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Commercial Loans (Tables)
 6 Months Ended
Jun. 30, 2016
Commercial Loans Held For Investment  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Commercial Loans Held-for-Investment by Risk Category
The following table presents the principal balance of commercial loans held-for-investment by risk category.
Table 7.3 – Principal Balance of Commercial Loans Held-for-Investment by Risk Category
(In Thousands)
 
June 30, 2016
 
December 31, 2015
Pass
 
$
5,444

 
$
272,768

Watch list
 
—

 
34,279

Workout
 
17,700

 
—

Total Commercial Loans Held-for-Investment
 
$
23,144

 
$
307,047
Commercial Loans  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Classifications and Carrying Value of Loans
The following table summarizes the classifications and carrying value of commercial loans at June 30, 2016 and December 31, 2015.
Table 7.1 – Classifications and Carrying Value of Commercial Loans
(In Thousands)
 
June 30, 2016
 
December 31, 2015
Held-for-sale
 
 
 
 
At fair value
 
$
69,720

 
$
39,141

At lower of cost or fair value
 
233,058

 
—

Held-for-investment
 
 
 
 
At fair value
 
—

 
67,657

At amortized cost
 
22,285

 
295,849

Total Commercial Loans
 
$
325,063

 
$
402,647
Carrying Value for Loans Held-for-Investment
The following table provides additional information for our commercial loans held-for-investment at amortized cost at June 30, 2016 and December 31, 2015.
Table 7.2 – Carrying Value for Commercial Loans Held-for-Investment at Amortized Cost
(In Thousands)
 
June 30, 2016
 
December 31, 2015
Principal balance
     
$
23,144

 
$
307,047

Unamortized discount, net
 
—

 
(4,096
)
Recorded investment
 
23,144

 
302,951

Allowance for loan losses
 
(859
)
 
(7,102
)
Carrying Value
 
$
22,285

 
$
295,849
Summary of Activity in Allowance for Loans Losses
The following table summarizes the activity in the allowance for commercial loan losses for the three and six months ended June 30, 2016 and 2015.
Table 7.4 – Activity in the Allowance for Commercial Loan Losses
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(In Thousands)
 
2016
 
2015
 
2016
 
2015
Balance at beginning of period
 
$
7,390

 
$
7,662

 
$
7,102

 
$
7,457

Reversal of provision for loan losses
 
(6,531
)
 
(261
)
 
(6,243
)
 
(56
)
Balance at End of Period
 
$
859

 
$
7,401

 
$
859

 
$
7,401
Loans Collectively Evaluated for Impairment
The following table summarizes the balances for loans collectively evaluated for impairment at June 30, 2016 and December 31, 2015.
Table 7.5 – Loans Collectively Evaluated for Impairment Review
(In Thousands)
 
June 30, 2016
 
December 31, 2015
Principal balance
 
$
5,444

 
$
307,047

Recorded investment
 
5,444

 
302,951

Related allowance
 
136

 
7,102
Loans Individually Evaluated for Impairment
The following table summarizes the balances for loans individually evaluated for impairment at June 30, 2016 and December 31, 2015.
Table 7.6 – Loans Individually Evaluated for Impairment Review
(In Thousands)
 
June 30, 2016
 
December 31, 2015
Principal balance
 
$
17,700

 
$
—

Recorded investment
 
17,700

 
—

Related allowance
 
723

 
—