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Loans and Allowance for Credit Losses | 9 Months Ended
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Sep. 30, 2021
Receivables [Abstract] |
Loans and Allowance for Credit Losses | Loans and Allowance for Credit Losses Net Loans are summarized as follows:
| September 30, 2021 |  | December 31, 2020
| (in thousands)
Real estate - commercial mortgage | $ | 7,145,115 |  |  | $ | 7,105,092 |
Commercial and industrial (1) | 4,454,059 |  |  | 5,670,828 |
Real-estate - residential mortgage | 3,719,684 |  |  | 3,141,915 |
Real-estate - home equity | 1,126,628 |  |  | 1,202,913 |
Real-estate - construction | 1,111,487 |  |  | 1,047,218 |
Consumer | 458,595 |  |  | 466,772 |
Equipment lease financing and other | 266,489 |  |  | 284,377 |
Overdrafts | 5,471 |  |  | 4,806 |
Gross loans | 18,287,528 |  |  | 18,923,921 |
Unearned income | (18,121) |  |  | (23,101) |
Net Loans | $ | 18,269,407 |  |  | $ | 18,900,820 |
(1) Includes PPP loans totaling $0.6 billion and $1.6 billion as of September 30, 2021 and December 31, 2020, respectively. The Corporation segments its loan portfolio by "portfolio segments," as presented in the table above. Certain portfolio segments are further disaggregated by "class segment" for the purpose of estimating credit losses. Allowance for Credit Losses The Corporation has elected to exclude accrued interest receivable from the measurement of its ACL. When a loan is placed on non-accrual status, any outstanding accrued interest is reversed against interest income. The ACL for loans is an estimate of the expected losses to be realized over the life of the loans in the portfolio. The ACL is determined for two distinct categories of loans: 1) loans evaluated collectively for expected credit losses and 2) loans evaluated individually for expected credit losses. Loans Evaluated Collectively: Loans evaluated collectively for expected credit losses include loans on accrual status, excluding accruing TDRs, and loans initially evaluated individually, but determined not to have enhanced credit risk characteristics. This category includes loans on non-accrual status and TDRs where the total commitment amount is less than $1 million. The ACL is estimated by applying a PD and LGD to the EAD at the loan level. In order to determine the PD, LGD, and EAD calculation inputs: •Loans are aggregated into pools based on similar risk characteristics. •The PD and LGD rates are determined by historical credit loss experience for each pool of loans. •The loan segment PD rates are estimated using six econometric regression models that use the Corporation’s historical credit loss experience and incorporate reasonable and supportable economic forecasts for various macroeconomic variables that are statistically correlated with expected loss behavior in the loan segment. •The reasonable and supportable forecast for each macroeconomic variable is sourced from an external third party and is applied over the contractual term of the Corporation’s loan portfolio. The Corporation’s economic forecast considers the general health of the economy, the interest rate environment, real estate pricing and market risk. •A single baseline forecast scenario is used for each macroeconomic variable. •The loan segment lifetime LGD rates are estimated using a loss rate approach based on the Corporation’s historical charge-off experience and the balance at the time of loan default. •The LGD rates are adjusted for the Corporation’s recovery experience. •To calculate the EAD, the corporation estimates contractual cash flows over the remaining life of each loan. Certain cash flow assumptions are established for each loan using maturity date, amortization schedule and interest rate. In addition, a prepayment rate is used in determining the EAD estimate. Loans Evaluated Individually: Loans evaluated individually for expected credit losses include loans on non-accrual status and TDRs where the commitment amount equals or exceeds $1.0 million. The required ACL for such loans is determined using either the present value of expected future cash flows, observable market price or the fair value of collateral. Loans evaluated individually may have specific allocations of the ACL assigned if the measured value of the loan using one of the noted techniques is less than its current carrying value. For loans measured using the fair value of collateral, if the analysis determines that sufficient collateral value would be available for repayment of the debt, then no allocations would be assigned to those loans. Collateral could be in the form of real estate or business assets, such as accounts receivable or inventory, in the case of commercial and industrial loans. Commercial and industrial loans may also be secured by real estate. For loans secured by real estate, estimated fair values are determined primarily through appraisals performed by third-party appraisers, discounted to arrive at expected net sale proceeds. For collateral dependent loans, estimated real estate fair values are also net of estimated selling costs. When a real estate secured loan is impaired, a decision is made regarding whether an updated appraisal of the real estate is necessary. This decision is based on various considerations, including: the age of the most recent appraisal; the loan-to-value ratio based on the original appraisal; the condition of the property; the Corporation’s experience and knowledge of the real estate market; the purpose of the loan; market factors; payment status; the strength of any guarantors; and the existence and age of other indications of value such as broker price opinions, among others. The Corporation generally obtains updated appraisals performed by third-party appraisers for impaired loans secured predominantly by real estate every 12 months. When updated appraisals are not obtained for loans secured by real estate, fair values are estimated based on the original appraisal values, as long as the original appraisal indicated an acceptable loan-to-value position and there has not been a significant deterioration in the collateral value since the original appraisal was performed. For loans with principal balances greater than or equal to $1.0 million secured by non-real estate collateral, such as accounts receivable or inventory, estimated fair values are determined based on borrower financial statements, inventory listings, accounts receivable agings or borrowing base certificates. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. Liquidation or collection discounts are applied to these assets based upon existing loan evaluation policies. Management regularly reviews loans in the portfolio to assess credit quality indicators and to determine appropriate loan classification. For commercial loans, commercial mortgages and construction loans to commercial borrowers, an internal risk rating process is used. The Corporation believes that internal risk ratings are the most relevant credit quality indicator for these types of loans. The migration of loans through the various internal risk rating categories is a significant component of the ACL methodology for these loans, which bases the PD on this migration. Assigning risk ratings involves judgment. Risk ratings may be changed based on ongoing monitoring procedures, or if specific loan review assessments identify a deterioration or an improvement in the loan. The ACL is reviewed to evaluate its appropriateness in relation to the overall risk profile of the loan portfolio. The Corporation considers risk factors such as: local and national economic conditions; trends in delinquencies and non-accrual loans; the diversity of borrower industry types; and the composition of the portfolio by loan type. Qualitative and Other Adjustments to ACL: In addition to the quantitative credit loss estimates for loans evaluated collectively, qualitative factors that may not be fully captured in the quantitative results are also evaluated. These qualitative factors include changes in lending policy, the nature and volume of the portfolio, overall business conditions in the economy, credit concentrations, specific industry risks, competition, model imprecision and legal and regulatory requirements. Qualitative adjustments are judgmental and are based on management’s knowledge of the portfolio and the markets in which the Corporation operates. Qualitative adjustments are evaluated and approved on a quarterly basis. Additionally, the ACL includes other allowance categories that are not directly incorporated in the quantitative results. These categories include but are not limited to loans-in-process, trade acceptances and overdrafts. OBS Credit Exposures: The ACL for OBS credit exposures is recorded in other liabilities on the consolidated balance sheets. This portion of the ACL represents management’s estimate of expected losses in its unfunded loan commitments and other OBS credit exposures. The ACL specific to unfunded commitments is determined by estimating future draws and applying the expected loss rates on those draws. Future draws are based on historical averages of utilization rates (i.e., the likelihood of draws taken). The ACL for OBS credit exposures is increased or decreased by charges or reductions to expense, through the provision for credit losses. The following table presents the components of the ACL:
| September 30, 2021 |  | December 31, 2020
| (in thousands)
ACL - loans | $ | 256,727 |  |  | $ | 277,567 |
ACL - OBS credit exposure | 14,783 |  |  | 14,373 |
Total ACL | $ | 271,510 |  |  | $ | 291,940 |
The following table presents the activity in the ACL:
| Three months ended September 30 |  | Nine months ended September 30
| 2021 |  | 2020 |  |  |  | 2021 |  | 2020
| (in thousands) |  |  |  |  |  |
Balance at beginning of period | $ | 269,805 |  |  | $ | 272,920 |  |  |  |  | $ | 291,940 |  |  | $ | 166,209 |
Impact of adopting CECL on January 1, 2020 (1) | — |  |  | — |  |  |  |  | — |  |  | 58,348 |
Loans charged off | (2,234) |  |  | (5,489) |  |  |  |  | (19,958) |  |  | (27,539) |
Recoveries of loans previously charged off | 4,539 |  |  | 7,847 |  |  |  |  | 9,128 |  |  | 14,660 |
Net loans recovered/(charged off) | 2,305 |  |  | 2,358 |  |  |  |  | (10,830) |  |  | (12,879) |
Provision for credit losses (2) | (600) |  |  | 7,080 |  |  |  |  | (9,600) |  |  | 70,680 |
Balance at end of period | $ | 271,510 |  |  | $ | 282,358 |  |  |  |  | $ | 271,510 |  |  | $ | 282,358 |
(1) Includes $12.6 million of reserves for OBS credit exposures as of January 1, 2020. (2) Includes $10,000 and $850,000 related to OBS credit exposures for the three months ended September 30, 2021 and 2020, respectively, and includes $410,000 and $320,000 related to OBS credit exposure for the nine months ended September 30, 2021 and 2020, respectively. The following table presents the activity in the ACL - loans by portfolio segment:
| Real Estate - Commercial Mortgage |  | Commercial and Industrial |  | Real Estate - Home Equity |  | Real Estate - Residential Mortgage |  | Real Estate - Construction |  | Consumer |  | Equipment lease financing, other and overdrafts |  | Total
| (in thousands)
Three months ended September 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at June 30, 2021 | $ | 95,381 |  |  | $ | 65,404 |  |  | $ | 12,593 |  |  | $ | 54,188 |  |  | $ | 12,654 |  |  | $ | 9,401 |  |  | $ | 5,411 |  |  | $ | 255,032 |
Loans charged off | (14) |  |  | (647) |  |  | (58) |  |  | (602) |  |  | — |  |  | (446) |  |  | (467) |  |  | (2,234) |
Recoveries of loans previously charged off | 564 |  |  | 2,330 |  |  | 78 |  |  | 86 |  |  | 697 |  |  | 426 |  |  | 358 |  |  | 4,539 |
Net loans recovered (charged off) | 550 |  |  | 1,683 |  |  | 20 |  |  | (516) |  |  | 697 |  |  | (20) |  |  | (109) |  |  | 2,305 |
Provision for loan losses (1) | 234 |  |  | (4,196) |  |  | (202) |  |  | 2,557 |  |  | (930) |  |  | (324) |  |  | 2,251 |  |  | (610) |
Balance at September 30, 2021 | $ | 96,165 |  |  | $ | 62,891 |  |  | $ | 12,411 |  |  | $ | 56,229 |  |  | $ | 12,421 |  |  | $ | 9,057 |  |  | $ | 7,553 |  |  | $ | 256,727 |
Three months ended September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at June 30, 2020 | $ | 102,695 |  |  | $ | 61,447 |  |  | $ | 16,391 |  |  | $ | 46,443 |  |  | $ | 12,314 |  |  | $ | 10,299 |  |  | $ | 6,948 |  |  | $ | 256,537 |
Loans charged off | (746) |  |  | (2,969) |  |  | (393) |  |  | (198) |  |  | — |  |  | (701) |  |  | (483) |  |  | (5,490) |
Recoveries of loans previously charged off | 100 |  |  | 2,103 |  |  | 44 |  |  | 95 |  |  | 4,873 |  |  | 447 |  |  | 185 |  |  | 7,847 |
Net loans recovered (charged off) | (646) |  |  | (866) |  |  | (349) |  |  | (103) |  |  | 4,873 |  |  | (254) |  |  | (298) |  |  | 2,357 |
Provision for loan and lease losses (1) | 9,806 |  |  | (1,743) |  |  | 256 |  |  | 2,013 |  |  | (2,177) |  |  | 260 |  |  | (484) |  |  | 7,931 |
Balance at September 30, 2020 | $ | 111,855 |  |  | $ | 58,838 |  |  | $ | 16,298 |  |  | $ | 48,353 |  |  | $ | 15,010 |  |  | $ | 10,305 |  |  | $ | 6,166 |  |  | $ | 266,825 |
Nine months ended September 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2020 | $ | 103,425 |  |  | $ | 74,771 |  |  | $ | 14,232 |  |  | $ | 51,995 |  |  | $ | 15,608 |  |  | $ | 10,905 |  |  | $ | 6,631 |  |  | $ | 277,567 |
Loans charged off | (8,357) |  |  | (5,920) |  |  | (482) |  |  | (1,290) |  |  | (39) |  |  | (1,999) |  |  | (1,871) |  |  | (19,958) |
Recoveries of loans previously charged off | 1,467 |  |  | 3,792 |  |  | 187 |  |  | 286 |  |  | 1,335 |  |  | 1,391 |  |  | 670 |  |  | 9,128 |
Net loans recovered (charged off) | (6,890) |  |  | (2,128) |  |  | (295) |  |  | (1,004) |  |  | 1,296 |  |  | (608) |  |  | (1,201) |  |  | (10,830) |
Provision for loan losses (1) | (370) |  |  | (9,752) |  |  | (1,526) |  |  | 5,238 |  |  | (4,483) |  |  | (1,240) |  |  | 2,123 |  |  | (10,010) |
Balance at September 30, 2021 | $ | 96,165 |  |  | $ | 62,891 |  |  | $ | 12,411 |  |  | $ | 56,229 |  |  | $ | 12,421 |  |  | $ | 9,057 |  |  | $ | 7,553 |  |  | $ | 256,727 |
Nine months ended September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2019 | $ | 45,610 |  |  | $ | 68,602 |  |  | $ | 17,744 |  |  | $ | 19,771 |  |  | $ | 4,443 |  |  | $ | 3,762 |  |  | $ | 3,690 |  |  | $ | 163,622 |
Impact of adopting CECL on January 1, 2020 | 29,361 |  |  | (18,576) |  |  | (65) |  |  | 21,235 |  |  | 4,015 |  |  | 5,969 |  |  | 3,784 |  |  | 45,723 |
Loans charged off | (3,925) |  |  | (17,348) |  |  | (1,138) |  |  | (620) |  |  | (17) |  |  | (2,788) |  |  | (1,704) |  |  | (27,540) |
Recoveries of loans previously charged off | 439 |  |  | 6,815 |  |  | 305 |  |  | 292 |  |  | 4,943 |  |  | 1,481 |  |  | 385 |  |  | 14,660 |
Net loans recovered (charged off) | (3,486) |  |  | (10,533) |  |  | (833) |  |  | (328) |  |  | 4,926 |  |  | (1,307) |  |  | (1,319) |  |  | (12,880) |
Provision for loan losses (1) | 40,370 |  |  | 19,345 |  |  | (548) |  |  | 7,675 |  |  | 1,626 |  |  | 1,881 |  |  | 11 |  |  | 70,360 |
Balance at September 30, 2020 | $ | 111,855 |  |  | $ | 58,838 |  |  | $ | 16,298 |  |  | $ | 48,353 |  |  | $ | 15,010 |  |  | $ | 10,305 |  |  | $ | 6,166 |  |  | $ | 266,825 |
(1) Provision included in the table only includes the portion related to Net Loans. Several factors as of the end of the third quarter of 2021 in comparison to the end of the fourth quarter of 2020, including improved economic conditions, reduced the level of the ACL determined to be necessary as of September 30, 2021, resulting in the negative provision for credit losses for the both the three and nine months ended September 30, 2021. The higher provision expense during the first nine months of 2020 was largely driven by the overall downturn in economic conditions due to COVID-19, resulting in higher expected future credit losses under CECL. Qualitative adjustments during the first nine months of 2020 increased compared to those at the time of the adoption of CECL on January 1, 2020 primarily as a result of uncertainties related to the economic impact of COVID-19. These uncertainties included consideration for the future performance of loans that received deferrals or forbearances as a result of COVID-19 and the impact COVID-19 had on certain industries where the quantitative models did not appear to be fully capturing the appropriate level of risk at that time. PPP loans issued are fully guaranteed by the SBA and, as such, no ACL was recorded against the PPP loan portfolio.
Non-accrual Loans All loans individually evaluated for impairment are measured for losses on a quarterly basis. As of September 30, 2021 and December 31, 2020, substantially all of the Corporation’s individually evaluated loans with total commitments greater than or equal to $1.0 million were measured based on the estimated fair value of each loan’s collateral, if any. Collateral could be in the form of real estate, in the case of commercial mortgages and construction loans, or business assets, such as accounts receivable or inventory, in the case of commercial and industrial loans. Commercial and industrial loans may also be secured by real estate. As of September 30, 2021 and December 31, 2020, approximately 92% and 83%, respectively, of loans evaluated individually for impairment with principal balances greater than or equal to $1.0 million, whose primary collateral consisted of real estate, were measured at estimated fair value using appraisals performed by state certified third-party appraisers that had been updated in the preceding 12 months. The following table presents total non-accrual loans, by class segment:
| September 30, 2021 |  | December 31, 2020
| With a Related Allowance |  | Without a Related Allowance |  | Total |  | With a Related Allowance |  | Without a Related Allowance |  | Total
| (in thousands)
Real estate - commercial mortgage | $ | 21,415 |  |  | $ | 26,719 |  |  | $ | 48,134 |  |  | $ | 19,909 |  |  | $ | 31,561 |  |  | $ | 51,470 |
Commercial and industrial | 14,413 |  |  | 15,024 |  |  | 29,437 |  |  | 13,937 |  |  | 18,056 |  |  | 31,993 |
Real estate - residential mortgage | 34,125 |  |  | 1,256 |  |  | 35,381 |  |  | 24,590 |  |  | 1,517 |  |  | 26,107 |
Real estate - home equity | 8,785 |  |  | — |  |  | 8,785 |  |  | 9,398 |  |  | 190 |  |  | 9,588 |
Real estate - construction | 173 |  |  | 786 |  |  | 959 |  |  | 437 |  |  | 958 |  |  | 1,395 |
Consumer | 263 |  |  | — |  |  | 263 |  |  | 332 |  |  | — |  |  | 332 |
Equipment lease financing and other | 6,462 |  |  | 9,412 |  |  | 15,874 |  |  | — |  |  | 16,313 |  |  | 16,313 |
| $ | 85,636 |  |  | $ | 53,197 |  |  | $ | 138,833 |  |  | $ | 68,603 |  |  | $ | 68,595 |  |  | $ | 137,198 |
As of September 30, 2021 and December 31, 2020, there were $53.2 million and $68.6 million, respectively, of non-accrual loans that did not have a related allowance for credit losses. The estimated fair values of the collateral securing these loans exceeded their carrying amount, or the loans were previously charged down to realizable collateral values. Accordingly, no specific valuation allowance was considered to be necessary. Asset Quality Maintaining an appropriate ACL is dependent on various factors, including the ability to identify potential problem loans in a timely manner. For commercial construction, residential construction, commercial and industrial, and commercial real estate, an internal risk rating process is used. The Corporation believes that internal risk ratings are the most relevant credit quality indicator for these types of loans. The migration of loans through the various internal risk rating categories is a significant component of the ACL methodology for these loans, which bases the probability of default on this migration. Assigning risk ratings involves judgment. The Corporation's loan review officers provide a separate assessment of risk rating accuracy. Risk ratings may be changed based on the ongoing monitoring procedures performed by loan officers or credit administration staff or if specific loan review assessments identify a deterioration or an improvement in the loans. The following is a summary of the Corporation's internal risk rating categories: •Pass: These loans do not currently pose undue credit risk and can range from the highest to average quality, depending on the degree of potential risk. •Special Mention: These loans have a heightened credit risk, but not to the point of justifying a classification of Substandard. Loans in this category are currently acceptable but, are nevertheless potentially weak. •Substandard or Lower: These loans are inadequately protected by current sound worth and paying capacity of the borrower. There exists a well-defined weakness or weaknesses that jeopardize the normal repayment of the debt. The following table summarizes designated internal risk rating categories by portfolio segment and loan class, by origination year, in the current period:
|  | September 30, 2021
|  | Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Revolving Loans converted to Term Loans |
|  | (dollars in thousands) | Amortized | Amortized |
| 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Cost Basis | Cost Basis | Total
Real estate - construction(1) |  |  |  |  |  |  |  |  |
| Pass | $ | 128,034 |  | $ | 293,806 |  | $ | 151,408 |  | $ | 144,492 |  | $ | 33,644 |  | $ | 125,191 |  | $ | 51,540 |  | $ | — |  | $ | 928,115 |
| Special Mention | 4,995 |  | — |  | 5,588 |  | — |  | — |  | 8,708 |  | — |  | — |  | 19,291 |
| Substandard or Lower | — |  | — |  | 153 |  | — |  | 1,928 |  | 1,145 |  | 235 |  | — |  | 3,461 |
| Total real estate - construction | 133,029 |  | 293,806 |  | 157,149 |  | 144,492 |  | 35,572 |  | 135,044 |  | 51,775 |  | — |  | 950,867 |
Real estate - construction(1) |  |  |  |  |  |  |  |
| Current period gross charge-offs | — |  | — |  | (39) |  | — |  | — |  | — |  | — |  | — |  | (39) |
| Current period recoveries | — |  | — |  | 39 |  | — |  | — |  | 1,296 |  | — |  | — |  | 1,335 |
| Total net (charge-offs) recoveries | — |  | — |  | — |  | — |  | — |  | 1,296 |  | — |  | — |  | 1,296 |
Commercial and industrial |  |  |  |  |  |  |  |
| Pass | 944,250 |  | 593,100 |  | 440,777 |  | 241,747 |  | 169,970 |  | 621,558 |  | 1,134,355 |  | — |  | 4,145,757 |
| Special Mention | 1,334 |  | 12,204 |  | 30,505 |  | 16,791 |  | 7,933 |  | 42,241 |  | 49,972 |  | 95 |  | 161,075 |
| Substandard or Lower | 419 |  | 8,590 |  | 15,586 |  | 22,916 |  | 12,733 |  | 36,887 |  | 47,329 |  | 2,767 |  | 147,227 |
| Total commercial and industrial | 946,003 |  | 613,894 |  | 486,868 |  | 281,454 |  | 190,636 |  | 700,686 |  | 1,231,656 |  | 2,862 |  | 4,454,059 |
Commercial and industrial |  |  |  |  |  |  |  |
| Current period gross charge-offs | — |  | (70) |  | (128) |  | (110) |  | (155) |  | (529) |  | (4,928) |  | — |  | (5,920) |
| Current period recoveries | — |  | — |  | 78 |  | 835 |  | 335 |  | 1,739 |  | 805 |  | — |  | 3,792 |
| Total net (charge-offs) recoveries | — |  | (70) |  | (50) |  | 725 |  | 180 |  | 1,210 |  | (4,123) |  | — |  | (2,128) |
Real estate - commercial mortgage |  |  |  |  |  |  |  |
| Pass | 680,108 |  | 959,013 |  | 915,762 |  | 629,123 |  | 725,055 |  | 2,467,159 |  | 54,023 |  | — |  | 6,430,243 |
| Special Mention | 2,285 |  | 26,391 |  | 44,713 |  | 92,508 |  | 79,543 |  | 248,743 |  | 188 |  | 105 |  | 494,476 |
| Substandard or Lower | — |  | 8,197 |  | 25,745 |  | 14,884 |  | 37,701 |  | 131,514 |  | 2,319 |  | 36 |  | 220,396 |
| Total real estate - commercial mortgage | 682,393 |  | 993,601 |  | 986,220 |  | 736,515 |  | 842,299 |  | 2,847,416 |  | 56,530 |  | 141 |  | 7,145,115 |
Real estate - commercial mortgage |  |  |  |  |  |  |  |
| Current period gross charge-offs | — |  | — |  | (14) |  | (25) |  | (6,603) |  | (1,517) |  | (198) |  | — |  | (8,357) |
| Current period recoveries | — |  | — |  | — |  | — |  | 27 |  | 1,440 |  | — |  | — |  | 1,467 |
| Total net (charge-offs) recoveries | — |  | — |  | (14) |  | (25) |  | (6,576) |  | (77) |  | (198) |  | — |  | (6,890) |
Total |  |  |  |  |  |  |  |
| Pass | $ | 1,752,392 |  | $ | 1,845,919 |  | $ | 1,507,947 |  | $ | 1,015,362 |  | $ | 928,669 |  | $ | 3,213,908 |  | $ | 1,239,918 |  | $ | — |  | $ | 11,504,115 |
| Special Mention | 8,614 |  | 38,595 |  | 80,806 |  | 109,299 |  | 87,476 |  | 299,692 |  | 50,160 |  | 200 |  | 674,842 |
| Substandard or Lower | 419 |  | 16,787 |  | 41,484 |  | 37,800 |  | 52,362 |  | 169,546 |  | 49,883 |  | 2,803 |  | 371,084 |
| Total | $ | 1,761,425 |  | $ | 1,901,301 |  | $ | 1,630,237 |  | $ | 1,162,461 |  | $ | 1,068,507 |  | $ | 3,683,146 |  | $ | 1,339,961 |  | $ | 3,003 |  | $ | 12,550,041 |
(1) Excludes real estate - construction - other. The Corporation does not assign internal risk ratings to smaller balance, homogeneous loans, such as home equity, residential mortgage, construction loans to individuals secured by residential real estate, consumer and equipment lease financing. For these loans, the most relevant credit quality indicator is delinquency status. The migration of loans through the various delinquency status categories is a significant component of the ACL methodology for those loans, which bases the PD on this migration. The following table summarizes designated internal risk rating categories by portfolio segment and loan class, by origination year, in the prior period:
|  | December 31, 2020
|  | Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Revolving Loans converted to Term Loans |
|  | (dollars in thousands) | Amortized | Amortized |
| 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Cost Basis | Cost Basis | Total
Real estate - construction(1) |  |  |  |  |  |  |  |
| Pass | $ | 185,883 |  | $ | 229,097 |  | $ | 217,604 |  | $ | 81,086 |  | $ | 37,976 |  | $ | 110,470 |  | $ | 38,026 |  | $ | — |  | $ | 900,142 |
| Special Mention | — |  | — |  | — |  | — |  | 7,047 |  | 6,212 |  | — |  | — |  | 13,259 |
| Substandard or Lower | — |  | 447 |  | — |  | 2,000 |  | 753 |  | 1,637 |  | 632 |  | — |  | 5,469 |
| Total real estate - construction | 185,883 |  | 229,544 |  | 217,604 |  | 83,086 |  | 45,776 |  | 118,319 |  | 38,658 |  | — |  | 918,870 |
Real estate - construction(1) |  |  |  |  |  |  |  |
| Current period gross charge-offs | — |  | — |  | — |  | — |  | — |  | (17) |  | — |  | — |  | (17) |
| Current period recoveries | — |  | — |  | — |  | — |  | 68 |  | 5,054 |  | — |  | — |  | 5,122 |
| Total net (charge-offs) recoveries | — |  | — |  | — |  | — |  | 68 |  | 5,037 |  | — |  | — |  | 5,105 |
Commercial and industrial |  |  |  |  |  |  |  |
| Pass | 2,283,533 |  | 508,541 |  | 298,567 |  | 214,089 |  | 208,549 |  | 596,646 |  | 1,278,689 |  | — |  | 5,388,614 |
| Special Mention | 6,633 |  | 23,834 |  | 29,167 |  | 10,945 |  | 11,506 |  | 25,960 |  | 45,994 |  | — |  | 154,039 |
| Substandard or Lower | 3,221 |  | 5,947 |  | 8,434 |  | 11,251 |  | 11,192 |  | 23,852 |  | 64,278 |  | — |  | 128,175 |
| Total commercial and industrial | 2,293,387 |  | 538,322 |  | 336,168 |  | 236,285 |  | 231,247 |  | 646,458 |  | 1,388,961 |  | — |  | 5,670,828 |
Commercial and industrial |  |  |  |  |  |  |  |
| Current period gross charge-offs | — |  | (114) |  | (30) |  | (488) |  | (393) |  | (520) |  | (17,370) |  | — |  | (18,915) |
| Current period recoveries | — |  | 43 |  | 486 |  | 216 |  | 162 |  | 4,531 |  | 5,958 |  | — |  | 11,396 |
| Total net (charge-offs) recoveries | — |  | (71) |  | 456 |  | (272) |  | (231) |  | 4,011 |  | (11,412) |  | — |  | (7,519) |
Real estate - commercial mortgage |  |  |  |  |  |  |  |
| Pass | 973,664 |  | 917,510 |  | 708,946 |  | 794,955 |  | 783,094 |  | 2,213,343 |  | 53,041 |  | 404 |  | 6,444,957 |
| Special Mention | 13,639 |  | 40,874 |  | 84,047 |  | 80,705 |  | 89,112 |  | 167,424 |  | 2,364 |  | — |  | 478,165 |
| Substandard or Lower | 1,238 |  | 6,681 |  | 6,247 |  | 39,027 |  | 22,605 |  | 103,007 |  | 2,225 |  | 940 |  | 181,970 |
| Total real estate - commercial mortgage | 988,541 |  | 965,065 |  | 799,240 |  | 914,687 |  | 894,811 |  | 2,483,774 |  | 57,630 |  | 1,344 |  | 7,105,092 |
Real estate - commercial mortgage |  |  |  |  |  |  |  |
| Current period gross charge-offs | (60) |  | (21) |  | (36) |  | (2,515) |  | (29) |  | (1,547) |  | (17) |  | — |  | (4,225) |
| Current period recoveries | — |  | 6 |  | — |  | — |  | 1 |  | 1,020 |  | — |  | — |  | 1,027 |
| Total net (charge-offs) recoveries | (60) |  | (15) |  | (36) |  | (2,515) |  | (28) |  | (527) |  | (17) |  | — |  | (3,198) |
Total |  |  |  |  |  |  |  |
| Pass | $ | 3,443,080 |  | $ | 1,655,148 |  | $ | 1,225,117 |  | $ | 1,090,130 |  | $ | 1,029,619 |  | $ | 2,920,459 |  | $ | 1,369,756 |  | $ | 404 |  | $ | 12,733,713 |
| Special Mention | 20,272 |  | 64,708 |  | 113,214 |  | 91,650 |  | 107,665 |  | 199,596 |  | 48,358 |  | — |  | 645,463 |
| Substandard or Lower | 4,459 |  | 13,075 |  | 14,681 |  | 52,278 |  | 34,550 |  | 128,496 |  | 67,135 |  | 940 |  | 315,614 |
| Total | $ | 3,467,811 |  | $ | 1,732,931 |  | $ | 1,353,012 |  | $ | 1,234,058 |  | $ | 1,171,834 |  | $ | 3,248,551 |  | $ | 1,485,249 |  | $ | 1,344 |  | $ | 13,694,790 |
(1) Excludes real estate - construction - other. The Corporation considers the performance of the loan portfolio and its impact on the ACL. For certain loan classes, the Corporation evaluates credit quality based on the aging status of the loan. The following tables present the amortized cost of these loans based on payment activity, by origination year, for the periods shown:
|  | September 30, 2021
|  | Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Revolving Loans converted to Term Loans |
|  | (dollars in thousands) | Amortized | Amortized |
|  | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Cost Basis | Cost Basis | Total
Real estate - home equity |  |  |  |  |  |  |  |  |
| Performing | $ | 24,122 |  | $ | 25,743 |  | $ | 6,929 |  | $ | 10,265 |  | $ | 8,210 |  | $ | 100,740 |  | $ | 935,387 |  | $ | 4,161 |  | $ | 1,115,557 |
| Nonperforming | — |  | — |  | — |  | 16 |  | 233 |  | 2,124 |  | 8,698 |  | — |  | 11,071 |
| Total real estate - home equity | 24,122 |  | 25,743 |  | 6,929 |  | 10,281 |  | 8,443 |  | 102,864 |  | 944,085 |  | 4,161 |  | 1,126,628 |
Real estate - home equity |  |  |  |  |  |  |  |  |
| Current period gross charge-offs | — |  | — |  | (41) |  | — |  | — |  | (171) |  | (270) |  | — |  | (482) |
| Current period recoveries | — |  | — |  | — |  | — |  | — |  | 82 |  | 105 |  | — |  | 187 |
| Total net (charge-offs) recoveries | — |  | — |  | (41) |  | — |  | — |  | (89) |  | (165) |  | — |  | (295) |
Real estate - residential mortgage |  |  |  |  |  |  |  |
| Performing | 1,250,164 |  | 1,178,626 |  | 385,806 |  | 129,589 |  | 220,587 |  | 517,694 |  | — |  | — |  | 3,682,466 |
| Nonperforming | — |  | 6,639 |  | 1,701 |  | 3,390 |  | 2,726 |  | 22,762 |  | — |  | — |  | 37,218 |
| Total real estate - residential mortgage | 1,250,164 |  | 1,185,265 |  | 387,507 |  | 132,979 |  | 223,313 |  | 540,456 |  | — |  | — |  | 3,719,684 |
Real estate - residential mortgage |  |  |  |  |  |  |  |
| Current period gross charge-offs | — |  | (626) |  | (148) |  | (125) |  | (4) |  | (387) |  | — |  | — |  | (1,290) |
| Current period recoveries | — |  | — |  | 1 |  | 15 |  | — |  | 178 |  | 92 |  | — |  | 286 |
| Total net (charge-offs) recoveries | — |  | (626) |  | (147) |  | (110) |  | (4) |  | (209) |  | 92 |  | — |  | (1,004) |
Consumer |  |  |  |  |  |  |  |
| Performing | 102,573 |  | 87,668 |  | 73,606 |  | 67,172 |  | 29,069 |  | 46,371 |  | 51,696 |  | — |  | 458,155 |
| Nonperforming | 64 |  | 145 |  | 21 |  | 56 |  | 33 |  | 96 |  | 25 |  | — |  | 440 |
| Total consumer | 102,637 |  | 87,813 |  | 73,627 |  | 67,228 |  | 29,102 |  | 46,467 |  | 51,721 |  | — |  | 458,595 |
Consumer |  |  |  |  |  |  |  |
| Current period gross charge-offs | (12) |  | (359) |  | (239) |  | (235) |  | (219) |  | (195) |  | (740) |  | — |  | (1,999) |
| Current period recoveries | — |  | 122 |  | 103 |  | 86 |  | 129 |  | 704 |  | 247 |  | — |  | 1,391 |
| Total net (charge-offs) recoveries | (12) |  | (237) |  | (136) |  | (149) |  | (90) |  | 509 |  | (493) |  | — |  | (608) |
Equipment lease financing and other |  |  |  |  |  |  |  |
| Performing | 71,134 |  | 64,931 |  | 50,952 |  | 35,124 |  | 22,960 |  | 10,985 |  | — |  | — |  | 256,086 |
| Nonperforming | — |  | — |  | — |  | — |  | 15,718 |  | 156 |  | — |  | — |  | 15,874 |
| Total leasing and other | 71,134 |  | 64,931 |  | 50,952 |  | 35,124 |  | 38,678 |  | 11,141 |  | — |  | — |  | 271,960 |
Equipment lease financing and other |  |  |  |  |  |  |  |
| Current period gross charge-offs | (595) |  | (1,276) |  | — |  | — |  | — |  | — |  | — |  | — |  | (1,871) |
| Current period recoveries | 215 |  | 320 |  | 83 |  | 8 |  | 14 |  | 30 |  | — |  | — |  | 670 |
| Total net (charge-offs) recoveries | (380) |  | (956) |  | 83 |  | 8 |  | 14 |  | 30 |  | — |  | — |  | (1,201) |
Construction - other |  |  |  |  |  |  |  |  |
| Performing | 80,993 |  | 69,823 |  | 4,611 |  | 5,009 |  | — |  | 11 |  | — |  | — |  | 160,447 |
| Nonperforming | — |  | — |  | — |  | — |  | 173 |  | — |  | — |  | — |  | 173 |
| Total construction - other | 80,993 |  | 69,823 |  | 4,611 |  | 5,009 |  | 173 |  | 11 |  | — |  | — |  | 160,620 |
Construction - other |  |  |  |  |  |  |  |  |
| Current period gross charge-offs | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
| Current period recoveries | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
| Total net (charge-offs) recoveries | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total |  |  |  |  |  |  |  |  |
| Performing | $ | 1,528,986 |  | $ | 1,426,791 |  | $ | 521,904 |  | $ | 247,159 |  | $ | 280,826 |  | $ | 675,801 |  | $ | 987,083 |  | $ | 4,161 |  | $ | 5,672,711 |
| Nonperforming | 64 |  | 6,784 |  | 1,722 |  | 3,462 |  | 18,883 |  | 25,138 |  | 8,723 |  | — |  | 64,776 |
| Total | $ | 1,529,050 |  | $ | 1,433,575 |  | $ | 523,626 |  | $ | 250,621 |  | $ | 299,709 |  | $ | 700,939 |  | $ | 995,806 |  | $ | 4,161 |  | $ | 5,737,487 |
|  | December 31, 2020
|  | Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Revolving Loans converted to Term Loans |
|  | (dollars in thousands) | Amortized | Amortized |
|  | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Cost Basis | Cost Basis | Total
Real estate - home equity |  |  |  |  |  |  |  |  |
| Performing | $ | 31,445 |  | $ | 8,176 |  | $ | 13,906 |  | $ | 11,024 |  | $ | 11,667 |  | $ | 126,749 |  | $ | 982,285 |  | $ | 5,321 |  | $ | 1,190,573 |
| Nonperforming | — |  | 88 |  | 23 |  | 233 |  | 221 |  | 2,290 |  | 9,485 |  | — |  | 12,340 |
| Total real estate - home equity | 31,445 |  | 8,264 |  | 13,929 |  | 11,257 |  | 11,888 |  | 129,039 |  | 991,770 |  | 5,321 |  | 1,202,913 |
Real estate - home equity |  |  |  |  |  |  |  |  |
| Current period gross charge-offs | — |  | — |  | — |  | — |  | — |  | (34) |  | (1,159) |  | — |  | (1,193) |
| Current period recoveries | — |  | — |  | — |  | — |  | — |  | 138 |  | 366 |  | — |  | 504 |
| Total net (charge-offs) recoveries | — |  | — |  | — |  | — |  | — |  | 104 |  | (793) |  | — |  | (689) |
Real estate - residential mortgage |  |  |  |  |  |  |  |
| Performing | 1,255,532 |  | 585,878 |  | 228,398 |  | 341,563 |  | 264,990 |  | 434,889 |  | — |  | — |  | 3,111,250 |
| Nonperforming | 217 |  | 2,483 |  | 3,177 |  | 2,483 |  | 722 |  | 21,583 |  | — |  | — |  | 30,665 |
| Total real estate - residential mortgage | 1,255,749 |  | 588,361 |  | 231,575 |  | 344,046 |  | 265,712 |  | 456,472 |  | — |  | — |  | 3,141,915 |
Real estate - residential mortgage |  |  |  |  |  |  |  |
| Current period gross charge-offs | — |  | (68) |  | (101) |  | (190) |  | (7) |  | (254) |  | — |  | — |  | (620) |
| Current period recoveries | — |  | 68 |  | 16 |  | 1 |  | 1 |  | 405 |  | — |  | — |  | 491 |
| Total net (charge-offs) recoveries | — |  | — |  | (85) |  | (189) |  | (6) |  | 151 |  | — |  | — |  | (129) |
Consumer |  |  |  |  |  |  |  |
| Performing | 114,399 |  | 98,587 |  | 95,072 |  | 43,334 |  | 25,804 |  | 36,086 |  | 52,698 |  | 42 |  | 466,022 |
| Nonperforming | 168 |  | 19 |  | 124 |  | 141 |  | 114 |  | 150 |  | 34 |  | — |  | 750 |
| Total consumer | 114,567 |  | 98,606 |  | 95,196 |  | 43,475 |  | 25,918 |  | 36,236 |  | 52,732 |  | 42 |  | 466,772 |
Consumer |  |  |  |  |  |  |  |
| Current period gross charge-offs | (134) |  | (542) |  | (524) |  | (444) |  | (489) |  | (769) |  | (498) |  | — |  | (3,400) |
| Current period recoveries | — |  | 64 |  | 165 |  | 159 |  | 94 |  | 101 |  | 1,292 |  | — |  | 1,875 |
| Total net (charge-offs) recoveries | (134) |  | (478) |  | (359) |  | (285) |  | (395) |  | (668) |  | 794 |  | — |  | (1,525) |
Equipment lease financing and other |  |  |  |  |  |  |  |
| Performing | 102,324 |  | 65,303 |  | 49,453 |  | 34,995 |  | 15,631 |  | 5,040 |  | — |  | — |  | 272,746 |
| Nonperforming | — |  | — |  | 30 |  | 15,983 |  | 142 |  | 282 |  | — |  | — |  | 16,437 |
| Total leasing and other | 102,324 |  | 65,303 |  | 49,483 |  | 50,978 |  | 15,773 |  | 5,322 |  | — |  | — |  | 289,183 |
Equipment lease financing and other |  |  |  |  |  |  |  |
| Current period gross charge-offs | (606) |  | (1,581) |  | — |  | — |  | — |  | — |  | — |  | — |  | (2,187) |
| Current period recoveries | 185 |  | 349 |  | 21 |  | 18 |  | 11 |  | 21 |  | — |  | — |  | 605 |
| Total net (charge-offs) recoveries | (421) |  | (1,232) |  | 21 |  | 18 |  | 11 |  | 21 |  | — |  | — |  | (1,582) |
Construction - other |  |  |  |  |  |  |  |  |
| Performing | 96,444 |  | 24,888 |  | 6,822 |  | — |  | 16 |  | — |  | — |  | — |  | 128,170 |
| Nonperforming | — |  | — |  | — |  | 178 |  | — |  | — |  | — |  | — |  | 178 |
| Total construction - other | 96,444 |  | 24,888 |  | 6,822 |  | 178 |  | 16 |  | — |  | — |  | — |  | 128,348 |
Construction - other |  |  |  |  |  |  |  |  |
| Current period gross charge-offs | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
| Current period recoveries | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
| Total net (charge-offs) recoveries | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total |  |  |  |  |  |  |  |  |
| Performing | $ | 1,600,144 |  | $ | 782,832 |  | $ | 393,651 |  | $ | 430,916 |  | $ | 318,108 |  | $ | 602,764 |  | $ | 1,034,983 |  | $ | 5,363 |  | $ | 5,168,761 |
| Nonperforming | 385 |  | 2,590 |  | 3,354 |  | 19,018 |  | 1,199 |  | 24,305 |  | 9,519 |  | — |  | 60,370 |
| Total | $ | 1,600,529 |  | $ | 785,422 |  | $ | 397,005 |  | $ | 449,934 |  | $ | 319,307 |  | $ | 627,069 |  | $ | 1,044,502 |  | $ | 5,363 |  | $ | 5,229,131 |
The following table presents non-performing assets:
| September 30, 2021 |  | December 31, 2020
| (in thousands)
Non-accrual loans | $ | 138,833 |  |  | $ | 137,198 |
Loans 90 days or more past due and still accruing | 11,389 |  |  | 9,929 |
Total non-performing loans | 150,222 |  |  | 147,127 |
OREO (1) | 1,896 |  |  | 4,178 |
Total non-performing assets | $ | 152,118 |  |  | $ | 151,305 |
(1) Excludes $7.1 million and $8.1 million of residential mortgage properties for which formal foreclosure proceedings were in process as of September 30, 2021 and December 31, 2020, respectively. The following tables present the aging of the amortized cost basis of loans, by class segment:
| 30-59 |  | 60-89 |  | ≥ 90 Days |  |  |  |  |  |  |  |
| Days Past |  | Days Past |  | Past Due |  |  |  | Non- |  |  |  |
| Due |  | Due |  | and Accruing |  |  |  | Accrual |  | Current |  | Total
| (in thousands)
September 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate – commercial mortgage | $ | 7,495 |  |  | $ | 240 |  |  | $ | 3,966 |  |  |  |  | $ | 48,134 |  |  | $ | 7,085,280 |  |  | $ | 7,145,115 |
Commercial and industrial | 16,134 |  |  | 1,366 |  |  | 3,261 |  |  |  |  | 29,437 |  |  | 4,403,861 |  |  | 4,454,059 |
Real estate – residential mortgage | 19,365 |  |  | 2,974 |  |  | 1,695 |  |  |  |  | 35,381 |  |  | 3,660,269 |  |  | 3,719,684 |
Real estate – home equity | 3,245 |  |  | 1,194 |  |  | 2,286 |  |  |  |  | 8,785 |  |  | 1,111,118 |  |  | 1,126,628 |
Real estate – construction | 360 |  |  | — |  |  | 5 |  |  |  |  | 959 |  |  | 1,110,163 |  |  | 1,111,487 |
Consumer | 2,412 |  |  | 475 |  |  | 176 |  |  |  |  | 263 |  |  | 455,269 |  |  | 458,595 |
Equipment lease financing and other | 306 |  |  | — |  |  | — |  |  |  |  | 15,874 |  |  | 237,659 |  |  | 253,839 |
Total | $ | 49,317 |  |  | $ | 6,249 |  |  | $ | 11,389 |  |  |  |  | $ | 138,833 |  |  | $ | 18,063,619 |  |  | $ | 18,269,407 |
| 30-59 Days Past Due |  | 60-89 Days Past Due |  | ≥ 90 Days Past Due and Accruing |  | Non- accrual |  | Current |  | Total
| (in thousands)
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |
Real estate – commercial mortgage | $ | 14,999 |  |  | $ | 9,273 |  |  | $ | 1,177 |  |  | $ | 51,470 |  |  | $ | 7,028,173 |  |  | $ | 7,105,092 |
Commercial and industrial | 11,285 |  |  | 1,068 |  |  | 616 |  |  | 31,993 |  |  | 5,625,866 |  |  | 5,670,828 |
Real estate – residential mortgage | 22,281 |  |  | 7,675 |  |  | 4,687 |  |  | 26,107 |  |  | 3,081,165 |  |  | 3,141,915 |
Real estate – home equity | 5,622 |  |  | 1,654 |  |  | 2,753 |  |  | 9,588 |  |  | 1,183,296 |  |  | 1,202,913 |
Real estate – construction | 1,938 |  |  | — |  |  | 155 |  |  | 1,395 |  |  | 1,043,730 |  |  | 1,047,218 |
Consumer | 3,036 |  |  | 501 |  |  | 417 |  |  | 332 |  |  | 462,486 |  |  | 466,772 |
Equipment lease financing and other | 838 |  |  | 150 |  |  | 124 |  |  | 16,313 |  |  | 248,657 |  |  | 266,082 |
Total | $ | 59,999 |  |  | $ | 20,321 |  |  | $ | 9,929 |  |  | $ | 137,198 |  |  | $ | 18,673,373 |  |  | $ | 18,900,820 |
Collateral-Dependent Loans A financial asset is considered to be collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. For all classes of financial assets deemed collateral-dependent, the Corporation elected the practical expedient to estimate expected credit losses based on the collateral’s fair value less cost to sell. In most cases, the Corporation records a partial charge-off to reduce the loan’s carrying value to the collateral’s fair value less cost to sell. Substantially all of the collateral supporting collateral-dependent financial assets consists of various types of real estate, including residential properties, commercial properties, such as retail centers, office buildings, and lodging, agriculture land, and vacant land. Troubled Debt Restructurings The following table presents TDRs, by class segment:
| September 30, 2021 |  | December 31, 2020
| (in thousands)
Real estate - commercial mortgage | $ | 14,546 |  |  | $ | 28,451 |
Commercial and industrial | 6,577 |  |  | 6,982 |
Real estate - residential mortgage | 13,694 |  |  | 18,602 |
Real estate - home equity | 12,704 |  |  | 14,391 |
Real estate - construction | 153 |  |  | — |
Consumer | 5 |  |  | — |
Total accruing TDRs | 47,679 |  |  | 68,426 |
Non-accrual TDRs (1) | 59,802 |  |  | 35,755 |
Total TDRs | $ | 107,481 |  |  | $ | 104,181 |
(1)Included in non-accrual loans in the preceding table detailing non-performing assets. The following table presents TDRs, by class segment, for loans that were modified during the three and nine months ended September 30, 2021 and 2020:
| Three months ended September 30 |  | Nine months ended September 30
| 2021 |  | 2020 |  | 2021 |  | 2020
| Number of Loans |  | Recorded Investment |  | Number of Loans |  | Recorded Investment |  | Number of Loans |  | Recorded Investment |  | Number of Loans |  | Recorded Investment
| (dollars in thousands)
Commercial and industrial | 5 |  |  | $ | 852 |  |  | 4 |  |  | $ | 3,021 |  |  | 9 |  |  | $ | 2,745 |  |  | 18 |  |  | $ | 4,399 |
Real estate - commercial mortgage | 4 |  |  | 9,129 |  |  | 5 |  |  | 8,394 |  |  | 9 |  |  | 16,020 |  |  | 12 |  |  | 24,868 |
Real estate - residential mortgage | 5 |  |  | 1,703 |  |  | 8 |  |  | 1,351 |  |  | 42 |  |  | 12,431 |  |  | 48 |  |  | 10,516 |
Real estate - home equity | 6 |  |  | 123 |  |  | 13 |  |  | 1,370 |  |  | 22 |  |  | 870 |  |  | 40 |  |  | 3,556 |
Real estate - construction | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 154 |  |  | — |  |  | — |
Consumer | — |  |  | — |  |  | 3 |  |  | 53 |  |  | — |  |  | — |  |  | 11 |  |  | 238 |
Total | 20 |  |  | $ | 11,807 |  |  | 33 |  |  | $ | 14,189 |  |  | 83 |  |  | $ | 32,220 |  |  | 129 |  |  | $ | 43,577 |
Restructured loan modifications may include payment schedule modifications, interest rate concessions, bankruptcies, principal reduction or some combination of these concessions. The restructured loan modifications primarily included maturity date extensions, rate modifications and payment schedule modifications. In accordance with regulatory guidance, payment schedule modifications granted after March 13, 2020 to borrowers impacted by the effects of the COVID-19 pandemic and who were not delinquent at the time of the payment schedule modifications have been excluded from TDRs. As of September 30, 2021 and 2020, payment schedule modifications since the inception of this guidance having a recorded investment of $3.3 billion and $3.8 billion, respectively, were excluded from TDRs. As of September 30, 2021, $65.1 million in recorded investment remain in active COVID-19 deferral programs.

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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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