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Loans Receivable and Allowance for Credit Losses | 3 Months Ended
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Mar. 31, 2021
Loans and Leases Receivable Disclosure [Abstract] |
Loans Receivable and Allowance for Credit Losses | Loans Receivable and Allowance for Credit Losses The following table presents the composition of the Company’s loans held-for-investment as of March 31, 2021 and December 31, 2020:
($ in thousands) |  | March 31, 2021 |  | December 31, 2020
Commercial: |  |  |  |
C&I (1) |  | $ | 14,081,110 |  |  | $ | 13,631,726 |
CRE: |  |  |  |
CRE |  | 11,563,034 |  |  | 11,174,611 |
Multifamily residential |  | 3,066,515 |  |  | 3,033,998 |
Construction and land |  | 459,254 |  |  | 599,692 |
Total CRE |  | 15,088,803 |  |  | 14,808,301 |
Total commercial |  | 29,169,913 |  |  | 28,440,027 |
Consumer: |  |  |  |
Residential mortgage: |  |  |  |
Single-family residential |  | 8,524,287 |  |  | 8,185,953 |
HELOCs |  | 1,749,172 |  |  | 1,601,716 |
Total residential mortgage |  | 10,273,459 |  |  | 9,787,669 |
Other consumer |  | 145,376 |  |  | 163,259 |
Total consumer |  | 10,418,835 |  |  | 9,950,928 |
Total loans held-for-investment (2) |  | $ | 39,588,748 |  |  | $ | 38,390,955 |
Allowance for loan losses |  | (607,506) |  |  | (619,983) |
Loans held-for-investment, net (2) |  | $ | 38,981,242 |  |  | $ | 37,770,972 |
(1)Includes Paycheck Protection Program (“PPP”) loans of $2.07 billion and $1.57 billion as of March 31, 2021 and December 31, 2020, respectively. (2)Includes net deferred loan fees, unearned fees, unamortized premiums and unaccreted discounts of $(76.9) million and $(58.8) million as of March 31, 2021 and December 31, 2020, respectively. Net origination fees related to PPP loans were $(34.3) million and $(12.7) million as of March 31, 2021 and December 31, 2020, respectively. L oans held-for-investment accrued interest receivable was $106.6 million and $107.5 million as of March 31, 2021 and December 31, 2020, respectively, and is presented in Other assets on the Consolidated Balance Sheets. For the accounting policy on accrued interest receivable related to loans held-for-investment, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies to the Consolidated Financial Statements of the Company’s 2020 Form 10-K. Loans totaling $23.59 billion and $23.26 billion as of March 31, 2021 and December 31, 2020, respectively, were pledged to secure borrowings and provide additional borrowing capacity from the FRBSF and the FHLB. Credit Quality Indicators All loans are subject to the Company’s credit review and monitoring. For the commercial portfolio, loans are risk rated based on an analysis of the borrower’s current payment performance or delinquency, repayment sources, financial and liquidity factors, including industry and geographic considerations. For the majority of the consumer portfolio, payment performance or delinquency is the driving indicator for the risk ratings. For the Company’s internal credit risk ratings, each individual loan is given a risk rating of 1 through 10. Loans risk rated 1 through 5 are assigned an internal risk rating of “Pass,” with loans risk rated 1 being fully secured by cash or U.S. government and its agencies. Pass loans have sufficient sources of repayment to repay the loan in full, in accordance with all terms and conditions. Loans assigned a risk rating of 6 have potential weaknesses that warrant closer attention by management; these are assigned an internal risk rating of “Special Mention.” Loans assigned a risk rating of 7 or 8 have well-defined weaknesses that may jeopardize the full and timely repayment of the loan; these are assigned an internal risk rating of “Substandard.” Loans assigned a risk rating of 9 have insufficient sources of repayment and a high probability of loss; these are assigned an internal risk rating of “Doubtful.” Loans assigned a risk rating of 10 are uncollectable and of such little value that they are no longer considered bankable assets; these are assigned an internal risk rating of “Loss.” Exposures categorized as criticized consist of special mention, substandard, doubtful and loss categories. The Company reviews the internal risk ratings of its loan portfolio on a regular and ongoing basis, and adjusts the ratings based on changes in the borrowers’ financial status and the collectability of the loans. The following tables summarize the Company’s loans held-for-investment as of March 31, 2021 and December 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, 2021
| Term Loans |  | Revolving Loans Amortized Cost Basis |  | Revolving Loans Converted to Term Loans Amortized Cost Basis |  | Total
| Amortized Cost Basis by Origination Year |  |  |
| 2021 |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | Prior |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
C&I: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 1,661,034 |  |  | $ | 3,043,315 |  |  | $ | 1,220,618 |  |  | $ | 385,813 |  |  | $ | 228,364 |  |  | $ | 280,748 |  |  | $ | 6,492,230 |  |  | $ | 29,327 |  |  | $ | 13,341,449 |
Criticized (accrual) |  | 55,239 |  |  | 145,506 |  |  | 83,989 |  |  | 29,315 |  |  | 18,541 |  |  | 6,809 |  |  | 274,726 |  |  | — |  |  | 614,125 |
Criticized (nonaccrual) |  | 288 |  |  | 1,540 |  |  | 17,422 |  |  | 21,368 |  |  | 14,858 |  |  | 2,797 |  |  | 67,263 |  |  | — |  |  | 125,536 |
Total C&I |  | 1,716,561 |  |  | 3,190,361 |  |  | 1,322,029 |  |  | 436,496 |  |  | 261,763 |  |  | 290,354 |  |  | 6,834,219 |  |  | 29,327 |  |  | 14,081,110 |
CRE: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CRE: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 664,626 |  |  | 2,303,031 |  |  | 2,354,998 |  |  | 2,253,230 |  |  | 1,284,384 |  |  | 2,128,975 |  |  | 193,541 |  |  | 24,104 |  |  | 11,206,889 |
Criticized (accrual) |  | 28,915 |  |  | 34,902 |  |  | 63,620 |  |  | 25,343 |  |  | 61,238 |  |  | 91,993 |  |  | — |  |  | — |  |  | 306,011 |
Criticized (nonaccrual) |  | — |  |  | — |  |  | — |  |  | 42,067 |  |  | 5,868 |  |  | 2,199 |  |  | — |  |  | — |  |  | 50,134 |
Total CRE |  | 693,541 |  |  | 2,337,933 |  |  | 2,418,618 |  |  | 2,320,640 |  |  | 1,351,490 |  |  | 2,223,167 |  |  | 193,541 |  |  | 24,104 |  |  | 11,563,034 |
Multifamily residential: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 160,470 |  |  | 764,482 |  |  | 762,001 |  |  | 470,223 |  |  | 352,094 |  |  | 488,260 |  |  | 5,889 |  |  | — |  |  | 3,003,419 |
Criticized (accrual) |  | — |  |  | — |  |  | 731 |  |  | 22,309 |  |  | 6,067 |  |  | 29,296 |  |  | — |  |  | — |  |  | 58,403 |
Criticized (nonaccrual) |  | — |  |  | — |  |  | — |  |  | 1,447 |  |  | 1,125 |  |  | 2,121 |  |  | — |  |  | — |  |  | 4,693 |
Total multifamily residential |  | 160,470 |  |  | 764,482 |  |  | 762,732 |  |  | 493,979 |  |  | 359,286 |  |  | 519,677 |  |  | 5,889 |  |  | — |  |  | 3,066,515 |
Construction and land: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 5,642 |  |  | 141,475 |  |  | 146,701 |  |  | 121,364 |  |  | — |  |  | 20,691 |  |  | — |  |  | — |  |  | 435,873 |
Criticized (accrual) |  | 3,481 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,481 |
Criticized (nonaccrual) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 19,900 |  |  | — |  |  | — |  |  | 19,900 |
Total construction and land |  | 9,123 |  |  | 141,475 |  |  | 146,701 |  |  | 121,364 |  |  | — |  |  | 40,591 |  |  | — |  |  | — |  |  | 459,254 |
Total CRE |  | 863,134 |  |  | 3,243,890 |  |  | 3,328,051 |  |  | 2,935,983 |  |  | 1,710,776 |  |  | 2,783,435 |  |  | 199,430 |  |  | 24,104 |  |  | 15,088,803 |
Total commercial |  | 2,579,695 |  |  | 6,434,251 |  |  | 4,650,080 |  |  | 3,372,479 |  |  | 1,972,539 |  |  | 3,073,789 |  |  | 7,033,649 |  |  | 53,431 |  |  | 29,169,913 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single-family residential: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (1) |  | 669,660 |  |  | 2,427,430 |  |  | 1,704,855 |  |  | 1,385,623 |  |  | 956,307 |  |  | 1,360,015 |  |  | — |  |  | — |  |  | 8,503,890 |
Criticized (accrual) |  | — |  |  | — |  |  | — |  |  | 194 |  |  | 347 |  |  | 2,207 |  |  | — |  |  | — |  |  | 2,748 |
Criticized (nonaccrual) (1) |  | — |  |  | — |  |  | 1,205 |  |  | 1,038 |  |  | 2,246 |  |  | 13,160 |  |  | — |  |  | — |  |  | 17,649 |
Total single-family residential mortgage |  | 669,660 |  |  | 2,427,430 |  |  | 1,706,060 |  |  | 1,386,855 |  |  | 958,900 |  |  | 1,375,382 |  |  | — |  |  | — |  |  | 8,524,287 |
HELOCs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | — |  |  | 690 |  |  | 548 |  |  | 3,235 |  |  | 4,319 |  |  | 14,931 |  |  | 1,458,199 |  |  | 255,538 |  |  | 1,737,460 |
Criticized (accrual) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 287 |  |  | 547 |  |  | 835 |
Criticized (nonaccrual) |  | — |  |  | — |  |  | 151 |  |  | 188 |  |  | 4,019 |  |  | 1,838 |  |  | 449 |  |  | 4,232 |  |  | 10,877 |
Total HELOCs |  | — |  |  | 690 |  |  | 699 |  |  | 3,423 |  |  | 8,338 |  |  | 16,770 |  |  | 1,458,935 |  |  | 260,317 |  |  | 1,749,172 |
Total residential mortgage |  | 669,660 |  |  | 2,428,120 |  |  | 1,706,759 |  |  | 1,390,278 |  |  | 967,238 |  |  | 1,392,152 |  |  | 1,458,935 |  |  | 260,317 |  |  | 10,273,459 |
Other consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 849 |  |  | 8,168 |  |  | — |  |  | — |  |  | 1,830 |  |  | 83,547 |  |  | 48,455 |  |  | — |  |  | 142,849 |
Criticized (nonaccrual) |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,492 |  |  | — |  |  | 35 |  |  | — |  |  | 2,527 |
Total other consumer |  | 849 |  |  | 8,168 |  |  | — |  |  | — |  |  | 4,322 |  |  | 83,547 |  |  | 48,490 |  |  | — |  |  | 145,376 |
Total consumer |  | 670,509 |  |  | 2,436,288 |  |  | 1,706,759 |  |  | 1,390,278 |  |  | 971,560 |  |  | 1,475,699 |  |  | 1,507,425 |  |  | 260,317 |  |  | 10,418,835 |
Total |  | $ | 3,250,204 |  |  | $ | 8,870,539 |  |  | $ | 6,356,839 |  |  | $ | 4,762,757 |  |  | $ | 2,944,099 |  |  | $ | 4,549,488 |  |  | $ | 8,541,074 |  |  | $ | 313,748 |  |  | $ | 39,588,748 |
($ in thousands) |  | December 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 |  | $ | 3,912,147 |  |  | $ | 1,477,740 |  |  | $ | 483,725 |  |  | $ | 245,594 |  |  | $ | 69,482 |  |  | $ | 245,615 |  |  | $ | 6,431,003 |  |  | $ | 29,487 |  |  | $ | 12,894,793 |
Criticized (accrual) |  | 120,183 |  |  | 74,601 |  |  | 56,785 |  |  | 19,426 |  |  | 1,487 |  |  | 5,872 |  |  | 324,640 |  |  | — |  |  | 602,994 |
Criticized (nonaccrual) |  | 2,125 |  |  | 25,267 |  |  | 22,240 |  |  | 18,787 |  |  | 4,964 |  |  | 1,592 |  |  | 58,964 |  |  | — |  |  | 133,939 |
Total C&I |  | 4,034,455 |  |  | 1,577,608 |  |  | 562,750 |  |  | 283,807 |  |  | 75,933 |  |  | 253,079 |  |  | 6,814,607 |  |  | 29,487 |  |  | 13,631,726 |
CRE: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CRE: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 2,296,649 |  |  | 2,402,136 |  |  | 2,310,748 |  |  | 1,328,251 |  |  | 732,694 |  |  | 1,529,681 |  |  | 173,267 |  |  | 19,064 |  |  | 10,792,490 |
Criticized (accrual) |  | 47,459 |  |  | 63,654 |  |  | 43,447 |  |  | 98,259 |  |  | 2,094 |  |  | 80,662 |  |  | — |  |  | — |  |  | 335,575 |
Criticized (nonaccrual) |  | — |  |  | — |  |  | 42,067 |  |  | 1,115 |  |  | — |  |  | 3,364 |  |  | — |  |  | — |  |  | 46,546 |
Total CRE |  | 2,344,108 |  |  | 2,465,790 |  |  | 2,396,262 |  |  | 1,427,625 |  |  | 734,788 |  |  | 1,613,707 |  |  | 173,267 |  |  | 19,064 |  |  | 11,174,611 |
Multifamily residential: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 783,671 |  |  | 783,589 |  |  | 479,959 |  |  | 411,945 |  |  | 181,213 |  |  | 348,751 |  |  | 5,895 |  |  | — |  |  | 2,995,023 |
Criticized (accrual) |  | — |  |  | 735 |  |  | 22,330 |  |  | 6,101 |  |  | 264 |  |  | 5,877 |  |  | — |  |  | — |  |  | 35,307 |
Criticized (nonaccrual) |  | — |  |  | — |  |  | 1,475 |  |  | — |  |  | — |  |  | 2,193 |  |  | — |  |  | — |  |  | 3,668 |
Total multifamily residential |  | 783,671 |  |  | 784,324 |  |  | 503,764 |  |  | 418,046 |  |  | 181,477 |  |  | 356,821 |  |  | 5,895 |  |  | — |  |  | 3,033,998 |
Construction and land: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 224,924 |  |  | 172,707 |  |  | 156,712 |  |  | — |  |  | 20,897 |  |  | 1,028 |  |  | — |  |  | — |  |  | 576,268 |
Criticized (accrual) |  | 3,524 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 19,900 |  |  | — |  |  | — |  |  | 23,424 |
Criticized (nonaccrual) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total construction and land |  | 228,448 |  |  | 172,707 |  |  | 156,712 |  |  | — |  |  | 20,897 |  |  | 20,928 |  |  | — |  |  | — |  |  | 599,692 |
Total CRE |  | 3,356,227 |  |  | 3,422,821 |  |  | 3,056,738 |  |  | 1,845,671 |  |  | 937,162 |  |  | 1,991,456 |  |  | 179,162 |  |  | 19,064 |  |  | 14,808,301 |
Total commercial |  | 7,390,682 |  |  | 5,000,429 |  |  | 3,619,488 |  |  | 2,129,478 |  |  | 1,013,095 |  |  | 2,244,535 |  |  | 6,993,769 |  |  | 48,551 |  |  | 28,440,027 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single-family residential: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (1) |  | 2,385,853 |  |  | 1,813,200 |  |  | 1,501,660 |  |  | 1,021,707 |  |  | 523,170 |  |  | 921,714 |  |  | — |  |  | — |  |  | 8,167,304 |
Criticized (accrual) |  | — |  |  | 1,429 |  |  | — |  |  | — |  |  | 119 |  |  | 1,034 |  |  | — |  |  | — |  |  | 2,582 |
Criticized (nonaccrual) (1) |  | — |  |  | 226 |  |  | 812 |  |  | 1,789 |  |  | 1,994 |  |  | 11,246 |  |  | — |  |  | — |  |  | 16,067 |
Total single-family residential mortgage |  | 2,385,853 |  |  | 1,814,855 |  |  | 1,502,472 |  |  | 1,023,496 |  |  | 525,283 |  |  | 933,994 |  |  | — |  |  | — |  |  | 8,185,953 |
HELOCs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 1,131 |  |  | 880 |  |  | 2,879 |  |  | 5,363 |  |  | 8,433 |  |  | 13,475 |  |  | 1,328,919 |  |  | 225,810 |  |  | 1,586,890 |
Criticized (accrual) |  | — |  |  | — |  |  | 200 |  |  | — |  |  | 996 |  |  | — |  |  | 1,328 |  |  | 606 |  |  | 3,130 |
Criticized (nonaccrual) |  | — |  |  | 151 |  |  | 285 |  |  | 4,617 |  |  | 164 |  |  | 1,962 |  |  | — |  |  | 4,517 |  |  | 11,696 |
Total HELOCs |  | 1,131 |  |  | 1,031 |  |  | 3,364 |  |  | 9,980 |  |  | 9,593 |  |  | 15,437 |  |  | 1,330,247 |  |  | 230,933 |  |  | 1,601,716 |
Total residential mortgage |  | 2,386,984 |  |  | 1,815,886 |  |  | 1,505,836 |  |  | 1,033,476 |  |  | 534,876 |  |  | 949,431 |  |  | 1,330,247 |  |  | 230,933 |  |  | 9,787,669 |
Other consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 9,531 |  |  | — |  |  | — |  |  | 1,830 |  |  | — |  |  | 83,255 |  |  | 66,136 |  |  | — |  |  | 160,752 |
Criticized (accrual) |  | 16 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 16 |
Criticized (nonaccrual) |  | — |  |  | — |  |  | — |  |  | 2,491 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,491 |
Total other consumer |  | 9,547 |  |  | — |  |  | — |  |  | 4,321 |  |  | — |  |  | 83,255 |  |  | 66,136 |  |  | — |  |  | 163,259 |
Total consumer |  | 2,396,531 |  |  | 1,815,886 |  |  | 1,505,836 |  |  | 1,037,797 |  |  | 534,876 |  |  | 1,032,686 |  |  | 1,396,383 |  |  | 230,933 |  |  | 9,950,928 |
Total |  | $ | 9,787,213 |  |  | $ | 6,816,315 |  |  | $ | 5,125,324 |  |  | $ | 3,167,275 |  |  | $ | 1,547,971 |  |  | $ | 3,277,221 |  |  | $ | 8,390,152 |  |  | $ | 279,484 |  |  | $ | 38,390,955 |
(1)As of March 31, 2021 and December 31, 2020, $647 thousand and $747 thousand of nonaccrual loans whose payments are guaranteed by the Federal Housing Administration were classified with a pass rating. 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, 2021 and 2020, HELOCs totaling $44.3 million and $31.3 million, respectively, were converted to term loans. During the three months ended March 31, 2021 and 2020, there were no conversions of C&I revolving loans to term loans. Two CRE revolving loans of $5.0 million were converted to term loans during the three months ended March 31, 2021. There were no conversions of CRE revolving loans to term loans during the three months ended March 31, 2020. Nonaccrual and Past Due Loans Loans that are 90 or more days past due are generally placed on nonaccrual status, unless the loan is well-collateralized and in the process of collection. Loans that are less than 90 days past due but have identified deficiencies, such as when the full collection of principal or interest becomes uncertain, are also placed on nonaccrual status. Payment deferral activities instituted in response to the COVID-19 pandemic could continue to delay the recognition of delinquencies for customers who otherwise would have moved into nonaccrual status. The following table presents the aging analysis of total loans held-for-investment as of March 31, 2021 and December 31, 2020:
($ in thousands) |  | March 31, 2021
| Current Accruing Loans (1) |  | Accruing Loans 30-59 Days Past Due |  | Accruing Loans 60-89 Days Past Due |  |  |  |  |  | Total Accruing Past Due Loans |  |  |  |  |  | Total Nonaccrual Loans |  | Total Loans
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
C&I |  | $ | 13,923,524 |  |  | $ | 26,417 |  |  | $ | 5,633 |  |  |  |  |  |  | $ | 32,050 |  |  |  |  |  |  | $ | 125,536 |  |  | $ | 14,081,110 |
CRE: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CRE |  | 11,473,405 |  |  | 5,688 |  |  | 33,807 |  |  |  |  |  |  | 39,495 |  |  |  |  |  |  | 50,134 |  |  | 11,563,034 |
Multifamily residential |  | 3,061,822 |  |  | — |  |  | — |  |  |  |  |  |  | — |  |  |  |  |  |  | 4,693 |  |  | 3,066,515 |
Construction and land |  | 439,354 |  |  | — |  |  | — |  |  |  |  |  |  | — |  |  |  |  |  |  | 19,900 |  |  | 459,254 |
Total CRE |  | 14,974,581 |  |  | 5,688 |  |  | 33,807 |  |  |  |  |  |  | 39,495 |  |  |  |  |  |  | 74,727 |  |  | 15,088,803 |
Total commercial |  | 28,898,105 |  |  | 32,105 |  |  | 39,440 |  |  |  |  |  |  | 71,545 |  |  |  |  |  |  | 200,263 |  |  | 29,169,913 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single-family residential |  | 8,493,416 |  |  | 9,827 |  |  | 2,748 |  |  |  |  |  |  | 12,575 |  |  |  |  |  |  | 18,296 |  |  | 8,524,287 |
HELOCs |  | 1,735,692 |  |  | 1,769 |  |  | 834 |  |  |  |  |  |  | 2,603 |  |  |  |  |  |  | 10,877 |  |  | 1,749,172 |
Total residential mortgage |  | 10,229,108 |  |  | 11,596 |  |  | 3,582 |  |  |  |  |  |  | 15,178 |  |  |  |  |  |  | 29,173 |  |  | 10,273,459 |
Other consumer |  | 142,604 |  |  | 242 |  |  | 4 |  |  |  |  |  |  | 246 |  |  |  |  |  |  | 2,526 |  |  | 145,376 |
Total consumer |  | 10,371,712 |  |  | 11,838 |  |  | 3,586 |  |  |  |  |  |  | 15,424 |  |  |  |  |  |  | 31,699 |  |  | 10,418,835 |
Total |  | $ | 39,269,817 |  |  | $ | 43,943 |  |  | $ | 43,026 |  |  |  |  |  |  | $ | 86,969 |  |  |  |  |  |  | $ | 231,962 |  |  | $ | 39,588,748 |
($ in thousands) |  | December 31, 2020
| Current Accruing Loans (1) |  | Accruing Loans 30-59 Days Past Due |  | Accruing Loans 60-89 Days Past Due |  |  |  | Total Accruing Past Due Loans |  |  |  |  |  | Total Nonaccrual Loans |  | Total Loans
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
C&I |  | $ | 13,488,070 |  |  | $ | 8,993 |  |  | $ | 724 |  |  |  |  | $ | 9,717 |  |  |  |  |  |  | $ | 133,939 |  |  | $ | 13,631,726 |
CRE: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CRE |  | 11,127,690 |  |  | 375 |  |  | — |  |  |  |  | 375 |  |  |  |  |  |  | 46,546 |  |  | 11,174,611 |
Multifamily residential |  | 3,028,512 |  |  | 1,818 |  |  | — |  |  |  |  | 1,818 |  |  |  |  |  |  | 3,668 |  |  | 3,033,998 |
Construction and land |  | 579,792 |  |  | 19,900 |  |  | — |  |  |  |  | 19,900 |  |  |  |  |  |  | — |  |  | 599,692 |
Total CRE |  | 14,735,994 |  |  | 22,093 |  |  | — |  |  |  |  | 22,093 |  |  |  |  |  |  | 50,214 |  |  | 14,808,301 |
Total commercial |  | 28,224,064 |  |  | 31,086 |  |  | 724 |  |  |  |  | 31,810 |  |  |  |  |  |  | 184,153 |  |  | 28,440,027 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single-family residential |  | 8,156,645 |  |  | 9,911 |  |  | 2,583 |  |  |  |  | 12,494 |  |  |  |  |  |  | 16,814 |  |  | 8,185,953 |
HELOCs |  | 1,583,968 |  |  | 2,922 |  |  | 3,130 |  |  |  |  | 6,052 |  |  |  |  |  |  | 11,696 |  |  | 1,601,716 |
Total residential mortgage |  | 9,740,613 |  |  | 12,833 |  |  | 5,713 |  |  |  |  | 18,546 |  |  |  |  |  |  | 28,510 |  |  | 9,787,669 |
Other consumer |  | 160,534 |  |  | 217 |  |  | 17 |  |  |  |  | 234 |  |  |  |  |  |  | 2,491 |  |  | 163,259 |
Total consumer |  | 9,901,147 |  |  | 13,050 |  |  | 5,730 |  |  |  |  | 18,780 |  |  |  |  |  |  | 31,001 |  |  | 9,950,928 |
Total |  | $ | 38,125,211 |  |  | $ | 44,136 |  |  | $ | 6,454 |  |  |  |  | $ | 50,590 |  |  |  |  |  |  | $ | 215,154 |  |  | $ | 38,390,955 |
(1)As of March 31, 2021 and December 31, 2020, the “Current Accruing Loans” balance of loans in payment deferral programs offered in response to the COVID-19 pandemic which are performing according to their modified terms are generally not considered delinquent. The following table presents the amortized cost of loans on nonaccrual status for which there was no related allowance for loan losses as of March 31, 2021 and December 31, 2020. Nonaccrual loans may not have an allowance for credit losses if the loss expectation is zero as the loan balances are supported by the collateral value.
($ in thousands) |  |  | March 31, 2021 |  |  | December 31, 2020
Commercial: |  |  |  |  |  |  |  |
C&I |  |  |  | $ | 63,312 |  |  |  |  | $ | 62,040 |
CRE: |  |  |  |  |  |  |  |
CRE |  |  |  | 49,137 |  |  |  |  | 45,537 |
Multifamily residential |  |  |  | 3,578 |  |  |  |  | 2,519 |
Construction and land |  |  |  | 19,900 |  |  |  |  | — |
Total CRE |  |  |  | 72,615 |  |  |  |  | 48,056 |
Total commercial |  |  |  | 135,927 |  |  |  |  | 110,096 |
Consumer: |  |  |  |  |  |  |  |
Residential mortgage: |  |  |  |  |  |  |  |
Single-family residential |  |  |  | 6,014 |  |  |  |  | 6,013 |
HELOCs |  |  |  | 7,353 |  |  |  |  | 8,076 |
Total residential mortgage |  |  |  | 13,367 |  |  |  |  | 14,089 |
Other consumer |  |  |  | 2,491 |  |  |  |  | 2,491 |
Total consumer |  |  |  | 15,858 |  |  |  |  | 16,580 |
Total nonaccrual loans with no related allowance for loan losses |  |  |  | $ | 151,785 |  |  |  |  | $ | 126,676 |
Foreclosed Assets Foreclosed assets, consisting of OREO and other nonperforming assets, are included in Other assets on the Consolidated Balance Sheet. The Company had $26.2 million in foreclosed assets as of March 31, 2021 compared with $19.7 million as of December 31, 2020. The Company commences the foreclosure process on consumer mortgage loans when a borrower becomes more than 120 days delinquent in accordance with Consumer Finance Protection Bureau guidelines. The carrying value of consumer real estate loans that were in the process of active or suspended foreclosure was $5.8 million and $4.1 million as of March 31, 2021 and December 31, 2020, respectively. The Company has suspended certain mortgage foreclosure activities in connection with our actions to support our customers during the COVID-19 pandemic. Troubled Debt Restructurings Troubled debt restructurings (“TDRs”) are individually evaluated, and the type of restructuring is selected based on the loan type and the circumstances of the borrower’s financial difficulty. A TDR is a modification of the terms of a loan when the Company, for economic or legal reasons related to the borrower’s financial difficulties, grants a concession to the borrower that it would not have otherwise considered. Since March 2020, the Company has implemented various commercial and consumer loan modification programs to provide its borrowers relief from the economic impacts of the COVID-19 pandemic. These COVID-related modifications are generally not classified as TDRs due to the relief under the Coronavirus Aid, Relief, and Economic Security Act, as amended by the Consolidated Appropriations Act, 2021, and the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (Revised), and therefore are not included in the discussion below. Assistance provided in response to the COVID-19 pandemic could delay the recognition of delinquencies, nonaccrual status, and net charge-offs for those borrowers who would have otherwise moved into past due or nonaccrual status. See Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies to the Consolidated Financial Statements of the Company’s 2020 Form 10-K. The following table presents the additions to TDRs for the three months ended March 31, 2021 and 2020:
($ in thousands) |  | Loans Modified as TDRs During the Three Months Ended March 31,
| 2021 |  | 2020
| 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 |  | 1 |  | $ | 443 |  |  | $ | 433 |  |  | $ | 203 |  |  | 3 |  | $ | 16,604 |  |  | $ | 15,735 |  |  | $ | 98 |
Total |  | 1 |  | $ | 443 |  |  | $ | 433 |  |  | $ | 203 |  |  | 3 |  | $ | 16,604 |  |  | $ | 15,735 |  |  | $ | 98 |
(1)Includes subsequent payments after modification and reflects the balance as of March 31, 2021 and 2020. (2)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, 2021 and 2020 by modification type:
($ in thousands) |  | Modification Type During the Three Months Ended March 31,
| 2021 |  | 2020
| Principal (1) |  | Principal and Interest (2) |  |  |  |  |  | Total |  | Principal (1) |  | Principal and Interest (2) |  |  |  |  |  |  |  | Total
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
C&I |  | $ | 433 |  |  | $ | — |  |  |  |  |  |  | $ | 433 |  |  | $ | 4,564 |  |  | $ | 11,171 |  |  |  |  |  |  |  |  | $ | 15,735 |
Total |  | $ | 433 |  |  | $ | — |  |  |  |  |  |  | $ | 433 |  |  | $ | 4,564 |  |  | $ | 11,171 |  |  |  |  |  |  |  |  | $ | 15,735 |
(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. After a loan is modified as TDR, the Company continues to monitor its performance under its most recent restructured terms. A TDR may become delinquent and result in payment default (generally 90 days past due) subsequent to restructuring. The following table presents information on loans for which a subsequent payment default occurred during the three months ended March 31, 2021, which had been modified as TDR within the previous 12 months of its default, and were still in default as of March 31, 2021. In comparison, there were no TDRs that experienced payment default after modifications within the previous 12 months during the three months ended March 31, 2020.
($ in thousands) |  | Loans Modified as TDRs that Subsequently Defaulted During the Three Months Ended March 31,
| 2021 |  |
| Number of Loans |  | Recorded Investment |  |  |  |
Commercial: |  |  |  |  |  |  |  |
C&I |  | 1 |  |  | $ | 11,538 |  |  |  |  |
Total |  | 1 |  |  | $ | 11,538 |  |  |  |  |
The amount of additional funds committed to lend to borrowers whose terms have been modified as TDRs was $2.2 million and $3.0 million as of March 31, 2021 and December 31, 2020, respectively. Allowance for Credit Losses The Company has an allowance framework under ASU 2016-13 for all financial assets measured at amortized cost and certain off-balance sheet credit exposures. The measurement of the allowance for credit losses is based on management’s best estimate of lifetime expected credit losses inherent in the Company’s relevant financial assets. The allowance for credit losses is deducted from the amortized cost basis of a financial asset or a group of financial assets so that the balance sheet reflects the net amount the Company expects to collect. Amortized cost is the principal balance outstanding, net of purchase premiums and discounts, and deferred fees and costs. Subsequent changes in expected credit losses are recognized in net income as a provision for credit loss expense or a reversal of credit loss expense. The process of the allowance for credit losses involves procedures to consider the unique risk characteristics of the portfolio segments. The majority of the Company’s credit exposures share risk characteristics with other similar exposures, and as a result are collectively evaluated. The collectively evaluated loans cover performing risk-rated loans and unfunded credit commitments. If an exposure does not share risk characteristics with other exposures, the Company generally estimates expected credit losses on an individual basis. The individually assessed loans cover loans modified in a TDR, collateral-dependent loans, as well as, risk-rated loans that have been placed on nonaccrual status. Allowance for Collectively Evaluated Loans The allowance for collectively evaluated loans consists of a quantitative component that assesses many different risk factors that we consider in our models and a qualitative component that considers risk factors external to the models. Each of these components are described below. Quantitative Component — The allowance for loan losses is estimated using quantitative methods that consider a variety of factors such as historical loss experience, the current credit quality of the portfolio, as well as an economic outlook over the life of the loan. The Company incorporates forward-looking information using macroeconomic scenarios applied over the forecasted life of the loans. The forward-looking information is limited to the reasonable and supportable period. These macroeconomic scenarios include variables that are considered key drivers of increases and decreases in credit losses. The Company utilizes a probability-weighted multiple scenario forecast approach. These scenarios may consist of a base forecast representing management's view of the most likely outcome, combined with downside and upside scenarios reflecting possible worsening or improving economic conditions. A probability-weighted average of these macroeconomic scenarios over a reasonable and supportable forecast period is incorporated into the quantitative models. If the loans’ life extends beyond the reasonable and supportable forecast period, then historical experience, or long-run macroeconomic trends is considered over the remaining life of the loans in estimation of the allowance for loan losses. Qualitative Component — The Company also considers the following qualitative factors in the determination of the collectively evaluated allowance, if these factors have not already been captured by the quantitative model. Such qualitative factors may include, but are not limited to: •Loan growth trends; •The volume and severity of past due financial assets, and the volume and severity of adversely classified or rated financial assets; •The Company’s lending policies and procedures, including changes in lending strategies, underwriting standards, collection, write-off and recovery practices, •Knowledge of the borrower’s operations; •The quality of the Company’s credit review system; •The experience, ability and depth of the Company’s management, lending staff and other relevant staff; •The effect of other external factors such as the regulatory, legal and technological environments; and •Actual and expected changes in international, national, regional, and local economic and business conditions in which the Company operates, including the actual and expected conditions of various market segments. The magnitude of the impact of these factors on the Company’s qualitative assessment of the allowance for credit losses changes from period to period according to changes made by management in its assessment of these factors. The extent to which these factors change may be dependent on whether they are already reflected in quantitative loss estimates during the current period and the extent changes in these factors diverge from period to period. For the three months ended March 31, 2021 and 2020, there were no changes to the reasonable and supportable forecast period and reversion to historical loss experience method. The following table provides key credit risk characteristics and macroeconomic variables that the Company uses to estimate the expected credit losses by portfolio segment:
Portfolio Segment |  | Risk Characteristics |  | Macroeconomic Variables
C&I |  | Internal risk rating; size and credit spread at origination, and time to maturity |  | Unemployment rate, and two and ten year treasury spread
CRE, Multifamily residential, and Construction and land |  | Delinquency status; maturity date; collateral value; property type, and geographic location |  | Unemployment rate; GDP, and U.S. Treasury rates
Single-family residential and HELOCs |  | FICO; delinquency status; maturity date; collateral value, and geographic location |  | Unemployment rate; GDP, and home price index
Other consumer |  | Historical loss experience |  | Immaterial (1)
(1)Macroeconomic variables are included in the qualitative estimate. Allowance for Loan Losses for the Commercial Loan Portfolio — The Company’s C&I loan lifetime loss rate model estimates credit losses by estimating a loss rate expected over the life of a loan. This loss rate is applied to the amortized cost basis, excluding accrued interest receivable, to determine expected credit losses. The lifetime loss rate model’s reasonable and supportable period spans eight quarters, thereafter immediately reverting to the historical average loss rate, expressed through the loan-level lifetime loss rate. For CRE loans, projected probability of defaults (“PDs”) and loss given defaults (“LGDs”) are applied to the estimated exposure at default, considering the term and payment structure of the loan, to generate estimates of expected loss at the loan level. Within the reasonable and supportable period, the forecast of future economic conditions returns to long-run historical economic trends. In order to estimate the life of a loan under both models, the contractual term of the loan is adjusted for estimated prepayments, which are based on historical prepayment experience. Allowance for Loan Losses for the Consumer Loan Portfolio — For single-family residential and HELOC loans, projected PDs and LGDs are applied to the estimated exposure at default, considering the term and payment structure of the loan, to generate estimates of expected loss at the loan level. Within the reasonable and supportable period, the forecast of future economic conditions returns to long-run historical economic trends. For other consumer loans, the Company uses a loss rate approach. In order to estimate the life of a loan, the contractual term of the loan is adjusted for estimated prepayments, which are based on historical prepayment experience. Qualitative Allowance for Collectively Evaluated Loans — While the Company’s allowance methodologies strive to reflect all relevant credit risk factors, there continues to be uncertainty associated with, but not limited to, potential imprecision in the estimation process due to the inherent time lag of obtaining information and normal variations between expected and actual outcomes. The Company may hold additional qualitative reserves that are designed to provide coverage for losses attributable to such risk. The allowance for loan losses as of March 31, 2021 and December 31, 2020 also included qualitative adjustments for certain industry sectors, such as oil & gas, included as part of the C&I loan portfolio. Allowance for Individually Evaluated Loans When a loan no longer shares similar risk characteristics with other loans, such as in the case for certain nonaccrual or TDR loans, the Company estimates the allowance for loan losses on an individual loan basis. The allowance for loan losses for individually evaluated loans is measured as the difference between the recorded value of the loans and their fair value. For loans evaluated individually, the Company uses one of three different asset valuation measurement methods: (1) the fair value of collateral less costs to sell; (2) the present value of expected future cash flows; and (3) the loan's observable market price. If an individually evaluated loan is determined to be collateral dependent, the Company applies the fair value of the collateral less costs to sell method. If an individually evaluated loan is determined not to be collateral dependent, the Company uses the present value of future cash flows or the observable market value of the loan. Collateral-Dependent Loans — When a loan is collateral dependent, the allowance is measured on an individual loan basis and is limited to the difference between the recorded value and fair value of the collateral less cost of disposal or sale. As of March 31, 2021, collateral-dependent commercial and consumer loans totaled $99.9 million and $16.6 million, respectively. In comparison, collateral-dependent commercial and consumer loans totaled $97.2 million and $17.3 million as of December 31, 2020, respectively. The Company's commercial collateral-dependent loans were secured by real estate or other collateral. The Company's consumer collateral-dependent loans were all residential mortgage loans, secured by the underlying real estate. As of both March 31, 2021 and December 31, 2020, the collateral value of the properties securing each of these collateral-dependent loans, net of selling costs, exceeded the recorded value of the individual loans. The following tables summarize the activity in the allowance for loan losses by portfolio segments for the three months ended March 31, 2021 and 2020:
($ in thousands) |  | Three Months Ended March 31, 2021
| Commercial |  | Consumer |  | Total
| C&I |  | CRE |  | Residential Mortgage |  | Other Consumer |
|  | CRE |  | Multifamily Residential |  | Construction and Land |  | Single- Family Residential |  | HELOCs |  |
Allowance for loan losses, beginning of period |  | $ | 398,040 |  |  | $ | 163,791 |  |  | $ | 27,573 |  |  | $ | 10,239 |  |  | $ | 15,520 |  |  | $ | 2,690 |  |  | $ | 2,130 |  |  | $ | 619,983 |
Provision for (reversal of) credit losses on loans | (a) | 3,839 |  |  | (10,277) |  |  | (1,391) |  |  | 8,592 |  |  | 376 |  |  | 22 |  |  | (113) |  |  | 1,048 |
Gross charge-offs |  | (8,436) |  |  | (7,195) |  |  | (17) |  |  | (71) |  |  | (134) |  |  | (45) |  |  | (1) |  |  | (15,899) |
Gross recoveries |  | 760 |  |  | 80 |  |  | 1,242 |  |  | 329 |  |  | 77 |  |  | 3 |  |  | 2 |  |  | 2,493 |
Total net (charge-offs) recoveries |  | (7,676) |  |  | (7,115) |  |  | 1,225 |  |  | 258 |  |  | (57) |  |  | (42) |  |  | 1 |  |  | (13,406) |
Foreign currency translation adjustment |  | (119) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (119) |
Allowance for loan losses, end of period |  | $ | 394,084 |  |  | $ | 146,399 |  |  | $ | 27,407 |  |  | $ | 19,089 |  |  | $ | 15,839 |  |  | $ | 2,670 |  |  | $ | 2,018 |  |  | $ | 607,506 |
($ in thousands) |  | Three Months Ended March 31, 2020
| Commercial |  | Consumer |  | Total
| C&I |  | CRE |  | Residential Mortgage |  | Other Consumer |
|  | CRE |  | Multifamily Residential |  | Construction and Land |  | Single- Family Residential |  | HELOCs |  |
Allowance for loan losses, beginning of period |  | $ | 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 |
Provision for (reversal of) credit losses on loans | (a) | 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) recoveries |  | (10,402) |  |  | 8,706 |  |  | 535 |  |  | 21 |  |  | 265 |  |  | 2 |  |  | (25) |  |  | (898) |
Foreign currency translation adjustment |  | (200) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (200) |
Allowance for loan losses, end of period |  | $ | 362,629 |  |  | $ | 132,819 |  |  | $ | 16,530 |  |  | $ | 11,018 |  |  | $ | 26,822 |  |  | $ | 3,881 |  |  | $ | 3,304 |  |  | $ | 557,003 |
The following table summarizes the activities in the allowance for unfunded credit commitments for the three months ended March 31, 2021 and 2020:
($ in thousands) |  | Three Months Ended March 31,
| 2021 |  | 2020
Unfunded credit facilities |  |  |  |
Allowance for unfunded credit commitments, beginning of period |  | $ | 33,577 |  |  | $ | 11,158 |
Impact of ASU 2016-13 adoption |  | — |  |  | 10,457 |
Reversal of credit losses on unfunded credit commitments | (b) | (1,048) |  |  | (786) |
Allowance for unfunded credit commitments, end of period |  | 32,529 |  |  | 20,829 |
Provision for credit losses | (a) + (b) | $ | — |  |  | $ | 73,870 |
The allowance for credit losses as of March 31, 2021 was $640.0 million, a decrease of $13.6 million compared with $653.6 million as of December 31, 2020. The decrease in the allowance for credit losses was comprised of a net decrease of $12.5 million in the allowance for loan losses and a $1.1 million decrease in the allowance for unfunded credit commitments. The improved macroeconomic outlook resulted in an overall decrease in the required allowance for credit losses as of March 31, 2021, and no provision for credit losses was recorded for the three months ended March 31, 2021. The Company uses a multi-scenario approach in calculating the allowance for loan losses and applies management judgment to add qualitative factors for the impact of the COVID-19 pandemic on industry and CRE sectors that are affected by the pandemic. The allowance for unfunded credit commitments is maintained at a level that management believes to be sufficient to absorb estimated expected credit losses related to unfunded credit facilities. See Note 10 — Commitments and Contingencies to the Consolidated Financial Statements in this Form 10-Q for additional information related to unfunded credit commitments. Loans Held-for-Sale As of March 31, 2021, the Company had no loans held-for-sale. As of December 31, 2020, loans held-for-sale of $1.8 million consisted of single-family residential loans. Refer to Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Loans Held-for-Sale to the Consolidated Financial Statements of the Company’s 2020 Form 10-K for additional details related to the Company’s loans held-for-sale. Loan Transfers, Sales and Purchases The Company purchases and sells loans in the secondary market in the ordinary course of business. Purchased loans may be transferred from held-for-investment to held-for-sale, and write-downs to allowance for loan losses are recorded, when appropriate. The following tables provide information about the carrying value of loans purchased for the held-for-investment portfolio, loans sold and loans transferred during the three months ended March 31, 2021 and 2020:
($ in thousands) |  | Three Months Ended March 31, 2021
| 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) |  | $ | 125,840 |  |  | $ | 20,032 |  |  | $ | — |  |  |  |  | $ | — |  |  |  |  |  |  | $ | 145,872 |
Sales (2)(3)(4) |  | $ | 125,879 |  |  | $ | 20,032 |  |  | $ | — |  |  |  |  | $ | 7,506 |  |  |  |  |  |  | $ | 153,417 |
Purchases (5) |  | $ | 178,678 |  |  | $ | — |  |  | $ | 370 |  |  |  |  | $ | 131,800 |  |  |  |  |  |  | $ | 310,848 |
($ 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 |
(1)Includes write-downs of $39 thousand 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, 2021. There were no write-downs for the three months ended March 31, 2020. (2)Includes originated loans sold of $131.0 million and $114.9 million for the three months ended March 31, 2021 and 2020, respectively. Originated loans sold consisted primarily of C&I loans for both periods. (3)Includes $22.4 million of purchased loans sold in the secondary market for the three months ended March 31, 2021. There were no purchased loans sold in the secondary market for the three months ended March 31, 2020. (4)Net gains on sales of loans were $1.8 million and $950 thousand for the three months ended March 31, 2021 and 2020, respectively. (5)C&I loan purchases were comprised primarily of syndicated C&I term loans.

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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/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 + Details
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