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Loans Receivable and Allowance for Loan Losses | 12 Months Ended
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Dec. 31, 2018
Receivables [Abstract] |
Loans Receivable and Allowance for Loan Losses | The following is a summary of loans by major category at December 31, 2018 and 2017:
| December 31, 2018 |  | December 31, 2017
Loan portfolio composition | (Dollars in thousands)
Real estate loans: |  |  |
Residential | $ | 51,197 |  |  | $ | 49,774 |
Commercial & industrial | 8,395,327 |  |  | 8,142,036 |
Construction | 275,076 |  |  | 316,412 |
Total real estate loans | 8,721,600 |  |  | 8,508,222 |
Commercial business | 2,127,630 |  |  | 1,780,869 |
Trade finance | 197,190 |  |  | 166,664 |
Consumer and other | 1,051,486 |  |  | 647,102 |
Total loans outstanding | 12,097,906 |  |  | 11,102,857 |
Deferred loan costs (fees) | 209 |  |  | (282 | )
Loans receivable | 12,098,115 |  |  | 11,102,575 |
Allowance for loan losses | (92,557 | ) |  | (84,541 | )
Loans receivable, net of allowance for loan losses | $ | 12,005,558 |  |  | $ | 11,018,034 |
The loan portfolio is made up of four segments: real estate loans, commercial business, trade finance, and consumer and other. Real estate loans are extended for the purchase and refinance of commercial real estate and are generally secured by first deeds of trust and are collateralized by residential or commercial properties. Commercial business loans are loans provided to business for various purposes such as for working capital, purchasing inventory, debt refinancing, business acquisitions and other business related financing needs. Trade finance loans generally serves businesses involved in international trade activities. Consumer and other loans consist mostly of single family residential mortgage loans but also includes home equity, credit cards, and other personal loans. The four segments are further segregated between loans accounted for under the amortized cost method (“Legacy Loans”), and previously acquired loans that were originally recorded at fair value with no carryover of the related pre-acquisition allowance for loan losses (“Acquired Loans”). Acquired Loans are further segregated between purchased credit impaired loans (loans with credit deterioration on the date of acquisition and accounted for under ASC 310-30, or “PCI loans”), and Acquired Performing Loans (loans that were pass graded on the acquisition date and the fair value adjustment is amortized over the contractual life under ASC 310-20, or “non-PCI loans”). The following table presents changes in the accretable discount on the PCI loans for the years ended December 31, 2018 and 2017:
| Year ended December 31,
| 2018 |  | 2017
| (Dollars in thousands)
Balance at beginning of period | $ | 55,002 |  |  | $ | 43,611 |
Accretion | (21,837 | ) |  | (21,542 | )
Reclassification from nonaccretable difference | 16,532 |  |  | 32,933 |
Balance at end of period | $ | 49,697 |  |  | $ | 55,002 |
On the acquisition date, the amount by which the undiscounted expected cash flows exceed the estimated fair value of the PCI loans is the accretable yield. The accretable yield is then measured at each financial reporting date and represents the difference between the remaining undiscounted expected cash flows and the current carrying value of the loans. The accretable yield may change from period to period due to the following: 1) estimates of the remaining life of acquired loans will affect the amount of future interest income, 2) indices for variable rates of interest on PCI loans may change; and 3) estimates of the amount of the contractual principal and interest that will not be collected (nonaccretable difference) may change. The following tables detail the activity in the allowance for loan losses by portfolio segment for the years indicated:
| Legacy Loans |  | Acquired Loans |  | Total
| Real Estate |  | Commercial Business |  | Trade Finance |  | Consumer and Other |  | Real Estate |  | Commercial Business |  | Trade Finance |  | Consumer and Other |
| (Dollars in thousands)
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period | $ | 45,360 |  |  | $ | 17,228 |  |  | $ | 1,674 |  |  | $ | 3,385 |  |  | $ | 13,322 |  |  | $ | 3,527 |  |  | $ | 42 |  |  | $ | 3 |  |  | $ | 84,541 |
Provision (credit) for loan losses | 9,334 |  |  | 3,389 |  |  | (588 | ) |  | 4,098 |  |  | (5,551 | ) |  | 3,253 |  |  | (42 | ) |  | 1,007 |  |  | 14,900 |
Loans charged off | (6,273 | ) |  | (1,400 | ) |  | (408 | ) |  | (1,245 | ) |  | (453 | ) |  | (1,083 | ) |  | — |  |  | (13 | ) |  | (10,875 | )
Recoveries of charge offs | 1,025 |  |  | 2,609 |  |  | 41 |  |  | 31 |  |  | 3 |  |  | 242 |  |  | — |  |  | 40 |  |  | 3,991 |
Balance, end of period | $ | 49,446 |  |  | $ | 21,826 |  |  | $ | 719 |  |  | $ | 6,269 |  |  | $ | 7,321 |  |  | $ | 5,939 |  |  | $ | — |  |  | $ | 1,037 |  |  | $ | 92,557 |
December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period | $ | 38,956 |  |  | $ | 23,430 |  |  | $ | 1,897 |  |  | $ | 2,116 |  |  | $ | 12,791 |  |  | $ | 117 |  |  | $ | — |  |  | $ | 36 |  |  | $ | 79,343 |
Provision (credit) for loan losses | 8,524 |  |  | (1,036 | ) |  | 1,825 |  |  | 2,207 |  |  | 1,341 |  |  | 4,500 |  |  | 42 |  |  | (43 | ) |  | 17,360 |
Loans charged off | (2,292 | ) |  | (9,881 | ) |  | (2,104 | ) |  | (943 | ) |  | (850 | ) |  | (1,315 | ) |  | — |  |  | (25 | ) |  | (17,410 | )
Recoveries of charge offs | 172 |  |  | 4,715 |  |  | 56 |  |  | 5 |  |  | 40 |  |  | 225 |  |  | — |  |  | 35 |  |  | 5,248 |
Balance, end of period | $ | 45,360 |  |  | $ | 17,228 |  |  | $ | 1,674 |  |  | $ | 3,385 |  |  | $ | 13,322 |  |  | $ | 3,527 |  |  | $ | 42 |  |  | $ | 3 |  |  | $ | 84,541 |
December 31, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period | $ | 42,829 |  |  | $ | 16,332 |  |  | $ | 3,592 |  |  | $ | 556 |  |  | $ | 12,823 |  |  | $ | 214 |  |  | $ | — |  |  | $ | 62 |  |  | $ | 76,408 |
Provision (credit) for loan losses | (4,896 | ) |  | 12,928 |  |  | (1,695 | ) |  | 2,229 |  |  | 714 |  |  | (248 | ) |  | — |  |  | (32 | ) |  | 9,000 |
Loans charged off | (152 | ) |  | (7,267 | ) |  | — |  |  | (757 | ) |  | (758 | ) |  | (26 | ) |  | — |  |  | — |  |  | (8,960 | )
Recoveries of charged offs | 1,175 |  |  | 1,437 |  |  | — |  |  | 88 |  |  | 12 |  |  | 177 |  |  | — |  |  | 6 |  |  | 2,895 |
Balance, end of period | $ | 38,956 |  |  | $ | 23,430 |  |  | $ | 1,897 |  |  | $ | 2,116 |  |  | $ | 12,791 |  |  | $ | 117 |  |  | $ | — |  |  | $ | 36 |  |  | $ | 79,343 |
The following tables disaggregate the allowance for loan losses and the carrying value of loans receivables by impairment methodology at December 31, 2018 and December 31, 2017:
| December 31, 2018
| Legacy Loans |  | Acquired Loans |  | Total
| Real Estate |  | Commercial Business |  | Trade Finance |  | Consumer and Other |  | Real Estate |  | Commercial Business |  | Trade Finance |  | Consumer and Other |
| (Dollars in thousands)
Allowance for loan losses:
Individually evaluated for impairment | $ | 176 |  |  | $ | 4,221 |  |  | $ | — |  |  | $ | 3 |  |  | $ | 261 |  |  | $ | 130 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,791 |
Collectively evaluated for impairment | 49,270 |  |  | 17,605 |  |  | 719 |  |  | 6,266 |  |  | 1,264 |  |  | 460 |  |  | — |  |  | 19 |  |  | 75,603 |
PCI loans | — |  |  | — |  |  | — |  |  | — |  |  | 5,796 |  |  | 5,349 |  |  | — |  |  | 1,018 |  |  | 12,163 |
Total | $ | 49,446 |  |  | $ | 21,826 |  |  | $ | 719 |  |  | $ | 6,269 |  |  | $ | 7,321 |  |  | $ | 5,939 |  |  | $ | — |  |  | $ | 1,037 |  |  | $ | 92,557 |
Loans outstanding: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment | $ | 39,976 |  |  | $ | 29,624 |  |  | $ | 5,887 |  |  | $ | 441 |  |  | $ | 18,080 |  |  | $ | 5,734 |  |  | $ | 3,124 |  |  | $ | 1,141 |  |  | $ | 104,007 |
Collectively evaluated for impairment | 7,037,392 |  |  | 1,988,067 |  |  | 188,179 |  |  | 910,292 |  |  | 1,507,858 |  |  | 80,916 |  |  | — |  |  | 133,942 |  |  | 11,846,646 |
PCI loans | — |  |  | — |  |  | — |  |  | — |  |  | 118,294 |  |  | 23,289 |  |  | — |  |  | 5,670 |  |  | 147,253 |
Total | $ | 7,077,368 |  |  | $ | 2,017,691 |  |  | $ | 194,066 |  |  | $ | 910,733 |  |  | $ | 1,644,232 |  |  | $ | 109,939 |  |  | $ | 3,124 |  |  | $ | 140,753 |  |  | $ | 12,097,906 |
| December 31, 2017
| Legacy Loans |  | Acquired Loans |  | Total
| Real Estate |  | Commercial Business |  | Trade Finance |  | Consumer and Other |  | Real Estate |  | Commercial Business |  | Trade Finance |  | Consumer and Other |
| (Dollars in thousands)
Allowance for loan losses:
Individually evaluated for impairment | $ | 1,378 |  |  | $ | 2,807 |  |  | $ | 3 |  |  | $ | 35 |  |  | $ | 246 |  |  | $ | 854 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,323 |
Collectively evaluated for impairment | 43,982 |  |  | 14,421 |  |  | 1,671 |  |  | 3,350 |  |  | 1,036 |  |  | 2,673 |  |  | 42 |  |  | 3 |  |  | 67,178 |
PCI loans | — |  |  | — |  |  | — |  |  | — |  |  | 12,040 |  |  | — |  |  | — |  |  | — |  |  | 12,040 |
Total | $ | 45,360 |  |  | $ | 17,228 |  |  | $ | 1,674 |  |  | $ | 3,385 |  |  | $ | 13,322 |  |  | $ | 3,527 |  |  | $ | 42 |  |  | $ | 3 |  |  | $ | 84,541 |
Loans outstanding: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment | $ | 41,041 |  |  | $ | 31,322 |  |  | $ | 3,951 |  |  | $ | 908 |  |  | $ | 14,239 |  |  | $ | 18,733 |  |  | $ | 2,984 |  |  | $ | 1,171 |  |  | $ | 114,349 |
Collectively evaluated for impairment | 6,172,448 |  |  | 1,459,273 |  |  | 152,204 |  |  | 477,375 |  |  | 2,120,001 |  |  | 244,980 |  |  | 7,525 |  |  | 157,794 |  |  | 10,791,600 |
PCI loans | — |  |  | — |  |  | — |  |  | — |  |  | 160,493 |  |  | 26,561 |  |  | — |  |  | 9,854 |  |  | 196,908 |
Total | $ | 6,213,489 |  |  | $ | 1,490,595 |  |  | $ | 156,155 |  |  | $ | 478,283 |  |  | $ | 2,294,733 |  |  | $ | 290,274 |  |  | $ | 10,509 |  |  | $ | 168,819 |  |  | $ | 11,102,857 |
As of December 31, 2018 and December 31, 2017, the allowance for unfunded commitments was $736 thousand and $836 thousand, respectively. For the year ended December 31, 2018 and 2017, the recognized credit for credit losses related to unfunded commitments was $100 thousand and $2.4 million, respectively. The recorded investment in individually impaired loans was as follows:
| December 31, 2018 |  | December 31, 2017
| (Dollars in thousands)
With allocated specific allowance: |  |  |
Without charge-off | $ | 35,365 |  |  | $ | 28,614 |
With charge-off | 681 |  |  | 3,044 |
With no allocated specific allowance: |  |  |
Without charge-off | 59,607 |  |  | 77,533 |
With charge-off | 8,354 |  |  | 5,158 |
Specific allowance on impaired loans | (4,791 | ) |  | (5,323 | )
Impaired loans, net of specific allowance | $ | 99,216 |  |  | $ | 109,026 |
The following tables detail the recorded investment of impaired loans (Legacy Loans and Acquired Loans that became impaired subsequent to being originated and acquired, respectfully) by portfolio segment. Loans with no related allowance for loan losses are believed by management to have adequate collateral securing their carrying value.
|  | December 31, 2018 |  | Year Ended December 31, 2018
Total Impaired Loans |  | Recorded Investment* |  | Unpaid Contractual Principal Balance |  | Related Allowance |  | Average Recorded Investment* |  | Interest Income Recognized during Impairment
|  | (Dollars in thousands)
With Related Allowance: |  |  |  |  |  |  |  |  |  |
Real estate—residential |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 50 |  |  | $ | — |
Real estate—commercial |  |  |  |  |  |  |  |  |  |
Retail |  | 1,375 |  |  | 1,487 |  |  | 156 |  |  | 3,554 |  |  | 30 |
Hotel & motel |  | 1,949 |  |  | 2,310 |  |  | 119 |  |  | 2,700 |  |  | — |
Gas station & car wash |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Mixed use |  | 881 |  |  | 947 |  |  | 43 |  |  | 2,032 |  |  | 6 |
Industrial & warehouse |  | 1,305 |  |  | 2,139 |  |  | 93 |  |  | 1,579 |  |  | 70 |
Other |  | 7,759 |  |  | 8,174 |  |  | 26 |  |  | 6,038 |  |  | 372 |
Real estate—construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial business |  | 22,203 |  |  | 23,928 |  |  | 4,351 |  |  | 23,146 |  |  | 511 |
Trade finance |  | — |  |  | — |  |  | — |  |  | 2,143 |  |  | — |
Consumer and other |  | 575 |  |  | 575 |  |  | 3 |  |  | 710 |  |  | 7 |
Subtotal |  | $ | 36,047 |  |  | $ | 39,560 |  |  | $ | 4,791 |  |  | $ | 41,952 |  |  | $ | 996 |
With No Related Allowance: |  |  |  |  |  |  |  |  |  |
Real estate—residential |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Real estate—commercial |  |  |  |  |  |  |  |  |  |
Retail |  | 8,005 |  |  | 11,234 |  |  | — |  |  | 9,913 |  |  | 143 |
Hotel & motel |  | 10,877 |  |  | 22,590 |  |  | — |  |  | 6,085 |  |  | — |
Gas station & car wash |  | 545 |  |  | 3,653 |  |  | — |  |  | 520 |  |  | 19 |
Mixed use |  | 7,048 |  |  | 7,058 |  |  | — |  |  | 3,404 |  |  | 347 |
Industrial & warehouse |  | 12,343 |  |  | 13,467 |  |  | — |  |  | 11,560 |  |  | 298 |
Other |  | 5,969 |  |  | 7,122 |  |  | — |  |  | 13,107 |  |  | 106 |
Real estate—construction |  | — |  |  | — |  |  | — |  |  | 520 |  |  | — |
Commercial business |  | 13,155 |  |  | 17,850 |  |  | — |  |  | 18,041 |  |  | 531 |
Trade finance |  | 9,011 |  |  | 9,011 |  |  | — |  |  | 5,405 |  |  | 487 |
Consumer and other |  | 1,007 |  |  | 1,156 |  |  | — |  |  | 1,457 |  |  | — |
Subtotal |  | $ | 67,960 |  |  | $ | 93,141 |  |  | $ | — |  |  | $ | 70,012 |  |  | $ | 1,931 |
Total |  | $ | 104,007 |  |  | $ | 132,701 |  |  | $ | 4,791 |  |  | $ | 111,964 |  |  | $ | 2,927 |
__________________________________
* | Unpaid contractual principal balance less charge offs, interest collected applied to principal if on nonaccrual and purchase discounts.
|  | December 31, 2018 |  | Year Ended December 31, 2018
Impaired acquired loans |  | Recorded Investment* |  | Unpaid Contractual Principal Balance |  | Related Allowance |  | Average Recorded Investment* |  | Interest Income Recognized during Impairment
|  | (Dollars in thousands)
With Related Allowance: |  |  |  |  |  |  |  |  |  |
Real estate—residential |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 50 |  |  | $ | — |
Real estate—commercial |  |  |  |  |  |  |  |  |  |
Retail |  | 198 |  |  | 220 |  |  | 118 |  |  | 510 |  |  | — |
Hotel & motel |  | 72 |  |  | 345 |  |  | 4 |  |  | 78 |  |  | — |
Gas station & car wash |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Mixed use |  | 312 |  |  | 312 |  |  | 38 |  |  | 1,813 |  |  | 6 |
Industrial & warehouse |  | 230 |  |  | 1,050 |  |  | 88 |  |  | 246 |  |  | — |
Other |  | 3,454 |  |  | 3,454 |  |  | 13 |  |  | 2,133 |  |  | 221 |
Real estate—construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial business |  | 4,064 |  |  | 5,041 |  |  | 130 |  |  | 5,380 |  |  | 162 |
Trade finance |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Consumer and other |  | 144 |  |  | 144 |  |  | — |  |  | 89 |  |  | 7 |
Subtotal |  | $ | 8,474 |  |  | $ | 10,566 |  |  | $ | 391 |  |  | $ | 10,299 |  |  | $ | 396 |
With No Related Allowance: |  |  |  |  |  |  |  |  |  |
Real estate—residential |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Real estate—commercial |  |  |  |  |  |  |  |  |  |
Retail |  | 3,285 |  |  | 4,151 |  |  | — |  |  | 3,202 |  |  | 123 |
Hotel & motel |  | 5,428 |  |  | 6,874 |  |  | — |  |  | 2,685 |  |  | — |
Gas station & car wash |  | 247 |  |  | 2,673 |  |  | — |  |  | 176 |  |  | — |
Mixed use |  | 3,722 |  |  | 3,726 |  |  | — |  |  | 789 |  |  | 148 |
Industrial & warehouse |  | 119 |  |  | 894 |  |  | — |  |  | 253 |  |  | — |
Other |  | 1,013 |  |  | 1,326 |  |  | — |  |  | 4,662 |  |  | 39 |
Real estate—construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial business |  | 1,670 |  |  | 2,681 |  |  | — |  |  | 4,658 |  |  | 92 |
Trade finance |  | 3,124 |  |  | 3,124 |  |  | — |  |  | 3,134 |  |  | 189 |
Consumer and other |  | 997 |  |  | 1,144 |  |  | — |  |  | 1,298 |  |  | — |
Subtotal |  | $ | 19,605 |  |  | $ | 26,593 |  |  | $ | — |  |  | $ | 20,857 |  |  | $ | 591 |
Total |  | $ | 28,079 |  |  | $ | 37,159 |  |  | $ | 391 |  |  | $ | 31,156 |  |  | $ | 987 |
__________________________________
* | Unpaid contractual principal balance less charge offs, interest collected applied to principal if on nonaccrual and purchase discounts.
|  | December 31, 2017 |  | Year Ended December 31, 2017
Total Impaired Loans |  | Recorded Investment* |  | Unpaid Contractual Principal Balance |  | Related Allowance |  | Average Recorded Investment* |  | Interest Income Recognized during Impairment
|  | (Dollars in thousands)
With Related Allowance: |  |  |  |  |  |  |  |  |  |
Real estate—residential |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Real estate—commercial |  |  |  |  |  |  |  |  |  |
Retail |  | 532 |  |  | 531 |  |  | 131 |  |  | 1,120 |  |  | — |
Hotel & motel |  | 2,931 |  |  | 5,090 |  |  | 284 |  |  | 4,050 |  |  | 67 |
Gas station & car wash |  | — |  |  | — |  |  | — |  |  | 43 |  |  | — |
Mixed use |  | 312 |  |  | 958 |  |  | 4 |  |  | 245 |  |  | 6 |
Industrial & warehouse |  | 772 |  |  | 1,482 |  |  | 96 |  |  | 1,135 |  |  | — |
Other |  | 4,397 |  |  | 4,401 |  |  | 1,109 |  |  | 11,707 |  |  | 237 |
Real estate—construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial business |  | 18,330 |  |  | 22,757 |  |  | 3,661 |  |  | 23,695 |  |  | 631 |
Trade finance |  | 3,861 |  |  | 3,861 |  |  | 3 |  |  | 2,842 |  |  | 217 |
Consumer and other |  | 523 |  |  | 524 |  |  | 35 |  |  | 240 |  |  | 4 |
Subtotal |  | $ | 31,658 |  |  | $ | 39,604 |  |  | $ | 5,323 |  |  | $ | 45,077 |  |  | $ | 1,162 |
With No Related Allowance: |  |  |  |  |  |  |  |  |  |
Real estate—residential |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,105 |  |  | $ | — |
Real estate—commercial |  |  |  |  |  |  |  |  |  |
Retail |  | 11,792 |  |  | 13,923 |  |  | — |  |  | 12,288 |  |  | 434 |
Hotel & motel |  | 2,841 |  |  | 5,288 |  |  | — |  |  | 7,245 |  |  | — |
Gas station & car wash |  | 591 |  |  | 1,764 |  |  | — |  |  | 3,168 |  |  | — |
Mixed use |  | 1,101 |  |  | 3,490 |  |  | — |  |  | 3,496 |  |  | — |
Industrial & warehouse |  | 8,429 |  |  | 8,525 |  |  | — |  |  | 8,676 |  |  | 262 |
Other |  | 20,282 |  |  | 24,412 |  |  | — |  |  | 17,116 |  |  | 608 |
Real estate—construction |  | 1,300 |  |  | 1,441 |  |  | — |  |  | 1,611 |  |  | — |
Commercial business |  | 31,725 |  |  | 33,207 |  |  | — |  |  | 16,312 |  |  | 697 |
Trade finance |  | 3,074 |  |  | 3,091 |  |  | — |  |  | 2,994 |  |  | 253 |
Consumer and other |  | 1,556 |  |  | 1,676 |  |  | — |  |  | 1,225 |  |  | 25 |
Subtotal |  | $ | 82,691 |  |  | $ | 96,817 |  |  | $ | — |  |  | $ | 75,236 |  |  | $ | 2,279 |
Total |  | $ | 114,349 |  |  | $ | 136,421 |  |  | $ | 5,323 |  |  | $ | 120,313 |  |  | $ | 3,441 |
__________________________________
* | Unpaid contractual principal balance less charge offs, interest collected applied to principal if on nonaccrual and purchase discounts.
|  | December 31, 2017 |  | Year Ended December 31, 2017
Impaired acquired loans |  | Recorded Investment* |  | Unpaid Contractual Principal Balance |  | Related Allowance |  | Average Recorded Investment* |  | Interest Income Recognized during Impairment
|  | (Dollars in thousands)
With Related Allowance: |  |  |  |  |  |  |  |  |  |
Real estate—residential |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Real estate—commercial |  |  |  |  |  |  |  |  |  |
Retail |  | 262 |  |  | 261 |  |  | 126 |  |  | 851 |  |  | — |
Hotel & motel |  | 85 |  |  | 86 |  |  | 2 |  |  | 105 |  |  | — |
Gas station & car wash |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Mixed use |  | 129 |  |  | 129 |  |  | 1 |  |  | 179 |  |  | 6 |
Industrial & warehouse |  | 221 |  |  | 896 |  |  | 96 |  |  | 225 |  |  | — |
Other |  | 319 |  |  | 323 |  |  | 21 |  |  | 319 |  |  | 17 |
Real estate—construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial business |  | 1,987 |  |  | 2,903 |  |  | 854 |  |  | 1,111 |  |  | 47 |
Trade finance |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Consumer and other |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Subtotal |  | $ | 3,003 |  |  | $ | 4,598 |  |  | $ | 1,100 |  |  | $ | 2,790 |  |  | $ | 70 |
With No Related Allowance: |  |  |  |  |  |  |  |  |  |
Real estate—residential |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 235 |  |  | $ | — |
Real estate—commercial |  |  |  |  |  |  |  |  |  |
Retail |  | 3,412 |  |  | 4,099 |  |  | — |  |  | 2,866 |  |  | 141 |
Hotel & motel |  | 482 |  |  | 1,887 |  |  | — |  |  | 3,086 |  |  | — |
Gas station & car wash |  | 1 |  |  | 28 |  |  | — |  |  | 619 |  |  | — |
Mixed use |  | 152 |  |  | 2,240 |  |  | — |  |  | 2,191 |  |  | — |
Industrial & warehouse |  | 45 |  |  | 45 |  |  | — |  |  | 59 |  |  | 3 |
Other |  | 9,131 |  |  | 9,951 |  |  | — |  |  | 5,190 |  |  | 340 |
Real estate—construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial business |  | 16,746 |  |  | 16,926 |  |  | — |  |  | 5,794 |  |  | 182 |
Trade finance |  | 2,984 |  |  | 3,001 |  |  | — |  |  | 1,274 |  |  | 248 |
Consumer and other |  | 1,171 |  |  | 1,291 |  |  | — |  |  | 645 |  |  | 7 |
Subtotal |  | $ | 34,124 |  |  | $ | 39,468 |  |  | $ | — |  |  | $ | 21,959 |  |  | $ | 921 |
Total |  | $ | 37,127 |  |  | $ | 44,066 |  |  | $ | 1,100 |  |  | $ | 24,749 |  |  | $ | 991 |
__________________________________
* | Unpaid contractual principal balance less charge offs, interest collected applied to principal if on nonaccrual and purchase discounts.
|  | Year Ended December 31, 2016
Total Impaired Loans |  | Average Recorded Investment* |  | Interest Income Recognized during Impairment
|  | (Dollars in thousands)
With Related Allowance: |  |  |  |
Real estate—residential |  | $ | — |  |  | $ | — |
Real estate—commercial |  |  |  |
Retail |  | 1,788 |  |  | — |
Hotel & motel |  | 3,650 |  |  | 332 |
Gas station & car wash |  | 884 |  |  | — |
Mixed use |  | 350 |  |  | 7 |
Industrial & warehouse |  | 547 |  |  | 23 |
Other |  | 23,690 |  |  | 1,033 |
Real estate—construction |  | — |  |  | — |
Commercial business |  | 32,626 |  |  | 988 |
Trade finance |  | 7,134 |  |  | 25 |
Consumer and other |  | 289 |  |  | 4 |
Subtotal |  | $ | 70,958 |  |  | $ | 2,412 |
With No Related Allowance: |  |  |  |
Real estate—residential |  | $ | 712 |  |  | $ | 119 |
Real estate—commercial |  |  |  |
Retail |  | 10,745 |  |  | 451 |
Hotel & motel |  | 8,275 |  |  | 14 |
Gas station & car wash |  | 4,817 |  |  | 39 |
Mixed use |  | 3,284 |  |  | 282 |
Industrial & warehouse |  | 10,252 |  |  | 350 |
Other |  | 13,086 |  |  | 479 |
Real estate—construction |  | 1,322 |  |  | — |
Commercial business |  | 10,559 |  |  | 203 |
Trade finance |  | 1,674 |  |  | 208 |
Consumer and other |  | 1,026 |  |  | 29 |
Subtotal |  | $ | 65,752 |  |  | $ | 2,174 |
Total |  | $ | 136,710 |  |  | $ | 4,586 |
__________________________________
* | Unpaid contractual principal balance less charge offs, interest collected applied to principal if on nonaccrual and purchase discounts.
|  | Year Ended December 31, 2016
Impaired acquired loans |  | Average Recorded Investment* |  | Interest Income Recognized during Impairment
|  | (Dollars in thousands)
With Related Allowance: |  |  |  |
Real estate—residential |  | $ | — |  |  | $ | — |
Real estate—commercial |  |  |  |
Retail |  | 1,387 |  |  | — |
Hotel & motel |  | — |  |  | — |
Gas station & car wash |  | 203 |  |  | — |
Mixed use |  | 280 |  |  | 7 |
Industrial & warehouse |  | — |  |  | — |
Other |  | 327 |  |  | 18 |
Real estate—construction |  | — |  |  | — |
Commercial business |  | 448 |  |  | 5 |
Trade finance |  | — |  |  | — |
Consumer and other |  | 32 |  |  | — |
Subtotal |  | $ | 2,677 |  |  | $ | 30 |
With No Related Allowance: |  |  |  |
Real estate—residential |  | $ | 136 |  |  | $ | — |
Real estate—commercial |  |  |  |
Retail |  | 2,496 |  |  | 152 |
Hotel & motel |  | 5,700 |  |  | 14 |
Gas station & car wash |  | 1,506 |  |  | 39 |
Mixed use |  | 1,238 |  |  | 245 |
Industrial & warehouse |  | 873 |  |  | 3 |
Other |  | 4,021 |  |  | 177 |
Real estate—construction |  | — |  |  | — |
Commercial business |  | 580 |  |  | 2 |
Trade finance |  | — |  |  | — |
Consumer and other |  | 453 |  |  | 9 |
Subtotal |  | $ | 17,003 |  |  | $ | 641 |
Total |  | $ | 19,680 |  |  | $ | 671 |
__________________________________
* | Unpaid contractual principal balance less charge offs, interest collected applied to principal if on nonaccrual and purchase discounts.
Generally, loans are placed on nonaccrual status if the principal and/or interest payments become 90 days or more past due and/or management deems the collectability of the principal and/or interest to be in question, as well as when required by regulatory requirements. Loans to customers whose financial condition has deteriorated are considered for nonaccrual status whether or not the loan is 90 days or more past due. Generally, payments received on nonaccrual loans are recorded as principal reductions. Loans are returned to accrual status only when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. The Company did not recognize any cash basis interest income for the twelve months ended December 31, 2018 or 2017. The following table represent the recorded investment of nonaccrual loans and loans past due 90 or more days and still on accrual status by class of loans as of December 31, 2018 or 2017.
| Nonaccrual Loans(1) |  | Accruing Loans Past Due 90 or More Days
| December 31, 2018 |  | December 31, 2017 |  | December 31, 2018 |  | December 31, 2017
| (Dollars in thousands)
Legacy Loans: |  |  |  |  |  |  |
Real estate—residential | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Real estate—commercial |  |  |  |  |  |  |
Retail | 5,153 |  |  | 3,179 |  |  | — |  |  | — |
Hotel & motel | 7,325 |  |  | 3,931 |  |  | — |  |  | — |
Gas station & car wash | 31 |  |  | 590 |  |  | — |  |  | — |
Mixed use | 749 |  |  | 1,132 |  |  | — |  |  | — |
Industrial & warehouse | 6,111 |  |  | 3,403 |  |  | — |  |  | — |
Other | 5,940 |  |  | 5,689 |  |  | — |  |  | — |
Real estate—construction | — |  |  | 1,300 |  |  | — |  |  | — |
Commercial business | 14,837 |  |  | 8,540 |  |  | — |  |  | — |
Trade finance | 1,661 |  |  | — |  |  | — |  |  | — |
Consumer and other | 441 |  |  | 471 |  |  | 243 |  |  | 407 |
Subtotal | $ | 42,248 |  |  | $ | 28,235 |  |  | $ | 243 |  |  | $ | 407 |
Acquired Loans: (2) |  |  |  |  |  |  |  |  |
Real estate—residential | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Real estate—commercial |  |  |  |  |  |  |
Retail | 829 |  |  | 638 |  |  | — |  |  | — |
Hotel & motel | 5,500 |  |  | 568 |  |  | 1,286 |  |  | — |
Gas station & car wash | 247 |  |  | 1 |  |  | — |  |  | — |
Mixed use | 1,224 |  |  | 152 |  |  | — |  |  | — |
Industrial & warehouse | 349 |  |  | 221 |  |  | — |  |  | — |
Other | 259 |  |  | 1,389 |  |  | — |  |  | — |
Real estate—construction | — |  |  | — |  |  | — |  |  | — |
Commercial business | 1,632 |  |  | 14,560 |  |  | — |  |  | — |
Trade finance | — |  |  | — |  |  | — |  |  | — |
Consumer and other | 998 |  |  | 1,011 |  |  | — |  |  | — |
Subtotal | $ | 11,038 |  |  | $ | 18,540 |  |  | $ | 1,286 |  |  | $ | — |
Total | $ | 53,286 |  |  | $ | 46,775 |  |  | $ | 1,529 |  |  | $ | 407 |
__________________________________
(1) | Total nonaccrual loans exclude guaranteed portion of delinquent SBA loans that are in liquidation totaling $29.2 million and $22.1 million, at December 31, 2018 and December 31, 2017, respectively.
(2) | Acquired Loans exclude PCI loans.
The following tables present the recorded investment of past due loans, including nonaccrual loans past due 30 or more days, by the number of days past due as of December 31, 2018 and December 31, 2017 by class of loans:
| As of December 31, 2018 |  | As of December 31, 2017
| 30-59 Days Past Due |  | 60-89 Days Past Due |  | 90 or More Days Past Due |  | Total Past Due |  | 30-59 Days Past Due |  | 60-89 Days Past Due |  | 90 or More Days Past Due |  | Total Past Due
| (Dollars in thousands)
Legacy Loans: |  |  |  |  |  |  |  |  |
Real estate—residential | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Real estate—commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retail | 733 |  |  | — |  |  | 809 |  |  | 1,542 |  |  | 3,239 |  |  | — |  |  | 285 |  |  | 3,524 |
Hotel & motel | 153 |  |  | — |  |  | 5,215 |  |  | 5,368 |  |  | 1,884 |  |  | 1,172 |  |  | 2,635 |  |  | 5,691 |
Gas station & car wash | — |  |  | — |  |  | 31 |  |  | 31 |  |  | 956 |  |  | — |  |  | 435 |  |  | 1,391 |
Mixed use | — |  |  | — |  |  | — |  |  | — |  |  | 129 |  |  | — |  |  | 952 |  |  | 1,081 |
Industrial & warehouse | 1,465 |  |  | — |  |  | 1,922 |  |  | 3,387 |  |  | 1,121 |  |  | 99 |  |  | 2,473 |  |  | 3,693 |
Other | 1,837 |  |  | — |  |  | 2,405 |  |  | 4,242 |  |  | 1,409 |  |  | — |  |  | 5,425 |  |  | 6,834 |
Real estate—construction | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,300 |  |  | 1,300 |
Commercial business | 5,500 |  |  | 435 |  |  | 7,003 |  |  | 12,938 |  |  | 698 |  |  | 516 |  |  | 2,508 |  |  | 3,722 |
Trade finance | 1,036 |  |  | — |  |  | 1,661 |  |  | 2,697 |  |  | — |  |  | — |  |  | — |  |  | — |
Consumer and other | 16,413 |  |  | 140 |  |  | 247 |  |  | 16,800 |  |  | 7,512 |  |  | 97 |  |  | 494 |  |  | 8,103 |
Subtotal | $ | 27,137 |  |  | $ | 575 |  |  | $ | 19,293 |  |  | $ | 47,005 |  |  | $ | 16,948 |  |  | $ | 1,884 |  |  | $ | 16,507 |  |  | $ | 35,339 |
Acquired Loans: (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate—residential | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Real estate—commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retail | 347 |  |  | — |  |  | 602 |  |  | 949 |  |  | 81 |  |  | 216 |  |  | 386 |  |  | 683 |
Hotel & motel | — |  |  | — |  |  | 5,206 |  |  | 5,206 |  |  | — |  |  | 1,219 |  |  | — |  |  | 1,219 |
Gas station & car wash | 154 |  |  | — |  |  | 221 |  |  | 375 |  |  | 1,161 |  |  | 41 |  |  | 1 |  |  | 1,203 |
Mixed use | 107 |  |  | — |  |  | 1,034 |  |  | 1,141 |  |  | 151 |  |  | — |  |  | 152 |  |  | 303 |
Industrial & warehouse | 142 |  |  | — |  |  | 119 |  |  | 261 |  |  | 804 |  |  | 264 |  |  | 221 |  |  | 1,289 |
Other | 183 |  |  | 219 |  |  | — |  |  | 402 |  |  | 275 |  |  | — |  |  | — |  |  | 275 |
Real estate—construction | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial business | 397 |  |  | 613 |  |  | 253 |  |  | 1,263 |  |  | 1,088 |  |  | 256 |  |  | 885 |  |  | 2,229 |
Trade finance | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Consumer and other | — |  |  | — |  |  | 334 |  |  | 334 |  |  | 957 |  |  | 270 |  |  | 181 |  |  | 1,408 |
Subtotal | $ | 1,330 |  |  | $ | 832 |  |  | $ | 7,769 |  |  | $ | 9,931 |  |  | $ | 4,517 |  |  | $ | 2,266 |  |  | $ | 1,826 |  |  | $ | 8,609 |
Total Past Due | $ | 28,467 |  |  | $ | 1,407 |  |  | $ | 27,062 |  |  | $ | 56,936 |  |  | $ | 21,465 |  |  | $ | 4,150 |  |  | $ | 18,333 |  |  | $ | 43,948 |
__________________________________
(1) | Acquired Loans exclude PCI loans.
Loans accounted for under ASC 310-30 are generally considered accruing and performing loans and the accretable discount is accreted to interest income over the estimate life of the loan when cash flows are reasonably estimable. Accordingly, PCI loans that are contractually past due are still considered to be accruing and performing loans. The loans may be classified as nonaccrual if the timing and amount of future cash flows is not reasonably estimable. The following tables present the risk rating for Legacy Loans and Acquired Loans as of December 31, 2018 and December 31, 2017 by class of loans:
| December 31, 2018
| Pass/ Not Rated |  | Special Mention |  | Substandard |  | Doubtful |  | Total
| (Dollars in thousands)
Legacy Loans: |  |  |
Real estate—residential | $ | 44,066 |  |  | $ | — |  |  | $ | 546 |  |  | $ | — |  |  | $ | 44,612 |
Real estate—commercial |  |  |  |  |  |  |  |  |
Retail | 1,815,170 |  |  | 18,072 |  |  | 30,686 |  |  | — |  |  | 1,863,928 |
Hotel & motel | 1,389,349 |  |  | 21,932 |  |  | 15,869 |  |  | — |  |  | 1,427,150 |
Gas station & car wash | 814,291 |  |  | 2,810 |  |  | 2,464 |  |  | — |  |  | 819,565 |
Mixed use | 510,021 |  |  | 12,480 |  |  | 13,292 |  |  | — |  |  | 535,793 |
Industrial & warehouse | 711,236 |  |  | 1,665 |  |  | 38,332 |  |  | — |  |  | 751,233 |
Other | 1,326,795 |  |  | 35,539 |  |  | 34,618 |  |  | — |  |  | 1,396,952 |
Real estate—construction | 227,231 |  |  | 10,904 |  |  | — |  |  | — |  |  | 238,135 |
Commercial business | 1,944,783 |  |  | 18,220 |  |  | 54,688 |  |  | — |  |  | 2,017,691 |
Trade finance | 191,508 |  |  | — |  |  | 2,558 |  |  | — |  |  | 194,066 |
Consumer and other | 910,292 |  |  | — |  |  | 441 |  |  | — |  |  | 910,733 |
Subtotal | $ | 9,884,742 |  |  | $ | 121,622 |  |  | $ | 193,494 |  |  | $ | — |  |  | $ | 10,199,858 |
Acquired Loans: |  |  |  |  |  |  |  |  |
Real estate—residential | $ | 5,812 |  |  | $ | 393 |  |  | $ | 380 |  |  | $ | — |  |  | $ | 6,585 |
Real estate—commercial |  |  |  |  |  |  |  |  |
Retail | 483,939 |  |  | 4,651 |  |  | 17,332 |  |  | 35 |  |  | 505,957 |
Hotel & motel | 186,761 |  |  | 807 |  |  | 19,472 |  |  | — |  |  | 207,040 |
Gas station & car wash | 148,702 |  |  | 274 |  |  | 6,032 |  |  | — |  |  | 155,008 |
Mixed use | 77,100 |  |  | 3,986 |  |  | 8,151 |  |  | — |  |  | 89,237 |
Industrial & warehouse | 171,574 |  |  | 9,451 |  |  | 18,071 |  |  | 223 |  |  | 199,319 |
Other | 402,247 |  |  | 12,902 |  |  | 28,996 |  |  | — |  |  | 444,145 |
Real estate—construction | 29,058 |  |  | 7,883 |  |  | — |  |  | — |  |  | 36,941 |
Commercial business | 89,611 |  |  | 1,083 |  |  | 19,237 |  |  | 8 |  |  | 109,939 |
Trade finance | — |  |  | — |  |  | 3,124 |  |  | — |  |  | 3,124 |
Consumer and other | 136,944 |  |  | 37 |  |  | 3,626 |  |  | 146 |  |  | 140,753 |
Subtotal | $ | 1,731,748 |  |  | $ | 41,467 |  |  | $ | 124,421 |  |  | $ | 412 |  |  | $ | 1,898,048 |
Total | $ | 11,616,490 |  |  | $ | 163,089 |  |  | $ | 317,915 |  |  | $ | 412 |  |  | $ | 12,097,906 |
| December 31, 2017
| Pass/ Not Rated |  | Special Mention |  | Substandard |  | Doubtful |  | Total
| (Dollars in thousands)
Legacy Loans: |  |  |
Real estate—residential | $ | 33,557 |  |  | $ | 1,147 |  |  | $ | 1,439 |  |  | $ | — |  |  | $ | 36,143 |
Real estate—commercial |  |  |  |  |  |  |  |  |
Retail | 1,640,809 |  |  | 32,723 |  |  | 17,856 |  |  | — |  |  | 1,691,388 |
Hotel & motel | 1,224,597 |  |  | 19,358 |  |  | 8,877 |  |  | — |  |  | 1,252,832 |
Gas station & car wash | 737,485 |  |  | 9,013 |  |  | 590 |  |  | — |  |  | 747,088 |
Mixed use | 421,755 |  |  | 4,581 |  |  | 1,477 |  |  | — |  |  | 427,813 |
Industrial & warehouse | 577,344 |  |  | 16,716 |  |  | 24,317 |  |  | — |  |  | 618,377 |
Other | 1,133,188 |  |  | 30,030 |  |  | 53,995 |  |  | — |  |  | 1,217,213 |
Real estate—construction | 219,583 |  |  | — |  |  | 3,052 |  |  | — |  |  | 222,635 |
Commercial business | 1,389,043 |  |  | 35,640 |  |  | 65,912 |  |  | — |  |  | 1,490,595 |
Trade finance | 152,583 |  |  | 2,200 |  |  | 1,372 |  |  | — |  |  | 156,155 |
Consumer and other | 477,370 |  |  | 5 |  |  | 908 |  |  | — |  |  | 478,283 |
Subtotal | $ | 8,007,314 |  |  | $ | 151,413 |  |  | $ | 179,795 |  |  | $ | — |  |  | $ | 8,338,522 |
Acquired Loans: |  |  |
Real estate—residential | $ | 13,369 |  |  | $ | 262 |  |  | $ | — |  |  | $ | — |  |  | $ | 13,631 |
Real estate—commercial |  |  |  |  |  |  |  |  |
Retail | 630,555 |  |  | 6,921 |  |  | 20,797 |  |  | — |  |  | 658,273 |
Hotel & motel | 275,191 |  |  | 4,247 |  |  | 24,987 |  |  | — |  |  | 304,425 |
Gas station & car wash | 194,063 |  |  | 2,872 |  |  | 8,992 |  |  | — |  |  | 205,927 |
Mixed use | 94,864 |  |  | 5,725 |  |  | 14,738 |  |  | — |  |  | 115,327 |
Industrial & warehouse | 250,049 |  |  | 14,973 |  |  | 16,358 |  |  | 265 |  |  | 281,645 |
Other | 568,545 |  |  | 19,848 |  |  | 33,335 |  |  | — |  |  | 621,728 |
Real estate—construction | 93,777 |  |  | — |  |  | — |  |  | — |  |  | 93,777 |
Commercial business | 236,705 |  |  | 8,593 |  |  | 44,964 |  |  | 12 |  |  | 290,274 |
Trade finance | 7,455 |  |  | — |  |  | 3,054 |  |  | — |  |  | 10,509 |
Consumer and other | 162,495 |  |  | 37 |  |  | 6,202 |  |  | 85 |  |  | 168,819 |
Subtotal | $ | 2,527,068 |  |  | $ | 63,478 |  |  | $ | 173,427 |  |  | $ | 362 |  |  | $ | 2,764,335 |
Total | $ | 10,534,382 |  |  | $ | 214,891 |  |  | $ | 353,222 |  |  | $ | 362 |  |  | $ | 11,102,857 |
The Company may reclassify loans held for investment to loans held for sale in the event that the Company plans to sell loans that were originated with the intent to hold to maturity. Loans transferred from held for investment to held for sale are carried at the lower of cost or fair value. The breakdown of loans by type that were reclassified from held for investment to held for sale for the year ended December 31, 2018 and 2017 by portfolio segment is presented in the table below.
| Year ended December 31,
| 2018 |  | 2017 |  | 2016
| (Dollars in thousands)
Transfer of loans held for investment to held for sale |  |  |
Real Estate - Commercial | $ | — |  |  | $ | 429 |  |  | $ | 5,920 |
Commercial Business | — |  |  | — |  |  | 3,457 |
Consumer | 21,581 |  |  | — |  |  | 2,508 |
Total | $ | 21,581 |  |  | $ | 429 |  |  | $ | 11,885 |
The following table presents loans by portfolio segment and impairment method at December 31, 2018 and December 31, 2017:
| December 31, 2018
| Real Estate - Residential |  | Real Estate - Commercial |  | Real Estate - Construction |  | Commercial Business |  | Trade Finance |  | Consumer and Other |  | Total
| (Dollars in thousands)
Impaired loans (recorded investment) | $ | — |  |  | $ | 58,056 |  |  | $ | — |  |  | $ | 35,358 |  |  | $ | 9,011 |  |  | $ | 1,582 |  |  | $ | 104,007 |
Specific allowance | $ | — |  |  | $ | 437 |  |  | $ | — |  |  | $ | 4,351 |  |  | $ | — |  |  | $ | 3 |  |  | $ | 4,791 |
Specific allowance to impaired loans | N/A |  |  | 0.75 | % |  | N/A |  |  | 12.31 | % |  | 0.00 | % |  | 0.19 | % |  | 4.61 | %
Other loans | $ | 51,197 |  |  | $ | 8,337,271 |  |  | $ | 275,076 |  |  | $ | 2,092,272 |  |  | $ | 188,179 |  |  | $ | 1,049,904 |  |  | $ | 11,993,899 |
General allowance | $ | 112 |  |  | $ | 55,453 |  |  | $ | 765 |  |  | $ | 23,414 |  |  | $ | 719 |  |  | $ | 7,303 |  |  | $ | 87,766 |
General allowance to other loans | 0.22 | % |  | 0.67 | % |  | 0.28 | % |  | 1.12 | % |  | 0.38 | % |  | 0.70 | % |  | 0.73 | %
Total loans outstanding | $ | 51,197 |  |  | $ | 8,395,327 |  |  | $ | 275,076 |  |  | $ | 2,127,630 |  |  | $ | 197,190 |  |  | $ | 1,051,486 |  |  | $ | 12,097,906 |
Total allowance for loan losses | $ | 112 |  |  | $ | 55,890 |  |  | $ | 765 |  |  | $ | 27,765 |  |  | $ | 719 |  |  | $ | 7,306 |  |  | $ | 92,557 |
Total allowance to total loans | 0.22 | % |  | 0.67 | % |  | 0.28 | % |  | 1.30 | % |  | 0.36 | % |  | 0.69 | % |  | 0.77 | %
| December 31, 2017
| Real Estate - Residential |  | Real Estate - Commercial |  | Real Estate - Construction |  | Commercial Business |  | Trade Finance |  | Consumer and Other |  | Total
| (Dollars in thousands)
Impaired loans (recorded investment) | $ | — |  |  | $ | 53,980 |  |  | $ | 1,300 |  |  | $ | 50,055 |  |  | $ | 6,935 |  |  | $ | 2,079 |  |  | $ | 114,349 |
Specific allowance | $ | — |  |  | $ | 1,624 |  |  | $ | — |  |  | $ | 3,661 |  |  | $ | 3 |  |  | $ | 35 |  |  | $ | 5,323 |
Specific allowance to impaired loans | N/A |  |  | 3.01 | % |  | N/A |  |  | 7.31 | % |  | 0.04 | % |  | 1.68 | % |  | 4.66 | %
Other loans | $ | 49,774 |  |  | $ | 8,088,056 |  |  | $ | 315,112 |  |  | $ | 1,730,814 |  |  | $ | 159,729 |  |  | $ | 645,023 |  |  | $ | 10,988,508 |
General allowance | $ | 88 |  |  | $ | 56,040 |  |  | $ | 930 |  |  | $ | 17,094 |  |  | $ | 1,713 |  |  | $ | 3,353 |  |  | $ | 79,218 |
General allowance to other loans | 0.18 | % |  | 0.69 | % |  | 0.30 | % |  | 0.99 | % |  | 1.07 | % |  | 0.52 | % |  | 0.72 | %
Total loans outstanding | $ | 49,774 |  |  | $ | 8,142,036 |  |  | $ | 316,412 |  |  | $ | 1,780,869 |  |  | $ | 166,664 |  |  | $ | 647,102 |  |  | $ | 11,102,857 |
Total allowance for loan losses | $ | 88 |  |  | $ | 57,664 |  |  | $ | 930 |  |  | $ | 20,755 |  |  | $ | 1,716 |  |  | $ | 3,388 |  |  | $ | 84,541 |
Total allowance to total loans | 0.18 | % |  | 0.71 | % |  | 0.29 | % |  | 1.17 | % |  | 1.03 | % |  | 0.52 | % |  | 0.76 | %
Under certain circumstances, the Company provides borrowers relief through loan modifications. These modifications are either temporary in nature (“temporary modifications”) or are more substantive. At December 31, 2018, total modified loans were $64.0 million, compared to $78.5 million at December 31, 2017. The temporary modifications generally consist of interest only payments for a three to six month period, whereby principal payments are deferred. At the end of the modification period, the remaining principal balance is re-amortized based on the original maturity date. Loans subject to temporary modifications are generally downgraded to Substandard or Special Mention. At the end of the modification period, the loan either 1) returns to the original contractual terms; 2) is further modified and accounted for as a troubled debt restructuring in accordance with ASC 310-10-35; or 3) is disposed of through foreclosure or liquidation. Troubled Debt Restructurings (“TDRs”) of loans are defined by ASC 310-40, Troubled Debt Restructurings by Creditors, and ASC 470-60, Troubled Debt Restructurings by Debtors, and evaluated for impairment in accordance with ASC 310-10-35. The concessions may be granted in various forms, including reduction in the stated interest rate, reduction in the amount of principal amortization, forgiveness of a portion of a loan balance or accrued interest, or extension of the maturity date. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. This evaluation is performed under the Company’s internal underwriting policy. A summary of TDRs on accrual and nonaccrual by type of concession as of December 31, 2018 and December 31, 2017 are presented below:
| December 31, 2018
| TDRs on Accrual Status |  | TDRs on Nonaccrual Status |  | Total TDRs
| Real Estate |  | Commercial Business |  | Other |  | Total |  | Real Estate |  | Commercial Business |  | Other |  | Total |
| (Dollars in thousands)
Payment concession | $ | 5,142 |  |  | $ | 961 |  |  | $ | — |  |  | $ | 6,103 |  |  | $ | 2,216 |  |  | $ | 746 |  |  | $ | — |  |  | $ | 2,962 |  |  | $ | 9,065 |
Maturity / amortization concession | 14,012 |  |  | 17,257 |  |  | 7,391 |  |  | 38,660 |  |  | — |  |  | 10,166 |  |  | 73 |  |  | 10,239 |  |  | 48,899 |
Rate concession | 4,872 |  |  | 672 |  |  | 103 |  |  | 5,647 |  |  | 401 |  |  | — |  |  | — |  |  | 401 |  |  | 6,048 |
Total | $ | 24,026 |  |  | $ | 18,890 |  |  | $ | 7,494 |  |  | $ | 50,410 |  |  | $ | 2,617 |  |  | $ | 10,912 |  |  | $ | 73 |  |  | $ | 13,602 |  |  | $ | 64,012 |
| December 31, 2017
| TDRs on Accrual Status |  | TDRs on Nonaccrual Status |  | Total TDRs
| Real Estate |  | Commercial Business |  | Other |  | Total |  | Real Estate |  | Commercial Business |  | Other |  | Total |
| (Dollars in thousands)
Payment concession | $ | 22,550 |  |  | $ | 376 |  |  | $ | — |  |  | $ | 22,926 |  |  | $ | 3,071 |  |  | $ | 170 |  |  | $ | — |  |  | $ | 3,241 |  |  | $ | 26,167 |
Maturity / amortization concession | 4,768 |  |  | 25,584 |  |  | 7,442 |  |  | 37,794 |  |  | 1,536 |  |  | 5,264 |  |  | 98 |  |  | 6,898 |  |  | 44,692 |
Rate concession | 5,444 |  |  | 996 |  |  | 90 |  |  | 6,530 |  |  | 1,083 |  |  | 18 |  |  | — |  |  | 1,101 |  |  | 7,631 |
Total | $ | 32,762 |  |  | $ | 26,956 |  |  | $ | 7,532 |  |  | $ | 67,250 |  |  | $ | 5,690 |  |  | $ | 5,452 |  |  | $ | 98 |  |  | $ | 11,240 |  |  | $ | 78,490 |
TDR loans on accrual status are comprised of loans that were accruing at the time of restructuring and for which the Bank anticipates full repayment of both principal and interest under the restructured terms. TDR loans that are on nonaccrual status can be returned to accrual status after a period of sustained performance, generally determined to be six months of timely payments as modified. Sustained performance includes the periods prior to the modification if the prior performance met or exceeded the modified terms. TDR loans on accrual status at December 31, 2018 were comprised of 20 commercial real estate loans totaling $24.0 million, 37 commercial business loans totaling $18.9 million and 6 consumer and other loans totaling $7.5 million. TDRs on accrual status at December 31, 2017 were comprised of 24 commercial real estate loans totaling $32.8 million, 27 commercial business loans totaling $27.0 million, and 7 consumer and other loans totaling $7.5 million. The Company has allocated $3.0 million, $4.8 million, and $5.3 million of specific reserves to TDR loans as of December 31, 2018, 2017, and 2016, respectively. As of December 31, 2018 and 2017, the Company did not have any outstanding commitments to extend additional funds to these borrowers. The following table presents loans by class modified as TDRs that occurred during the years ended December 31, 2018, 2017, and 2016:
| For The Years Ended December 31,
| 2018 |  | 2017 |  | 2016
| Number of Loans |  | Pre-Modification |  | Post-Modification |  | Number of Loans |  | Pre-Modification |  | Post-Modification |  | Number of Loans |  | Pre-Modification |  | Post-Modification
| (Dollars in thousands)
Legacy Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real Estate - Residential | — |  | $ | — |  |  | $ | — |  |  | — |  | $ | — |  |  | $ | — |  |  | — |  | $ | — |  |  | $ | — |
Real Estate - Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retail | 2 |  | 53 |  |  | 53 |  |  | 2 |  | 1,082 |  |  | 1,082 |  |  | — |  | — |  |  | — |
Hotel & Motel | — |  | — |  |  | — |  |  | 1 |  | 1,044 |  |  | 1,044 |  |  | — |  | — |  |  | — |
Gas Station & Car Wash | — |  | — |  |  | — |  |  | — |  | — |  |  | — |  |  | — |  | — |  |  | — |
Mixed Use | — |  | — |  |  | — |  |  | — |  | — |  |  | — |  |  | — |  | — |  |  | — |
Industrial & Warehouse | 1 |  | 2,070 |  |  | 2,070 |  |  | 1 |  | 465 |  |  | 465 |  |  | — |  | — |  |  | — |
Other | 1 |  | 1,215 |  |  | 1,215 |  |  | — |  | — |  |  | — |  |  | 3 |  | 1,675 |  |  | 6,824 |
Real Estate - Construction | — |  | — |  |  | — |  |  | — |  | — |  |  | — |  |  | — |  | — |  |  | — |
Commercial business | 18 |  | 10,972 |  |  | 10,972 |  |  | 14 |  | 8,507 |  |  | 8,507 |  |  | 12 |  | 12,311 |  |  | 7,413 |
Trade Finance | 1 |  | 898 |  |  | 898 |  |  | — |  | — |  |  | — |  |  | — |  | — |  |  | — |
Consumer and Other | 1 |  | 63 |  |  | 63 |  |  | — |  | — |  |  | — |  |  | 1 |  | — |  |  | 91 |
Subtotal | 24 |  | $ | 15,271 |  |  | $ | 15,271 |  |  | 18 |  | $ | 11,098 |  |  | $ | 11,098 |  |  | 16 |  | $ | 13,986 |  |  | $ | 14,328 |
Acquired Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real Estate - Residential | — |  | — |  |  | — |  |  | — |  | — |  |  | — |  |  | — |  | — |  |  | — |
Real Estate - Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retail | — |  | — |  |  | — |  |  | 3 |  | 1,642 |  |  | 1,642 |  |  | 1 |  | 1,377 |  |  | 1,335 |
Hotel & Motel | — |  | — |  |  | — |  |  | 1 |  | 482 |  |  | 482 |  |  | — |  | — |  |  | — |
Gas Station & Car Wash | — |  | — |  |  | — |  |  | — |  | — |  |  | — |  |  | — |  | — |  |  | — |
Mixed Use | 1 |  | 73 |  |  | 73 |  |  | — |  | — |  |  | — |  |  | — |  | — |  |  | — |
Industrial & Warehouse | — |  | — |  |  | — |  |  | — |  | — |  |  | — |  |  | — |  | — |  |  | — |
Other | 1 |  | 2,688 |  |  | 2,688 |  |  | 2 |  | 6,946 |  |  | 6,946 |  |  | — |  | — |  |  | — |
Real Estate - Construction | 1 |  | 230 |  |  | 230 |  |  | — |  | — |  |  | — |  |  | — |  | — |  |  | — |
Commercial business | — |  | — |  |  | — |  |  | 8 |  | 4,224 |  |  | 4,224 |  |  | 1 |  | 13 |  |  | 11 |
Trade Finance | — |  | — |  |  | — |  |  | 1 |  | 2,983 |  |  | 2,983 |  |  | — |  | — |  |  | — |
Consumer and Other | 8 |  | 1,764 |  |  | 1,764 |  |  | — |  | — |  |  | — |  |  | 1 |  | 30 |  |  | 25 |
Subtotal | 11 |  | $ | 4,755 |  |  | $ | 4,755 |  |  | 15 |  | $ | 16,277 |  |  | $ | 16,277 |  |  | 3 |  | $ | 1,420 |  |  | $ | 1,371 |
Total | 35 |  | $ | 20,026 |  |  | $ | 20,026 |  |  | 33 |  | $ | 27,375 |  |  | $ | 27,375 |  |  | 19 |  | $ | 15,406 |  |  | $ | 15,699 |
The specific reserves for the TDRs described above as of December 31, 2018, 2017, and 2016 were $262 thousand, $1.4 million, and $1.2 million, respectively. There were no charge offs for TDR modified during the twelve months ended December 31, 2018 and 2017. Charge offs for TDR loans modified during the twelve months ended December 31, 2016 totaled $4 thousand. The following table presents loans by class for TDRs that have been modified during the twelve months ended December 31, 2018, 2017, and 2016, and have subsequently had a payment default during the years ended December 31, 2018, 2017, and 2016, respectively:
| For The Years Ended December 31,
| 2018 |  | 2017 |  | 2016
| Number of Loans |  | Balance |  | Number of Loans |  | Balance |  | Number of Loans |  | Balance
| (Dollars in thousands)
Legacy Loans: |  |  |  |  |  |  |  |  |  |  |
Real Estate - Residential | — |  | $ | — |  |  | — |  | $ | — |  |  | — |  | $ | — |
Real Estate - Commercial |  |  |  |  |  |  |  |  |  |  |
Retail | 1 |  | 53 |  |  | — |  | — |  |  | — |  | — |
Hotel & Motel | 1 |  | 734 |  |  | — |  | — |  |  | — |  | — |
Gas Station & Car Wash | — |  | — |  |  | — |  | — |  |  | — |  | — |
Mixed Use | — |  | — |  |  | — |  | — |  |  | — |  | — |
Industrial & Warehouse | 1 |  | 2,070 |  |  | — |  | — |  |  | — |  | — |
Other | 1 |  | 1,215 |  |  | — |  | — |  |  | — |  | — |
Real Estate - Construction | — |  | — |  |  | — |  | — |  |  | — |  | — |
Commercial Business | 2 |  | 886 |  |  | 2 |  | 178 |  |  | 4 |  | 580 |
Trade Finance | — |  | — |  |  | — |  | — |  |  | — |  | — |
Consumer and Other | — |  | — |  |  | — |  | — |  |  | — |  | — |
Subtotal | 6 |  | $ | 4,958 |  |  | 2 |  | $ | 178 |  |  | 4 |  | $ | 580 |
Acquired Loans: |  |  |  |  |  |  |  |  |  |  |
Real Estate - Residential | — |  | — |  |  | — |  | — |  |  | — |  | — |
Real Estate - Commercial |  |  |  |  |  |  |  |  |  |  |
Retail | — |  | — |  |  | — |  | — |  |  | — |  | — |
Hotel & Motel | — |  | — |  |  | 1 |  | 482 |  |  | — |  | — |
Mixed Use | — |  | — |  |  | — |  | — |  |  | — |  | — |
Gas Station & Car Wash | — |  | — |  |  | — |  | — |  |  | — |  | — |
Industrial & Warehouse | 1 |  | 230 |  |  | — |  | — |  |  | — |  | — |
Other | — |  | — |  |  | 1 |  | 2,977 |  |  | — |  | — |
Real Estate - Construction | — |  | — |  |  | — |  | — |  |  | — |  | — |
Commercial Business | 3 |  | 189 |  |  | 1 |  | 40 |  |  | 1 |  | 11 |
Trade Finance | — |  | — |  |  | — |  | — |  |  | — |  | — |
Consumer and Other | — |  | — |  |  | — |  | — |  |  | 1 |  | 25 |
Subtotal | 4 |  | $ | 419 |  |  | 3 |  | $ | 3,499 |  |  | 2 |  | $ | 36 |
Total | 10 |  | $ | 5,377 |  |  | 5 |  | $ | 3,677 |  |  | 6 |  | $ | 616 |
A loan is considered to be in payment default once it is 30 days contractually past due under the modified terms. The specific reserves for the TDRs described above as of December 31, 2018, 2017, and 2016 were $131 thousand, $60 thousand, and $371 thousand, respectively, and the charge offs for the years ended December 31, 2018, 2017, and 2016 were $180 thousand, $0, and $4 thousand, respectively. The six Legacy Loans that subsequently defaulted in 2018 were modified through payment concession or maturity concession. The payment concessions were comprised of two commercial real estate loans totaling $787 thousand. The maturity concessions were comprised of two commercial real estate loans totaling $3.3 million and two commercial business loan totaling $886 thousand. The three Acquired Loans that subsequently defaulted in 2018 were modified through payment concessions. The payment concessions were comprised of two commercial business loan totaling $189 thousand and one real estate loan totaling $230 thousand. The two Legacy Loans that subsequently defaulted in 2017 were modified through payment concession or maturity concession. The payment concession was comprised of one commercial business loan totaling $40 thousand. The maturity concession was comprised of one commercial business loan totaling $138 thousand. The three Acquired Loans that subsequently defaulted in 2017 were modified through payment concessions or maturity concession. The maturity concession was comprised of one commercial business loan totaling $40 thousand. There were two real estate loans totaling $3.5 million modified through payment concessions. The four Legacy Loans that subsequently defaulted in 2016 were modified through payment concessions or maturity concession. The payment concessions were comprised of three commercial business loans totaling $490 thousand. The maturity concession was comprised of one commercial business loan totaling $90 thousand. The two Acquired Loans that subsequently defaulted in 2016 were modified through payment concession or maturity concession. The payment concession was comprised of one commercial business loan totaling $11 thousand. There was one consumer and other loan totaling $25 thousand modified through a maturity concession. Related Party Loans In the ordinary course of business, the Company enters into loan transactions with certain of its directors or associates of such directors (“Related Parties”). All loans to Related Parties were current as of December 31, 2018 and 2017, and the outstanding principal balance as of December 31, 2018 and 2017, was $39.3 million and $41.0 million, respectively. Loans to related parties at December 31, 2018 consisted of $38.8 million in commercial real estate loans and $531 thousand in commercial loans. Loans to related parties at December 31, 2017 consisted of $40.0 million in commercial real estate loans and $1.0 million in commercial loans. The reduction in related party loans of $1.7 million was due to the principal pay-down of existing loans. There no new related party loans for 2018 with outstanding balances at December 31, 201, and there were no related party loans that were paid off during the year.

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