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Loans and Allowance for Credit Losses (Tables) | 9 Months Ended
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Sep. 30, 2021
Receivables [Abstract] |
Summary of Loans | A summary of loans at September 30, 2021 and December 31, 2020 follows (in thousands):
|  | September 30, 2021 |  |  | December 31, 2020 |
Construction and land development |  | $ | 179,792 |  |  | $ | 122,853 |
Agricultural real estate |  |  | 278,432 |  |  |  | 254,662 |
1-4 family residential properties |  |  | 412,320 |  |  |  | 325,480 |
Multifamily residential properties |  |  | 306,966 |  |  |  | 189,265 |
Commercial real estate |  |  | 1,583,583 |  |  |  | 1,176,290 |
Loans secured by real estate |  |  | 2,761,093 |  |  |  | 2,068,550 |
Agricultural loans |  |  | 126,473 |  |  |  | 137,333 |
Commercial and industrial loans |  |  | 839,630 |  |  |  | 741,819 |
Consumer loans |  |  | 80,779 |  |  |  | 78,023 |
All other loans |  |  | 143,724 |  |  |  | 118,196 |
Total gross loans |  |  | 3,951,699 |  |  |  | 3,143,921 |
Less: loans held for sale |  |  | 1,897 |  |  |  | 1,924 |
|  |  | 3,949,802 |  |  |  | 3,141,997 |
Less: |  |  |  |  |  |  |  |
Net deferred loan fees, premiums and discounts |  |  | 3,930 |  |  |  | 5,502 |
Allowance for credit losses |  |  | 53,983 |  |  |  | 41,910 |
Net loans |  | $ | 3,891,889 |  |  | $ | 3,094,585 |
Allowance for Credit Losses Based on Portfolio Segment | 22 The following table presents the activity in the allowance for credit losses based on portfolio segment for the three and nine months ended September 30, 2021 (in thousands):
|  | Construction and Land Development |  |  | Agricultural Real Estate |  |  | 1-4 Family Residential Properties |  |  | Commercial Real Estate |  |  | Agricultural Loans |  |  | Commercial and Industrial |  |  | Consumer Loans |  |  | Total |
Three months ended September 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 1,795 |  |  | $ | 1,665 |  |  | $ | 2,570 |  |  | $ | 25,664 |  |  | $ | 906 |  |  | $ | 19,842 |  |  | $ | 2,155 |  |  | $ | 54,597 |
Provision for credit loss expense |  |  | 314 |  |  |  | (408 | ) |  |  | 27 |  |  |  | (52 | ) |  |  | (90 | ) |  |  | 342 |  |  |  | 970 |  |  |  | 1,103 |
Loans charged off |  |  | — |  |  |  | — |  |  |  | 45 |  |  |  | 55 |  |  |  | — |  |  |  | 1,600 |  |  |  | 376 |  |  |  | 2,076 |
Recoveries collected |  |  | — |  |  |  | — |  |  |  | 108 |  |  |  | 23 |  |  |  | — |  |  |  | 24 |  |  |  | 204 |  |  |  | 359 |
Ending balance |  | $ | 2,109 |  |  | $ | 1,257 |  |  | $ | 2,660 |  |  | $ | 25,580 |  |  | $ | 816 |  |  | $ | 18,608 |  |  | $ | 2,953 |  |  | $ | 53,983 |
Nine months ended September 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 1,666 |  |  | $ | 1,084 |  |  | $ | 2,322 |  |  | $ | 19,660 |  |  | $ | 1,526 |  |  | $ | 13,485 |  |  | $ | 2,167 |  |  | $ | 41,910 |
Initial allowance on loans purchased with credit deterioration |  |  | 261 |  |  |  | 44 |  |  |  | 328 |  |  |  | 646 |  |  |  | — |  |  |  | 795 |  |  |  | — |  |  |  | 2,074 |
Provision for credit loss expense |  |  | 205 |  |  |  | 129 |  |  |  | 117 |  |  |  | 5,764 |  |  |  | (711 | ) |  |  | 5,950 |  |  |  | 1,225 |  |  |  | 12,679 |
Loans charged off |  |  | 23 |  |  |  | — |  |  |  | 241 |  |  |  | 535 |  |  |  | — |  |  |  | 1,686 |  |  |  | 1,008 |  |  |  | 3,493 |
Recoveries collected |  |  | — |  |  |  | — |  |  |  | 134 |  |  |  | 45 |  |  |  | 1 |  |  |  | 64 |  |  |  | 569 |  |  |  | 813 |
Ending balance |  | $ | 2,109 |  |  | $ | 1,257 |  |  | $ | 2,660 |  |  | $ | 25,580 |  |  | $ | 816 |  |  | $ | 18,608 |  |  | $ | 2,953 |  |  | $ | 53,983 |
23 The following tables present the activity in the allowance for credit losses based on portfolio segment for the three and nine months ended September 30, 2020 and for the year ended December 31, 2020 (in thousands):
|  | Construction and Land Development |  |  | Agricultural Real Estate |  |  | 1-4 Family Residential Properties |  |  | Commercial Real Estate |  |  | Agricultural Loans |  |  | Commercial and Industrial |  |  | Consumer Loans |  |  | Total |
Three months ended September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance (prior to adoption of ASC 326) |  | $ | 2,358 |  |  | $ | 1,634 |  |  | $ | 2,486 |  |  | $ | 16,272 |  |  | $ | 1,323 |  |  | $ | 12,360 |  |  | $ | 1,948 |  |  | $ | 38,381 |
Provision for credit loss expense |  |  | (139 | ) |  |  | 32 |  |  |  | (71 | ) |  |  | 2,463 |  |  |  | (89 | ) |  |  | 1,352 |  |  |  | 335 |  |  |  | 3,883 |
Loans charged off |  |  | 13 |  |  |  | — |  |  |  | 48 |  |  |  | — |  |  |  | — |  |  |  | 368 |  |  |  | 127 |  |  |  | 556 |
Recoveries collected |  |  | — |  |  |  | — |  |  |  | 24 |  |  |  | 73 |  |  |  | — |  |  |  | 28 |  |  |  | 82 |  |  |  | 207 |
Ending balance |  | $ | 2,206 |  |  | $ | 1,666 |  |  | $ | 2,391 |  |  | $ | 18,808 |  |  | $ | 1,234 |  |  | $ | 13,372 |  |  | $ | 2,238 |  |  | $ | 41,915 |
Nine months ended September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance (prior to adoption of ASC 326) |  | $ | 1,146 |  |  | $ | 1,093 |  |  | $ | 1,386 |  |  | $ | 11,198 |  |  | $ | 1,386 |  |  | $ | 9,273 |  |  | $ | 1,429 |  |  | $ | 26,911 |
Impact of adopting ASC 326 |  |  | (113 | ) |  |  | 230 |  |  |  | 756 |  |  |  | 541 |  |  |  | (363 | ) |  |  | 155 |  |  |  | 466 |  |  |  | 1,672 |
Provision for credit loss expense |  |  | 1,186 |  |  |  | 343 |  |  |  | 335 |  |  |  | 7,542 |  |  |  | 211 |  |  |  | 5,453 |  |  |  | 430 |  |  |  | 15,500 |
Loans charged off |  |  | 13 |  |  |  | — |  |  |  | 313 |  |  |  | 551 |  |  |  | — |  |  |  | 1,651 |  |  |  | 414 |  |  |  | 2,942 |
Recoveries collected |  |  | — |  |  |  | — |  |  |  | 227 |  |  |  | 78 |  |  |  | — |  |  |  | 142 |  |  |  | 327 |  |  |  | 774 |
Ending balance |  | $ | 2,206 |  |  | $ | 1,666 |  |  | $ | 2,391 |  |  | $ | 18,808 |  |  | $ | 1,234 |  |  | $ | 13,372 |  |  | $ | 2,238 |  |  | $ | 41,915 |
Twelve months ended December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance (prior to adoption of ASC 326) |  | $ | 1,146 |  |  | $ | 1,093 |  |  | $ | 1,386 |  |  | $ | 11,198 |  |  | $ | 1,386 |  |  | $ | 9,273 |  |  | $ | 1,429 |  |  | $ | 26,911 |
Impact of adopting ASC 326 |  |  | (113 | ) |  |  | 230 |  |  |  | 756 |  |  |  | 541 |  |  |  | (363 | ) |  |  | 155 |  |  |  | 466 |  |  |  | 1,672 |
Provision for credit loss expense |  |  | 646 |  |  |  | (239 | ) |  |  | 274 |  |  |  | 8,581 |  |  |  | 503 |  |  |  | 5,869 |  |  |  | 469 |  |  |  | 16,103 |
Loans charged off |  |  | 13 |  |  |  | — |  |  |  | 393 |  |  |  | 829 |  |  |  | — |  |  |  | 1,991 |  |  |  | 618 |  |  |  | 3,844 |
Recoveries collected |  |  | — |  |  |  | — |  |  |  | 299 |  |  |  | 169 |  |  |  | — |  |  |  | 179 |  |  |  | 421 |  |  |  | 1,068 |
Ending balance |  | $ | 1,666 |  |  | $ | 1,084 |  |  | $ | 2,322 |  |  | $ | 19,660 |  |  | $ | 1,526 |  |  | $ | 13,485 |  |  | $ | 2,167 |  |  | $ | 41,910 |
Amortized Cost Basis of Collateral-Dependent Loans by Class of Loans Individually Evaluated | 24 The following table presents the amortized cost basis of collateral-dependent loans by class of loans that were individually evaluated to determine expected credit losses, and the related allowance for credit losses, as of September 30, 2021 (in thousands):
|  | Collateral |  |  | Allowance |
|  | Real Estate |  |  | Business Assets |  |  | Other |  |  | Total |  |  | for Credit Losses |
Construction and land development |  | $ | 1,407 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,407 |  |  | $ | 233 |
1-4 family residential properties |  |  | 5,438 |  |  |  | — |  |  |  | — |  |  |  | 5,438 |  |  |  | 245 |
Multifamily residential properties |  |  | 1,805 |  |  |  | — |  |  |  | — |  |  |  | 1,805 |  |  |  | — |
Commercial real estate |  |  | 10,830 |  |  |  | — |  |  |  | — |  |  |  | 10,830 |  |  |  | 864 |
Loans secured by real estate |  |  | 19,480 |  |  |  | — |  |  |  | — |  |  |  | 19,480 |  |  |  | 1,342 |
Commercial and industrial loans |  |  | — |  |  |  | 2,146 |  |  |  | 1,067 |  |  |  | 3,213 |  |  |  | 1,190 |
Consumer loans |  |  | — |  |  |  | — |  |  |  | 10 |  |  | 10 |  |  |  | — |
Other loans |  |  | — |  |  |  | 24 |  |  |  | — |  |  |  | 24 |  |  |  | — |
Total loans |  | $ | 19,480 |  |  | $ | 2,170 |  |  | $ | 1,077 |  |  | $ | 22,727 |  |  | $ | 2,532 |
Credit Risk Profile of Loan Portfolio on Amortized Cost Basis Based on Risk Rating Category | 25 The following tables present the credit risk profile of the Company’s loan portfolio on amortized cost basis based on risk rating category and year of origination as of September 30, 2021 (in thousands):
|  | Term Loans by Origination Year |  |  | Revolving |  |  |  |  |
Risk rating |  | 2021 |  |  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |  |  | Prior |  |  | Loans |  |  | Total |
September 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction and land development loans |
Pass |  | $ | 33,540 |  |  | $ | 68,429 |  |  | $ | 26,623 |  |  | $ | 34,739 |  |  | $ | 3,841 |  |  | $ | 11,328 |  |  | $ | — |  |  | $ | 178,500 |
Special mention |  |  | 112 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 112 |
Substandard |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 915 |  |  |  | — |  |  |  | 534 |  |  |  | — |  |  |  | 1,449 |
Total |  | $ | 33,652 |  |  | $ | 68,429 |  |  | $ | 26,623 |  |  | $ | 35,654 |  |  | $ | 3,841 |  |  | $ | 11,862 |  |  | $ | — |  |  | $ | 180,061 |
Agricultural real estate loans |
Pass |  | $ | 62,342 |  |  | $ | 65,820 |  |  | $ | 30,303 |  |  | $ | 36,823 |  |  | $ | 13,095 |  |  | $ | 57,580 |  |  | $ | — |  |  | $ | 265,963 |
Special mention |  |  | 825 |  |  |  | 259 |  |  |  | 4,184 |  |  |  | 417 |  |  |  | 388 |  |  |  | 6,010 |  |  |  | — |  |  |  | 12,083 |
Substandard |  |  | — |  |  |  | — |  |  |  | 265 |  |  |  | 189 |  |  |  | 57 |  |  |  | 231 |  |  |  | — |  |  |  | 742 |
Total |  | $ | 63,167 |  |  | $ | 66,079 |  |  | $ | 34,752 |  |  | $ | 37,429 |  |  | $ | 13,540 |  |  | $ | 63,821 |  |  | $ | — |  |  | $ | 278,788 |
1-4 family residential property loans |
Pass |  | $ | 73,424 |  |  | $ | 101,161 |  |  | $ | 36,828 |  |  | $ | 48,656 |  |  | $ | 33,013 |  |  | $ | 52,995 |  |  | $ | 42,664 |  |  | $ | 388,741 |
Special mention |  |  | 80 |  |  |  | 149 |  |  |  | 1,952 |  |  |  | 505 |  |  |  | 2,628 |  |  |  | 1,054 |  |  |  | 56 |  |  |  | 6,424 |
Substandard |  |  | 178 |  |  |  | 570 |  |  |  | 1,556 |  |  |  | 1,688 |  |  |  | 3,662 |  |  |  | 8,758 |  |  |  | 988 |  |  |  | 17,400 |
Total |  | $ | 73,682 |  |  | $ | 101,880 |  |  | $ | 40,336 |  |  | $ | 50,849 |  |  | $ | 39,303 |  |  | $ | 62,807 |  |  | $ | 43,708 |  |  | $ | 412,565 |
Commercial real estate loans |
Pass |  | $ | 357,285 |  |  | $ | 445,335 |  |  | $ | 310,825 |  |  | $ | 180,042 |  |  | $ | 161,629 |  |  | $ | 376,631 |  |  | $ | — |  |  | $ | 1,831,747 |
Special mention |  |  | 3,369 |  |  |  | 886 |  |  |  | 1,198 |  |  |  | 1,418 |  |  |  | 10,726 |  |  |  | 15,251 |  |  |  | — |  |  |  | 32,848 |
Substandard |  |  | 2,380 |  |  |  | 736 |  |  |  | 6,525 |  |  |  | 1,811 |  |  |  | 4,716 |  |  |  | 9,403 |  |  |  | — |  |  |  | 25,571 |
Total |  | $ | 363,034 |  |  | $ | 446,957 |  |  | $ | 318,548 |  |  | $ | 183,271 |  |  | $ | 177,071 |  |  | $ | 401,285 |  |  | $ | — |  |  | $ | 1,890,166 |
Agricultural loans |
Pass |  | $ | 75,148 |  |  | $ | 19,930 |  |  | $ | 5,582 |  |  | $ | 3,653 |  |  | $ | 1,074 |  |  | $ | 1,480 |  |  | $ | — |  |  | $ | 106,867 |
Special mention |  |  | 15,568 |  |  |  | 436 |  |  |  | 2,957 |  |  |  | 155 |  |  |  | 160 |  |  |  | 65 |  |  |  | — |  |  |  | 19,341 |
Substandard |  |  | 27 |  |  |  | 18 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 281 |  |  |  | — |  |  |  | 326 |
Total |  | $ | 90,743 |  |  | $ | 20,384 |  |  | $ | 8,539 |  |  | $ | 3,808 |  |  | $ | 1,234 |  |  | $ | 1,826 |  |  | $ | — |  |  | $ | 126,534 |
Commercial and industrial loans |
Pass |  | $ | 152,729 |  |  | $ | 184,801 |  |  | $ | 166,553 |  |  | $ | 77,324 |  |  | $ | 3,402 |  |  | $ | 384,318 |  |  | $ | — |  |  | $ | 969,127 |
Special mention |  |  | 844 |  |  |  | 542 |  |  |  | 1,725 |  |  |  | 568 |  |  |  | 416 |  |  |  | 1,155 |  |  |  | — |  |  |  | 5,250 |
Substandard |  |  | 428 |  |  |  | 711 |  |  |  | 448 |  |  |  | 1,588 |  |  |  | 71 |  |  |  | 1,968 |  |  |  | — |  |  |  | 5,214 |
Total |  | $ | 154,001 |  |  | $ | 186,054 |  |  | $ | 168,726 |  |  | $ | 79,480 |  |  | $ | 3,889 |  |  | $ | 387,441 |  |  | $ | — |  |  | $ | 979,591 |
Consumer loans |
Pass |  | $ | 20,854 |  |  | $ | 21,547 |  |  | $ | 27,317 |  |  | $ | 6,633 |  |  | $ | 2,640 |  |  | $ | 492 |  |  | $ | — |  |  | $ | 79,483 |
Special mention |  |  | 21 |  |  |  | 78 |  |  |  | 55 |  |  |  | 10 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 164 |
Substandard |  |  | 98 |  |  |  | 17 |  |  |  | 75 |  |  |  | 51 |  |  |  | 30 |  |  |  | 146 |  |  |  | — |  |  |  | 417 |
Total |  | $ | 20,973 |  |  | $ | 21,642 |  |  | $ | 27,447 |  |  | $ | 6,694 |  |  | $ | 2,670 |  |  | $ | 638 |  |  | $ | — |  |  | $ | 80,064 |
Total loans |
Pass |  | $ | 775,322 |  |  | $ | 907,023 |  |  | $ | 604,031 |  |  | $ | 387,870 |  |  | $ | 218,694 |  |  | $ | 884,824 |  |  | $ | 42,664 |  |  | $ | 3,820,428 |
Special mention |  |  | 20,819 |  |  |  | 2,350 |  |  |  | 12,071 |  |  |  | 3,073 |  |  |  | 14,318 |  |  |  | 23,535 |  |  |  | 56 |  |  |  | 76,222 |
Substandard |  |  | 3,111 |  |  |  | 2,052 |  |  |  | 8,869 |  |  |  | 6,242 |  |  |  | 8,536 |  |  |  | 21,321 |  |  |  | 988 |  |  |  | 51,119 |
Total |  | $ | 799,252 |  |  | $ | 911,425 |  |  | $ | 624,971 |  |  | $ | 397,185 |  |  | $ | 241,548 |  |  | $ | 929,680 |  |  | $ | 43,708 |  |  | $ | 3,947,769 |
26 The following tables present the credit risk profile of the Company’s loan portfolio based on risk rating category as of December 31, 2020 (in thousands):
|  | Term Loans by Origination Year |  |  | Revolving |  |  |  |  |
Risk rating |  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2016 |  |  | Prior |  |  | Loans |  |  | Total |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction and land development loans |
Pass |  | $ | 41,842 |  |  | $ | 40,989 |  |  | $ | 31,500 |  |  | $ | 2,760 |  |  | $ | 871 |  |  | $ | 3,822 |  |  | $ | — |  |  | $ | 121,784 |
Special mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Substandard |  |  | — |  |  |  | 128 |  |  |  | — |  |  |  | 517 |  |  |  | — |  |  |  | 50 |  |  |  | — |  |  |  | 695 |
Total |  | $ | 41,842 |  |  | $ | 41,117 |  |  | $ | 31,500 |  |  | $ | 3,277 |  |  | $ | 871 |  |  | $ | 3,872 |  |  | $ | — |  |  | $ | 122,479 |
Agricultural real estate loans |
Pass |  | $ | 73,630 |  |  | $ | 34,412 |  |  | $ | 37,839 |  |  | $ | 16,138 |  |  | $ | 13,559 |  |  | $ | 58,291 |  |  | $ | — |  |  | $ | 233,869 |
Special mention |  |  | 1,845 |  |  |  | 3,970 |  |  |  | 533 |  |  |  | 469 |  |  |  | 1,106 |  |  |  | 11,232 |  |  |  | — |  |  |  | 19,155 |
Substandard |  |  | — |  |  |  | — |  |  |  | 800 |  |  |  | 208 |  |  |  | 64 |  |  |  | 245 |  |  |  | — |  |  |  | 1,317 |
Total |  | $ | 75,475 |  |  | $ | 38,382 |  |  | $ | 39,172 |  |  | $ | 16,815 |  |  | $ | 14,729 |  |  | $ | 69,768 |  |  | $ | — |  |  | $ | 254,341 |
1-4 family residential property loans |
Pass |  | $ | 81,366 |  |  | $ | 29,695 |  |  | $ | 38,163 |  |  | $ | 23,086 |  |  | $ | 26,676 |  |  | $ | 62,942 |  |  | $ | 40,363 |  |  | $ | 302,291 |
Special mention |  |  | 192 |  |  |  | 2,142 |  |  |  | 523 |  |  |  | 2,720 |  |  |  | 247 |  |  |  | 1,578 |  |  |  | 293 |  |  |  | 7,695 |
Substandard |  |  | 296 |  |  |  | 695 |  |  |  | 1,915 |  |  |  | 1,859 |  |  |  | 1,996 |  |  |  | 7,516 |  |  |  | 1,499 |  |  |  | 15,776 |
Total |  | $ | 81,854 |  |  | $ | 32,532 |  |  | $ | 40,601 |  |  | $ | 27,665 |  |  | $ | 28,919 |  |  | $ | 72,036 |  |  | $ | 42,155 |  |  | $ | 325,762 |
Commercial real estate loans |
Pass |  | $ | 368,750 |  |  | $ | 237,119 |  |  | $ | 171,591 |  |  | $ | 148,283 |  |  | $ | 143,400 |  |  | $ | 215,616 |  |  | $ | — |  |  | $ | 1,284,759 |
Special mention |  |  | 2,469 |  |  |  | 1,300 |  |  |  | 6,108 |  |  |  | 11,262 |  |  |  | 6,741 |  |  |  | 16,947 |  |  |  | — |  |  |  | 44,827 |
Substandard |  |  | 1,863 |  |  |  | 40 |  |  |  | 7,081 |  |  |  | 2,022 |  |  |  | 4,905 |  |  |  | 18,435 |  |  |  | — |  |  |  | 34,346 |
Total |  | $ | 373,082 |  |  | $ | 238,459 |  |  | $ | 184,780 |  |  | $ | 161,567 |  |  | $ | 155,046 |  |  | $ | 250,998 |  |  | $ | — |  |  | $ | 1,363,932 |
Agricultural loans |
Pass |  | $ | 83,377 |  |  | $ | 15,680 |  |  | $ | 5,978 |  |  | $ | 1,838 |  |  | $ | 635 |  |  | $ | 2,856 |  |  | $ | — |  |  | $ | 110,364 |
Special mention |  |  | 21,070 |  |  |  | 4,483 |  |  |  | 694 |  |  |  | 224 |  |  |  | 148 |  |  |  | 38 |  |  |  | — |  |  |  | 26,657 |
Substandard |  |  | 68 |  |  |  | 238 |  |  |  | 25 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 331 |
Total |  | $ | 104,515 |  |  | $ | 20,401 |  |  | $ | 6,697 |  |  | $ | 2,062 |  |  | $ | 783 |  |  | $ | 2,894 |  |  | $ | — |  |  | $ | 137,352 |
Commercial and industrial loans |
Pass |  | $ | 371,683 |  |  | $ | 132,148 |  |  | $ | 70,497 |  |  | $ | 78,890 |  |  | $ | 42,439 |  |  | $ | 114,904 |  |  | $ | — |  |  | $ | 810,561 |
Special mention |  |  | 4,116 |  |  |  | 32,130 |  |  |  | 849 |  |  |  | 489 |  |  |  | 1,101 |  |  |  | 730 |  |  |  | — |  |  |  | 39,415 |
Substandard |  |  | 889 |  |  |  | 2,360 |  |  |  | 532 |  |  |  | 1,689 |  |  |  | 136 |  |  |  | 969 |  |  |  | — |  |  |  | 6,575 |
Total |  | $ | 376,688 |  |  | $ | 166,638 |  |  | $ | 71,878 |  |  | $ | 81,068 |  |  | $ | 43,676 |  |  | $ | 116,603 |  |  | $ | — |  |  | $ | 856,551 |
Consumer loans |
Pass |  | $ | 31,609 |  |  | $ | 21,384 |  |  | $ | 12,084 |  |  | $ | 8,279 |  |  | $ | 3,150 |  |  | $ | 1,022 |  |  | $ | — |  |  | $ | 77,528 |
Special mention |  |  | — |  |  |  | 24 |  |  |  | 24 |  |  |  | 1 |  |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | 50 |
Substandard |  |  | 15 |  |  |  | 16 |  |  |  | 111 |  |  |  | 95 |  |  |  | 67 |  |  |  | 120 |  |  |  | — |  |  |  | 424 |
Total |  | $ | 31,624 |  |  | $ | 21,424 |  |  | $ | 12,219 |  |  | $ | 8,375 |  |  | $ | 3,218 |  |  | $ | 1,142 |  |  | $ | — |  |  | $ | 78,002 |
Total loans |
Pass |  | $ | 1,052,257 |  |  | $ | 511,427 |  |  | $ | 367,652 |  |  | $ | 279,274 |  |  | $ | 230,730 |  |  | $ | 459,453 |  |  | $ | 40,363 |  |  | $ | 2,941,156 |
Special mention |  |  | 29,692 |  |  |  | 44,049 |  |  |  | 8,731 |  |  |  | 15,165 |  |  |  | 9,344 |  |  |  | 30,525 |  |  |  | 293 |  |  |  | 137,799 |
Substandard |  |  | 3,131 |  |  |  | 3,477 |  |  |  | 10,464 |  |  |  | 6,390 |  |  |  | 7,168 |  |  |  | 27,335 |  |  |  | 1,499 |  |  |  | 59,464 |
Total |  | $ | 1,085,080 |  |  | $ | 558,953 |  |  | $ | 386,847 |  |  | $ | 300,829 |  |  | $ | 247,242 |  |  | $ | 517,313 |  |  | $ | 42,155 |  |  | $ | 3,138,419 |
27
Loan Portfolio Aging Analysis | The following table presents the Company’s loan portfolio aging analysis at September 30, 2021 and December 31, 2020 (in thousands):
|  | 30-59 Days Past Due |  |  | 60-89 Days Past Due |  |  | 90 Days or More Past Due |  |  | Total Past Due |  |  | Current |  |  | Total Loans Receivable |  |  | Total Loans > 90 Days and Accruing |
September 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction and land development |  | $ | 458 |  |  | $ | 9 |  |  | $ | 642 |  |  | $ | 1,109 |  |  | $ | 178,952 |  |  | $ | 180,061 |  |  | $ | — |
Agricultural real estate |  |  | 23 |  |  |  | — |  |  |  | 94 |  |  |  | 117 |  |  |  | 278,671 |  |  |  | 278,788 |  |  |  | — |
1-4 family residential properties |  |  | 2,205 |  |  |  | 865 |  |  |  | 4,313 |  |  |  | 7,383 |  |  |  | 405,182 |  |  |  | 412,565 |  |  |  | — |
Multifamily residential properties |  |  | — |  |  |  | 35 |  |  |  | 544 |  |  |  | 579 |  |  |  | 306,332 |  |  |  | 306,911 |  |  |  | — |
Commercial real estate |  |  | 1,920 |  |  |  | 1,154 |  |  |  | 3,354 |  |  |  | 6,428 |  |  |  | 1,576,827 |  |  |  | 1,583,255 |  |  |  | — |
Loans secured by real estate |  |  | 4,606 |  |  |  | 2,063 |  |  |  | 8,947 |  |  |  | 15,616 |  |  |  | 2,745,964 |  |  |  | 2,761,580 |  |  |  | — |
Agricultural loans |  |  | 735 |  |  |  | 152 |  |  |  | 588 |  |  |  | 1,475 |  |  |  | 125,059 |  |  |  | 126,534 |  |  |  | — |
Commercial and industrial loans |  |  | 550 |  |  |  | 726 |  |  |  | 2,367 |  |  |  | 3,643 |  |  |  | 832,217 |  |  |  | 835,860 |  |  |  | — |
Consumer loans |  |  | 387 |  |  |  | 122 |  |  |  | 136 |  |  |  | 645 |  |  |  | 79,419 |  |  |  | 80,064 |  |  |  | — |
All other loans |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 143,731 |  |  |  | 143,731 |  |  |  | — |
Total loans |  | $ | 6,278 |  |  | $ | 3,063 |  |  | $ | 12,038 |  |  | $ | 21,379 |  |  | $ | 3,926,390 |  |  | $ | 3,947,769 |  |  | $ | — |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction and land development |  | $ | — |  |  | $ | — |  |  | $ | 128 |  |  | $ | 128 |  |  | $ | 122,351 |  |  | $ | 122,479 |  |  | $ | — |
Agricultural real estate |  |  | 1,198 |  |  |  | 34 |  |  |  | — |  |  |  | 1,232 |  |  |  | 253,109 |  |  |  | 254,341 |  |  |  | — |
1-4 family residential properties |  |  | 1,121 |  |  |  | 1,105 |  |  |  | 2,033 |  |  |  | 4,259 |  |  |  | 321,503 |  |  |  | 325,762 |  |  |  | — |
Multifamily residential properties |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 189,632 |  |  |  | 189,632 |  |  |  | — |
Commercial real estate |  |  | 2,618 |  |  |  | 341 |  |  |  | 794 |  |  |  | 3,753 |  |  |  | 1,170,547 |  |  |  | 1,174,300 |  |  |  | — |
Loans secured by real estate |  |  | 4,937 |  |  |  | 1,480 |  |  |  | 2,955 |  |  |  | 9,372 |  |  |  | 2,057,142 |  |  |  | 2,066,514 |  |  |  | — |
Agricultural loans |  |  | 43 |  |  |  | — |  |  |  | 236 |  |  |  | 279 |  |  |  | 137,073 |  |  |  | 137,352 |  |  |  | — |
Commercial and industrial loans |  |  | 2,426 |  |  |  | 8 |  |  |  | 1,420 |  |  |  | 3,854 |  |  |  | 734,459 |  |  |  | 738,313 |  |  |  | — |
Consumer loans |  |  | 145 |  |  |  | 50 |  |  |  | 149 |  |  |  | 344 |  |  |  | 77,658 |  |  |  | 78,002 |  |  |  | — |
All other loans |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 118,238 |  |  |  | 118,238 |  |  |  | — |
Total loans |  | $ | 7,551 |  |  | $ | 1,538 |  |  | $ | 4,760 |  |  | $ | 13,849 |  |  | $ | 3,124,570 |  |  | $ | 3,138,419 |  |  | $ | — |
Amortized Cost Basis of Loans on Nonaccrual Status and Nonaccrual Loans Individually Evaluated | The following table presents the amortized cost basis of loans on nonaccrual status and of nonaccrual loans individually evaluated for which no allowance was recorded as of September 30, 2021 and December 31, 2020 (in thousands). There were no loans past due over eighty-nine days that were still accruing.
|  | September 30, 2021 |  |  | December 31, 2020 |
|  | Nonaccrual with no Allowance for |  |  | Total |  |  | Nonaccrual with no Allowance for |  |  | Total |
|  | Credit Loss |  |  | Nonaccrual |  |  | Credit Loss |  |  | Nonaccrual |
Construction and land development |  | $ | 943 |  |  | $ | 943 |  |  | $ | 162 |  |  | $ | 162 |
Agricultural real estate |  |  | 338 |  |  |  | 338 |  |  |  | 359 |  |  |  | 359 |
1-4 family residential properties |  |  | 7,179 |  |  |  | 7,232 |  |  |  | 6,747 |  |  |  | 6,930 |
Multifamily residential properties |  |  | 2,047 |  |  |  | 2,047 |  |  |  | 2,181 |  |  |  | 2,181 |
Commercial real estate |  |  | 8,141 |  |  |  | 8,525 |  |  |  | 7,345 |  |  |  | 8,760 |
Loans secured by real estate |  |  | 18,648 |  |  |  | 19,085 |  |  |  | 16,794 |  |  |  | 18,392 |
Agricultural loans |  |  | 236 |  |  |  | 236 |  |  |  | 659 |  |  |  | 659 |
Commercial and industrial loans |  |  | 1,886 |  |  |  | 3,891 |  |  |  | 3,677 |  |  |  | 4,372 |
Consumer loans |  |  | 233 |  |  |  | 233 |  |  |  | 327 |  |  |  | 327 |
All other loans |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total loans |  | $ | 21,003 |  |  | $ | 23,445 |  |  | $ | 21,457 |  |  | $ | 23,750 |
Recorded Balance of Troubled Debt Restructurings | The following table presents the Company’s recorded balance of troubled debt restructurings at September 30, 2021 and December 31, 2020 (in thousands).
Troubled debt restructurings: |  | September 30, 2021 |  |  | December 31, 2020 |
Construction and land development |  | $ | 492 |  |  | $ | — |
Agricultural real estate |  |  | 250 |  |  |  | — |
1-4 family residential properties |  |  | 1,507 |  |  |  | 1,603 |
Commercial real estate |  |  | 3,873 |  |  |  | 5,170 |
Loans secured by real estate |  |  | 6,122 |  |  |  | 6,773 |
Agricultural loans |  |  | 384 |  |  |  | 228 |
Commercial and industrial loans |  |  | 1,059 |  |  |  | 2,389 |
Consumer loans |  |  | 118 |  |  |  | 112 |
All other loans |  |  | 24 |  |  |  | — |
Total |  | $ | 7,707 |  |  | $ | 9,502 |
Performing troubled debt restructurings: |  |  |  |  |  |  |  |
Agricultural real estate |  | $ | 250 |  |  | $ | — |
1-4 family residential properties |  |  | 887 |  |  |  | 1,268 |
Commercial real estate |  |  | 2,572 |  |  |  | 3,045 |
Loans secured by real estate |  |  | 3,709 |  |  |  | 4,313 |
Agricultural loans |  |  | 156 |  |  |  | — |
Commercial and industrial loans |  |  | 335 |  |  |  | 58 |
Consumer loans |  |  | 54 |  |  |  | 2 |
All other loans |  |  | 24 |  |  |  | — |
Total |  | $ | 4,278 |  |  | $ | 4,373 |
Loans Modified as Troubled Debt Restructurings During Period | The following table presents loans modified as TDRs during the nine months ended September 30, 2021, as a result of various modified loan factors (in thousands). The change in the recorded investment from pre-modification to post- modification was not material.
|  | September 30, 2021 |  | September 30, 2020
|  | Number of |  |  | Recorded |  |  | Type of |  | Number of |  |  | Recorded |  |  | Type of
|  | Modifications |  |  | Investment |  |  | Modifications |  | Modifications |  |  | Investment |  |  | Modifications
Construction and land development |  |  | 1 |  |  | $ | 492 |  |  | (c) |  |  | — |  |  | $ | — |  |  |
Agricultural real estate |  |  | 1 |  |  |  | 250 |  |  | (b) |  |  | — |  |  |  | — |  |  |
1-4 family residential properties |  |  | 2 |  |  |  | 323 |  |  | (b)(c) |  |  | — |  |  |  | — |  |  |
Commercial real estate |  |  | 1 |  |  |  | 681 |  |  | (b) |  |  | 1 |  |  |  | 296 |  |  | (b)
Loans secured by real estate |  |  | 5 |  |  |  | 1,746 |  |  |  |  |  | 1 |  |  |  | 296 |  |  |
Agricultural loans |  |  | 1 |  |  |  | 156 |  |  | (b) |  |  | 2 |  |  |  | 88 |  |  | (b)(c)
Commercial and industrial loans |  |  | 6 |  |  |  | 287 |  |  | (b) |  |  | 4 |  |  |  | 2,328 |  |  | (b)
Consumer loans |  |  | 4 |  |  |  | 54 |  |  | (b) |  |  | 1 |  |  |  | 11 |  |  | (b)
Other Loans |  |  | 1 |  |  |  | 24 |  |  | (b) |  |  | — |  |  |  | — |  |  |
Total |  |  | 17 |  |  | $ | 2,267 |  |  |  |  |  | 8 |  |  | $ | 2,723 |  |  |
Type of modifications:
| (a) | Reduction of stated interest rate of loan
| (b) | Change in payment terms
| (c) | Extension of maturity date
| (d) | Permanent reduction of the recorded investment
30
Summary of Purchased Credit Deteriorated (PCD) Loans | The Company has acquired loans, for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination. The carrying amount of those loans is as follows (in thousands):
|  |  |  |  | LINCO Acquisition |
Purchase price of purchase credit deteriorated loans at acquisition |  |  | $ | 64,647 |
Allowance for credit losses at acquisition |  |  |  | (2,074 | )
Non-credit discount/(premium) at acquisition |  |  |  | (187 | )
Fair value of purchased credit deteriorated loans at acquisition |  |  | $ | 62,386 |

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