Loans and Leases

3 Months Ended

Mar. 31, 2025

The following table presents the major types of loans and leases, net of deferred fees and costs, as of the dates presented:


(in thousands)	March 31, 2025		December 31, 2024
Commercial real estate
Non-owner occupied term, net	$	6,179,261	$	6,278,154
Owner occupied term, net	5,303,424		5,270,294
Multifamily, net	5,831,266		5,804,364
Construction & development, net	2,070,732		1,983,213
Residential development, net	252,349		231,647
Commercial
Term, net	5,490,189		5,537,618
Lines of credit & other, net	2,753,613		2,769,643
Leases & equipment finance, net	1,644,052		1,660,835
Residential
Mortgage, net	5,878,427		5,933,352
Home equity loans & lines, net	2,039,061		2,031,653
Consumer & other, net	173,727		180,128
Total loans and leases, net of deferred fees and costs	$	37,616,101	$	37,680,901

The Company elected to exclude accrued interest receivable from the amortized cost basis of loans and leases disclosed throughout this note. Interest accrued on loans and leases totaled $145.4 million and $148.0 million as of March 31, 2025 and December 31, 2024, respectively, and is included in other assets on the Condensed Consolidated Balance Sheets. As of March 31, 2025, loans totaling $22.3 billion were pledged to secure borrowings and available lines of credit.

As of March 31, 2025 and December 31, 2024, the net deferred fees and costs were $61.5 million and $62.0 million, respectively. Total loans and leases also include discounts on acquired loans of $414.0 million and $439.0 million as of March 31, 2025 and December 31, 2024, respectively. Originated loans and leases are reported at the principal amount outstanding, net of unearned interest, deferred fees and costs, any partial charge-offs recorded, and interest applied to principal. Purchased loans are recorded at fair value at the date of purchase. The Company evaluates purchased loans for more-than-insignificant deterioration at the date of purchase. Purchased loans that have experienced more-than-insignificant deterioration from origination are considered PCD loans. All other purchased loans are considered non-PCD loans. The outstanding contractual unpaid principal balance of PCD loans, excluding acquisition accounting adjustments, was $188.2 million and $199.9 million as of March 31, 2025 and December 31, 2024, respectively. The carrying balance of PCD loans was $168.1 million and $178.5 million as of March 31, 2025 and December 31, 2024, respectively.

The Bank, through its commercial equipment leasing subsidiary, FinPac, is a provider of commercial equipment leasing and financing. Direct finance leases are included within the leases and equipment finance segment within the loans and leases, net line item. These direct financing leases typically have terms of three years to five years. Interest income recognized on these leases was $5.7 million for the three months ended March 31, 2025, as compared to $4.9 million for the three months ended March 31, 2024.