Acquired Loans

6 Months Ended

Jun. 30, 2020

Transfers and Servicing [Abstract]

Acquired Loans

ACQUIRED LOANS

The significant accounting policies related to acquired loans, which are classified as PCD and non-PCD at June 30, 2020, are presented in Note 1, "Summary of Significant Accounting Policies."

The following table presents the carrying amount of acquired loans as of June 30, 2020 and December 31, 2019.

Acquired Loans⁽¹⁾⁽²⁾

(Dollar amounts in thousands)

	As of June 30, 2020						As of December 31, 2019
	PCD		Non-PCD		Total		PCI		Non-PCI		Total
Acquired loans	$	243,207	$	1,516,157	$	1,759,364	$	167,183	$	1,216,133	$	1,383,316

⁽¹⁾Included in loans in the Consolidated Statements of Financial Condition.

⁽²⁾Prior to the adoption of CECL on January 1, 2020, loans that had evidence of credit deterioration since origination and for which it was probable at acquisition that the Company would not collect all contractually required principal and interest payments were classified as PCI.

The outstanding balance of PCD loans was $284.3 million as of June 30, 2020 and the outstanding balance of PCI loans was $243.0 million as of December 31, 2019.

Total accretion on acquired loans for the quarters and six months ended June 30, 2020 and 2019 was $7.0 million and $13.9 million, respectively, and $10.3 million and $16.7 million for the same periods in 2019.