Loans Receivable and Allowance for Credit Losses | Loans Receivable and Allowance for Credit Losses On January 1, 2020, the Company adopted CECL, which replaced the incurred loss methodology with an expected loss methodology. The adoption of the new standard resulted in the Company recording a $7.9 million increase to the allowance for credit losses on loans with a corresponding cumulative effect adjustment to decrease retained earnings by $5.9 million, net of income taxes. (See Adoption of CECL table below for additional detail.) Loans receivable at September 30, 2020 and December 31, 2019 are summarized as follows (in thousands): September 30, 2020 December 31, 2019 Mortgage loans: Residential $ 1,320,222 1,077,689 Commercial 3,750,639 2,578,393 Multi-family 1,544,924 1,225,551 Construction 462,161 429,812 Total mortgage loans 7,077,946 5,311,445 Commercial loans Commercial owner occupied 934,104 853,269 Commercial non-owner occupied 906,355 732,277 Other commercial loans 449,737 49,213 Total commercial loans 2,290,196 1,634,759 Consumer loans 406,451 391,360 Total gross loans 9,774,593 7,337,564 PCI loans prior to CECL — 746 Premiums on purchased loans 1,514 2,474 Unearned discounts (26) (26) Net deferred fees (19,272) (7,873) Total loans $ 9,756,809 7,332,885 The following tables summarize the aging of loans receivable by portfolio segment and class of loans (in thousands). The September 30, 2020 balances include PCD loans, while the December 31, 2019 balances exclude PCI loans (in accordance with ASC 310, prior to the adoption of ASU 2016-13 on January 1, 2020): September 30, 2020 30-59 Days 60-89 Days Non-accrual Recorded Total Past Current Total Loans Non-accrual loans with no related allowance Mortgage loans: Residential $ 8,719 7,215 9,424 — 25,358 1,294,864 1,320,222 1,491 Commercial 3,914 4,629 16,568 — 25,111 3,725,528 3,750,639 4,134 Multi-family — 488 — — 488 1,544,436 1,544,924 — Construction 7,396 918 151 — 8,465 453,696 462,161 — Total mortgage loans 20,029 13,250 26,143 — 59,422 7,018,524 7,077,946 5,625 Commercial loans 5,575 949 21,269 — 27,793 2,262,403 2,290,196 6,060 Consumer loans 745 862 1,541 — 3,148 403,303 406,451 9 Total gross loans $ 26,349 15,061 48,953 — 90,363 9,684,230 9,774,593 11,694 December 31, 2019 30-59 Days 60-89 Days Non-accrual Recorded Total Past Current Total Loans Receivable Non-accrual loans with no related allowance Mortgage loans: Residential $ 5,905 2,579 8,543 — 17,027 1,060,662 1,077,689 2,989 Commercial — — 5,270 — 5,270 2,573,123 2,578,393 — Multi-family — — — — — 1,225,551 1,225,551 — Construction — — — — — 429,812 429,812 — Total mortgage loans 5,905 2,579 13,813 — 22,297 5,289,148 5,311,445 2,989 Commercial loans 2,383 95 25,160 — 27,638 1,607,121 1,634,759 3,238 Consumer loans 1,276 337 1,221 — 2,834 388,526 391,360 569 Total gross loans $ 9,564 3,011 40,194 — 52,769 7,284,795 7,337,564 6,796 Included in loans receivable are loans for which the accrual of interest income has been discontinued due to deterioration in the financial condition of the borrowers. The principal amounts of these non-accrual loans were $49.0 million and $40.2 million at September 30, 2020 and December 31, 2019, respectively. Included in non-accrual loans were $4.9 million and $13.1 million of loans which were less than 90 days past due at September 30, 2020 and December 31, 2019, respectively. There were no loans 90 days or greater past due and still accruing interest at September 30, 2020 or December 31, 2019. Management has elected to measure an allowance for credit losses for accrued interest receivables specifically related to any loan that has been deferred as a result of COVID-19. Generally, accrued interest is written off by reversing interest income during the quarter the loan is moved from an accrual to a non-accrual status. The Company defines an impaired loan as a non-homogeneous loan greater than $1.0 million, for which, based on current information, the Bank does not expect to collect all amounts due under the contractual terms of the loan agreement. Impaired loans also include all loans modified as troubled debt restructurings (“TDRs”). An allowance for collateral-dependent impaired loans that have been modified in a TDR is measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price, or the estimated fair value of the collateral, less any selling costs. The Company uses third-party appraisals to determine the fair value of the underlying collateral in its analysis of collateral-dependent loans. A third-party appraisal is generally ordered as soon as a loan is designated as a collateral-dependent loan and updated annually, or more frequently if required. A financial asset is considered collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. For all classes of loans deemed collateral-dependent, the Company estimates expected credit losses based on the collateral’s fair value less any selling costs. A specific allocation of the allowance for credit losses is established for each collateral-dependent loan with a carrying balance greater than the collateral’s fair value, less estimated selling costs. In most cases, the Company records a partial charge-off to reduce the loan’s carrying value to the collateral’s fair value less estimated selling costs. At each fiscal quarter end, if a loan is designated as collateral-dependent and the third-party appraisal has not yet been received, an evaluation of all available collateral is made using the best information available at the time, including rent rolls, borrower financial statements and tax returns, prior appraisals, management’s knowledge of the market and collateral, and internally prepared collateral valuations based upon market assumptions regarding vacancy and capitalization rates, each as and where applicable. Once the appraisal is received and reviewed, the specific reserves are adjusted to reflect the appraised value. The Company believes there have been no significant time lapses resulting from this process. At September 30, 2020, there were 151 impaired loans totaling $65.8 million. Included in this total were 122 TDRs related to 119 borrowers totaling $38.0 million that were performing in accordance with their restructured terms and which continued to accrue interest at September 30, 2020. At December 31, 2019, there were 158 impaired loans totaling $70.6 million, of which 147 loans totaling $48.3 million were TDRs. Included in this total were 133 TDRs to 128 borrowers totaling $42.7 million that were performing in accordance with their restructured terms and which continued to accrue interest at December 31, 2019. At September 30, 2020 and December 31, 2019, the Company had $18.0 million and $20.4 million of collateral-dependent impaired loans, respectively. The collateral-dependent impaired loans at September 30, 2020 consisted of $13.2 million in commercial loans, $4.7 million in residential real estate loans, and $9,000 in consumer loans. The collateral for these impaired loans was primarily real estate. The activity in the allowance for credit losses by portfolio segment for the three and nine months ended September 30, 2020 and 2019 was as follows (in thousands): Three months ended September 30, Mortgage loans Commercial loans Consumer loans Total 2020 Balance at beginning of period $ 54,871 25,284 6,104 86,259 Provision charged to operations 2,922 2,767 722 6,411 Initial allowance on credit loans related to PCD loans 11,984 1,582 20 13,586 Recoveries of loans previously charged-off 35 679 144 858 Loans charged-off (22) (727) (51) (800) Balance at end of period $ 69,790 29,585 6,939 106,314 2019 Balance at beginning of period $ 27,280 33,549 1,981 62,810 Provision charged to operations (2,092) 2,880 (288) 500 Recoveries of loans previously charged-off 24 126 343 493 Loans charged-off (131) (6,212) (116) (6,459) Balance at end of period $ 25,081 30,343 1,920 57,344 Nine months ended September 30, Mortgage loans Commercial loans Consumer loans Total 2020 Balance at beginning of period $ 25,511 28,263 1,751 55,525 Increase (decrease) due to the initial adoption of CECL - Retained earnings 14,188 (9,974) 3,706 7,920 Initial allowance on credit loans related to PCD loans 11,984 1,582 20 13,586 Provision charged to operations 17,987 12,672 1,352 32,011 Recoveries of loans previously charged-off 143 1,597 370 2,110 Loans charged-off (23) (4,555) (260) (4,838) Balance at end of period $ 69,790 29,585 6,939 106,314 2019 Balance at beginning of period $ 27,678 25,693 2,191 55,562 Provision (credited) charged to operations (2,814) 13,337 (323) 10,200 Recoveries of loans previously charged-off 361 291 596 1,248 Loans charged-off (144) (8,978) (544) (9,666) Balance at end of period $ 25,081 30,343 1,920 57,344 As a result of the January 1, 2020 adoption of CECL, the Company recorded a $7.9 million increase to the allowance for credit losses on loans. For the three and nine months ended September 30, 2020, the Company recorded a $6.4 million and $32.0 million provision for credit losses on loans, respectively. The increase in the provision for credit losses for the three and nine months ended September 30, 2020 reflects management’s best estimate of projected losses over the life of loans in our portfolio in accordance with the CECL approach, given the economic outlook and forecasts related to the COVID-19 pandemic, as well as the impact of unprecedented fiscal, monetary and regulatory interventions. The largest increase in the provision for credit losses on loans for the three and nine months ended September 30, 2020 was in the commercial real estate portfolio. The following table illustrates the impact of the January 1, 2020 adoption of CECL on the allowance for credits for the loan portfolio (in thousands): January 1, 2020 As reported under CECL Prior to CECL Impact of CECL adoption Loans Residential $ 8,950 3,411 5,539 Commercial 17,118 12,885 4,233 Multi-family 9,519 3,370 6,149 Construction 4,152 5,885 (1,733) Total mortgage loans 39,739 25,551 14,188 Commercial loans 18,254 28,228 (9,974) Consumer loans 5,452 1,746 3,706 Allowance for credit losses on loans $ 63,445 55,525 7,920 The following tables summarize loans receivable by portfolio segment and impairment method (in thousands): September 30, 2020 Mortgage Commercial Consumer Total Portfolio Individually evaluated for impairment $ 43,397 20,963 1,449 65,809 Collectively evaluated for impairment 7,034,549 2,269,233 405,002 9,708,784 Total gross loans $ 7,077,946 2,290,196 406,451 9,774,593 December 31, 2019 Mortgage Commercial Consumer Total Portfolio Individually evaluated for impairment $ 39,910 28,357 2,374 70,641 Collectively evaluated for impairment 5,271,535 1,606,402 388,986 7,266,923 Total gross loans $ 5,311,445 1,634,759 391,360 7,337,564 The allowance for credit losses is summarized by portfolio segment and impairment classification as follows (in thousands): September 30, 2020 Mortgage Commercial loans Consumer loans Total Individually evaluated for impairment $ 1,391 1,876 33 3,300 Collectively evaluated for impairment 68,399 27,709 6,906 103,014 Total gross loans $ 69,790 29,585 6,939 106,314 December 31, 2019 Mortgage Commercial loans Consumer Total Individually evaluated for impairment $ 1,580 3,462 25 5,067 Collectively evaluated for impairment 23,931 24,801 1,726 50,458 Total gross loans $ 25,511 28,263 1,751 55,525 Loan modifications to borrowers experiencing financial difficulties that are considered TDRs primarily involve lowering the monthly payments on such 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. These modifications generally do not result in the forgiveness of principal or accrued interest. In addition, management attempts to obtain additional collateral or guarantor support when modifying such loans. If the borrower has demonstrated performance under the previous terms and our 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. The following tables present the number of loans modified as TDRs during the three and nine months ended September 30, 2020 and 2019, along with their balances immediately prior to the modification date and post-modification as of September 30, 2020 and 2019 (in thousands): For the three months ended September 30, 2020 September 30, 2019 Troubled Debt Restructurings Number of Pre-Modification Post-Modification Number of Pre-Modification Post-Modification ($ in thousands) Mortgage loans: Residential 1 $ 91 $ 79 — $ — $ — Total mortgage loans 1 91 79 — — — Commercial loans 1 1,399 1,399 — — — Consumer loans — — — 1 20 16 Total restructured loans 2 $ 1,490 $ 1,478 1 $ 20 $ 16 For the nine months ended September 30, 2020 September 30, 2019 Troubled Debt Restructurings Number of Pre-Modification Post-Modification Number of Pre-Modification Post-Modification ($ in thousands) Mortgage loans: Residential 2 $ 434 $ 360 2 $ 749 $ 716 Commercial — — — 1 14,010 14,010 Total mortgage loans 2 434 360 3 14,759 14,726 Commercial loans 5 2,882 2,791 7 2,707 1,878 Consumer loans — — — 1 20 16 Total restructured loans 7 $ 3,316 $ 3,151 11 $ 17,486 $ 16,620 All TDRs are impaired loans, which are individually evaluated for impairment. During the three and nine months ended September 30, 2020, $612,000 and $3.8 million of charge-offs were recorded on collateral-dependent impaired loans. During the three and nine months ended September 30, 2019, $5.7 million and $7.7 million of charge-offs were recorded on collateral-dependent impaired loans, respectively. For the nine months ended September 30, 2020, the allowance for credit losses associated with the TDRs presented in the preceding tables totaled $421,000, while there was no allowance associated with TDRs for the three months ended September 30, 2020, and was included in the allowance for credit losses for loans individually evaluated for impairment. (See page 26 for further discussion related to COVID-19 loan modifications) For the three and nine months ended September 30, 2020, the TDRs presented in the preceding tables had a weighted average modified interest rate of 4.82% and 5.46%, respectively, compared to a weighted average rate of 4.83% and 5.51% prior to modification, for the three and nine months ended September 30, 2020, respectively. The following table presents loans modified as TDRs within the previous 12 months from September 30, 2020 and 2019, and for which there was a payment default (90 days or more past due) at the quarter ended September 30, 2020 and 2019. September 30, 2020 September 30, 2019 Troubled Debt Restructurings Subsequently Defaulted Number of Loans Outstanding Recorded Investment Number of Loans Outstanding Recorded ($ in thousands) Mortgage loans: Residential — $ — 1 $ 578 Total mortgage loans — — 1 578 Total restructured loans — $ — 1 $ 578 There were no loans which had a payment default (90 days or more past due) for loans modified as TDRs within the 12 month period ending September 30, 2020 . There was one payment default (90 days or more past due) to one borrower for loans modified as TDRs within the 12 month period ending September 30, 2019. For TDRs that subsequently default, the Company determines the amount of the allowance on that loan in accordance with the accounting policy for the allowance for credit losses on loans individually evaluated for impairment. As allowed by CECL, the Company elected to maintain pools of loans accounted for under ASC 310-30. At December 31, 2019, purchased credit impaired (“PCI”) loans totaled $746,000. In accordance with the CECL standard, management did not reassess whether modifications of individually acquired financial assets accounted for in pools were TDRs as of the date of adoption. Loans considered to be PCI prior to January 1, 2020 were converted to purchased credit deteriorated ("PCD") loans on that date. Any additional loans acquired by the Company after January 1, 2020, that experience more-than-insignificant deterioration in credit quality after origination, have been classified as PCD loans. The table below is a summary of the PCD loans accounted for in accordance with ASC 310-26 that were acquired in the SB One acquisition as of the July 31, 2020 closing date (in thousands): Gross amortized cost basis at July 31, 2020 $ 315,784 Interest component of expected cash flows (accretable difference) (7,988) Allowance for credit losses on PCD loans (13,586) Net PCD loans $ 294,210 The following table presents loans individually evaluated for impairment by class and loan category, excluding PCD loans (in thousands): September 30, 2020 December 31, 2019 Unpaid Principal Balance Recorded Investment Related Allowance Average Recorded Investment Interest Income Recognized Unpaid Principal Balance Recorded Investment Related Allowance Average Recorded Investment Interest Income Recognized Loans with no related allowance Mortgage loans: Residential $ 14,144 11,541 — 11,694 386 13,478 10,739 — 10,910 533 Commercial 19,543 19,543 — 19,548 431 — — — — — Total 33,687 31,084 — 31,242 817 13,478 10,739 — 10,910 533 Commercial loans 7,959 5,713 — 7,300 29 3,927 3,696 — 4,015 17 Consumer loans 1,396 895 — 921 39 2,086 1,517 — 1,491 86 Total impaired loans $ 43,042 37,692 — 39,463 885 19,491 15,952 — 16,416 636 Loans with an allowance recorded Mortgage loans: Residential $ 7,922 7,503 728 7,440 235 10,860 10,326 829 10,454 428 Commercial 4,810 4,810 663 4,822 41 18,845 18,845 751 18,862 569 Total 12,732 12,313 1,391 12,262 276 29,705 29,171 1,580 29,316 997 Commercial loans 17,050 15,250 1,876 18,280 293 27,762 24,661 3,462 27,527 444 Consumer loans 569 554 33 560 13 868 857 25 878 46 Total impaired loans $ 30,351 28,117 3,300 31,102 582 58,335 54,689 5,067 57,721 1,487 Total impaired loans Mortgage loans: Residential $ 22,066 19,044 728 19,134 621 24,338 21,065 829 21,364 961 Commercial 24,353 24,353 663 24,370 472 18,845 18,845 751 18,862 569 Total 46,419 43,397 1,391 43,504 1,093 43,183 39,910 1,580 40,226 1,530 Commercial loans 25,009 20,963 1,876 25,580 322 31,689 28,357 3,462 31,542 461 Consumer loans 1,965 1,449 33 1,481 52 2,954 2,374 25 2,369 132 Total impaired loans $ 73,393 65,809 3,300 70,565 1,467 77,826 70,641 5,067 74,137 2,123 Specific allocations of the allowance for credit losses attributable to impaired loans totaled $3.3 million at September 30, 2020 and $5.1 million at December 31, 2019. At September 30, 2020 and December 31, 2019, impaired loans for which there was no related allowance for credit losses totaled $37.7 million and $16.0 million, respectively. The average balance of impaired loans for the nine months ended September 30, 2020 and December 31, 2019 was $70.6 million and $74.1 million, respectively. Management utilizes an internal nine-point risk rating system to summarize its loan portfolio into categories with similar risk characteristics. Loans deemed to be “acceptable quality” are rated 1 through 4, with a rating of 1 established for loans with minimal risk. Loans that are deemed to be of “questionable quality” are rated 5 (watch) or 6 (special mention). Loans with adverse classifications (substandard, doubtful or loss) are rated 7, 8 or 9, respectively. Commercial mortgage, commercial, multi-family and construction loans are rated individually, and each lending officer is responsible for risk rating loans in their portfolio. These risk ratings are then reviewed by the department manager and/or the Chief Lending Officer and by the Credit Department. The risk ratings are also confirmed through periodic loan review examinations which are currently performed by an independent third-party. Reports by the independent third-party are presented directly to the Audit Committee of the Board of Directors. In response to the COVID-19 pandemic and its adverse economic impact on both our commercial and retail borrowers, the Company implemented a modification program to defer principal or principal and interest payments for borrowers directly impacted by the pandemic and who were not more than 30 days past due as of December 31, 2019, all in accordance with the Coronavirus Aid, Relief, and Economic Security ("CARES") Act. Loans that have been or are expected to be granted COVID-19 related deferrals or modifications have decreased from a peak level of $1.31 billion, or 16.8% of loans, to $310.8 million, or 3.2% of loans as of October 16, 2020. This $310.8 million of loans includes $47.5 million acquired from SB One and consists of $27.0 million in a first 90-day deferral period, $84.9 million in a second 90-day deferral period, and $198.9 million that have completed their initial deferral periods, but are expected to require ongoing assistance. Included in the $310.8 million of loans, $92.4 million are secured by hotels, $43.7 million are secured by retail properties, $31.4 million are secured by restaurants, $15.1 million are secured by suburban office space, and $42.7 million are secured by residential mortgages, with the balance comprised of diverse commercial loans. In accordance with the CARES Act, the Company has elected to not apply troubled debt restructuring classification to any COVID-19 related loan modifications that were performed after March 1, 2020 to borrowers who were current as of December 31, 2019. Accordingly, these modifications are not classified as troubled debt restructurings (“TDRs”). In addition, the Company participated in the Paycheck Protection Program (“PPP”) through the United States Department of the Treasury and Small Business Administration ("SBA"). As of September 30, 2020, the Company secured 1,289 PPP loans for its customers totaling $474.8 million. The PPP loans are fully guaranteed by the SBA and may be eligible for forgiveness by the SBA to the extent that the proceeds are used to cover eligible payroll costs, interest costs, rent, and utility costs over a period of up to 24 weeks after the loan was made as long as certain conditions are met regarding employee retention and compensation levels. PPP loans deemed eligible for forgiveness by the SBA will be repaid by the SBA to the Company. PPP loans are included in the commercial loan portfolio. The following table summarizes the Company's gross loans held for investment by year of origination and internally assigned credit grades (in thousands): At September 30, 2020 Total portfolio Residential Commercial mortgage Multi-family Construction Total Commercial Consumer Total Loans (1) Special mention $ 4,483 54,368 101 872 59,824 168,833 362 229,019 Substandard 41,255 52,847 124 — 94,226 103,132 3,680 201,038 Doubtful — — — — — 76 — 76 Loss — — — — — — — — Total criticized and classified 45,738 107,215 225 872 154,050 272,041 4,042 430,133 Pass/Watch 1,274,484 3,643,424 1,544,699 461,289 6,923,896 2,018,155 402,409 9,344,460 Total $ 1,320,222 3,750,639 1,544,924 462,161 7,077,946 2,290,196 406,451 9,774,593 2020 Special mention $ — — — 872 872 657 — 1,529 Substandard 2,079 — — — 2,079 — 25 2,104 Doubtful — — — — — — — — Loss — — — — — — — — Total criticized and classified 2,079 — — 872 2,951 657 25 3,633 Pass/Watch 198,722 375,324 230,034 28,187 832,267 586,510 27,605 1,446,382 Total gross loans $ 200,801 375,324 230,034 29,059 835,218 587,167 27,630 1,450,015 2019 Special mention $ 1,753 $ 12,434 $ — $ — $ 14,187 $ 6,755 $ — $ 20,942 Substandard 6,321 — — — 6,321 2,742 343 9,406 Doubtful — — — — — — — — Loss — — — — — — — — Total criticized and classified 8,074 12,434 — — 20,508 9,497 343 30,348 Pass/Watch 139,391 547,969 139,633 164,333 991,326 225,447 46,745 1,263,518 Total gross loans $ 147,465 560,403 139,633 164,333 1,011,834 234,944 47,088 1,293,866 2018 Special mention $ 318 6,630 — — 6,948 10,908 — 17,856 Substandard 2,152 — — — 2,152 4,948 356 7,456 Doubtful — — — — — — — — Loss — — — — — — — — Total criticized and classified 2,470 6,630 — — 9,100 15,856 356 25,312 Pass/Watch 79,552 361,309 171,555 119,980 732,396 169,974 40,927 943,297 Total gross loans $ 82,022 367,939 171,555 119,980 741,496 185,830 41,283 968,609 2017 Special mention $ — — — — — 31,465 — 31,465 Substandard 3,233 17,529 — — 20,762 8,040 15 28,817 Doubtful — — — — — — — — Loss — — — — — — — — Total criticized and classified 3,233 17,529 — — 20,762 39,505 15 60,282 Pass/Watch 80,813 387,846 134,166 37,564 640,389 148,737 33,340 822,466 Total gross loans $ 84,046 405,375 134,166 37,564 661,151 188,242 33,355 882,748 2016 and prior Special mention $ 2,412 35,304 101 — 37,817 119,048 362 157,227 Substandard 27,470 35,318 124 — 62,912 87,402 2,941 153,255 Doubtful — — — — — 76 — 76 Loss — — — — — — — — Total criticized and classified 29,882 70,622 225 — 100,729 206,526 3,303 310,558 Pass/Watch 805,888 2,041,598 869,536 111,225 3,828,247 1,094,013 257,095 5,179,355 Total gross loans $ 835,770 2,112,220 869,761 111,225 3,928,976 1,300,539 260,398 5,489,913 At December 31, 2019 Residential Commercial mortgage Multi-family Construction Total Commercial Consumer Total loans Special mention $ 2,402 46,758 — — 49,160 79,248 286 128,694 Substandard 10,204 13,458 — 6,181 29,843 57,015 1,668 88,526 Doubtful — — — — — 836 — 836 Loss — — — — — — — — Total criticized and classified 12,606 60,216 — 6,181 79,003 137,099 1,954 218,056 Pass/Watch 1,065,083 2,518,177 1,225,551 423,631 5,232,442 1,497,660 389,406 7,119,508 Total $ 1,077,689 2,578,393 1,225,551 429,812 5,311,445 1,634,759 391,360 7,337,564 (1) Contained within criticized and classified loans at September 30, 2020 are loans that were granted payment deferrals related to COVID-19 totaling $310.8 million. |