CREDIT QUALITY ASSESSMENT

12 Months Ended

Dec. 31, 2023

Credit Loss [Abstract]

CREDIT QUALITY ASSESSMENT

CREDIT QUALITY ASSESSMENT

Allowance for Credit Losses - Loans

Summary information on the allowance for credit loss activity for the years ended December 31 is provided in the following table:

(In thousands)	2023		2022		2021
Balance at beginning of year	$	136,242	$	109,145	$	165,367
Provision/ (credit) for credit losses - loans	(13,894)		26,680		(45,556)
Loans charge-offs	(2,614)		(1,105)		(12,313)
Loans recoveries	1,131		1,522		1,647
Net (charge-offs)/ recoveries	(1,483)		417		(10,666)
Balance at period end	$	120,865	$	136,242	$	109,145

The following table provides summary information regarding collateral dependent loans individually evaluated for credit loss at the dates indicated:

(In thousands)	2023		2022
Collateral dependent loans individually evaluated for credit loss with an allowance	$	72,179	$	9,743
Collateral dependent loans individually evaluated for credit loss without an allowance	15,989		16,454
Total individually evaluated collateral dependent loans	$	88,168	$	26,197
Allowance for credit losses related to loans evaluated individually	$	24,000	$	6,902
Allowance for credit losses related to loans evaluated collectively	96,865		129,340
Total allowance for credit losses - loans	$	120,865	$	136,242

The following tables provide information on the activity in the allowance for credit losses by the respective loan portfolio segment for the years ended December 31:

	2023
	Commercial Real Estate												Residential Real Estate
(In thousands)	Commercial Investor R/E			Commercial Owner- Occupied R/E			Commercial AD&C			Commercial Business			Residential Mortgage			Residential Construction			Consumer			Total
Balance as of December 31, 2022	$	64,737		$	11,646		$	18,646		$	28,027		$	9,424		$	1,337		$	2,425		$	136,242
Provision/ (credit) for credit losses - loans	(3,323)			(4,215)			(10,359)			4,051			(488)			(608)			1,048			(13,894)
Charge-offs	—			—			—			(449)			(160)			—			(2,005)			(2,614)
Recoveries	25			105			—			303			114			—			584			1,131
Net (charge-offs)/ recoveries	25			105			—			(146)			(46)			—			(1,421)			(1,483)
Balance at end of period	$	61,439		$	7,536		$	8,287		$	31,932		$	8,890		$	729		$	2,052		$	120,865
Total loans	$	5,104,425		$	1,755,235		$	988,967		$	1,504,880		$	1,474,521		$	121,419		$	417,542		$	11,366,989
Allowance for credit losses on loans to total loans ratio	1.20		%	0.43		%	0.84		%	2.12		%	0.60		%	0.60		%	0.49		%	1.06		%
Average loans	$	5,133,279		$	1,766,839		$	1,023,669		$	1,440,382		$	1,380,496		$	187,599		$	421,963		$	11,354,227
Net charge-offs/ (recoveries) to average loans	—		%	(0.01)		%	—		%	0.01		%	—		%	—		%	0.34		%	0.01		%
Balance of loans individually evaluated for credit loss	$	72,218		$	4,640		$	1,259		$	10,051		$	—		$	—		$	—		$	88,168
Allowance related to loans evaluated individually	$	15,353		$	1,159		$	102		$	7,386		$	—		$	—		$	—		$	24,000
Individual allowance to loans evaluated individually ratio	21.26		%	24.98		%	8.10		%	73.49		%	—		%	—		%	—		%	27.22		%
Contractual balance of individually evaluated loans	$	72,712		$	5,623		$	1,270		$	11,500		$	—		$	—		$	—		$	91,105
Balance of loans collectively evaluated for credit loss	$	5,032,207		$	1,750,595		$	987,708		$	1,494,829		$	1,474,521		$	121,419		$	417,542		$	11,278,821
Allowance related to loans evaluated collectively	$	46,086		$	6,377		$	8,185		$	24,546		$	8,890		$	729		$	2,052		$	96,865
Collective allowance to loans evaluated collectively ratio	0.92		%	0.36		%	0.83		%	1.64		%	0.60		%	0.60		%	0.49		%	0.86		%

	2022
	Commercial Real Estate												Residential Real Estate
(In thousands)	Commercial Investor R/E			Commercial Owner- Occupied R/E			Commercial AD&C			Commercial Business			Residential Mortgage			Residential Construction			Consumer			Total
Balance as of December 31, 2021	$	45,289		$	11,687		$	20,322		$	23,170		$	5,384		$	1,048		$	2,245		$	109,145
Provision/ (credit) for credit losses - loans	19,128			(90)			(1,676)			4,774			4,093			281			170			26,680
Charge-offs	—			—			—			(716)			(155)			—			(234)			(1,105)
Recoveries	320			49			—			799			102			8			244			1,522
Net (charge-offs)/ recoveries	320			49			—			83			(53)			8			10			417
Balance at end of period	$	64,737		$	11,646		$	18,646		$	28,027		$	9,424		$	1,337		$	2,425		$	136,242
Total loans	$	5,130,094		$	1,775,037		$	1,090,028		$	1,455,885		$	1,287,933		$	224,772		$	432,957		$	11,396,706
Allowance for credit losses on loans to total loans ratio	1.26		%	0.66		%	1.71		%	1.93		%	0.73		%	0.59		%	0.56		%	1.20		%
Average loans	$	4,681,607		$	1,730,293		$	1,112,936		$	1,351,906		$	1,117,053		$	221,341		$	423,746		$	10,638,882
Net charge-offs/ (recoveries) to average loans	(0.01)		%	—		%	—		%	(0.01)		%	—		%	—		%	—		%	—		%
Balance of loans individually evaluated for credit loss	$	9,943		$	6,155		$	—		$	8,274		$	1,487		$	—		$	338		$	26,197
Allowance related to loans evaluated individually	$	134		$	1,261		$	—		$	5,507		$	—		$	—		$	—		$	6,902
Individual allowance to loans evaluated individually ratio	1.35		%	20.49		%	—		%	66.56		%	—		%	—		%	—		%	26.35		%
Contractual balance of individually evaluated loans	$	10,882		$	6,849		$	—		$	9,893		$	1,487		$	—		$	364		$	29,475
Balance of loans collectively evaluated for credit loss	$	5,120,151		$	1,768,882		$	1,090,028		$	1,447,611		$	1,286,446		$	224,772		$	432,619		$	11,370,509
Allowance related to loans evaluated collectively	$	64,603		$	10,385		$	18,646		$	22,520		$	9,424		$	1,337		$	2,425		$	129,340
Collective allowance to loans evaluated collectively ratio	1.26		%	0.59		%	1.71		%	1.56		%	0.73		%	0.59		%	0.56		%	1.14		%

The following table presents average principal balance of total non-accrual loans and contractual interest due on non-accrual loans for the periods indicated below:

	2023
	Commercial Real Estate								Residential Real Estate						Total
(In thousands)	Commercial Investor R/E		Commercial Owner- Occupied R/E		Commercial AD&C		Commercial Business		Residential Mortgage		Residential Construction		Consumer
Average non-accrual loans for the period	$	28,650	$	4,795	$	812	$	9,640	$	10,547	$	223	$	4,146	$	58,813
Contractual interest income due on non-accrual loans during the period	$	760	$	298	$	41	$	716	$	432	$	6	$	299	$	2,552

	2022
	Commercial Real Estate								Residential Real Estate						Total
(In thousands)	Commercial Investor R/E		Commercial Owner- Occupied R/E		Commercial AD&C		Commercial Business		Residential Mortgage		Residential Construction		Consumer
Average non-accrual loans for the period	$	11,892	$	7,314	$	617	$	7,768	$	7,769	$	21	$	5,811	$	41,192
Contractual interest income due on non-accrual loans during the period	$	713	$	106	$	30	$	491	$	319	$	1	$	349	$	2,009

There was no interest income recognized on non-accrual loans during the year ended December 31, 2023. See Note 1 for additional information on the Company's policies for non-accrual loans. Loans designated as non-accrual have all previously accrued but unpaid interest reversed from interest income. During the year ended December 31, 2023, new loans placed on non-accrual status totaled $81.9 million and the related amount of reversed uncollected accrued interest was $1.1 million.

Credit Quality

The following tables provide information on the credit quality of the loan portfolio by segment at December 31 for the years indicated:

	2023
	Commercial Real Estate								Residential Real Estate
(In thousands)	Commercial Investor R/E		Commercial Owner- Occupied R/E		Commercial AD&C		Commercial Business		Residential Mortgage		Residential Construction		Consumer		Total
Analysis of non-accrual loan activity:
Balance at beginning of period	$	9,943	$	5,019	$	—	$	7,322	$	7,439	$	—	$	5,059	$	34,782
Loans placed on non-accrual	62,725		—		2,111		6,271		7,871		449		2,450		81,877
Non-accrual balances transferred to OREO	—		—		—		—		—		—		—		—
Non-accrual balances charged-off	—		—		—		(441)		(160)		—		(1,757)		(2,358)
Net payments or draws	(14,010)		(379)		(852)		(2,588)		(1,667)		(6)		(1,528)		(21,030)
Non-accrual loans brought current	—		—		—		(513)		(1,151)		—		(122)		(1,786)
Balance at end of period	$	58,658	$	4,640	$	1,259	$	10,051	$	12,332	$	443	$	4,102	$	91,485

	2022
	Commercial Real Estate								Residential Real Estate
(In thousands)	Commercial Investor R/E		Commercial Owner- Occupied R/E		Commercial AD&C		Commercial Business		Residential Mortgage		Residential Construction		Consumer		Total
Analysis of non-accrual loan activity:
Balance at beginning of period	$	12,489	$	9,306	$	650	$	8,420	$	8,441	$	55	$	6,725	$	46,086
Loans placed on non-accrual	4,761		2,370		—		1,591		2,593		—		815		12,130
Non-accrual balances transferred to OREO	—		—		—		—		—		—		—		—
Non-accrual balances charged-off	—		—		—		(677)		(151)		—		(32)		(860)
Net payments or draws	(7,307)		(4,366)		(650)		(2,012)		(2,615)		(55)		(2,060)		(19,065)
Non-accrual loans brought current	—		(2,291)		—		—		(829)		—		(389)		(3,509)
Balance at end of period	$	9,943	$	5,019	$	—	$	7,322	$	7,439	$	—	$	5,059	$	34,782

	2023
	Commercial Real Estate								Residential Real Estate
(In thousands)	Commercial Investor R/E		Commercial Owner- Occupied R/E		Commercial AD&C		Commercial Business		Residential Mortgage		Residential Construction		Consumer		Total
Performing loans:
Current	$	5,044,647	$	1,748,449	$	986,859	$	1,494,426	$	1,445,785	$	118,976	$	409,607	$	11,248,749
30-59 days	1,120		2,056		849		383		14,026		2,000		3,298		23,732
60-89 days	—		90		—		—		2,036		—		535		2,661
Total performing loans	5,045,767		1,750,595		987,708		1,494,809		1,461,847		120,976		413,440		11,275,142
Non-performing loans:
Non-accrual loans	58,658		4,640		1,259		10,051		12,332		443		4,102		91,485
Loans greater than 90 days past due	—		—		—		20		342		—		—		362
Restructured loans	—		—		—		—		—		—		—		—
Total non-performing loans	58,658		4,640		1,259		10,071		12,674		443		4,102		91,847
Total loans	$	5,104,425	$	1,755,235	$	988,967	$	1,504,880	$	1,474,521	$	121,419	$	417,542	$	11,366,989

	2022
	Commercial Real Estate								Residential Real Estate
(In thousands)	Commercial Investor R/E		Commercial Owner- Occupied R/E		Commercial AD&C		Commercial Business		Residential Mortgage		Residential Construction		Consumer		Total
Performing loans:
Current	$	5,104,204	$	1,767,875	$	1,090,028	$	1,443,012	$	1,261,878	$	222,144	$	422,989	$	11,312,130
30-59 days	9,735		1,007		—		3,556		11,307		2,628		4,343		32,576
60-89 days	6,212		—		—		41		5,822		—		566		12,641
Total performing loans	5,120,151		1,768,882		1,090,028		1,446,609		1,279,007		224,772		427,898		11,357,347
Non-performing loans:
Non-accrual loans	9,943		5,019		—		7,322		7,439		—		5,059		34,782
Loans greater than 90 days past due	—		—		—		1,002		—		—		—		1,002
Restructured loans	—		1,136		—		952		1,487		—		—		3,575
Total non-performing loans	9,943		6,155		—		9,276		8,926		—		5,059		39,359
Total loans	$	5,130,094	$	1,775,037	$	1,090,028	$	1,455,885	$	1,287,933	$	224,772	$	432,957	$	11,396,706

The credit quality indicators for commercial loans are developed through review of individual borrowers on an ongoing basis. Each borrower is evaluated at least annually with more frequent evaluation of more severely criticized loans. The indicators represent the rating for loans as of the date presented is based on the most recent credit review performed. These credit quality indicators are defined as follows:

Pass - A pass rated credit is not adversely classified because it does not display any of the characteristics for adverse classification.

Special mention - A special mention credit has potential weaknesses that deserve management’s close attention. If uncorrected, such weaknesses may result in deterioration of the repayment prospects or collateral position at some future date. Special mention assets are not adversely classified and do not warrant adverse classification.

Substandard - A substandard loan is inadequately protected by the current net worth and payment capacity of the obligor or of the collateral pledged, if any. Loans classified as substandard generally have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. These loans are characterized by the distinct possibility of loss if the deficiencies are not corrected.

Doubtful - A loan that is classified as doubtful has all the weaknesses inherent in a loan classified as substandard with added characteristics that the weaknesses make collection or liquidation in full highly questionable and improbable, on the basis of currently existing facts, conditions and values.

Loss – Loans classified as a loss are considered uncollectible and of such little value that their continuing to be carried as a loan is not warranted. This classification is not necessarily equivalent to no potential for recovery or salvage value, but rather that it is not appropriate to defer a full write-off even though partial recovery may be effected in the future.

The following tables provide information about credit quality indicators by the year of origination:

	2023
	Term Loans by Origination Year												Revolving
(In thousands)	2023		2022		2021		2020		2019		Prior		Loans		Total
Commercial Investor R/E:
Pass	$	405,740	$	1,395,973	$	1,195,708	$	634,361	$	511,146	$	848,958	$	23,653	$	5,015,539
Special Mention	9,250		—		316		—		—		1,978		—		11,544
Substandard	30,792		465		30,927		—		—		14,410		748		77,342
Doubtful	—		—		—		—		—		—		—		—
Total	$	445,782	$	1,396,438	$	1,226,951	$	634,361	$	511,146	$	865,346	$	24,401	$	5,104,425
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial Owner-Occupied R/E:
Pass	$	136,072	$	361,247	$	318,269	$	238,761	$	235,145	$	428,846	$	5,621	$	1,723,961
Special Mention	406		70		2,240		875		2,267		8,616		—		14,474
Substandard	2,562		3,634		801		343		5,866		3,594		—		16,800
Doubtful	—		—		—		—		—		—		—		—
Total	$	139,040	$	364,951	$	321,310	$	239,979	$	243,278	$	441,056	$	5,621	$	1,755,235
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial AD&C:
Pass	$	334,918	$	288,732	$	178,889	$	28,954	$	—	$	—	$	155,889	$	987,382
Special Mention	—		—		—		—		—		—		—		—
Substandard	1,016		569		—		—		—		—		—		1,585
Doubtful	—		—		—		—		—		—		—		—
Total	$	335,934	$	289,301	$	178,889	$	28,954	$	—	$	—	$	155,889	$	988,967
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial Business:
Pass	$	247,081	$	344,034	$	202,020	$	92,198	$	62,413	$	118,061	$	410,856	$	1,476,663
Special Mention	532		45		180		1,037		1,040		294		3,635		6,763
Substandard	6,725		2,073		2,281		917		1,925		1,571		5,962		21,454
Doubtful	—		—		—		—		—		—		—		—
Total	$	254,338	$	346,152	$	204,481	$	94,152	$	65,378	$	119,926	$	420,453	$	1,504,880
Current period gross charge-offs	$	—	$	9	$	324	$	—	$	—	$	116	$	—	$	449
Residential Mortgage:
Beacon score:
660-850	$	31,853	$	476,631	$	394,414	$	166,387	$	41,473	$	266,927	$	—	$	1,377,685
600-659	781		7,022		18,284		2,009		1,882		24,040		—		54,018
540-599	—		1,545		2,698		2,371		1,891		9,377		—		17,882
less than 540	229		2,042		3,351		2,424		2,533		14,357		—		24,936
Total	$	32,863	$	487,240	$	418,747	$	173,191	$	47,779	$	314,701	$	—	$	1,474,521
Current period gross charge-offs	$	—	$	—	$	43	$	—	$	10	$	107	$	—	$	160
Residential Construction:
Beacon score:
660-850	$	21,975	$	68,273	$	21,897	$	2,478	$	150	$	—	$	—	$	114,773
600-659	1,641		500		1,319		1,500		—		1,243		—		6,203
540-599	443		—		—		—		—		—		—		443
less than 540	—		—		—		—		—		—		—		—
Total	$	24,059	$	68,773	$	23,216	$	3,978	$	150	$	1,243	$	—	$	121,419
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Consumer:
Beacon score:
660-850	$	11,452	$	4,960	$	1,823	$	519	$	1,662	$	24,543	$	333,382	$	378,341
600-659	1,209		192		237		425		209		3,954		12,668		18,894
540-599	24		374		87		47		500		2,868		5,920		9,820
less than 540	384		215		132		50		288		2,803		6,615		10,487
Total	$	13,069	$	5,741	$	2,279	$	1,041	$	2,659	$	34,168	$	358,585	$	417,542
Current period gross charge-offs	$	—	$	20	$	28	$	—	$	15	$	1,735	$	207	$	2,005
Total loans	$	1,245,085	$	2,958,596	$	2,375,873	$	1,175,656	$	870,390	$	1,776,440	$	964,949	$	11,366,989

	2022
	Term Loans by Origination Year												Revolving
(In thousands)	2022		2021		2020		2019		2018		Prior		Loans		Total
Commercial Investor R/E:
Pass	$	1,510,446	$	1,197,504	$	694,756	$	567,247	$	335,103	$	742,405	$	15,242	$	5,062,703
Special Mention	32,661		17,146		468		94		473		4,814		—		$	55,656
Substandard	557		1,896		—		—		8,239		1,043		—		$	11,735
Doubtful	—		—		—		—		—		—		—		$	—
Total	$	1,543,664	$	1,216,546	$	695,224	$	567,341	$	343,815	$	748,262	$	15,242	$	5,130,094
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial Owner-Occupied R/E:
Pass	$	391,340	$	328,657	$	240,738	$	260,114	$	140,841	$	381,386	$	1,167	$	1,744,243
Special Mention	4,567		—		1,301		1,740		2,066		7,323		—		$	16,997
Substandard	3,219		160		133		6,110		2,010		2,165		—		$	13,797
Doubtful	—		—		—		—		—		—		—		$	—
Total	$	399,126	$	328,817	$	242,172	$	267,964	$	144,917	$	390,874	$	1,167	$	1,775,037
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial AD&C:
Pass	$	366,096	$	439,468	$	113,713	$	34,340	$	14,816	$	—	$	119,727	$	1,088,160
Special Mention	1,073		—		—		—		—		—		795		$	1,868
Substandard	—		—		—		—		—		—		—		$	—
Doubtful	—		—		—		—		—		—		—		$	—
Total	$	367,169	$	439,468	$	113,713	$	34,340	$	14,816	$	—	$	120,522	$	1,090,028
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial Business:
Pass	$	330,598	$	223,245	$	95,787	$	105,922	$	77,891	$	78,009	$	508,839	$	1,420,291
Special Mention	127		458		1,107		7,787		498		322		13,225		$	23,524
Substandard	2,902		1,611		1,094		2,030		449		2,121		1,863		$	12,070
Doubtful	—		—		—		—		—		—		—		$	—
Total	$	333,627	$	225,314	$	97,988	$	115,739	$	78,838	$	80,452	$	523,927	$	1,455,885
Current period gross charge-offs	$	174	$	—	$	—	$	—	$	138	$	404	$	—	$	716
Residential Mortgage:
Beacon score:
660-850	$	330,109	$	344,062	$	171,330	$	41,883	$	51,651	$	262,570	$	—	$	1,201,605
600-659	4,571		6,196		1,173		3,925		6,041		24,006		—		$	45,912
540-599	369		4,013		1,439		1,256		1,931		6,945		—		$	15,953
less than 540	1,860		3,036		2,892		3,822		2,347		10,506		—		$	24,463
Total	$	336,909	$	357,307	$	176,834	$	50,886	$	61,970	$	304,027	$	—	$	1,287,933
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	24	$	131	$	—	$	155
Residential Construction:
Beacon score:
660-850	$	131,259	$	75,844	$	12,133	$	150	$	1,432	$	1,245	$	—	$	222,063
600-659	908		373		—		—		—		—		—		$	1,281
540-599	609		—		—		—		—		—		—		$	609
less than 540	—		819		—		—		—		—		—		$	819
Total	$	132,776	$	77,036	$	12,133	$	150	$	1,432	$	1,245	$	—	$	224,772
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Consumer:
Beacon score:
660-850	$	6,689	$	2,346	$	1,201	$	2,147	$	2,047	$	23,170	$	359,468	$	397,068
600-659	658		467		59		198		664		5,459		11,269		$	18,774
540-599	123		56		—		465		316		2,802		3,824		$	7,586
less than 540	156		57		40		133		209		2,918		6,016		$	9,529
Total	$	7,626	$	2,926	$	1,300	$	2,943	$	3,236	$	34,349	$	380,577	$	432,957
Current period gross charge-offs	$	—	$	5	$	15	$	—	$	13	$	20	$	181	$	234
Total loans	$	3,120,897	$	2,647,414	$	1,339,364	$	1,039,363	$	649,024	$	1,559,209	$	1,041,435	$	11,396,706

Modifications to Borrowers Experiencing Financial Difficulty (after the adoption of ASU 2022-02)

Effective January 1, 2023, the Company adopted provisions of ASU 2022-02 that eliminated accounting, classification and disclosures of loans modified into troubled debt restructurings.

As a part of our risk management practices, we may consider modifying a loan for a borrower experiencing a financial difficulty that provides a certain degree of a payment relief. Modification types primarily include a reduction in the interest rate or an extension of the existing term. We do not provide modifications that result in the reduction of the outstanding principal balance.

The following table presents the amount of the loans modified during the year ended December 31, 2023 to borrowers experiencing financial difficulty, disaggregated by the loan portfolio segment, type of modification granted and the financial effect of loans modified:

	For the Year Ended December 31, 2023
	Interest rate reduction		Term extension		Rate reduction & Term extension		Total				Interest rate reduction		Term extension
(in thousands)	Amount		Amount		Amount		Amount		% of total loan segment		Weighted Average		Weighted Average
Commercial Investor R/E	$	28,970	$	9,778	$	13,560	$	52,308	1.0	%	1.5	%	15 Months
Commercial Owner-Occupied R/E	—		2,808		—		2,808		0.2	%	—	%	14 Months
Commercial AD&C	—		1,016		—		1,016		0.1	%	—	%	9 Months
Commercial Business	233		5,496		—		5,729		0.4	%	0.3	%	14 Months
All Other loans	—		—		—		—		—	%	—	%	—
Total	$	29,203	$	19,098	$	13,560	$	61,861	0.5	%

Unfunded loan commitments on modifications for borrowers experiencing financial difficulty totaled $2.8 million at December 31, 2023. These commitments are not included in the table above.

The following table presents the performance of loans that have been modified during the year ended December 31, 2023:

	For the Year Ended December 31, 2023
(in thousands)	Current		30-89 days past due		90+ days past due		Total
Commercial Investor R/E	$	51,560	$	—	$	748	$	52,308
Commercial Owner-Occupied R/E	2,808		—		—		2,808
Commercial AD&C	327		—		689		1,016
Commercial Business	5,408		88		233		5,729
All Other loans	—		—		—		—
Total	$	60,103	$	88	$	1,670	$	61,861

There were three loans with the total outstanding balance of $1.7 million which defaulted (defined as 90 days past due) after the loan was modified during 2023. Two of the loans were granted an interest rate reduction and one of the loans was provided a term extension. All of these loans were non-accrual, collateral-dependent loans at December 31, 2023, and carried total individual reserves of $0.2 million.

Troubled Debt Restructurings (prior to the adoption of ASU 2022-02)

The following table provides the amounts of the restructured loans at the date of restructuring for specific segments of the loan portfolio during the period indicated:

	For the Year Ended December 31, 2022
	Commercial Real Estate
(In thousands)	Commercial Investor R/E		Commercial Owner- Occupied R/E		Commercial AD&C		Commercial Business		All Other Loans		Total
Troubled debt restructurings:
Restructured accruing	$	—	$	—	$	—	$	439	$	—	$	439
Restructured non-accruing	—		—		—		1,269		—		1,269
Balance	$	—	$	—	$	—	$	1,708	$	—	$	1,708
Specific allowance	$	—	$	—	$	—	$	1,233	$	—	$	1,233
Restructured and subsequently defaulted	$	—	$	—	$	—	$	—	$	—	$	—

During the year ended December 31, 2022, the Company restructured $1.7 million in loans that were designated as TDRs. Modifications consisted principally of interest rate concessions. No modifications resulted in the reduction of the principal in the associated loan balances. TDR loans are subject to periodic credit reviews to determine the necessity and appropriateness of an individual credit loss allowance based on the collectability of the recorded investment in the TDR loan. Loans restructured during 2022 had individual reserves of $1.2 million at December 31, 2022.

Other Real Estate Owned

The company had no OREO at December 31, 2023 and $0.6 million at December 31, 2022. There was one consumer mortgage loan secured by residential real estate property totaling $0.6 million, for which formal foreclosure proceedings were in process as of December 31, 2023.