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Loans Receivable, Net | 3 Months Ended
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Mar. 31, 2021
Receivables [Abstract] |
Loans Receivable, Net | Loans Receivable, Net On January 1, 2020, the Company adopted FASB ASU 2016-13, Financial Instruments - Credit Losses, which significantly changed the loan and allowance for credit loss accounting disclosures. The following loan and allowance for credit loss accounting disclosures are presented in accordance with ASC Topic 326. The following table presents loans receivable for each portfolio segment of loans:
(Dollars in thousands) | March 31, 2021 |  | December 31, 2020
Residential real estate | $ | 745,097 |  |  | 802,508 |
Commercial real estate | 6,474,701 |  |  | 6,315,895 |
Other commercial | 3,100,584 |  |  | 3,054,817 |
Home equity | 625,369 |  |  | 636,405 |
Other consumer | 324,178 |  |  | 313,071 |
Loans receivable | 11,269,929 |  |  | 11,122,696 |
Allowance for credit losses | (156,446) |  |  | (158,243) |
Loans receivable, net | $ | 11,113,483 |  |  | 10,964,453 |
Net deferred origination (fees) costs included in loans receivable | $ | (37,946) |  |  | (26,709) |
Net purchase accounting (discounts) premiums included in loans receivable | $ | (15,122) |  |  | (17,091) |
Accrued interest receivable on loans | $ | 50,989 |  |  | 53,538 |
Substantially all of the Company’s loans receivable are with borrowers in the Company’s geographic market areas. Although the Company has a diversified loan portfolio, a substantial portion of borrowers’ ability to service their obligations is dependent upon the economic performance in the Company’s market areas. The Company had no significant purchases or sales of portfolio loans or reclassification of loans held for investment to loans held for sale during the three months ended March 31, 2021. Allowance for Credit Losses - Loans Receivable The ACL is a valuation account that is deducted from the amortized cost basis to present the net amount expected to be collected on loans. The following tables summarize the activity in the ACL:
| Three Months ended March 31, 2021
(Dollars in thousands) | Total |  | Residential Real Estate |  | Commercial Real Estate |  | Other Commercial |  | Home Equity |  | Other Consumer
Balance at beginning of period | $ | 158,243 |  |  | 9,604 |  |  | 86,999 |  |  | 49,133 |  |  | 8,182 |  |  | 4,325 |
Provision for credit losses | 489 |  |  | (582) |  |  | 7,463 |  |  | (7,265) |  |  | (89) |  |  | 962 |
Charge-offs | (4,246) |  |  | (38) |  |  | — |  |  | (2,762) |  |  | (45) |  |  | (1,401) |
Recoveries | 1,960 |  |  | 34 |  |  | 789 |  |  | 279 |  |  | 20 |  |  | 838 |
Balance at end of period | $ | 156,446 |  |  | 9,018 |  |  | 95,251 |  |  | 39,385 |  |  | 8,068 |  |  | 4,724 |
| Three Months ended March 31, 2020
(Dollars in thousands) | Total |  | Residential Real Estate |  | Commercial Real Estate |  | Other Commercial |  | Home Equity |  | Other Consumer
Balance at beginning of period | $ | 124,490 |  |  | 10,111 |  |  | 69,496 |  |  | 36,129 |  |  | 4,937 |  |  | 3,817 |
Impact of adopting CECL | 3,720 |  |  | 3,584 |  |  | 10,533 |  |  | (13,759) |  |  | 3,400 |  |  | (38) |
Acquisitions | 49 |  |  | — |  |  | 49 |  |  | — |  |  |  |  | — |
Provision for credit losses | 22,744 |  |  | (4,369) |  |  | (9,433) |  |  | 34,133 |  |  | (508) |  |  | 2,921 |
Charge-offs | (2,567) |  |  | (20) |  |  | (30) |  |  | (785) |  |  | (1) |  |  | (1,731) |
Recoveries | 1,754 |  |  | 9 |  |  | 470 |  |  | 454 |  |  | 106 |  |  | 715 |
Balance at end of period | $ | 150,190 |  |  | 9,315 |  |  | 71,085 |  |  | 56,172 |  |  | 7,934 |  |  | 5,684 |
During the three months ended March 31, 2021, the ACL decreased primarily as a result of an improvement in the quantitative factors including the economic forecasts. The sizeable charge-offs in the other consumer loan segment is driven by deposit overdraft charge-offs which typically experience high charge-off rates and the amounts were comparable to historical trends. The other segments experience routine charge-offs and recoveries, with occasional large credit relationships charge-offs and recoveries that cause fluctuations from prior periods. During the three months ended March 31, 2021, there have been no significant changes to the types of collateral securing collateral-dependent loans. Aging Analysis The following tables present an aging analysis of the recorded investment in loans:
| March 31, 2021
(Dollars in thousands) | Total |  | Residential Real Estate |  | Commercial Real Estate |  | Other Commercial |  | Home Equity |  | Other Consumer
Accruing loans 30-59 days past due | $ | 41,744 |  |  | 5,201 |  |  | 5,737 |  |  | 28,277 |  |  | 1,412 |  |  | 1,117 |
Accruing loans 60-89 days past due | 2,872 |  |  | 426 |  |  | 1,476 |  |  | 510 |  |  | 276 |  |  | 184 |
Accruing loans 90 days or more past due | 3,733 |  |  | 188 |  |  | 2,319 |  |  | 961 |  |  | 26 |  |  | 239 |
Non-accrual loans with no ACL | 28,654 |  |  | 3,006 |  |  | 13,484 |  |  | 8,400 |  |  | 2,756 |  |  | 1,008 |
Non-accrual loans with ACL | 1,233 |  |  | 270 |  |  | 451 |  |  | 423 |  |  | 49 |  |  | 40 |
Total past due and non-accrual loans | 78,236 |  |  | 9,091 |  |  | 23,467 |  |  | 38,571 |  |  | 4,519 |  |  | 2,588 |
Current loans receivable | 11,191,693 |  |  | 736,006 |  |  | 6,451,234 |  |  | 3,062,013 |  |  | 620,850 |  |  | 321,590 |
Total loans receivable | $ | 11,269,929 |  |  | 745,097 |  |  | 6,474,701 |  |  | 3,100,584 |  |  | 625,369 |  |  | 324,178 |
| December 31, 2020
(Dollars in thousands) | Total |  | Residential Real Estate |  | Commercial Real Estate |  | Other Commercial |  | Home Equity |  | Other Consumer
Accruing loans 30-59 days past due | $ | 17,123 |  |  | 6,058 |  |  | 3,854 |  |  | 4,039 |  |  | 2,130 |  |  | 1,042 |
Accruing loans 60-89 days past due | 5,598 |  |  | 584 |  |  | 2,299 |  |  | 809 |  |  | 756 |  |  | 1,150 |
Accruing loans 90 days or more past due | 1,725 |  |  | 934 |  |  | 231 |  |  | 293 |  |  | 135 |  |  | 132 |
Non-accrual loans with no ACL | 29,532 |  |  | 3,129 |  |  | 14,030 |  |  | 9,231 |  |  | 2,664 |  |  | 478 |
Non-accrual loans with ACL | 2,432 |  |  | 274 |  |  | 1,787 |  |  | 278 |  |  | 49 |  |  | 44 |
Total past due and non-accrual loans | 56,410 |  |  | 10,979 |  |  | 22,201 |  |  | 14,650 |  |  | 5,734 |  |  | 2,846 |
Current loans receivable | 11,066,286 |  |  | 791,529 |  |  | 6,293,694 |  |  | 3,040,167 |  |  | 630,671 |  |  | 310,225 |
Total loans receivable | $ | 11,122,696 |  |  | 802,508 |  |  | 6,315,895 |  |  | 3,054,817 |  |  | 636,405 |  |  | 313,071 |
The Company had $73,000 of interest reversed on non-accrual loans during the three months ended March 31, 2021. The prior year modifications that were made under the CARES Act, along with related regulatory guidance, are included in current loan receivables. Collateral-Dependent Loans A loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. The collateral on the loans is a significant portion of what secures the collateral-dependent loans and significant changes to the fair value of the collateral can impact the ACL. During 2021, there were no significant change to collateral which secures the collateral-dependent loans, whether due to general deterioration or other reasons. The following table presents the amortized cost basis of collateral-dependent loans by collateral type:
| March 31, 2021
(Dollars in thousands) | Total |  | Residential Real Estate |  | Commercial Real Estate |  | Other Commercial |  | Home Equity |  | Other Consumer
Business assets | $ | 26,583 |  |  | — |  |  | 33 |  |  | 26,419 |  |  | — |  |  | 131 |
Residential real estate | 7,358 |  |  | 3,216 |  |  | 894 |  |  | 191 |  |  | 2,612 |  |  | 445 |
Other real estate | 26,041 |  |  | 654 |  |  | 23,799 |  |  | 1,049 |  |  | 193 |  |  | 346 |
Other | 26,033 |  |  | — |  |  | — |  |  | 25,597 |  |  | — |  |  | 436 |
Total | $ | 86,015 |  |  | 3,870 |  |  | 24,726 |  |  | 53,256 |  |  | 2,805 |  |  | 1,358 |
| December 31, 2020
(Dollars in thousands) | Total |  | Residential Real Estate |  | Commercial Real Estate |  | Other Commercial |  | Home Equity |  | Other Consumer
Business assets | $ | 4,325 |  |  | — |  |  | 37 |  |  | 4,288 |  |  | — |  |  | — |
Residential real estate | 7,148 |  |  | 3,338 |  |  | 1,043 |  |  | 198 |  |  | 2,513 |  |  | 56 |
Other real estate | 16,127 |  |  | 64 |  |  | 14,738 |  |  | 1,086 |  |  | 200 |  |  | 39 |
Other | 36,855 |  |  | — |  |  | — |  |  | 36,469 |  |  | — |  |  | 386 |
Total | $ | 64,455 |  |  | 3,402 |  |  | 15,818 |  |  | 42,041 |  |  | 2,713 |  |  | 481 |
Restructured Loans A restructured loan is considered a TDR if the creditor, for economic or legal reasons related to the debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider. The following tables present TDRs that occurred during the periods presented and the TDRs that occurred within the previous twelve months that subsequently defaulted during the periods presented:
| Three Months ended March 31, 2021
(Dollars in thousands) | Total |  | Residential Real Estate |  | Commercial Real Estate |  | Other Commercial |  | Home Equity |  | Other Consumer
TDRs that occurred during the period |  |  |  |  |  |  |  |  |  |  |
Number of loans | 7 |  |  | 1 |  |  | 4 |  |  | 1 |  |  | — |  |  | 1 |
Pre-modification recorded balance | $ | 1,753 |  |  | 210 |  |  | 1,374 |  |  | 38 |  |  | — |  |  | 131 |
Post-modification recorded balance | $ | 1,753 |  |  | 210 |  |  | 1,374 |  |  | 38 |  |  | — |  |  | 131 |
TDRs that subsequently defaulted |  |  |  |  |  |  |  |  |  |  |
Number of loans | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Recorded balance | $ | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| Three Months ended March 31, 2020
(Dollars in thousands) | Total |  | Residential Real Estate |  | Commercial Real Estate |  | Other Commercial |  | Home Equity |  | Other Consumer
TDRs that occurred during the period |  |  |  |  |  |  |  |  |  |  |
Number of loans | 5 |  |  | — |  |  | 3 |  |  | 2 |  |  | — |  |  | — |
Pre-modification recorded balance | $ | 7,268 |  |  | — |  |  | 6,857 |  |  | 411 |  |  | — |  |  | — |
Post-modification recorded balance | $ | 7,268 |  |  | — |  |  | 6,857 |  |  | 411 |  |  | — |  |  | — |
TDRs that subsequently defaulted |  |  |  |  |  |  |  |  |  |  |
Number of loans | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Recorded balance | $ | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
The modifications for the loans designated as TDRs during the three months ended March 31, 2021 and 2020 included one or a combination of the following: an extension of the maturity date, a reduction of the interest rate or a reduction in the principal amount. In addition to the loans designated as TDRs during the period provided in the preceding tables, the Company had TDRs with pre-modification loan balances of $1,474,000 and $568,000 for the three months ended March 31, 2021 and 2020, respectively, for which OREO was received in full or partial satisfaction of the loans. The majority of such TDRs were in other commercial for the three months ended March 31, 2021 and commercial real estate for the three months ended March 31, 2020. At March 31, 2021 and December 31, 2020, the Company had $505,000 and $548,000, respectively, of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process. At March 31, 2021 and December 31, 2020, the Company had $930,000 and $273,000, respectively, of OREO secured by residential real estate properties. The Company also modified loans under the CARES Act, along with related regulatory guidance, that were not classified as TDRs. In addition, the state of Montana created the Montana Loan Deferment Program for only Montana-based business that utilized Cares Act funds to provide interest payments upfront on behalf of participating borrowers. The Montana Loan Deferment Program provided modifications for customers under the CARES Act that were not classified as TDRs. Credit Quality Indicators The Company categorizes commercial real estate and other commercial loans into risk categories based on relevant information about the ability of borrowers to service their obligations. The following tables present the amortized cost in commercial real estate and other commercial loans based on the Company’s internal risk rating. The date of a modification, renewal or extension of a loan is considered for the year of origination if the terms of the loan are as favorable to the Company as the terms are for a comparable loan to other borrowers with similar credit risk.
| March 31, 2021
(Dollars in thousands) | Total |  | Pass |  | Special Mention |  | Substandard |  | Doubtful/ Loss
Commercial real estate loans |  |  |  |  |  |  |  |  |
Term loans by origination year |  |  |  |  |  |  |  |  |
2021 (year-to-date) | $ | 521,791 |  |  | 521,791 |  |  | — |  |  | — |  |  | — |
2020 | 1,419,202 |  |  | 1,413,986 |  |  | — |  |  | 5,216 |  |  | — |
2019 | 1,011,331 |  |  | 1,000,493 |  |  | — |  |  | 10,838 |  |  | — |
2018 | 851,608 |  |  | 810,910 |  |  | — |  |  | 40,698 |  |  | — |
2017 | 672,239 |  |  | 645,700 |  |  | — |  |  | 26,539 |  |  | — |
Prior | 1,879,439 |  |  | 1,825,762 |  |  | — |  |  | 53,593 |  |  | 84 |
Revolving loans | 119,091 |  |  | 116,298 |  |  | — |  |  | 2,792 |  |  | 1 |
Total | $ | 6,474,701 |  |  | 6,334,940 |  |  | — |  |  | 139,676 |  |  | 85 |
Other commercial loans 1 |  |  |  |  |  |  |  |  |
Term loans by origination year |  |  |  |  |  |  |  |  |
2021 (year-to-date) | $ | 538,043 |  |  | 538,039 |  |  | — |  |  | 4 |  |  | — |
2020 | 974,231 |  |  | 947,941 |  |  | — |  |  | 26,289 |  |  | 1 |
2019 | 281,749 |  |  | 271,082 |  |  | — |  |  | 10,664 |  |  | 3 |
2018 | 223,210 |  |  | 217,040 |  |  | — |  |  | 6,169 |  |  | 1 |
2017 | 241,634 |  |  | 239,229 |  |  | — |  |  | 2,402 |  |  | 3 |
Prior | 378,212 |  |  | 361,319 |  |  | — |  |  | 16,342 |  |  | 551 |
Revolving loans | 463,505 |  |  | 436,725 |  |  | — |  |  | 26,762 |  |  | 18 |
Total | $ | 3,100,584 |  |  | 3,011,375 |  |  | — |  |  | 88,632 |  |  | 577 |
___________________________ 1 Includes PPP loans.
| December 31, 2020
(Dollars in thousands) | Total |  | Pass |  | Special Mention |  | Substandard |  | Doubtful/ Loss
Commercial real estate loans |  |  |  |  |  |  |  |  |
Term loans by origination year |  |  |  |  |  |  |  |  |
2020 | $ | 1,496,094 |  |  | 1,490,947 |  |  | — |  |  | 5,147 |  |  | — |
2019 | 1,077,461 |  |  | 1,069,503 |  |  | — |  |  | 7,958 |  |  | — |
2018 | 914,506 |  |  | 874,673 |  |  | — |  |  | 39,833 |  |  | — |
2017 | 723,448 |  |  | 696,371 |  |  | — |  |  | 27,077 |  |  | — |
2016 | 496,275 |  |  | 481,392 |  |  | — |  |  | 14,883 |  |  | — |
Prior | 1,488,281 |  |  | 1,450,596 |  |  | — |  |  | 37,574 |  |  | 111 |
Revolving loans | 119,830 |  |  | 116,548 |  |  | — |  |  | 3,282 |  |  | — |
Total | $ | 6,315,895 |  |  | 6,180,030 |  |  | — |  |  | 135,754 |  |  | 111 |
Other commercial loans 1 |  |  |  |  |  |  |  |  |
Term loans by origination year |  |  |  |  |  |  |  |  |
2020 | $ | 1,366,664 |  |  | 1,341,316 |  |  | 19,564 |  |  | 5,784 |  |  | — |
2019 | 304,430 |  |  | 284,981 |  |  | 12,582 |  |  | 6,864 |  |  | 3 |
2018 | 241,222 |  |  | 234,988 |  |  | — |  |  | 6,233 |  |  | 1 |
2017 | 269,857 |  |  | 264,651 |  |  | — |  |  | 5,114 |  |  | 92 |
2016 | 179,225 |  |  | 177,164 |  |  | — |  |  | 2,056 |  |  | 5 |
Prior | 218,306 |  |  | 206,431 |  |  | — |  |  | 11,329 |  |  | 546 |
Revolving loans | 475,113 |  |  | 467,929 |  |  | 54 |  |  | 7,112 |  |  | 18 |
Total | $ | 3,054,817 |  |  | 2,977,460 |  |  | 32,200 |  |  | 44,492 |  |  | 665 |
______________________________ 1 Includes PPP loans. For residential real estate, home equity and other consumer loan segments, the Company evaluates credit quality primarily on the aging status of the loan. The following tables present the amortized cost in residential real estate, home equity and other consumer loans based on payment performance:
| March 31, 2021
(Dollars in thousands) | Total |  | Performing |  | 30-89 Days Past Due |  | Non-Accrual and 90 Days or More Past Due
Residential real estate loans |  |  |  |  |  |  |
Term loans by origination year |  |  |  |  |  |  |
2021 (year-to-date) | $ | 37,080 |  |  | 36,673 |  |  | 407 |  |  | — |
2020 | 220,196 |  |  | 219,651 |  |  | 545 |  |  | — |
2019 | 133,625 |  |  | 133,269 |  |  | 356 |  |  | — |
2018 | 83,079 |  |  | 82,095 |  |  | 750 |  |  | 234 |
2017 | 65,036 |  |  | 64,227 |  |  | 809 |  |  | — |
Prior | 203,795 |  |  | 197,805 |  |  | 2,760 |  |  | 3,230 |
Revolving loans | 2,286 |  |  | 2,286 |  |  | — |  |  | — |
Total | $ | 745,097 |  |  | 736,006 |  |  | 5,627 |  |  | 3,464 |
Home equity loans |  |  |  |  |  |  |
Term loans by origination year |  |  |  |  |  |  |
2021 (year-to-date) | $ | 18 |  |  | 18 |  |  | — |  |  | — |
2020 | 71 |  |  | 71 |  |  | — |  |  | — |
2019 | 672 |  |  | 637 |  |  | — |  |  | 35 |
2018 | 1,162 |  |  | 1,162 |  |  | — |  |  | — |
2017 | 1,015 |  |  | 989 |  |  | — |  |  | 26 |
Prior | 12,868 |  |  | 11,890 |  |  | 520 |  |  | 458 |
Revolving loans | 609,563 |  |  | 606,083 |  |  | 1,168 |  |  | 2,312 |
Total | $ | 625,369 |  |  | 620,850 |  |  | 1,688 |  |  | 2,831 |
Other consumer loans |  |  |  |  |  |  |
Term loans by origination year |  |  |  |  |  |  |
2021 (year-to-date) | $ | 48,670 |  |  | 48,652 |  |  | — |  |  | 18 |
2020 | 114,926 |  |  | 114,701 |  |  | 173 |  |  | 52 |
2019 | 57,385 |  |  | 56,947 |  |  | 145 |  |  | 293 |
2018 | 36,830 |  |  | 36,469 |  |  | 168 |  |  | 193 |
2017 | 13,154 |  |  | 13,093 |  |  | 10 |  |  | 51 |
Prior | 25,409 |  |  | 24,347 |  |  | 784 |  |  | 278 |
Revolving loans | 27,804 |  |  | 27,381 |  |  | 21 |  |  | 402 |
Total | $ | 324,178 |  |  | 321,590 |  |  | 1,301 |  |  | 1,287 |
| December 31, 2020
(Dollars in thousands) | Total |  | Performing |  | 30-89 Days Past Due |  | Non-Accrual and 90 Days or More Past Due
Residential real estate loans |  |  |  |  |  |  |
Term loans by origination year |  |  |  |  |  |  |
2020 | $ | 208,679 |  |  | 207,432 |  |  | 1,247 |  |  | — |
2019 | 181,924 |  |  | 179,915 |  |  | 2,009 |  |  | — |
2018 | 100,273 |  |  | 99,135 |  |  | 556 |  |  | 582 |
2017 | 76,394 |  |  | 75,527 |  |  | 867 |  |  | — |
2016 | 53,819 |  |  | 52,905 |  |  | 87 |  |  | 827 |
Prior | 179,085 |  |  | 174,281 |  |  | 1,876 |  |  | 2,928 |
Revolving loans | 2,334 |  |  | 2,334 |  |  | — |  |  | — |
Total | $ | 802,508 |  |  | 791,529 |  |  | 6,642 |  |  | 4,337 |
Home equity loans |  |  |  |  |  |  |
Term loans by origination year |  |  |  |  |  |  |
2020 | $ | 89 |  |  | 89 |  |  | — |  |  | — |
2019 | 807 |  |  | 771 |  |  | — |  |  | 36 |
2018 | 1,782 |  |  | 1,782 |  |  | — |  |  | — |
2017 | 1,452 |  |  | 1,426 |  |  | 26 |  |  | — |
2016 | 1,016 |  |  | 1,016 |  |  | — |  |  | — |
Prior | 14,025 |  |  | 13,042 |  |  | 463 |  |  | 520 |
Revolving loans | 617,234 |  |  | 612,545 |  |  | 2,397 |  |  | 2,292 |
Total | $ | 636,405 |  |  | 630,671 |  |  | 2,886 |  |  | 2,848 |
Other consumer loans |  |  |  |  |  |  |
Term loans by origination year |  |  |  |  |  |  |
2020 | $ | 131,302 |  |  | 131,098 |  |  | 158 |  |  | 46 |
2019 | 66,327 |  |  | 65,921 |  |  | 170 |  |  | 236 |
2018 | 42,827 |  |  | 42,557 |  |  | 212 |  |  | 58 |
2017 | 16,287 |  |  | 16,202 |  |  | 38 |  |  | 47 |
2016 | 10,519 |  |  | 10,409 |  |  | 48 |  |  | 62 |
Prior | 18,692 |  |  | 17,334 |  |  | 1,155 |  |  | 203 |
Revolving loans | 27,117 |  |  | 26,704 |  |  | 411 |  |  | 2 |
Total | $ | 313,071 |  |  | 310,225 |  |  | 2,192 |  |  | 654 |

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