Quarterly report pursuant to Section 13 or 15(d)

LOANS

v3.21.2
LOANS
9 Months Ended
Sep. 30, 2021
LOANS [Abstract]  
LOANS

NOTE 3 – LOANS



Portfolio loans were as follows (dollars in thousands):


   
September 30,
2021
   
December 31,
2020
 
Commercial and industrial:
           
Commercial and industrial, excluding PPP
 
$
356,812
   
$
436,331
 
PPP
   
77,571
     
229,079
 
Total commercial and industrial
   
434,383
     
665,410
 
Commercial real estate:
               
Residential developed
   
6,184
     
8,549
 
Unsecured to residential developers
   
19
     
 
Vacant and unimproved
   
36,616
     
47,122
 
Commercial development
   
403
     
857
 
Residential improved
   
100,608
     
114,392
 
Commercial improved
   
267,910
     
266,006
 
Manufacturing and industrial
   
115,470
     
115,247
 
Total commercial real estate
   
527,210
     
552,173
 
Consumer:
               
Residential mortgage
   
119,106
     
149,556
 
Unsecured
   
103
     
161
 
Home equity
   
52,127
     
57,975
 
Other secured
   
3,684
     
4,056
 
Total consumer
   
175,020
     
211,748
 
Total loans
   
1,136,613
     
1,429,331
 
Allowance for loan losses
   
(16,532
)
   
(17,408
)
   
$
1,120,081
   
$
1,411,923
 


NOTE 3 – LOANS (Continued)

Activity in the allowance for loan losses by portfolio segment was as follows (dollars in thousands):


Three months ended September 30, 2021
 
Commercial
and
Industrial
   
Commercial
Real Estate
   
Consumer
   
Unallocated
   
Total
 
Beginning balance
 
$
5,206
   
$
8,740
   
$
2,856
   
$
4
   
$
16,806
 
Charge-offs
   
     
     
(22
)
   
     
(22
)
Recoveries
   
265
     
11
     
22
     
     
298
 
Provision for loan losses
   
(259
)
   
(250
)
   
(68
)
   
27
     
(550
)
Ending Balance
 
$
5,212
   
$
8,501
   
$
2,788
   
$
31
   
$
16,532
 


Three months ended September 30, 2020
 
Commercial
and
Industrial
   
Commercial
Real Estate
   
Consumer
   
Unallocated
   
Total
 
Beginning balance
 
$
5,431
   
$
7,262
   
$
3,138
   
$
24
   
$
15,855
 
Charge-offs
   
   
   
(24
)
   
     
(24
)
Recoveries
   
22
     
168
     
37
     
     
227
 
Provision for loan losses
   
513
   
237
     
(242
)
   
(8
)
   
500
 
Ending Balance
 
$
5,966
   
$
7,667
   
$
2,909
   
$
16
   
$
16,558
 


Nine months ended September 30, 2021
 
Commercial
and
Industrial
   
Commercial
Real Estate
   
Consumer
   
Unallocated
   
Total
 
Beginning balance
 
$
6,632
   
$
7,999
   
$
2,758
   
$
19
   
$
17,408
 
Charge-offs
   
     
     
(102
)
   
     
(102
)
Recoveries
   
320
     
122
     
84
     
     
526
 
Provision for loan losses
   
(1,740
)
   
380
     
48
     
12
   
(1,300
)
Ending Balance
 
$
5,212
   
$
8,501
   
$
2,788
   
$
31
   
$
16,532
 


Nine months ended September 30, 2020
 
Commercial
and
Industrial
   
Commercial
Real Estate
   
Consumer
   
Unallocated
   
Total
 
Beginning balance
 
$
7,658
   
$
6,521
   
$
3,009
   
$
12
   
$
17,200
 
Charge-offs
   
(1,192
)
   
(2,957
)
   
(97
)
   
     
(4,246
)
Recoveries
   
124
     
1,159
     
121
     
     
1,404
 
Provision for loan losses
   
(624
)
   
2,944
     
(124
)
   
4
     
2,200
 
Ending Balance
 
$
5,966
   
$
7,667
   
$
2,909
   
$
16
   
$
16,558
 




NOTE 3 – LOANS (Continued)

The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method (dollars in thousands):


September 30, 2021
 
Commercial
and
Industrial
   
Commercial
Real Estate
   
Consumer
   
Unallocated
   
Total
 
Allowance for loan losses:
                             
Ending allowance attributable to loans:
                             
Individually reviewed for impairment
 
$
303
   
$
10
   
$
261
   
$
   
$
574
 
Collectively evaluated for impairment
   
4,909
     
8,491
     
2,527
     
31
     
15,958
 
Total ending allowance balance
 
$
5,212
   
$
8,501
   
$
2,788
   
$
31
   
$
16,532
 
Loans:
                                       
Individually reviewed for impairment
 
$
969
   
$
1,165
   
$
3,296
   
$
   
$
5,430
 
Collectively evaluated for impairment
   
433,414
     
526,045
     
171,724
     
     
1,131,183
 
Total ending loans balance
 
$
434,383
   
$
527,210
   
$
175,020
   
$
   
$
1,136,613
 


December 31, 2020
 
Commercial
and
Industrial
   
Commercial
Real Estate
   
Consumer
   
Unallocated
   
Total
 
Allowance for loan losses:
                             
Ending allowance attributable to loans:
                             
Individually reviewed for impairment
 
$
587
   
$
313
   
$
310
   
$
   
$
1,210
 
Collectively evaluated for impairment
   
6,045
     
7,686
     
2,448
     
19
     
16,198
 
Total ending allowance balance
 
$
6,632
   
$
7,999
   
$
2,758
   
$
19
   
$
17,408
 
Loans:
                                       
Individually reviewed for impairment
 
$
3,957
   
$
2,613
   
$
4,049
   
$
   
$
10,619
 
Collectively evaluated for impairment
   
661,453
     
549,560
     
207,699
     
     
1,418,712
 
Total ending loans balance
 
$
665,410
   
$
552,173
   
$
211,748
   
$
   
$
1,429,331
 


NOTE 3 – LOANS (Continued)

The following table presents loans individually evaluated for impairment by class of loans as of September 30, 2021 (dollars in thousands):


September 30, 2021
 
Unpaid
Principal
Balance
   
Recorded
Investment
   
Allowance
Allocated
 
With no related allowance recorded:
                 
Commercial and industrial
 
$
72
   
$
72
   
$
 
Commercial real estate:
                       
Residential improved
   
42
     
42
     
 
Commercial improved
   
929
     
929
     
 
     
971
     
971
     
 
Consumer
   
     
     
 
Total with no related allowance recorded
 
$
1,043
   
$
1,043
   
$
 
                         
With an allowance recorded:
                       
Commercial and industrial
 
$
897
   
$
897
   
$
303
 
Commercial real estate:
                       
Commercial improved
   
     
     
 
Manufacturing and industrial
   
194
     
194
     
10
 
     
194
     
194
     
10
 
Consumer:
                       
Residential mortgage
   
2,944
     
2,944
     
233
 
Unsecured
   
84
     
84
     
7
 
Home equity
   
267
     
267
     
21
 
Other secured
   
1
     
1
     
 
     
3,296
     
3,296
     
261
 
Total with an allowance recorded
 
$
4,387
   
$
4,387
   
$
574
 
Total
 
$
5,430
   
$
5,430
   
$
574
 


NOTE 3 – LOANS (Continued)


The following table presents loans individually evaluated for impairment by class of loans as of December 31, 2020 (dollars in thousands):


December 31, 2020
 
Unpaid
Principal
Balance
   
Recorded
Investment
   
Allowance
Allocated
 
With no related allowance recorded:
                 
Commercial and industrial
 
$
156
   
$
156
   
$
 
Commercial real estate:
                       
Residential improved
   
107
     
107
     
 
Commercial improved
   
714
     
714
     
 
     
821
     
821
     
 
Consumer
   
     
     
 
Total with no related allowance recorded
 
$
977
   
$
977
   
$
 
                         
With an allowance recorded:
                       
Commercial and industrial
 
$
3,801
   
$
3,801
   
$
587
 
Commercial real estate:
                       
Residential developed
   
67
     
67
     
3
 
Commercial improved
   
1,524
     
1,524
     
301
 
Manufacturing and industrial
   
201
     
201
     
9
 
     
1,792
     
1,792
     
313
 
Consumer:
                       
Residential mortgage
   
3,484
     
3,484
     
266
 
Unsecured
   
123
     
123
     
10
 
Home equity
   
419
     
419
     
32
 
Other secured
   
23
     
23
     
2
 
     
4,049
     
4,049
     
310
 
Total with an allowance recorded
 
$
9,642
   
$
9,642
   
$
1,210
 
Total
 
$
10,619
   
$
10,619
   
$
1,210
 




NOTE 3 – LOANS (Continued)

The following table presents information regarding average balances of impaired loans and interest recognized on impaired loans for the three and nine month periods ended September 30, 2021 and 2020 (dollars in thousands):


   
Three
Months
Ended
September 30,
2021
   
Three
Months
Ended
September 30,
2020
   
Nine
Months
Ended
September 30,
2021
   
Nine
Months
Ended
September 30,
2020
 
Average of impaired loans during the period:
                       
Commercial and industrial
 
$
749
   
$
2,208
   
$
2,417
   
$
4,362
 
Commercial real estate:
                               
Residential developed
   
     
71
     
15
     
72
 
Residential improved
   
18
     
168
     
46
     
211
 
Commercial improved
   
1,349
     
1,650
     
1,909
     
4,652
 
Manufacturing and industrial
   
195
     
347
     
197
     
352
 
Consumer
   
3,362
     
4,441
     
3,641
     
4,687
 
Interest income recognized during impairment:
                               
Commercial and industrial
   
40
     
23
     
336
     
303
 
Commercial real estate
   
22
     
33
     
88
     
193
 
Consumer
   
28
     
41
     
97
     
153
 
Cash-basis interest income recognized
                               
Commercial and industrial
   
37
     
13
     
356
     
298
 
Commercial real estate
   
22
     
33
     
88
     
218
 
Consumer
   
30
     
43
     
98
     
148
 


NOTE 3 – LOANS (Continued)

Nonaccrual loans include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans.  The following tables present the recorded investment in nonaccrual and loans past due over 90 days still on accrual by class of loans as of September 30, 2021 and December 31, 2020:


September 30, 2021
 
Nonaccrual
   
Over 90
days
Accruing
 
Commercial and industrial
 
$
   
$
 
Commercial real estate:
               
Residential improved
   
5
     
 
Commercial improved
   
327
     
 
     
332
     
 
Consumer:
               
Residential mortgage
   
88
     
 
     
88
     
 
Total
 
$
420
   
$
 


December 31, 2020
 
Nonaccrual
   
Over 90 days
Accruing
 
Commercial and industrial
 
$
   
$
 
Commercial real estate:
               
Residential improved
   
87
     
 
Commercial improved
   
351
     
 
     
438
     
 
Consumer:
               
Residential mortgage
   
95
     
 
     
95
     
 
Total
 
$
533
   
$
 


NOTE 3 – LOANS (Continued)

The following table presents the aging of the recorded investment in past due loans as of September 30, 2021 and December 31, 2020 by class of loans (dollars in thousands):


September 30, 2021
 
30-90
Days
   
Greater Than
90 Days
   
Total
Past Due
   
Loans Not
Past Due
   
Total
 
Commercial and industrial
 
$
   
$
   
$
   
$
434,383
   
$
434,383
 
Commercial real estate:
                                       
Residential developed
   
     
     
     
6,184
     
6,184
 
Unsecured to residential developers
   
     
     
     
19
     
19
 
Vacant and unimproved
   
     
     
     
36,616
     
36,616
 
Commercial development
   
     
     
     
403
     
403
 
Residential improved
   
     
5
     
5
     
100,603
     
100,608
 
Commercial improved
   
344
     
     
344
     
267,566
     
267,910
 
Manufacturing and industrial
   
     
     
     
115,470
     
115,470
 
     
344
     
5
     
349
     
526,861
     
527,210
 
Consumer:
                                       
Residential mortgage
   
     
87
     
87
     
119,019
     
119,106
 
Unsecured
   
     
     
     
103
     
103
 
Home equity
   
     
     
     
52,127
     
52,127
 
Other secured
   
1
     
     
1
     
3,683
     
3,684
 
     
1
     
87
     
88
     
174,932
     
175,020
 
Total
 
$
345
   
$
92
   
$
437
   
$
1,136,176
   
$
1,136,613
 


December 31, 2020
 
30-90
Days
   
Greater Than
90 Days
   
Total
Past Due
   
Loans Not
Past Due
   
Total
 
Commercial and industrial
 
$
45
   
$
   
$
45
   
$
665,365
   
$
665,410
 
Commercial real estate:
                                       
Residential developed
   
     
     
     
8,549
     
8,549
 
Unsecured to residential developers
                             
Vacant and unimproved
   
     
     
     
47,122
     
47,122
 
Commercial development
   
     
     
     
857
     
857
 
Residential improved
   
     
87
     
87
     
114,305
     
114,392
 
Commercial improved
   
353
     
     
353
     
265,653
     
266,006
 
Manufacturing and industrial
   
     
     
     
115,247
     
115,247
 
     
353
     
87
     
440
     
551,733
     
552,173
 
Consumer:
                                       
Residential mortgage
   
     
94
     
94
     
149,462
     
149,556
 
Unsecured
   
     
     
     
161
     
161
 
Home equity
   
     
     
     
57,975
     
57,975
 
Other secured
   
2
     
     
2
     
4,054
     
4,056
 
     
2
     
94
     
96
     
211,652
     
211,748
 
Total
 
$
400
   
$
181
   
$
581
   
$
1,428,750
   
$
1,429,331
 


NOTE 3 – LOANS (Continued)


The Company had allocated $574,000 and $1,210,000 of specific reserves to customers whose loan terms have been modified in troubled debt restructurings (“TDRs”) as of September 30, 2021 and December 31, 2020, respectively.  These loans may have involved the restructuring of terms to allow customers to mitigate the risk of foreclosure by meeting a lower loan payment requirement based upon their current cash flow.  These may also include loans that renewed at existing contractual rates, but below market rates for comparable credit.  The Company has been active at utilizing these programs and working with its customers to reduce the risk of foreclosure.  For commercial loans, these modifications typically include an interest only period and, in some cases, a lowering of the interest rate on the loan.  In some cases, the modification will include separating the note into two notes with the first note structured to be supported by current cash flows and collateral, and the second note made for the remaining unsecured debt.  The second note is charged off immediately and collected only after the first note is paid in full.  This modification type is commonly referred to as an A-B note structure.  For consumer mortgage loans, the restructuring typically includes a lowering of the interest rate to provide payment and cash flow relief.  For each restructuring, a comprehensive credit underwriting analysis of the borrower’s financial condition and prospects of repayment under the revised terms is performed to assess whether the structure can be successful and that cash flows will be sufficient to support the restructured debt.  An analysis is also performed to determine whether the restructured loan should be on accrual status.  Generally, if the loan is on accrual at the time of restructure, it will remain on accrual after the restructuring.  In some cases, a nonaccrual loan may be placed on accrual at restructuring if the loan’s actual payment history demonstrates it would have cash flowed under the restructured terms.  After six consecutive payments under the restructured terms, a nonaccrual restructured loan is reviewed for possible upgrade to accruing status.



In situations where there is a subsequent modification or renewal and the loan is brought to market terms, including a contractual interest rate not less than a market interest rate for new debt with similar credit risk characteristics, the TDR and impaired loan designations may be removed.  In addition, the TDR designation may also be removed from loans modified under an A-B note structure.  If the remaining “A” note is at a market rate at the time of restructuring (taking into account the borrower’s credit risk and prevailing market conditions), the loan can be removed from TDR designation in a subsequent calendar year after six months of performance in accordance with the new terms.  The market rate relative to the borrower’s credit risk is determined through analysis of market pricing information gathered from peers and use of a loan pricing model.  The general objective of the model is to achieve a consistent return on equity from one credit to the next, taking into consideration differences in credit risk.  In the model, credits with higher risk receive a higher potential loss allocation, and therefore require a higher interest rate to achieve the target return on equity.



As with other impaired loans, an allowance for loan loss is estimated for each TDR based on the most likely source of repayment for each loan.  For impaired commercial real estate loans that are collateral dependent, the allowance is computed based on the fair value of the underlying collateral, less estimated costs to sell.  For impaired commercial loans where repayment is expected from cash flows from business operations, the allowance is computed based on a discounted cash flow computation.  Certain groups of TDRs, such as residential mortgages, have common characteristics and for them the allowance is computed based on a discounted cash flow computation on the change in weighted rate for the pool.  The allowance allocations for commercial TDRs where we have reduced the contractual interest rate are computed by measuring cash flows using the new payment terms discounted at the original contractual rate.



The following table presents information regarding troubled debt restructurings as of September 30, 2021 and December 31, 2020 (dollars in thousands):


   
September 30, 2021
   
December 31, 2020
 
   
Number of
Loans
   
Outstanding
Recorded
Balance
   
Number of
Loans
   
Outstanding
Recorded
Balance
 
Commercial and industrial
   
5
   
$
969
     
7
   
$
3,957
 
Commercial real estate
   
6
     
1,165
     
9
     
1,439
 
Consumer
   
48
     
3,296
     
60
     
4,049
 
     
59
   
$
5,430
     
76
   
$
9,445
 


NOTE 3 – LOANS (Continued)


The following table presents information related to accruing TDRs as of September 30, 2021 and December 31, 2020.  The table presents the amount of accruing troubled debt restructurings that were on nonaccrual status prior to the restructuring, accruing at the time of restructuring and those that were upgraded to accruing status after receiving six consecutive monthly payments in accordance with the restructured terms as of each period reported (dollars in thousands):


   
September 30,
2021
   
December 31,
2020
 
Accruing TDR - nonaccrual at restructuring
 
$
   
$
 
Accruing TDR - accruing at restructuring
   
4,554
     
5,479
 
Accruing TDR - upgraded to accruing after six consecutive payments
   
544
     
3,529
 
   
$
5,098
   
$
9,008
 



There were no TDRs executed during the three month and nine month periods ended September 30, 2021.  There were no TDRs executed during the three month period ended September 30, 2020 and two consumer TDRs totaling $30,000 executed during the nine month period ended September 30, 2020.



According to the accounting standards, not all loan modifications are TDRs.  TDRs are modifications or renewals where the Company has granted a concession to a borrower in financial distress.  The Company reviews all modifications and renewals for determination of TDR status.  In some situations a borrower may be experiencing financial distress, but the Company does not provide a concession.  These modifications are not considered TDRs.  In other cases, the Company might provide a concession, such as a reduction in interest rate, but the borrower is not experiencing financial distress.  This could be the case if the Company is matching a competitor’s interest rate.  These modifications would also not be considered TDRs.  Finally, any renewals at existing terms for borrowers not experiencing financial distress would not be considered TDRs.  As with other loans not considered TDR or impaired, allowance allocations are based on the historical based allocation for the applicable loan grade and loan class.



Payment defaults on TDRs have been minimal and during the three and nine month periods ended September 30, 2021 and 2020, the balance of loans that became delinquent by more than 90 days past due or that were transferred to nonaccrual within 12 months of restructuring were not material.



In late March 2020, the federal banking regulators issued guidance that modifications made to a borrower affected by the COVID-19 pandemic and governmental shutdown orders do not need to be identified as a TDR if the loan was current at the time a modification plan was implemented.  Section 4013 of the CARES Act also addressed COVID-19 related modifications and specified that such modifications made on loans that were current as of December 31, 2019 are not TDRs.  On December 27, 2020, President Trump signed another COVID-19 relief bill that extends this guidance until the earlier of January 1, 2022 or 60 days after the national emergency termination date.  Through September 30, 2021, the Bank had applied this guidance and had made 726 such modifications with principal balances totaling $337.2 million.  The Bank continues to follow the guidance issued by the banking regulators in making any TDR determinations.  At September 30, 2021, there were no such loans still in their modification period.


NOTE 3 – LOANS (Continued)


Credit Quality Indicators:   The Company categorizes loans into risk categories based on relevant information about the ability of the borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information and current economic trends, among other factors.  The Company analyzes commercial loans individually and classifies these relationships by credit risk grading.  The Company uses an eight point grading system, with grades 5 through 8 being considered classified, or watch, credits.  All commercial loans are assigned a grade at origination, at each renewal or any amendment.  When a credit is first downgraded to a watch credit (either through renewal, amendment, loan officer identification or the loan review process), an Administrative Loan Review (“ALR”) is generated by the credit department and the loan officer.  All watch credits have an ALR completed quarterly which analyzes the collateral position and cash flow of the borrower and its guarantors.  Management meets quarterly with loan officers to discuss each of these credits in detail and to help formulate solutions where progress has stalled.  When necessary, the loan officer proposes changes to the assigned loan grade as part of the ALR.  Additionally, Loan Review reviews all loan grades upon origination, renewal or amendment and again as loans are selected though the loan review process.  The credit will stay on the ALR until either its grade has improved to a 4 or the credit relationship is at a zero balance.  The Company uses the following definitions for the risk grades:



1. Excellent - Loans supported by extremely strong financial condition or secured by the Bank’s own deposits. Minimal risk to the Bank and the probability of serious rapid financial deterioration is extremely small.



2. Above Average - Loans supported by sound financial statements that indicate the ability to repay or borrowings secured (and margined properly) with marketable securities. Nominal risk to the Bank and probability of serious financial deterioration is highly unlikely. The overall quality of these credits is very high.



3. Good Quality - Loans supported by satisfactory asset quality and liquidity, good debt capacity coverage, and good management in all critical positions. Loans are secured by acceptable collateral with adequate margins. There is a slight risk of deterioration if adverse market conditions prevail.



4. Acceptable Risk - Loans carrying an acceptable risk to the Bank, which may be slightly below average quality. The borrower has limited financial strength with considerable leverage. There is some probability of deterioration if adverse market conditions prevail. These credits should be monitored closely by the Relationship Manager.



5. Marginally Acceptable - Loans are of marginal quality with above normal risk to the Bank. The borrower shows acceptable asset quality but very little liquidity with high leverage. There is inconsistent earning performance without the ability to sustain adverse market conditions. The primary source of repayment is questionable, but the secondary source of repayment still remains an option. Very close attention by the Relationship Manager and management is needed.



6. Substandard - Loans are inadequately protected by the net worth and paying capacity of the borrower or the collateral pledged. The primary and secondary sources of repayment are questionable. Heavy debt condition may be evident and volume and earnings deterioration may be underway. It is possible that the Bank will sustain some loss if the deficiencies are not immediately addressed and corrected.



7. Doubtful - Loans supported by weak or no financial statements, as well as the ability to repay the entire loan, are questionable. Loans in this category are normally characterized less than adequate collateral, insolvent, or extremely weak financial condition. A loan classified doubtful has all the weaknesses inherent in one classified substandard with the added characteristic that the weaknesses makes collection or liquidation in full highly questionable. The possibility of loss is extremely high, however, activity may be underway to minimize the loss or maximize the recovery.



8. Loss - Loans are considered uncollectible and of little or no value as a bank asset.

NOTE 3 – LOANS (Continued)

As of September 30, 2021 and December 31, 2020, the risk grade category of commercial loans by class of loans were as follows (dollars in thousands):


September 30, 2021
  1
    2
    3
    4
    5
    6
    7
    8
   
Total
 
Commercial and industrial
 
$
92,615
   
$
13,376
   
$
94,433
   
$
230,163
   
$
2,862
   
$
934
   
$
   
$
   
$
434,383
 
                                                                         
Commercial real estate:
                                                                       
Residential developed
   
     
     
     
6,184
     
     
     
     
     
6,184
 
Unsecured to residential developers
   
     
     
19
     
     
     
     
     
     
19
 
Vacant and unimproved
   
     
1,791
     
9,028
     
25,797
     
     
     
     
     
36,616
 
Commercial development
   
     
     
220
     
183
     
     
     
     
     
403
 
Residential improved
   
     
     
22,774
     
77,705
     
124
     
     
5
     
     
100,608
 
Commercial improved
   
     
13,713
     
64,208
     
182,085
     
7,577
     
     
327
     
     
267,910
 
Manufacturing & industrial
   
     
3,563
     
42,672
     
66,440
     
2,795
     
     
     
     
115,470
 
   
$
92,615
   
$
32,443
   
$
233,354
   
$
588,557
   
$
13,358
   
$
934
   
$
332
   
$
   
$
961,593
 


December 31, 2020
  1
    2
    3     4
    5
    6
    7
    8
   
Total
 
Commercial and industrial
 
$
244,079
   
$
14,896
   
$
111,611
   
$
276,728
   
$
13,957
   
$
4,139
   
$
   
$
   
$
665,410
 
                                                                         
Commercial real estate:
                                                                       
Residential developed
   
     
     
     
8,549
     
     
     
     
     
8,549
 
Vacant and unimproved
   
     
3,473
     
9,427
     
32,751
     
1,471
     
     
     
     
47,122
 
Commercial development
   
     
     
302
     
555
     
     
     
     
     
857
 
Residential improved
   
     
     
23,706
     
90,372
     
227
     
     
87
     
     
114,392
 
Commercial improved
   
     
6,328
     
58,483
     
192,030
     
7,641
     
1,174
     
350
     
     
266,006
 
Manufacturing & industrial
   
     
     
31,451
     
80,075
     
3,721
     
     
     
     
115,247
 
   
$
244,079
   
$
24,697
   
$
234,980
   
$
681,060
   
$
27,017
   
$
5,313
   
$
437
   
$