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Loans and Leases Receivable and Allowance for Credit Losses on Loans and Leases (Tables)
 9 Months Ended
Sep. 30, 2023
Receivables [Abstract]  
Schedule of Loans and Leases Receivable
The following table presents loans and leases receivable as of September 30, 2023 and December 31, 2022.
(amounts in thousands)September 30, 2023December 31, 2022
Loans and leases receivable, mortgage warehouse, at fair value$962,566 $1,323,312 
Loans receivable, PPP137,063 998,153 
Loans and leases receivable:
Commercial:
Commercial and industrial:
Specialty lending (1)
5,422,161 5,412,887 
Other commercial and industrial1,195,347 1,259,943 
Multifamily2,130,213 2,213,019 
Commercial real estate owner occupied794,815 885,339 
Commercial real estate non-owner occupied1,178,203 1,290,730 
Construction252,588 162,009 
Total commercial loans and leases receivable10,973,327 11,223,927 
Consumer:
Residential real estate483,133 497,952 
Manufactured housing40,129 45,076 
Installment:
Personal629,843 964,641 
Other337,053 413,298 
Total consumer loans receivable1,490,158 1,920,967 
Loans and leases receivable12,463,485 13,144,894 
Allowance for credit losses on loans and leases(139,213)(130,924)
Total loans and leases receivable, net of allowance for credit losses on loans and leases (2)
$13,423,901 $15,335,435 
(1)Includes direct finance equipment leases of $193.8 million and $157.4 million at September 30, 2023 and December 31, 2022, respectively.
(2)Includes deferred (fees) costs and unamortized (discounts) premiums, net of $(35.8) million and $(21.5) million at September 30, 2023 and December 31, 2022, respectively.
Loans and Leases Receivable by Loan Type and Performance Status
The following tables summarize loans and leases receivable by loan and lease type and performance status as of September 30, 2023 and December 31, 2022:
 September 30, 2023
(amounts in thousands)
30-59 Days past due (1)
60-89 Days past due (1)
90 Days or more past due (2)
Total past due
Loans and leases not past due (3)(4)
Total loans and leases (4)
Commercial and industrial, including specialty lending$2,070 $1,273 $5,290 $8,633 $6,608,875 $6,617,508 
Multifamily— — — — 2,130,213 2,130,213 
Commercial real estate owner occupied50 3,234 7,392 10,676 784,139 794,815 
Commercial real estate non-owner occupied— — — — 1,178,203 1,178,203 
Construction— — — — 252,588 252,588 
Residential real estate3,773 2,898 3,831 10,502 472,631 483,133 
Manufactured housing673 367 3,207 4,247 35,882 40,129 
Installment9,728 7,444 7,299 24,471 942,425 966,896 
Total$16,294 $15,216 $27,019 $58,529 $12,404,956 $12,463,485 
 December 31, 2022
(amounts in thousands)
30-59 Days past due (1)
60-89 Days past due (1)
90 Days or more past due (2)
Total past due
Loans and leases not past due (3)
Total loans and leases (4)
Commercial and industrial, including specialty lending$3,123 $717 $1,415 $5,255 $6,667,575 $6,672,830 
Multifamily10,684 5,217 1,143 17,044 2,195,975 2,213,019 
Commercial real estate owner occupied5,173 — 2,704 7,877 877,462 885,339 
Commercial real estate non-owner occupied2,136 — 11 2,147 1,288,583 1,290,730 
Construction— — — — 162,009 162,009 
Residential real estate5,208 1,157 3,158 9,523 488,429 497,952 
Manufactured housing901 537 3,346 4,784 40,292 45,076 
Installment11,246 7,942 9,527 28,715 1,349,224 1,377,939 
Total$38,471 $15,570 $21,304 $75,345 $13,069,549 $13,144,894 
(1)Includes past due loans and leases that are accruing interest because collection is considered probable.
(2)Includes loans amounting to $0.6 million and $1.9 million as of September 30, 2023 and December 31, 2022, respectively, that are still accruing interest because collection is considered probable.
(3)Loans and leases where next payment due is less than 30 days from the report date. The tables exclude PPP loans of $137.1 million, of which $1.3 million were 30-59 days past due and $106.9 million were 60 days or more past due as of September 30, 2023, and PPP loans of $998.2 million, of which $0.6 million were 30-59 days past due and $36.0 million were 60 days or more past due as of December 31, 2022. Claims for guarantee payments are submitted to the SBA for eligible PPP loans that are more than 60 days past due.
(4)Includes PCD loans of $195.8 million and $8.3 million at September 30, 2023 and December 31, 2022, respectively. On June 15, 2023, Customers acquired $631.0 million of Venture Banking loan portfolio (included within Specialty Lending above) from the FDIC, which included $228.7 million of PCD loans.
Amortized cost of Loans and Leases on Nonaccrual Status
The following table presents the amortized cost of loans and leases held for investment on nonaccrual status.
 
September 30, 2023 (1)
December 31, 2022 (1)
(amounts in thousands)Nonaccrual loans with no related allowanceNonaccrual loans with related allowanceTotal nonaccrual loansNonaccrual loans with no related allowanceNonaccrual loans with related allowanceTotal nonaccrual loans
Commercial and industrial, including specialty lending$3,297 $2,470 $5,767 $1,731 $30 $1,761 
Multifamily— — — 1,143 — 1,143 
Commercial real estate owner occupied7,442 — 7,442 2,768 — 2,768 
Residential real estate6,441 118 6,559 6,922 — 6,922 
Manufactured housing— 2,582 2,582 — 2,410 2,410 
Installment— 7,299 7,299 — 9,527 9,527 
Total$17,180 $12,469 $29,649 $12,564 $11,967 $24,531 
(1) Presented at amortized cost basis.
Schedule of Allowance for Credit Losses on Loans and Leases
The changes in the ACL on loans and leases by loan and lease type for the three and nine months ended September 30, 2023 and 2022 are presented in the tables below.
(amounts in thousands)
Commercial and industrial (1)
MultifamilyCommercial real estate owner occupiedCommercial real estate non-owner occupiedConstructionResidential real estateManufactured housingInstallmentTotal
Three Months Ended
September 30, 2023
Ending Balance,
June 30, 2023		$29,092 $15,400 $10,215 $13,495 $2,639 $6,846 $4,338 $57,631 $139,656 
Charge-offs(9,008)(1,999)(39)— — (42)— (18,932)(30,020)
Recoveries6,034 — — — — 29 — 6,459 12,522 
Provision (benefit) for credit losses on loans and leases(1,132)2,469 187 2,324 491 (31)(258)13,005 17,055 
Ending Balance,
September 30, 2023		$24,986 $15,870 $10,363 $15,819 $3,130 $6,802 $4,080 $58,163 $139,213 
Nine Months Ended
September 30, 2023
Ending Balance,
December 31, 2022		$17,582 $14,541 $6,454 $11,219 $1,913 $6,094 $4,430 $68,691 $130,924 
Allowance for credit losses on FDIC PCD loans, net of charge-offs (2)
2,576 — — — — — — — 2,576 
Charge-offs(9,600)(3,447)(39)(4,527)— (69)— (52,031)(69,713)
Recoveries6,439 — 34 27 116 34 — 11,350 18,000 
Provision (benefit) for credit losses on loans and leases7,989 4,776 3,914 9,100 1,101 743 (350)30,153 57,426 
Ending Balance,
September 30, 2023		$24,986 $15,870 $10,363 $15,819 $3,130 $6,802 $4,080 $58,163 $139,213 
(amounts in thousands)
Commercial and industrial (1)
MultifamilyCommercial real estate owner occupiedCommercial real estate non-owner occupiedConstructionResidential real estateManufactured housingInstallmentTotal
Three Months Ended
September 30, 2022
Ending Balance,
June 30, 2022		$11,081 $9,765 $4,745 $8,880 $1,179 $5,578 $4,080 $111,222 $156,530 
Charge-offs(2,657)— — (4,862)— — — (13,965)(21,484)
Recoveries76 — — 31 10 13 — 2,857 2,987 
Provision (benefit) for credit losses on loans and leases6,631 4,479 1,475 7,283 425 (138)402 (28,393)(7,836)
Ending Balance,
September 30, 2022		$15,131 $14,244 $6,220 $11,332 $1,614 $5,453 $4,482 $71,721 $130,197 
Nine Months Ended
September 30, 2022
Ending Balance,
December 31, 2021		$12,702 $4,477 $3,213 $6,210 $692 $2,383 $4,278 $103,849 $137,804 
Charge-offs(3,235)(1,990)— (5,025)— (4)— (35,681)(45,935)
Recoveries1,129 337 49 43 226 58 — 4,889 6,731 
Provision (benefit) for credit losses on loans and leases4,535 11,420 2,958 10,104 696 3,016 204 (1,336)31,597 
Ending Balance,
September 30, 2022		$15,131 $14,244 $6,220 $11,332 $1,614 $5,453 $4,482 $71,721 $130,197 
(1)    Includes Specialty Lending.
(2)    Represents $8.7 million of allowance for credit losses on PCD loans recognized upon acquisition of a Venture Banking loan portfolio (included within Specialty Lending) from the FDIC on June 15, 2023, net of $6.2 million of charge-offs for certain of these PCD loans upon acquisition.
Summary of Loans Modified in Troubled Debt Restructurings and Related Recorded Investment
The following table presents the amortized cost of loans that were modified to borrowers experiencing financial difficulty for the three and nine months ended September 30, 2023, disaggregated by class of financing receivable and type of modification granted.
Three Months Ended September 30, 2023
(dollars in thousands)Term ExtensionPayment DeferralDebt ForgivenessInterest Rate Reduction and Term ExtensionTotalPercentage of Total by Financing Class
Manufactured housing$— $— $— $99 $99 0.25 %
Personal installment3,863 210 28 — 4,101 0.42 %
Total$3,863 $210 $28 $99 $4,200 
Nine Months Ended September 30, 2023
(dollars in thousands)Term ExtensionPayment DeferralDebt ForgivenessInterest Rate Reduction and Term ExtensionTotalPercentage of Total by Financing Class
Commercial real estate owner occupied$169 $— $— $— $169 0.02 %
Manufactured housing6 — — 113 119 0.30 %
Personal installment10,910 442 222 — 11,574 1.20 %
Total$11,085 $442 $222 $113 $11,862 
The following table summarizes the impacts of loan modifications made to borrowers experiencing financial difficulty for the three and nine months ended September 30, 2023.
Three Months Ended September 30, 2023
Weighted Average
(dollars in thousands)Interest Rate Reduction (%)Term Extension
(in months)		Payment Deferral
(in months)		Debt Forgiven
Manufactured housing4.4%310$— 
Personal installment—6620 
Nine Months Ended September 30, 2023
Weighted Average
(dollars in thousands)Interest Rate Reduction (%)Term Extension
(in months)		Payment Deferral
(in months)		Debt Forgiven
Commercial real estate owner occupied— %40$— 
Manufactured housing4.3 300— 
Personal installment— 66183 
The performance of loans made to borrowers experiencing financial difficulty in which modifications were made is closely monitored to understand the effectiveness of modification efforts. Loans are considered to be in payment default at 90 days or more past due. The following table presents an aging analysis of loan modifications made to borrowers experiencing financial difficulty during the nine months ended September 30, 2023.
September 30, 2023
(dollars in thousands)30-59 Days past due60-89 Days past due90 Days or more past dueCurrentTotal
Commercial real estate owner occupied$— $— $169 $— $169 
Manufactured housing— — — 119 119 
Personal installment837 565 354 9,820 11,576 
Total$837 $565 $523 $9,939 $11,864 
The following table presents loans modified by type of concession for the three and nine months ended September 30, 2022. There were no modifications that involved forgiveness of debt for the three and nine months ended September 30, 2022.
Three Months Ended September 30, 2022Nine Months Ended September 30, 2022
(dollars in thousands)Number of loansRecorded investmentNumber of loansRecorded investment
Interest-rate reductions— $— 14 $470 
Other (1)
71 739 170 1,933 
Total71 $739 184 $2,403 
(1) Other includes covenant modifications, forbearance, loans discharged under Chapter 7 bankruptcy, or other concessions.
Financing Receivable, Modified, Subsequent Default 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.
September 30, 2022
(dollars in thousands)Number of loansRecorded investment
Manufactured housing1 $46 
Residential real estate1 119 
Installment34 420 
Total loans36 $585 
Credit Ratings of Covered and Non-Covered Loan Portfolio The following tables present the credit ratings of loans and leases receivable and current period gross write-offs as of September 30, 2023 and December 31, 2022.
Term Loans Amortized Cost Basis by Origination Year as of
September 30, 2023
(amounts in thousands)20232022202120202019PriorRevolving loans amortized cost basisRevolving loans converted to termTotal
Commercial and industrial loans and leases, including specialty lending:
Pass$1,031,612 $2,268,670 $522,684 $174,974 $168,998 $85,084 $1,984,328 $204,135 $6,440,485 
Special mention19,000 3,379 18,923 1,986 — 272 3,088 4,558 51,206 
Substandard— 18,462 25,388 27,196 5,854 44,809 4,108 — 125,817 
Doubtful— — — — — — — — — 
Total commercial and industrial loans and leases$1,050,612 $2,290,511 $566,995 $204,156 $174,852 $130,165 $1,991,524 $208,693 $6,617,508 
Commercial and industrial loans and leases charge-offs:
Three Months Ended September 30, 2023 (1)(2)
$138 $143 $— $8,528 $— $199 $— $— $9,008 
Nine Months Ended September 30, 2023 (1)(2)
138 365 23 8,554 24 496 — — 9,600 
Term Loans Amortized Cost Basis by Origination Year as of
September 30, 2023
(amounts in thousands)20232022202120202019PriorRevolving loans amortized cost basisRevolving loans converted to termTotal
Multifamily loans:
Pass$778 $1,242,054 $359,025 $128,185 $21,610 $260,432 $— $— $2,012,084 
Special mention— — — — — 74,509 — — 74,509 
Substandard— — 1,480 — — 42,140 — — 43,620 
Doubtful— — — — — — — — — 
Total multifamily loans$778 $1,242,054 $360,505 $128,185 $21,610 $377,081 $— $— $2,130,213 
Multifamily loans charge-offs:
Three Months Ended September 30, 2023$— $— $— $— $— $1,999 $— $— $1,999 
Nine Months Ended September 30, 2023— — — — — 3,447 — — 3,447 
Commercial real estate owner occupied loans:
Pass$25,225 $257,777 $181,397 $88,803 $82,090 $126,363 $— $— $761,655 
Special mention— — 15,477 — — 523 — — 16,000 
Substandard— — — — 347 16,813 — — 17,160 
Doubtful— — — — — — — — 
Total commercial real estate owner occupied loans$25,225 $257,777 $196,874 $88,803 $82,437 $143,699 $— $— $794,815 
Commercial real estate owner occupied loans charge-offs:
Three Months Ended September 30, 2023$— $— $— $— $— $39 $— $— $39 
Nine Months Ended September 30, 2023— — — — — 39 — — 39 
Commercial real estate non-owner occupied loans:
Pass$3,710 $322,767 $116,015 $151,875 $71,562 $371,130 $— $— $1,037,059 
Special mention— — — 20,832 17,433 9,209 — — 47,474 
Substandard— 10,910 — — 10,679 72,081 — — 93,670 
Doubtful— — — — — — — — — 
Total commercial real estate non-owner occupied loans$3,710 $333,677 $116,015 $172,707 $99,674 $452,420 $— $— $1,178,203 
Commercial real estate non-owner occupied loans charge-offs:
Three Months Ended September 30, 2023$— $— $— $— $— $— $— $— $— 
Nine Months Ended September 30, 2023— — — — — 4,527 — — 4,527 
Construction loans:
Pass$20,906 $151,144 $23,573 $1,788 $29,298 $14,162 $— $11,577 $252,448 
Special mention140 — — — — — — — 140 
Substandard— — — — — — — — — 
Doubtful— — — — — — — — — 
Total construction loans$21,046 $151,144 $23,573 $1,788 $29,298 $14,162 $— $11,577 $252,588 
Construction loans charge-offs:
Three Months Ended September 30, 2023$— $— $— $— $— $— $— $— $— 
Nine Months Ended September 30, 2023— — — — — — — — — 
Total commercial loans and leases receivable$1,101,371 $4,275,163 $1,263,962 $595,639 $407,871 $1,117,527 $1,991,524 $220,270 $10,973,327 
Total commercial loans and leases receivable charge-offs:
Three Months Ended September 30, 2023$138 $143 $— $8,528 $— $2,237 $— $— $11,046 
Nine Months Ended September 30, 2023138 365 23 8,554 24 8,509 — — 17,613 
Term Loans Amortized Cost Basis by Origination Year as of
September 30, 2023
(amounts in thousands)20232022202120202019PriorRevolving loans amortized cost basisRevolving loans converted to termTotal
Residential real estate loans:
Performing$12,592 $175,897 $134,100 $6,519 $15,769 $72,798 $59,589 $— $477,264 
Non-performing— 352 819 231 424 3,856 187 — 5,869 
Total residential real estate loans$12,592 $176,249 $134,919 $6,750 $16,193 $76,654 $59,776 $— $483,133 
Residential real estate loans charge-offs:
Three Months Ended September 30, 2023$— $— $— $— $— $42 $— $— $42 
Nine Months Ended September 30, 2023— — — — — 69 — — 69 
Manufactured housing loans:
Performing$— $— $— $— $195 $37,013 $— $— $37,208 
Non-performing— — — — — 2,921 — — 2,921 
Total manufactured housing loans$— $— $— $— $195 $39,934 $— $— $40,129 
Manufactured housing loans charge-offs:
Three Months Ended September 30, 2023$— $— $— $— $— $— $— $— $— 
Nine Months Ended September 30, 2023— — — — — — — — — 
Installment loans:
Performing$165,527 $398,708 $212,516 $67,474 $55,564 $5,000 $54,232 $— $959,021 
Non-performing1,038 3,565 2,135 352 593 77 115 — 7,875 
Total installment loans$166,565 $402,273 $214,651 $67,826 $56,157 $5,077 $54,347 $— $966,896 
Installment loans charge-offs:
Three Months Ended September 30, 2023$1,987 $7,222 $5,728 $1,574 $2,078 $343 $— $— $18,932 
Nine Months Ended September 30, 20235,475 17,041 18,219 4,667 5,544 1,085 — — 52,031 
Total consumer loans$179,157 $578,522 $349,570 $74,576 $72,545 $121,665 $114,123 $— $1,490,158 
Total consumer loans charge-offs:
Three Months Ended September 30, 2023$1,987 $7,222 $5,728 $1,574 $2,078 $385 $— $— $18,974 
Nine Months Ended September 30, 20235,475 17,041 18,219 4,667 5,544 1,154 — — 52,100 
Loans and leases receivable$1,280,528 $4,853,685 $1,613,532 $670,215 $480,416 $1,239,192 $2,105,647 $220,270 $12,463,485 
Loans and leases receivable charge-offs:
Three Months Ended September 30, 2023$2,125 $7,365 $5,728 $10,102 $2,078 $2,622 $— $— $30,020 
Nine Months Ended September 30, 2023$5,613 $17,406 $18,242 $13,221 $5,568 $9,663 $— $— $69,713 
(1)    Excludes $6.2 million of charge-offs for certain PCD loans against $8.7 million of allowance for credit losses on PCD loans recognized upon acquisition of a Venture Banking loan portfolio (included within Specialty Lending) from the FDIC on June 15, 2023. These PCD loans were originated in years 2016 to 2022.
(2) Includes $7.0 million of charge-offs for commercial and industrial loans originated under the PPP that were subsequently determined to be ineligible for SBA forgiveness and guarantee and ultimately deemed uncollectible.
Term Loans Amortized Cost Basis by Origination Year as of December 31, 2022
(amounts in thousands)20222021202020192018PriorRevolving loans amortized cost basisRevolving loans converted to termTotal
Commercial and industrial loans and leases, including specialty lending:
Pass$3,206,250 $682,132 $242,516 $198,866 $56,572 $83,417 $2,066,349 $— $6,536,102 
Special mention11,134 6,023 27,780 — 1,501 172 2,599 — 49,209 
Substandard— 22,917 967 8,431 6,713 39,554 8,937 — 87,519 
Doubtful— — — — — — — — — 
Total commercial and industrial loans and leases$3,217,384 $711,072 $271,263 $207,297 $64,786 $123,143 $2,077,885 $— $6,672,830 
Multifamily loans:
Pass$1,260,544 $364,047 $130,656 $22,167 $112,212 $203,215 $— $— $2,092,841 
Special mention— — — — 4,959 50,858 — — 55,817 
Substandard— 1,500 — — — 62,861 — — 64,361 
Doubtful— — — — — — — — — 
Total multifamily loans$1,260,544 $365,547 $130,656 $22,167 $117,171 $316,934 $— $— $2,213,019 
Commercial real estate owner occupied loans:
Pass$293,096 $220,515 $105,925 $90,752 $34,196 $121,616 $— $— $866,100 
Special mention— — — — 134 1,841 — — 1,975 
Substandard— — — 134 10,569 6,561 — — 17,264 
Doubtful— — — — — — — — — 
Total commercial real estate owner occupied loans$293,096 $220,515 $105,925 $90,886 $44,899 $130,018 $— $— $885,339 
Commercial real estate non-owner occupied loans:
Pass$339,044 $119,304 $156,281 $73,827 $62,237 $386,235 $— $— $1,136,928 
Special mention— — 21,211 — — 10,617 — — 31,828 
Substandard10,910 — — 28,656 8,198 74,210 — — 121,974 
Doubtful— — — — — — — — — 
Total commercial real estate non-owner occupied loans$349,954 $119,304 $177,492 $102,483 $70,435 $471,062 $— $— $1,290,730 
Construction loans:
Pass$72,177 $36,114 $9,537 $28,644 $4,696 $9,112 $1,729 $— $162,009 
Special mention— — — — — — — — — 
Substandard— — — — — — — — — 
Doubtful— — — — — — — — — 
Total construction loans$72,177 $36,114 $9,537 $28,644 $4,696 $9,112 $1,729 $— $162,009 
Total commercial loans and leases receivable$5,193,155 $1,452,552 $694,873 $451,477 $301,987 $1,050,269 $2,079,614 $— $11,223,927 
Residential real estate loans:
Performing$162,217 $148,217 $7,224 $17,128 $10,739 $77,762 $67,782 $— $491,069 
Non-performing271 366 238 441 1,425 3,357 785 — 6,883 
Total residential real estate loans$162,488 $148,583 $7,462 $17,569 $12,164 $81,119 $68,567 $— $497,952 
Manufactured housing loans:
Performing$— $— $— $213 $103 $41,918 $— $— 42,234 
Non-performing— — — — — 2,842 — — 2,842 
Total manufactured housing loans$— $— $— $213 $103 $44,760 $— $— $45,076 
Installment loans:
Performing$785,699 $305,729 $100,173 $100,570 $8,430 $782 $64,690 $— $1,366,073 
Non-performing5,164 4,356 1,023 1,111 61 59 92 — 11,866 
Total installment loans$790,863 $310,085 $101,196 $101,681 $8,491 $841 $64,782 $— $1,377,939 
Total consumer loans$953,351 $458,668 $108,658 $119,463 $20,758 $126,720 $133,349 $— $1,920,967 
Loans and leases receivable$6,146,506 $1,911,220 $803,531 $570,940 $322,745 $1,176,989 $2,212,963 $— $13,144,894 
Schedule of Loan Purchases and Sales
Purchases and sales of loans held for investment were as follows for the three and nine months ended September 30, 2023 and 2022:
Three Months Ended September 30,Nine Months Ended September 30,
(amounts in thousands)2023202220232022
Purchases (1)
Specialty lending$— $— $631,252 $— 
Other commercial and industrial4,977 — 15,285 — 
Commercial real estate owner occupied— — 2,867 — 
Residential real estate— 15,067 4,238 170,022 
Personal installment (2)
— 47,778 — 123,785 
Other installment (2)
96,758 74,969 96,758 74,969 
Total$101,735 $137,814 $750,400 $368,776 
Sales (3)
Specialty lending (4)
$— $2,200 $287,185 $2,200 
Other commercial and industrial (5)
6,725 — 54,083 22,880 
Multifamily— — — 2,879 
Commercial real estate owner occupied (5)
5,671 — 24,522 8,960 
Commercial real estate non-owner occupied— — 16,000 — 
Personal installment (6)
— 500,001 — 500,001 
Other installment— — 154,042 — 
Total$12,396 $502,201 $535,832 $536,920 
(1)Amounts reported in the above table are the unpaid principal balance at time of purchase. The purchase price was 100.0% and 99.9% of the loans' unpaid principal balance for the three months ended September 30, 2023 and 2022, respectively. The purchase price was 87.7% and 98.7% of the loans' unpaid principal balance for the nine months ended September 30, 2023 and 2022, respectively.
(2)Installment loan purchases for the three and nine months ended September 30, 2023 and 2022 consist of third-party originated unsecured consumer loans. None of the loans held for investment 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 September 30, 2023 and 2022, sales of loans held for investment resulted in net losses of $0.2 million and net gains of $0.1 million, respectively, included in the gain (loss) on sale of SBA and other loans in the consolidated statements of income. For the nine months ended September 30, 2023 and 2022, sales of loans held for investment resulted in net gains of $0.2 million and $3.2 million, respectively.
(4)Includes a loss of $5.0 million from the sale of $670.0 million of short-term syndicated capital call lines of credit ($280.7 million of loans held for investment in unpaid principal balance and $389.3 million of unfunded loan commitments) included in loss on sale of capital call lines of credit in the consolidated statement of income for the nine months ended September 30, 2023.
(5)Primarily sales of SBA loans.
(6)Customers sold $521.8 million of consumer installment loans held for investment, inclusive of accrued interest and unamortized deferred loan origination costs, to a third-party sponsored VIE for a loss of $23.5 million included in loss on sale of consumer installment loans in the consolidated statements of income for the three and nine months ended September 30, 2022. Customers provided financing to the purchaser for a portion of the sales price in the form of $400.0 million of asset-backed securities. $100.7 million of the remaining sales proceeds were paid in cash.