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Loans
 12 Months Ended
Dec. 31, 2021
Receivables [Abstract]  
Loans Loans
The following table summarizes the components of First Guaranty's loan portfolio as of December 31, 2021 and December 31, 2020:

 December 31, 2021December 31, 2020
(in thousands except for %)BalanceAs % of CategoryBalanceAs % of Category
Real Estate:    
Construction & land development$174,334 8.1 %$150,841 8.2 %
Farmland31,810 1.5 %26,880 1.4 %
1- 4 Family288,347 13.3 %271,236 14.7 %
Multifamily65,848 3.0 %45,932 2.5 %
Non-farm non-residential886,407 40.9 %824,137 44.6 %
Total Real Estate1,446,746 66.8 %1,319,026 71.4 %
Non-Real Estate:    
Agricultural26,747 1.2 %28,335 1.5 %
Commercial and industrial398,391 18.4 %353,028 19.1 %
Commercial leases246,022 11.4 %104,141 5.6 %
Consumer and other(1)
48,142 2.2 %44,642 2.4 %
Total Non-Real Estate719,302 33.2 %530,146 28.6 %
Total Loans Before Unearned Income2,166,048 100.0 %1,849,172 100.0 %
Unearned income(6,689) (5,037) 
Total Loans Net of Unearned Income$2,159,359  $1,844,135  

(1) Includes PPP loans fully guaranteed by the SBA of $35.4 million and $92.3 million at December 31, 2021 and December 31, 2020, respectively.

The following table summarizes fixed and floating rate loans by contractual maturity, excluding nonaccrual loans, as of December 31, 2021 and December 31, 2020 unadjusted for scheduled principal payments, prepayments, or repricing opportunities. The average life of the loan portfolio may be substantially less than the contractual terms when these adjustments are considered.

 December 31, 2021December 31, 2020
(in thousands)FixedFloatingTotalFixedFloatingTotal
One year or less$239,423 $117,697 $357,120 $186,252 $79,680 $265,932 
One to five years926,640 385,509 1,312,149 740,358 368,259 1,108,617 
Five to 15 years114,976 106,579 221,555 128,860 91,032 219,892 
Over 15 years179,522 78,987 258,509 146,830 92,325 239,155 
Subtotal$1,460,561 $688,772 2,149,333 $1,202,300 $631,296 1,833,596 
Nonaccrual loans  16,715   15,576 
Total Loans Before Unearned Income  2,166,048   1,849,172 
Unearned income  (6,689)  (5,037)
Total Loans Net of Unearned Income  $2,159,359   $1,844,135 

As of December 31, 2021, $349.1 million of floating rate loans were at their interest rate floor. At December 31, 2020, $305.0 million of floating rate loans were at their interest rate floor. Nonaccrual loans have been excluded from these totals.
The following tables present the age analysis of past due loans at December 31, 2021 and December 31, 2020:

 As of December 31, 2021
(in thousands)30-89 Days Past Due90 Days or
Greater Past Due		Total Past DueCurrentTotal LoansRecorded Investment
90 Days Accruing
Real Estate:      
Construction & land development$956 $776 $1,732 $172,602 $174,334 $246 
Farmland17 787 804 31,006 31,810 — 
1- 4 family3,932 3,375 7,307 281,040 288,347 514 
Multifamily1,669 162 1,831 64,017 65,848 162 
Non-farm non-residential1,352 9,014 10,366 876,041 886,407 281 
Total Real Estate7,926 14,114 22,040 1,424,706 1,446,746 1,203 
Non-Real Estate:      
Agricultural97 2,302 2,399 24,348 26,747 — 
Commercial and industrial1,233 722 1,955 396,436 398,391 23 
Commercial leases— — — 246,022 246,022 — 
Consumer and other920 822 1,742 46,400 48,142 19 
Total Non-Real Estate2,250 3,846 6,096 713,206 719,302 42 
Total Loans Before Unearned Income$10,176 $17,960 $28,136 $2,137,912 2,166,048 $1,245 
Unearned income    (6,689) 
Total Loans Net of Unearned Income    $2,159,359  
 As of December 31, 2020
(in thousands)30-89 Days Past Due90 Days or
Greater Past Due		Total Past DueCurrentTotal LoansRecorded Investment
90 Days Accruing
Real Estate:      
Construction & land development$8,088 $1,621 $9,709 $141,132 $150,841 $1,000 
Farmland227 857 1,084 25,796 26,880 — 
1- 4 family6,050 7,207 13,257 257,979 271,236 4,980 
Multifamily190 366 556 45,376 45,932 366 
Non-farm non-residential15,792 12,148 27,940 796,197 824,137 4,699 
Total Real Estate30,347 22,199 52,546 1,266,480 1,319,026 11,045 
Non-Real Estate:      
Agricultural143 3,539 3,682 24,653 28,335 67 
Commercial and industrial663 2,557 3,220 349,808 353,028 1,856 
Commercial leases180 — 180 103,961 104,141 — 
Consumer and other996 372 1,368 43,274 44,642 123 
Total Non-Real Estate1,982 6,468 8,450 521,696 530,146 2,046 
Total Loans Before Unearned Income$32,329 $28,667 $60,996 $1,788,176 1,849,172 $13,091 
Unearned income    (5,037) 
Total Loans Net of Unearned Income    $1,844,135  

The tables above include $16.7 million and $15.6 million of nonaccrual loans for December 31, 2021 and 2020, respectively. See the tables below for more detail on nonaccrual loans.
The following is a summary of nonaccrual loans by class at the dates indicated:
 As of December 31,
(in thousands)20212020
Real Estate:  
Construction & land development$530 $621 
Farmland787 857 
1- 4 family2,861 2,227 
Multifamily— — 
Non-farm non-residential8,733 7,449 
Total Real Estate12,911 11,154 
Non-Real Estate:  
Agricultural2,302 3,472 
Commercial and industrial699 701 
Commercial leases— — 
Consumer and other803 249 
Total Non-Real Estate3,804 4,422 
Total Nonaccrual Loans$16,715 $15,576 

The following table identifies the credit exposure of the loan portfolio, including loans acquired with deteriorated credit quality, by specific credit ratings as of the dates indicated:
 As of December 31, 2021As of December 31, 2020
(in thousands)PassSpecial MentionSubstandardDoubtfulTotalPassSpecial MentionSubstandardDoubtfulTotal
Real Estate:          
Construction & land development$151,220 $21,997 $1,117 $— $174,334 $139,032 $10,785 $1,024 $— $150,841 
Farmland27,678 40 4,092 — 31,810 22,822 46 4,012 — 26,880 
1- 4 family270,866 7,644 9,837 — 288,347 251,315 7,252 12,669 — 271,236 
Multifamily56,686 2,212 6,950 — 65,848 36,146 1,841 7,945 — 45,932 
Non-farm non-residential795,495 72,103 18,809 — 886,407 756,760 51,355 16,022 — 824,137 
Total Real Estate1,301,945 103,996 40,805 — 1,446,746 1,206,075 71,279 41,672 — 1,319,026 
Non-Real Estate:          
Agricultural23,952 128 2,667 — 26,747 24,180 92 4,063 — 28,335 
Commercial and industrial355,407 34,220 8,764 — 398,391 321,957 27,388 3,683 — 353,028 
Commercial leases245,869 — 153 — 246,022 103,961 — 180 — 104,141 
Consumer and other46,804 374 964 — 48,142 43,736 442 464 — 44,642 
Total Non-Real Estate672,032 34,722 12,548 — 719,302 493,834 27,922 8,390 — 530,146 
Total Loans Before Unearned Income$1,973,977 $138,718 $53,353 $— 2,166,048 $1,699,909 $99,201 $50,062 $— 1,849,172 
Unearned income    (6,689)    (5,037)
Total Loans Net of Unearned Income    $2,159,359     $1,844,135 
Purchased Impaired Loans

As part of the acquisition of Union Bancshares, Inc. on November 7, 2019 and Premier Bancshares, Inc. on June 16, 2017, First Guaranty purchased credit impaired loans for which there was, at acquisition, evidence of deterioration of credit quality since their origination and it was probable, at acquisition, that all contractually required payments would not be collected. The carrying amount of those loans is as follows at December 31, 2021 and 2020.

(in thousands)As of December 31, 2021As of December 31, 2020
Real Estate: 
Construction & land development$146 $397 
Farmland— — 
1- 4 family1,848 4,102 
Multifamily— 900 
Non-farm non-residential2,192 2,396 
Total Real Estate4,186 7,795 
Non-Real Estate: 
Agricultural159 343 
Commercial and industrial798 1,017 
Commercial leases— — 
Consumer and other— — 
Total Non-Real Estate957 1,360 
Total$5,143 $9,155 

For those purchased loans disclosed above, there was an allowance for loan and lease losses of $0.7 million at December 31, 2021 and $0.5 million at December 31, 2020.

Where First Guaranty can reasonably estimate the cash flows expected to be collected on the loans, a portion of the purchase discount is allocated to an accretable yield adjustment based upon the present value of the future estimated cash flows versus the current carrying value of the loan and the accretable yield portion is being recognized as interest income over the remaining life of the loan.

Where First Guaranty cannot reasonably estimate the cash flows expected to be collected on the loans, it has decided to account for those loans using the cost recovery method of income recognition. As such, no portion of a purchase discount adjustment has been determined to meet the definition of an accretable yield adjustment on those loans accounted for using the cost recovery method. If, in the future, cash flows from the borrower(s) can be reasonably estimated, a portion of the purchase discount would be allocated to an accretable yield adjustment based upon the present value of the future estimated cash flows versus the current carrying value of the loan and the accretable yield portion would be recognized as interest income over the remaining life of the loan.  Until such accretable yield can be calculated, under the cost recovery method of income recognition, all payments will be used to reduce the carrying value of the loan and no income will be recognized on the loan until the carrying value is reduced to zero. 

The accretable yield, or income expected to be collected, on the purchased loans above is as follows for the years ended December 31, 2021 and 2020.

(in thousands)Year Ended December 31, 2021Year Ended December 31, 2020
Balance, beginning of period$2,892 $3,647 
Acquisition accretable yield— 30 
Accretion(514)(785)
Net transfers from nonaccretable difference to accretable yield— — 
Balance, end of period$2,378 $2,892