Loans and Leases

3 Months Ended

Mar. 31, 2020

The following table presents the major types of loans and leases, net of deferred fees and costs, as of March 31, 2020 and December 31, 2019:


(in thousands)	March 31, 2020		December 31, 2019
Commercial real estate
Non-owner occupied term, net	$	3,613,420	$	3,545,566
Owner occupied term, net	2,472,187		2,496,088
Multifamily, net	3,464,217		3,514,774
Construction & development, net	667,975		678,740
Residential development, net	187,594		189,010
Commercial
Term, net	2,317,573		2,232,817
Lines of credit & other, net	1,208,051		1,212,393
Leases & equipment finance, net	1,492,762		1,465,489
Residential
Mortgage, net	4,193,908		4,215,424
Home equity loans & lines, net	1,249,152		1,237,512
Consumer & other, net	384,639		407,871
Total loans and leases, net of deferred fees and costs	$	21,251,478	$	21,195,684

The loan balances are net of deferred fees and costs of $72.7 million and $71.9 million as of March 31, 2020 and December 31, 2019, respectively. Net loans also include discounts on acquired loans of $27.9 million and $30.2 million as of March 31, 2020 and December 31, 2019, respectively. As of March 31, 2020, loans totaling $13.6 billion were pledged to secure borrowings and available lines of credit.

Interest accrued on loans and leases totaled $57.6 million and $58.5 million as of March 31, 2020 and December 31, 2019, respectively, and is included in Other Assets.

The Bank, through its commercial equipment leasing subsidiary, FinPac, is a direct provider of commercial equipment leasing and financing throughout the United States, originating business through three distinct channels: small and mid-ticket third-party originators, vendor finance, and Umpqua Bank Equipment Leasing & Finance. Direct finance leases are included within the lease and equipment finance segment within the loans and leases, net line item. All of these leases typically have terms of three to five years and are considered to be direct financing leases. Interest income recognized on these leases was $6.7 million and $8.4 million for the three months ended March 31, 2020 and 2019, respectively.

Loans and leases sold

In the course of managing the loan and lease portfolio, at certain times, management may decide to sell loans and leases. The following table summarizes the carrying value of loans and leases sold by major loan type during the three months ended March 31, 2020 and 2019:


	Three Months Ended
(in thousands)	March 31, 2020		March 31, 2019
Commercial real estate
Non-owner occupied term, net	$	3,385	$	4,819
Owner occupied term, net	5,766		4,710



Commercial
Term, net	11,677		5,441

Leases & equipment finance, net	43		—
Residential
Mortgage, net	—		109


Total loans and leases sold, net	$	20,871	$	15,079