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Loans
 6 Months Ended
Jun. 30, 2022
Loans and Leases Receivable Disclosure [Abstract]  
Loans Loans
The following table shows the Company’s loan portfolio by category as of the dates shown:
June 30,December 31,June 30,
(Dollars in thousands)202220212021
Balance:
Commercial$12,047,105 $11,904,068 $11,442,276 
Commercial real estate9,407,205 8,990,286 8,678,369 
Home equity325,826 335,155 369,806 
Residential real estate2,078,907 1,637,099 1,530,285 
Premium finance receivables
Property and casualty insurance5,541,447 4,855,487 4,521,871 
Life insurance7,608,433 7,042,810 6,359,556 
Consumer and other44,180 24,199 9,024 
    Total loans, net of unearned income$37,053,103 $34,789,104 $32,911,187 
Mix:
Commercial32 %34 %35 %
Commercial real estate25 26 26 
Home equity1 1 1 
Residential real estate6 5 5 
Premium finance receivables
Property and casualty insurance15 14 14 
Life insurance21 20 19 
Consumer and other0 0 0 
Total loans, net of unearned income100 %100 %100 %

The Company’s loan portfolio is generally comprised of loans to consumers and small to medium-sized businesses, which, for the commercial and commercial real estate portfolios, are located primarily within the geographic market areas that the banks serve. Various niche lending businesses, including lease finance and franchise lending, operate on a national level. Additionally, to provide short-term relief due to macroeconomic deterioration from the COVID-19 pandemic to small businesses within such market areas, the Company originated loans through the Paycheck Protection Program (“PPP”), an expansion of guaranteed lending under Section 7(a) of the Small Business Act within the CARES Act. As of June 30, 2022, the Company's commercial portfolio included approximately $82.1 million of such PPP loans. The premium finance receivables portfolios are made to customers throughout the United States and Canada. The Company strives to maintain a loan portfolio that is diverse in terms of loan type, industry, borrower and geographic concentrations. Such diversification reduces the exposure to economic downturns that may occur in different segments of the economy or in different industries.

Certain premium finance receivables are recorded net of unearned income. The unearned income portions of such premium finance receivables were $160.6 million at June 30, 2022, $135.5 million at December 31, 2021 and $125.5 million at June 30, 2021.

Total loans, excluding purchased credit deteriorated (“PCD”) loans, include net deferred loan fees and costs and fair value purchase accounting adjustments totaling $70.2 million at June 30, 2022, $50.8 million at December 31, 2021 and $(6.3) million at June 30, 2021. Net deferred fees as of June 30, 2022 includes $2.1 million of net deferred fees paid by the Small Business Administration (“SBA”) for loans originated under the PPP. As PPP loans share similar characteristics (loan terms), and prepayments are considered probable and can reasonably be estimated due to the terms of the program, the Company considers estimated future principal prepayments in recognizing such deferred fees for determining a constant effective yield on the portfolio of loans.

It is the policy of the Company to review each prospective credit in order to determine the appropriateness and, when required, the adequacy of security or collateral necessary to obtain when making a loan. The type of collateral, when required, will vary from liquid assets to real estate. The Company seeks to ensure access to collateral, in the event of default, through adherence to state lending laws and the Company’s credit monitoring procedures.
Acquired Loan Information — PCD Loans

As part of the Company’s prior acquisitions, the Company acquired loans that were classified as PCD based upon various factors as of the acquisition date, including internal risk rating methodologies and prior classification as a TDR. The following table provides estimated details as of the date of acquisition on PCD loans acquired in 2021:
(Dollars in thousands)Insurance Agency Loan Portfolio
Contractually required payments (unpaid principal balance)$13,882 
Allowance for credit losses (1)
(2,806)
Discount, net of any premium(214)
    Purchase price of PCD loans acquired$10,862 
(1)The initial allowance for credit losses on PCD loans acquired during 2021 measured approximately $2.8 million, of which $2.3 million was charged off related to PCD loans that met the Company’s charge-off policy at the time of acquisition. After considering these loans that were immediately charged off, the net impact of PCD allowance for credit losses at the acquisition date was approximately $470,000.