Effective January 1, 2020 the Company adopted amended accounting guidance which requires an allowance for credit losses be deducted from the amortized cost basis of financial assets to present the net carrying value at the amount that is expected to be collected over their contractual term considering relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the collectibility of the reported amount. The amended guidance also requires recording an allowance for credit losses for purchased financial assets with a more-than-insignificant amount of credit deterioration since origination. The initial allowance for these assets will be added to the purchase price at acquisition rather than being reported as an expense. Subsequent changes in the allowance will be recorded in the income statement as an adjustment to the provision for credit losses. The new guidance replaced the previous incurred loss model for determining the allowance for credit losses. The adoption resulted in a $132 million increase in the allowance for credit losses at January 1, 2020. Prior to January 1, 2020, the Company generally recognized the excess of cash flows expected at acquisition over the estimated fair value of the acquired loans as interest income over the remaining lives of such loans regardless of the borrowers’ repayment status. Effective with the adoption of the new accounting standard, the Company’s nonaccrual loan policy now applies to loans acquired at a discount. That change added $171 million to nonaccrual loans as of the January 1, 2020 adoption date.

A summary of current, past due and nonaccrual loans as of September 30, 2020 and December 31, 2019 follows:

	Current		30-89 Days Past Due		Accruing Loans Past Due 90 Days or More		Nonaccrual		Total
	(In thousands)
September 30, 2020
Commercial, financial, leasing, etc.	$	27,249,552		282,917		8,551		350,628	$	27,891,648
Real estate:
Commercial		27,250,676		197,881		8,189		252,515		27,709,261
Residential builder and developer		1,353,863		7,282		—		1,833		1,362,978
Other commercial construction		8,405,525		66,599		94		37,627		8,509,845
Residential		13,934,309		185,420		503,450		297,636		14,920,815
Residential — limited documentation		1,606,130		20,980		—		115,783		1,742,893
Consumer:
Home equity lines and loans		4,000,829		22,209		—		78,820		4,101,858
Recreational finance		6,838,126		36,003		—		24,191		6,898,320
Automobile		3,829,968		42,906		—		42,374		3,915,248
Other		1,337,042		11,601		6,974		38,565		1,394,182
Total	$	95,806,020		873,798		527,258		1,239,972	$	98,447,048

	Current		30-89 Days Past Due		Accruing Loans Past Due 90 Days or More (a)		Accruing Loans Acquired at a Discount Past Due 90 days or More (b)		Purchased Impaired (c)		Nonaccrual		Total
	(In thousands)
December 31, 2019
Commercial, financial, leasing, etc.	$	23,290,797		184,011		16,776		27		—		346,557	$	23,838,168
Real estate:
Commercial		26,311,414		165,579		6,740		—		15,601		158,474		26,657,808
Residential builder and developer		1,521,315		21,195		—		—		753		3,982		1,547,245
Other commercial construction		7,204,148		95,346		3,360		—		1,237		32,770		7,336,861
Residential		12,760,040		451,274		486,515		5,788		143,145		235,663		14,082,425
Residential — limited documentation		1,858,037		65,215		181		—		66,809		83,427		2,073,669
Consumer:
Home equity lines and loans		4,386,511		30,229		—		1,662		—		63,215		4,481,617
Recreational finance		5,484,997		36,827		—		99		—		14,219		5,536,142
Automobile		3,787,221		78,478		—		—		—		21,293		3,886,992
Other		1,395,240		45,978		5,156		32,056		—		3,512		1,481,942
Total	$	87,999,720		1,174,132		518,728		39,632		227,545		963,112	$	90,922,869

A summary of outstanding loan balances for which COVID-19 related modifications were granted as of September 30, 2020 and June 30, 2020 is presented below. These loans meet the criteria described in note 1 and, as such, are not considered past due or otherwise in default of loan terms as of the dates presented.

Substantially all of the loan modifications outstanding at September 30, 2020 are scheduled to expire in the fourth quarter of 2020. Should borrowers request further forbearance, the credit quality of the loans and the ability and willingness of borrowers to repay such loans will be re-assessed to determine whether the Company expects to receive all principal and interest payments due.

One-to-four family residential mortgage loans held for sale were $571 million and $414 million at September 30, 2020 and December 31, 2019, respectively. Commercial real estate loans held for sale were $336 million at September 30, 2020 and $28 million at December 31, 2019.

The outstanding principal balance and the carrying amount of loans acquired at a discount that were recorded at fair value at the acquisition date for which interest income was recognized based on expected future cash flows that were included in the consolidated balance sheet at December 31, 2019 were as follows:

Purchased impaired loans included in the table above totaled $228 million at December 31, 2019, representing less than 1% of the Company’s assets at that date. A summary of changes in the accretable yield for loans acquired at a discount for the three months and nine months ended September 30, 2019 follows:

The Company utilizes a loan grading system to differentiate risk amongst its commercial loans and commercial real estate loans. Loans with a lower expectation of default are assigned one of ten possible “pass” loan grades and are generally ascribed lower loss factors when determining the allowance for credit losses. Loans with an elevated level of credit risk are classified as “criticized” and are ascribed a higher loss factor when determining the allowance for credit losses. Criticized loans may be classified as “nonaccrual” if the Company no longer expects to collect all amounts according to the contractual terms of the loan agreement or the loan is delinquent 90 days or more.

Loan officers in different geographic locations with the support of the Company’s credit department personnel continuously review and reassign loan grades based on their detailed knowledge of individual borrowers and their judgment of the impact on such borrowers resulting from changing conditions in their respective regions. Factors considered in assigning loan grades include borrower-specific information related to expected future cash flows and

operating results, collateral values, geographic location, financial condition and performance, payment status, and other information. At least annually, updated financial information is obtained from commercial borrowers associated with pass grade loans and additional analysis is performed. On a quarterly basis, the Company’s centralized credit department reviews all criticized commercial loans and commercial real estate loans greater than $1 million to determine the appropriateness of the assigned loan grade, including whether the loan should be reported as accruing or nonaccruing.

The following table summarizes the loan grades applied at September 30, 2020 to the various classes of the Company’s commercial loans and commercial real estate loans by origination year.

	Term Loans by Origination Year												Revolving		Revolving Loans Converted to Term
	2020		2019		2018		2017		2016		Prior		Loans		Loans		Total
	(In thousands)
Commercial, financial, leasing, etc.:
Loan grades:
Pass	$	8,209,336		2,387,719		1,638,389		1,001,452		816,518		1,488,463		10,444,292		27,536	$	26,013,705
Criticized accrual		389,682		75,106		141,774		50,144		45,345		57,137		758,594		9,533		1,527,315
Criticized nonaccrual		2,793		23,546		49,840		16,456		18,790		66,410		165,625		7,168		350,628
Total commercial, financial, leasing, etc.	$	8,601,811		2,486,371		1,830,003		1,068,052		880,653		1,612,010		11,368,511		44,237	$	27,891,648

Real estate:
Commercial:
Loan grades:
Pass	$	2,773,454		4,911,992		3,458,071		2,851,599		2,823,120		6,188,879		810,180		—	$	23,817,295
Criticized accrual		343,722		436,191		531,848		294,994		728,208		1,252,953		51,535		—		3,639,451
Criticized nonaccrual		242		43,342		5,168		31,506		21,507		149,629		1,121		—		252,515
Total commercial real estate	$	3,117,418		5,391,525		3,995,087		3,178,099		3,572,835		7,591,461		862,836		—	$	27,709,261

Residential builder and developer:
Loan grades:
Pass	$	399,778		399,923		207,188		26,378		11,668		14,190		233,182		—	$	1,292,307
Criticized accrual		32,441		12,744		15,255		3,421		—		1,410		3,567		—		68,838
Criticized nonaccrual		—		518		—		—		—		1,315		—		—		1,833
Total residential builder and developer	$	432,219		413,185		222,443		29,799		11,668		16,915		236,749		—	$	1,362,978

Other commercial construction:
Loan grades:
Pass	$	721,942		2,613,554		2,229,748		1,137,823		352,930		299,184		77,873		—	$	7,433,054
Criticized accrual		26,338		223,956		365,284		243,108		166,048		14,430		—		—		1,039,164
Criticized nonaccrual		—		—		—		4,340		3,254		24,913		5,120		—		37,627
Total other commercial construction	$	748,280		2,837,510		2,595,032		1,385,271		522,232		338,527		82,993		—	$	8,509,845

Increases to criticized loans during 2020 were predominantly attributable to effects of the COVID-19 pandemic and the related re-grading of loans.

The Company considers repayment performance a significant indicator of credit quality for its residential real estate loan and consumer loan portfolios. A summary of loans in accrual and nonaccrual status at September 30, 2020 for the various classes of the Company’s residential real estate loans and consumer loans by origination year is as follows.

	Term Loans by Origination Year												Revolving		Revolving Loans Converted to Term
	2020		2019		2018		2017		2016		Prior		Loans		Loans		Total
	(In thousands)
Residential:
Current	$	2,089,095		1,489,244		664,588		1,282,631		756,137		7,583,780		68,834		—	$	13,934,309
30-89 days past due		4,319		8,534		5,234		17,517		6,758		143,058		—		—		185,420
Accruing loans past due 90 days or more		387		9,213		26,596		124,510		30,048		312,696		—		—		503,450
Nonaccrual		761		4,590		1,653		5,257		1,002		284,167		206		—		297,636
Total residential	$	2,094,562		1,511,581		698,071		1,429,915		793,945		8,323,701		69,040		—	$	14,920,815

Residential - limited documentation:
Current	$	—		—		—		—		—		1,606,130		—		—	$	1,606,130
30-89 days past due		—		—		—		—		—		20,980		—		—		20,980
Accruing loans past due 90 days or more		—		—		—		—		—		—		—		—		—
Nonaccrual		—		—		—		—		—		115,783		—		—		115,783
Total residential - limited documentation	$	—		—		—		—		—		1,742,893		—		—	$	1,742,893

Consumer:
Home equity lines and loans:
Current	$	668		4,357		1,961		2,155		163		57,998		2,622,825		1,310,702	$	4,000,829
30-89 days past due		—		—		72		—		—		1,809		1,374		18,954		22,209
Accruing loans past due 90 days or more		—		—		—		—		—		—		—		—		—
Nonaccrual		—		20		—		52		—		5,018		6,988		66,742		78,820
Total home equity lines and loans	$	668		4,377		2,033		2,207		163		64,825		2,631,187		1,396,398	$	4,101,858

	Term Loans by Origination Year												Revolving		Revolving Loans Converted to Term
	2020		2019		2018		2017		2016		Prior		Loans		Loans		Total
	(In thousands)
Recreational finance:
Current	$	2,323,314		1,881,732		969,243		674,896		379,441		609,500		—		—	$	6,838,126
30-89 days past due		5,130		9,073		6,755		5,091		3,168		6,786		—		—		36,003
Accruing loans past due 90 days or more		—		—		—		—		—		—		—		—		—
Nonaccrual		1,314		3,961		3,790		4,175		2,379		8,572		—		—		24,191
Total recreational finance	$	2,329,758		1,894,766		979,788		684,162		384,988		624,858		—		—	$	6,898,320
Automobile:
Current	$	1,084,223		1,223,790		711,515		513,607		208,741		88,092		—		—	$	3,829,968
30-89 days past due		2,884		10,573		11,193		10,126		5,170		2,960		—		—		42,906
Accruing loans past due 90 days or more		—		—		—		—		—		—		—		—		—
Nonaccrual		1,244		7,754		11,224		11,010		6,461		4,681		—		—		42,374
Total automobile	$	1,088,351		1,242,117		733,932		534,743		220,372		95,733		—		—	$	3,915,248

Other:
Current	$	132,769		154,094		62,966		39,231		6,252		31,356		908,567		1,807	$	1,337,042
30-89 days past due		1,874		890		537		243		29		570		6,954		504		11,601
Accruing loans past due 90 days or more		—		—		—		—		—		287		6,687		—		6,974
Nonaccrual		1,540		446		442		226		43		383		35,186		299		38,565
Total other	$	136,183		155,430		63,945		39,700		6,324		32,596		957,394		2,610	$	1,394,182

Total loans and leases at September 30, 2020	$	18,549,250		15,936,862		11,120,334		8,351,948		6,393,180		20,443,519		16,208,710		1,443,245	$	98,447,048

The following table summarizes the loan grades applied at December 31, 2019 to the various classes of the Company’s commercial loans and commercial real estate loans.

For purposes of determining the level of the allowance for credit losses, the Company evaluates its loan and lease portfolio by loan type. Changes in the allowance for credit losses for the three months ended September 30, 2020 were as follows:

Changes in the allowance for credit losses for the three months ended September 30, 2019 were as follows:

	Commercial, Financial,			Real Estate
	Leasing, etc.			Commercial			Residential			Consumer			Unallocated			Total
	(In thousands)

Beginning balance	$	335,855			343,296			61,011			211,220			78,485		$	1,029,867
Provision for credit losses		24,538			(16,713	)		(309	)		37,735			(251	)		45,000
Net charge-offs
Charge-offs		(15,678	)		(1,107	)		(2,721	)		(40,735	)		—			(60,241	)
Recoveries		6,730			1,656			1,511			13,914			—			23,811
Net (charge-offs) recoveries		(8,948	)		549			(1,210	)		(26,821	)		—			(36,430	)
Ending balance	$	351,445			327,132			59,492			222,134			78,234		$	1,038,437

Changes in the allowance for credit losses for the nine months ended September 30, 2020 were as follows:

	Commercial, Financial,			Real Estate
	Leasing, etc.			Commercial			Residential			Consumer			Unallocated			Total
	(In thousands)

Beginning balance	$	366,094			322,201			56,033			229,118			77,625		$	1,051,071
Adoption of new accounting standard		(61,474	)		23,656			53,896			194,004			(77,625	)		132,457
Provision for credit losses		161,444			335,159			11,458			216,939			—			725,000
Net charge-offs
Charge-offs		(63,425	)		(23,266	)		(8,227	)		(116,409	)		—			(211,327	)
Recoveries		11,109			4,030			4,522			41,643			—			61,304
Net charge-offs		(52,316	)		(19,236	)		(3,705	)		(74,766	)		—			(150,023	)
Ending balance	$	413,748			661,780			117,682			565,295			—		$	1,758,505

Changes in the allowance for credit losses for the nine months ended September 30, 2019 were as follows:

	Commercial, Financial,			Real Estate
	Leasing, etc.			Commercial			Residential			Consumer			Unallocated		Total
	(In thousands)

Beginning balance	$	330,055			341,655			69,125			200,564			78,045	$	1,019,444
Provision for credit losses		41,146			(6,415	)		(5,132	)		92,212			189		122,000
Net charge-offs
Charge-offs		(40,786	)		(11,555	)		(9,356	)		(113,050	)		—		(174,747	)
Recoveries		21,030			3,447			4,855			42,408			—		71,740
Net charge-offs		(19,756	)		(8,108	)		(4,501	)		(70,642	)		—		(103,007	)
Ending balance	$	351,445			327,132			59,492			222,134			78,234	$	1,038,437

Despite the allocation in the preceding tables, the allowance for credit losses is general in nature and is available to absorb losses from any loan or lease type. A description of the methodologies used by the Company to estimate its allowance for credit losses prior to January 1, 2020 is included in note 4 of Notes to Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.

In establishing the allowance for credit losses subsequent to December 31, 2019, the Company estimates losses attributable to specific troubled credits identified through both normal and targeted credit review processes and also estimates losses for loans and leases with similar risk characteristics on a collective basis. The amounts of specific loss components in the Company’s loan and lease portfolios are determined through a loan-by-loan analysis of larger balance commercial loans and commercial real estate loans that are in nonaccrual status. Such loss estimates are typically based on expected future cash flows, collateral values and other factors that may impact the borrower’s ability to pay. To the extent that those loans are collateral-dependent, they are evaluated based on the fair value of the loan’s collateral as estimated at or near the financial statement date. As the quality of a loan deteriorates to the point of classifying the loan as “criticized,” the process of obtaining updated collateral valuation information is usually initiated, unless it is not considered warranted given factors such as the relative size of the loan, the characteristics of the collateral or the age of the last valuation. In those cases where current appraisals may not yet be available, prior appraisals are utilized with adjustments, as deemed necessary, for estimates of subsequent declines in values as determined by line of business and/or loan workout personnel. Those adjustments are reviewed and assessed for reasonableness by the Company’s credit department. Accordingly, for real estate collateral securing larger nonaccrual commercial loans and commercial real estate loans, estimated collateral values are based on current appraisals and estimates of value. For non-real estate loans, collateral is assigned a discounted estimated liquidation value and, depending on the nature of the collateral, is verified through field exams or other procedures. In assessing collateral, real estate and non-real estate values are reduced by an estimate of selling costs.

For residential real estate loans, including home equity loans and lines of credit, the excess of the loan balance over the net realizable value of the property collateralizing the loan is charged-off when the loan becomes 150 days delinquent. That charge-off is based on recent indications of value from external parties that are generally obtained shortly after a loan becomes nonaccrual. Loans to consumers that file for bankruptcy are generally charged-off to estimated net collateral value shortly after the Company is notified of such filings. When evaluating individual home equity loans and lines of credit for charge off and for purposes of estimating losses in determining the allowance for credit losses, the Company gives consideration to the required repayment of any first lien positions related to collateral property. Modified loans, including smaller balance homogenous loans, that are considered to be troubled debt restructurings are evaluated for impairment giving consideration to the impact of the modified loan terms on the present value of the loan’s expected cash flows.

Information with respect to loans and leases that were considered nonaccrual at the beginning and end of the reporting period and the interest income recognized on such loans for the three-month and nine-month periods ended September 30, 2020 and 2019 follows.

	September 30, 2020						June 30, 2020		January 1, 2020		Three Months Ended September 30, 2020		Nine Months Ended September 30, 2020
	Amortized Cost with Allowance		Amortized Cost without Allowance		Total		Amortized Cost		Amortized Cost		Interest Income Recognized		Interest Income Recognized
	(In thousands)

Commercial, financial, leasing, etc.	$	264,515		86,113		350,628		284,654		346,743		5,999		9,035
Real estate:
Commercial		86,199		166,316		252,515		172,488		173,796		993		6,782
Residential builder and developer		1,833		—		1,833		1,748		4,708		114		173
Other commercial construction		15,441		22,186		37,627		85,426		35,881		232		6,809
Residential		66,302		231,334		297,636		306,907		322,504		3,410		15,258
Residential — limited documentation		29,824		85,959		115,783		118,695		114,667		114		571
Consumer:
Home equity lines and loans		36,134		42,686		78,820		77,094		65,039		1,017		3,236
Recreational finance		17,637		6,554		24,191		24,152		14,308		155		461
Automobile		37,355		5,019		42,374		42,736		21,293		47		139
Other		3,567		34,998		38,565		42,750		35,394		174		489
Total	$	558,807		681,165		1,239,972		1,156,650		1,134,333		12,255		42,953

	September 30, 2019						June 30, 2019		January 1, 2019		Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
	Amortized Cost with Allowance		Amortized Cost without Allowance		Total		Amortized Cost		Amortized Cost		Interest Income Recognized		Interest Income Recognized
	(In thousands)

Commercial, financial, leasing, etc.	$	223,183		159,626		382,809		223,733		234,423		836		7,552
Real estate:
Commercial		40,203		144,429		184,632		203,116		203,672		1,802		5,212
Residential builder and developer		1,596		3,379		4,975		5,985		4,798		89		308
Other commercial construction		15,501		15,940		31,441		32,769		22,205		488		1,669
Residential		57,070		166,496		223,566		210,922		233,352		3,425		10,014
Residential — limited documentation		27,803		53,876		81,679		87,551		84,685		269		795
Consumer:
Home equity lines and loans		23,908		36,007		59,915		66,927		71,292		1,846		4,617
Recreational finance		6,577		5,275		11,852		11,153		11,199		147		431
Automobile		14,596		6,443		21,039		20,170		23,359		54		161
Other		3,066		275		3,341		3,058		4,623		145		392
Total	$	413,503		591,746		1,005,249		865,384		893,608		9,101		31,151

In determining the allowance for credit losses, accruing loans with similar risk characteristics are generally evaluated collectively. The Company utilizes statistically developed models to project principal balances over the remaining contractual lives of the loan portfolios and to determine estimated credit losses through a reasonable and supportable forecast period. Individual loan credit quality indicators including loan grade and borrower repayment performance inform the models, which have been statistically developed based on historical correlations of credit losses with prevailing economic metrics, including unemployment, gross domestic product and real estate prices. Model forecasts may be adjusted for inherent limitations or biases that have been identified through independent validation and back-testing of model performance to actual realized results. At both January 1 and September 30, 2020, the Company utilized a reasonable and supportable forecast period of two years. Subsequent to this forecast period the Company reverted, ratably over a one-year period, to historical loss experience to inform its estimate of losses for the remaining contractual life of each portfolio. The Company also considered the impact of portfolio concentrations, changes in underwriting practices, product expansions into new markets, imprecision in its economic forecasts, geopolitical conditions and other risk factors that might influence its loss estimation process.

The Company’s reserve for off-balance sheet credit exposures was not material at September 30, 2020 and December 31, 2019.

During the normal course of business, the Company modifies loans to maximize recovery efforts. If the borrower is experiencing financial difficulty and a concession is granted, the Company considers such modifications as troubled debt restructurings and classifies those loans as either nonaccrual loans or renegotiated loans. The types of concessions that the Company grants typically include principal deferrals and interest rate concessions, but may also include other types of concessions.

The table that follows summarizes the Company’s loan modification activities that were considered troubled debt restructurings for the three-month and nine-month periods ended September 30, 2020 and 2019:

					Post-modification (a)
	Number		Pre- modification Recorded Investment		Principal Deferral		Interest Rate Reduction		Other		Combination of Concession Types		Total
Three Months Ended September 30, 2020	(Dollars in thousands)

Commercial, financial, leasing, etc.		112	$	35,037	$	7,145	$	298	$	—	$	27,512	$	34,955
Real estate:
Commercial		50		13,293		12,506		172		30		600		13,308
Residential		30		8,544		5,517		—		—		3,616		9,133
Consumer:
Home equity lines and loans		33		3,410		129		—		—		3,286		3,415
Recreational finance		74		2,734		2,734		—		—		—		2,734
Automobile		403		7,007		7,005		—		—		2		7,007
Other		383		3,046		142		—		—		2,904		3,046
Total		1,085	$	73,071	$	35,178	$	470	$	30	$	37,920	$	73,598

Three Months Ended September 30, 2019

Commercial, financial, leasing, etc.		26	$	6,145	$	1,441	$	—	$	—	$	4,666	$	6,107
Real estate:
Commercial		9		2,986		383		—		—		2,589		2,972
Residential		20		5,161		3,046		—		—		2,535		5,581
Residential — limited documentation		1		236		—		—		—		240		240
Consumer:
Home equity lines and loans		12		1,392		—		—		—		1,399		1,399
Recreational finance		3		61		61		—		—		—		61
Automobile		26		485		457		—		—		28		485
Total		97	$	16,466	$	5,388	$	—	$	—	$	11,457	$	16,845

					Post-modification (a)
	Number		Pre- modification Recorded Investment		Principal Deferral		Interest Rate Reduction		Other		Combination of Concession Types		Total
Nine Months Ended September 30, 2020	(Dollars in thousands)

Commercial, financial, leasing, etc.		279	$	102,865	$	29,762	$	298	$	31,605	$	40,013	$	101,678
Real estate:
Commercial		106		94,807		24,372		505		4,830		52,916		82,623
Residential builder and developer		1		91		—		—		—		90		90
Residential		82		27,594		11,865		—		—		19,126		30,991
Residential — limited documentation		9		2,980		2,667		—		—		1,232		3,899
Consumer:
Home equity lines and loans		159		11,719		688		—		—		11,057		11,745
Recreational finance		348		13,619		13,619		—		—		—		13,619
Automobile		1,873		33,541		33,539		—		—		2		33,541
Other		718		5,229		824		—		—		4,405		5,229
Total		3,575	$	292,445	$	117,336	$	803	$	36,435	$	128,841	$	283,415

Nine Months Ended September 30, 2019

Commercial, financial, leasing, etc.		115	$	39,357	$	8,582	$	—	$	—	$	30,827	$	39,409
Real estate:
Commercial		38		22,567		3,947		—		—		18,197		22,144
Residential builder and developer		2		1,330		1,068		—		—		—		1,068
Other commercial construction		2		1,456		—		—				1,399		1,399
Residential		63		16,490		8,805		—		—		8,842		17,647
Residential — limited documentation		4		1,084		399		—		—		705		1,104
Consumer:
Home equity lines and loans		32		3,141		90		—		—		3,078		3,168
Recreational finance		8		164		164		—		—		—		164
Automobile		58		991		926		—		—		65		991
Total		322	$	86,580	$	23,981	$	—	$	—	$	63,113	$	87,094

Troubled debt restructurings are evaluated for impairment giving consideration to the impact of the modified loan terms on the present value of the loan’s expected cash flows. Impairment of troubled debt restructurings that have subsequently defaulted may also be measured based on the loan’s observable market price or the fair value of collateral if the loan is collateral-dependent. Charge-offs may also be recognized on troubled debt restructurings that have subsequently defaulted. Loans that were modified as troubled debt restructurings during the twelve months ended September 30, 2020 and 2019 and for which there was a subsequent payment default during the nine-month periods ended September 30, 2020 and 2019, respectively, were not material.

The amount of foreclosed residential real estate property held by the Company was $43 million and $76 million at September 30, 2020 and December 31, 2019, respectively. There were $231 million and $402 million at September 30, 2020 and December 31, 2019, respectively, of loans secured by residential real estate that were in the process of foreclosure. Of all loans in the process of foreclosure at September 30, 2020, approximately 42% were government guaranteed.