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LOANS AND LEASES AND ALLOWANCE FOR LOAN AND LEASE LOSSES | 3 Months Ended
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Mar. 31, 2015
Receivables [Abstract] |
LOANS AND LEASES AND ALLOWANCE FOR LOAN AND LEASE LOSSES | LOANS AND LEASES AND ALLOWANCE FOR LOAN AND LEASE LOSSES The following table presents the balances in the Company’s loans and leases portfolio as of the dates indicated:
| Non-Traditional Mortgages (NTM) |  | Traditional Loans |  | Total NTM and Traditional Loans |  | Purchased Credit Impaired |  | Total Loans and Leases Receivable
| ($ in thousands)
March 31, 2015 |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |
Commercial and industrial | $ | — |  |  | $ | 488,150 |  |  | $ | 488,150 |  |  | $ | 1,079 |  |  | $ | 489,229 |
Commercial real estate | — |  |  | 965,302 |  |  | 965,302 |  |  | 10,432 |  |  | 975,734 |
Multi-family | — |  |  | 940,053 |  |  | 940,053 |  |  | — |  |  | 940,053 |
SBA | — |  |  | 45,118 |  |  | 45,118 |  |  | 3,136 |  |  | 48,254 |
Construction | — |  |  | 38,081 |  |  | 38,081 |  |  | — |  |  | 38,081 |
Lease financing | — |  |  | 102,012 |  |  | 102,012 |  |  | — |  |  | 102,012 |
Consumer: |  |  |  |  |  |  |  |  |
Single family residential mortgage | 229,006 |  |  | 593,019 |  |  | 822,025 |  |  | 227,151 |  |  | 1,049,176 |
Green Loans (HELOC) - first liens | 119,958 |  |  | — |  |  | 119,958 |  |  | — |  |  | 119,958 |
Green Loans (HELOC) - second liens | 4,748 |  |  | — |  |  | 4,748 |  |  | — |  |  | 4,748 |
Other consumer | 113 |  |  | 166,357 |  |  | 166,470 |  |  | — |  |  | 166,470 |
Total gross loans and leases | $ | 353,825 |  |  | $ | 3,338,092 |  |  | $ | 3,691,917 |  |  | $ | 241,798 |  |  | $ | 3,933,715 |
Percentage to total gross loans and leases | 9.0 | % |  | 84.9 | % |  | 93.9 | % |  | 6.1 | % |  | 100.0 | %
Allowance for loan and lease losses |  |  |  |  |  |  |  |  | (29,345 | )
Loans and leases receivable, net |  |  |  |  |  |  |  |  | $ | 3,904,370 |
December 31, 2014 |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |
Commercial and industrial | $ | — |  |  | $ | 489,766 |  |  | $ | 489,766 |  |  | $ | 1,134 |  |  | $ | 490,900 |
Commercial real estate | — |  |  | 988,330 |  |  | 988,330 |  |  | 11,527 |  |  | 999,857 |
Multi-family | — |  |  | 955,683 |  |  | 955,683 |  |  | — |  |  | 955,683 |
SBA | — |  |  | 32,998 |  |  | 32,998 |  |  | 3,157 |  |  | 36,155 |
Construction | — |  |  | 42,198 |  |  | 42,198 |  |  | — |  |  | 42,198 |
Lease financing | — |  |  | 85,749 |  |  | 85,749 |  |  | — |  |  | 85,749 |
Consumer: |  |  |  |  |  |  |  |  |
Single family residential mortgage | 222,306 |  |  | 595,100 |  |  | 817,406 |  |  | 231,079 |  |  | 1,048,485 |
Green Loans (HELOC) - first liens | 123,177 |  |  | — |  |  | 123,177 |  |  | — |  |  | 123,177 |
Green Loans (HELOC) - second liens | 4,979 |  |  | — |  |  | 4,979 |  |  | — |  |  | 4,979 |
Other consumer | 113 |  |  | 161,826 |  |  | 161,939 |  |  | — |  |  | 161,939 |
Total gross loans and leases | $ | 350,575 |  |  | $ | 3,351,650 |  |  | $ | 3,702,225 |  |  | $ | 246,897 |  |  | $ | 3,949,122 |
Percentage to total gross loans and leases | 8.9 | % |  | 84.8 | % |  | 93.7 | % |  | 6.3 | % |  | 100.0 | %
Allowance for loan and lease losses |  |  |  |  |  |  |  |  | (29,480 | )
Loans and leases receivable, net |  |  |  |  |  |  |  |  | $ | 3,919,642 |
Non Traditional Mortgage Loans The Company’s non-traditional mortgage (NTM) portfolio is comprised of three interest only products: Green Account Loans (Green Loans), fixed or adjustable hybrid interest only rate mortgage (Interest Only) loans and a small number of additional loans with the potential for negative amortization. As of March 31, 2015 and December 31, 2014, the NTM loans totaled $353.8 million, or 9.0 percent of the total gross loan portfolio, and $350.6 million, or 8.9 percent of the total gross loan portfolio, respectively. The total NTM portfolio increased by $3.3 million, or 0.9 percent, during the three months ended March 31, 2015. The following table presents the composition of the NTM portfolio as of the dates indicated:
| March 31, 2015 |  | December 31, 2014
| Count |  | Amount |  | Percent |  | Count |  | Amount |  | Percent
| ($ in thousands)
Green Loans (HELOC) - first liens | 147 |  |  | $ | 119,958 |  |  | 33.9 | % |  | 148 |  |  | $ | 123,177 |  |  | 35.1 | %
Interest-only - first liens | 204 |  |  | 216,765 |  |  | 61.2 | % |  | 207 |  |  | 209,207 |  |  | 59.7 | %
Negative amortization | 31 |  |  | 12,241 |  |  | 3.5 | % |  | 32 |  |  | 13,099 |  |  | 3.7 | %
Total NTM - first liens | 382 |  |  | 348,964 |  |  | 98.6 | % |  | 387 |  |  | 345,483 |  |  | 98.5 | %
Green Loans (HELOC) - second liens | 19 |  |  | 4,748 |  |  | 1.3 | % |  | 19 |  |  | 4,979 |  |  | 1.4 | %
Interest-only - second liens | 1 |  |  | 113 |  |  | 0.1 | % |  | 1 |  |  | 113 |  |  | 0.1 | %
Total NTM - second liens | 20 |  |  | 4,861 |  |  | 1.4 | % |  | 20 |  |  | 5,092 |  |  | 1.5 | %
Total NTM loans | 402 |  |  | $ | 353,825 |  |  | 100.0 | % |  | 407 |  |  | $ | 350,575 |  |  | 100.0 | %
Total gross loan portfolio |  |  | $ | 3,933,715 |  |  |  |  |  |  | $ | 3,949,122 |  |  |
% of NTM to total gross loan portfolio |  |  | 9.0 | % |  |  |  |  |  | 8.9 | % |  |
Green Loans Green Loans are single family residential first and second mortgage lines of credit with a linked checking account that allows all types of deposits and withdrawals to be performed. The loans are generally interest only with a 15 year-balloon payment due at maturity. At March 31, 2015 and December 31, 2014, Green Loans totaled $124.7 million and $128.2 million, respectively. At March 31, 2015 and December 31, 2014, $10.7 million and $12.5 million, respectively, of the Company’s Green Loans were non-performing. As a result of their unique payment feature, Green Loans possess higher credit risk due to the potential for negative amortization; however, management believes the risk is mitigated through the Company’s loan terms and underwriting standards, including its policies on loan-to-value ratios and the Company’s contractual ability to curtail loans when the value of the underlying collateral declines. The Company discontinued origination of the Green Loan products in 2011. Interest Only Loans Interest only loans are primarily single family residential first mortgage loans with payment features that allow interest only payments in initial periods before converting to a fully amortizing loan. As of March 31, 2015 and December 31, 2014, interest only loans totaled $216.9 million and $209.3 million, respectively. At March 31, 2015 and December 31, 2014, $3.0 million and $2.0 million of the interest only loans were non-performing, respectively. Loans with the Potential for Negative Amortization Negative amortization loans totaled $12.2 million and $13.1 million at March 31, 2015 and December 31, 2014, respectively. The Company discontinued origination of negative amortization loans in 2007. At March 31, 2015 and December 31, 2014, $0 and $0 of the loans that had the potential for negative amortization were non-performing, respectively. These loans pose a potentially higher credit risk because of the lack of principal amortization and potential for negative amortization; however, management believes the risk is mitigated through the loan terms and underwriting standards, including the Company’s policies on loan-to-value ratios. While Green Loans have the potential for negative amortization, they are excluded from the loans with the potential for negative amortization discussed in this paragraph. Risk Management of Non-Traditional Mortgages The Company has determined that the most significant performance indicators for NTMs are loan-to-value (LTV) and FICO scores. Accordingly, the Company manages credit risk in the NTM portfolio through semi-annual review of the loan portfolio that includes refreshing FICO scores on the Green Loans and home equity lines of credit, as needed in conjunction with portfolio management, and ordering third party automated valuation models. The loan review is designed to provide a method of identifying borrowers who may be experiencing financial difficulty before they actually fail to make a loan payment. Upon receipt of the updated FICO scores, an exception report is run to identify loans with a decrease in FICO of 10 percent or more and/or a resulting FICO of 620 or less. The loans are then further analyzed to determine if the risk rating should be downgraded which will increase the reserves the Company will establish for potential losses. A report of the semi-annual loan review is published and regularly monitored. As these loans are revolving lines of credit, the Company, based on the loan agreement and loan covenants of the particular loan, as well as applicable rules and regulations, could suspend the borrowing privileges or reduce the credit limit at any time the Company reasonably believes that the borrower will be unable to fulfill their repayment obligations under the agreement or certain other conditions are met. In many cases, the decrease in FICO is the first indication that the borrower may have difficulty in making their future payment obligations. As a result, the Company proactively manages the portfolio by performing detailed analysis on its portfolio with emphasis on the NTM portfolio. The Company’s Internal Asset Review Committee (IARC) conducts meetings on at least a quarterly basis to review the loans classified as special mention, substandard, or doubtful and determines whether a suspension or reduction in credit limit is warranted. If the line has been suspended and the borrower would like to have their credit privileges reinstated, they would need to provide updated financials showing their ability to meet their payment obligations. On the interest only loans, the Company projects future payment changes to determine if there will be a material increase in the required payment and then monitors the loans for possible delinquency. The individual loans are monitored for possible downgrading of risk rating, and trends within the portfolio are identified that could affect other interest only loans scheduled for payment changes in the near future. NTM Performance Indicators The following table presents the Company’s NTM Green Loans first lien portfolio at March 31, 2015 and December 31, 2014 by FICO scores:
| March 31, 2015 |  | December 31, 2014 |  | Change
| Count |  | Amount |  | Percent |  | Count |  | Amount |  | Percent |  | Count |  | Amount |  | Percent
| ($ in thousands)
FICO Score |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
800+ | 28 |  |  | $ | 19,448 |  |  | 16.2 | % |  | 28 |  |  | $ | 20,248 |  |  | 16.4 | % |  | — |  |  | $ | (800 | ) |  | (0.2 | )%
700-799 | 72 |  |  | 50,769 |  |  | 42.3 | % |  | 72 |  |  | 52,532 |  |  | 42.7 | % |  | — |  |  | (1,763 | ) |  | (0.4 | )%
600-699 | 28 |  |  | 30,431 |  |  | 25.4 | % |  | 29 |  |  | 31,053 |  |  | 25.2 | % |  | (1 | ) |  | (622 | ) |  | 0.2 | %
<600 | 8 |  |  | 11,873 |  |  | 9.9 | % |  | 8 |  |  | 11,893 |  |  | 9.7 | % |  | — |  |  | (20 | ) |  | 0.2 | %
No FICO | 11 |  |  | 7,437 |  |  | 6.2 | % |  | 11 |  |  | 7,451 |  |  | 6.0 | % |  | — |  |  | (14 | ) |  | 0.2 | %
Totals | 147 |  |  | $ | 119,958 |  |  | 100.0 | % |  | 148 |  |  | $ | 123,177 |  |  | 100.0 | % |  | (1 | ) |  | $ | (3,219 | ) |  | — | %
The Company updates FICO scores on a semi-annual basis, typically in the second and fourth quarters or as needed in conjunction with proactive portfolio management. Loan to Value The table below represents the Company’s single family residential NTM first lien portfolio by loan-to-value (LTV) as of the dates indicated:
| Green |  | Interest Only |  | Negative Amortization |  | Total
| Count |  | Amount |  | Percent |  | Count |  | Amount |  | Percent |  | Count |  | Amount |  | Percent |  | Count |  | Amount |  | Percent
| ($ in thousands)
LTV’s (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
March 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
< 61 | 77 |  |  | $ | 56,136 |  |  | 46.7 | % |  | 60 |  |  | $ | 99,152 |  |  | 45.8 | % |  | 15 |  |  | $ | 5,960 |  |  | 48.7 | % |  | 152 |  |  | $ | 161,248 |  |  | 46.2 | %
61-80 | 45 |  |  | 46,129 |  |  | 38.5 | % |  | 52 |  |  | 83,480 |  |  | 38.5 | % |  | 12 |  |  | 5,312 |  |  | 43.4 | % |  | 109 |  |  | 134,921 |  |  | 38.7 | %
81-100 | 18 |  |  | 11,833 |  |  | 9.9 | % |  | 33 |  |  | 15,463 |  |  | 7.1 | % |  | 3 |  |  | 579 |  |  | 4.7 | % |  | 54 |  |  | 27,875 |  |  | 8.0 | %
> 100 | 7 |  |  | 5,860 |  |  | 4.9 | % |  | 59 |  |  | 18,670 |  |  | 8.6 | % |  | 1 |  |  | 390 |  |  | 3.2 | % |  | 67 |  |  | 24,920 |  |  | 7.1 | %
Total | 147 |  |  | $ | 119,958 |  |  | 100.0 | % |  | 204 |  |  | $ | 216,765 |  |  | 100.0 | % |  | 31 |  |  | $ | 12,241 |  |  | 100.0 | % |  | 382 |  |  | $ | 348,964 |  |  | 100.0 | %
December 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
< 61 | 77 |  |  | $ | 58,856 |  |  | 47.8 | % |  | 60 |  |  | $ | 93,254 |  |  | 44.7 | % |  | 15 |  |  | $ | 6,023 |  |  | 46.0 | % |  | 152 |  |  | $ | 158,133 |  |  | 45.8 | %
61-80 | 45 |  |  | 46,177 |  |  | 37.5 | % |  | 54 |  |  | 81,472 |  |  | 38.9 | % |  | 12 |  |  | 5,901 |  |  | 45.0 | % |  | 111 |  |  | 133,550 |  |  | 38.6 | %
81-100 | 18 |  |  | 11,846 |  |  | 9.6 | % |  | 33 |  |  | 14,927 |  |  | 7.1 | % |  | 4 |  |  | 781 |  |  | 6.0 | % |  | 55 |  |  | 27,554 |  |  | 8.0 | %
> 100 | 8 |  |  | 6,298 |  |  | 5.1 | % |  | 60 |  |  | 19,554 |  |  | 9.3 | % |  | 1 |  |  | 394 |  |  | 3.0 | % |  | 69 |  |  | 26,246 |  |  | 7.6 | %
Total | 148 |  |  | $ | 123,177 |  |  | 100.0 | % |  | 207 |  |  | $ | 209,207 |  |  | 100.0 | % |  | 32 |  |  | $ | 13,099 |  |  | 100.0 | % |  | 387 |  |  | $ | 345,483 |  |  | 100.0 | %
(1) | LTV represents estimated current loan to value ratio, determined by dividing current unpaid principal balance by latest estimated property value received per the Company policy.
Allowance for Loan and Lease Losses The Company has an established credit risk management process that includes regular management review of the loan and lease portfolio to identify problem loans and leases. During the ordinary course of business, management becomes aware of borrowers and lessees that may not be able to meet the contractual requirements of the loan and lease agreements. Such loans and leases are subject to increased monitoring. Consideration is given to placing the loan or lease on non-accrual status, assessing the need for additional allowance for loan and lease losses, and partial or full charge-off. The Company maintains the allowance for loan and lease losses at a level that is considered adequate to cover the estimated and known inherent risks in the loan and lease portfolio. The Company also maintains a reserve for unfunded loan commitments at a level that is considered adequate to cover the estimated and known inherent risks. The probability of usage of the unfunded loan commitments and credit risk factors determined based on outstanding loan balance of the same customer or outstanding loans that shares similar credit risk exposure are used to determine the adequacy of the reserve. As of March 31, 2015 and December 31, 2014, the reserve for unfunded loan commitments was $1.9 million and $1.9 million, respectively. The credit risk monitoring system is designed to identify impaired and potential problem loans, and to permit periodic evaluation of impairment and the adequacy of the allowance for credit losses in a timely manner. In addition, the Board of Directors of the Bank has adopted a credit policy that includes a credit review and control system which it believes should be effective in ensuring that the Company maintains an adequate allowance for credit losses. The Board of Directors provides oversight and guidance for management’s allowance evaluation process, including quarterly valuations, and consideration of management’s determination of whether the allowance is adequate to absorb losses in the loan and lease portfolio. The determination of the amount of the allowance for loan and lease losses and the provision for loan and lease losses is based on management’s current judgment about the credit quality of the loan and lease portfolio and takes into consideration known relevant internal and external factors that affect collectability when determining the appropriate level for the allowance for loan and lease losses. Additions to the allowance for loan and lease losses are made by charges to the provision for loan and lease losses. Identified credit exposures that are determined to be uncollectible are charged against the allowance for loan and lease losses. Recoveries of previously charged off amounts, if any, are credited to the allowance for loan and lease losses. The following table presents a summary of activity in the allowance for loan and lease losses for the periods indicated:
| Three Months Ended March 31,
2015 |  | 2014
| (In thousands)
Balance at beginning of period | $ | 29,480 |  |  | $ | 18,805 |
Loans and leases charged off | (357 | ) |  | (203 | )
Recoveries of loans and leases previously charged off | 222 |  |  | 435 |
Transfer of loans from (to) held-for-sale | — |  |  | (963 | )
Provision for loan and lease losses | — |  |  | 1,929 |
Balance at end of period | $ | 29,345 |  |  | $ | 20,003 |
The following table presents the activity and balance in the allowance for loan and lease losses and the recorded investment, excluding accrued interest, in loans and leases by portfolio segment and is based on the impairment method as of or for the three months ended March 31, 2015:
| Commercial and Industrial |  | Commercial Real Estate |  | Multi- family |  | SBA |  | Construction |  | Lease Financing |  | Single Family Residential Mortgage |  | Other Consumer |  | Unallocated |  | Total
| (In thousands)
Allowance for loan and lease losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2014 | $ | 6,910 |  |  | $ | 3,840 |  |  | $ | 7,179 |  |  | $ | 335 |  |  | $ | 846 |  |  | $ | 873 |  |  | $ | 7,192 |  |  | $ | 2,305 |  |  | $ | — |  |  | $ | 29,480 |
Charge-offs | (11 | ) |  | (259 | ) |  | — |  |  | — |  |  | — |  |  | (87 | ) |  | — |  |  | — |  |  | — |  |  | (357 | )
Recoveries | 3 |  |  | 132 |  |  | 3 |  |  | 72 |  |  | — |  |  | — |  |  | — |  |  | 12 |  |  | — |  |  | 222 |
Provision | (418 | ) |  | 191 |  |  | (18 | ) |  | 159 |  |  | (151 | ) |  | 409 |  |  | (232 | ) |  | (304 | ) |  | 364 |  |  | — |
Balance at March 31, 2015 | $ | 6,484 |  |  | $ | 3,904 |  |  | $ | 7,164 |  |  | $ | 566 |  |  | $ | 695 |  |  | $ | 1,195 |  |  | $ | 6,960 |  |  | $ | 2,013 |  |  | $ | 364 |  |  | $ | 29,345 |
Individually evaluated for impairment | $ | 749 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 450 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,199 |
Collectively evaluated for impairment | 5,677 |  |  | 3,792 |  |  | 7,164 |  |  | 547 |  |  | 695 |  |  | 1,195 |  |  | 6,493 |  |  | 2,013 |  |  | 364 |  |  | 27,940 |
Acquired with deteriorated credit quality | 58 |  |  | 112 |  |  | — |  |  | 19 |  |  | — |  |  | — |  |  | 17 |  |  | — |  |  | — |  |  | 206 |
Total ending allowance balance | $ | 6,484 |  |  | $ | 3,904 |  |  | $ | 7,164 |  |  | $ | 566 |  |  | $ | 695 |  |  | $ | 1,195 |  |  | $ | 6,960 |  |  | $ | 2,013 |  |  | $ | 364 |  |  | $ | 29,345 |
Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment | $ | 8,087 |  |  | $ | 373 |  |  | $ | 1,566 |  |  | $ | 9 |  |  | $ | — |  |  | $ | — |  |  | $ | 21,790 |  |  | $ | 294 |  |  | $ | — |  |  | $ | 32,119 |
Collectively evaluated for impairment | 480,063 |  |  | 964,929 |  |  | 938,487 |  |  | 45,109 |  |  | 38,081 |  |  | 102,012 |  |  | 920,193 |  |  | 170,924 |  |  | — |  |  | 3,659,798 |
Acquired with deteriorated credit quality | 1,079 |  |  | 10,432 |  |  | — |  |  | 3,136 |  |  | — |  |  | — |  |  | 227,151 |  |  | — |  |  | — |  |  | 241,798 |
Total ending loan balances | $ | 489,229 |  |  | $ | 975,734 |  |  | $ | 940,053 |  |  | $ | 48,254 |  |  | $ | 38,081 |  |  | $ | 102,012 |  |  | $ | 1,169,134 |  |  | $ | 171,218 |  |  | $ | — |  |  | $ | 3,933,715 |
The following table presents the activity and balance in the allowance for loan and lease losses and the recorded investment, excluding accrued interest, in loans and leases by portfolio segment and is based on the impairment method as of or for the three months ended March 31, 2014:
| Commercial and Industrial |  | Commercial Real Estate |  | Multi- family |  | SBA |  | Construction |  | Lease Financing |  | Single Family Residential Mortgage |  | Other Consumer |  | Unallocated |  | Total
| (In thousands)
Allowance for loan and lease losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2013 | $ | 1,822 |  |  | $ | 5,484 |  |  | $ | 2,566 |  |  | $ | 235 |  |  | $ | 244 |  |  | $ | 428 |  |  | $ | 7,044 |  |  | $ | 532 |  |  | $ | 450 |  |  | $ | 18,805 |
Charge-offs | — |  |  | — |  |  | — |  |  | (17 | ) |  | — |  |  | — |  |  | (151 | ) |  | (35 | ) |  | — |  |  | (203 | )
Recoveries | 26 |  |  | 316 |  |  | — |  |  | 92 |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 435 |
Transfer of loans to held-for-sale | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (963 | ) |  | — |  |  | — |  |  | (963 | )
Provision | 519 |  |  | 649 |  |  | 154 |  |  | (99 | ) |  | 108 |  |  | 194 |  |  | 217 |  |  | 284 |  |  | (97 | ) |  | 1,929 |
Balance at March 31, 2014 | $ | 2,367 |  |  | $ | 6,449 |  |  | $ | 2,720 |  |  | $ | 211 |  |  | $ | 352 |  |  | $ | 622 |  |  | $ | 6,147 |  |  | $ | 782 |  |  | $ | 353 |  |  | $ | 20,003 |
Individually evaluated for impairment | $ | — |  |  | $ | — |  |  | $ | 37 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 25 |  |  | $ | — |  |  | $ | — |  |  | $ | 62 |
Collectively evaluated for impairment | 2,367 |  |  | 6,449 |  |  | 2,683 |  |  | 211 |  |  | 352 |  |  | 622 |  |  | 5,926 |  |  | 782 |  |  | 353 |  |  | 19,745 |
Acquired with deteriorated credit quality | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 196 |  |  | — |  |  | — |  |  | 196 |
Total ending allowance balance | $ | 2,367 |  |  | $ | 6,449 |  |  | $ | 2,720 |  |  | $ | 211 |  |  | $ | 352 |  |  | $ | 622 |  |  | $ | 6,147 |  |  | $ | 782 |  |  | $ | 353 |  |  | $ | 20,003 |
Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment | $ | — |  |  | $ | 3,218 |  |  | $ | 1,674 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 10,160 |  |  | $ | 212 |  |  | $ | — |  |  | $ | 15,264 |
Collectively evaluated for impairment | 297,646 |  |  | 542,750 |  |  | 153,708 |  |  | 23,064 |  |  | 25,144 |  |  | 48,537 |  |  | 856,664 |  |  | 120,795 |  |  | — |  |  | 2,068,308 |
Acquired with deteriorated credit quality | 1,538 |  |  | 14,613 |  |  | — |  |  | 3,477 |  |  | — |  |  | — |  |  | 292,039 |  |  | 1,756 |  |  | — |  |  | 313,423 |
Total ending loan balances | $ | 299,184 |  |  | $ | 560,581 |  |  | $ | 155,382 |  |  | $ | 26,541 |  |  | $ | 25,144 |  |  | $ | 48,537 |  |  | $ | 1,158,863 |  |  | $ | 122,763 |  |  | $ | — |  |  | $ | 2,396,995 |
The following table presents loans and leases individually evaluated for impairment by class of loans and leases as of the dates indicated. The recorded investment, excluding accrued interest, presents customer balances net of any partial charge-offs recognized on the loans and leases and net of any deferred fees and costs.
| March 31, 2015 |  | December 31, 2014
| Unpaid Principal Balance |  | Recorded Investment |  | Allowance for Loan and Lease Losses |  | Unpaid Principal Balance |  | Recorded Investment |  | Allowance for Loan and Lease Losses
| (In thousands)
With no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial | $ | 4,085 |  |  | $ | 3,953 |  |  | $ | — |  |  | $ | 4,803 |  |  | $ | 4,708 |  |  | $ | — |
Commercial real estate | 1,233 |  |  | 373 |  |  | — |  |  | 1,910 |  |  | 1,017 |  |  | — |
Multi-family | 1,732 |  |  | 1,566 |  |  | — |  |  | 1,747 |  |  | 1,594 |  |  | — |
SBA | 23 |  |  | 9 |  |  | — |  |  | 24 |  |  | 6 |  |  | — |
Consumer: |  |  |  |  |  |  |  |  |  |  |
Single family residential mortgage | 17,396 |  |  | 16,725 |  |  | — |  |  | 15,729 |  |  | 15,131 |  |  | — |
Other consumer | 294 |  |  | 294 |  |  | — |  |  | 507 |  |  | 503 |  |  | — |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial | 4,179 |  |  | 4,134 |  |  | 749 |  |  | 4,310 |  |  | 4,313 |  |  | 788 |
Commercial real estate | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Multi-family | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Consumer: |  |  |  |  |  |  |  |  |  |  |
Single family residential mortgage | 5,243 |  |  | 5,065 |  |  | 450 |  |  | 6,422 |  |  | 6,206 |  |  | 500 |
Other consumer | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 34,185 |  |  | $ | 32,119 |  |  | $ | 1,199 |  |  | $ | 35,452 |  |  | $ | 33,478 |  |  | $ | 1,288 |
The following table presents information on impaired loans and leases, disaggregated by class, for the periods indicated:
| Three Months Ended March 31,
| 2015 |  | 2014
| Average Recorded Investment |  | Interest Income Recognized |  | Cash Basis Interest Recognized |  | Average Recorded Investment |  | Interest Income Recognized |  | Cash Basis Interest Recognized
| (In thousands)
Commercial: |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial | $ | 8,199 |  |  | $ | 119 |  |  | $ | 130 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Commercial real estate | 383 |  |  | 10 |  |  | 10 |  |  | 3,417 |  |  | 49 |  |  | 57 |
Multi-family | 1,580 |  |  | 13 |  |  | 15 |  |  | 1,684 |  |  | 13 |  |  | 13 |
SBA | 7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Consumer: |  |  |  |  |  |  |  |  |  |  |
Single family residential mortgage | 21,866 |  |  | 179 |  |  | 176 |  |  | 10,270 |  |  | 65 |  |  | 65 |
Other consumer | 294 |  |  | 2 |  |  | 3 |  |  | 213 |  |  | 1 |  |  | 1 |
Total | $ | 32,329 |  |  | $ | 323 |  |  | $ | 334 |  |  | $ | 15,584 |  |  | $ | 128 |  |  | $ | 136 |
Non-accrual Loans and Leases The following table presents nonaccrual loans and leases, and loans past due 90 days or more and still accruing as of the dates indicated:
| March 31, 2015 |  | December 31, 2014
| NTM Loans |  | Traditional Loans |  | Total |  | NTM Loans |  | Traditional Loans |  | Total
| (In thousands)
Loans past due 90 days or more and still accruing | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Nonaccrual loans and leases: |  |  |  |  |  |  |  |  |  |  |
The Company maintains specific allowances for these loans of $584 in 2015 and $478 in 2014 | 13,635 |  |  | 29,119 |  |  | 42,754 |  |  | 14,592 |  |  | 23,789 |  |  | 38,381 |
The following table presents the composition of nonaccrual loans and leases as of the dates indicated:
| March 31, 2015 |  | December 31, 2014
| NTM Loans |  | Traditional Loans |  | Total |  | NTM Loans |  | Traditional Loans |  | Total
| (In thousands)
Commercial: |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial | $ | — |  |  | $ | 6,676 |  |  | $ | 6,676 |  |  | $ | — |  |  | $ | 7,143 |  |  | $ | 7,143 |
Commercial real estate | — |  |  | 1,026 |  |  | 1,026 |  |  | — |  |  | 1,017 |  |  | 1,017 |
Multi-family | — |  |  | 2,005 |  |  | 2,005 |  |  | — |  |  | 1,834 |  |  | 1,834 |
SBA | — |  |  | 342 |  |  | 342 |  |  | — |  |  | 285 |  |  | 285 |
Construction | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Lease financing | — |  |  | 663 |  |  | 663 |  |  | — |  |  | 100 |  |  | 100 |
Consumer: |  |  |  |  |  |  |  |  |  |  |
Single family residential mortgage | 2,957 |  |  | 18,371 |  |  | 21,328 |  |  | 2,049 |  |  | 13,370 |  |  | 15,419 |
Green Loans (HELOC) - first liens | 10,678 |  |  | — |  |  | 10,678 |  |  | 12,334 |  |  | — |  |  | 12,334 |
Green Loans (HELOC) - second liens | — |  |  | — |  |  | — |  |  | 209 |  |  | — |  |  | 209 |
Other consumer | — |  |  | 36 |  |  | 36 |  |  | — |  |  | 40 |  |  | 40 |
Total nonaccrual loans and leases | $ | 13,635 |  |  | $ | 29,119 |  |  | $ | 42,754 |  |  | $ | 14,592 |  |  | $ | 23,789 |  |  | $ | 38,381 |
Past Due Loans and Leases The following table presents the aging of the recorded investment in past due loans and leases as of March 31, 2015, excluding accrued interest receivable (which is not considered to be material), by class of loans and leases:
| March 31, 2015
| 30 - 59 Days Past Due |  | 60 - 89 Days Past Due |  | Greater than 89 Days Past due |  | Total Past Due |  | Current |  | Total
| (In thousands)
NTM loans: |  |  |  |  |  |  |  |  |  |  |
Single family residential mortgage | $ | 1,121 |  |  | $ | 419 |  |  | $ | 2,957 |  |  | $ | 4,497 |  |  | $ | 224,509 |  |  | $ | 229,006 |
Green Loans (HELOC) - first liens | 9,076 |  |  | — |  |  | — |  |  | 9,076 |  |  | 110,882 |  |  | 119,958 |
Green Loans (HELOC) - second liens | — |  |  | — |  |  | — |  |  | — |  |  | 4,748 |  |  | 4,748 |
Other consumer | — |  |  | — |  |  | — |  |  | — |  |  | 113 |  |  | 113 |
Total NTM loans | 10,197 |  |  | 419 |  |  | 2,957 |  |  | 13,573 |  |  | 340,252 |  |  | 353,825 |
Traditional loans and leases: |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial | 601 |  |  | 16 |  |  | 170 |  |  | 787 |  |  | 487,363 |  |  | 488,150 |
Commercial real estate | 3,230 |  |  | 495 |  |  | 653 |  |  | 4,378 |  |  | 960,924 |  |  | 965,302 |
Multi-family | 629 |  |  | 2,487 |  |  | 207 |  |  | 3,323 |  |  | 936,730 |  |  | 940,053 |
SBA | 6 |  |  | — |  |  | 314 |  |  | 320 |  |  | 44,798 |  |  | 45,118 |
Construction | — |  |  | — |  |  | — |  |  | — |  |  | 38,081 |  |  | 38,081 |
Lease financing | 1,033 |  |  | 64 |  |  | 663 |  |  | 1,760 |  |  | 100,252 |  |  | 102,012 |
Consumer: |  |  |  |  |  |  |  |  |  |  |
Single family residential mortgage | 17,453 |  |  | 2,765 |  |  | 15,574 |  |  | 35,792 |  |  | 557,227 |  |  | 593,019 |
Other consumer | 1,150 |  |  | 96 |  |  | — |  |  | 1,246 |  |  | 165,111 |  |  | 166,357 |
Total traditional loans and leases | 24,102 |  |  | 5,923 |  |  | 17,581 |  |  | 47,606 |  |  | 3,290,486 |  |  | 3,338,092 |
Purchased Credit Impaired (PCI) loans: |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial | 736 |  |  | — |  |  | — |  |  | 736 |  |  | 343 |  |  | 1,079 |
Commercial real estate | — |  |  | — |  |  | 1,055 |  |  | 1,055 |  |  | 9,377 |  |  | 10,432 |
SBA | 668 |  |  | 8 |  |  | 616 |  |  | 1,292 |  |  | 1,844 |  |  | 3,136 |
Consumer: |  |  |  |  |  |  |  |  |  |  |
Single family residential mortgage | 11,863 |  |  | 3,100 |  |  | 5,315 |  |  | 20,278 |  |  | 206,873 |  |  | 227,151 |
Total PCI loans | 13,267 |  |  | 3,108 |  |  | 6,986 |  |  | 23,361 |  |  | 218,437 |  |  | 241,798 |
Total | $ | 47,566 |  |  | $ | 9,450 |  |  | $ | 27,524 |  |  | $ | 84,540 |  |  | $ | 3,849,175 |  |  | $ | 3,933,715 |
The following table presents the aging of the recorded investment in past due loans and leases as of December 31, 2014, excluding accrued interest receivable (which is not considered to be material), by class of loans and leases:
| December 31, 2014
| 30 - 59 Days Past Due |  | 60 - 89 Days Past Due |  | Greater than 89 Days Past due |  | Total Past Due |  | Current |  | Total
| (In thousands)
NTM loans: |  |  |  |  |  |  |  |  |  |  |
Single family residential mortgage | $ | 1,415 |  |  | $ | 165 |  |  | $ | 2,049 |  |  | $ | 3,629 |  |  | $ | 218,677 |  |  | $ | 222,306 |
Green Loans (HELOC) - first liens | 8,853 |  |  | — |  |  | 437 |  |  | 9,290 |  |  | 113,887 |  |  | 123,177 |
Green Loans (HELOC) - second liens | 294 |  |  | — |  |  | 209 |  |  | 503 |  |  | 4,476 |  |  | 4,979 |
Other consumer | — |  |  | — |  |  | — |  |  | — |  |  | 113 |  |  | 113 |
Total NTM loans | 10,562 |  |  | 165 |  |  | 2,695 |  |  | 13,422 |  |  | 337,153 |  |  | 350,575 |
Traditional loans and leases: |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial | 79 |  |  | 37 |  |  | 3,370 |  |  | 3,486 |  |  | 486,280 |  |  | 489,766 |
Commercial real estate | 2,237 |  |  | — |  |  | — |  |  | 2,237 |  |  | 986,093 |  |  | 988,330 |
Multi-family | 1,072 |  |  | 208 |  |  | — |  |  | 1,280 |  |  | 954,403 |  |  | 955,683 |
SBA | 82 |  |  | — |  |  | 254 |  |  | 336 |  |  | 32,662 |  |  | 32,998 |
Construction | — |  |  | — |  |  | — |  |  | — |  |  | 42,198 |  |  | 42,198 |
Lease financing | 1,055 |  |  | 36 |  |  | 100 |  |  | 1,191 |  |  | 84,558 |  |  | 85,749 |
Consumer: |  |  |  |  |  |  |  |  |  |  |
Single family residential mortgage | 17,185 |  |  | 7,878 |  |  | 10,411 |  |  | 35,474 |  |  | 559,626 |  |  | 595,100 |
Other consumer | 9 |  |  | 89 |  |  | 5 |  |  | 103 |  |  | 161,723 |  |  | 161,826 |
Total traditional loans and leases | 21,719 |  |  | 8,248 |  |  | 14,140 |  |  | 44,107 |  |  | 3,307,543 |  |  | 3,351,650 |
PCI loans: |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial | — |  |  | — |  |  | — |  |  | — |  |  | 1,134 |  |  | 1,134 |
Commercial real estate | — |  |  | — |  |  | 951 |  |  | 951 |  |  | 10,576 |  |  | 11,527 |
SBA | 878 |  |  | — |  |  | 300 |  |  | 1,178 |  |  | 1,979 |  |  | 3,157 |
Consumer: |  |  |  |  |  |  |  |  |  |  |
Single family residential mortgage | 13,262 |  |  | 3,501 |  |  | 4,510 |  |  | 21,273 |  |  | 209,806 |  |  | 231,079 |
Total PCI loans | 14,140 |  |  | 3,501 |  |  | 5,761 |  |  | 23,402 |  |  | 223,495 |  |  | 246,897 |
Total | $ | 46,421 |  |  | $ | 11,914 |  |  | $ | 22,596 |  |  | $ | 80,931 |  |  | $ | 3,868,191 |  |  | $ | 3,949,122 |
Troubled Debt Restructurings Troubled Debt Restructurings (TDRs) of loans are defined by ASC 310-40, “Troubled Debt Restructurings by Creditors” and ASC 470-60, “Troubled Debt Restructurings by Debtors” and evaluated for impairment in accordance with ASC 310-10-35. The concessions may be granted in various forms, including reduction in the stated interest rate, reduction in the amount of principal amortization, forgiveness of a portion of a loan balance or accrued interest, or extension of the maturity date. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. This evaluation is performed under the Company’s internal underwriting policy. For the three months ended March 31, 2015, there were 2 modifications through bankruptcy discharges. There were no modifications for the three ended March 31, 2014. The following table summarizes the pre-modification and post-modification balances of the new TDRs for the three months ended March 31, 2015 and 2014:
| Three Months Ended March 31,
| 2015 |  | 2014
| Number of Loans |  | Pre- Modification Outstanding Recorded Investment |  | Post-Modification Outstanding Recorded Investment |  | Number of Loans |  | Pre-Modification Outstanding Recorded Investment |  | Post-Modification Outstanding Recorded Investment
| ($ in thousands)
Consumer: |  |  |  |  |  |  |  |  |  |  |
Single family residential mortgage | 2 |  |  | $ | 1,430 |  |  | $ | 1,430 |  |  | — |  |  | $ | — |  |  | $ | — |
Total | 2 |  |  | $ | 1,430 |  |  | $ | 1,430 |  |  | — |  |  | $ | — |  |  | $ | — |
For the three months ended March 31, 2015 and 2014, there were no loans and leases that were modified as TDRs during the past 12 months that had payment defaults during the periods. Troubled debt restructured loans and leases consist of the following as of the dates indicated:
| March 31, 2015 |  | December 31, 2014
| NTM Loans |  | Traditional Loans |  | Total |  | NTM Loans |  | Traditional Loans |  | Total
| (In thousands)
Commercial: |  |  |  |  |  |  |  |  |  |  |
Commercial real estate | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
SBA | — |  |  | 9 |  |  | 9 |  |  | — |  |  | 6 |  |  | 6 |
Consumer: |  |  |  |  |  |  |  |  |  |  |
Single family residential mortgage | — |  |  | 4,543 |  |  | 4,543 |  |  | — |  |  | 4,269 |  |  | 4,269 |
Green Loans (HELOC) - first liens | 4,549 |  |  | — |  |  | 4,549 |  |  | 3,442 |  |  | — |  |  | 3,442 |
Green Loans (HELOC) - second liens | 294 |  |  | — |  |  | 294 |  |  | 294 |  |  | — |  |  | 294 |
Total | $ | 4,843 |  |  | $ | 4,552 |  |  | $ | 9,395 |  |  | $ | 3,736 |  |  | $ | 4,275 |  |  | $ | 8,011 |
The Company did not have any commitments to lend to customers with outstanding loans or leases that were classified as troubled debt restructurings as of March 31, 2015 and December 31, 2014. Credit Quality Indicators The Company categorizes loans and leases into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company performs historical loss analysis that is combined with a comprehensive loan or lease to value analysis to analyze the associated risks in the current loan and lease portfolio. The Company analyzes loans and leases individually by classifying the loans and leases as to credit risk. This analysis includes all loans and leases delinquent over 60 days and non-homogeneous loans and leases such as commercial and commercial real estate loans and leases. Classification of problem single family residential loans is performed on a monthly basis while analysis of non-homogeneous loans and leases is performed on a quarterly basis. The Company uses the following definitions for risk ratings: Pass: Loans and leases classified as pass are in compliance in all respects with the Bank’s credit policy and regulatory requirements, and do not exhibit any potential or defined weakness as defined under “Special Mention”, “Substandard” or “Doubtful/Loss”. Special Mention: Loans and leases classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or lease or of the Company’s credit position at some future date. Substandard: Loans and leases classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans and leases so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful/Loss: Loans and leases classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Not-Rated: When accrual of income on a pool of purchased credit impaired (PCI) loans with common risk characteristics is appropriate in accordance with ASC 310-30, individual loans in those pools are not risk-rated. The credit criteria evaluated are FICO scores, loan-to-value, delinquency, and actual cash flows versus expected cash flows of the loan pools. Loans and leases not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass rated loans and leases. The following table presents the risk categories for loans and leases as of March 31, 2015:
| March 31, 2015
| Pass |  | Special Mention |  | Substandard |  | Doubtful |  | Not-Rated |  | Total
| (In thousands)
NTM loans: |  |  |  |  |  |  |  |  |  |  |
Single family residential mortgage | $ | 224,683 |  |  | $ | 2,041 |  |  | $ | 2,282 |  |  | $ | — |  |  | $ | — |  |  | $ | 229,006 |
Green Loans (HELOC) - first liens | 100,428 |  |  | 3,056 |  |  | 16,173 |  |  | 301 |  |  | — |  |  | 119,958 |
Green Loans (HELOC) - second liens | 4,748 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,748 |
Other consumer | 113 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 113 |
Total NTM loans | 329,972 |  |  | 5,097 |  |  | 18,455 |  |  | 301 |  |  | — |  |  | 353,825 |
Traditional loans and leases: |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial | 476,344 |  |  | 106 |  |  | 11,700 |  |  | — |  |  | — |  |  | 488,150 |
Commercial real estate | 926,109 |  |  | 14,099 |  |  | 25,094 |  |  | — |  |  | — |  |  | 965,302 |
Multi-family | 919,956 |  |  | 5,974 |  |  | 14,123 |  |  | — |  |  | — |  |  | 940,053 |
SBA | 44,301 |  |  | — |  |  | 817 |  |  | — |  |  | — |  |  | 45,118 |
Construction | 38,081 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 38,081 |
Lease financing | 101,285 |  |  | 64 |  |  | 663 |  |  | — |  |  | — |  |  | 102,012 |
Consumer: |  |  |  |  |  |  |  |  |  |  |
Single family residential mortgage | 557,947 |  |  | 15,848 |  |  | 19,224 |  |  | — |  |  | — |  |  | 593,019 |
Other consumer | 166,243 |  |  | 78 |  |  | 36 |  |  | — |  |  | — |  |  | 166,357 |
Total traditional loans and leases | 3,230,266 |  |  | 36,169 |  |  | 71,657 |  |  | — |  |  | — |  |  | 3,338,092 |
PCI loans: |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial | 92 |  |  | — |  |  | 987 |  |  | — |  |  | — |  |  | 1,079 |
Commercial real estate | 5,700 |  |  | 974 |  |  | 3,758 |  |  | — |  |  | — |  |  | 10,432 |
SBA | 364 |  |  | 346 |  |  | 2,426 |  |  | — |  |  | — |  |  | 3,136 |
Consumer: |  |  |  |  |  |  |  |  |  |  |
Single family residential mortgage | — |  |  | — |  |  | 255 |  |  | — |  |  | 226,896 |  |  | 227,151 |
Total PCI loans | 6,156 |  |  | 1,320 |  |  | 7,426 |  |  | — |  |  | 226,896 |  |  | 241,798 |
Total | $ | 3,566,394 |  |  | $ | 42,586 |  |  | $ | 97,538 |  |  | $ | 301 |  |  | $ | 226,896 |  |  | $ | 3,933,715 |
The following table presents the risk categories for loans and leases as of December 31, 2014:
| December 31, 2014
| Pass |  | Special Mention |  | Substandard |  | Doubtful |  | Not-Rated |  | Total
| (In thousands)
NTM loans: |  |  |  |  |  |  |  |  |  |  |
Single family residential mortgage | $ | 219,747 |  |  | $ | 279 |  |  | $ | 2,280 |  |  | $ | — |  |  | $ | — |  |  | $ | 222,306 |
Green Loans (HELOC) - first liens | 104,640 |  |  | 399 |  |  | 18,138 |  |  | — |  |  | — |  |  | 123,177 |
Green Loans (HELOC) - second liens | 4,770 |  |  | — |  |  | 209 |  |  | — |  |  | — |  |  | 4,979 |
Other consumer | 113 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 113 |
Total NTM loans | 329,270 |  |  | 678 |  |  | 20,627 |  |  | — |  |  | — |  |  | 350,575 |
Traditional loans and leases: |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial | 477,319 |  |  | 117 |  |  | 12,330 |  |  | — |  |  | — |  |  | 489,766 |
Commercial real estate | 943,645 |  |  | 14,281 |  |  | 30,404 |  |  | — |  |  | — |  |  | 988,330 |
Multi-family | 932,438 |  |  | 6,684 |  |  | 16,561 |  |  | — |  |  | — |  |  | 955,683 |
SBA | 32,171 |  |  | — |  |  | 827 |  |  | — |  |  | — |  |  | 32,998 |
Construction | 42,198 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 42,198 |
Lease financing | 85,613 |  |  | 36 |  |  | 100 |  |  | — |  |  | — |  |  | 85,749 |
Consumer: |  |  |  |  |  |  |  |  |  |  |
Single family residential mortgage | 569,871 |  |  | 10,395 |  |  | 14,834 |  |  | — |  |  | — |  |  | 595,100 |
Other consumer | 161,701 |  |  | 85 |  |  | 40 |  |  | — |  |  | — |  |  | 161,826 |
Total traditional loans and leases | 3,244,956 |  |  | 31,598 |  |  | 75,096 |  |  | — |  |  | — |  |  | 3,351,650 |
PCI loans: |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial | 104 |  |  | — |  |  | 1,030 |  |  | — |  |  | — |  |  | 1,134 |
Commercial real estate | 6,676 |  |  | 985 |  |  | 3,866 |  |  | — |  |  | — |  |  | 11,527 |
SBA | 677 |  |  | 351 |  |  | 2,129 |  |  | — |  |  | — |  |  | 3,157 |
Consumer: |  |  |  |  |  |  |  |  |  |  |
Single family residential mortgage | — |  |  | — |  |  | 268 |  |  | — |  |  | 230,811 |  |  | 231,079 |
Total PCI loans | 7,457 |  |  | 1,336 |  |  | 7,293 |  |  | — |  |  | 230,811 |  |  | 246,897 |
Total | $ | 3,581,683 |  |  | $ | 33,612 |  |  | $ | 103,016 |  |  | $ | — |  |  | $ | 230,811 |  |  | $ | 3,949,122 |
Purchased Credit Impaired Loans During the years ended December 31, 2013 and 2012, the Company acquired loans and leases through business acquisitions and purchases of loan pools for which there was, at acquisition, evidence of deterioration of credit quality subsequent to origination and it was probable, at acquisition, that all contractually required payments would not be collected. The following table presents the outstanding balance and carrying amount of those loans and leases, which are sometimes collectively referred to as “PCI loans” as of the dates indicated:
| March 31, 2015 |  | December 31, 2014
Outstanding Balance |  | Carrying Amount |  | Outstanding Balance |  | Carrying Amount
| (In thousands)
Commercial: |  |  |  |  |  |  |
Commercial and industrial | $ | 1,700 |  |  | $ | 1,079 |  |  | $ | 1,767 |  |  | $ | 1,134 |
Commercial real estate | 12,052 |  |  | 10,432 |  |  | 13,708 |  |  | 11,527 |
SBA | 4,175 |  |  | 3,136 |  |  | 4,220 |  |  | 3,157 |
Consumer: |  |  |  |  |  |  |
Single family residential mortgage | 277,253 |  |  | 227,151 |  |  | 283,067 |  |  | 231,079 |
Total | $ | 295,180 |  |  | $ | 241,798 |  |  | $ | 302,762 |  |  | $ | 246,897 |
The following table presents a summary of accretable yield, or income expected to be collected for the periods indicated:
| Three Months Ended March 31,
2015 |  | 2014
| (In thousands)
Balance at beginning of period | $ | 92,301 |  |  | $ | 126,336 |
New loans or leases purchased | — |  |  | — |
Accretion of income | (5,048 | ) |  | (7,169 | )
Changes in expected cash flows | (25 | ) |  | 131 |
Disposals | (1,933 | ) |  | (10,950 | )
Balance at end of period | $ | 85,295 |  |  | $ | 108,348 |
The Company did not purchase any PCI loans during the three months ended March 31, 2015 or 2014. During the three months ended March 31, 2015, the Company did not sell any PCI loans. During the three months ended March 31, 2014, the Company sold a portion of PCI loans with unpaid principal balances and carrying values of $27.7 million and $16.1 million, respectively, and recognized net gain on sale of loans of $2.3 million from the transaction.

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