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Loans | 12 Months Ended
--- | ---
Dec. 31, 2019
Loans and Leases Receivable, Net Amount [Abstract] |
Loans | LOANS The following table presents loans by class as of the dates indicated:
December 31, | 2019 |  | 2018
Real estate loans: |  |  |
Commercial | $ | 3,484.7 |  |  | $ | 3,235.4 |
Construction: |  |  |
Land acquisition & development | 302.1 |  |  | 321.6 |
Residential | 244.1 |  |  | 242.8 |
Commercial | 431.5 |  |  | 274.3 |
Total construction loans | 977.7 |  |  | 838.7 |
Residential | 1,546.1 |  |  | 1,542.0 |
Agricultural | 226.6 |  |  | 217.4 |
Total real estate loans | 6,235.1 |  |  | 5,833.5 |
Consumer: |  |  |
Indirect consumer | 784.6 |  |  | 787.8 |
Other consumer | 179.0 |  |  | 200.6 |
Credit card | 81.6 |  |  | 81.8 |
Total consumer loans | 1,045.2 |  |  | 1,070.2 |
Commercial | 1,371.3 |  |  | 1,310.3 |
Agricultural | 279.1 |  |  | 254.8 |
Other, including overdrafts | — |  |  | 1.6 |
Loans held for investment | 8,930.7 |  |  | 8,470.4 |
Mortgage loans held for sale | 100.9 |  |  | 33.3 |
Total loans | $ | 9,031.6 |  |  | $ | 8,503.7 |
The Company has lending policies and procedures in place that are designed to maximize loan income within an acceptable level of risk. Management reviews and approves these policies and procedures on a regular basis. A reporting system supplements the review process by providing management with frequent reports related to loan production, loan quality, concentrations of credit, loan delinquencies and internally risk-classified loans. Real estate loans include construction and permanent financing for both single-family and multi-unit properties, term loans for commercial, agricultural and industrial property and/or buildings and home equity loans and lines of credit secured by real estate. Longer-term residential real estate loans are generally sold in the secondary market. Those residential real estate loans not sold are typically secured by first liens on the financed property and generally mature in less than fifteen years. Home equity loans and lines of credit are typically secured by first or second liens on residential real estate and generally do not exceed a loan to value ratio of 80%. The Company had home equity loans and lines of credit of $423.5 million and $409.5 million as of December 31, 2019 and 2018, respectively, included in residential real estate loans. Commercial and agricultural real estate loans are generally secured by first liens on income-producing real estate and generally mature in less than 5 years. Construction loans are primarily to commercial builders for residential lot development and the construction of single-family residences and commercial real estate properties. Construction loans are generally underwritten pursuant to pre-approved permanent financing. During the construction phase the borrower pays interest only. Consumer loans include direct personal loans, credit card loans, lines of credit and indirect dealer loans for the purchase of automobiles, recreational vehicles, boats and other consumer goods. Personal loans and indirect dealer loans are generally secured by automobiles, boats and other types of personal property and are made on an installment basis. Credit cards are offered to individuals in our market areas. Lines of credit are generally floating rate loans that are unsecured or secured by personal property. Commercial loans include a mix of variable and fixed rate loans made to small and medium-sized manufacturing, wholesale, retail and service businesses for working capital needs and business expansions. Commercial loans generally include lines of credit, business credit cards and loans with maturities of five years or less. The loans are generally made with business operations as the primary source of repayment, but also include collateralization by inventory, accounts receivable, equipment and/or personal guarantees. Agricultural loans generally consist of short and medium-term loans and lines of credit that are primarily used for crops, livestock, equipment and general operations. Agricultural loans are ordinarily secured by assets such as livestock or equipment and are repaid from the operations of the farm or ranch. Agricultural loans generally have maturities of five years or less, with operating lines for one production season. Included in the loan table above, are loans acquired in business combinations including certain loans that had evidence of deterioration in credit quality since origination and for which it was probable, at acquisition, that all contractually required payments would not be collected. The following table displays the outstanding unpaid principal balance and accrual status of loans acquired with credit impairment as of December 31, 2019 and 2018.
December 31, | 2019 |  | 2018
Outstanding principal | $ | 49.8 |  |  | $ | 43.4 |
Carrying value: |  |  |
Loans on accrual status | 36.8 |  |  | 30.2 |
Total carrying value | $ | 36.8 |  |  | $ | 30.2 |
The following table summarizes changes in the accretable yield for loans acquired credit impaired for the years ended December 31, 2019, 2018, and 2017:
Year Ended December 31, | 2019 |  | 2018 |  | 2017
Beginning balance | $ | 8.9 |  |  | $ | 7.3 |  |  | $ | 6.8 |
Acquisitions | 3.4 |  |  | 3.2 |  |  | 1.9 |
Additions | — |  |  | 0.6 |  |  | 0.1 |
Accretion income | (3.4 | ) |  | (3.1 | ) |  | (2.9 | )
Reductions due to exit events | (1.4 | ) |  | (1.1 | ) |  | (1.5 | )
Reclassifications from nonaccretable differences | 2.5 |  |  | 2.0 |  |  | 2.9 |
Ending balance | $ | 10.0 |  |  | $ | 8.9 |  |  | $ | 7.3 |
Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. The following tables present the contractual aging of the Company’s recorded investment in past due loans by class as of the period indicated:
|  |  |  | Total Loans |  |  |
| 30 - 59 | 60 - 89 | > 90 | 30 or More |  |  |
| Days | Days | Days | Days | Current | Non-accrual | Total
As of December 31, 2019 | Past Due | Past Due | Past Due | Past Due | Loans | Loans | Loans
Real estate |  |  |  |  |  |  |
Commercial | $ | 5.5 |  | $ | 1.1 |  | $ | 0.6 |  | $ | 7.2 |  | $ | 3,464.5 |  | $ | 13.0 |  | $ | 3,484.7 |
Construction: |  |  |  |  |  |  |
Land acquisition & development | 0.7 |  | 0.8 |  | 0.3 |  | 1.8 |  | 298.9 |  | 1.4 |  | 302.1 |
Residential | 1.5 |  | 0.8 |  | — |  | 2.3 |  | 241.8 |  | — |  | 244.1 |
Commercial | — |  | — |  | — |  | — |  | 431.0 |  | 0.5 |  | 431.5 |
Total construction loans | 2.2 |  | 1.6 |  | 0.3 |  | 4.1 |  | 971.7 |  | 1.9 |  | 977.7 |
Residential | 3.8 |  | 1.4 |  | 1.1 |  | 6.3 |  | 1,535.2 |  | 4.6 |  | 1,546.1 |
Agricultural | 0.8 |  | 0.5 |  | — |  | 1.3 |  | 220.1 |  | 5.2 |  | 226.6 |
Total real estate loans | 12.3 |  | 4.6 |  | 2.0 |  | 18.9 |  | 6,191.5 |  | 24.7 |  | 6,235.1 |
Consumer: |  |  |  |  |  |  |  |
Indirect consumer | 7.6 |  | 1.9 |  | 0.5 |  | 10.0 |  | 773.0 |  | 1.6 |  | 784.6 |
Other consumer | 1.2 |  | 0.5 |  | 0.1 |  | 1.8 |  | 176.7 |  | 0.5 |  | 179.0 |
Credit card | 0.8 |  | 0.5 |  | 0.8 |  | 2.1 |  | 79.5 |  | — |  | 81.6 |
Total consumer loans | 9.6 |  | 2.9 |  | 1.4 |  | 13.9 |  | 1,029.2 |  | 2.1 |  | 1,045.2 |
Commercial | 4.8 |  | 2.6 |  | 2.3 |  | 9.7 |  | 1,347.9 |  | 13.7 |  | 1,371.3 |
Agricultural | 0.9 |  | 0.1 |  | — |  | 1.0 |  | 275.7 |  | 2.4 |  | 279.1 |
Other, including overdrafts | — |  | — |  | — |  | — |  | — |  | — |  | — |
Loans held for investment | 27.6 |  | 10.2 |  | 5.7 |  | 43.5 |  | 8,844.3 |  | 42.9 |  | 8,930.7 |
Mortgage loans originated for sale | — |  | — |  | — |  | — |  | 100.9 |  | — |  | 100.9 |
Total loans | $ | 27.6 |  | $ | 10.2 |  | $ | 5.7 |  | $ | 43.5 |  | $ | 8,945.2 |  | $ | 42.9 |  | $ | 9,031.6 |
|  |  |  | Total Loans |  |  |
| 30 - 59 | 60 - 89 | > 90 | 30 or More |  |  |
| Days | Days | Days | Days | Current | Non-accrual | Total
As of December 31, 2018 | Past Due | Past Due | Past Due | Past Due | Loans | Loans | Loans
Real estate |  |  |  |  |  |  |
Commercial | $ | 10.4 |  | $ | 1.0 |  | $ | 0.8 |  | $ | 12.2 |  | $ | 3,214.0 |  | $ | 9.2 |  | $ | 3,235.4 |
Construction: |  |  |  |  |  |  |
Land acquisition & development | 1.6 |  | 0.1 |  | 0.2 |  | 1.9 |  | 316.0 |  | 3.7 |  | 321.6 |
Residential | 1.0 |  | 0.4 |  | — |  | 1.4 |  | 240.4 |  | 1.0 |  | 242.8 |
Commercial | 0.4 |  | — |  | — |  | 0.4 |  | 273.7 |  | 0.2 |  | 274.3 |
Total construction loans | 3.0 |  | 0.5 |  | 0.2 |  | 3.7 |  | 830.1 |  | 4.9 |  | 838.7 |
Residential | 8.8 |  | 1.1 |  | 0.2 |  | 10.1 |  | 1,525.3 |  | 6.6 |  | 1,542.0 |
Agricultural | 2.2 |  | — |  | — |  | 2.2 |  | 202.6 |  | 12.6 |  | 217.4 |
Total real estate loans | 24.4 |  | 2.6 |  | 1.2 |  | 28.2 |  | 5,772.0 |  | 33.3 |  | 5,833.5 |
Consumer: |  |  |  |  |  |  |  |  |
Indirect consumer | 6.8 |  | 2.1 |  | 0.4 |  | 9.3 |  | 776.8 |  | 1.7 |  | 787.8 |
Other consumer | 1.4 |  | 0.5 |  | 0.1 |  | 2.0 |  | 198.1 |  | 0.5 |  | 200.6 |
Credit card | 0.9 |  | 0.4 |  | 0.8 |  | 2.1 |  | 79.7 |  | — |  | 81.8 |
Total consumer loans | 9.1 |  | 3.0 |  | 1.3 |  | 13.4 |  | 1,054.6 |  | 2.2 |  | 1,070.2 |
Commercial | 8.3 |  | 1.2 |  | 1.3 |  | 10.8 |  | 1,283.7 |  | 15.8 |  | 1,310.3 |
Agricultural | 2.1 |  | 0.3 |  | — |  | 2.4 |  | 249.4 |  | 3.0 |  | 254.8 |
Other, including overdrafts | — |  | — |  | — |  | — |  | 1.6 |  | — |  | 1.6 |
Loans held for investment | 43.9 |  | 7.1 |  | 3.8 |  | 54.8 |  | 8,361.3 |  | 54.3 |  | 8,470.4 |
Mortgage loans originated for sale | — |  | — |  | — |  | — |  | 33.3 |  | — |  | 33.3 |
Total loans | $ | 43.9 |  | $ | 7.1 |  | $ | 3.8 |  | $ | 54.8 |  | $ | 8,394.6 |  | $ | 54.3 |  | $ | 8,503.7 |
Acquired loans that meet the criteria for non-accrual of interest prior to the acquisition were considered performing upon acquisition. If interest on non-accrual loans had been accrued, such income would have approximated $2.5 million, $3.0 million and $3.5 million during the years ended December 31, 2019, 2018, and 2017, respectively. The Company considers impaired loans to include all originated loans, except consumer loans, that are risk rated as doubtful, or have been placed on non-accrual status or renegotiated in troubled debt restructurings, and all loans acquired with evidence of deterioration in credit quality and for which it was probable, at the acquisition, that the Company would be unable to collect all contractual amounts owed. The following tables present information on the Company’s recorded investment in impaired loans as of dates indicated:
| December 31, 2019
| Unpaid Total Principal Balance | Recorded Investment With No Allowance | Recorded Investment With Allowance | Total Recorded Investment | Related Allowance
Real estate: |  |  |  |  |
Commercial | $ | 29.2 |  | $ | 12.9 |  | $ | 10.8 |  | $ | 23.7 |  | $ | 0.7 |
Construction: |  |  |  |  |
Land acquisition & development | 9.2 |  | 0.4 |  | 2.6 |  | 3.0 |  | 0.5 |
Residential | 0.1 |  | — |  | — |  | — |  | — |
Commercial | 1.0 |  | 0.5 |  | — |  | 0.5 |  | 0.1 |
Total construction loans | 10.3 |  | 0.9 |  | 2.6 |  | 3.5 |  | 0.6 |
Residential | 6.9 |  | 3.9 |  | 1.8 |  | 5.7 |  | 0.2 |
Agricultural | 8.6 |  | 5.2 |  | 3.0 |  | 8.2 |  | 0.2 |
Total real estate loans | 55.0 |  | 22.9 |  | 18.2 |  | 41.1 |  | 1.7 |
Commercial | 25.5 |  | 12.0 |  | 5.3 |  | 17.3 |  | 1.7 |
Agricultural | 6.9 |  | 2.3 |  | 4.0 |  | 6.3 |  | 0.2 |
Total | $ | 87.4 |  | $ | 37.2 |  | $ | 27.5 |  | $ | 64.7 |  | $ | 3.6 |
| December 31, 2018
| Unpaid Total Principal Balance | Recorded Investment With No Allowance | Recorded Investment With Allowance | Total Recorded Investment | Related Allowance
Real estate: |  |  |  |  |
Commercial | $ | 22.2 |  | $ | 8.6 |  | $ | 7.7 |  | $ | 16.3 |  | $ | 0.7 |
Construction: |  |  |  |  |
Land acquisition & development | 10.0 |  | 0.4 |  | 3.5 |  | 3.9 |  | 0.2 |
Residential | 1.1 |  | 0.6 |  | 0.4 |  | 1.0 |  | 0.1 |
Commercial | 0.7 |  | 0.2 |  | — |  | 0.2 |  | — |
Total construction loans | 11.8 |  | 1.2 |  | 3.9 |  | 5.1 |  | 0.3 |
Residential | 8.8 |  | 5.7 |  | 2.0 |  | 7.7 |  | 0.3 |
Agricultural | 12.9 |  | 12.5 |  | 0.2 |  | 12.7 |  | — |
Total real estate loans | 55.7 |  | 28.0 |  | 13.8 |  | 41.8 |  | 1.3 |
Commercial | 24.1 |  | 5.5 |  | 14.4 |  | 19.9 |  | 5.2 |
Agricultural | 3.2 |  | 2.5 |  | 0.6 |  | 3.1 |  | 0.3 |
Total | $ | 83.0 |  | $ | 36.0 |  | $ | 28.8 |  | $ | 64.8 |  | $ | 6.8 |
| December 31, 2017
| Unpaid Total Principal Balance | Recorded Investment With No Allowance | Recorded Investment With Allowance | Total Recorded Investment | Related Allowance
Real estate: |  |  |  |  |
Commercial | $ | 45.6 |  | $ | 20.9 |  | $ | 14.1 |  | $ | 35.0 |  | $ | 3.9 |
Construction: |  |  |  |  |
Land acquisition & development | 10.0 |  | 3.4 |  | 0.5 |  | 3.9 |  | — |
Residential | 1.8 |  | 1.7 |  | — |  | 1.7 |  | — |
Commercial | 4.7 |  | 0.4 |  | 3.5 |  | 3.9 |  | 2.2 |
Total construction loans | 16.5 |  | 5.5 |  | 4.0 |  | 9.5 |  | 2.2 |
Residential | 11.5 |  | 8.2 |  | 2.0 |  | 10.2 |  | 0.1 |
Agricultural | 3.7 |  | 3.6 |  | — |  | 3.6 |  | — |
Total real estate loans | 77.3 |  | 38.2 |  | 20.1 |  | 58.3 |  | 6.2 |
Commercial | 29.5 |  | 12.4 |  | 11.4 |  | 23.8 |  | 4.4 |
Agricultural | 1.1 |  | 0.8 |  | 0.3 |  | 1.1 |  | 0.2 |
Total | $ | 107.9 |  | $ | 51.4 |  | $ | 31.8 |  | $ | 83.2 |  | $ | 10.8 |
The following tables present the average recorded investment in and income recognized on impaired loans for the periods indicated:
| Year Ended December 31,
| 2019 |  | 2018 |  | 2017
| Average Recorded Investment | Income Recognized |  | Average Recorded Investment | Income Recognized |  | Average Recorded Investment | Income Recognized
Real estate | $ | 41.4 |  | $ | 0.1 |  |  | $ | 50.0 |  | $ | 0.1 |  |  | $ | 63.5 |  | $ | 0.3 |
Commercial | 18.7 |  | 0.2 |  |  | 21.9 |  | 0.2 |  |  | 28.1 |  | 0.2 |
Agricultural | 4.6 |  | — |  |  | 2.1 |  | — |  |  | 2.4 |  | — |
Total | $ | 64.7 |  | $ | 0.3 |  |  | $ | 74.0 |  | $ | 0.3 |  |  | $ | 94.0 |  | $ | 0.5 |
The amount of interest income recognized by the Company within the period that the loans were impaired was primarily related to loans modified in troubled debt restructurings that remained on accrual status. Interest payments received on non-accrual impaired loans are applied to principal. Interest income is subsequently recognized only to the extent cash payments are received in excess of principal due. If interest on impaired loans had been accrued, interest income on impaired loans during 2019, 2018, and 2017 would have been approximately $2.5 million, $3.0 million and $3.5 million, respectively. Collateral dependent impaired loans are recorded at the fair value less selling costs of the underlying collateral determined using discounted cash flows, independent appraisals and management estimates based upon current market conditions. For loans measured under the present value of cash flows method, the change in present value attributable to the passage of time, if applicable, is recognized in the provision for loan losses and thus no interest income is recognized. Modifications of performing loans are made in the ordinary course of business and are completed on a case-by-case basis as negotiated with the borrower. Loan modifications typically include interest rate changes, interest only periods of less than twelve months, short-term payment deferrals and extension of amortization periods to provide payment relief. A loan modification is considered a troubled debt restructuring if the borrower is experiencing financial difficulties and the Company, for economic or legal reasons, grants a concession to the borrower that it would not otherwise consider. Certain troubled debt restructurings are on non-accrual status at the time of restructuring and may be returned to accrual status after considering the borrower’s sustained repayment performance in accordance with the restructuring agreement for a period of at least six months and management is reasonably assured of future performance. If the troubled debt restructuring meets these performance criteria and the interest rate granted at the modification is equal to or greater than the rate that the Company was willing to accept at the time of the restructuring for a new loan with comparable risk, then the loan will return to performing status and the accrual of interest will resume, although they continue to be individually evaluated for impairment and disclosed as impaired loans. The Company had loans renegotiated in troubled debt restructurings of $24.9 million as of December 31, 2019, of which $19.4 million were included in non-accrual loans and $5.5 million were on accrual status. The Company had loans renegotiated in troubled debt restructurings of $23.4 million as of December 31, 2018, of which $17.8 million were included in non-accrual loans and $5.6 million were on accrual status. The following table presents information on the Company’s troubled debt restructurings that occurred during the periods indicated:
|  | Number of Notes |  | Type of Concession | Principal Balance at Restructure Date
Year Ended December 31, 2019 |  |  | Interest only period | Extension of terms or maturity | Interest rate adjustment | Other
Commercial real estate |  | 4 |  |  | $ | 0.2 |  | $ | 0.2 |  | $ | — |  | $ | 2.9 |  | $ | 3.3 |
Commercial |  | 1 |  |  | — |  | — |  | — |  | 5.0 |  | 5.0 |
Agriculture |  | 6 |  |  | — |  | — |  | — |  | 2.1 |  | 2.1 |
Total loans restructured |  | 11 |  |  | $ | 0.2 |  | $ | 0.2 |  | $ | — |  | $ | 10.0 |  | $ | 10.4 |
|  | Number of Notes |  | Type of Concession | Principal Balance at Restructure Date
Year Ended December 31, 2018 |  |  | Interest only period | Extension of terms or maturity | Interest rate adjustment | Other
Commercial real estate |  | 3 |  |  | $ | 3.6 |  | $ | — |  | $ | — |  | $ | — |  | $ | 3.6 |
Agriculture real estate |  | 1 |  |  | — |  | — |  | — |  | 0.2 |  | 0.2 |
Consumer |  | 1 |  |  | — |  | — |  | — |  | 0.3 |  | 0.3 |
Total loans restructured |  | 5 |  |  | $ | 3.6 |  | $ | — |  | $ | — |  | $ | 0.5 |  | $ | 4.1 |
|  | Number of Notes |  | Type of Concession | Principal Balance at Restructure Date
Year Ended December 31, 2017 |  |  | Interest only period | Extension of terms or maturity | Interest rate adjustment | Other
Commercial |  | 17 |  |  | $ | 1.2 |  | $ | 2.0 |  | $ | — |  | $ | 6.0 |  | $ | 9.2 |
Agriculture |  | 1 |  |  | — |  | 0.1 |  | — |  | — |  | 0.1 |
Total loans restructured |  | 24 |  |  | $ | 2.7 |  | $ | 3.3 |  | $ | — |  | $ | 6.9 |  | $ | 12.9 |
Other concessions include payment reductions or deferrals for a specified period of time or the extension of amortization schedules. A specific reserve may have been previously recorded for loans modified in troubled debt restructurings that were on non-accrual status or otherwise deemed impaired before the modification. In periods subsequent to modification, the Company continues to evaluate all loans modified in troubled debt restructurings for possible impairment, which is recognized through the allowance for loan losses. Financial effects of modifications may include principal loan forgiveness or other charge-offs directly related to the restructuring. The Company had no charge-offs directly related to loans modified in troubled debt restructurings taken at the time of restructuring during 2019, 2018, and 2017. The Company considers a payment default to occur on loans modified in troubled debt restructurings when the loan is 90 days or more past due or was placed on non-accrual status after the modification. The Company’s loans modified in troubled debt restructurings within the previous 12 months for which there was a payment default during the period were no t significant as of December 31, 2019 and December 31, 2018. As of December 31, 2017, the Company had one $1.3 million commercial loan modified in troubled debt restructurings within the previous 12 months for which there was a payment default during the period. As of December 31, 2019, 2018, and 2017 all of the loans modified in troubled debt restructurings with payment defaults during the previous twelve months were on non-accrual status.
At December 31, 2019, there were no material commitments to lend additional funds to borrowers whose existing loans have been renegotiated or are classified as non-accrual. As part of the on-going and continuous monitoring of the credit quality of the Company’s loan portfolio, management tracks internally assigned risk classifications of loans. The Company adheres to a Uniform Classification System developed jointly by the various bank regulatory agencies to internally risk rate loans. The Uniform Classification System defines three broad categories of criticized assets, which the Company uses as credit quality indicators: Other Assets Especially Mentioned — includes loans that exhibit weaknesses in financial condition, loan structure or documentation, which if not promptly corrected, may lead to the development of abnormal risk elements. Substandard — includes loans that are inadequately protected by the current sound worth and paying capacity of the borrower. Although the primary source of repayment for a Substandard is not currently sufficient, collateral or other sources of repayment are sufficient to satisfy the debt. Continuance of a Substandard loan is not warranted unless positive steps are taken to improve the worthiness of the credit. Doubtful — includes loans that exhibit pronounced weaknesses to a point where collection or liquidation in full, on the basis of currently existing facts, conditions and values, is highly questionable and improbable. Doubtful loans are required to be placed on non-accrual status and are assigned specific loss exposure. The following tables present the Company’s recorded investment in criticized loans by class and credit quality indicator based on the most recent analysis performed as of the dates indicated:
As of December 31, 2019 | Other Assets Especially Mentioned | Substandard | Doubtful | Total Criticized Loans
Real estate: |  |  |  |
Commercial | $ | 84.7 |  | $ | 97.3 |  | $ | 0.8 |  | $ | 182.8 |
Construction: |  |  |  |
Land acquisition & development | 3.8 |  | 1.9 |  | 1.0 |  | 6.7 |
Residential | 0.9 |  | 2.2 |  | — |  | 3.1 |
Commercial | 1.7 |  | 1.5 |  | — |  | 3.2 |
Total construction loans | 6.4 |  | 5.6 |  | 1.0 |  | 13.0 |
Residential | 2.6 |  | 7.8 |  | 0.3 |  | 10.7 |
Agricultural | 14.3 |  | 26.6 |  | — |  | 40.9 |
Total real estate loans | 108.0 |  | 137.3 |  | 2.1 |  | 247.4 |
Consumer: |  |  |  |
Indirect consumer | 0.2 |  | 2.9 |  | — |  | 3.1 |
Direct consumer | 0.4 |  | 0.8 |  | 0.1 |  | 1.3 |
Total consumer loans | 0.6 |  | 3.7 |  | 0.1 |  | 4.4 |
Commercial | 40.4 |  | 60.3 |  | 3.6 |  | 104.3 |
Agricultural | 8.5 |  | 22.7 |  | 0.1 |  | 31.3 |
Total | $ | 157.5 |  | $ | 224.0 |  | $ | 5.9 |  | $ | 387.4 |
As of December 31, 2018 | Other Assets Especially Mentioned | Substandard | Doubtful | Total Criticized Loans
Real estate: |  |  |  |
Commercial | $ | 102.5 |  | $ | 87.4 |  | $ | 2.9 |  | $ | 192.8 |
Construction: |  |  |  |
Land acquisition & development | 5.0 |  | 7.0 |  | 3.3 |  | 15.3 |
Residential | 2.8 |  | 2.0 |  | 0.4 |  | 5.2 |
Commercial | 1.7 |  | 3.9 |  | — |  | 5.6 |
Total construction loans | 9.5 |  | 12.9 |  | 3.7 |  | 26.1 |
Residential | 3.0 |  | 10.8 |  | 0.7 |  | 14.5 |
Agricultural | 9.0 |  | 24.0 |  | 0.1 |  | 33.1 |
Total real estate loans | 124.0 |  | 135.1 |  | 7.4 |  | 266.5 |
Consumer: |  |  |  |
Indirect consumer | 0.7 |  | 2.1 |  | 0.1 |  | 2.9 |
Direct consumer | 0.3 |  | 0.8 |  | 0.1 |  | 1.2 |
Total consumer loans | 1.0 |  | 2.9 |  | 0.2 |  | 4.1 |
Commercial | 39.4 |  | 45.8 |  | 11.8 |  | 97.0 |
Agricultural | 14.4 |  | 17.8 |  | 1.5 |  | 33.7 |
Total | $ | 178.8 |  | $ | 201.6 |  | $ | 20.9 |  | $ | 401.3 |
The Company maintains a credit review function, which is independent of the credit approval process, to assess assigned internal risk classifications and monitor compliance with internal lending policies and procedures. Written action plans with firm target dates for resolution of identified problems are maintained and reviewed on a quarterly basis for all categories of criticized loans.

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