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

(Dollars in thousands)At September 30, 2020At December 31, 2019
Commercial, financial and agricultural$894,314 $947,029 
Paycheck Protection Program501,580 — 
Real estate-commercial2,369,691 2,040,441 
Real estate-construction233,590 232,595 
Real estate-residential secured for business purpose378,239 373,973 
Real estate-residential secured for personal purpose474,688 439,059 
Real estate-home equity secured for personal purpose172,448 174,435 
Loans to individuals27,771 29,883 
Lease financings159,535 149,421 
Total loans and leases held for investment, net of deferred income$5,211,856 $4,386,836 
Imputed interest on lease financings, included in the above table$(17,319)$(16,340)
Net deferred (fees) costs, included in the above table(4,340)5,999 
Overdraft deposits included in the above table182 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 September 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 September 30, 2020
Commercial, financial and agricultural$6,886 $244 $27 $7,157 $883,348 $890,505 $3,809 $894,314 
Paycheck Protection Program— — — — 501,580 501,580 — 501,580 
Real estate—commercial real estate and construction:
Commercial real estate5,341 7,835 1,539 14,715 2,334,512 2,349,227 20,464 2,369,691 
Construction5,501 — — 5,501 228,089 233,590 — 233,590 
Real estate—residential and home equity:
Residential secured for business purpose2,844 1,553 1,027 5,424 370,664 376,088 2,151 378,239 
Residential secured for personal purpose2,119 47 228 2,394 469,899 472,293 2,395 474,688 
Home equity secured for personal purpose428 96 — 524 170,976 171,500 948 172,448 
Loans to individuals104 29 23 156 27,615 27,771 — 27,771 
Lease financings761 1,807 729 3,297 155,986 159,283 252 159,535 
Total$23,984 $11,611 $3,573 $39,168 $5,142,669 $5,181,837 $30,019 $5,211,856 

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 September 30, 2020 and December 31, 2019.
 At September 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$3,809 $— $27 $3,836 $3,442 $— $20 $3,462 
Real estate—commercial real estate and construction:
Commercial real estate20,464 — 1,539 22,003 27,928 — — 27,928 
Construction— — — — 257 — — 257 
Real estate—residential and home equity:
Residential secured for business purpose2,151 — 1,027 3,178 2,980 — — 2,980 
Residential secured for personal purpose2,395 — 228 2,623 2,038 — — 2,038 
Home equity secured for personal purpose948 53 — 1,001 1,427 54 — 1,481 
Loans to individuals— — 23 23 — — 74 74 
Lease financings252 — 729 981 506 — 49 555 
Total$30,019 $53 $3,573 $33,645 $38,578 $54 $143 $38,775 
 * Includes nonaccrual troubled debt restructured loans of $14.2 million and $13.8 million at September 30, 2020 and December 31, 2019, respectively.

The following table presents the amortized cost basis of loans and leases on nonaccrual status and loans and leases 90 days or more past due and still accruing as of September 30, 2020.
(Dollars in thousands)Nonaccrual With No ACLNonaccrual With ACLTotal NonaccrualLoans 90 Days or more Past Due and Accruing Interest
At September 30, 2020
Commercial, financial and agricultural$2,361 $1,448 $3,809 $27 
Real estate-commercial20,238 226 20,464 1,539 
Real estate-residential secured for business purpose1,987 164 2,151 1,027 
Real estate-residential secured for personal purpose1,862 533 2,395 228 
Real estate-home equity secured for personal purpose948 — 948 — 
Loans to individuals— — — 23 
Lease financings— 252 252 729 
Total$27,396 $2,623 $30,019 $3,573 
The following table presents the amortized cost basis of collateral-dependent nonaccrual loans by class of loans and type of collateral as of September 30, 2020.

(Dollars in thousands)Real Estate
Other (1)
None (2)
Total
At September 30, 2020
Commercial, financial and agricultural$1,459 $1,784 $566 $3,809 
Real estate-commercial20,464 — — 20,464 
Real estate-residential secured for business purpose2,151 — — 2,151 
Real estate-residential secured for personal purpose2,395 — — 2,395 
Real estate-home equity secured for personal purpose948 — — 948 
Total$27,417 $1,784 $566 $29,767 
(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 September 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 table presents by class, the recorded investment in loans and leases held for investment by credit quality indicator at September 30, 2020 under ASC 326.
Term Loans Amortized Cost Basis by Origination Year
(Dollars in thousands)20202019201820172016PriorRevolving Loans Amortized Cost BasisTotal
At September 30, 2020
Commercial, Financial and Agricultural
Risk Rating
1. Pass$147,403 $102,389 $78,294 $44,321 $29,672 $60,750 $410,169 $872,998 
2. Special Mention916 804 333 529 849 1,226 7,723 12,380 
3. Substandard375 714 724 60 — 687 6,376 8,936 
Total$148,694 $103,907 $79,351 $44,910 $30,521 $62,663 $424,268 $894,314 
Paycheck Protection Program
Risk Rating
1. Pass$501,580 $— $— $— $— $— $— $501,580 
2. Special Mention— — — — — — — — 
3. Substandard— — — — — — — — 
Total$501,580 $— $— $— $— $— $— $501,580 
Real Estate-Commercial
Risk Rating
1. Pass$912,215 $494,465 $245,307 $279,472 $153,490 $191,043 $45,464 $2,321,456 
2. Special Mention1,776 13,082 — 1,128 1,345 5,935 1,912 25,178 
3. Substandard— 1,365 1,047 11,648 1,218 6,942 837 23,057 
Total$913,991 $508,912 $246,354 $292,248 $156,053 $203,920 $48,213 $2,369,691 
Real Estate-Construction
Risk Rating
1. Pass$86,135 $72,157 $45,140 $1,804 $2,950 $— $4,925 $213,111 
2. Special Mention20,479 — — — — — — 20,479 
3. Substandard— — — — — — — — 
Total$106,614 $72,157 $45,140 $1,804 $2,950 $— $4,925 $233,590 
Real Estate-Residential Secured for Business Purpose
Risk Rating
1. Pass$84,624 $76,313 $60,041 $47,244 $41,529 $40,042 $24,058 $373,851 
2. Special Mention108 464 189 77 180 481 200 1,699 
3. Substandard30 537 51 69 1,071 863 68 2,689 
Total$84,762 $77,314 $60,281 $47,390 $42,780 $41,386 $24,326 $378,239 

The Corporation had no revolving loans which were converted to term loans included within recorded investment in loans and leases held for investment at September 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 September 30, 2020.
The following table presents 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 

The Corporation had no loans with a risk rating of Doubtful included in loans and leases held for investment at December 31, 2019.

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 by class, the recorded investment in loans and leases held for investment by performance status at September 30, 2020 under ASC 326.
Term Loans Amortized Cost Basis by Origination Year
(Dollars in thousands)20202019201820172016PriorRevolving Loans Amortized Cost BasisTotal
At September 30, 2020
Real Estate-Residential Secured for Personal Purpose
Payment Performance
1. Performing$117,318 $78,421 $67,015 $60,289 $46,982 $100,749 $1,291 $472,065 
2. Nonperforming— — 56 544 — 2,023 — 2,623 
Total$117,318 $78,421 $67,071 $60,833 $46,982 $102,772 $1,291 $474,688 
Real Estate-Home Equity Secured for Personal Purpose
Payment Performance
1. Performing$1,002 $891 $1,179 $1,218 $588 $2,627 $163,942 $171,447 
2. Nonperforming— — 103 — — 42 856 1,001 
Total$1,002 $891 $1,282 $1,218 $588 $2,669 $164,798 $172,448 
Loans to Individuals
Payment Performance
1. Performing$967 $1,747 $1,158 $532 $317 $2,397 $20,630 $27,748 
2. Nonperforming— — — — — 23 — 23 
Total$967 $1,747 $1,158 $532 $317 $2,420 $20,630 $27,771 
Lease Financings
Payment Performance
1. Performing$53,992 $49,890 $34,527 $13,866 $5,380 $899 $— $158,554 
2. Nonperforming— 41 545 257 124 14 — 981 
Total$53,992 $49,931 $35,072 $14,123 $5,504 $913 $— $159,535 

The following table presents by class, he recorded investment in loans and lease held for investment by performance status at December 31, 2019 under ASC 310.
(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 
Allowance 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 allowance for credit losses, loans and leases, for the three and nine months ended September 30, 2020 and 2019:

(Dollars in thousands)Beginning balance(Reversal of provision) provision for credit lossesCharge-offsRecoveriesEnding balance
Three Months Ended September 30, 2020
Allowance for credit losses, loans and leases:
Commercial, Financial and Agricultural$16,736 $(2,401)$(142)$354 $14,547 
Real Estate-Commercial50,671 7,481 — — 58,152 
Real Estate-Construction4,130 355 — — 4,485 
Real Estate-Residential Secured for Business Purpose8,180 251 (88)23 8,366 
Real Estate-Residential Secured for Personal Purpose2,669 47 — — 2,716 
Real Estate-Home Equity Secured for Personal Purpose1,071 204 — 4 1,279 
Loans to Individuals771 (170)(69)17 549 
Lease Financings1,839 (149)(149)85 1,626 
Unallocated150 — N/AN/A150 
Total$86,217 $5,618 $(448)$483 $91,870 
Three Months Ended September 30, 2019
Allowance for credit losses, loans and leases:
Commercial, Financial and Agricultural$9,129 $222 $(283)$182 $9,250 
Real Estate-Commercial and Construction15,478 593 (251)1 15,821 
Real Estate-Residential Secured for Business Purpose2,478 109 — 98 2,685 
Real Estate-Residential and Home Equity Secured for Personal Purpose3,518 273 (183)4 3,612 
Loans to Individuals481 47 (73)20 475 
Lease Financings1,241 (24)(54)71 1,234 
Unallocated275 310 N/AN/A585 
Total$32,600 $1,530 $(844)$376 $33,662 

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 CECLProvision (reversal of provision) for credit lossesCharge-offsRecoveriesEnding balance
Nine Months Ended September 30, 2020
Allowance for credit losses, loans and leases:
Commercial, Financial and Agricultural$8,759 $5,284 $1,195 $(1,367)$676 $14,547 
Real Estate-Commercial15,750 6,208 38,961 (2,802)35 58,152 
Real Estate-Construction2,446 29 2,010 — — 4,485 
Real Estate-Residential Secured for Business Purpose2,622 2,502 3,398 (187)31 8,366 
Real Estate-Residential Secured for Personal Purpose2,713 (706)709 — — 2,716 
Real Estate-Home Equity Secured for Personal Purpose1,076 (364)555 — 12 1,279 
Loans to Individuals470 104 116 (197)56 549 
Lease Financings1,311 (135)737 (513)226 1,626 
Unallocated184 — (34)N/AN/A150 
Total$35,331 $12,922 $47,647 $(5,066)$1,036 $91,870 
Nine Months Ended September 30, 2019
Allowance for credit losses, loans and leases:
Commercial, Financial and Agricultural$7,983 $— $2,753 $(1,769)$283 $9,250 
Real Estate-Commercial and Construction13,903 — 2,151 (325)92 15,821 
Real Estate-Residential Secured for Business Purpose2,236 — 341 — 108 2,685 
Real Estate-Residential and Home Equity Secured for Personal Purpose3,199 — 595 (198)16 3,612 
Loans to Individuals484 — 142 (209)58 475 
Lease Financings1,288 — (5)(268)219 1,234 
Unallocated271 — 314 N/AN/A585 
Total$29,364 $— $6,291 $(2,769)$776 $33,662 

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 September 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 September 30, 2020
Commercial, Financial and Agricultural$891 $13,656 $14,547 $3,809 $890,505 $— $894,314 
Paycheck Protection Program— — — — 501,580 — 501,580 
Real Estate-Commercial19 58,133 58,152 20,464 2,349,006 221 2,369,691 
Real Estate-Construction— 4,485 4,485 — 233,590 — 233,590 
Real Estate-Residential Secured for Business Purpose1 8,365 8,366 2,151 376,088 — 378,239 
Real Estate-Residential Secured for Personal Purpose181 2,535 2,716 2,395 472,293 — 474,688 
Real Estate-Home Equity Secured for Personal Purpose— 1,279 1,279 948 171,500 — 172,448 
Loans to Individuals— 549 549 — 27,771 — 27,771 
Lease Financings— 1,626 1,626 — 159,535 — 159,535 
UnallocatedN/A150 150 N/AN/AN/AN/A
Total$1,092 $90,778 $91,870 $29,767 $5,181,868 $221 $5,211,856 
At September 30, 2019
Commercial, Financial and Agricultural$390 $8,860 $9,250 $2,233 $956,920 $— $959,153 
Real Estate-Commercial and Construction1,485 14,336 15,821 28,280 2,122,066 349 2,150,695 
Real Estate-Residential Secured for Business Purpose414 2,271 2,685 2,887 357,834 — 360,721 
Real Estate-Residential and Home Equity Secured for Personal Purpose155 3,457 3,612 3,520 606,322 — 609,842 
Loans to Individuals— 475 475 2 30,713 — 30,715 
Lease Financings— 1,234 1,234 306 140,501 — 140,807 
UnallocatedN/A585 585 N/AN/AN/AN/A
Total$2,444 $31,218 $33,662 $37,228 $4,214,356 $349 $4,251,933 
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 September 30, 2020Three Months Ended September 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:
Total— $— $— — $— $— 
Nonaccrual Troubled Debt Restructured Loans:
Commercial, financial and agricultural— $— $— 1 $19 $19 
Real estate—residential secured for personal purpose1 544 544 — — — 
Total1 $544 $544 1 $19 $19 

 Nine Months Ended September 30, 2020Nine Months Ended September 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 3 $975 $975 
Real estate—commercial real estate*— — — 1 1,313 1,313 
Real estate—residential secured for personal purpose1 544 544 — — — 
Total2 $1,163 $1,163 4 $2,288 $2,288 
* 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 nine months ended September 30, 2019. These loans relate to one borrower and were on nonaccrual status at the time of modification.

The Corporation modified certain loans and leases via principal and/or interest deferrals in accordance with Section 4013 of the CARES Act and the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus and have not categorized these modifications 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 nine months ended September 30, 2020 and 2019.
 Maturity Date
Extension		Amortization Period ExtensionTotal Concessions
Granted
(Dollars in thousands)No. of
Loans		AmountNo. of
Loans		AmountNo. of
Loans		Amount
Three Months Ended September 30, 2020
Accruing Troubled Debt Restructured Loans:
Total— $— — $— — $— 
Nonaccrual Troubled Debt Restructured Loans:
Real estate—residential secured for personal purpose— $— 1 $544 1 $544 
Total— $— 1 $544 1 $544 
Three Months Ended September 30, 2019
Accruing Troubled Debt Restructured Loans:
Total— $— — $— — $— 
Nonaccrual Troubled Debt Restructured Loans:
Commercial, financial and agricultural1 $19 — $— 1 $19 
Total1 $19 — $— 1 $19 
Nine Months Ended September 30, 2020
Accruing Troubled Debt Restructured Loans:
Total— $— — $— — $— 
Nonaccrual Troubled Debt Restructured Loans:
Commercial, financial and agricultural— $— 1 $619 1 $619 
Real estate—residential secured for personal purpose— — 1 544 1 544 
Total— $— 2 $1,163 2 $1,163 
Nine Months Ended September 30, 2019
Accruing Troubled Debt Restructured Loans:
Real estate—home equity secured for personal purpose— $— 1 $55 1 $55 
Total— $— 1 $55 1 $55 
Nonaccrual Troubled Debt Restructured Loans:
Commercial, financial and agricultural1 $19 2 $956 3 $975 
Real estate—commercial real estate— — 1 1,313 1 1,313 
Total1 $19 3 $2,269 4 $2,288 

There were no accruing or nonaccrual troubled debt restructured loans for which there were payment defaults within twelve months of the restructuring date for the three and nine months ended September 30, 2020 or September 30, 2019.
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 September 30, 2020 and December 31, 2019:
(Dollars in thousands)At September 30, 2020At December 31, 2019
Real estate-residential secured for personal purpose$64 $714 
Real estate-home equity secured for personal purpose226 1,058 
Total$290 $1,772 

The following presents foreclosed residential real estate property included in other real estate owned at September 30, 2020 and December 31, 2019.
(Dollars in thousands)At September 30, 2020At December 31, 2019
Foreclosed residential real estate$— $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 September 30, 2020At December 31, 2019
2020 (excluding the nine months ended September 30, 2020)$14,587 $57,515 
202158,029 45,510 
202244,933 32,233 
202330,902 18,345 
202417,204 6,639 
Thereafter7,822 2,259 
Total future minimum lease payments receivable173,477 162,501 
Plus: Unguaranteed residual825 886 
Plus: Initial direct costs2,552 2,374 
Less: Imputed interest(17,319)(16,340)
Lease financings$159,535 $149,421