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Loans and Allowance for Loan Losses | 9 Months Ended
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Sep. 30, 2019
Receivables [Abstract] |
Loans and Allowance for Loan Losses | 4. Loans and Allowance for Loan Losses The Company generally makes loans in its market areas of south Mississippi, southern and central Alabama, northwest, central and south Louisiana, East Texas, the northern, central, and panhandle regions of Florida, and Nashville, Tennessee. Loans, net of unearned income, by portfolio are presented in the table below.
|  | September 30, |  |  | December 31, |
(in thousands) |  | 2019 |  |  | 2018 |
Commercial non-real estate |  | $ | 8,893,004 |  |  | $ | 8,620,601 |
Commercial real estate - owner occupied |  |  | 2,734,379 |  |  |  | 2,457,748 |
Total commercial and industrial |  |  | 11,627,383 |  |  |  | 11,078,349 |
Commercial real estate - income producing |  |  | 3,060,568 |  |  |  | 2,341,779 |
Construction and land development |  |  | 1,190,718 |  |  |  | 1,548,335 |
Residential mortgages |  |  | 3,004,958 |  |  |  | 2,910,081 |
Consumer |  |  | 2,152,325 |  |  |  | 2,147,867 |
Total loans |  | $ | 21,035,952 |  |  | $ | 20,026,411 |
The following briefly describes the composition of each loan category. Commercial and industrial Commercial and industrial loans are made available to businesses for working capital (including financing of inventory and receivables), business expansion, to facilitate the acquisition of a business, and the purchase of equipment and machinery, including equipment leasing. These loans are primarily made based on the identified cash flows of the borrower and, when secured, have the added strength of the underlying collateral. Commercial non-real estate loans may be secured by the assets being financed or other tangible or intangible business assets such as accounts receivable, inventory, ownership, enterprise value or commodity interests, and may incorporate a personal or corporate guarantee; however, some short-term loans may be made on an unsecured basis, including a small portfolio of corporate credit cards, generally issued as a part of overall customer relationships. Commercial real estate – owner occupied loans consist of commercial mortgages on properties where repayment is generally dependent on the cash flow from the ongoing operations and activities of the borrower. Like commercial non-real estate, these loans are primarily made based on the identified cash flows of the borrower, but also have the added strength of the value of underlying real estate collateral. Commercial real estate – income producing Commercial real estate – income producing loans consist of loans secured by commercial mortgages on properties where the loan is made to real estate developers or investors and repayment is dependent on the sale, refinance, or income generated from the operation of the property. Properties financed include retail, office, multifamily, senior housing, hotel/motel, skilled nursing facilities and other commercial properties. Construction and land development Construction and land development loans are made to facilitate the acquisition, development, improvement and construction of both commercial and residential-purpose properties. Such loans are made to builders and investors where repayment is expected to be made from the sale, refinance or operation of the property or to businesses to be used in their business operations. This portfolio also includes a small amount of residential construction loans and loans secured by raw land not yet under development. Residential mortgages Residential mortgages consist of closed-end loans secured by first liens on 1- 4 family residential properties. The portfolio includes both fixed and adjustable rate loans, although most longer term, fixed rate loans originated are sold in the secondary mortgage market. Consumer Consumer loans include second lien mortgage home loans, home equity lines of credit and nonresidential consumer purpose loans. Nonresidential consumer loans include both direct and indirect loans. Direct nonresidential consumer loans are made to finance the purchase of personal property, including automobiles, recreational vehicles and boats, and for other personal purposes (secured and unsecured), and deposit account secured loans. Indirect nonresidential consumer loans include automobile financing provided to the consumer through an agreement with automobile dealerships. Consumer loans also include a small portfolio of credit card receivables issued on the basis of applications received through referrals from the Bank’s branches, online and other marketing efforts. Allowance for Loan Losses The following tables show activity in the allowance for loan losses by portfolio class for the nine months ended September 30, 2019 and 2018, as well as the corresponding recorded investment in loans at the end of each period.
|  |  |  |  |  | Commercial |  |  | Total |  |  | Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Commercial |  |  | real estate- |  |  | commercial |  |  | real estate- |  |  | Construction |  |  |  |  |  |  |  |  |  |  |  |  |
|  | non-real |  |  | owner |  |  | and |  |  | income |  |  | and land |  |  | Residential |  |  |  |  |  |  |  |  |
(in thousands) |  | estate |  |  | occupied |  |  | industrial |  |  | producing |  |  | development |  |  | mortgages |  |  | Consumer |  |  | Total |
|  | Nine Months Ended September 30, 2019 |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 97,752 |  |  | $ | 13,757 |  |  | $ | 111,509 |  |  | $ | 17,638 |  |  | $ | 15,647 |  |  | $ | 23,782 |  |  | $ | 25,938 |  |  | $ | 194,514 |
Charge-offs |  |  | (33,382 | ) |  |  | (137 | ) |  |  | (33,519 | ) |  |  | (10 | ) |  |  | (7 | ) |  |  | (660 | ) |  |  | (13,169 | ) |  |  | (47,365 | )
Recoveries |  |  | 5,662 |  |  |  | 284 |  |  |  | 5,946 |  |  |  | 518 |  |  |  | 108 |  |  |  | 433 |  |  |  | 2,866 |  |  |  | 9,871 |
Net provision for loan losses |  |  | 29,267 |  |  |  | 545 |  |  |  | 29,812 |  |  |  | 7,604 |  |  |  | (5,982 | ) |  |  | (2,076 | ) |  |  | 9,194 |  |  |  | 38,552 |
Ending balance |  | $ | 99,299 |  |  | $ | 14,449 |  |  | $ | 113,748 |  |  | $ | 25,750 |  |  | $ | 9,766 |  |  | $ | 21,479 |  |  | $ | 24,829 |  |  | $ | 195,572 |
Ending balance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance: |  |  |
Individually evaluated for impairment |  | $ | 11,535 |  |  | $ | 57 |  |  | $ | 11,592 |  |  | $ | 49 |  |  | $ | 29 |  |  | $ | 183 |  |  | $ | 365 |  |  | $ | 12,218 |
Amounts related to purchased credit impaired loans |  |  | 135 |  |  |  | 172 |  |  |  | 307 |  |  |  | 40 |  |  |  | 144 |  |  |  | 8,032 |  |  |  | 300 |  |  |  | 8,823 |
Collectively evaluated for impairment |  |  | 87,629 |  |  |  | 14,220 |  |  |  | 101,849 |  |  |  | 25,661 |  |  |  | 9,593 |  |  |  | 13,264 |  |  |  | 24,164 |  |  |  | 174,531 |
Total allowance |  | $ | 99,299 |  |  | $ | 14,449 |  |  | $ | 113,748 |  |  | $ | 25,750 |  |  | $ | 9,766 |  |  | $ | 21,479 |  |  | $ | 24,829 |  |  | $ | 195,572 |
Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 201,979 |  |  | $ | 11,109 |  |  | $ | 213,088 |  |  | $ | 2,781 |  |  | $ | 3,385 |  |  | $ | 4,301 |  |  | $ | 1,583 |  |  | $ | 225,138 |
Purchased credit impaired loans |  |  | 33,040 |  |  |  | 45,124 |  |  |  | 78,164 |  |  |  | 27,281 |  |  |  | 23,431 |  |  |  | 93,450 |  |  |  | 6,294 |  |  |  | 228,620 |
Collectively evaluated for impairment |  |  | 8,657,985 |  |  |  | 2,678,146 |  |  |  | 11,336,131 |  |  |  | 3,030,506 |  |  |  | 1,163,902 |  |  |  | 2,907,207 |  |  |  | 2,144,448 |  |  |  | 20,582,194 |
Total loans |  | $ | 8,893,004 |  |  | $ | 2,734,379 |  |  | $ | 11,627,383 |  |  | $ | 3,060,568 |  |  | $ | 1,190,718 |  |  | $ | 3,004,958 |  |  | $ | 2,152,325 |  |  | $ | 21,035,952 |
|  |  |  |  |  | Commercial |  |  | Total |  |  | Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Commercial |  |  | real estate- |  |  | commercial |  |  | real estate- |  |  | Construction |  |  |  |  |  |  |  |  |  |  |  |  |
|  | non-real |  |  | owner |  |  | and |  |  | income |  |  | and land |  |  | Residential |  |  |  |  |  |  |  |  |
(in thousands) |  | estate |  |  | occupied |  |  | industrial |  |  | producing |  |  | development |  |  | mortgages |  |  | Consumer |  |  | Total |
|  | Nine Months Ended September 30, 2018 |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 127,918 |  |  | $ | 12,962 |  |  | $ | 140,880 |  |  | $ | 13,709 |  |  | $ | 7,372 |  |  | $ | 24,844 |  |  | $ | 30,503 |  |  | $ | 217,308 |
Charge-offs |  |  | (15,401 | ) |  |  | (7,330 | ) |  |  | (22,731 | ) |  |  | (1,633 | ) |  |  | (265 | ) |  |  | (585 | ) |  |  | (18,599 | ) |  |  | (43,813 | )
Recoveries |  |  | 13,234 |  |  |  | 282 |  |  |  | 13,516 |  |  |  | 221 |  |  |  | 68 |  |  |  | 1,854 |  |  |  | 4,028 |  |  |  | 19,687 |
Net provision for loan losses |  |  | (5,073 | ) |  |  | 7,203 |  |  |  | 2,130 |  |  |  | 6,288 |  |  |  | 6,248 |  |  |  | (1,803 | ) |  |  | 15,153 |  |  |  | 28,016 |
Reduction as a result of sale of subsidiary |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (6,648 | ) |  |  | (6,648 | )
Ending balance |  | $ | 120,678 |  |  | $ | 13,117 |  |  | $ | 133,795 |  |  | $ | 18,585 |  |  | $ | 13,423 |  |  | $ | 24,310 |  |  | $ | 24,437 |  |  | $ | 214,550 |
Ending balance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 23,101 |  |  | $ | 225 |  |  | $ | 23,326 |  |  | $ | 285 |  |  | $ | 1 |  |  | $ | 163 |  |  | $ | 131 |  |  | $ | 23,906 |
Amounts related to purchased credit impaired loans |  |  | 327 |  |  |  | 403 |  |  | $ | 730 |  |  |  | 45 |  |  |  | 91 |  |  |  | 10,109 |  |  |  | 433 |  |  |  | 11,408 |
Collectively evaluated for impairment |  |  | 97,250 |  |  |  | 12,489 |  |  | $ | 109,739 |  |  |  | 18,255 |  |  |  | 13,331 |  |  |  | 14,038 |  |  |  | 23,873 |  |  |  | 179,236 |
Total allowance |  | $ | 120,678 |  |  | $ | 13,117 |  |  | $ | 133,795 |  |  | $ | 18,585 |  |  | $ | 13,423 |  |  | $ | 24,310 |  |  | $ | 24,437 |  |  | $ | 214,550 |
Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 275,966 |  |  | $ | 22,437 |  |  | $ | 298,403 |  |  | $ | 4,615 |  |  | $ | 112 |  |  | $ | 3,061 |  |  | $ | 890 |  |  | $ | 307,081 |
Purchased credit impaired loans |  |  | 7,907 |  |  |  | 7,113 |  |  | $ | 15,020 |  |  |  | 3,790 |  |  |  | 4,232 |  |  |  | 107,535 |  |  |  | 4,458 |  |  |  | 135,035 |
Collectively evaluated for impairment |  |  | 8,155,011 |  |  |  | 2,270,721 |  |  | $ | 10,425,732 |  |  |  | 2,303,294 |  |  |  | 1,519,075 |  |  |  | 2,736,320 |  |  |  | 2,117,180 |  |  |  | 19,101,601 |
Total loans |  | $ | 8,438,884 |  |  | $ | 2,300,271 |  |  | $ | 10,739,155 |  |  | $ | 2,311,699 |  |  | $ | 1,523,419 |  |  | $ | 2,846,916 |  |  | $ | 2,122,528 |  |  | $ | 19,543,717 |
Impaired Loans The following table shows the composition of nonaccrual loans by portfolio class. Purchased credit impaired loans accounted for in pools with an accretable yield are considered to be performing and are excluded from the table.
|  | September 30, |  |  | December 31, |
(in thousands) |  | 2019 |  |  | 2018 |
Commercial non-real estate |  | $ | 150,705 |  |  | $ | 110,653 |
Commercial real estate - owner occupied |  |  | 13,087 |  |  |  | 16,895 |
Total commercial and industrial |  |  | 163,792 |  |  |  | 127,548 |
Commercial real estate - income producing |  |  | 2,957 |  |  |  | 4,991 |
Construction and land development |  |  | 1,336 |  |  |  | 2,146 |
Residential mortgages |  |  | 37,901 |  |  |  | 35,866 |
Consumer |  |  | 16,874 |  |  |  | 16,744 |
Total loans |  | $ | 222,860 |  |  | $ | 187,295 |
Nonaccrual loans include nonaccruing loans modified in troubled debt restructurings (“TDRs”) of $101.1 million and $85.5 million at September 30, 2019 and December 31, 2018, respectively. Total TDRs, both accruing and nonaccruing, were $162.0 million at September 30, 2019 and $224.6 million at December 31, 2018. All TDRs are individually evaluated for impairment. At September 30, 2019 and December 31, 2018, the Company had unfunded commitments of $2.0 million and $2.1 million, respectively, to borrowers whose loan terms have been modified in a TDR. The tables below detail by portfolio class TDRs that were modified during the three and nine months ended September 30, 2019 and 2018:
|  | Three Months Ended |
($ in thousands) |  | September 30, 2019 |  |  | September 30, 2018 |
|  |  |  |  |  | Pre- Modification |  |  | Post- Modification |  |  |  |  |  |  | Pre- Modification |  |  | Post- Modification |
|  | Number |  |  | Outstanding |  |  | Outstanding |  |  | Number |  |  | Outstanding |  |  | Outstanding |
|  | of |  |  | Recorded |  |  | Recorded |  |  | of |  |  | Recorded |  |  | Recorded |
Troubled Debt Restructurings: |  | Contracts |  |  | Investment |  |  | Investment |  |  | Contracts |  |  | Investment |  |  | Investment |
Commercial non-real estate |  |  | 2 |  |  | $ | 13,083 |  |  | $ | 6,271 |  |  |  | 11 |  |  | $ | 23,347 |  |  | $ | 23,347 |
Commercial real estate - owner occupied |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | 229 |  |  |  | 229 |
Total commercial and industrial |  |  | 2 |  |  |  | 13,083 |  |  |  | 6,271 |  |  |  | 12 |  |  |  | 23,576 |  |  |  | 23,576 |
Commercial real estate - income producing |  |  | 1 |  |  |  | 123 |  |  |  | 123 |  |  |  | — |  |  |  | — |  |  |  | — |
Construction and land development |  |  | 3 |  |  |  | 323 |  |  |  | 323 |  |  |  | — |  |  |  | — |  |  |  | — |
Residential mortgages |  |  | 3 |  |  |  | 297 |  |  |  | 297 |  |  |  | 8 |  |  |  | 930 |  |  |  | 930 |
Consumer |  |  | 4 |  |  |  | 70 |  |  |  | 70 |  |  |  | 6 |  |  |  | 89 |  |  |  | 89 |
Total loans |  |  | 13 |  |  | $ | 13,896 |  |  | $ | 7,084 |  |  |  | 26 |  |  | $ | 24,595 |  |  | $ | 24,595 |
|  | Nine Months Ended |
($ in thousands) |  | September 30, 2019 |  |  | September 30, 2018 |
Troubled Debt Restructurings: |  | Number of Contracts |  |  | Pre- Modification Outstanding Recorded Investment |  |  | Post- Modification Outstanding Recorded Investment |  |  | Number of Contracts |  |  | Pre- Modification Outstanding Recorded Investment |  |  | Post- Modification Outstanding Recorded Investment |
Commercial non-real estate |  |  | 10 |  |  | $ | 27,220 |  |  | $ | 20,408 |  |  |  | 29 |  |  | $ | 85,306 |  |  | $ | 85,306 |
Commercial real estate - owner occupied |  |  | 1 |  |  |  | 167 |  |  |  | 167 |  |  |  | 2 |  |  |  | 6,138 |  |  |  | 6,138 |
Total commercial and industrial |  |  | 11 |  |  |  | 27,387 |  |  |  | 20,575 |  |  |  | 31 |  |  |  | 91,444 |  |  |  | 91,444 |
Commercial real estate - income producing |  |  | 1 |  |  |  | 123 |  |  |  | 123 |  |  |  | 1 |  |  |  | 1,564 |  |  |  | 1,564 |
Construction and land development |  |  | 3 |  |  |  | 323 |  |  |  | 323 |  |  |  | — |  |  |  | — |  |  |  | — |
Residential mortgages |  |  | 10 |  |  |  | 2,199 |  |  |  | 2,199 |  |  |  | 11 |  |  |  | 1,048 |  |  |  | 1,048 |
Consumer |  |  | 6 |  |  |  | 116 |  |  |  | 116 |  |  |  | 7 |  |  |  | 311 |  |  |  | 311 |
Total loans |  |  | 31 |  |  | $ | 30,148 |  |  | $ | 23,336 |  |  |  | 50 |  |  | $ | 94,367 |  |  | $ | 94,367 |
The TDRs modified during the nine months ended September 30, 2019 reflected in the table above include $0.6 million of loans with extended amortization terms or other payment concessions, $22.1 million with significant covenant waivers and $7.4 million with other modifications. In addition, the Company received approximately $6.8 million of equity securities of one commercial non-real estate borrower in satisfaction of a portion of its debt. The TDRs modified during the nine months ended September 30, 2018 include $50.7 million of loans with extended amortization terms or other payment concessions, $14.6 million with significant covenant waivers and $29.1 million with other modifications. There were no defaults on loans during the three and nine months ended September 30, 2019 or 2018 that had been modified in a TDR during the prior twelve months. The tables below present loans that are individually evaluated for impairment disaggregated by portfolio class at September 30, 2019 and December 31, 2018. Loans individually evaluated for impairment include TDRs and loans that are determined to be impaired and have aggregate relationship balances of $1 million or more.
|  | September 30, 2019 |
(in thousands) |  | Recorded investment without an allowance |  |  | Recorded investment with an allowance |  |  | Unpaid principal balance |  |  | Related allowance |
Commercial non-real estate |  | $ | 161,275 |  |  | $ | 40,704 |  |  | $ | 239,506 |  |  | $ | 11,535 |
Commercial real estate - owner occupied |  |  | 9,183 |  |  |  | 1,926 |  |  |  | 15,087 |  |  |  | 57 |
Total commercial and industrial |  |  | 170,458 |  |  |  | 42,630 |  |  |  | 254,593 |  |  |  | 11,592 |
Commercial real estate - income producing |  |  | 1,222 |  |  |  | 1,559 |  |  |  | 3,793 |  |  |  | 49 |
Construction and land development |  |  | 3,121 |  |  |  | 264 |  |  |  | 4,123 |  |  |  | 29 |
Residential mortgages |  |  | 2,665 |  |  |  | 1,636 |  |  |  | 4,831 |  |  |  | 183 |
Consumer |  |  | 494 |  |  |  | 1,089 |  |  |  | 1,864 |  |  |  | 365 |
Total loans |  | $ | 177,960 |  |  | $ | 47,178 |  |  | $ | 269,204 |  |  | $ | 12,218 |
|  | December 31, 2018 |
(in thousands) |  | Recorded investment without an allowance |  |  | Recorded investment with an allowance |  |  | Unpaid principal balance |  |  | Related allowance |
Commercial non-real estate |  | $ | 144,625 |  |  | $ | 94,759 |  |  | $ | 273,290 |  |  | $ | 3,636 |
Commercial real estate - owner occupied |  |  | 13,027 |  |  |  | 8,639 |  |  |  | 25,888 |  |  |  | 607 |
Total commercial and industrial |  |  | 157,652 |  |  |  | 103,398 |  |  |  | 299,178 |  |  |  | 4,243 |
Commercial real estate - income producing |  |  | 1,138 |  |  |  | 1,563 |  |  |  | 3,428 |  |  |  | 210 |
Construction and land development |  |  | 100 |  |  |  | 21 |  |  |  | 121 |  |  |  | 1 |
Residential mortgages |  |  | 2,058 |  |  |  | 1,818 |  |  |  | 4,421 |  |  |  | 444 |
Consumer |  |  | 279 |  |  |  | 728 |  |  |  | 1,253 |  |  |  | 216 |
Total loans |  | $ | 161,227 |  |  | $ | 107,528 |  |  | $ | 308,401 |  |  | $ | 5,114 |
The tables below present the average balances and interest income for total impaired loans for the three and nine months ended September 30, 2019 and 2018. Interest income recognized represents interest on accruing loans modified in a TDR.
|  | Three Months Ended |
|  | September 30, 2019 |  |  | September 30, 2018 |
(in thousands) |  | Average Recorded Investment |  |  | Interest Income Recognized |  |  | Average Recorded Investment |  |  | Interest Income Recognized |
Commercial non-real estate |  | $ | 213,291 |  |  | $ | 1,062 |  |  | $ | 283,519 |  |  | $ | 2,275 |
Commercial real estate - owner occupied |  |  | 14,439 |  |  |  | 45 |  |  |  | 24,702 |  |  |  | 90 |
Total commercial and industrial |  |  | 227,730 |  |  |  | 1,107 |  |  |  | 308,221 |  |  |  | 2,365 |
Commercial real estate - income producing |  |  | 2,331 |  |  |  | 7 |  |  |  | 6,718 |  |  |  | 15 |
Construction and land development |  |  | 1,702 |  |  |  | 2 |  |  |  | 113 |  |  |  | — |
Residential mortgages |  |  | 4,195 |  |  |  | 2 |  |  |  | 3,397 |  |  |  | 4 |
Consumer |  |  | 1,552 |  |  |  | 21 |  |  |  | 745 |  |  |  | 10 |
Total loans |  | $ | 237,510 |  |  | $ | 1,139 |  |  | $ | 319,194 |  |  | $ | 2,394 |
|  | Nine Months Ended |
|  | September 30, 2019 |  |  | September 30, 2018 |
(in thousands) |  | Average Recorded Investment |  |  | Interest Income Recognized |  |  | Average Recorded Investment |  |  | Interest Income Recognized |
Commercial non-real estate |  | $ | 225,597 |  |  | $ | 4,202 |  |  | $ | 295,636 |  |  | $ | 5,863 |
Commercial real estate - owner occupied |  |  | 17,044 |  |  |  | 196 |  |  |  | 26,416 |  |  |  | 258 |
Total commercial and industrial |  |  | 242,641 |  |  |  | 4,398 |  |  |  | 322,052 |  |  |  | 6,121 |
Commercial real estate - income producing |  |  | 2,430 |  |  |  | 21 |  |  |  | 10,988 |  |  |  | 64 |
Construction and land development |  |  | 597 |  |  |  | 2 |  |  |  | 155 |  |  |  | — |
Residential mortgages |  |  | 4,525 |  |  |  | 9 |  |  |  | 6,307 |  |  |  | 14 |
Consumer |  |  | 1,442 |  |  |  | 55 |  |  |  | 769 |  |  |  | 28 |
Total loans |  | $ | 251,635 |  |  | $ | 4,485 |  |  | $ | 340,271 |  |  | $ | 6,227 |
Aging Analysis The tables below present the age analysis of past due loans by portfolio class at September 30, 2019 and December 31, 2018. Purchased credit impaired loans accounted for in pools with an accretable yield are considered to be current.
September 30, 2019 |  | 30-59 days past due |  |  | 60-89 days past due |  |  | Greater than 90 days past due |  |  | Total past due |  |  | Current |  |  | Total Loans |  |  | Recorded investment > 90 days and still accruing |
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial non-real estate |  | $ | 29,770 |  |  | $ | 19,786 |  |  | $ | 56,767 |  |  | $ | 106,323 |  |  | $ | 8,786,681 |  |  | $ | 8,893,004 |  |  | $ | 2,928 |
Commercial real estate - owner occupied |  |  | 5,222 |  |  |  | 909 |  |  |  | 14,635 |  |  | $ | 20,766 |  |  |  | 2,713,613 |  |  |  | 2,734,379 |  |  |  | 2,837 |
Total commercial and industrial |  |  | 34,992 |  |  |  | 20,695 |  |  |  | 71,402 |  |  |  | 127,089 |  |  |  | 11,500,294 |  |  |  | 11,627,383 |  |  |  | 5,765 |
Commercial real estate - income producing |  |  | 817 |  |  |  | 473 |  |  |  | 2,751 |  |  |  | 4,041 |  |  |  | 3,056,527 |  |  |  | 3,060,568 |  |  |  | — |
Construction and land development |  |  | 550 |  |  |  | 77 |  |  |  | 1,076 |  |  |  | 1,703 |  |  |  | 1,189,015 |  |  |  | 1,190,718 |  |  |  | 644 |
Residential mortgages |  |  | 5,650 |  |  |  | 11,140 |  |  |  | 21,964 |  |  |  | 38,754 |  |  |  | 2,966,204 |  |  |  | 3,004,958 |  |  |  | 576 |
Consumer |  |  | 14,598 |  |  |  | 4,730 |  |  |  | 9,434 |  |  |  | 28,762 |  |  |  | 2,123,563 |  |  |  | 2,152,325 |  |  |  | 887 |
Total |  | $ | 56,607 |  |  | $ | 37,115 |  |  | $ | 106,627 |  |  | $ | 200,349 |  |  | $ | 20,835,603 |  |  | $ | 21,035,952 |  |  | $ | 7,872 |
December 31, 2018 |  | 30-59 days past due |  |  | 60-89 days past due |  |  | Greater than 90 days past due |  |  | Total past due |  |  | Current |  |  | Total Loans |  |  | Recorded investment > 90 days and still accruing |
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial non-real estate |  | $ | 12,257 |  |  | $ | 3,895 |  |  | $ | 77,551 |  |  | $ | 93,703 |  |  | $ | 8,526,898 |  |  |  | 8,620,601 |  |  | $ | 10,823 |
Commercial real estate - owner occupied |  |  | 2,394 |  |  |  | 1,570 |  |  |  | 14,542 |  |  |  | 18,506 |  |  |  | 2,439,242 |  |  |  | 2,457,748 |  |  |  | 380 |
Total commercial and industrial |  |  | 14,651 |  |  |  | 5,465 |  |  |  | 92,093 |  |  |  | 112,209 |  |  |  | 10,966,140 |  |  |  | 11,078,349 |  |  |  | 11,203 |
Commercial real estate - income producing |  |  | 2,371 |  |  |  | 772 |  |  |  | 5,495 |  |  |  | 8,638 |  |  |  | 2,333,141 |  |  |  | 2,341,779 |  |  |  | 1,844 |
Construction and land development |  |  | 7,397 |  |  |  | 1,129 |  |  |  | 2,165 |  |  |  | 10,691 |  |  |  | 1,537,644 |  |  |  | 1,548,335 |  |  |  | 644 |
Residential mortgages |  |  | 32,869 |  |  |  | 14,706 |  |  |  | 23,175 |  |  |  | 70,750 |  |  |  | 2,839,331 |  |  |  | 2,910,081 |  |  |  | — |
Consumer |  |  | 20,402 |  |  |  | 4,695 |  |  |  | 9,665 |  |  |  | 34,762 |  |  |  | 2,113,105 |  |  |  | 2,147,867 |  |  |  | 618 |
Total |  | $ | 77,690 |  |  | $ | 26,767 |  |  | $ | 132,593 |  |  | $ | 237,050 |  |  | $ | 19,789,361 |  |  | $ | 20,026,411 |  |  | $ | 14,309 |
Credit Quality Indicators The following tables present the credit quality indicators by segments and portfolio class of loans at September 30, 2019 and December 31, 2018.
|  | September 30, 2019 |
(in thousands) |  | Commercial non-real estate |  |  | Commercial real estate - owner- occupied |  |  | Total commercial and industrial |  |  | Commercial real estate - income producing |  |  | Construction and land development |  |  | Total commercial |
Grade: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 8,193,707 |  |  | $ | 2,498,260 |  |  | $ | 10,691,967 |  |  | $ | 2,941,146 |  |  | $ | 1,149,268 |  |  | $ | 14,782,381 |
Pass-Watch |  |  | 209,523 |  |  |  | 132,611 |  |  |  | 342,134 |  |  |  | 64,280 |  |  |  | 30,455 |  |  | $ | 436,869 |
Special Mention |  |  | 84,741 |  |  |  | 18,697 |  |  |  | 103,438 |  |  |  | 15,409 |  |  |  | 81 |  |  | $ | 118,928 |
Substandard |  |  | 405,025 |  |  |  | 84,811 |  |  |  | 489,836 |  |  |  | 39,733 |  |  |  | 10,914 |  |  | $ | 540,483 |
Doubtful |  |  | 8 |  |  |  | — |  |  |  | 8 |  |  |  | — |  |  |  | — |  |  | $ | 8 |
Total |  | $ | 8,893,004 |  |  | $ | 2,734,379 |  |  | $ | 11,627,383 |  |  | $ | 3,060,568 |  |  | $ | 1,190,718 |  |  | $ | 15,878,669 |
|  | December 31, 2018 |
(in thousands) |  | Commercial non-real estate |  |  | Commercial real estate - owner- occupied |  |  | Total commercial and industrial |  |  | Commercial real estate - income producing |  |  | Construction and land development |  |  | Total commercial |
Grade: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 7,875,588 |  |  | $ | 2,274,211 |  |  | $ | 10,149,799 |  |  |  | 2,265,087 |  |  | $ | 1,487,599 |  |  | $ | 13,902,485 |
Pass-Watch |  |  | 260,510 |  |  |  | 84,271 |  |  |  | 344,781 |  |  |  | 46,535 |  |  |  | 49,099 |  |  |  | 440,415 |
Special Mention |  |  | 75,752 |  |  |  | 23,149 |  |  |  | 98,901 |  |  |  | 5,510 |  |  |  | 816 |  |  |  | 105,227 |
Substandard |  |  | 408,751 |  |  |  | 76,117 |  |  |  | 484,868 |  |  |  | 24,647 |  |  |  | 10,821 |  |  |  | 520,336 |
Doubtful |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 8,620,601 |  |  | $ | 2,457,748 |  |  | $ | 11,078,349 |  |  | $ | 2,341,779 |  |  | $ | 1,548,335 |  |  | $ | 14,968,463 |
|  | September 30, 2019 |  |  | December 31, 2018 |
(in thousands) |  | Residential mortgage |  |  | Consumer |  |  | Total |  |  | Residential mortgage |  |  | Consumer |  |  | Total |
Performing |  | $ | 2,966,578 |  |  | $ | 2,134,360 |  |  | $ | 5,100,938 |  |  | $ | 2,873,669 |  |  | $ | 2,130,395 |  |  | $ | 5,004,064 |
Nonperforming |  |  | 38,380 |  |  |  | 17,965 |  |  | $ | 56,345 |  |  |  | 36,412 |  |  |  | 17,472 |  |  |  | 53,884 |
Total |  | $ | 3,004,958 |  |  | $ | 2,152,325 |  |  | $ | 5,157,283 |  |  | $ | 2,910,081 |  |  | $ | 2,147,867 |  |  | $ | 5,057,948 |
Below are the definitions of the Company’s internally assigned grades: Commercial:
| • | Pass – loans properly approved, documented, collateralized, and performing which do not reflect an abnormal credit risk.
| • | Pass-Watch – credits in this category are of sufficient risk to cause concern. This category is reserved for credits that display negative performance trends. The “Watch” grade should be regarded as a transition category.
| • | Special Mention – a criticized asset category defined as having potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may, at some future date, result in the deterioration of the repayment prospects for the credit or the institution’s credit position. Special mention credits are not considered part of the Classified credit categories and do not expose the institution to sufficient risk to warrant adverse classification.
| • | Substandard – an asset that is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.
| • | Doubtful – an asset that has all the weaknesses inherent in one classified Substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.
| • | Loss – credits classified as Loss are considered uncollectable and are charged off promptly once so classified.
Residential and Consumer:
| • | Performing – accruing loans that have not been modified in a troubled debt restructuring.
| • | Nonperforming – loans for which there are good reasons to doubt that payments will be made in full. All loans with nonaccrual status and all loans that have been modified in a troubled debt restructuring are classified as nonperforming.
Purchased Credit Impaired Loans Changes in the carrying amount of purchased credit impaired loans and related accretable yield are presented in the following table for the nine months ended September 30, 2019 and the year ended December 31, 2018.
|  | September 30, 2019 |  |  | December 31, 2018 |
(in thousands) |  | Carrying Amount of Loans |  |  | Accretable Yield |  |  | Carrying Amount of Loans |  |  | Accretable Yield |
Balance at beginning of period |  | $ | 129,596 |  |  | $ | 37,294 |  |  | $ | 153,403 |  |  | $ | 62,517 |
Additions |  |  | 118,047 |  |  |  | 6,238 |  |  |  | — |  |  |  | — |
Payments received, net |  |  | (28,846 | ) |  |  | (3,517 | ) |  |  | (39,556 | ) |  |  | (5,779 | )
Accretion |  |  | 9,823 |  |  |  | (9,823 | ) |  |  | 15,749 |  |  |  | (15,749 | )
Increase in expected cash flows based on actual cash flows and changes in cash flow assumptions |  |  | — |  |  |  | 4,190 |  |  |  | — |  |  |  | (3,695 | )
Balance at end of period |  | $ | 228,620 |  |  | $ | 34,382 |  |  | $ | 129,596 |  |  | $ | 37,294 |
Residential Mortgage Loans in Process of Foreclosure Included in loans are $8.9 million and $7.1 million of consumer loans secured by single family residential real estate that are in process of foreclosure as of September 30, 2019 and December 31, 2018, respectively. Loans in process of foreclosure include those for which formal foreclosure proceedings are in process according to local requirements of the applicable jurisdiction. In addition to the single family residential real estate loans in process of foreclosure, the Company also held $2.7 million and $1.8 million of foreclosed single family residential properties in other real estate owned at September 30, 2019 and December 31, 2018, respectively.

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