Loans and Leases

6 Months Ended

Jun. 30, 2022

The following table presents the major types of loans and leases, net of deferred fees and costs, as of June 30, 2022 and December 31, 2021:


(in thousands)	June 30, 2022		December 31, 2021
Commercial real estate
Non-owner occupied term, net	$	3,798,242	$	3,786,887
Owner occupied term, net	2,497,553		2,332,422
Multifamily, net	4,768,273		4,051,202
Construction & development, net	1,017,297		890,338
Residential development, net	194,909		206,990
Commercial
Term, net	2,904,861		3,008,473
Lines of credit & other, net	920,604		910,733
Leases & equipment finance, net	1,576,144		1,467,676
Residential
Mortgage, net	5,168,457		4,517,266
Home equity loans & lines, net	1,415,722		1,197,170
Consumer & other, net	170,616		184,023
Total loans and leases, net of deferred fees and costs	$	24,432,678	$	22,553,180

As of June 30, 2022 and December 31, 2021, the net deferred costs were $77.3 million and $57.5 million, respectively. Total loans and leases also include discounts on acquired loans of $7.3 million and $9.8 million as of June 30, 2022 and December 31, 2021, respectively. As of June 30, 2022, loans totaling $15.6 billion were pledged to secure borrowings and available lines of credit. The Company elected to exclude accrued interest receivable from the amortized cost basis of loans disclosed throughout this footnote. Interest accrued on loans totaled $62.0 million and $60.1 million as of June 30, 2022 and December 31, 2021, respectively, and is included in Other Assets.

The Bank, through its commercial equipment leasing subsidiary, FinPac, is a provider of commercial equipment leasing and financing. Direct finance leases are included within the leases and equipment finance segment within the loans and leases, net line item. These direct financing leases typically have terms of three to five years. Interest income recognized on these leases was $4.7 million and $9.8 million for the three and six months ended June 30, 2022, as compared to $5.6 million and $11.2 million for the three and six months ended June 30, 2021.

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 and six months ended June 30, 2022 and 2021:


	Three Months Ended				Six Months Ended
(in thousands)	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Commercial real estate
Non-owner occupied term, net	$	6,648	$	17,866	$	24,708	$	23,296
Owner occupied term, net	8,421		10,812		18,884		12,423
Multifamily, net	—		3,776		—		3,776


Commercial
Term, net	9,582		19,321		21,778		28,314


Residential
Mortgage, net	—		389		1,493		1,712

Consumer & other	—		—		—		63,799
Total loans and leases sold, net	$	24,651	$	52,164	$	66,863	$	133,320