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LOANS
 3 Months Ended
Mar. 31, 2022
Receivables [Abstract]  
LOANS LOANS
OFG’s loan portfolio is composed of four segments, commercial, mortgage, consumer, and auto loans and leases. Loans are further segregated into classes which OFG uses when assessing and monitoring the risk and performance of the portfolio. The composition of the amortized cost basis of OFG’s loan portfolio at March 31, 2022 and December 31, 2021 was as follows:
March 31, 2022December 31, 2021
Non-PCDPCDTotalNon-PCDPCDTotal
(In thousands)
Commercial loans:
Commercial secured by real estate$925,644 $163,865 $1,089,509 $883,994 $176,186 $1,060,180 
Other commercial and industrial805,499 26,761 832,260 759,172 28,149 787,321 
Other commercial and industrial - Paycheck Protection Program (PPP Loans)53,277 — 53,277 86,889 — 86,889 
US commercial loans524,868 — 524,868 444,940 — 444,940 
2,309,288 190,626 2,499,914 2,174,995 204,335 2,379,330 
Mortgage704,277 1,144,364 1,848,641 718,848 1,188,423 1,907,271 
Consumer:
Personal loans395,656 478 396,134 346,859 546 347,405 
Credit lines13,920 355 14,275 14,775 370 15,145 
Credit cards45,145 — 45,145 46,795 — 46,795 
Overdraft238 — 238 330 — 330 
454,959 833 455,792 408,759 916 409,675 
Auto and leasing1,732,859 10,765 1,743,624 1,693,029 13,281 1,706,310 
5,201,383 1,346,588 6,547,971 4,995,631 1,406,955 6,402,586 
Allowance for credit losses(137,344)(19,731)(157,075)(132,065)(23,872)(155,937)
Total loans held for investment, net5,064,039 1,326,857 6,390,896 4,863,566 1,383,083 6,246,649 
Mortgage loans held for sale26,761 — 26,761 51,096 — 51,096 
Other loans held for sale31,473 — 31,473 31,566 — 31,566 
Total loans held for sale58,234 — 58,234 82,662 — 82,662 
Total loans, net$5,122,273 $1,326,857 $6,449,130 $4,946,228 $1,383,083 $6,329,311 
During quarter ended on March 31, 2022, OFG sold $21.9 million of past due mortgage loans held for sale. These mortgage loans were transferred to held for sale during the fourth quarter of 2021.
At March 31, 2022 and December 31, 2021, OFG had carrying balances of $86.1 million and $87.3 million, respectively, in loans held for investment granted to the Puerto Rico government, including its municipalities and public corporations, as part of the commercial loan segment. The Bank’s loans to the Puerto Rico government amounting to $86.1 million and $86.2 million at March 31, 2022 and December 31, 2021, 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. The good faith, credit and unlimited taxing power of each issuing municipality are pledged for the payment of its general obligations. At December 31, 2021, total loan exposure to the Puerto Rico government included a $1.1 million acquired PCD loan granted to a public corporation classified as non-accrual, which was repaid during the quarter ended March 31, 2022.
The tables below present the aging of the amortized cost of loans held for investment at March 31, 2022 and December 31, 2021, by class of loans. Mortgage loans past due include $9.7 million and $14.5 million of delinquent loans in the GNMA buy-back option program at March 31, 2022 and December 31, 2021, respectively. 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.
March 31, 2022
30-59 Days
Past Due		60-89 Days
Past Due		90+ Days
Past Due		Total Past
Due		CurrentTotal LoansLoans 90+
Days Past
Due and
Still
Accruing
(In thousands)
Commercial
Commercial secured by real estate$612 $443 $12,494 $13,549 $912,095 $925,644 $— 
Other commercial and industrial1,189 356 966 2,511 856,265 858,776 — 
US commercial loans— — — — 524,868 524,868 — 
1,801 799 13,460 16,060 2,293,228 2,309,288 — 
Mortgage5,835 7,943 34,883 48,661 655,616 704,277 2,099 
Consumer
Personal loans3,097 1,690 1,290 6,077 389,579 395,656 — 
Credit lines416 153 110 679 13,241 13,920 — 
Credit cards669 405 559 1,633 43,512 45,145 — 
Overdraft61 — — 61 177 238 — 
4,243 2,248 1,959 8,450 446,509 454,959 — 
Auto and leasing54,635 24,856 12,364 91,855 1,641,004 1,732,859 — 
Total loans$66,514 $35,846 $62,666 $165,026 $5,036,357 $5,201,383 $2,099 
December 31, 2021
30-59 Day
Past Due		60-89 Days
Past Due		90+ Days
Past Due		Total Past
Due		CurrentTotal LoansLoans 90+
Days Past
Due and
Still
Accruing
(In thousands)
Commercial
Commercial secured by real estate$2,210 $102 $8,446 $10,758 $873,236 $883,994 $— 
Other commercial and industrial1,886 538 946 3,370 842,691 846,061 — 
US commercial loans— — — — 444,940 444,940 — 
4,096 640 9,392 14,128 2,160,867 2,174,995 — 
Mortgage8,704 7,855 43,468 60,027 658,821 718,848 2,346 
Consumer
Personal loans2,382 1,131 1,116 4,629 342,230 346,859 — 
Credit lines531 141 227 899 13,876 14,775 — 
Credit cards610 336 631 1,577 45,218 46,795 — 
Overdraft130 14 — 144 186 330 — 
3,653 1,622 1,974 7,249 401,510 408,759 — 
Auto and leasing60,038 30,234 13,461 103,733 1,589,296 1,693,029 — 
Total loans$76,491 $40,351 $68,295 $185,137 $4,810,494 $4,995,631 $2,346 
Upon adoption of CECL, OFG 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 tables above. 
Non-accrual Loans
The following table presents the amortized cost basis of loans on nonaccrual status as of March 31, 2022 and December 31, 2021:
March 31, 2022December 31, 2021
Non-accrual with Allowance for Credit LossNon-accrual with no Allowance for Credit LossTotalNon-accrual with Allowance for Credit LossNon-accrual with no Allowance for Credit LossTotal
(In thousands)
Non-PCD:
Commercial
Commercial secured by real estate$15,703 $17,864 $33,567 $16,299 $19,538 $35,837 
Other commercial and industrial1,009 317 1,326 1,284 483 1,767 
16,712 18,181 34,893 17,583 20,021 37,604 
Mortgage22,642 3,562 26,204 16,428 12,840 29,268 
Consumer
Personal loans1,008 353 1,361 1,143 302 1,445 
Personal lines of credit110 — 110 226 — 226 
Credit cards559 — 559 632 — 632 
1,677 353 2,030 2,001 302 2,303 
Auto and leasing12,492 3 12,495 19,827 2 19,829 
Total$53,523 $22,099 $75,622 $55,839 $33,165 $89,004 
PCD:
Commercial
Commercial secured by real estate$3,682 $7,155 $10,837 $5,205 $6,198 $11,403 
Other commercial and industrial— 40 40 1,102 40 1,142 
3,682 7,195 10,877 6,307 6,238 12,545 
Mortgage310 — 310 334 — 334 
Total$3,992 $7,195 $11,187 $6,641 $6,238 $12,879 
Total non-accrual loans$57,515 $29,294 $86,809 $62,480 $39,403 $101,883 
The determination of nonaccrual or accrual status of PCD loans is made at the pool level, not the individual loan level.
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 March 31, 2022 and December 31, 2021, loans whose terms have been extended and which were classified as troubled-debt restructurings that were not included in non-accrual loans amounted to $123.4 million and $125.9 million, respectively, as they were performing under their new terms.
Modifications
OFG 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. The amount of outstanding commitments to lend additional funds to commercial borrowers whose terms have been modified in TDRs amounted to $3.4 million and $3.7 million at March 31, 2022 and December 31, 2021, respectively.
The following table presents the troubled-debt restructurings in all loan portfolios as of March 31, 2022 and December 31, 2021.
March 31, 2022December 31, 2021
AccruingNon-accruingTotalRelated AllowanceAccruingNon-accruingTotalRelated Allowance
(In thousands)
Commercial loans:
Commercial secured by real estate$6,505 $14,476 $20,981 $118 $10,981 $14,444 $25,425 $202 
Other commercial and industrial2,802 301 3,103 72 2,785 473 3,258 41 
US commercial loans7,143 — 7,143 126 7,156 — 7,156 126 
16,450 14,777 31,227 316 20,922 14,917 35,839 369 
Mortgage103,962 9,572 113,534 3,685 101,487 9,475 110,962 3,867 
Consumer:
Personal loans2,874 71 2,945 141 3,275 139 3,414 159 
Auto and leasing141 — 141 5 203 8 211 11 
Total loans$123,427 $24,420 $147,847 $4,147 $125,887 $24,539 $150,426 $4,406 
The following tables present the troubled-debt restructurings by loan portfolios and modification type as of March 31, 2022 and December 31, 2021:
March 31, 2022
Reduction in interest rateMaturity or term extensionCombination of reduction in interest rate and extension of maturityForbearanceTotal
(In thousands)
Commercial loans:
Commercial secured by real estate$8,265 $1,160 $8,287 $3,269 $20,981 
Other commercial and industrial713 1,863 502 25 3,103 
US commercial loans7,143 — — — 7,143 
16,121 3,023 8,789 3,294 31,227 
Mortgage37,810 6,918 34,739 34,067 113,534 
Consumer:
Personal loans1,280 265 1,237 163 2,945 
Auto and leasing46 — 26 69 141 
Total loans$55,257 $10,206 $44,791 $37,593 $147,847 
December 31, 2021
Reduction in interest rateMaturity or term extensionCombination of reduction in interest rate and extension of maturityForbearanceTotal
(In thousands)
Commercial loans:
Commercial secured by real estate$8,461 $1,227 $12,401 $3,336 $25,425 
Other commercial and industrial723 1,985 522 28 3,258 
US commercial loans7,156 — — — 7,156 
16,340 3,212 12,923 3,364 35,839 
Mortgage37,307 6,796 32,456 34,403 110,962 
Consumer:
Personal loans1,496 287 1,430 201 3,414 
Auto and leasing74 — 28 109 211 
Total loans$55,217 $10,295 $46,837 $38,077 $150,426 
TDRs disclosed above were not related to Covid-19 modifications. 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, 2019 and at the time of implementation of the modification program, and the borrowers meet other applicable criteria. At March 31, 2022 there were $10.7 million (December 31, 2021 - $28.0 million) of loans deferred from the Covid-19 pandemic that were not classified as a TDR, which consists of VA insured mortgage loans.
At March 31, 2022 and December 31, 2021, TDR mortgage loans include $44.4 million and $40.8 million, respectively, of government guaranteed loans (e.g. FHA/VA).
Upon adoption of CECL, OFG 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 TDR tables.
Loan modifications that are considered TDR loans completed during the quarters ended March 31, 2022 and 2021 were as follows:
Quarter Ended March 31, 2022
Number of contractsPre-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)
Mortgage36$4,700 4.53 %274$4,863 3.47 %343
Commercial2895 5.60 %52752 4.37 %75
Consumer113 18.20 %8413 10.95 %84
Quarter Ended March 31, 2021
Number of contractsPre-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)
Mortgage263,557 3.99 %3003,580 3.61 %333
Commercial2185 7.21 %58204 6.80 %58
Consumer216 11.76 %5417 9.93 %63
Auto and leasing582 6.81 %6682 9.81 %36
The following table presents troubled-debt restructurings for which there was a payment default during the twelve-month periods ended March 31, 2022 and 2021:
Twelve Month Period Ended March 31,
20222021
Number of ContractsRecorded InvestmentNumber of ContractsRecorded Investment
(Dollars in thousands)
Mortgage16 $1,888 13 $1,507 
Consumer5 $71 — $— 
Auto and leasing1 $10 10 $57 
As of March 31, 2022 and December 31, 2021, the recorded investment on residential mortgage loans collateralized by residential real estate property that were in the process of foreclosure amounted to $14.9 million and $16.9 million, respectively. OFG commences the foreclosure process on residential real estate loans when a borrower becomes 120 days delinquent. Puerto Rico and the USVI require the foreclosure to be processed through the respective territory’s courts. Foreclosure timelines vary according to local law and investor guidelines. Occasionally, foreclosures may be delayed due to, among other reasons, mandatory mediation, bankruptcy, court delays and title issues.
Collateral-dependent Loans
The table below present the amortized cost of collateral-dependent loans held for investment at March 31, 2022 and December 31, 2021, by class of loans.
March 31, 2022December 31, 2021
(In thousands)
Commercial loans:
Commercial secured by real estate$21,279 $10,233 
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
OFG 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.
OFG 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 March 31, 2022 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
Amortized Cost Basis by Origination Year		Revolving
Loans
Amortized
Cost Basis		Total
20222021202020192018Prior
(In thousands)
Commercial:
Commercial secured by real estate:
Loan grade:
Pass$85,540 $183,488 $127,605 $112,985 $77,970 $215,510 $32,923 $836,021 
Special Mention— — 968 32,309 4,468 8,980 664 47,389 
Substandard— 8,878 10,391 173 1,146 17,253 3,740 41,581 
Doubtful— — — — — 20 633 653 
Loss— — — — — — — — 
Total commercial secured by real estate85,540 192,366 138,964 145,467 83,584 241,763 37,960 925,644 
Other commercial and industrial:
Loan grade:
Pass47,372 245,506 85,959 40,564 59,694 11,917 344,577 835,589 
Special Mention— 231 40 7,748 2,008 3,452 6,288 19,767 
Substandard12 — 348 179 572 100 2,160 3,371 
Doubtful— — — — — — 49 49 
Loss— — — — — — — — 
Total other commercial and industrial:47,384 245,737 86,347 48,491 62,274 15,469 353,074 858,776 
US commercial loans:
Loan grade:
Pass33,300 81,469 60,798 31,619 46,288 — 233,963 487,437 
Special Mention— — — 1,527 19,135 — — 20,662 
Substandard— — 7,143 — 9,626 — — 16,769 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total US commercial loans:33,300 81,469 67,941 33,146 75,049 — 233,963 524,868 
Total commercial loans$166,224 $519,572 $293,252 $227,104 $220,907 $257,232 $624,997 $2,309,288 
As of December 31, 2021 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
Amortized Cost Basis by Origination Year		Revolving
Loans
Amortized
Cost Basis		Total
20212020201920182017Prior
(In thousands)
Commercial:
Commercial secured by real estate:
Loan grade:
Pass$183,820 $120,855 $114,208 $94,864 $52,439 $183,026 $45,178 $794,390 
Special Mention654 628 32,578 4,581 4,053 5,102 643 48,239 
Substandard8,415 10,694 58 849 1,357 17,555 1,671 40,599 
Doubtful— — — — — 22 744 766 
Loss— — — — — — — — 
Total commercial secured by real estate192,889 132,177 146,844 100,294 57,849 205,705 48,236 883,994 
Other commercial and industrial:
Loan grade:
Pass276,165 93,809 45,976 57,989 6,106 6,004 330,072 816,121 
Special Mention78 23 8,076 2,213 3,525 — 13,642 27,557 
Substandard112 48 155 394 81 28 1,513 2,331 
Doubtful— — — — — — 52 52 
Loss— — — — — — — — 
Total other commercial and industrial:276,355 93,880 54,207 60,596 9,712 6,032 345,279 846,061 
US commercial loans:
Loan grade:
Pass85,394 61,098 41,924 47,179 — — 171,928 407,523 
Special Mention— — 1,515 19,095 — — — 20,610 
Substandard— 7,156 — 9,651 — — — 16,807 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total US commercial loans:85,394 68,254 43,439 75,925 — — 171,928 444,940 
Total commercial loans$554,638 $294,311 $244,490 $236,815 $67,561 $211,737 $565,443 $2,174,995 
At March 31, 2022 and December 31, 2021, the balance of revolving loans converted to term loans was $57.7 million and $37.5 million, respectively.
OFG considers the performance of the loan portfolio and its impact on the allowance for credit losses. For mortgage and consumer loan classes, OFG 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 March 31, 2022:
Term Loans
Amortized Cost Basis by Origination Year		Revolving
Loans
Amortized
Cost Basis		Revolving Loans
Converted to
Term Loans
Amortized
Cost Basis		Total
20222021202020192018Prior
(In thousands)
Mortgage:
Payment performance:
Performing$6,885 $26,893 $16,868 $14,755 $18,411 $583,692 $— $— $667,504 
Nonperforming— — 126 341 477 35,829 — — 36,773 
Total mortgage loans:6,885 26,893 16,994 15,096 18,888 619,521 — — 704,277 
Consumer:
Personal loans:
Payment performance:
Performing94,228 159,506 47,338 54,905 24,182 14,136 — — 394,295 
Nonperforming13 235 246 300 128 439 — — 1,361 
Total personal loans94,241 159,741 47,584 55,205 24,310 14,575 — — 395,656 
Credit lines:
Payment performance:
Performing— — — — — — 13,810 — 13,810 
Nonperforming— — — — — — 110 — 110 
Total credit lines— — — — — — 13,920 — 13,920 
Credit cards:
Payment performance:
Performing— — — — — — 44,586 — 44,586 
Nonperforming— — — — — — 559 — 559 
Total credit cards— — — — — — 45,145 — 45,145 
Overdrafts:
Payment performance:
Performing— — — — — — 238 — 238 
Nonperforming— — — — — — — — — 
Total overdrafts— — — — — — 238 — 238 
Total consumer loans94,241 159,741 47,584 55,205 24,310 14,575 59,303 — 454,959 
Total mortgage and consumer loans$101,126 $186,634 $64,578 $70,301 $43,198 $634,096 $59,303 $— $1,159,236 
The following table presents the amortized cost in mortgage and consumer loans based on payment activity as of December 31, 2021:
Term Loans
Amortized Cost Basis by Origination Year		Revolving
Loans
Amortized
Cost Basis		Revolving Loans
Converted to
Term Loans
Amortized
Cost Basis		Total
20212020201920182017Prior
(In thousands)
Mortgage:
Payment performance:
Performing$18,486 $16,585 $15,461 $19,261 $24,872 $584,792 $— $— $679,457 
Nonperforming— 126 129 510 1,830 36,796 — — 39,391 
Total mortgage loans:18,486 16,711 15,590 19,771 26,702 621,588 — — 718,848 
Consumer:
Personal loans:
Payment performance:
Performing175,273 55,960 65,425 29,808 12,287 6,661 — — 345,414 
Nonperforming296 239 411 143 20 336 — — 1,445 
Total personal loans175,569 56,199 65,836 29,951 12,307 6,997 — — 346,859 
Credit lines:
Payment performance:
Performing— — — — — — 14,549 — 14,549 
Nonperforming— — — — — — 226 — 226 
Total credit lines— — — — — — 14,775 — 14,775 
Credit cards:
Payment performance:
Performing— — — — — — 46,163 — 46,163 
Nonperforming— — — — — — 632 — 632 
Total credit cards— — — — — — 46,795 — 46,795 
Overdrafts:
Payment performance:
Performing— — — — — — 330 — 330 
Nonperforming— — — — — — — — — 
Total overdrafts— — — — — — 330 — 330 
Total consumer loans175,569 56,199 65,836 29,951 12,307 6,997 61,900 — 408,759 
Total mortgage and consumer loans$194,055 $72,910 $81,426 $49,722 $39,009 $628,585 $61,900 $— $1,127,607 
OFG 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 March 31, 2022:
Term Loans
Amortized Cost Basis by Origination Year		Total
20222021202020192018Prior
(In thousands)
Auto and leasing:
FICO score:
1-66033,276 165,264 85,758 74,524 59,447 52,034 470,303 
661-69933,282 134,368 59,373 42,517 29,540 23,202 322,282 
700+70,521 248,563 170,553 169,596 120,474 85,393 865,100 
No FICO7,383 23,139 12,669 15,432 9,133 7,418 75,174 
Total auto and leasing:$144,462 $571,334 $328,353 $302,069 $218,594 $168,047 $1,732,859 
The following table presents the amortized cost in auto loans and leases based on their most recent FICO score as of December 31, 2021:
Term Loans
Amortized Cost Basis by Origination Year		Total
20212020201920182017Prior
(In thousands)
Auto and leasing:
FICO score:
1-660161,534 90,402 80,745 65,681 38,001 23,171 459,534 
661-699134,507 68,422 48,173 33,854 16,761 10,534 312,251 
700+245,148 180,737 184,307 133,098 63,229 38,474 844,993 
No FICO26,759 13,580 17,062 10,119 5,515 3,216 76,251 
Total auto and leasing:$567,948 $353,141 $330,287 $242,752 $123,506 $75,395 $1,693,029 

Upon adoption of CECL, OFG 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 tables above.