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Allowance for Loan and Lease Losses | 9 Months Ended
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Sep. 30, 2020
Receivables [Abstract] |
Allowance | ALLOWANCE FOR CREDIT LOSSES (“ACL”) As noted in Note A - Accounting Polices and Basis of Presentation, BancShares determined SBA-PPP loans have zero expected credit losses and as such these are excluded from ACL disclosures included in the following tables. Upon adoption of ASC 326, BancShares recorded a net decrease of $37.9 million in the ACL which included a decrease of $56.9 million in the ACL on non-PCD loans, offset by an increase of $19.0 million in the ACL on PCD loans. The largest changes as a result of adoption were decreases in the ACL on commercial loan segments as these portfolios have exhibited strong historical credit performance and have relatively short average lives. The reduction in ACL on these segments was partially offset by increases in ACL on our consumer loan segments primarily due to their longer average lives. The increase in the ACL on PCD loans was primarily the result of reallocating credit discount from loan balances into ACL. The ACL is calculated using a variety of factors, including, but not limited to, charge-off and recovery activity, loan growth, changes in macroeconomic factors, collateral type, estimated loan life and changes in credit quality. For the period ended September 30, 2020 the primary reason for the ACL change since the adoption of ASC 326, was a $36.1 million reserve build due to the potential economic impact of COVID-19 and its estimated impact on credit losses. Forecasted economic conditions are developed using third party macroeconomic scenarios adjusted based on management’s expectations over a forecast period of two years. Assumptions revert to long term historic averages over a one year period. Significant macroeconomic factors used in estimating the expected losses include unemployment, gross domestic product, home price index and commercial real estate index. Our model results consider baseline, adverse and upside scenarios. To calculate the ACL, we utilized the baseline scenario, which includes improvements to the most significant assumptions and the impact from government stimulus. This result was calibrated using management’s expectation of borrower performance based upon COVID-19 residual risk by industry and geography. These loss estimates were also influenced by BancShares strong credit quality, low net charge-offs and recent credit trends, which remained stable through the quarter ended September 30, 2020. Activity in the ACL by class of loans is summarized as follows:
| Three months ended September 30, 2020
(Dollars in thousands) | Construction and land development - commercial |  | Owner occupied commercial mortgage |  | Non-owner occupied commercial mortgage |  | Commercial and industrial and leases |  | Residential mortgage |  | Revolving mortgage |  | Construction and land development - consumer |  | Consumer auto |  | Consumer other |  | PCD |  | Total
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at July 1 | $ | 6,906 |  |  | $ | 22,489 |  |  | $ | 22,149 |  |  | $ | 24,633 |  |  | $ | 42,872 |  |  | $ | 26,640 |  |  | $ | 1,640 |  |  | $ | 8,898 |  |  | $ | 39,295 |  |  | $ | 26,928 |  |  | $ | 222,450 |
Provision (credits) | 120 |  |  | 625 |  |  | 667 |  |  | 3,381 |  |  | 837 |  |  | (958) |  |  | (54) |  |  | 708 |  |  | 1,341 |  |  | (2,625) |  |  | 4,042 |
Charge-offs | — |  |  | (87) |  |  | — |  |  | (3,241) |  |  | (253) |  |  | (359) |  |  | — |  |  | (824) |  |  | (3,673) |  |  | (495) |  |  | (8,932) |
Recoveries | 264 |  |  | 65 |  |  | 10 |  |  | 1,999 |  |  | 275 |  |  | 336 |  |  | 23 |  |  | 401 |  |  | 1,684 |  |  | 1,319 |  |  | 6,376 |
Balance at September 30 | $ | 7,290 |  |  | $ | 23,092 |  |  | $ | 22,826 |  |  | $ | 26,772 |  |  | $ | 43,731 |  |  | $ | 25,659 |  |  | $ | 1,609 |  |  | $ | 9,183 |  |  | $ | 38,647 |  |  | $ | 25,127 |  |  | $ | 223,936 |
| Three months ended September 30, 2019
(Dollars in thousands) | Construction and land development - commercial |  | Commercial mortgage |  | Other commercial real estate |  | Commercial and industrial and leases |  | Other |  | Residential mortgage |  | Revolving mortgage |  | Construction and land development - non - commercial |  | Consumer |  | PCI |  | Total
Balance at July 1 | $ | 31,944 |  |  | $ | 48,962 |  |  | $ | 2,342 |  |  | $ | 56,901 |  |  | $ | 2,183 |  |  | $ | 16,932 |  |  | $ | 21,121 |  |  | $ | 2,750 |  |  | $ | 35,105 |  |  | $ | 8,343 |  |  | $ | 226,583 |
Provision (credits) | 208 |  |  | (1,337) |  |  | (90) |  |  | 4,714 |  |  | 54 |  |  | 1,024 |  |  | (153) |  |  | 148 |  |  | 3,674 |  |  | (1,476) |  |  | 6,766 |
Charge-offs | (116) |  |  | (1) |  |  | — |  |  | (3,047) |  |  | (42) |  |  | (313) |  |  | (534) |  |  | — |  |  | (5,594) |  |  | — |  |  | (9,647) |
Recoveries | 52 |  |  | 226 |  |  | — |  |  | 611 |  |  | 20 |  |  | 68 |  |  | 201 |  |  | — |  |  | 1,945 |  |  | — |  |  | 3,123 |
Balance at September 30 | $ | 32,088 |  |  | $ | 47,850 |  |  | $ | 2,252 |  |  | $ | 59,179 |  |  | $ | 2,215 |  |  | $ | 17,711 |  |  | $ | 20,635 |  |  | $ | 2,898 |  |  | $ | 35,130 |  |  | $ | 6,867 |  |  | $ | 226,825 |
| Nine months ended September 30, 2020
(Dollars in thousands) | Construction and land development - commercial |  | Owner occupied commercial mortgage |  | Non-owner occupied commercial mortgage |  | Commercial and industrial and leases |  | Residential mortgage |  | Revolving mortgage |  | Construction and land development - consumer |  | Consumer auto |  | Consumer other |  | PCD |  | Total
Balance at December 31 | $ | 33,213 |  |  | $ | 36,444 |  |  | $ | 11,102 |  |  | $ | 61,610 |  |  | $ | 18,232 |  |  | $ | 19,702 |  |  | $ | 2,709 |  |  | $ | 4,292 |  |  | $ | 30,301 |  |  | $ | 7,536 |  |  | $ | 225,141 |
Adoption of ASC 326 | (31,061) |  |  | (19,316) |  |  | 460 |  |  | (37,637) |  |  | 17,118 |  |  | 3,665 |  |  | (1,291) |  |  | 1,100 |  |  | 10,037 |  |  | 19,001 |  |  | (37,924) |
Balance at January 1 | 2,152 |  |  | 17,128 |  |  | 11,562 |  |  | 23,973 |  |  | 35,350 |  |  | 23,367 |  |  | 1,418 |  |  | 5,392 |  |  | 40,338 |  |  | 26,537 |  |  | 187,217 |
Provision (credits) | 4,876 |  |  | 6,011 |  |  | 11,165 |  |  | 10,802 |  |  | 9,339 |  |  | 2,557 |  |  | 209 |  |  | 5,708 |  |  | 7,253 |  |  | (4,971) |  |  | 52,949 |
Initial allowance on PCD loans | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,193 |  |  | 1,193 |
Charge-offs | (138) |  |  | (407) |  |  | (8) |  |  | (12,159) |  |  | (1,513) |  |  | (1,439) |  |  | (70) |  |  | (3,023) |  |  | (13,490) |  |  | (3,010) |  |  | (35,257) |
Recoveries | 400 |  |  | 360 |  |  | 107 |  |  | 4,156 |  |  | 555 |  |  | 1,174 |  |  | 52 |  |  | 1,106 |  |  | 4,546 |  |  | 5,378 |  |  | 17,834 |
Balance at September 30 | $ | 7,290 |  |  | $ | 23,092 |  |  | $ | 22,826 |  |  | $ | 26,772 |  |  | $ | 43,731 |  |  | $ | 25,659 |  |  | $ | 1,609 |  |  | $ | 9,183 |  |  | $ | 38,647 |  |  | $ | 25,127 |  |  | $ | 223,936 |
| Nine months ended September 30, 2019
(Dollars in thousands) | Construction and land development - commercial |  | Commercial mortgage |  | Other commercial real estate |  | Commercial and industrial and leases |  | Other |  | Residential mortgage |  | Revolving mortgage |  | Construction and land development - non - commercial |  | Consumer |  | PCI |  | Total
Balance at January 1 | $ | 35,270 |  |  | $ | 43,451 |  |  | $ | 2,481 |  |  | $ | 55,620 |  |  | $ | 2,221 |  |  | $ | 15,472 |  |  | $ | 21,862 |  |  | $ | 2,350 |  |  | $ | 35,841 |  |  | $ | 9,144 |  |  | $ | 223,712 |
Provision (credits) | (3,217) |  |  | 4,748 |  |  | (230) |  |  | 10,138 |  |  | (618) |  |  | 2,903 |  |  | (272) |  |  | 548 |  |  | 11,991 |  |  | (2,277) |  |  | 23,714 |
Charge-offs | (188) |  |  | (851) |  |  | — |  |  | (8,327) |  |  | (73) |  |  | (957) |  |  | (1,990) |  |  | — |  |  | (18,017) |  |  | — |  |  | (30,403) |
Recoveries | 223 |  |  | 502 |  |  | 1 |  |  | 1,748 |  |  | 685 |  |  | 293 |  |  | 1,035 |  |  | — |  |  | 5,315 |  |  | — |  |  | 9,802 |
Balance at September 30 | $ | 32,088 |  |  | $ | 47,850 |  |  | $ | 2,252 |  |  | $ | 59,179 |  |  | $ | 2,215 |  |  | $ | 17,711 |  |  | $ | 20,635 |  |  | $ | 2,898 |  |  | $ | 35,130 |  |  | $ | 6,867 |  |  | $ | 226,825 |
BancShares individually reviews loans greater than $500 thousand that are determined to be collateral-dependent. These collateral-dependent loans are evaluated based on the fair value of the underlying collateral as repayment of the loan is expected to be made through the operation or sale of the collateral. Commercial and industrial loans and leases are collateralized by business assets, while the remaining loan classes are collateralized by real property. The following table presents information on collateral-dependent loans by class and includes the amortized cost of collateral-dependent loans and leases, the net realizable value of the collateral, the extent to which collateral secures collateral-dependent loans and the associated ACL as of September 30, 2020 were as follows:
(Dollars in thousands) | Collateral-Dependant Loans |  | Net Realizable Value of Collateral |  | Collateral Coverage |  | Allowance for Credit Losses
Commercial loans: |  |  |  |  |  |  |
Construction and land development | $ | 1,425 |  |  | $ | 1,952 |  |  | 137.0 | % |  | $ | — |
Owner occupied commercial mortgage | 5,411 |  |  | 9,428 |  |  | 174.2 |  |  | — |
Non-owner occupied commercial mortgage | 7,121 |  |  | 10,874 |  |  | 152.7 |  |  | — |
Total commercial loans | 13,957 |  |  | 22,254 |  |  | 159.4 |  |  | — |
Consumer: |  |  |  |  |  |  |
Residential mortgage | 22,804 |  |  | 31,779 |  |  | 139.4 |  |  | 162 |
Revolving mortgage | 310 |  |  | 315 |  |  | 101.6 |  |  | — |
Total consumer loans | 23,114 |  |  | 32,094 |  |  | 138.9 |  |  | 162 |
Total non-PCD loans | 37,071 |  |  | 54,348 |  |  | 146.6 |  |  | 162 |
PCD | 17,109 |  |  | 25,443 |  |  | 148.7 |  |  | — |
Total collateral-dependent loans | $ | 54,180 |  |  | $ | 79,791 |  |  | 147.3 | % |  | $ | 162 |
Collateral-dependent nonaccrual loans with no recorded allowance totaled $52.0 million as of September 30, 2020. All other nonaccrual loans have a recorded allowance. The following tables present the allowance and recorded investment in loans and leases by class of loans, as well as the associated impairment method at December 31, 2019:
| December 31, 2019
(Dollars in thousands) | Construction and land development - commercial |  | Commercial mortgage |  | Other commercial real estate |  | Commercial and industrial and leases |  | Other |  | Residential mortgage |  | Revolving mortgage |  | Construction and land development - non- commercial |  | Consumer |  | Total
Non-PCI Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for loan and lease losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ALLL for loans and leases individually evaluated for impairment | $ | 463 |  |  | $ | 3,650 |  |  | $ | 39 |  |  | $ | 1,379 |  |  | $ | 103 |  |  | $ | 3,278 |  |  | $ | 2,722 |  |  | $ | 174 |  |  | $ | 1,107 |  |  | $ | 12,915 |
ALLL for loans and leases collectively evaluated for impairment | 32,750 |  |  | 41,685 |  |  | 2,172 |  |  | 57,995 |  |  | 2,133 |  |  | 14,954 |  |  | 16,980 |  |  | 2,535 |  |  | 33,486 |  |  | 204,690 |
Total allowance for loan and lease losses | $ | 33,213 |  |  | $ | 45,335 |  |  | $ | 2,211 |  |  | $ | 59,374 |  |  | $ | 2,236 |  |  | $ | 18,232 |  |  | $ | 19,702 |  |  | $ | 2,709 |  |  | $ | 34,593 |  |  | $ | 217,605 |
Loans and leases: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans and leases individually evaluated for impairment | $ | 4,655 |  |  | $ | 70,149 |  |  | $ | 1,268 |  |  | $ | 12,182 |  |  | $ | 639 |  |  | $ | 60,442 |  |  | $ | 28,869 |  |  | $ | 3,882 |  |  | $ | 3,513 |  |  | $ | 185,599 |
Loans and leases collectively evaluated for impairment | 1,008,799 |  |  | 12,212,486 |  |  | 540,760 |  |  | 4,391,610 |  |  | 309,454 |  |  | 5,233,475 |  |  | 2,310,203 |  |  | 353,503 |  |  | 1,776,891 |  |  | 28,137,181 |
Total loan and leases | $ | 1,013,454 |  |  | $ | 12,282,635 |  |  | $ | 542,028 |  |  | $ | 4,403,792 |  |  | $ | 310,093 |  |  | $ | 5,293,917 |  |  | $ | 2,339,072 |  |  | $ | 357,385 |  |  | $ | 1,780,404 |  |  | $ | 28,322,780 |
The following table presents the PCI allowance and recorded investment in loans at December 31, 2019:
(Dollars in thousands) |  |  | December 31, 2019
ALLL for loans acquired with deteriorated credit quality |  |  | $ | 7,536 |
Loans acquired with deteriorated credit quality |  |  | 558,716 |
At December 31, 2019, $139.4 million of PCI loans experienced an adverse change in expected cash flows since the date of acquisition. The following tables provide information on non-PCI impaired loans and leases, exclusive of loans and leases collectively evaluated:
| December 31, 2019
(Dollars in thousands) | With a recorded allowance |  | With no recorded allowance |  | Total |  | Unpaid principal balance |  | Related allowance recorded
Non-PCI impaired loans and leases: |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |
Construction and land development | $ | 1,851 |  |  | $ | 2,804 |  |  | $ | 4,655 |  |  | $ | 5,109 |  |  | $ | 463 |
Commercial mortgage | 42,394 |  |  | 27,755 |  |  | 70,149 |  |  | 74,804 |  |  | 3,650 |
Other commercial real estate | 318 |  |  | 950 |  |  | 1,268 |  |  | 1,360 |  |  | 39 |
Commercial and industrial and leases | 7,547 |  |  | 4,635 |  |  | 12,182 |  |  | 13,993 |  |  | 1,379 |
Other | 406 |  |  | 233 |  |  | 639 |  |  | 661 |  |  | 103 |
Total commercial loans | 52,516 |  |  | 36,377 |  |  | 88,893 |  |  | 95,927 |  |  | 5,634 |
Noncommercial: |  |  |  |  |  |  |  |  |
Residential mortgage | 48,796 |  |  | 11,646 |  |  | 60,442 |  |  | 64,741 |  |  | 3,278 |
Revolving mortgage | 26,104 |  |  | 2,765 |  |  | 28,869 |  |  | 31,960 |  |  | 2,722 |
Construction and land development | 2,470 |  |  | 1,412 |  |  | 3,882 |  |  | 4,150 |  |  | 174 |
Consumer | 3,472 |  |  | 41 |  |  | 3,513 |  |  | 3,821 |  |  | 1,107 |
Total noncommercial loans | 80,842 |  |  | 15,864 |  |  | 96,706 |  |  | 104,672 |  |  | 7,281 |
Total non-PCI impaired loans and leases | $ | 133,358 |  |  | $ | 52,241 |  |  | $ | 185,599 |  |  | $ | 200,599 |  |  | $ | 12,915 |
Non-PCI impaired loans less than $500,000 that were collectively evaluated for impairment totaled $41.0 million at December 31, 2019. The following tables show the average non-PCI impaired loan balance and the interest income recognized by loan class for the three and nine months ended September 30, 2019:
| Three months ended September 30, 2019 |  | Nine months ended September 30, 2019
(Dollars in thousands) | Average balance |  | Interest income recognized |  | Average balance |  | Interest income recognized
Non-PCI impaired loans and leases: |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |
Construction and land development | $ | 6,130 |  |  | $ | 6 |  |  | $ | 3,460 |  |  | $ | 40 |
Commercial mortgage | 70,351 |  |  | 551 |  |  | 61,962 |  |  | 1,653 |
Other commercial real estate | 1,186 |  |  | 6 |  |  | 797 |  |  | 20 |
Commercial and industrial and leases | 13,085 |  |  | 140 |  |  | 11,478 |  |  | 353 |
Other | 298 |  |  | 2 |  |  | 314 |  |  | 6 |
Total commercial | 91,050 |  |  | 705 |  |  | 78,011 |  |  | 2,072 |
Noncommercial: |  |  |  |  |  |  |
Residential mortgage | 56,029 |  |  | 346 |  |  | 49,048 |  |  | 988 |
Revolving mortgage | 30,067 |  |  | 260 |  |  | 29,477 |  |  | 763 |
Construction and land development | 3,124 |  |  | 25 |  |  | 3,473 |  |  | 93 |
Consumer | 3,443 |  |  | 37 |  |  | 3,152 |  |  | 97 |
Total noncommercial | 92,663 |  |  | 668 |  |  | 85,150 |  |  | 1,941 |
Total non-PCI impaired loans and leases | $ | 183,713 |  |  | $ | 1,373 |  |  | $ | 163,161 |  |  | $ | 4,013 |
Troubled Debt Restructurings BancShares accounts for certain loan modifications or restructurings as TDRs. In general, the modification or restructuring of a loan is considered a TDR if, for economic or legal reasons related to a borrower’s financial difficulties, a concession is granted to the borrower that creditors would not otherwise consider. Concessions may relate to the contractual interest rate, maturity date, payment structure or other actions. Within our allowance for credit loss models, TDRs are not individually evaluated unless determined to be collateral-dependent and are included in the definition of default which provides for a 100% probability of default applied within the models. As a result, subsequent changes in default status do not impact the calculation of the allowance for credit losses on TDR loans. The Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus was published by banking regulators in April 2020 to clarify expectations around loan modifications and the determination of TDRs for borrowers experiencing COVID-19-related financial difficulty. BancShares applied this regulatory guidance during its TDR identification process for short-term loan forbearance agreements as a result of COVID-19 and in most cases is not recording these as TDRs. The following tables provides a summary of total TDRs by accrual status:
| September 30, 2020 |  |
(Dollars in thousands) | Accruing |  | Nonaccruing |  | Total |  |  |  |  |  |
Commercial loans: |  |  |  |  |  |  |  |  |  |  |
Construction and land development | $ | 791 |  |  | $ | 57 |  |  | $ | 848 |  |  |  |  |  |  |
Owner occupied commercial mortgage | 33,202 |  |  | 9,076 |  |  | 42,278 |  |  |  |  |  |  |
Non-owner occupied commercial mortgage | 17,728 |  |  | 1,180 |  |  | 18,908 |  |  |  |  |  |  |
Commercial and industrial and leases | 28,942 |  |  | 5,650 |  |  | 34,592 |  |  |  |  |  |  |
Total commercial loans | 80,663 |  |  | 15,963 |  |  | 96,626 |  |  |  |  |  |  |
Consumer: |  |  |  |  |  |  |  |  |  |  |
Residential mortgage | 33,163 |  |  | 17,202 |  |  | 50,365 |  |  |  |  |  |  |
Revolving mortgage | 22,232 |  |  | 7,140 |  |  | 29,372 |  |  |  |  |  |  |
Construction and land development | 2,918 |  |  | 272 |  |  | 3,190 |  |  |  |  |  |  |
Consumer auto | 1,992 |  |  | 841 |  |  | 2,833 |  |  |  |  |  |  |
Consumer other | 1,010 |  |  | 159 |  |  | 1,169 |  |  |  |  |  |  |
Total consumer loans | 61,315 |  |  | 25,614 |  |  | 86,929 |  |  |  |  |  |  |
PCD loans | 16,801 |  |  | 6,774 |  |  | 23,575 |  |  |  |  |  |  |
Total loans | $ | 158,779 |  |  | $ | 48,351 |  |  | $ | 207,130 |  |  |  |  |  |  |
| December 31, 2019
(Dollars in thousands) | Accruing |  | Nonaccruing |  | Total
Commercial loans: |  |  |  |  |
Construction and land development | $ | 487 |  |  | $ | 2,279 |  |  | $ | 2,766 |
Commercial mortgage | 50,819 |  |  | 11,116 |  |  | 61,935 |
Other commercial real estate | 571 |  |  | — |  |  | 571 |
Commercial and industrial and leases | 9,430 |  |  | 2,409 |  |  | 11,839 |
Other | 320 |  |  | 105 |  |  | 425 |
Total commercial loans | 61,627 |  |  | 15,909 |  |  | 77,536 |
Noncommercial: |  |  |  |  |
Residential mortgage | 41,813 |  |  | 16,048 |  |  | 57,861 |
Revolving mortgage | 21,032 |  |  | 7,367 |  |  | 28,399 |
Construction and land development | 1,452 |  |  | 2,430 |  |  | 3,882 |
Consumer | 2,826 |  |  | 688 |  |  | 3,514 |
Total noncommercial loans | 67,123 |  |  | 26,533 |  |  | 93,656 |
Total loans | $ | 128,750 |  |  | $ | 42,442 |  |  | $ | 171,192 |
Total TDRs included $17.2 million of PCI TDRs at December 31, 2019. The following table provides the types of modifications designated as TDRs during the nine months ended September 30, 2020 and September 30, 2019, as well as a summary of loans modified as a TDR during the twelve month periods ended September 30, 2020 and September 30, 2019 that subsequently defaulted during the nine months ended September 30, 2020 and September 30, 2019. BancShares defines payment default as movement of the TDR to nonaccrual status, which is generally 90 days past due for TDRs, foreclosure or charge-off, whichever occurs first.
| Three months ended September 30, 2020 |  | Three months ended September 30, 2019
| All restructurings |  | Restructurings with payment default |  | All restructurings |  | Restructurings with payment default
(Dollars in thousands) | Number of Loans | Recorded investment at period end |  | Number of Loans | Recorded investment at period end |  | Number of Loans | Recorded investment at period end |  | Number of Loans | Recorded investment at period end
Loans and leases |  |  |  |  |  |  |  |  |  |  |
Interest only | 6 |  | $ | 5,703 |  |  | 3 |  | $ | 3,730 |  |  | 2 |  | $ | 1,221 |  |  | — |  | $ | — |
Loan term extension | 29 |  | 2,380 |  |  | 18 |  | 1,755 |  |  | 5 |  | 2,473 |  |  | — |  | — |
Below market interest rate | 55 |  | 15,341 |  |  | 26 |  | 3,170 |  |  | 80 |  | 4,460 |  |  | 34 |  | 2,034 |
Discharged from bankruptcy | 55 |  | 1,654 |  |  | 22 |  | 755 |  |  | 55 |  | 6,097 |  |  | 25 |  | 2,002 |
Total restructurings | 145 |  | $ | 25,078 |  |  | 69 |  | $ | 9,410 |  |  | 142 |  | $ | 14,251 |  |  | 59 |  | $ | 4,036 |
| Nine months ended September 30, 2020 |  | Nine months ended September 30, 2019
| All restructurings |  | Restructurings with payment default |  | All restructurings |  | Restructurings with payment default
(Dollars in thousands) | Number of Loans | Recorded investment at period end |  | Number of Loans | Recorded investment at period end |  | Number of Loans | Recorded investment at period end |  | Number of Loans | Recorded investment at period end
Loans and leases |  |  |  |  |  |  |  |  |  |  |
Interest only | 23 |  | $ | 24,847 |  |  | 6 |  | $ | 6,967 |  |  | 6 |  | $ | 3,209 |  |  | 2 |  | $ | 2,064 |
Loan term extension | 62 |  | 5,885 |  |  | 34 |  | 3,244 |  |  | 13 |  | 3,870 |  |  | 4 |  | 514 |
Below market interest rate | 212 |  | 38,740 |  |  | 72 |  | 5,088 |  |  | 205 |  | 14,968 |  |  | 86 |  | 5,977 |
Discharged from bankruptcy | 165 |  | 7,025 |  |  | 66 |  | 2,254 |  |  | 157 |  | 13,499 |  |  | 72 |  | 5,421 |
Total restructurings | 462 |  | $ | 76,497 |  |  | 178 |  | $ | 17,553 |  |  | 381 |  | $ | 35,546 |  |  | 164 |  | $ | 13,976 |
For the nine months ended September 30, 2020 and September 30, 2019, the pre-modification and post-modification outstanding amortized cost of loans modified as TDRs were not materially different.

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