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LOANS AND ALLOWANCE FOR CREDIT LOSSES (Tables)

3 Months Ended

Mar. 31, 2022

Receivables [Abstract]

Loans and Leases Receivable

The following table presents the balances in our loan portfolio as of the dates indicated:

($ in thousands)																		March 31, 2022						December 31, 2021
Commercial:
Commercial and industrial(1)																		$	2,799,457					$	2,668,984
Commercial real estate																		1,163,381						1,311,105
Multifamily																		1,397,761						1,361,054
SBA(2)																		133,116						205,548
Construction																		225,153						181,841
Consumer:
Single family residential mortgage																		1,637,307						1,420,023
Other consumer																		95,398						102,925
Total loans																		$	7,451,573					$	7,251,480
Allowance for loan losses																		(93,226)						(92,584)
Loans receivable, net																		$	7,358,347					$	7,158,896

(1)Includes warehouse lending balances of $1.57 billion and $1.60 billion at March 31, 2022 and December 31, 2021.

(2)Includes 226 PPP loans totaling $58.3 million, net of unamortized loan fees totaling $203 thousand at March 31, 2022 and 397 PPP loans totaling $123.1 million, net of unamortized loan fees totaling $772 thousand at December 31, 2021.

The following table presents the balances of total loans as of the dates indicated:

($ in thousands)						March 31, 2022						December 31, 2021
Unpaid principal balance						$	7,436,856					$	7,245,952
Unamortized net premiums						25,696						18,005
Unamortized net deferred costs						832						819
Unamortized SBA PPP fees						(234)						(831)
Fair value adjustment(1)						(11,577)						(12,465)
Total loans						$	7,451,573					$	7,251,480

(1)Includes $9.6 million related to the PMB Acquisition, of which $4.3 million related to PCD loans at March 31, 2022. Includes $10.6 million related to the PMB Acquisition, of which $3.9 million related to PCD loans at December 31, 2021.

Risk Categories for Loans and Leases

The following table presents the risk categories for total loans by class of loans and origination year as of March 31, 2022:

						Term Loans Amortized Cost Basis by Origination Year
($ in thousands)						2022						2021						2020						2019						2018						Prior						Revolving Loans Amortized Cost Basis						Revolving Loans Amortized Cost Basis Converted to Term						Total
March 31, 2022
Commercial:
Commercial and industrial
Pass						$	57,130					$	300,020					$	74,250					$	75,320					$	81,579					$	203,069					$	1,865,584					$	10,573					$	2,667,525
Special mention						—						1,070						4,224						13,801						2,517						19,082						35,140						798						76,632
Substandard						—						—						1,637						15,278						10,330						3,856						21,819						2,380						55,300
Doubtful						—						—						—						—						—						—						—						—						—
Commercial and industrial						57,130						301,090						80,111						104,399						94,426						226,007						1,922,543						13,751						2,799,457
Commercial real estate
Pass						90,570						386,465						66,308						131,716						165,035						296,892						6,587						68						1,143,641
Special mention						—						—						—						—						7,532						1,782						—						—						9,314
Substandard						—						—						—						503						—						9,007						916						—						10,426
Doubtful						—						—						—						—						—						—						—						—						—
Commercial real estate						90,570						386,465						66,308						132,219						172,567						307,681						7,503						68						1,163,381
Multifamily
Pass						141,872						410,193						169,678						283,990						129,384						213,799						4						—						1,348,920
Special mention						—						—						1,978						—						11,212						32,969						—						—						46,159
Substandard						—						—						—						—						—						2,682						—						—						2,682
Doubtful						—						—						—						—						—						—						—						—						—
Multifamily						141,872						410,193						171,656						283,990						140,596						249,450						4						—						1,397,761
SBA
Pass						—						55,111						13,474						7,407						1,481						32,976						856						174						111,479
Special mention						—						—						—						4,143						227						582						70						4						5,026
Substandard						—						—						4,725						—						389						10,064						598						835						16,611
Doubtful						—						—						—						—						—						—						—						—						—
SBA						—						55,111						18,199						11,550						2,097						43,622						1,524						1,013						133,116

Construction
Pass						33,862						80,317						31,154						26,873						17,365						25,428						—						—						214,999
Special mention						—						—						—						—						1,607						8,547						—						—						10,154
Substandard						—						—						—						—						—						—						—						—						—
Doubtful						—						—						—						—						—						—						—						—						—
Construction						33,862						80,317						31,154						26,873						18,972						33,975						—						—						225,153
Consumer:
Single family residential mortgage
Pass						210,294						823,638						79,427						57,423						112,118						331,774						5,881						—						1,620,555
Special mention						—						224						1,635						—						905						1,752						—						—						4,516
Substandard						—						—						—						339						9,092						2,575						—						230						12,236
Doubtful						—						—						—						—						—						—						—						—						—
Single family residential mortgage						210,294						823,862						81,062						57,762						122,115						336,101						5,881						230						1,637,307
Other consumer
Pass						6,304						23,390						11,590						7,609						4,429						22,094						17,594						1,720						94,730
Special mention						—						—						—						3						—						24						63						—						90
Substandard						—						—						192						14						144						41						—						187						578
Doubtful						—						—						—						—						—						—						—						—						—
Other consumer						6,304						23,390						11,782						7,626						4,573						22,159						17,657						1,907						95,398
Total loans						$	540,032					$	2,080,428					$	460,272					$	624,419					$	555,346					$	1,218,995					$	1,955,112					$	16,969					$	7,451,573
Total loans
Pass						$	540,032					$	2,079,134					$	445,881					$	590,338					$	511,391					$	1,126,032					$	1,896,506					$	12,535					$	7,201,849
Special mention						—						1,294						7,837						17,947						24,000						64,738						35,273						802						151,891
Substandard						—						—						6,554						16,134						19,955						28,225						23,333						3,632						97,833
Doubtful						—						—						—						—						—						—						—						—						—
Total loans						$	540,032					$	2,080,428					$	460,272					$	624,419					$	555,346					$	1,218,995					$	1,955,112					$	16,969					$	7,451,573

The following table presents the risk categories for total loans by class of loans and origination year as of December 31, 2021:

						Term Loans Amortized Cost Basis by Origination Year
($ in thousands)						2021						2020						2019						2018						2017						Prior						Revolving Loans Amortized Cost Basis						Revolving Loans Amortized Cost Basis Converted to Term						Total
December 31, 2021
Commercial:
Commercial and industrial
Pass						$	254,218					$	81,177					$	71,950					$	78,461					$	56,439					$	110,490					$	1,888,126					$	9,679					$	2,550,540
Special mention						1,206						5,971						13,721						835						7,272						9,846						20,460						6,348						65,659
Substandard						2						241						17,853						11,378						3,374						117						17,429						2,391						52,785
Doubtful						—						—						—						—						—						—						—						—						—
Commercial and industrial						255,426						87,389						103,524						90,674						67,085						120,453						1,926,015						18,418						2,668,984
Commercial real estate
Pass						465,524						82,759						140,108						192,263						85,755						317,941						8,416						71						1,292,837
Special mention						—						—						—						1,925						—						2,920						—						—						4,845
Substandard						—						—						506						—						—						9,084						3,833						—						13,423
Doubtful						—						—						—						—						—						—						—						—						—
Commercial real estate						465,524						82,759						140,614						194,188						85,755						329,945						12,249						71						1,311,105
Multifamily
Pass						410,958						208,396						315,119						157,640						61,457						158,464						4						—						1,312,038
Special mention						—						1,988						—						11,261						—						33,065						—						—						46,314
Substandard						—						—						—						—						—						2,702						—						—						2,702
Doubtful						—						—						—						—						—						—						—						—						—
Multifamily						410,958						210,384						315,119						168,901						61,457						194,231						4						—						1,361,054
SBA
Pass						106,749						23,972						8,049						1,957						10,836						28,495						928						143						181,129
Special mention						—						1,586						3,618						236						—						596						—						4						6,040
Substandard						—						5,888						—						390						3,358						7,245						599						899						18,379
Doubtful						—						—						—						—						—						—						—						—						—
SBA						106,749						31,446						11,667						2,583						14,194						36,336						1,527						1,046						205,548

Construction
Pass						67,074						32,995						29,038						17,139						25,485						—						—						—						171,731
Special mention						—						—						—						1,607						—						8,503						—						—						10,110
Substandard						—						—						—						—						—						—						—						—						—
Doubtful						—						—						—						—						—						—						—						—						—
Construction						67,074						32,995						29,038						18,746						25,485						8,503						—						—						181,841
Consumer:
Single family residential mortgage
Pass						713,844						96,339						67,075						140,329						88,123						277,247						12,828						—						1,395,785
Special mention						—						1,644						339						910						692						6,838						—						—						10,423
Substandard						—						—						—						11,005						975						1,601						—						234						13,815
Doubtful						—						—						—						—						—						—						—						—						—
Single family residential mortgage						713,844						97,983						67,414						152,244						89,790						285,686						12,828						234						1,420,023
Other consumer
Pass						26,179						13,556						8,891						5,265						9,038						15,951						21,327						2,331						102,538
Special mention						—						—						4						—						—						25						63						—						92
Substandard						—						61						14						148						46						26						—						—						295
Doubtful						—						—						—						—						—						—						—						—						—
Other consumer						26,179						13,617						8,909						5,413						9,084						16,002						21,390						2,331						102,925
Total loans						$	2,045,754					$	556,573					$	676,285					$	632,749					$	352,850					$	991,156					$	1,974,013					$	22,100					$	7,251,480
Total loans
Pass						$	2,044,546					$	539,194					$	640,230					$	593,054					$	337,133					$	908,588					$	1,931,629					$	12,224					$	7,006,598
Special mention						1,206						11,189						17,682						16,774						7,964						61,793						20,523						6,352						143,483
Substandard						2						6,190						18,373						22,921						7,753						20,775						21,861						3,524						101,399
Doubtful						—						—						—						—						—						—						—						—						—
Total loans						$	2,045,754					$	556,573					$	676,285					$	632,749					$	352,850					$	991,156					$	1,974,013					$	22,100					$	7,251,480

Aging of Recorded Investment in Past Due Loans and Leases

The following table presents the aging of the recorded investment in past due loans, excluding accrued interest receivable (which is not considered to be material), by class of loans as of the dates indicated:

($ in thousands)						30 - 59 Days Past Due						60 - 89 Days Past Due						Greater than 89 Days Past due						Total Past Due						Current						Total
March 31, 2022
Commercial:
Commercial and industrial						1,255						3,157						8,770						13,182						2,786,275						2,799,457
Commercial real estate						—						—						916						916						1,162,465						1,163,381
Multifamily						781						—						—						781						1,396,980						1,397,761
SBA						198						—						14,748						14,946						118,170						133,116
Construction						—						—						—						—						225,153						225,153
Consumer:
Single family residential mortgage						19,970						967						9,431						30,368						1,606,939						1,637,307
Other consumer						593						146						65						804						94,594						95,398
Total						$	22,797					$	4,270					$	33,930					$	60,997					$	7,390,576					$	7,451,573
December 31, 2021
Commercial:
Commercial and industrial						9,342						1,351						9,503						20,196						2,648,788						2,668,984
Commercial real estate						—						—						—						—						1,311,105						1,311,105
Multifamily						786						—						—						786						1,360,268						1,361,054
SBA						987						2,360						15,941						19,288						186,260						205,548
Construction						—						—						—						—						181,841						181,841
Consumer:
Single family residential mortgage						24,867						—						7,076						31,943						1,388,080						1,420,023
Other consumer						449						—						89						538						102,387						102,925
Total						$	36,431					$	3,711					$	32,609					$	72,751					$	7,178,729					$	7,251,480

Composition of Nonaccrual Loans and Leases

The following table presents nonaccrual loans as of the dates indicated:

															March 31, 2022																								December 31, 2021
($ in thousands)															Total Nonaccrual Loans						Nonaccrual Loans with no ACL																		Total Nonaccrual Loans						Nonaccrual Loans with no ACL
Nonaccrual loans
Commercial:
Commercial and industrial															$	27,368					$	8,154																	$	28,594					$	9,137
Commercial real estate															916						916																		—						—
SBA															15,381						10,201																		16,653						11,443
Consumer:
Single family residential mortgage															10,345						6,416																		7,076						7,076
Other consumer															519						504																		235						235
Total nonaccrual loans															$	54,529					$	26,191																	$	52,558					$	27,891

Allowance for Loan and Lease Losses and Recorded Investment, Excluding Accrued Interest, in Loans

The following table presents a summary of activity in the ACL for the periods indicated:

						Three Months Ended March 31,
($ in thousands)						2022																		2021
						Allowance for Loan Losses						Reserve for Unfunded Loan Commitments						Allowance for Credit Losses						Allowance for Loan Losses						Reserve for Unfunded Loan Commitments						Allowance for Credit Losses
Balance at beginning of period						$	92,584					$	5,605					$	98,189					$	81,030					$	3,183					$	84,213
Loans charged off						(231)						—						(231)						(565)						—						(565)
Recoveries of loans previously charged off						32,215						—						32,215						172						—						172
Net recoveries (charge-offs)						31,984						—						31,984						(393)						—						(393)
(Reversal of) provision for credit losses						(31,342)						(200)						(31,542)						(1,284)						177						(1,107)
Balance at end of period						$	93,226					$	5,405					$	98,631					$	79,353					$	3,360					$	82,713

The following table presents the activity and balance in the ALL and the recorded investment, excluding accrued interest, in loans as of or for the three months ended March 31, 2022:

($ in thousands)						Commercial and Industrial						Commercial Real Estate						Multifamily						SBA						Construction												Single Family Residential Mortgage						Other Consumer												Total
ALL:
Three Months Ended March 31, 2022:
Balance at December 31, 2021						$	33,557					$	21,727					$	17,893					$	3,017					$	5,622											$	9,608					$	1,160											$	92,584
Charge-offs						(182)						—						—						(13)						—												(10)						(26)												(231)
Recoveries						31,417						—						—						758						—												38						2												32,215
Net recoveries (charge-offs)						31,235						—						—						745						—												28						(24)												31,984
(Reversal of) provision for credit losses - loans						(24,825)						(5,237)						(2,556)						(721)						646												1,393						(42)												(31,342)
Balance at March 31, 2022						$	39,967					$	16,490					$	15,337					$	3,041					$	6,268											$	11,029					$	1,094											$	93,226

The following table presents the activity and balance in the ALL and the recorded investment, excluding accrued interest, in loans as of or for the three months ended March 31, 2021:

($ in thousands)						Commercial and Industrial						Commercial Real Estate						Multifamily						SBA						Construction												Single Family Residential Mortgage						Other Consumer												Total
ALL:
Three Months Ended March 31, 2021:
Balance at December 31, 2020						$	20,608					$	19,074					$	22,512					$	3,145					$	5,849											$	9,191					$	651											$	81,030
Charge-offs						(565)						—						—						—						—												—						—												(565)
Recoveries						45						—						—						126						—												—						1												172
Net (charge-offs) recoveries						(520)						—						—						126						—												—						1												(393)
(Reversal of) provision for credit losses - loans						(385)						(1,974)						1,372						180						(297)												(30)						(150)												(1,284)
Balance at March 31, 2021						$	19,703					$	17,100					$	23,884					$	3,451					$	5,552											$	9,161					$	502											$	79,353

Collateral Dependent Loans

Collateral dependent loans consisted of the following as of the dates indicated:

						March 31, 2022
						Real Estate
($ in thousands)						Commercial						Residential						Business Assets						Automobile						Total
Commercial:
Commercial and industrial						$	14,439					$	14					$	4,499					—						$	18,952
Commercial real estate						5,160						—						—						—						5,160
SBA						658						4,582						10,144						—						15,384
Consumer:
Single family residential mortgage						—						15,464						—						—						15,464
Other consumer						—						187						—						332						519
Total loans						$	20,257					$	20,247					$	14,643					$	332					$	55,479

						December 31, 2021
						Real Estate
($ in thousands)						Commercial						Residential						Business Assets						Automobile						Total
Commercial:
Commercial and industrial						$	13,518					$	37					$	4,776					$	—					$	18,331
SBA						689						4,458						11,511						—						16,658
Consumer:
Single family residential mortgage						—						14,012						—						—						14,012
Other consumer						—						—						—						235						235
Total loans						$	14,207					$	18,507					$	16,287					$	235					$	49,236

Troubled Debt Restructurings

TDR loans consisted of the following as of the dates indicated:

($ in thousands)																		March 31, 2022																		December 31, 2021
Commercial:
Commercial and industrial																		$	20,281																	$	5,241
Commercial real estate																		4,244																		4,243
SBA																		265																		265
Consumer:
Single family residential mortgage																		5,119																		6,935
Total																		$	29,909																	$	16,684

The following table summarizes the pre-modification and post-modification balances of the new TDRs for the periods indicated:

						Three Months Ended
($ in thousands)						Number of Loans						Pre-Modification Outstanding Recorded Investment						Post-Modification Outstanding Recorded Investment
March 31, 2022
Commercial:
Commercial and industrial(1)						1						$	12,840					$	12,840
March 31, 2021
Consumer:
Single family residential mortgage(1)						1						$	1,800					$	1,800

(1) Modifications during the three months ended March 31, 2022 and 2021 consisted of extensions of maturity.

X

- Definition

Tabular disclosure of allowance for credit loss on financing receivable.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 11B
-URI http://asc.fasb.org/extlink&oid=123577603&loc=SL6953423-111524

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=124255953&loc=SL82919249-210447

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X

- Definition

Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=124255953&loc=SL82919230-210447

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=123577603&loc=SL6953659-111524

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- Definition

Tabular disclosure of impaired financing receivables.

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-SubTopic 10
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- Definition

Tabular disclosure of aging analysis for financing receivable.

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No definition available.

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Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables.

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- Definition

Tabular disclosure of financing receivable on nonaccrual status.

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- Definition

Tabular disclosure of financing receivable modified as troubled debt restructuring.

+ References

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-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
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