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Loans | 12 Months Ended
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Dec. 31, 2020
Loans [Abstract] |
Loans | NOTE 6 - LOANS Oriental’s loan portfolio is composed of four segments, commercial, mortgage, consumer, and auto. Loans are further segregated into classes which Oriental uses when assessing and monitoring the risk and performance of the portfolio. The composition of the amortized cost basis of Oriental’s loan portfolio at December 31, 2020 and 2019 was as follows:
|  | December 31, 2020 |  | December 31,
|  | Non-PCD |  | PCD |  | Total |  | 2019
|  | (In thousands) |  |  |
Commercial loans: |  |  |  |  |  |  |  |  |  |  |  |
Commercial secured by real estate |  | $ | 807,284 |  | $ | 243,229 |  | $ | 1,050,513 |  | $ | 1,129,446
Other commercial and industrial |  |  | 647,444 |  |  | 39,931 |  |  | 687,375 |  |  | 816,310
Commercial Paycheck Protection Program (PPP Loans) |  |  | 289,218 |  |  | - |  |  | 289,218 |  |  | -
US Loan Program |  |  | 374,904 |  |  | - |  |  | 374,904 |  |  | 272,595
|  |  | 2,118,850 |  |  | 283,160 |  |  | 2,402,010 |  |  | 2,218,351
Mortgage |  |  | 823,443 |  |  | 1,459,932 |  |  | 2,283,375 |  |  | 2,493,365
Consumer: |  |  |  |  |  |  |  |  |  |  |  |
Personal loans |  |  | 313,257 |  |  | 1,043 |  |  | 314,300 |  |  | 375,505
Credit lines |  |  | 43,805 |  |  | 351 |  |  | 44,156 |  |  | 53,113
Credit cards |  |  | 56,185 |  |  | - |  |  | 56,185 |  |  | 75,272
Overdraft |  |  | 305 |  |  | - |  |  | 305 |  |  | 216
Auto |  |  | 1,534,269 |  |  | 27,533 |  |  | 1,561,802 |  |  | 1,522,973
|  |  | 1,947,821 |  |  | 28,927 |  |  | 1,976,748 |  |  | 2,027,079
|  |  | 4,890,114 |  |  | 1,772,019 |  |  | 6,662,133 |  |  | 6,738,795
Allowance for credit losses |  |  | (161,015) |  |  | (43,794) |  |  | (204,809) |  |  | (116,539)
Total loans held for investment |  |  | 4,729,099 |  |  | 1,728,225 |  |  | 6,457,324 |  |  | 6,622,256
Mortgage loans held for sale |  |  | 41,654 |  |  | - |  |  | 41,654 |  |  | 19,591
Other loans held for sale |  |  | 2,281 |  |  | - |  |  | 2,281 |  |  | -
Total loans held for sale |  |  | 43,935 |  |  | - |  |  | 43,935 |  |  | 19,591
Total loans, net |  | $ | 4,773,034 |  | $ | 1,728,225 |  | $ | 6,501,259 |  | $ | 6,641,847
At December 31, 2020 and 2019, Oriental had carrying balances of $99.1 million and $134.0 million, respectively, in loans held for investment granted to the Puerto Rico government, including its instrumentalities, public corporations and municipalities, as part of the institutional commercial loan segment. The Bank’s loans to the Puerto Rico government amounting to $98.0 million and $129.9 million at December 31, 2020 and 2019, respectively, are general obligations of municipalities secured by ad valorem taxation, without limitation as to rate or amount, on all taxable property within the issuing municipalities in current status, and one loan amounting to $1.1 million and $24.1 million, respectively, to a public corporation acquired in the Scotiabank PR & USVI Acquisition in non-accrual status. The good faith, credit and unlimited taxing power of each issuing municipality are pledged for the payment of its general obligations.The tables below present the aging of the amortized cost of loans held for investment at December 31, 2020 and 2019, by class of loans. Mortgage loans past due include $56.2 million and $75.2 million, respectively, of delinquent loans in the GNMA buy-back option program. Servicers of loans underlying GNMA mortgage-backed securities must report as their own assets the defaulted loans that they have the option (but not the obligation) to repurchase, even when they elect not to exercise that option.
| December 31, 2020
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Loans 90+
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Days Past
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Due and
| 30-59 Days |  | 60-89 Days |  | 90+ Days |  | Total Past |  |  |  |  |  | Still
| Past Due |  | Past Due |  | Past Due |  | Due |  | Current |  | Total Loans |  | Accruing
| (In thousands)
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial secured by real estate | $ | 2,781 |  | $ | 750 |  | $ | 17,862 |  | $ | 21,393 |  | $ | 785,891 |  | $ | 807,284 |  | $ | -
Other commercial and industrial |  | 1,674 |  |  | 234 |  |  | 4,695 |  |  | 6,603 |  |  | 930,059 |  |  | 936,662 |  |  | -
US Loan Program |  | 2,604 |  |  | - |  |  | - |  |  | 2,604 |  |  | 372,300 |  |  | 374,904 |  |  | -
|  | 7,059 |  |  | 984 |  |  | 22,557 |  |  | 30,600 |  |  | 2,088,250 |  |  | 2,118,850 |  |  | -
Mortgage |  | 7,385 |  |  | 14,953 |  |  | 101,528 |  |  | 123,866 |  |  | 699,577 |  |  | 823,443 |  |  | 3,974
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Personal loans |  | 4,784 |  |  | 2,515 |  |  | 2,062 |  |  | 9,361 |  |  | 303,896 |  |  | 313,257 |  |  | -
Credit lines |  | 2,136 |  |  | 476 |  |  | 1,269 |  |  | 3,881 |  |  | 39,924 |  |  | 43,805 |  |  | -
Credit cards |  | 1,357 |  |  | 824 |  |  | 1,585 |  |  | 3,766 |  |  | 52,419 |  |  | 56,185 |  |  | -
Overdraft |  | 138 |  |  | - |  |  | - |  |  | 138 |  |  | 167 |  |  | 305 |  |  | -
Auto |  | 57,176 |  |  | 31,181 |  |  | 20,485 |  |  | 108,842 |  |  | 1,425,427 |  |  | 1,534,269 |  |  | -
|  | 65,591 |  |  | 34,996 |  |  | 25,401 |  |  | 125,988 |  |  | 1,821,833 |  |  | 1,947,821 |  |  | -
Total loans | $ | 80,035 |  | $ | 50,933 |  | $ | 149,486 |  | $ | 280,454 |  | $ | 4,609,660 |  | $ | 4,890,114 |  | $ | 3,974
Upon adoption of CECL, Oriental elected to maintain pools of loans that were previously accounted for under ASC 310-30 and will continue to account for these pools as a unit of account. As such, PCD loans are not included in the table above.
| December 31, 2019
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Loans 90+
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Days Past
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Due and
| 30-59 Days |  | 60-89 Days |  | 90+ Days |  | Total Past |  |  |  |  |  | Still
| Past Due |  | Past Due |  | Past Due |  | Due |  | Current |  | Total Loans |  | Accruing
| (In thousands)
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial secured by real estate | $ | 994 |  | $ | 946 |  | $ | 17,495 |  | $ | 19,435 |  | $ | 847,271 |  | $ | 866,706 |  | $ | -
Other commercial and industrial |  | 7,584 |  |  | 371 |  |  | 2,716 |  |  | 10,671 |  |  | 712,855 |  |  | 723,526 |  |  | -
US Loan Program |  | - |  |  | - |  |  | - |  |  | - |  |  | 272,595 |  |  | 272,595 |  |  | -
|  | 8,578 |  |  | 1,317 |  |  | 20,211 |  |  | 30,106 |  |  | 1,832,721 |  |  | 1,862,827 |  |  | -
Mortgage |  | 9,285 |  |  | 13,105 |  |  | 94,109 |  |  | 116,499 |  |  | 783,096 |  |  | 899,595 |  |  | 2,418
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Personal loans |  | 4,978 |  |  | 2,123 |  |  | 1,579 |  |  | 8,680 |  |  | 358,477 |  |  | 367,157 |  |  | -
Credit lines |  | 533 |  |  | 20 |  |  | 221 |  |  | 774 |  |  | 51,840 |  |  | 52,614 |  |  | -
Credit cards |  | 1,438 |  |  | 417 |  |  | 896 |  |  | 2,751 |  |  | 72,451 |  |  | 75,202 |  |  | -
Overdraft |  | 51 |  |  | - |  |  | - |  |  | 51 |  |  | 165 |  |  | 216 |  |  | -
Auto |  | 72,336 |  |  | 31,412 |  |  | 14,270 |  |  | 118,018 |  |  | 1,350,864 |  |  | 1,468,882 |  |  | -
|  | 79,336 |  |  | 33,972 |  |  | 16,966 |  |  | 130,274 |  |  | 1,833,797 |  |  | 1,964,071 |  |  | -
Total loans | $ | 97,199 |  | $ | 48,394 |  | $ | 131,286 |  | $ | 276,879 |  | $ | 4,449,614 |  | $ | 4,726,493 |  | $ | 2,418
Before the CECL implementation, certain acquired loans were accounted for by Oriental in accordance with ASC 310-30.The carrying amount corresponding to acquired loans with deteriorated credit quality, including those accounted under ASC 310-30 by analogy, in the statements of financial condition at December 31, 2019 was as follows:
| December 31, 2019
|  | Scotiabank PR & USVI |  |  | BBVAPR |  |  | Eurobank |  |  | Total
| (In thousands) |  |  |
Contractual required payments receivable: | $ | 2,147,249 |  | $ | 1,086,367 |  | $ | 117,107 |  | $ | 3,350,723
Less: Non-accretable discount |  | 294,424 |  |  | 340,466 |  |  | 4,285 |  |  | 639,175
Cash expected to be collected |  | 1,852,825 |  |  | 745,901 |  |  | 112,822 |  |  | 2,711,548
Less: Accretable yield |  | 458,885 |  |  | 214,886 |  |  | 34,441 |  |  | 708,212
Carrying amount, gross |  | 1,393,940 |  |  | 531,015 |  |  | 78,381 |  |  | 2,003,336
Less: allowance for loan and lease losses |  | - |  |  | 17,036 |  |  | 14,458 |  |  | 31,494
Carrying amount, net | $ | 1,393,940 |  | $ | 513,979 |  | $ | 63,923 |  | $ | 1,971,842
The following table describes the accretable yield and non-accretable discount activity of acquired BBVAPR loans accounted for under ASC 310-30 for the years ended December 31, 2019 and 2018:
| Year Ended December 31, 2019
| Mortgage |  | Commercial |  | Auto |  | Consumer |  | Total
| (In thousands)
Accretable Yield Activity: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of year | $ | 232,199 |  | $ | 36,508 |  | $ | 243 |  | $ | 560 |  | $ | 269,510
Accretion |  | (23,871) |  |  | (10,312) |  |  | (430) |  |  | (739) |  |  | (35,352)
Change in expected cash flows |  | (212) |  |  | 23,080 |  |  | (19) |  |  | 739 |  |  | 23,588
Transfer from (to) non-accretable discount |  | (12,033) |  |  | (30,653) |  |  | 253 |  |  | (427) |  |  | (42,860)
Balance at end of year | $ | 196,083 |  | $ | 18,623 |  | $ | 47 |  | $ | 133 |  | $ | 214,886
Non-Accretable Discount Activity: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of year | $ | 291,887 |  | $ | 10,346 |  | $ | 24,245 |  | $ | 18,945 |  | $ | 345,423
Change in actual and expected losses |  | (27,741) |  |  | (19,295) |  |  | (169) |  |  | (612) |  |  | (47,817)
Transfer (to) from accretable yield |  | 12,033 |  |  | 30,653 |  |  | (253) |  |  | 427 |  |  | 42,860
Balance at end of year | $ | 276,179 |  | $ | 21,704 |  | $ | 23,823 |  | $ | 18,760 |  | $ | 340,466
| Year Ended December 31, 2018
| Mortgage |  | Commercial |  | Auto |  | Consumer |  | Total
| (In thousands)
Accretable Yield Activity: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of year | $ | 258,498 |  | $ | 46,764 |  | $ | 2,766 |  | $ | 885 |  | $ | 308,913
Accretion |  | (27,248) |  |  | (14,160) |  |  | (2,360) |  |  | (871) |  |  | (44,639)
Change in expected cash flows |  | - |  |  | 7,895 |  |  | 890 |  |  | 484 |  |  | 9,269
Transfer from (to) non-accretable discount |  | 949 |  |  | (3,991) |  |  | (1,053) |  |  | 62 |  |  | (4,033)
Balance at end of year | $ | 232,199 |  | $ | 36,508 |  | $ | 243 |  | $ | 560 |  | $ | 269,510
Non-Accretable Discount Activity: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of year | $ | 299,501 |  | $ | 10,596 |  | $ | 23,050 |  | $ | 19,284 |  | $ | 352,431
Change in actual and expected losses |  | (6,665) |  |  | (4,241) |  |  | 142 |  |  | (277) |  |  | (11,041)
Transfer (to) from accretable yield |  | (949) |  |  | 3,991 |  |  | 1,053 |  |  | (62) |  |  | 4,033
Balance at end of year | $ | 291,887 |  | $ | 10,346 |  | $ | 24,245 |  | $ | 18,945 |  | $ | 345,423
The following table describes the accretable yield and non-accretable discount activity of acquired Eurobank loans for the years ended December 31, 2019 and 2018:
| Year Ended December 31, 2019
| Mortgage |  | Commercial |  | Leasing |  | Consumer |  | Total
| (In thousands)
Accretable Yield Activity: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of year | $ | 38,389 |  | $ | 3,310 |  |  | - |  | $ | - |  | $ | 41,699
Accretion |  | (4,999) |  |  | (4,611) |  |  | (14) |  |  | (164) |  |  | (9,788)
Change in expected cash flows |  | 2,578 |  |  | 2,270 |  |  | (145) |  |  | 273 |  |  | 4,976
Transfer from (to) non-accretable discount |  | (1,947) |  |  | (549) |  |  | 159 |  |  | (109) |  |  | (2,446)
Balance at end of year | $ | 34,021 |  | $ | 420 |  | $ | - |  | $ | - |  | $ | 34,441
Non-Accretable Discount Activity: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of year | $ | 2,826 |  | $ | - |  | $ | - |  | $ | 133 |  | $ | 2,959
Change in actual and expected losses |  | (3,051) |  |  | 1,928 |  |  | 159 |  |  | (156) |  |  | (1,120)
Transfer (to) from accretable yield |  | 1,947 |  |  | 549 |  |  | (159) |  |  | 109 |  |  | 2,446
Balance at end of year | $ | 1,722 |  | $ | 2,477 |  | $ | - |  | $ | 86 |  | $ | 4,285
| Year Ended December 31, 2018
| Mortgage |  | Commercial |  | Leasing |  | Consumer |  | Total
| (In thousands)
Accretable Yield Activity: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of year | $ | 42,921 |  | $ | 6,751 |  |  | - |  | $ | - |  | $ | 49,672
Accretion |  | (5,964) |  |  | (6,430) |  |  | (52) |  |  | (389) |  |  | (12,835)
Change in expected cash flows |  | (1,129) |  |  | 5,023 |  |  | (329) |  |  | 700 |  |  | 4,265
Transfer from (to) non-accretable discount |  | 2,561 |  |  | (2,034) |  |  | 381 |  |  | (311) |  |  | 597
Balance at end of year | $ | 38,389 |  | $ | 3,310 |  | $ | - |  | $ | - |  | $ | 41,699
Non-Accretable Discount Activity: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of year | $ | 5,334 |  | $ | 276 |  | $ | - |  | $ | 235 |  | $ | 5,845
Change in actual and expected losses |  | 53 |  |  | (2,310) |  |  | 381 |  |  | (413) |  |  | (2,289)
Transfer (to) from accretable yield |  | (2,561) |  |  | 2,034 |  |  | (381) |  |  | 311 |  |  | (597)
Balance at end of year | $ | 2,826 |  | $ | - |  | $ | - |  | $ | 133 |  | $ | 2,959
Non-accrual Loans The following table presents the amortized cost basis of loans on nonaccrual status as of December 31, 2020:
| December 31, 2020
| Nonaccrual with |  | Nonaccrual with no |  |
| Allowance |  | Allowance |  |
| for Credit Loss |  | for Credit Loss |  | Total
| (In thousands) |  |  |
Non-PCD: |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |
Commercial secured by real estate | $ | 15,225 |  | $ | 21,462 |  | $ | 36,687
Other commercial and industrial |  | 2,138 |  |  | 3,174 |  |  | 5,312
|  | 17,363 |  |  | 24,636 |  |  | 41,999
Mortgage |  | 24,920 |  |  | 17,747 |  |  | 42,667
Consumer |  |  |  |  |  |  |  |
Personal loans |  | 1,752 |  |  | 377 |  |  | 2,129
Personal lines of credit |  | 1,272 |  |  | - |  |  | 1,272
Credit cards |  | 1,586 |  |  | - |  |  | 1,586
Auto and leasing |  | 20,766 |  |  | - |  |  | 20,766
|  | 25,376 |  |  | 377 |  |  | 25,753
Total non-accrual loans | $ | 67,659 |  | $ | 42,760 |  | $ | 110,419
PCD: |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |
Commercial secured by real estate | $ | 31,338 |  | $ | 4,031 |  | $ | 35,369
Other commercial and industrial |  | 1,102 |  |  | - |  |  | 1,102
|  | 32,440 |  |  | 4,031 |  |  | 36,471
Mortgage |  | 1,003 |  |  | - |  |  | 1,003
Consumer |  |  |  |  |  |  |  |
Personal loans |  | 1 |  |  | - |  |  | 1
|  | 1 |  |  | - |  |  | 1
Total non-accrual loans | $ | 33,444 |  | $ | 4,031 |  | $ | 37,475
| $ | 101,103 |  | $ | 46,791 |  | $ | 147,894
Upon adoption of CECL, Oriental elected to maintain pools of loans that were previously accounted for under ASC 310-30 and will continue to account for these pools as a unit of account. As such, for these loans the determination of nonaccrual or accrual status is made at the pool level, not the individual loan level. The following table presents the recorded investment in loans in non-accrual status by class of loans as of December 31, 2019:
| December 31,
| 2019
| (In thousands)
Commercial |  |
Commercial secured by real estate | $ | 32,720
Other commercial and industrial |  | 9,886
|  | 42,606
Mortgage |  | 18,735
Consumer |  |
Personal loans |  | 4,164
Personal lines of credit |  | 227
Credit cards |  | 896
Auto and leasing |  | 14,295
|  | 19,582
Total non-accrual loans | $ | 80,923
Delinquent residential mortgage loans insured or guaranteed under applicable FHA and VA programs are classified as non-performing loans when they become 90 days or more past due but are not placed in non-accrual status until they become 12 months or more past due, since they are insured loans. Therefore, those loans are included as non-performing loans but excluded from non-accrual loans. At December 31, 2020 and 2019, loans whose terms have been extended and which were classified as troubled-debt restructurings that were not included in non-accrual loans amounted to $109.2 million and $103.7 million, respectively, as they were performing under their new terms. Modifications The following tables present the troubled-debt restructurings in all loan portfolios during the years ended December 31, 2020, 2019 and 2018.
| Year Ended December 31, 2020
| Number of contracts |  | Pre-Modification Outstanding Recorded Investment |  | Pre-Modification Weighted Average Rate |  | Pre-Modification Weighted Average Term (in Months) |  | Post-Modification Outstanding Recorded Investment |  | Post-Modification Weighted Average Rate |  | Post-Modification Weighted Average Term (in Months)
| (Dollars in thousands)
Mortgage | 88 |  | $ | 11,081 |  | 4.70% |  | 332 |  | $ | 10,151 |  | 4.13% |  | 327
Commercial | 8 |  |  | 14,896 |  | 5.45% |  | 63 |  |  | 14,896 |  | 4.36% |  | 77
Consumer | 23 |  |  | 349 |  | 14.11% |  | 64 |  |  | 391 |  | 10.57% |  | 76
Auto | 31 |  |  | 217 |  | 10.88% |  | 74 |  |  | 219 |  | 11.02% |  | 71
| Year Ended December 31, 2019
| Number of contracts |  | Pre-Modification Outstanding Recorded Investment |  | Pre-Modification Weighted Average Rate |  | Pre-Modification Weighted Average Term (in Months) |  | Post-Modification Outstanding Recorded Investment |  | Post-Modification Weighted Average Rate |  | Post-Modification Weighted Average Term (in Months)
| (Dollars in thousands)
Mortgage | 148 |  | $ | 19,130 |  | 5.85% |  | 376 |  | $ | 17,991 |  | 5.09% |  | 345
Commercial | 5 |  |  | 2,070 |  | 7.23% |  | 56 |  |  | 2,070 |  | 6.05% |  | 67
Consumer | 370 |  |  | 5,357 |  | 15.69% |  | 66 |  |  | 5,398 |  | 11.50% |  | 74
Auto | 22 |  |  | 319 |  | 7.29% |  | 70 |  |  | 326 |  | 8.97% |  | 44
| Year Ended December 31, 2018
| Number of contracts |  | Pre-Modification Outstanding Recorded Investment |  | Pre-Modification Weighted Average Rate |  | Pre-Modification Weighted Average Term (in Months) |  | Post-Modification Outstanding Recorded Investment |  | Post-Modification Weighted Average Rate |  | Post-Modification Weighted Average Term (in Months)
| (Dollars in thousands)
Mortgage | 143 |  | $ | 19,029 |  | 5.09% |  | 342 |  | $ | 18,237 |  | 4.41% |  | 314
Commercial | 23 |  |  | 26,019 |  | 5.75% |  | 118 |  |  | 25,973 |  | 5.64% |  | 136
Consumer | 174 |  |  | 2,313 |  | 13.24% |  | 51 |  |  | 2,332 |  | 9.86% |  | 61
Auto | 2 |  |  | 40 |  | 10.42% |  | 37 |  |  | 40 |  | 10.28% |  | 32
The following table presents troubled-debt restructurings for which there was a payment default during the years ended December 31, 2020, 2019 and 2018:
| Year ended December 31,
| 2020 |  |  | 2019 |  |  | 2018
| Number of Contracts |  | Recorded Investment |  |  | Number of Contracts |  | Recorded Investment |  |  | Number of Contracts |  | Recorded Investment
| (Dollars in thousands)
Mortgage | 9 |  | $ | 1,345 |  |  | 29 |  | $ | 3,597 |  |  | 23 |  | $ | 3,262
Commercial | - |  | $ | - |  |  | - |  | $ | - |  |  | 4 |  | $ | 2,141
Consumer | 1 |  | $ | 2 |  |  | 77 |  | $ | 1,118 |  |  | 28 |  | $ | 341
Auto | - |  | $ | - |  |  | 3 |  | $ | 51 |  |  | - |  | $ | -
Oriental offers various types of concessions when modifying a loan. Concessions made to the original contractual terms of the loan typically consists of the deferral of interest and/or principal payments due to deterioration in the borrowers' financial condition. In these cases, the principal balance on the TDR had matured and/or was in default at the time of restructure, and there were no commitments to lend additional funds to the borrower during the years ended December 31, 2020, 2019, and 2018. TDRs disclosed above were not related to Covid-19 modifications. As discussed in Note 1 to these financial statements, Section 4013 of CARES Act and the "Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (Revised)" provided banks an option to elect to not account for certain loan modifications related to Covid-19 as TDRs as long as the borrowers were not more than 30 days past due as of December 31, 2020 and at the time of modification program implementation, respectively, and meets other applicable criteria. Oriental’s loan deferrals outstanding balances at December 31, 2020 of approximately $95.7 million resulting from the Covid-19 pandemic were not classified as a TDR. Collateral-dependent Loans The table below present the amortized cost of collateral-dependent loans held for investment at December 31, 2020, by class of loans.
| December 31, 2020
| (In thousands)
Commercial loans: |  |
Commercial secured by real estate | $ | 29,279
Total loans | $ | 29,279
PCD loans, except for single pooled loans, are not included in the table above as their unit of account is the loan pool. Credit Quality Indicators Oriental categorizes its loans into loan grades based on relevant information about the ability of borrowers to service their debt, such as economic conditions, portfolio risk characteristics, prior loss experience, and the results of periodic credit reviews of individual loans. Oriental uses the following definitions for loan grades: Pass: Loans classified as “pass” have a well-defined primary source of repayment very likely to be sufficient, with no apparent risk, strong financial position, minimal operating risk, profitability, liquidity and capitalization better than industry standards. Special Mention: Loans 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 of the institution’s credit position at some future date. Substandard: Loans 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 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: Loans 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, questionable and improbable. Loss: Loans classified as “loss” are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off this worthless loan even though partial recovery may be effected in the future. Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass loans. As of December 31, 2020 and based on the most recent analysis performed, the risk category of loans subject to risk rating by class of loans is as follows.
| Term Loans |  | Revolving |  |  |
| Amortized Cost Basis by Origination Year |  | Loans |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Amortized |  |
| 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016 |  | Prior |  | Cost Basis |  | Total
| (In thousands)
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial secured by real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loan grade: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 113,474 |  | $ | 105,156 |  | $ | 106,283 |  | $ | 81,338 |  | $ | 44,008 |  | $ | 187,189 |  | $ | 30,686 |  | $ | 668,134
Special Mention |  | 10,592 |  |  | 20,605 |  |  | 5,233 |  |  | 11,771 |  |  | 8,514 |  |  | 3,090 |  |  | 37,680 |  |  | 97,485
Substandard |  | 183 |  |  | 63 |  |  | 758 |  |  | 8,923 |  |  | 584 |  |  | 23,746 |  |  | 7,331 |  |  | 41,588
Doubtful |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 77 |  |  | - |  |  | 77
Loss |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Total commercial secured by real estate |  | 124,249 |  |  | 125,824 |  |  | 112,274 |  |  | 102,032 |  |  | 53,106 |  |  | 214,102 |  |  | 75,697 |  |  | 807,284
Other commercial and industrial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loan grade: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 384,901 |  |  | 84,433 |  |  | 75,023 |  |  | 14,502 |  |  | 8,326 |  |  | 7,922 |  |  | 300,429 |  |  | 875,536
Special Mention |  | 151 |  |  | 8,242 |  |  | 19,626 |  |  | - |  |  | - |  |  | 3,337 |  |  | 23,732 |  |  | 55,088
Substandard |  | 207 |  |  | 66 |  |  | 486 |  |  | 164 |  |  | 2,809 |  |  | 119 |  |  | 2,122 |  |  | 5,973
Doubtful |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 65 |  |  | 65
Loss |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Total other commercial and industrial: |  | 385,259 |  |  | 92,741 |  |  | 95,135 |  |  | 14,666 |  |  | 11,135 |  |  | 11,378 |  |  | 326,348 |  |  | 936,662
US Loan Program: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loan grade: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 68,688 |  |  | 62,264 |  |  | 77,762 |  |  | 7,124 |  |  | - |  |  | - |  |  | 98,324 |  |  | 314,162
Special Mention |  | - |  |  | 1,501 |  |  | 33,282 |  |  | - |  |  | - |  |  | - |  |  | 1,250 |  |  | 36,033
Substandard |  | 7,156 |  |  | - |  |  | 17,553 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 24,709
Doubtful |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Loss |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Total US loan program: |  | 75,844 |  |  | 63,765 |  |  | 128,597 |  |  | 7,124 |  |  | - |  |  | - |  |  | 99,574 |  |  | 374,904
Total commercial loans | $ | 585,352 |  | $ | 282,330 |  | $ | 336,006 |  | $ | 123,822 |  | $ | 64,241 |  | $ | 225,480 |  | $ | 501,619 |  | $ | 2,118,850
At December 31, 2020, the balance of revolving loans converted to term loans was $21.0 million. Oriental considers the performance of the loan portfolio and its impact on the allowance for credit losses. For mortgage and consumer loan classes, Oriental also evaluates credit quality based on the aging status of the loan, which was previously presented, and by payment activity. The following table presents the amortized cost in mortgage and consumer loans based on payment activity as of December 31, 2020:
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Revolving Loans |  |  |
| Term Loans |  | Revolving |  | Converted to |  |  |
| Amortized Cost Basis by Origination Year |  | Loans |  | Term Loans |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Amortized |  | Amortized |  |
| 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016 |  | Prior |  | Cost Basis |  | Cost Basis |  | Total
| (In thousands)
Mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing | $ | 14,842 |  | $ | 20,516 |  | $ | 27,359 |  | $ | 33,088 |  | $ | 38,637 |  | $ | 642,045 |  | $ | - |  | $ | - |  | $ | 776,487
Nonperforming |  | - |  |  | 347 |  |  | 722 |  |  | 894 |  |  | 950 |  |  | 44,043 |  |  | - |  |  | - |  |  | 46,956
Total mortgage loans: |  | 14,842 |  |  | 20,863 |  |  | 28,081 |  |  | 33,982 |  |  | 39,587 |  |  | 686,088 |  |  | - |  |  | - |  |  | 823,443
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Personal loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | 88,653 |  |  | 115,295 |  |  | 58,009 |  |  | 28,424 |  |  | 13,565 |  |  | 7,181 |  |  | - |  |  | - |  |  | 311,127
Nonperforming |  | 201 |  |  | 591 |  |  | 492 |  |  | 318 |  |  | 134 |  |  | 394 |  |  | - |  |  | - |  |  | 2,130
Total personal loans |  | 88,854 |  |  | 115,886 |  |  | 58,501 |  |  | 28,742 |  |  | 13,699 |  |  | 7,575 |  |  | - |  |  | - |  |  | 313,257
Credit lines: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 42,531 |  |  | - |  |  | 42,531
Nonperforming |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 1,274 |  |  | - |  |  | 1,274
Total credit lines |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 43,805 |  |  | - |  |  | 43,805
Credit cards: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 54,599 |  |  | - |  |  | 54,599
Nonperforming |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 1,586 |  |  | - |  |  | 1,586
Total credit cards |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 56,185 |  |  | - |  |  | 56,185
Overdrafts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 305 |  |  | - |  |  | 305
Nonperforming |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Total overdrafts |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 305 |  |  | - |  |  | 305
Total consumer loans |  | 88,854 |  |  | 115,886 |  |  | 58,501 |  |  | 28,742 |  |  | 13,699 |  |  | 7,575 |  |  | 100,295 |  |  | - |  |  | 413,552
Total mortgage and consumer loans | $ | 103,696 |  | $ | 136,749 |  | $ | 86,582 |  | $ | 62,724 |  | $ | 53,286 |  | $ | 693,663 |  | $ | 100,295 |  | $ | - |  | $ | 1,236,995
Oriental evaluates credit quality for auto loans and leases based on FICO score. The following table presents the amortized cost in auto loans and leases based on their most recent FICO score as of December 31, 2020:
| Term Loans |  |  |
| Amortized Cost Basis by Origination Year |  |  |
| 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016 |  | Prior |  | Total
| (In thousands)
Auto: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FICO score: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1-660 |  | 121,878 |  |  | 112,476 |  |  | 97,725 |  |  | 56,935 |  |  | 30,307 |  |  | 22,360 |  |  | 441,681
661-699 |  | 84,673 |  |  | 68,698 |  |  | 44,633 |  |  | 23,308 |  |  | 13,571 |  |  | 9,031 |  |  | 243,914
700+ |  | 173,834 |  |  | 214,287 |  |  | 164,205 |  |  | 85,743 |  |  | 45,947 |  |  | 32,177 |  |  | 716,193
No FICO |  | 21,512 |  |  | 42,597 |  |  | 33,305 |  |  | 18,127 |  |  | 9,656 |  |  | 7,284 |  |  | 132,481
Total auto: | $ | 401,897 |  | $ | 438,058 |  | $ | 339,868 |  | $ | 184,113 |  | $ | 99,481 |  | $ | 70,852 |  | $ | 1,534,269
Upon adoption of CECL, Oriental elected to maintain pools of loans that were previously accounted for under ASC 310-30 and will continue to account for these pools as a unit of account. As such, PCD loans are not included in the table above. As of December 31, 2019, and based on the most recent analysis performed, the loan grading of gross loans, excluding loans accounted for under ASC 310-30 subject to loan grade by class of loans was as follows:
| December 31, 2019
| Loan Grades
| Balance |  |  |  |  | Special |  |  |  |  |  |  |  |
| Outstanding |  | Pass |  | Mention |  | Substandard |  | Doubtful |  | Loss
| (In thousands)
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial secured by real estate | $ | 866,706 |  | $ | 762,443 |  | $ | 55,870 |  | $ | 48,357 |  | $ | 36 |  | $ | -
Other commercial and industrial |  | 723,526 |  |  | 706,831 |  |  | 6,634 |  |  | 9,960 |  |  | 101 |  |  | -
US Loan Program |  | 272,595 |  |  | 262,745 |  |  | 9,850 |  |  | - |  |  | - |  |  | -
Total Commercial | $ | 1,862,827 |  | $ | 1,732,019 |  | $ | 72,354 |  | $ | 58,317 |  | $ | 137 |  | $ | -
| December 31, 2019
| Loan Grades
| Balance |  |  |  |  | Special |  |  |  |  |  |  |  |
| Outstanding |  | Pass |  | Mention |  | Substandard |  | Doubtful |  | Loss
Retail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage | $ | 899,595 |  | $ | 805,486 |  | $ | - |  | $ | 94,109 |  | $ | - |  | $ | -
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Personal loans |  | 367,157 |  |  | 365,579 |  |  | - |  |  | 1,578 |  |  | - |  |  | -
Personal lines of credit |  | 52,614 |  |  | 52,393 |  |  | - |  |  | 221 |  |  | - |  |  | -
Credit cards |  | 75,202 |  |  | 74,306 |  |  | - |  |  | 896 |  |  | - |  |  | -
Overdrafts |  | 216 |  |  | 165 |  |  | - |  |  | 51 |  |  | - |  |  | -
Auto |  | 1,468,882 |  |  | 1,454,612 |  |  | - |  |  | 14,270 |  |  | - |  |  | -
Total consumer loans |  | 1,964,071 |  |  | 1,947,055 |  |  | - |  |  | 17,016 |  |  | - |  |  | -
Total retail loans | $ | 2,863,666 |  | $ | 2,752,541 |  | $ | - |  | $ | 111,125 |  | $ | - |  | $ | -

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