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Purchased Loans
 12 Months Ended
Dec. 31, 2019
Receivables [Abstract]  
Purchased Loans Non Purchased Loans
(In Thousands, Except Number of Loans)
“Purchased” loans are those loans acquired in any of the Company’s previous acquisitions, including FDIC-assisted acquisitions. “Non purchased” loans include all of the Company’s other loans, other than loans held for sale.
For purposes of this Note 4, all references to “loans” mean non purchased loans.
The following is a summary of non purchased loans and leases at December 31: 
 
2019
 
2018
Commercial, financial, agricultural
$
1,052,353

 
$
875,649

Lease financing
85,700

 
64,992

Real estate – construction
774,901

 
635,519

Real estate – 1-4 family mortgage
2,350,126

 
2,087,890

Real estate – commercial mortgage
3,128,876

 
2,628,365

Installment loans to individuals
199,843

 
100,424

Gross loans
7,591,799

 
6,392,839

Unearned income
(3,825
)
 
(3,127
)
Loans, net of unearned income
$
7,587,974

 
$
6,389,712



Past Due and Nonaccrual Loans
The following table provides an aging of past due and nonaccrual loans, segregated by class, as of the dates presented:
 
Accruing Loans
 
Nonaccruing Loans
 
30-89 Days
Past Due
 
90 Days
or More
Past Due
 
Current
Loans
 
Total
Loans
 
30-89 Days
Past Due
 
90 Days
or More
Past Due
 
Current
Loans
 
Total
Loans
 
Total
Loans
December 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
605

 
$
476

 
$
1,045,802

 
$
1,046,883

 
$
387

 
$
5,023

 
$
60

 
$
5,470

 
$
1,052,353

Lease financing
—

 
—

 
85,474

 
85,474

 
—

 
226

 
—

 
226

 
85,700

Real estate – construction
794

 
—

 
774,107

 
774,901

 
—

 
—

 
—

 
—

 
774,901

Real estate – 1-4 family mortgage
18,020

 
2,502

 
2,320,328

 
2,340,850

 
623

 
6,571

 
2,082

 
9,276

 
2,350,126

Real estate – commercial mortgage
2,362

 
276

 
3,119,785

 
3,122,423

 
372

 
4,655

 
1,426

 
6,453

 
3,128,876

Installment loans to individuals
1,000

 
204

 
198,555

 
199,759

 
—

 
17

 
67

 
84

 
199,843

Unearned income
—

 
—

 
(3,825
)
 
(3,825
)
 
—

 
—

 
—

 
—

 
(3,825
)
Total
$
22,781

 
$
3,458

 
$
7,540,226

 
$
7,566,465

 
$
1,382

 
$
16,492

 
$
3,635

 
$
21,509

 
$
7,587,974

December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
3,397

 
$
267

 
$
870,457

 
$
874,121

 
$
—

 
$
1,356

 
$
172

 
$
1,528

 
$
875,649

Lease financing
607

 
89

 
64,296

 
64,992

 
—

 
—

 
—

 
—

 
64,992

Real estate – construction
887

 
—

 
634,632

 
635,519

 
—

 
—

 
—

 
—

 
635,519

Real estate – 1-4 family mortgage
10,378

 
2,151

 
2,071,401

 
2,083,930

 
238

 
2,676

 
1,046

 
3,960

 
2,087,890

Real estate – commercial mortgage
1,880

 
13

 
2,621,902

 
2,623,795

 
—

 
2,974

 
1,596

 
4,570

 
2,628,365

Installment loans to individuals
368

 
165

 
99,731

 
100,264

 
3

 
157

 
—

 
160

 
100,424

Unearned income
—

 
—

 
(3,127
)
 
(3,127
)
 
—

 
—

 
—

 
—

 
(3,127
)
Total
$
17,517

 
$
2,685

 
$
6,359,292

 
$
6,379,494

 
$
241

 
$
7,163

 
$
2,814

 
$
10,218

 
$
6,389,712


Restructured loans that are not performing in accordance with their restructured terms that are either contractually 90 days or more past due or placed on nonaccrual status are reported as nonperforming loans. There were two restructured loans totaling $164 that were contractually 90 days past due or more and still accruing at December 31, 2019. There was one restructured loan totaling $41 that was contractually 90 days past due or more and still accruing at December 31, 2018. The outstanding balance of restructured loans on nonaccrual status was $3,058 and $3,128 at December 31, 2019 and 2018, respectively.
Impaired Loans
Impaired loans recognized in conformity with ASC 310, segregated by class, were as follows as of the dates and for the periods presented: 
 
As of December 31, 2019
 
Year Ended December 31, 2019
 
Recorded
Investment
 
Unpaid
Principal
Balance
 
Related
Allowance
 
Average
Recorded
Investment
 
Interest
Income
Recognized
With a related allowance recorded:
 
 
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
5,722

 
$
6,623

 
$
1,222

 
$
6,787

 
$
30

Lease financing
226

 
226

 
3

 
231

 
—

Real estate – construction
—

 
—

 
—

 
—

 
—

Real estate – 1-4 family mortgage
13,689

 
14,018

 
143

 
14,364

 
200

Real estate – commercial mortgage
7,361

 
8,307

 
390

 
7,034

 
120

Installment loans to individuals
84

 
91

 
1

 
97

 
2

Total
$
27,082

 
$
29,265

 
$
1,759

 
$
28,513

 
$
352

With no related allowance recorded:
 
 
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
—

 
$
—

 
$
—

 
$
—

 
$
—

Lease financing
—

 
—

 
—

 
—

 
—

Real estate – construction
9,145

 
9,145

 
—

 
8,516

 
438

Real estate – 1-4 family mortgage
—

 
—

 
—

 
—

 
—

Real estate – commercial mortgage
1,080

 
2,760

 
—

 
1,159

 
33

Installment loans to individuals
—

 
—

 
—

 
—

 
—

Total
$
10,225

 
$
11,905

 
$
—

 
$
9,675

 
$
471

Totals
$
37,307

 
$
41,170

 
$
1,759

 
$
38,188

 
$
823

 
As of December 31, 2018
 
Year Ended December 31, 2018
 
Recorded
Investment
 
Unpaid
Principal
Balance
 
Related
Allowance
 
Average
Recorded
Investment
 
Interest
Income
Recognized
With a related allowance recorded:
 
 
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
1,834

 
$
2,280

 
$
163

 
$
2,079

 
$
35

Lease financing
—

 
—

 
—

 
—

 
—

Real estate – construction
7,302

 
7,302

 
63

 
7,180

 
162

Real estate – 1-4 family mortgage
9,077

 
9,767

 
61

 
9,212

 
191

Real estate – commercial mortgage
4,609

 
5,765

 
689

 
4,889

 
72

Installment loans to individuals
223

 
232

 
1

 
239

 
2

Total
$
23,045

 
$
25,346

 
$
977

 
$
23,599

 
$
462

With no related allowance recorded:
 
 
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
—

 
$
—

 
$
—

 
$
—

 
$
—

Lease financing
—

 
—

 
—

 
—

 
—

Real estate – construction
2,165

 
2,165

 
—

 
2,165

 
55

Real estate – 1-4 family mortgage
—

 
—

 
—

 
—

 
—

Real estate – commercial mortgage
1,238

 
2,860

 
—

 
1,316

 
32

Installment loans to individuals
—

 
—

 
—

 
—

 
—

Total
$
3,403

 
$
5,025

 
$
—

 
$
3,481

 
$
87

Totals
$
26,448

 
$
30,371

 
$
977

 
$
27,080

 
$
549


The average recorded investment in impaired loans for the year ended December 31, 2017 was $21,998. Interest income recognized on impaired loans for the year ended December 31, 2017 was $573.
Restructured Loans
At December 31, 2019, 2018 and 2017, there were $4,679, $5,325 and $5,588, respectively, of restructured loans. The following table illustrates the impact of modifications classified as restructured loans held on the Consolidated Balance Sheets and still performing in accordance with their restructured terms at period end, segregated by class, as of the periods presented.
 
Number of
Loans
 
Pre-Modification
Outstanding
Recorded
Investment
 
Post-Modification
Outstanding
Recorded
Investment
December 31, 2019
 
 
 
 
 
Commercial, financial, agricultural
2

 
$
187

 
$
185

Real estate – 1-4 family mortgage
5

 
460

 
459

Total
7

 
$
647

 
$
644

December 31, 2018
 
 
 
 
 
Real estate – 1-4 family mortgage
9

 
$
1,764

 
$
1,763

Real estate – commercial mortgage
2

 
94

 
89

Total
11

 
$
1,858

 
$
1,852

December 31, 2017
 
 
 
 
 
Commercial, financial, agricultural
2

 
$
331

 
$
330

Real estate – 1-4 family mortgage
8

 
598

 
586

Real estate – commercial mortgage
3

 
683

 
313

Installment loans to individuals
1

 
4

 
3

Total
14

 
$
1,616

 
$
1,232


At December 31, 2018 and December 31, 2017 the Company had $139 and $184, respectively, in troubled debt restructurings that subsequently defaulted within twelve months of the restructuring. There were no such occurrences for the year ended December 31, 2019.

Changes in the Company’s restructured loans are set forth in the table below.
 
Number of
Loans
 
Recorded
Investment
Totals at January 1, 2018
54

 
$
5,588

Additional advances or loans with concessions
11

 
1,861

Reclassified as performing
3

 
295

Reductions due to:
 
 
 
Reclassified as nonperforming
(8
)
 
(639
)
Paid in full
(9
)
 
(1,556
)
Principal paydowns
—

 
(224
)
Totals at December 31, 2018
51

 
$
5,325

Additional advances or loans with concessions
7

 
661

Reclassified as performing
5

 
252

Reductions due to:
 
 
 
Reclassified as nonperforming
(9
)
 
(808
)
Paid in full
(8
)
 
(581
)
Principal paydowns
—

 
(170
)
Totals at December 31, 2019
46

 
$
4,679


The allocated allowance for loan losses attributable to restructured loans was $125 and $34 at December 31, 2019 and 2018, respectively. The Company had no remaining availability under commitments to lend additional funds on these restructured loans at December 31, 2019 and $42 in remaining availability under commitments to lend additional funds on these restructured loans at December 31, 2018.
Credit Quality
For commercial and commercial real estate secured loans, internal risk-rating grades are assigned by lending, credit administration or loan review personnel, based on an analysis of the financial and collateral strength and other credit attributes underlying each loan. Management analyzes the resulting ratings, as well as other external statistics and factors such as delinquency, to track the migration performance of the portfolio balances of commercial and commercial real estate secured loans. Loan grades range between 1 and 9, with 1 being loans with the least credit risk. Loans within the “Pass” grade (historically, those with a risk rating between 1 and 4) generally have a lower risk of loss and therefore a lower risk factor applied to the loan balances. The “Pass” grade is reserved for loans with a risk rating between 1 and 4A, and the “Watch” grade (those with a risk rating of 4B and 4E) is utilized on a temporary basis for “Pass” grade loans where a significant adverse risk-modifying action is anticipated in the near term. Loans that migrate toward the “Substandard” grade (those with a risk rating between 5 and 9) generally have a higher risk of loss and therefore a higher risk factor applied to those related loan balances. The following table presents the Company’s loan portfolio by risk-rating grades as of the dates presented: 
 
Pass
 
Watch
 
Substandard
 
Total
December 31, 2019
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
779,798

 
$
11,949

 
$
11,715

 
$
803,462

Real estate – construction
698,950

 
501

 
9,209

 
708,660

Real estate – 1-4 family mortgage
339,079

 
3,856

 
3,572

 
346,507

Real estate – commercial mortgage
2,737,629

 
31,867

 
26,711

 
2,796,207

Installment loans to individuals
6

 
—

 
—

 
6

Total
$
4,555,462

 
$
48,173

 
$
51,207

 
$
4,654,842

December 31, 2018
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
615,803

 
$
18,326

 
$
6,973

 
$
641,102

Real estate – construction
558,494

 
2,317

 
8,157

 
568,968

Real estate – 1-4 family mortgage
321,564

 
4,660

 
4,260

 
330,484

Real estate – commercial mortgage
2,210,100

 
54,579

 
24,144

 
2,288,823

Installment loans to individuals
—

 
—

 
—

 
—

Total
$
3,705,961

 
$
79,882

 
$
43,534

 
$
3,829,377


For portfolio balances of consumer, consumer mortgage and certain other similar loan types, allowance factors are determined based on historical loss ratios by portfolio for the preceding eight quarters and may be adjusted by other qualitative criteria. The following table presents the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented:
 
Performing
 
Non-Performing
 
Total
December 31, 2019
 
 
 
 
 
Commercial, financial, agricultural
$
247,575

 
$
1,316

 
$
248,891

Lease financing
81,649

 
226

 
81,875

Real estate – construction
66,241

 
—

 
66,241

Real estate – 1-4 family mortgage
1,992,331

 
11,288

 
2,003,619

Real estate – commercial mortgage
330,714

 
1,955

 
332,669

Installment loans to individuals
199,549

 
288

 
199,837

Total
$
2,918,059

 
$
15,073

 
$
2,933,132

December 31, 2018
 
 
 
 
 
Commercial, financial, agricultural
$
233,046

 
$
1,501

 
$
234,547

Lease financing
61,776

 
89

 
61,865

Real estate – construction
66,551

 
—

 
66,551

Real estate – 1-4 family mortgage
1,751,994

 
5,412

 
1,757,406

Real estate – commercial mortgage
338,367

 
1,175

 
339,542

Installment loans to individuals
100,099

 
325

 
100,424

Total
$
2,551,833

 
$
8,502

 
$
2,560,335


Related Party Loans
Certain executive officers and directors of Renasant Bank and their associates are customers of and have other transactions with Renasant Bank. Related party loans and commitments are made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with persons not related to the Company or the Bank and do not involve more than a normal risk of collectability or present other unfavorable features. A summary of the changes in related party loans follows:
Loans at December 31, 2018
$
22,225

New loans and advances
5,378

Payments received
(1,723
)
Changes in related parties
36

Loans at December 31, 2019
$
25,916


No related party loans were classified as past due, nonaccrual, impaired or restructured at December 31, 2019 or 2018. Unfunded commitments to certain executive officers and directors and their associates totaled $7,266 and $6,982 at December 31, 2019 and 2018, respectively.
Purchased Loans
(In Thousands, Except Number of Loans)
For purposes of this Note 5, all references to “loans” mean purchased loans.
The following is a summary of purchased loans at December 31: 
 
2019
 
2018
Commercial, financial, agricultural
$
315,619

 
$
420,263

Lease financing
—

 
—

Real estate – construction
51,582

 
105,149

Real estate – 1-4 family mortgage
516,487

 
707,453

Real estate – commercial mortgage
1,115,389

 
1,423,144

Installment loans to individuals
102,587

 
37,408

Gross loans
2,101,664

 
2,693,417

Unearned income
—

 
—

Loans, net of unearned income
$
2,101,664

 
$
2,693,417


Past Due and Nonaccrual Loans
The following table provides an aging of past due and nonaccrual loans, segregated by class, as of the dates presented:
 
Accruing Loans
 
Nonaccruing Loans
 
30-89 Days
Past Due
 
90 Days
or More
Past Due
 
Current
Loans
 
Total
Loans
 
30-89 Days
Past Due
 
90 Days
or More
Past Due
 
Current
Loans
 
Total
Loans
 
Total
Loans
December 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
1,889

 
$
998

 
$
311,218

 
$
314,105

 
$
—

 
$
1,246

 
$
268

 
$
1,514

 
$
315,619

Lease financing
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Real estate – construction
319

 
—

 
51,263

 
51,582

 
—

 
—

 
—

 
—

 
51,582

Real estate – 1-4 family mortgage
5,516

 
2,244

 
503,826

 
511,586

 
605

 
2,762

 
1,534

 
4,901

 
516,487

Real estate – commercial mortgage
3,454

 
922

 
1,110,570

 
1,114,946

 
—

 
123

 
320

 
443

 
1,115,389

Installment loans to individuals
3,709

 
153

 
98,545

 
102,407

 
1

 
51

 
128

 
180

 
102,587

Unearned income
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Total
$
14,887

 
$
4,317

 
$
2,075,422

 
$
2,094,626

 
$
606

 
$
4,182

 
$
2,250

 
$
7,038

 
$
2,101,664

December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
1,811

 
$
97

 
$
417,786

 
$
419,694

 
$
—

 
$
477

 
$
92

 
$
569

 
$
420,263

Lease financing
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Real estate – construction
1,235

 
68

 
103,846

 
105,149

 
—

 
—

 
—

 
—

 
105,149

Real estate – 1-4 family mortgage
8,981

 
4,455

 
690,697

 
704,133

 
202

 
1,881

 
1,237

 
3,320

 
707,453

Real estate – commercial mortgage
5,711

 
2,410

 
1,413,346

 
1,421,467

 
—

 
1,401

 
276

 
1,677

 
1,423,144

Installment loans to individuals
1,342

 
202

 
35,594

 
37,138

 
2

 
24

 
244

 
270

 
37,408

Unearned income
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Total
$
19,080

 
$
7,232

 
$
2,661,269

 
$
2,687,581

 
$
204

 
$
3,783

 
$
1,849

 
$
5,836

 
$
2,693,417


Restructured loans that are not performing in accordance with their restructured terms that are either contractually 90 days or more past due or placed on nonaccrual status are reported as nonperforming loans. There were two restructured loans totaling $106 that were contractually 90 days past due or more and still accruing at December 31, 2019. There were eight restructured loans totaling $413 that were contractually 90 days past due or more and still accruing at December 31, 2018. The outstanding balance of restructured loans on nonaccrual status was $1,667 and $1,868 at December 31, 2019 and 2018, respectively.
Impaired Loans
Non credit deteriorated loans that were subsequently impaired and recognized in conformity with ASC 310, segregated by class, were as follows as of the dates and for the periods presented: 
 
As of December 31, 2019
 
Year Ended December 31, 2019
 
Recorded
Investment
 
Unpaid
Principal
Balance
 
Related
Allowance
 
Average
Recorded
Investment
 
Interest
Income
Recognized
With a related allowance recorded:
 
 
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
1,837

 
$
2,074

 
$
212

 
$
1,700

 
$
8

Lease financing
—

 
—

 
—

 
—

 
—

Real estate – construction
2,499

 
2,490

 
16

 
2,386

 
3

Real estate – 1-4 family mortgage
2,801

 
2,914

 
17

 
2,900

 
41

Real estate – commercial mortgage
981

 
1,017

 
6

 
1,031

 
40

Installment loans to individuals
110

 
110

 
2

 
96

 
—

Total
$
8,228

 
$
8,605

 
$
253

 
$
8,113

 
$
92

With no related allowance recorded:
 
 
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
901

 
$
905

 
$
—

 
$
912

 
$
—

Lease financing
—

 
—

 
—

 
—

 
—

Real estate – construction
772

 
779

 
—

 
770

 
—

Real estate – 1-4 family mortgage
3,772

 
4,550

 
—

 
4,134

 
73

Real estate – commercial mortgage
128

 
131

 
—

 
137

 
7

Installment loans to individuals
71

 
92

 
—

 
85

 
—

Total
$
5,644

 
$
6,457

 
$
—

 
$
6,038

 
$
80

Totals
$
13,872

 
$
15,062

 
$
253

 
$
14,151

 
$
172

 
As of December 31, 2018
 
Year Ended December 31, 2018
 
Recorded
Investment
 
Unpaid
Principal
Balance
 
Related
Allowance
 
Average
Recorded
Investment
 
Interest
Income
Recognized
With a related allowance recorded:
 
 
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
600

 
$
658

 
$
173

 
$
614

 
$
10

Lease financing
—

 
—

 
—

 
—

 
—

Real estate – construction
576

 
576

 
5

 
576

 
6

Real estate – 1-4 family mortgage
1,381

 
1,404

 
18

 
1,362

 
18

Real estate – commercial mortgage
2,066

 
2,116

 
338

 
2,011

 
40

Installment loans to individuals
246

 
247

 
3

 
247

 
1

Total
$
4,869

 
$
5,001

 
$
537

 
$
4,810

 
$
75

With no related allowance recorded:
 
 
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
11

 
$
13

 
$
—

 
$
13

 
$
1

Lease financing
—

 
—

 
—

 
—

 
—

Real estate – construction
—

 
—

 
—

 
—

 
—

Real estate – 1-4 family mortgage
3,780

 
4,383

 
—

 
4,407

 
111

Real estate – commercial mortgage
146

 
150

 
—

 
159

 
7

Installment loans to individuals
24

 
33

 
—

 
7

 
—

Total
$
3,961

 
$
4,579

 
$
—

 
$
4,586

 
$
119

Totals
$
8,830

 
$
9,580

 
$
537

 
$
9,396

 
$
194


The average recorded investment in non credit deteriorated loans that were subsequently impaired for the year ended December 31, 2017 was $7,687. Interest income recognized on non credit deteriorated loans that were subsequently impaired for the year ended December 31, 2017 was $299.
Credit deteriorated loans recognized in conformity with ASC 310-30, segregated by class, were as follows as of the dates and for the periods presented: 
 
As of December 31, 2019
 
Year Ended December 31, 2019
 
Recorded
Investment
 
Unpaid
Principal
Balance
 
Related
Allowance
 
Average
Recorded
Investment
 
Interest
Income
Recognized
With a related allowance recorded:
 
 
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
3,695

 
$
7,370

 
$
292

 
$
6,919

 
$
187

Lease financing
—

 
—

 
—

 
—

 
—

Real estate – construction
—

 
—

 
—

 
—

 
—

Real estate – 1-4 family mortgage
10,061

 
10,372

 
291

 
10,369

 
529

Real estate – commercial mortgage
52,501

 
55,017

 
1,386

 
54,885

 
2,904

Installment loans to individuals
640

 
640

 
2

 
652

 
29

Total
$
66,897

 
$
73,399

 
$
1,971

 
$
72,825

 
$
3,649

With no related allowance recorded:
 
 
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
25,843

 
$
41,792

 
$
—

 
$
37,535

 
$
1,208

Lease financing
—

 
—

 
—

 
—

 
—

Real estate – construction
863

 
882

 
—

 
618

 
21

Real estate – 1-4 family mortgage
25,482

 
32,597

 
—

 
26,687

 
1,665

Real estate – commercial mortgage
50,632

 
64,912

 
—

 
53,586

 
3,500

Installment loans to individuals
2,547

 
4,771

 
—

 
3,232

 
335

Total
$
105,367

 
$
144,954

 
$
—

 
$
121,658

 
$
6,729

Totals
$
172,264

 
$
218,353

 
$
1,971

 
$
194,483

 
$
10,378

 
As of December 31, 2018
 
Year Ended December 31, 2018
 
Recorded
Investment
 
Unpaid
Principal
Balance
 
Related
Allowance
 
Average
Recorded
Investment
 
Interest
Income
Recognized
With a related allowance recorded:
 
 
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
3,779

 
$
4,071

 
$
161

 
$
4,276

 
$
204

Lease financing
—

 
—

 
—

 
—

 
—

Real estate – construction
—

 
—

 
—

 
—

 
—

Real estate – 1-4 family mortgage
12,169

 
12,601

 
488

 
12,894

 
647

Real estate – commercial mortgage
62,003

 
65,273

 
1,901

 
65,756

 
3,201

Installment loans to individuals
660

 
660

 
2

 
675

 
29

Total
$
78,611

 
$
82,605

 
$
2,552

 
$
83,601

 
$
4,081

With no related allowance recorded:
 
 
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
25,364

 
$
40,332

 
$
—

 
$
12,102

 
$
669

Lease financing
—

 
—

 
—

 
—

 
—

Real estate – construction
—

 
—

 
—

 
—

 
—

Real estate – 1-4 family mortgage
36,074

 
41,222

 
—

 
36,801

 
1,647

Real estate – commercial mortgage
78,435

 
100,427

 
—

 
78,368

 
3,578

Installment loans to individuals
3,770

 
7,630

 
—

 
2,095

 
109

Total
$
143,643

 
$
189,611

 
$
—

 
$
129,366

 
$
6,003

Totals
$
222,254

 
$
272,216

 
$
2,552

 
$
212,967

 
$
10,084


The average recorded investment in credit-deteriorated loans for the year ended December 31, 2017 was $253,172. Interest income recognized on credit-deteriorated loans for the year ended December 31, 2017 was $12,869.
Restructured Loans
At December 31, 2019, 2018 and 2017, there were $7,275, $7,495 and $8,965, respectively, of restructured loans. The following table illustrates the impact of modifications classified as restructured loans held on the Consolidated Balance Sheets and still performing in accordance with their restructured terms at period end, segregated by class, as of the periods presented.
 
Number of
Loans
 
Pre-Modification
Outstanding
Recorded
Investment
 
Post-Modification
Outstanding
Recorded
Investment
December 31, 2019
 
 
 
 
 
Commercial, financial, agricultural
2

 
$
2,778

 
$
2,778

Real estate – 1-4 family mortgage
2

 
73

 
73

Real estate – commercial mortgage
1

 
80

 
76

Total
5

 
$
2,931

 
$
2,927

December 31, 2018
 
 
 
 
 
Commercial, financial, agricultural
1

 
$
48

 
$
44

Real estate – 1-4 family mortgage
2

 
142

 
127

Real estate – commercial mortgage
2

 
522

 
381

Total
5

 
$
712

 
$
552

December 31, 2017
 
 
 
 
 
Real estate – 1-4 family mortgage
23

 
3,744

 
3,127

Real estate – commercial mortgage
5

 
3,115

 
2,231

Total
28

 
$
6,859

 
$
5,358


During the years ended December 31, 2019, 2018 and 2017, the Company had $101, $5 and $212, respectively, in troubled debt restructurings that subsequently defaulted within twelve months of the restructuring.

Changes in the Company’s restructured loans are set forth in the table below.
 
Number of
Loans
 
Recorded
Investment
Totals at January 1, 2018
72

 
$
8,965

Additional advances or loans with concessions
5

 
712

Reclassified from nonperforming
4

 
435

Reductions due to:
 
 
 
Reclassified as nonperforming
(13
)
 
(1,229
)
Paid in full
(14
)
 
(744
)
Principal paydowns
—

 
(644
)
Totals at December 31, 2018
54

 
$
7,495

Additional advances or loans with concessions
5

 
3,168

Reclassified from nonperforming
14

 
1,931

Reductions due to:
 
 
 
Reclassified as nonperforming
(11
)
 
(1,964
)
Paid in full
(7
)
 
(370
)
Charge-offs
(1
)
 
(101
)
Principal paydowns
—

 
(508
)
Measurement period adjustment on recently acquired loans
—

 
(2,376
)
Totals at December 31, 2019
54

 
$
7,275


The allocated allowance for loan losses attributable to restructured loans was $17 and $58 at December 31, 2019 and 2018, respectively. The Company had $6 remaining availability under commitments to lend additional funds on these restructured loans at December 31, 2019 and $3 in remaining availability under commitments to lend additional funds on these restructured loans at December 31, 2018.
Credit Quality
The following table presents the Company’s loan portfolio by risk-rating grades as of the dates presented:
 
Pass
 
Watch
 
Substandard
 
Total
December 31, 2019
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
259,760

 
$
7,166

 
$
5,220

 
$
272,146

Real estate – construction
48,994

 
—

 
—

 
48,994

Real estate – 1-4 family mortgage
78,105

 
791

 
3,935

 
82,831

Real estate – commercial mortgage
909,513

 
56,334

 
15,835

 
981,682

Installment loans to individuals
—

 
—

 
—

 
—

Total
$
1,296,372

 
$
64,291

 
$
24,990

 
$
1,385,653

December 31, 2018
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
333,147

 
$
33,857

 
$
2,744

 
$
369,748

Real estate – construction
101,122

 
—

 
842

 
101,964

Real estate – 1-4 family mortgage
113,874

 
7,347

 
7,585

 
128,806

Real estate – commercial mortgage
1,198,540

 
43,046

 
9,984

 
1,251,570

Installment loans to individuals
—

 
—

 
2

 
2

Total
$
1,746,683

 
$
84,250

 
$
21,157

 
$
1,852,090


The following table presents the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented:
 
Performing
 
Non-Performing
 
Total
December 31, 2019
 
 
 
 
 
Commercial, financial, agricultural
$
13,935

 
$
—

 
$
13,935

Lease financing
—

 
—

 
—

Real estate – construction
1,725

 
—

 
1,725

Real estate – 1-4 family mortgage
394,476

 
3,638

 
398,114

Real estate – commercial mortgage
30,472

 
101

 
30,573

Installment loans to individuals
99,139

 
261

 
99,400

Total
$
539,747

 
$
4,000

 
$
543,747

December 31, 2018
 
 
 
 
 
Commercial, financial, agricultural
$
21,303

 
$
69

 
$
21,372

Lease financing
—

 
—

 
—

Real estate – construction
3,185

 
—

 
3,185

Real estate – 1-4 family mortgage
526,699

 
3,705

 
530,404

Real estate – commercial mortgage
30,951

 
185

 
31,136

Installment loans to individuals
32,676

 
300

 
32,976

Total
$
614,814

 
$
4,259

 
$
619,073


Loans Purchased with Deteriorated Credit Quality
Loans purchased in business combinations that exhibited, at the date of acquisition, evidence of deterioration of the credit quality since origination, such that it was probable that all contractually required payments would not be collected, were as follows as of the dates presented: 
 
 
Total Purchased Credit Deteriorated Loans
December 31, 2019
 
 
Commercial, financial, agricultural
 
$
29,538

Lease financing
 
—

Real estate – construction
 
863

Real estate – 1-4 family mortgage
 
35,543

Real estate – commercial mortgage
 
103,133

Installment loans to individuals
 
3,187

Total
 
$
172,264

December 31, 2018
 
 
Commercial, financial, agricultural
 
$
29,143

Lease financing
 
—

Real estate – construction
 
—

Real estate – 1-4 family mortgage
 
48,243

Real estate – commercial mortgage
 
140,438

Installment loans to individuals
 
4,430

Total
 
$
222,254


The following table presents the fair value of loans recognized in accordance with ASC 310-30 at the time of acquisition: 
 
Total Purchased Credit Deteriorated Loans
December 31, 2019
 
Contractually-required principal and interest
$
247,383

Nonaccretable difference(1)
(51,087
)
Cash flows expected to be collected
196,296

Accretable yield(2)
(24,032
)
Fair value
$
172,264

December 31, 2018
 
Contractually-required principal and interest
$
319,214

Nonaccretable difference(1)
(62,695
)
Cash flows expected to be collected
256,519

Accretable yield(2)
(34,265
)
Fair value
$
222,254

(1)
Represents contractual principal cash flows of $44,115 and $52,061, respectively, and interest cash flows of $6,972 and $10,634, respectively, not expected to be collected.
(2)
Represents contractual principal cash flows of $1,615 and $1,667, respectively, and interest cash flows of $22,417 and $32,598, respectively, expected to be collected.
Changes in the accretable yield of loans purchased with deteriorated credit quality, recognized in accordance with ASC 310-30, were as follows:
 
Total Purchased Credit Deteriorated Loans
Balance at January 1, 2018
$
(32,207
)
Additions through acquisition
(10,143
)
Reclasses from nonaccretable difference
(7,883
)
Accretion
15,340

Charge-off
628

Balance at December 31, 2018
$
(34,265
)
Measurement period adjustment on recently acquired loans
(3,712
)
Reclasses from nonaccretable difference
(8,472
)
Accretion
20,873

Charge-off
1,544

Balance at December 31, 2019
$
(24,032
)

The following table presents the fair value of loans purchased from Brand as of the September 1, 2018 acquisition date.
At acquisition date:
 
September 1, 2018
  Contractually-required principal and interest
 
$
1,625,079

  Nonaccretable difference
 
(164,554
)
  Cash flows expected to be collected
 
1,460,525

  Accretable yield
 
(138,318
)
      Fair value
 
$
1,322,207