

	June 30, 2020		December 31, 2019
	(in thousands)
Loans:
Commercial and industrial *	$	6,884,689	$	4,825,997
Commercial real estate:
Commercial real estate	16,571,877		15,996,741
Construction	1,721,352		1,647,018
Total commercial real estate loans	18,293,229		17,643,759
Residential mortgage	4,405,147		4,377,111
Consumer:
Home equity	471,115		487,272
Automobile	1,369,489		1,451,623
Other consumer	890,942		913,446
Total consumer loans	2,731,546		2,852,341
Total loans	$	32,314,611	$	29,699,208

Total loans includes net unearned discounts and deferred loan fees of $131.3 million at June 30, 2020 and net unearned premiums and deferred loan costs of $12.6 million at December 31, 2019. Net unearned discounts and deferred loan fees at June 30, 2020 include the non-credit discount on PCD loans and net unearned fees related to SBA PPP loans.

Valley transferred and sold approximately $30.0 million and $216.3 million of residential mortgage loans from the loan portfolio to loans held for sale during the six months ended June 30, 2020 and 2019, respectively. Excluding the loan transfers, there were no sales of loans from the held for investment portfolio during the six months ended June 30, 2020 and 2019.

For all of its loan types, Valley adheres to a credit policy designed to minimize credit risk while generating the maximum income given the level of risk appetite. Management reviews and approves these policies and procedures on a regular basis with subsequent approval by the Board of Directors annually. Credit authority relating to a significant

dollar percentage of the overall portfolio is centralized and controlled by the Credit Risk Management Division and by the Credit Committee. A reporting system supplements the management review process by providing management with frequent reports concerning loan production, loan quality, internal loan classification, concentrations of credit, loan delinquencies, non-performing, and potential problem loans. Loan portfolio diversification is an important factor utilized by Valley to manage its risk across business sectors and through cyclical economic circumstances. See Valley’s Annual Report on Form 10-K for the year ended December 31, 2019 for further details.

Loans are deemed to be past due when the contractually required principal and interest payments have not been received as they become due. Loans are placed on non-accrual status generally, when they become 90 days past due and the full and timely collection of principal and interest becomes uncertain. When a loan is placed on non-accrual status, interest accruals cease and uncollected accrued interest is reversed and charged against current income. Cash collections from non-accrual loans are generally applied against principal, and no interest income is recognized on these loans until the principal balance has been determined to be fully collectible.



	Past Due and Non-Accrual Loans
	30-59 Days Past Due Loans		60-89 Days Past Due Loans		90 Days or More Past Due Loans		Non-Accrual Loans		Total Past Due Loans		Current Loans		Total Loans		Non-Accrual Loans Without Allowance for Credit Losses
	(in thousands)
June 30, 2020
Commercial and industrial	$	6,206	$	4,178	$	5,220	$	130,876	$	146,480	$	6,738,209	$	6,884,689	$	13,501
Commercial real estate:
Commercial real estate	13,912		1,543		—		43,678		59,133		16,512,744		16,571,877		40,476
Construction	—		—		—		3,308		3,308		1,718,044		1,721,352		2,830
Total commercial real estate loans	13,912		1,543		—		46,986		62,441		18,230,788		18,293,229		43,306
Residential mortgage	35,263		4,169		3,812		25,776		69,020		4,336,127		4,405,147		13,717
Consumer loans:
Home equity	3,236		864		363		5,326		9,789		461,326		471,115		145
Automobile	8,254		2,171		1,173		1,621		13,219		1,356,270		1,369,489		—
Other consumer	1,472		751		546		—		2,769		888,173		890,942		—
Total consumer loans	12,962		3,786		2,082		6,947		25,777		2,705,769		2,731,546		145
Total	$	68,343	$	13,676	$	11,114	$	210,585	$	303,718	$	32,010,893	$	32,314,611	$	70,669

The following table presents past due, non-accrual and current loans by loan portfolio class at December 31, 2019. At December 31, 2019, purchased credit-impaired (PCI) loans were excluded from past due and non-accrual loans reported because they continued to earn interest income from the accretable yield at the pool level. The PCI loan pools are accounted for as PCD loans (on a loan level basis with a related allowance for credit losses) under the CECL standard adopted at January 1, 2020 and reported in the past due loans and non-accrual loans in the tables above at June 30, 2020.



	Past Due and Non-Accrual Loans
	30-59 Days Past Due Loans		60-89 Days Past Due Loans		90 Days or More Past Due Loans		Non-Accrual Loans		Total Past Due Loans		Current Non-PCI Loans		PCI Loans
	(in thousands)
December 31, 2019
Commercial and industrial	$	11,700	$	2,227	$	3,986	$	68,636	$	86,549	$	4,057,434	$	682,014
Commercial real estate:
Commercial real estate	2,560		4,026		579		9,004		16,169		10,886,724		5,093,848
Construction	1,486		1,343		—		356		3,185		1,492,532		151,301
Total commercial real estate loans	4,046		5,369		579		9,360		19,354		12,379,256		5,245,149
Residential mortgage	17,143		4,192		2,042		12,858		36,235		3,760,707		580,169
Consumer loans:
Home equity	1,051		80		—		1,646		2,777		373,243		111,252
Automobile	11,482		1,581		681		334		14,078		1,437,274		271
Other consumer	1,171		866		30		224		2,291		900,411		10,744
Total consumer loans	13,704		2,527		711		2,204		19,146		2,710,928		122,267
Total	$	46,593	$	14,315	$	7,318	$	93,058	$	161,284	$	22,908,325	$	6,629,599

Credit quality indicators. Valley utilizes an internal loan classification system as a means of reporting problem loans within commercial and industrial, commercial real estate, and construction loan portfolio classes. Under Valley’s internal risk rating system, loan relationships could be classified as "Pass," "Special Mention," "Substandard," "Doubtful," and "Loss." Substandard loans include loans that exhibit well-defined weakness and are characterized by the distinct possibility that Valley will sustain some loss if the deficiencies are not corrected. Loans classified as Doubtful have all the weaknesses inherent in those classified as Substandard with the added characteristic that the weaknesses present make collection or liquidation in full, based on currently existing facts, conditions and values, highly questionable and improbable. Loans classified as Loss are those considered uncollectible with insignificant value and are charged-off immediately to the allowance for loan losses, and, therefore, not presented in the table below. Loans that do not currently pose a sufficient risk to warrant classification in one of the aforementioned categories but pose weaknesses that deserve management’s close attention are deemed Special Mention. Loans rated as Pass do not currently pose any identified risk and can range from the highest to average quality, depending on the degree of potential risk. Risk ratings are updated any time the situation warrants.



	Term Loans
	Amortized Cost Basis by Origination Year
June 30, 2020	2020		2019		2018		2017		2016		Prior to 2016		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans		Total
	(in thousands)
Commercial and industrial
Risk Rating:
Pass	$	2,680,515	$	697,134	$	644,080	$	306,259	$	169,439	$	422,608	$	1,705,273	$	466	$	6,625,774
Special Mention	77		9,522		1,408		10,669		11,138		15,595		45,635		88		94,132
Substandard	5,963		7,356		1,269		2,155		3,331		13,704		13,040		57		46,875
Doubtful	—		1,340		—		17,577		—		97,769		1,222		—		117,908
Total commercial and industrial	$	2,686,555	$	715,352	$	646,757	$	336,660	$	183,908	$	549,676	$	1,765,170	$	611	$	6,884,689
Commercial real estate
Risk Rating:
Pass	$	1,589,407	$	3,175,366	$	2,480,315	$	2,059,141	$	1,957,684	$	4,775,400	$	198,836	$	12,031	$	16,248,180
Special Mention	—		18,913		31,799		18,620		32,853		73,609		3,496		—		179,290
Substandard	4,783		100		10,855		18,186		5,636		102,424		—		—		141,984
Doubtful	—		—		—		811		—		1,612		—		—		2,423
Total commercial real estate	$	1,594,190	$	3,194,379	$	2,522,969	$	2,096,758	$	1,996,173	$	4,953,045	$	202,332	$	12,031	$	16,571,877
Construction
Risk Rating:
Pass	$	43,118	$	135,181	$	160,452	$	28,928	$	49,000	$	99,014	$	1,186,010	$	—	$	1,701,703
Special Mention	—		—		—		—		9,774		435		6,114		—		16,323
Substandard	—		—		—		—		2,405		921		—		—		3,326
Total construction	$	43,118	$	135,181	$	160,452	$	28,928	$	61,179	$	100,370	$	1,192,124	$	—	$	1,721,352

For residential mortgages, automobile, home equity and other consumer loan portfolio classes, Valley also evaluates credit quality based on the aging status of the loan, which was previously presented, and by payment activity. The following table presents the amortized cost in those loan classes (including PCD loans) based on payment activity by origination year as of June 30, 2020.



	Term Loans
	Amortized Cost Basis by Origination Year
June 30, 2020	2020		2019		2018		2017		2016		Prior to 2016		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans		Total
	(in thousands)
Residential mortgage
Performing	$	414,014	$	827,300	$	851,792	$	701,366	$	426,897	$	1,097,287	$	73,757	$	—	$	4,392,413
90 days or more past due	—		1,316		2,973		3,880		4,565		—		—		—		12,734
Total residential mortgage	$	414,014	$	828,616	$	854,765	$	705,246	$	431,462	$	1,097,287	$	73,757	$	—	$	4,405,147
Consumer loans
Home equity
Performing	$	3,816	$	12,678	$	15,090	$	11,387	$	6,941	$	18,823	$	347,142	$	53,086	$	468,963
90 days or more past due	—		—		—		—		25		321		1,046		760		2,152
Total home equity	3,816		12,678		15,090		11,387		6,966		19,144		348,188		53,846		471,115
Automobile
Performing	184,095		524,849		338,665		200,947		75,553		42,550		—		—		1,366,659
90 days or more past due	49		921		824		620		197		219		—		—		2,830
Total automobile	184,144		525,770		339,489		201,567		75,750		42,769		—		—		1,369,489
Other Consumer
Performing	910		6,286		13,232		1,306		1,723		12,179		854,340		408		890,384
90 days or more past due	—		15		—		—		—		4		539		—		558
Total other consumer	910		6,301		13,232		1,306		1,723		12,183		854,879		408		890,942
Total Consumer	$	188,870	$	544,749	$	367,811	$	214,260	$	84,439	$	74,096	$	1,203,067	$	54,254	$	2,731,546



Credit exposure— by internally assigned risk rating			Special						Total Non-PCI
Credit exposure— by internally assigned risk rating	Pass		Mention		Substandard		Doubtful		Loans
	(in thousands)
December 31, 2019
Commercial and industrial	$	3,982,453	$	33,718	$	66,511	$	61,301	$	4,143,983
Commercial real estate	10,781,587		77,884		42,560		862		10,902,893
Construction	1,487,877		7,486		354		—		1,495,717
Total	$	16,251,917	$	119,088	$	109,425	$	62,163	$	16,542,593

For residential mortgages, automobile, home equity and other consumer loan portfolio classes (excluding PCI loans), Valley also evaluates credit quality based on the aging status of the loan, which is presented above, and by payment activity. The following table presents the recorded investment in those loan classes based on payment activity as of December 31, 2019:



Credit exposure— by payment activity	Performing Loans		Non-Performing Loans		Total Non-PCI Loans
	(in thousands)
December 31, 2019
Residential mortgage	$	3,784,084	$	12,858	$	3,796,942
Home equity	374,374		1,646		376,020
Automobile	1,451,018		334		1,451,352
Other consumer	902,478		224		902,702
Total	$	6,511,954	$	15,062	$	6,527,016



Credit exposure— by payment activity	Performing Loans		Non-Performing Loans		Total Non-PCI Loans
	(in thousands)
December 31, 2019
Commercial and industrial	$	653,997	$	28,017	$	682,014
Commercial real estate	5,065,388		28,460		5,093,848
Construction	148,692		2,609		151,301
Residential mortgage	571,006		9,163		580,169
Consumer	120,356		1,911		122,267
Total	$	6,559,439	$	70,160	$	6,629,599

Troubled debt restructured loans. From time to time, Valley may extend, restructure, or otherwise modify the terms of existing loans, on a case-by-case basis, to remain competitive and retain certain customers, as well as assist other customers who may be experiencing financial difficulties. If the borrower is experiencing financial difficulties and a concession has been made at the time of such modification, the loan is classified as a troubled debt restructured loan (TDR). At the adoption of ASU 2016-13, Valley was not required to reassess whether modifications to individual PCI loans prior to January 1, 2020 met the TDR loan criteria.

The majority of the concessions made for TDRs involve lowering the monthly payments on loans through either a reduction in interest rate below a market rate, an extension of the term of the loan without a corresponding adjustment to the risk premium reflected in the interest rate, or a combination of these two methods. The concessions rarely result in the forgiveness of principal or accrued interest. In addition, Valley frequently obtains additional collateral or guarantor support when modifying such loans. If the borrower has demonstrated performance under the previous terms of the loan and Valley’s underwriting process shows the borrower has the capacity to continue to perform under the restructured terms, the loan will continue to accrue interest. Non-accruing restructured loans may be returned to accrual status when there has been a sustained period of repayment performance (generally six consecutive months of payments) and both principal and interest are deemed collectible.



	Three Months Ended June 30,
	2020					2019
Troubled Debt Restructurings	Number of Contracts	Pre-Modification Amortized Carrying Amount		Post-Modification Amortized Carrying Amount		Number of Contracts	Pre-Modification Amortized Carrying Amount		Post-Modification Amortized Carrying Amount
	($ in thousands)
Commercial and industrial	4	$	9,052	$	7,047	17	$	14,663	$	14,187
Commercial real estate:
Commercial real estate	1	885		900		1	3,067		3,067
Construction	2	435		218		—	—		—
Total commercial real estate	3	1,320		1,118		1	3,067		3,067
Residential mortgage	—	—		—		1	155		155
Total	7	$	10,372	$	8,165	19	$	17,885	$	17,409



	Six Months Ended June 30,
	2020					2019
Troubled Debt Restructurings	Number of Contracts	Pre-Modification Amortized Carrying Amount		Post-Modification Amortized Carrying Amount		Number of Contracts	Pre-Modification Amortized Carrying Amount		Post-Modification Amortized Carrying Amount
	($ in thousands)
Commercial and industrial	20	$	22,196	$	19,674	53	$	38,216	$	37,248
Commercial real estate:
Commercial real estate	2	4,748		4,762		2	4,665		4,665
Construction	2	435		218		—	—		—
Total commercial real estate	4	5,183		4,980		2	4,665		4,665
Residential mortgage	—	—		—		1	155		155
Total	24	$	27,379	$	24,654	56	$	43,036	$	42,068

The total TDRs presented in the above table had allocated reserves for loan losses of $8.4 million and $11.7 million at June 30, 2020 and 2019, respectively. There were $2.9 million and $3.7 million of partial charge-offs related to TDRs for the three and six months ended June 30, 2020, respectively. There were $1.1 million and $2.0 million of partial charge-offs related to TDRs for the three and six months ended June 30, 2019, respectively. Valley did not extend any commitments to lend additional funds to borrowers whose loans have been modified as TDRs during the three and six months ended June 30, 2020 and 2019.



	Three Months Ended June 30,
	2020			2019
Troubled Debt Restructurings Subsequently Defaulted	Number of Contracts	Amortized Cost		Number of Contracts	Recorded Investment
	($ in thousands)
Commercial and industrial	20	$	14,986	18	$	12,322
Commercial real estate	—	—		1	383
Residential mortgage	1	220		—	—
Consumer	2	204		—	—
Total	23	$	15,410	19	$	12,705



	Six Months Ended June 30,
	2020			2019
Troubled Debt Restructurings Subsequently Defaulted	Number of Contracts	Amortized Cost		Number of Contracts	Recorded Investment
	($ in thousands)
Commercial and industrial	20	$	14,986	18	$	12,322
Commercial real estate	—	—		1	383
Residential mortgage	1	220		2	215
Consumer	2	204		1	18
Total	23	$	15,410	22	$	12,938

In response to the COVID-19 pandemic and its economic impact to certain customers, Valley implemented short-term loan modifications such as payment deferrals, fee waivers, extensions of repayment terms, or delays in payment that were insignificant, when requested by customers. These modifications complied with the Coronavirus Aid, Relief, and Economic Security (CARES) Act to provide temporary payment relief to those borrowers directly impacted by COVID-19 who were not more than 30 days past due as of December 31, 2019. Generally, the modification terms allow for a deferral of payments for up to 90 days, which Valley may extend for an additional 90 days, for a maximum of 180 days on a cumulative and successive basis. As of June 30, 2020, Valley had approximately 7,000 loans totaling approximately $3.1 billion in their contractual deferred payment period in accordance with short-term modification terms. Under the applicable guidance, none of these loans were considered TDRs as of June 30, 2020.

Loans in Process of Foreclosure. Other real estate owned (OREO) totaled $8.3 million and $9.4 million at June 30, 2020 and December 31, 2019, respectively. OREO included foreclosed residential real estate properties totaling $2.5 million and $2.1 million at June 30, 2020 and December 31, 2019, respectively. Residential mortgage and consumer loans secured by residential real estate properties for which formal foreclosure proceedings are in process totaled $1.8 million and $2.8 million at June 30, 2020 and December 31, 2019, respectively.

The following table summarizes the provision for credit losses for loans for the periods indicated:



	Three Months Ended June 30,					Six Months Ended June 30,
	2020		2019			2020		2019
	(in thousands)
Components of provision for credit losses for loans:
Provision for loan losses	$	41,025	$	3,706		$	74,876	$	11,562
Provision for unfunded credit commitments	90		(1,606		)	163		(1,462		)
Total provision for credit losses for loans	$	41,115	$	2,100		$	75,039	$	10,100

The allowance for loan losses is a valuation account that is deducted from loans' amortized cost basis to present the net amount expected to be collected on loans. Valley's methodology to establish the allowance for loan losses has two basic components: (1) a collective (pooled) reserve component for estimated lifetime expected credit losses for pools of loans that share similar risk characteristics and (2) an individual reserve component for loans that do not share common risk characteristics.

Reserves for loans that share common risk characteristics. In estimating the component of the allowance on a collective basis, Valley uses a transition matrix model which calculates an expected life of loan loss percentage for each loan pool by generating probability of default and loss given default metrics. The metrics are based on the migration of loans from performing to loss by credit quality rating or delinquency categories using historical life-of-loan analysis periods for each loan portfolio pool, and the severity of loss, based on the aggregate net lifetime losses incurred. The model's expected losses based on loss history are adjusted for qualitative factors. Among other things, these adjustments include and account for differences in: (i) lending policies and procedures, (ii) current business conditions and economic developments that affect the loan collectability, (iii) concentration risks by size, type, and geography, (iv) the potential volume and migration of loan forbearances to non-performing status, and (v) the effect of external factors such as legal and regulatory requirements on the level of estimated credit losses in the existing portfolio.

Valley utilizes a two-year reasonable and supportable forecast period followed by a one-year period over which estimated losses revert to historical loss experience for the remaining life of the loan. The forecasts consist of a multi-scenario economic forecast model to estimate future credit losses that is governed by a cross-functional committee. The committee meets each quarter to determine which economic scenarios developed by Moody's will be incorporated into the model, as well as the relative probability weightings of the selected scenarios, based upon all readily available information. The model projects economic variables under each scenario based on detailed statistical analyses. Valley has identified and selected key variables that most closely correlated to our historical credit performance, which include: GDP, unemployment and the Case-Shiller Home Price Index.

Reserves for loans that that do not share common risk characteristics. Valley measures specific reserves for individual loans that do not share common risk characteristics with other loans, consisting of collateral dependent, TDR, and expected TDR loans, based on the amount of lifetime expected credit losses calculated on those loans and charge-offs of those amounts determined to be uncollectible. Factors considered by Valley in measuring the extent of expected credit loss include payment status, collateral value, borrower financial condition, guarantor support and the probability of collecting scheduled principal and interest payments when due. If repayment is based upon future expected cash flows, the present value of the expected future cash flows discounted at the loan’s original effective interest rate is compared to the carrying value of the loan, and any shortfall is recorded as the allowance for credit losses. The effective interest rate used to discount expected cash flows is adjusted to incorporate expected prepayments, if applicable.

When Valley determines that foreclosure is probable, collateral dependent loan balances are written down to the estimated current fair value (less estimated selling costs) of each loan’s underlying collateral resulting in an immediate charge-off to the allowance, excluding any consideration for personal guarantees that may be pursued in the Bank’s collection process. Valley elected a practical expedient to use the estimated current fair value (less estimated selling costs) of the collateral to measure expected credit losses on collateral dependent loans when foreclosure is not probable.

Commercial and industrial loans are primarily collateralized by taxi medallions in the table above. Commercial real estate loans are collateralized by real estate and construction loans are generally secured by the real estate to be developed and may also be secured by additional real estate to mitigate the risk. Residential and home equity loans are collateralized by residential real estate.

The allowance for unfunded credit commitments generally consists of undisbursed non-cancellable lines of credit, new loan commitments and commercial letters of credit valued using a similar methodology as used for loans. Management's estimate of expected losses inherent in these off-balance sheet credit exposures also incorporates estimated usage factors over the commitment's contractual period or an expected pull-through rate for new loan commitments. The allowance for unfunded credit commitments totaling $10.1 million at June 30, 2020 is included in accrued expenses and other liabilities on the consolidated statements of financial condition.



	Commercial and Industrial			Commercial Real Estate			Residential Mortgage			Consumer			Total
	(in thousands)
Three Months Ended June 30, 2020
Allowance for loan losses:
Beginning balance	$	127,437		$	111,585		$	29,456		$	14,864		$	283,342
Loans charged-off	(14,024		)	(27		)	(5		)	(2,601		)	(16,657		)
Charged-off loans recovered	799			51			545			509			1,904
Net (charge-offs) recoveries	(13,225		)	24			540			(2,092		)	(14,753		)
Provision for loan losses	17,827			20,093			(366		)	3,471			41,025
Ending balance	$	132,039		$	131,702		$	29,630		$	16,243		$	309,614
Three Months Ended June 30, 2019
Allowance for losses:
Beginning balance	$	94,630		$	47,762		$	5,139		$	6,850		$	154,381
Loans charged-off	(3,073		)	—			—			(1,752		)	(4,825		)
Charged-off loans recovered	1,195			22			9			617			1,843
Net (charge-offs) recoveries	(1,878		)	22			9			(1,135		)	(2,982		)
Provision for loan losses	1,632			1,194			71			809			3,706
Ending balance	$	94,384		$	48,978		$	5,219		$	6,524		$	155,105



	Commercial and Industrial			Commercial Real Estate			Residential Mortgage			Consumer			Total
	(in thousands)
Six Months Ended June 30, 2020
Allowance for loan losses:
Beginning balance	$	104,059		$	45,673		$	5,060		$	6,967		$	161,759
Impact of ASU 2016-13 adoption*	15,169			49,797			20,575			6,990			92,531
Loans charged-off	(17,384		)	(71		)	(341		)	(5,166		)	(22,962		)
Charged-off loans recovered	1,368			144			595			1,303			3,410
Net (charge-offs) recoveries	(16,016		)	73			254			(3,863		)	(19,552		)
Provision for loan losses	28,827			36,159			3,741			6,149			74,876
Ending balance	$	132,039		$	131,702		$	29,630		$	16,243		$	309,614
Six Months Ended June 30, 2019
Allowance for losses:
Beginning balance	$	90,956		$	49,650		$	5,041		$	6,212		$	151,859
Loans charged-off	(7,355		)	—			(15		)	(3,780		)	(11,150		)
Charged-off loans recovered	1,678			43			10			1,103			2,834
Net (charge-offs) recoveries	(5,677		)	43			(5		)	(2,677		)	(8,316		)
Provision for loan losses	9,105			(715		)	183			2,989			11,562
Ending balance	$	94,384		$	48,978		$	5,219		$	6,524		$	155,105



	Commercial and Industrial		Commercial Real Estate		Residential Mortgage		Consumer		Total
	(in thousands)
June 30, 2020
Allowance for loan losses:
Individually evaluated for credit losses	$	69,333	$	1,237	$	430	$	498	$	71,498
Collectively evaluated for credit losses	62,706		130,465		29,200		15,745		238,116
Total	$	132,039	$	131,702	$	29,630	$	16,243	$	309,614
Loans:
Individually evaluated for credit losses	$	138,120	$	77,914	$	22,148	$	3,096	$	241,278
Collectively evaluated for credit losses	6,746,569		18,215,315		4,382,999		2,728,450		32,073,333
Total	$	6,884,689	$	18,293,229	$	4,405,147	$	2,731,546	$	32,314,611
December 31, 2019
Allowance for loan losses:
Individually evaluated for credit losses	$	36,662	$	1,338	$	518	$	58	$	38,576
Collectively evaluated for credit losses	67,397		44,335		4,542		6,909		123,183
Total	$	104,059	$	45,673	$	5,060	$	6,967	$	161,759
Loans:
Individually evaluated for credit losses	$	100,860	$	51,242	$	10,689	$	853	$	163,644
Collectively evaluated for credit losses	4,043,123		12,347,368		3,786,253		2,729,221		22,905,965
Loans acquired with discounts related to credit quality	682,014		5,245,149		580,169		122,267		6,629,599
Total	$	4,825,997	$	17,643,759	$	4,377,111	$	2,852,341	$	29,699,208

Impaired loans. Impaired loans disclosures presented below as of December 31, 2019 represent requirements prior to the adoption of ASU No. 2016-13 on January 1, 2020. Impaired loans, consisting of non-accrual commercial and industrial loans, commercial real estate loans over $250 thousand and all loans which were modified in troubled debt restructurings, were individually evaluated for impairment. PCI loans were not classified as impaired loans because they are accounted for on a pool basis.



	Recorded Investment With No Related Allowance		Recorded Investment With Related Allowance		Total Recorded Investment		Unpaid Contractual Principal Balance		Related Allowance
	(in thousands)
December 31, 2019
Commercial and industrial	$	14,617	$	86,243	$	100,860	$	114,875	$	36,662
Commercial real estate:
Commercial real estate	26,046		24,842		50,888		51,258		1,338
Construction	354		—		354		354		—
Total commercial real estate loans	26,400		24,842		51,242		51,612		1,338
Residential mortgage	5,836		4,853		10,689		11,800		518
Consumer loans:
Home equity	366		487		853		956		58
Total consumer loans	366		487		853		956		58
Total	$	47,219	$	116,425	$	163,644	$	179,243	$	38,576