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NOTE 3 - LOANS/LEASES RECEIVABLE | 3 Months Ended
--- | ---
Mar. 31, 2020
Notes to Financial Statements |
LOANS/LEASES RECEIVABLE | NOTE 3 – LOANS/LEASES RECEIVABLE The composition of the loan/lease portfolio as of March 31, 2020 and December 31, 2019 is presented as follows:
|  | 2020 |  | 2019
|  | (dollars in thousands)
C&I loans* |  | $ | 1,484,979 |  | $ | 1,507,825
CRE loans |  |  |  |  |  |
Owner-occupied CRE |  |  | 454,955 |  |  | 443,989
Commercial construction, land development, and other land |  |  | 410,383 |  |  | 378,797
Other non owner-occupied CRE |  |  | 917,748 |  |  | 913,610
|  |  | 1,783,086 |  |  | 1,736,396
Direct financing leases ** |  |  | 83,324 |  |  | 87,869
Residential real estate loans *** |  |  | 237,742 |  |  | 239,904
Installment and other consumer loans |  |  | 106,728 |  |  | 109,352
|  |  | 3,695,859 |  |  | 3,681,346
Plus deferred loan/lease origination costs, net of fees |  |  | 8,809 |  |  | 8,859
|  |  | 3,704,668 |  |  | 3,690,205
Less allowance |  |  | (42,233) |  |  | (36,001)
|  | $ | 3,662,435 |  | $ | 3,654,204
** Direct financing leases: |  |  |  |  |  |
Net minimum lease payments to be received |  | $ | 92,139 |  | $ | 97,025
Estimated unguaranteed residual values of leased assets |  |  | 616 |  |  | 547
Unearned lease/residual income |  |  | (9,431) |  |  | (9,703)
|  |  | 83,324 |  |  | 87,869
Plus deferred lease origination costs, net of fees |  |  | 1,649 |  |  | 1,892
|  |  | 84,973 |  |  | 89,761
Less allowance |  |  | (1,303) |  |  | (1,464)
|  | $ | 83,670 |  | $ | 88,297
* Includes equipment financing agreements outstanding at m2, totaling $145.3 million and $142.0 million as of March 31, 2020 and December 31, 2019, respectively. ** Management performs an evaluation of the estimated unguaranteed residual values of leased assets on an annual basis, at a minimum. The evaluation consists of discussions with reputable and current vendors, which is combined with management's expertise and understanding of the current states of particular industries to determine informal valuations of the equipment. As necessary and where available, management will utilize valuations by independent appraisers. The large majority of leases with residual values contain a lease options rider, which requires the lessee to pay the residual value directly, finance the payment of the residual value, or extend the lease term to pay the residual value. In these cases, the residual value is protected and the risk of loss is minimal. *** Includes residential real estate loans held for sale totaling $4.0 million and $3.7 million as of March 31, 2020 and December 31, 2019, respectively. Changes in accretable yield for acquired loans were as follows:
|  | Three months ended March 31, 2020 |
|  | PCI |  | Performing |  |  |  |
|  | Loans |  | Loans |  | Total |
Balance at the beginning of the period |  | $ | (57) |  | $ | (6,378) |  | $ | (6,435) |
Reclassification of nonaccretable discount to accretable |  |  | (30) |  |  | — |  |  | (30) |
Accretion recognized |  |  | 28 |  |  | 653 |  |  | 681 |
Balance at the end of the period |  | $ | (59) |  | $ | (5,725) |  | $ | (5,784) |
|  | Three months ended March 31, 2019 |
|  | PCI |  | Performing |  |  |
|  | Loans |  | Loans |  | Total |
Balance at the beginning of the period |  | $ | (667) |  | $ | (9,656) |  | $ | (10,323) |
Accretion recognized |  |  | 348 |  |  | 826 |  |  | 1,174 |
Balance at the end of the period |  | $ | (319) |  | $ | (8,830) |  | $ | (9,149) |
The aging of the loan/lease portfolio by classes of loans/leases as of March 31, 2020 and December 31, 2019 is presented as follows:
|  | As of March 31, 2020 |
|  |  |  |  |  |  |  | Accruing Past |  |  |  |  |
|  |  |  | 30-59 Days |  | 60-89 Days |  | Due 90 Days or |  | Nonaccrual |  |  |
Classes of Loans/Leases |  | Current |  | Past Due |  | Past Due |  | More |  | Loans/Leases |  | Total |
|  | (dollars in thousands) |
C&I |  | $ | 1,479,395 |  | $ | 3,445 |  | $ | 612 |  | $ | — |  | $ | 1,527 |  | $ | 1,484,979 |
CRE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner-Occupied CRE |  |  | 454,670 |  |  | — |  |  | 186 |  |  | — |  |  | 99 |  |  | 454,955 |
Commercial Construction, Land Development, and Other Land |  |  | 408,392 |  |  | 767 |  |  | — |  |  | 1,224 |  |  | — |  |  | 410,383 |
Other Non Owner-Occupied CRE |  |  | 905,607 |  |  | 4,577 |  |  | — |  |  | — |  |  | 7,564 |  |  | 917,748 |
Direct Financing Leases |  |  | 81,459 |  |  | 487 |  |  | 213 |  |  | — |  |  | 1,165 |  |  | 83,324 |
Residential Real Estate |  |  | 231,288 |  |  | 5,047 |  |  | 667 |  |  | 82 |  |  | 658 |  |  | 237,742 |
Installment and Other Consumer |  |  | 105,677 |  |  | 319 |  |  | 4 |  |  | 113 |  |  | 615 |  |  | 106,728 |
|  | $ | 3,666,488 |  | $ | 14,642 |  | $ | 1,682 |  | $ | 1,419 |  | $ | 11,628 |  | $ | 3,695,859 |
As a percentage of total loan/lease portfolio |  |  | 99.20 | % |  | 0.40 | % |  | 0.05 | % |  | 0.04 | % |  | 0.31 | % |  | 100.00 | %
|  | As of December 31, 2019 |
|  |  |  |  |  |  |  | Accruing Past |  |  |  |  |
|  |  |  | 30-59 Days |  | 60-89 Days |  | Due 90 Days or |  | Nonaccrual |  |  |
Classes of Loans/Leases |  | Current |  | Past Due |  | Past Due |  | More |  | Loans/Leases |  | Total |
|  | (dollars in thousands) |
C&I |  | $ | 1,499,891 |  | $ | 6,126 |  | $ | 572 |  | $ | — |  | $ | 1,236 |  | $ | 1,507,825 |
CRE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner-Occupied CRE |  |  | 443,707 |  |  | 177 |  |  | 71 |  |  | — |  |  | 34 |  |  | 443,989 |
Commercial Construction, Land Development, and Other Land |  |  | 375,940 |  |  | 2,857 |  |  | — |  |  | — |  |  | — |  |  | 378,797 |
Other Non Owner-Occupied CRE |  |  | 909,684 |  |  | 73 |  |  | — |  |  | — |  |  | 3,853 |  |  | 913,610 |
Direct Financing Leases |  |  | 85,636 |  |  | 463 |  |  | 253 |  |  | — |  |  | 1,517 |  |  | 87,869 |
Residential Real Estate |  |  | 235,845 |  |  | 2,939 |  |  | 414 |  |  | — |  |  | 706 |  |  | 239,904 |
Installment and Other Consumer |  |  | 108,750 |  |  | 3 |  |  | 10 |  |  | 33 |  |  | 556 |  |  | 109,352 |
|  | $ | 3,659,453 |  | $ | 12,638 |  | $ | 1,320 |  | $ | 33 |  | $ | 7,902 |  | $ | 3,681,346 |
As a percentage of total loan/lease portfolio |  |  | 99.41 | % |  | 0.34 | % |  | 0.04 | % |  | 0.00 | % |  | 0.21 | % |  | 100.00 | %
NPLs by classes of loans/leases as of March 31, 2020 and December 31, 2019 are presented as follows:
|  | As of March 31, 2020 |
|  | Accruing Past |  |  |  |  |  |  |  |  |
|  | Due 90 Days or |  | Nonaccrual |  |  |  |  |  |  | Percentage of |
Classes of Loans/Leases |  | More |  | Loans/Leases ** |  | Accruing TDRs |  | Total NPLs |  | Total NPLs |
|  | (dollars in thousands) |
C&I |  | $ | — |  | $ | 1,527 |  | $ | 359 |  | $ | 1,886 |  | 13.88 | %
CRE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner-Occupied CRE |  |  | — |  |  | 99 |  |  | — |  |  | 99 |  | 0.73 | %
Commercial Construction, Land Development, and Other Land |  |  | 1,224 |  |  | — |  |  | — |  |  | 1,224 |  | 9.01 | %
Other Non Owner-Occupied CRE |  |  | — |  |  | 7,564 |  |  | — |  |  | 7,564 |  | 55.64 | %
Direct Financing Leases |  |  | — |  |  | 1,165 |  |  | 186 |  |  | 1,351 |  | 9.94 | %
Residential Real Estate |  |  | 82 |  |  | 658 |  |  | — |  |  | 740 |  | 5.44 | %
Installment and Other Consumer |  |  | 113 |  |  | 615 |  |  | — |  |  | 728 |  | 5.36 | %
|  | $ | 1,419 |  | $ | 11,628 |  | $ | 545 |  | $ | 13,592 |  | 100.00 | %
** Nonaccrual loans/leases included $298 thousand of TDRs, including $50 thousand in commercial and industrial loans, $163 thousand in direct financing leases, $31 thousand in residential real estate loans, and $54 thousand in installment loans.
|  | As of December 31, 2019 |
|  | Accruing Past |  |  |  |  |  |  |  |  |
|  | Due 90 Days or |  | Nonaccrual |  |  |  |  |  | Percentage of |
Classes of Loans/Leases |  | More |  | Loans/Leases ** |  | Accruing TDRs |  | Total NPLs |  | Total NPLs |
|  |  | (dollars in thousands)
C&I |  | $ | — |  | $ | 1,236 |  | $ | 646 |  | $ | 1,882 |  | 21.12 | %
CRE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner-Occupied CRE |  |  | — |  |  | 34 |  |  | — |  |  | 34 |  | 0.38 | %
Commercial Construction, Land Development, and Other Land |  |  | — |  |  | — |  |  | — |  |  | — |  | - | %
Other Non Owner-Occupied CRE |  |  | — |  |  | 3,853 |  |  | — |  |  | 3,853 |  | 43.22 | %
Direct Financing Leases |  |  | — |  |  | 1,517 |  |  | 333 |  |  | 1,850 |  | 20.75 | %
Residential Real Estate |  |  | — |  |  | 706 |  |  | — |  |  | 706 |  | 7.92 | %
Installment and Other Consumer |  |  | 33 |  |  | 556 |  |  | — |  |  | 589 |  | 6.61 | %
|  | $ | 33 |  | $ | 7,902 |  | $ | 979 |  | $ | 8,914 |  | 100.00 | %
** Nonaccrual loans/leases included $747 thousand of TDRs, including $98 thousand in C&I loans, $269 thousand in CRE loans, $294 thousand in direct financing leases, $31 thousand in residential real estate loans, and $55 thousand in installment loans. Changes in the allowance by portfolio segment for the three months ended March 31, 2020 and 2019, respectively, are presented as follows:
|  | Three Months Ended March 31, 2020
|  |  |  |  |  | Direct Financing |  | Residential Real |  | Installment and |  |
|  | C&I |  | CRE |  | Leases |  | Estate |  | Other Consumer |  | Total
|  | (dollars in thousands)
Balance, beginning |  | $ | 16,072 |  | $ | 15,379 |  | $ | 1,464 |  | $ | 1,948 |  | $ | 1,138 |  | $ | 36,001
Provisions (credits) charged to expense |  |  | 3,697 |  |  | 3,816 |  |  | 394 |  |  | 336 |  |  | 124 |  |  | 8,367
Loans/leases charged off |  |  | (1,639) |  |  | — |  |  | (600) |  |  | — |  |  | (96) |  |  | (2,335)
Recoveries on loans/leases previously charged off |  |  | 21 |  |  | 74 |  |  | 45 |  |  | 29 |  |  | 31 |  |  | 200
Balance, ending |  | $ | 18,151 |  | $ | 19,269 |  | $ | 1,303 |  | $ | 2,313 |  | $ | 1,197 |  | $ | 42,233
|  | Three Months Ended March 31, 2019
|  |  |  |  |  | Direct Financing |  | Residential Real |  | Installment and |  |
|  | C&I |  | CRE |  | Leases |  | Estate |  | Other Consumer |  | Total
|  | (dollars in thousands)
Balance, beginning |  | $ | 16,420 |  | $ | 17,719 |  | $ | 1,792 |  | $ | 2,557 |  | $ | 1,359 |  | $ | 39,847
Provisions (credits) charged to expense |  |  | 1,007 |  |  | 534 |  |  | 445 |  |  | (18) |  |  | 166 |  |  | 2,134
Loans/leases charged off |  |  | (334) |  |  | — |  |  | (652) |  |  | — |  |  | (74) |  |  | (1,060)
Recoveries on loans/leases previously charged off |  |  | 166 |  |  | 50 |  |  | 21 |  |  | — |  |  | 6 |  |  | 243
Balance, ending |  | $ | 17,259 |  | $ | 18,303 |  | $ | 1,606 |  | $ | 2,539 |  | $ | 1,457 |  | $ | 41,164
The allowance by impairment evaluation and by portfolio segment as of March 31, 2020 and December 31, 2019 is presented as follows:
|  | As of March 31, 2020 |
|  |  |  |  |  | Direct Financing |  | Residential Real |  | Installment and |  |  |
|  | C&I |  | CRE |  | Leases |  | Estate |  | Other Consumer |  | Total |
|  | (dollars in thousands) |
Allowance for impaired loans/leases |  | $ | 86 |  | $ | 1,228 |  | $ | 20 |  | $ | 15 |  | $ | 78 |  | $ | 1,427 |
Allowance for nonimpaired loans/leases |  |  | 18,065 |  |  | 18,041 |  |  | 1,283 |  |  | 2,298 |  |  | 1,119 |  |  | 40,806 |
|  | $ | 18,151 |  | $ | 19,269 |  | $ | 1,303 |  | $ | 2,313 |  | $ | 1,197 |  | $ | 42,233 |
Impaired loans/leases |  | $ | 2,346 |  | $ | 7,681 |  | $ | 1,574 |  | $ | 603 |  | $ | 615 |  | $ | 12,819 |
Nonimpaired loans/leases |  |  | 1,482,633 |  |  | 1,775,405 |  |  | 81,750 |  |  | 237,139 |  |  | 106,113 |  |  | 3,683,040 |
|  | $ | 1,484,979 |  | $ | 1,783,086 |  | $ | 83,324 |  | $ | 237,742 |  | $ | 106,728 |  | $ | 3,695,859 |
Allowance as a percentage of impaired loans/leases |  |  | 3.67 | % |  | 15.99 | % |  | 1.27 | % |  | 2.49 | % |  | 12.68 | % |  | 11.13 | %
Allowance as a percentage of nonimpaired loans/leases |  |  | 1.22 | % |  | 1.02 | % |  | 1.57 | % |  | 0.97 | % |  | 1.05 | % |  | 1.11 | %
Total allowance as a percentage of total loans/leases |  |  | 1.22 | % |  | 1.08 | % |  | 1.56 | % |  | 0.97 | % |  | 1.12 | % |  | 1.14 | %
|  | As of December 31, 2019 |
|  |  |  |  |  | Direct Financing |  | Residential Real |  | Installment and |  |  |
|  | C&I |  | CRE |  | Leases |  | Estate |  | Other Consumer |  | Total |
|  | (dollars in thousands) |
Allowance for impaired loans/leases |  | $ | 170 |  | $ | 125 |  | $ | 270 |  | $ | 15 |  | $ | 80 |  | $ | 660 |
Allowance for nonimpaired loans/leases |  |  | 15,902 |  |  | 15,254 |  |  | 1,194 |  |  | 1,933 |  |  | 1,058 |  |  | 35,341 |
|  | $ | 16,072 |  | $ | 15,379 |  | $ | 1,464 |  | $ | 1,948 |  | $ | 1,138 |  | $ | 36,001 |
Impaired loans/leases |  | $ | 1,846 |  | $ | 3,585 |  | $ | 2,025 |  | $ | 649 |  | $ | 556 |  | $ | 8,661 |
Nonimpaired loans/leases |  |  | 1,505,979 |  |  | 1,732,811 |  |  | 85,844 |  |  | 239,255 |  |  | 108,796 |  |  | 3,672,685 |
|  | $ | 1,507,825 |  | $ | 1,736,396 |  | $ | 87,869 |  | $ | 239,904 |  | $ | 109,352 |  | $ | 3,681,346 |
Allowance as a percentage of impaired loans/leases |  |  | 9.21 | % |  | 3.49 | % |  | 13.33 | % |  | 2.31 | % |  | 14.41 | % |  | 7.62 | %
Allowance as a percentage of nonimpaired loans/leases |  |  | 1.06 | % |  | 0.88 | % |  | 1.39 | % |  | 0.81 | % |  | 0.97 | % |  | 0.96 | %
Total allowance as a percentage of total loans/leases |  |  | 1.07 | % |  | 0.89 | % |  | 1.67 | % |  | 0.81 | % |  | 1.04 | % |  | 0.98 | %
Information for impaired loans/leases is presented in the tables below. The recorded investment represents customer balances net of any partial charge-offs recognized on the loan/lease. The unpaid principal balance represents the recorded balance outstanding on the loan/lease prior to any partial charge-offs. Loans/leases, by classes of financing receivable, considered to be impaired as of and for the three months ended March 31, 2020 are presented as follows:
|  | 2020
|  |  |  |  |  |  |  |  |  |  |  | Interest Income
|  |  |  |  |  |  |  |  |  |  | Average |  |  |  |  | Recognized for
|  | Recorded |  | Unpaid Principal |  | Related |  | Recorded |  | Interest Income |  | Cash Payments
Classes of Loans/Leases |  | Investment |  | Balance |  | Allowance |  | Investment |  | Recognized |  | Received
|  | (dollars in thousands)
Impaired Loans/Leases with No Specific Allowance Recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
C&I |  | $ | 2,260 |  | $ | 2,332 |  | $ | — |  | $ | 1,895 |  | $ | 12 |  | $ | 12
CRE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner-Occupied CRE |  |  | 99 |  |  | 115 |  |  | — |  |  | 102 |  |  | — |  |  | —
Commercial Construction, Land Development, and Other Land |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Other Non Owner-Occupied CRE |  |  | 1,054 |  |  | 1,054 |  |  | — |  |  | 662 |  |  | 7 |  |  | 7
Direct Financing Leases |  |  | 1,515 |  |  | 1,515 |  |  | — |  |  | 1,440 |  |  | 6 |  |  | 6
Residential Real Estate |  |  | 423 |  |  | 407 |  |  | — |  |  | 399 |  |  | — |  |  | —
Installment and Other Consumer |  |  | 538 |  |  | 538 |  |  | — |  |  | 507 |  |  | — |  |  | —
|  | $ | 5,889 |  | $ | 5,961 |  | $ | — |  | $ | 5,005 |  | $ | 25 |  | $ | 25
Impaired Loans/Leases with Specific Allowance Recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
C&I |  | $ | 86 |  | $ | 86 |  | $ | 86 |  | $ | 43 |  | $ | — |  | $ | —
CRE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner-Occupied CRE |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Commercial Construction, Land Development, and Other Land |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Other Non Owner-Occupied CRE |  |  | 6,528 |  |  | 6,528 |  |  | 1,228 |  |  | 4,698 |  |  | — |  |  | —
Direct Financing Leases |  |  | 59 |  |  | 59 |  |  | 20 |  |  | 61 |  |  | — |  |  | —
Residential Real Estate |  |  | 180 |  |  | 180 |  |  | 15 |  |  | 180 |  |  | — |  |  | —
Installment and Other Consumer |  |  | 77 |  |  | 77 |  |  | 78 |  |  | 79 |  |  | — |  |  | —
|  | $ | 6,930 |  | $ | 6,930 |  | $ | 1,427 |  | $ | 5,061 |  | $ | — |  | $ | —
Total Impaired Loans/Leases: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
C&I |  | $ | 2,346 |  | $ | 2,418 |  | $ | 86 |  | $ | 1,938 |  | $ | 12 |  | $ | 12
CRE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner-Occupied CRE |  |  | 99 |  |  | 115 |  |  | — |  |  | 102 |  |  | — |  |  | —
Commercial Construction, Land Development, and Other Land |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Other Non Owner-Occupied CRE |  |  | 7,582 |  |  | 7,582 |  |  | 1,228 |  |  | 5,360 |  |  | 7 |  |  | 7
Direct Financing Leases |  |  | 1,574 |  |  | 1,574 |  |  | 20 |  |  | 1,501 |  |  | 6 |  |  | 6
Residential Real Estate |  |  | 603 |  |  | 587 |  |  | 15 |  |  | 579 |  |  | — |  |  | —
Installment and Other Consumer |  |  | 615 |  |  | 615 |  |  | 78 |  |  | 586 |  |  | — |  |  | —
|  | $ | 12,819 |  | $ | 12,891 |  | $ | 1,427 |  | $ | 10,066 |  | $ | 25 |  | $ | 25
Loans/leases, by classes of financing receivable, considered to be impaired as of and for the three months ended March 31, 2019 are presented as follows:
|  |  |  |  |  |  |  |  |  |  |  | Interest Income
|  |  |  |  |  |  |  | Average |  |  |  | Recognized for
|  | Recorded |  | Unpaid Principal |  | Related |  | Recorded |  | Interest Income |  | Cash Payments
Classes of Loans/Leases |  | Investment |  | Balance |  | Allowance |  | Investment |  | Recognized |  | Received
|  | (dollars in thousands)
Impaired Loans/Leases with No Specific Allowance Recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
C&I |  | $ | 2,256 |  | $ | 2,300 |  | $ | — |  | $ | 2,124 |  | $ | 23 |  | $ | 23
CRE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner-Occupied CRE |  |  | 104 |  |  | 104 |  |  | — |  |  | 106 |  |  | 6 |  |  | 6
Commercial Construction, Land Development, and Other Land |  |  | 500 |  |  | 500 |  |  | — |  |  | 503 |  |  | 7 |  |  | 7
Other Non Owner-Occupied CRE |  |  | 1,675 |  |  | 1,675 |  |  | — |  |  | 1,687 |  |  | 22 |  |  | 22
Direct Financing Leases |  |  | 1,948 |  |  | 1,948 |  |  | — |  |  | 2,011 |  |  | 11 |  |  | 11
Residential Real Estate |  |  | 705 |  |  | 779 |  |  | — |  |  | 713 |  |  | — |  |  | —
Installment and Other Consumer |  |  | 778 |  |  | 778 |  |  | — |  |  | 770 |  |  | 3 |  |  | 3
|  | $ | 7,966 |  | $ | 8,084 |  | $ | — |  | $ | 7,914 |  | $ | 72 |  | $ | 72
Impaired Loans/Leases with Specific Allowance Recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
C&I |  | $ | 2,045 |  | $ | 2,045 |  | $ | 841 |  | $ | 1,946 |  | $ | 9 |  | $ | 9
CRE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner-Occupied CRE |  |  | 289 |  |  | 646 |  |  | 33 |  |  | 297 |  |  | — |  |  | —
Commercial Construction, Land Development, and Other Land |  |  | 144 |  |  | 144 |  |  | 28 |  |  | 146 |  |  | — |  |  | —
Other Non Owner-Occupied CRE |  |  | 7,443 |  |  | 7,443 |  |  | 2,052 |  |  | 7,510 |  |  | 48 |  |  | 48
Direct Financing Leases |  |  | 237 |  |  | 237 |  |  | 142 |  |  | 206 |  |  | — |  |  | —
Residential Real Estate |  |  | 988 |  |  | 988 |  |  | 236 |  |  | 915 |  |  | 1 |  |  | 1
Installment and Other Consumer |  |  | 147 |  |  | 147 |  |  | 107 |  |  | 137 |  |  | — |  |  | —
|  | $ | 11,293 |  | $ | 11,650 |  | $ | 3,439 |  | $ | 11,157 |  | $ | 58 |  | $ | 58
Total Impaired Loans/Leases: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
C&I |  | $ | 4,301 |  | $ | 4,345 |  | $ | 841 |  | $ | 4,070 |  | $ | 32 |  | $ | 32
CRE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner-Occupied CRE |  |  | 393 |  |  | 750 |  |  | 33 |  |  | 403 |  |  | 6 |  |  | 6
Commercial Construction, Land Development, and Other Land |  |  | 644 |  |  | 644 |  |  | 28 |  |  | 649 |  |  | 7 |  |  | 7
Other Non Owner-Occupied CRE |  |  | 9,118 |  |  | 9,118 |  |  | 2,052 |  |  | 9,197 |  |  | 70 |  |  | 70
Direct Financing Leases |  |  | 2,185 |  |  | 2,185 |  |  | 142 |  |  | 2,217 |  |  | 11 |  |  | 11
Residential Real Estate |  |  | 1,693 |  |  | 1,767 |  |  | 236 |  |  | 1,628 |  |  | 1 |  |  | 1
Installment and Other Consumer |  |  | 925 |  |  | 925 |  |  | 107 |  |  | 907 |  |  | 3 |  |  | 3
|  | $ | 19,259 |  | $ | 19,734 |  | $ | 3,439 |  | $ | 19,071 |  | $ | 130 |  | $ | 130
Loans/leases, by classes of financing receivable, considered to be impaired as of December 31, 2019 are presented as follows:
|  |  |  | Unpaid |  |  |
|  | Recorded |  | Principal |  | Related |
Classes of Loans/Leases |  | Investment |  | Balance |  | Allowance |
|  | (dollars in thousands) |
Impaired Loans/Leases with No Specific Allowance Recorded: |  |  |  |  |  |  |  |  |  |
C&I |  | $ | 1,607 |  | $ | 1,647 |  | $ | — |
CRE |  |  |  |  |  |  |  |  |  |
Owner-Occupied CRE |  |  | 34 |  |  | 50 |  |  | — |
Commercial Construction, Land Development, and Other Land |  |  | — |  |  | — |  |  | — |
Other Non Owner-Occupied CRE |  |  | 684 |  |  | 686 |  |  | — |
Direct Financing Leases |  |  | 1,642 |  |  | 1,642 |  |  | — |
Residential Real Estate |  |  | 469 |  |  | 614 |  |  | — |
Installment and Other Consumer |  |  | 476 |  |  | 476 |  |  | — |
|  | $ | 4,912 |  | $ | 5,115 |  | $ | — |
Impaired Loans/Leases with Specific Allowance Recorded: |  |  |  |  |  |  |  |  |  |
C&I |  | $ | 239 |  | $ | 239 |  | $ | 170 |
CRE |  |  |  |  |  |  |  |  |  |
Owner-Occupied CRE |  |  | — |  |  | — |  |  | — |
Commercial Construction, Land Development, and Other Land |  |  | — |  |  | — |  |  | — |
Other Non Owner-Occupied CRE |  |  | 2,867 |  |  | 2,867 |  |  | 125 |
Direct Financing Leases |  |  | 383 |  |  | 383 |  |  | 270 |
Residential Real Estate |  |  | 180 |  |  | 180 |  |  | 15 |
Installment and Other Consumer |  |  | 80 |  |  | 80 |  |  | 80 |
|  | $ | 3,749 |  | $ | 3,749 |  | $ | 660 |
Total Impaired Loans/Leases: |  |  |  |  |  |  |  |  |  |
C&I |  | $ | 1,846 |  | $ | 1,886 |  | $ | 170 |
CRE |  |  |  |  |  |  |  |  |  |
Owner-Occupied CRE |  |  | 34 |  |  | 50 |  |  | — |
Commercial Construction, Land Development, and Other Land |  |  | — |  |  | — |  |  | — |
Other Non Owner-Occupied CRE |  |  | 3,551 |  |  | 3,553 |  |  | 125 |
Direct Financing Leases |  |  | 2,025 |  |  | 2,025 |  |  | 270 |
Residential Real Estate |  |  | 649 |  |  | 794 |  |  | 15 |
Installment and Other Consumer |  |  | 556 |  |  | 556 |  |  | 80 |
|  | $ | 8,661 |  | $ | 8,864 |  | $ | 660 |
Impaired loans/leases for which no allowance has been provided have adequate collateral, based on management’s current estimates. For C&I and CRE loans, the Company’s credit quality indicator consists of internally assigned risk ratings. Each commercial loan is assigned a risk rating upon origination. The risk rating is reviewed every 15 months, at a minimum, and on an as-needed basis depending on the specific circumstances of the loan. For certain C&I loans (equipment financing agreements), direct financing leases, residential real estate loans, and installment and other consumer loans, the Company’s credit quality indicator is performance determined by delinquency status. Delinquency status is updated daily by the Company’s loan system. For each class of financing receivable, the following presents the recorded investment by credit quality indicator as of March 31, 2020 and December 31, 2019:
|  | As of March 31, 2020 |  |
|  |  |  |  | CRE |  |  |  |  |  |  |
|  |  |  |  |  |  |  | Non-Owner Occupied |  |  |  |  |  |  |
|  |  |  |  |  | Commercial |  |  |  |  |  |  |  |
|  |  |  |  |  | Construction, |  |  |  |  |  |  |  |
|  |  |  |  |  | Land |  |  |  |  |  |  |  |
|  |  |  | Owner-Occupied |  | Development, |  |  |  |  |  | As a % of |  |
Internally Assigned Risk Rating |  | C&I |  | CRE |  | and Other Land |  | Other CRE |  | Total |  | Total |  |
|  | (dollars in thousands) |  |
Pass (Ratings 1 through 5) |  | $ | 1,309,540 |  | $ | 449,463 |  | $ | 408,341 |  | $ | 884,112 |  | $ | 3,051,456 |  | 97.72 | % |
Special Mention (Rating 6) |  |  | 11,805 |  |  | 3,665 |  |  | 722 |  |  | 18,546 |  |  | 34,738 |  | 1.11 | % |
Substandard (Rating 7) |  |  | 18,375 |  |  | 1,827 |  |  | 1,320 |  |  | 15,090 |  |  | 36,612 |  | 1.17 | % |
Doubtful (Rating 8) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  | — | % |
|  | $ | 1,339,720 |  | $ | 454,955 |  | $ | 410,383 |  | $ | 917,748 |  | $ | 3,122,806 |  | 100.00 | % |
|  | As of March 31, 2020 |
|  |  |  | Direct Financing |  | Residential Real |  | Installment and |  |  |  | As a % of |
Delinquency Status * |  | C&I |  | Leases |  | Estate |  | Other Consumer |  | Total |  | Total |
|  | (dollars in thousands) |
Performing |  | $ | 144,148 |  | $ | 81,973 |  | $ | 237,002 |  | $ | 106,000 |  | $ | 569,123 |  | 99.31 | %
Nonperforming |  |  | 1,111 |  |  | 1,351 |  |  | 740 |  |  | 728 |  |  | 3,930 |  | 0.69 | %
|  | $ | 145,259 |  | $ | 83,324 |  | $ | 237,742 |  | $ | 106,728 |  | $ | 573,053 |  | 100.00 | %
|  | As of December 31, 2019 |
|  |  |  |  | CRE |  |  |  |  |  |
|  |  |  |  |  |  |  | Non-Owner Occupied |  |  |  |  |  |
|  |  |  |  |  | Commercial |  |  |  |  |  |  |
|  |  |  |  |  | Construction, |  |  |  |  |  |  |
|  |  |  |  |  | Land |  |  |  |  |  |  |
|  |  |  | Owner-Occupied |  | Development, |  |  |  |  |  | As a % of |
Internally Assigned Risk Rating |  | C&I |  | CRE |  | and Other Land |  | Other CRE |  | Total |  | Total |
|  | (dollars in thousands) |
Pass (Ratings 1 through 5) |  | $ | 1,334,446 |  | $ | 439,418 |  | $ | 378,572 |  | $ | 896,206 |  | $ | 3,048,642 |  | 98.28 | %
Special Mention (Rating 6) |  |  | 12,962 |  |  | 3,044 |  |  | 41 |  |  | 3,905 |  |  | 19,952 |  | 0.65 | %
Substandard (Rating 7) |  |  | 18,439 |  |  | 1,527 |  |  | 184 |  |  | 13,499 |  |  | 33,649 |  | 1.09 | %
Doubtful (Rating 8) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  | 0.01 | %
|  | $ | 1,365,847 |  | $ | 443,989 |  | $ | 378,797 |  | $ | 913,610 |  | $ | 3,102,243 |  | 100.00 | %
|  | As of December 31, 2019 |
|  |  |  | Direct Financing |  | Residential Real |  | Installment and |  |  |  | As a % of |
Delinquency Status * |  | C&I |  | Leases |  | Estate |  | Other Consumer |  | Total |  | Total |
|  | (dollars in thousands) |
Performing |  | $ | 140,992 |  | $ | 86,019 |  | $ | 239,198 |  | $ | 108,763 |  | $ | 574,972 |  | 99.29 | %
Nonperforming |  |  | 986 |  |  | 1,850 |  |  | 706 |  |  | 589 |  |  | 4,131 |  | 0.71 | %
|  | $ | 141,978 |  | $ | 87,869 |  | $ | 239,904 |  | $ | 109,352 |  | $ | 579,103 |  | 100.00 | %
* Performing = loans/leases accruing and less than 90 days past due. Nonperforming = loans/leases on nonaccrual, accruing loans/leases that are greater than or equal to 90 days past due, and accruing TDRs. As of March 31,2020 and December 31, 2019, TDRs totaled $843 thousand and $1.7 million, respectively. For each class of financing receivable, the following presents the number and recorded investment of TDRs, by type of concession, that were restructured during the three months ended March 31, 2020 and 2019. The difference between the pre-modification recorded investment and the post-modification recorded investment would be any partial charge-offs at the time of the restructuring.
|  | For the three months ended March 31, 2020
|  |  |  | Pre- |  | Post- |  |  |
|  |  |  | Modification |  | Modification |  |  |
|  | Number of |  | Recorded |  | Recorded |  | Specific
Classes of Loans/Leases |  | Loans / Leases |  | Investment |  | Investment |  | Allowance
CONCESSION - Significant Payment Delay |  |  |  |  |  |  |  |  |  |  |
C&I |  | 2 |  | $ | 111 |  | $ | 111 |  | $ | —
Direct Financing Leases |  | 1 |  |  | 68 |  |  | 68 |  |  | —
|  | 3 |  | $ | 179 |  | $ | 179 |  | $ | —
|  | For the three months ended March 31, 2019
|  |  |  | Pre- |  | Post- |  |  |
|  |  |  | Modification |  | Modification |  |  |
|  | Number of |  | Recorded |  | Recorded |  | Specific
Classes of Loans/Leases |  | Loans / Leases |  | Investment |  | Investment |  | Allowance
CONCESSION - Significant Payment Delay |  |  |  |  |  |  |  |  |  |  |
Direct Financing Leases |  | 4 |  |  | 122 |  |  | 122 |  |  | —
|  | 4 |  | $ | 122 |  | $ | 122 |  | $ | —
Of the loans restructured during the three months ended March 31, 2020 and 2019, none were on nonaccrual. For the three months ended March 31, 2020, one of the Company's TDRs redefaulted within 12 months subsequent to restructure, where default is defined as delinquency of 90 days or more and/or placement on nonaccrual status. This TDR was related to one customer whose lease was restructured in the fourth quarter of 2019 with pre-modification balances totaling $55 thousand. For the three months ended March 31, 2019, none of the Company's TDRs redefaulted within 12 months subsequent to restructure, where default is defined as delinquency of 90 days or more and/or placement on nonaccrual status. Not included in the table above, the Company had four TDRs that were restructured and charged off for the three months ended March 31, 2020, totaling $296 thousand. The Company had two TDRs that were restructured and charged off for the three months ended March 31, 2019, totaling $56 thousand. On March 22, 2020, federal banking regulators issued an interagency statement that included guidance on their approach for the accounting of loan modifications in light of the economic impact of the COVID-19 pandemic. The guidance interprets current accounting standards and indicates that a lender can conclude that a borrower is not experiencing financial difficulty if short-term modifications are made in response to COVID-19, such as payment deferrals, fee waivers, extensions of repayment terms or other delays in payment that are insignificant related to the loans in which the borrower is less than 30 days past due on its contractual payments at the time a modification program is implemented. The agencies confirmed in working with the staff of the FASB that short-term modifications made on a good faith basis in response to COVID-19 to borrowers who were current prior to any relief are not TDRs.

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- Definition The entire disclosure for financing receivable. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2196816 + Details
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