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Loans Receivable and Allowance for Credit Losses (Tables)

12 Months Ended

Dec. 31, 2023

Loans and Leases Receivable Disclosure [Abstract]

Schedule of the Composition of Loan Held-For-Investment

The following table presents the composition of the Company’s loans held-for-investment outstanding as of December 31, 2023 and 2022:



($ in thousands)	December 31, 2023		December 31, 2022
Commercial:
C&I	$	16,581,079		$	15,711,095
CRE:
CRE	14,777,081			13,857,870
Multifamily residential	5,023,163			4,573,068
Construction and land	663,868			638,420
Total CRE	20,464,112			19,069,358
Total commercial	37,045,191			34,780,453
Consumer:
Residential mortgage:
Single-family residential	13,383,060			11,223,027
HELOCs	1,722,204			2,122,655
Total residential mortgage	15,105,264			13,345,682
Other consumer	60,327			76,295
Total consumer	15,165,591			13,421,977
Total loans held-for-investment (1)	$	52,210,782		$	48,202,430
Allowance for loan losses	(668,743)			(595,645)
Loans held-for-investment, net (1)	$	51,542,039		$	47,606,785

(1)Includes $71 million and $70 million of net deferred loan fees and net unamortized premiums as of December 31, 2023 and 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 December 31, 2023 and 2022. 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.



	December 31, 2023


	Term Loans by Origination Year

($ in thousands)	2023		2022		2021		2020		2019		Prior		Revolving Loans			Revolving Loans Converted to Term Loans (1)		Total
Commercial:
C&I:
Pass	$	2,314,463	$	1,628,560	$	1,296,936	$	331,982	$	245,173	$	164,159	$	10,053,757		$	20,143	$	16,055,173
Criticized (accrual)	105,119		67,899		120,574		15,064		40,920		22,098		117,196			—		488,870
Criticized (nonaccrual)	2,104		7,916		131		4,819		2,979		18,137		950			—		37,036


Total C&I	2,421,686		1,704,375		1,417,641		351,865		289,072		204,394		10,171,903			20,143		16,581,079

YTD gross write-offs (2)	350		10,454		424		3,758		9,748		2,648		1,593			—		28,975

CRE:

Pass	2,492,915		4,086,385		2,216,257		1,428,724		1,600,844		2,494,382		92,851			62,771		14,475,129
Criticized (accrual)	36,855		34,485		30,336		48,250		24,437		104,340		—			—		278,703
Criticized (nonaccrual)	—		—		—		—		444		22,805		—			—		23,249


Subtotal CRE	2,529,770		4,120,870		2,246,593		1,476,974		1,625,725		2,621,527		92,851			62,771		14,777,081

YTD gross write-offs (2)	—		—		—		—		—		1,329		—			—		1,329

Multifamily residential:
Pass	665,780		1,481,161		808,333		612,408		498,491		857,713		8,690			1,281		4,933,857
Criticized (accrual)	—		3,356		54,614		—		693		25,974		—			—		84,637
Criticized (nonaccrual)	—		—		—		—		—		4,669		—			—		4,669


Subtotal multifamily residential	665,780		1,484,517		862,947		612,408		499,184		888,356		8,690			1,281		5,023,163

YTD gross write-offs	—		—		—		—		—		3		—			—		3

Construction and land:
Pass	209,775		280,151		120,724		39,928		808		5,501		6,981		$	—		663,868
Criticized (accrual)	—		—		—		—		—		—		—			—		—
Criticized (nonaccrual)	—		—		—		—		—		—		—			—		—
Subtotal construction and land	209,775		280,151		120,724		39,928		808		5,501		6,981			—		663,868

YTD gross write-offs (2)	—		—		—		—		—		—		—			—		—

Total CRE	3,405,325		5,885,538		3,230,264		2,129,310		2,125,717		3,515,384		108,522			64,052		20,464,112

YTD gross write-offs (2)	—		—		—		—		—		1,332		—			—		1,332

Total commercial	$	5,827,011	$	7,589,913	$	4,647,905	$	2,481,175	$	2,414,789	$	3,719,778	$	10,280,425		$	84,195	$	37,045,191

YTD total commercial gross write-offs (2)	$	350	$	10,454	$	424	$	3,758	$	9,748	$	3,980	$	1,593		$	—	$	30,307


	December 31, 2023


	Term Loans by Origination Year
($ in thousands)	2023		2022		2021		2020		2019		Prior		Revolving Loans			Revolving Loans Converted to Term Loans (1)		Total
Consumer:
Residential mortgage:
Single-family residential:
Pass (3)	$	3,188,830	$	3,340,789	$	2,279,802	$	1,594,525	$	980,686	$	1,959,974	$	—		$	—	$	13,344,606
Criticized (accrual)	2,680		4,471		566		1,440		1,503		4,167		—			—		14,827
Criticized (nonaccrual) (3)	4,466		837		3,902		2,081		3,626		8,715		—			—		23,627
Subtotal single-family residential mortgage	3,195,976		3,346,097		2,284,270		1,598,046		985,815		1,972,856		—			—		13,383,060
YTD gross write-offs	—		—		—		—		—		—		—			—		—

HELOCs:
Pass	3,641		3,882		1,734		3,153		729		9,251		1,551,074			126,280		1,699,744
Criticized (accrual)	565		1,219		1,872		101		185		1,470		2,548			1,089		9,049
Criticized (nonaccrual)	815		856		413		72		584		6,863		279			3,529		13,411
Subtotal HELOCs	5,021		5,957		4,019		3,326		1,498		17,584		1,553,901			130,898		1,722,204
YTD gross write-offs (2)	—		—		—		—		—		41		—			6		47

Total residential mortgage	3,200,997		3,352,054		2,288,289		1,601,372		987,313		1,990,440		1,553,901			130,898		15,105,264
YTD gross write-offs (2)	—		—		—		—		—		41		—			6		47

Other consumer:
Pass	2,286		18,098		135		—		—		13,244		26,432		$	—		60,195
Criticized (accrual)	—		—		—		—		—		—		—			—		—
Criticized (nonaccrual)	—		—		—		—		—		—		132			—		132
Total other consumer	2,286		18,098		135		—		—		13,244		26,564			—		60,327
YTD gross write-offs (2)	—		—		—		—		—		—		—			—		—

Total consumer	$	3,203,283	$	3,370,152	$	2,288,424	$	1,601,372	$	987,313	$	2,003,684	$	1,580,465		$	130,898	$	15,165,591
YTD total consumer gross write-offs (2)	$	—	$	—	$	—	$	—	$	—	$	41	$	—		$	6	$	47

Total loans held-for-investment:
Pass	$	8,877,690	$	10,839,026	$	6,723,921	$	4,010,720	$	3,326,731	$	5,504,224	$	11,739,785		$	210,475	$	51,232,572
Criticized (accrual)	145,219		111,430		207,962		64,855		67,738		158,049		119,744			1,089		876,086
Criticized (nonaccrual)	7,385		9,609		4,446		6,972		7,633		61,189		1,361			3,529		102,124



Total	$	9,030,294	$	10,960,065	$	6,936,329	$	4,082,547	$	3,402,102	$	5,723,462	$	11,860,890		$	215,093	$	52,210,782
YTD total loans held-for-investment gross write-offs (2)	$	350	$	10,454	$	424	$	3,758	$	9,748	$	4,021	$	1,593		$	6	$	30,354



	December 31, 2022
	Term Loans by Origination Year
($ in thousands)	2022		2021		2020		2019		2018		Prior		Revolving 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&I	2,922,766		2,092,308		682,520		426,477		170,234		120,853		9,275,389		20,548		15,711,095

CRE:
Pass	4,178,780		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 CRE	4,182,298		2,484,251		1,664,574		1,811,774		1,562,842		1,946,298		167,108		38,725		13,857,870
Multifamily residential:
Pass	1,500,289		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 residential	1,500,289		892,598		641,677		520,321		354,320		652,538		11,325		—		4,573,068
Construction and land:
Pass	288,394		276,839		31,804		3,104		2,805		231		9,073		—		612,250
Criticized (accrual)	4,504		—		—		—		21,666		—		—		—		26,170
Criticized (nonaccrual)	—		—		—		—		—		—		—		—		—
Subtotal construction and land	292,898		276,839		31,804		3,104		24,471		231		9,073		—		638,420
Total CRE	5,975,485		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:

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 mortgage	3,549,035		2,454,992		1,776,685		1,106,630		823,237		1,512,448		—		—		11,223,027
HELOCs:
Pass	520		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 HELOCs	520		3,589		7,819		3,434		1,542		13,804		1,959,697		132,250		2,122,655
Total residential mortgage	3,549,555		2,458,581		1,784,504		1,110,064		824,779		1,526,252		1,959,697		132,250		13,345,682
Other consumer:
Pass	17,088		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)$29 million, $26 million and $6 million of total commercial loans, primarily comprised of CRE revolving loans, converted to term loans during the years ended December 31, 2023, 2022 and 2021, respectively. During the years ended December 31, 2023 and 2021, respectively, $44 million and $54 million of total consumer loans, comprised of HELOCs, converted to term loans. For the year ended December 31, 2022, no consumer loans converted to term loans.

(2)Excludes gross write-offs associated with loans the Company sold or settled.

(3)As of each of December 31, 2023 and 2022, $1 million 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 December 31, 2023 and 2022:



	December 31, 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	$	16,508,394	$	28,550	$	7,099	$	35,649	$	37,036	$	16,581,079
CRE:
CRE	14,750,315		1,719		1,798		3,517		23,249		14,777,081
Multifamily residential	5,017,897		597		—		597		4,669		5,023,163
Construction and land	650,617		13,251		—		13,251		—		663,868
Total CRE	20,418,829		15,567		1,798		17,365		27,918		20,464,112
Total commercial	36,927,223		44,117		8,897		53,014		64,954		37,045,191
Consumer:
Residential mortgage:
Single-family residential	13,313,455		29,285		15,943		45,228		24,377		13,383,060
HELOCs	1,687,301		12,266		9,226		21,492		13,411		1,722,204
Total residential mortgage	15,000,756		41,551		25,169		66,720		37,788		15,105,264
Other consumer	56,930		3,123		142		3,265		132		60,327
Total consumer	15,057,686		44,674		25,311		69,985		37,920		15,165,591
Total	$	51,984,909	$	88,791	$	34,208	$	122,999	$	102,874	$	52,210,782



	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:
CRE	13,820,441		14,185		—		14,185		23,244		13,857,870
Multifamily residential	4,571,899		678		322		1,000		169		4,573,068
Construction and land	638,420		—		—		—		—		638,420
Total CRE	19,030,760		14,863		322		15,185		23,413		19,069,358
Total commercial	34,682,072		21,345		3,195		24,540		73,841		34,780,453
Consumer:
Residential mortgage:
Single-family residential	11,183,134		13,523		12,130		25,653		14,240		11,223,027
HELOCs	2,102,523		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 consumer	73,004		109		3,083		3,192		99		76,295
Total consumer	13,358,661		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 December 31, 2023 and 2022. Nonaccrual loans may not have an allowance for credit losses if the loan balances are well secured by collateral values and there is no loss expectation.



($ in thousands)	December 31, 2023		December 31, 2022
Commercial:
C&I	$	33,089	$	11,398
CRE	22,653		22,944
Multifamily residential	4,235		—
Total commercial	59,977		34,342
Consumer:
Single-family residential	4,852		2,998
HELOCs	7,256		7,245
Total consumer	12,108		10,243
Total nonaccrual loans with no related allowance for loan losses	$	72,085	$	44,585

Summary Of Modified Loans/TDRs

The following table presents the amortized cost of loans that were modified during the year ended December 31, 2023 by loan class and modification type:



	Year Ended December 31, 2023
	Modification Type
($ in thousands)	Term Extension		Payment 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	$	62,704	$	6,842	$	—	$	—	$	—	$	69,546	0.42	%
CRE:
CRE	13,939		—		—		32,470		—		46,409		0.23	%


Total CRE	13,939		—		—		32,470		—		46,409
Total commercial	76,643		6,842		—		32,470		—		115,955
Consumer:
Residential mortgage:
Single-family residential:	—		10,202		3,967		—		—		14,169		0.11	%
HELOCs	—		3,148		1,170		—		815		5,133		0.30	%
Total residential mortgage	—		13,350		5,137		—		815		19,302



Total consumer	—		13,350		5,137		—		815		19,302
Total	$	76,643	$	20,192	$	5,137	$	32,470	$	815	$	135,257

The following table presents the financial effects of the loan modifications for the year ended December 31, 2023 by loan class and modification type:



Financial Effects of Loan Modifications
Year Ended December 31, 2023
	($ in thousands)	Principal Forgiveness			Weighted-Average Interest Rate Reduction			Weighted-Average Term Extension (in years)	Weighted-Average Payment Delay (in years)
	Commercial:
	C&I	$	371	(1)	—	%	(1)	1.3 years	0.9 years

	CRE	—			3.00	%		2.1 years	—




	Consumer:

	Single-family residential	—			—	%		9.3 years	1.8 years
	HELOCs	—			0.11	%		14.2 years	4.6 years





	Total	$	371

(1)Comprised of C&I loans modified during the year ended December 31, 2023 where the interest rate is waived in addition to principal forgiveness. No recorded investment was outstanding as of December 31, 2023.

The following table presents the additions to TDRs for the years ended December 31, 2022, and 2021:



	Loans Modified as TDRs During the Year Ended
	December 31, 2022							December 31, 2021
($ in thousands)	Number of Loans	Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment (1)		Financial Impact (2)		Number of Loans	Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment (1)		Financial Impact (2)
Commercial:
C&I	7	$	69,050	$	38,415	$	12,638	5	$	24,155	$	20,263	$	1,108
CRE:

Multifamily residential	—	—		—		—		1	1,101		1,066		—

Total CRE	—	—		—		—		1	1,101		1,066		—
Total commercial	7	69,050		38,415		12,638		6	25,256		21,329		1,108
Consumer:
Residential mortgage:

HELOCs	2	662		697		2		—	—		—		—
Total residential mortgage	2	662		697		2		—	—		—		—
Total consumer	2	662		697		2		—	—		—		—
Total	9	$	69,712	$	39,112	$	12,640	6	$	25,256	$	21,329	$	1,108

(1)Includes subsequent payments after modification and reflects the balance as of December 31, 2022 and 2021.

(2)Includes charge-offs and specific reserves recorded since the modification date. Loans modified more than once are reported in the period they were first modified.

The following table presents the TDR post-modification outstanding balances by the primary modification type for the years ended December 31, 2022 and 2021:



	Modification Type During the Year Ended
	December 31, 2022				December 31, 2021
($ in thousands)	Principal (1)		Interest Rate Reduction			Other (2)		Total		Principal (1)		Interest Rate Reduction		Other		Total
Commercial:
C&I	$	24,238	$	—		$	14,177	$	38,415	$	4,679	$	15,584	$	—	$	20,263
CRE:

Multifamily residential	—		—			—		—		1,066		—		—		1,066

Total CRE	—		—			—		—		1,066		—		—		1,066
Total commercial	24,238		—			14,177		38,415		5,745		15,584		—		21,329
Consumer:
Residential mortgage:

HELOCs	697		—			—		697		—		—		—		—
Total residential mortgage	697		—			—		697		—		—		—		—

Total consumer	697		—			—		697		—		—		—		—
Total	$	24,935	$	—		$	14,177	$	39,112	$	5,745	$	15,584	$	—	$	21,329

(1)Includes forbearance payments, term extensions and principal deferments that modify the terms of the loan from principal and interest payments to interest payments only.

(2)Includes primarily funding to secure additional collateral and provide liquidity to collateral-dependent and term extension to C&I loans.

Schedule of Financing Receivable, Modified, Payment Performance

The following table presents the performance of loans that were modified as of December 31, 2023 since the adoption of ASU 2022-02 on January 1, 2023:



	Payment Performance as of December 31, 2023
($ in thousands)		Current		30-89 Days Past Due		90+ Days Past Due		Total
Commercial:
C&I		$	52,087	$	8,153	$	9,306	$	69,546
CRE:
CRE		46,409		—		—		46,409


Total CRE		46,409		—		—		46,409
Total commercial		98,496		8,153		9,306		115,955
Consumer:
Residential mortgage:
Single-family residential		11,197		2,425		547		14,169
HELOCs		4,207		177		749		5,133
Total residential mortgage		15,404		2,602		1,296		19,302

Total consumer		15,404		2,602		1,296		19,302
Total		$	113,900	$	10,755	$	10,602	$	135,257

Summary of TDR Loans Subsequently Defaulted

The following table presents information on loans that entered into default during the years ended December 31, 2022 and 2021 that were modified as TDRs during the 12 months preceding payment default:



		Loans Modified as TDRs that Subsequently Defaulted During the Year Ended December 31,
	2022		2021
($ in thousands)		Number of Loans	Recorded Investment		Number of Loans	Recorded Investment
Commercial:
C&I		2	$	10,296	1	$	11,431





Total commercial		2	10,296		1	11,431







Total		2	$	10,296	1	$	11,431

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 Segment

Risk Characteristics

Macroeconomic Variables

C&I

Age percentage, size at origination, delinquency status, sector and risk rating

Unemployment rate, Gross Domestic Product (“GDP”), and U.S. Treasury rates (1)

CRE, Multifamily residential, and Construction and land

Delinquency status, maturity date, collateral value, property type, and geographic location

Unemployment rate, GDP, and U.S. Treasury rates

Single-family residential and HELOCs

FICO score, delinquency status, maturity date, collateral value, and geographic location

Unemployment rate, GDP, and Home Price Indices

Other consumer

Loss rate approach

Immaterial (2)

(1)Macroeconomic variables were updated due to model redevelopment.

(2)Macroeconomic variables are included in the qualitative estimate.

Summary of the Activity in the Allowance for Credit Losses

The following tables summarize the activity in the allowance for loan losses by portfolio segments for the years ended December 31, 2023, 2022 and 2021:



		Year Ended December 31, 2023
		Commercial								Consumer
				CRE						Residential Mortgage
($ in thousands)		C&I		CRE		Multifamily Residential		Construction and Land		Single-Family Residential		HELOCs		Other Consumer		Total

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 adoption		5,683		337		6		—		1		1		—		6,028
Allowance for loan losses, beginning of period		377,383		150,201		23,379		9,109		35,565		4,476		1,560		601,673
Provision for (reversal of) credit losses on loans	(a)	45,319		27,007		10,454		11,537		19,384		(424)		294		113,571
Gross charge-offs		(36,573)		(7,048)		(3)		(10,413)		—		(138)		(197)		(54,372)
Gross recoveries		6,803		432		545		236		69		33		—		8,118
Total net (charge-offs) recoveries		(29,770)		(6,616)		542		(10,177)		69		(105)		(197)		(46,254)
Foreign currency translation adjustment		(247)		—		—		—		—		—		—		(247)
Allowance for loan losses, end of period		$	392,685	$	170,592	$	34,375	$	10,469	$	55,018	$	3,947	$	1,657	$	668,743



		Year Ended December 31, 2022
		Commercial								Consumer
				CRE						Residential Mortgage
($ in thousands)		C&I		CRE		Multifamily Residential		Construction and Land		Single-Family Residential		HELOCs		Other Consumer		Total

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)	37,604		8,212		15,651		(6,433)		18,867		1,124		(258)		74,767
Gross charge-offs		(18,738)		(10,871)		(7,237)		—		(775)		(193)		(106)		(37,920)
Gross recoveries		16,824		1,583		559		74		312		109		—		19,461
Total net (charge-offs) recoveries		(1,914)		(9,288)		(6,678)		74		(463)		(84)		(106)		(18,459)
Foreign currency translation adjustment		(2,242)		—		—		—		—		—		—		(2,242)
Allowance for loan losses, end of period		$	371,700	$	149,864	$	23,373	$	9,109	$	35,564	$	4,475	$	1,560	$	595,645



		Year Ended December 31, 2021
		Commercial								Consumer
				CRE						Residential Mortgage
($ in thousands)		C&I		CRE		Multifamily Residential		Construction and Land		Single-Family Residential		HELOCs		Other Consumer		Total

Allowance for loan losses, beginning of period		$	398,040	$	163,791	$	27,573	$	10,239	$	15,520	$	2,690	$	2,130	$	619,983

(Reversal of) provision for credit losses on loans	(a)	(39,732)		14,282		(15,076)		7,576		1,965		745		1,286		(28,954)
Gross charge-offs		(32,490)		(28,430)		(130)		(2,954)		(1,046)		(45)		(1,497)		(66,592)
Gross recoveries		11,906		1,297		2,033		607		721		45		5		16,614
Total net (charge-offs) recoveries		(20,584)		(27,133)		1,903		(2,347)		(325)		—		(1,492)		(49,978)
Foreign currency translation adjustment		528		—		—		—		—		—		—		528
Allowance for loan losses, end of period		$	338,252	$	150,940	$	14,400	$	15,468	$	17,160	$	3,435	$	1,924	$	541,579

The following table summarizes the activities in the allowance for unfunded credit commitments for the years ended December 31, 2023, 2022 and 2021:



		Year Ended December 31,
($ in thousands)		2023		2022		2021
Unfunded credit facilities
Allowance for unfunded credit commitments, beginning of period		$	26,264	$	27,514	$	33,577

Provision for (reversal of) credit losses on unfunded credit commitments	(b)	11,429		(1,267)		(6,046)
Foreign currency translation adjustments		6		17		(17)
Allowance for unfunded credit commitments, end of period		37,699		26,264		27,514

Provision for (reversal of) credit losses	(a) + (b)	$	125,000	$	73,500	$	(35,000)

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 years ended December 31, 2023, 2022 and 2021:



	Year Ended December 31, 2023
	Commercial								Consumer
			CRE						Residential Mortgage
($ in thousands)	C&I		CRE		Multifamily Residential		Construction and Land		Single-Family Residential		Total
Loans transferred from held-for-investment to held-for-sale (1)	$	647,943	$	83,282	$	—	$	8,154	$	—	$	739,379


Sales (2)(3)	$	674,919	$	86,749	$	—	$	8,154	$	—	$	769,822
Purchases (4)	$	106,493	$	—	$	—	$	—	$	493,282	$	599,775



	Year Ended December 31, 2022
	Commercial								Consumer
			CRE						Residential Mortgage
($ in thousands)	C&I		CRE		Multifamily Residential		Construction and Land		Single-Family Residential		Total
Loans transferred from held-for-investment to held-for-sale (1)	$	530,524	$	88,075	$	—	$	—	$	5,178	$	623,777
Loans transferred from held-for-sale to held-for-investment	$	—	$	—	$	—	$	—	$	631	$	631
Sales (2)(3)	$	501,289	$	88,075	$	—	$	—	$	6,403	$	595,767
Purchases (4)	$	363,549	$	—	$	—	$	—	$	293,721	$	657,270



	Year Ended December 31, 2021
	Commercial								Consumer
			CRE						Residential Mortgage
($ in thousands)	C&I		CRE		Multifamily Residential		Construction and Land		Single-Family Residential		Total
Loans transferred from held-for-investment to held-for-sale (1)	$	496,655	$	78,834	$	—	$	18,883	$	5,238	$	599,610

Sales (2)(3)	$	502,694	$	78,834	$	—	$	21,557	$	18,458	$	621,543
Purchases (4)	$	476,690	$	—	$	370	$	—	$	564,651	$	1,041,711

(1)Includes write-downs of $5 million, $3 million and $12 million to the allowance for loan losses related to loans transferred from held-for-investment to held-for-sale for the years ended December 31, 2023, 2022 and 2021, respectively.

(2)Includes originated loans sold of $513 million, $388 million and $413 million for the years ended December 31, 2023, 2022 and 2021, respectively. Originated loans sold consisted primarily of C&I and CRE loans for all periods.

(3)Includes $256 million of purchased loans sold in the secondary market for the year ended December 31, 2023, compared with $208 million for each of the years ended December 31, 2022 and 2021.

(4)C&I loan purchases were comprised primarily of syndicated C&I term loans.