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LOAN PORTFOLIO (Tables) | 9 Months Ended
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Sep. 30, 2018
Loan Portfolio Held for Investment | The following provides information about the loan portfolio held for investment:
|  | As of September 30, |  | As of December 31,
|  | 2018 |  | 2017
(In thousands) |
Residential mortgage loans, mainly secured by first mortgages | $ | 3,207,981 |  | $ | 3,290,957
Commercial loans: |  |  |  |  |
Construction loans (1) |  | 82,862 |  |  | 111,397
Commercial mortgage loans (1) |  | 1,506,502 |  |  | 1,614,972
Commercial and Industrial loans (1)(2) |  | 2,068,256 |  |  | 2,083,253
Total commercial loans |  | 3,657,620 |  |  | 3,809,622
Finance leases |  | 311,180 |  |  | 257,462
Consumer loans |  | 1,540,172 |  |  | 1,492,435
Loans held for investment |  | 8,716,953 |  |  | 8,850,476
Allowance for loan and lease losses |  | (200,563) |  |  | (231,843)
Loans held for investment, net | $ | 8,516,390 |  | $ | 8,618,633
(1) | During the first nine months of 2018, the Corporation transferred $74.4 million (net of fair value write-downs of $22.2 million recorded at the time of transfers) in non-performing loans to held for sale. Loans transferred to held for sale consisted of non-performing commercial mortgage loans totaling $39.6 million (net of fair value write-downs of $13.8 million), non-performing construction loans totaling $33.0 million (net of fair value write-downs of $6.7 million) and non-performing commercial and industrial loans totaling $1.8 million (net of fair value write-downs of $1.7 million). Approximately $27.2 million of the commercial mortgage loans transferred to loan held for sale were eventually sold during the second quarter and third quarters of 2018.
(2) | As of September 30, 2018 and December 31, 2017, $802.7 million and $833.5 million, respectively, of commercial loans were secured by real estate but are not dependent upon the real estate for repayment.
Loans Held for Investment on Which Accrual of Interest Income had been Discontinued |
Loans held for investment on which accrual of interest income had been discontinued were as follows:
|  | As of |  | As of
| September 30, |  | December 31,
(In thousands) | 2018 |  | 2017
Non-performing loans: |  |  |  |  |
| Residential mortgage | $ | 156,685 |  | $ | 178,291
| Commercial mortgage (1) |  | 117,397 |  |  | 156,493
| Commercial and Industrial (1) |  | 34,551 |  |  | 85,839
| Construction: |  |  |  |  |
| Land (1) |  | 6,922 |  |  | 15,026
| Construction-commercial (1) |  | - |  |  | 35,100
| Construction-residential |  | 2,149 |  |  | 1,987
| Consumer: |  |  |  |  |
| Auto loans |  | 12,258 |  |  | 10,211
| Finance leases |  | 1,443 |  |  | 1,237
| Other consumer loans |  | 7,963 |  |  | 5,370
Total non-performing loans held for investment (2)(3)(4) | $ | 339,368 |  | $ | 489,554
(1) | During the first nine months of 2018, the Corporation transferred $74.4 million (net of fair value write-downs of $22.2 million recorded at the time of transfers) in non-performing loans to held for sale. Loans transferred to held for sale consisted of non-performing commercial mortgage loans totaling $39.6 million (net of fair value write-downs of $13.8 million), non-performing construction loans totaling $33.0 million (net of fair value write-downs of $6.7 million) and non-performing commercial and industrial loans totaling $1.8 million (net of fair value write-downs of $1.7 million). Approximately $27.2 million of the commercial mortgage loans transferred to loan held for sale were eventually sold during the second quarter and third quarters of 2018.
(2) | Excludes $44.2 million and $8.3 million of non-performing loans held for sale as of September 30, 2018 and December 31, 2017, respectively.
(3) | Amount excludes purchased-credit impaired (“PCI”) loans with a carrying value of approximately $149.1 million and $158.2 million as of September 30, 2018 and December 31, 2017, respectively, primarily mortgage loans acquired from Doral Bank in the first quarter of 2015 and from Doral Financial in the second quarter of 2014, as further discussed below. These loans are not considered non-performing due to the application of the accretion method, under which these loans will accrete interest income over the remaining life of the loans using an estimated cash flow analysis.
(4) | Non-performing loans exclude $510.8 million and $374.7 million of Troubled Debt Restructuring (“TDR”) loans that are in compliance with modified terms and in accrual status as of September 30, 2018 and December 31, 2017, respectively.
Corporation's Aging of Loans Held for Investment Portfolio |
The Corporation’s aging of the loans held for investment portfolio is as follows:
|  |  |  |  |  |  |  |  | Purchased Credit-Impaired Loans |  |  |  |  |  |  |  |
| 30-59 Days Past Due |  | 60-89 Days Past Due |  | 90 days or more Past Due (1)(2)(3) |  | Total Past Due |  |  |  |  | Total loans held for investment |  | 90 days past due and still accruing (1)(2)(3)
As of September 30, 2018 |  |  |  |  |  |  |  |
(In thousands) |  |  |  |  |  | Current |  |
Residential mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FHA/VA government-guaranteed loans (2) (3) (4) | $ | - |  | $ | 3,206 |  | $ | 107,869 |  | $ | 111,075 |  | $ | - |  | $ | 39,696 |  | $ | 150,771 |  | $ | 107,869
Other residential mortgage loans (2)(4) |  | - |  |  | 64,015 |  |  | 171,893 |  |  | 235,908 |  |  | 145,203 |  |  | 2,676,099 |  |  | 3,057,210 |  |  | 15,208
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and Industrial loans |  | 1,729 |  |  | 392 |  |  | 38,998 |  |  | 41,119 |  |  | - |  |  | 2,027,137 |  |  | 2,068,256 |  |  | 4,447
Commercial mortgage loans (4) |  | - |  |  | 1,192 |  |  | 120,456 |  |  | 121,648 |  |  | 3,919 |  |  | 1,380,935 |  |  | 1,506,502 |  |  | 3,059
Construction: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Land (4) |  | - |  |  | 51 |  |  | 6,922 |  |  | 6,973 |  |  | - |  |  | 14,331 |  |  | 21,304 |  |  | -
Construction-commercial |  | - |  |  | 1,089 |  |  | - |  |  | 1,089 |  |  | - |  |  | 52,881 |  |  | 53,970 |  |  | -
Construction-residential |  | - |  |  | - |  |  | 2,149 |  |  | 2,149 |  |  | - |  |  | 5,439 |  |  | 7,588 |  |  | -
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Auto loans |  | 35,122 |  |  | 7,047 |  |  | 12,258 |  |  | 54,427 |  |  | - |  |  | 840,801 |  |  | 895,228 |  |  | -
Finance leases |  | 5,451 |  |  | 1,839 |  |  | 1,443 |  |  | 8,733 |  |  | - |  |  | 302,447 |  |  | 311,180 |  |  | -
Other consumer loans |  | 7,773 |  |  | 4,885 |  |  | 11,673 |  |  | 24,331 |  |  | - |  |  | 620,613 |  |  | 644,944 |  |  | 3,710
Total loans held for investment | $ | 50,075 |  | $ | 83,716 |  | $ | 473,661 |  | $ | 607,452 |  | $ | 149,122 |  | $ | 7,960,379 |  | $ | 8,716,953 |  | $ | 134,293
_____________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) | Includes non-performing loans and accruing loans that were contractually delinquent 90 days or more (i.e., FHA/VA guaranteed loans and credit cards). Credit card loans continue to accrue finance charges and fees until charged-off at 180 days.
(2) | It is the Corporationʼs policy to report delinquent residential mortgage loans insured by the FHA, guaranteed by the VA, and other government-insured loans as past-due loans 90 days and still accruing as opposed to non-performing loans since the principal repayment is insured. These balances include $33.9 million of residential mortgage loans insured by the FHA that were over 15 months delinquent, and were no longer accruing interest as of September 30, 2018, taking into consideration the FHA interest curtailment process.
(3) | As of September 30, 2018, includes $75.9 million of defaulted loans collateralizing GNMA securities for which the Corporation has an unconditional option (but not an obligation) to repurchase the defaulted loans.
(4) | According to the Corporationʼs delinquency policy and consistent with the instructions for the preparation of the Consolidated Financial Statements for Bank Holding Companies (FR Y-9C) required by the Federal Reserve Board, residential mortgage, commercial mortgage, and construction loans are considered past due when the borrower is in arrears on two or more monthly payments. FHA/VA government-guaranteed loans, other residential mortgage loans, commercial mortgage loans and land loans past due 30-59 days as of September 30, 2018 amounted to $7.0 million, $108.1 million, $4.2 million and $0.1 million, respectively.
As of December 31, 2017 | 30-59 Days Past Due |  | 60-89 Days Past Due |  | 90 days or more Past Due (1)(2)(3) |  |  |  |  |  |  |  |  |  |  | Total loans held for investment |  | 90 days past due and still accruing (1)(2)(3)
(In thousands) |  |  |  |  | Total Past Due |  |  | Purchased Credit- Impaired Loans |  |  | Current |  |
Residential mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FHA/VA government-guaranteed loans (2) (3) (4) | $ | - |  | $ | 6,792 |  | $ | 102,815 |  | $ | 109,607 |  | $ | - |  | $ | 29,332 |  | $ | 138,939 |  | $ | 102,815
Other residential mortgage loans (2)(4) |  | - |  |  | 92,502 |  |  | 193,750 |  |  | 286,252 |  |  | 153,991 |  |  | 2,711,775 |  |  | 3,152,018 |  |  | 15,459
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and Industrial loans |  | 8,971 |  |  | 576 |  |  | 88,156 |  |  | 97,703 |  |  | - |  |  | 1,985,550 |  |  | 2,083,253 |  |  | 2,317
Commercial mortgage loans (4) |  | - |  |  | 7,525 |  |  | 163,180 |  |  | 170,705 |  |  | 4,183 |  |  | 1,440,084 |  |  | 1,614,972 |  |  | 6,687
Construction: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Land (4) |  | - |  |  | 124 |  |  | 15,177 |  |  | 15,301 |  |  | - |  |  | 11,630 |  |  | 26,931 |  |  | 151
Construction-commercial |  | - |  |  | - |  |  | 35,100 |  |  | 35,100 |  |  | - |  |  | 41,456 |  |  | 76,556 |  |  | -
Construction-residential |  | - |  |  | 95 |  |  | 1,987 |  |  | 2,082 |  |  | - |  |  | 5,828 |  |  | 7,910 |  |  | -
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Auto loans |  | 57,560 |  |  | 23,783 |  |  | 10,211 |  |  | 91,554 |  |  | - |  |  | 752,777 |  |  | 844,331 |  |  | -
Finance leases |  | 10,549 |  |  | 3,484 |  |  | 1,237 |  |  | 15,270 |  |  | - |  |  | 242,192 |  |  | 257,462 |  |  | -
Other consumer loans |  | 10,776 |  |  | 5,052 |  |  | 9,361 |  |  | 25,189 |  |  | - |  |  | 622,915 |  |  | 648,104 |  |  | 3,991
Total loans held for investment | $ | 87,856 |  | $ | 139,933 |  | $ | 620,974 |  | $ | 848,763 |  | $ | 158,174 |  | $ | 7,843,539 |  | $ | 8,850,476 |  | $ | 131,420
____________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) | Includes non-performing loans and accruing loans that were contractually delinquent 90 days or more (i.e., FHA/VA guaranteed loans and credit cards). Credit card loans continue to accrue finance charges and fees until charged-off at 180 days.
(2) | It is the Corporationʼs policy to report delinquent residential mortgage loans insured by the FHA, guaranteed by the VA, and other government-insured loans as past-due loans 90 days and still accruing as opposed to non-performing loans since the principal repayment is insured. These balances include $29.9 million of residential mortgage loans insured by the FHA that were over 15 months delinquent, and were no longer accruing interest as of December 31, 2017, taking into consideration the FHA interest curtailment process.
(3) | As of December 31, 2017, includes $62.1 million of defaulted loans collateralizing GNMA securities for which the Corporation has an unconditional option (but not an obligation) to repurchase the defaulted loans.
(4) | According to the Corporationʼs delinquency policy and consistent with the instructions for the preparation of the Consolidated Financial Statements for Bank Holding Companies (FR Y-9C) required by the Federal Reserve Board, residential mortgage, commercial mortgage, and construction loans are considered past due when the borrower is in arrears on two or more monthly payments. FHA/VA government-guaranteed loans, other residential mortgage loans, commercial mortgage loans, and land loans past due 30-59 days as of December 31, 2017 amounted to $6.0 million, $224.0 million, $9.0 million, and $2.5 million, respectively.
Corporation's Credit Quality Indicators by Loan |
The Corporation’s credit quality indicators by loan type as of September 30, 2018 and December 31, 2017 are summarized below:
|  | Commercial Credit Exposure - Credit Risk Profile Based on Creditworthiness Category:
|  | Substandard |  | Doubtful |  | Loss |  | Total Adversely Classified (1) |  | Total Portfolio
September 30, 2018 |  |  |  |
(In thousands) |  |
Commercial mortgage | $ | 262,519 |  | $ | 7,927 |  | $ | - |  | $ | 270,446 |  | $ | 1,506,502
Construction: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Land |  | 5,658 |  |  | - |  |  | - |  |  | 5,658 |  |  | 21,304
Construction - commercial |  | 3,458 |  |  | - |  |  | - |  |  | 3,458 |  |  | 53,970
Construction - residential |  | 1,194 |  |  | - |  |  | - |  |  | 1,194 |  |  | 7,588
Commercial and Industrial |  | 96,993 |  |  | 4,659 |  |  | 394 |  |  | 102,046 |  |  | 2,068,256
|  | Commercial Credit Exposure - Credit Risk Profile Based on Creditworthiness Category:
|  | Substandard |  | Doubtful |  | Loss |  | Total Adversely Classified (1) |  | Total Portfolio
December 31, 2017 |  |  |  |
(In thousands) |  |
Commercial mortgage | $ | 257,503 |  | $ | 4,166 |  | $ | - |  | $ | 261,669 |  | $ | 1,614,972
Construction: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Land |  | 15,971 |  |  | 490 |  |  | - |  |  | 16,461 |  |  | 26,931
Construction - commercial |  | 35,100 |  |  | - |  |  | - |  |  | 35,100 |  |  | 76,556
Construction - residential |  | 1,987 |  |  | - |  |  | - |  |  | 1,987 |  |  | 7,910
Commercial and Industrial |  | 154,416 |  |  | 3,854 |  |  | 676 |  |  | 158,946 |  |  | 2,083,253
_________ |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) | Excludes non-performing loans held for sale of $44.2 million ($12.4 million commercial mortgage, $30.0 million construction-commercial, and $1.8 million construction-land) and $8.3 million (construction-land) as of September 30, 2018 and December 31, 2017, respectively.
|  | Consumer Credit Exposure - Credit Risk Profile Based on Payment Activity
|  | Residential Real Estate |  | Consumer
September 30, 2018 | FHA/VA/ Guaranteed (1) |  | Other residential loans |  | Auto |  | Finance Leases |  | Other Consumer
(In thousands) |  |
Performing | $ | 150,771 |  | $ | 2,755,322 |  | $ | 882,970 |  | $ | 309,737 |  | $ | 636,981
Purchased Credit-Impaired (2) |  | - |  |  | 145,203 |  |  | - |  |  | - |  |  | -
Non-performing |  | - |  |  | 156,685 |  |  | 12,258 |  |  | 1,443 |  |  | 7,963
Total | $ | 150,771 |  | $ | 3,057,210 |  | $ | 895,228 |  | $ | 311,180 |  | $ | 644,944
(1) | It is the Corporationʼs policy to report delinquent residential mortgage loans insured by the FHA, guaranteed by the VA, and other government-insured loans as 90 days past-due loans and still accruing as opposed to non-performing loans since the principal repayment is insured. This balance includes $33.9 million of residential mortgage loans insured by the FHA that were over 15 months delinquent, and were no longer accruing interest as of September 30, 2018, taking into consideration the FHA interest curtailment process.
(2) | PCI loans are excluded from non-performing statistics due to the application of the accretion method, under which these loans will accrete interest income over the remaining life of the loans using estimated cash flow analyses.
|  | Consumer Credit Exposure - Credit Risk Profile Based on Payment Activity
|  |  | Residential Real Estate |  | Consumer
December 31, 2017 | FHA/VA/ Guaranteed (1) |  | Other residential loans |  | Auto |  | Finance Leases |  | Other Consumer
(In thousands) |  |
Performing | $ | 138,939 |  | $ | 2,819,736 |  | $ | 834,120 |  | $ | 256,225 |  | $ | 642,734
Purchased Credit-Impaired (2) |  | - |  |  | 153,991 |  |  | - |  |  | - |  |  | -
Non-performing |  | - |  |  | 178,291 |  |  | 10,211 |  |  | 1,237 |  |  | 5,370
Total | $ | 138,939 |  | $ | 3,152,018 |  | $ | 844,331 |  | $ | 257,462 |  | $ | 648,104
(1) | It is the Corporationʼs policy to report delinquent residential mortgage loans insured by the FHA, guaranteed by the VA, and other government-insured loans as 90 days past-due loans and still accruing as opposed to non-performing loans since the principal repayment is insured. This balance includes $29.9 million of residential mortgage loans insured by the FHA that were over 15 months delinquent, and were no longer accruing interest as of December 31, 2017, taking into consideration the FHA interest curtailment process.
(2) | PCI loans are excluded from non-performing statistics due to the application of the accretion method, under which these loans will accrete interest income over the remaining life of the loans using estimated cash flow analyses.
Impaired Loans | The following tables present information about impaired loans held for investment, excluding PCI loans, which are reported separately as discussed below:
Impaired Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | Impaired Loans |  |  |  |  |  |  |  |  |
|  | Impaired Loans - With a Related Specific Allowance |  | With No Related Specific Allowance |  | Impaired Loans Total
| Recorded Investment |  | Unpaid Principal Balance |  | Related Specific Allowance |  | Recorded Investment |  | Unpaid Principal Balance |  | Recorded Investment |  | Unpaid Principal Balance |  | Related Specific Allowance
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As of September 30, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FHA/VA-Guaranteed loans | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | -
Other residential mortgage loans |  | 291,419 |  |  | 321,120 |  |  | 18,482 |  |  | 117,375 |  |  | 159,220 |  |  | 408,794 |  |  | 480,340 |  |  | 18,482
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage loans |  | 169,787 |  |  | 184,019 |  |  | 17,044 |  |  | 73,433 |  |  | 79,245 |  |  | 243,220 |  |  | 263,264 |  |  | 17,044
Commercial and Industrial loans |  | 62,361 |  |  | 74,519 |  |  | 10,798 |  |  | 34,793 |  |  | 52,776 |  |  | 97,154 |  |  | 127,295 |  |  | 10,798
Construction: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Land |  | 4,972 |  |  | 5,872 |  |  | 750 |  |  | 160 |  |  | 337 |  |  | 5,132 |  |  | 6,209 |  |  | 750
Construction-commercial |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Construction-residential |  | 809 |  |  | 942 |  |  | 156 |  |  | 956 |  |  | 1,531 |  |  | 1,765 |  |  | 2,473 |  |  | 156
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Auto loans |  | 18,623 |  |  | 18,623 |  |  | 3,664 |  |  | 269 |  |  | 269 |  |  | 18,892 |  |  | 18,892 |  |  | 3,664
Finance leases |  | 1,372 |  |  | 1,372 |  |  | 122 |  |  | - |  |  | - |  |  | 1,372 |  |  | 1,372 |  |  | 122
Other consumer loans |  | 9,761 |  |  | 10,498 |  |  | 2,297 |  |  | 1,920 |  |  | 2,281 |  |  | 11,681 |  |  | 12,779 |  |  | 2,297
| $ | 559,104 |  | $ | 616,965 |  | $ | 53,313 |  | $ | 228,906 |  | $ | 295,659 |  | $ | 788,010 |  | $ | 912,624 |  | $ | 53,313
|  |  |  |  |  |  |  |  |  | Impaired Loans |  |  |  |  |  |  |  |  |
|  | Impaired Loans - With a Related Specific Allowance |  | With No Related Specific Allowance |  | Impaired Loans Total
| Recorded Investment |  | Unpaid Principal Balance |  | Related Specific Allowance |  | Recorded Investment |  | Unpaid Principal Balance |  | Recorded Investment |  | Unpaid Principal Balance |  | Related Specific Allowance
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As of December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FHA/VA-Guaranteed loans | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | -
Other residential mortgage loans |  | 316,616 |  |  | 349,284 |  |  | 22,086 |  |  | 116,818 |  |  | 154,048 |  |  | 433,434 |  |  | 503,332 |  |  | 22,086
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage loans |  | 87,814 |  |  | 124,084 |  |  | 9,783 |  |  | 65,100 |  |  | 100,612 |  |  | 152,914 |  |  | 224,696 |  |  | 9,783
Commercial and Industrial loans |  | 90,008 |  |  | 112,005 |  |  | 12,359 |  |  | 28,292 |  |  | 31,254 |  |  | 118,300 |  |  | 143,259 |  |  | 12,359
Construction: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Land |  | 11,865 |  |  | 19,973 |  |  | 1,402 |  |  | 48 |  |  | 49 |  |  | 11,913 |  |  | 20,022 |  |  | 1,402
Construction-commercial |  | 35,101 |  |  | 38,595 |  |  | 560 |  |  | - |  |  | - |  |  | 35,101 |  |  | 38,595 |  |  | 560
Construction-residential |  | 252 |  |  | 355 |  |  | 55 |  |  | - |  |  | - |  |  | 252 |  |  | 355 |  |  | 55
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Auto loans |  | 22,338 |  |  | 22,338 |  |  | 3,665 |  |  | 267 |  |  | 267 |  |  | 22,605 |  |  | 22,605 |  |  | 3,665
Finance leases |  | 2,184 |  |  | 2,184 |  |  | 104 |  |  | - |  |  | - |  |  | 2,184 |  |  | 2,184 |  |  | 104
Other consumer loans |  | 11,084 |  |  | 11,830 |  |  | 1,396 |  |  | 2,521 |  |  | 3,688 |  |  | 13,605 |  |  | 15,518 |  |  | 1,396
| $ | 577,262 |  | $ | 680,648 |  | $ | 51,410 |  | $ | 213,046 |  | $ | 289,918 |  | $ | 790,308 |  | $ | 970,566 |  | $ | 51,410
| Average Recorded Investment |  | Interest Income on Accrual Basis |  | Interest Income on Cash Basis |  | Total Interest Income
(In thousands) |  |  |  |  |  |  |  |  |  |  |
For the quarter ended September 30, 2018 |  |  |  |  |  |  |  |  |  |  |
FHA/VA-Guaranteed loans | $ | - |  | $ | - |  | $ | - |  | $ | -
Other residential mortgage loans |  | 411,393 |  |  | 4,641 |  |  | 410 |  |  | 5,051
Commercial: |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage loans |  | 244,802 |  |  | 2,198 |  |  | 656 |  |  | 2,854
Commercial and Industrial loans |  | 98,903 |  |  | 557 |  |  | 2 |  |  | 559
Construction: |  |  |  |  |  |  |  |  |  |  |
Land |  | 5,204 |  |  | 23 |  |  | 5 |  |  | 28
Construction-commercial |  | - |  |  | - |  |  | - |  |  | -
Construction-residential |  | 1,766 |  |  | - |  |  | - |  |  | -
Consumer: |  |  |  |  |  |  |  |  |  |  |
Auto loans |  | 19,479 |  |  | 362 |  |  | - |  |  | 362
Finance leases |  | 1,444 |  |  | 27 |  |  | - |  |  | 27
Other consumer loans |  | 11,925 |  |  | 274 |  |  | 53 |  |  | 327
| $ | 794,916 |  | $ | 8,082 |  | $ | 1,126 |  | $ | 9,208
| Average Recorded Investment |  | Interest Income on Accrual Basis |  | Interest Income on Cash Basis |  | Total Interest Income
(In thousands) |  |  |  |  |  |  |  |  |  |  |
For the quarter ended September 30, 2017 |  |  |  |  |  |  |  |  |  |  |
FHA/VA-Guaranteed loans | $ | - |  | $ | - |  | $ | - |  | $ | -
Other residential mortgage loans |  | 427,858 |  |  | 4,409 |  |  | 402 |  |  | 4,811
Commercial: |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage loans |  | 158,438 |  |  | 764 |  |  | 85 |  |  | 849
Commercial and Industrial loans |  | 110,184 |  |  | 454 |  |  | 174 |  |  | 628
Construction: |  |  |  |  |  |  |  |  |  |  |
Land |  | 14,634 |  |  | 122 |  |  | 9 |  |  | 131
Construction-commercial |  | 35,520 |  |  | - |  |  | - |  |  | -
Construction-residential |  | 252 |  |  | - |  |  | - |  |  | -
Consumer: |  |  |  |  |  |  |  |  |  |  |
Auto loans |  | 24,049 |  |  | 462 |  |  | - |  |  | 462
Finance leases |  | 2,354 |  |  | 43 |  |  | - |  |  | 43
Other consumer loans |  | 14,268 |  |  | 388 |  |  | 40 |  |  | 428
| $ | 787,557 |  | $ | 6,642 |  | $ | 710 |  | $ | 7,352
| Average Recorded Investment |  | Interest Income on Accrual Basis |  | Interest Income on Cash Basis |  | Total Interest Income
(In thousands) |  |  |  |  |  |  |  |  |  |  |
Nine-month Period Ended September 30, 2018 |  |  |  |  |  |  |  |  |  |  |
FHA/VA-Guaranteed loans | $ | - |  | $ | - |  | $ | - |  | $ | -
Other residential mortgage loans |  | 415,561 |  |  | 13,369 |  |  | 1,080 |  |  | 14,449
Commercial: |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage loans |  | 248,919 |  |  | 2,775 |  |  | 2,038 |  |  | 4,813
Commercial and Industrial loans |  | 102,410 |  |  | 1,438 |  |  | 6 |  |  | 1,444
Construction: |  |  |  |  |  |  |  |  |  |  |
Land |  | 5,260 |  |  | 70 |  |  | 20 |  |  | 90
Construction-commercial |  | - |  |  | - |  |  | - |  |  | -
Construction-residential |  | 1,765 |  |  | - |  |  | - |  |  | -
Consumer: |  |  |  |  |  |  |  |  |  |  |
Auto loans |  | 20,527 |  |  | 1,122 |  |  | - |  |  | 1,122
Finance leases |  | 1,582 |  |  | 84 |  |  | - |  |  | 84
Other consumer loans |  | 12,353 |  |  | 754 |  |  | 127 |  |  | 881
| $ | 808,377 |  | $ | 19,612 |  | $ | 3,271 |  | $ | 22,883
| Average Recorded Investment |  | Interest Income on Accrual Basis |  | Interest Income on Cash Basis |  | Total Interest Income
(In thousands) |  |  |  |  |  |  |  |  |  |  |
Nine-Month Period Ended September 30, 2017 |  |  |  |  |  |  |  |  |  |  |
FHA/VA-Guaranteed loans | $ | - |  | $ | - |  | $ | - |  | $ | -
Other residential mortgage loans |  | 431,741 |  |  | 13,170 |  |  | 1,548 |  |  | 14,718
Commercial: |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage loans |  | 176,757 |  |  | 1,621 |  |  | 287 |  |  | 1,908
Commercial and Industrial loans |  | 112,642 |  |  | 952 |  |  | 211 |  |  | 1,163
Construction: |  |  |  |  |  |  |  |  |  |  |
Land |  | 14,800 |  |  | 358 |  |  | 32 |  |  | 390
Construction-commercial |  | 36,101 |  |  | - |  |  | - |  |  | -
Construction-residential |  | 252 |  |  | - |  |  | - |  |  | -
Consumer: |  |  |  |  |  |  |  |  |  |  |
Auto loans |  | 25,274 |  |  | 1,357 |  |  | - |  |  | 1,357
Finance leases |  | 2,532 |  |  | 140 |  |  | - |  |  | 140
Other consumer loans |  | 14,441 |  |  | 1,027 |  |  | 105 |  |  | 1,132
| $ | 814,540 |  | $ | 18,625 |  | $ | 2,183 |  | $ | 20,808
Activity for Impaired loans |
The following tables show the activity for impaired loans and the related specific reserve for the quarters and nine-month periods ended September 30, 2018 and 2017:
|  |  |  |  |  | Quarter Ended |  | Nine-Month Period Ended
|  |  |  |  |  | September 30, |  | September 30,
|  |  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impaired Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period |  |  |  | $ | 740,134 |  | $ | 735,625 |  | $ | 790,308 |  | $ | 887,905
Loans determined impaired during the period |  |  |  |  | 119,064 |  |  | 71,884 |  |  | 214,745 |  |  | 110,488
Charge-offs (1)(2) |  |  |  |  | (18,035) |  |  | (6,472) |  |  | (48,455) |  |  | (66,959)
Loans sold, net of charge-offs |  |  |  |  | - |  |  | - |  |  | (4,121) |  |  | (53,245)
Increases to existing impaired loans |  |  |  |  | 128 |  |  | 3,215 |  |  | 7,203 |  |  | 4,454
Foreclosures |  |  |  |  | (8,293) |  |  | (5,657) |  |  | (27,745) |  |  | (36,347)
Loans no longer considered impaired |  |  |  |  | (1,146) |  |  | (542) |  |  | (5,086) |  |  | (3,324)
Loans transferred to held for sale |  |  |  |  | (16,839) |  |  | - |  |  | (74,052) |  |  | -
Paid in full, partial payments and other |  |  |  |  | (27,003) |  |  | (18,794) |  |  | (64,787) |  |  | (63,713)
Balance at end of period |  |  |  | $ | 788,010 |  | $ | 779,259 |  | $ | 788,010 |  | $ | 779,259
(1) | For the quarter ended September 30, 2018, includes charge-offs totaling $12.5 million associated with the $17.2 million in non-performing loans transferred to held for sale in the third quarter of 2018.
(2) | For the nine-month period ended September 30, 2018, includes charge-offs totaling $22.2 million associated with the $74.4 million in non-performing loans transferred to held for sale during the first nine-months of 2018.
Activity for Specific Reserve |
|  |  |  |  | Quarter Ended |  | Nine-Month Period Ended
|  |  |  |  | September 30, |  | September 30,
| 2018 | 2017 |  | 2018 | 2017
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Specific Reserve: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period |  |  |  | $ | 49,514 |  | $ | 40,794 |  | $ | 51,410 |  |  | 64,421
Provision for loan losses |  |  |  |  | 21,821 |  |  | 13,819 |  |  | 50,277 |  |  | 50,014
Net charge-offs |  |  |  |  | (18,022) |  |  | (6,458) |  |  | (48,374) |  |  | (66,280)
Balance at end of period |  |  |  | $ | 53,313 |  | $ | 48,155 |  | $ | 53,313 |  | $ | 48,155
Carrying Value of Acquired Loans |
The carrying amounts of PCI loans were as follows:
|  | As of
| September 30, |  | December 31,
| 2018 |  | 2017
(In thousands) |  |  |  |  |
Residential mortgage loans | $ | 145,203 |  | $ | 153,991
Commercial mortgage loans |  | 3,919 |  |  | 4,183
Total PCI loans | $ | 149,122 |  | $ | 158,174
Allowance for loan losses |  | (11,354) |  |  | (11,251)
Total PCI loans, net of allowance for loan losses | $ | 137,768 |  | $ | 146,923
Accretable Yield |
Changes in the accretable yield of PCI loans for the quarters and nine-month periods ended September 30, 2018 and 2017 were as follows:
| Quarter Ended |  | Nine-Month Period Ended
| September 30, |  | September 30, |  | September 30, |  | September 30,
| 2018 |  | 2017 |  | 2018 |  | 2017
(In thousands) |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period | $ | 98,489 |  | $ | 108,971 |  | $ | 103,682 |  | $ | 116,462
Accretion recognized in earnings |  | (2,524) |  |  | (2,656) |  |  | (7,717) |  |  | (8,177)
Reclassification (to) from non-accretable |  | - |  |  | - |  |  | - |  |  | (1,970)
Balance at end of period | $ | 95,965 |  | $ | 106,315 |  | $ | 95,965 |  | $ | 106,315
Selected Information on TDRs Includes Recorded Investment by Loan Class and Modification Type |
Selected information on TDR loans held for investment that included the recorded investment by loan class and modification type is summarized in the following tables. This information reflects all TDRs held for investment:
|  | September 30, 2018
| Interest rate below market |  | Maturity or term extension |  | Combination of reduction in interest rate and extension of maturity |  | Forgiveness of principal and/or interest |  | Forbearance Agreement |  | Other (1) |  | Total
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Troubled Debt Restructurings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non - FHA/VA residential mortgage loans | $ | 24,053 |  | $ | 11,496 |  | $ | 245,022 |  | $ | - |  | $ | 158 |  | $ | 59,540 |  | $ | 340,269
Commercial Mortgage loans (2) |  | 4,400 |  |  | 30,980 |  |  | 124,493 |  |  | - |  |  | - |  |  | 9,332 |  |  | 169,205
Commercial and Industrial loans (3) |  | 688 |  |  | 19,963 |  |  | 13,323 |  |  | - |  |  | 4,225 |  |  | 41,512 |  |  | 79,711
Construction loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Land |  | 16 |  |  | 104 |  |  | 2,016 |  |  | - |  |  | - |  |  | 339 |  |  | 2,475
Construction-commercial (4) |  | - |  |  | 3,102 |  |  | - |  |  | - |  |  | - |  |  | 217 |  |  | 3,319
Construction-residential |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Consumer loans - Auto |  | - |  |  | 1,627 |  |  | 11,066 |  |  | - |  |  | - |  |  | 6,199 |  |  | 18,892
Finance leases |  | - |  |  | 116 |  |  | 1,256 |  |  | - |  |  | - |  |  | - |  |  | 1,372
Consumer loans - Other |  | 1,299 |  |  | 1,398 |  |  | 5,772 |  |  | 228 |  |  | - |  |  | 1,780 |  |  | 10,477
Total Troubled Debt Restructurings | $ | 30,456 |  | $ | 68,786 |  | $ | 402,948 |  | $ | 228 |  | $ | 4,383 |  | $ | 118,919 |  | $ | 625,720
(1) | Other concessions granted by the Corporation included deferral of principal and/or interest payments for a period longer than what would be considered insignificant, payment plans under judicial stipulation, or a combination of the concessions listed in the table.
(2) | Excludes commercial mortgage TDR loans held for sale amounting to $3.6 million as of September 30, 2018.
(3) | Excludes commercial and industrial TDR loans held for sale amounting to $0.9 million as of September 30, 2018.
(4) | Excludes a construction TDR loan held for sale of $27.0 million as of September 30, 2018.
|  | December 31, 2017
| Interest rate below market |  | Maturity or term extension |  | Combination of reduction in interest rate and extension of maturity |  | Forgiveness of principal and/or interest |  | Forbearance Agreement |  | Other (1) |  | Total
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Troubled Debt Restructurings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non - FHA/VA residential mortgage loans | $ | 25,964 |  | $ | 8,318 |  | $ | 267,578 |  | $ | - |  | $ | - |  | $ | 62,070 |  | $ | 363,930
Commercial Mortgage loans |  | 6,563 |  |  | 2,094 |  |  | 31,870 |  |  | - |  |  | - |  |  | 10,285 |  |  | 50,812
Commercial and Industrial loans |  | 2,510 |  |  | 20,648 |  |  | 16,049 |  |  | - |  |  | 6,623 |  |  | 48,282 |  |  | 94,112
Construction loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Land |  | 18 |  |  | 3,941 |  |  | 2,186 |  |  | - |  |  | - |  |  | 331 |  |  | 6,476
Construction-commercial |  | - |  |  | - |  |  | - |  |  | 35,100 |  |  | - |  |  | - |  |  | 35,100
Construction-residential |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 217 |  |  | 217
Consumer loans - Auto |  | - |  |  | 1,347 |  |  | 14,233 |  |  | - |  |  | - |  |  | 7,025 |  |  | 22,605
Finance leases |  | - |  |  | 238 |  |  | 1,946 |  |  | - |  |  | - |  |  | - |  |  | 2,184
Consumer loans - Other |  | 892 |  |  | 2,097 |  |  | 6,891 |  |  | 217 |  |  | - |  |  | 1,686 |  |  | 11,783
Total Troubled Debt Restructurings | $ | 35,947 |  | $ | 38,683 |  | $ | 340,753 |  | $ | 35,317 |  | $ | 6,623 |  | $ | 129,896 |  | $ | 587,219
(1) | Other concessions granted by the Corporation included deferral of principal and/or interest payments for a period longer than what would be considered insignificant, payment plans under judicial stipulation or a combination of the concessions listed in the table.
Corporation's TDR Activity |
| The following table presents the Corporationʼs TDR loans held for investment activity:
|  |  |  | Quarter Ended |  | Nine-Month Period Ended
| September 30, |  | September 30,
|  |  |  | 2018 |  | 2017 |  | 2018 |  | 2017
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance of TDRs |  | $ | 557,196 |  |  | $ | 568,543 |  | $ | 587,219 |  |  | $ | 647,048
New TDRs |  |  | 107,357 |  |  |  | 29,101 |  |  | 164,004 |  |  |  | 83,368
Increases to existing TDRs |  |  | 78 |  |  |  | 2,650 |  |  | 6,924 |  |  |  | 3,404
Charge-offs post modification (1)(2)(3) |  |  | (7,549) |  |  |  | (2,949) |  |  | (25,336) |  |  |  | (26,976)
Sales, net of charge-offs |  |  | - |  |  |  | - |  |  | - |  |  |  | (53,245)
Foreclosures |  |  | (4,898) |  |  |  | (3,564) |  |  | (15,700) |  |  |  | (24,085)
TDR transferred to held for sale, net of charge-offs |  |  | (4,541) |  |  |  | - |  |  | (34,541) |  |  |  | -
Paid-off, partial payments and other |  |  | (21,923) |  |  |  | (7,986) |  |  | (56,850) |  |  |  | (43,719)
Ending balance of TDRs |  | $ | 625,720 |  |  | $ | 585,795 |  | $ | 625,720 |  |  | $ | 585,795
(1) | The quarter ended September 30, 2018 includes charge-offs of $3.4 million associated with $4.5 million in commercial loans transferred to held for sale.
(2) | The nine-month period ended September 30, 2018 includes charge-offs totaling $8.5 million associated with $34.5 in million commercial and construction loans transferred to held for sale.
(3) | The nine-month period ended September 30, 2017 includes a charge-off of $10.7 million related to the sale of the PREPA credit line.
Breakdown Between Accrual and Nonaccrual Status of TDRs |
The following table provides a breakdown of the TDR loans held for investment by those in accrual and nonaccrual status: |
| As of September 30, 2018
|  | Accrual |  | Nonaccrual (1) |  | Total TDRs
(In thousands) |  |  |  |  |  |  |  |
Non-FHA/VA residential mortgage loans | $ | 270,067 |  | $ | 70,202 |  | $ | 340,269
Commercial Mortgage loans (2) |  | 146,293 |  |  | 22,912 |  |  | 169,205
Commercial and Industrial loans (3) |  | 70,416 |  |  | 9,295 |  |  | 79,711
Construction loans: |  |  |  |  |  |  |  |
Land |  | 1,080 |  |  | 3,939 |  |  | 5,019
Construction-commercial (4) |  | - |  |  | - |  |  | -
Construction-residential |  | - |  |  | 775 |  |  | 775
Consumer loans - Auto | 12,541 |  |  | 6,350 |  |  | 18,891
Finance leases | 1,273 |  |  | 99 |  |  | 1,372
Consumer loans - Other |  | 9,176 |  |  | 1,302 |  |  | 10,478
Total Troubled Debt Restructurings | $ | 510,846 |  | $ | 114,874 |  | $ | 625,720
(1) | Included in non-accrual loans are $20.7 million in loans that were performing under the terms of the restructuring agreement but are reported in nonaccrual status until the restructured loans meet the criteria of sustained payment performance under the revised terms for reinstatement to accrual status and are deemed fully collectible.
(2) | Excludes commercial mortgage TDR loans held for sale amounting to $3.6 million as of September 30, 2018.
(3) | Excludes commercial and industrial TDR loans held for sale amounting to $0.9 million as of September 30, 2018.
(4) | Excludes a construction TDR loan held for sale of $27.0 million as of September 30, 2018.
| As of December 31, 2017
|  | Accrual |  | Nonaccrual (1) |  | Total TDRs
(In thousands) |  |  |  |  |  |  |  |
Non-FHA/VA residential mortgage loans | $ | 280,729 |  | $ | 83,201 |  | $ | 363,930
Commercial Mortgage loans |  | 23,329 |  |  | 27,483 |  |  | 50,812
Commercial and Industrial loans |  | 41,536 |  |  | 52,576 |  |  | 94,112
Construction loans: |  |  |  |  |  |  |  |
Land |  | 1,291 |  |  | 5,185 |  |  | 6,476
Construction-commercial |  | - |  |  | 35,100 |  |  | 35,100
Construction-residential |  | - |  |  | 217 |  |  | 217
Consumer loans - Auto |  | 15,548 |  |  | 7,057 |  |  | 22,605
Finance leases |  | 1,968 |  |  | 216 |  |  | 2,184
Consumer loans - Other |  | 10,294 |  |  | 1,489 |  |  | 11,783
Total Troubled Debt Restructurings | $ | 374,695 |  | $ | 212,524 |  | $ | 587,219
(1) | Included in non-accrual loans are $88.6 million in loans that were performing under the terms of the restructuring agreement but are reported in non-accrual status until the restructured loans meet the criteria of sustained payment performance under the revised terms for reinstatement to accrual status and are deemed fully collectible.
Schedule Of Troubled Debt Restructurings Table [Text Block] | TDR loans exclude restructured residential mortgage loans that are government-guaranteed (e.g., FHA/VA loans) totaling $60.7 million as of September 30, 2018 (compared with $62.1 million as of December 31, 2017). The Corporation excludes FHA/VA guaranteed loans from TDR loan statistics given that, in the event that the borrower defaults on the loan, the principal and interest (at the specified debenture rate) are guaranteed by the U.S. government; therefore, the risk of loss on these types of loans is very low. The Corporation does not consider loans with U.S. federal government guarantees to be impaired loans for the purpose of calculating the allowance for loan and lease losses. Loan modifications that are considered TDR loans completed during the quarte rs and nine-month periods ended September 30, 2018 and 2017, were as follows:
| Quarter Ended September 30, 2018
| Number of contracts |  | Pre-modification Outstanding Recorded Investment |  | Post-Modification Outstanding Recorded Investment
(Dollars in thousands) |  |  |  |  |  |  |
Troubled Debt Restructurings: |  |  |  |  |  |  |
Non-FHA/VA residential mortgage loans | 27 |  | $ | 6,316 |  | $ | 5,729
Commercial Mortgage loans | 4 |  |  | 96,088 |  |  | 95,867
Commercial and Industrial loans | 2 |  |  | 2,800 |  |  | 2,786
Construction loans: |  |  |  |  |  |  |
Construction-residential | 1 |  |  | 587 |  |  | 558
Consumer loans - Auto | 74 |  |  | 1,281 |  |  | 1,281
Finance leases | 5 |  |  | 82 |  |  | 80
Consumer loans - Other | 198 |  |  | 1,038 |  |  | 1,056
Total Troubled Debt Restructurings | 311 |  | $ | 108,192 |  | $ | 107,357
| Nine-Month Period Ended September 30, 2018
| Number of contracts |  | Pre-modification Outstanding Recorded Investment |  | Post-Modification Outstanding Recorded Investment
(Dollars in thousands) |  |  |  |  |  |  |
Troubled Debt Restructurings: |  |  |  |  |  |  |
Non-FHA/VA residential mortgage loans | 70 |  | $ | 10,958 |  | $ | 10,277
Commercial Mortgage loans | 9 |  |  | 138,599 |  |  | 138,390
Commercial and Industrial loans | 8 |  |  | 8,850 |  |  | 8,496
Construction loans: |  |  |  |  |  |  |
Land | 1 |  |  | 97 |  |  | 97
Construction-residential | 1 |  |  | 587 |  |  | 558
Consumer loans - Auto | 195 |  |  | 3,206 |  |  | 3,200
Finance leases | 5 |  |  | 82 |  |  | 80
Consumer loans - Other | 565 |  |  | 2,857 |  |  | 2,906
Total Troubled Debt Restructurings | 854 |  | $ | 165,236 |  | $ | 164,004
| Quarter Ended September 30, 2017
| Number of contracts |  | Pre-Modification Outstanding Recorded Investment |  | Post-Modification Outstanding Recorded Investment
(Dollars in thousands) |  |  |  |  |  |  |
Troubled Debt Restructurings: |  |  |  |  |  |  |
Non-FHA/VA residential mortgage loans | 25 |  | $ | 3,358 |  | $ | 3,358
Commercial Mortgage loans | 4 |  |  | 2,569 |  |  | 2,318
Commercial and Industrial loans | 8 |  |  | 21,079 |  |  | 21,019
Construction loans: |  |  |  |  |  |  |
Land | 1 |  |  | 18 |  |  | 18
Consumer loans - Auto | 109 |  |  | 1,568 |  |  | 1,568
Consumer loans - Other | 199 |  |  | 796 |  |  | 820
Total Troubled Debt Restructurings | 346 |  | $ | 29,388 |  | $ | 29,101
| Nine-Month Period Ended September 30, 2017
| Number of contracts |  | Pre-Modification Outstanding Recorded Investment |  | Post-Modification Outstanding Recorded Investment
(Dollars in thousands) |  |  |  |  |  |  |
Troubled Debt Restructurings: |  |  |  |  |  |  |
Non-FHA/VA residential mortgage loans | 113 |  | $ | 17,585 |  | $ | 17,349
Commercial Mortgage loans | 12 |  |  | 25,274 |  |  | 24,783
Commercial and Industrial loans | 13 |  |  | 32,153 |  |  | 32,093
Construction loans: |  |  |  |  |  |  |
Land | 2 |  |  | 43 |  |  | 46
Consumer loans - Auto | 383 |  |  | 5,741 |  |  | 5,741
Finance leases | 22 |  |  | 548 |  |  | 548
Consumer loans - Other | 602 |  |  | 2,756 |  |  | 2,808
Total Troubled Debt Restructurings | 1,147 |  | $ | 84,100 |  | $ | 83,368
Loan Modifications Considered Troubled Debt Restructurings Defaulted |
| Quarter Ended September 30,
| 2018 |  | 2017
| Number of contracts |  | Recorded Investment |  | Number of contracts |  | Recorded Investment
(Dollars in thousands) |  |  |  |  |  |  |  |  |
Non-FHA/VA residential mortgage loans | 3 |  | $ | 338 |  | 16 |  | $ | 1,795
Consumer loans - Auto | 34 |  |  | 559 |  | 4 |  |  | 59
Consumer loans - Other | 18 |  |  | 59 |  | 53 |  |  | 223
Total | 55 |  | $ | 956 |  | 73 |  | $ | 2,077
| Nine-Month Period Ended September 30,
| 2018 |  | 2017
| Number of contracts |  | Recorded Investment |  | Number of contracts |  | Recorded Investment
(Dollars in thousands) |  |  |  |  |  |  |  |  |
Non-FHA/VA residential mortgage loans | 13 |  | $ | 1,406 |  | 38 |  | $ | 4,686
Commercial Mortgage loans | - |  |  | - |  | 1 |  |  | 57
Consumer loans - Auto | 67 |  |  | 1,096 |  | 13 |  |  | 189
Consumer loans - Other | 57 |  |  | 213 |  | 99 |  |  | 387
Finance leases | 1 |  |  | 22 |  | - |  |  | -
Total | 138 |  | $ | 2,737 |  | 151 |  | $ | 5,319
Loan Restructuring and Effect on Allowance for Loan and Lease Losses | The following table provides addit ional information about the volume of this type of loan restructuring as of September 30, 2018 and 2017 and the effect on the allowance for loan and lease losses in the first nine months of 2018 and 2017:
| September 30, 2018 |  |  | September 30, 2017
(In thousands) |  |  |  |  |
Principal balance deemed collectible at end of period | $ | 65,706 |  | $ | 35,603
Amount charged off | $ | 1,137 |  | $ | -
Charges (release) to the provision for loan losses | $ | 1,407 |  | $ | (1,080)
Allowance for loan losses at end of period | $ | 4,116 |  | $ | 4,061
A pproximately $63.1 million of the loans restructured using the A/B note restructure workout strategy were in accrual status as of September 30, 2018. These loans continue to be individually evaluated for impairment purposes.
Past Due Purchased Credit Impaired Table [Text Block] |
The following tables present PCI loans by past due status as of September 30, 2018 and December 31, 2017:
As of September 30, 2018 | 30-59 Days |  | 60-89 Days |  | 90 days or more |  | Total Past Due |  |  |  |  | Total PCI loans |
|  |  |  |  |  | Current |  |
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage loans | $ | - |  | $ | 7,823 |  | $ | 28,179 |  | $ | 36,002 |  |  | $ | 109,201 |  | $ | 145,203 |
Commercial mortgage loans |  | - |  |  | - |  |  | 2,960 |  |  | 2,960 |  |  |  | 959 |  |  | 3,919 |
Total (1) | $ | - |  | $ | 7,823 |  | $ | 31,139 |  | $ | 38,962 |  |  | $ | 110,160 |  | $ | 149,122 |
_____________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) | According to the Corporationʼs delinquency policy and consistent with the instructions for the preparation of the Consolidated Financial Statements for Bank Holding Companies (FR Y-9C) required by the Federal Reserve Board, residential mortgage and commercial mortgage loans are considered past due when the borrower is in arrears two or more monthly payments. PCI residential mortgage loans past due 30-59 days as of September 30, 2018 amounted to $12.3 million. No PCI commercial mortgage loan was 30-59 days past due as of September 30, 2018.
As of December 31, 2017 | 30-59 Days |  | 60-89 Days |  | 90 days or more |  | Total Past Due |  |  |  |  | Total PCI loans |
|  |  |  |  |  | Current |  |
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage loans | $ | - |  | $ | 16,600 |  | $ | 26,471 |  | $ | 43,071 |  |  | $ | 110,920 |  | $ | 153,991 |
Commercial mortgage loans |  | - |  |  | 355 |  |  | 2,834 |  |  | 3,189 |  |  |  | 994 |  |  | 4,183 |
Total (1) | $ | - |  | $ | 16,955 |  | $ | 29,305 |  | $ | 46,260 |  |  | $ | 111,914 |  | $ | 158,174 |
(1) | According to the Corporationʼs delinquency policy and consistent with the instructions for the preparation of the Consolidated Financial Statements for Bank Holding Companies (FR Y-9C) required by the Federal Reserve Board, residential mortgage and commercial mortgage loans are considered past due when the borrower is in arrears two or more monthly payments. PCI residential mortgage loans and commercial mortgage loans past due 30-59 days as of December 31, 2017 amounted to $28.1 million and $0.2 million, respectively.
Changes In Carrying Amount Of Purchased Credit Impaired Loans Table [Text Block] |
Changes in the carrying amount of PCI loans accounted for pursuant to ASC Topic 310-30 were as follows:
|  |  | Quarter Ended |  | Nine-Month Period Ended
|  |  | September 30, 2018 |  | September 30, 2017 |  | September 30, 2018 |  | September 30, 2017
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period | $ | 152,242 |  | $ | 160,368 |  | $ | 158,174 |  | $ | 165,818
Accretion |  | 2,524 |  |  | 2,656 |  |  | 7,717 |  |  | 8,177
Collections |  | (4,835) |  |  | (4,225) |  |  | (12,590) |  |  | (13,327)
Foreclosures |  | (809) |  |  | (1,005) |  |  | (4,179) |  |  | (2,874)
Ending balance | $ | 149,122 |  | $ | 157,794 |  | $ | 149,122 |  | $ | 157,794
Allowance for loan losses |  | (11,354) |  |  | (10,235) |  |  | (11,354) |  |  | (10,235)
Ending balance, net of allowance for loan losses | $ | 137,768 |  | $ | 147,559 |  | $ | 137,768 |  | $ | 147,559
Allowance For Credit Losses On Purchased Credit Impaired Loans Table [Text Block] |
Changes in the allowance for loan losses related to PCI loans were as follows:
|  |  | Quarter Ended |  | Nine-Month Period Ended
|  |  | September 30, 2018 |  | September 30, 2017 |  | September 30, 2018 |  | September 30, 2017
(In thousands) |  |
Balance at beginning of period | $ | 11,354 |  | $ | 9,446 |  | $ | 11,251 |  | $ | 6,857
Provision for loan losses |  | - |  |  | 789 |  |  | 103 |  |  | 3,378
Balance at the end of period |  | $ | 11,354 |  | $ | 10,235 |  | $ | 11,354 |  | $ | 10,235

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