XML 25 R14.htm IDEA: XBRL DOCUMENT v3.20.2
Loan Portfolio and Credit Quality
 6 Months Ended
Jun. 30, 2020
Loans and Leases Receivable Disclosure [Abstract]  
Loan Portfolio and Credit Quality Loan Portfolio and Credit Quality
The Bank’s lending activities are conducted principally in the regions of New England, Northern California, and Southern California. The Bank originates single and multi-family residential loans, commercial real estate loans, commercial and industrial loans, commercial tax-exempt loans, construction and land loans, and home equity and other consumer loans. Most loans are secured by borrowers’ personal or business assets. The ability of the Bank’s single family residential and consumer borrowers to honor their repayment commitments is generally dependent on the level of overall economic conditions within the Bank’s lending areas. Commercial, construction, and land borrowers’ ability to repay is generally dependent upon the health of the economy and real estate values, including the performance of the construction sector. Accordingly, the ultimate collectability of a substantial portion of the Bank’s loan portfolio is susceptible to changing conditions in the New England, Northern California, and Southern California economies and real estate markets.
Beginning in the first quarter of 2020, the Company made a change to the loan portfolio segmentation in which Commercial and industrial and Commercial tax-exempt loans were bifurcated given their different underlying risk characteristics. Beginning in the second quarter of 2020, the Company also added a segment for loans originated under the SBA's Paycheck Protection Program (the "PPP"). For the period ended December 31, 2019, there were no PPP loans as the SBA initiated the program in the first quarter of 2020 in response to the COVID-19 pandemic.
The following table presents a summary of the loan portfolio based on the portfolio segment as of the dates indicated:
 June 30, 2020December 31, 2019
 (In thousands)
Commercial and industrial$565,748  $694,034  
Paycheck Protection Program370,034  —  
Commercial tax-exempt419,264  447,927  
Commercial real estate2,676,708  2,551,274  
Construction and land240,211  225,983  
Residential2,859,627  2,839,155  
Home equity84,588  83,657  
Consumer and other116,774  134,674  
Total$7,332,954  $6,976,704  
The following table presents nonaccrual loans receivable by class of receivable as of the dates indicated:
June 30, 2020December 31, 2019
(In thousands)
Commercial and industrial$3,649  $582  
Commercial real estate5,285  —  
Residential16,394  13,993  
Home equity195  1,525  
Consumer and other81  3  
Total$25,604  $16,103  
The Bank’s policy is to discontinue the accrual of interest on a loan when the collectability of principal or interest is in doubt. In certain instances, although infrequent, loans that have become 90 days or more past due may remain on accrual status if the value of the collateral securing the loan is sufficient to cover principal and interest and the loan is in the process of collection. There was one commercial real estate loan with a balance less than $0.1 million 90 days or more past due, but still accruing, as of June 30, 2020 and no loans 90 days or more past due, but still accruing, as of December 31, 2019. The Bank’s policy for returning a loan to accrual status requires the loan to be brought current and for the client to show a history of making timely payments (generally six consecutive months). For troubled debt restructured loans (“TDRs”), a return to accrual status generally requires timely payments for a period of six months in accordance with the restructured loan terms, along with meeting other criteria.
The following tables show the payment status of loans receivable by class of receivable as of the dates indicated:
June 30, 2020
Accruing Past DueNonaccrual Loans
30-59 Days Past Due 60-89 Days Past DueTotal Accruing Past DueCurrent30-89 Days Past Due90 Days or
Greater
Past Due		Total Non-Accrual LoansCurrent Accruing LoansTotal
Loans
Receivable
(In thousands)
Commercial and industrial$3,058  $43  $3,101  $636  $—  $3,013  $3,649  $558,998  $565,748  
Paycheck Protection Program—  —  —  —  —  —  —  370,034  370,034  
Commercial tax-exempt—  —  —  —  —  —  —  419,264  419,264  
Commercial real estate (1)—  925  975  5,285  —  —  5,285  2,670,448  2,676,708  
Construction and land—  —  —  —  —  —  —  240,211  240,211  
Residential—  747  747  7,473  1,586  7,335  16,394  2,842,486  2,859,627  
Home equity489  251  740  8  139  48  195  83,653  84,588  
Consumer and other7  15  22  1  —  80  81  116,671  116,774  
Total$3,554  $1,981  $5,585  $13,403  $1,725  $10,476  $25,604  $7,301,765  $7,332,954  
______________________
(1) There was one commercial real estate loan with a balance less than $0.1 million that was 90+ days past due and accruing at June 30, 2020. Total accruing past due amount will not sum across for this reason.
December 31, 2019
Accruing Past DueNonaccrual Loans
30-59 Days Past Due60-89 Days Past DueTotal Accruing Past DueCurrent30-89 Days Past Due90 Days or Greater Past DueTotal Non-Accrual LoansCurrent Accruing LoansTotal Loans Receivable
(In thousands)
Commercial and industrial$828  $—  $828  $—  $241  $341  $582  $692,624  $694,034  
Commercial tax-exempt—  —  —  —  —  —  —  447,927  447,927  
Commercial real estate1,420  —  1,420  —  —  —  —  2,549,854  2,551,274  
Construction and land—  —  —  —  —  —  —  225,983  225,983  
Residential19,133  1,038  20,171  9,593  759  3,641  13,993  2,804,991  2,839,155  
Home equity369  —  369  220  148  1,157  1,525  81,763  83,657  
Consumer and other1,008  2,149  3,157  1  —  2  3  131,514  134,674  
Total$22,758  $3,187  $25,945  $9,814  $1,148  $5,141  $16,103  $6,934,656  $6,976,704  
Nonaccrual and delinquent loans are affected by many factors, such as economic and business conditions, interest rates, unemployment levels, and real estate collateral values, among others. In periods of prolonged economic decline, borrowers may become more severely affected over time as liquidity levels decline and the borrower’s ability to continue to make payments deteriorates.
With respect to real estate collateral values, the declines from the peak, as well as the value of the real estate at the time of origination versus the current value, can impact the level of problem loans. For instance, if the loan to value ratio at the time of renewal has increased due to the decline in the real estate value since origination, the loan may no longer meet the Bank’s underwriting standards and may be considered for classification as a problem loan dependent upon a review of risk factors. There could be an increase in these situations as the economic conditions brought on by the COVID-19 pandemic could lead to a decline in collateral values.
Generally when a collateral dependent loan becomes impaired, an updated appraisal of the collateral, if appropriate, is obtained. If the impaired loan has not been upgraded to a performing status within a reasonable amount of time, the Bank will continue to obtain updated appraisals as deemed necessary, especially during periods of declining property values. The COVID-19 pandemic has limited the Bank’s ability to obtain updated appraisals. In lieu of appraisals, the Bank may use other valuation techniques in the short-term. The Bank did not use any alternative valuation techniques in the second quarter of 2020.
The past due status of a loan is determined in accordance with its contractual repayment terms. All loan types are reported past due when one scheduled payment is due and unpaid for 30 days or more.
Credit quality indicators
The Bank uses a risk rating system to monitor the credit quality of its loan portfolio. Loan classifications are assessments made by the Bank of the status of the loans based on the facts and circumstances known to the Bank, including management’s judgment, at the time of assessment. Some or all of these classifications may change in the future if there are unexpected changes in the financial condition of the borrower, including but not limited to, changes resulting from continuing deterioration in employment levels, general business and economic conditions on a national basis or in the local markets in which the Bank operates adversely affecting, among other things, real estate values. Such conditions, as well as other factors which adversely affect borrowers’ ability to service or repay loans, typically result in changes in loan default and charge-off rates, and increased provisions for loan losses, which would adversely affect the Company’s financial performance and financial condition. These circumstances are not entirely foreseeable and, as a result, it may not be possible to accurately reflect them in the Company’s analysis of credit risk. Generally, only commercial loans, including commercial real estate, other commercial and industrial loans, commercial tax-exempt loans, and construction and land loans, are given a numerical grade.
A summary of the rating system used by the Bank is included here from Part II. Item 8. “Financial Statements and Supplementary Data - Note 1: Basis of Presentation and Summary of Significant Accounting Policies,” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, follows:
Pass - All loans graded as pass are considered acceptable credit quality by the Bank and are grouped for purposes of calculating the allowance for loan losses. For residential, home equity and consumer loans, the Bank classifies loans as pass unless there is known information such as delinquency or client requests for modifications which, due to financial difficulty, would then generally result in a risk rating such as special mention or more severe depending on the factors.
Special mention - Loans rated in this category are defined as having potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may, at some future date, result in the deterioration of the repayment prospects for the credit or the Bank’s credit position. These loans are currently protected but have the potential to deteriorate to a substandard rating. For commercial loans, the borrower’s financial performance may be inconsistent or below forecast, creating the possibility of liquidity problems and shrinking debt service coverage. In loans having this rating, the primary source of repayment is still good, but there is increasing reliance on collateral or guarantor support. Collectability of the loan is not yet in jeopardy. In particular, loans in this category are considered more variable than other categories, since they will typically migrate through categories more quickly.
Substandard - Loans rated in this category are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. A substandard credit has a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. Substandard loans may be either still accruing or nonaccruing depending upon the severity of the risk and other factors such as the value of the collateral, if any, and past due status.
Doubtful - Loans rated in this category indicate that collection or liquidation in full on the basis of currently existing facts, conditions, and values, is highly questionable and improbable. Loans in this category are usually on nonaccrual and classified as impaired.
These above credit quality indicators are assigned upon origination with commercial loans reassessed on an annual basis while noncommercial loans are reassessed when the loan becomes past due greater than 90 days or when ad-hoc information becomes available to the loan officer. Further the commercial loan portfolio is subject for selection of an independent review, also on an annual basis. In addition, those loans not considered to be "Pass" rated, are subject to a Loan Committee review on a quarterly basis. Lastly, on an ad-hoc basis as new information becomes available to the loan officer on the credit quality of the borrower, the credit quality indicators are reassessed.
The following tables present the loan portfolio’s credit risk profile by internally assigned grade and class of receivable as of the dates indicated:
June 30, 2020
By Loan Grade or Nonaccrual Status
PassSpecial
Mention 		Accruing
Classified (1)		Nonaccrual
Loans		Total
(In thousands)
Commercial and industrial$513,576  $8,628  $39,895  $3,649  $565,748  
Paycheck Protection Program370,034  —  —  —  370,034  
Commercial tax-exempt408,326  2,460  8,478  —  419,264  
Commercial real estate2,460,827  175,661  34,935  5,285  2,676,708  
Construction and land235,378  4,833  —  —  240,211  
Residential2,839,005  —  4,228  16,394  2,859,627  
Home equity83,343  —  1,050  195  84,588  
Consumer and other116,393  300  —  81  116,774  
Total$7,026,882  $191,882  $88,586  $25,604  $7,332,954  
December 31, 2019
By Loan Grade or Nonaccrual Status
PassSpecial
Mention 		Accruing
Classified (1)		Nonaccrual
Loans		Total
(In thousands)
Commercial and industrial$656,364  $12,101  $24,987  $582  $694,034  
Commercial tax-exempt436,721  7,154  4,052  —  447,927  
Commercial real estate2,495,702  32,014  23,558  —  2,551,274  
Construction and land225,526  457  —  —  225,983  
Residential2,820,909  —  4,253  13,993  2,839,155  
Home equity81,060  —  1,072  1,525  83,657  
Consumer and other134,371  300  —  3  134,674  
Total$6,850,653  $52,026  $57,922  $16,103  $6,976,704  
______________________
(1) Accruing Classified may include both Substandard and Doubtful classifications.
The following table presents the loan portfolio’s credit risk profile by loan origination year and class of receivable as of the dates indicated:
June 30, 2020
Loan Origination Year By Loan Grade or Nonaccrual Status
20202019201820172016PriorRevolvingTotal
(In thousands)
Commercial and industrial
Pass$24,040  $92,841  $72,857  $16,771  $25,701  $57,514  $223,852  $513,576  
Special Mention—  676  963  1,439  —  2,837  2,713  8,628  
Accruing Classified (1)200  4,423  7,455  14,726  1,358  442  11,291  39,895  
Nonaccrual49  161  —  197  —  14  3,228  3,649  
Total$24,289  $98,101  $81,275  $33,133  $27,059  $60,807  $241,084  $565,748  
Paycheck Protection Program
Pass$370,034  $—  $—  $—  $—  $—  $—  $370,034  
Total$370,034  $—  $—  $—  $—  $—  $—  $370,034  
Commercial tax-exempt
Pass$12,665  $15,912  $40,819  $24,606  $107,595  $206,729  $—  $408,326  
Special Mention—  —  —  —  —  2,460  —  2,460  
Accruing Classified (1)—  —  —  3,975  —  4,503  —  8,478  
Total$12,665  $15,912  $40,819  $28,581  $107,595  $213,692  $—  $419,264  
Commercial real estate
Pass$187,358  $481,495  $260,482  $338,837  $393,779  $725,465  $73,411  $2,460,827  
Special Mention20,640  34,666  27,114  790  37,704  54,747  —  175,661  
Accruing Classified (1)1,252  11,536  —  1,179  8,878  12,090  —  34,935  
Nonaccrual—  5,285  —  —  —  —  —  5,285  
Total$209,250  $532,982  $287,596  $340,806  $440,361  $792,302  $73,411  $2,676,708  
Construction and land
Pass$5,937  $61,095  $77,695  $47,276  $16,928  $26,447  $—  $235,378  
Special Mention—  —  4,833  —  —  —  —  4,833  
Total$5,937  $61,095  $82,528  $47,276  $16,928  $26,447  $—  $240,211  
Residential
Pass$332,172  $583,429  $448,630  $459,227  $438,329  $577,218  $—  $2,839,005  
Accruing Classified (1)—  —  —  —  —  4,228  —  4,228  
Nonaccrual—  262  1,084  2,529  —  12,519  —  16,394  
Total$332,172  $583,691  $449,714  $461,756  $438,329  $593,965  $—  $2,859,627  
Home equity
Pass$—  $—  $454  $248  $686  $12,998  $68,957  $83,343  
Accruing Classified (1)—  —  —  —  —  1,050  —  1,050  
Nonaccrual—  —  —  —  —  56  139  195  
Total$—  $—  $454  $248  $686  $14,104  $69,096  $84,588  
Consumer and other
Pass$1,388  $318  $38  $—  $88  $806  $113,755  $116,393  
Special Mention—  —  —  —  —  —  300  300  
Nonaccrual—  —  73  —  —  —  8  81  
Total$1,388  $318  $111  $—  $88  $806  $114,063  $116,774  
Total
Pass$933,594  $1,235,090  $900,975  $886,965  $983,106  $1,607,177  $479,975  $7,026,882  
Special Mention20,640  35,342  32,910  2,229  37,704  60,044  3,013  191,882  
Accruing Classified (1)1,452  15,959  7,455  19,880  10,236  22,313  11,291  88,586  
Nonaccrual49  5,708  1,157  2,726  —  12,589  3,375  25,604  
Total$955,735  $1,292,099  $942,497  $911,800  $1,031,046  $1,702,123  $497,654  $7,332,954  
______________________
(1) Accruing Classified may include both Substandard and Doubtful classifications.
The following tables present, by class of receivable, the balance of impaired loans with and without a related allowance, the associated allowance for those impaired loans with a related allowance, and the total unpaid principal on impaired loans:
As of and for the three and six months ended June 30, 2020
Recorded Investment (1)Unpaid Principal BalanceRelated AllowanceQTD Average Recorded InvestmentYTD Average Recorded InvestmentQTD Interest Income Recognized while ImpairedYTD Interest Income Recognized while Impaired
(In thousands)
With no related allowance recorded:
Commercial and industrial$3,434  $3,456  n/a$1,323  $1,058  $—  $6  
Paycheck Protection Program—  —  n/a—  —  —  —  
Commercial tax-exempt—  —  n/a—  —  —  —  
Commercial real estate6,007  6,122  n/a6,064  3,964  8  17  
Construction and land—  —  n/a—  —  —  —  
Residential16,309  16,569  n/a16,331  15,903  143  260  
Home equity391  391  n/a1,258  1,383  7  10  
Consumer and other—  —  n/a—  —  —  —  
Subtotal$26,141  $26,538  n/a24,976  $22,308  158  $293  
With an allowance recorded:
Commercial and industrial $259  $268  $(161) 265  $273  1  $1  
Paycheck Protection Program—  —  —  —  —  —  —  
Commercial tax-exempt—  —  —  —  —  —  —  
Commercial real estate—  —  —  —  —  —  —  
Construction and land—  —  —  —  —  —  —  
Residential528  528  (60) 530  532  2  6  
Home equity263  263  (18) 267  269  2  4  
Consumer and other—  —  —  —  —  —  —  
Subtotal$1,050  $1,059  $(239) $1,062  $1,074  $5  $11  
Total:
Commercial and industrial$3,693  $3,724  $(161) $1,588  $1,331  $1  $7  
Paycheck Protection Program—  —  —  —  —  —  —  
Commercial tax-exempt—  —  —  —  —  —  —  
Commercial real estate6,007  6,122  —  6,064  3,964  8  17  
Construction and land—  —  —  —  —  —  —  
Residential16,837  17,097  (60) 16,861  16,435  145  266  
Home equity654  654  (18) 1,525  1,652  9  14  
Consumer and other—  —  —  —  —  —  —  
Total$27,191  $27,597  $(239) $26,038  $23,382  $163  $304  
_____________________
(1)Recorded investment represents the client loan balance net of historical charge-offs and historical nonaccrual interest paid, if applicable, which was applied to principal.
As of and for the three and six months ended June 30, 2019
Recorded Investment (1)Unpaid Principal BalanceRelated AllowanceQTD Average Recorded InvestmentYTD Average Recorded InvestmentQTD Interest Income Recognized while ImpairedYTD Interest Income Recognized while Impaired
(In thousands)
With no related allowance recorded:
Commercial and industrial$1,669  $2,616  n/a$1,520  $1,328  $10  $25  
Commercial tax-exempt—  —  n/a—  —  —  —  
Commercial real estate—  —  n/a—  78  —  256  
Construction and land—  —  n/a—  —  —  —  
Residential15,127  15,387  n/a14,079  12,605  103  240  
Home equity2,497  3,059  n/a2,359  2,018  1  1  
Consumer and other—  —  n/a—  —  —  —  
Subtotal$19,293  $21,062  n/a$17,958  $16,029  $114  $522  
With an allowance recorded:
Commercial and industrial$441  $441  $93  $596  $1,036  $4  $20  
Commercial tax-exempt—  —  —  —  —  —  —  
Commercial real estate—  —  —  —  —  —  —  
Construction and land—  —  —  —  —  —  —  
Residential778  778  74  733  752  6  13  
Home equity274  274  24  69  776  1  1  
Consumer and other—  —  —  —  —  —  —  
Subtotal$1,493  $1,493  $191  $1,398  $2,564  $11  $34  
Total:
Commercial and industrial$2,110  $3,057  $93  $2,116  $2,364  $14  $45  
Commercial tax-exempt—  —  —  —  —  —  —  
Commercial real estate—  —  —  —  78  —  256  
Construction and land—  —  —  —  —  —  —  
Residential15,905  16,165  74  14,812  13,357  109  253  
Home equity2,771  3,333  24  2,428  2,794  2  2  
Consumer and other—  —  —  —  —  —  —  
Total$20,786  $22,555  $191  $19,356  $18,593  $125  $556  
_____________________
(1)Recorded investment represents the client loan balance net of historical charge-offs and historical nonaccrual interest paid, if applicable, which was applied to principal.
As of and for the year ended December 31, 2019
Recorded Investment (1)Unpaid Principal BalanceRelated AllowanceAverage Recorded InvestmentInterest Income Recognized while Impaired
(In thousands)
With no related allowance recorded:
Commercial and industrial$470  $553  n/a$1,062  $268  
Commercial tax-exempt—  —  n/a—  —  
Commercial real estate733  733  n/a155  262  
Construction and land—  —  n/a—  —  
Residential15,362  15,622  n/a13,700  636  
Home equity1,557  2,119  n/a2,095  35  
Consumer and other—  —  n/a—  —  
Subtotal$18,122  $19,027  n/a$17,012  $1,201  
With an allowance recorded:
Commercial and industrial$254  $254  $146  $736  $33  
Commercial tax-exempt—  —  —  —  —  
Commercial real estate—  —  —  —  —  
Construction and land—  —  —  —  —  
Residential538  538  67  1,130  23  
Home equity273  273  22  545  4  
Consumer and other—  —  —  —  —  
Subtotal$1,065  $1,065  $235  $2,411  $60  
Total:
Commercial and industrial$724  $807  $146  $1,798  $301  
Commercial tax-exempt—  —  —  —  —  
Commercial real estate733  733  —  155  262  
Construction and land—  —  —  —  —  
Residential15,900  16,160  67  14,830  659  
Home equity1,830  2,392  22  2,640  39  
Consumer and other—  —  —  —  —  
Total$19,187  $20,092  $235  $19,423  $1,261  
_____________________
(1)Recorded investment represents the client loan balance net of historical charge offs and historical nonaccrual interest paid, if applicable, which was applied to principal.
When management determines that it is probable that the Bank will not collect all principal and interest on a loan in accordance with the original loan terms, the loan is designated as impaired.
On March 22, 2020, regulators issued an interagency statement encouraging financial institutions to work with borrowers affected by the COVID-19 pandemic. The interagency statement also provided additional information regarding loan modifications. The regulators indicated they will not criticize institutions for working with borrowers in a safe and sound manner and have indicated that related modifications will not automatically result in a TDR. The regulators also provided supervisory views that loans modified under this program would not be considered past due or nonaccrual.
The regulators view prudent loan modification programs offered to financial institution customers affected by the COVID-19 pandemic as positive and proactive actions that can manage adverse impacts on borrowers, and lead to improved loan performance and reduced credit risk. The statement indicated that short-term modifications made on a good faith basis in response to the COVID-19 pandemic to borrowers who were current prior to any relief are not TDRs.
As of June 30, 2020, 336 residential and home equity loans with a current outstanding principal balance of $214.5 million were processed under this deferment program.
Loans that are designated as impaired require an analysis to determine the amount of impairment, if any. Impairment would be indicated as a result of the carrying value of the loan exceeding either the estimated collateral value, less costs to sell, for collateral dependent loans or the net present value of the projected cash flow, discounted at the loan’s contractual effective interest rate, for loans not considered to be collateral dependent. Generally, shortfalls in the analysis on collateral dependent loans would result in the impairment amount being charged-off to the allowance for loan losses. Shortfalls on cash flow
dependent loans may be carried as specific allocations to the general reserve unless a known loss is determined to have occurred, in which case, such known loss is charged-off.
Loans in the held for sale category are carried at the lower of amortized cost or estimated fair value in the aggregate and are excluded from the allowance for loan losses analysis.
As of June 30, 2020, the Bank has pledged $2.3 billion of loans in a blanket lien agreement with the FHLB. The Bank also has $358.2 million of loans pledged as collateral at the FRB for access to their discount window. As of December 31, 2019, the Bank had pledged $2.5 billion of loans to the FHLB and $395.3 million of loans at the FRB.
The Bank may, under certain circumstances, restructure loans as a concession to borrowers who are experiencing financial difficulty. These loans are outside of the guidelines to not be considered a TDR by recent regulatory guidance. Such loans are classified as TDRs and are included in impaired loans. TDRs typically result from the Bank’s loss mitigation activities which, among other things, could include rate reductions, payment extensions, and/or principal forgiveness. As of June 30, 2020 and December 31, 2019, TDRs totaled $14.8 million and $12.6 million, respectively. As of June 30, 2020, $8.9 million of the $14.8 million in TDRs were on accrual status. As of December 31, 2019, $7.1 million of the $12.6 million in TDRs were on accrual status.
Since all TDR loans are considered impaired loans, they are individually evaluated for impairment. The resulting impairment, if any, would have an impact on the allowance for loan losses as a specific reserve or charge-off. If, prior to the classification as a TDR, the loan was not impaired, there would have been a general reserve on the particular loan. Prior to the adoption of ASU 2016-13 on January 1, 2020, a general or allocated reserve would have been applied. Many loans initially categorized as TDRs are already on nonaccrual status and are already considered impaired. Therefore, there is generally not a material change to the allowance for loan losses when a nonaccruing loan is categorized as a TDR.
The following tables present the balance of TDRs that were restructured or defaulted during the periods indicated:
As of and for the three months ended June 30, 2020
Restructured Current QuarterTDRs that defaulted in the Current Quarter that were restructured in prior twelve months
# of LoansPre- modification recorded investmentPost- modification recorded investment# of LoansPost- modification recorded investment
(In thousands, except number of loans)
Commercial and industrial—  $—  $—  —  $—  
Paycheck Protection Program—  —  —  —  —  
Commercial tax exempt—  —  —  —  —  
Commercial real estate—  —  —  —  —  
Construction and land—  —  —  —  —  
Residential—  —  —  1  1,562  
Home equity—  —  —  —  —  
Consumer and other—  —  —  —  —  
Total—  $—  $—  1  $1,562