Loans | Loans The following table summarizes the components of First Guaranty's loan portfolio as of December 31, 2018 and December 31, 2017 : December 31, 2018 December 31, 2017 (in thousands except for %) Balance As % of Category Balance As % of Category Real Estate: Construction & land development $ 124,644 10.1 % $ 112,603 9.8 % Farmland 18,401 1.5 % 25,691 2.2 % 1- 4 Family 172,760 14.1 % 158,733 13.8 % Multifamily 42,918 3.5 % 16,840 1.4 % Non-farm non-residential 586,263 47.7 % 530,293 46.1 % Total Real Estate 944,986 76.9 % 844,160 73.3 % Non-Real Estate: Agricultural 23,108 1.9 % 21,514 1.9 % Commercial and industrial 200,877 16.4 % 230,638 20.0 % Consumer and other 59,443 4.8 % 55,185 4.8 % Total Non-Real Estate 283,428 23.1 % 307,337 26.7 % Total Loans Before Unearned Income 1,228,414 100.0 % 1,151,497 100.0 % Unearned income (3,146 ) (2,483 ) Total Loans Net of Unearned Income $ 1,225,268 $ 1,149,014 The following table summarizes fixed and floating rate loans by contractual maturity, excluding nonaccrual loans, as of December 31, 2018 and December 31, 2017 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, 2018 December 31, 2017 (in thousands) Fixed Floating Total Fixed Floating Total One year or less $ 108,160 $ 80,895 $ 189,055 $ 89,383 $ 75,361 $ 164,744 One to five years 393,344 287,737 681,081 390,333 251,135 641,468 Five to 15 years 118,715 86,779 205,494 124,215 70,273 194,488 Over 15 years 85,611 58,430 144,041 70,366 67,881 138,247 Subtotal $ 705,830 $ 513,841 1,219,671 $ 674,297 $ 464,650 1,138,947 Nonaccrual loans 8,743 12,550 Total Loans Before Unearned Income 1,228,414 1,151,497 Unearned income (3,146 ) (2,483 ) Total Loans Net of Unearned Income $ 1,225,268 $ 1,149,014 As of December 31, 2018 , $27.7 million of floating rate loans were at their interest rate floor. At December 31, 2017 , $95.4 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, 2018 and December 31, 2017 : As of December 31, 2018 (in thousands) 30-89 Days Past Due 90 Days or Greater Past Due Total Past Due Current Total Loans Recorded Investment 90 Days Accruing Real Estate: Construction & land development $ 936 $ 311 $ 1,247 $ 123,397 $ 124,644 $ — Farmland — 1,293 1,293 17,108 18,401 — 1- 4 family 4,333 2,272 6,605 166,155 172,760 26 Multifamily 648 — 648 42,270 42,918 — Non-farm non-residential 4,897 864 5,761 580,502 586,263 — Total Real Estate 10,814 4,740 15,554 929,432 944,986 26 Non-Real Estate: Agricultural 528 3,651 4,179 18,929 23,108 — Commercial and industrial 742 370 1,112 199,765 200,877 53 Consumer and other 537 127 664 58,779 59,443 66 Total Non-Real Estate 1,807 4,148 5,955 277,473 283,428 119 Total Loans Before Unearned Income $ 12,621 $ 8,888 $ 21,509 $ 1,206,905 1,228,414 $ 145 Unearned income (3,146 ) Total Loans Net of Unearned Income $ 1,225,268 As of December 31, 2017 (in thousands) 30-89 Days Past Due 90 Days or Greater Past Due Total Past Due Current Total Loans Recorded Investment 90 Days Accruing Real Estate: Construction & land development $ 95 $ 371 $ 466 $ 112,137 $ 112,603 $ — Farmland 175 65 240 25,451 25,691 — 1- 4 family 1,481 1,953 3,434 155,299 158,733 — Multifamily — — — 16,840 16,840 — Non-farm non-residential 1,006 3,758 4,764 525,529 530,293 — Total Real Estate 2,757 6,147 8,904 835,256 844,160 — Non-Real Estate: Agricultural 239 1,537 1,776 19,738 21,514 41 Commercial and industrial 630 5,624 6,254 224,384 230,638 798 Consumer and other 463 81 544 54,641 55,185 — Total Non-Real Estate 1,332 7,242 8,574 298,763 307,337 839 Total Loans Before Unearned Income $ 4,089 $ 13,389 $ 17,478 $ 1,134,019 1,151,497 $ 839 Unearned income (2,483 ) Total Loans Net of Unearned Income $ 1,149,014 The tables above include $8.7 million and $12.6 million of nonaccrual loans for December 31, 2018 and 2017 , 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) 2018 2017 Real Estate: Construction & land development $ 311 $ 371 Farmland 1,293 65 1- 4 family 2,246 1,953 Multifamily — — Non-farm non-residential 864 3,758 Total Real Estate 4,714 6,147 Non-Real Estate: Agricultural 3,651 1,496 Commercial and industrial 317 4,826 Consumer and other 61 81 Total Non-Real Estate 4,029 6,403 Total Nonaccrual Loans $ 8,743 $ 12,550 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, 2018 As of December 31, 2017 (in thousands) Pass Special Mention Substandard Doubtful Total Pass Special Mention Substandard Doubtful Total Real Estate: Construction & land development $ 116,062 $ 5,698 $ 2,884 $ — $ 124,644 $ 108,291 $ 125 $ 4,187 $ — $ 112,603 Farmland 13,151 3,888 1,362 — 18,401 25,030 569 92 — 25,691 1- 4 family 160,581 2,815 9,364 — 172,760 149,428 1,856 7,449 — 158,733 Multifamily 35,554 — 7,364 — 42,918 9,366 639 6,835 — 16,840 Non-farm non-residential 564,993 2,888 17,859 523 586,263 511,239 2,490 16,564 — 530,293 Total Real Estate 890,341 15,289 38,833 523 944,986 803,354 5,679 35,127 — 844,160 Non-Real Estate: Agricultural 19,050 43 4,015 — 23,108 19,050 995 1,469 — 21,514 Commercial and industrial 186,176 10,930 3,771 — 200,877 201,962 19,187 4,929 4,560 230,638 Consumer and other 59,119 151 173 — 59,443 48,225 68 6,892 — 55,185 Total Non-Real Estate 264,345 11,124 7,959 — 283,428 269,237 20,250 13,290 4,560 307,337 Total Loans Before Unearned Income $ 1,154,686 $ 26,413 $ 46,792 $ 523 1,228,414 $ 1,072,591 $ 25,929 $ 48,417 $ 4,560 1,151,497 Unearned income (3,146 ) (2,483 ) Total Loans Net of Unearned Income $ 1,225,268 $ 1,149,014 Purchased Impaired Loans As part of the acquisition of 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, 2018 and 2017 . (in thousands) As of December 31, 2018 As of December 31, 2017 Real Estate: Construction & land development $ — $ 1,135 Farmland 1 8 1- 4 family 48 50 Multifamily — — Non-farm non-residential 2,301 2,148 Total Real Estate 2,350 3,341 Non-Real Estate: Agricultural — — Commercial and industrial 909 1,017 Consumer and other — — Total Non-Real Estate 909 1,017 Total $ 3,259 $ 4,358 For those purchased loans disclosed above, there was no allowance for loan losses at December 31, 2018 or December 31, 2017 . 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, 2018 and 2017 . (in thousands) Year Ended December 31, 2018 Year Ended December 31, 2017 Balance, beginning of period $ 1,031 $ — Acquisition accretable yield — 1,195 Accretion (418 ) (164 ) Net transfers from nonaccretable difference to accretable yield — — Balance, end of period $ 613 $ 1,031 |