Loans and Leases

3 Months Ended

Mar. 31, 2024

The following table presents the major types of loans and leases, net of deferred fees and costs, as of the dates presented:


(in thousands)	March 31, 2024		December 31, 2023
Commercial real estate
Non-owner occupied term, net	$	6,557,768	$	6,482,940
Owner occupied term, net	5,231,676		5,195,605
Multifamily, net	5,828,960		5,704,734
Construction & development, net	1,728,652		1,747,302
Residential development, net	284,117		323,899
Commercial
Term, net	5,544,450		5,536,765
Lines of credit & other, net	2,491,557		2,430,127
Leases & equipment finance, net	1,706,759		1,729,512
Residential
Mortgage, net	6,128,884		6,157,166
Home equity loans & lines, net	1,950,421		1,938,166
Consumer & other, net	189,169		195,735
Total loans and leases, net of deferred fees and costs	$	37,642,413	$	37,441,951

The Company elected to exclude accrued interest receivable from the amortized cost basis of loans disclosed throughout this footnote. Interest accrued on loans totaled $157.8 million and $154.9 million as of March 31, 2024 and December 31, 2023, respectively, and is included in other assets on the Condensed Consolidated Balance Sheets. As of March 31, 2024, loans totaling $21.1 billion were pledged to secure borrowings and available lines of credit.

Originated loans are reported at the principal amount outstanding, net of unearned interest and deferred fees and costs, and any partial charge-offs recorded. Purchased loans are recorded at fair value at the date of purchase. As of March 31, 2024 and December 31, 2023, the net deferred fees and costs were $69.8 million and $71.8 million, respectively.

Total loans and leases also include discounts on acquired loans of $522.7 million and $552.5 million as of March 31, 2024 and December 31, 2023, respectively. The outstanding contractual unpaid principal balance of PCD loans, excluding acquisition accounting adjustments, was $316.1 million and $331.9 million as of March 31, 2024 and December 31, 2023, respectively. The carrying balance of PCD loans was $288.8 million and $300.2 million as of March 31, 2024 and December 31, 2023, respectively.

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 $4.9 million for the three months ended March 31, 2024, as compared to $4.7 million for the three months ended March 31, 2023.