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Loans, Allowance for Credit Losses, and Asset Quality Information (Tables) | 9 Months Ended
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Sep. 30, 2021
Receivables [Abstract] |
Summary of major categories of total loans outstanding | The following is a summary of the major categories of total loans outstanding:
($ in thousands) | September 30, 2021 |  | December 31, 2020
| Amount |  | Percentage |  | Amount |  | Percentage
All loans: |  |  |  |  |  |  |
Commercial, financial, and agricultural | $ | 612,554 |  |  | 12 | % |  | $ | 782,549 |  |  | 17 | %
Real estate – construction, land development & other land loans | 588,103 |  |  | 12 | % |  | 570,672 |  |  | 12 | %
Real estate – mortgage – residential (1-4 family) first mortgages | 914,266 |  |  | 19 | % |  | 972,378 |  |  | 21 | %
Real estate – mortgage – home equity loans / lines of credit | 281,219 |  |  | 6 | % |  | 306,256 |  |  | 6 | %
Real estate – mortgage – commercial and other | 2,423,341 |  |  | 50 | % |  | 2,049,203 |  |  | 43 | %
Consumer loans | 53,747 |  |  | 1 | % |  | 53,955 |  |  | 1 | %
Subtotal | 4,873,230 |  |  | 100 | % |  | 4,735,013 |  |  | 100 | %
Unamortized net deferred loan fees | (3,389) |  |  |  |  | (3,698) |  |  |
Total loans | $ | 4,869,841 |  |  |  |  | $ | 4,731,315 |  |  |
Included in the line item "Commercial, financial, and agricultural" in the table above are PPP loans totaling $66.9 million and $240.5 million at September 30, 2021 and December 31, 2020, respectively. PPP loans are fully guaranteed by the SBA. Included in unamortized net deferred loan fees are approximately $4.3 million and $6.0 million at September 30, 2021 and December 31, 2020, respectively, in unamortized net deferred loan fees associated with PPP loans. These fees are being amortized under the effective interest method over the terms of the loans. Accelerated amortization is recorded in the periods in which principal amounts are forgiven in accordance with the terms of the program. Also included in the table above are various non-PPP SBA loans, with additional information on these loans presented in the table below.
($ in thousands) | September 30, 2021 |  | December 31, 2020
Guaranteed portions of non-PPP SBA loans included in table above | $ | 27,542 |  |  | 33,959 |
Unguaranteed portions of non-PPP SBA loans included in table above | 123,518 |  |  | 135,703 |
Total non-PPP SBA loans included in the table above | $ | 151,060 |  |  | 169,662 |
Sold portions of non-PPP SBA loans with servicing retained - not included in tables above | $ | 424,662 |  |  | 395,398 |
Schedule of activity in purchased credit impaired loans | At December 31, 2020, the carrying value of PCI loans was $8.6 million. The following table presents changes in the accretable yield for PCI loans for the nine months ended September 30, 2020.
Accretable Yield for PCI loans | For the Nine Months Ended September 30, 2020
Balance at beginning of period | $ | 4,149 |
Accretion | (927) |
Reclassification from (to) nonaccretable difference | 400 |
Other, net | (481) |
Balance at end of period | 3,141 |
Schedule of nonperforming assets and nonaccrual loans | Nonperforming assets are defined as nonaccrual loans, TDRs, loans past due 90 or more days and still accruing interest, and foreclosed real estate. Nonperforming assets are summarized as follows.
($ in thousands) | September 30, 2021 |  | December 31, 2020
Nonperforming assets |  |  |
Nonaccrual loans | $ | 31,268 |  |  | 35,076 |
TDRs - accruing | 7,600 |  |  | 9,497 |
Accruing loans > 90 days past due | — |  |  | — |
Total nonperforming loans | 38,868 |  |  | 44,573 |
Foreclosed real estate | 1,819 |  |  | 2,424 |
Total nonperforming assets | $ | 40,687 |  |  | 46,997 |
The following table is a summary of the Company’s nonaccrual loans by major categories for the periods indicated.
|  | CECL |  | Incurred Loss
($ in thousands) |  | September 30, 2021 |  | December 31, 2020
|  | Nonaccrual Loans with No Allowance |  | Nonaccrual Loans with an Allowance |  | Total Nonaccrual Loans |  | Nonaccrual Loans
Commercial, financial, and agricultural |  | $ | 510 |  |  | 9,019 |  |  | 9,529 |  |  | 9,681 |
Real estate – construction, land development & other land loans |  | — |  |  | 373 |  |  | 373 |  |  | 643 |
Real estate – mortgage – residential (1-4 family) first mortgages |  | 735 |  |  | 3,599 |  |  | 4,334 |  |  | 6,048 |
Real estate – mortgage – home equity loans / lines of credit |  | — |  |  | 1,018 |  |  | 1,018 |  |  | 1,333 |
Real estate – mortgage – commercial and other |  | 10,951 |  |  | 4,972 |  |  | 15,923 |  |  | 17,191 |
Consumer loans |  | — |  |  | 91 |  |  | 91 |  |  | 180 |
Total |  | $ | 12,196 |  |  | 19,072 |  |  | 31,268 |  |  | 35,076 |
Summary accrued interest receivables written off | The following table represents the accrued interest receivables written off by reversing interest income during the nine months ended September 30, 2021.
($ in thousands) | For the Nine Months Ended September 30, 2021
Commercial, financial, and agricultural | $ | 160 |
Real estate – construction, land development & other land loans | — |
Real estate – mortgage – residential (1-4 family) first mortgages | 20 |
Real estate – mortgage – home equity loans / lines of credit | 11 |
Real estate – mortgage – commercial and other | 446 |
Consumer loans | — |
Total | $ | 637 |
Schedule of analysis of payment status | The following table presents an analysis of the payment status of the Company’s loans as of September 30, 2021.
($ in thousands) | Accruing 30-59 Days Past Due |  | Accruing 60-89 Days Past Due |  | Accruing 90 Days or More Past Due |  | Nonaccrual Loans |  | Accruing Current |  | Total Loans Receivable
Commercial, financial, and agricultural | $ | 584 |  |  | 60 |  |  | — |  |  | 9,529 |  |  | 602,381 |  |  | 612,554 |
Real estate – construction, land development & other land loans | — |  |  | — |  |  | — |  |  | 373 |  |  | 587,730 |  |  | 588,103 |
Real estate – mortgage – residential (1-4 family) first mortgages | 668 |  |  | 738 |  |  | — |  |  | 4,334 |  |  | 908,526 |  |  | 914,266 |
Real estate – mortgage – home equity loans / lines of credit | 606 |  |  | 67 |  |  | — |  |  | 1,018 |  |  | 279,528 |  |  | 281,219 |
Real estate – mortgage – commercial and other | 346 |  |  | 334 |  |  | — |  |  | 15,923 |  |  | 2,406,738 |  |  | 2,423,341 |
Consumer loans | 127 |  |  | 34 |  |  | — |  |  | 91 |  |  | 53,495 |  |  | 53,747 |
Total | $ | 2,331 |  |  | 1,233 |  |  | — |  |  | 31,268 |  |  | 4,838,398 |  |  | 4,873,230 |
Unamortized net deferred loan fees |  |  |  |  |  |  |  |  |  |  | (3,389) |
Total loans |  |  |  |  |  |  |  |  |  |  | $ | 4,869,841 |
The following table presents an analysis of the payment status of the Company’s loans as of December 31, 2020.
($ in thousands) | Accruing 30-59 Days Past Due |  | Accruing 60-89 Days Past Due |  | Accruing 90 Days or More Past Due |  | Nonaccrual Loans |  | Accruing Current |  | Total Loans Receivable
Commercial, financial, and agricultural | $ | 1,464 |  |  | 1,101 |  |  | — |  |  | 9,681 |  |  | 770,166 |  |  | 782,412 |
Real estate – construction, land development & other land loans | 572 |  |  | — |  |  | — |  |  | 643 |  |  | 569,307 |  |  | 570,522 |
Real estate – mortgage – residential (1-4 family) first mortgages | 10,146 |  |  | 869 |  |  | — |  |  | 6,048 |  |  | 951,088 |  |  | 968,151 |
Real estate – mortgage – home equity loans / lines of credit | 1,088 |  |  | 42 |  |  | — |  |  | 1,333 |  |  | 303,693 |  |  | 306,156 |
Real estate – mortgage – commercial and other | 2,540 |  |  | 3,111 |  |  | — |  |  | 17,191 |  |  | 2,022,422 |  |  | 2,045,264 |
Consumer loans | 180 |  |  | 36 |  |  | — |  |  | 180 |  |  | 53,521 |  |  | 53,917 |
Purchased credit impaired | 328 |  |  | 112 |  |  | 719 |  |  | — |  |  | 7,432 |  |  | 8,591 |
Total | $ | 16,318 |  |  | 5,271 |  |  | 719 |  |  | 35,076 |  |  | 4,677,629 |  |  | 4,735,013 |
Unamortized net deferred loan fees |  |  |  |  |  |  |  |  |  |  | (3,698) |
Total loans |  |  |  |  |  |  |  |  |  |  | $ | 4,731,315 |
Analysis of collateral-dependent loans | The following table presents an analysis of collateral-dependent loans of the Company as of September 30, 2021.
($ in thousands) | Residential Property |  | Business Assets |  | Land |  | Commercial Property |  | Other |  | Total Collateral-Dependent Loans
Commercial, financial, and agricultural | $ | — |  |  | 4,663 |  |  | — |  |  | — |  |  | — |  |  | 4,663 |
Real estate – construction, land development & other land loans | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Real estate – mortgage – residential (1-4 family) first mortgages | 735 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 735 |
Real estate – mortgage – home equity loans / lines of credit | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Real estate – mortgage – commercial and other | — |  |  | — |  |  | — |  |  | 13,848 |  |  | — |  |  | 13,848 |
Consumer loans | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 735 |  |  | 4,663 |  |  | — |  |  | 13,848 |  |  | — |  |  | 19,246 |
Schedule of allowance for loan losses | The following table presents the activity in the allowance for loan losses for all loans for the three and nine months ended September 30, 2021 (under the CECL methodology).
($ in thousands) | Commercial, Financial, and Agricultural |  | Real Estate – Construction, Land Development & Other Land Loans |  | Real Estate – Residential (1-4 Family) First Mortgages |  | Real Estate – Mortgage – Home Equity Lines of Credit |  | Real Estate – Mortgage – Commercial and Other |  | Consumer Loans |  | Unallocated |  | Total
As of and for the three months ended September 30, 2021
Beginning balance | $ | 14,809 |  |  | 10,104 |  |  | 8,651 |  |  | 3,737 |  |  | 25,358 |  |  | 2,363 |  |  | — |  |  | 65,022 |
Charge-offs | (899) |  |  | — |  |  | (24) |  |  | — |  |  | (4) |  |  | (178) |  |  | — |  |  | (1,105) |
Recoveries | 398 |  |  | 98 |  |  | 176 |  |  | 311 |  |  | 79 |  |  | 49 |  |  | — |  |  | 1,111 |
Provisions/(Reversals) | (808) |  |  | 2,187 |  |  | (1,032) |  |  | (546) |  |  | (1,336) |  |  | 135 |  |  | — |  |  | (1,400) |
Ending balance | $ | 13,500 |  |  | 12,389 |  |  | 7,771 |  |  | 3,502 |  |  | 24,097 |  |  | 2,369 |  |  | — |  |  | 63,628 |
As of and for the nine months ended September 30, 2021
Beginning balance | $ | 11,316 |  |  | 5,355 |  |  | 8,048 |  |  | 2,375 |  |  | 23,603 |  |  | 1,478 |  |  | 213 |  |  | 52,388 |
Adjustment for implementation of CECL | 3,067 |  |  | 6,140 |  |  | 2,584 |  |  | 2,580 |  |  | (257) |  |  | 674 |  |  | (213) |  |  | 14,575 |
Charge-offs | (2,887) |  |  | (66) |  |  | (138) |  |  | (139) |  |  | (1,838) |  |  | (485) |  |  | — |  |  | (5,553) |
Recoveries | 1,065 |  |  | 784 |  |  | 499 |  |  | 540 |  |  | 419 |  |  | 311 |  |  | — |  |  | 3,618 |
Provisions/(Reversals) | 939 |  |  | 176 |  |  | (3,222) |  |  | (1,854) |  |  | 2,170 |  |  | 391 |  |  | — |  |  | (1,400) |
Ending balance | $ | 13,500 |  |  | 12,389 |  |  | 7,771 |  |  | 3,502 |  |  | 24,097 |  |  | 2,369 |  |  | — |  |  | 63,628 |
The following table presents the activity in the allowance for loan losses for the year ended December 31, 2020 (under the Incurred Loss methodology).
($ in thousands) | Commercial, Financial, and Agricultural |  | Real Estate – Construction, Land Development & Other Land Loans |  | Real Estate – Residential (1-4 Family) First Mortgages |  | Real Estate – Mortgage – Home Equity Lines of Credit |  | Real Estate – Mortgage – Commercial and Other |  | Consumer Loans |  | Unallocated |  | Total
As of and for the year ended December 31, 2020
Beginning balance | $ | 4,553 |  |  | 1,976 |  |  | 3,832 |  |  | 1,127 |  |  | 8,938 |  |  | 972 |  |  | — |  |  | 21,398 |
Charge-offs | (5,608) |  |  | (51) |  |  | (478) |  |  | (524) |  |  | (968) |  |  | (873) |  |  | — |  |  | (8,502) |
Recoveries | 745 |  |  | 1,552 |  |  | 754 |  |  | 487 |  |  | 621 |  |  | 294 |  |  | — |  |  | 4,453 |
Provisions | 11,626 |  |  | 1,878 |  |  | 3,940 |  |  | 1,285 |  |  | 15,012 |  |  | 1,085 |  |  | 213 |  |  | 35,039 |
Ending balance | $ | 11,316 |  |  | 5,355 |  |  | 8,048 |  |  | 2,375 |  |  | 23,603 |  |  | 1,478 |  |  | 213 |  |  | 52,388 |
Ending balances as of December 31, 2020: Allowance for loan losses
Individually evaluated for impairment | $ | 3,546 |  |  | 30 |  |  | 800 |  |  | — |  |  | 2,175 |  |  | — |  |  | — |  |  | 6,551 |
Collectively evaluated for impairment | $ | 7,742 |  |  | 5,325 |  |  | 7,141 |  |  | 2,375 |  |  | 21,428 |  |  | 1,475 |  |  | 213 |  |  | 45,699 |
Purchased credit impaired | $ | 28 |  |  | — |  |  | 107 |  |  | — |  |  | — |  |  | 3 |  |  | — |  |  | 138 |
Loans receivable as of December 31, 2020:
Ending balance – total | $ | 782,549 |  |  | 570,672 |  |  | 972,378 |  |  | 306,256 |  |  | 2,049,203 |  |  | 53,955 |  |  | — |  |  | 4,735,013 |
Unamortized net deferred loan fees |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3,698) |
Total loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 4,731,315 |
Ending balances as of December 31, 2020: Loans
Individually evaluated for impairment | $ | 7,700 |  |  | 677 |  |  | 9,303 |  |  | 15 |  |  | 18,582 |  |  | 4 |  |  | — |  |  | 36,281 |
Collectively evaluated for impairment | $ | 774,712 |  |  | 569,845 |  |  | 958,848 |  |  | 306,141 |  |  | 2,026,682 |  |  | 53,913 |  |  | — |  |  | 4,690,141 |
Purchased credit impaired | $ | 137 |  |  | 150 |  |  | 4,227 |  |  | 100 |  |  | 3,939 |  |  | 38 |  |  | — |  |  | 8,591 |
The following table presents the activity in the allowance for loan losses for the three and nine months ended September 30, 2020 (under the Incurred Loss methodology).
($ in thousands) | Commercial, Financial, and Agricultural |  | Real Estate – Construction, Land Development & Other Land Loans |  | Real Estate – Residential (1-4 Family) First Mortgages |  | Real Estate – Mortgage – Home Equity Lines of Credit |  | Real Estate – Mortgage – Commercial and Other |  | Consumer Loans |  | Unallocated |  | Total
As of and for the three months ended September 30, 2020
Beginning balance | $ | 5,989 |  |  | 5,677 |  |  | 8,339 |  |  | 2,359 |  |  | 18,755 |  |  | 1,223 |  |  | — |  |  | 42,342 |
Charge-offs | (325) |  |  | (6) |  |  | (4) |  |  | (23) |  |  | — |  |  | (310) |  |  | — |  |  | (668) |
Recoveries | 126 |  |  | 213 |  |  | 279 |  |  | 207 |  |  | 482 |  |  | 125 |  |  | — |  |  | 1,432 |
Provisions | 2,986 |  |  | 388 |  |  | 82 |  |  | (83) |  |  | 2,369 |  |  | 308 |  |  | 70 |  |  | 6,120 |
Ending balance | $ | 8,776 |  |  | 6,272 |  |  | 8,696 |  |  | 2,460 |  |  | 21,606 |  |  | 1,346 |  |  | 70 |  |  | 49,226 |
As of and for the nine months ended September 30, 2020
Beginning balance | $ | 4,553 |  |  | 1,976 |  |  | 3,832 |  |  | 1,127 |  |  | 8,938 |  |  | 972 |  |  | — |  |  | 21,398 |
Charge-offs | (4,256) |  |  | (51) |  |  | (478) |  |  | (404) |  |  | (545) |  |  | (707) |  |  | — |  |  | (6,441) |
Recoveries | 603 |  |  | 856 |  |  | 594 |  |  | 373 |  |  | 584 |  |  | 251 |  |  | — |  |  | 3,261 |
Provisions | 7,876 |  |  | 3,491 |  |  | 4,748 |  |  | 1,364 |  |  | 12,629 |  |  | 830 |  |  | 70 |  |  | 31,008 |
Ending balance | $ | 8,776 |  |  | 6,272 |  |  | 8,696 |  |  | 2,460 |  |  | 21,606 |  |  | 1,346 |  |  | 70 |  |  | 49,226 |
Ending balance as of September 30, 2020: Allowance for loan losses
Individually evaluated for impairment | $ | 1,814 |  |  | 56 |  |  | 820 |  |  | — |  |  | 1,624 |  |  | — |  |  | — |  |  | 4,314 |
Collectively evaluated for impairment | $ | 6,921 |  |  | 6,216 |  |  | 7,760 |  |  | 2,460 |  |  | 19,982 |  |  | 1,342 |  |  | 70 |  |  | 44,751 |
Purchased credit impaired | $ | 41 |  |  | — |  |  | 116 |  |  | — |  |  | — |  |  | 4 |  |  | — |  |  | 161 |
Loans receivable as of September 30, 2020
Ending balance – total | $ | 804,831 |  |  | 653,120 |  |  | 1,017,087 |  |  | 310,326 |  |  | 1,983,622 |  |  | 50,189 |  |  | — |  |  | 4,819,175 |
Unamortized net deferred loan fees |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (5,439) |
Total loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 4,813,736 |
Ending balances as of September 30, 2020: Loans
Individually evaluated for impairment | $ | 7,001 |  |  | 853 |  |  | 9,657 |  |  | 319 |  |  | 16,349 |  |  | — |  |  | — |  |  | 34,179 |
Collectively evaluated for impairment | $ | 797,654 |  |  | 652,117 |  |  | 1,002,254 |  |  | 309,911 |  |  | 1,963,303 |  |  | 50,141 |  |  | — |  |  | 4,775,380 |
Purchased credit impaired | $ | 176 |  |  | 150 |  |  | 5,176 |  |  | 96 |  |  | 3,970 |  |  | 48 |  |  | — |  |  | 9,616 |
The following table presents the balance and activity in the allowance for credit losses for unfunded loan commitments for the nine months ended September 30, 2021.
($ in thousands) | Total Allowance for Credit Losses - Unfunded Loan Commitments
Beginning balance at December 31, 2020 | $ | 582 |
Adjustment for implementation of CECL on January 1, 2021 | 7,504 |
Charge-offs | — |
Recoveries | — |
Provisions for credit losses on unfunded commitments | 2,988 |
Ending balance at September 30, 2021 | $ | 11,074 |
Schedule of loans individually evaluated for impairment | The following table presents loans individually evaluated for impairment by class of loans, excluding PCI loans, as of December 31, 2020.
($ in thousands) | Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance |  | Average Recorded Investment
Impaired loans with no related allowance recorded: |  |  |  |  |  |  |
Commercial, financial, and agricultural | $ | 3,688 |  |  | 4,325 |  |  | — |  |  | 750 |
Real estate – mortgage – construction, land development & other land loans | 554 |  |  | 694 |  |  | — |  |  | 308 |
Real estate – mortgage – residential (1-4 family) first mortgages | 4,115 |  |  | 4,456 |  |  | — |  |  | 4,447 |
Real estate – mortgage –home equity loans / lines of credit | 15 |  |  | 27 |  |  | — |  |  | 264 |
Real estate – mortgage –commercial and other | 11,763 |  |  | 13,107 |  |  | — |  |  | 9,026 |
Consumer loans | 4 |  |  | 4 |  |  | — |  |  | 1 |
Total impaired loans with no allowance | $ | 20,139 |  |  | 22,613 |  |  | — |  |  | 14,796 |
Impaired loans with an allowance recorded: |  |  |  |  |  |  |
Commercial, financial, and agricultural | $ | 4,012 |  |  | 4,398 |  |  | 3,546 |  |  | 5,139 |
Real estate – mortgage – construction, land development & other land loans | 123 |  |  | 131 |  |  | 30 |  |  | 502 |
Real estate – mortgage – residential (1-4 family) first mortgages | 5,188 |  |  | 5,361 |  |  | 800 |  |  | 5,186 |
Real estate – mortgage –home equity loans / lines of credit | — |  |  | — |  |  | — |  |  | 21 |
Real estate – mortgage –commercial and other | 6,819 |  |  | 7,552 |  |  | 2,175 |  |  | 5,786 |
Consumer loans | — |  |  | — |  |  | — |  |  | — |
Total impaired loans with allowance | $ | 16,142 |  |  | 17,442 |  |  | 6,551 |  |  | 16,634 |
Schedule of recorded investment in loans by credit quality indicators | The following describes the Company’s internal risk grades in ascending order of likelihood of loss:
| Risk Grade | Description
Pass: |  |
| 1 | Loans with virtually no risk, including cash secured loans.
| 2 | Loans with documented significant overall financial strength. These loans have minimum chance of loss due to the presence of multiple sources of repayment – each clearly sufficient to satisfy the obligation.
| 3 | Loans with documented satisfactory overall financial strength. These loans have a low loss potential due to presence of at least two clearly identified sources of repayment – each of which is sufficient to satisfy the obligation under the present circumstances.
| 4 | Loans to borrowers with acceptable financial condition. These loans could have signs of minor operational weaknesses, lack of adequate financial information, or loans supported by collateral with questionable value or marketability.
| 5 | Loans that represent above average risk due to minor weaknesses and warrant closer scrutiny by management. Collateral is generally required and felt to provide reasonable coverage with realizable liquidation values in normal circumstances. Repayment performance is satisfactory.
| P (Pass) | Consumer loans (<$500,000) that are of satisfactory credit quality with borrowers who exhibit good personal credit history, average personal financial strength and moderate debt levels. These loans generally conform to Company policy, but may include approved mitigated exceptions to the guidelines.
Special Mention: |  |
| 6 | Existing loans with defined weaknesses in primary source of repayment that, if not corrected, could cause a loss to the Company.
Classified: |  |
| 7 | An existing loan inadequately protected by the current sound net worth and paying capacity of the obligor or the collateral pledged, if any. These loans have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt.
| 8 | Loans that have a well-defined weakness that make the collection or liquidation in full highly questionable and improbable. Loss appears imminent, but the exact amount and timing is uncertain.
| 9 | Loans that are considered uncollectible and are in the process of being charged-off. This grade is a temporary grade assigned for administrative purposes until the charge-off is completed.
| F (Fail) | Consumer loans (<$500,000) with a well-defined weakness, such as exceptions of any kind with no mitigating factors, history of paying outside the terms of the note, insufficient income to support the current level of debt, etc.
The following table presents the Company’s recorded investment in loans by credit quality indicators by year of origination or renewal as of September 30, 2021.
| Term Loans by Year of Origination |  |  |  |
($ in thousands) | 2021 |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | Prior |  | Revolving |  | Total
Commercial, financial, and agricultural |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 177,374 |  |  | 136,471 |  |  | 88,627 |  |  | 70,541 |  |  | 15,904 |  |  | 19,406 |  |  | 84,328 |  |  | 592,651 |
Special Mention | 14 |  |  | 613 |  |  | 3,467 |  |  | 2,823 |  |  | 192 |  |  | 5 |  |  | 2,702 |  |  | 9,816 |
Classified | 15 |  |  | 679 |  |  | 1,404 |  |  | 7,583 |  |  | 72 |  |  | 12 |  |  | 322 |  |  | 10,087 |
Total commercial, financial, and agricultural | 177,403 |  |  | 137,763 |  |  | 93,498 |  |  | 80,947 |  |  | 16,168 |  |  | 19,423 |  |  | 87,352 |  |  | 612,554 |
Real estate – construction, land development & other land loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 350,577 |  |  | 139,023 |  |  | 47,604 |  |  | 9,676 |  |  | 11,717 |  |  | 9,290 |  |  | 12,828 |  |  | 580,715 |
Special Mention | 43 |  |  | 749 |  |  | 5,135 |  |  | — |  |  | 111 |  |  | 12 |  |  | 11 |  |  | 6,061 |
Classified | 579 |  |  | 317 |  |  | 117 |  |  | 183 |  |  | 14 |  |  | 117 |  |  | — |  |  | 1,327 |
Total real estate – construction, land development & other land loans | 351,199 |  |  | 140,089 |  |  | 52,856 |  |  | 9,859 |  |  | 11,842 |  |  | 9,419 |  |  | 12,839 |  |  | 588,103 |
Real estate – mortgage – residential (1-4 family) first mortgages |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 169,818 |  |  | 206,945 |  |  | 111,517 |  |  | 74,291 |  |  | 83,813 |  |  | 239,602 |  |  | 7,315 |  |  | 893,301 |
Special Mention | 1,007 |  |  | 571 |  |  | 193 |  |  | 141 |  |  | 315 |  |  | 3,052 |  |  | 95 |  |  | 5,374 |
Classified | 316 |  |  | 155 |  |  | 540 |  |  | 1,296 |  |  | 653 |  |  | 11,760 |  |  | 871 |  |  | 15,591 |
Total real estate – mortgage – residential (1-4 family) first mortgages | 171,141 |  |  | 207,671 |  |  | 112,250 |  |  | 75,728 |  |  | 84,781 |  |  | 254,414 |  |  | 8,281 |  |  | 914,266 |
Real estate – mortgage – home equity loans / lines of credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 1,453 |  |  | 345 |  |  | 548 |  |  | 1,340 |  |  | 268 |  |  | 1,251 |  |  | 268,863 |  |  | 274,068 |
Special Mention | — |  |  | — |  |  | 16 |  |  | — |  |  | — |  |  | 19 |  |  | 1,080 |  |  | 1,115 |
Classified | 78 |  |  | 109 |  |  | 68 |  |  | — |  |  | — |  |  | 496 |  |  | 5,285 |  |  | 6,036 |
Total real estate – mortgage – home equity loans / lines of credit | 1,531 |  |  | 454 |  |  | 632 |  |  | 1,340 |  |  | 268 |  |  | 1,766 |  |  | 275,228 |  |  | 281,219 |
Real estate – mortgage – commercial and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 882,823 |  |  | 651,882 |  |  | 261,293 |  |  | 164,575 |  |  | 148,376 |  |  | 216,052 |  |  | 60,035 |  |  | 2,385,036 |
Special Mention | 4,109 |  |  | 4,918 |  |  | 4,613 |  |  | 2,049 |  |  | 1,890 |  |  | 222 |  |  | 545 |  |  | 18,346 |
Classified | 6,726 |  |  | 133 |  |  | 1,871 |  |  | 6,291 |  |  | 4,327 |  |  | 611 |  |  | — |  |  | 19,959 |
Total real estate – mortgage – commercial and other | 893,658 |  |  | 656,933 |  |  | 267,777 |  |  | 172,915 |  |  | 154,593 |  |  | 216,885 |  |  | 60,580 |  |  | 2,423,341 |
Consumer loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 12,826 |  |  | 24,684 |  |  | 3,770 |  |  | 1,994 |  |  | 792 |  |  | 653 |  |  | 8,704 |  |  | 53,423 |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Classified | 3 |  |  | 58 |  |  | 22 |  |  | 10 |  |  | 6 |  |  | 35 |  |  | 190 |  |  | 324 |
Total consumer loans | 12,829 |  |  | 24,742 |  |  | 3,792 |  |  | 2,004 |  |  | 798 |  |  | 688 |  |  | 8,894 |  |  | 53,747 |
Total | $ | 1,607,761 |  |  | 1,167,652 |  |  | 530,805 |  |  | 342,793 |  |  | 268,450 |  |  | 502,595 |  |  | 453,174 |  |  | 4,873,230 |
Unamortized net deferred loan fees |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3,389) |
Total loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,869,841 |
At September 30, 2021, as derived from the table above, the Company had $40.7 million in loans graded as Special Mention and $53.3 million in loans graded as Classified, which includes all nonaccrual loans. In the table above, substantially all of the "Classified Loans" have grades of 7 or Fail, with those categories having similar levels of risk. The amount of revolving lines of credit that converted to term loans during the period was immaterial. The following table presents the Company’s recorded investment in loans by credit quality indicators as of December 31, 2020.
($ in thousands) | Pass |  | Special Mention Loans |  | Classified Accruing Loans |  | Classified Nonaccrual Loans |  | Total
Commercial, financial, and agricultural | $ | 762,091 |  |  | 9,553 |  |  | 1,087 |  |  | 9,681 |  |  | 782,412 |
Real estate – construction, land development & other land loans | 560,845 |  |  | 7,877 |  |  | 1,157 |  |  | 643 |  |  | 570,522 |
Real estate – mortgage – residential (1-4 family) first mortgages | 943,455 |  |  | 7,609 |  |  | 11,039 |  |  | 6,048 |  |  | 968,151 |
Real estate – mortgage – home equity loans / lines of credit | 297,795 |  |  | 1,468 |  |  | 5,560 |  |  | 1,333 |  |  | 306,156 |
Real estate – mortgage – commercial and other | 1,988,684 |  |  | 34,588 |  |  | 4,801 |  |  | 17,191 |  |  | 2,045,264 |
Consumer loans | 53,488 |  |  | 80 |  |  | 169 |  |  | 180 |  |  | 53,917 |
Purchased credit impaired | 6,901 |  |  | 85 |  |  | 1,605 |  |  | — |  |  | 8,591 |
Total | $ | 4,613,259 |  |  | 61,260 |  |  | 25,418 |  |  | 35,076 |  |  | 4,735,013 |
Unamortized net deferred loan fees |  |  |  |  |  |  |  |  | (3,698) |
Total loans |  |  |  |  |  |  |  |  | 4,731,315 |
Schedule of information related to troubled debt restructuring loans | The following table presents information related to loans that were modified in a TDR during the three months ended September 30, 2021 and 2020.
($ in thousands) | For the three months ended September 30, 2021 |  | For the three months ended September 30, 2020
| Number of Contracts |  | Pre- Modification Restructured Balances |  | Post- Modification Restructured Balances |  | Number of Contracts |  | Pre- Modification Restructured Balances |  | Post- Modification Restructured Balances
TDRs – Accruing |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and agricultural | — |  |  | $ | — |  |  | $ | — |  |  | — |  |  | $ | — |  |  | $ | — |
Real estate – construction, land development & other land loans | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Real estate – mortgage – residential (1-4 family) first mortgages | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Real estate – mortgage – home equity loans / lines of credit | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Real estate – mortgage – commercial and other | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Consumer loans | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
TDRs – Nonaccrual |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and agricultural | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Real estate – construction, land development & other land loans | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Real estate – mortgage – residential (1-4 family) first mortgages | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Real estate – mortgage – home equity loans / lines of credit | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Real estate – mortgage – commercial and other | — |  |  | — |  |  | — |  |  | 1 |  |  | 2,344 |  |  | 2,344 |
Consumer loans | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total TDRs arising during period | — |  |  | $ | — |  |  | $ | — |  |  | 1 |  |  | $ | 2,344 |  |  | $ | 2,344 |
The following table presents information related to loans that were modified in a TDR during the nine months ended September 30, 2021 and 2020.
($ in thousands) | For the nine months ended September 30, 2021 |  | For the nine months ended September 30, 2020
| Number of Contracts |  | Pre- Modification Restructured Balances |  | Post- Modification Restructured Balances |  | Number of Contracts |  | Pre- Modification Restructured Balances |  | Post- Modification Restructured Balances
TDRs – Accruing |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and agricultural | — |  |  | $ | — |  |  | $ | — |  |  | 2 |  |  | $ | 143 |  |  | $ | 143 |
Real estate – construction, land development & other land loans | — |  |  | — |  |  | — |  |  | 1 |  |  | 67 |  |  | 67 |
Real estate – mortgage – residential (1-4 family) first mortgages | 1 |  |  | 33 |  |  | 33 |  |  | 2 |  |  | 75 |  |  | 78 |
Real estate – mortgage – home equity loans / lines of credit | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Real estate – mortgage – commercial and other | 1 |  |  | 160 |  |  | 160 |  |  | — |  |  | — |  |  | — |
Consumer loans | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
TDRs – Nonaccrual |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and agricultural | 3 |  |  | 826 |  |  | 823 |  |  | — |  |  | — |  |  | — |
Real estate – construction, land development & other land loans | 1 |  |  | 75 |  |  | 75 |  |  | — |  |  | — |  |  | — |
Real estate – mortgage – residential (1-4 family) first mortgages | 1 |  |  | 263 |  |  | 263 |  |  | — |  |  | — |  |  | — |
Real estate – mortgage – home equity loans / lines of credit | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Real estate – mortgage – commercial and other | 3 |  |  | 1,569 |  |  | 1,569 |  |  | 1 |  |  | 2,344 |  |  | 2,344 |
Consumer loans | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total TDRs arising during period | 10 |  |  | $ | 2,926 |  |  | $ | 2,923 |  |  | 6 |  |  | $ | 2,629 |  |  | $ | 2,632 |
Accruing TDRs that were modified in the previous twelve months and that defaulted during the three months ended September 30, 2021 and 2020 are presented in the table below. The Company considers a loan to have defaulted when it becomes 90 or more days delinquent under the modified terms, has been transferred to nonaccrual status, or has been transferred to foreclosed real estate.
($ in thousands) | For the Three Months Ended September 30, 2021 |  | For the Three Months Ended September 30, 2020
| Number of Contracts |  | Recorded Investment |  | Number of Contracts |  | Recorded Investment
Accruing TDRs that subsequently defaulted |  |  |  |  |  |  |
Real estate – mortgage – residential (1-4 family first mortgages) | — |  |  | $ | — |  |  | — |  |  | $ | — |
Real estate – mortgage – commercial and other | — |  |  | — |  |  | — |  |  | — |
Total accruing TDRs that subsequently defaulted | — |  |  | $ | — |  |  | — |  |  | $ | — |
Accruing TDRs that were modified in the previous twelve months and that defaulted during the nine months ended September 30, 2021 and 2020 are presented in the table below.
($ in thousands) | For the Nine Months Ended September 30, 2021 |  | For the Nine Months Ended September 30, 2020
| Number of Contracts |  | Recorded Investment |  | Number of Contracts |  | Recorded Investment
Accruing TDRs that subsequently defaulted |  |  |  |  |  |  |
Real estate – mortgage – residential (1-4 family first mortgages) | — |  |  | $ | — |  |  | — |  |  | $ | — |
Real estate – mortgage – commercial and other | — |  |  | — |  |  | 1 |  |  | 274 |
Total accruing TDRs that subsequently defaulted | — |  |  | $ | — |  |  | 1 |  |  | $ | 274 |

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