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Loans and Leases Receivable and Allowance for Credit Losses on Loans and Leases | 3 Months Ended
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Mar. 31, 2022
Receivables [Abstract] |
Loans and Leases Receivable and Allowance for Credit Losses on Loans and Leases | LOANS AND LEASES RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LEASES The following table presents loans and leases receivable as of March 31, 2022 and December 31, 2021.
(amounts in thousands) | March 31, 2022 |  | December 31, 2021
Loans and leases receivable, mortgage warehouse, at fair value | $ | 1,755,758 |  |  | $ | 2,284,325 |
Loans receivable, PPP | 2,195,902 |  |  | 3,250,008 |
Loans and leases receivable: |  |  |
Commercial: |  |  |
Multi-family | 1,705,027 |  |  | 1,486,308 |
Commercial and industrial (1) | 3,995,802 |  |  | 3,424,783 |
Commercial real estate owner occupied | 701,893 |  |  | 654,922 |
Commercial real estate non-owner occupied | 1,140,311 |  |  | 1,121,238 |
Construction | 161,024 |  |  | 198,981 |
Total commercial loans and leases receivable | 7,704,057 |  |  | 6,886,232 |
Consumer: |  |  |
Residential real estate | 466,423 |  |  | 334,730 |
Manufactured housing | 50,669 |  |  | 52,861 |
Installment | 1,897,706 |  |  | 1,744,475 |
Total consumer loans receivable | 2,414,798 |  |  | 2,132,066 |
Loans and leases receivable | 10,118,855 |  |  | 9,018,298 |
Allowance for credit losses on loans and leases | (145,847) |  |  | (137,804) |
Total loans and leases receivable, net of allowance for credit losses on loans and leases (2) | $ | 13,924,668 |  |  | $ | 14,414,827 |
(1)Includes direct finance equipment leases of $150.7 million and $146.5 million at March 31, 2022 and December 31, 2021, respectively. (2)Includes deferred (fees) costs and unamortized (discounts) premiums, net of $(22.8) million and $(52.0) million at March 31, 2022 and December 31, 2021, respectively. Customers' total loans and leases receivable portfolio includes loans receivable which are reported at fair value based on an election made to account for these loans at fair value and loans and leases receivable which are predominately reported at their outstanding unpaid principal balance, net of charge-offs and deferred costs and fees and unamortized premiums and discounts and are evaluated for impairment. The total amount of accrued interest recorded for total loans was $80.7 million and $81.6 million at March 31, 2022 and December 31, 2021, respectively, and is presented in accrued interest receivable in the consolidated balance sheet. At March 31, 2022 and December 31, 2021, there were $31.8 million and $38.9 million of individually evaluated loans that were collateral-dependent, respectively. Substantially all individually evaluated loans are collateral-dependent and consisted primarily of commercial and industrial, commercial real estate, and residential real estate loans. Collateral-dependent commercial and industrial loans were secured by accounts receivable, inventory and equipment; collateral-dependent commercial real estate loans were secured by commercial real estate assets; and residential real estate loans were secured by residential real estate assets. Loans receivable, mortgage warehouse, at fair value Mortgage warehouse loans consist of commercial loans to mortgage companies. These mortgage warehouse lending transactions are subject to master repurchase agreements. As a result of the contractual provisions, for accounting purposes, control of the underlying mortgage loan has not transferred and the rewards and risks of the mortgage loans are not assumed by Customers. The mortgage warehouse loans are designated as loans held for investment and reported at fair value based on an election made to account for the loans at fair value. Pursuant to the agreements, Customers funds the pipelines for these mortgage lenders by sending payments directly to the closing agents for funded mortgage loans and receives proceeds directly from third party investors when the underlying mortgage loans are sold into the secondary market. The fair value of the mortgage warehouse loans is estimated as the amount of cash initially advanced to fund the mortgage, plus accrued interest and fees, as specified in the respective agreements. The interest rates on these loans are variable, and the lending transactions are short-term, with an average life under 30 days from purchase to sale. The primary goal of these lending transactions is to provide liquidity to mortgage companies. At March 31, 2022 and December 31, 2021, all of Customers' commercial mortgage warehouse loans were current in terms of payment. As these loans are reported at their fair value, they do not have an ACL and are therefore excluded from ACL-related disclosures. Loans receivable, PPP Customers had $2.2 billion and $3.3 billion of PPP loans outstanding as of March 31, 2022 and December 31, 2021, respectively, which are fully guaranteed by the SBA and earn a fixed interest rate of 1.00%. Customers recognized interest income, including origination fees, of $36.9 million and $38.8 million for the three months ended March 31, 2022 and 2021, respectively. PPP loans include an embedded credit enhancement from the SBA, which guarantees 100% of the principal and interest owed by the borrower provided that the SBA's eligibility criteria are met. As a result, the eligible PPP loans do not have an ACL and are therefore excluded from ACL-related disclosures. Loans and leases receivable The following tables summarize loans and leases receivable by loan and lease type and performance status as of March 31, 2022 and December 31, 2021:
| March 31, 2022
(amounts in thousands) | 30-59 Days past due (1) |  | 60-89 Days past due (1) |  | 90 Days or more past due (1) |  | Total past due (1) |  | Loans and leases not past due (2) |  | Total loans and leases (3)
Multi-family | $ | 10,690 |  |  | $ | — |  |  | $ | 16,181 |  |  | $ | 26,871 |  |  | $ | 1,678,156 |  |  | $ | 1,705,027 |
Commercial and industrial | 2,591 |  |  | 92 |  |  | 5,432 |  |  | 8,115 |  |  | 3,987,687 |  |  | 3,995,802 |
Commercial real estate owner occupied | 2,935 |  |  | — |  |  | 1,046 |  |  | 3,981 |  |  | 697,912 |  |  | 701,893 |
Commercial real estate non-owner occupied | — |  |  | — |  |  | 1,302 |  |  | 1,302 |  |  | 1,139,009 |  |  | 1,140,311 |
Construction | — |  |  | — |  |  | — |  |  | — |  |  | 161,024 |  |  | 161,024 |
Residential real estate | 5,151 |  |  | 446 |  |  | 4,808 |  |  | 10,405 |  |  | 456,018 |  |  | 466,423 |
Manufactured housing | 975 |  |  | 280 |  |  | 4,488 |  |  | 5,743 |  |  | 44,926 |  |  | 50,669 |
Installment | 7,974 |  |  | 4,868 |  |  | 4,865 |  |  | 17,707 |  |  | 1,879,999 |  |  | 1,897,706 |
Total | $ | 30,316 |  |  | $ | 5,686 |  |  | $ | 38,122 |  |  | $ | 74,124 |  |  | $ | 10,044,731 |  |  | $ | 10,118,855 |
| December 31, 2021
(amounts in thousands) | 30-59 Days past due (1) |  | 60-89 Days past due (1) |  | 90 Days or more past due (1) |  | Total past due (1) |  | Loans and leases not past due (2) |  | Total loans and leases (3)
Multi-family | $ | 1,682 |  |  | $ | 2,707 |  |  | $ | 18,235 |  |  | $ | 22,624 |  |  | $ | 1,463,684 |  |  | $ | 1,486,308 |
Commercial and industrial | 2,093 |  |  | 95 |  |  | 5,929 |  |  | 8,117 |  |  | 3,416,666 |  |  | 3,424,783 |
Commercial real estate owner occupied | 287 |  |  | — |  |  | 1,304 |  |  | 1,591 |  |  | 653,331 |  |  | 654,922 |
Commercial real estate non-owner occupied | — |  |  | — |  |  | 2,815 |  |  | 2,815 |  |  | 1,118,423 |  |  | 1,121,238 |
Construction | — |  |  | — |  |  | — |  |  | — |  |  | 198,981 |  |  | 198,981 |
Residential real estate | 4,655 |  |  | 789 |  |  | 4,390 |  |  | 9,834 |  |  | 324,896 |  |  | 334,730 |
Manufactured housing | 2,308 |  |  | 768 |  |  | 4,949 |  |  | 8,025 |  |  | 44,836 |  |  | 52,861 |
Installment | 7,349 |  |  | 4,295 |  |  | 3,783 |  |  | 15,427 |  |  | 1,729,048 |  |  | 1,744,475 |
Total | $ | 18,374 |  |  | $ | 8,654 |  |  | $ | 41,405 |  |  | $ | 68,433 |  |  | $ | 8,949,865 |  |  | $ | 9,018,298 |
(1)Includes past due loans and leases that are accruing interest because collection is considered probable. (2)Loans and leases where next payment due is less than 30 days from the report date. The tables exclude PPP loans of $2.2 billion, of which $37.8 million were 30-59 days past due and $88.3 million were 60 days or more past due as of March 31, 2022, and PPP loans of $3.3 billion, of which $6.3 million were 30-59 days past due and $21.8 million were 60 days or more past due as of December 31, 2021. Claims for guarantee payments are submitted to the SBA for eligible PPP loans more than 60 days past due. (3)Includes PCD loans of $9.4 million and $9.9 million at March 31, 2022 and December 31, 2021, respectively. Nonaccrual Loans and Leases The following table presents the amortized cost of loans and leases held for investment on nonaccrual status.
| March 31, 2022 (1) |  | December 31, 2021 (1) |  |  |  |
(amounts in thousands) | Nonaccrual loans with no related allowance |  | Nonaccrual loans with related allowance |  | Total nonaccrual loans |  | Nonaccrual loans with no related allowance |  | Nonaccrual loans with related allowance |  | Total nonaccrual loans |  |  |  |  |  |  |  |
Multi-family | $ | 17,869 |  |  | $ | — |  |  | $ | 17,869 |  |  | $ | 22,654 |  |  | $ | — |  |  | $ | 22,654 |  |  |  |  |  |  |  |  |
Commercial and industrial | 5,490 |  |  | — |  |  | 5,490 |  |  | 5,837 |  |  | 259 |  |  | 6,096 |  |  |  |  |  |  |  |  |
Commercial real estate owner occupied | 2,191 |  |  | — |  |  | 2,191 |  |  | 2,475 |  |  | — |  |  | 2,475 |  |  |  |  |  |  |  |  |
Commercial real estate non-owner occupied | 1,302 |  |  | — |  |  | 1,302 |  |  | 2,815 |  |  | — |  |  | 2,815 |  |  |  |  |  |  |  |  |
Residential real estate | 8,124 |  |  | — |  |  | 8,124 |  |  | 7,727 |  |  | — |  |  | 7,727 |  |  |  |  |  |  |  |  |
Manufactured housing | — |  |  | 3,430 |  |  | 3,430 |  |  | — |  |  | 3,563 |  |  | 3,563 |  |  |  |  |  |  |  |  |
Installment | — |  |  | 4,865 |  |  | 4,865 |  |  | — |  |  | 3,783 |  |  | 3,783 |  |  |  |  |  |  |  |  |
Total | $ | 34,976 |  |  | $ | 8,295 |  |  | $ | 43,271 |  |  | $ | 41,508 |  |  | $ | 7,605 |  |  | $ | 49,113 |  |  |  |  |  |  |  |  |
(1) Presented at amortized cost basis. Interest income recognized on nonaccrual loans was insignificant for the three months ended March 31, 2022 and 2021. Accrued interest reversed when the loans went to nonaccrual status was insignificant during the three months ended March 31, 2022 and 2021, respectively. Allowance for credit losses on loans and leases The changes in the ACL on loans and leases for the three months ended March 31, 2022 and 2021, and the loans and leases and ACL by loan and lease type are presented in the tables below.
(amounts in thousands) | Multi-family |  | Commercial and industrial |  | Commercial real estate owner occupied |  | Commercial real estate non-owner occupied |  | Construction |  | Residential real estate |  | Manufactured housing |  | Installment |  |  |  | Total
Three Months Ended March 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending balance, December 31, 2021 | $ | 4,477 |  |  | $ | 12,702 |  |  | $ | 3,213 |  |  | $ | 6,210 |  |  | $ | 692 |  |  | $ | 2,383 |  |  | $ | 4,278 |  |  | $ | 103,849 |  |  |  |  | $ | 137,804 |
Charge-offs | — |  |  | (301) |  |  | — |  |  | — |  |  | — |  |  | (4) |  |  | — |  |  | (8,865) |  |  |  |  | (9,170) |
Recoveries | 337 |  |  | 360 |  |  | 7 |  |  | 8 |  |  | 113 |  |  | 6 |  |  | — |  |  | 1,113 |  |  |  |  | 1,944 |
Provision (benefit) for credit losses on loans and leases | 2,623 |  |  | (1,996) |  |  | 621 |  |  | (263) |  |  | 134 |  |  | 2,300 |  |  | 64 |  |  | 11,786 |  |  |  |  | 15,269 |
Ending balance, March 31, 2022 | $ | 7,437 |  |  | $ | 10,765 |  |  | $ | 3,841 |  |  | $ | 5,955 |  |  | $ | 939 |  |  | $ | 4,685 |  |  | $ | 4,342 |  |  | $ | 107,883 |  |  |  |  | $ | 145,847 |
Three Months Ended March 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending balance, at December 31, 2020 | $ | 12,620 |  |  | $ | 12,239 |  |  | $ | 9,512 |  |  | $ | 19,452 |  |  | $ | 5,871 |  |  | $ | 3,977 |  |  | $ | 5,190 |  |  | $ | 75,315 |  |  |  |  | $ | 144,176 |
Charge-offs | (1,132) |  |  | (635) |  |  | (142) |  |  | — |  |  | — |  |  | (50) |  |  | — |  |  | (12,687) |  |  |  |  | (14,646) |
Recoveries | — |  |  | 260 |  |  | 8 |  |  | 10 |  |  | 5 |  |  | 10 |  |  | — |  |  | 1,832 |  |  |  |  | 2,125 |
Provision (benefit) for credit losses on loans and leases | (3,462) |  |  | (4,361) |  |  | (3,443) |  |  | (7,841) |  |  | (1,773) |  |  | (728) |  |  | (390) |  |  | 19,079 |  |  |  |  | (2,919) |
Ending Balance, March 31, 2021 | $ | 8,026 |  |  | $ | 7,503 |  |  | $ | 5,935 |  |  | $ | 11,621 |  |  | $ | 4,103 |  |  | $ | 3,209 |  |  | $ | 4,800 |  |  | $ | 83,539 |  |  |  |  | $ | 128,736 |
At March 31, 2022, the ACL on loans and leases was $145.8 million, an increase of $8.0 million from the December 31, 2021 balance of $137.8 million. The increase in ACL for the three months ended March 31, 2022 was primarily attributable to the loan growth in the loan portfolio for consumer installment, residential, multi-family and commercial and industrial loans. Troubled Debt Restructurings At March 31, 2022 and December 31, 2021, there were $16.6 million and $16.5 million, respectively, in loans reported as TDRs. TDRs are reported as impaired loans in the quarter of their restructuring and are evaluated to determine whether they should be placed on non- accrual status. In subsequent quarters, a TDR may be returned to accrual status if it satisfies a minimum performance requirement of six months, however, it will remain classified as impaired. Generally, the Bank requires sustained performance for nine months before returning a TDR to accrual status. Customers had no lease receivables that had been restructured as a TDR as of March 31, 2022 and December 31, 2021, respectively. Section 4013 of the CARES Act, as amended by the CAA, gave entities temporary relief from the accounting and disclosure requirements for TDRs. In addition, on April 7, 2020, certain regulatory banking agencies issued an interagency statement that offered practical expedients for evaluating whether loan modifications in response to the COVID-19 pandemic were TDRs. For COVID-19 related loan modifications which met the loan modification criteria under either the CARES Act or the criteria specified by the regulatory agencies, Customers elected to suspend TDR accounting for such loan modifications. There were no commercial deferments related to COVID-19 at March 31, 2022 and December 31, 2021. Consumer deferments related to COVID-19 were $3.3 million and $6.1 million at March 31, 2022 and December 31, 2021, respectively. The following table presents loans modified in a TDR by type of concession for the three months ended March 31, 2022 and 2021. There were no modifications that involved forgiveness of debt for the three months ended March 31, 2022 and 2021.
| Three Months Ended March 31, |  |
| 2022 |  | 2021 |  |  |  |
(dollars in thousands) | Number of loans |  | Recorded investment |  | Number of loans |  | Recorded investment |  |  |  |  |  |  |  |
Interest-rate reductions | 10 |  |  | $ | 346 |  |  | 8 |  |  | $ | 184 |  |  |  |  |  |  |  |  |
Other (1) | 32 |  |  | 451 |  |  | 20 |  |  | 541 |  |  |  |  |  |  |  |  |
Total | 42 |  |  | $ | 797 |  |  | 28 |  |  | $ | 725 |  |  |  |  |  |  |  |  |
(1) Other includes covenant modifications, forbearance, loans discharged under Chapter 7 bankruptcy, or other concessions. As of March 31, 2022 and December 31, 2021, there were no commitments to lend additional funds to debtors whose loans have been modified in TDRs. The following table presents, by loan type, the number of loans modified in TDRs and the related recorded investment, for which there was a payment default within twelve months following the modification:
| March 31, 2022 |  | March 31, 2021 |  |
(dollars in thousands) | Number of loans |  | Recorded investment |  | Number of loans |  | Recorded investment |  |  |  |
Manufactured housing | 1 |  |  | $ | 49 |  |  | 3 |  |  | $ | 48 |  |  |  |  |
Residential real estate | — |  |  | — |  |  | 1 |  |  | 56 |  |  |  |  |
Installment | 23 |  |  | 276 |  |  | 16 |  |  | 250 |  |  |  |  |
Total loans | 24 |  |  | $ | 325 |  |  | 20 |  |  | $ | 354 |  |  |  |  |
Loans modified in TDRs are evaluated for impairment. The nature and extent of impairment of TDRs, including those which have experienced a subsequent default, is considered in the determination of an appropriate level of ACL. Credit Quality Indicators The ACL represents management's estimate of expected losses in Customers' loans and leases receivable portfolio, excluding commercial mortgage warehouse loans reported at fair value pursuant to a fair value option election and PPP loans receivable. Multi-family, commercial and industrial, owner occupied commercial real estate, non-owner occupied commercial real estate, and construction loans are rated based on an internally assigned risk rating system which is assigned at the time of loan origination and reviewed on a periodic, or on an “as needed” basis. Residential real estate loans, manufactured housing and installment loans are evaluated based on the payment activity of the loan. To facilitate the monitoring of credit quality within the multi-family, commercial and industrial, owner occupied commercial real estate, non-owner occupied commercial real estate, and construction loan portfolios, and as an input in the ACL lifetime loss rate model for the commercial and industrial loan portfolio, the Bank utilizes the following categories of risk ratings: pass/satisfactory (includes risk rating 1 through 6), special mention, substandard, doubtful, and loss. The risk rating categories, which are derived from standard regulatory rating definitions, are assigned upon initial approval of credit to borrowers and updated periodically thereafter. Pass ratings, which are assigned to those borrowers who do not have identified potential or well-defined weaknesses and for whom there is a high likelihood of orderly repayment, are updated periodically based on the size and credit characteristics of the borrower. All other categories are updated on a quarterly basis during the month preceding the end of the calendar quarter. While assigning risk ratings involves judgment, the risk-rating process allows management to identify riskier credits in a timely manner and allocate the appropriate resources to manage those loans and leases. The 2021 Form 10-K describes Customers Bancorp’s risk rating grades. Risk ratings are not established for certain consumer loans, including residential real estate, home equity, manufactured housing, and installment loans, mainly because these portfolios consist of a larger number of homogeneous loans with smaller balances. Instead, these portfolios are evaluated for risk mainly based upon aggregate payment history through the monitoring of delinquency levels and trends and are classified as performing and non-performing. The following tables present the credit ratings of loans and leases receivable as of March 31, 2022 and December 31, 2021.
| Term Loans Amortized Cost Basis by Origination Year as of March 31, 2022 |  |  |  |  |  |
(amounts in thousands) | 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | Prior |  | Revolving loans amortized cost basis |  | Revolving loans converted to term |  | Total
Multi-family loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 385,034 |  |  | $ | 400,699 |  |  | $ | 132,732 |  |  | $ | 22,884 |  |  | $ | 126,850 |  |  | $ | 520,645 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,588,844 |
Special mention | — |  |  | 1,523 |  |  | — |  |  |  |  | 5,033 |  |  | 49,200 |  |  | — |  |  | — |  |  | 55,756 |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 60,427 |  |  | — |  |  | — |  |  | 60,427 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total multi-family loans | $ | 385,034 |  |  | $ | 402,222 |  |  | $ | 132,732 |  |  | $ | 22,884 |  |  | $ | 131,883 |  |  | $ | 630,272 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,705,027 |
Commercial and industrial loans and leases: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 1,008,340 |  |  | $ | 627,255 |  |  | $ | 284,982 |  |  | $ | 224,881 |  |  | $ | 57,750 |  |  | $ | 136,853 |  |  | $ | 1,578,024 |  |  | $ | — |  |  | $ | 3,918,085 |
Special mention | — |  |  | — |  |  | 57 |  |  | 156 |  |  | — |  |  | 36,223 |  |  | 2,524 |  |  | — |  |  | 38,960 |
Substandard |  |  | 20,400 |  |  | 4,901 |  |  | 4,565 |  |  | 86 |  |  | 1,464 |  |  | 7,341 |  |  | — |  |  | 38,757 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total commercial and industrial loans and leases | $ | 1,008,340 |  |  | $ | 647,655 |  |  | $ | 289,940 |  |  | $ | 229,602 |  |  | $ | 57,836 |  |  | $ | 174,540 |  |  | $ | 1,587,889 |  |  | $ | — |  |  | $ | 3,995,802 |
Commercial real estate owner occupied loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 60,055 |  |  | $ | 210,933 |  |  | $ | 59,025 |  |  | $ | 122,135 |  |  | $ | 60,968 |  |  | $ | 150,564 |  |  | $ | 672 |  |  | $ | — |  |  | $ | 664,352 |
Special mention | — |  |  | — |  |  | — |  |  | 3,010 |  |  | — |  |  | 2,302 |  |  | — |  |  | — |  |  | 5,312 |
Substandard | — |  |  | — |  |  | — |  |  | 3,495 |  |  | 9,635 |  |  | 19,099 |  |  | — |  |  | — |  |  | 32,229 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total commercial real estate owner occupied loans | $ | 60,055 |  |  | $ | 210,933 |  |  | $ | 59,025 |  |  | $ | 128,640 |  |  | $ | 70,603 |  |  | $ | 171,965 |  |  | $ | 672 |  |  | $ | — |  |  | $ | 701,893 |
Commercial real estate non-owner occupied: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 73,544 |  |  | $ | 135,995 |  |  | $ | 147,873 |  |  | $ | 76,351 |  |  | $ | 65,061 |  |  | $ | 443,165 |  |  | $ | — |  |  | $ | — |  |  | $ | 941,989 |
Special mention | — |  |  | — |  |  | 21,572 |  |  | — |  |  | 953 |  |  | 6,069 |  |  | — |  |  | — |  |  | 28,594 |
Substandard | — |  |  | — |  |  | — |  |  | 29,184 |  |  | 38,409 |  |  | 102,135 |  |  | — |  |  | — |  |  | 169,728 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total commercial real estate non-owner occupied loans | $ | 73,544 |  |  | $ | 135,995 |  |  | $ | 169,445 |  |  | $ | 105,535 |  |  | $ | 104,423 |  |  | $ | 551,369 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,140,311 |
Construction: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 11,779 |  |  | $ | 70,404 |  |  | $ | 13,894 |  |  | $ | 49,175 |  |  | $ | 4,791 |  |  | $ | 9,321 |  |  | $ | 1,660 |  |  | $ | — |  |  | $ | 161,024 |
Special mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total construction loans | $ | 11,779 |  |  | $ | 70,404 |  |  | $ | 13,894 |  |  | $ | 49,175 |  |  | $ | 4,791 |  |  | $ | 9,321 |  |  | $ | 1,660 |  |  | $ | — |  |  | $ | 161,024 |
Total commercial loans and leases receivable | $ | 1,538,752 |  |  | $ | 1,467,209 |  |  | $ | 665,036 |  |  | $ | 535,836 |  |  | $ | 369,536 |  |  | $ | 1,537,467 |  |  | $ | 1,590,221 |  |  | $ | — |  |  | $ | 7,704,057 |
Residential real estate loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing | $ | 8,713 |  |  | $ | 178,623 |  |  | $ | 12,064 |  |  | $ | 31,045 |  |  | $ | 17,126 |  |  | $ | 127,537 |  |  | $ | 84,904 |  |  | $ | — |  |  | $ | 460,012 |
Non-performing | — |  |  | — |  |  | — |  |  | 329 |  |  | 1,138 |  |  | 4,009 |  |  | 935 |  |  | — |  |  | 6,411 |
Total residential real estate loans | $ | 8,713 |  |  | $ | 178,623 |  |  | $ | 12,064 |  |  | $ | 31,374 |  |  | $ | 18,264 |  |  | $ | 131,546 |  |  | $ | 85,839 |  |  | $ | — |  |  | $ | 466,423 |
Manufactured housing loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 248 |  |  | $ | 291 |  |  | $ | 46,315 |  |  | $ | — |  |  | $ | — |  |  | $ | 46,854 |
Non-performing | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,815 |  |  | — |  |  | — |  |  | 3,815 |
Total manufactured housing loans | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 248 |  |  | $ | 291 |  |  | $ | 50,130 |  |  | $ | — |  |  | $ | — |  |  | $ | 50,669 |
Installment loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing | $ | 311,579 |  |  | $ | 883,638 |  |  | $ | 325,741 |  |  | $ | 265,764 |  |  | $ | 25,590 |  |  | $ | 2,082 |  |  | $ | 78,600 |  |  | $ | — |  |  | $ | 1,892,994 |
Non-performing | — |  |  | 1,834 |  |  | 1,065 |  |  | 1,534 |  |  | 83 |  |  | 115 |  |  | 81 |  |  | — |  |  | 4,712 |
Total installment loans | $ | 311,579 |  |  | $ | 885,472 |  |  | $ | 326,806 |  |  | $ | 267,298 |  |  | $ | 25,673 |  |  | $ | 2,197 |  |  | $ | 78,681 |  |  | $ | — |  |  | $ | 1,897,706 |
Total consumer loans | $ | 320,292 |  |  | $ | 1,064,095 |  |  | $ | 338,870 |  |  | $ | 298,920 |  |  | $ | 44,228 |  |  | $ | 183,873 |  |  | $ | 164,520 |  |  | $ | — |  |  | $ | 2,414,798 |
Loans and leases receivable | $ | 1,859,044 |  |  | $ | 2,531,304 |  |  | $ | 1,003,906 |  |  | $ | 834,756 |  |  | $ | 413,764 |  |  | $ | 1,721,340 |  |  | $ | 1,754,741 |  |  | $ | — |  |  | $ | 10,118,855 |
| Term Loans Amortized Cost Basis by Origination Year as of December 31, 2021 |  |  |  |  |  |
(amounts in thousands) | 2021 |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | Prior |  | Revolving loans amortized cost basis |  | Revolving loans converted to term |  | Total
Multi-family loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 403,075 |  |  | $ | 133,452 |  |  | $ | 23,068 |  |  | $ | 209,070 |  |  | $ | 282,663 |  |  | $ | 316,491 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,367,819 |
Special mention | — |  |  | — |  |  | — |  |  | 9,936 |  |  | 18,489 |  |  | 28,776 |  |  | — |  |  | — |  |  | 57,201 |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | 38,216 |  |  | 23,072 |  |  | — |  |  | — |  |  | 61,288 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total multi-family loans | $ | 403,075 |  |  | $ | 133,452 |  |  | $ | 23,068 |  |  | $ | 219,006 |  |  | $ | 339,368 |  |  | $ | 368,339 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,486,308 |
Commercial and industrial loans and leases: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 974,016 |  |  | $ | 337,045 |  |  | $ | 266,677 |  |  | $ | 86,691 |  |  | $ | 55,536 |  |  | $ | 89,860 |  |  | $ | 1,484,287 |  |  | $ | — |  |  | $ | 3,294,112 |
Special mention | 476 |  |  | 1,408 |  |  | 3,325 |  |  | 4,904 |  |  | 36,252 |  |  | 92 |  |  | 14,662 |  |  | — |  |  | 61,119 |
Substandard | 18,786 |  |  | 10,257 |  |  | 9,543 |  |  | 11,586 |  |  | 5,682 |  |  | 6,764 |  |  | 6,934 |  |  | — |  |  | 69,552 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total commercial and industrial loans and leases | $ | 993,278 |  |  | $ | 348,710 |  |  | $ | 279,545 |  |  | $ | 103,181 |  |  | $ | 97,470 |  |  | $ | 96,716 |  |  | $ | 1,505,883 |  |  | $ | — |  |  | $ | 3,424,783 |
Commercial real estate owner occupied loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 213,102 |  |  | $ | 59,348 |  |  | $ | 124,626 |  |  | $ | 60,993 |  |  | $ | 58,073 |  |  | $ | 99,219 |  |  | $ | 672 |  |  | $ | — |  |  | $ | 616,033 |
Special mention | — |  |  | — |  |  | 2,876 |  |  | 318 |  |  | 2,044 |  |  | 572 |  |  | — |  |  | — |  |  | 5,810 |
Substandard | — |  |  | — |  |  | 3,750 |  |  | 9,682 |  |  | 8,824 |  |  | 10,823 |  |  | — |  |  | — |  |  | 33,079 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total commercial real estate owner occupied loans | $ | 213,102 |  |  | $ | 59,348 |  |  | $ | 131,252 |  |  | $ | 70,993 |  |  | $ | 68,941 |  |  | $ | 110,614 |  |  | $ | 672 |  |  | $ | — |  |  | $ | 654,922 |
Commercial real estate non-owner occupied: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 136,897 |  |  | $ | 149,898 |  |  | $ | 95,504 |  |  | $ | 66,040 |  |  | $ | 153,509 |  |  | $ | 310,435 |  |  | $ | — |  |  | $ | — |  |  | $ | 912,283 |
Special mention | — |  |  | 21,694 |  |  | 11,113 |  |  | 9,373 |  |  | 43,215 |  |  | 20,540 |  |  | — |  |  | — |  |  | 105,935 |
Substandard | — |  |  | — |  |  | — |  |  | 35,846 |  |  | 20,516 |  |  | 46,658 |  |  | — |  |  | — |  |  | 103,020 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total commercial real estate non-owner occupied loans | $ | 136,897 |  |  | $ | 171,592 |  |  | $ | 106,617 |  |  | $ | 111,259 |  |  | $ | 217,240 |  |  | $ | 377,633 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,121,238 |
Construction: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 57,105 |  |  | $ | 49,199 |  |  | $ | 77,622 |  |  | $ | 4,828 |  |  | $ | — |  |  | $ | 9,414 |  |  | $ | 813 |  |  | $ | — |  |  | $ | 198,981 |
Special mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total construction loans | $ | 57,105 |  |  | $ | 49,199 |  |  | $ | 77,622 |  |  | $ | 4,828 |  |  | $ | — |  |  | $ | 9,414 |  |  | $ | 813 |  |  | $ | — |  |  | $ | 198,981 |
Total commercial loans and leases receivable | $ | 1,803,457 |  |  | $ | 762,301 |  |  | $ | 618,104 |  |  | $ | 509,267 |  |  | $ | 723,019 |  |  | $ | 962,716 |  |  | $ | 1,507,368 |  |  | $ | — |  |  | $ | 6,886,232 |
Residential real estate loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing | $ | 107,854 |  |  | $ | 8,251 |  |  | $ | 21,096 |  |  | $ | 11,389 |  |  | $ | 6,707 |  |  | $ | 84,035 |  |  | $ | 87,438 |  |  | $ | — |  |  | $ | 326,770 |
Non-performing | — |  |  | — |  |  | 335 |  |  | 1,015 |  |  | 669 |  |  | 3,587 |  |  | 2,354 |  |  | — |  |  | 7,960 |
Total residential real estate loans | $ | 107,854 |  |  | $ | 8,251 |  |  | $ | 21,431 |  |  | $ | 12,404 |  |  | $ | 7,376 |  |  | $ | 87,622 |  |  | $ | 89,792 |  |  | $ | — |  |  | $ | 334,730 |
Manufactured housing loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing | $ | — |  |  | $ | — |  |  | $ | 253 |  |  | $ | 299 |  |  | $ | 73 |  |  | $ | 47,537 |  |  | $ | — |  |  | $ | — |  |  | 48,162 |
Non-performing | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,699 |  |  | — |  |  | — |  |  | 4,699 |
Total manufactured housing loans | $ | — |  |  | $ | — |  |  | $ | 253 |  |  | $ | 299 |  |  | $ | 73 |  |  | $ | 52,236 |  |  | $ | — |  |  | $ | — |  |  | $ | 52,861 |
Installment loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing | $ | 973,525 |  |  | $ | 390,788 |  |  | $ | 341,582 |  |  | $ | 31,481 |  |  | $ | 1,601 |  |  | $ | 1,016 |  |  | $ | 25 |  |  | $ | — |  |  | $ | 1,740,018 |
Non-performing | 1,162 |  |  | 1,002 |  |  | 2,074 |  |  | 156 |  |  | 2 |  |  | 61 |  |  | — |  |  | — |  |  | 4,457 |
Total installment loans | $ | 974,687 |  |  | $ | 391,790 |  |  | $ | 343,656 |  |  | $ | 31,637 |  |  | $ | 1,603 |  |  | $ | 1,077 |  |  | $ | 25 |  |  | $ | — |  |  | $ | 1,744,475 |
Total consumer loans | $ | 1,082,541 |  |  | $ | 400,041 |  |  | $ | 365,340 |  |  | $ | 44,340 |  |  | $ | 9,052 |  |  | $ | 140,935 |  |  | $ | 89,817 |  |  | $ | — |  |  | $ | 2,132,066 |
Loans and leases receivable | $ | 2,885,998 |  |  | $ | 1,162,342 |  |  | $ | 983,444 |  |  | $ | 553,607 |  |  | $ | 732,071 |  |  | $ | 1,103,651 |  |  | $ | 1,597,185 |  |  | $ | — |  |  | $ | 9,018,298 |
Loan Purchases and Sales Purchases and sales of loans were as follows for the three months ended March 31, 2022 and 2021:
| Three Months Ended March 31, |  |
(amounts in thousands) | 2022 |  | 2021 |  |  |  |
Purchases (1) |  |  |  |  |  |  |
Residential real estate | $ | 146,874 |  |  | $ | — |  |  |  |  |
Installment (2) | 59,456 |  |  | 115,849 |  |  |  |  |
Total | $ | 206,330 |  |  | $ | 115,849 |  |  |  |  |
Sales (3) |  |  |  |  |  |  |
Commercial and industrial | $ | 8,840 |  |  | $ | 18,931 |  |  |  |  |
Commercial real estate owner occupied | 5,441 |  |  | 2,237 |  |  |  |  |
Commercial real estate non-owner occupied | — |  |  | 18,366 |  |  |  |  |
Total | $ | 14,281 |  |  | $ | 39,534 |  |  |  |  |
(1)Amounts reported in the above table are the unpaid principal balance at time of purchase. The purchase price was 98.1% and 101.0% of loans outstanding for the three months ended March 31, 2022 and 2021, respectively. (2)Installment loan purchases for the three months ended March 31, 2022 and 2021 consist of third-party originated unsecured consumer loans. None of the loans are considered sub-prime at the time of origination. Customers considers sub-prime borrowers to be those with FICO scores below 660. (3)For the three months ended March 31, 2022 and 2021, loan sales resulted in net gains of $2.1 million and $1.6 million, respectively, included in gain (loss) on sale of SBA and other loans and mortgage banking income in the consolidated statements of income. Loans Pledged as Collateral Customers has pledged eligible real estate and commercial and industrial loans as collateral for borrowings from the FHLB and FRB in the amount of $3.6 billion and $3.7 billion at March 31, 2022 and December 31, 2021, respectively. No PPP loans were pledged to the FRB in accordance with borrowing from the PPPLF at March 31, 2022 and December 31, 2021.

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