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Loans Receivable and Allowance for Credit Losses (Tables)
 9 Months Ended
Sep. 30, 2023
Loans and Leases Receivable Disclosure [Abstract]  
Schedule Of Composition Of Loans Held-For-Investment
The following table presents the composition of the Company’s loans held-for-investment outstanding as of September 30, 2023 and December 31, 2022:
($ in thousands)September 30, 2023December 31, 2022
Commercial:
C&I$15,864,042 $15,711,095 
CRE:
CRE14,667,378 13,857,870 
Multifamily residential4,900,097 4,573,068 
Construction and land798,190 638,420 
Total CRE20,365,665 19,069,358 
Total commercial36,229,707 34,780,453 
Consumer:
Residential mortgage:
Single-family residential12,836,558 11,223,027 
HELOCs1,776,665 2,122,655 
Total residential mortgage14,613,223 13,345,682 
Other consumer64,254 76,295 
Total consumer14,677,477 13,421,977 
Total loans held-for-investment (1)
$50,907,184 $48,202,430 
Allowance for loan losses(655,523)(595,645)
Loans held-for-investment, net (1)
$50,251,661 $47,606,785 
(1)Includes $72.0 million and $70.4 million comprising unamortized deferred and unearned fees, net of premiums as of September 30, 2023 and December 31, 2022, respectively.
Schedule Of Loans Held-For-Investment By Loan Portfolio Segments, Internal Risk Ratings, Gross Write-Offs And Vintage Year
The following tables summarize the Company’s loans held-for-investment and current year-to-date gross write-offs by loan portfolio segments, internal risk ratings and vintage year as of the periods presented. The vintage year is the year of loan origination, renewal or major modification. Revolving loans that are converted to term loans presented in the tables below are excluded from term loans by vintage year columns.
September 30, 2023
Term Loans by Origination Year
($ in thousands)20232022202120202019PriorRevolving Loans
Revolving Loans Converted to Term Loans (1)
Total
Commercial:
C&I:
Pass$1,858,749 $1,942,241 $1,470,818 $354,650 $259,342 $164,149 $9,254,852 $20,248 $15,325,049 
Criticized (accrual)88,542 110,918 91,272 45,069 25,603 23,640 104,802 — 489,846 
Criticized (nonaccrual)2,084 10,480 13 8,694 6,134 21,709 33 — 49,147 
Total C&I1,949,375 2,063,639 1,562,103 408,413 291,079 209,498 9,359,687 20,248 15,864,042 
YTD gross write-offs (2)
350 28 161 15 6,606 1,684 — — 8,844 
CRE:
Pass2,066,361 4,080,810 2,259,761 1,396,114 1,649,168 2,722,697 101,811 63,050 14,339,772 
Criticized (accrual)36,899 14,717 20,307 100,871 24,544 129,658 — — 326,996 
Criticized (nonaccrual)— — — — 451 159 — — 610 
Subtotal CRE2,103,260 4,095,527 2,280,068 1,496,985 1,674,163 2,852,514 101,811 63,050 14,667,378 
YTD gross write-offs (2)
— — — — — 119 — — 119 
Multifamily residential:
Pass478,895 1,495,620 814,391 620,117 503,791 893,282 7,658 1,288 4,815,042 
Criticized (accrual)— — 53,555 — 696 26,124 — — 80,375 
Criticized (nonaccrual)— — — — — 4,680 — — 4,680 
Subtotal multifamily residential478,895 1,495,620 867,946 620,117 504,487 924,086 7,658 1,288 4,900,097 
Construction and land:
Pass151,175 354,415 222,474 37,732 812 5,475 14,966 — 787,049 
Criticized (nonaccrual)— — — — — 11,141 — — 11,141 
Subtotal construction and land151,175 354,415 222,474 37,732 812 16,616 14,966 — 798,190 
YTD gross write-offs— — — — — 10,413 — — 10,413 
Total CRE2,733,330 5,945,562 3,370,488 2,154,834 2,179,462 3,793,216 124,435 64,338 20,365,665 
YTD gross write-offs (2)
— — — — — 10,532 — — 10,532 
Total commercial$4,682,705 $8,009,201 $4,932,591 $2,563,247 $2,470,541 $4,002,714 $9,484,122 $84,586 $36,229,707 
YTD total commercial gross write-offs (2)
$350 $28 $161 $15 $6,606 $12,216 $— $— $19,376 
September 30, 2023
Term Loans by Origination Year
($ in thousands)20232022202120202019PriorRevolving Loans
Revolving Loans Converted to Term Loans (1)
Total
Consumer:
Residential mortgage:
Single-family residential:
Pass (3)
$2,400,448 $3,390,708 $2,321,209 $1,633,316 $1,010,859 $2,040,678 $— $— $12,797,218 
Criticized (accrual)844 1,983 844 1,499 964 9,060 — — 15,194 
Criticized (nonaccrual) (3)
1,916 2,866 4,702 2,696 2,868 9,098 — — 24,146 
Subtotal single-family residential mortgage2,403,208 3,395,557 2,326,755 1,637,511 1,014,691 2,058,836 — — 12,836,558 
HELOCs:
Pass182 1,828 5,736 4,318 1,963 13,821 1,611,319 118,088 1,757,255 
Criticized (accrual)741 401 62 — 353 1,649 2,039 963 6,208 
Criticized (nonaccrual)— 517 — 1,359 68 5,396 1,751 4,111 13,202 
Subtotal HELOCs923 2,746 5,798 5,677 2,384 20,866 1,615,109 123,162 1,776,665 
YTD gross write-offs (2)
— — — — — 41 — 6 47 
Total residential mortgage2,404,131 3,398,303 2,332,553 1,643,188 1,017,075 2,079,702 1,615,109 123,162 14,613,223 
YTD gross write-offs (2)
— — — — — 41 — 6 47 
Other consumer:
Pass3,555 18,138 135 — — 12,315 29,971 — 64,114 
Criticized (accrual)4 — — — — — — — 4 
Criticized (nonaccrual)— — — — — — 136 — 136 
Total other consumer3,559 18,138 135 — — 12,315 30,107 — 64,254 
Total consumer$2,407,690 $3,416,441 $2,332,688 $1,643,188 $1,017,075 $2,092,017 $1,645,216 $123,162 $14,677,477 
YTD total consumer gross write-offs (2)
$— $— $— $— $— $41 $— $6 $47 
Total loans held-for-investment:
Pass$6,959,365 $11,283,760 $7,094,524 $4,046,247 $3,425,935 $5,852,417 $11,020,577 $202,674 $49,885,499 
Criticized (accrual)127,030 128,019 166,040 147,439 52,160 190,131 106,841 963 918,623 
Criticized (nonaccrual)4,000 13,863 4,715 12,749 9,521 52,183 1,920 4,111 103,062 
Total$7,090,395 $11,425,642 $7,265,279 $4,206,435 $3,487,616 $6,094,731 $11,129,338 $207,748 $50,907,184 
YTD total loans held-for-investment gross write-offs (2)
$350 $28 $161 $15 $6,606 $12,257 $— $6 $19,423 
December 31, 2022
Term Loans by Origination Year
($ in thousands)20222021202020192018PriorRevolving Loans
Revolving Loans Converted to Term Loans (1)
Total
Commercial:
C&I:
Pass$2,831,834 $2,053,215 $623,026 $392,013 $143,970 $97,605 $9,177,401 $20,548 $15,339,612 
Criticized (accrual)72,210 34,296 48,761 34,221 20,646 12,933 97,988 — 321,055 
Criticized (nonaccrual)18,722 4,797 10,733 243 5,618 10,315 — — 50,428 
Total C&I2,922,766 2,092,308 682,520 426,477 170,234 120,853 9,275,389 20,548 15,711,095 
CRE:
Pass4,178,780 2,404,634 1,505,150 1,771,679 1,471,710 1,909,925 165,653 22,009 13,429,540 
Criticized (accrual)3,518 60,573 159,424 40,095 91,132 32,173 1,455 16,716 405,086 
Criticized (nonaccrual)— 19,044 — — — 4,200 — — 23,244 
Subtotal CRE4,182,298 2,484,251 1,664,574 1,811,774 1,562,842 1,946,298 167,108 38,725 13,857,870 
Multifamily residential:
Pass1,500,289 892,598 641,677 519,614 350,044 625,293 11,325 — 4,540,840 
Criticized (accrual)— — — 707 4,276 27,076 — — 32,059 
Criticized (nonaccrual)— — — — — 169 — — 169 
Subtotal multifamily residential1,500,289 892,598 641,677 520,321 354,320 652,538 11,325 — 4,573,068 
Construction and land:
Pass288,394 276,839 31,804 3,104 2,805 231 9,073 — 612,250 
Criticized (accrual)4,504 — — — 21,666 — — — 26,170 
Subtotal construction and land292,898 276,839 31,804 3,104 24,471 231 9,073 — 638,420 
Total CRE5,975,485 3,653,688 2,338,055 2,335,199 1,941,633 2,599,067 187,506 38,725 19,069,358 
Total commercial
$8,898,251 $5,745,996 $3,020,575 $2,761,676 $2,111,867 $2,719,920 $9,462,895 $59,273 $34,780,453 
Consumer:
Residential mortgage:
Single-family residential:
Pass (3)
$3,548,894 $2,453,717 $1,775,696 $1,101,965 $817,164 $1,500,359 $— $— $11,197,795 
Criticized (accrual)— 1,275 785 1,463 4,352 3,935 — — 11,810 
Criticized (nonaccrual) (3)
141 — 204 3,202 1,721 8,154 — — 13,422 
Subtotal single-family residential mortgage3,549,035 2,454,992 1,776,685 1,106,630 823,237 1,512,448 — — 11,223,027 
HELOCs:
Pass520 3,583 7,336 3,203 525 8,960 1,958,692 127,401 2,110,220 
Criticized (accrual)— 6 — — — — 4 1,079 1,089 
Criticized (nonaccrual)— — 483 231 1,017 4,844 1,001 3,770 11,346 
Subtotal HELOCs520 3,589 7,819 3,434 1,542 13,804 1,959,697 132,250 2,122,655 
Total residential mortgage3,549,555 2,458,581 1,784,504 1,110,064 824,779 1,526,252 1,959,697 132,250 13,345,682 
Other consumer:
Pass17,088 137 5,356 — — 15,808 37,804 — 76,193 
Criticized (accrual)3 — — — — — — — 3 
Criticized (nonaccrual)— — — — — — 99 — 99 
Total other consumer
17,091 137 5,356 — — 15,808 37,903 — 76,295 
Total consumer$3,566,646 $2,458,718 $1,789,860 $1,110,064 $824,779 $1,542,060 $1,997,600 $132,250 $13,421,977 
Total by Risk Rating:
Pass$12,365,799 $8,084,723 $4,590,045 $3,791,578 $2,786,218 $4,158,181 $11,359,948 $169,958 $47,306,450 
Criticized (accrual)80,235 96,150 208,970 76,486 142,072 76,117 99,447 17,795 797,272 
Criticized (nonaccrual)18,863 23,841 11,420 3,676 8,356 27,682 1,100 3,770 98,708 
Total
$12,464,897 $8,204,714 $4,810,435 $3,871,740 $2,936,646 $4,261,980 $11,460,495 $191,523 $48,202,430 
(1)$11.2 million and $24.6 million of total commercial loans, primarily comprised of CRE revolving loans, converted to term loans during the three and nine months ended September 30, 2023, respectively. In comparison, $0 and $26.4 million of total commercial loans, primarily comprised of CRE revolving loans, converted to term loans during the three and nine months ended September 30, 2022. $20.6 million and $27.7 million of total consumer loans, comprised of HELOCs, were converted to term loans during three and nine months ended September 30, 2023, respectively. In comparison, $375 thousand of total consumer loans, comprised of HELOCs, converted to term loans during both the three and nine months ended September 30, 2022.
(2)Excludes gross write-offs associated with loans the Company sold or settled.
(3)As of September 30, 2023 and December 31, 2022, $638 thousand and $818 thousand, respectively, of nonaccrual loans whose payments were guaranteed by the Federal Housing Administration were classified with a “Pass” rating.
Schedule Of Aging Analysis Of Loans The following tables present the aging analysis of loans held-for-investment as of September 30, 2023 and December 31, 2022:
September 30, 2023
($ in thousands)Current
Accruing
Loans		Accruing
Loans
30-59 Days
Past Due		Accruing
Loans
60-89 Days
Past Due		Total
Accruing
Past Due
Loans		Total
Nonaccrual
Loans		Total
Loans
Commercial:
C&I$15,781,468 $33,195 $232 $33,427 $49,147 $15,864,042 
CRE:
CRE14,664,230 2,015 523 2,538 610 14,667,378 
Multifamily residential4,894,334 1,083 — 1,083 4,680 4,900,097 
Construction and land787,049 — — — 11,141 798,190 
Total CRE20,345,613 3,098 523 3,621 16,431 20,365,665 
Total commercial36,127,081 36,293 755 37,048 65,578 36,229,707 
Consumer:
Residential mortgage:
Single-family residential12,771,661 24,141 15,972 40,113 24,784 12,836,558 
HELOCs1,746,841 10,416 6,206 16,622 13,202 1,776,665 
Total residential mortgage14,518,502 34,557 22,178 56,735 37,986 14,613,223 
Other consumer63,992 109 17 126 136 64,254 
Total consumer14,582,494 34,666 22,195 56,861 38,122 14,677,477 
Total$50,709,575 $70,959 $22,950 $93,909 $103,700 $50,907,184 
December 31, 2022
($ in thousands)Current
Accruing
Loans		Accruing
Loans
30-59 Days
Past Due		Accruing
Loans
60-89 Days
Past Due		Total
Accruing
Past Due
Loans		Total
Nonaccrual
Loans		Total
Loans
Commercial:
C&I$15,651,312 $6,482 $2,873 $9,355 $50,428 $15,711,095 
CRE:
CRE13,820,441 14,185 — 14,185 23,244 13,857,870 
Multifamily residential4,571,899 678 322 1,000 169 4,573,068 
Construction and land638,420 — — — — 638,420 
Total CRE19,030,760 14,863 322 15,185 23,413 19,069,358 
Total commercial34,682,072 21,345 3,195 24,540 73,841 34,780,453 
Consumer:
Residential mortgage:
Single-family residential11,183,134 13,523 12,130 25,653 14,240 11,223,027 
HELOCs2,102,523 7,700 1,086 8,786 11,346 2,122,655 
Total residential mortgage
13,285,657 21,223 13,216 34,439 25,586 13,345,682 
Other consumer73,004 109 3,083 3,192 99 76,295 
Total consumer13,358,661 21,332 16,299 37,631 25,685 13,421,977 
Total$48,040,733 $42,677 $19,494 $62,171 $99,526 $48,202,430 
Schedule Of Amortized Cost Of Loans On Nonaccrual Status With No Related Allowance For Loan Losses
The following table presents the amortized cost of loans on nonaccrual status for which there was no related allowance for loan losses as of both September 30, 2023 and December 31, 2022. Nonaccrual loans may not have an allowance for credit losses if the loan balances are well-secured by the collateral value and there is no loss expectation.
($ in thousands)September 30, 2023December 31, 2022
Commercial:
C&I$29,336 $11,398 
CRE— 22,944 
Multifamily residential4,235 — 
Construction and land11,141 — 
Total commercial44,712 34,342 
Consumer:
Single-family residential6,681 2,998 
HELOCs8,483 7,245 
Total consumer15,164 10,243 
Total nonaccrual loans with no related allowance for loan losses$59,876 $44,585 
Summary Of Modified Loans/TDRs
The following tables present the amortized cost of loans that were modified during the three and nine months ended September 30, 2023 by loan class and modification type:
Three Months Ended September 30, 2023
Modification Type
($ in thousands)Term ExtensionPayment Delay
Combination: Term Extension/ Payment Delay
Combination: Rate Reduction/ Term Extension
Combination: Rate Reduction/ Payment Delay
TotalModification as a % of Loan Class
Commercial:
C&I$1,682 $11,603 $— $— $— $13,285 0.08 %
CRE:
CRE13,469 — — — — 13,469 0.07 %
Total commercial15,151 11,603 — — — 26,754 
Consumer:
Residential mortgage:
Single-family residential:— 2,944 1,260 — — 4,204 0.03 %
HELOCs— — 334 — 183 517 0.03 %
Total consumer— 2,944 1,594 — 183 4,721 
Total$15,151 $14,547 $1,594 $— $183 $31,475 
Nine Months Ended September 30, 2023
Modification Type
($ in thousands)Term ExtensionPayment Delay
Combination: Term Extension/ Payment Delay
Combination: Rate Reduction/ Term Extension
Combination: Rate Reduction/ Payment Delay
Total
Modification as a % of Loan Class
Commercial:
C&I$44,120 $20,793 $— $— $— $64,913 0.41 %
CRE:
CRE13,979 — — 32,724 — 46,703 0.23 %
Total commercial58,099 20,793 — 32,724 — 111,616 
Consumer:
Residential mortgage:
Single-family residential:— 7,276 1,809 — — 9,085 0.07 %
HELOCs— 741 1,053 — 183 1,977 0.11 %
Total consumer— 8,017 2,862 — 183 11,062 
Total$58,099 $28,810 $2,862 $32,724 $183 $122,678 
The following tables present the financial effects of the loan modifications for the three and nine months ended September 30, 2023 by loan class and modification type:
Financial Effects of Loan Modifications
Three Months Ended September 30, 2023
($ in thousands)Principal ForgivenessWeighted-Average Interest Rate ReductionWeighted-Average Term Extension
(in years)		Weighted-Average Payment Delay
(in years)
Commercial:
C&I$26 — %3.001.54
CRE— — %1.08— 
Consumer:
Single-family residential— — %10.000.96
HELOCs— 0.50 %16.680.71
Total$26 
Financial Effects of Loan Modifications
Nine months ended September 30, 2023
($ in thousands)Principal ForgivenessWeighted-Average Interest Rate ReductionWeighted-Average Term Extension
(in years)		Weighted-Average Payment Delay
(in years)
Commercial:
C&I$371 
(1)
— %
(1)
1.411.15
CRE— 3.00 %2.09— 
Consumer:
Single-family residential— — %9.910.95
HELOCs— 0.50 %15.360.52
Total$371 
(1)Comprised of C&I loans modified during the nine months ended September 30, 2023 where the interest rate is waived in addition to principal forgiveness. No recorded investment was outstanding as of September 30, 2023.
The following table presents the additions to TDRs for the three and nine months ended September 30, 2022:
Loans Modified as TDRs
Three Months Ended September 30, 2022
Nine Months Ended September 30, 2022
($ in thousands)Number of LoansPre-Modification Outstanding Recorded Investment
Post-Modification Outstanding Recorded Investment (1)
Financial Impact (2)
Number of LoansPre-Modification Outstanding Recorded Investment
Post-Modification Outstanding Recorded Investment (1)
Financial Impact (2)
Commercial:
C&I1 $499 $496 $98 4 $30,633 $17,802 $16,729 
Total commercial1 499 496 98 4 30,633 17,802 16,729 
Consumer:
Residential mortgage:
HELOCs1 62 69 2 1 62 69 2 
Total residential mortgage1 62 69 2 1 62 69 2 
Total consumer1 62 69 2 1 62 69 2 
Total2 $561 $565 $100 5 $30,695 $17,871 $16,731 
(1)Includes subsequent payments after modification and reflects the balance as of September 30, 2022.
(2)Includes charge-offs since the modification date.

The following table presents the TDR post-modification outstanding balances by the primary modification type for the three and nine months ended September 30, 2022:
Modification Type
Three Months Ended September 30, 2022
Nine Months Ended September 30, 2022
($ in thousands)Principal
Other
Total
Principal (1)
Other (2)
Total
Commercial:
C&I$496 $— $496 $9,609 $8,193 $17,802 
Total commercial496 — 496 9,609 8,193 17,802 
Consumer:
Residential mortgage:
HELOCs69 — 69 69 — 69 
Total residential mortgage69 — 69 69 — 69 
Total consumer69 — 69 69 — 69 
Total$565 $— $565 $9,678 $8,193 $17,871 
(1)Includes principal deferments that modify the terms of the loan from principal and interest payments to interest payments only.
(2)Includes increase in new commitments.
Financing Receivable, Modified, Payment Performance
The Company closely monitors the performance of modified loans to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table presents the performance of loans that were modified as of September 30, 2023 since the adoption of ASU 2022-02 on January 1, 2023.
Payment Performance as of September 30, 2023
($ in thousands)Current30 - 89 Days Past Due90+ Days Past DueTotal
Commercial:
C&I$58,481 $— $6,432 $64,913 
CRE:
CRE46,703 — — 46,703 
Total commercial105,184 — 6,432 111,616 
Consumer:
Residential mortgage:
Single-family residential7,430 1,190 465 9,085 
HELOCs1,236 741 — 1,977 
Total consumer8,666 1,931 465 11,062 
Total$113,850 $1,931 $6,897 $122,678 
Financing Receivable, Modified, Subsequent Default The following table presents information on loans that entered into default during the three and nine months ended September 30, 2022 that were modified as TDRs during the 12 months preceding payment default:
Loan Modified as TDRs that Subsequently Defaulted
Three Months Ended September 30, 2022Nine Months Ended September 30, 2022
($ in thousands)Number of LoansRecorded InvestmentNumber of LoansRecorded Investment
Commercial:
C&I— $— 2 $13,901 
CRE:
Multifamily residential— — 1 1,008 
Total CRE— — 1 1,008 
Total commercial— — 3 14,909 
Total— $— 3 $14,909 
Financing Receivable Credit Quality Indicators, Key Credit Risk Characteristics and Macroeconomic Variables
The following table provides key credit risk characteristics and macroeconomic variables that the Company uses to estimate the expected credit losses by portfolio segment:
Portfolio SegmentRisk CharacteristicsMacroeconomic Variables
C&IAge percentage, size at origination, delinquency status, sector and risk rating
Unemployment rate, Gross Domestic Product (“GDP”), and Two-Ten treasury spread (1)
CRE, Multifamily residential, and Construction and landDelinquency status, maturity date, collateral value, property type, and geographic location
Unemployment rate, GDP, and U.S. Treasury rates
Single-family residential and HELOCsFICO score, delinquency status, maturity date, collateral value, and geographic locationUnemployment rate, GDP, and home price index
Other consumerLoss rate approach
Immaterial (2)
(1)Macroeconomic variables were updated due to model redevelopment.
(2)Macroeconomic variables are included in the qualitative estimate.
Summary Of Activity In The Allowance For Credit Losses
The following tables summarize the activity in the allowance for loan losses by portfolio segments for the three and nine months ended September 30, 2023 and 2022:
Three Months Ended September 30, 2023
CommercialConsumer
CREResidential Mortgage
($ in thousands)C&ICREMultifamily ResidentialConstruction and LandSingle-Family ResidentialHELOCsOther ConsumerTotal
Allowance for loan losses, beginning of period$375,333 $168,505 $22,938 $11,325 $51,513 $4,526 $1,260 $635,400 
Provision for (reversal of) credit losses on loans(a)13,006 12,952 772 8,302 3,353 (705)456 38,136 
Gross charge-offs(7,074)(3,466)— (10,413)— (41)(13)(21,007)
Gross recoveries2,279 49 452 2 64 15 — 2,861 
Total net (charge-offs) recoveries(4,795)(3,417)452 (10,411)64 (26)(13)(18,146)
Foreign currency translation adjustment133 — — — — — — 133 
Allowance for loan losses, end of period$383,677 $178,040 $24,162 $9,216 $54,930 $3,795 $1,703 $655,523 
Three Months Ended September 30, 2022
CommercialConsumer
CREResidential Mortgage
($ in thousands)C&ICREMultifamily ResidentialConstruction and LandSingle-Family ResidentialHELOCsOther ConsumerTotal
Allowance for loan losses, beginning of period
$363,282 $140,245 $26,552 $6,682 $21,840 $3,220 $1,449 $563,270 
Provision for credit losses on loans(a)9,575 5,299 5,047 817 6,182 99 255 27,274 
Gross charge-offs(6,894)(288)(5,938)— (775)— (10)(13,905)
Gross recoveries7,172 45 19 7 16 5 — 7,264 
Total net recoveries
(charge-offs)
278 (243)(5,919)7 (759)5 (10)(6,641)
Foreign currency translation adjustment(1,386)— — — — — — (1,386)
Allowance for loan losses, end of period$371,749 $145,301 $25,680 $7,506 $27,263 $3,324 $1,694 $582,517 
Nine Months Ended September 30, 2023
CommercialConsumer
CREResidential Mortgage
($ in thousands)C&ICREMultifamily ResidentialConstruction and LandSingle-Family ResidentialHELOCsOther ConsumerTotal
Allowance for loan losses, December 31, 2022$371,700 $149,864 $23,373 $9,109 $35,564 $4,475 $1,560 $595,645 
Impact of ASU 2022-02 adoption5,683 337 6 — 1 1 — 6,028 
Allowance for loan losses, beginning of period377,383 150,201 23,379 9,109 35,565 4,476 1,560 601,673 
Provision for (reversal of) credit losses on loans(a)17,587 33,313 303 10,507 19,296 (569)244 80,681 
Gross charge-offs(16,309)(5,838)— (10,413)— (138)(101)(32,799)
Gross recoveries5,555 364 480 13 69 26 — 6,507 
Total net (charge-offs) recoveries(10,754)(5,474)480 (10,400)69 (112)(101)(26,292)
Foreign currency translation adjustment(539)— — — — — — (539)
Allowance for loan losses, end of period$383,677 $178,040 $24,162 $9,216 $54,930 $3,795 $1,703 $655,523 
Nine Months Ended September 30, 2022
CommercialConsumer
CREResidential Mortgage
($ in thousands)C&ICREMultifamily ResidentialConstruction and LandSingle-Family ResidentialHELOCsOther ConsumerTotal
Allowance for loan losses, beginning of period$338,252 $150,940 $14,400 $15,468 $17,160 $3,435 $1,924 $541,579 
Provision for (reversal of) credit losses on loans(a)37,867 (5,013)16,680 (8,027)10,569 59 (140)51,995 
Gross charge-offs(18,322)(1,357)(5,947)— (775)(193)(90)(26,684)
Gross recoveries16,688 731 547 65 309 23 — 18,363 
Total net (charge-offs) recoveries(1,634)(626)(5,400)65 (466)(170)(90)(8,321)
Foreign currency translation adjustment(2,736)— — — — — — (2,736)
Allowance for loan losses, end of period$371,749 $145,301 $25,680 $7,506 $27,263 $3,324 $1,694 $582,517 
The following table summarizes the activities in the allowance for unfunded credit commitments for the three and nine months ended September 30, 2023 and 2022:
Three Months Ended September 30,Nine Months Ended September 30,
($ in thousands)2023202220232022
Unfunded credit facilities
Allowance for unfunded credit commitments, beginning of period$29,728 $24,304 $26,264 $27,514 
Provision for (reversal of) credit losses on unfunded credit commitments(b)3,864 (274)7,319 (3,495)
Foreign currency translation adjustment(3)11 6 22 
Allowance for unfunded credit commitments, end of period$33,589 $24,041 $33,589 $24,041 
Provision for credit losses(a) + (b)$42,000 $27,000 $88,000 $48,500 
Schedule Of Carrying Value Of Loans Transferred, Loans Sold and Purchased For the Held-For-Investment Portfolio The following tables provide information on the carrying value of loans transferred, sold and purchased for the held-for-investment portfolio, during the three and nine months ended September 30, 2023 and 2022:
Three Months Ended September 30, 2023
CommercialConsumer
CRE
Residential Mortgage
($ in thousands)C&ICREConstruction and LandSingle-Family ResidentialTotal
Loans transferred from held-for-investment to held-for-sale (1)
$201,299 $25,890 $— $— $227,189 
Sales (2)(3)
$199,511 $29,357 $— $— $228,868 
Purchases (4)
$19,588 $— $— $140,771 $160,359 
Three Months Ended September 30, 2022
CommercialConsumer
CRE
Residential Mortgage
($ in thousands)C&ICREMultifamily ResidentialSingle-Family ResidentialTotal
Loans transferred from held-for-investment to held-for-sale (1)
$59,069 $33,616 $14,500 $5,178 $112,363 
Sales (2)(3)
$87,597 $33,616 $— $5,952 $127,165 
Purchases (4)
$56,507 $— $— $1,155 $57,662 
Nine Months Ended September 30, 2023
CommercialConsumer
CRE
Residential Mortgage
($ in thousands)C&ICREConstruction and LandSingle-Family ResidentialTotal
Loans transferred from held-for-investment to held-for-sale (1)
$469,571 $29,490 $8,154 $— $507,215 
Sales (2)(3)
$491,178 $32,957 $8,154 $— $532,289 
Purchases (4)
$80,550 $— $— $351,880 $432,430 
Nine Months Ended September 30, 2022
CommercialConsumer
CRE
Residential Mortgage
($ in thousands)C&ICREMultifamily ResidentialSingle-Family ResidentialTotal
Loans transferred from held-for-investment to held-for-sale (1)
$378,841 $65,250 $14,500 $5,178 $463,769 
Loans transferred from held-for-sale to held-for-investment
$— $— $— $631 $631 
Sales (2)(3)
$375,100 $65,250 $— $6,403 $446,753 
Purchases (4)
$361,169 $— $— $238,253 $599,422 
(1)Includes write-downs of $3.6 million and $4.2 million to the allowance for loan losses related to loans transferred from held-for-investment to held-for-sale for the three and nine months ended September 30, 2023, respectively, and $8.7 million and $8.9 million for the three and nine months ended September 30, 2022, respectively.
(2)Includes originated loans sold of $204.1 million and $407.3 million for the three and nine months ended September 30, 2023, respectively, and $86.2 million and $253.9 million for the three and nine months ended September 30, 2022, respectively. Originated loans sold consisted primarily of C&I loans for each of the three and nine months ended September 30, 2023, and C&I and CRE loans for each of the three and nine months ended September 30, 2022.
(3)Includes $24.7 million and $125.0 million of purchased loans sold in the secondary market for the three and nine months ended September 30, 2023, respectively, and $40.9 million and $192.9 million for the three and nine months ended September 30, 2022, respectively.
(4)C&I loan purchases were comprised primarily of syndicated C&I term loans.