v3.21.1

Loans Receivable and the Allowance for Credit Losses | 3 Months Ended
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Mar. 31, 2021
Receivables [Abstract] |
Loans Receivable and the Allowance for Credit Losses | Loans Receivable and the Allowance for Credit Losses The composition of loans by class of receivable was as follows:
| As of
(in thousands) | March 31, 2021 |  | December 31, 2020
Agricultural | $ | 117,099 |  |  | $ | 116,392 |
Commercial and industrial | 993,770 |  |  | 1,055,488
Commercial real estate: |  |  |
Construction & development | 164,927 |  |  | 181,291
Farmland | 138,199 |  |  | 144,970
Multifamily | 261,806 |  |  | 256,525
Commercial real estate-other | 1,128,660 |  |  | 1,149,575
Total commercial real estate | 1,693,592 |  |  | 1,732,361
Residential real estate: |  |  |
One- to four- family first liens | 337,408 |  |  | 355,684
One- to four- family junior liens | 137,025 |  |  | 143,422
Total residential real estate | 474,433 |  |  | 499,106
Consumer | 79,267 |  |  | 78,876
Loans held for investment, net of unearned income | 3,358,161 |  |  | 3,482,223
Allowance for credit losses | (50,650) |  |  | (55,500) |
Total loans held for investment, net | $ | 3,307,511 |  |  | $ | 3,426,723 |
Loans with unpaid principal in the amount of $835.8 million and $830.2 million at March 31, 2021 and December 31, 2020, respectively, were pledged to the FHLB as collateral for borrowings. Non-accrual and Delinquent Status Loans are placed on non-accrual when (1) payment in full of principal and interest is no longer expected or (2) principal or interest has been in default for 90 days or more unless the loan is both well secured with marketable collateral and in the process of collection. All loans rated doubtful or worse, and certain loans rated substandard, are placed on non-accrual. A non-accrual loan may be restored to an accrual status when (1) all past due principal and interest has been paid (excluding renewals and modifications that involve the capitalizing of interest) or (2) the loan becomes well secured with marketable collateral and is in the process of collection. An established track record of performance is also considered when determining accrual status. Loans are considered past due or delinquent when the contractual principal or interest due in accordance with the terms of the loan agreement or any portion thereof remains unpaid after the due date of the scheduled payment. The following table presents the amortized cost basis of loans based on delinquency status:
|  |  | Age Analysis of Past-Due Financial Assets |  |  |  | 90 Days or More Past Due And Accruing
(in thousands) | Current |  | 30 - 59 Days Past Due |  | 60 - 89 Days Past Due |  | 90 Days or More Past Due |  | Total |
March 31, 2021 |  |  |  |  |  |  |  |  |  |  |
Agricultural | $ | 115,252 |  |  | $ | 513 |  |  | $ | 106 |  |  | $ | 1,228 |  |  | $ | 117,099 |  |  | $ | — |
Commercial and industrial | 989,633 |  |  | 1,042 |  |  | 124 |  |  | 2,971 |  |  | 993,770 |  |  | 6 |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |
Construction and development | 163,630 |  |  | 693 |  |  | — |  |  | 604 |  |  | 164,927 |  |  | — |
Farmland | 132,004 |  |  | 589 |  |  | 164 |  |  | 5,442 |  |  | 138,199 |  |  | — |
Multifamily | 259,564 |  |  | 2,242 |  |  | — |  |  | — |  |  | 261,806 |  |  | — |
Commercial real estate-other | 1,112,419 |  |  | 785 |  |  | — |  |  | 15,456 |  |  | 1,128,660 |  |  | — |
Total commercial real estate | 1,667,617 |  |  | 4,309 |  |  | 164 |  |  | 21,502 |  |  | 1,693,592 |  |  | — |
Residential real estate: |  |  |  |  |  |  |  |  |  |  |
One- to four- family first liens | 334,061 |  |  | 2,337 |  |  | 141 |  |  | 869 |  |  | 337,408 |  |  | 468 |
One- to four- family junior liens | 136,804 |  |  | 60 |  |  | — |  |  | 161 |  |  | 137,025 |  |  | 34 |
Total residential real estate | 470,865 |  |  | 2,397 |  |  | 141 |  |  | 1,030 |  |  | 474,433 |  |  | 502 |
Consumer | 79,134 |  |  | 94 |  |  | 6 |  |  | 33 |  |  | 79,267 |  |  | — |
Total | $ | 3,322,501 |  |  | $ | 8,355 |  |  | $ | 541 |  |  | $ | 26,764 |  |  | $ | 3,358,161 |  |  | $ | 508 |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |
Agricultural | $ | 115,284 |  |  | $ | 8 |  |  | $ | 45 |  |  | $ | 1,055 |  |  | $ | 116,392 |  |  | $ | — |
Commercial and industrial | 1,051,727 |  |  | 477 |  |  | 333 |  |  | 2,951 |  |  | 1,055,488 |  |  | 106 |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |
Construction and development | 180,059 |  |  | 586 |  |  | 42 |  |  | 604 |  |  | 181,291 |  |  | — |
Farmland | 138,798 |  |  | 226 |  |  | 324 |  |  | 5,622 |  |  | 144,970 |  |  | — |
Multifamily | 256,525 |  |  | — |  |  | — |  |  | — |  |  | 256,525 |  |  | — |
Commercial real estate-other | 1,132,015 |  |  | 11,514 |  |  | 318 |  |  | 5,728 |  |  | 1,149,575 |  |  | — |
Total commercial real estate | 1,707,397 |  |  | 12,326 |  |  | 684 |  |  | 11,954 |  |  | 1,732,361 |  |  | — |
Residential real estate: |  |  |  |  |  |  |  |  |  |  |
One- to four- family first liens | 351,370 |  |  | 2,062 |  |  | 566 |  |  | 1,686 |  |  | 355,684 |  |  | 625 |
One- to four- family junior liens | 142,663 |  |  | 377 |  |  | 234 |  |  | 148 |  |  | 143,422 |  |  | — |
Total residential real estate | 494,033 |  |  | 2,439 |  |  | 800 |  |  | 1,834 |  |  | 499,106 |  |  | 625 |
Consumer | 78,747 |  |  | 43 |  |  | 39 |  |  | 47 |  |  | 78,876 |  |  | 8 |
Total | $ | 3,447,188 |  |  | $ | 15,293 |  |  | $ | 1,901 |  |  | $ | 17,841 |  |  | $ | 3,482,223 |  |  | $ | 739 |
The following table presents the amortized cost basis of loans on non-accrual status, and loans past due 90 days or more and still accruing by class of loan as of March 31, 2021 and December 31, 2020:
| Nonaccrual |  | Nonaccrual with no Allowance for Credit Losses |  | 90 Days or More Past Due And Accruing |  |  |
(in thousands) | March 31, 2021 |  | December 31, 2020 |  | March 31, 2021 |  | December 31, 2020 |  | March 31, 2021 |  | December 31, 2020 |  |  |
Agricultural | $ | 2,824 |  |  | $ | 2,584 |  |  | $ | 2,220 |  |  | $ | 1,599 |  |  | $ | — |  |  | $ | — |  |  |  |
Commercial and industrial | 6,494 |  |  | 7,326 |  |  | 3,401 |  |  | 4,349 |  |  | 6 |  |  | 106 |  |  |  |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction and development | 619 |  |  | 1,145 |  |  | 596 |  |  | 900 |  |  | — |  |  | — |  |  |  |
Farmland | 10,458 |  |  | 8,319 |  |  | 8,834 |  |  | 7,266 |  |  | — |  |  | — |  |  |  |
Multifamily | 1,096 |  |  | 746 |  |  | 37 |  |  | 39 |  |  | — |  |  | — |  |  |  |
Commercial real estate-other | 19,695 |  |  | 19,134 |  |  | 2,933 |  |  | 2,497 |  |  | — |  |  | — |  |  |  |
Total commercial real estate | 31,868 |  |  | 29,344 |  |  | 12,400 |  |  | 10,702 |  |  | — |  |  | — |  |  |  |
Residential real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |
One- to four- family first liens | 1,863 |  |  | 1,895 |  |  | 353 |  |  | 75 |  |  | 468 |  |  | 625 |  |  |  |
One- to four- family junior liens | 747 |  |  | 722 |  |  | 1 |  |  | 1 |  |  | 34 |  |  | — |  |  |  |
Total residential real estate | 2,610 |  |  | 2,617 |  |  | 354 |  |  | 76 |  |  | 502 |  |  | 625 |  |  |  |
Consumer | 78 |  |  | 79 |  |  | 13 |  |  | 13 |  |  | — |  |  | 8 |  |  |  |
Total | $ | 43,874 |  |  | $ | 41,950 |  |  | $ | 18,388 |  |  | $ | 16,739 |  |  | $ | 508 |  |  | $ | 739 |  |  |  |
The interest income recognized on loans that were on nonaccrual for the three months ended March 31, 2021 and the three months ended March 31, 2020 is $236 thousand and $272 thousand, respectively. Credit Quality Information The Company aggregates 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, and other factors. The Company analyzes loans individually to classify the loans as to credit risk. This analysis includes non-homogenous loans, such as agricultural, commercial and industrial, and commercial real estate loans. Loans not meeting the criteria described below that are analyzed individually are considered to be pass-rated. The Company uses the following definitions for risk ratings: Special Mention/Watch - A special mention/watch asset has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the Company’s credit position at some future date. Special mention/watch assets are not adversely classified and do not expose the Company to sufficient risk to warrant adverse classification. Substandard - Substandard loans are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company 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 liquidation in full, on the basis of currently known facts, conditions and values, highly questionable and improbable. Loss - Loans classified as loss are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value but rather it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be affected in the future. Homogenous loans, including residential real estate and consumer loans, are not individually risk rated. Instead, these loans are categorized based on performance: performing and nonperforming. Nonperforming loans include those loans on nonaccrual and loans greater than 90 days past due and on accrual. The following table sets forth the amortized cost basis of loans by class of receivable by credit quality indicator and vintage based on the most recent analysis performed, as of March 31, 2021. As of March 31, 2021, there were no 'loss' rated credits.
| Term Loans by Origination Year |  | Revolving Loans |  |  |  |
March 31, 2021 (in thousands) | 2021 |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | Prior |  |  |  | Total
Agricultural |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 21,063 |  |  | $ | 13,560 |  |  | $ | 6,123 |  |  | $ | 2,169 |  |  | $ | 1,796 |  |  | $ | 2,501 |  |  | $ | 51,726 |  |  |  |  | $ | 98,938 |
Special mention / watch | 1,485 |  |  | 3,259 |  |  | 1,066 |  |  | 75 |  |  | 94 |  |  | 1,326 |  |  | 4,680 |  |  |  |  | 11,985 |
Substandard | 1,824 |  |  | 1,800 |  |  | 511 |  |  | 239 |  |  | 170 |  |  | 327 |  |  | 1,303 |  |  |  |  | 6,174 |
Doubtful | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  |  |  | 2 |
Total | $ | 24,372 |  |  | $ | 18,620 |  |  | $ | 7,700 |  |  | $ | 2,483 |  |  | $ | 2,060 |  |  | $ | 4,155 |  |  | $ | 57,709 |  |  |  |  | $ | 117,099 |
Commercial and industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 137,814 |  |  | $ | 393,679 |  |  | $ | 91,939 |  |  | $ | 47,502 |  |  | $ | 59,720 |  |  | $ | 127,324 |  |  | $ | 108,875 |  |  |  |  | $ | 966,853 |
Special mention / watch | 2,029 |  |  | 2,821 |  |  | 501 |  |  | 412 |  |  | 2,233 |  |  | 259 |  |  | 4,865 |  |  |  |  | 13,120 |
Substandard | 1,092 |  |  | 3,440 |  |  | 1,378 |  |  | 861 |  |  | 464 |  |  | 3,688 |  |  | 2,869 |  |  |  |  | 13,792 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 3 |  |  | 1 |  |  |  |  | 5 |
Total | $ | 140,935 |  |  | $ | 399,940 |  |  | $ | 93,818 |  |  | $ | 48,775 |  |  | $ | 62,418 |  |  | $ | 131,274 |  |  | $ | 116,610 |  |  |  |  | $ | 993,770 |
CRE - Construction and development |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 13,493 |  |  | $ | 84,966 |  |  | $ | 23,974 |  |  | $ | 10,652 |  |  | $ | 1,994 |  |  | $ | 1,344 |  |  | $ | 25,120 |  |  |  |  | $ | 161,543 |
Special mention / watch | — |  |  | 835 |  |  | 294 |  |  | 537 |  |  | — |  |  | 8 |  |  | — |  |  |  |  | 1,674 |
Substandard | — |  |  | 589 |  |  | 1,097 |  |  | — |  |  | — |  |  | 24 |  |  | — |  |  |  |  | 1,710 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |
Total | $ | 13,493 |  |  | $ | 86,390 |  |  | $ | 25,365 |  |  | $ | 11,189 |  |  | $ | 1,994 |  |  | $ | 1,376 |  |  | $ | 25,120 |  |  |  |  | $ | 164,927 |
CRE - Farmland |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 11,922 |  |  | $ | 45,736 |  |  | $ | 21,226 |  |  | $ | 6,170 |  |  | $ | 7,527 |  |  | $ | 16,130 |  |  | $ | 1,499 |  |  |  |  | $ | 110,210 |
Special mention / watch | 2,113 |  |  | 5,349 |  |  | 4,582 |  |  | 1,039 |  |  | 656 |  |  | 236 |  |  | 148 |  |  |  |  | 14,123 |
Substandard | 92 |  |  | 3,510 |  |  | 2,451 |  |  | 3,695 |  |  | 1,727 |  |  | 2,364 |  |  | 27 |  |  |  |  | 13,866 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |
Total | $ | 14,127 |  |  | $ | 54,595 |  |  | $ | 28,259 |  |  | $ | 10,904 |  |  | $ | 9,910 |  |  | $ | 18,730 |  |  | $ | 1,674 |  |  |  |  | $ | 138,199 |
CRE - Multifamily |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 41,991 |  |  | $ | 151,623 |  |  | $ | 18,241 |  |  | $ | 3,888 |  |  | $ | 8,644 |  |  | $ | 23,693 |  |  | $ | 10,886 |  |  |  |  | $ | 258,966 |
Special mention / watch | — |  |  | 344 |  |  | — |  |  | — |  |  | — |  |  | 51 |  |  | — |  |  |  |  | 395 |
Substandard | — |  |  | 1,096 |  |  | — |  |  | — |  |  | — |  |  | 1,349 |  |  | — |  |  |  |  | 2,445 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |
Total | $ | 41,991 |  |  | $ | 153,063 |  |  | $ | 18,241 |  |  | $ | 3,888 |  |  | $ | 8,644 |  |  | $ | 25,093 |  |  | $ | 10,886 |  |  |  |  | $ | 261,806 |
CRE - other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 83,195 |  |  | $ | 486,080 |  |  | $ | 120,039 |  |  | $ | 46,016 |  |  | $ | 74,286 |  |  | $ | 115,050 |  |  | $ | 41,042 |  |  |  |  | $ | 965,708 |
Special mention / watch | 5,116 |  |  | 53,445 |  |  | 6,732 |  |  | 12,761 |  |  | 5,883 |  |  | 4,536 |  |  | 282 |  |  |  |  | 88,755 |
Substandard | 2,173 |  |  | 44,265 |  |  | 12,752 |  |  | 6,231 |  |  | 1,214 |  |  | 7,453 |  |  | 109 |  |  |  |  | 74,197 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |
Total | $ | 90,484 |  |  | $ | 583,790 |  |  | $ | 139,523 |  |  | $ | 65,008 |  |  | $ | 81,383 |  |  | $ | 127,039 |  |  | $ | 41,433 |  |  |  |  | $ | 1,128,660 |
RRE - One- to four- family first liens |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing | $ | 28,149 |  |  | $ | 100,073 |  |  | $ | 39,401 |  |  | $ | 37,074 |  |  | $ | 27,824 |  |  | $ | 95,272 |  |  | $ | 7,284 |  |  |  |  | $ | 335,077 |
Nonperforming | 499 |  |  | 218 |  |  | 1 |  |  | 337 |  |  | 226 |  |  | 1,050 |  |  | — |  |  |  |  | 2,331 |
Total | $ | 28,648 |  |  | $ | 100,291 |  |  | $ | 39,402 |  |  | $ | 37,411 |  |  | $ | 28,050 |  |  | $ | 96,322 |  |  | $ | 7,284 |  |  |  |  | $ | 337,408 |
RRE - One- to four- family junior liens |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing | $ | 11,828 |  |  | $ | 17,822 |  |  | $ | 6,613 |  |  | $ | 10,069 |  |  | $ | 5,641 |  |  | $ | 7,683 |  |  | $ | 76,588 |  |  |  |  | $ | 136,244 |
Nonperforming | — |  |  | 32 |  |  | 143 |  |  | 209 |  |  | 16 |  |  | 230 |  |  | 151 |  |  |  |  | 781 |
Total | $ | 11,828 |  |  | $ | 17,854 |  |  | $ | 6,756 |  |  | $ | 10,278 |  |  | $ | 5,657 |  |  | $ | 7,913 |  |  | $ | 76,739 |  |  |  |  | $ | 137,025 |
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing | $ | 12,390 |  |  | $ | 26,540 |  |  | $ | 11,168 |  |  | $ | 9,026 |  |  | $ | 4,108 |  |  | $ | 5,707 |  |  | $ | 10,250 |  |  |  |  | $ | 79,189 |
Nonperforming | — |  |  | 6 |  |  | 19 |  |  | 11 |  |  | 8 |  |  | 34 |  |  | — |  |  |  |  | 78 |
Total | $ | 12,390 |  |  | $ | 26,546 |  |  | $ | 11,187 |  |  | $ | 9,037 |  |  | $ | 4,116 |  |  | $ | 5,741 |  |  | $ | 10,250 |  |  |  |  | $ | 79,267 |
| Term Loans by Origination Year |  | Revolving Loans |  |  |  |
| 2021 |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | Prior |  |  |  | Total
Total by Credit Quality Indicator Category |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 309,478 |  |  | $ | 1,175,644 |  |  | $ | 281,542 |  |  | $ | 116,397 |  |  | $ | 153,967 |  |  | $ | 286,042 |  |  | $ | 239,148 |  |  |  |  | $ | 2,562,218 |
Special mention / watch | 10,743 |  |  | 66,053 |  |  | 13,175 |  |  | 14,824 |  |  | 8,866 |  |  | 6,416 |  |  | 9,975 |  |  |  |  | 130,052 |
Substandard | 5,181 |  |  | 54,700 |  |  | 18,189 |  |  | 11,026 |  |  | 3,575 |  |  | 15,205 |  |  | 4,308 |  |  |  |  | 112,184 |
Doubtful | — |  |  | 1 |  |  | — |  |  | — |  |  | 1 |  |  | 4 |  |  | 1 |  |  |  |  | 7 |
Performing | 52,367 |  |  | 144,435 |  |  | 57,182 |  |  | 56,169 |  |  | 37,573 |  |  | 108,662 |  |  | 94,122 |  |  |  |  | 550,510 |
Nonperforming | 499 |  |  | 256 |  |  | 163 |  |  | 557 |  |  | 250 |  |  | 1,314 |  |  | 151 |  |  |  |  | 3,190 |
Total | $ | 378,268 |  |  | $ | 1,441,089 |  |  | $ | 370,251 |  |  | $ | 198,973 |  |  | $ | 204,232 |  |  | $ | 417,643 |  |  | $ | 347,705 |  |  |  |  | $ | 3,358,161 |
The following table sets forth the amortized cost basis of loans by class of receivable by credit quality indicator and vintage based on the most recent analysis performed, as of December 31, 2020. As of December 31, 2020, there were no 'loss' rated credits.
| Term Loans by Origination Year |  | Revolving Loans |  |  |  |
December 31, 2020 (in thousands) | 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016 |  | Prior |  |  |  | Total
Agricultural |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 17,836 |  |  | $ | 6,959 |  |  | $ | 2,764 |  |  | $ | 2,145 |  |  | $ | 1,386 |  |  | $ | 1,833 |  |  | $ | 60,802 |  |  |  |  | $ | 93,725 |
Special mention / watch | 4,892 |  |  | 1,083 |  |  | 117 |  |  | 108 |  |  | 553 |  |  | 1,103 |  |  | 7,210 |  |  |  |  | 15,066 |
Substandard | 4,075 |  |  | 650 |  |  | 258 |  |  | 183 |  |  | 121 |  |  | 226 |  |  | 2,086 |  |  |  |  | 7,599 |
Doubtful | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  |  |  | 2 |
Total | $ | 26,804 |  |  | $ | 8,692 |  |  | $ | 3,139 |  |  | $ | 2,436 |  |  | $ | 2,060 |  |  | $ | 3,163 |  |  | $ | 70,098 |  |  |  |  | $ | 116,392 |
Commercial and industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 546,171 |  |  | $ | 105,523 |  |  | $ | 57,055 |  |  | $ | 61,753 |  |  | $ | 38,695 |  |  | $ | 92,526 |  |  | $ | 120,498 |  |  |  |  | $ | 1,022,221 |
Special mention / watch | 3,410 |  |  | 572 |  |  | 497 |  |  | 2,261 |  |  | 611 |  |  | 112 |  |  | 4,796 |  |  |  |  | 12,259 |
Substandard | 5,014 |  |  | 1,539 |  |  | 928 |  |  | 656 |  |  | 461 |  |  | 3,261 |  |  | 9,144 |  |  |  |  | 21,003 |
Doubtful | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 3 |  |  | 1 |  |  |  |  | 5 |
Total | $ | 554,595 |  |  | $ | 107,634 |  |  | $ | 58,480 |  |  | $ | 64,671 |  |  | $ | 39,767 |  |  | $ | 95,902 |  |  | $ | 134,439 |  |  |  |  | $ | 1,055,488 |
CRE - Construction and development |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 109,885 |  |  | $ | 25,972 |  |  | $ | 14,994 |  |  | $ | 2,696 |  |  | $ | 679 |  |  | $ | 876 |  |  | $ | 22,519 |  |  |  |  | $ | 177,621 |
Special mention / watch | 843 |  |  | 298 |  |  | 542 |  |  | — |  |  | 9 |  |  | 3 |  |  | — |  |  |  |  | 1,695 |
Substandard | 597 |  |  | 1,132 |  |  | 220 |  |  | — |  |  | — |  |  | 26 |  |  | — |  |  |  |  | 1,975 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |
Total | $ | 111,325 |  |  | $ | 27,402 |  |  | $ | 15,756 |  |  | $ | 2,696 |  |  | $ | 688 |  |  | $ | 905 |  |  | $ | 22,519 |  |  |  |  | $ | 181,291 |
CRE - Farmland |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 48,378 |  |  | $ | 25,022 |  |  | $ | 9,577 |  |  | $ | 10,490 |  |  | $ | 8,378 |  |  | $ | 13,003 |  |  | $ | 1,263 |  |  |  |  | $ | 116,111 |
Special mention / watch | 8,088 |  |  | 4,583 |  |  | 935 |  |  | 660 |  |  | 361 |  |  | 237 |  |  | — |  |  |  |  | 14,864 |
Substandard | 3,924 |  |  | 2,627 |  |  | 4,386 |  |  | 1,728 |  |  | 166 |  |  | 1,128 |  |  | 36 |  |  |  |  | 13,995 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |
Total | $ | 60,390 |  |  | $ | 32,232 |  |  | $ | 14,898 |  |  | $ | 12,878 |  |  | $ | 8,905 |  |  | $ | 14,368 |  |  | $ | 1,299 |  |  |  |  | $ | 144,970 |
CRE - Multifamily |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 164,817 |  |  | $ | 18,992 |  |  | $ | 17,805 |  |  | $ | 10,706 |  |  | $ | 10,201 |  |  | $ | 19,581 |  |  | $ | 11,558 |  |  |  |  | $ | 253,660 |
Special mention / watch | 345 |  |  | — |  |  | — |  |  | — |  |  | 59 |  |  | — |  |  | — |  |  |  |  | 404 |
Substandard | 1,099 |  |  | — |  |  | — |  |  | — |  |  | 1,362 |  |  | — |  |  | — |  |  |  |  | 2,461 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |
Total | $ | 166,261 |  |  | $ | 18,992 |  |  | $ | 17,805 |  |  | $ | 10,706 |  |  | $ | 11,622 |  |  | $ | 19,581 |  |  | $ | 11,558 |  |  |  |  | $ | 256,525 |
CRE - other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 487,771 |  |  | $ | 129,388 |  |  | $ | 60,957 |  |  | $ | 83,393 |  |  | $ | 66,369 |  |  | $ | 91,698 |  |  | $ | 45,129 |  |  |  |  | $ | 964,705 |
Special mention / watch | 71,141 |  |  | 14,870 |  |  | 12,415 |  |  | 5,953 |  |  | 3,756 |  |  | 4,335 |  |  | 455 |  |  |  |  | 112,925 |
Substandard | 48,690 |  |  | 7,162 |  |  | 6,370 |  |  | 1,222 |  |  | 579 |  |  | 6,997 |  |  | 925 |  |  |  |  | 71,945 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |
Total | $ | 607,602 |  |  | $ | 151,420 |  |  | $ | 79,742 |  |  | $ | 90,568 |  |  | $ | 70,704 |  |  | $ | 103,030 |  |  | $ | 46,509 |  |  |  |  | $ | 1,149,575 |
RRE - One- to four- family first liens |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing | $ | 117,923 |  |  | $ | 46,581 |  |  | $ | 42,875 |  |  | $ | 30,628 |  |  | $ | 37,407 |  |  | $ | 68,501 |  |  | $ | 9,249 |  |  |  |  | $ | 353,164 |
Nonperforming | 239 |  |  | 1 |  |  | 596 |  |  | 303 |  |  | 148 |  |  | 1,233 |  |  | — |  |  |  |  | 2,520 |
Total | $ | 118,162 |  |  | $ | 46,582 |  |  | $ | 43,471 |  |  | $ | 30,931 |  |  | $ | 37,555 |  |  | $ | 69,734 |  |  | $ | 9,249 |  |  |  |  | $ | 355,684 |
RRE - One- to four- family junior liens |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing | $ | 19,818 |  |  | $ | 7,973 |  |  | $ | 12,140 |  |  | $ | 6,152 |  |  | $ | 3,467 |  |  | $ | 5,354 |  |  | $ | 87,795 |  |  |  |  | $ | 142,699 |
Nonperforming | 7 |  |  | — |  |  | 223 |  |  | 17 |  |  | 116 |  |  | 190 |  |  | 170 |  |  |  |  | 723 |
Total | $ | 19,825 |  |  | $ | 7,973 |  |  | $ | 12,363 |  |  | $ | 6,169 |  |  | $ | 3,583 |  |  | $ | 5,544 |  |  | $ | 87,965 |  |  |  |  | $ | 143,422 |
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing | $ | 30,755 |  |  | $ | 13,662 |  |  | $ | 10,341 |  |  | $ | 4,960 |  |  | $ | 2,656 |  |  | $ | 6,306 |  |  | $ | 10,118 |  |  |  |  | $ | 78,798 |
Nonperforming | 2 |  |  | 21 |  |  | 13 |  |  | 5 |  |  | 13 |  |  | 24 |  |  | — |  |  |  |  | 78 |
Total | $ | 30,757 |  |  | $ | 13,683 |  |  | $ | 10,354 |  |  | $ | 4,965 |  |  | $ | 2,669 |  |  | $ | 6,330 |  |  | $ | 10,118 |  |  |  |  | $ | 78,876 |
| Term Loans by Origination Year |  | Revolving Loans |  |  |  |
| 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016 |  | Prior |  |  |  | Total
Total by Credit Quality Indicator Category |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 1,374,858 |  |  | $ | 311,856 |  |  | $ | 163,152 |  |  | $ | 171,183 |  |  | $ | 125,708 |  |  | $ | 219,517 |  |  | $ | 261,769 |  |  |  |  | $ | 2,628,043 |
Special mention / watch | 88,719 |  |  | 21,406 |  |  | 14,506 |  |  | 8,982 |  |  | 5,349 |  |  | 5,790 |  |  | 12,461 |  |  |  |  | 157,213 |
Substandard | 63,399 |  |  | 13,110 |  |  | 12,162 |  |  | 3,789 |  |  | 2,689 |  |  | 11,638 |  |  | 12,191 |  |  |  |  | 118,978 |
Doubtful | 1 |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 4 |  |  | 1 |  |  |  |  | 7 |
Performing | 168,496 |  |  | 68,216 |  |  | 65,356 |  |  | 41,740 |  |  | 43,530 |  |  | 80,161 |  |  | 107,162 |  |  |  |  | 574,661 |
Nonperforming | 248 |  |  | 22 |  |  | 832 |  |  | 325 |  |  | 277 |  |  | 1,447 |  |  | 170 |  |  |  |  | 3,321 |
Total | $ | 1,695,721 |  |  | $ | 414,610 |  |  | $ | 256,008 |  |  | $ | 226,020 |  |  | $ | 177,553 |  |  | $ | 318,557 |  |  | $ | 393,754 |  |  |  |  | $ | 3,482,223 |
Allowance for Credit Losses At March 31, 2021, the economic forecast used by the Company showed the following: (1) Midwest unemployment – slight increase in the next forecasted quarter followed by decreases in the following three forecasted quarters; (2) Year-to-year change in national retail sales - increases over the next four forecasted quarters; (3) Year-to-year change in CRE Index - decreases over the next four forecasted quarters; (4) Year-to-year change in U.S. GDP - increases over the next four forecasted quarters; (5) Year-to-year change in National Home Price Index – increases over the next four forecasted quarters; and (6) Rental Vacancy - an increase over the next two forecasted quarters, followed by a decline in the third and fourth forecasted quarters. Overall, economic forecast loss driver data improved when compared to the previously disclosed fourth quarter of 2020 results. We have made a policy election to report interest receivable as a separate line on the balance sheet. Accrued interest receivable, which is recorded within 'Other Assets', totaled $11.7 million at March 31, 2021 and $14.2 million at December 31, 2020 and is excluded from the estimate of credit losses. The changes in the allowance for credit losses by portfolio segment were as follows:
| For the Three Months Ended March 31, 2021 and 2020
(in thousands) | Agricultural |  | Commercial and Industrial |  | Commercial Real Estate |  | Residential Real Estate |  | Consumer |  | Total
For the Three Months Ended March 31, 2021 |  |  |  |  |  |  |  |  |  |  |
Beginning balance | $ | 1,346 |  |  | $ | 15,689 |  |  | $ | 32,640 |  |  | $ | 4,882 |  |  | $ | 943 |  |  | $ | 55,500 |
Charge-offs | (41) |  |  | (666) |  |  | (66) |  |  | (35) |  |  | (195) |  |  | (1,003) |
Recoveries | 27 |  |  | 292 |  |  | 306 |  |  | 9 |  |  | 53 |  |  | 687 |
Credit loss (benefit) expense(1) | (222) |  |  | (1,671) |  |  | (2,455) |  |  | (201) |  |  | 15 |  |  | (4,534) |
Ending balance | $ | 1,110 |  |  | $ | 13,644 |  |  | $ | 30,425 |  |  | $ | 4,655 |  |  | $ | 816 |  |  | $ | 50,650 |
For the Three Months Ended March 31, 2020 |  |  |  |  |  |  |  |  |  |  |
Beginning balance | $ | 3,748 |  |  | $ | 8,394 |  |  | $ | 13,804 |  |  | $ | 2,685 |  |  | $ | 448 |  |  | $ | 29,079 |
Day 1 transition adjustment from adoption of ASC 326 | (2,557) |  |  | 2,728 |  |  | 1,300 |  |  | 2,050 |  |  | 463 |  |  | 3,984 |
Charge-offs | (84) |  |  | (471) |  |  | (720) |  |  | — |  |  | (222) |  |  | (1,497) |
Recoveries | 25 |  |  | 213 |  |  | 8 |  |  | 7 |  |  | 46 |  |  | 299 |
Credit loss expense(1) | 14 |  |  | 8,445 |  |  | 8,746 |  |  | 1,683 |  |  | 434 |  |  | 19,322 |
Ending balance | $ | 1,146 |  |  | $ | 19,309 |  |  | $ | 23,138 |  |  | $ | 6,425 |  |  | $ | 1,169 |  |  | $ | 51,187 |
(1) The difference in the credit loss expense reported herein as compared to the Consolidated Statements of Income is associated with the credit loss (benefit) expense of $(0.2) million and $2.4 million related to off-balance sheet credit exposures for the three months ended March 31, 2021 and March 31, 2020, respectively.
The composition of allowance for credit losses by portfolio segment based on evaluation method were as follows:
| As of March 31, 2021
(in thousands) | Agricultural |  | Commercial and Industrial |  | Commercial Real Estate |  | Residential Real Estate |  | Consumer |  | Total
Loans held for investment, net of unearned income |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment | $ | 2,463 |  |  | $ | 5,591 |  |  | $ | 30,949 |  |  | $ | 692 |  |  | $ | 8 |  |  | $ | 39,703 |
Collectively evaluated for impairment | 114,636 |  |  | 988,179 |  |  | 1,662,643 |  |  | 473,741 |  |  | 79,259 |  |  | 3,318,458 |
Total | $ | 117,099 |  |  | $ | 993,770 |  |  | $ | 1,693,592 |  |  | $ | 474,433 |  |  | $ | 79,267 |  |  | $ | 3,358,161 |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment | $ | 39 |  |  | $ | 773 |  |  | $ | 2,486 |  |  | $ | 170 |  |  | $ | — |  |  | $ | 3,468 |
Collectively evaluated for impairment | 1,071 |  |  | 12,871 |  |  | 27,939 |  |  | 4,485 |  |  | 816 |  |  | 47,182 |
Total | $ | 1,110 |  |  | $ | 13,644 |  |  | $ | 30,425 |  |  | $ | 4,655 |  |  | $ | 816 |  |  | $ | 50,650 |
| As of December 31, 2020
(in thousands) | Agricultural |  | Commercial and Industrial |  | Commercial Real Estate |  | Residential Real Estate |  | Consumer |  | Total
Loans held for investment, net of unearned income |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment | $ | 2,088 |  |  | $ | 6,582 |  |  | $ | 28,235 |  |  | $ | 427 |  |  | $ | 8 |  |  | $ | 37,340 |
Collectively evaluated for impairment | 114,304 |  |  | 1,048,906 |  |  | 1,704,126 |  |  | 498,679 |  |  | 78,868 |  |  | 3,444,883 |
Total | $ | 116,392 |  |  | $ | 1,055,488 |  |  | $ | 1,732,361 |  |  | $ | 499,106 |  |  | $ | 78,876 |  |  | $ | 3,482,223 |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment | $ | 66 |  |  | $ | 799 |  |  | $ | 2,031 |  |  | $ | 179 |  |  | $ | — |  |  | $ | 3,075 |
Collectively evaluated for impairment | 1,280 |  |  | 14,890 |  |  | 30,609 |  |  | 4,703 |  |  | 943 |  |  | 52,425 |
Total | $ | 1,346 |  |  | $ | 15,689 |  |  | $ | 32,640 |  |  | $ | 4,882 |  |  | $ | 943 |  |  | $ | 55,500 |
The following table presents the amortized cost basis of collateral dependent loans, by the primary collateral type, which are individually evaluated to determine expected credit losses, and the related ACL allocated to these loans:
|  | As of March 31, 2021
(in thousands) |  | Primary Type of Collateral
|  | Real Estate |  |  |  | Equipment |  | Other |  | Total |  | ACL Allocation
Agricultural |  | $ | 963 |  |  |  |  | $ | 758 |  |  | $ | 742 |  |  | $ | 2,463 |  |  | $ | 39 |
Commercial and industrial |  | 629 |  |  |  |  | 2,366 |  |  | 2,596 |  |  | 5,591 |  |  | 773 |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |
Construction and development |  | 595 |  |  |  |  | — |  |  | — |  |  | 595 |  |  | — |
Farmland |  | 10,132 |  |  |  |  | — |  |  | — |  |  | 10,132 |  |  | 123 |
Multifamily |  | 1,096 |  |  |  |  | — |  |  | — |  |  | 1,096 |  |  | 452 |
Commercial real estate-other |  | 19,126 |  |  |  |  | — |  |  | — |  |  | 19,126 |  |  | 1,911 |
Residential real estate: |  |  |  |  |  |  |  |  |  |  |  |
One- to four- family first liens |  | 483 |  |  |  |  | — |  |  | — |  |  | 483 |  |  | 132 |
One- to four- family junior liens |  | 209 |  |  |  |  | — |  |  | — |  |  | 209 |  |  | 38 |
Consumer |  | — |  |  |  |  | 8 |  |  | — |  |  | 8 |  |  | — |
Total |  | $ | 33,233 |  |  |  |  | $ | 3,132 |  |  | $ | 3,338 |  |  | $ | 39,703 |  |  | $ | 3,468 |
|  | As of December 31, 2020
(in thousands) |  | Primary Type of Collateral
|  | Real Estate |  |  |  | Equipment |  | Other |  | Total |  | ACL Allocation
Agricultural |  | $ | 516 |  |  |  |  | $ | 824 |  |  | $ | 748 |  |  | $ | 2,088 |  |  | $ | 66 |
Commercial and industrial |  | 667 |  |  |  |  | 3,037 |  |  | 2,878 |  |  | 6,582 |  |  | 799 |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |
Construction and development |  | 899 |  |  |  |  | — |  |  | — |  |  | 899 |  |  | — |
Farmland |  | 7,850 |  |  |  |  | — |  |  | — |  |  | 7,850 |  |  | 88 |
Multifamily |  | 746 |  |  |  |  | — |  |  | — |  |  | 746 |  |  | 202 |
Commercial real estate-other |  | 18,740 |  |  |  |  | — |  |  | — |  |  | 18,740 |  |  | 1,741 |
Residential real estate: |  |  |  |  |  |  |  |  |  |  |  |
One- to four- family first liens |  | 204 |  |  |  |  | — |  |  | — |  |  | 204 |  |  | 132 |
One- to four- family junior liens |  | 223 |  |  |  |  | — |  |  | — |  |  | 223 |  |  | 47 |
Consumer |  | — |  |  |  |  | 8 |  |  | — |  |  | 8 |  |  | — |
Total |  | $ | 29,845 |  |  |  |  | $ | 3,869 |  |  | $ | 3,626 |  |  | $ | 37,340 |  |  | $ | 3,075 |
Troubled Debt Restructurings TDRs totaled $9.9 million and $11.0 million as of March 31, 2021 and December 31, 2020, respectively. As of March 31, 2021, the Company had $7 thousand of commitments to lend additional funds to borrowers with loans classified as TDR. The following table sets forth information on the Company's TDRs by class of financing receivable occurring during the stated periods. TDRs include multiple concessions, and the disclosure classifications in the table are based on the primary concession provided to the borrower.
| Three Months Ended March 31,
| 2021 |  | 2020
| Number of Contracts |  | Pre-Modification Outstanding Recorded Investment |  | Post-Modification Outstanding Recorded Investment |  | Number of Contracts |  | Pre-Modification Outstanding Recorded Investment |  | Post-Modification Outstanding Recorded Investment
(dollars in thousands) |  |  |  |  |  |  |  |  |  |  |
CONCESSION - Extended maturity date |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial | — |  |  | $ | — |  |  | $ | — |  |  | 1 |  |  | $ | 242 |  |  | $ | 242 |
Commercial real estate-other | — |  |  | — |  |  | — |  |  | 2 |  |  | 485 |  |  | 485 |
One- to four- family first liens | 1 |  |  | 93 |  |  | 93 |  |  | — |  |  | — |  |  | — |
CONCESSION - Other |  |  |  |  |  |  |  |  |  |  |
Commercial real estate-other | 1 |  |  | 44 |  |  | 44 |  |  | — |  |  | — |  |  | — |
One- to four- family first liens | 1 |  |  | 150 |  |  | 150 |  |  | — |  |  | — |  |  | — |
Total | 3 |  | $ | 287 |  |  | $ | 287 |  |  | 3 |  |  | $ | 727 |  |  | $ | 727 |
For the three months ended March 31, 2021 and March 31, 2020, the Company had zero TDRs that redefaulted within 12 months subsequent to restructure. Modifications in response to COVID-19: The Company began offering short-term loan modifications to assist borrowers during the COVID-19 pandemic. The CARES Act, as extended by the Consolidated Appropriation Acts, 2021, along with a joint interagency statement issued by the federal banking agencies provide that short-term modifications made in response to COVID-19 do not need to be accounted for as a TDR. Accordingly, the Company does not account for such loan modifications as TDRs. The Company's loan modifications allow for the initial deferral of three months of principal and/or interest. The deferred interest is due and payable at the end of the deferral period and the deferred principal is due and payable on the maturity date. At March 31, 2021, the outstanding balance of loans modified as a result of the COVID-19 pandemic totaled $16.7 million. The program is ongoing and additional loans continue to be granted deferrals.

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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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