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LOANS AND CREDIT QUALITY | 9 Months Ended
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Sep. 30, 2020
Receivables [Abstract] |
LOANS AND CREDIT QUALITY | 4. LOANS AND CREDIT QUALITY Loans, excluding loans held for sale, net of ACL under ASC 326 as of September 30, 2020 and loans, excluding loans held for sale, net of ACL under previous GAAP as of December 31, 2019 consisted of the following:
(dollars in thousands) | September 30, 2020 |  | December 31, 2019
Commercial, financial and agricultural: |  |  |
Small Business Administration Paycheck Protection Program | $ | 545,277 |  |  | $ | — |
Other | 526,363 |  |  | 570,089 |
Real estate: |  |  |
Construction | 118,519 |  |  | 96,139 |
Residential mortgage | 1,676,457 |  |  | 1,595,801 |
Home equity | 533,139 |  |  | 490,239 |
Commercial mortgage | 1,143,209 |  |  | 1,124,911 |
Consumer | 500,416 |  |  | 569,516 |
Gross loans | 5,043,380 |  |  | 4,446,695 |
Net deferred (fees) costs | (12,754) |  |  | 2,845 |
Total loans, net of deferred fees and costs | 5,030,626 |  |  | 4,449,540 |
Allowance for credit losses | (80,542) |  |  | (47,971) |
Total loans, net of allowance for credit losses | $ | 4,950,084 |  |  | $ | 4,401,569 |
The bank is a Small Business Administration ("SBA") approved lender and actively participated in assisting customers with loan applications for the SBA’s Paycheck Protection Program, or PPP, which was part of the CARES Act. PPP loans have a two or five-year term and earn interest at 1%. The SBA pays the originating bank a processing fee ranging from 1% to 5%, based on the size of the loan, which the Company is recognizing over the life of the loan. The Company saw tremendous interest in the PPP. From April 3, 2020, the date the SBA began accepting submissions for the initial round of PPP loans through the end of the program in August 2020, the Company funded over 7,200 PPP loans totaling over $558 million and received gross processing fees of over $21 million. Certain PPP loans paid-off shortly after funding resulting in a total outstanding balance of $545.3 million and net deferred fees of $16.7 million as of September 30, 2020. The Company has developed a PPP forgiveness portal and has begun the process of assisting our customers with applying for forgiveness from the SBA. The Company has engaged a third party to assist with this process. Although the Company believes that the majority of these loans will ultimately be forgiven by the SBA in accordance with the terms of the program, there could be risks and liabilities by the Company that cannot be determined at this time. The Company transferred three loans totaling $6.6 million to the held-for-sale category during the nine months ended September 30, 2020, which were sold in October 2020 at a loss of less than $0.1 million. The Company did not transfer any loans to the held-for-sale category during the nine months ended September 30, 2019. The Company did not sell any loans originally held for investment during the nine months ended September 30, 2020 and 2019. The Company has purchased loan portfolios, none of which were credit deteriorated since origination at the time of purchase. The following table presents loans purchased by class for the periods presented:
(dollars in thousands) | Consumer - Unsecured |  |  |  |
Three Months Ended September 30, 2020 |  |  |  |  |
Purchases: |  |  |  |  |
Outstanding balance | $ | 6,960 |  |  |  |  |
Purchase premium (discount) | (280) |  |  |  |  |
Purchase price | $ | 6,680 |  |  |  |  |
Nine Months Ended September 30, 2020 |  |  |  |  |
Purchases: |  |  |  |  |
Outstanding balance | $ | 41,272 |  |  |  |  |
Purchase premium (discount) | (1,396) |  |  |  |  |
Purchase price | $ | 39,876 |  |  |  |  |
Three Months Ended September 30, 2019 |  |  |  |  |
Purchases: |  |  |  |  |
Outstanding balance | $ | 30,669 |  |  |  |  |
Purchase premium (discount) | (1,176) |  |  |  |  |
Purchase price | $ | 29,493 |  |  |  |  |
Nine Months Ended September 30, 2019 |  |  |  |  |
Purchases: |  |  |  |  |
Outstanding balance | $ | 79,996 |  |  |  |  |
Purchase premium (discount) | (1,176) |  |  |  |  |
Purchase price | $ | 78,820 |  |  |  |  |
Note: Purchases of unsecured consumer loans were made under forward flow purchase agreements. |  |  |  |  |
Collateral-Dependent Loans In accordance with ASC 326, a loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. The following table presents the amortized cost basis of collateral-dependent loans by class, which are individually evaluated to determine expected credit losses, and the related ACL allocated to these loans as of September 30, 2020:
(dollars in thousands) | Secured by 1-4 Family Residential Properties |  | Secured by Nonfarm Nonresidential Properties |  | Secured by Real Estate and Business Assets |  |  |  | Total |  | Allocated ACL
September 30, 2020 |  |  |  |  |  |  |  |  |  |  |
Commercial, financial and agricultural | $ | — |  |  | $ | — |  |  | $ | 1,371 |  |  |  |  | $ | 1,371 |  |  | $ | 213 |
Real estate: |  |  |  |  |  |  |  |  |  |  |
Residential mortgage | 9,210 |  |  | — |  |  | — |  |  |  |  | 9,210 |  |  | — |
Home equity | 533 |  |  | — |  |  | — |  |  |  |  | 533 |  |  | — |
Commercial mortgage | — |  |  | 7,558 |  |  | — |  |  |  |  | 7,558 |  |  | 307 |
Total | $ | 9,743 |  |  | $ | 7,558 |  |  | $ | 1,371 |  |  |  |  | $ | 18,672 |  |  | $ | 520 |
The following table presents by class, information related to impaired loans as of December 31, 2019, as determined in accordance with ASC 310 prior to the adoption of ASU 2016-13:
|  |  | December 31, 2019
(dollars in thousands) |  |  |  |  |  |  | Unpaid Principal Balance |  | Recorded Investment |  | ALLL Allocated
Impaired loans: |  |  |  |  |  |  |  |  |  |  |
Commercial, financial and agricultural |  |  |  |  |  |  | $ | 246 |  |  | $ | 135 |  |  | $ | — |
Real estate: |  |  |  |  |  |  |  |  |  |  |
Residential mortgage |  |  |  |  |  |  | 7,230 |  |  | 6,516 |  |  | — |
Home equity |  |  |  |  |  |  | 92 |  |  | 92 |  |  | — |
Commercial mortgage |  |  |  |  |  |  | 1,839 |  |  | 1,839 |  |  | — |
Total |  |  |  |  |  |  | 9,407 |  |  | 8,582 |  |  | — |
Impaired loans with an ACL recorded: |  |  |  |  |  |  |  |  |  |  |
Commercial, financial and agricultural |  |  |  |  |  |  | 467 |  |  | 467 |  |  | 218 |
Consumer |  |  |  |  |  |  | 17 |  |  | 17 |  |  | 17 |
Total |  |  |  |  |  |  | 484 |  |  | 484 |  |  | 235 |
Total impaired loans |  |  |  |  |  |  | $ | 9,891 |  |  | $ | 9,066 |  |  | $ | 235 |
The following table presents by class, the average recorded investment and interest income recognized on impaired loans for the three and nine months ended September 30, 2019, as determined in accordance with ASC 310 prior to the adoption of ASU 2016-13:
|  |  | Three Months Ended |  |  |  |  | Nine Months Ended
|  |  | September 30, 2019 |  |  |  | September 30, 2019
(dollars in thousands) |  |  |  |  | Average Recorded Investment |  | Interest Income Recognized |  |  |  |  |  | Average Recorded Investment |  | Interest Income Recognized
Commercial, financial and agricultural |  |  |  |  | $ | 164 |  |  | $ | 2 |  |  |  |  |  |  | $ | 188 |  |  | $ | 7 |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction |  |  |  |  | — |  |  | — |  |  |  |  |  |  | 1,323 |  |  | 62 |
Residential mortgage |  |  |  |  | 7,536 |  |  | 63 |  |  |  |  |  |  | 8,763 |  |  | 776 |
Home equity |  |  |  |  | 190 |  |  | — |  |  |  |  |  |  | 332 |  |  | 13 |
Commercial mortgage |  |  |  |  | 2,021 |  |  | 22 |  |  |  |  |  |  | 2,162 |  |  | 68 |
Total |  |  |  |  | $ | 9,911 |  |  | $ | 87 |  |  |  |  |  |  | $ | 12,768 |  |  | $ | 926 |
For the three and nine months ended September 30, 2019, the amount of interest income recognized on impaired loans within the period that the loans were impaired were primarily related to loans modified in a troubled debt restructuring ("TDR") that were on accrual status. For the three and nine months ended September 30, 2019, the amount of interest income recognized using a cash-based method of accounting during the period that the loans were impaired was not material. Foreclosure Proceedings The Company had $0.7 million and $0.6 million of residential mortgage loans collateralized by residential real estate property that were in the process of foreclosure at September 30, 2020 and December 31, 2019, respectively. The Company did not foreclose on any loans during the nine months ended September 30, 2020. The Company foreclosed on one loan totaling $0.2 million during the nine months ended September 30, 2019. The Company sold one foreclosed property totaling $0.1 million during the nine months ended September 30, 2020 at a loss of less than $0.1 million. The Company did not sell any foreclosed properties during the nine months ended September 30, 2019. Nonaccrual and Past Due Loans For all loan types, the Company determines delinquency status by considering the number of days full payments required by the contractual terms of the loan are past due. The following tables present by class, the aging of the recorded investment in past due loans as of September 30, 2020 and December 31, 2019. The following tables also present the amortized cost of loans on nonaccrual status for which there was no related ACL under ASC 326 as of September 30, 2020 and under previous GAAP as of December 31, 2019.
(dollars in thousands) | Accruing Loans 30 - 59 Days Past Due |  | Accruing Loans 60 - 89 Days Past Due |  | Accruing Loans Greater Than 90 Days Past Due |  | Nonaccrual Loans |  | Total Past Due and Nonaccrual |  | Loans and Leases Not Past Due |  | Total |  | Nonaccrual Loans With No ACL
September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial and agricultural - SBA PPP | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 528,581 |  |  | $ | 528,581 |  |  | $ | — |
Commercial, financial and agricultural - Other | 5,246 |  |  | 85 |  |  | — |  |  | 1,536 |  |  | 6,867 |  |  | 521,203 |  |  | 528,070 |  |  | 668 |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 118,247 |  |  | 118,247 |  |  | — |
Residential mortgage | 12 |  |  | 556 |  |  | 588 |  |  | 4,032 |  |  | 5,188 |  |  | 1,674,872 |  |  | 1,680,060 |  |  | 4,032 |
Home equity | 255 |  |  | — |  |  | — |  |  | 533 |  |  | 788 |  |  | 533,268 |  |  | 534,056 |  |  | 533 |
Commercial mortgage | 1,778 |  |  | — |  |  | — |  |  | 6,889 |  |  | 8,667 |  |  | 1,132,598 |  |  | 1,141,265 |  |  | 4,296 |
Consumer | 1,774 |  |  | 691 |  |  | 321 |  |  | 69 |  |  | 2,855 |  |  | 497,492 |  |  | 500,347 |  |  | — |
Total | $ | 9,065 |  |  | $ | 1,332 |  |  | $ | 909 |  |  | $ | 13,059 |  |  | $ | 24,365 |  |  | $ | 5,006,261 |  |  | $ | 5,030,626 |  |  | $ | 9,529 |
(dollars in thousands) | Accruing Loans 30 - 59 Days Past Due |  | Accruing Loans 60 - 89 Days Past Due |  | Accruing Loans Greater Than 90 Days Past Due |  | Nonaccrual Loans |  | Total Past Due and Nonaccrual |  | Loans and Leases Not Past Due |  | Total |  | Nonaccrual Loans With No ALLL
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial and agricultural | $ | 476 |  |  | $ | 865 |  |  | $ | — |  |  | $ | 467 |  |  | $ | 1,808 |  |  | $ | 568,496 |  |  | $ | 570,304 |  |  | $ | — |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction | 643 |  |  | — |  |  | — |  |  | — |  |  | 643 |  |  | 95,211 |  |  | 95,854 |  |  | — |
Residential mortgage | 1,830 |  |  | 589 |  |  | 724 |  |  | 979 |  |  | 4,122 |  |  | 1,595,679 |  |  | 1,599,801 |  |  | 979 |
Home equity | 759 |  |  | 207 |  |  | — |  |  | 92 |  |  | 1,058 |  |  | 489,676 |  |  | 490,734 |  |  | 92 |
Commercial mortgage | — |  |  | 397 |  |  | — |  |  | — |  |  | 397 |  |  | 1,123,018 |  |  | 1,123,415 |  |  | — |
Consumer | 3,223 |  |  | 943 |  |  | 286 |  |  | 17 |  |  | 4,469 |  |  | 564,963 |  |  | 569,432 |  |  | — |
Total | $ | 6,931 |  |  | $ | 3,001 |  |  | $ | 1,010 |  |  | $ | 1,555 |  |  | $ | 12,497 |  |  | $ | 4,437,043 |  |  | $ | 4,449,540 |  |  | $ | 1,071 |
In accordance with the "Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (Revised)" issued in April 2020, loans with deferrals granted because of COVID-19 are not considered past due and/or reported as nonaccrual if deemed collectible during the deferral period. Troubled Debt Restructurings Troubled debt restructurings ("TDRs") included in nonperforming assets at September 30, 2020 consisted of two Hawaii residential mortgage loans with a principal balance of $0.3 million. There were $7.4 million of TDRs still accruing interest at September 30, 2020, none of which were more than 90 days delinquent. At December 31, 2019, there were $7.5 million of TDRs still accruing interest, none of which were more than 90 days delinquent. The Company offers various types of concessions when modifying a loan. Concessions made to the original contractual terms of the loan typically consists of the deferral of interest and/or principal payments due to deterioration in the borrowers' financial condition. In these cases, the principal balance on the TDR had matured and/or was in default at the time of restructure, and there were no commitments to lend additional funds to the borrower during the three and nine months ended September 30, 2020 and 2019. As discussed in Note 1 to these financial statements, Section 4013 of CARES Act and the "Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (Revised)" provided banks an optional TDR election for certain loan modifications related to COVID-19 as long as the borrowers were not more than 30 days past due as of December 31, 2019 or at the time of modification program implementation, respectively, and meets other applicable criteria. The Company has identified eleven consumer loans totaling $0.2 million, including three consumer loans totaling $0.1 million in the third quarter of 2020, that were modified and did not meet the criteria under Section 4013 of CARES Act or the "Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (Revised)". As a result, these loans are included in the TDRs disclosed above. The Company had active loan deferrals with outstanding balances of approximately $290.7 million resulting from the COVID-19 pandemic that were not classified as a TDR at September 30, 2020. The following table sets forth loans on active payment forbearance or deferral as of September 30, 2020:
(dollars in thousands) | Loan Count |  | Balance |  | Accrued Interest Receivable |  | Total Loans |  | % of Total Loans |  | Total Loans, excl. PPP |  | % of Total Loans, excl. PPP
Commercial, financial and agricultural | 363 |  |  | $ | 64,298 |  |  | $ | 844 |  |  | $ | 1,056,651 |  |  | 6.1 | % |  | $ | 528,070 |  |  | 12.2 | %
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |
Construction | — |  |  | — |  |  | — |  |  | 118,247 |  |  | — | % |  | 118,247 |  |  | — | %
Residential mortgage | 216 |  |  | 103,130 |  |  | 1,803 |  |  | 1,680,060 |  |  | 6.1 | % |  | 1,680,060 |  |  | 6.1 | %
Home equity | — |  |  | — |  |  | — |  |  | 534,056 |  |  | — | % |  | 534,056 |  |  | — | %
Commercial mortgage | 25 |  |  | 69,420 |  |  | 469 |  |  | 1,141,265 |  |  | 6.1 | % |  | 1,141,265 |  |  | 6.1 | %
Consumer | 3,209 |  |  | 53,993 |  |  | 1,323 |  |  | 500,347 |  |  | 10.8 | % |  | 500,347 |  |  | 10.8 | %
Total loans | 3,813 |  |  | $ | 290,841 |  |  | $ | 4,439 |  |  | $ | 5,030,626 |  |  | 5.8 | % |  | $ | 4,502,045 |  |  | 6.5 | %
The following table presents by class, information related to loans modified in a TDR during the three and nine months ended September 30, 2020:
(dollars in thousands) | Number of Contracts |  | Recorded Investment (as of Period End) |  | Increase in the ACL
Three Months Ended September 30, 2020 |  |  |  |  |
Consumer | 3 |  |  | 80 |  |  | — |
Total | 3 |  |  | $ | 80 |  |  | $ | — |
Nine Months Ended September 30, 2020 |  |  |  |  |
Real estate: Commercial mortgage | 1 |  |  | $ | 281 |  |  | $ | — |
Consumer | 11 |  |  | 214 |  |  | — |
Total | 12 |  |  | $ | 495 |  |  | $ | — |
No loans were modified in a TDR during the three and nine months ended September 30, 2019. No loans were modified as a TDR within the previous twelve months that subsequently defaulted during the three and nine months ended September 30, 2020 and 2019. Credit Quality Indicators The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans by credit risk. This analysis includes non-homogeneous loans, such as commercial and commercial real estate loans. This analysis is performed on a quarterly basis. The Company uses the following definitions for risk rating of loans. Loans not meeting the following criteria that are analyzed individually as part of the described process are considered to be pass-rated loans. Special Mention. Loans classified as special mention, while still adequately protected by the borrower's capital adequacy and payment capability, exhibit distinct weakening trends and/or elevated levels of exposure to external conditions. If left unchecked or uncorrected, these potential weaknesses may result in deteriorated prospects of repayment. These exposures require management's close attention so as to avoid becoming undue or unwarranted credit exposures. Substandard. Loans classified as substandard are inadequately protected by the borrower's current financial condition and payment capability or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the orderly repayment of debt. They are characterized by the distinct possibility that the bank will sustain some loss if the deficiencies are not corrected. Doubtful. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or orderly repayment in full, on the basis of current existing facts, conditions and values, highly questionable and improbable. Possibility of loss is extremely high, but because of certain important and reasonably specific factors that may work to the advantage and strengthening of the exposure, its classification as an estimated loss is deferred until its more exact status may be determined. Loss. Loans classified as loss are considered to be non-collectible and of such little value that their continuance as bankable assets is not warranted. This does not mean the loan has absolutely no recovery value, but rather it is neither practical nor desirable to defer writing off the loan, even though partial recovery may be obtained in the future. Losses are taken in the period in which they surface as uncollectible. The following table presents the amortized cost basis of the Company's loans by class, credit quality indicator and origination year as of September 30, 2020. Revolving loans converted to term as of and during the three and nine months ended September 30, 2020 were not material to the total loan portfolio.
| Amortized Cost of Term Loans by Origination Year |  |  |  |
(dollars in thousands) | 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016 |  | Prior |  | Amortized Cost of Revolving Loans |  | Total
September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial and agricultural - SBA PPP: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 528,581 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 528,581 |
Subtotal | 528,581 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 528,581 |
Commercial, financial and agricultural - Other: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 68,156 |  |  | 63,398 |  |  | 60,700 |  |  | 43,948 |  |  | 41,585 |  |  | 91,001 |  |  | 78,224 |  |  | 447,012 |
Special Mention | 4,958 |  |  | 11,714 |  |  | 8,784 |  |  | 31,839 |  |  | 2,123 |  |  | 13,757 |  |  | 420 |  |  | 73,595 |
Substandard | 200 |  |  | 1,528 |  |  | 1,111 |  |  | 1,105 |  |  | 2,206 |  |  | 1,313 |  |  | — |  |  | 7,463 |
Subtotal | 73,314 |  |  | 76,640 |  |  | 70,595 |  |  | 76,892 |  |  | 45,914 |  |  | 106,071 |  |  | 78,644 |  |  | 528,070 |
Construction: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 19,436 |  |  | 20,931 |  |  | 41,893 |  |  | 11,201 |  |  | 2,202 |  |  | 19,238 |  |  | 2,401 |  |  | 117,302 |
Special Mention | — |  |  | — |  |  | 945 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 945 |
Subtotal | 19,436 |  |  | 20,931 |  |  | 42,838 |  |  | 11,201 |  |  | 2,202 |  |  | 19,238 |  |  | 2,401 |  |  | 118,247 |
Residential mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 416,073 |  |  | 302,683 |  |  | 141,156 |  |  | 159,808 |  |  | 197,665 |  |  | 456,398 |  |  | — |  |  | 1,673,783 |
Special Mention | — |  |  | — |  |  | — |  |  | 1,437 |  |  | 147 |  |  | — |  |  | — |  |  | 1,584 |
Substandard | — |  |  | — |  |  | 540 |  |  | 1,328 |  |  | 884 |  |  | 1,941 |  |  | — |  |  | 4,693 |
Loss | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Subtotal | 416,073 |  |  | 302,683 |  |  | 141,696 |  |  | 162,573 |  |  | 198,696 |  |  | 458,339 |  |  | — |  |  | 1,680,060 |
Home equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 13,407 |  |  | 16,993 |  |  | 16,713 |  |  | 778 |  |  | 390 |  |  | 4,794 |  |  | 480,238 |  |  | 533,313 |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 210 |  |  | 210 |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | 204 |  |  | 329 |  |  | — |  |  | 533 |
Subtotal | 13,407 |  |  | 16,993 |  |  | 16,713 |  |  | 778 |  |  | 594 |  |  | 5,123 |  |  | 480,448 |  |  | 534,056 |
Commercial mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 93,195 |  |  | 149,180 |  |  | 137,886 |  |  | 163,112 |  |  | 108,333 |  |  | 365,488 |  |  | 16,926 |  |  | 1,034,120 |
Special Mention | — |  |  | 2,602 |  |  | 24,134 |  |  | 7,685 |  |  | 13,623 |  |  | 24,137 |  |  | — |  |  | 72,181 |
Substandard | — |  |  | 2,593 |  |  | 11,500 |  |  | 1,998 |  |  | 4,296 |  |  | 14,577 |  |  | — |  |  | 34,964 |
Subtotal | 93,195 |  |  | 154,375 |  |  | 173,520 |  |  | 172,795 |  |  | 126,252 |  |  | 404,202 |  |  | 16,926 |  |  | 1,141,265 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 72,249 |  |  | 133,485 |  |  | 77,840 |  |  | 52,150 |  |  | 21,327 |  |  | 71,599 |  |  | 71,057 |  |  | 499,707 |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 250 |  |  | 250 |
Substandard | 27 |  |  | 11 |  |  | 40 |  |  | 9 |  |  | 1 |  |  | 168 |  |  | — |  |  | 256 |
Loss | 15 |  |  | — |  |  | — |  |  | 49 |  |  | — |  |  | 70 |  |  | — |  |  | 134 |
Subtotal | 72,291 |  |  | 133,496 |  |  | 77,880 |  |  | 52,208 |  |  | 21,328 |  |  | 71,837 |  |  | 71,307 |  |  | 500,347 |
Total | $ | 1,216,297 |  |  | $ | 705,118 |  |  | $ | 523,242 |  |  | $ | 476,447 |  |  | $ | 394,986 |  |  | $ | 1,064,810 |  |  | $ | 649,726 |  |  | $ | 5,030,626 |
The following tables present the Company's loans by class and credit quality indicator as of September 30, 2020 and December 31, 2019:
(dollars in thousands) | Pass |  | Special Mention |  | Substandard |  | Loss |  | Subtotal |  | Net Deferred Costs (Income) |  | Total
September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial and agricultural: SBA PPP | $ | 545,277 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 545,277 |  |  | $ | (16,696) |  |  | $ | 528,581 |
Commercial, financial and agricultural: Other | 445,305 |  |  | 73,595 |  |  | 7,463 |  |  | — |  |  | 526,363 |  |  | 1,707 |  |  | 528,070 |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |
Construction | 117,574 |  |  | 945 |  |  | — |  |  | — |  |  | 118,519 |  |  | (272) |  |  | 118,247 |
Residential mortgage | 1,670,180 |  |  | 1,584 |  |  | 4,693 |  |  | — |  |  | 1,676,457 |  |  | 3,603 |  |  | 1,680,060 |
Home equity | 532,396 |  |  | 210 |  |  | 533 |  |  | — |  |  | 533,139 |  |  | 917 |  |  | 534,056 |
Commercial mortgage | 1,036,064 |  |  | 72,181 |  |  | 34,964 |  |  | — |  |  | 1,143,209 |  |  | (1,944) |  |  | 1,141,265 |
Consumer | 499,776 |  |  | 250 |  |  | 256 |  |  | 134 |  |  | 500,416 |  |  | (69) |  |  | 500,347 |
Total | $ | 4,846,572 |  |  | $ | 148,765 |  |  | $ | 47,909 |  |  | $ | 134 |  |  | $ | 5,043,380 |  |  | $ | (12,754) |  |  | $ | 5,030,626 |
(dollars in thousands) | Pass |  | Special Mention |  | Substandard |  | Loss |  | Subtotal |  | Net Deferred Costs (Income) |  | Total
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial and agricultural: Other | $ | 523,342 |  |  | $ | 20,677 |  |  | $ | 26,070 |  |  | $ | — |  |  | $ | 570,089 |  |  | $ | 215 |  |  | $ | 570,304 |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |
Construction | 96,139 |  |  | — |  |  | — |  |  | — |  |  | 96,139 |  |  | (285) |  |  | 95,854 |
Residential mortgage | 1,593,072 |  |  | 840 |  |  | 1,889 |  |  | — |  |  | 1,595,801 |  |  | 4,000 |  |  | 1,599,801 |
Home equity | 490,147 |  |  | — |  |  | 92 |  |  | — |  |  | 490,239 |  |  | 495 |  |  | 490,734 |
Commercial mortgage | 1,094,364 |  |  | 17,440 |  |  | 13,107 |  |  | — |  |  | 1,124,911 |  |  | (1,496) |  |  | 1,123,415 |
Consumer | 569,212 |  |  | — |  |  | 193 |  |  | 111 |  |  | 569,516 |  |  | (84) |  |  | 569,432 |
Total | $ | 4,366,276 |  |  | $ | 38,957 |  |  | $ | 41,351 |  |  | $ | 111 |  |  | $ | 4,446,695 |  |  | $ | 2,845 |  |  | $ | 4,449,540 |

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 + Details
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