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Loans
 3 Months Ended
Mar. 31, 2021
Loans [Abstract]  
Loans
4.
Loans

We estimate the ACL based on relevant available information from both internal and external sources, including historical loss trends, current conditions and forecasts, specific analysis of individual loans, and a review of other relevant and appropriate factors. The allowance process is designed to provide for expected future losses based on our reasonable and supportable (“R&S”) forecast as of the reporting date. Our ACL process is administered by our Risk Management group utilizing a third party software solution, with significant input and ultimate approval from our Executive Enterprise Risk Committee. Further, we have established a CECL Forecast Committee, which includes a cross discipline structure with membership from Executive Management, Risk Management, and Accounting, which approves ACL model assumptions each quarter. Our ACL is comprised of three principal elements: (i) specific analysis of individual loans identified during the review of the loan portfolio, (ii) pooled analysis of loans with similar risk characteristics based on historical experience, adjusted for current conditions, R&S forecasts, and expected prepayments, and (iii) additional allowances based on subjective factors, including local and general economic business factors and trends, portfolio concentrations and changes in the size and/or the general terms of the loan portfolios.

The first ACL element (specific allocations) includes loans that do not share similar risk characteristics and are evaluated on an individual basis. We will typically evaluate on an individual basis loans that are on nonaccrual, commercial loans designated as a TDR, or mortgage and installment TDR loans with a rate concession. When we determine that foreclosure is probable or when repayment is expected to be provided substantially through the operation or sale of underlying collateral, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs. For loans evaluated on an individual basis that are not determined to be collateral dependent, a discounted cash flow analysis is performed to determine expected credit losses.

The second ACL element (pooled analysis) includes loans with similar risk characteristics, which are broken down by segment, class, and risk metric. The Bank’s primary segments of commercial, mortgage, and installment loans are further classified by other relevant attributes, such as collateral type, lien position, occupancy status, amortization method, and balance size. Commercial classes are additionally segmented by risk rating, and mortgage and installment loan classes by credit score tier, which are updated at least semi-annually.

We utilize a discounted cash flow (“DCF”) model to estimate expected future losses for pooled loans. Expected future cash flows are developed from payment schedules over the contractual term, adjusted for forecasted default (probability of default), loss, and prepayment assumptions. We are not required to develop forecasts over the full contractual term of the financial asset or group of financial assets. Rather, for periods beyond which the entity is able to make or obtain R&S forecasts of expected credit losses, we revert to the long term average on a straight line or immediate basis, as determined by the CECL Forecast Committee, and which may vary depending on the economic outlook and uncertainty.

The DCF model for the mortgage and installment pooled loan segments includes using probability of default (“PD”) assumptions that are derived through regression analysis with forecasted US unemployment levels by credit score tier. We review the Bloomberg composite forecast of approximately 50 analysts as well as the FOMC projections in setting the unemployment forecast for the R&S period. The current ACL utilizes a one year R&S forecast followed by immediate reversion to the 30 year average unemployment rate. PD assumptions for the remaining segments are based primarily on historical rates by risk metric as defaults were not strongly correlated with any economic indicator. Loss given default (“LGD”) assumptions for the mortgage loan segment are based on a two year forecast followed by a two year straight line reversion period to the longer term average, while LGD rates for the remaining segments are the historical average for the entire period. Prepayment assumptions represent the two year average rates per segment as calculated through the Bank’s Asset and Liability Management program.

Pooled reserves for the commercial loan segment are calculated using the DCF model with assumptions generally based on historical averages by class and risk rating. Effective risk rating practices allow for strong predictability of defaults and losses over the portfolio’s expected shorter duration, relative to mortgage and installment loans. Our rating system is similar to those employed by state and federal banking regulators.

The third ACL element (additional allocations based on subjective factors) is based on factors that cannot be associated with a specific credit or loan category and reflects our attempt to ensure that the overall ACL appropriately reflects a margin for the imprecision necessarily inherent in the estimates of expected credit losses. We adjust our quantitative model for certain qualitative factors to reflect the extent to which management expects current conditions and R&S forecasts to differ from the conditions that existed for the period over which historical information was evaluated. The qualitative framework reflects changes related to relevant data, such as changes in asset quality trends, portfolio growth and composition, national and local economic factors, credit policy and administration and other factors not considered in the base quantitative model. We utilize a survey completed by business unit management throughout the bank, as well as discussion with the CECL Forecast Committee to establish reserves under the qualitative framework. The current period’s ACL further recognizes inherent risk related to the ongoing COVID-19 pandemic; specifically to the volume of loans on forbearance, commercial loans in high risk industries, and mortgage and installment borrowers with occupations in those high risk industries. Identified high risk industries include: food service, hospitality, entertainment, retail, investment real estate, assisted living, and non-owner occupied office.

An analysis of the ACL by portfolio segment for the three month periods ended March 31, follows:

  
Commercial
    
Mortgage
    
Installment
    
Subjective
Allocation
    
Total
  
   
(In thousands)
  
2021
                              
Balance at beginning of period
  
$
7,401
    
$
6,998
    
$
1,112
    
$
19,918
    
$
35,429
  
Additions (deductions)
                                        
Impact of adoption of ASC 326
    
2,551
      
12,000
      
3,052
      
(6,029
)
    
11,574
  
Provision for credit losses
    
(676
)
    
(620
)
    
(87
)
    
909
      
(474
)
Initial allowance on loans purchased with credit deterioration
    
95
      
18
      
21
      
-
      
134
  
Recoveries credited to the allowance
    
159
      
212
      
177
      
-
      
548
  
Loans charged against the allowance
    
-
      
(160
)
    
(296
)
    
-
      
(456
)
Balance at end of period
  
$
9,530
    
$
18,448
    
$
3,979
    
$
14,798
    
$
46,755
  
                                         
2020
                                        
Balance at beginning of period
  
$
7,922
    
$
8,216
    
$
1,283
    
$
8,727
    
$
26,148
  
Additions (deductions)
                                        
Provision for credit losses (1)
    
2,218
      
(508
)
    
129
      
4,882
      
6,721
  
Recoveries credited to the allowance
    
108
      
117
      
174
      
-
      
399
  
Loans charged against the allowance
    
(36
)
    
(409
)
    
(328
)
    
-
      
(773
)
Balance at end of period
  
$
10,212
    
$
7,416
    
$
1,258
    
$
13,609
    
$
32,495
  

(1)
Beginning January 1, 2021, calculation is based on CECL methodology. Prior to January 1, 2021, calculation was based on the probable incurred loss methodology.


The ACL and recorded investment in loans by portfolio segment at December 31, 2020 follows (1):

  
Commercial
    
Mortgage
    
Installment
    
Subjective
Allocation
    
Total
  
   
(In thousands)
  
December 31, 2020
                              
ACL:
                              
Individually evaluated for impairment
  
$
1,266
    
$
4,124
    
$
191
    
$
-
    
$
5,581
  
Collectively evaluated for impairment
    
6,135
      
2,874
      
921
      
19,918
      
29,848
  
Loans acquired with deteriorated credit quality
    
-
      
-
      
-
      
-
      
-
  
Total ending ACL
  
$
7,401
    
$
6,998
    
$
1,112
    
$
19,918
    
$
35,429
  
                                         
Loans
                                        
Individually evaluated for impairment
  
$
9,431
    
$
39,245
    
$
1,996
            
$
50,672
  
Collectively evaluated for impairment
    
1,236,052
      
980,449
      
474,379
              
2,690,880
  
Loans acquired with deteriorated credit quality
    
468
      
410
      
147
              
1,025
  
Total loans recorded investment
    
1,245,951
      
1,020,104
      
476,522
              
2,742,577
  
Accrued interest included in recorded investment
    
3,536
      
4,178
      
1,185
              
8,899
  
Total loans
  
$
1,242,415
    
$
1,015,926
    
$
475,337
            
$
2,733,678
  

(1)
Beginning January 1, 2021, calculation is based on CECL methodology. Prior to January 1, 2021, calculation was based on the probable incurred loss methodology.

Loans on non-accrual status and past due more than 90 days (“Non-performing Loans”) follow:

  
March 31, 2021
        
   
Non- Accrual
    
Non-Accrual
                      
December 31,
2020
  
   
with no
Allowance for
Credit Loss
    
with an
Allowance for
Credit Loss
    
Total
Non-Accrual
    
90+ and Still
Accruing
    
Total
Non-Performing
Loans
    
Total
Non-Performing
Loans (1)
  
               
(In thousands)
                    
Commercial
                                    
Commercial and industrial (2)
  
$
74
    
$
1,246
    
$
1,320
    
$
-
    
$
1,320
    
$
1,387
  
Commercial real estate
    
-
      
-
      
-
      
-
      
-
      
-
  
Mortgage
                                                
1-4 family owner occupied - jumbo
    
619
      
-
      
619
      
-
      
619
      
623
  
1-4 family owner occupied - non-jumbo (3)
    
-
      
1,982
      
1,982
      
-
      
1,982
      
2,281
  
1-4 family non-owner occupied
    
280
      
693
      
973
      
-
      
973
      
1,112
  
1-4 family - 2nd lien
    
186
      
1,048
      
1,234
      
-
      
1,234
      
1,344
  
Resort lending
    
-
      
527
      
527
      
-
      
527
      
607
  
Installment
                                                
Boat lending
    
-
      
72
      
72
      
-
      
72
      
52
  
Recreational vehicle lending
    
-
      
41
      
41
      
-
      
41
      
74
  
Other
    
-
      
321
      
321
      
-
      
321
      
393
  
Total
  
$
1,159
    
$
5,930
    
$
7,089
    
$
-
    
$
7,089
    
$
7,873
  
                                                 
Accrued interest excluded from total
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  

(1)
Non-performing loans at December 31, 2020 exclude PCI loans.
(2)
Non-performing commercial and industrial loans exclude $0.053 million of government guaranteed loans at  both March 31, 2021 and December 31, 2020.
(3)
Non-performing 1-4 family owner occupied – non jumbo loans exclude $0.406 million and $0.386 million of government guaranteed loans at March 31, 2021 and December 31, 2020, respectively.

The following table provides collateral information by class of loan for collateral-dependent loans with a specific reserve. A loan is considered to be collateral dependent when the borrower is experiencing financial difficulty and the repayment is expected to be provided substantially through the operation or sale of collateral.

The amortized cost of collateral-dependent loans by class follows:

  
Collateral Type
        
   
Real
Estate
    
Other
    
Allowance for
Credit Losses
  
   
(In thousands)
        
March 31, 2021
                  
Commercial
                  
Commercial and industrial
  
$
840
    
$
1,209
    
$
681
  
Commercial real estate
    
142
      
-
      
32
  
Mortgage
                        
1-4 family owner occupied - jumbo
    
619
      
-
      
-
  
1-4 family owner occupied - non-jumbo
    
886
      
-
      
316
  
1-4 family non-owner occupied
    
694
      
-
      
169
  
1-4 family - 2nd lien
    
646
      
-
      
163
  
Resort lending
    
287
      
-
      
48
  
Installment
                        
Boat lending
    
-
      
11
      
4
  
Recreational vehicle lending
    
-
      
17
      
6
  
Other
    
77
      
143
      
78
  
Total
  
$
4,191
    
$
1,380
    
$
1,497
  
                         
Accrued interest excluded from total
  
$
1
    
$
6
          

An aging analysis of loans by class follows:

  
Loans Past Due
    
Loans not
    
Total
  
   
30-59 days
    
60-89 days
    
90+ days
    
Total
    
Past Due
    
Loans
  
   
(In thousands)
  
March 31, 2021
                                    
Commercial
                                    
Commercial and industrial
  
$
87
    
$
-
    
$
110
    
$
197
    
$
728,971
    
$
729,168
  
Commercial real estate
    
-
      
-
      
-
      
-
      
572,055
      
572,055
  
Mortgage
                                                
1-4 family owner occupied - jumbo
    
819
      
-
      
620
      
1,439
      
446,426
      
447,865
  
1-4 family owner occupied - non-jumbo
    
1,033
      
265
      
354
      
1,652
      
249,846
      
251,498
  
1-4 family non-owner occupied
    
1,019
      
102
      
401
      
1,522
      
156,471
      
157,993
  
1-4 family - 2nd lien
    
351
      
140
      
505
      
996
      
85,944
      
86,940
  
Resort lending
    
32
      
188
      
287
      
507
      
55,179
      
55,686
  
Installment
                                                
Boat lending
    
168
      
103
      
4
      
275
      
211,053
      
211,328
  
Recreational vehicle lending
    
64
      
14
      
16
      
94
      
173,179
      
173,273
  
Other
    
232
      
69
      
185
      
486
      
97,932
      
98,418
  
Total
  
$
3,805
    
$
881
    
$
2,482
    
$
7,168
    
$
2,777,056
    
$
2,784,224
  
Accrued interest excluded from total
  
$
49
    
$
15
    
$
-
    
$
64
    
$
8,432
    
$
8,496
  
                                                 
December 31, 2020
                                                
Commercial
                                                
Commercial and industrial
  
$
5,003
    
$
131
    
$
70
    
$
5,204
    
$
671,115
    
$
676,319
  
Commercial real estate
    
2,600
      
-
      
-
      
2,600
      
567,032
      
569,632
  
Mortgage
                                                
1-4 family owner occupied - jumbo
    
761
      
-
      
623
      
1,384
      
438,794
      
440,178
  
1-4 family owner occupied - non-jumbo
    
1,888
      
453
      
502
      
2,843
      
264,730
      
267,573
  
1-4 family non-owner occupied
    
1,184
      
139
      
476
      
1,799
      
157,977
      
159,776
  
1-4 family - 2nd lien
    
710
      
228
      
732
      
1,670
      
92,860
      
94,530
  
Resort lending
    
32
      
195
      
358
      
585
      
57,462
      
58,047
  
Installment
                                                
Boat lending
    
95
      
101
      
-
      
196
      
207,317
      
207,513
  
Recreational vehicle lending
    
207
      
37
      
48
      
292
      
169,282
      
169,574
  
Other
    
337
      
162
      
199
      
698
      
98,737
      
99,435
  
Total recorded investment
  
$
12,817
    
$
1,446
    
$
3,008
    
$
17,271
    
$
2,725,306
    
$
2,742,577
  
Accrued interest included in recorded investment
  
$
147
    
$
22
    
$
-
    
$
169
    
$
8,730
    
$
8,899
  

Impaired loans at December 31, 2020 are as follows (1):

  
2020
  
Impaired loans with no allocated ACL
  
(In thousands)
  
Troubled debt restructurings ("TDR")
  
$
93
  
Non - TDR
    
1,367
  
Impaired loans with an allocated ACL
        
TDR - allowance based on collateral
    
9,027
  
TDR - allowance based on present value cash flow
    
37,953
  
Non - TDR - allowance based on collateral
    
1,873
  
Total impaired loans
  
$
50,313
  
         
Amount of ACL allocated (1)
        
TDR - allowance based on collateral
  
$
1,058
  
TDR - allowance based on present value cash flow
    
3,755
  
Non - TDR - allowance based on collateral
    
768
  
Total amount of ACL allocated
  
$
5,581
  

(1)
Beginning January 1, 2021, calculation is based on CECL methodology. Prior to January 1, 2021, calculation was based on the probable incurred loss methodology.

Impaired loans by class at December 31, 2020 are as follows (1):

  
2020
  
   
Recorded
Investment
    
Unpaid
Principal
Balance
    
Related
ACL (1)
  
With no related ACL recorded:
  
(In thousands)
  
Commercial
                  
Commercial and industrial
  
$
77
    
$
80
    
$
-
  
Commercial real estate
    
-
      
-
      
-
  
Mortgage
                        
1-4 family owner occupied - jumbo
    
623
      
629
      
-
  
1-4 family owner occupied - non-jumbo
    
-
      
-
      
-
  
1-4 family non-owner occupied
    
305
      
473
      
-
  
1-4 family - 2nd lien
    
301
      
304
      
-
  
Resort lending
    
154
      
379
      
-
  
Installment
                        
Boat lending
    
-
      
-
      
-
  
Recreational vehicle lending
    
-
      
-
      
-
  
Other
    
-
      
-
      
-
  
     
1,460
      
1,865
      
-
  
With an ACL recorded:
                        
Commercial
                        
Commercial and industrial
    
2,227
      
2,370
      
756
  
Commercial real estate
    
7,127
      
7,096
      
510
  
Mortgage
                        
1-4 family owner occupied - jumbo
    
506
      
880
      
50
  
1-4 family owner occupied - non-jumbo
    
21,655
      
22,311
      
2,300
  
1-4 family non-owner occupied
    
4,335
      
4,704
      
495
  
1-4 family - 2nd lien
    
811
      
829
      
200
  
Resort lending
    
10,555
      
10,764
      
1,079
  
Installment
                        
Boat lending
    
7
      
11
      
2
  
Recreational vehicle lending
    
87
      
100
      
19
  
Other
    
1,902
      
2,040
      
170
  
     
49,212
      
51,105
      
5,581
  
Total
                        
Commercial
                        
Commercial and industrial
    
2,304
      
2,450
      
756
  
Commercial real estate
    
7,127
      
7,096
      
510
  
Mortgage
                        
1-4 family owner occupied - jumbo
    
1,129
      
1,509
      
50
  
1-4 family owner occupied - non-jumbo
    
21,655
      
22,311
      
2,300
  
1-4 family non-owner occupied
    
4,640
      
5,177
      
495
  
1-4 family - 2nd lien
    
1,112
      
1,133
      
200
  
Resort lending
    
10,709
      
11,143
      
1,079
  
Installment
                        
Boat lending
    
7
      
11
      
2
  
Recreational vehicle lending
    
87
      
100
      
19
  
Other
    
1,902
      
2,040
      
170
  
Total
  
$
50,672
    
$
52,970
    
$
5,581
  
Accrued interest included in recorded investment
  
$
359
                  

(1)
Beginning January 1, 2021, calculation is based on CECL methodology. Prior to January 1, 2021, calculation was based on the probable incurred loss methodology.

Average recorded investment in and interest income earned on impaired loans by class for the three month period ending March 31, 2020, follows (1):

  
2020
  
   
Average
Recorded
Investment
    
Interest
Income
Recognized
  
With no related ACL recorded:
  
(In thousands)
  
Commercial
            
Commercial and industrial
  
$
171
    
$
1
  
Commercial real estate
    
398
      
-
  
Mortgage
                
1-4 family owner occupied - jumbo
    
77
      
1
  
1-4 family owner occupied - non-jumbo
    
299
      
4
  
1-4 family non-owner occupied
    
302
      
2
  
1-4 family - 2nd lien
    
396
      
-
  
Resort lending
    
77
      
-
  
Installment
                
Boat lending
    
-
      
-
  
Recreational vehicle lending
    
-
      
-
  
Other
    
1
      
-
  
     
1,721
      
8
  
With an a ACL recorded:
                
Commercial
                
Commercial and industrial
    
2,032
      
38
  
Commercial real estate
    
11,120
      
223
  
Mortgage
                
1-4 family owner occupied - jumbo
    
12,430
      
360
  
1-4 family owner occupied - non-jumbo
    
5,381
      
4
  
1-4 family non-owner occupied
    
4,784
      
66
  
1-4 family - 2nd lien
    
7,436
      
4
  
Resort lending
    
11,827
      
141
  
Installment
                
Boat lending
    
38
      
-
  
Recreational vehicle lending
    
65
      
1
  
Other
    
2,767
      
41
  
     
57,880
      
878
  
Total
                
Commercial
                
Commercial and industrial
    
2,203
      
39
  
Commercial real estate
    
11,518
      
223
  
Mortgage
                
1-4 family owner occupied - jumbo
    
12,507
      
361
  
1-4 family owner occupied - non-jumbo
    
5,680
      
8
  
1-4 family non-owner occupied
    
5,086
      
68
  
1-4 family - 2nd lien
    
7,832
      
4
  
Resort lending
    
11,904
      
141
  
Installment
                
Boat lending
    
38
      
-
  
Recreational vehicle lending
    
65
      
1
  
Other
    
2,768
      
41
  
Total
  
$
59,601
    
$
886
  

(1)
Beginning January 1, 2021, calculation is based on CECL methodology. Prior to January 1, 2021, calculation was based on the probable incurred loss methodology.

Cash receipts on impaired loans on non-accrual status are generally applied to the principal balance.

TDRs follow:

  
March 31, 2021
  
   
Commercial
    
Retail (1)
    
Total
  
   
(In thousands)
  
Performing TDRs
  
$
5,032
    
$
34,679
    
$
39,711
  
Non-performing TDRs (2)
    
1,105
      
1,459
(3) 
    
2,564
  
Total
  
$
6,137
    
$
36,138
    
$
42,275
  

 
December 31, 2020
  
   
Commercial
    
Retail (1)
    
Total
  
   
(In thousands)
  
Performing TDRs
  
$
7,956
    
$
36,385
    
$
44,341
  
Non-performing TDRs (2)
    
1,148
      
1,584
(3) 
    
2,732
  
Total
  
$
9,104
    
$
37,969
    
$
47,073
  

(1)
Retail loans include mortgage and installment loan portfolio segments.
(2)
Included in non-performing loans table above.
(3)
Also includes loans on non-accrual at the time of modification until six payments are received on a timely basis.

We allocated $4.6 million and $4.8 million of specific reserves to customers whose loan terms have been modified in troubled debt restructurings (“TDR”) at March 31, 2021 and December 31, 2020, respectively.

During the three months ended March 31, 2021 and 2020, the terms of certain loans were modified as TDRs. The modification of the terms of such loans generally included one or a combination of the following: a reduction of the stated interest rate of the loan; an extension of the maturity date at a stated rate of interest lower than the current market rate for a new loan with similar risk; or a permanent reduction of the recorded investment in the loan.

Modifications involving a reduction of the stated interest rate of the loan have generally been for periods ranging from 9 months to 36 months but have extended to as much as 480 months in certain circumstances. Modifications involving an extension of the maturity date have generally been for periods ranging from 1 month to 60 months but have extended to as much as 230 months in certain circumstances.

Loans that have been classified as TDRs during the three-month periods ended March 31 follow:

  
Number of
Contracts
    
Pre-modification
Balance
    
Post-modification
Balance
  
   
(Dollars in thousands)
  
2021
                  
Commercial
                  
Commercial and industrial
    
-
    
$
-
    
$
-
  
Commercial real estate
    
-
      
-
      
-
  
Mortgage
                        
1-4 family owner occupied - jumbo
    
-
      
-
      
-
  
1-4 family owner occupied - non-jumbo
    
-
      
-
      
-
  
1-4 family non-owner occupied
    
-
      
-
      
-
  
1-4 family - 2nd lien
    
-
      
-
      
-
  
Resort lending
    
-
      
-
      
-
  
Installment
                        
Boat lending
    
-
      
-
      
-
  
Recreational vehicle lending
    
-
      
-
      
-
  
Other
    
-
      
-
      
-
  
Total
    
-
    
$
-
    
$
-
  
                         
2020
                        
Commercial
                        
Commercial and industrial
    
1
    
$
99
    
$
99
  
Commercial real estate
    
3
      
1,177
      
1,177
  
Mortgage
                        
1-4 family owner occupied - jumbo
    
-
      
-
      
-
  
1-4 family owner occupied - non-jumbo
    
1
      
49
      
50
  
1-4 family non-owner occupied
    
1
      
59
      
62
  
1-4 family - 2nd lien
    
-
      
-
      
-
  
Resort lending
    
-
      
-
      
-
  
Installment
                        
Boat lending
    
-
      
-
      
-
  
Recreational vehicle lending
    
-
      
-
      
-
  
Other
    
1
      
33
      
34
  
Total
    
7
    
$
1,417
    
$
1,422
  

The TDRs described above for 2021 had no impact on the allowance for credit losses and resulted in zero charge offs while the TDRs described above for 2020 increased the allowance for credit losses by $0.27 million and resulted in zero charge offs.

There were no TDRs that subsequently defaulted within twelve months following the modification during the three months periods ended March 31, 2021 and 2020.

A loan is considered to be in payment default generally once it is 90 days contractually past due under the modified terms.

In order to determine whether a borrower is experiencing financial difficulty, we perform an evaluation of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. This evaluation is performed under our internal underwriting policy.

Non-TDR Loan Modifications and Paycheck Protection Program (“PPP”) due to COVID-19 - On March 22, 2020, the federal banking agencies issued an “Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus”.  This guidance encourages financial institutions to work prudently with borrowers that may be unable to meet their contractual obligations because of the effects of COVID-19.  The guidance goes on to explain that in consultation with the Financial Accounting Standards Board staff that the federal banking agencies conclude that short-term modifications (e.g. six months or less) made on a good faith basis to borrowers who were current (less than 30 days past due) as of the implementation date of a relief program are not TDRs.  In addition, on March 27, 2020, the CARES Act was signed into law.  Section 4013 of the CARES Act also addressed COVID-19 related modifications and specified that COVID-19 related modifications on loans that were current (less than 30 days past due) as of December 31, 2019 are not TDRs.  We are assisting both commercial and retail (mortgage and installment) borrowers with reduced or suspended payments. Commercial loan accommodations are typically a three month interest-only period while retail loan (mortgage and installment) forbearances have primarily been payment suspensions for three months. For loans subject to these forbearance agreements each borrower is required to resume making regularly scheduled loan payments at the end of the forbearance period. The deferred principal and interest will be repaid based upon individualized agreements. Options for repayment include separate repayment plans, extending the term of the loan or re-amortizing the loan based upon the affordability of the payment in relationship to a reduced income. While some borrowers may elect to make a lump sum payment, we anticipate the majority will require some type of repayment plan. During the forbearance period, the loan will not be reported as past due in keeping with the guidance discussed previously.

A summary of accommodations entered into under this guidance as of March 31, 2021 follows:

Commercial and Retail Loan COVID-19 Accomodations

  
Covid-19 Accomodations
    
Total
    
% of Total
  
Loan Category
  
Loans (#)
    
Loans ($)
    
Loans
    
Loans
  
         
(Dollars in thousands)
        
Commercial
    
-
    
$
-
    
$
1,301,223
      
0.0
%
Mortgage
    
111
      
15,263
      
999,982
      
1.5
%
Installment
    
32
      
537
      
483,019
      
0.1
%
Total
    
143
    
$
15,800
    
$
2,784,224
      
0.6
%
Mortgage loans serviced for others(1)
    
205
    
$
26,975
    
$
3,072,491
      
0.9
%

1)
We have delegated authority from all investors to grant these deferrals on their behalf.

Information on subsequent accommodation extensions follows:

Commercial and Retail Loan COVID-19 Subsequent Accomodations (1)

             
Loan Category
  
Loans (#)
    
Loans ($)
  
   
(Dollars in thousands)
  
Commercial
    
-
    
$
-
  
Mortgage
    
86
      
11,658
  
Installment
    
23
      
428
  
Total
    
109
    
$
12,086
  

(1)
Subsequent accommodations are extensions of the original accommodations that were given as summarized in the paragraph above.

The CARES Act also included an initial $349 billion loan program administered through the U.S. Small Business Administration (‘‘SBA’’) referred to as the PPP. Under the PPP, small businesses and other entities and individuals can apply for loans from existing SBA lenders and other approved regulated lenders that enroll in the program, subject to numerous limitations and eligibility criteria. We are participating as a lender in the PPP. The PPP opened on April 3, 2020 intending to provide American small businesses with eight weeks of cash-flow assistance through 100 percent federally guaranteed loans through the SBA. In late April 2020 the Paycheck Protection Program and Health Care Enhancement Act, added another $310 billion in funding while the Paycheck Protection Program Flexibility Act made certain changes to the program, by allowing for more time to spend the funds, and making it easier to get a loan fully forgiven. The PPP initially closed on August 8, 2020 (“Round 1”). On December 27, 2020, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (‘‘Economic Aid Act’’) was signed into law which allocates an additional $284 billion in funding for the PPP (“Round 2”). The Economic Aid Act reopens the PPP through March 31, 2021 with generally the same terms and conditions as originally enacted under the CARES Act while clarifying eligibility and ineligibility for certain entities and expanding the permitted uses of PPP funds. In addition, the Economic Aid Act simplifies the loan forgiveness process for PPP loans of $150,000 or less. The Economic Aid Act also establishes second draw loans for entities that have already used the initial PPP funds, subject to numerous limitations and eligibility criteria. PPP Round 2 loans are eligible for forgiveness similar to Round 1 PPP loans, subject to limitations set forth in the Economic Aid Act.

The following table summarizes PPP loans outstanding:

Paycheck Protection Program

  
As of March 31, 2021
    
As of December 31, 2020
  
   
Amount (#)
    
Amount
    
Amount (#)
    
Amount
  
   
(Dollars in thousands)
    
(Dollars in thousands)
  
Closed and outstanding - Round 1 loans
    
698
    
$
105,934
      
1,483
    
$
169,782
  
Closed and outstanding - Round 2 loans
    
1,250
      
128,240
      
-
      
-
  
Total closed and outstanding
    
1,948
    
$
234,174
      
1,483
    
$
169,782
  
Unaccreted net fees remaining at period end
          
$
6,816
            
$
3,216
  

PPP loans are included in the commercial and industrial class of the commercial loan portfolio segment. As these loans are 100% guaranteed through the SBA the allowance for credit losses recorded on these loans is zero. Interest and fees on loans in our consolidated statement of operations includes $2.1 million during the three month period ended March 31, 2021, related to the accretion of net loan fees on PPP loans. No such accretion is included in the comparable prior year period.

Credit Quality Indicators – As part of our on-going monitoring of the credit quality of our loan portfolios, we track certain credit quality indicators including (a) risk grade of commercial loans, (b) the level of classified commercial loans, (c) credit scores of mortgage and installment loan borrowers, and (d) delinquency history and non-performing loans.

For commercial loans, we use a loan rating system that is similar to those employed by state and federal banking regulators. Loans are graded on a scale of 1 to 12. A description of the general characteristics of the ratings follows:

Rating 1 through 6: These loans are generally referred to as our “non-watch” commercial credits that include very high or exceptional credit fundamentals through acceptable credit fundamentals.

Rating 7 and 8: These loans are generally referred to as our “watch” commercial credits. These ratings include loans to borrowers that exhibit potential credit weakness or downward trends. If not checked or cured these trends could weaken our asset or credit position. While potentially weak, no loss of principal or interest is envisioned with these ratings.

Rating 9: These loans are generally referred to as our “substandard accruing” commercial credits. This rating includes loans to borrowers that exhibit a well-defined weakness where payment default is probable and loss is possible if deficiencies are not corrected. Generally, loans with this rating are considered collectible as to both principal and interest primarily due to collateral coverage.

Rating 10 and 11: These loans are generally referred to as our ‘‘substandard - non-accrual’’ and ‘‘doubtful’’ commercial credits. Our doubtful rating includes a sub classification for a loss rate other than 50% (which is the standard doubtful loss rate). These ratings include loans to borrowers with weaknesses that make collection of the loan in full, on the basis of current facts, conditions and values at best questionable and at worst improbable. All of these loans are placed in non-accrual.

Rating 12: These loans are generally referred to as our “loss” commercial credits. This rating includes loans to borrowers that are deemed incapable of repayment and are charged-off.

The following table summarizes loan ratings by loan class for our commercial portfolio loan segment as of March 31, 2021:

  
Commercial
  
   
Term Loans Amortized Cost Basis by Origination Year
    
Revolving
Loans
Amortized
        
   
2021
    
2020
    
2019
    
2018
    
2017
    
Prior
    
Cost Basis
    
Total
  
   
(In thousands)
  
March 31, 2021
                                                
Commercial and industrial
                                                
Non-watch (1-6)
  
$
142,043
    
$
206,986
    
$
67,404
    
$
48,651
    
$
59,051
    
$
47,122
    
$
130,580
    
$
701,837
  
Watch (7-8)
    
666
      
5,458
      
1,846
      
3,736
      
704
      
4,020
      
6,731
      
23,161
  
Substandard Accrual (9)
    
-
      
15
      
1,280
      
298
      
87
      
1,081
      
-
      
2,761
  
Non-Accrual (10-11)
    
-
      
158
      
40
      
719
      
386
      
106
      
-
      
1,409
  
Total
  
$
142,709
    
$
212,617
    
$
70,570
    
$
53,404
    
$
60,228
    
$
52,329
    
$
137,311
    
$
729,168
  
Accrued interest excluded from total
  
$
193
    
$
1,300
    
$
173
    
$
130
    
$
132
    
$
159
    
$
255
    
$
2,342
  
                                                                 
Commercial real estate
                                                                
Non-watch (1-6)
  
$
40,963
    
$
108,863
    
$
161,142
    
$
88,190
    
$
57,047
    
$
68,429
    
$
43,270
    
$
567,904
  
Watch (7-8)
    
82
      
-
      
278
      
1,509
      
243
      
747
      
110
      
2,969
  
Substandard Accrual (9)
    
-
      
-
      
36
      
1,130
      
16
      
-
      
-
      
1,182
  
Non-Accrual (10-11)
    
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
  
Total
  
$
41,045
    
$
108,863
    
$
161,456
    
$
90,829
    
$
57,306
    
$
69,176
    
$
43,380
    
$
572,055
  
Accrued interest excluded from total
  
$
60
    
$
209
    
$
271
    
$
184
    
$
133
    
$
153
    
$
86
    
$
1,096
  
                                                                 
Total Commercial
                                                                
Non-watch (1-6)
  
$
183,006
    
$
315,849
    
$
228,546
    
$
136,841
    
$
116,098
    
$
115,551
    
$
173,850
    
$
1,269,741
  
Watch (7-8)
    
748
      
5,458
      
2,124
      
5,245
      
947
      
4,767
      
6,841
      
26,130
  
Substandard Accrual (9)
    
-
      
15
      
1,316
      
1,428
      
103
      
1,081
      
-
      
3,943
  
Non-Accrual (10-11)
    
-
      
158
      
40
      
719
      
386
      
106
      
-
      
1,409
  
Total
  
$
183,754
    
$
321,480
    
$
232,026
    
$
144,233
    
$
117,534
    
$
121,505
    
$
180,691
    
$
1,301,223
  
Accrued interest excluded from total
  
$
253
    
$
1,509
    
$
444
    
$
314
    
$
265
    
$
312
    
$
341
    
$
3,438
  

The following table summarizes loan ratings by loan class for our commercial portfolio loan segment as of December 31, 2020:

  
Commercial
  
   
Non-watch
1-6
    
Watch
7-8
    
Substandard
Accrual
9
    
Non-
Accrual
10-11
    
Total
  
               
(In thousands)
              
December 31, 2020
                              
Commercial and industrial
  
$
637,826
    
$
32,765
    
$
4,341
    
$
1,387
    
$
676,319
  
Commercial real estate
    
561,382
      
5,978
      
2,272
      
-
      
569,632
  
Total
  
$
1,199,208
    
$
38,743
    
$
6,613
    
$
1,387
    
$
1,245,951
  
Accrued interest included in total
  
$
3,408
    
$
105
    
$
23
    
$
-
    
$
3,536
  

For each of our mortgage and installment portfolio segment classes, we generally monitor credit quality based on the credit scores of the borrowers. These credit scores are generally updated semi-annually.

The following tables summarize credit scores by loan class for our mortgage and installment loan portfolio segments at March 31, 2021:

  
Mortgage (1)
  
   
Term Loans Amortized Cost Basis by Origination Year
    
Revolving Loans Amortized
        
   
2021
    
2020
    
2019
    
2018
    
2017
    
Prior
    
Cost Basis
    
Total
  
   
(In thousands)
  
March 31, 2021
                                                
1-4 family owner occupied - jumbo
                                                
_800 and above
  
$
12,641
    
$
30,345
    
$
10,513
    
$
3,190
    
$
3,292
    
$
1,610
    
$
-
    
$
61,591
  
_750-799
    
50,247
      
106,976
      
36,152
      
12,328
      
19,061
      
4,146
      
-
      
228,910
  
_700-749
    
14,776
      
35,677
      
21,894
      
10,623
      
11,256
      
4,383
      
-
      
98,609
  
_650-699
    
1,663
      
17,060
      
13,041
      
5,881
      
6,451
      
2,721
      
-
      
46,817
  
_600-649
    
-
      
1,470
      
2,779
      
-
      
2,007
      
1,698
      
-
      
7,954
  
_550-599
    
-
      
1,872
      
-
      
-
      
558
      
-
      
-
      
2,430
  
_500-549
    
-
      
-
      
477
      
458
      
619
      
-
      
-
      
1,554
  
Under 500
    
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
  
Unknown
    
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
  
Total
  
$
79,327
    
$
193,400
    
$
84,856
    
$
32,480
    
$
43,244
    
$
14,558
    
$
-
    
$
447,865
  
Accrued interest excluded from total
  
$
150
    
$
450
    
$
231
    
$
122
    
$
132
    
$
40
    
$
-
    
$
1,125
  
                                                                 
1-4 family owner occupied - non-jumbo
                                                                
_800 and above
  
$
1,791
    
$
7,858
    
$
5,336
    
$
3,713
    
$
5,912
    
$
5,676
    
$
1,997
    
$
32,283
  
_750-799
    
14,187
      
25,424
      
11,786
      
10,516
      
13,208
      
12,371
      
3,960
      
91,452
  
_700-749
    
5,114
      
5,187
      
7,567
      
4,364
      
5,334
      
27,813
      
1,776
      
57,155
  
_650-699
    
5,752
      
3,655
      
3,681
      
3,654
      
3,841
      
12,348
      
1,342
      
34,273
  
_600-649
    
520
      
2,584
      
1,541
      
2,174
      
3,341
      
8,851
      
226
      
19,237
  
_550-599
    
284
      
280
      
251
      
1,587
      
418
      
6,430
      
190
      
9,440
  
_500-549
    
252
      
-
      
774
      
329
      
508
      
3,842
      
18
      
5,723
  
Under 500
    
-
      
478
      
528
      
100
      
152
      
662
      
15
      
1,935
  
Unknown
    
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
  
Total
  
$
27,900
    
$
45,466
    
$
31,464
    
$
26,437
    
$
32,714
    
$
77,993
    
$
9,524
    
$
251,498
  
Accrued interest excluded from total
  
$
867
    
$
136
    
$
125
    
$
109
    
$
124
    
$
295
    
$
30
    
$
1,686
  
                                                                 
1-4 family non-owner occupied
                                                                
_800 and above
  
$
807
    
$
3,658
    
$
3,517
    
$
2,553
    
$
4,025
    
$
6,225
    
$
2,989
    
$
23,774
  
_750-799
    
12,275
      
24,455
      
12,627
      
6,502
      
5,948
      
11,586
      
9,866
      
83,259
  
_700-749
    
3,236
      
10,143
      
2,318
      
3,463
      
2,735
      
6,541
      
4,293
      
32,729
  
_650-699
    
815
      
959
      
1,763
      
662
      
478
      
5,377
      
1,757
      
11,811
  
_600-649
    
-
      
-
      
40
      
22
      
143
      
1,450
      
766
      
2,421
  
_550-599
    
-
      
60
      
121
      
506
      
28
      
1,282
      
348
      
2,345
  
_500-549
    
-
      
-
      
-
      
-
      
719
      
489
      
133
      
1,341
  
Under 500
    
-
      
40
      
-
      
-
      
-
      
218
      
55
      
313
  
Unknown
    
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
  
Total
  
$
17,133
    
$
39,315
    
$
20,386
    
$
13,708
    
$
14,076
    
$
33,168
    
$
20,207
    
$
157,993
  
Accrued interest excluded from total
  
$
27
    
$
108
    
$
71
    
$
53
    
$
48
    
$
133
    
$
72
    
$
512
  
                                                                 
1-4 family - 2nd lien
                                                                
_800 and above
  
$
135
    
$
410
    
$
262
    
$
466
    
$
521
    
$
224
    
$
9,192
    
$
11,210
  
_750-799
    
582
      
4,494
      
1,388
      
1,859
      
2,741
      
985
      
27,423
      
39,472
  
_700-749
    
943
      
1,559
      
1,305
      
853
      
1,800
      
186
      
14,713
      
21,359
  
_650-699
    
15
      
282
      
625
      
353
      
1,082
      
56
      
6,909
      
9,322
  
_600-649
    
-
      
166
      
-
      
101
      
181
      
45
      
2,337
      
2,830
  
_550-599
    
-
      
-
      
67
      
76
      
34
      
-
      
1,286
      
1,463
  
_500-549
    
-
      
-
      
237
      
-
      
30
      
14
      
670
      
951
  
Under 500
    
-
      
-
      
192
      
-
      
-
      
-
      
141
      
333
  
Unknown
    
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
  
Total
  
$
1,675
    
$
6,911
    
$
4,076
    
$
3,708
    
$
6,389
    
$
1,510
    
$
62,671
    
$
86,940
  
Accrued interest excluded from total
  
$
2
    
$
13
    
$
9
    
$
10
    
$
19
    
$
3
    
$
242
    
$
298
  


 
Mortgage - continued (1)
  
   
Term Loans Amortized Cost Basis by Origination Year
    
Revolving Loans Amortized
        
   
2021
    
2020
    
2019
    
2018
    
2017
    
Prior
    
Cost Basis
    
Total
  
   
(In thousands)
  
March 31, 2021
                                                
Resort lending
                                                
_800 and above
  
$
-
    
$
919
    
$
291
    
$
277
    
$
-
    
$
9,877
    
$
-
    
$
11,364
  
_750-799
    
320
      
908
      
112
      
786
      
361
      
21,455
      
-
      
23,942
  
_700-749
    
-
      
345
      
66
      
380
      
242
      
10,554
      
-
      
11,587
  
_650-699
    
-
      
-
      
-
      
-
      
-
      
6,481
      
-
      
6,481
  
_600-649
    
-
      
-
      
-
      
-
      
-
      
1,479
      
-
      
1,479
  
_550-599
    
-
      
-
      
-
      
-
      
-
      
542
      
-
      
542
  
_500-549
    
-
      
-
      
-
      
-
      
-
      
291
      
-
      
291
  
Under 500
    
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
  
Unknown
    
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
  
Total
  
$
320
    
$
2,172
    
$
469
    
$
1,443
    
$
603
    
$
50,679
    
$
-
    
$
55,686
  
Accrued interest excluded from total
  
$
-
    
$
6
    
$
1
    
$
6
    
$
2
    
$
224
    
$
-
    
$
239
  
                                                                 
Total Mortgage
                                                                
_800 and above
  
$
15,374
    
$
43,190
    
$
19,919
    
$
10,199
    
$
13,750
    
$
23,612
    
$
14,178
      
140,222
  
_750-799
    
77,611
      
162,257
      
62,065
      
31,991
      
41,319
      
50,543
      
41,249
      
467,035
  
_700-749
    
24,069
      
52,911
      
33,150
      
19,683
      
21,367
      
49,477
      
20,782
      
221,439
  
_650-699
    
8,245
      
21,956
      
19,110
      
10,550
      
11,852
      
26,983
      
10,008
      
108,704
  
_600-649
    
520
      
4,220
      
4,360
      
2,297
      
5,672
      
13,523
      
3,329
      
33,921
  
_550-599
    
284
      
2,212
      
439
      
2,169
      
1,038
      
8,254
      
1,824
      
16,220
  
_500-549
    
252
      
-
      
1,488
      
787
      
1,876
      
4,636
      
821
      
9,860
  
Under 500
    
-
      
518
      
720
      
100
      
152
      
880
      
211
      
2,581
  
Unknown
    
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
  
Total
  
$
126,355
    
$
287,264
    
$
141,251
    
$
77,776
    
$
97,026
    
$
177,908
    
$
92,402
    
$
999,982
  
Accrued interest excluded from total
  
$
1,046
    
$
713
    
$
437
    
$
300
    
$
325
    
$
695
    
$
344
    
$
3,860
  

(1)
Credit scores have been updated within the last twelve months.


 
Installment (1)
  
   
Term Loans Amortized Cost Basis by Origination Year
  
   
2021
    
2020
    
2019
    
2018
    
2017
    
Prior
    
Total
  
   
(In thousands)
  
March 31, 2021
                                          
Boat lending
                                          
_800 and above
  
$
4,460
    
$
6,201
    
$
8,255
    
$
6,903
    
$
3,705
    
$
6,267
    
$
35,791
  
_750-799
    
11,981
      
31,120
      
26,975
      
21,766
      
13,199
      
16,095
      
121,136
  
_700-749
    
3,604
      
11,575
      
9,823
      
6,117
      
4,302
      
5,442
      
40,863
  
_650-699
    
502
      
2,592
      
2,464
      
1,918
      
1,209
      
2,145
      
10,830
  
_600-649
    
-
      
134
      
411
      
240
      
209
      
500
      
1,494
  
_550-599
    
-
      
27
      
77
      
182
      
78
      
418
      
782
  
_500-549
    
-
      
-
      
57
      
4
      
213
      
128
      
402
  
Under 500
    
-
      
-
      
-
      
22
      
8
      
-
      
30
  
Unknown
    
-
      
-
      
-
      
-
      
-
      
-
      
-
  
Total
  
$
20,547
    
$
51,649
    
$
48,062
    
$
37,152
    
$
22,923
    
$
30,995
    
$
211,328
  
Accrued interest excluded from total
  
$
44
    
$
115
    
$
111
    
$
89
    
$
54
    
$
68
    
$
481
  
                                                         
Recreational vehicle lending
                                                        
_800 and above
  
$
2,756
    
$
5,426
    
$
6,531
    
$
6,640
    
$
3,118
    
$
5,012
    
$
29,483
  
_750-799
    
9,600
      
30,007
      
22,986
      
15,962
      
7,913
      
9,776
      
96,244
  
_700-749
    
4,317
      
12,690
      
7,246
      
5,361
      
2,317
      
3,128
      
35,059
  
_650-699
    
376
      
3,541
      
2,531
      
1,192
      
617
      
1,486
      
9,743
  
_600-649
    
-
      
307
      
484
      
467
      
155
      
250
      
1,663
  
_550-599
    
-
      
89
      
161
      
132
      
147
      
191
      
720
  
_500-549
    
-
      
33
      
-
      
165
      
26
      
93
      
317
  
Under 500
    
-
      
-
      
22
      
-
      
11
      
11
      
44
  
Unknown
    
-
      
-
      
-
      
-
      
-
      
-
      
-
  
Total
  
$
17,049
    
$
52,093
    
$
39,961
    
$
29,919
    
$
14,304
    
$
19,947
    
$
173,273
  
Accrued interest excluded from total
  
$
38
    
$
117
    
$
95
    
$
66
    
$
34
    
$
43
    
$
393
  
                                                         
Other
                                                        
_800 and above
  
$
791
    
$
2,112
    
$
2,022
    
$
1,658
    
$
772
    
$
1,205
    
$
8,560
  
_750-799
    
3,407
      
12,478
      
8,538
      
4,952
      
3,499
      
3,889
      
36,763
  
_700-749
    
4,026
      
7,567
      
5,492
      
3,279
      
2,013
      
3,061
      
25,438
  
_650-699
    
12,143
      
3,031
      
2,256
      
1,254
      
1,296
      
2,148
      
22,128
  
_600-649
    
166
      
564
      
636
      
630
      
446
      
833
      
3,275
  
_550-599
    
2
      
98
      
153
      
181
      
222
      
376
      
1,032
  
_500-549
    
-
      
45
      
94
      
233
      
95
      
155
      
622
  
Under 500
    
-
      
6
      
49
      
7
      
23
      
33
      
118
  
Unknown
    
482
      
-
      
-
      
-
      
-
      
-
      
482
  
Total
  
$
21,017
    
$
25,901
    
$
19,240
    
$
12,194
    
$
8,366
    
$
11,700
    
$
98,418
  
Accrued interest excluded from total
  
$
109
    
$
54
    
$
54
    
$
36
    
$
20
    
$
51
    
$
324
  
                                                         
Total installment
                                                        
_800 and above
  
$
8,007
    
$
13,739
    
$
16,808
    
$
15,201
    
$
7,595
    
$
12,484
    
$
73,834
  
_750-799
    
24,988
      
73,605
      
58,499
      
42,680
      
24,611
      
29,760
      
254,143
  
_700-749
    
11,947
      
31,832
      
22,561
      
14,757
      
8,632
      
11,631
      
101,360
  
_650-699
    
13,021
      
9,164
      
7,251
      
4,364
      
3,122
      
5,779
      
42,701
  
_600-649
    
166
      
1,005
      
1,531
      
1,337
      
810
      
1,583
      
6,432
  
_550-599
    
2
      
214
      
391
      
495
      
447
      
985
      
2,534
  
_500-549
    
-
      
78
      
151
      
402
      
334
      
376
      
1,341
  
Under 500
    
-
      
6
      
71
      
29
      
42
      
44
      
192
  
Unknown
    
482
      
-
      
-
      
-
      
-
      
-
      
482
  
Total
  
$
58,613
    
$
129,643
    
$
107,263
    
$
79,265
    
$
45,593
    
$
62,642
    
$
483,019
  
Accrued interest excluded from total
  
$
191
    
$
286
    
$
260
    
$
191
    
$
108
    
$
162
    
$
1,198
  

(1)
Credit scores have been updated within the last twelve months.

The following tables summarize credit scores by loan class for our mortgage and installment loan portfolio segments at December 31, 2020:

  
Mortgage
  
   
1-4 Family
Owner
Occupied -
Jumbo
    
1-4 Family
Owner
Occupied -
Non-jumbo
    
1-4 Family
Non-owner
Occupied
    
1-4 Family
2nd Lien
    
Resort
Lending
    
Total
  
   
(In thousands)
  
December 31, 2020
                                    
_800 and above
  
$
61,077
    
$
40,187
    
$
25,468
    
$
12,490
    
$
9,546
    
$
148,768
  
_750-799
    
223,177
      
70,642
      
82,124
      
42,138
      
27,530
      
445,611
  
_700-749
    
101,086
      
75,489
      
30,326
      
22,962
      
11,726
      
241,589
  
_650-699
    
40,296
      
44,344
      
13,182
      
11,269
      
6,393
      
115,484
  
_600-649
    
11,146
      
18,519
      
4,303
      
2,703
      
1,670
      
38,341
  
_550-599
    
-
      
11,021
      
2,388
      
1,608
      
917
      
15,934
  
_500-549
    
3,396
      
5,129
      
1,580
      
1,012
      
192
      
11,309
  
_Under 500
    
-
      
2,242
      
405
      
348
      
73
      
3,068
  
_Total
  
$
440,178
    
$
267,573
    
$
159,776
    
$
94,530
    
$
58,047
    
$
1,020,104
  
Accrued interest included in total
  
$
1,301
    
$
1,641
    
$
587
    
$
373
    
$
276
    
$
4,178
  

 
Installment
  
   
Boat
Lending
    
Recreational
Vehicle
Lending
    
Other
    
Total
  
   
(In thousands)
  
December 31, 2020
                        
_800 and above
  
$
32,231
    
$
29,223
    
$
9,154
    
$
70,608
  
_750-799
    
123,689
      
95,890
      
37,512
      
257,091
  
_700-749
    
38,223
      
33,476
      
25,262
      
96,961
  
_650-699
    
10,189
      
8,794
      
21,138
      
40,121
  
_600-649
    
2,083
      
1,305
      
3,730
      
7,118
  
_550-599
    
661
      
551
      
1,299
      
2,511
  
_500-549
    
342
      
283
      
767
      
1,392
  
_Under 500
    
95
      
52
      
63
      
210
  
_Unknown
    
-
      
-
      
510
      
510
  
_Total
  
$
207,513
    
$
169,574
    
$
99,435
    
$
476,522
  
Accrued interest included in total
  
$
572
    
$
457
    
$
156
    
$
1,185
  


Foreclosed residential real estate properties included in other real estate and repossessed assets on our Condensed Consolidated Statements of Financial Condition totaled $0.3 million and $0.7 million at March 31, 2021 and December 31, 2020, respectively.  Retail mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process according to local requirements totaled $0.3 million at both March 31, 2021 and December 31, 2020.

During the first quarter of 2020, we securitized $26.3 million of portfolio residential fixed rate mortgage loans servicing retained with Freddie Mac and recognized a gain on sale of $0.72 million.  We also sold $2.4 million of portfolio residential fixed rate mortgage loans servicing retained into the secondary market and recognized a gain on sale of $0.07 million.  These transactions were done primarily for asset/liability management purposes.