Loans and Allowance for Loan and Lease Losses | Loans and Allowance for Loan and Lease Losses At December 31, 2016 and 2015 , loans consisted of the following (dollars in thousands): 2016 Non-Covered Loans Covered Loans Percent of Total New Loans ACI ACI Non-ACI Total Residential: 1-4 single family residential $ 3,422,425 $ — $ 532,348 $ 36,675 $ 3,991,448 20.6 % Home equity loans and lines of credit 1,120 — 3,894 47,629 52,643 0.3 % 3,423,545 — 536,242 84,304 4,044,091 20.9 % Commercial: Multi-family 3,801,864 23,109 — — 3,824,973 19.8 % Commercial real estate Owner occupied 1,726,846 10,012 — — 1,736,858 9.0 % Non-owner occupied 3,726,260 12,975 — — 3,739,235 19.3 % Construction and land 311,436 — — — 311,436 1.6 % Commercial and industrial 3,390,772 842 — — 3,391,614 17.5 % Commercial lending subsidiaries 2,280,685 — — — 2,280,685 11.8 % 15,237,863 46,938 — — 15,284,801 79.0 % Consumer 24,358 7 — — 24,365 0.1 % Total loans 18,685,766 46,945 536,242 84,304 19,353,257 100.0 % Premiums, discounts and deferred fees and costs, net 48,641 — — (6,504 ) 42,137 Loans including premiums, discounts and deferred fees and costs 18,734,407 46,945 536,242 77,800 19,395,394 Allowance for loan and lease losses (150,853 ) — — (2,100 ) (152,953 ) Loans, net $ 18,583,554 $ 46,945 $ 536,242 $ 75,700 $ 19,242,441 2015 Non-Covered Loans Covered Loans Percent of Total New Loans ACI ACI Non-ACI Total Residential: 1-4 single family residential $ 2,883,470 $ — $ 699,039 $ 46,110 $ 3,628,619 21.9 % Home equity loans and lines of credit 806 — 4,831 67,493 73,130 0.4 % 2,884,276 — 703,870 113,603 3,701,749 22.3 % Commercial: Multi-family 3,447,526 24,636 — — 3,472,162 20.9 % Commercial real estate Owner occupied 1,338,184 16,567 — — 1,354,751 8.2 % Non-owner occupied 2,885,226 25,101 — — 2,910,327 17.5 % Construction and land 347,676 — — — 347,676 2.1 % Commercial and industrial 2,769,813 1,062 — — 2,770,875 16.7 % Commercial lending subsidiaries 2,003,984 — — — 2,003,984 12.1 % 12,792,409 67,366 — — 12,859,775 77.5 % Consumer 35,173 10 — — 35,183 0.2 % Total loans 15,711,858 67,376 703,870 113,603 16,596,707 100.0 % Premiums, discounts and deferred fees and costs, net 47,829 — — (7,933 ) 39,896 Loans including premiums, discounts and deferred fees and costs 15,759,687 67,376 703,870 105,670 16,636,603 Allowance for loan and lease losses (120,960 ) — — (4,868 ) (125,828 ) Loans, net $ 15,638,727 $ 67,376 $ 703,870 $ 100,802 $ 16,510,775 Through two subsidiaries, the Bank provides commercial and municipal equipment and franchise financing utilizing both loan and lease structures. At December 31, 2016 and 2015 , the commercial lending subsidiaries portfolio included a net investment in direct financing leases of $643 million and $472 million , respectively. The following table presents the components of the investment in direct financing leases as of December 31, 2016 and 2015 (in thousands): 2016 2015 Total minimum lease payments to be received $ 689,631 $ 503,692 Estimated unguaranteed residual value of leased assets 3,704 1,561 Gross investment in direct financing leases 693,335 505,253 Unearned income (55,891 ) (37,677 ) Initial direct costs 5,287 4,817 $ 642,731 $ 472,393 As of December 31, 2016 , future minimum lease payments to be received under direct financing leases were as follows (in thousands): Years Ending December 31: 2017 $ 180,795 2018 146,097 2019 100,485 2020 72,606 2021 46,256 Thereafter 143,392 $ 689,631 During the years ended December 31, 2016 and 2015 , the Company purchased 1-4 single family residential loans totaling $1.3 billion and $788 million , respectively. At December 31, 2016 , the Company had pledged real estate loans with UPB of approximately $10.2 billion and recorded investment of approximately $9.4 billion as security for FHLB advances. At December 31, 2016 and 2015 , the UPB of ACI loans was $1.5 billion and $2.0 billion , respectively. The accretable yield on ACI loans represents the amount by which undiscounted expected future cash flows exceed recorded investment. Changes in the accretable yield on ACI loans for the years ended December 31, 2016 , 2015 and 2014 were as follows (in thousands): Balance at December 31, 2013 $ 1,158,572 Reclassifications from non-accretable difference 185,604 Accretion (338,864 ) Balance at December 31, 2014 1,005,312 Reclassifications from non-accretable difference 192,291 Accretion (295,038 ) Balance at December 31, 2015 902,565 Reclassifications from non-accretable difference 76,751 Accretion (303,931 ) Balance at December 31, 2016 $ 675,385 Covered loan sales During the years ended December 31, 2016 , 2015 and 2014 , the Company sold covered residential loans to third parties on a non-recourse basis. The following table summarizes the impact of these transactions (in thousands): 2016 2015 2014 UPB of loans sold $ 241,348 $ 249,038 $ 269,143 Cash proceeds, net of transaction costs $ 171,367 $ 207,425 $ 177,560 Recorded investment in loans sold 185,837 172,496 144,231 Net pre-tax impact on earnings, excluding the impact of FDIC indemnification $ (14,470 ) $ 34,929 $ 33,329 Gain (loss) on sale of covered loans, net $ (14,470 ) $ 34,929 $ 2,398 Proceeds recorded in interest income — — 30,931 $ (14,470 ) $ 34,929 $ 33,329 Gain (loss) on FDIC indemnification, net $ 11,615 $ (28,051 ) $ (809 ) For the year ended December 31, 2014 , covered 1-4 single family residential loans with UPB of $50 million were sold from a pool of ACI loans with a zero carrying value. Proceeds of the sale of loans from this pool, representing realization of accretable yield, were recorded in interest income. The gain or loss on the sale of loans from the remaining pools, representing the difference between allocated carrying amount and consideration received, was recorded in “Gain (loss) on sale of loans, net” in the accompanying consolidated statements of income. No loans were sold from the pool of ACI loans with a zero carrying value during the years ended December 31, 2016 and 2015 . During the year ended December 31, 2014 , in accordance with the terms of the Commercial Shared-Loss Agreement, the Bank requested and received approval from the FDIC to sell certain covered commercial and consumer loans. These loans were transferred to loans held for sale at the lower of carrying value or fair value, determined at the individual loan level, upon receipt of FDIC approval and sold in 2014. The reduction of carrying value to fair value for specific loans was recognized in the provision for loan losses. The following table summarizes the pre-tax impact of these sales, as reflected in the consolidated statements of income for the year ended December 31, 2014 (in thousands): Cash proceeds, net of transaction costs $ 101,023 Carrying value of loans transferred to loans held for sale 86,521 Provision for loan losses recorded upon transfer to loans held for sale (3,469 ) Recorded investment in loans sold 83,052 Gain on sale of covered loans $ 17,971 Loss on FDIC indemnification $ (2,085 ) During the year ended December 31, 2014 , the Company terminated its indirect auto lending activities and sold indirect auto loans with a recorded investment of $303 million . The total impact of this transaction on pre-tax earnings was not material. Allowance for loan and lease losses Activity in the ALLL for the years ended December 31, 2016 , 2015 and 2014 is summarized as follows (in thousands): 2016 Residential Commercial Consumer Total Beginning balance $ 15,958 $ 109,617 $ 253 $ 125,828 Provision for (recovery of) loan losses: Non-ACI loans (1,632 ) (49 ) — (1,681 ) New loans (1,804 ) 54,406 (10 ) 52,592 Total provision (3,436 ) 54,357 (10 ) 50,911 Charge-offs: Non-ACI loans (1,216 ) — — (1,216 ) New loans — (25,742 ) (152 ) (25,894 ) Total charge-offs (1,216 ) (25,742 ) (152 ) (27,110 ) Recoveries: Non-ACI loans 80 49 — 129 New loans — 3,169 26 3,195 Total recoveries 80 3,218 26 3,324 Ending balance $ 11,386 $ 141,450 $ 117 $ 152,953 2015 Residential Commercial Consumer Total Beginning balance $ 11,325 $ 84,027 $ 190 $ 95,542 Provision for (recovery of) loan losses: Non-ACI loans 2,317 (66 ) — 2,251 New loans 3,957 38,072 31 42,060 Total provision 6,274 38,006 31 44,311 Charge-offs: Non-ACI loans (1,680 ) — — (1,680 ) New loans — (13,719 ) — (13,719 ) Total charge-offs (1,680 ) (13,719 ) — (15,399 ) Recoveries: Non-ACI loans 39 66 — 105 New loans — 1,237 32 1,269 Total recoveries 39 1,303 32 1,374 Ending balance $ 15,958 $ 109,617 $ 253 $ 125,828 2014 Residential Commercial Consumer Total Beginning balance $ 15,353 $ 52,185 $ 2,187 $ 69,725 Provision for (recovery of) loan losses: ACI loans — 1,987 324 2,311 Non-ACI loans (1,891 ) (663 ) — (2,554 ) New loans 850 42,310 (1,412 ) 41,748 Total provision (1,041 ) 43,634 (1,088 ) 41,505 Charge-offs: ACI loans — (4,880 ) (324 ) (5,204 ) Non-ACI loans (3,006 ) (490 ) — (3,496 ) New loans — (7,671 ) (1,083 ) (8,754 ) Total charge-offs (3,006 ) (13,041 ) (1,407 ) (17,454 ) Recoveries: Non-ACI loans 19 721 — 740 New loans — 528 498 1,026 Total recoveries 19 1,249 498 1,766 Ending balance $ 11,325 $ 84,027 $ 190 $ 95,542 The following table presents information about the balance of the ALLL and related loans as of December 31, 2016 and 2015 (in thousands): 2016 2015 Residential Commercial Consumer Total Residential Commercial Consumer Total Allowance for loan and lease losses: Ending balance $ 11,386 $ 141,450 $ 117 $ 152,953 $ 15,958 $ 109,617 $ 253 $ 125,828 Ending balance: non-ACI and new loans individually evaluated for impairment $ 541 $ 19,229 $ — $ 19,770 $ 978 $ 5,439 $ — $ 6,417 Ending balance: non-ACI and new loans collectively evaluated for impairment $ 10,845 $ 122,221 $ 117 $ 133,183 $ 14,980 $ 104,178 $ 253 $ 119,411 Ending balance: ACI $ — $ — $ — $ — $ — $ — $ — $ — Ending balance: non-ACI $ 2,100 $ — $ — $ 2,100 $ 4,868 $ — $ — $ 4,868 Ending balance: new loans $ 9,286 $ 141,450 $ 117 $ 150,853 $ 11,090 $ 109,617 $ 253 $ 120,960 Loans: Ending balance $ 4,085,511 $ 15,285,577 $ 24,306 $ 19,395,394 $ 3,734,967 $ 12,866,548 $ 35,088 $ 16,636,603 Ending balance: non-ACI and new loans individually evaluated for impairment $ 12,957 $ 176,932 $ — $ 189,889 $ 12,240 $ 54,128 $ — $ 66,368 Ending balance: non-ACI and new loans collectively evaluated for impairment $ 3,536,312 $ 15,061,707 $ 24,299 $ 18,622,318 $ 3,018,857 $ 12,745,054 $ 35,078 $ 15,798,989 Ending balance: ACI loans $ 536,242 $ 46,938 $ 7 $ 583,187 $ 703,870 $ 67,366 $ 10 $ 771,246 Credit quality information The tables below present information about new and non-ACI loans identified as impaired as of December 31, 2016 and 2015 (in thousands): 2016 2015 Recorded Investment UPB Related Specific Allowance Recorded Investment UPB Related Specific Allowance New loans: With no specific allowance recorded: Commercial real estate Owner occupied $ 16,009 $ 16,023 $ — $ 6,194 $ 6,015 $ — Non-owner occupied — — — 548 533 — Construction and land 1,238 1,238 — — — — Commercial and industrial (1) 24,279 24,279 — 3,561 3,559 — Commercial lending subsidiaries 10,620 10,510 — 3,839 3,821 — With a specific allowance recorded: 1-4 single family residential 561 546 12 — — — Commercial real estate Owner occupied 491 513 263 — — — Commercial and industrial (1) 102,583 102,610 15,116 34,340 34,370 3,799 Commercial lending subsidiaries 21,712 21,605 3,850 5,646 5,628 1,640 Total: Residential $ 561 $ 546 $ 12 $ — $ — $ — Commercial 176,932 176,778 19,229 54,128 53,926 5,439 $ 177,493 $ 177,324 $ 19,241 $ 54,128 $ 53,926 $ 5,439 Non-ACI loans: With no specific allowance recorded: 1-4 single family residential $ 1,169 $ 1,391 $ — $ 417 $ 490 $ — Home equity loans and lines of credit 2,255 2,286 — 1,607 1,633 — With a specific allowance recorded: 1-4 single family residential 1,272 1,514 181 3,301 3,828 570 Home equity loans and lines of credit 7,700 7,804 348 6,915 7,028 408 Total $ 12,396 $ 12,995 $ 529 $ 12,240 $ 12,979 $ 978 __________________________________________ (1) Impaired taxi medallion loans with a recorded investment of $91.2 million and $1.3 million , with related specific allowances of $5.9 million and $0.1 million , are included in impaired new commercial and industrial loans above at December 31, 2016 and 2015 , respectively. Impaired loans also include commercial real estate ACI loans modified in TDRs with a carrying value of $1.3 million and $0.5 million as of December 31, 2016 and 2015 , respectively. Interest income recognized on impaired loans after impairment was not significant during the periods presented. The following tables present the average recorded investment in impaired loans for the years ended December 31, 2016 , 2015 and 2014 (in thousands): 2016 2015 2014 New Loans Non-ACI Loans ACI Loans New Loans Non-ACI Loans ACI Loans New Loans Non-ACI Loans ACI Loans Residential: 1-4 single family residential $ 301 $ 3,067 $ — $ 82 $ 3,655 $ — $ — $ 3,748 $ — Home equity loans and lines of credit — 9,225 — — 4,830 — — 2,417 — 301 12,292 — 82 8,485 — — 6,165 — Commercial: Multi-family — — — 291 — — — — 696 Commercial real estate Owner occupied 14,332 — 313 5,117 — — 2,949 — 529 Non-owner occupied 205 — 505 559 — 442 1,385 — 6,564 Construction and land 797 — — — — — — — 451 Commercial and industrial 85,455 — — 35,976 — — 15,058 399 786 Commercial lending subsidiaries 15,052 — — 14,835 — — 2,680 — — 115,841 — 818 56,778 — 442 22,072 399 9,026 $ 116,142 $ 12,292 $ 818 $ 56,860 $ 8,485 $ 442 $ 22,072 $ 6,564 $ 9,026 The following table presents the recorded investment in new and non-ACI loans on non-accrual status as of December 31, 2016 and 2015 (in thousands): 2016 2015 New Loans Non-ACI Loans New Loans Non-ACI Loans Residential: 1-4 single family residential $ 566 $ 918 $ 2,007 $ 594 Home equity loans and lines of credit — 2,283 — 4,724 566 3,201 2,007 5,318 Commercial: Commercial real estate Owner occupied 19,439 — 8,274 — Non-owner occupied 559 — — — Construction and land 1,238 — — — Commercial and industrial (1) 76,696 — 37,782 — Commercial lending subsidiaries 32,645 — 9,920 — 130,577 — 55,976 — Consumer 2 — 7 — $ 131,145 $ 3,201 $ 57,990 $ 5,318 __________________________________________ (1) Taxi medallion loans with a carrying value of $60.7 million and $2.6 million are included in new commercial and industrial loans in non-accrual status above at December 31, 2016 and 2015 , respectively. New and non-ACI loans contractually delinquent by 90 days or more and still accruing totaled $1.6 million and $1.4 million at December 31, 2016 and 2015 , respectively. The amount of additional interest income that would have been recognized on non-accrual loans had they performed in accordance with their contractual terms was approximately $3.5 million and $2.4 million for the years ended December 31, 2016 and 2015 , respectively. Management considers delinquency status to be the most meaningful indicator of the credit quality of 1-4 single family residential, home equity and consumer loans. Delinquency statistics are updated at least monthly. See "Aging of loans" below for more information on the delinquency status of loans. Original LTV and original FICO score are also important indicators of credit quality for the new 1-4 single family residential portfolio. Internal risk ratings are considered the most meaningful indicator of credit quality for commercial loans. Internal risk ratings are a key factor in identifying loans that are individually evaluated for impairment and impact management’s estimates of loss factors used in determining the amount of the ALLL. Internal risk ratings are updated on a continuous basis. Generally, relationships with balances in excess of defined thresholds, ranging from $1 million to $3 million , are re-evaluated at least annually and more frequently if circumstances indicate that a change in risk rating may be warranted. Loans exhibiting potential credit weaknesses that deserve management’s close attention and that if left uncorrected may result in deterioration of the repayment capacity of the borrower are categorized as special mention. Loans with well-defined credit weaknesses, including payment defaults, declining collateral values, frequent overdrafts, operating losses, increasing balance sheet leverage, inadequate cash flow, project cost overruns, unreasonable construction delays, past due real estate taxes or exhausted interest reserves, are assigned an internal risk rating of substandard. A loan with a weakness so severe that collection in full is highly questionable or improbable, but because of certain reasonably specific pending factors has not been charged off, will be assigned an internal risk rating of doubtful. The following tables summarize key indicators of credit quality for the Company's loans as of December 31, 2016 and 2015 . Amounts include premiums, discounts and deferred fees and costs (in thousands): 1-4 Single Family Residential credit exposure for new loans, based on original LTV and FICO score: 2016 FICO LTV 720 or less 721 - 740 741 - 760 761 or greater Total 60% or less $ 87,035 $ 113,401 $ 163,668 $ 751,291 $ 1,115,395 60% - 70% 80,694 94,592 124,180 523,970 823,436 70% - 80% 110,509 148,211 276,425 907,450 1,442,595 More than 80% 22,115 9,058 15,470 42,280 88,923 $ 300,353 $ 365,262 $ 579,743 $ 2,224,991 $ 3,470,349 2015 FICO LTV 720 or less 721 - 740 741 - 760 761 or greater Total 60% or less $ 78,836 $ 99,094 $ 143,864 $ 667,420 $ 989,214 60% - 70% 71,046 76,878 111,343 479,344 738,611 70% - 80% 63,380 100,271 211,299 772,646 1,147,596 More than 80% 28,338 3,938 3,481 13,443 49,200 $ 241,600 $ 280,181 $ 469,987 $ 1,932,853 $ 2,924,621 Commercial credit exposure, based on internal risk rating: 2016 Commercial Real Estate Multi-Family Owner Occupied Non-Owner Occupied Construction and Land Commercial and Industrial (1) Commercial Lending Subsidiaries Total New loans: Pass $ 3,789,003 $ 1,663,012 $ 3,682,308 $ 309,675 $ 3,152,208 $ 2,255,444 $ 14,851,650 Special mention 12,000 33,274 7,942 — 19,009 — 72,225 Substandard 5,562 29,552 28,583 1,238 206,739 31,572 303,246 Doubtful — — — — 8,340 3,178 11,518 $ 3,806,565 $ 1,725,838 $ 3,718,833 $ 310,913 $ 3,386,296 $ 2,290,194 $ 15,238,639 ACI loans: Pass $ 22,819 $ 9,187 $ 12,623 $ — $ 842 $ — $ 45,471 Special mention — — — — — — — Substandard 290 825 352 — — — 1,467 Doubtful — — — — — — — $ 23,109 $ 10,012 $ 12,975 $ — $ 842 $ — $ 46,938 __________________________________________ (1) Taxi medallion loans with internal risk ratings of substandard and doubtful totaled $138.0 million and $0.2 million , respectively, and are included in new commercial and industrial balances above at December 31, 2016 . 2015 Commercial Real Estate Multi-Family Owner Occupied Non-Owner Occupied Construction and Land Commercial and Industrial (1) Commercial Lending Subsidiaries Total New loans: Pass $ 3,451,571 $ 1,317,081 $ 2,879,135 $ 346,795 $ 2,587,801 $ 1,981,068 $ 12,563,451 Special mention — 4,824 548 — 7,556 18,584 31,512 Substandard 402 17,042 434 176 168,875 11,018 197,947 Doubtful — — — — 4,296 1,976 6,272 $ 3,451,973 $ 1,338,947 $ 2,880,117 $ 346,971 $ 2,768,528 $ 2,012,646 $ 12,799,182 ACI loans: Pass $ 24,338 $ 15,708 $ 24,857 $ — $ 1,035 $ — $ 65,938 Special mention — 859 — — — — 859 Substandard 298 — 84 — 27 — 409 Doubtful — — 160 — — — 160 $ 24,636 $ 16,567 $ 25,101 $ — $ 1,062 $ — $ 67,366 __________________________________________ (1) Taxi medallion loans with internal risk ratings of substandard totaled $80.5 million and are included in new commercial and industrial balances above at December 31, 2015 . Aging of loans: The following table presents an aging of loans as of December 31, 2016 and 2015 . Amounts include premiums, discounts and deferred fees and costs (in thousands): 2016 2015 Current 30 - 59 Days Past Due 60 - 89 Days Past Due 90 Days or More Past Due Total Current 30 - 59 Days Past Due 60 - 89 Days Past Due 90 Days or More Past Due Total New loans: 1-4 single family residential $ 3,457,606 $ 10,355 $ 325 $ 2,063 $ 3,470,349 $ 2,917,579 $ 3,664 $ 552 $ 2,826 $ 2,924,621 Home equity loans and lines of credit 1,120 — — — 1,120 806 — — — 806 Multi-family 3,806,565 — — — 3,806,565 3,451,973 — — — 3,451,973 Commercial real estate Owner occupied 1,716,814 1,557 797 6,670 1,725,838 1,329,131 1,433 4,784 3,599 1,338,947 Non-owner occupied 3,717,666 754 — 413 3,718,833 2,878,218 1,899 — — 2,880,117 Construction and land 309,675 — — 1,238 310,913 342,477 4,494 — — 346,971 Commercial and industrial 3,335,022 9,552 5,517 36,205 3,386,296 2,739,357 2,235 4,827 22,109 2,768,528 Commercial lending subsidiaries 2,284,435 12 3,247 2,500 2,290,194 2,003,842 3,839 — 4,965 2,012,646 Consumer 24,299 — — — 24,299 35,078 — — — 35,078 $ 18,653,202 $ 22,230 $ 9,886 $ 49,089 $ 18,734,407 $ 15,698,461 $ 17,564 $ 10,163 $ 33,499 $ 15,759,687 Non-ACI loans: 1-4 single family residential $ 29,406 $ 481 $ — $ 918 $ 30,805 $ 36,904 $ 1,583 $ 21 $ 750 $ 39,258 Home equity loans and lines of credit 43,129 1,255 534 2,077 46,995 60,760 1,090 443 4,119 66,412 $ 72,535 $ 1,736 $ 534 $ 2,995 $ 77,800 $ 97,664 $ 2,673 $ 464 $ 4,869 $ 105,670 ACI loans: 1-4 single family residential $ 500,272 $ 13,524 $ 2,990 $ 15,562 $ 532,348 $ 659,726 $ 12,714 $ 4,988 $ 21,611 $ 699,039 Home equity loans and lines of credit 3,460 148 23 263 3,894 4,243 127 9 452 4,831 Multi-family 23,109 — — — 23,109 24,636 — — — 24,636 Commercial real estate Owner occupied 10,012 — — — 10,012 16,567 — — — 16,567 Non-owner occupied 12,804 — — 171 12,975 24,941 — 160 — 25,101 Commercial and industrial 842 — — — 842 1,041 — 21 — 1,062 Consumer 7 — — — 7 10 — — — 10 $ 550,506 $ 13,672 $ 3,013 $ 15,996 $ 583,187 $ 731,164 $ 12,841 $ 5,178 $ 22,063 $ 771,246 1-4 single family residential and home equity ACI loans that are contractually delinquent by more than 90 days and accounted for in pools that are on accrual status because discount continues to be accreted totaled $16 million and $22 million , at December 31, 2016 and 2015 , respectively. Loan Concentration: At December 31, 2016 and 2015 , 1-4 single family residential loans outstanding were to customers domiciled in the following states (dollars in thousands): 2016 Percent of Total New Loans Covered Loans Total New Loans Total Loans California $ 904,107 $ 37,330 $ 941,437 26.1 % 23.3 % Florida 487,294 300,198 787,492 14.0 % 19.5 % New York 763,824 16,403 780,227 22.0 % 19.3 % Virginia 152,113 30,818 182,931 4.4 % 4.5 % Others 1,163,011 178,404 1,341,415 33.5 % 33.4 % $ 3,470,349 $ 563,153 $ 4,033,502 100.0 % 100.0 % 2015 Percent of Total New Loans Covered Loans Total New Loans Total Loans California $ 948,301 $ 53,048 $ 1,001,349 32.4 % 27.3 % Florida 422,638 381,897 804,535 14.5 % 22.0 % New York 548,181 23,326 571,507 18.7 % 15.6 % Virginia 87,851 40,329 128,180 3.0 % 3.5 % Others 917,650 239,697 1,157,347 31.4 % 31.6 % $ 2,924,621 $ 738,297 $ 3,662,918 100.0 % 100.0 % No other state represented borrowers with more that 4.0% of 1-4 single family residential loans outstanding at December 31, 2016 or 2015 . At December 31, 2016 , 43.1% and 39.2% , respectively, of loans in the new commercial portfolio were to borrowers in Florida and the New York tri-state area, respectively. Foreclosure of residential real estate: The carrying amount of foreclosed residential real estate properties included in "Other assets" in the accompanying consolidated balance sheets, all of which were covered, totaled $5 million and $9 million at December 31, 2016 and 2015 , respectively. The recorded investment in residential mortgage loans in the process of foreclosure totaled $8 million and $13 million at December 31, 2016 and 2015 , respectively, substantially all of which were covered loans. Troubled debt restructurings: The following tables summarize loans that were modified in TDRs during the years ended December 31, 2016 and 2015 , as well as loans modified during the years ended December 31, 2016 and 2015 that experienced payment defaults during the periods (dollars in thousands): 2016 2015 Loans Modified in TDRs TDRs Experiencing Payment Loans Modified in TDRs TDRs Experiencing Payment Number of Recorded Number of Recorded Number of Recorded Number of Recorded New loans: 1-4 single family residential 2 $ 326 — $ — — $ — — $ — Commercial real estate Owner occupied commercial real estate 3 5,117 1 491 — — — — Non-owner occupied — — — — 1 548 — — Commercial and industrial (1) 82 88,101 17 10,139 2 1,260 1 627 Commercial lending subsidiaries 6 6,735 1 2,500 — — — — 93 $ 100,279 19 $ 13,130 3 $ 1,808 1 $ 627 Non-ACI loans: 1-4 single family residential — — — — 2 239 — — Home equity loans and lines of credit 17 $ 2,016 1 $ 370 28 $ 6,208 7 $ 1,231 17 $ 2,016 1 $ 370 30 $ 6,447 7 $ 1,231 ACI loans: Owner occupied commercial real estate 1 $ 825 — $ — 1 $ 500 — $ — __________________________________________ (1) Commercial and industrial loans modified in TDRs during the years ended December 31, 2016 and 2015 included $64.9 million and $1.3 million of taxi medallion loans. All of the commercial and industrial TDRs experiencing payment defaults during the years ended December 31, 2016 and 2015 were taxi medallion loans. Loans modified in TDRs during the year ended December 31, 2014 were not significant. Modifications during the years ended December 31, 2016 and 2015 included interest rate reductions, restructuring of the amount and timing of required periodic payments, extensions of maturity and residential modifications under the U.S. Treasury Department’s HAMP. Included in TDRs are residential loans to borrowers who have not reaffirmed their debt discharged in Chapter 7 bankruptcy. The total amount of such loans is not material. Modified ACI loans accounted for in pools are not considered TDRs, are not separated from the pools and are not classified as impaired loans. |