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Loans and Leases
 6 Months Ended
Jun. 30, 2020
Receivables [Abstract]  
Loans and Leases Loans and Leases
Summary of Major Loan and Lease Categories

(Dollars in thousands)At June 30, 2020At December 31, 2019
Commercial, financial and agricultural$822,733  $947,029  
Paycheck Protection Program498,978  —  
Real estate-commercial2,222,490  2,040,441  
Real estate-construction212,534  232,595  
Real estate-residential secured for business purpose376,050  373,973  
Real estate-residential secured for personal purpose462,512  439,059  
Real estate-home equity secured for personal purpose173,041  174,435  
Loans to individuals29,222  29,883  
Lease financings154,249  149,421  
Total loans and leases held for investment, net of deferred income$4,951,809  $4,386,836  
Imputed interest on lease financings, included in the above table$(16,678) $(16,340) 
Net deferred (fees) costs, included in the above table(5,550) 5,999  
Overdraft deposits included in the above table401  407  
Age Analysis of Past Due Loans and Leases

The following presents, by class of loans and leases, an aging of past due loans and leases, loans and leases which are current and nonaccrual loans and leases at June 30, 2020:
Accruing Loans and Leases
(Dollars in thousands)30-59
Days
Past Due		60-89
Days
Past Due		90 Days
or more
Past Due		Total
Past Due		CurrentTotal Accruing Loans and LeasesNonaccrual Loans and LeasesTotal Loans
and Leases
Held for
Investment
At June 30, 2020
Commercial, financial and agricultural$9,995  $456  $309  $10,760  $807,765  $818,525  $4,208  $822,733  
Paycheck Protection Program—  —  —  —  498,978  498,978  —  498,978  
Real estate—commercial real estate and construction:
Commercial real estate8,006  6,532  54  14,592  2,190,330  2,204,922  17,568  2,222,490  
Construction9,272  1,203  —  10,475  202,059  212,534  —  212,534  
Real estate—residential and home equity:
Residential secured for business purpose1,633  1,291  468  3,392  370,904  374,296  1,754  376,050  
Residential secured for personal purpose3,203  174  —  3,377  457,867  461,244  1,268  462,512  
Home equity secured for personal purpose921  393  —  1,314  170,750  172,064  977  173,041  
Loans to individuals92  127  93  312  28,910  29,222  —  29,222  
Lease financings640  370  269  1,279  152,604  153,883  366  154,249  
Total$33,762  $10,546  $1,193  $45,501  $4,880,167  $4,925,668  $26,141  $4,951,809  

The following presents, by class of loans and leases, an aging of past due loans and leases, loans and leases which are current, acquired credit impaired loans and nonaccrual loans and leases at December 31, 2019:
Accruing Loans and Leases
(Dollars in thousands)30-59
Days
Past Due		60-89
Days
Past Due		90 Days
or more
Past Due		Total
Past Due		CurrentTotal Accruing Loans and LeasesAcquired Credit ImpairedNonaccrual Loans and LeasesTotal Loans
and Leases
Held for
Investment
At December 31, 2019
Commercial, financial and agricultural$2,602  $150  $20  $2,772  $940,815  $943,587  $—  $3,442  $947,029  
Real estate—commercial real estate and construction:
Commercial real estate3,473  266  —  3,739  2,008,568  2,012,307  206  27,928  2,040,441  
Construction—  —  —  —  232,338  232,338  —  257  232,595  
Real estate—residential and home equity:
Residential secured for business purpose2,078  2,442  —  4,520  366,473  370,993  —  2,980  373,973  
Residential secured for personal purpose2,969  446  —  3,415  433,548  436,963  58  2,038  439,059  
Home equity secured for personal purpose605  297  —  902  172,106  173,008  —  1,427  174,435  
Loans to individuals157  73  74  304  29,579  29,883  —  —  29,883  
Lease financings1,409  296  49  1,754  147,161  148,915  —  506  149,421  
Total$13,293  $3,970  $143  $17,406  $4,330,588  $4,347,994  $264  $38,578  $4,386,836  
Nonperforming Loans and Leases

The following presents, by class of loans and leases, nonperforming loans and leases at June 30, 2020 and December 31, 2019.
 At June 30, 2020At December 31, 2019
(Dollars in thousands)Nonaccrual
Loans and
Leases*		Accruing
Troubled
Debt
Restructured
Loans and
Lease
Modifications		Loans and
Leases
90 Days
or more
Past Due
and
Accruing
Interest		Total Nonperforming
Loans and
Leases		Nonaccrual
Loans and
Leases*		Accruing
Troubled
Debt
Restructured
Loans and
Lease
Modifications		Loans and
Leases
90 Days
or more
Past Due
and
Accruing
Interest		Total Nonperforming
Loans and
Leases
Commercial, financial and agricultural$4,208  $—  $309  $4,517  $3,442  $—  $20  $3,462  
Real estate—commercial real estate and construction:
Commercial real estate17,568  —  54  17,622  27,928  —  —  27,928  
Construction—  —  —  —  257  —  —  257  
Real estate—residential and home equity:
Residential secured for business purpose1,754  —  468  2,222  2,980  —  —  2,980  
Residential secured for personal purpose1,268  —  —  1,268  2,038  —  —  2,038  
Home equity secured for personal purpose977  53  —  1,030  1,427  54  —  1,481  
Loans to individuals—  —  93  93  —  —  74  74  
Lease financings366  —  269  635  506  —  49  555  
Total$26,141  $53  $1,193  $27,387  $38,578  $54  $143  $38,775  
 * Includes nonaccrual troubled debt restructured loans of $14.1 million and $13.8 million at June 30, 2020 and December 31, 2019, respectively.

The following table presents the amortized cost basis of loans and leases on nonaccrual status and loans 90 days or more past due and still accruing as of June 30, 2020.
(Dollars in thousands)Nonaccrual With No ACLNonaccrual With ACLTotal NonaccrualLoans 90 Days or more Past Due and Accruing Interest
At June 30, 2020
Commercial, financial and agricultural$2,747  $1,461  $4,208  $309  
Real estate-commercial17,342  226  17,568  54  
Real estate-residential secured for business purpose1,723  31  1,754  468  
Real estate-residential secured for personal purpose706  562  1,268  —  
Real estate-home equity secured for personal purpose977  —  977  —  
Loans to individuals—  —  —  93  
Lease financings—  366  366  269  
Total$23,495  $2,646  $26,141  $1,193  
The following table presents the amortized cost basis of collateral-dependent nonaccrual loans by class of loans and type of collateral as of June 30, 2020.

(Dollars in thousands)Real Estate
Other (1)
None (2)
Total
At June 30, 2020
Commercial, financial and agricultural$1,802  $1,833  $573  $4,208  
Real estate-commercial17,568  —  —  17,568  
Real estate-residential secured for business purpose1,754  —  —  1,754  
Real estate-residential secured for personal purpose1,268  —  —  1,268  
Real estate-home equity secured for personal purpose977  —  —  977  
Total$23,369  $1,833  $573  $25,775  
(1) Collateral consists of business assets, including accounts receivable and personal property.
(2) Loans fully reserved given lack of collateral.

Credit Quality Indicators

The following tables present by class, the recorded investment in loans and leases held for investment by credit quality indicator at June 30, 2020 and December 31, 2019.

The Corporation employs a risk rating system related to the credit quality of commercial loans and real estate loans secured for a business purpose. The following is a description of the internal risk ratings and the likelihood of loss related to each risk rating. Loans with a relationship balance of less than $1 million are reviewed on a performance basis, with the primary monitored metrics being delinquency status. Loans with relationships greater than $1 million are reviewed at least annually.  Loan relationships with a higher risk profile or classified as special mention or substandard are reviewed at least quarterly. The Corporation reviews credit quality indicators on at least an annual basis and last completed this review in conjunction with the period ended December 31, 2019. 

1.Pass—Loans considered satisfactory with no indications of deterioration
2.Special Mention—Potential weakness that deserves management's close attention
3.Substandard—Well-defined weakness or weaknesses that jeopardize the liquidation of the debt
4.Doubtful—Collection or liquidation in-full, on the basis of current existing facts, conditions and values, highly questionable and improbable
Commercial Credit Exposure Credit Risk by Internally Assigned Grades

The following tables present by class, the recorded investment in loans and leases held for investment by credit quality indicator at June 30, 2020 under ASC 326.
Term Loans Amortized Cost Basis by Origination Year
20202019201820172016PriorRevolving Loans Amortized Cost BasisTotal
At June 30, 2020
Commercial, Financial and Agricultural
Risk Rating
1. Pass$99,875  $111,696  $83,979  $58,363  $31,043  $72,877  $335,029  $792,862  
2. Special Mention3,132  889  1,523  2,614  1,425  1,449  4,755  15,787  
3. Substandard175  945  904  61  —  634  11,365  14,084  
Total$103,182  $113,530  $86,406  $61,038  $32,468  $74,960  $351,149  $822,733  
Paycheck Protection Plan
Risk Rating
1. Pass$498,978  $—  $—  $—  $—  $—  $—  $498,978  
2. Special Mention—  —  —  —  —  —  —  —  
3. Substandard—  —  —  —  —  —  —  —  
Total$498,978  $—  $—  $—  $—  $—  $—  $498,978  
Real Estate-Commercial
Risk Rating
1. Pass$514,960  $545,207  $313,670  $318,237  $184,112  $254,494  $45,183  $2,175,863  
2. Special Mention1,781  12,502  —  1,127  5,177  2,143  288  23,018  
3. Substandard—  938  1,054  11,070  —  9,759  788  23,609  
Total$516,741  $558,647  $314,724  $330,434  $189,289  $266,396  $46,259  $2,222,490  
Real Estate-Construction
Risk Rating
1. Pass$44,289  $86,261  $52,692  $2,276  $2,950  $—  $3,720  $192,188  
2. Special Mention20,346  —  —  —  —  —  —  20,346  
3. Substandard—  —  —  —  —  —  —  —  
Total$64,635  $86,261  $52,692  $2,276  $2,950  $—  $3,720  $212,534  
Real Estate-Residential Secured for Business Purpose
Risk Rating
1. Pass$54,425  $80,480  $63,984  $52,922  $43,840  $47,584  $27,599  $370,834  
2. Special Mention831  468  —  78  734  800  —  2,911  
3. Substandard—  463  —  76  763  935  68  2,305  
Total$55,256  $81,411  $63,984  $53,076  $45,337  $49,319  $27,667  $376,050  

The Corporation had no revolving loans which were converted to term loans included within recorded investment in loans and leases held for investment at June 30, 2020. The Corporation had no loans with a risk rating of Doubtful included within recorded investment in loans and leases held for investment at June 30, 2020.
The following tables present by class, the recorded investment in loans and leases held for investment by credit quality indicator at December 31, 2019 under ASC 310.
(Dollars in thousands)Commercial,
Financial and
Agricultural		Real Estate—
Commercial		Real Estate—
Construction		Real Estate—
Residential Secured
for Business Purpose		Total
At December 31, 2019
Grade:
1. Pass$911,848  $1,974,561  $201,424  $367,122  $3,454,955  
2. Special Mention18,843  24,199  20,987  3,769  67,798  
3. Substandard16,338  41,681  10,184  3,082  71,285  
Total$947,029  $2,040,441  $232,595  $373,973  $3,594,038  

Credit Exposure—Real Estate—Residential Secured for Personal Purpose, Real Estate—Home Equity Secured for Personal Purpose, Loans to individuals, Lease Financings Credit Risk Profile by Payment Activity

The Corporation monitors the credit risk profile by payment activity for the following classifications of loans and leases: residential real estate loans, home equity loans secured for a personal purpose and loans to individuals and lease financings. Loans and leases past due 90 days or more, loans and leases on nonaccrual status and troubled debt restructured loans and lease modifications are considered nonperforming. Nonperforming loans and leases are reviewed monthly. Performing loans and leases have a nominal to moderate risk of loss. Performing loans and leases are reviewed only if the loan becomes 60 days or more past due. The Corporation reviews credit quality indicators on at least an annual basis and last completed this review in conjunction with the period ended December 31, 2019. 

The following table presents classification of loans at June 30, 2020.
Term Loans Amortized Cost Basis by Origination Year
20202019201820172016PriorRevolving Loans Amortized Cost BasisTotal
At June 30, 2020
Real Estate-Residential Secured for Personal Purpose
Payment Performance
1. Performing$74,240  $82,989  $77,421  $64,408  $49,501  $111,067  $1,618  $461,244  
2. Nonperforming—  —  57  —  —  1,211  —  1,268  
Total$74,240  $82,989  $77,478  $64,408  $49,501  $112,278  $1,618  $462,512  
Real Estate-Home Equity Secured for Personal Purpose
Payment Performance
1. Performing$387  $994  $1,245  $1,431  $609  $2,947  $164,398  $172,011  
2. Nonperforming—  —  105  —  —  43  882  1,030  
Total$387  $994  $1,350  $1,431  $609  $2,990  $165,280  $173,041  
Loans to Individuals
Payment Performance
1. Performing$1,349  $2,022  $1,308  $658  $396  $2,560  $20,836  $29,129  
2. Nonperforming—  —  —  —  —  78  15  93  
Total$1,349  $2,022  $1,308  $658  $396  $2,638  $20,851  $29,222  
Lease Financings
Payment Performance
1. Performing$32,754  $54,928  $39,881  $16,981  $7,441  $1,629  $—  $153,614  
2. Nonperforming—  102  106  339  66  22  —  635  
Total$32,754  $55,030  $39,987  $17,320  $7,507  $1,651  $—  $154,249  
The following table presents classifications of loans at December 31, 2019.
(Dollars in thousands)Real Estate—
Residential
Secured for
Personal Purpose		Real Estate—
Home Equity
Secured for
Personal Purpose		Loans to
Individuals		Lease
Financings		Total
At December 31, 2019
Performing$437,021  $172,954  $29,809  $148,866  $788,650  
Nonperforming2,038  1,481  74  555  4,148  
Total$439,059  $174,435  $29,883  $149,421  $792,798  

Reserve for Credit Losses on Loans and Leases and Recorded Investment in Loans and Leases

The following presents, by portfolio segment, a summary of the activity in the reserve for credit losses, loans and leases, for the three and six months ended June 30, 2020 and 2019:

(Dollars in thousands)Beginning balance(Recovery of provision) provision for credit lossesCharge-offsRecoveriesEnding balance
Three Months Ended June 30, 2020
Reserve for credit losses, loans and leases:
Commercial, Financial and Agricultural$19,244  $(2,034) $(744) $270  $16,736  
Real Estate-Commercial34,810  18,663  (2,802) —  50,671  
Real Estate-Construction3,117  1,013  —  —  4,130  
Real Estate-Residential Secured for Business Purpose5,906  2,365  (96) 5  8,180  
Real Estate-Residential Secured for Personal Purpose2,121  548  —  —  2,669  
Real Estate-Home Equity Secured for Personal Purpose795  273  —  3  1,071  
Loans to Individuals600  239  (93) 25  771  
Lease Financings1,473  510  (212) 68  1,839  
Unallocated150  —  N/AN/A150  
Total$68,216  $21,577  $(3,947) $371  $86,217  
Three Months Ended June 30, 2019
Reserve for credit losses, loans and leases:
Commercial, Financial and Agricultural$8,950  $1,178  $(1,018) $19  $9,129  
Real Estate-Commercial and Construction14,981  530  (33) —  15,478  
Real Estate-Residential Secured for Business Purpose2,302  170  —  6  2,478  
Real Estate-Residential and Home Equity Secured for Personal Purpose3,379  136  (4) 7  3,518  
Loans to Individuals469  47  (51) 16  481  
Lease Financings1,275  (14) (110) 90  1,241  
Unallocated246  29  N/AN/A275  
Total$31,602  $2,076  $(1,216) $138  $32,600  

N/A – Not applicable
(Dollars in thousands)Beginning balance, prior to adoption of ASU No. 2016-13 for CECLAdjustment to initially apply ASU No. 2016-13 for CECL(Recovery of provision) provision for credit lossesCharge-offsRecoveriesEnding balance
Six Months Ended June 30, 2020
Reserve for credit losses, loans and leases:
Commercial, Financial and Agricultural$8,759  $5,284  $3,596  $(1,225) $322  $16,736  
Real Estate-Commercial15,750  6,208  31,480  (2,802) 35  50,671  
Real Estate-Construction2,446  29  1,655  —  —  4,130  
Real Estate-Residential Secured for Business Purpose2,622  2,502  3,147  (99) 8  8,180  
Real Estate-Residential Secured for Personal Purpose2,713  (706) 662  —  —  2,669  
Real Estate-Home Equity Secured for Personal Purpose1,076  (364) 351  —  8  1,071  
Loans to Individuals470  104  286  (128) 39  771  
Lease Financings1,311  (135) 886  (364) 141  1,839  
Unallocated184  —  (34) N/AN/A150  
Total$35,331  $12,922  $42,029  $(4,618) $553  $86,217  
Six Months Ended June 30, 2019
Reserve for credit losses, loans and leases:
Commercial, Financial and Agricultural$7,983  $—  $2,531  $(1,486) $101  $9,129  
Real Estate-Commercial and Construction13,903  —  1,558  (74) 91  15,478  
Real Estate-Residential Secured for Business Purpose2,236  —  232  —  10  2,478  
Real Estate-Residential and Home Equity Secured for Personal Purpose3,199  —  322  (15) 12  3,518  
Loans to Individuals484  —  95  (136) 38  481  
Lease Financings1,288  —  19  (214) 148  1,241  
Unallocated271  —  4  N/AN/A275  
Total$29,364  $—  $4,761  $(1,925) $400  $32,600  

N/A – Not applicable
The following presents, by portfolio segment, the balance in the ACL on loans and leases, disaggregated on the basis of whether the loan or lease was measured for credit loss as a pooled loan or lease or if it was individually analyzed for a reserve at June 30, 2020 and 2019:

Allowance for credit losses, loans and leasesLoans and leases held for investment
(Dollars in thousands)Ending balance: individually analyzedEnding balance: pooledTotal ending balanceEnding balance: individually analyzedEnding balance: pooledLoans measured at fair valueTotal ending balance
At June 30, 2020
Commercial, Financial and Agricultural$905  $15,831  $16,736  $4,208  $818,525  $—  $822,733  
Paycheck Protection Program—  —  —  —  498,978  —  498,978  
Real Estate-Commercial19  50,652  50,671  17,568  2,204,667  255  2,222,490  
Real Estate-Construction—  4,130  4,130  —  212,534  —  212,534  
Real Estate-Residential Secured for Business Purpose1  8,179  8,180  1,754  374,296  —  376,050  
Real Estate-Residential Secured for Personal Purpose210  2,459  2,669  1,268  461,244  —  462,512  
Real Estate-Home Equity Secured for Personal Purpose—  1,071  1,071  977  172,064  —  173,041  
Loans to Individuals—  771  771  —  29,222  —  29,222  
Lease Financings—  1,839  1,839  —  154,249  —  154,249  
UnallocatedN/A150  150  N/AN/AN/AN/A
Total$1,135  $85,082  $86,217  $25,775  $4,925,779  $255  $4,951,809  
At June 30, 2019
Commercial, Financial and Agricultural$99  $9,030  $9,129  $2,150  $934,999  $—  $937,149  
Real Estate-Commercial and Construction1,840  13,638  15,478  17,845  2,073,036  1,725  2,092,606  
Real Estate-Residential Secured for Business Purpose165  2,313  2,478  1,596  364,044  —  365,640  
Real Estate-Residential and Home Equity Secured for Personal Purpose335  3,183  3,518  3,511  594,226  —  597,737  
Loans to Individuals—  481  481  —  32,485  —  32,485  
Lease Financings—  1,241  1,241  —  142,287  —  142,287  
UnallocatedN/A275  275  N/AN/AN/AN/A
Total$2,439  $30,161  $32,600  $25,102  $4,141,077  $1,725  $4,167,904  
N/A – Not applicable
Troubled Debt Restructured Loans

The following presents, by class of loans, information regarding accruing and nonaccrual loans that were restructured:
 Three Months Ended June 30, 2020Three Months Ended June 30, 2019
(Dollars in thousands)Number
of
Loans		Pre-
Restructuring
Outstanding
Recorded
Investment		Post-
Restructuring
Outstanding
Recorded
Investment		Number
of
Loans		Pre-
Restructuring
Outstanding
Recorded
Investment		Post-
Restructuring
Outstanding
Recorded
Investment
Accruing Troubled Debt Restructured Loans:
Real estate—home equity secured for personal purpose—  $—  $—  1  $55  $55  
Total—  $—  $—  1  $55  $55  
Nonaccrual Troubled Debt Restructured Loans:
Commercial, financial and agricultural1  $619  $619  —  $—  $—  
Total1  $619  $619  —  $—  $—  

 Six Months Ended June 30, 2020Six Months Ended June 30, 2019
(Dollars in thousands)Number
of
Loans		Pre-
Restructuring
Outstanding
Recorded
Investment		Post-
Restructuring
Outstanding
Recorded
Investment		Number
of
Loans		Pre-
Restructuring
Outstanding
Recorded
Investment		Post-
Restructuring
Outstanding
Recorded
Investment
Accruing Troubled Debt Restructured Loans:
Real estate—home equity secured for personal purpose—  $—  $—  1  $55  $55  
Total—  $—  $—  1  $55  $55  
Nonaccrual Troubled Debt Restructured Loans:
Commercial, financial and agricultural*1  $619  $619  2  $956  $956  
Real estate—commercial real estate*—  —  —  1  1,313  1,313  
Total1  $619  $619  3  $2,269  $2,269  
* The three nonaccrual troubled debt restructured loans in the above table totaling $2.3 million were modified via the execution of a forbearance agreement during the six months ended June 30, 2019. These loans relate to one borrower and were on nonaccrual status at the time of modification.

As of June 30, 2020, the Corporation modified approximately 1,420 loans and leases with principal balances totaling $720.1 million via principal and/or interest deferrals. These modifications were done in accordance with Section 4013 of the CARES Act and the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customer Affected by the Coronavirus. Accordingly, these loans and leases were not categorized as troubled debt restructurings.
The following presents, by class of loans, information regarding the types of concessions granted on accruing and nonaccrual loans that were restructured during the three and six months ended June 30, 2020 and 2019.
 Amortization Period Extension
(Dollars in thousands)No. of
Loans		Amount
Three Months Ended June 30, 2020
Accruing Troubled Debt Restructured Loans:
Total—  $—  
Nonaccrual Troubled Debt Restructured Loans:
Commercial, financial and agricultural1  $619  
Total1  $619  
Three Months Ended June 30, 2019
Accruing Troubled Debt Restructured Loans:
Real estate—home equity secured for personal purpose1  $55  
Total1  $55  
Nonaccrual Troubled Debt Restructured Loans:
Total—  $—  
Six Months Ended June 30, 2020
Accruing Troubled Debt Restructured Loans:
Total—  $—  
Nonaccrual Troubled Debt Restructured Loans:
Commercial, financial and agricultural1  $619  
Total1  $619  
Six Months Ended June 30, 2019
Accruing Troubled Debt Restructured Loans:
Real estate—home equity secured for personal purpose1  $55  
Total1  $55  
Nonaccrual Troubled Debt Restructured Loans:
Commercial, financial and agricultural2  $956  
Real estate—commercial real estate1  1,313  
Total3  $2,269  

The following presents, by class of loans, information regarding accruing and nonaccrual troubled debt restructured loans, for which there were payment defaults within twelve months of the restructuring date:
 Three Months Ended June 30,Six Months Ended June 30,
 2020201920202019
(Dollars in thousands)Number
of Loans		Recorded
Investment		Number
of Loans		Recorded
Investment		Number
of Loans		Recorded
Investment		Number
of Loans		Recorded
Investment
Accruing Troubled Debt Restructured Loans:
Total—  $—  —  $—  —  $—  —  $—  
Nonaccrual Troubled Debt Restructured Loans:
Commercial, financial and agricultural1  $13  —  $—  1  $13  —  $—  
Total1  $13  —  $—  1  $13  —  $—  
The following presents, by class of loans, information regarding consumer mortgages collateralized by residential real estate property that are in the process of foreclosure at June 30, 2020 and December 31, 2019:
(Dollars in thousands)At June 30, 2020At December 31, 2019
Real estate-residential secured for personal purpose$64  $714  
Real estate-home equity secured for personal purpose228  1,058  
Total$292  $1,772  

The following presents foreclosed residential real estate property included in other real estate owned at June 30, 2020 and December 31, 2019.
(Dollars in thousands)At June 30, 2020At December 31, 2019
Foreclosed residential real estate$71  $71  

Lease Financings

The Corporation, through Univest Capital, Inc., an equipment financing business and a subsidiary of the Bank, provides lease financing to customers primarily in the form of sales-type leases with fixed payment terms and $1.00 buyout clauses. A minor number of contracts are classified as either direct financing leases or operating leases. The fair value of the identified assets within sales-type and direct financing leases are equal to the carrying amount such that there is no profit or loss recorded or deferred upon lease commencement. All receivables related to the equipment financing business are recorded within lease financings.
The following presents the schedule of minimum lease payments receivable:
(Dollars in thousands)At June 30, 2020At December 31, 2019
2020 (excluding the six months ended June 30, 2020)$31,551  $57,515  
202153,258  45,510  
202239,827  32,233  
202325,599  18,345  
202412,590  6,639  
Thereafter4,836  2,259  
Total future minimum lease payments receivable167,661  162,501  
Plus: Unguaranteed residual927  886  
Plus: Initial direct costs2,339  2,374  
Less: Imputed interest(16,678) (16,340) 
Lease financings$154,249  $149,421