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Loans
 9 Months Ended
Sep. 30, 2018
Receivables [Abstract]  
Loans
Loans

Loan portfolio segments are defined as the level at which an entity develops and documents a systematic methodology to determine its allowance. The Corporation has two loan portfolio segments (commercial loans and consumer loans) that it uses in determining the allowance. Both quantitative and qualitative factors are used by management at the loan portfolio segment level in determining the adequacy of the allowance for the Corporation. Classes of loans are a disaggregation of an entity’s loan portfolio segments. Classes of loans are defined as a group of loans which share similar initial measurement attributes, risk characteristics, and methods for monitoring and assessing credit risk. The Corporation has six classes of loans, which are set forth below.

Commercial — Loans and lines of credit to varying types of businesses, including municipalities, school districts and nonprofit organizations, for the purpose of supporting working capital, operational needs and term financing of equipment. Repayment of such loans is generally provided through operating cash flows of the business. Commercial loans are predominately secured by equipment, inventory, accounts receivable, personal guarantees of the owner and other sources of repayment, although the Corporation may also secure commercial loans with real estate.

Commercial real estate — Loans secured by real estate occupied by the borrower for ongoing operations (owner-occupied), non-owner occupied real estate leased to one or more tenants (non-owner occupied) and vacant land that has been acquired for investment or future land development (vacant land).

Real estate construction and land development — Real estate construction loans represent secured loans for the construction of business properties. Real estate construction loans often convert to a commercial real estate loan at the completion of the construction period. Land development loans represent secured development loans made to borrowers for the purpose of infrastructure improvements to vacant land to create finished marketable residential and commercial lots/land. Most land development loans are originated with the intention that the loans will be paid through the sale of developed lots/land by the developers within twelve months of the completion date. Land development loans at September 30, 2018 and December 31, 2017 were primarily comprised of loans to develop residential properties.

Residential mortgage — Loans secured by one- to four-family residential properties, generally with fixed interest rates for periods of fifteen years or less. The loan-to-value ratio at the time of origination is generally 80% or less. Residential mortgage loans with a loan-to-value ratio of more than 80% generally require private mortgage insurance.

Consumer installment — Loans to consumers primarily for the purpose of acquiring automobiles, recreational vehicles and watercraft and comprised primarily of indirect loans purchased from dealers. These loans generally consist of relatively small amounts that are spread across many individual borrowers.

Home equity — Loans and lines of credit whereby consumers utilize equity in their personal residence, generally through a second mortgage, as collateral to secure the loan.

Loans held-for-sale, comprised of fixed-rate residential mortgage loans, were $93.7 million at September 30, 2018 and $52.1 million at December 31, 2017. The Corporation sold loans totaling $177.2 million and $569.8 million during the three and nine months ended September 30, 2018, respectively and $210.2 million and $601.7 million during the three and nine months ended September 30, 2017, respectively.

Commercial, commercial real estate, and real estate construction and land development loans are referred to as the Corporation’s commercial loan portfolio, while residential mortgage, consumer installment and home equity loans are referred to as the Corporation’s consumer loan portfolio. A summary of the Corporation's loans follows:
(Dollars in thousands)
 
Originated
 
Acquired(1)
 
Total Loans
September 30, 2018
 
 
 
 
 
 
Commercial loan portfolio:
 
 
 
 
 
 
Commercial
 
$
2,951,453

 
$
768,469

 
$
3,719,922

Commercial real estate:
 
 
 
 
 
 
Owner-occupied
 
1,334,588

 
563,346

 
1,897,934

Non-owner occupied
 
1,875,155

 
864,545

 
2,739,700

Vacant land
 
46,463

 
27,524

 
73,987

Total commercial real estate
 
3,256,206

 
1,455,415

 
4,711,621

Real estate construction and land development
 
554,701

 
67,446

 
622,147

Subtotal
 
6,762,360

 
2,291,330

 
9,053,690

Consumer loan portfolio:
 
 
 
 
 
 
Residential mortgage
 
2,285,611

 
1,106,376

 
3,391,987

Consumer installment
 
1,483,540

 
76,725

 
1,560,265

Home equity
 
613,931

 
176,379

 
790,310

Subtotal
 
4,383,082

 
1,359,480

 
5,742,562

Total loans(2)
 
$
11,145,442

 
$
3,650,810

 
$
14,796,252

December 31, 2017
 
 
 
 
 
 
Commercial loan portfolio:
 
 
 
 
 
 
Commercial
 
$
2,407,606

 
$
978,036

 
$
3,385,642

Commercial real estate:
 
 
 
 
 
 
Owner-occupied
 
1,185,614

 
627,948

 
1,813,562

Non-owner occupied
 
1,518,787

 
1,087,974

 
2,606,761

Vacant land
 
47,024

 
33,323

 
80,347

Total commercial real estate
 
2,751,425

 
1,749,245

 
4,500,670

Real estate construction and land development
 
498,155

 
76,060

 
574,215

Subtotal
 
5,657,186

 
2,803,341

 
8,460,527

Consumer loan portfolio:
 
 
 
 
 
 
Residential mortgage
 
1,967,857

 
1,284,630

 
3,252,487

Consumer installment
 
1,510,540

 
102,468

 
1,613,008

Home equity
 
611,846

 
217,399

 
829,245

Subtotal
 
4,090,243

 
1,604,497

 
5,694,740

Total loans(2)
 
$
9,747,429

 
$
4,407,838

 
$
14,155,267


(1) 
Acquired loans are accounted for under ASC Topic 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality (ASC 310-30).
(2) 
Reported net of deferred costs totaling $19.0 million and $26.1 million at September 30, 2018 and December 31, 2017, respectively.
    
The Corporation acquired loans at fair value as of the acquisition date, which includes loans acquired in the acquisitions of Talmer Bancorp, Inc. ("Talmer"), Lake Michigan Financial Corporation ("Lake Michigan"), Monarch Community Bancorp, Inc. ("Monarch"), Northwestern Bancorp, Inc. ("Northwestern") and O.A.K. Financial Corporation ("OAK"). Acquired loans are accounted for under ASC 310-30 which recognizes the expected shortfall of expected future cash flows, as compared to the contractual amount due, as nonaccretable discount. Any excess of the net present value of expected future cash flows over the acquisition date fair value is recognized as the accretable discount, or accretable yield. The accretable discount is recognized over the expected remaining life of the acquired loans on a pool basis. In the event an acquired loan is renewed or extended, the loan continues to be accounted for as an acquired loan on a pool basis in accordance with ASC 310-30.

Activity for the accretable yield, which includes contractually due interest for acquired loans that have been renewed or extended since the date of acquisition and continue to be accounted for in loan pools in accordance with ASC 310-30, follows:
(Dollars in thousands)
 
Talmer
 
Lake Michigan
 
Monarch
 
North-western
 
OAK
 
Total
Three Months Ended September 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
Balance at beginning of period
 
$
616,168

 
$
80,442

 
$
20,131

 
$
49,731

 
$
14,292

 
$
780,764

Accretion recognized in interest income
 
(40,695
)
 
(5,980
)
 
(919
)
 
(4,341
)
 
(2,338
)
 
(54,273
)
Net reclassification (to) from nonaccretable difference(1)
 
20,250

 
3,108

 
(376
)
 
(765
)
 
(1,149
)
 
21,068

Balance at end of period
 
$
595,723

 
$
77,570

 
$
18,836

 
$
44,625

 
$
10,805

 
$
747,559

 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended September 30, 2017
 
 
 
 
 
 
 
 
 
 
 
 
Balance at beginning of period
 
$
801,369

 
$
121,572

 
$
24,270

 
$
71,212

 
$
19,796

 
$
1,038,219

Accretion recognized in interest income
 
(43,816
)
 
(7,201
)
 
(1,119
)
 
(5,263
)
 
(3,004
)
 
(60,403
)
Net reclassification (to) from nonaccretable difference(1)
 
11,861

 
(14,482
)
 
168

 
(1,358
)
 
1,999

 
(1,812
)
Balance at end of period
 
$
769,414

 
$
99,889

 
$
23,319

 
$
64,591

 
$
18,791

 
$
976,004

 
 
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30, 2018
 
 
 
 
Balance at beginning of period
 
$
731,353

 
$
95,124

 
$
22,496

 
$
60,814

 
$
17,110

 
$
926,897

Accretion recognized in interest income
 
(125,471
)
 
(19,040
)
 
(3,037
)
 
(13,863
)
 
(8,323
)
 
(169,734
)
Net reclassification (to) from nonaccretable difference(1)
 
(10,159
)
 
1,486

 
(623
)
 
(2,326
)
 
2,018

 
(9,604
)
Balance at end of period
 
$
595,723

 
$
77,570

 
$
18,836

 
$
44,625

 
$
10,805

 
$
747,559

 
 
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30, 2017
 
 
 
 
 
 
 
 
 
 
 
 
Balance at beginning of period
 
$
798,210

 
$
121,416

 
$
27,182

 
$
69,847

 
$
23,316

 
$
1,039,971

Accretion recognized in interest income
 
(133,478
)
 
(22,050
)
 
(3,459
)
 
(15,222
)
 
(9,595
)
 
(183,804
)
Net reclassification (to) from nonaccretable difference(1)
 
104,682

 
523

 
(404
)
 
9,966

 
5,070

 
119,837

Balance at end of period
 
$
769,414

 
$
99,889

 
$
23,319

 
$
64,591

 
$
18,791

 
$
976,004


(1) 
The net reclassification results from changes in expected cash flows of the acquired loans which may include increases in the amount of contractual principal and interest expected to be collected due to improvement in credit quality, increases in balances outstanding from advances, renewals, extensions and interest rates; as well as reductions in contractual principal and interest expected to be collected due to credit deterioration, payoffs, and decreases in interest rates.

Credit Quality Monitoring

The Corporation maintains loan policies and credit underwriting standards as part of the process of managing credit risk. These standards include making loans generally only within the Corporation’s market areas. The Corporation’s lending markets generally consist of communities throughout Michigan and additional communities located within Northeast Ohio and Northern Indiana.

The Corporation, through Chemical Bank, has a commercial loan portfolio approval process involving underwriting and individual and group loan approval authorities to consider credit quality and loss exposure at loan origination. The loans in the Corporation’s commercial loan portfolio are risk rated at origination based on the grading system set forth below. The approval authority of relationship managers is established based on experience levels, with credit decisions greater than $1.25 million requiring credit officer approval and credit decisions greater than $3.0 million requiring group loan authority approval, except for six executive and senior officers who have varying loan limits up to $8.0 million. With respect to the group loan authorities, Chemical Bank has various regional loan committees that meet weekly to consider loans ranging in amounts of $3.0 million to $7.0 million, and a senior loan committee, consisting of certain executive and senior officers, that meets weekly to consider loans ranging in amounts from $7.0 million up to Chemical Bank's internal lending limit, depending on risk rating and credit action required. Credit actions exceeding Chemical Bank's internal lending limit require the approval of the board of directors of Chemical Bank.

The majority of the Corporation’s consumer loan portfolio is comprised of secured loans that are relatively small. The Corporation’s consumer loan portfolio has a centralized approval process which utilizes standardized underwriting criteria. The ongoing measurement of credit quality of the consumer loan portfolio is largely done on an exception basis. If payments are made on schedule, as agreed, then no further monitoring is performed. However, if delinquency occurs, the delinquent loans are turned over to the Corporation’s collection department for resolution, resulting in repossession or foreclosure if payments are not brought current. Credit quality for the entire consumer loan portfolio is measured by the periodic delinquency rate, nonaccrual amounts and actual losses incurred.

Loans in the commercial loan portfolio tend to be larger and more complex than those in the consumer loan portfolio, and therefore, are subject to more intensive monitoring. All loans in the commercial loan portfolio have an assigned relationship manager, and most borrowers provide periodic financial and operating information that allows the relationship managers to stay abreast of credit quality during the life of the loans. The risk ratings of loans in the commercial loan portfolio are reassessed at least annually, with loans below an acceptable risk rating reassessed more frequently and reviewed by various loan committees within the Corporation at least quarterly.

The Corporation maintains a centralized independent loan review function that monitors the approval process and ongoing asset quality of the loan portfolio, including the accuracy of loan grades. The Corporation also maintains an independent appraisal review function that participates in the review of all appraisals obtained by the Corporation for loans in the commercial loan portfolio. 

Credit Quality Indicators

Commercial Loan Portfolio

Risk categories for the Corporation's commercial loan portfolio establish the credit quality of a borrower by measuring liquidity, debt capacity, coverage and payment behavior as shown in the borrower's financial statements. The risk categories also measure the quality of the borrower's management and the repayment support offered by any guarantors. Risk categories for the Corporation's commercial loan portfolio are described as follows:

Pass: Includes all loans without weaknesses or potential weaknesses identified in the categories of special mention, substandard or doubtful.

Special Mention: Loans with potential credit weakness or credit deficiency, which, if not corrected, pose an unwarranted financial risk that could weaken the loan by adversely impacting the future repayment ability of the borrower.

Substandard: Loans with a well-defined weakness, or weaknesses, such as loans to borrowers who may be experiencing losses from operations or inadequate liquidity of a degree and duration that jeopardizes the orderly repayment of the loan. Substandard loans also are distinguished by the distinct possibility of loss in the future if these weaknesses are not corrected.

Doubtful: Loans with all the characteristics of a loan classified as Substandard, with the added characteristic that credit weaknesses make collection in full highly questionable and improbable. The primary source of repayment is nonexistent and there is doubt as to the value of the secondary source of repayments. A doubtful asset has a high probability of total or substantial loss, but because of pending events that may strengthen the asset, its classification as loss is deferred.

Loss: An asset classified as loss is considered uncollectible and of such little value that the continuance as a bankable asset is not warranted. This classification does not mean that an asset has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off this basically worthless asset even through partial recovery may occur in the future.

The following schedule presents the recorded investment of loans in the commercial loan portfolio by credit risk categories at September 30, 2018 and December 31, 2017:
(Dollars in thousands)
 
Pass
 
Special Mention
 
Substandard
 
Doubtful
 
Total
September 30, 2018
 
 
 
 
 
 
 
 
 
 
Originated Portfolio:
 
 
 
 
 
 
 
 
 
 
Commercial
 
$
2,840,100

 
$
54,258

 
$
57,095

 
$
—

 
$
2,951,453

Commercial real estate:
 
 
 
 
 
 
 
 
 
 
Owner-occupied
 
1,265,111

 
33,290

 
36,168

 
19

 
1,334,588

Non-owner occupied
 
1,854,887

 
12,542

 
7,726

 
—

 
1,875,155

Vacant land
 
40,904

 
480

 
5,076

 
3

 
46,463

Total commercial real estate
 
3,160,902

 
46,312

 
48,970

 
22

 
3,256,206

Real estate construction and land development
 
517,561

 
5,100

 
32,040

 
—

 
554,701

Subtotal
 
6,518,563

 
105,670

 
138,105

 
22

 
6,762,360

Acquired Portfolio:
 
 
 
 
 
 
 
 
 
 
Commercial
 
707,054

 
36,227

 
25,188

 
—

 
768,469

Commercial real estate:
 
 
 
 
 
 
 
 
 
 
Owner-occupied
 
505,246

 
29,840

 
28,249

 
11

 
563,346

Non-owner occupied
 
805,466

 
31,647

 
27,432

 
—

 
864,545

Vacant land
 
27,311

 
213

 
—

 
—

 
27,524

Total commercial real estate
 
1,338,023

 
61,700

 
55,681

 
11

 
1,455,415

Real estate construction and land development
 
66,294

 
138

 
1,014

 
—

 
67,446

Subtotal
 
2,111,371

 
98,065

 
81,883

 
11

 
2,291,330

Total
 
$
8,629,934

 
$
203,735

 
$
219,988

 
$
33

 
$
9,053,690

December 31, 2017
 
 
 
 
 
 
 
 
 
 
Originated Portfolio:
 
 
 
 
 
 
 
 
 
 
Commercial
 
$
2,316,464

 
$
41,059

 
$
50,083

 
$
—

 
$
2,407,606

Commercial real estate:
 
 
 
 
 
 
 
 
 
 
Owner-occupied
 
1,133,609

 
19,438

 
32,567

 
—

 
1,185,614

Non-owner occupied
 
1,504,195

 
4,728

 
9,864

 
—

 
1,518,787

Vacant land
 
39,775

 
38

 
7,211

 
—

 
47,024

Total commercial real estate
 
2,677,579

 
24,204

 
49,642

 
—

 
2,751,425

Real estate construction and land development
 
494,528

 
837

 
2,790

 
—

 
498,155

Subtotal
 
5,488,571

 
66,100

 
102,515

 
—

 
5,657,186

Acquired Portfolio:
 
 
 
 
 
 
 
 
 
 
Commercial
 
873,861

 
68,418

 
35,539

 
218

 
978,036

Commercial real estate:
 
 
 
 
 
 
 
 
 
 
Owner-occupied
 
580,127

 
23,998

 
23,036

 
787

 
627,948

Non-owner occupied
 
995,709

 
43,645

 
48,620

 
—

 
1,087,974

Vacant land
 
27,849

 
327

 
5,147

 
—

 
33,323

Total commercial real estate
 
1,603,685

 
67,970

 
76,803

 
787

 
1,749,245

Real estate construction and land development
 
72,346

 
2,218

 
1,496

 
—

 
76,060

Subtotal
 
2,549,892

 
138,606

 
113,838

 
1,005

 
2,803,341

Total
 
$
8,038,463

 
$
204,706

 
$
216,353

 
$
1,005

 
$
8,460,527


Consumer Loan Portfolio

The Corporation evaluates the credit quality of loans in the consumer loan portfolio based on the performing or nonperforming status of the loan. Loans in the consumer loan portfolio that are performing in accordance with original contractual terms and are less than 90 days past due and accruing interest are considered to be in a performing status, while those that are in nonaccrual status, contractually past due 90 days or more as to interest or principal payments, are considered to be in a nonperforming status. Loans accounted for under ASC 310-30, "Acquired loans", that are not performing in accordance with contractual terms are not reported as nonperforming because these loans are recorded in pools at their net realizable value based on the principal and interest the Corporation expects to collect on these loans.
    
The following schedule presents the recorded investment of loans in the consumer loan portfolio based on loans in a performing status and loans in a nonperforming status at September 30, 2018 and December 31, 2017:
(Dollars in thousands)
 
Residential Mortgage
 
Consumer
Installment
 
Home Equity
 
Total
Consumer
September 30, 2018
 
 
 
 
 
 
 
 
Originated Loans:
 
 
 
 
 
 
 
 
Performing
 
$
2,276,000

 
$
1,482,190

 
$
610,662

 
$
4,368,852

Nonperforming
 
9,611

 
1,350

 
3,269

 
14,230

Subtotal
 
2,285,611

 
1,483,540

 
613,931

 
4,383,082

Acquired Loans
 
1,106,376

 
76,725

 
176,379

 
1,359,480

Total
 
$
3,391,987

 
$
1,560,265

 
$
790,310

 
$
5,742,562

December 31, 2017
 
 
 
 
 
 
 
 
Originated Loans:
 
 
 
 
 
 
 
 
Performing
 
$
1,959,222

 
$
1,509,698

 
$
607,541

 
$
4,076,461

Nonperforming
 
8,635

 
842

 
4,305

 
13,782

Subtotal
 
1,967,857

 
1,510,540

 
611,846

 
4,090,243

Acquired Loans
 
1,284,630

 
102,468

 
217,399

 
1,604,497

Total
 
$
3,252,487

 
$
1,613,008

 
$
829,245

 
$
5,694,740



Nonperforming Assets and Past Due Loans

Nonperforming assets consist of loans for which the accrual of interest has been discounted, other real estate owned acquired through acquisitions, other real estate owned obtained through foreclosure and other repossessed assets.

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 payments. Loans outside of those accounted for under ASC 310-30 are classified as nonaccrual when, in the opinion of management, collection of principal or interest is doubtful. The accrual of interest is discontinued when a loan is placed in nonaccrual status and any payments received reduce the carrying value of the loan. A loan may be placed back on accrual status if all contractual payments have been received and collection of future principal and interest payments are no longer doubtful. Acquired loans that are not performing in accordance with contractual terms are not reported as nonperforming because these loans are recorded in pools at their net realizable value based on the principal and interest the Corporation expects to collect on these loans.
A summary of nonperforming loans follows:
(Dollars in thousands)
 
September 30,
2018
 
December 31,
2017
Nonperforming assets
 
 
 
 
Nonaccrual loans:
 
 
 
 
Commercial
 
$
25,328

 
$
19,691

Commercial real estate:
 
 
 
 
Owner-occupied
 
14,936

 
19,070

Non-owner occupied
 
8,991

 
5,270

Vacant land
 
4,711

 
5,205

Total commercial real estate
 
28,638

 
29,545

Real estate construction and land development
 
28,477

 
77

Residential mortgage
 
9,611

 
8,635

Consumer installment
 
1,350

 
842

Home equity
 
3,269

 
4,305

Total nonaccrual loans
 
96,673

 
63,095

Other real estate owned and repossessed assets
 
6,584

 
8,807

Total nonperforming assets
 
$
103,257

 
$
71,902

Accruing loans contractually past due 90 days or more as to interest or principal payments, excluding acquired loans accounted for under ASC 310-30
 
 
 
 
Commercial
 
$
632

 
$
—

Commercial real estate:
 
 
 
 
Owner-occupied
 
47

 
—

Non-owner occupied
 
—

 
13

Total commercial real estate
 
47

 
13

Real estate construction and land development
 
38

 
—

Home equity
 
475

 
1,364

Total accruing loans contractually past due 90 days or more as to interest or principal payments, excluding acquired loans accounted for under ASC 310-30
 
$
1,192

 
$
1,377


The Corporation’s nonaccrual loans at September 30, 2018 and December 31, 2017 included $28.1 million and $29.1 million, respectively, of nonaccrual TDRs.

The Corporation had $5.4 million of residential mortgage loans that were in the process of foreclosure at September 30, 2018, compared to $4.2 million at December 31, 2017.
Loan delinquency, excluding acquired loans accounted for under ASC 310-30, was as follows:
(Dollars in thousands)
 
30-59
days
past due
 
60-89
days
past due
 
90 days or more past due
 
Total past due
 
Current
 
Total loans
 
90 days or more past due and still accruing
September 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Originated Portfolio:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial
 
$
9,280

 
$
8,770

 
$
12,855

 
$
30,905

 
$
2,920,548

 
$
2,951,453

 
$
632

Commercial real estate:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Owner-occupied
 
8,052

 
2,440

 
8,458

 
18,950

 
1,315,638

 
1,334,588

 
47

Non-owner occupied
 
1,993

 
762

 
2,054

 
4,809

 
1,870,346

 
1,875,155

 
—

Vacant land
 
277

 
1,399

 
2,460

 
4,136

 
42,327

 
46,463

 
—

Total commercial real estate
 
10,322

 
4,601

 
12,972

 
27,895

 
3,228,311

 
3,256,206

 
47

Real estate construction and land development
 
1,244

 
13,238

 
15,277

 
29,759

 
524,942

 
554,701

 
38

Residential mortgage
 
3,889

 
1,576

 
4,752

 
10,217

 
2,275,394

 
2,285,611

 
—

Consumer installment
 
3,555

 
657

 
617

 
4,829

 
1,478,711

 
1,483,540

 
—

Home equity
 
5,185

 
1,123

 
1,704

 
8,012

 
605,919

 
613,931

 
475

Total
 
$
33,475

 
$
29,965

 
$
48,177

 
$
111,617

 
$
11,033,825

 
$
11,145,442

 
$
1,192

December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Originated Portfolio:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial
 
$
13,906

 
$
3,766

 
$
9,494

 
$
27,166

 
$
2,380,440

 
$
2,407,606

 
$
—

Commercial real estate:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Owner-occupied
 
7,644

 
1,306

 
5,027

 
13,977

 
1,171,637

 
1,185,614

 
—

Non-owner occupied
 
1,653

 
228

 
693

 
2,574

 
1,516,213

 
1,518,787

 
13

Vacant land
 
83

 
28

 
153

 
264

 
46,760

 
47,024

 
—

Total commercial real estate
 
9,380

 
1,562

 
5,873

 
16,815

 
2,734,610

 
2,751,425

 
13

Real estate construction and land development
 
—

 
—

 
—

 
—

 
498,155

 
498,155

 
—

Residential mortgage
 
2,795

 
1,415

 
858

 
5,068

 
1,962,789

 
1,967,857

 
—

Consumer installment
 
3,324

 
442

 
226

 
3,992

 
1,506,548

 
1,510,540

 
—

Home equity
 
2,319

 
1,301

 
2,196

 
5,816

 
606,030

 
611,846

 
1,364

Total
 
$
31,724

 
$
8,486

 
$
18,647

 
$
58,857

 
$
9,688,572

 
$
9,747,429

 
$
1,377



Impaired Loans

A loan is impaired when, based on current information and events, it is probable that the Corporation will be unable to collect all amounts due according to the contractual terms of the loan agreement. Impaired loans include nonperforming loans and all TDRs. Impaired loans are accounted for at the lower of the present value of expected cash flows or the estimated fair value of the collateral. When the present value of expected cash flows or the fair value of the collateral of an impaired loan not accounted for under ASC 310-30 is less than the amount of unpaid principal outstanding on the loan, the recorded principal balance of the loan is reduced to its carrying value through either a specific allowance for loan loss or a partial charge-off of the loan balance.
    
The following schedules present impaired loans by classes of loans at September 30, 2018 and December 31, 2017:
(Dollars in thousands)
 
Recorded
Investment
 
Unpaid
Principal
Balance
 
Related
Valuation
Allowance
September 30, 2018
 
 
 
 
 
 
Impaired loans with a valuation allowance:
 
 
 
 
 
 
Commercial
 
$
13,394

 
$
16,109

 
$
1,110

Commercial real estate:
 
 
 
 
 
 
Owner-occupied
 
13,278

 
15,607

 
1,281

Non-owner occupied
 
3,187

 
4,595

 
142

Vacant land
 
2,130

 
2,130

 
373

Total commercial real estate
 
18,595

 
22,332

 
1,796

Real estate construction and land development
 
28,575

 
28,575

 
650

Residential mortgage
 
12,879

 
12,879

 
1,146

Consumer installment
 
1,071

 
1,071

 
117

Home equity
 
3,697

 
3,697

 
255

Subtotal
 
78,211

 
84,663

 
5,074

Impaired loans with no related valuation allowance:
 
 
 
 
 
 
Commercial
 
25,021

 
26,427

 
—

Commercial real estate:
 
 
 
 
 
 
Owner-occupied
 
10,852

 
11,490

 
—

Non-owner occupied
 
12,161

 
13,099

 
—

Vacant land
 
2,859

 
3,945

 
—

Total commercial real estate
 
25,872

 
28,534

 
—

Real estate construction and land development
 
140

 
207

 
—

Residential mortgage
 
7,988

 
7,988

 
—

Consumer installment
 
475

 
475

 
—

Home equity
 
1,743

 
1,743

 
—

Subtotal
 
61,239

 
65,374

 
—

Total impaired loans:
 
 
 
 
 
 
Commercial
 
38,415

 
42,536

 
1,110

Commercial real estate:
 
 
 
 
 
 
Owner-occupied
 
24,130

 
27,097

 
1,281

Non-owner occupied
 
15,348

 
17,694

 
142

Vacant land
 
4,989

 
6,075

 
373

Total commercial real estate
 
44,467

 
50,866

 
1,796

Real estate construction and land development
 
28,715

 
28,782

 
650

Residential mortgage
 
20,867

 
20,867

 
1,146

Consumer installment
 
1,546

 
1,546

 
117

Home equity
 
5,440

 
5,440

 
255

Total
 
$
139,450

 
$
150,037

 
$
5,074

(Dollars in thousands)
 
Recorded
Investment
 
Unpaid
Principal
Balance
 
Related
Valuation
Allowance
December 31, 2017
 
 
 
 
 
 
Impaired loans with a valuation allowance:
 
 
 
 
 
 
Commercial
 
$
28,897

 
$
31,655

 
$
2,296

Commercial real estate:
 
 
 
 
 
 
Owner-occupied
 
17,774

 
21,588

 
2,317

Non-owner occupied
 
5,307

 
7,870

 
316

Vacant land
 
4,922

 
5,122

 
594

Total commercial real estate
 
28,003

 
34,580

 
3,227

Real estate construction and land development
 
313

 
313

 
14

Residential mortgage
 
15,872

 
15,872

 
1,487

Consumer installment
 
966

 
966

 
120

Home equity
 
4,570

 
4,570

 
858

Subtotal
 
78,621

 
87,956

 
8,002

Impaired loans with no related valuation allowance:
 
 
 
 
 
 
Commercial
 
8,504

 
9,291

 
—

Commercial real estate:
 
 
 
 
 
 
Owner-occupied
 
11,351

 
12,631

 
—

Non-owner occupied
 
5,977

 
6,438

 
—

Vacant land
 
752

 
792

 
—

Total commercial real estate
 
18,080

 
19,861

 
—

Residential mortgage
 
4,902

 
4,902

 
—

Home equity
 
1,770

 
1,770

 
—

Subtotal
 
33,256

 
35,824

 
—

Total impaired loans:
 
 
 
 
 
 
Commercial
 
37,401

 
40,946

 
2,296

Commercial real estate:
 
 
 
 
 
 
Owner-occupied
 
29,125

 
34,219

 
2,317

Non-owner occupied
 
11,284

 
14,308

 
316

Vacant land
 
5,674

 
5,914

 
594

Total commercial real estate
 
46,083

 
54,441

 
3,227

Real estate construction and land development
 
313

 
313

 
14

Residential mortgage
 
20,774

 
20,774

 
1,487

Consumer installment
 
966

 
966

 
120

Home equity
 
6,340

 
6,340

 
858

Total
 
$
111,877

 
$
123,780

 
$
8,002



The following schedule presents additional information regarding impaired loans by classes of loans segregated by those requiring a valuation allowance and those not requiring a valuation allowance for the three and nine months ended September 30, 2018 and 2017, and the respective interest income amounts recognized:
 
 
Three Months Ended September 30, 2018
 
Three Months Ended September 30, 2017
 
Nine Months Ended September 30, 2018
 
Nine Months Ended September 30, 2017
(Dollars in thousands)
 
Average
recorded
investment
 
Interest income
recognized
while on
impaired status
 
Average
recorded
investment
 
Interest income
recognized
while on
impaired status
 
Average
recorded
investment
 
Interest income
recognized
while on
impaired status
 
Average
recorded
investment
 
Interest income
recognized
while on
impaired status
Impaired loans with a valuation allowance:
 
 
 
 
 
 
 
 
 
 
 
 
Commercial
 
$
13,945

 
$
67

 
$
25,628

 
$
222

 
$
17,495

 
$
343

 
$
25,278

 
$
647

Commercial real estate:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Owner-occupied
 
11,977

 
94

 
13,401

 
155

 
12,999

 
257

 
14,083

 
459

Non-owner occupied
 
3,697

 
13

 
2,457

 
17

 
3,271

 
34

 
2,939

 
68

Vacant land
 
1,589

 
7

 
2,442

 
25

 
2,198

 
39

 
2,098

 
75

Total commercial real estate
 
17,263

 
114

 
18,300

 
197

 
18,468

 
330

 
19,120

 
602

Real estate construction and land development
 
9,647

 
2

 
175

 
3

 
3,372

 
6

 
159

 
8

Residential mortgage
 
11,620

 
117

 
15,945

 
144

 
12,662

 
349

 
16,529

 
446

Consumer installment
 
911

 
3

 
748

 
1

 
961

 
6

 
737

 
3

Home equity
 
3,022

 
20

 
4,369

 
21

 
3,176

 
58

 
4,154

 
58

Subtotal
 
$
56,408

 
$
323

 
$
65,165

 
$
588

 
$
56,134

 
$
1,092

 
$
65,977

 
$
1,764

Impaired loans with no related valuation allowance:
 
 
 
 
 
 
 
 
 
 
 
 
Commercial
 
$
24,114

 
$
123

 
$
10,120

 
$
14

 
$
20,773

 
$
365

 
$
10,142

 
$
92

Commercial real estate:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Owner-occupied
 
13,831

 
68

 
13,009

 
1

 
14,588

 
205

 
10,862

 
13

Non-owner occupied
 
12,776

 
81

 
8,942

 
88

 
9,825

 
184

 
9,487

 
255

Vacant land
 
2,874

 
—

 
3,484

 
12

 
2,694

 
—

 
4,348

 
36

Total commercial real estate
 
29,481

 
149

 
25,435

 
101

 
27,107

 
389

 
24,697

 
304

Real estate construction and land development
 
3,857

 
2

 
71

 
—

 
1,986

 
5

 
86

 
—

Residential mortgage
 
8,605

 
31

 
5,144

 
8

 
7,272

 
79

 
4,511

 
25

Consumer installment
 
537

 
—

 
244

 
—

 
240

 
—

 
201

 
—

Home equity
 
2,191

 
8

 
1,639

 
—

 
2,241

 
17

 
1,227

 
6

Subtotal
 
$
68,785


$
313


$
42,653


$
123


$
59,619

 
$
855

 
$
40,864

 
$
427

Total impaired loans:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial
 
$
38,059

 
$
190

 
$
35,748

 
$
236

 
$
38,268

 
$
708

 
$
35,420

 
$
739

Commercial real estate:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Owner-occupied
 
25,808

 
162

 
26,410

 
156

 
27,587

 
462

 
24,945

 
472

Non-owner occupied
 
16,473

 
94

 
11,399

 
105

 
13,096

 
218

 
12,426

 
323

Vacant land
 
4,463

 
7

 
5,926

 
37

 
4,892

 
39

 
6,446

 
111

Total commercial real estate
 
46,744

 
263

 
43,735

 
298

 
45,575

 
719

 
43,817

 
906

Real estate construction and land development
 
13,504

 
4

 
246

 
3

 
5,358

 
11

 
245

 
8

Residential mortgage
 
20,225

 
148

 
21,089

 
152

 
19,934

 
428

 
21,040

 
471

Consumer installment
 
1,448

 
3

 
992

 
1

 
1,201

 
6

 
938

 
3

Home equity
 
5,213

 
28

 
6,008

 
21

 
5,417

 
75

 
5,381

 
64

Total
 
$
125,193

 
$
636

 
$
107,818


$
711


$
115,753

 
$
1,947

 
$
106,841

 
$
2,191



The difference between an impaired loan’s recorded investment and the unpaid principal balance for originated loans represents a partial charge-off resulting from a confirmed loss due to the value of the collateral securing the loan being below the loan balance and management’s assessment that full collection of the loan balance is not likely.
    
Impaired loans included $43.0 million and $48.8 million at September 30, 2018 and December 31, 2017, respectively, of accruing TDRs.

Loans Modified Under Troubled Debt Restructurings (TDRs)

The following tables present the recorded investment of loans modified into TDRs during the three and nine months ended September 30, 2018 and 2017 by type of concession granted. In cases where more than one type of concession was granted, the loans were categorized based on the most significant concession.
 
Concession type
 
 
 
 
 
 
(Dollars in thousands)
Principal
deferral
 
Principal
reduction
 
Interest
rate
 
Forbearance
agreement
 
Total
number
of loans
 
Pre-modification recorded investment
 
Post-modification recorded investment
For the three months ended September 30, 2018
 
 
 
 
 
 
 
 
 
 
Commercial loan portfolio:
 
 
 
 
 
 
 
 
 
 
 
 
Commercial
$
2,104

 
$
—

 
$
165

 
$
1

 
13

 
$
2,277

 
$
2,270

Commercial real estate:
 
 
 
 
 
 
 
 
 
 
 
 
 
Owner-occupied
438

 
—

 
—

 
—

 
2

 
438

 
438

Non-owner occupied
—

 
66

 
—

 
—

 
1

 
69

 
66

Total commercial real estate
438

 
66

 
—

 
—

 
3

 
507

 
504

Total Commercial
2,542

 
66

 
165

 
1

 
16

 
2,784

 
2,774

Consumer loan portfolio:
 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage
—

 
111

 
108

 
—

 
2

 
220

 
219

Consumer installment
48

 
74

 
44

 
—

 
11

 
172

 
166

Home equity
91

 
73

 
64

 
—

 
4

 
228

 
228

Total Consumer
139

 
258

 
216

 
—

 
17

 
620

 
613

Total loans
$
2,681

 
$
324

 
$
381

 
$
1

 
33

 
$
3,404

 
$
3,387

For the nine months ended September 30, 2018
 
 
 
 
 
 
 
 
 
 
Commercial loan portfolio:
 
 
 
 
 
 
 
 
 
 
 
 
Commercial
$
3,747

 
$
—

 
$
1,448

 
$
262

 
44

 
$
5,481

 
$
5,457

Commercial real estate:
 
 
 
 
 
 
 
 
 
 
 
 
 
Owner-occupied
808

 
—

 
888

 
513

 
10

 
2,221

 
2,209

Non-owner occupied
68

 
66

 
—

 
—

 
2

 
143

 
134

Total commercial real estate
876

 
66

 
888

 
513

 
12

 
2,364

 
2,343

 Total Commercial
4,623

 
66

 
2,336

 
775

 
56

 
7,845

 
7,800

Consumer loan portfolio:
 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage
269

 
151

 
147

 
—

 
9

 
577

 
567

Consumer installment
134

 
141

 
82

 
—

 
36

 
372

 
357

Home equity
357

 
73

 
179

 
—

 
13

 
652

 
609

Total Consumer
760

 
365

 
408

 
—

 
58

 
1,601

 
1,533

Total loans
$
5,383

 
$
431

 
$
2,744

 
$
775

 
114

 
$
9,446

 
$
9,333

 
Concession type
 
 
 
 
 
 
(Dollars in thousands)
Principal
deferral
 
Interest
rate
 
Forbearance
agreement
 
Total
number
of loans
 
Pre-modification recorded investment
 
Post-modification recorded investment
For the three months ended September 30, 2017
 
 
 
 
 
 
 
 
 
Commercial loan portfolio:
 
 
 
 
 
 
 
 
 
 
Commercial
$
506

 
$
281

 
$
1,332

 
14

 
$
2,173

 
$
2,119

Commercial real estate:
 
 
 
 
 
 
 
 
 
 
 
Owner-occupied
—

 
42

 
335

 
3

 
390

 
377

Non-owner occupied
—

 
27

 
—

 
1

 
28

 
27

Total commercial real estate
—

 
69

 
335

 
4

 
418

 
404

Real estate construction and land development
35

 
—

 
—

 
1

 
36

 
35

Total Commercial
541

 
350

 
1,667

 
19

 
2,627

 
2,558

Consumer loan portfolio:
 
 
 
 
 
 
 
 
 
 
Residential mortgage
76

 
122

 
—

 
3

 
262

 
198

Consumer installment
47

 
7

 
—

 
11

 
58

 
54

Home equity
116

 
—

 
—

 
5

 
124

 
116

Total Consumer
239

 
129

 
—

 
19

 
444

 
368

Total loans
$
780

 
$
479

 
$
1,667

 
38

 
$
3,071

 
$
2,926

For the nine months ended September 30, 2017
 
 
 
 
 
 
 
 
 
 
Commercial loan portfolio:
 
 
 
 
 
 
 
 
 
 
Commercial
$
841

 
$
1,648

 
$
1,911

 
26

 
$
4,476

 
$
4,400

Commercial real estate:
 
 
 
 
 
 
 
 
 
 
 
Owner-occupied
447

 
182

 
457

 
9

 
1,106

 
1,086

Non-owner occupied
—

 
27

 
—

 
1

 
28

 
27

Total commercial real estate
447

 
209

 
457

 
10

 
1,134

 
1,113

Real estate construction and land development
35

 
—

 
—

 
1

 
36

 
35

Total Commercial
1,323

 
1,857

 
2,368

 
37

 
5,646

 
5,548

Consumer loan portfolio:
 
 
 
 
 
 
 
 
 
 
Residential mortgage
211

 
383

 
—

 
9

 
676

 
594

Consumer installment
79

 
7

 
—

 
17

 
93

 
86

Home equity
380

 
—

 
—

 
10

 
449

 
380

Total Consumer
670

 
390

 
—

 
36

 
1,218

 
1,060

Total loans
$
1,993

 
$
2,247

 
$
2,368

 
73

 
$
6,864

 
$
6,608

The pre-modification and post-modification recorded investment represents amounts as of the date of loan modification. The difference between the pre-modification and post-modification recorded investment of residential mortgage TDRs represents impairment recognized by the Corporation through the provision for loan losses computed based on a loan's post-modification present value of expected future cash flows discounted at the loan's original effective interest rate.
The following schedule presents the Corporation's TDRs at September 30, 2018 and December 31, 2017:
(Dollars in thousands)
 
Accruing TDRs
 
Nonaccrual TDRs
 
Total
September 30, 2018
 
 
 
 
 
 
Commercial loan portfolio
 
$
29,383

 
$
24,091

 
$
53,474

Consumer loan portfolio
 
13,642

 
3,970

 
17,612

Total
 
$
43,025

 
$
28,061

 
$
71,086

December 31, 2017
 
 
 
 
 
 
Commercial loan portfolio
 
$
34,484

 
$
24,358

 
$
58,842

Consumer loan portfolio
 
14,298

 
4,748

 
19,046

Total
 
$
48,782

 
$
29,106

 
$
77,888



The following schedule includes TDRs for which there was a payment default during the three and nine months ended September 30, 2018 and 2017, whereby the borrower was past due with respect to principal and/or interest for 90 days or more, and the loan became a TDR during the twelve-month period prior to the default:
 
 
For The Three Months Ended September 30, 2018
 
For The Nine Months Ended September 30, 2018
(Dollars in thousands)
 
Number of loans
 
Principal balance
 
Number of loans
 
Principal balance
Commercial loan portfolio (commercial)
 
6

 
$
981

 
9

 
$
1,130

Consumer loan portfolio (residential mortgage)
 
6

 
241

 
14

 
286

Total
 
12

 
$
1,222

 
23

 
$
1,416

 
 
 
 
 
 
 
 
 
 
 
For The Three Months Ended September 30, 2017
 
For The Nine Months Ended September 30, 2017
(Dollars in thousands)
 
Number of loans
 
Principal balance
 
Number of loans
 
Principal balance
Commercial loan portfolio (commercial)
 
—

 
$
—

 
5

 
$
1,617

Consumer loan portfolio (residential mortgage)
 
—

 
—

 
5

 
163

Total
 
—

 
$
—

 
10

 
$
1,780



Commitments to lend additional funds to borrowers whose terms have been modified in TDRs totaled $2.9 million and $2.0 million at September 30, 2018 and December 31, 2017, respectively.
Allowance for Loan Losses

The following schedule presents, by loan portfolio segment, the changes in the allowance for the originated loan portfolio for the three and nine months ended September 30, 2018 and 2017.
(Dollars in thousands)
 
Commercial
Loan
Portfolio
 
Consumer
Loan
Portfolio
 
Total
Originated Loan Portfolio
 
 
 
 
 
 
Changes in allowance for loan losses for the three months ended September 30, 2018:
Beginning balance
 
$
72,665

 
$
27,350

 
$
100,015

Provision for loan losses
 
2,064

 
2,994

 
5,058

Charge-offs
 
(1,048
)
 
(2,680
)
 
(3,728
)
Recoveries
 
1,133

 
593

 
1,726

Ending balance
 
$
74,814

 
$
28,257

 
$
103,071

Changes in allowance for loan losses for the nine months ended September 30, 2018:
Beginning balance
 
$
66,133

 
$
25,754

 
$
91,887

Provision for loan losses
 
13,387

 
7,499

 
20,886

Charge-offs
 
(7,532
)
 
(6,746
)
 
(14,278
)
Recoveries
 
2,826

 
1,750

 
4,576

Ending balance
 
$
74,814

 
$
28,257

 
$
103,071

Changes in allowance for loan losses for the three months ended September 30, 2017:
Beginning balance
 
$
57,955

 
$
25,842

 
$
83,797

Provision for loan losses
 
664

 
4,256

 
4,920

Charge-offs
 
(3,792
)
 
(1,650
)
 
(5,442
)
Recoveries
 
1,270

 
636

 
1,906

Ending balance
 
$
56,097

 
$
29,084

 
$
85,181

Changes in allowance for loan losses for the nine months ended September 30, 2017:
Beginning balance
 
$
51,201

 
$
27,067

 
$
78,268

Provision for loan losses
 
9,140

 
6,060

 
15,200

Charge-offs
 
(7,209
)
 
(6,112
)
 
(13,321
)
Recoveries
 
2,965

 
2,069

 
5,034

Ending balance
 
$
56,097

 
$
29,084

 
$
85,181

    
The following schedule presents, by loan portfolio, the changes in the allowance for the acquired loan portfolio.
(Dollars in thousands)
 
Commercial
Loan
Portfolio
 
Consumer
Loan
Portfolio
 
Total
Acquired Loan Portfolio
 
 
 
 
 
 
Changes in allowance for loan losses for the three months ended September 30, 2018:
Beginning balance
 
$
—

 
$
—

 
$
—

Provision for loan losses
 
970

 
—

 
970

Charge-offs
 
—

 
—

 
—

Recoveries
 
—

 
—

 
—

Ending balance
 
$
970

 
$
—

 
$
970

Changes in allowance for loan losses for the nine months ended September 30, 2018:
Beginning balance
 
$
—

 
$
—

 
$
—

Provision for loan losses
 
970

 
—

 
970

Charge-offs
 
—

 
—

 
—

Recoveries
 
—

 
—

 
—

Ending balance
 
$
970

 
$
—

 
$
970

Changes in allowance for loan losses for the three months ended September 30, 2017:
Beginning balance
 
$
—

 
$
—

 
$
—

Provision for loan losses
 
409

 
170

 
579

Charge-offs
 
—

 
—

 
—

Recoveries
 
—

 
—

 
—

Ending balance
 
$
409

 
$
170

 
$
579

Changes in allowance for loan losses for the nine months ended September 30, 2017:
Beginning balance
 
$
—

 
$
—

 
$
—

Provision for loan losses
 
409

 
170

 
579

Charge-offs
 
—

 
—

 
—

Recoveries
 
—

 
—

 
—

Ending balance
 
$
409

 
$
170

 
$
579


The following schedule presents by loan portfolio segment, details regarding the balance in the allowance and the recorded investment in loans at September 30, 2018 and December 31, 2017 by impairment evaluation method.
(Dollars in thousands)
 
Commercial
Loan
Portfolio
 
Consumer
Loan
Portfolio
 
Total
Allowance for loan losses balance at September 30, 2018 attributable to:
Loans individually evaluated for impairment
 
$
3,556

 
$
1,518

 
$
5,074

Loans collectively evaluated for impairment
 
71,258

 
26,739

 
97,997

Loans acquired with deteriorated credit quality
 
970

 
—

 
970

Total
 
$
75,784

 
$
28,257

 
$
104,041

Recorded investment (loan balance) at September 30, 2018:
Loans individually evaluated for impairment
 
$
111,597

 
$
27,853

 
$
139,450

Loans collectively evaluated for impairment
 
6,650,763

 
4,355,229

 
11,005,992

Loans acquired with deteriorated credit quality
 
2,291,330

 
1,359,480

 
3,650,810

Total
 
$
9,053,690

 
$
5,742,562

 
$
14,796,252

(Dollars in thousands)
 
Commercial
Loan
Portfolio
 
Consumer
Loan
Portfolio
 
Total
Allowance for loan losses balance at December 31, 2017 attributable to:
 
 
Loans individually evaluated for impairment
 
$
5,537

 
$
2,465

 
$
8,002

Loans collectively evaluated for impairment
 
60,596

 
23,289

 
83,885

Loans acquired with deteriorated credit quality
 
—

 
—

 
—

Total
 
$
66,133

 
$
25,754

 
$
91,887

Recorded investment (loan balance) at December 31, 2017:
 
 
Loans individually evaluated for impairment
 
$
83,797

 
$
28,080

 
$
111,877

Loans collectively evaluated for impairment
 
5,573,389

 
4,062,163

 
9,635,552

Loans acquired with deteriorated credit quality
 
2,803,341

 
1,604,497

 
4,407,838

Total
 
$
8,460,527

 
$
5,694,740

 
$
14,155,267