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LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES | 12 Months Ended
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Dec. 31, 2015
Loans and Leases Receivable Disclosure [Abstract] |
LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES | NOTE 8 — LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES The Company’s loan portfolio includes originated and purchased loans. Originated and purchased loans, for which there was no evidence of credit deterioration at their acquisition date, are referred to collectively as non-PCI loans. PCI loans are accounted for in accordance with ASC Subtopic 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality. PCI loans consist of loans acquired from the United Commercial Bank (“UCB”) FDIC assisted acquisition on November 6, 2009, the Washington First International Bank (“WFIB”) FDIC assisted acquisition on June 11, 2010 and, to a lesser extent, a small portion of loans acquired from the MetroCorp acquisition on January 17, 2014. The Company has elected to account for these acquired PCI loans on a pool level basis in accordance with ASC 310-30 at the time of acquisition. Please refer to Note 2 — Business Combination to the Consolidated Financial Statements, included in this report, for further details on the MetroCorp acquisition and Note 8 — Covered Assets and FDIC Indemnification Asset to the Consolidated Financial Statements of the Company’s 2014 Form 10-K for additional details related to the UCB and WFIB acquisitions. The following table presents the composition of the Company’s non-PCI and PCI loans as of December 31, 2015 and 2014:
($ in thousands) |  | December 31, 2015 |  | December 31, 2014
| Non-PCI Loans |  | PCI Loans (1) |  | Total (1) |  | Non-PCI Loans |  | PCI Loans (1) |  | Total (1)
CRE: |  |  |  |  |  |  |  |  |  |  |  |
Income producing |  | $ | 6,937,199 |  |  | $ | 541,275 |  |  | $ | 7,478,474 |  |  | $ | 5,568,046 |  |  | $ | 688,013 |  |  | $ | 6,256,059 |
Construction |  | 436,776 |  |  | 1,895 |  |  | 438,671 |  |  | 319,843 |  |  | 12,444 |  |  | 332,287 |
Land |  | 187,409 |  |  | 6,195 |  |  | 193,604 |  |  | 214,327 |  |  | 16,840 |  |  | 231,167 |
Total CRE |  | 7,561,384 |  |  | 549,365 |  |  | 8,110,749 |  |  | 6,102,216 |  |  | 717,297 |  |  | 6,819,513 |
C&I: |  |  |  |  |  |  |  |  |  |  |  |
Commercial business |  | 8,155,991 |  |  | 57,906 |  |  | 8,213,897 |  |  | 7,097,853 |  |  | 83,336 |  |  | 7,181,189 |
Trade finance |  | 787,800 |  |  | 1,310 |  |  | 789,110 |  |  | 889,728 |  |  | 6,284 |  |  | 896,012 |
Total C&I |  | 8,943,791 |  |  | 59,216 |  |  | 9,003,007 |  |  | 7,987,581 |  |  | 89,620 |  |  | 8,077,201 |
Residential: |  |  |  |  |  |  |  |  |  |  |  |
Single-family |  | 2,877,286 |  |  | 189,633 |  |  | 3,066,919 |  |  | 3,647,262 |  |  | 219,519 |  |  | 3,866,781 |
Multifamily |  | 1,374,718 |  |  | 148,277 |  |  | 1,522,995 |  |  | 1,184,017 |  |  | 265,891 |  |  | 1,449,908 |
Total residential |  | 4,252,004 |  |  | 337,910 |  |  | 4,589,914 |  |  | 4,831,279 |  |  | 485,410 |  |  | 5,316,689 |
Consumer |  | 1,931,828 |  |  | 24,263 |  |  | 1,956,091 |  |  | 1,483,956 |  |  | 29,786 |  |  | 1,513,742 |
Total loans |  | $ | 22,689,007 |  |  | $ | 970,754 |  |  | $ | 23,659,761 |  |  | $ | 20,405,032 |  |  | $ | 1,322,113 |  |  | $ | 21,727,145 |
Unearned fees, premiums, and discounts, net |  | (16,013 | ) |  | — |  |  | (16,013 | ) |  | 2,804 |  |  | — |  |  | 2,804 |
Allowance for loan losses |  | (264,600 | ) |  | (359 | ) |  | (264,959 | ) |  | (260,965 | ) |  | (714 | ) |  | (261,679 | )
Loans, net |  | $ | 22,408,394 |  |  | $ | 970,395 |  |  | $ | 23,378,789 |  |  | $ | 20,146,871 |  |  | $ | 1,321,399 |  |  | $ | 21,468,270 |
(1) | Loans net of ASC 310-30 discount.
The Company’s CRE lending activities include loans to finance income-producing properties, construction and land loans. The Company’s C&I lending activities include commercial business financing for small and middle-market businesses in a wide spectrum of industries. Included in commercial business loans are loans for working capital, accounts receivable lines, inventory lines, Small Business Administration loans and lease financing. The Company also offers a variety of international trade finance services and products, including letters of credit, revolving lines of credit, import loans, bankers’ acceptances, working capital lines, domestic purchase financing and pre-export financing. The Company’s single-family residential loans are primarily comprised of adjustable rate (“ARM”) first mortgage loans secured by one-to-four unit residential properties. The Company’s ARM single-family residential loan programs generally have a one-year, three-year or five-year initial fixed period. The Company’s multifamily residential loans are primarily comprised of variable rate loans that have a six-month or three-year initial fixed period. As of December 31, 2015 and 2014, consumer loans were primarily composed of home equity lines of credit. All loans originated are subject to the Company’s underwriting guidelines and loan origination standards. Management believes that the Company’s underwriting criteria and procedures adequately consider the unique risks which may come from these products. The Company conducts a variety of quality control procedures and periodic audits, including review of criteria for lending and legal requirements, to ensure it is in compliance with its origination standards. As of December 31, 2015 and 2014, loans totaling $15.91 billion and $14.66 billion, respectively, were pledged to secure borrowings and to provide additional borrowing capacity from the FHLB and the Federal Reserve Bank. Credit Quality Indicators All loans are subject to the Company’s internal and external credit review and monitoring. Loans are risk rated based on an analysis of the current state of the borrower’s credit quality. The analysis of credit quality includes a review of all repayment sources, the borrower’s current payment performance/delinquency, current financial and liquidity status and all other relevant information. For single-family residential loans, payment performance/delinquency is the driving indicator for the risk ratings. Risk ratings remain the overall credit quality indicator for the Company, as well as the credit quality indicator utilized for estimating the appropriate allowance for loan losses. The Company utilizes a risk rating system, which can be classified within the following categories: Pass, Watch, Special Mention, Substandard, Doubtful and Loss. The risk ratings reflect the relative strength of the repayment sources. Pass and Watch loans are generally considered to have sufficient sources of repayment in order to repay the loan in full in accordance with all terms and conditions. These borrowers may have some credit risks that require monitoring, but full repayments are expected. Special Mention loans are considered to have potential weaknesses that warrant closer attention by management. Special Mention is considered a transitory grade. If any potential weaknesses are resolved, the loan is upgraded to a Pass or Watch grade. If negative trends in the borrower’s financial status or other information indicates that the repayment sources may become inadequate, the loan is downgraded to a Substandard grade. Substandard loans are considered to have well-defined weaknesses that jeopardize the full and timely repayment of the loan. Substandard loans have a distinct possibility of loss, if the deficiencies are not corrected. Additionally, when management has assessed a potential for loss but a distinct possibility of loss is not recognizable, the loan is still classified as Substandard. Doubtful loans have insufficient sources of repayment and a high probability of loss. Loss loans are considered to be uncollectible and of such little value that they are no longer considered bankable assets. These internal risk ratings are reviewed routinely and adjusted due to changes in the borrowers’ status and likelihood of loan repayment. The following tables present the credit risk rating for non-PCI loans by portfolio segment as of December 31, 2015 and 2014:
($ in thousands) |  | Pass/Watch |  | Special Mention |  | Substandard |  | Doubtful |  | Loss |  | Total Non-PCI Loans
December 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CRE: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income producing |  | $ | 6,672,951 |  |  | $ | 59,309 |  |  | $ | 204,939 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,937,199 |
Construction |  | 435,112 |  |  | 1,194 |  |  | 470 |  |  | — |  |  | — |  |  | 436,776 |
Land |  | 172,189 |  |  | — |  |  | 15,220 |  |  | — |  |  | — |  |  | 187,409 |
C&I: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial business |  | 7,794,735 |  |  | 201,280 |  |  | 135,449 |  |  | 24,527 |  |  | — |  |  | 8,155,991 |
Trade finance |  | 750,144 |  |  | 13,812 |  |  | 23,844 |  |  | — |  |  | — |  |  | 787,800 |
Residential: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single-family |  | 2,841,722 |  |  | 8,134 |  |  | 27,430 |  |  | — |  |  | — |  |  | 2,877,286 |
Multifamily |  | 1,317,550 |  |  | 2,918 |  |  | 54,250 |  |  | — |  |  | — |  |  | 1,374,718 |
Consumer |  | 1,926,418 |  |  | 883 |  |  | 4,527 |  |  | — |  |  | — |  |  | 1,931,828 |
Total |  | $ | 21,910,821 |  |  | $ | 287,530 |  |  | $ | 466,129 |  |  | $ | 24,527 |  |  | $ | — |  |  | $ | 22,689,007 |
($ in thousands) |  | Pass/Watch |  | Special Mention |  | Substandard |  | Doubtful |  | Loss |  | Total Non-PCI Loans
December 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CRE: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income producing |  | $ | 5,243,640 |  |  | $ | 54,673 |  |  | $ | 269,733 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,568,046 |
Construction |  | 310,259 |  |  | 11 |  |  | 9,573 |  |  | — |  |  | — |  |  | 319,843 |
Land |  | 185,220 |  |  | 5,701 |  |  | 23,406 |  |  | — |  |  | — |  |  | 214,327 |
C&I: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial business |  | 6,836,914 |  |  | 130,319 |  |  | 130,032 |  |  | 533 |  |  | 55 |  |  | 7,097,853 |
Trade finance |  | 845,889 |  |  | 13,031 |  |  | 30,808 |  |  | — |  |  | — |  |  | 889,728 |
Residential: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single-family |  | 3,627,491 |  |  | 3,143 |  |  | 16,628 |  |  | — |  |  | — |  |  | 3,647,262 |
Multifamily |  | 1,095,982 |  |  | 5,124 |  |  | 82,911 |  |  | — |  |  | — |  |  | 1,184,017 |
Consumer |  | 1,480,208 |  |  | 1,005 |  |  | 2,743 |  |  | — |  |  | — |  |  | 1,483,956 |
Total |  | $ | 19,625,603 |  |  | $ | 213,007 |  |  | $ | 565,834 |  |  | $ | 533 |  |  | $ | 55 |  |  | $ | 20,405,032 |
The following tables present the credit risk rating for PCI loans by portfolio segment as of December 31, 2015 and 2014:
($ in thousands) |  | Pass/Watch |  | Special Mention |  | Substandard |  | Doubtful |  | Loss |  | Total PCI Loans
December 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CRE: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income producing |  | $ | 440,100 |  |  | $ | 4,987 |  |  | $ | 96,188 |  |  | $ | — |  |  | $ | — |  |  | $ | 541,275 |
Construction |  | — |  |  | — |  |  | 1,895 |  |  | — |  |  | — |  |  | 1,895 |
Land |  | 4,285 |  |  | — |  |  | 1,910 |  |  | — |  |  | — |  |  | 6,195 |
C&I: |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial business |  | 52,212 |  |  | 819 |  |  | 4,875 |  |  | — |  |  | — |  |  | 57,906 |
Trade finance |  | 1,310 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,310 |
Residential: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single-family |  | 184,092 |  |  | 1,293 |  |  | 4,248 |  |  | — |  |  | — |  |  | 189,633 |
Multifamily |  | 130,770 |  |  | — |  |  | 17,507 |  |  | — |  |  | — |  |  | 148,277 |
Consumer |  | 23,121 |  |  | 452 |  |  | 690 |  |  | — |  |  | — |  |  | 24,263 |
Total (1) |  | $ | 835,890 |  |  | $ | 7,551 |  |  | $ | 127,313 |  |  | $ | — |  |  | $ | — |  |  | $ | 970,754 |
(1) | Loans net of ASC 310-30 discount.
($ in thousands) |  | Pass/Watch |  | Special Mention |  | Substandard |  | Doubtful |  | Loss |  | Total PCI Loans
December 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CRE: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income producing |  | $ | 534,015 |  |  | $ | 9,960 |  |  | $ | 144,038 |  |  | $ | — |  |  | $ | — |  |  | $ | 688,013 |
Construction |  | 589 |  |  | 1,744 |  |  | 10,111 |  |  | — |  |  | — |  |  | 12,444 |
Land |  | 7,012 |  |  | 5,391 |  |  | 4,437 |  |  | — |  |  | — |  |  | 16,840 |
C&I: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial business |  | 70,586 |  |  | 1,103 |  |  | 11,647 |  |  | — |  |  | — |  |  | 83,336 |
Trade finance |  | 4,620 |  |  | — |  |  | 1,664 |  |  | — |  |  | — |  |  | 6,284 |
Residential: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single-family |  | 213,829 |  |  | 374 |  |  | 5,316 |  |  | — |  |  | — |  |  | 219,519 |
Multifamily |  | 230,049 |  |  | — |  |  | 35,842 |  |  | — |  |  | — |  |  | 265,891 |
Consumer |  | 29,026 |  |  | 116 |  |  | 644 |  |  | — |  |  | — |  |  | 29,786 |
Total (1) |  | $ | 1,089,726 |  |  | $ | 18,688 |  |  | $ | 213,699 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,322,113 |
(1) | Loans net of ASC 310-30 discount.
Nonaccrual and Past Due Loans Non-PCI loans that are 90 or more days past due are generally placed on nonaccrual status. Additionally, non-PCI loans that are not 90 or more days past due but have identified deficiencies are also placed on nonaccrual status. The following tables present the aging analysis on non-PCI loans as of December 31, 2015 and 2014:
($ in thousands) |  | Accruing Loans 30-59 Days Past Due |  | Accruing Loans 60-89 Days Past Due |  | Total Accruing Past Due Loans |  | Nonaccrual Loans Less Than 90 Days Past Due |  | Nonaccrual Loans 90 or More Days Past Due |  | Total Nonaccrual Loans |  | Current Accruing Loans |  | Total Non-PCI Loans
December 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CRE: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income producing |  | $ | 3,465 |  |  | $ | 25,256 |  |  | $ | 28,721 |  |  | $ | 11,359 |  |  | $ | 17,870 |  |  | $ | 29,229 |  |  | $ | 6,879,249 |  |  | $ | 6,937,199 |
Construction |  | — |  |  | — |  |  | — |  |  | 14 |  |  | — |  |  | 14 |  |  | 436,762 |  |  | 436,776 |
Land |  | 1,124 |  |  | — |  |  | 1,124 |  |  | 277 |  |  | 406 |  |  | 683 |  |  | 185,602 |  |  | 187,409 |
C&I: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial business |  | 1,992 |  |  | 1,185 |  |  | 3,177 |  |  | 50,726 |  |  | 14,009 |  |  | 64,735 |  |  | 8,088,079 |  |  | 8,155,991 |
Trade finance |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 787,800 |  |  | 787,800 |
Residential: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single-family |  | 7,657 |  |  | 2,927 |  |  | 10,584 |  |  | 92 |  |  | 8,634 |  |  | 8,726 |  |  | 2,857,976 |  |  | 2,877,286 |
Multifamily |  | 6,320 |  |  | 981 |  |  | 7,301 |  |  | 6,486 |  |  | 9,758 |  |  | 16,244 |  |  | 1,351,173 |  |  | 1,374,718 |
Consumer |  | 2,078 |  |  | 209 |  |  | 2,287 |  |  | 233 |  |  | 1,505 |  |  | 1,738 |  |  | 1,927,803 |  |  | 1,931,828 |
Total |  | $ | 22,636 |  |  | $ | 30,558 |  |  | $ | 53,194 |  |  | $ | 69,187 |  |  | $ | 52,182 |  |  | $ | 121,369 |  |  | $ | 22,514,444 |  |  | $ | 22,689,007 |
($ in thousands) |  | Accruing Loans 30-59 Days Past Due |  | Accruing Loans 60-89 Days Past Due |  | Total Accruing Past Due Loans |  | Nonaccrual Loans Less Than 90 Days Past Due |  | Nonaccrual Loans 90 or More Days Past Due |  | Total Nonaccrual Loans |  | Current Accruing Loans |  | Total Non-PCI Loans
December 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CRE: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income producing |  | $ | 14,171 |  |  | $ | 3,593 |  |  | $ | 17,764 |  |  | $ | 19,348 |  |  | $ | 9,165 |  |  | $ | 28,513 |  |  | $ | 5,521,769 |  |  | $ | 5,568,046 |
Construction |  | — |  |  | — |  |  | — |  |  | 15 |  |  | 6,898 |  |  | 6,913 |  |  | 312,930 |  |  | 319,843 |
Land |  | — |  |  | — |  |  | — |  |  | 221 |  |  | 2,502 |  |  | 2,723 |  |  | 211,604 |  |  | 214,327 |
C&I: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial business |  | 3,187 |  |  | 4,361 |  |  | 7,548 |  |  | 6,623 |  |  | 21,813 |  |  | 28,436 |  |  | 7,061,869 |  |  | 7,097,853 |
Trade finance |  | — |  |  | — |  |  | — |  |  | 73 |  |  | 292 |  |  | 365 |  |  | 889,363 |  |  | 889,728 |
Residential: |  |  |  |  |  |  |  |  |  |  | 0 |  |  |  |  |  |  |  |  |  |  |  |  |
Single-family |  | 6,381 |  |  | 1,294 |  |  | 7,675 |  |  | 2,861 |  |  | 5,764 |  |  | 8,625 |  |  | 3,630,962 |  |  | 3,647,262 |
Multifamily |  | 4,425 |  |  | 507 |  |  | 4,932 |  |  | 12,460 |  |  | 8,359 |  |  | 20,819 |  |  | 1,158,266 |  |  | 1,184,017 |
Consumer |  | 2,154 |  |  | 162 |  |  | 2,316 |  |  | 169 |  |  | 3,699 |  |  | 3,868 |  |  | 1,477,772 |  |  | 1,483,956 |
Total |  | $ | 30,318 |  |  | $ | 9,917 |  |  | $ | 40,235 |  |  | $ | 41,770 |  |  | $ | 58,492 |  |  | $ | 100,262 |  |  | $ | 20,264,535 |  |  | $ | 20,405,032 |
PCI loans are excluded from the above aging analysis table as the Company has elected to account for these loans on a pool level basis in accordance with ASC 310-30 at the time of acquisition. Please refer to the discussion of PCI Loans within this note for additional details on interest income recognition of PCI loans. As of December 31, 2015 and 2014, $37.7 million and $63.4 million of PCI loans, respectively, were on nonaccrual status. Loans in Process of Foreclosure As of December 31, 2015 and 2014, the Company had $18.0 million and $16.9 million, respectively, of recorded investment in consumer mortgage loans secured by residential real estate properties, for which formal foreclosure proceedings were in process according to local requirements of the applicable jurisdictions, which were not included in OREO. Foreclosed residential real estate properties with a carrying amount of $912 thousand were included in total net OREO of $7.0 million as of December 31, 2015. In comparison, foreclosed residential real estate properties with a carrying amount of $3.6 million were included in total net OREO of $32.1 million as of December 31, 2014. TDRs Potential TDRs are individually evaluated and the type of restructuring is selected based on the loan type and the circumstances of the borrower’s financial difficulty in order to maximize the Company’s recovery. A TDR is a modification of the terms of a loan when the Company, for economic or legal reasons related to the borrower’s financial difficulties, grants a concession to the borrower, it would not otherwise consider. The following tables present the additions to non-PCI TDRs for the years ended December 31, 2015, 2014 and 2013:
($ in thousands) |  | Loans Modified as TDRs During the Year Ended December 31, 2015
| Number of Loans |  | Pre-Modification Outstanding Recorded Investment |  | Post-Modification Outstanding Recorded Investment (1) |  | Financial Impact (2)
CRE: |  |  |  |  |  |  |  |  |  |  |  |
Income producing |  | 3 |  |  | $ | 1,802 |  |  | $ | 1,705 |  |  | $ | — |
Land |  | 2 |  |  | $ | 2,227 |  |  | $ | 83 |  |  | $ | 102 |
C&I: |  |  |  |  |  |  |  |
Commercial business |  | 18 |  |  | $ | 42,816 |  |  | $ | 34,124 |  |  | $ | 6,726 |
Residential: |  |  |  |  |  |  |  |
Single-family |  | 1 |  |  | $ | 281 |  |  | $ | 279 |  |  | $ | 2 |
|  | Loans Modified as TDRs During the Year Ended December 31, 2014
($ in thousands) |  | Number of Loans |  | Pre-Modification Outstanding Recorded Investment |  | Post-Modification Outstanding Recorded Investment (1) |  | Financial Impact (2)
CRE: |  |  |  |  |  |  |  |  |  |  |  |
Income producing |  | 6 |  |  | $ | 8,829 |  |  | $ | 8,624 |  |  | $ | 43 |
C&I: |  |  |  |  |  |  |  |
Commercial business |  | 13 |  |  | $ | 4,379 |  |  | $ | 3,089 |  |  | $ | 2,205 |
Trade finance |  | 1 |  |  | $ | 190 |  |  | $ | 73 |  |  | $ | 14 |
Residential: |  |  |  |  |  |  |  |
Single-family |  | 9 |  |  | $ | 11,454 |  |  | $ | 8,269 |  |  | $ | — |
Multifamily |  | 6 |  |  | $ | 5,471 |  |  | $ | 3,705 |  |  | $ | 7 |
Consumer |  | 1 |  |  | $ | 509 |  |  | $ | 504 |  |  | $ | — |
|  | Loans Modified as TDRs During the Year Ended December 31, 2013
($ in thousands) |  | Number of Loans |  | Pre-Modification Outstanding Recorded Investment |  | Post-Modification Outstanding Recorded Investment (1) |  | Financial Impact (2)
CRE: |  |  |  |  |  |  |  |
Income producing |  | 6 |  |  | $ | 26,021 |  |  | $ | 17,456 |  |  | $ | 219 |
C&I: |  |  |  |  |  |  |  |
Commercial business |  | 6 |  |  | $ | 16,220 |  |  | $ | 15,624 |  |  | $ | 4,274 |
Residential: |  |  |  |  |  |  |  |
Multifamily |  | 1 |  |  | $ | 1,093 |  |  | $ | 1,071 |  |  | $ | — |
Consumer |  | 1 |  |  | $ | 651 |  |  | $ | 639 |  |  | $ | — |
(1) | Includes subsequent payments after modification and reflects the balance as of December 31, 2015, 2014 and 2013.
(2) | The financial impact includes charge-offs and specific reserves recorded at the modification date.
The following tables summarize the non-PCI TDR modifications for the years ended December 31, 2015, 2014 and 2013 by modification type:
($ in thousands) |  | Modification Type
| Principal (1) |  | Principal and Interest (2) |  | Interest Rate Reduction |  | A/B Note |  | Other |  | Total
December 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |
CRE |  | $ | 521 |  |  | $ | 791 |  |  | $ | — |  |  | $ | — |  |  | $ | 476 |  |  | $ | 1,788 |
C&I |  | 16,325 |  |  | 17,799 |  |  | — |  |  | — |  |  | — |  |  | $ | 34,124 |
Residential |  | 279 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | $ | 279 |
Total |  | $ | 17,125 |  |  | $ | 18,590 |  |  | $ | — |  |  | $ | — |  |  | $ | 476 |  |  | $ | 36,191 |
($ in thousands) |  | Modification Type
| Principal (1) |  | Principal and Interest (2) |  | Interest Rate Reduction |  | A/B Note |  | Other |  | Total
December 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |
CRE |  | $ | 691 |  |  | $ | 5,100 |  |  | $ | 2,165 |  |  | $ | — |  |  | $ | 668 |  |  | $ | 8,624 |
C&I |  | 2,677 |  |  | 73 |  |  | 94 |  |  | — |  |  | 318 |  |  | 3,162 |
Residential |  | 9,756 |  |  | 1,471 |  |  | — |  |  | — |  |  | 747 |  |  | 11,974 |
Consumer |  | — |  |  | — |  |  | — |  |  | — |  |  | 504 |  |  | 504 |
Total |  | $ | 13,124 |  |  | $ | 6,644 |  |  | $ | 2,259 |  |  | $ | — |  |  | $ | 2,237 |  |  | $ | 24,264 |
($ in thousands) |  | Modification Type
| Principal (1) |  | Principal and Interest (2) |  | Interest Rate Reduction |  | A/B Note |  | Other |  | Total
December 31, 2013 |  |  |  |  |  |  |  |  |  |  |  |
CRE |  | $ | 15,923 |  |  | $ | 540 |  |  | $ | — |  |  | $ | 884 |  |  | $ | 109 |  |  | $ | 17,456 |
C&I |  | 15,488 |  |  | 136 |  |  | — |  |  | — |  |  | — |  |  | 15,624 |
Residential |  | — |  |  | — |  |  | — |  |  | 1,071 |  |  | — |  |  | 1,071 |
Consumer |  | — |  |  | — |  |  | — |  |  | — |  |  | 639 |  |  | $ | 639 |
Total |  | $ | 31,411 |  |  | $ | 676 |  |  | $ | — |  |  | $ | 1,955 |  |  | $ | 748 |  |  | $ | 34,790 |
(1) | Principal modification includes forbearance payments, term extensions and principal deferments that modify the terms of the loan from principal and interest payments to interest payments only.
(2) | Principal and interest modification includes principal and interest deferments or reductions.
Subsequent to restructuring, a TDR that becomes delinquent, generally beyond 90 days, is considered to have defaulted. The following table presents information for loans modified as TDRs within the previous 12 months that have subsequently defaulted during the years ended December 31, 2015, 2014 and 2013:
|  | Loans Modified as TDRs that Subsequently Defaulted During the Year Ended December 31,
|  | 2015 |  | 2014 |  | 2013
($ in thousands) |  | Number of Loans |  | Recorded Investment |  | Number of Loans |  | Recorded Investment |  | Number of Loans |  | Recorded Investment
C&I: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial business |  | — |  |  | $ | — |  |  | 1 |  |  | $ | 957 |  |  | 1 |  |  | $ | 570 |
Residential: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single-family |  | 1 |  |  | $ | 279 |  |  | — |  |  | $ | — |  |  | — |  |  | $ | — |
Consumer |  | — |  |  | $ | — |  |  | — |  |  | $ | — |  |  | 1 |  |  | $ | 639 |
The amount of additional funds committed to lend to borrowers whose terms have been modified was immaterial as of December 31, 2015 and 2014. Impaired Loans The following tables present the non-PCI impaired loans as of December 31, 2015 and 2014:
($ in thousands) |  | Unpaid Principal Balance |  | Recorded Investment With No Allowance |  | Recorded Investment With Allowance |  | Total Recorded Investment |  | Related Allowance
December 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CRE: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income producing |  | $ | 47,043 |  |  | $ | 24,347 |  |  | $ | 15,720 |  |  | $ | 40,067 |  |  | $ | 3,148 |
Construction |  | 66 |  |  | — |  |  | 14 |  |  | 14 |  |  | 1 |
Land |  | 1,537 |  |  | 632 |  |  | 683 |  |  | 1,315 |  |  | 118 |
C&I: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial business |  | 81,720 |  |  | 31,045 |  |  | 40,111 |  |  | 71,156 |  |  | 15,993 |
Trade finance |  | 10,675 |  |  | — |  |  | 10,675 |  |  | 10,675 |  |  | 95 |
Residential: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single-family |  | 16,486 |  |  | 4,401 |  |  | 10,611 |  |  | 15,012 |  |  | 584 |
Multifamily |  | 25,634 |  |  | 16,944 |  |  | 6,783 |  |  | 23,727 |  |  | 339 |
Consumer |  | 1,240 |  |  | — |  |  | 1,240 |  |  | 1,240 |  |  | 60 |
Total |  | $ | 184,401 |  |  | $ | 77,369 |  |  | $ | 85,837 |  |  | $ | 163,206 |  |  | $ | 20,338 |
($ in thousands) |  | Unpaid Principal Balance |  | Recorded Investment With No Allowance |  | Recorded Investment With Allowance |  | Total Recorded Investment |  | Related Allowance
December 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CRE: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income producing |  | $ | 58,900 |  |  | $ | 35,495 |  |  | $ | 15,646 |  |  | $ | 51,141 |  |  | $ | 1,581 |
Construction |  | 6,913 |  |  | 6,913 |  |  | — |  |  | 6,913 |  |  | — |
Land |  | 13,291 |  |  | 2,838 |  |  | 5,622 |  |  | 8,460 |  |  | 1,906 |
C&I: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial business |  | 44,569 |  |  | 12,723 |  |  | 25,717 |  |  | 38,440 |  |  | 15,174 |
Trade finance |  | 12,967 |  |  | 6,431 |  |  | 274 |  |  | 6,705 |  |  | 28 |
Residential: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single-family |  | 18,908 |  |  | 6,003 |  |  | 11,398 |  |  | 17,401 |  |  | 461 |
Multifamily |  | 37,649 |  |  | 21,523 |  |  | 12,890 |  |  | 34,413 |  |  | 313 |
Consumer |  | 1,259 |  |  | 1,151 |  |  | 108 |  |  | 1,259 |  |  | 1 |
Total |  | $ | 194,456 |  |  | $ | 93,077 |  |  | $ | 71,655 |  |  | $ | 164,732 |  |  | $ | 19,464 |
The following table presents the average recorded investment and the amount of interest income recognized on non-PCI impaired loans for the years ended December 31, 2015, 2014 and 2013:
($ in thousands) |  | Year Ended December 31,
| 2015 |  | 2014 |  | 2013
| Average Recorded Investment |  | Recognized Interest Income (1) |  | Average Recorded Investment |  | Recognized Interest Income (1) |  | Average Recorded Investment |  | Recognized Interest Income (1)
CRE: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income producing |  | $ | 44,043 |  |  | $ | 536 |  |  | $ | 54,544 |  |  | $ | 1,249 |  |  | $ | 71,856 |  |  | $ | 2,480 |
Construction |  | 14 |  |  | — |  |  | 6,888 |  |  | — |  |  | 6,888 |  |  | — |
Land |  | 2,708 |  |  | 39 |  |  | 8,633 |  |  | 298 |  |  | 12,453 |  |  | 496 |
C&I: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial business |  | 73,513 |  |  | 315 |  |  | 36,528 |  |  | 833 |  |  | 38,294 |  |  | 735 |
Trade finance |  | 11,402 |  |  | 223 |  |  | 336 |  |  | 15 |  |  | 1,603 |  |  | 11 |
Residential: |  |  |  |  |  |  |  |  |  |  |  |
Single-family |  | 15,347 |  |  | 242 |  |  | 16,413 |  |  | 342 |  |  | 15,322 |  |  | 154 |
Multifamily |  | 24,001 |  |  | 312 |  |  | 37,128 |  |  | 830 |  |  | 35,799 |  |  | 850 |
Consumer |  | 1,251 |  |  | 47 |  |  | 1,259 |  |  | 47 |  |  | 3,225 |  |  | 4 |
Total impaired non-PCI loans |  | $ | 172,279 |  |  | $ | 1,714 |  |  | $ | 161,729 |  |  | $ | 3,614 |  |  | $ | 185,440 |  |  | $ | 4,730 |
(1) | Includes interest recognized on accruing non-PCI TDRs. Interest payments received on nonaccrual non-PCI loans are reflected as a reduction of principal and not as interest income.
Allowance for Credit Losses The following tables present a summary of the activity in the allowance for loan losses by portfolio segment for the years ended December 31, 2015, 2014 and 2013:
($ in thousands) |  | Non-PCI Loans |  |  |  |
| CRE |  | C&I |  | Residential |  | Consumer |  | Total |  | PCI Loans |  | Total
Year Ended December 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 72,263 |  |  | $ | 134,598 |  |  | $ | 43,856 |  |  | $ | 10,248 |  |  | $ | 260,965 |  |  | $ | 714 |  |  | $ | 261,679 |
Provision for (reversal of) loan losses |  | 3,338 |  |  | 11,640 |  |  | (7,499 | ) |  | (555 | ) |  | 6,924 |  |  | (355 | ) |  | 6,569 |
Charge-offs |  | (1,545 | ) |  | (20,423 | ) |  | (1,686 | ) |  | (600 | ) |  | (24,254 | ) |  | — |  |  | (24,254 | )
Recoveries |  | 7,135 |  |  | 8,782 |  |  | 4,621 |  |  | 427 |  |  | 20,965 |  |  | — |  |  | 20,965 |
Net recoveries (charge-offs) |  | 5,590 |  |  | (11,641 | ) |  | 2,935 |  |  | (173 | ) |  | (3,289 | ) |  | — |  |  | (3,289 | )
Ending balance |  | $ | 81,191 |  |  | $ | 134,597 |  |  | $ | 39,292 |  |  | $ | 9,520 |  |  | $ | 264,600 |  |  | $ | 359 |  |  | $ | 264,959 |
($ in thousands) |  | Non-PCI Loans |  |  |  |
| CRE |  | C&I |  | Residential |  | Consumer |  | Total |  | PCI Loans |  | Total
Year Ended December 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 70,154 |  |  | $ | 115,184 |  |  | $ | 50,716 |  |  | $ | 11,352 |  |  | $ | 247,406 |  |  | $ | 2,269 |  |  | $ | 249,675 |
Provision for (reversal of) loan losses |  | 3,264 |  |  | 49,200 |  |  | (8,167 | ) |  | 4,318 |  |  | 48,615 |  |  | (1,032 | ) |  | 47,583 |
Charge-offs |  | (3,137 | ) |  | (39,984 | ) |  | (1,103 | ) |  | (5,871 | ) |  | (50,095 | ) |  | (523 | ) |  | (50,618 | )
Recoveries |  | 1,982 |  |  | 10,198 |  |  | 2,410 |  |  | 449 |  |  | 15,039 |  |  | — |  |  | 15,039 |
Net (charge-offs) recoveries |  | (1,155 | ) |  | (29,786 | ) |  | 1,307 |  |  | (5,422 | ) |  | (35,056 | ) |  | (523 | ) |  | (35,579 | )
Ending balance |  | $ | 72,263 |  |  | $ | 134,598 |  |  | $ | 43,856 |  |  | $ | 10,248 |  |  | $ | 260,965 |  |  | $ | 714 |  |  | $ | 261,679 |
($ in thousands) |  | Non-PCI Loans |  |  |  |
| CRE |  | C&I |  | Residential |  | Consumer |  | Total |  | PCI Loans |  | Total
Year Ended December 31, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 72,385 |  |  | $ | 107,719 |  |  | $ | 49,436 |  |  | $ | 4,995 |  |  | $ | 234,535 |  |  | $ | — |  |  | $ | 234,535 |
(Reversal of) provision for loan losses |  | (3,287 | ) |  | 11,534 |  |  | 2,473 |  |  | 7,218 |  |  | 17,938 |  |  | 2,269 |  |  | 20,207 |
Charge-offs |  | (3,737 | ) |  | (8,461 | ) |  | (3,197 | ) |  | (2,385 | ) |  | (17,780 | ) |  | — |  |  | (17,780 | )
Recoveries |  | 4,793 |  |  | 4,392 |  |  | 2,004 |  |  | 1,524 |  |  | 12,713 |  |  | — |  |  | 12,713 |
Net recoveries (charge-offs) |  | 1,056 |  |  | (4,069 | ) |  | (1,193 | ) |  | (861 | ) |  | (5,067 | ) |  | — |  |  | (5,067 | )
Ending balance |  | $ | 70,154 |  |  | $ | 115,184 |  |  | $ | 50,716 |  |  | $ | 11,352 |  |  | $ | 247,406 |  |  | $ | 2,269 |  |  | $ | 249,675 |
The following table presents a summary of the activity in the allowance for unfunded credit reserves for the years ended December 31, 2015, 2014 and 2013:
($ in thousands) |  | Year Ended December 31,
| 2015 |  | 2014 |  | 2013
Beginning balance |  | $ | 12,712 |  |  | $ | 11,282 |  |  | $ | 9,437 |
Provision for unfunded credit reserves |  | 7,648 |  |  | 1,575 |  |  | 2,157 |
Charge-offs |  | — |  |  | 145 |  |  | 312 |
Ending balance |  | $ | 20,360 |  |  | $ | 12,712 |  |  | $ | 11,282 |
The allowance for unfunded credit reserves is maintained at a level believed by management to be sufficient to absorb estimated probable losses related to unfunded credit facilities. The allowance for unfunded credit reserves was included in accrued expense and other liabilities in the accompanying Consolidated Balance Sheets. Please refer to Note 14 — Commitments, Contingencies and Related Party Transactions to the Consolidated Financial Statements for additional information related to unfunded credit reserves. The following tables present the Company’s allowance for loan losses and recorded investments in loans by portfolio segment as of December 31, 2015 and 2014 and disaggregated by the Company’s impairment methodology:
($ in thousands) |  | CRE |  | C&I |  | Residential |  | Consumer |  | Total
As of December 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for loan losses |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 3,267 |  |  | $ | 16,088 |  |  | $ | 923 |  |  | $ | 60 |  |  | $ | 20,338 |
Collectively evaluated for impairment |  | 77,924 |  |  | 118,509 |  |  | 38,369 |  |  | 9,460 |  |  | 244,262 |
Acquired with deteriorated credit quality |  | 347 |  |  | 9 |  |  | 3 |  |  | — |  |  | 359 |
Ending balance |  | $ | 81,538 |  |  | $ | 134,606 |  |  | $ | 39,295 |  |  | $ | 9,520 |  |  | $ | 264,959 |
Recorded investment in loans |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 41,396 |  |  | $ | 81,831 |  |  | $ | 38,739 |  |  | $ | 1,240 |  |  | $ | 163,206 |
Collectively evaluated for impairment |  | 7,519,988 |  |  | 8,861,960 |  |  | 4,213,265 |  |  | 1,930,588 |  |  | 22,525,801 |
Acquired with deteriorated credit quality (1) |  | 549,365 |  |  | 59,216 |  |  | 337,910 |  |  | 24,263 |  |  | 970,754 |
Ending balance (1) |  | $ | 8,110,749 |  |  | $ | 9,003,007 |  |  | $ | 4,589,914 |  |  | $ | 1,956,091 |  |  | $ | 23,659,761 |
(1) | Loans net of ASC 310-30 discount.
($ in thousands) |  | CRE |  | C&I |  | Residential |  | Consumer |  | Total
As of December 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for loan losses |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 3,487 |  |  | $ | 15,202 |  |  | $ | 774 |  |  | $ | 1 |  |  | $ | 19,464 |
Collectively evaluated for impairment |  | 68,776 |  |  | 119,396 |  |  | 43,082 |  |  | 10,247 |  |  | 241,501 |
Acquired with deteriorated credit quality |  | 714 |  |  | — |  |  | — |  |  | — |  |  | 714 |
Ending balance |  | $ | 72,977 |  |  | $ | 134,598 |  |  | $ | 43,856 |  |  | $ | 10,248 |  |  | $ | 261,679 |
Recorded investment in loans |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 66,514 |  |  | $ | 45,145 |  |  | $ | 51,814 |  |  | $ | 1,259 |  |  | $ | 164,732 |
Collectively evaluated for impairment |  | 6,035,702 |  |  | 7,942,436 |  |  | 4,779,465 |  |  | 1,482,697 |  |  | 20,240,300 |
Acquired with deteriorated credit quality (1) |  | 717,297 |  |  | 89,620 |  |  | 485,410 |  |  | 29,786 |  |  | 1,322,113 |
Ending balance (1) |  | $ | 6,819,513 |  |  | $ | 8,077,201 |  |  | $ | 5,316,689 |  |  | $ | 1,513,742 |  |  | $ | 21,727,145 |
(1) | Loans net of ASC 310-30 discount.
PCI Loans As of the respective acquisition dates, PCI loans were pooled and accounted for at fair value, which represents the discounted value of the expected cash flows of the loan portfolio. The amount of expected cash flows over the initial investment in the loan represent the “accretable yield,” which is recognized as interest income on a level yield basis over the life of the loan. The excess of total contractual cash flows over the cash flows expected to be received at origination is deemed the “nonaccretable difference.” The following table presents the changes in the accretable yield for the PCI loans for the years ended December 31, 2015, 2014 and 2013:
($ in thousands) |  | Year Ended December 31,
| 2015 |  | 2014 |  | 2013
Beginning balance |  | $ | 311,688 |  |  | $ | 461,545 |  |  | $ | 556,986 |
Addition |  | — |  |  | 6,745 |  |  | — |
Accretion |  | (107,442 | ) |  | (219,169 | ) |  | (347,010 | )
Changes in expected cash flows |  | 10,661 |  |  | 62,567 |  |  | 251,569 |
Ending balance |  | $ | 214,907 |  |  | $ | 311,688 |  |  | $ | 461,545 |
Covered assets consist of loans receivable and OREO that were acquired in the UCB acquisition on November 6, 2009 and in the WFIB acquisition on June 11, 2010 for which the Company entered into shared-loss agreements with the FDIC. The shared-loss coverage of the UCB and WFIB commercial loans ended as of December 31, 2014 and June 30, 2015, respectively. In addition, during the year ended December 31, 2015 the Company reached an agreement with the FDIC to early terminate the WFIB and UCB shared-loss agreements and made a total payment of $125.5 million for the early termination. As a result, the Company has no remaining shared-loss agreements with the FDIC as of December 31, 2015. Of the total $1.32 billion in PCI loans as of December 31, 2014, $1.23 billion were covered under shared-loss agreements. As of December 31, 2014, $1.48 billion of total loans were covered under shared-loss agreements. FDIC Indemnification Asset/Net Payable to FDIC The Company amortizes the difference between the recorded amount of the FDIC indemnification asset and the expected reimbursement from the FDIC over the life of the indemnification asset. Due to the early termination of the shared-loss agreements entered with FDIC as previously discussed, the Company no longer has a FDIC indemnification asset/net payable to the FDIC as of December 31, 2015. As of December 31, 2014, a net payable to the FDIC of $96.1 million was included in accrued expenses and other liabilities on the Consolidated Balance Sheets. The following table presents a summary of the FDIC indemnification asset/net payable to the FDIC for the years ended December 31, 2015, 2014 and 2013:
($ in thousands) |  | Year Ended December 31,
| 2015 |  | 2014 |  | 2013
Beginning balance |  | $ | (96,106 | ) |  | $ | 74,708 |  |  | $ | 316,313 |
Amortization |  | (3,906 | ) |  | (101,638 | ) |  | (99,055 | )
Reductions (1) |  | (10,307 | ) |  | (33,595 | ) |  | (95,536 | )
FDIC repayment (2) |  | 110,319 |  |  | (35,581 | ) |  | (47,014 | )
Ending balance |  | $ | — |  |  | $ | (96,106 | ) |  | $ | 74,708 |
(1) | Reductions relate to charge-offs, partial prepayments, loan payoffs and loan sales which result in a corresponding reduction of the indemnification asset.
(2) | Represents the change in the calculated estimate the Company will be required to pay the FDIC at the end of the FDIC shared-loss agreements, due to lower thresholds of losses, with the exception of the amount in the year ended December 31, 2015, which includes the final payments made to the FDIC due to the early termination of the shared-loss agreements.
Loans Held for Sale Loans held for sale were $32.0 million and $46.0 million as of December 31, 2015 and 2014, respectively. $1.69 billion of loans held-for-investment were transferred to loans held for sale during the year ended December 31, 2015. These loans were primarily comprised of single-family residential and C&I loans. In comparison, $837.4 million and $97.1 million of loans held-for-investment were transferred to loans held for sale during the years ended December 31, 2014 and 2013, respectively. These loans were primarily comprised of student and C&I loans. The Company recorded $5.1 million and $5.2 million in write-downs related to loans transferred from loans held-for-investment to loans held for sale to the allowance for loan losses for the years ended December 31, 2015 and 2014, respectively. The Company did not record any write-downs related to loans transferred from loans held-for-investment to loans held for sale for the year ended December 31, 2013. For the year ended December 31, 2015, approximately $1.70 billion of loans were sold, resulting in net gains of $27.8 million. Loans sold during the year ended December 31, 2015 were primarily comprised of single-family residential and C&I loans. For the year ended December 31, 2014, approximately $1.09 billion of loans, mainly comprised of student and C&I loans, were sold, resulting in net gains of $39.1 million. For the year ended December 31, 2013, approximately $364.4 million of loans, mainly comprised of student and C&I loans, were sold, resulting in net gains of $7.8 million. In addition, the Company recorded a $3.0 million LOCOM adjustment related to the loans held for sale portfolio during the year ended December 31, 2015. The LOCOM adjustment was included in the net gains on sales of loans in the accompanying Consolidated Statements of Income. The Company did not record any LOCOM adjustment related to the loans held for sale portfolio during the years ended December 31, 2014 and 2013.

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=49124121&loc=d3e5066-111524 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=49124121&loc=d3e5162-111524 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(k)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=49124121&loc=d3e5074-111524 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 7 -Article 9 + Details
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