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Loans | 3 Months Ended
--- | ---
Mar. 31, 2022
Loans and Leases Receivable Disclosure [Abstract] |
Loans | Loans The following table shows the Company’s loan portfolio by category as of the dates shown:
| March 31, |  | December 31, |  | March 31,
(Dollars in thousands) | 2022 |  | 2021 |  | 2021
Balance: |  |  |  |  |
Commercial | $ | 11,583,963 |  |  | $ | 11,904,068 |  |  | $ | 12,708,207 |
Commercial real estate | 9,235,074 |  |  | 8,990,286 |  |  | 8,544,779 |
Home equity | 321,435 |  |  | 335,155 |  |  | 390,253 |
Residential real estate | 1,799,985 |  |  | 1,637,099 |  |  | 1,421,973 |
Premium finance receivables |  |  |  |  |
Property and casualty insurance | 4,937,408 |  |  | 4,855,487 |  |  | 3,958,543 |
Life insurance | 7,354,163 |  |  | 7,042,810 |  |  | 6,111,495 |
Consumer and other | 48,519 |  |  | 24,199 |  |  | 35,983 |
Total loans, net of unearned income | $ | 35,280,547 |  |  | $ | 34,789,104 |  |  | $ | 33,171,233 |
Mix: |  |  |  |  |
Commercial | 33 | % |  | 34 | % |  | 38 | %
Commercial real estate | 26 |  |  | 26 |  |  | 26 |
Home equity | 1 |  |  | 1 |  |  | 1 |
Residential real estate | 5 |  |  | 5 |  |  | 4 |
Premium finance receivables |  |  |  |  |
Property and casualty insurance | 14 |  |  | 14 |  |  | 12 |
Life insurance | 21 |  |  | 20 |  |  | 19 |
Consumer and other | 0 |  |  | 0 |  |  | 0 |
Total loans, net of unearned income | 100 | % |  | 100 | % |  | 100 | %
The Company’s loan portfolio is generally comprised of loans to consumers and small to medium-sized businesses, which, for the commercial and commercial real estate portfolios, are located primarily within the geographic market areas that the banks serve. Various niche lending businesses, including lease finance and franchise lending, operate on a national level. Additionally, to provide short-term relief due to macroeconomic deterioration from the COVID-19 pandemic to small businesses within such market areas, the Company originated loans through the Paycheck Protection Program ("PPP"), an expansion of guaranteed lending under Section 7(a) of the Small Business Act within the CARES Act. As of March 31, 2022, the Company's commercial portfolio included approximately $254.0 million of such PPP loans. The premium finance receivables portfolios are made to customers throughout the United States and Canada. The Company strives to maintain a loan portfolio that is diverse in terms of loan type, industry, borrower and geographic concentrations. Such diversification reduces the exposure to economic downturns that may occur in different segments of the economy or in different industries. Certain premium finance receivables are recorded net of unearned income. The unearned income portions of such premium finance receivables were $140.3 million at March 31, 2022, $135.5 million at December 31, 2021 and $114.4 million at March 31, 2021. Total loans, excluding purchased credit deteriorated (“PCD”) loans, include net deferred loan fees and costs and fair value purchase accounting adjustments totaling $59.3 million at March 31, 2022, $50.8 million at December 31, 2021 and $(32.2) million at March 31, 2021. Net deferred fees as of March 31, 2022 includes $6.3 million of net deferred fees paid by the Small Business Administration ("SBA") for loans originated under the PPP. As PPP loans share similar characteristics (loan terms), and prepayments are considered probable and can reasonably be estimated due to terms of the program, the Company considers estimated future principal prepayments in recognizing such deferred fees for determining a constant effective yield on the portfolio of loans. It is the policy of the Company to review each prospective credit in order to determine the appropriateness and, when required, the adequacy of security or collateral necessary to obtain when making a loan. The type of collateral, when required, will vary from liquid assets to real estate. The Company seeks to ensure access to collateral, in the event of default, through adherence to state lending laws and the Company’s credit monitoring procedures. Acquired Loan Information — PCD Loans As part of the Company’s prior acquisitions, the Company acquired loans that were classified as PCD based upon various factors as of the acquisition date, including internal risk rating methodologies and prior classification as a TDR. The following table provides estimated details as of the date of acquisition on PCD loans acquired in 2021:
(Dollars in thousands) |  |  |  |  |  |  | Insurance Agency Loan Portfolio
Contractually required payments (unpaid principal balance) |  |  |  |  |  |  | $ | 13,882 |
Allowance for credit losses (1) |  |  |  |  |  |  | (2,806) |
Discount, net of any premium |  |  |  |  |  |  | (214) |
Purchase price of PCD loans acquired |  |  |  |  |  |  | $ | 10,862 |
(1)The initial allowance for credit losses on PCD loans acquired during 2021 measured approximately $2.8 million, of which $2.3 million was charged off related to PCD loans that met the Company’s charge-off policy at the time of acquisition. After considering these loans that were immediately charged off, the net impact of PCD allowance for credit losses at the acquisition date was approximately $470,000.

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 + Details
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