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Loans And Allowance For Loan Losses

12 Months Ended

Dec. 31, 2021

Note 3 - Loans and Allowance for Loan Losses

Aging and Non-Accrual Analysis

The following tables provide a summary of current, accruing past due, and non-accrual loans by portfolio class as of December 31, 2021 and December 31, 2020.


	December 31, 2021
(in thousands)	Current		Accruing 30-89 Days Past Due		Accruing 90 Days or Greater Past Due		Total Accruing Past Due		Non-accrual with an ALL		Non-accrual without an ALL		Total
Commercial, financial, and agricultural	$	11,973,974	$	13,028	$	3,686	$	16,714	$	37,918	$	23,869	$	12,052,475
Owner-occupied	7,493,804		3,627		59		3,686		7,146		4,050		7,508,686
Total commercial and industrial	19,467,778		16,655		3,745		20,400		45,064		27,919		19,561,161
Investment properties	9,861,303		1,285		717		2,002		3,273		2,577		9,869,155
1-4 family properties	639,631		1,182		93		1,275		4,535		28		645,469
Land and development	463,949		845		154		999		1,918		—		466,866
Total commercial real estate	10,964,883		3,312		964		4,276		9,726		2,605		10,981,490
Consumer mortgages	5,033,579		6,256		126		6,382		29,078		—		5,069,039
Home equity lines	1,269,610		2,619		—		2,619		9,760		—		1,281,989
Credit cards	296,695		1,584		1,277		2,861		—		—		299,556
Other consumer loans	2,090,806		20,369		658		21,027		6,890		—		2,118,723
Total consumer	8,690,690		30,828		2,061		32,889		45,728		—		8,769,307
Loans, net of deferred fees and costs	$	39,123,351	$	50,795	$	6,770	$	57,565	$	100,518	$	30,524	$	39,311,958


	December 31, 2020
(in thousands)	Current		Accruing 30-89 Days Past Due		Accruing 90 Days or Greater Past Due		Total Accruing Past Due		Non-accrual with an ALL		Non-accrual without an ALL		Total
Commercial, financial, and agricultural	$	12,321,514	$	10,256	$	996	$	11,252	$	55,527	$	21,859	$	12,410,152
Owner-occupied	7,087,992		1,913		92		2,005		20,019		—		7,110,016
Total commercial and industrial	19,409,506		12,169		1,088		13,257		75,546		21,859		19,520,168
Investment properties	9,075,843		2,751		154		2,905		24,631		—		9,103,379
1-4 family properties	621,492		3,548		36		3,584		2,383		1,236		628,695
Land and development	591,048		422		—		422		1,899		264		593,633
Total commercial real estate	10,288,383		6,721		190		6,911		28,913		1,500		10,325,707
Consumer mortgages	5,495,415		8,851		485		9,336		8,740		—		5,513,491
Home equity lines	1,521,575		4,006		—		4,006		12,145		—		1,537,726
Credit cards	276,778		2,363		1,877		4,240		—		—		281,018
Other consumer loans	1,062,899		9,122		477		9,599		2,376		—		1,074,874
Total consumer	8,356,667		24,342		2,839		27,181		23,261		—		8,407,109
Loans, net of deferred fees and costs	$	38,054,556	$	43,232	$	4,117	$	47,349	$	127,720	$	23,359	$	38,252,984

Interest income on non-accrual loans outstanding that would have been recorded if the loans had been current and performing in accordance with their original terms was $11.1 million and $12.6 million during the years ended December 31, 2021 and 2020, respectively. Of the interest income recognized during the years ended December 31, 2021 and 2020, cash-basis interest income was $1.8 million and $3.9 million, respectively.

Pledged Loans

Loans with carrying values of $14.19 billion and $15.05 billion, respectively, were pledged as collateral for borrowings and capacity at December 31, 2021 and 2020 respectively, to the FHLB and Federal Reserve Bank.

Portfolio Segment Risk Factors

The risk characteristics and collateral information of each portfolio segment are as follows:

Commercial and Industrial Loans - The C&I loan portfolio is comprised of general middle market and commercial banking clients across a diverse set of industries. In accordance with Synovus' lending policy, each loan undergoes a detailed underwriting process which incorporates uniform underwriting standards and oversight in proportion to the size and complexity of the lending relationship. These loans are secured by collateral such as business equipment, inventory, and real estate. Credit decisions on loans in the C&I portfolio are based on cash flow from the operations of the business as the primary source of repayment of the debt, with underlying real estate or other collateral being the secondary source of repayment. PPP loans, which are categorized as C&I loans and guaranteed by the SBA, were $399.6 million and $2.19 billion net of unearned fees at December 31, 2021 and 2020, respectively.

Commercial Real Estate Loans - CRE loans primarily consist of income-producing investment properties loans. Additionally, CRE loans include 1-4 family properties loans as well as land and development loans. Investment properties loans consist of construction and mortgage loans for income-producing properties and are primarily made to finance multi-family properties, hotels, office buildings, shopping centers, warehouses and other commercial development properties. 1-4 family properties loans include construction loans to homebuilders and commercial mortgage loans related to 1-4 family rental properties and are almost always secured by the underlying property being financed by such loans. These properties are primarily located in the markets served by Synovus. Land and development loans include commercial and residential development as well as land acquisition loans and are secured by land held for future development, typically in excess of one year. Properties securing these loans are substantially within markets served by Synovus, and loan terms generally include personal guarantees from the principals. Loans in this portfolio are underwritten based on the LTV of the collateral and the capacity of the guarantor(s).

Consumer Loans - The consumer loan portfolio consists of a wide variety of loan products offered through Synovus' banking network including first and second residential mortgages, HELOCs, and credit card loans, as well as home improvement loans, student, personal, and auto loans from third-party lending ("other consumer loans"). Together, consumer mortgages and HELOCs comprise the majority of Synovus' consumer loans and are secured by first and second liens on residential real estate primarily located in the markets served by Synovus. The primary source of repayment for all consumer loans is generally the personal income of the borrower(s).

Credit Quality Indicators

The credit quality of the loan portfolio is reviewed and updated no less frequently than annually using the standard asset classification system utilized by the federal banking agencies. These classifications are divided into three groups: Not Criticized (Pass), Special Mention, and Classified or Adverse rating (Substandard, Doubtful, and Loss) and are defined as follows:

Pass - loans which are well protected by the current net worth and paying capacity of the obligor (or guarantors, if any) or by the fair value, less cost to acquire and sell in a timely manner, of any underlying collateral.

Special Mention - loans which have potential weaknesses that deserve management's close attention. These loans are not adversely classified and do not expose an institution to sufficient risk to warrant an adverse classification.

Substandard - loans which are inadequately protected by the current net worth and paying capacity of the obligor or by the collateral pledged, if any. Loans with this classification are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.

Doubtful - loans which have all the weaknesses inherent in loans classified as Substandard with the added characteristic that the weaknesses make collection or liquidation in full highly questionable and improbable on the basis of currently known facts, conditions, and values.

Loss - loans which are considered by management to be uncollectible and of such little value that their continuance on the institution's books as an asset, without establishment of a specific valuation allowance or charge-off, is not warranted. Synovus fully reserves for any loans rated as Loss.

In the following tables, consumer loans are generally assigned a risk grade similar to the classifications described above; however, upon reaching 90 days and 120 days past due, they are generally downgraded to Substandard and Loss, respectively, in accordance with the FFIEC Retail Credit Classification Policy. Additionally, in accordance with Interagency Supervisory Guidance, the risk grade classifications of consumer loans (consumer mortgages and HELOCs) secured by junior liens on 1-4 family residential properties also consider available information on the payment status of the associated senior liens with other financial institutions.

The following table summarizes each loan portfolio class by regulatory risk grade and origination year as of December 31, 2021 as required by CECL.


	December 31, 2021
	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans
(in thousands)	2021		2020		2019		2018		2017		Prior		Amortized Cost Basis		Converted to Term Loans		Total
Commercial, financial and agricultural
Pass	$	2,397,405	$	1,332,549	$	922,396	$	607,918	$	433,045	$	903,995	$	5,056,168	$	42,809	$	11,696,285
Special Mention	2,731		15,166		17,571		10,433		2,242		2,489		71,996		—		122,628
Substandard(1)	16,105		50,979		40,125		10,383		16,473		37,565		51,269		33		222,932
Doubtful(2)	469		—		1,601		8,512		—		—		48		—		10,630
Total commercial, financial and agricultural	2,416,710		1,398,694		981,693		637,246		451,760		944,049		5,179,481		42,842		12,052,475
Owner-occupied
Pass	1,776,086		1,276,797		1,117,825		858,721		708,942		1,150,386		437,724		—		7,326,481
Special Mention	702		19,950		4,724		10,202		18,109		36,481		—		—		90,168
Substandard(1)	7,312		1,294		8,386		43,276		6,169		25,329		—		—		91,766
Doubtful(2)	—		—		—		—		—		—		—		—		—
Loss	271		—		—		—		—		—		—		—		271
Total owner-occupied	1,784,371		1,298,041		1,130,935		912,199		733,220		1,212,196		437,724		—		7,508,686
Total commercial and industrial	4,201,081		2,696,735		2,112,628		1,549,445		1,184,980		2,156,245		5,617,205		42,842		19,561,161
Investment properties
Pass	2,823,978		1,463,503		1,905,534		1,019,765		738,036		1,284,013		278,697		—		9,513,526
Special Mention	6,163		—		32,290		63,900		59,194		44,532		33,659		—		239,738
Substandard(1)	1,465		326		8,550		57,127		3,564		23,505		21,354		—		115,891
Total investment properties	2,831,606		1,463,829		1,946,374		1,140,792		800,794		1,352,050		333,710		—		9,869,155
1-4 family properties
Pass	295,082		82,976		51,939		43,025		49,057		57,025		55,588		—		634,692
Special Mention	192		207		641		—		—		239		—		—		1,279
Substandard(1)	1,999		—		566		4,222		489		2,177		45		—		9,498
Total 1-4 family properties	297,273		83,183		53,146		47,247		49,546		59,441		55,633		—		645,469
Land and development
Pass	141,614		42,201		77,868		34,058		37,167		44,989		44,730		—		422,627
Special Mention	—		800		1,900		31,458		—		1,179		—		—		35,337
Substandard(1)	824		1,149		46		3,021		807		3,055		—		—		8,902
Total land and development	142,438		44,150		79,814		68,537		37,974		49,223		44,730		—		466,866
Total commercial real estate	3,271,317		1,591,162		2,079,334		1,256,576		888,314		1,460,714		434,073		—		10,981,490


	December 31, 2021
	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans
(in thousands)	2021		2020		2019		2018		2017		Prior		Amortized Cost Basis		Converted to Term Loans		Total
Consumer mortgages
Pass	$	1,293,106	$	1,551,510	$	570,344	$	216,277	$	392,422	$	991,080	$	296	$	—	$	5,015,035
Substandard(1)	1,031		3,680		5,943		12,387		5,717		25,025		—		—		53,783
Loss(3)	—		—		5		—		—		216		—		—		221
Total consumer mortgages	1,294,137		1,555,190		576,292		228,664		398,139		1,016,321		296		—		5,069,039
Home equity lines
Pass	—		—		—		—		—		—		1,199,635		67,139		1,266,774
Substandard(1)	—		—		—		—		—		—		9,058		5,359		14,417
Doubtful(2)	—		—		—		—		—		—		—		—		—
Loss(3)	—		—		—		—		—		—		658		140		798
Total home equity lines	—		—		—		—		—		—		1,209,351		72,638		1,281,989
Credit cards
Pass	—		—		—		—		—		—		298,287		—		298,287
Substandard(1)	—		—		—		—		—		—		521		—		521
Loss(4)	—		—		—		—		—		—		748		—		748
Total credit cards	—		—		—		—		—		—		299,556		—		299,556
Other consumer loans																	—
Pass	654,818		709,077		127,131		50,007		86,175		97,780		385,308		—		2,110,296
Substandard(1)	668		1,550		2,064		1,308		1,892		750		175		—		8,407
Loss	—		—		—		—		—		20		—		—		20
Total other consumer loans	655,486		710,627		129,195		51,315		88,067		98,550		385,483		—		2,118,723
Total consumer	1,949,623		2,265,817		705,487		279,979		486,206		1,114,871		1,894,686		72,638		8,769,307
Loans, net of deferred fees and costs	$	9,422,021	$	6,553,714	$	4,897,449	$	3,086,000	$	2,559,500	$	4,731,830	$	7,945,964	$	115,480	$	39,311,958

(1) The majority of loans within Substandard risk grade are accruing loans at December 31, 2021.

(2) Loans within Doubtful risk grade are on non-accrual status and generally have an ALL equal to 50% of the loan amount.

(3) Loans within Loss risk grade are on non-accrual status and have an ALL equal to the full loan amount.

(4) Represent amounts that were 120 days past due. These credits are downgraded to the Loss category with an ALL equal to the full loan amount and are generally charged off upon reaching 181 days past due in accordance with the FFIEC Retail Credit Classification Policy.


	December 31, 2020
	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans
(in thousands)	2020		2019		2018		2017		2016		Prior		Amortized Cost Basis		Converted to Term Loans		Total
Commercial, financial and agricultural
Pass	$	3,819,048	$	1,333,460	$	847,283	$	582,612	$	551,413	$	633,871	$	4,102,751	$	49,762	$	11,920,200
Special Mention	63,307		40,618		12,723		22,070		1,665		5,545		60,741		489		207,158
Substandard(1)	28,698		36,618		24,867		36,072		12,808		35,172		84,498		514		259,247
Doubtful(2)	—		3,721		19,778		—		—		—		48		—		23,547
Total commercial, financial and agricultural	3,911,053		1,414,417		904,651		640,754		565,886		674,588		4,248,038		50,765		12,410,152
Owner-occupied
Pass	1,321,680		1,275,435		1,131,183		982,056		555,932		1,297,070		349,566		—		6,912,922
Special Mention	6,170		9,995		10,682		14,138		1,582		13,768		—		—		56,335
Substandard(1)	2,570		22,793		42,615		26,033		7,316		29,794		—		—		131,121
Doubtful(2)	—		—		9,638		—		—		—		—		—		9,638
Total owner-occupied	1,330,420		1,308,223		1,194,118		1,022,227		564,830		1,340,632		349,566		—		7,110,016
Total commercial and industrial	5,241,473		2,722,640		2,098,769		1,662,981		1,130,716		2,015,220		4,597,604		50,765		19,520,168
Investment properties
Pass	1,055,440		2,126,667		1,999,345		1,091,880		483,780		1,301,088		229,044		—		8,287,244
Special Mention	1,482		66,160		176,794		136,004		138,362		129,401		55,440		—		703,643
Substandard(1)	1,007		4,770		24,476		19,820		21,875		40,509		35		—		112,492
Total investment properties	1,057,929		2,197,597		2,200,615		1,247,704		644,017		1,470,998		284,519		—		9,103,379
1-4 family properties
Pass	197,320		95,145		70,267		88,454		38,729		97,374		27,657		—		614,946
Special Mention	402		—		508		109		786		118		—		—		1,923
Substandard(1)	1,527		653		4,312		1,141		554		2,299		1,340		—		11,826
Total 1-4 family properties	199,249		95,798		75,087		89,704		40,069		99,791		28,997		—		628,695
Land and development
Pass	84,985		173,302		83,734		92,911		12,249		76,380		53,250		—		576,811
Special Mention	857		1,995		2,866		282		—		1,332		636		—		7,968
Substandard(1)	1,229		425		4,664		915		136		1,485		—		—		8,854
Total land and development	87,071		175,722		91,264		94,108		12,385		79,197		53,886		—		593,633
Total commercial real estate	1,344,249		2,469,117		2,366,966		1,431,516		696,471		1,649,986		367,402		—		10,325,707


	December 31, 2020
	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans
(in thousands)	2020		2019		2018		2017		2016		Prior		Amortized Cost Basis		Converted to Term Loans		Total
Consumer mortgages
Pass	$	1,871,512	$	874,769	$	425,711	$	678,255	$	685,810	$	965,382	$	1,040	$	—	$	5,502,479
Substandard(1)	33		961		748		889		866		7,224		—		—		10,721
Loss(3)	—		—		—		—		—		291		—		—		291
Total consumer mortgages	1,871,545		875,730		426,459		679,144		686,676		972,897		1,040		—		5,513,491
Home equity lines
Pass	—		—		—		—		—		—		1,429,755		90,832		1,520,587
Substandard(1)	—		—		—		—		—		—		9,698		5,996		15,694
Doubtful(2)	—		—		—		—		—		—		—		19		19
Loss(3)	—		—		—		—		—		—		1,283		143		1,426
Total home equity lines	—		—		—		—		—		—		1,440,736		96,990		1,537,726
Credit cards
Pass	—		—		—		—		—		—		279,142		—		279,142
Substandard(1)	—		—		—		—		—		—		595		—		595
Loss(4)	—		—		—		—		—		—		1,281		—		1,281
Total credit cards	—		—		—		—		—		—		281,018		—		281,018
Other consumer loans																	—
Pass	252,160		190,820		89,187		100,459		80,365		61,040		297,637		—		1,071,668
Substandard(1)	19		762		262		1,195		121		585		227		—		3,171
Loss	—		—		—		—		—		35		—		—		35
Total other consumer loans	252,179		191,582		89,449		101,654		80,486		61,660		297,864		—		1,074,874
Total consumer	2,123,724		1,067,312		515,908		780,798		767,162		1,034,557		2,020,658		96,990		8,407,109
Loan, net of deferred fees and costs	$	8,709,446	$	6,259,069	$	4,981,643	$	3,875,295	$	2,594,349	$	4,699,763	$	6,985,664	$	147,755	$	38,252,984

(1) The majority of loans within Substandard risk grade are accruing loans at December 31, 2020.

(2) Loans within Doubtful risk grade are on non-accrual status and generally have an ALL equal to 50% of the loan amount.

(3) Loans within Loss risk grade are on non-accrual status and have an ALL equal to the full loan amount.

Collateral-Dependent Loans

We classify a loan as collateral-dependent when our borrower is experiencing financial difficulty, and we expect repayment to be provided substantially through the operation or sale of collateral. Our commercial loans have collateral that is comprised of real estate and business assets. Our consumer loans have collateral that is substantially comprised of residential real estate.

There were no significant changes in the extent to which collateral secures our collateral-dependent loans during the years ended December 31, 2021 and 2020.

Rollforward of Allowance for Loan Losses

The following tables detail the changes in the ALL by loan segment for the years ended December 31, 2021, 2020, and 2019. On January 1, 2020, Synovus adopted ASC 326, which replaced the existing incurred loss methodology with an expected credit loss methodology (referred to as CECL). Under the incurred loss methodology, reserves for credit losses were recognized only when the losses were probable or had been incurred; under CECL, companies are required to recognize the full amount of expected credit losses for the lifetime of the financial assets, based on historical experience, current conditions and reasonable and supportable forecasts. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" of this Report for more information on Synovus' adoption of CECL.

For the year ended December 31, 2021, Synovus had no significant transfers to loans held for sale. For the year ended December 31, 2020, Synovus reversed a net amount of $18.3 million in previously established reserves for credit losses associated with net transfers to held for sale of $1.43 billion in performing loans, primarily related to third-party single-service consumer loans and non-relationship consumer mortgages. For the year ended December 31, 2019, Synovus had no significant transfers to loans held for sale.


	As of and For The Year Ended December 31, 2021
(in thousands)	Commercial & Industrial		Commercial Real Estate		Consumer		Total
Allowance for loan losses:
Beginning balance	$	229,555	$	130,742	$	245,439	$	605,736
Charge-offs	(59,457)		(15,392)		(30,383)		(105,232)
Recoveries	9,734		7,444		10,266		27,444
Provision for (reversal of) loan losses	8,532		(25,034)		(83,849)		(100,351)
Ending balance	$	188,364	$	97,760	$	141,473	$	427,597


	As of and For The Year Ended December 31, 2020
(in thousands)	Commercial & Industrial		Commercial Real Estate		Consumer		Total
Allowance for loan losses:
Beginning balance, prior to adoption of ASC 326	$	145,782	$	67,430	$	68,190	$	281,402
Impact from adoption of ASC 326	(2,310)		(651)		85,955		82,994
Beginning balance, after adoption of ASC 326	$	143,472	$	66,779	$	154,145	$	364,396
Charge-offs	(76,260)		(13,213)		(29,789)		(119,262)
Recoveries	13,544		2,857		8,149		24,550
Provision for (reversal of) loan losses	148,799		74,319		112,934		336,052
Ending balance	$	229,555	$	130,742	$	245,439	$	605,736

	As of and For The Year Ended December 31, 2019
(in thousands)	Commercial & Industrial		Commercial Real Estate		Consumer		Total
Allowance for loan losses:
Beginning balance	$	133,123	$	68,796	$	48,636	$	250,555
Charge-offs	(49,572)		(5,540)		(24,023)		(79,135)
Recoveries	7,827		8,618		5,078		21,523
Provision for (reversal of) loan losses	53,665		(4,444)		38,499		87,720
Transfer of unfunded commitment reserve	739		—		—		739
Ending balance	$	145,782	$	67,430	$	68,190	$	281,402

The ALL of $427.6 million and the reserve for unfunded commitments of $41.9 million, which is recorded in other liabilities, comprise the total ACL of $469.5 million at December 31, 2021. The ACL decreased $184.0 million compared to the December 31, 2020 ACL of $653.5 million, which consisted of an ALL of $605.7 million and the reserve for unfunded commitments of $47.8 million. The ACL to loans coverage ratio of 1.19% at December 31, 2021 was 52 bps lower compared to December 31, 2020.

The reduction in the overall ACL is due to the notable improvement in the economic environment compared to December 31, 2020 as evidenced by the decrease in the unemployment rate from 6.7% at the end of 2020 to 3.9% at December 31, 2021. Likewise, our economic and credit outlook have progressed substantially compared to 2020. The factors reducing the ACL were partially offset by purchases of $1.62 billion of third-party lending loans as well as net organic loan growth in 2021, requiring additional reserves of $38.6 million.

The ACL is estimated using a two-year reasonable and supportable forecast period. To the extent the lives of the loans in the portfolio extend beyond the period for which a reasonable and supportable forecast can be made, the Company reverts on a straight-line basis back to the historical rates over a one-year period. Synovus utilizes multiple economic forecast scenarios sourced from a reputable third-party provider and probability-weighted internally. The scenarios include a baseline forecast, an upside scenario reflecting an accelerated recovery, a downside scenario that reflects adverse economic conditions, and an additional adverse scenario that assumes consistent slow growth that is less optimistic than the baseline. At December 31, 2021, economic scenario weights incorporated a 43% downside bias. The baseline outlook used in the December 31, 2021 estimate showed stable economic conditions with the unemployment rate at 3.7% by the end of 2022 compared to a baseline forecast from December 31, 2020 that still represented recessionary conditions.

TDRs

Information about Synovus' TDRs is presented in the following tables. Synovus began entering into loan modifications with borrowers in response to the COVID-19 pandemic, some of which have not been classified as TDRs, and therefore are not included in the discussion below. The following tables represent, by concession type, the post-modification balance for loans modified or renewed during the years ended December 31, 2021, 2020, and 2019 that were reported as accruing or non-accruing TDRs.


TDRs by Concession Type
	Year Ended December 31, 2021
(in thousands, except contract data)	Number of Contracts	Below Market Interest Rate		Other Concessions(1)		Total
Commercial, financial, and agricultural	152	$	12,746	$	8,096	$	20,842
Owner-occupied	24	5,908		868		6,776
Total commercial and industrial	176	18,654		8,964		27,618
Investment properties	9	3,130		—		3,130
1-4 family properties	13	1,131		123		1,254
Land and development	8	1,948		60		2,008
Total commercial real estate	30	6,209		183		6,392
Consumer mortgages	18	2,512		1,006		3,518
Home equity lines	55	4,991		258		5,249
Other consumer loans	103	435		5,720		6,155
Total consumer	176	7,938		6,984		14,922
Loans, net of deferred fees and costs	382	$	32,801	$	16,131	$	48,932	(2)


	Year Ended December 31, 2020
(in thousands, except contract data)	Number of Contracts	Below Market Interest Rate		Other Concessions(1)		Total
Commercial, financial, and agricultural	152	$	10,939	$	11,912	$	22,851
Owner-occupied	22	4,536		1,530		6,066
Total commercial and industrial	174	15,475		13,442		28,917
Investment properties	9	29,679		1,420		31,099
1-4 family properties	22	1,769		1,105		2,874
Land and development	4	606		—		606
Total commercial real estate	35	32,054		2,525		34,579
Consumer mortgages	23	1,866		2,789		4,655
Home equity lines	63	1,970		2,530		4,500
Other consumer loans	57	1,185		2,779		3,964
Total consumer	143	5,021		8,098		13,119
Loans, net of deferred fees and costs	352	$	52,550	$	24,065	$	76,615	(3)


TDRs by Concession Type (continued)
	Year Ended December 31, 2019
(in thousands, except contract data)	Number of Contracts	Below Market Interest Rate		Other Concessions(1)		Total
Commercial, financial, and agricultural	127	$	9,042	$	9,873	$	18,915
Owner-occupied	22	9,017		861		9,878
Total commercial and industrial	149	18,059		10,734		28,793
Investment properties	8	1,548		—		1,548
1-4 family properties	18	2,182		643		2,825
Land and development	8	1,187		30		1,217
Total commercial real estate	34	4,917		673		5,590
Consumer mortgages	18	1,587		1,361		2,948
Home equity lines	70	3,024		2,522		5,546
Other consumer loans	109	1,712		5,270		6,982
Total consumer	197	6,323		9,153		15,476
Loans, net of deferred fees and costs	380	$	29,299	$	20,560	$	49,859	(4)

(1) Other concessions generally include term extensions, interest only payments for a period of time, or principal forgiveness, but there was no principal forgiveness for the years ended December 31, 2021, 2020, and 2019.

(2) No charge-offs were recorded during the year ended December 31, 2021 upon restructuring of these loans.

(3) No charge-offs were recorded during the year ended December 31, 2020 upon restructuring of these loans.

(4) No charge-offs were recorded during the year ended December 31, 2019 upon restructuring of these loans.

For the years ended December 31, 2021, 2020 and 2019, there were eight defaults with a recorded investment of $978 thousand, seven defaults with a recorded investment of $21.7 million, and four defaults with a recorded investment of $326 thousand, respectively, on accruing TDRs restructured during the previous twelve months (defaults are defined as the earlier of the TDR being placed on non-accrual status or reaching 90 days past due with respect to principal and/or interest payments). As of December 31, 2021 and 2020, there were no commitments to lend a material amount of additional funds to any clients whose loans were classified as TDRs.