XML 51 R32.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, 2024
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 outstanding as of March 31, 2024 and December 31, 2023:
($ in thousands) |  | March 31, 2024 |  | December 31, 2023
Commercial: |  |  |  |
C&I |  | $ | 16,350,191 |  |  | $ | 16,581,079 |
CRE: |  |  |  |
CRE |  | 14,609,655 |  |  | 14,777,081 |
Multifamily residential |  | 5,010,245 |  |  | 5,023,163 |
Construction and land |  | 673,939 |  |  | 663,868 |
Total CRE |  | 20,293,839 |  |  | 20,464,112 |
Total commercial |  | 36,644,030 |  |  | 37,045,191 |
Consumer: |  |  |  |
Residential mortgage: |  |  |  |
Single-family residential |  | 13,563,738 |  |  | 13,383,060 |
HELOCs |  | 1,731,233 |  |  | 1,722,204 |
Total residential mortgage |  | 15,294,971 |  |  | 15,105,264 |
Other consumer |  | 53,503 |  |  | 60,327 |
Total consumer |  | 15,348,474 |  |  | 15,165,591 |
Total loans held-for-investment (1) |  | $ | 51,992,504 |  |  | $ | 52,210,782 |
Allowance for loan losses |  | (670,280) |  |  | (668,743) |
Loans held-for-investment, net (1) |  | $ | 51,322,224 |  |  | $ | 51,542,039 |
(1)Includes $63 million and $71 million of net deferred loan fees and net unamortized premiums as of March 31, 2024 and December 31, 2023, respectively.
Schedule Of Loans Held-For-Investment By Loan Portfolio Segments, Internal Risk Ratings, Gross Write-Offs And Vintage Year | The following tables summarize the Company’s loans held-for-investment and year-to-date gross write-offs by loan portfolio segments, internal risk ratings and vintage year as of the periods presented. The vintage year is the year of loan origination, renewal or major modification. Revolving loans that are converted to term loans presented in the tables below are excluded from term loans by vintage year columns.
|  | March 31, 2024 |  |
|  | Term Loans by Origination Year |  |  |  |  |  |  |  |
($ in thousands) |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Revolving Loans |  | Revolving Loans Converted to Term Loans (1) |  | Total |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
C&I: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 494,511 |  |  | $ | 2,181,627 |  |  | $ | 1,390,042 |  |  | $ | 1,162,380 |  |  | $ | 290,790 |  |  | $ | 357,396 |  |  | $ | 9,858,874 |  |  | $ | 23,801 |  |  | $ | 15,759,421 |  |  |
Criticized (accrual) |  | 15 |  |  | 80,137 |  |  | 146,122 |  |  | 126,563 |  |  | 8,378 |  |  | 61,936 |  |  | 118,657 |  |  | — |  |  | 541,808 |  |  |
Criticized (nonaccrual) |  | — |  |  | 15,676 |  |  | 10,179 |  |  | 631 |  |  | 4,193 |  |  | 17,313 |  |  | 970 |  |  | — |  |  | 48,962 |  |  |
Total C&I |  | 494,526 |  |  | 2,277,440 |  |  | 1,546,343 |  |  | 1,289,574 |  |  | 303,361 |  |  | 436,645 |  |  | 9,978,501 |  |  | 23,801 |  |  | 16,350,191 |  |  |
Gross write-offs for the three months ended March 31, 2024 (2) |  | — |  |  | 221 |  |  | 11,550 |  |  | 3,047 |  |  | 488 |  |  | 1,528 |  |  | (56) |  | (3) | — |  |  | 16,778 |  |  |
CRE: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 310,715 |  |  | 2,415,104 |  |  | 3,940,346 |  |  | 2,125,414 |  |  | 1,412,088 |  |  | 3,815,741 |  |  | 90,300 |  |  | 48,880 |  |  | 14,158,588 |  |  |
Criticized (accrual) |  | — |  |  | 66,187 |  |  | 54,141 |  |  | 26,402 |  |  | 53,926 |  |  | 200,610 |  |  | — |  |  | 14,795 |  |  | 416,061 |  |  |
Criticized (nonaccrual) |  | — |  |  | 1,750 |  |  | — |  |  | — |  |  | — |  |  | 33,256 |  |  | — |  |  | — |  |  | 35,006 |  |  |
Subtotal CRE |  | 310,715 |  |  | 2,483,041 |  |  | 3,994,487 |  |  | 2,151,816 |  |  | 1,466,014 |  |  | 4,049,607 |  |  | 90,300 |  |  | 63,675 |  |  | 14,609,655 |  |  |
Gross write-offs for the three months ended March 31, 2024 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,398 |  |  | — |  |  | — |  |  | 2,398 |  |  |
Multifamily residential: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 43,746 |  |  | 652,947 |  |  | 1,482,963 |  |  | 794,023 |  |  | 645,391 |  |  | 1,329,341 |  |  | 6,831 |  |  | 1,275 |  |  | 4,956,517 |  |  |
Criticized (accrual) |  | — |  |  | 13,939 |  |  | — |  |  | 31,882 |  |  | — |  |  | 3,261 |  |  | — |  |  | — |  |  | 49,082 |  |  |
Criticized (nonaccrual) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,646 |  |  | — |  |  | — |  |  | 4,646 |  |  |
Subtotal multifamily residential |  | 43,746 |  |  | 666,886 |  |  | 1,482,963 |  |  | 825,905 |  |  | 645,391 |  |  | 1,337,248 |  |  | 6,831 |  |  | 1,275 |  |  | 5,010,245 |  |  |
Gross write-offs for the three months ended March 31, 2024 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6 |  |  | — |  |  | — |  |  | 6 |  |  |
Construction and land: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 2,980 |  |  | 266,224 |  |  | 234,093 |  |  | 124,830 |  |  | 1,603 |  |  | 6,290 |  |  | 8,795 |  |  | — |  |  | 644,815 |  |  |
Criticized (accrual) |  | — |  |  | — |  |  | 16,888 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 16,888 |  |  |
Criticized (nonaccrual) |  | — |  |  | — |  |  | 12,236 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 12,236 |  |  |
Subtotal construction and land |  | 2,980 |  |  | 266,224 |  |  | 263,217 |  |  | 124,830 |  |  | 1,603 |  |  | 6,290 |  |  | 8,795 |  |  | — |  |  | 673,939 |  |  |
Gross write-offs for the three months ended March 31, 2024 |  | — |  |  | — |  |  | 1,224 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,224 |  |  |
Total CRE |  | 357,441 |  |  | 3,416,151 |  |  | 5,740,667 |  |  | 3,102,551 |  |  | 2,113,008 |  |  | 5,393,145 |  |  | 105,926 |  |  | 64,950 |  |  | 20,293,839 |  |  |
Total CRE gross write-offs for the three months ended March 31, 2024 |  | — |  |  | — |  |  | 1,224 |  |  | — |  |  | — |  |  | 2,404 |  |  | — |  |  | — |  |  | 3,628 |  |  |
Total commercial |  | $ | 851,967 |  |  | $ | 5,693,591 |  |  | $ | 7,287,010 |  |  | $ | 4,392,125 |  |  | $ | 2,416,369 |  |  | $ | 5,829,790 |  |  | $ | 10,084,427 |  |  | $ | 88,751 |  |  | $ | 36,644,030 |  |  |
Total commercial gross write-offs for the three months ended March 31, 2024 (2) |  | $ | — |  |  | $ | 221 |  |  | $ | 12,774 |  |  | $ | 3,047 |  |  | $ | 488 |  |  | $ | 3,932 |  |  | $ | (56) |  | (3) | $ | — |  |  | $ | 20,406 |  |  |
|  | March 31, 2024 |  |
|  | Term Loans by Origination Year |  |  |  |  |  |  |  |
($ in thousands) |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Revolving Loans |  | Revolving Loans Converted to Term Loans (1) |  | Total |  |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single-family residential: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (4) |  | $ | 547,073 |  |  | $ | 3,077,628 |  |  | $ | 3,285,262 |  |  | $ | 2,236,107 |  |  | $ | 1,553,848 |  |  | $ | 2,814,348 |  |  | $ | — |  |  | $ | — |  |  | $ | 13,514,266 |  |  |
Criticized (accrual) |  | — |  |  | 3,196 |  |  | — |  |  | 1,764 |  |  | 3,910 |  |  | 5,583 |  |  | — |  |  | — |  |  | 14,453 |  |  |
Criticized (nonaccrual) (4) |  | — |  |  | 7,860 |  |  | 5,874 |  |  | 3,389 |  |  | 3,718 |  |  | 14,178 |  |  | — |  |  | — |  |  | 35,019 |  |  |
Subtotal single-family residential mortgage |  | 547,073 |  |  | 3,088,684 |  |  | 3,291,136 |  |  | 2,241,260 |  |  | 1,561,476 |  |  | 2,834,109 |  |  | — |  |  | — |  |  | 13,563,738 |  |  |
HELOCs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 4,798 |  |  | 3,655 |  |  | 3,394 |  |  | 2,817 |  |  | 5,107 |  |  | 9,288 |  |  | 1,561,308 |  |  | 123,131 |  |  | 1,713,498 |  |  |
Criticized (accrual) |  | — |  |  | 808 |  |  | 2,435 |  |  | 360 |  |  | — |  |  | 670 |  |  | 718 |  |  | 1,246 |  |  | 6,237 |  |  |
Criticized (nonaccrual) |  | — |  |  | 65 |  |  | 518 |  |  | 219 |  |  | — |  |  | 5,906 |  |  | — |  |  | 4,790 |  |  | 11,498 |  |  |
Subtotal HELOCs |  | 4,798 |  |  | 4,528 |  |  | 6,347 |  |  | 3,396 |  |  | 5,107 |  |  | 15,864 |  |  | 1,562,026 |  |  | 129,167 |  |  | 1,731,233 |  |  |
Total residential mortgage |  | 551,871 |  |  | 3,093,212 |  |  | 3,297,483 |  |  | 2,244,656 |  |  | 1,566,583 |  |  | 2,849,973 |  |  | 1,562,026 |  |  | 129,167 |  |  | 15,294,971 |  |  |
Other consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 2,132 |  |  | 632 |  |  | 18,101 |  |  | 134 |  |  | — |  |  | 6,861 |  |  | 22,481 |  |  | — |  |  | 50,341 |  |  |
Criticized (accrual) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,000 |  |  | — |  |  | 3,000 |  |  |
Criticized (nonaccrual) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 162 |  |  | — |  |  | 162 |  |  |
Total other consumer |  | 2,132 |  |  | 632 |  |  | 18,101 |  |  | 134 |  |  | — |  |  | 6,861 |  |  | 25,643 |  |  | — |  |  | 53,503 |  |  |
Gross write-offs for the three months ended March 31, 2024 (2) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 2 |  |  |
Total consumer |  | $ | 554,003 |  |  | $ | 3,093,844 |  |  | $ | 3,315,584 |  |  | $ | 2,244,790 |  |  | $ | 1,566,583 |  |  | $ | 2,856,834 |  |  | $ | 1,587,669 |  |  | $ | 129,167 |  |  | $ | 15,348,474 |  |  |
Total consumer gross write-offs for the three months ended March 31, 2024 (2) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | 2 |  |  |
Total loans held-for-investment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 1,405,955 |  |  | $ | 8,597,817 |  |  | $ | 10,354,201 |  |  | $ | 6,445,705 |  |  | $ | 3,908,827 |  |  | $ | 8,339,265 |  |  | $ | 11,548,589 |  |  | $ | 197,087 |  |  | $ | 50,797,446 |  |  |
Criticized (accrual) |  | 15 |  |  | 164,267 |  |  | 219,586 |  |  | 186,971 |  |  | 66,214 |  |  | 272,060 |  |  | 122,375 |  |  | 16,041 |  |  | 1,047,529 |  |  |
Criticized (nonaccrual) |  | — |  |  | 25,351 |  |  | 28,807 |  |  | 4,239 |  |  | 7,911 |  |  | 75,299 |  |  | 1,132 |  |  | 4,790 |  |  | 147,529 |  |  |
Total |  | $ | 1,405,970 |  |  | $ | 8,787,435 |  |  | $ | 10,602,594 |  |  | $ | 6,636,915 |  |  | $ | 3,982,952 |  |  | $ | 8,686,624 |  |  | $ | 11,672,096 |  |  | $ | 217,918 |  |  | $ | 51,992,504 |  |  |
Total loans held-for-investment gross write-offs for the three months ended March 31, 2024 (2) |  | $ | — |  |  | $ | 221 |  |  | $ | 12,774 |  |  | $ | 3,047 |  |  | $ | 488 |  |  | $ | 3,932 |  |  | $ | (54) |  | (3) | $ | — |  |  | $ | 20,408 |  |  |
|  | December 31, 2023
|  | Term Loans by Origination Year |  |  |  |  |  |
($ in thousands) |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  | Revolving Loans |  | Revolving Loans Converted to Term Loans (1) |  | Total
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
C&I: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 2,314,463 |  |  | $ | 1,628,560 |  |  | $ | 1,296,936 |  |  | $ | 331,982 |  |  | $ | 245,173 |  |  | $ | 164,159 |  |  | $ | 10,053,757 |  |  | $ | 20,143 |  |  | $ | 16,055,173 |
Criticized (accrual) |  | 105,119 |  |  | 67,899 |  |  | 120,574 |  |  | 15,064 |  |  | 40,920 |  |  | 22,098 |  |  | 117,196 |  |  | — |  |  | 488,870 |
Criticized (nonaccrual) |  | 2,104 |  |  | 7,916 |  |  | 131 |  |  | 4,819 |  |  | 2,979 |  |  | 18,137 |  |  | 950 |  |  | — |  |  | 37,036 |
Total C&I |  | 2,421,686 |  |  | 1,704,375 |  |  | 1,417,641 |  |  | 351,865 |  |  | 289,072 |  |  | 204,394 |  |  | 10,171,903 |  |  | 20,143 |  |  | 16,581,079 |
Gross write-offs for the year ended December 31, 2023 (2) |  | 350 |  |  | 10,454 |  |  | 424 |  |  | 3,758 |  |  | 9,748 |  |  | 2,648 |  |  | 1,593 |  |  | — |  |  | 28,975 |
CRE: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 2,492,915 |  |  | 4,086,385 |  |  | 2,216,257 |  |  | 1,428,724 |  |  | 1,600,844 |  |  | 2,494,382 |  |  | 92,851 |  |  | 62,771 |  |  | 14,475,129 |
Criticized (accrual) |  | 36,855 |  |  | 34,485 |  |  | 30,336 |  |  | 48,250 |  |  | 24,437 |  |  | 104,340 |  |  | — |  |  | — |  |  | 278,703 |
Criticized (nonaccrual) |  | — |  |  | — |  |  | — |  |  | — |  |  | 444 |  |  | 22,805 |  |  | — |  |  | — |  |  | 23,249 |
Subtotal CRE |  | 2,529,770 |  |  | 4,120,870 |  |  | 2,246,593 |  |  | 1,476,974 |  |  | 1,625,725 |  |  | 2,621,527 |  |  | 92,851 |  |  | 62,771 |  |  | 14,777,081 |
Gross write-offs for the year ended December 31, 2023 (2) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,329 |  |  | — |  |  | — |  |  | 1,329 |
Multifamily residential: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 665,780 |  |  | 1,481,161 |  |  | 808,333 |  |  | 612,408 |  |  | 498,491 |  |  | 857,713 |  |  | 8,690 |  |  | 1,281 |  |  | 4,933,857 |
Criticized (accrual) |  | — |  |  | 3,356 |  |  | 54,614 |  |  | — |  |  | 693 |  |  | 25,974 |  |  | — |  |  | — |  |  | 84,637 |
Criticized (nonaccrual) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,669 |  |  | — |  |  | — |  |  | 4,669 |
Subtotal multifamily residential |  | 665,780 |  |  | 1,484,517 |  |  | 862,947 |  |  | 612,408 |  |  | 499,184 |  |  | 888,356 |  |  | 8,690 |  |  | 1,281 |  |  | 5,023,163 |
Gross write-offs for the year ended December 31, 2023 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | — |  |  | — |  |  | 3 |
Construction and land: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 209,775 |  |  | 280,151 |  |  | 120,724 |  |  | 39,928 |  |  | 808 |  |  | 5,501 |  |  | 6,981 |  |  | — |  |  | 663,868 |
Subtotal construction and land |  | 209,775 |  |  | 280,151 |  |  | 120,724 |  |  | 39,928 |  |  | 808 |  |  | 5,501 |  |  | 6,981 |  |  | — |  |  | 663,868 |
Total CRE |  | 3,405,325 |  |  | 5,885,538 |  |  | 3,230,264 |  |  | 2,129,310 |  |  | 2,125,717 |  |  | 3,515,384 |  |  | 108,522 |  |  | 64,052 |  |  | 20,464,112 |
Total CRE gross write-offs for the year ended December 31, 2023 (2) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,332 |  |  | — |  |  | — |  |  | 1,332 |
Total commercial |  | $ | 5,827,011 |  |  | $ | 7,589,913 |  |  | $ | 4,647,905 |  |  | $ | 2,481,175 |  |  | $ | 2,414,789 |  |  | $ | 3,719,778 |  |  | $ | 10,280,425 |  |  | $ | 84,195 |  |  | $ | 37,045,191 |
Total commercial gross write-offs for the year ended December 31, 2023 (2) |  | 350 |  |  | 10,454 |  |  | 424 |  |  | 3,758 |  |  | 9,748 |  |  | 3,980 |  |  | 1,593 |  |  | — |  |  | 30,307 |
|  | December 31, 2023
|  | Term Loans by Origination Year |  |  |  |  |  |
($ in thousands) |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  | Revolving Loans |  | Revolving Loans Converted to Term Loans (1) |  | Total
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single-family residential: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (4) |  | $ | 3,188,830 |  |  | $ | 3,340,789 |  |  | $ | 2,279,802 |  |  | $ | 1,594,525 |  |  | $ | 980,686 |  |  | $ | 1,959,974 |  |  | $ | — |  |  | $ | — |  |  | $ | 13,344,606 |
Criticized (accrual) |  | 2,680 |  |  | 4,471 |  |  | 566 |  |  | 1,440 |  |  | 1,503 |  |  | 4,167 |  |  | — |  |  | — |  |  | 14,827 |
Criticized (nonaccrual) (4) |  | 4,466 |  |  | 837 |  |  | 3,902 |  |  | 2,081 |  |  | 3,626 |  |  | 8,715 |  |  | — |  |  | — |  |  | 23,627 |
Subtotal single-family residential mortgage |  | 3,195,976 |  |  | 3,346,097 |  |  | 2,284,270 |  |  | 1,598,046 |  |  | 985,815 |  |  | 1,972,856 |  |  | — |  |  | — |  |  | 13,383,060 |
HELOCs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 3,641 |  |  | 3,882 |  |  | 1,734 |  |  | 3,153 |  |  | 729 |  |  | 9,251 |  |  | 1,551,074 |  |  | 126,280 |  |  | 1,699,744 |
Criticized (accrual) |  | 565 |  |  | 1,219 |  |  | 1,872 |  |  | 101 |  |  | 185 |  |  | 1,470 |  |  | 2,548 |  |  | 1,089 |  |  | 9,049 |
Criticized (nonaccrual) |  | 815 |  |  | 856 |  |  | 413 |  |  | 72 |  |  | 584 |  |  | 6,863 |  |  | 279 |  |  | 3,529 |  |  | 13,411 |
Subtotal HELOCs |  | 5,021 |  |  | 5,957 |  |  | 4,019 |  |  | 3,326 |  |  | 1,498 |  |  | 17,584 |  |  | 1,553,901 |  |  | 130,898 |  |  | 1,722,204 |
Gross write-offs for the year ended December 31, 2023 (2) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 41 |  |  | — |  |  | 6 |  |  | 47 |
Total residential mortgage |  | 3,200,997 |  |  | 3,352,054 |  |  | 2,288,289 |  |  | 1,601,372 |  |  | 987,313 |  |  | 1,990,440 |  |  | 1,553,901 |  |  | 130,898 |  |  | 15,105,264 |
Total residential mortgage gross write-offs for the year ended December 31, 2023 (2) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 41 |  |  | — |  |  | 6 |  |  | 47 |
Other consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 2,286 |  |  | 18,098 |  |  | 135 |  |  | — |  |  | — |  |  | 13,244 |  |  | 26,432 |  |  | — |  |  | 60,195 |
Criticized (nonaccrual) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 132 |  |  | — |  |  | 132 |
Total other consumer |  | 2,286 |  |  | 18,098 |  |  | 135 |  |  | — |  |  | — |  |  | 13,244 |  |  | 26,564 |  |  | — |  |  | 60,327 |
Total consumer |  | $ | 3,203,283 |  |  | $ | 3,370,152 |  |  | $ | 2,288,424 |  |  | $ | 1,601,372 |  |  | $ | 987,313 |  |  | $ | 2,003,684 |  |  | $ | 1,580,465 |  |  | $ | 130,898 |  |  | $ | 15,165,591 |
Total consumer gross write-offs for the year ended December 31, 2023 (2) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 41 |  |  | $ | — |  |  | $ | 6 |  |  | $ | 47 |
Total by Risk Rating: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 8,877,690 |  |  | $ | 10,839,026 |  |  | $ | 6,723,921 |  |  | $ | 4,010,720 |  |  | $ | 3,326,731 |  |  | $ | 5,504,224 |  |  | $ | 11,739,785 |  |  | $ | 210,475 |  |  | $ | 51,232,572 |
Criticized (accrual) |  | 145,219 |  |  | 111,430 |  |  | 207,962 |  |  | 64,855 |  |  | 67,738 |  |  | 158,049 |  |  | 119,744 |  |  | 1,089 |  |  | 876,086 |
Criticized (nonaccrual) |  | 7,385 |  |  | 9,609 |  |  | 4,446 |  |  | 6,972 |  |  | 7,633 |  |  | 61,189 |  |  | 1,361 |  |  | 3,529 |  |  | 102,124 |
Total |  | $ | 9,030,294 |  |  | $ | 10,960,065 |  |  | $ | 6,936,329 |  |  | $ | 4,082,547 |  |  | $ | 3,402,102 |  |  | $ | 5,723,462 |  |  | $ | 11,860,890 |  |  | $ | 215,093 |  |  | $ | 52,210,782 |
Total loans held-for-investment gross write-offs for the year ended December 31, 2023 (2) |  | $ | 350 |  |  | $ | 10,454 |  |  | $ | 424 |  |  | $ | 3,758 |  |  | $ | 9,748 |  |  | $ | 4,021 |  |  | $ | 1,593 |  |  | $ | 6 |  |  | $ | 30,354 |
(1)$7 million and $12 million of total commercial loans, comprised of C&I and CRE revolving loans, converted to term loans during the three months ended March 31, 2024 and 2023, respectively. During the three months ended March 31, 2024 and 2023, respectively, $15 million and $5 million of total consumer loans, comprised of HELOCs, converted to term loans. (2)Excludes gross write-offs associated with loans the Company sold or settled. (3)Represents the remaining unamortized deferred loan fee related to a zero balance loan with no previous charge-offs. (4)As of both March 31, 2024 and December 31, 2023, $1 million of nonaccrual loans whose payments were guaranteed by the Federal Housing Administration were classified with a “Pass” rating.
Schedule Of Aging Analysis Of Loans | The following tables present the aging analysis of loans held-for-investment as of March 31, 2024 and December 31, 2023:
|  | March 31, 2024
($ in thousands) |  | Current Accruing Loans |  | 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 |  | $ | 16,281,903 |  |  | $ | 4,559 |  |  | $ | 14,767 |  |  |  |  |  |  | $ | 19,326 |  |  |  |  |  |  | $ | 48,962 |  |  | $ | 16,350,191 |
CRE: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CRE |  | 14,555,923 |  |  | 18,726 |  |  | — |  |  |  |  |  |  | 18,726 |  |  |  |  |  |  | 35,006 |  |  | 14,609,655 |
Multifamily residential |  | 5,005,231 |  |  | 368 |  |  | — |  |  |  |  |  |  | 368 |  |  |  |  |  |  | 4,646 |  |  | 5,010,245 |
Construction and land |  | 661,703 |  |  | — |  |  | — |  |  |  |  |  |  | — |  |  |  |  |  |  | 12,236 |  |  | 673,939 |
Total CRE |  | 20,222,857 |  |  | 19,094 |  |  | — |  |  |  |  |  |  | 19,094 |  |  |  |  |  |  | 51,888 |  |  | 20,293,839 |
Total commercial |  | 36,504,760 |  |  | 23,653 |  |  | 14,767 |  |  |  |  |  |  | 38,420 |  |  |  |  |  |  | 100,850 |  |  | 36,644,030 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single-family residential |  | 13,478,789 |  |  | 33,911 |  |  | 15,369 |  |  |  |  |  |  | 49,280 |  |  |  |  |  |  | 35,669 |  |  | 13,563,738 |
HELOCs |  | 1,699,628 |  |  | 13,877 |  |  | 6,230 |  |  |  |  |  |  | 20,107 |  |  |  |  |  |  | 11,498 |  |  | 1,731,233 |
Total residential mortgage |  | 15,178,417 |  |  | 47,788 |  |  | 21,599 |  |  |  |  |  |  | 69,387 |  |  |  |  |  |  | 47,167 |  |  | 15,294,971 |
Other consumer |  | 53,224 |  |  | 60 |  |  | 57 |  |  |  |  |  |  | 117 |  |  |  |  |  |  | 162 |  |  | 53,503 |
Total consumer |  | 15,231,641 |  |  | 47,848 |  |  | 21,656 |  |  |  |  |  |  | 69,504 |  |  |  |  |  |  | 47,329 |  |  | 15,348,474 |
Total |  | $ | 51,736,401 |  |  | $ | 71,501 |  |  | $ | 36,423 |  |  |  |  |  |  | $ | 107,924 |  |  |  |  |  |  | $ | 148,179 |  |  | $ | 51,992,504 |
|  | December 31, 2023
($ in thousands) |  | Current Accruing Loans |  | 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 |  | $ | 16,508,394 |  |  | $ | 28,550 |  |  | $ | 7,099 |  |  |  |  | $ | 35,649 |  |  |  |  |  |  | $ | 37,036 |  |  | $ | 16,581,079 |
CRE: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CRE |  | 14,750,315 |  |  | 1,719 |  |  | 1,798 |  |  |  |  | 3,517 |  |  |  |  |  |  | 23,249 |  |  | 14,777,081 |
Multifamily residential |  | 5,017,897 |  |  | 597 |  |  | — |  |  |  |  | 597 |  |  |  |  |  |  | 4,669 |  |  | 5,023,163 |
Construction and land |  | 650,617 |  |  | 13,251 |  |  | — |  |  |  |  | 13,251 |  |  |  |  |  |  | — |  |  | 663,868 |
Total CRE |  | 20,418,829 |  |  | 15,567 |  |  | 1,798 |  |  |  |  | 17,365 |  |  |  |  |  |  | 27,918 |  |  | 20,464,112 |
Total commercial |  | 36,927,223 |  |  | 44,117 |  |  | 8,897 |  |  |  |  | 53,014 |  |  |  |  |  |  | 64,954 |  |  | 37,045,191 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single-family residential |  | 13,313,455 |  |  | 29,285 |  |  | 15,943 |  |  |  |  | 45,228 |  |  |  |  |  |  | 24,377 |  |  | 13,383,060 |
HELOCs |  | 1,687,301 |  |  | 12,266 |  |  | 9,226 |  |  |  |  | 21,492 |  |  |  |  |  |  | 13,411 |  |  | 1,722,204 |
Total residential mortgage |  | 15,000,756 |  |  | 41,551 |  |  | 25,169 |  |  |  |  | 66,720 |  |  |  |  |  |  | 37,788 |  |  | 15,105,264 |
Other consumer |  | 56,930 |  |  | 3,123 |  |  | 142 |  |  |  |  | 3,265 |  |  |  |  |  |  | 132 |  |  | 60,327 |
Total consumer |  | 15,057,686 |  |  | 44,674 |  |  | 25,311 |  |  |  |  | 69,985 |  |  |  |  |  |  | 37,920 |  |  | 15,165,591 |
Total |  | $ | 51,984,909 |  |  | $ | 88,791 |  |  | $ | 34,208 |  |  |  |  | $ | 122,999 |  |  |  |  |  |  | $ | 102,874 |  |  | $ | 52,210,782 |
Schedule Of Amortized Cost Of Loans On Nonaccrual Status With No Related Allowance For Loan Losses | The following table presents the amortized cost of loans on nonaccrual status for which there was no related allowance for loan losses as of both March 31, 2024 and December 31, 2023. Nonaccrual loans may not have an allowance for credit losses if the loan balances are well secured by collateral values and there is no loss expectation.
($ in thousands) |  |  | March 31, 2024 |  |  | December 31, 2023
Commercial: |  |  |  |  |  |
C&I |  |  | $ | 40,617 |  |  |  | $ | 33,089 |
CRE |  |  | 34,431 |  |  |  | 22,653 |
Multifamily residential |  |  | 4,235 |  |  |  | 4,235 |
Construction and land |  |  | 12,236 |  |  |  | — |
Total commercial |  |  | 91,519 |  |  |  | 59,977 |
Consumer: |  |  |  |  |  |
Single-family residential |  |  | 15,380 |  |  |  | 4,852 |
HELOCs |  |  | 6,287 |  |  |  | 7,256 |
Total consumer |  |  | 21,667 |  |  |  | 12,108 |
Total nonaccrual loans with no related allowance for loan losses |  |  | $ | 113,186 |  |  |  | $ | 72,085 |
Summary Of Modified Loans/TDRs | The following tables present the amortized cost of loans that were modified during the three months ended March 31, 2024 and 2023 by loan class and modification type:
|  | Three Months Ended March 31, 2024
|  | Modification Type |  |  |  |  |  |
($ in thousands) |  | Term Extension |  | Payment Delay |  |  |  |  |  |  |  | Combination: Rate Reduction/ Payment Delay |  | Total |  | Modification as a % of Loan Class |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
C&I |  | $ | 4,013 |  |  | $ | 22,155 |  |  |  |  |  |  |  |  | $ | — |  |  | $ | 26,168 |  |  | 0.16 | % |  |  |  |  |  |
CRE |  | 24,488 |  |  | — |  |  |  |  |  |  |  |  | 19,325 |  |  | 43,813 |  |  | 0.22 | % |  |  |  |  |  |
Total commercial |  | 28,501 |  |  | 22,155 |  |  |  |  |  |  |  |  | 19,325 |  |  | 69,981 |  |  |  |  |  |  |  |  |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single-family residential |  | — |  |  | 3,996 |  |  |  |  |  |  |  |  | — |  |  | 3,996 |  |  | 0.03 | % |  |  |  |  |  |
HELOCs |  | — |  |  | 5,501 |  |  |  |  |  |  |  |  | 517 |  |  | 6,018 |  |  | 0.35 | % |  |  |  |  |  |
Total consumer |  | — |  |  | 9,497 |  |  |  |  |  |  |  |  | 517 |  |  | 10,014 |  |  |  |  |  |  |  |  |
Total |  | $ | 28,501 |  |  | $ | 31,652 |  |  |  |  |  |  |  |  | $ | 19,842 |  |  | $ | 79,995 |  |  |  |  |  |  |  |  |
|  | Three Months Ended March 31, 2023
|  | Modification Type |  |  |  |
($ in thousands) |  | Term Extension |  | Payment Delay |  |  |  |  |  |  |  | Combination: Rate Reduction/ Payment Delay |  | Total |  | Modification as a % of Loan Class |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
C&I |  | $ | 19,974 |  |  | $ | 14,364 |  |  |  |  |  |  |  |  | $ | — |  |  | $ | 34,338 |  |  | 0.22 | % |  |  |  |
CRE |  | 543 |  |  | — |  |  |  |  |  |  |  |  | — |  |  | 543 |  |  | — | % |  |  |  |
Total commercial |  | 20,517 |  |  | 14,364 |  |  |  |  |  |  |  |  | — |  |  | 34,881 |  |  |  |  |  |  |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
HELOCs |  | 738 |  |  | — |  |  |  |  |  |  |  |  | — |  |  | 738 |  |  | 0.04 | % |  |  |  |
Total consumer |  | 738 |  |  | — |  |  |  |  |  |  |  |  | — |  |  | 738 |  |  |  |  |  |  |
Total |  | $ | 21,255 |  |  | $ | 14,364 |  |  |  |  |  |  |  |  | $ | — |  |  | $ | 35,619 |  |  |  |  |  |  |
The following tables present the financial effects of the loan modifications for the three months ended March 31, 2024 and 2023 by loan class and modification type:
|  |  |  | Financial Effects of Loan Modifications
|  |  |  | Three Months Ended March 31, 2024
($ in thousands) |  |  |  | Weighted-Average Interest Rate Reduction |  | Weighted-Average Term Extension (in years) |  | Weighted-Average Payment Delay (in years)
Commercial: |  |  |  |  |  |  |  |
C&I |  |  |  | — |  |  | 1.8 |  | 1.7
CRE |  |  |  | 2.75 | % |  | 1.5 |  | 1.7
Consumer: |  |  |  |  |  |  |  |
Single-family residential |  |  |  | — |  |  | 0.0 |  | 0.7
HELOCs |  |  |  | 0.25 | % |  | 0.0 |  | 3.2
|  |  |  |  |  |  |  |  |  |  |  |  |  | Financial Effects of Loan Modifications |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | Three Months Ended March 31, 2023 |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | ($ in thousands) |  |  |  | Weighted-Average Interest Rate Reduction |  | Weighted-Average Term Extension (in years) |  | Weighted-Average Payment Delay (in years) |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | C&I |  |  |  | — |  |  | 0.9 |  | 1.0 |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | CRE |  |  |  | — |  |  | 2.0 |  | 0.0 |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | HELOCs |  |  |  | — |  |  | 14.8 |  | 0.0 |  |  |  |  |  |  |  |  |  |
The following table presents information on loans that defaulted during the three months ended March 31, 2024 that received modifications during the 12 months preceding payment default:
|  |  |  |  |  | Loans Modified Subsequently Defaulted
|  |  |  |  |  | Three Months Ended March 31, 2024 |  |  |
($ in thousands) |  |  |  |  |  | Term Extension |  | Payment Delay |  | Combination: Term Extension/ Payment Delay |  |  |  | Total |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
C&I |  |  |  |  |  | $ | 7,828 |  |  | $ | — |  |  | — |  |  |  |  | $ | 7,828 |  |  |  |  |
Total commercial |  |  |  |  |  | 7,828 |  |  | — |  |  | — |  |  |  |  | 7,828 |  |  |  |  |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single-family residential |  |  |  |  |  | — |  |  | 3,972 |  |  | 383 |  |  |  |  | 4,355 |  |  |  |  |
Total consumer |  |  |  |  |  | — |  |  | 3,972 |  |  | 383 |  |  |  |  | 4,355 |  |  |  |  |
Total |  |  |  |  |  | $ | 7,828 |  |  | $ | 3,972 |  |  | $ | 383 |  |  |  |  | $ | 12,183 |  |  |  |  |
Financing Receivable, Modified, Payment Performance | The Company closely monitors the performance of modified loans to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following tables present the performance of loans that were modified in the twelve months ended March 31, 2024. For the comparative period, the amounts represent the performance of loans that were modified in the three months ended March 31, 2023, subsequent to the adoption of ASU 2022-02 on January 1, 2023:
|  |  |  | Payment Performance as of March 31, 2024
($ in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  | Current |  | 30 - 89 Days Past Due |  | 90+ Days Past Due |  | Total
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
C&I |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 75,193 |  |  | $ | — |  |  | $ | 7,829 |  |  | $ | 83,022 |
CRE |  |  |  |  |  |  |  |  |  |  |  |  |  | 76,028 |  |  | — |  |  | — |  |  | 76,028 |
Total commercial |  |  |  |  |  |  |  |  |  |  |  |  |  | 151,221 |  |  | — |  |  | 7,829 |  |  | 159,050 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single-family residential |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,455 |  |  | 4,239 |  |  | 5,075 |  |  | 17,769 |
HELOCs |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,994 |  |  | 2,536 |  |  | — |  |  | 9,530 |
Total consumer |  |  |  |  |  |  |  |  |  |  |  |  |  | 15,449 |  |  | 6,775 |  |  | 5,075 |  |  | 27,299 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 166,670 |  |  | $ | 6,775 |  |  | $ | 12,904 |  |  | $ | 186,349 |
|  |  |  | Payment Performance as of March 31, 2023
($ in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  | Current |  | 30 - 89 Days Past Due |  | 90+ Days Past Due |  | Total
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
C&I |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 27,393 |  |  | $ | 6,945 |  |  | $ | — |  |  | $ | 34,338 |
CRE |  |  |  |  |  |  |  |  |  |  |  |  |  | 543 |  |  | — |  |  | — |  |  | 543 |
Total commercial |  |  |  |  |  |  |  |  |  |  |  |  |  | 27,936 |  |  | 6,945 |  |  | — |  |  | 34,881 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
HELOCs |  |  |  |  |  |  |  |  |  |  |  |  |  | 738 |  |  | — |  |  | — |  |  | 738 |
Total consumer |  |  |  |  |  |  |  |  |  |  |  |  |  | 738 |  |  | — |  |  | — |  |  | 738 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 28,674 |  |  | $ | 6,945 |  |  | $ | — |  |  | $ | 35,619 |
Financing Receivable Credit Quality Indicators, Key Credit Risk Characteristics and Macroeconomic Variables | 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 |  | Age percentage, size at origination, delinquency status, sector and risk rating |  | Unemployment rate, Gross Domestic Product (“GDP”), and U.S. Treasury rates (1)
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 score, delinquency status, maturity date, collateral value, and geographic location |  | Unemployment rate, GDP, and Home Price Indices
Other consumer |  | Loss rate approach |  | Immaterial (2)
(1)Macroeconomic variables were updated due to model redevelopment. (2)Macroeconomic variables are included in the qualitative estimate.
Summary Of Activity In The Allowance For Credit Losses | The following tables summarize the activity in the allowance for loan losses by portfolio segments for the three months ended March 31, 2024 and 2023:
|  | Three Months Ended March 31, 2024
|  | Commercial |  | Consumer |  |
|  |  |  | CRE |  | Residential Mortgage |  |  |  |
($ in thousands) |  | C&I |  | CRE |  | Multifamily Residential |  | Construction and Land |  | Single-Family Residential |  | HELOCs |  | Other Consumer |  | Total
Allowance for loan losses, beginning of period |  | $ | 392,685 |  |  | $ | 170,592 |  |  | $ | 34,375 |  |  | $ | 10,469 |  |  | $ | 55,018 |  |  | $ | 3,947 |  |  | $ | 1,657 |  |  | $ | 668,743 |
Provision for (reversal of) credit losses on loans | (a) | 275 |  |  | 18,939 |  |  | 3,032 |  |  | 1,574 |  |  | 899 |  |  | (432) |  |  | (132) |  |  | 24,155 |
Gross charge-offs |  | (20,998) |  |  | (2,398) |  |  | (6) |  |  | (1,224) |  |  | — |  |  | — |  |  | (58) |  |  | (24,684) |
Gross recoveries |  | 1,710 |  |  | 327 |  |  | 17 |  |  | — |  |  | 5 |  |  | 48 |  |  | — |  |  | 2,107 |
Total net (charge-offs) recoveries |  | (19,288) |  |  | (2,071) |  |  | 11 |  |  | (1,224) |  |  | 5 |  |  | 48 |  |  | (58) |  |  | (22,577) |
Foreign currency translation adjustment |  | (41) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (41) |
Allowance for loan losses, end of period |  | $ | 373,631 |  |  | $ | 187,460 |  |  | $ | 37,418 |  |  | $ | 10,819 |  |  | $ | 55,922 |  |  | $ | 3,563 |  |  | $ | 1,467 |  |  | $ | 670,280 |
|  | Three Months Ended March 31, 2023
|  | Commercial |  | Consumer |  |
|  |  |  | CRE |  | Residential Mortgage |  |  |  |
($ in thousands) |  | C&I |  | CRE |  | Multifamily Residential |  | Construction and Land |  | Single-Family Residential |  | HELOCs |  | Other Consumer |  | Total
Allowance for loan losses, December 31, 2022 |  | $ | 371,700 |  |  | $ | 149,864 |  |  | $ | 23,373 |  |  | $ | 9,109 |  |  | $ | 35,564 |  |  | $ | 4,475 |  |  | $ | 1,560 |  |  | $ | 595,645 |
Impact of ASU 2022-02 adoption |  | 5,683 |  |  | 337 |  |  | 6 |  |  | — |  |  | 1 |  |  | 1 |  |  | — |  |  | 6,028 |
Allowance for loan losses, January 1, 2023 |  | 377,383 |  |  | 150,201 |  |  | 23,379 |  |  | 9,109 |  |  | 35,565 |  |  | 4,476 |  |  | 1,560 |  |  | 601,673 |
(Reversal of) provision for credit losses on loans | (a) | (678) |  |  | 4,676 |  |  | 1,135 |  |  | 210 |  |  | 12,442 |  |  | 580 |  |  | 155 |  |  | 18,520 |
Gross charge-offs |  | (1,900) |  |  | (6) |  |  | — |  |  | — |  |  | — |  |  | (91) |  |  | (40) |  |  | (2,037) |
Gross recoveries |  | 1,211 |  |  | 196 |  |  | 12 |  |  | 3 |  |  | — |  |  | 6 |  |  | — |  |  | 1,428 |
Total net (charge-offs) recoveries |  | (689) |  |  | 190 |  |  | 12 |  |  | 3 |  |  | — |  |  | (85) |  |  | (40) |  |  | (609) |
Foreign currency translation adjustment |  | 309 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 309 |
Allowance for loan losses, end of period |  | $ | 376,325 |  |  | $ | 155,067 |  |  | $ | 24,526 |  |  | $ | 9,322 |  |  | $ | 48,007 |  |  | $ | 4,971 |  |  | $ | 1,675 |  |  | $ | 619,893 |
The following table summarizes the activities in the allowance for unfunded credit commitments for the three months ended March 31, 2024 and 2023:
|  | Three Months Ended March 31, |  |  |  |
($ in thousands) |  | 2024 |  | 2023 |  |  |  |  |  |  |  |
Unfunded credit facilities |  |  |  |  |  |  |  |  |  |  |  |
Allowance for unfunded credit commitments, beginning of period |  | $ | 37,699 |  |  | $ | 26,264 |  |  |  |  |  |  |  |  |
Provision for credit losses on unfunded credit commitments | (b) | 845 |  |  | 1,480 |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment |  | — |  |  | (3) |  |  |  |  |  |  |  |  |
Allowance for unfunded credit commitments, end of period |  | $ | 38,544 |  |  | $ | 27,741 |  |  |  |  |  |  |  |  |
Provision for credit losses | (a) + (b) | $ | 25,000 |  |  | $ | 20,000 |  |  |  |  |  |  |  |  |
Schedule Of Carrying Value Of Loans Transferred, Loans Sold and Purchased For the Held-For-Investment Portfolio | The following tables provide information on the carrying value of loans transferred, sold and purchased for the held-for-investment portfolio, during the three months ended March 31, 2024 and 2023:
|  | Three Months Ended March 31, 2024
|  | Commercial |  | Consumer |  |  |  |  |  |
|  |  |  |  |  | Residential Mortgage |  |  |  |  |  |
($ in thousands) |  | C&I |  |  |  |  |  |  |  | Single-Family Residential |  |  |  |  |  | Total
Loans transferred from held-for-investment to held-for-sale (1) |  | $ | 199,974 |  |  |  |  |  |  |  |  | $ | — |  |  |  |  |  |  | $ | 199,974 |
Sales (2)(3) |  | $ | 187,202 |  |  |  |  |  |  |  |  | $ | 965 |  |  |  |  |  |  | $ | 188,167 |
Purchases |  | $ | 33,344 |  | (4) |  |  |  |  |  |  | $ | 74,736 |  |  |  |  |  |  | $ | 108,080 |
|  | Three Months Ended March 31, 2023
|  | Commercial |  |  |  | Consumer |  |  |  |  |  |
|  |  |  | CRE |  |  |  | Residential Mortgage |  |  |  |  |  |
($ in thousands) |  | C&I |  | CRE |  |  |  |  |  | Single-Family Residential |  |  |  |  |  | Total
Loans transferred from held-for-investment to held-for-sale (1) |  | $ | 156,876 |  |  | $ | 3,600 |  |  |  |  |  |  | $ | — |  |  |  |  |  |  | $ | 160,476 |
Sales (2)(3) |  | $ | 175,932 |  |  | $ | 3,600 |  |  |  |  |  |  | $ | — |  |  |  |  |  |  | $ | 179,532 |
Purchases |  | $ | 22,683 |  | (4) | $ | — |  |  |  |  |  |  | $ | 131,999 |  |  |  |  |  |  | $ | 154,682 |
(1)Includes write-downs of $1 million and $273 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, 2024, and 2023, respectively. (2)Includes originated loans sold of $92 million and $111 million for the three months ended March 31, 2024 and 2023, respectively. Originated loans sold consisted primarily of C&I loans for both periods. (3)Includes $96 million and $69 million of purchased loans sold in the secondary market for the three months ended March 31, 2024 and 2023, respectively. (4)C&I loan purchases were comprised primarily of syndicated C&I term loans.

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