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Allowance for Loan and Lease Losses and Unfunded Commitments and Letters of Credit | 6 Months Ended
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Jun. 30, 2016
Allowance For Loan And Lease Losses And Unfunded Loan Commitments And Letters Of Credit |
Allowance For Loan And Lease Losses And Unfunded Loan Commitments And Letters Of Credit Text Block | Allowance for Loan and Lease Losses and Unfunded Commitments and Letters of Credit We record an allowance for loan and lease losses (the “allowance”) to recognize management’s estimate of credit losses incurred in the loan portfolio at each balance sheet date. Management’s allowance estimate is measured quarterly and the primary components include allowances related to:
1. | Loans collectively evaluated for impairment under the Contingencies topic of the FASB ASC.
2. | Loans individually determined to be impaired in accordance with the Receivables topic of the FASB ASC.
3. | Purchased credit impaired loans accounted for under the Receivables topic of the FASB ASC.
The allowance for loans collectively evaluated for impairment is measured using quantitative information adjusted by qualitative factors. Quantitative information includes credit loss experience over a historical base period and a loss emergence period estimated by loan product category such as commercial business, commercial real estate, etc. Historical loss experience by loan class incorporates the loan’s risk rating migration from origination to the point of loss. Loan risk ratings are assigned based upon an assessment of the borrower’s ability to service the debt. In the event a borrower experiences financial deterioration such that the primary source of loan repayment is at risk, secondary sources of loan repayment, such as guarantors, are considered. As conditions likely differ between the historical base period and the balance sheet date, management qualitatively adjusts the historical loss rate to assist in ensuring our allowance estimate reflects current conditions. Such qualitative adjustments include general economic and business conditions affecting our marketplace, seasoning of the loan portfolio, duration of the business cycle, trends with respect to delinquencies and problem loans, etc. In addition, the allowance may include an unallocated amount to recognize factors inherent in our loan portfolio but not otherwise contemplated. Any unallocated amount generally comprises less than 5% of the allowance. For loans individually determined to be impaired, the Company measures impairment on a loan-by-loan basis using either the discounted expected future cash flows, observable market price, or the fair value of the collateral less selling costs if the loan is collateral dependent or if foreclosure is probable. A specific reserve for such loans is recognized to the extent the measured value is less than the loan’s recorded investment. Purchased credit impaired loans that have common risk characteristics are aggregated into loan pools. When required, we record impairment, at the pool-level, to adjust the pool’s carrying value to its net present value of expected future cash flows. Quarterly, we re-measure expected loan pool cash flows. If, due to credit deterioration, the present value of expected cash flows is less than carrying value, we reduce the loan pool’s carrying value by adjusting the allowance with an impairment charge to earnings which is recorded as provision for loan losses. If credit quality improves and the present value of expected cash flows exceeds carrying value, we increase the loan pool’s carrying value by recapturing previously recorded allowance, if any. See Note 4, Loans, for further discussion of the accounting for PCI loans. Credit losses attributable to draws on purchased credit impaired loans, advanced subsequent to the loan purchase date, are accounted for under the Contingencies topic of the FASB ASC as described above. We have used the same methodology for allowance calculations during the six months ended June 30, 2016 and 2015. The Company carefully monitors the loan portfolio and continues to emphasize the importance of credit quality. We recognize loan charge-offs when management determines that all or a portion of a loan balance is uncollectable and the uncollectable amount can be reasonably estimated. The following tables show a detailed analysis of the allowance for the three and six months ended June 30, 2016 and 2015:
|  | Beginning Balance |  | Charge-offs |  | Recoveries |  | Provision (Recovery) |  | Ending Balance |  | Specific Reserve |  | General Allocation
Three months ended June 30, 2016 |  | (in thousands)
Commercial business: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured |  | $ | 32,114 |  |  | $ | (2,900 | ) |  | $ | 728 |  |  | $ | 1,866 |  |  | $ | 31,808 |  |  | $ | 2,486 |  |  | $ | 29,322 |
Unsecured |  | 1,300 |  |  | (41 | ) |  | 25 |  |  | (19 | ) |  | 1,265 |  |  | — |  |  | 1,265 |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |
One-to-four family residential |  | 654 |  |  | (35 | ) |  | 20 |  |  | 35 |  |  | 674 |  |  | 1 |  |  | 673 |
Commercial & multifamily residential: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial land |  | 1,262 |  |  | (26 | ) |  | 2 |  |  | 184 |  |  | 1,422 |  |  | — |  |  | 1,422 |
Income property |  | 7,402 |  |  | — |  |  | 120 |  |  | 524 |  |  | 8,046 |  |  | 100 |  |  | 7,946 |
Owner occupied |  | 6,086 |  |  | — |  |  | 8 |  |  | 242 |  |  | 6,336 |  |  | — |  |  | 6,336 |
Real estate construction: |  |  |  |  |  |  |  |  |  |  |  |  |  |
One-to-four family residential: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Land and acquisition |  | 640 |  |  | — |  |  | 2 |  |  | (55 | ) |  | 587 |  |  | — |  |  | 587 |
Residential construction |  | 1,449 |  |  | — |  |  | 3 |  |  | (76 | ) |  | 1,376 |  |  | — |  |  | 1,376 |
Commercial & multifamily residential: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income property |  | 715 |  |  | — |  |  | 1 |  |  | 188 |  |  | 904 |  |  | — |  |  | 904 |
Owner occupied |  | 1,210 |  |  | — |  |  | — |  |  | 174 |  |  | 1,384 |  |  | — |  |  | 1,384 |
Consumer |  | 3,368 |  |  | (334 | ) |  | 201 |  |  | 325 |  |  | 3,560 |  |  | 118 |  |  | 3,442 |
Purchased credit impaired |  | 13,064 |  |  | (2,898 | ) |  | 1,524 |  |  | 91 |  |  | 11,781 |  |  | — |  |  | 11,781 |
Unallocated |  | — |  |  | — |  |  | — |  |  | 161 |  |  | 161 |  |  | — |  |  | 161 |
Total |  | $ | 69,264 |  |  | $ | (6,234 | ) |  | $ | 2,634 |  |  | $ | 3,640 |  |  | $ | 69,304 |  |  | $ | 2,705 |  |  | $ | 66,599 |
|  | Beginning Balance |  | Charge-offs |  | Recoveries |  | Provision (Recovery) |  | Ending Balance |  | Specific Reserve |  | General Allocation
Six months ended June 30, 2016 |  | (in thousands)
Commercial business: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured |  | $ | 32,321 |  |  | $ | (6,670 | ) |  | $ | 1,339 |  |  | $ | 4,818 |  |  | $ | 31,808 |  |  | $ | 2,486 |  |  | $ | 29,322 |
Unsecured |  | 1,299 |  |  | (44 | ) |  | 76 |  |  | (66 | ) |  | 1,265 |  |  | — |  |  | 1,265 |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |
One-to-four family residential |  | 916 |  |  | (35 | ) |  | 61 |  |  | (268 | ) |  | 674 |  |  | 1 |  |  | 673 |
Commercial & multifamily residential: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial land |  | 1,178 |  |  | (26 | ) |  | 2 |  |  | 268 |  |  | 1,422 |  |  | — |  |  | 1,422 |
Income property |  | 6,616 |  |  | — |  |  | 181 |  |  | 1,249 |  |  | 8,046 |  |  | 100 |  |  | 7,946 |
Owner occupied |  | 5,550 |  |  | — |  |  | 16 |  |  | 770 |  |  | 6,336 |  |  | — |  |  | 6,336 |
Real estate construction: |  |  |  |  |  |  |  |  |  |  |  |  |  |
One-to-four family residential: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Land and acquisition |  | 339 |  |  | — |  |  | 53 |  |  | 195 |  |  | 587 |  |  | — |  |  | 587 |
Residential construction |  | 733 |  |  | — |  |  | 206 |  |  | 437 |  |  | 1,376 |  |  | — |  |  | 1,376 |
Commercial & multifamily residential: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income property |  | 388 |  |  | — |  |  | 2 |  |  | 514 |  |  | 904 |  |  | — |  |  | 904 |
Owner occupied |  | 1,006 |  |  | — |  |  | — |  |  | 378 |  |  | 1,384 |  |  | — |  |  | 1,384 |
Consumer |  | 3,531 |  |  | (600 | ) |  | 366 |  |  | 263 |  |  | 3,560 |  |  | 118 |  |  | 3,442 |
Purchased credit impaired |  | 13,726 |  |  | (5,764 | ) |  | 3,075 |  |  | 744 |  |  | 11,781 |  |  | — |  |  | 11,781 |
Unallocated |  | 569 |  |  | — |  |  | — |  |  | (408 | ) |  | 161 |  |  | — |  |  | 161 |
Total |  | $ | 68,172 |  |  | $ | (13,139 | ) |  | $ | 5,377 |  |  | $ | 8,894 |  |  | $ | 69,304 |  |  | $ | 2,705 |  |  | $ | 66,599 |
|  | Beginning Balance |  | Charge-offs |  | Recoveries |  | Provision (Recovery) |  | Ending Balance |  | Specific Reserve |  | General Allocation
Three months ended June 30, 2015 |  | (in thousands)
Commercial business: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured |  | $ | 25,761 |  |  | $ | (2,022 | ) |  | $ | 200 |  |  | $ | 3,769 |  |  | $ | 27,708 |  |  | $ | 1,161 |  |  | $ | 26,547 |
Unsecured |  | 1,012 |  |  | (64 | ) |  | 9 |  |  | (100 | ) |  | 857 |  |  | — |  |  | 857 |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |
One-to-four family residential |  | 1,364 |  |  | (289 | ) |  | 15 |  |  | 265 |  |  | 1,355 |  |  | 111 |  |  | 1,244 |
Commercial & multifamily residential: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial land |  | 827 |  |  | — |  |  | — |  |  | 754 |  |  | 1,581 |  |  | — |  |  | 1,581 |
Income property |  | 8,440 |  |  | (43 | ) |  | 7 |  |  | (207 | ) |  | 8,197 |  |  | — |  |  | 8,197 |
Owner occupied |  | 5,612 |  |  | — |  |  | 13 |  |  | 176 |  |  | 5,801 |  |  | 20 |  |  | 5,781 |
Real estate construction: |  |  |  |  |  |  |  |  |  |  |  |  |  |
One-to-four family residential: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Land and acquisition |  | 1,026 |  |  | — |  |  | 1 |  |  | (530 | ) |  | 497 |  |  | 66 |  |  | 431 |
Residential construction |  | 1,790 |  |  | — |  |  | 7 |  |  | (839 | ) |  | 958 |  |  | — |  |  | 958 |
Commercial & multifamily residential: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income property |  | 827 |  |  | — |  |  | 2 |  |  | (422 | ) |  | 407 |  |  | — |  |  | 407 |
Owner occupied |  | 499 |  |  | — |  |  | — |  |  | (58 | ) |  | 441 |  |  | — |  |  | 441 |
Consumer |  | 2,835 |  |  | (319 | ) |  | 137 |  |  | 529 |  |  | 3,182 |  |  | — |  |  | 3,182 |
Purchased credit impaired |  | 16,531 |  |  | (2,876 | ) |  | 2,043 |  |  | 476 |  |  | 16,174 |  |  | — |  |  | 16,174 |
Unallocated |  | 3,710 |  |  | — |  |  | — |  |  | (1,611 | ) |  | 2,099 |  |  | — |  |  | 2,099 |
Total |  | $ | 70,234 |  |  | $ | (5,613 | ) |  | $ | 2,434 |  |  | $ | 2,202 |  |  | $ | 69,257 |  |  | $ | 1,358 |  |  | $ | 67,899 |
|  | Beginning Balance |  | Charge-offs |  | Recoveries |  | Provision (Recovery) |  | Ending Balance |  | Specific Reserve |  | General Allocation
Six months ended June 30, 2015 |  | (in thousands)
Commercial business: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured |  | $ | 25,923 |  |  | $ | (3,408 | ) |  | $ | 712 |  |  | $ | 4,481 |  |  | $ | 27,708 |  |  | $ | 1,161 |  |  | $ | 26,547 |
Unsecured |  | 927 |  |  | (104 | ) |  | 115 |  |  | (81 | ) |  | 857 |  |  | — |  |  | 857 |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |
One-to-four family residential |  | 2,281 |  |  | (297 | ) |  | 27 |  |  | (656 | ) |  | 1,355 |  |  | 111 |  |  | 1,244 |
Commercial & multifamily residential: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial land |  | 799 |  |  | — |  |  | — |  |  | 782 |  |  | 1,581 |  |  | — |  |  | 1,581 |
Income property |  | 9,159 |  |  | (43 | ) |  | 3,259 |  |  | (4,178 | ) |  | 8,197 |  |  | — |  |  | 8,197 |
Owner occupied |  | 5,007 |  |  | — |  |  | 22 |  |  | 772 |  |  | 5,801 |  |  | 20 |  |  | 5,781 |
Real estate construction: |  |  |  |  |  |  |  |  |  |  |  |  |  |
One-to-four family residential: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Land and acquisition |  | 1,197 |  |  | — |  |  | 3 |  |  | (703 | ) |  | 497 |  |  | 66 |  |  | 431 |
Residential construction |  | 1,860 |  |  | — |  |  | 33 |  |  | (935 | ) |  | 958 |  |  | — |  |  | 958 |
Commercial & multifamily residential: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income property |  | 622 |  |  | — |  |  | 5 |  |  | (220 | ) |  | 407 |  |  | — |  |  | 407 |
Owner occupied |  | 434 |  |  | — |  |  | — |  |  | 7 |  |  | 441 |  |  | — |  |  | 441 |
Consumer |  | 3,180 |  |  | (1,210 | ) |  | 410 |  |  | 802 |  |  | 3,182 |  |  | — |  |  | 3,182 |
Purchased credit impaired |  | 16,336 |  |  | (6,976 | ) |  | 3,729 |  |  | 3,085 |  |  | 16,174 |  |  | — |  |  | 16,174 |
Unallocated |  | 1,844 |  |  | — |  |  | — |  |  | 255 |  |  | 2,099 |  |  | — |  |  | 2,099 |
Total |  | $ | 69,569 |  |  | $ | (12,038 | ) |  | $ | 8,315 |  |  | $ | 3,411 |  |  | $ | 69,257 |  |  | $ | 1,358 |  |  | $ | 67,899 |
Changes in the allowance for unfunded commitments and letters of credit, a component of other liabilities in the consolidated balance sheet, are summarized as follows:
|  | Three Months Ended |  | Six Months Ended
|  | June 30, |  | June 30,
|  | 2016 |  | 2015 |  | 2016 |  | 2015
|  | (in thousands)
Balance at beginning of period |  | $ | 2,930 |  |  | $ | 2,655 |  |  | $ | 2,930 |  |  | $ | 2,655 |
Net changes in the allowance for unfunded commitments and letters of credit |  | (150 | ) |  | 275 |  |  | (150 | ) |  | 275 |
Balance at end of period |  | $ | 2,780 |  |  | $ | 2,930 |  |  | $ | 2,780 |  |  | $ | 2,930 |
Risk Elements The extension of credit in the form of loans or other credit products to individuals and businesses is one of our principal business activities. Our policies and applicable laws and regulations require risk analysis as well as ongoing portfolio and credit management. We manage our credit risk through lending limit constraints, credit review, approval policies and extensive, ongoing internal monitoring. We also manage credit risk through diversification of the loan portfolio by type of loan, type of industry and type of borrower and by limiting the aggregation of debt to a single borrower. Risk ratings are reviewed and updated whenever appropriate, with more periodic reviews as the risk and dollar value of loss on the loan increases. In the event full collection of principal and interest is not reasonably assured, the loan is appropriately downgraded and, if warranted, placed on nonaccrual status even though the loan may be current as to principal and interest payments. Additionally, we assess whether an impairment of a loan warrants specific reserves or a write-down of the loan. Pass rated loans are generally considered to have sufficient sources of repayment in order to repay the loan in full in accordance with all terms and conditions. Special Mention rated loans have potential weaknesses that, if left uncorrected, may result in deterioration of the repayment prospects for the asset or in the Company’s credit position at some future date. Loans with a risk rating of Substandard or worse are reported as classified loans in our allowance analysis. We review these loans to assess the ability of our borrowers to service all interest and principal obligations and, as a result, the risk rating may be adjusted accordingly. Loans risk rated as Substandard reflect loans where a loss is possible if loan weaknesses are not corrected. Doubtful rated loans have a high probability of loss, however, the amount of loss has not yet been determined. Loss rated loans are considered uncollectable and when identified, are charged off. The following is an analysis of the credit quality of our loan portfolio, excluding PCI loans, as of June 30, 2016 and December 31, 2015:
|  | Pass |  | Special Mention |  | Substandard |  | Doubtful |  | Loss |  | Total
June 30, 2016 |  | (in thousands)
Loans, excluding PCI loans: |  |  |  |  |  |  |  |  |  |  |  |
Commercial business: |  |  |  |  |  |  |  |  |  |  |  |
Secured |  | $ | 2,297,510 |  |  | $ | 76,014 |  |  | $ | 43,897 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,417,421 |
Unsecured |  | 96,551 |  |  | 277 |  |  | 62 |  |  | — |  |  | — |  |  | 96,890 |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |
One-to-four family residential |  | 168,559 |  |  | 514 |  |  | 1,099 |  |  | — |  |  | — |  |  | 170,172 |
Commercial and multifamily residential: |  |  |  |  |  |  |  |  |  |  |  |
Commercial land |  | 227,322 |  |  | 6,544 |  |  | 341 |  |  | — |  |  | — |  |  | 234,207 |
Income property |  | 1,344,005 |  |  | 17,095 |  |  | 11,007 |  |  | — |  |  | — |  |  | 1,372,107 |
Owner occupied |  | 1,005,059 |  |  | 5,791 |  |  | 13,596 |  |  | — |  |  | — |  |  | 1,024,446 |
Real estate construction: |  |  |  |  |  |  |  |  |  |  |  |
One-to-four family residential: |  |  |  |  |  |  |  |  |  |  |  |
Land and acquisition |  | 10,708 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 10,708 |
Residential construction |  | 117,022 |  |  | — |  |  | 842 |  |  | — |  |  | — |  |  | 117,864 |
Commercial and multifamily residential: |  |  |  |  |  |  |  |  |  |  |  |
Income property |  | 78,867 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 78,867 |
Owner occupied |  | 100,341 |  |  | — |  |  | 4,555 |  |  | — |  |  | — |  |  | 104,896 |
Consumer |  | 309,831 |  |  | — |  |  | 8,627 |  |  | — |  |  | — |  |  | 318,458 |
Total |  | $ | 5,755,775 |  |  | $ | 106,235 |  |  | $ | 84,026 |  |  | $ | — |  |  | $ | — |  |  | 5,946,036 |
Less: |  |  |  |  |  |  |  |  |  |  |  |
Allowance for loan and lease losses |  | 57,523 |
Loans, excluding PCI loans, net |  | $ | 5,888,513 |
|  | Pass |  | Special Mention |  | Substandard |  | Doubtful |  | Loss |  | Total
December 31, 2015 |  | (in thousands)
Loans, excluding PCI loans: |  |  |  |  |  |  |  |  |  |  |  |
Commercial business: |  |  |  |  |  |  |  |  |  |  |  |
Secured |  | $ | 2,146,729 |  |  | $ | 59,746 |  |  | $ | 56,217 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,262,692 |
Unsecured |  | 93,347 |  |  | 278 |  |  | 1,323 |  |  | — |  |  | — |  |  | 94,948 |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |
One-to-four family residential |  | 171,945 |  |  | 52 |  |  | 1,439 |  |  | — |  |  | — |  |  | 173,436 |
Commercial and multifamily residential: |  |  |  |  |  |  |  |  |  |  |  |
Commercial land |  | 207,768 |  |  | 4,966 |  |  | 424 |  |  | — |  |  | — |  |  | 213,158 |
Income property |  | 1,296,043 |  |  | 5,889 |  |  | 8,847 |  |  | — |  |  | — |  |  | 1,310,779 |
Owner occupied |  | 918,986 |  |  | 9,668 |  |  | 17,662 |  |  | — |  |  | — |  |  | 946,316 |
Real estate construction: |  |  |  |  |  |  |  |  |  |  |  |
One-to-four family residential: |  |  |  |  |  |  |  |  |  |  |  |
Land and acquisition |  | 14,388 |  |  | — |  |  | 362 |  |  | — |  |  | — |  |  | 14,750 |
Residential construction |  | 119,243 |  |  | — |  |  | 1,132 |  |  | — |  |  | — |  |  | 120,375 |
Commercial and multifamily residential: |  |  |  |  |  |  |  |  |  |  |  |
Income property |  | 83,634 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 83,634 |
Owner occupied |  | 81,270 |  |  | — |  |  | 401 |  |  | — |  |  | — |  |  | 81,671 |
Consumer |  | 328,286 |  |  | — |  |  | 4,076 |  |  | — |  |  | — |  |  | 332,362 |
Total |  | $ | 5,461,639 |  |  | $ | 80,599 |  |  | $ | 91,883 |  |  | $ | — |  |  | $ | — |  |  | 5,634,121 |
Less: |  |  |  |  |  |  |  |  |  |  |  |
Allowance for loan and lease losses |  | 54,446 |
Loans, excluding PCI loans, net |  | $ | 5,579,675 |
The following is an analysis of the credit quality of our PCI loan portfolio as of June 30, 2016 and December 31, 2015:
|  | Pass |  | Special Mention |  | Substandard |  | Doubtful |  | Loss |  | Total
June 30, 2016 |  | (in thousands)
PCI loans: |  |  |  |  |  |  |  |  |  |  |  |
Commercial business: |  |  |  |  |  |  |  |  |  |  |  |
Secured |  | $ | 24,135 |  |  | $ | 96 |  |  | $ | 3,298 |  |  | $ | — |  |  | $ | — |  |  | $ | 27,529 |
Unsecured |  | 919 |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | 920 |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |
One-to-four family residential |  | 21,966 |  |  | — |  |  | 1,742 |  |  | — |  |  | — |  |  | 23,708 |
Commercial and multifamily residential: |  |  |  |  |  |  |  |  |  |  |  |
Commercial land |  | 7,877 |  |  | — |  |  | 395 |  |  | — |  |  | — |  |  | 8,272 |
Income property |  | 30,893 |  |  | — |  |  | 4,496 |  |  | — |  |  | — |  |  | 35,389 |
Owner occupied |  | 55,866 |  |  | — |  |  | 1,674 |  |  | — |  |  | — |  |  | 57,540 |
Real estate construction: |  |  |  |  |  |  |  |  |  |  |  |
One-to-four family residential: |  |  |  |  |  |  |  |  |  |  |  |
Land and acquisition |  | 794 |  |  | — |  |  | 144 |  |  | — |  |  | — |  |  | 938 |
Residential construction |  | 401 |  |  | — |  |  | 321 |  |  | — |  |  | — |  |  | 722 |
Commercial and multifamily residential: |  |  |  |  |  |  |  |  |  |  |  |
Income property |  | 1,263 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,263 |
Owner occupied |  | 520 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 520 |
Consumer |  | 18,470 |  |  | — |  |  | 327 |  |  | — |  |  | — |  |  | 18,797 |
Total |  | $ | 163,104 |  |  | $ | 96 |  |  | $ | 12,398 |  |  | $ | — |  |  | $ | — |  |  | 175,598 |
Less: |  |  |  |  |  |  |  |  |  |  |  |
Valuation discount resulting from acquisition accounting |  | 14,491 |
Allowance for loan losses |  | 11,781 |
PCI loans, net |  | $ | 149,326 |
|  | Pass |  | Special Mention |  | Substandard |  | Doubtful |  | Loss |  | Total
December 31, 2015 |  | (in thousands)
PCI loans: |  |  |  |  |  |  |  |  |  |  |  |
Commercial business: |  |  |  |  |  |  |  |  |  |  |  |
Secured |  | $ | 31,468 |  |  | $ | 101 |  |  | $ | 5,995 |  |  | $ | — |  |  | $ | — |  |  | $ | 37,564 |
Unsecured |  | 1,218 |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | 1,220 |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |
One-to-four family residential |  | 25,018 |  |  | — |  |  | 2,177 |  |  | — |  |  | — |  |  | 27,195 |
Commercial and multifamily residential: |  |  |  |  |  |  |  |  |  |  |  |
Commercial land |  | 8,234 |  |  | — |  |  | 664 |  |  | — |  |  | — |  |  | 8,898 |
Income property |  | 36,426 |  |  | — |  |  | 5,916 |  |  | — |  |  | — |  |  | 42,342 |
Owner occupied |  | 53,071 |  |  | 261 |  |  | 1,736 |  |  | — |  |  | — |  |  | 55,068 |
Real estate construction: |  |  |  |  |  |  |  |  |  |  |  |
One-to-four family residential: |  |  |  |  |  |  |  |  |  |  |  |
Land and acquisition |  | 1,086 |  |  | — |  |  | 479 |  |  | — |  |  | — |  |  | 1,565 |
Residential construction |  | 427 |  |  | — |  |  | 334 |  |  | — |  |  | — |  |  | 761 |
Commercial and multifamily residential: |  |  |  |  |  |  |  |  |  |  |  |
Income property |  | 1,303 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,303 |
Owner occupied |  | 531 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 531 |
Consumer |  | 20,122 |  |  | — |  |  | 781 |  |  | — |  |  | — |  |  | 20,903 |
Total |  | $ | 178,904 |  |  | $ | 362 |  |  | $ | 18,084 |  |  | $ | — |  |  | $ | — |  |  | 197,350 |
Less: |  |  |  |  |  |  |  |  |  |  |  |
Valuation discount resulting from acquisition accounting |  | 16,444 |
Allowance for loan losses |  | 13,726 |
PCI loans, net |  | $ | 167,180 |

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- Definition Allowance For Loan And Lease Losses And Unfunded Loan Commitments And Letters Of Credit [Text Block] + References No definition available. + Details
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