XML 122 R31.htm IDEA: XBRL DOCUMENT
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Loans Receivable and Allowance for Credit Losses (Tables) | 3 Months Ended
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Mar. 31, 2020
Loans and Leases Receivable Disclosure [Abstract] |
Schedule of composition of loans held-for-investment | The following table presents the composition of the Company’s loans held-for-investment as of March 31, 2020 and December 31, 2019:
($ in thousands) |  | March 31, 2020 |  | December 31, 2019
| Amortized Cost (1) |  | Non-PCI Loans (1) |  | PCI Loans |  | Total (1)
Commercial: |  |  |  |  |  |  |  |
C&I |  | $ | 12,590,764 |  |  | $ | 12,149,121 |  |  | $ | 1,810 |  |  | $ | 12,150,931 |
CRE: |  |  |  |  |  |  |  |
CRE |  | 10,682,242 |  |  | 10,165,247 |  |  | 113,201 |  |  | 10,278,448 |
Multifamily residential |  | 2,902,601 |  |  | 2,834,212 |  |  | 22,162 |  |  | 2,856,374 |
Construction and land |  | 606,209 |  |  | 628,459 |  |  | 40 |  |  | 628,499 |
Total CRE |  | 14,191,052 |  |  | 13,627,918 |  |  | 135,403 |  |  | 13,763,321 |
Total commercial |  | 26,781,816 |  |  | 25,777,039 |  |  | 137,213 |  |  | 25,914,252 |
Consumer: |  |  |  |  |  |  |  |
Residential mortgage: |  |  |  |  |  |  |  |
Single-family residential |  | 7,403,723 |  |  | 7,028,979 |  |  | 79,611 |  |  | 7,108,590 |
HELOCs |  | 1,452,862 |  |  | 1,466,736 |  |  | 6,047 |  |  | 1,472,783 |
Total residential mortgage |  | 8,856,585 |  |  | 8,495,715 |  |  | 85,658 |  |  | 8,581,373 |
Other consumer |  | 254,992 |  |  | 282,914 |  |  | — |  |  | 282,914 |
Total consumer |  | 9,111,577 |  |  | 8,778,629 |  |  | 85,658 |  |  | 8,864,287 |
Total loans held-for-investment |  | $ | 35,893,393 |  |  | $ | 34,555,668 |  |  | $ | 222,871 |  |  | $ | 34,778,539 |
Allowance for loan losses |  | (557,003 | ) |  | (358,287 | ) |  | — |  |  | (358,287 | )
Loans held-for-investment, net |  | $ | 35,336,390 |  |  | $ | 34,197,381 |  |  | $ | 222,871 |  |  | $ | 34,420,252 |
(1) Includes net deferred loan fees, unearned fees, unamortized premiums and unaccreted discounts of $(50.3) million and $(43.2) million as of March 31, 2020 and December 31, 2019, respectively.
Schedule of loans held-for-investment by loan portfolio segments, internal risk ratings and vintage year/non-PCI and PCI loans by portfolio segments | The following table summarizes the Company’s loans held-for-investment as of March 31, 2020, presented by loan portfolio segments, internal risk ratings and vintage year. The vintage year is the year of origination, renewal or major modification.
($ in thousands) |  | March 31, 2020
| Term Loans |  | Revolving Loans Amortized Cost Basis |  | Revolving Loans Converted to Term Loans Amortized Cost Basis |  | Total
| Amortized Cost Basis by Origination Year |  |  |
| 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016 |  | Prior |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
C&I: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 884,043 |  |  | $ | 2,320,726 |  |  | $ | 830,428 |  |  | $ | 381,798 |  |  | $ | 94,032 |  |  | $ | 411,215 |  |  | $ | 6,945,982 |  |  | $ | 10,081 |  |  | $ | 11,878,305 |
Special mention |  | 21,388 |  |  | 98,629 |  |  | 16,948 |  |  | 27,701 |  |  | 1,064 |  |  | 10,600 |  |  | 218,835 |  |  | — |  |  | 395,165 |
Substandard |  | 4,324 |  |  | 65,448 |  |  | 27,200 |  |  | 40,985 |  |  | 13,431 |  |  | 2,196 |  |  | 147,012 |  |  | — |  |  | 300,596 |
Doubtful |  | — |  |  | 15,654 |  |  | — |  |  | — |  |  | 1,044 |  |  | — |  |  | — |  |  | — |  |  | 16,698 |
Total C&I |  | 909,755 |  |  | 2,500,457 |  |  | 874,576 |  |  | 450,484 |  |  | 109,571 |  |  | 424,011 |  |  | 7,311,829 |  |  | 10,081 |  |  | 12,590,764 |
CRE: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 1,023,184 |  |  | 2,994,402 |  |  | 2,319,358 |  |  | 1,317,389 |  |  | 739,774 |  |  | 1,926,748 |  |  | 157,889 |  |  | 10,775 |  |  | 10,489,519 |
Special mention |  | 3,636 |  |  | 66,004 |  |  | 15,438 |  |  | 19,896 |  |  | 674 |  |  | 10,518 |  |  | — |  |  | — |  |  | 116,166 |
Substandard |  | 5,540 |  |  | 29,695 |  |  | 2,415 |  |  | 18,900 |  |  | 520 |  |  | 19,487 |  |  | — |  |  | — |  |  | 76,557 |
Total CRE |  | 1,032,360 |  |  | 3,090,101 |  |  | 2,337,211 |  |  | 1,356,185 |  |  | 740,968 |  |  | 1,956,753 |  |  | 157,889 |  |  | 10,775 |  |  | 10,682,242 |
Multifamily residential: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 293,032 |  |  | 1,091,261 |  |  | 489,564 |  |  | 408,783 |  |  | 212,174 |  |  | 372,554 |  |  | 5,386 |  |  | — |  |  | 2,872,754 |
Special mention |  | — |  |  | 21,164 |  |  | 1,893 |  |  | — |  |  | — |  |  | 521 |  |  | — |  |  | — |  |  | 23,578 |
Substandard |  | — |  |  | — |  |  | 285 |  |  | — |  |  | — |  |  | 5,984 |  |  | — |  |  | — |  |  | 6,269 |
Total multifamily residential |  | 293,032 |  |  | 1,112,425 |  |  | 491,742 |  |  | 408,783 |  |  | 212,174 |  |  | 379,059 |  |  | 5,386 |  |  | — |  |  | 2,902,601 |
Construction and land: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 67,143 |  |  | 316,396 |  |  | 159,847 |  |  | 15,630 |  |  | 21,048 |  |  | 1,183 |  |  | — |  |  | — |  |  | 581,247 |
Substandard |  | 1,608 |  |  | 3,662 |  |  | — |  |  | — |  |  | — |  |  | 19,692 |  |  | — |  |  | — |  |  | 24,962 |
Total construction and land |  | 68,751 |  |  | 320,058 |  |  | 159,847 |  |  | 15,630 |  |  | 21,048 |  |  | 20,875 |  |  | — |  |  | — |  |  | 606,209 |
Total CRE |  | 1,394,143 |  |  | 4,522,584 |  |  | 2,988,800 |  |  | 1,780,598 |  |  | 974,190 |  |  | 2,356,687 |  |  | 163,275 |  |  | 10,775 |  |  | 14,191,052 |
Total commercial |  | 2,303,898 |  |  | 7,023,041 |  |  | 3,863,376 |  |  | 2,231,082 |  |  | 1,083,761 |  |  | 2,780,698 |  |  | 7,475,104 |  |  | 20,856 |  |  | 26,781,816 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single-family residential: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 612,040 |  |  | 2,043,504 |  |  | 1,775,928 |  |  | 1,218,685 |  |  | 624,427 |  |  | 1,099,351 |  |  | — |  |  | — |  |  | 7,373,935 |
Special mention |  | — |  |  | 238 |  |  | 1,639 |  |  | 1,253 |  |  | 2,811 |  |  | 6,796 |  |  | — |  |  | — |  |  | 12,737 |
Substandard |  | — |  |  | 839 |  |  | 1,733 |  |  | 3,180 |  |  | 1,158 |  |  | 10,141 |  |  | — |  |  | — |  |  | 17,051 |
Total single-family residential mortgage |  | 612,040 |  |  | 2,044,581 |  |  | 1,779,300 |  |  | 1,223,118 |  |  | 628,396 |  |  | 1,116,288 |  |  | — |  |  | — |  |  | 7,403,723 |
HELOCs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | — |  |  | — |  |  | 3,182 |  |  | 5,980 |  |  | 6,525 |  |  | 19,809 |  |  | 1,260,844 |  |  | 142,090 |  |  | 1,438,430 |
Special mention |  | — |  |  | — |  |  | 700 |  |  | — |  |  | 165 |  |  | 1,945 |  |  | 571 |  |  | 605 |  |  | 3,986 |
Substandard |  | — |  |  | 150 |  |  | 289 |  |  | 2,611 |  |  | 1,145 |  |  | 4,789 |  |  | — |  |  | 1,462 |  |  | 10,446 |
Total HELOCs |  | — |  |  | 150 |  |  | 4,171 |  |  | 8,591 |  |  | 7,835 |  |  | 26,543 |  |  | 1,261,415 |  |  | 144,157 |  |  | 1,452,862 |
Total residential mortgage |  | 612,040 |  |  | 2,044,731 |  |  | 1,783,471 |  |  | 1,231,709 |  |  | 636,231 |  |  | 1,142,831 |  |  | 1,261,415 |  |  | 144,157 |  |  | 8,856,585 |
Other consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 3,951 |  |  | 4,440 |  |  | 2,637 |  |  | 1,885 |  |  | 18 |  |  | 198,988 |  |  | 40,556 |  |  | — |  |  | 252,475 |
Special mention |  | 11 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 11 |
Substandard |  | — |  |  | — |  |  | — |  |  | 2,491 |  |  | — |  |  | 3 |  |  | 12 |  |  | — |  |  | 2,506 |
Total other consumer |  | 3,962 |  |  | 4,440 |  |  | 2,637 |  |  | 4,376 |  |  | 18 |  |  | 198,991 |  |  | 40,568 |  |  | — |  |  | 254,992 |
Total consumer |  | 616,002 |  |  | 2,049,171 |  |  | 1,786,108 |  |  | 1,236,085 |  |  | 636,249 |  |  | 1,341,822 |  |  | 1,301,983 |  |  | 144,157 |  |  | 9,111,577 |
Total |  | $ | 2,919,900 |  |  | $ | 9,072,212 |  |  | $ | 5,649,484 |  |  | $ | 3,467,167 |  |  | $ | 1,720,010 |  |  | $ | 4,122,520 |  |  | $ | 8,777,087 |  |  | $ | 165,013 |  |  | $ | 35,893,393 |
Revolving loans that are converted to term loans presented in the table above are excluded from the term loans by vintage year columns. During the three months ended March 31, 2020, $31.3 million of HELOCs converted to term loans and there were no conversions for C&I or CRE loans. The following tables present the credit risk ratings for non-PCI and PCI loans by portfolio segments as of December 31, 2019:
($ in thousands) |  | December 31, 2019
| Pass |  | Special Mention |  | Substandard |  | Doubtful |  | Total Non-PCI Loans
Commercial: |  |  |  |  |  |  |  |  |  |
C&I |  | $ | 11,423,094 |  |  | $ | 406,543 |  |  | $ | 302,509 |  |  | $ | 16,975 |  |  | $ | 12,149,121 |
CRE: |  |  |  |  |  |  |  |  |  |
CRE |  | 10,003,749 |  |  | 83,683 |  |  | 77,815 |  |  | — |  |  | 10,165,247 |
Multifamily residential |  | 2,806,475 |  |  | 20,406 |  |  | 7,331 |  |  | — |  |  | 2,834,212 |
Construction and land |  | 603,447 |  |  | — |  |  | 25,012 |  |  | — |  |  | 628,459 |
Total CRE |  | 13,413,671 |  |  | 104,089 |  |  | 110,158 |  |  | — |  |  | 13,627,918 |
Total commercial |  | 24,836,765 |  |  | 510,632 |  |  | 412,667 |  |  | 16,975 |  |  | 25,777,039 |
Consumer: |  |  |  |  |  |  |  |  |  |
Residential mortgage: |  |  |  |  |  |  |  |  |  |  |
Single-family residential |  | 7,012,522 |  |  | 2,278 |  |  | 14,179 |  |  | — |  |  | 7,028,979 |
HELOCs |  | 1,453,207 |  |  | 2,787 |  |  | 10,742 |  |  | — |  |  | 1,466,736 |
Total residential mortgage |  | 8,465,729 |  |  | 5,065 |  |  | 24,921 |  |  | — |  |  | 8,495,715 |
Other consumer |  | 280,392 |  |  | 5 |  |  | 2,517 |  |  | — |  |  | 282,914 |
Total consumer |  | 8,746,121 |  |  | 5,070 |  |  | 27,438 |  |  | — |  |  | 8,778,629 |
Total |  | $ | 33,582,886 |  |  | $ | 515,702 |  |  | $ | 440,105 |  |  | $ | 16,975 |  |  | $ | 34,555,668 |
($ in thousands) |  | December 31, 2019
| Pass |  | Special Mention |  | Substandard |  | Doubtful |  | Total PCI Loans
Commercial: |  |  |  |  |  |  |  |  |  |
C&I |  | $ | 1,810 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,810 |
CRE: |  |  |  |  |  |  |  |  |  |
CRE |  | 102,257 |  |  | — |  |  | 10,944 |  |  | — |  |  | 113,201 |
Multifamily residential |  | 22,162 |  |  | — |  |  | — |  |  | — |  |  | 22,162 |
Construction and land |  | 40 |  |  | — |  |  | — |  |  | — |  |  | 40 |
Total CRE |  | 124,459 |  |  | — |  |  | 10,944 |  |  | — |  |  | 135,403 |
Total commercial |  | 126,269 |  |  | — |  |  | 10,944 |  |  | — |  |  | 137,213 |
Consumer: |  |  |  |  |  |  |  |  |  |
Residential mortgage: |  |  |  |  |  |  |  |  |  |
Single-family residential |  | 79,517 |  |  | — |  |  | 94 |  |  | — |  |  | 79,611 |
HELOCs |  | 5,849 |  |  | — |  |  | 198 |  |  | — |  |  | 6,047 |
Total residential mortgage |  | 85,366 |  |  | — |  |  | 292 |  |  | — |  |  | 85,658 |
Total consumer |  | 85,366 |  |  | — |  |  | 292 |  |  | — |  |  | 85,658 |
Total (1) |  | $ | 211,635 |  |  | $ | — |  |  | $ | 11,236 |  |  | $ | — |  |  | $ | 222,871 |
(1) Loans net of ASC 310-10 discount.
Schedule of aging analysis of loans | The following table presents the aging analysis of total loans held-for-investment as of March 31, 2020:
($ in thousands) |  | March 31, 2020
| 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 Loans
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
C&I |  | $ | 15,168 |  |  | $ | 3,217 |  |  | $ | 18,385 |  |  | $ | 59,110 |  |  | $ | 29,969 |  |  | $ | 89,079 |  |  | $ | 12,483,300 |  |  | $ | 12,590,764 |
CRE: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CRE |  | 6,050 |  |  | 936 |  |  | 6,986 |  |  | 474 |  |  | 5,824 |  |  | 6,298 |  |  | 10,668,958 |  |  | 10,682,242 |
Multifamily residential |  | 510 |  |  | 366 |  |  | 876 |  |  | 518 |  |  | 285 |  |  | 803 |  |  | 2,900,922 |  |  | 2,902,601 |
Construction and land |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 606,209 |  |  | 606,209 |
Total CRE |  | 6,560 |  |  | 1,302 |  |  | 7,862 |  |  | 992 |  |  | 6,109 |  |  | 7,101 |  |  | 14,176,089 |  |  | 14,191,052 |
Total commercial |  | 21,728 |  |  | 4,519 |  |  | 26,247 |  |  | 60,102 |  |  | 36,078 |  |  | 96,180 |  |  | 26,659,389 |  |  | 26,781,816 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single-family residential |  | 45,926 |  |  | 12,737 |  |  | 58,663 |  |  | 1,312 |  |  | 16,224 |  |  | 17,536 |  |  | 7,327,524 |  |  | 7,403,723 |
HELOCs |  | 10,654 |  |  | 3,980 |  |  | 14,634 |  |  | 444 |  |  | 10,002 |  |  | 10,446 |  |  | 1,427,782 |  |  | 1,452,862 |
Total residential mortgage |  | 56,580 |  |  | 16,717 |  |  | 73,297 |  |  | 1,756 |  |  | 26,226 |  |  | 27,982 |  |  | 8,755,306 |  |  | 8,856,585 |
Other consumer |  | 34 |  |  | 29 |  |  | 63 |  |  | — |  |  | 2,506 |  |  | 2,506 |  |  | 252,423 |  |  | 254,992 |
Total consumer |  | 56,614 |  |  | 16,746 |  |  | 73,360 |  |  | 1,756 |  |  | 28,732 |  |  | 30,488 |  |  | 9,007,729 |  |  | 9,111,577 |
Total |  | $ | 78,342 |  |  | $ | 21,265 |  |  | $ | 99,607 |  |  | $ | 61,858 |  |  | $ | 64,810 |  |  | $ | 126,668 |  |  | $ | 35,667,118 |  |  | $ | 35,893,393 |
The following table presents the aging analysis of non-PCI loans as of December 31, 2019:
($ in thousands) |  | December 31, 2019
| 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
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
C&I |  | $ | 31,121 |  |  | $ | 17,034 |  |  | $ | 48,155 |  |  | $ | 31,084 |  |  | $ | 43,751 |  |  | $ | 74,835 |  |  | $ | 12,026,131 |  |  | $ | 12,149,121 |
CRE: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CRE |  | 22,830 |  |  | 1,977 |  |  | 24,807 |  |  | 540 |  |  | 15,901 |  |  | 16,441 |  |  | 10,123,999 |  |  | 10,165,247 |
Multifamily residential |  | 198 |  |  | 531 |  |  | 729 |  |  | 534 |  |  | 285 |  |  | 819 |  |  | 2,832,664 |  |  | 2,834,212 |
Construction and land |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 628,459 |  |  | 628,459 |
Total CRE |  | 23,028 |  |  | 2,508 |  |  | 25,536 |  |  | 1,074 |  |  | 16,186 |  |  | 17,260 |  |  | 13,585,122 |  |  | 13,627,918 |
Total commercial |  | 54,149 |  |  | 19,542 |  |  | 73,691 |  |  | 32,158 |  |  | 59,937 |  |  | 92,095 |  |  | 25,611,253 |  |  | 25,777,039 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single-family residential |  | 15,443 |  |  | 5,074 |  |  | 20,517 |  |  | 1,964 |  |  | 12,901 |  |  | 14,865 |  |  | 6,993,597 |  |  | 7,028,979 |
HELOCs |  | 4,273 |  |  | 2,791 |  |  | 7,064 |  |  | 1,448 |  |  | 9,294 |  |  | 10,742 |  |  | 1,448,930 |  |  | 1,466,736 |
Total residential mortgage |  | 19,716 |  |  | 7,865 |  |  | 27,581 |  |  | 3,412 |  |  | 22,195 |  |  | 25,607 |  |  | 8,442,527 |  |  | 8,495,715 |
Other consumer |  | 6 |  |  | 5 |  |  | 11 |  |  | — |  |  | 2,517 |  |  | 2,517 |  |  | 280,386 |  |  | 282,914 |
Total consumer |  | 19,722 |  |  | 7,870 |  |  | 27,592 |  |  | 3,412 |  |  | 24,712 |  |  | 28,124 |  |  | 8,722,913 |  |  | 8,778,629 |
Total |  | $ | 73,871 |  |  | $ | 27,412 |  |  | $ | 101,283 |  |  | $ | 35,570 |  |  | $ | 84,649 |  |  | $ | 120,219 |  |  | $ | 34,334,166 |  |  | $ | 34,555,668 |
Schedule of amortized cost of loans on nonaccrual status with no related allowance for loan losses | The following table presents amortized cost of loans on nonaccrual status for which there was no related allowance for loan losses as of March 31, 2020:
($ in thousands) |  | March 31, 2020
Commercial: |  |
C&I |  | $ | 64,431 |
CRE: |  |
CRE |  | 5,253 |
Total CRE |  | 5,253 |
Total commercial |  | 69,684 |
Consumer: |  |
Residential mortgage: |  |
Single-family residential |  | 8,718 |
HELOCs |  | 6,511 |
Total residential mortgage |  | 15,229 |
Other consumer |  | 2,491 |
Total consumer |  | 17,720 |
Total nonaccrual loans with no related allowance for loan losses |  | $ | 87,404 |
Summary of additions and modifications to troubled debt restructurings | The following table presents the additions to TDRs for the three months ended March 31, 2020 and 2019:
($ in thousands) |  | Loans Modified as TDRs During the Three Months Ended March 31,
| 2020 |  | 2019
| Number of Loans |  | Pre- Modification Outstanding Recorded Investment |  | Post- Modification Outstanding Recorded Investment (1) |  | Financial Impact (2) |  | Number of Loans |  | Pre- Modification Outstanding Recorded Investment |  | Post- Modification Outstanding Recorded Investment (1) |  | Financial Impact (2)
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
C&I |  | 3 |  | $ | 16,604 |  |  | $ | 15,735 |  |  | $ | 98 |  |  | 3 |  | $ | 29,152 |  |  | $ | 29,176 |  |  | $ | 60 |
Total |  | 3 |  | $ | 16,604 |  |  | $ | 15,735 |  |  | $ | 98 |  |  | 3 |  | $ | 29,152 |  |  | $ | 29,176 |  |  | $ | 60 |
(1) | Includes subsequent payments after modification and reflects the balance as of March 31, 2020 and 2019.
(2) | The financial impact includes charge-offs and specific reserves recorded since the modification date.
The following table presents the TDR post-modification outstanding balances for the three months ended March 31, 2020 and 2019 by modification type:
($ in thousands) |  | Modification Type During the Three Months Ended March 31,
| 2020 |  | 2019
| Principal (1) |  | Principal and Interest (2) |  | Total |  | Principal (1) |  | Principal and Interest (2) |  | Total
Commercial: |  |  |  |  |  |  |  |  |  |  |  |
C&I |  | $ | 4,564 |  |  | $ | 11,171 |  |  | $ | 15,735 |  |  | $ | 29,176 |  |  | $ | — |  |  | $ | 29,176 |
Total |  | $ | 4,564 |  |  | $ | 11,171 |  |  | $ | 15,735 |  |  | $ | 29,176 |  |  | $ | — |  |  | $ | 29,176 |
(1) | 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) Includes principal and interest deferments or reductions.
Summary of TDR loans subsequently defaulted | The following table presents information on loans for which a subsequent payment default occurred during the three months ended March 31, 2019, which had been modified as TDR within the previous 12 months of its default, and were still in default as of March 31, 2019:
($ in thousands) |  | Loans Modified as TDRs that Subsequently Defaulted During the Three Months Ended March 31, 2019
| Number of Loans |  | Recorded Investment
Commercial: |  |  |  |
C&I |  | 3 |  |  | $ | 4,618 |
Total |  | 3 |  |  | $ | 4,618 |
Summary of non-PCI impaired loans | The following table presents information about non-PCI impaired loans as of December 31, 2019:
($ in thousands) |  | December 31, 2019
| Unpaid Principal Balance |  | Recorded Investment With No Allowance |  | Recorded Investment With Allowance |  | Total Recorded Investment |  | Related Allowance
Commercial: |  |  |  |  |  |  |  |  |  |
C&I |  | $ | 174,656 |  |  | $ | 73,956 |  |  | $ | 40,086 |  |  | $ | 114,042 |  |  | $ | 2,881 |
CRE: |  |  |  |  |  |  |  |  |  |
CRE |  | 27,601 |  |  | 20,098 |  |  | 1,520 |  |  | 21,618 |  |  | 97 |
Multifamily residential |  | 4,965 |  |  | 1,371 |  |  | 3,093 |  |  | 4,464 |  |  | 55 |
Construction and land |  | 19,696 |  |  | 19,691 |  |  | — |  |  | 19,691 |  |  | — |
Total CRE |  | 52,262 |  |  | 41,160 |  |  | 4,613 |  |  | 45,773 |  |  | 152 |
Total commercial |  | 226,918 |  |  | 115,116 |  |  | 44,699 |  |  | 159,815 |  |  | 3,033 |
Consumer: |  |  |  |  |  |  |  |  |  |
Residential mortgage: |  |  |  |  |  |  |  |  |  |
Single-family residential |  | 23,626 |  |  | 8,507 |  |  | 13,704 |  |  | 22,211 |  |  | 35 |
HELOCs |  | 13,711 |  |  | 6,125 |  |  | 7,449 |  |  | 13,574 |  |  | 8 |
Total residential mortgage |  | 37,337 |  |  | 14,632 |  |  | 21,153 |  |  | 35,785 |  |  | 43 |
Other consumer |  | 2,517 |  |  | — |  |  | 2,517 |  |  | 2,517 |  |  | 2,517 |
Total consumer |  | 39,854 |  |  | 14,632 |  |  | 23,670 |  |  | 38,302 |  |  | 2,560 |
Total non-PCI impaired loans |  | $ | 266,772 |  |  | $ | 129,748 |  |  | $ | 68,369 |  |  | $ | 198,117 |  |  | $ | 5,593 |
Schedule of average recorded investment and interest income recognized on non-PCI impaired loans | The following table presents the average recorded investment and interest income recognized on non-PCI impaired loans for the three months ended March 31, 2019:
($ in thousands) |  | Three Months Ended March 31, 2019
| Average Recorded Investment |  | Recognized Interest Income (1)
Commercial: |  |  |  |
C&I |  | $ | 93,391 |  |  | $ | 735 |
CRE: |  |  |  |
CRE |  | 30,827 |  |  | 114 |
Multifamily residential |  | 5,721 |  |  | 61 |
Total CRE |  | 36,548 |  |  | 175 |
Total commercial |  | 129,939 |  |  | 910 |
Consumer: |  |  |  |
Residential mortgage: |  |  |  |
Single-family residential |  | 15,898 |  |  | 128 |
HELOCs |  | 10,811 |  |  | 18 |
Total residential mortgage |  | 26,709 |  |  | 146 |
Other consumer |  | 2,504 |  |  | — |
Total consumer |  | 29,213 |  |  | 146 |
Total non-PCI impaired loans |  | $ | 159,152 |  |  | $ | 1,056 |
(1) Includes interest income recognized on accruing non-PCI TDRs. Interest payments received on nonaccrual non-PCI loans are reflected as a reduction to principal, not as interest income.
Summary of activities in the allowance for credit losses | The following table presents a summary of activities in the allowance for loan losses by portfolio segment for the three months ended March 31, 2020:
($ in thousands) |  | March 31, 2020
| Commercial |  | Consumer |  | Total
| C&I |  | CRE |  | Residential Mortgage |  | Other Consumer |
|  | CRE |  | Multi-Family Residential |  | Construction and Land |  | Single- Family Residential |  | HELOCs |  |
Allowance for loan losses, December 31, 2019 |  | $ | 238,376 |  |  | $ | 40,509 |  |  | $ | 22,826 |  |  | $ | 19,404 |  |  | $ | 28,527 |  |  | $ | 5,265 |  |  | $ | 3,380 |  |  | $ | 358,287 |
Impact of ASU 2016-13 adoption |  | 74,237 |  |  | 72,169 |  |  | (8,112 | ) |  | (9,889 | ) |  | (3,670 | ) |  | (1,798 | ) |  | 2,221 |  |  | 125,158 |
Allowance for loan losses, January 1, 2020 |  | 312,613 |  |  | 112,678 |  |  | 14,714 |  |  | 9,515 |  |  | 24,857 |  |  | 3,467 |  |  | 5,601 |  |  | 483,445 |
Provision for (reversal of ) credit losses |  | 60,618 |  |  | 11,435 |  |  | 1,281 |  |  | 1,482 |  |  | 1,700 |  |  | 412 |  |  | (2,272 | ) |  | 74,656 |
Gross charge-offs |  | (11,977 | ) |  | (954 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (26 | ) |  | (12,957 | )
Gross recoveries |  | 1,575 |  |  | 9,660 |  |  | 535 |  |  | 21 |  |  | 265 |  |  | 2 |  |  | 1 |  |  | 12,059 |
Total net charge-offs |  | (10,402 | ) |  | 8,706 |  |  | 535 |  |  | 21 |  |  | 265 |  |  | 2 |  |  | (25 | ) |  | (898 | )
Foreign currency translation adjustments |  | (200 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (200 | )
Allowance for loan losses, March 31, 2020 |  | $ | 362,629 |  |  | $ | 132,819 |  |  | $ | 16,530 |  |  | $ | 11,018 |  |  | $ | 26,822 |  |  | $ | 3,881 |  |  | $ | 3,304 |  |  | $ | 557,003 |
The following table presents a summary of activities in the allowance for unfunded credit commitments for the three months ended March 31, 2020:
($ in thousands) |  | Three Months Ended March 31, 2020
Unfunded credit facilities |  |
Allowance for unfunded credit commitments, December 31, 2019 |  | $ | 11,158 |
Impact of ASU 2016-13 adoption |  | 10,457 |
Allowance for unfunded credit commitments, January 1, 2020 |  | 21,615 |
Reversal of credit losses |  | (786 | )
Allowance for unfunded credit commitments, March 31, 2020 |  | $ | 20,829 |
Total provision for credit losses |  | $ | 73,870 |
The following table presents a summary of activities in the allowance for loan losses by portfolio segments and the allowance for unfunded credit commitments for the three months ended March 31, 2019:
($ in thousands) |  | Three Months Ended March 31, 2019
Allowance for non-PCI loans, beginning of period |  | $ | 311,300 |
Provision for loan losses on non-PCI loans | (a) | 20,648 |
Gross charge-offs: |  |
Commercial: |  |
C&I |  | (17,244 | )
Consumer: |  |
Other consumer |  | (14 | )
Total gross charge-offs |  | (17,258 | )
Gross recoveries: |  |
Commercial: |  |
C&I |  | 2,251 |
CRE: |  |
CRE |  | 222 |
Multifamily residential |  | 281 |
Construction and land |  | 63 |
Total CRE |  | 566 |
Consumer: |  |
Residential mortgage: |  |
Single-family residential |  | 2 |
HELOCs |  | 2 |
Total residential mortgage |  | 4 |
Total gross recoveries |  | 2,821 |
Net charge-offs |  | (14,437 | )
Foreign currency translation adjustments |  | 369 |
Allowance for non-PCI loans, end of period |  | 317,880 |
PCI Loans |  |
Allowance for PCI loans, beginning of period |  | 22 |
Reversal of loan losses on PCI loans | (b) | (8 | )
Allowance for PCI loans, end of period |  | 14 |
Allowance for loan losses |  | $ | 317,894 |
Unfunded credit facilities |  |
Allowance for unfunded credit commitments, beginning of period |  | $ | 12,566 |
Provision for unfunded credit commitments | (c) | 1,939 |
Allowance for unfunded credit commitments, ending of period |  | $ | 14,505 |
Total provision for credit losses | (a)+(b)+(c) | $ | 22,579 |
Allowance for loan losses and recorded investments by loan type and impairment methodology | The following table presents the Company’s allowance for loan losses and recorded investments by loan type and impairment methodology as of December 31, 2019:
($ in thousands) |  | December 31, 2019
| Commercial |  | Consumer |  | Total
| C&I |  | CRE |  | Residential Mortgage |  | Other Consumer |
|  | CRE |  | Multifamily Residential |  | Construction and Land |  | Single- Family Residential |  | HELOCs |  |
Allowance for loan losses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 2,881 |  |  | $ | 97 |  |  | $ | 55 |  |  | $ | — |  |  | $ | 35 |  |  | $ | 8 |  |  | $ | 2,517 |  |  | $ | 5,593 |
Collectively evaluated for impairment |  | 235,495 |  |  | 40,412 |  |  | 22,771 |  |  | 19,404 |  |  | 28,492 |  |  | 5,257 |  |  | 863 |  |  | 352,694 |
Acquired with deteriorated credit quality |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | 238,376 |  |  | $ | 40,509 |  |  | $ | 22,826 |  |  | $ | 19,404 |  |  | $ | 28,527 |  |  | $ | 5,265 |  |  | $ | 3,380 |  |  | $ | 358,287 |
Recorded investment in loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 114,042 |  |  | $ | 21,618 |  |  | $ | 4,464 |  |  | $ | 19,691 |  |  | $ | 22,211 |  |  | $ | 13,574 |  |  | $ | 2,517 |  |  | $ | 198,117 |
Collectively evaluated for impairment |  | 12,035,079 |  |  | 10,143,629 |  |  | 2,829,748 |  |  | 608,768 |  |  | 7,006,768 |  |  | 1,453,162 |  |  | 280,397 |  |  | 34,357,551 |
Acquired with deteriorated credit quality (1) |  | 1,810 |  |  | 113,201 |  |  | 22,162 |  |  | 40 |  |  | 79,611 |  |  | 6,047 |  |  | — |  |  | 222,871 |
Total (1) |  | $ | 12,150,931 |  |  | $ | 10,278,448 |  |  | $ | 2,856,374 |  |  | $ | 628,499 |  |  | $ | 7,108,590 |  |  | $ | 1,472,783 |  |  | $ | 282,914 |  |  | $ | 34,778,539 |
(1) Loans net of ASC 310-10 discount.
Summary of changes in accretable yield on PCI loans | The following table presents the changes in accretable yield on PCI loans for the three months ended March 31, 2019:
($ in thousands) |  | Three Months Ended March 31, 2019
Accretable yield for PCI loans, beginning of period |  | $ | 74,870 |
Accretion |  | (6,201 | )
Changes in expected cash flows |  | 192 |
Accretable yield for PCI loans, end of period |  | $ | 68,861 |
Schedule of carrying value of loans purchased for the held-for-investment portfolio, loans sold and loans transferred from held-for-investment to held-for-sale at lower of cost or fair value | The following tables provide information about the carrying value of loans purchased for the held-for-investment portfolio, loans sold and loans transferred from held-for-investment to held-for-sale at lower of cost or fair value during the three months ended March 31, 2020 and 2019:
($ in thousands) |  | Three Months Ended March 31, 2020
| Commercial |  | Consumer |  | Total
| C&I |  | CRE |  | Residential Mortgage |
|  | CRE |  | Multifamily Residential |  | Single-Family Residential |
Loans transferred from held-for-investment to held-for-sale (1) |  | $ | 102,973 |  |  | $ | 7,250 |  |  | $ | — |  |  | $ | — |  |  | $ | 110,223 |
Sales (2)(3)(4) |  | $ | 102,973 |  |  | $ | 7,250 |  |  | $ | — |  |  | $ | 4,642 |  |  | $ | 114,865 |
Purchases (5) |  | $ | 130,583 |  |  | $ | — |  |  | $ | 1,513 |  |  | $ | 1,084 |  |  | $ | 133,180 |
($ in thousands) |  | Three Months Ended March 31, 2019
| Commercial |  | Consumer |  | Total
| C&I |  | CRE |  | Residential Mortgage |
|  | CRE |  | Multifamily Residential |  | Single-Family Residential |
Loans transferred from held-for-investment to held-for-sale (1) |  | $ | 75,573 |  |  | $ | 16,655 |  |  | $ | — |  |  | $ | — |  |  | $ | 92,228 |
Sales (2)(3)(4) |  | $ | 75,646 |  |  | $ | 16,655 |  |  | $ | — |  |  | $ | 2,442 |  |  | $ | 94,743 |
Purchases (5) |  | $ | 107,194 |  |  | $ | — |  |  | $ | 4,218 |  |  | $ | 36,402 |  |  | $ | 147,814 |
(1) | The Company recorded no write-downs to the allowance for loan losses related to loans transferred from held-for-investment to held-for-sale for the three months ended March 31, 2020 and $73 thousand for the same period in 2019.
(2) | Includes originated loans sold of $114.9 million and $76.5 million for the three months ended March 31, 2020 and 2019, respectively. Originated loans sold during each of the three months ended March 31, 2020 and 2019 were primarily C&I loans.
(3) | Includes none and $18.2 million of purchased loans sold in the secondary market for the three months ended March 31, 2020 and 2019, respectively.
(4) | Net gains on sales of loans were $950 thousand and $915 thousand for the three months ended March 31, 2020 and 2019, respectively.
(5) C&I loan purchases for each of the three months ended March 31, 2020 and 2019 were comprised primarily of syndicated C&I term loans.

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