 2020 and December 31, 2019. Of the $5.9 billion at March 31, 2020, there were commitments of $2.0 million related to borrowers who had loan terms modified in a TDR. Of the $6.1 billion at December 31, 2019, there were commitments of $4.5 million related to borrowers who had loan terms modified in a TDR.

There were no loans modified in TDRs that have defaulted in the current period within 12 months of their permanent modification dates during both the three months ended March 31, 2020 and 2019.

Foreclosure Proceedings

As of both March 31, 2020 and December 31, 2019, there was one residential mortgage loan collateralized by real estate property of $0.3 million that was modified in a TDR that was in process of foreclosure.

Foreclosed Property

As of March 31, 2020, residential real estate property held from one foreclosed residential real estate loan was held and included in other real estate owned and repossessed personal property with a carrying value of $0.2 million on the consolidated balance sheet. As of December 31, 2019, residential real estate properties from two foreclosed residential real estate loans were held and included in other real estate owned and repossessed personal property with a carrying value of $0.3 million on the consolidated balance sheet.