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Loans Receivable and Allowance for Credit Losses (Tables) | 6 Months Ended
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Jun. 30, 2024
Receivables [Abstract] |
Summarized Loans Receivable | Loans receivable as of June 30, 2024 and December 31, 2023 are summarized as follows (in thousands):
|  | June 30, 2024 |  | December 31, 2023
Mortgage loans: |  |  |  |
Commercial |  | $ | 7,337,742 |  |  | 4,512,411 |
Multi-family |  | 3,189,808 |  |  | 1,812,500 |
Construction |  | 970,244 |  |  | 653,246 |
Residential |  | 2,024,027 |  |  | 1,164,956 |
Total mortgage loans |  | 13,521,821 |  |  | 8,143,113 |
Commercial loans |  | 4,617,232 |  |  | 2,440,621 |
Consumer loans |  | 626,016 |  |  | 299,164 |
Total gross loans |  | 18,765,069 |  |  | 10,882,898 |
Premiums on purchased loans |  | 1,410 |  |  | 1,474 |
Net deferred fees |  | (7,149) |  |  | (12,456) |
Total loans |  | $ | 18,759,330 |  |  | 10,871,916 |
Aging Loans Receivable by Portfolio Segment and Class | The following tables summarize the aging of loans receivable by portfolio segment and class of loans (in thousands):
|  | June 30, 2024
|  | 30-59 Days |  | 60-89 Days |  | Non-accrual |  | Recorded Investment > 90 days accruing |  | Total Past Due |  | Current |  | Total Loans Receivable |  | Non-accrual loans with no related allowance
Mortgage loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | 1,707 |  |  | 1,231 |  |  | 3,588 |  |  | — |  |  | 6,526 |  |  | 7,331,216 |  |  | 7,337,742 |  |  | 3,588 |
Multi-family |  | — |  |  | — |  |  | 7,276 |  |  | — |  |  | 7,276 |  |  | 3,182,532 |  |  | 3,189,808 |  |  | 7,276 |
Construction |  | — |  |  | — |  |  | 11,698 |  |  | — |  |  | 11,698 |  |  | 958,546 |  |  | 970,244 |  |  | 11,698 |
Residential |  | 1,714 |  |  | 2,193 |  |  | 4,447 |  |  | — |  |  | 8,354 |  |  | 2,015,673 |  |  | 2,024,027 |  |  | 4,447 |
Total mortgage loans |  | 3,421 |  |  | 3,424 |  |  | 27,009 |  |  | — |  |  | 33,854 |  |  | 13,487,967 |  |  | 13,521,821 |  |  | 27,009 |
Commercial loans |  | 3,444 |  |  | 1,146 |  |  | 39,715 |  |  | — |  |  | 44,305 |  |  | 4,572,927 |  |  | 4,617,232 |  |  | 28,675 |
Consumer loans |  | 2,891 |  |  | 648 |  |  | 1,144 |  |  | — |  |  | 4,683 |  |  | 621,333 |  |  | 626,016 |  |  | 1,144 |
Total gross loans |  | $ | 9,756 |  |  | 5,218 |  |  | 67,868 |  |  | — |  |  | 82,842 |  |  | 18,682,227 |  |  | 18,765,069 |  |  | 56,828 |
|  | December 31, 2023
|  | 30-59 Days |  | 60-89 Days |  | Non-accrual |  | Recorded Investment > 90 days accruing |  | Total Past Due |  | Current |  | Total Loans Receivable |  | Non-accrual loans with no related allowance
Mortgage loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | 825 |  |  | — |  |  | 5,151 |  |  | — |  |  | 5,976 |  |  | 4,506,435 |  |  | 4,512,411 |  |  | 5,151 |
Multi-family |  | 3,815 |  |  | 1,635 |  |  | 744 |  |  | — |  |  | 6,194 |  |  | 1,806,306 |  |  | 1,812,500 |  |  | 744 |
Construction |  | — |  |  | — |  |  | 771 |  |  | — |  |  | 771 |  |  | 652,475 |  |  | 653,246 |  |  | 771 |
Residential |  | 3,429 |  |  | 1,208 |  |  | 853 |  |  | — |  |  | 5,490 |  |  | 1,159,466 |  |  | 1,164,956 |  |  | 853 |
Total mortgage loans |  | 8,069 |  |  | 2,843 |  |  | 7,519 |  |  | — |  |  | 18,431 |  |  | 8,124,682 |  |  | 8,143,113 |  |  | 7,519 |
Commercial loans |  | 998 |  |  | 198 |  |  | 41,487 |  |  | — |  |  | 42,683 |  |  | 2,397,938 |  |  | 2,440,621 |  |  | 36,281 |
Consumer loans |  | 875 |  |  | 275 |  |  | 633 |  |  | — |  |  | 1,783 |  |  | 297,381 |  |  | 299,164 |  |  | 633 |
Total gross loans |  | $ | 9,942 |  |  | 3,316 |  |  | 49,639 |  |  | — |  |  | 62,897 |  |  | 10,820,001 |  |  | 10,882,898 |  |  | 44,433 |
Allowance for Loan Losses by Portfolio Segment and Impairment Classification | The activity in the allowance for credit losses by portfolio segment for the three and six months ended June 30, 2024 and 2023 was as follows (in thousands):
Three months ended June 30, |  | Mortgage loans |  | Commercial loans |  | Consumer loans |  | Total
2024 |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | 65,890 |  |  | 38,292 |  |  | 2,247 |  |  | 106,429 |
Initial allowance on credit loans related to PCD loans |  | 10,628 |  |  | 6,070 |  |  | 490 |  |  | 17,188 |
Provision charge to operations |  | 58,790 |  |  | 5,038 |  |  | 2,226 |  |  | 66,054 |
Recoveries of loans previously charged-off |  | 4 |  |  | 825 |  |  | 134 |  |  | 963 |
Loans charged-off |  | — |  |  | (2,222) |  |  | (81) |  |  | (2,303) |
Balance at end of period |  | $ | 135,312 |  |  | 48,003 |  |  | 5,016 |  |  | 188,331 |
2023 |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | 63,195 |  |  | 27,117 |  |  | 2,446 |  |  | 92,758 |
Provision charge (benefit) to operations |  | 6,742 |  |  | 3,769 |  |  | (111) |  |  | 10,400 |
Recoveries of loans previously charged-off |  | 3 |  |  | 134 |  |  | 173 |  |  | 310 |
Loans charged-off |  | — |  |  | (1,313) |  |  | (82) |  |  | (1,395) |
Balance at end of period |  | $ | 69,940 |  |  | 29,707 |  |  | 2,426 |  |  | 102,073 |
Six months ended June 30, |  | Mortgage loans |  | Commercial loans |  | Consumer loans |  | Total
2024 |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | 73,407 |  |  | 31,475 |  |  | 2,318 |  |  | 107,200 |
Initial allowance on credit loans related to PCD loans |  | 10,628 |  |  | 6,070 |  |  | 490 |  |  | 17,188 |
Provision charge to operations |  | 51,210 |  |  | 12,963 |  |  | 2,081 |  |  | 66,254 |
Recoveries of loans previously charged-off |  | 67 |  |  | 1,512 |  |  | 279 |  |  | 1,858 |
Loans charged-off |  | — |  |  | (4,017) |  |  | (152) |  |  | (4,169) |
Balance at end of period |  | $ | 135,312 |  |  | 48,003 |  |  | 5,016 |  |  | 188,331 |
2023 |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | 58,218 |  |  | 27,413 |  |  | 2,392 |  |  | 88,023 |
Cumulative effect of adopting Accounting Standards Update ("ASU") No. 2022-02 |  | (510) |  |  | (43) |  |  | (41) |  |  | (594) |
Provision charge (benefit) charge to operations |  | 12,954 |  |  | 3,461 |  |  | (15) |  |  | 16,400 |
Recoveries of loans previously charged-off |  | 6 |  |  | 301 |  |  | 258 |  |  | 565 |
Loans charged-off |  | (728) |  |  | (1,425) |  |  | (168) |  |  | (2,321) |
Balance at end of period |  | $ | 69,940 |  |  | 29,707 |  |  | 2,426 |  |  | 102,073 |
Loan Modifications | The following table summarizes the Company's gross charge-offs recorded during the three months ended June 30, 2024 by year of origination (in thousands):
| 2024 | 2023 | 2022 | 2021 | 2020 | Prior to 2020 | Total Loans
Commercial loans | $ | — |  | — |  | 157 |  | 2,046 |  | — |  | 18 |  | 2,222 |
Consumer loans (1) | 7 |  | — |  | — |  | — |  | — |  | — |  | 7 |
Total gross loans | $ | 7 |  | — |  | 157 |  | 2,046 |  | — |  | 17 |  | 2,229 |
(1) During the three months ended June 30, 2024, charge-offs on consumer overdraft accounts totaled $74,000, which are not included in the table above. The following table summarizes the Company's gross charge-offs recorded during the six months ended June 30, 2024 by year of origination (in thousands):
| 2024 | 2023 | 2022 | 2021 | 2020 | Prior to 2020 | Total Loans
Commercial loans | $ | — |  | — |  | 158 |  | 2,047 |  | 1,606 |  | 206 |  | 4,017 |
Consumer loans (1) | 13 |  | — |  | — |  | — |  | — |  | 1 |  | 14 |
Total gross loans | $ | 13 |  | — |  | 158 |  | 2,047 |  | 1,606 |  | 207 |  | 4,031 |
(1) During the six months ended June 30, 2024, charge-offs on consumer overdraft accounts totaled $138,000, which are not included in the table above. The following table summarizes the Company's gross charge-offs recorded during the three months ended June 30, 2023 by year of origination (in thousands):
| 2023 | 2022 | 2021 | 2020 | 2019 | Prior to 2019 | Total Loans
Commercial loans | $ | — |  | — |  | — |  | — |  | — |  | 1,313 |  | 1,313 |
Consumer loans (1) | 4 |  | — |  | — |  | — |  | — |  | 3 |  | 7 |
Total gross loans | $ | 4 |  | — |  | — |  | — |  | — |  | 1,316 |  | 1,320 |
(1) During the three months ended June 30, 2023, charge-offs on consumer overdraft accounts totaled $75,000, which is not included in the table above. The following table summarizes the Company's gross charge-offs recorded during the six months ended June 30, 2023 by year of origination (in thousands):
| 2023 | 2022 | 2021 | 2020 | 2019 | Prior to 2019 | Total Loans
Mortgage loans: |  |  |  |  |  |  |
Commercial | $ | — |  | — |  | — |  | — |  | — |  | 707 |  | 707 |
Residential | — |  | — |  | — |  | — |  | — |  | 21 |  | 21 |
Total mortgage loans | — |  | — |  | — |  | — |  | — |  | 728 |  | 728 |
Commercial loans | — |  | — |  | — |  | — |  | — |  | 1,425 |  | 1,425 |
Consumer loans (1) | 9 |  | — |  | — |  | — |  | — |  | 13 |  | 22 |
Total gross loans | $ | 9 |  | — |  | — |  | — |  | — |  | 2,166 |  | 2,175 |
(1) During the six months ended June 30, 2023, charge-offs on consumer overdraft accounts totaled $146,000, which is not included in the table above. The following illustrates the most common loan modifications by loan classes offered by the Company that are required to be disclosed pursuant to the requirements of ASU 2022-02:
Loan Classes |  | Modification types
Commercial |  | Term extension, interest rate reductions, payment delay, or combination thereof. These modifications extend the term of the loan, lower the payment amount, or otherwise delay payments during a defined period for the purpose of providing borrowers additional time to return to compliance with the original loan term.
Residential Mortgage/ Home Equity |  | Forbearance period greater than six months. These modifications require reduced or no payments during the forbearance period for the purpose of providing borrowers additional time to return to compliance with the original loan term as well as term extension and rate adjustment. These modifications extend the term of the loan and provides for an adjustment to the interest rate, which reduces the monthly payment requirement.
Direct Installment |  | Term extension greater than three months. These modifications extend the term of the loan, which reduces the monthly payment requirement.
The following tables present the amortized cost basis of loan modifications made to borrowers experiencing financial difficulty during the three and six months ended June 30, 2024 (in thousands):
| For the three months ended June 30, 2024
| Term Extension | Interest Rate Reduction | Interest Rate Reduction and Term Extension | % of Total Class of Loans and Leases
Commercial loans | — |  | — |  | 1,609 |  | 0.03 | %
Total gross loans | $ | — |  | — |  | 1,609 |  | 0.01 | %
| For the six months ended June 30, 2024
| Term Extension | Interest Rate Reduction | Interest Rate Reduction and Term Extension | % of Total Class of Loans and Leases
Commercial loans | — |  | — |  | 8,796 |  | 0.19 | %
Total gross loans | $ | — |  | — |  | 8,796 |  | 0.05 | %
There were no loan modifications made to borrowers experiencing financial difficulty during the three months ended June 30, 2023. The following table presents the amortized cost basis of loan modifications made to borrowers experiencing financial difficulty during the six months ended June 30, 2023 (in thousands):
| Term Extension | Interest Rate Reduction | Interest Rate Reduction and Term Extension | % of Total Class of Loans and Leases
Commercial loans | $ | 3,771 |  | — |  | 1,250 |  | 0.21 | %
Total gross loans | $ | 3,771 |  | — |  | 1,250 |  | 0.05 | %
The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the three months ended June 30, 2024 (in thousands):
| Weighted-Average Months of Term Extension | Weighted-Average Rate Increase
Commercial loans | 3 | 1.25 | %
Total gross loans | 3 | 1.25 | %
The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the six months ended June 30, 2024 (in thousands):
| Weighted-Average Months of Term Extension | Weighted-Average Rate Increase
Commercial loans | 1 | 1.63 | %
Total gross loans | 1 | 1.63 | %
The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the six months ended June 30, 2023 (in thousands):
| Weighted-Average Months of Term Extension | Weighted-Average Rate Change
Commercial loans | 10 | 0.28 | %
Total gross loans | 10 | 0.28 | %
The following table presents the aging analysis of loan modifications made to borrowers experiencing financial difficulty during the three months ended June 30, 2024 (in thousands):
| Current | 30-59 Days Past Due | 60-89 Days Past Due | 90 days or more Past Due | Non- Accrual | Total
Commercial loans | 1,609 |  | — |  | — |  | — |  | — |  | 1,609 |
Total gross loans | $ | 1,609 |  | — |  | — |  | — |  | — |  | 1,609 |
The following table presents the aging analysis of loan modifications made to borrowers experiencing financial difficulty during the six months ended June 30, 2024 (in thousands):
| Current | 30-59 Days Past Due | 60-89 Days Past Due | 90 days or more Past Due | Non- Accrual | Total
Commercial loans | 8,796 |  | — |  | — |  | — |  | — |  | 8,796 |
Total gross loans | $ | 8,796 |  | — |  | — |  | — |  | — |  | 8,796 |
The following table presents the aging analysis of loan modifications made to borrowers experiencing financial difficulty during the six months ended June 30, 2023 (in thousands):
| Current | 30-59 Days Past Due | 60-89 Days Past Due | 90 days or more Past Due | Non- Accrual | Total
Commercial loans | $ | 5,021 |  | — |  | — |  | — |  | — |  | 5,021 |
Total gross loans | $ | 5,021 |  | — |  | — |  | — |  | — |  | 5,021 |
Fair Value of Loans Acquired in Acquisition | The table below is a summary of the PCD loans that were acquired from Lakeland as of the closing date (in thousands):
Gross amortized cost basis as of May 16, 2024 |  | $ | 564,147 |
Charge-offs on PCD Loans at acquisition |  | (4,364) |
Interest component of expected cash flows (accretable difference) |  | (33,365) |
Allowance for credit losses on PCD loans |  | (17,188) |
Net PCD loans |  | $ | 509,230 |
Loans Receivable by Credit Quality Risk Rating Indicator | The following table summarizes the Company's gross loans held for investment by year of origination and internally assigned credit grades as of June 30, 2024 and December 31, 2023 (in thousands):
|  | Gross Loans Held for Investment by Year of Origination as of June 30, 2024
|  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior to 2020 |  | Revolving Loans |  | Revolving loans to term loans |  | Total Loans
Commercial Mortgage |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Special mention |  | $ | — |  |  | 2,184 |  |  | 12,781 |  |  | 3,238 |  |  | 35,431 |  |  | 48,972 |  |  | 4,500 |  |  | — |  |  | 107,106 |
Substandard |  | 3,072 |  |  | — |  |  | 7,360 |  |  | — |  |  | — |  |  | 42,195 |  |  | 434 |  |  | — |  |  | 53,061 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Loss |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total criticized and classified |  | 3,072 |  |  | 2,184 |  |  | 20,141 |  |  | 3,238 |  |  | 35,431 |  |  | 91,167 |  |  | 4,934 |  |  | — |  |  | 160,167 |
Pass/Watch |  | 217,583 |  |  | 786,479 |  |  | 1,515,112 |  |  | 1,111,743 |  |  | 929,400 |  |  | 2,500,179 |  |  | 105,543 |  |  | 11,536 |  |  | 7,177,575 |
Total Commercial Mortgage |  | $ | 220,655 |  |  | 788,663 |  |  | 1,535,253 |  |  | 1,114,981 |  |  | 964,831 |  |  | 2,591,346 |  |  | 110,477 |  |  | 11,536 |  |  | 7,337,742 |
Multi-family |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Special mention |  | $ | — |  |  | — |  |  | — |  |  | — |  |  | 553 |  |  | 19,105 |  |  | — |  |  | — |  |  | 19,658 |
Substandard |  | — |  |  | 1,611 |  |  | — |  |  | 1,059 |  |  | — |  |  | 5,008 |  |  | — |  |  | — |  |  | 7,678 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Loss |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total criticized and classified |  | — |  |  | 1,611 |  |  | — |  |  | 1,059 |  |  | 553 |  |  | 24,113 |  |  | — |  |  | — |  |  | 27,336 |
Pass/Watch |  | 83,575 |  |  | 409,575 |  |  | 497,184 |  |  | 518,177 |  |  | 520,320 |  |  | 1,116,174 |  |  | 15,884 |  |  | 1,583 |  |  | 3,162,472 |
Total Multi-Family |  | $ | 83,575 |  |  | 411,186 |  |  | 497,184 |  |  | 519,236 |  |  | 520,873 |  |  | 1,140,287 |  |  | 15,884 |  |  | 1,583 |  |  | 3,189,808 |
Construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Special mention |  | $ | — |  |  | — |  |  | — |  |  | 10,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 10,000 |
Substandard |  | — |  |  | — |  |  | — |  |  | 11,698 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 11,698 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Loss |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total criticized and classified |  | — |  |  | — |  |  | — |  |  | 21,698 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 21,698 |
Pass/Watch |  | 35,709 |  |  | 187,663 |  |  | 475,357 |  |  | 181,357 |  |  | 48,243 |  |  | 16,565 |  |  | 3,652 |  |  | — |  |  | 948,546 |
|  | Gross Loans Held for Investment by Year of Origination as of June 30, 2024
|  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior to 2020 |  | Revolving Loans |  | Revolving loans to term loans |  | Total Loans
Total Construction |  | $ | 35,709 |  |  | 187,663 |  |  | 475,357 |  |  | 203,055 |  |  | 48,243 |  |  | 16,565 |  |  | 3,652 |  |  | — |  |  | 970,244 |
Residential (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Special mention |  | $ | 412 |  |  | 731 |  |  | — |  |  | — |  |  | — |  |  | 1,050 |  |  | — |  |  | — |  |  | 2,193 |
Substandard |  | — |  |  | — |  |  | 347 |  |  | 1,139 |  |  | 378 |  |  | 2,583 |  |  | — |  |  | — |  |  | 4,447 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Loss |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total criticized and classified |  | 412 |  |  | 731 |  |  | 347 |  |  | 1,139 |  |  | 378 |  |  | 3,633 |  |  | — |  |  | — |  |  | 6,640 |
Pass/Watch |  | 77,447 |  |  | 355,651 |  |  | 441,901 |  |  | 346,991 |  |  | 286,120 |  |  | 509,277 |  |  | — |  |  | — |  |  | 2,017,387 |
Total Residential |  | $ | 77,859 |  |  | 356,382 |  |  | 442,248 |  |  | 348,130 |  |  | 286,498 |  |  | 512,910 |  |  | — |  |  | — |  |  | 2,024,027 |
Total Mortgage |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Special mention |  | $ | 412 |  |  | 2,915 |  |  | 12,781 |  |  | 13,238 |  |  | 35,984 |  |  | 69,127 |  |  | 4,500 |  |  | — |  |  | 138,957 |
Substandard |  | 3,072 |  |  | 1,611 |  |  | 7,707 |  |  | 13,896 |  |  | 378 |  |  | 49,786 |  |  | 434 |  |  | — |  |  | 76,884 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Loss |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total criticized and classified |  | 3,484 |  |  | 4,526 |  |  | 20,488 |  |  | 27,134 |  |  | 36,362 |  |  | 118,913 |  |  | 4,934 |  |  | — |  |  | 215,841 |
Pass/Watch |  | 414,314 |  |  | 1,739,368 |  |  | 2,929,554 |  |  | 2,158,268 |  |  | 1,784,083 |  |  | 4,142,195 |  |  | 125,079 |  |  | 13,119 |  |  | 13,305,980 |
Total Mortgage |  | $ | 417,798 |  |  | 1,743,894 |  |  | 2,950,042 |  |  | 2,185,402 |  |  | 1,820,445 |  |  | 4,261,108 |  |  | 130,013 |  |  | 13,119 |  |  | 13,521,821 |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Special mention |  | $ | — |  |  | — |  |  | 20,042 |  |  | 5,055 |  |  | 1,250 |  |  | 34,059 |  |  | 16,102 |  |  | 2,560 |  |  | 79,068 |
Substandard |  | 967 |  |  | 860 |  |  | 53,072 |  |  | 64,141 |  |  | 26,250 |  |  | 24,684 |  |  | 23,554 |  |  | 1,286 |  |  | 194,814 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Loss |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total criticized and classified |  | 967 |  |  | 860 |  |  | 73,114 |  |  | 69,196 |  |  | 27,500 |  |  | 58,743 |  |  | 39,656 |  |  | 3,846 |  |  | 273,882 |
Pass/Watch |  | 284,428 |  |  | 441,563 |  |  | 706,947 |  |  | 463,399 |  |  | 321,207 |  |  | 975,241 |  |  | 1,069,999 |  |  | 80,566 |  |  | 4,343,350 |
Total Commercial |  | $ | 285,395 |  |  | 442,423 |  |  | 780,061 |  |  | 532,595 |  |  | 348,707 |  |  | 1,033,984 |  |  | 1,109,655 |  |  | 84,412 |  |  | 4,617,232 |
Consumer (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Special mention |  | $ | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 28 |  |  | 596 |  |  | 19 |  |  | 643 |
Substandard |  | — |  |  | — |  |  | — |  |  | 9 |  |  | — |  |  | 826 |  |  | 277 |  |  | 33 |  |  | 1,145 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Loss |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total criticized and classified |  | — |  |  | — |  |  | — |  |  | 9 |  |  | — |  |  | 854 |  |  | 873 |  |  | 52 |  |  | 1,788 |
Pass/Watch |  | 19,664 |  |  | 49,608 |  |  | 63,199 |  |  | 42,791 |  |  | 10,017 |  |  | 91,384 |  |  | 334,965 |  |  | 12,600 |  |  | 624,228 |
Total Consumer |  | $ | 19,664 |  |  | 49,608 |  |  | 63,199 |  |  | 42,800 |  |  | 10,017 |  |  | 92,238 |  |  | 335,838 |  |  | 12,652 |  |  | 626,016 |
Total Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Special mention |  | $ | 412 |  |  | 2,915 |  |  | 32,823 |  |  | 18,293 |  |  | 37,234 |  |  | 103,214 |  |  | 21,198 |  |  | 2,579 |  |  | 218,668 |
Substandard |  | 4,039 |  |  | 2,471 |  |  | 60,779 |  |  | 78,046 |  |  | 26,628 |  |  | 75,296 |  |  | 24,265 |  |  | 1,319 |  |  | 272,843 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Loss |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total criticized and classified |  | 4,451 |  |  | 5,386 |  |  | 93,602 |  |  | 96,339 |  |  | 63,862 |  |  | 178,510 |  |  | 45,463 |  |  | 3,898 |  |  | 491,511 |
|  | Gross Loans Held for Investment by Year of Origination as of June 30, 2024
|  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior to 2020 |  | Revolving Loans |  | Revolving loans to term loans |  | Total Loans
Pass/Watch |  | 718,406 |  |  | 2,230,539 |  |  | 3,699,700 |  |  | 2,664,458 |  |  | 2,115,307 |  |  | 5,208,820 |  |  | 1,530,043 |  |  | 106,285 |  |  | 18,273,558 |
Total Gross Loans |  | $ | 722,857 |  |  | 2,235,925 |  |  | 3,793,302 |  |  | 2,760,797 |  |  | 2,179,169 |  |  | 5,387,330 |  |  | 1,575,506 |  |  | 110,183 |  |  | 18,765,069 |
(1) For residential and consumer loans, the Company assigns internal credit grades based on the delinquency status of each loan.
|  | Gross Loans Held for Investment by Year of Origination as of December 31, 2023
|  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior to 2019 |  | Revolving Loans |  | Revolving loans to term loans |  | Total Loans
Commercial Mortgage |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Special mention |  | $ | — |  |  | 10,926 |  |  | 3,048 |  |  | 28,511 |  |  | 10,558 |  |  | 24,598 |  |  | 4,500 |  |  | — |  |  | 82,141 |
Substandard |  | 482 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9,599 |  |  | 434 |  |  | — |  |  | 10,515 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Loss |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total criticized and classified |  | 482 |  |  | 10,926 |  |  | 3,048 |  |  | 28,511 |  |  | 10,558 |  |  | 34,197 |  |  | 4,934 |  |  | — |  |  | 92,656 |
Pass/Watch |  | 628,709 |  |  | 883,149 |  |  | 677,464 |  |  | 470,257 |  |  | 470,971 |  |  | 1,166,205 |  |  | 90,760 |  |  | 32,240 |  |  | 4,419,755 |
Total Commercial Mortgage |  | $ | 629,191 |  |  | 894,075 |  |  | 680,512 |  |  | 498,768 |  |  | 481,529 |  |  | 1,200,402 |  |  | 95,694 |  |  | 32,240 |  |  | 4,512,411 |
Multi-family |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Special mention |  | $ | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9,500 |  |  | — |  |  | — |  |  | 9,500 |
Substandard |  | 3,253 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,253 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Loss |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total criticized and classified |  | 3,253 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9,500 |  |  | — |  |  | — |  |  | 12,753 |
Pass/Watch |  | 340,842 |  |  | 172,244 |  |  | 184,136 |  |  | 271,878 |  |  | 230,456 |  |  | 592,470 |  |  | 6,115 |  |  | 1,606 |  |  | 1,799,747 |
Total Multi-Family |  | $ | 344,095 |  |  | 172,244 |  |  | 184,136 |  |  | 271,878 |  |  | 230,456 |  |  | 601,970 |  |  | 6,115 |  |  | 1,606 |  |  | 1,812,500 |
Construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Special mention |  | $ | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 771 |  |  | — |  |  | — |  |  | 771 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Loss |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total criticized and classified |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 771 |  |  | — |  |  | — |  |  | 771 |
Pass/Watch |  | 41,209 |  |  | 342,890 |  |  | 185,034 |  |  | 68,603 |  |  | 1,339 |  |  | 13,400 |  |  | — |  |  | — |  |  | 652,475 |
Total Construction |  | $ | 41,209 |  |  | 342,890 |  |  | 185,034 |  |  | 68,603 |  |  | 1,339 |  |  | 14,171 |  |  | — |  |  | — |  |  | 653,246 |
Residential (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Special mention |  | $ | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,208 |  |  | — |  |  | — |  |  | 1,208 |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,285 |  |  | — |  |  | — |  |  | 1,285 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | Gross Loans Held for Investment by Year of Origination as of December 31, 2023
|  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior to 2019 |  | Revolving Loans |  | Revolving loans to term loans |  | Total Loans
Loss |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total criticized and classified |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,493 |  |  | — |  |  | — |  |  | 2,493 |
Pass/Watch |  | 96,259 |  |  | 141,683 |  |  | 200,111 |  |  | 195,964 |  |  | 89,654 |  |  | 438,792 |  |  | — |  |  | — |  |  | 1,162,463 |
Total Residential |  | $ | 96,259 |  |  | 141,683 |  |  | 200,111 |  |  | 195,964 |  |  | 89,654 |  |  | 441,285 |  |  | — |  |  | — |  |  | 1,164,956 |
Total Mortgage |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Special mention |  | $ | — |  |  | 10,926 |  |  | 3,048 |  |  | 28,511 |  |  | 10,558 |  |  | 35,306 |  |  | 4,500 |  |  | — |  |  | 92,849 |
Substandard |  | 3,735 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 11,655 |  |  | 434 |  |  | — |  |  | 15,824 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Loss |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total criticized and classified |  | 3,735 |  |  | 10,926 |  |  | 3,048 |  |  | 28,511 |  |  | 10,558 |  |  | 46,961 |  |  | 4,934 |  |  | — |  |  | 108,673 |
Pass/Watch |  | 1,107,019 |  |  | 1,539,966 |  |  | 1,246,745 |  |  | 1,006,702 |  |  | 792,420 |  |  | 2,210,867 |  |  | 96,875 |  |  | 33,846 |  |  | 8,034,440 |
Total Mortgage |  | $ | 1,110,754 |  |  | 1,550,892 |  |  | 1,249,793 |  |  | 1,035,213 |  |  | 802,978 |  |  | 2,257,828 |  |  | 101,809 |  |  | 33,846 |  |  | 8,143,113 |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Special mention |  | $ | 450 |  |  | 17,008 |  |  | 9,338 |  |  | 2,409 |  |  | 152 |  |  | 22,752 |  |  | 23,333 |  |  | 687 |  |  | 76,129 |
Substandard |  | 686 |  |  | — |  |  | 20,262 |  |  | 9,235 |  |  | 2,034 |  |  | 11,313 |  |  | 10,736 |  |  | 508 |  |  | 54,774 |
Doubtful |  | 7,011 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7,011 |
Loss |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total criticized and classified |  | 8,147 |  |  | 17,008 |  |  | 29,600 |  |  | 11,644 |  |  | 2,186 |  |  | 34,065 |  |  | 34,069 |  |  | 1,195 |  |  | 137,914 |
Pass/Watch |  | 358,578 |  |  | 316,015 |  |  | 318,416 |  |  | 131,647 |  |  | 143,677 |  |  | 491,406 |  |  | 471,962 |  |  | 71,006 |  |  | 2,302,707 |
Total Commercial |  | $ | 366,725 |  |  | 333,023 |  |  | 348,016 |  |  | 143,291 |  |  | 145,863 |  |  | 525,471 |  |  | 506,031 |  |  | 72,201 |  |  | 2,440,621 |
Consumer (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Special mention |  | $ | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 97 |  |  | 178 |  |  | — |  |  | 275 |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | 9 |  |  | 146 |  |  | 389 |  |  | 90 |  |  | 634 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Loss |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total criticized and classified |  | — |  |  | — |  |  | — |  |  | — |  |  | 9 |  |  | 243 |  |  | 567 |  |  | 90 |  |  | 909 |
Pass/Watch |  | 29,083 |  |  | 26,098 |  |  | 18,101 |  |  | 3,459 |  |  | 14,375 |  |  | 85,383 |  |  | 108,431 |  |  | 13,325 |  |  | 298,255 |
Total Consumer |  | $ | 29,083 |  |  | 26,098 |  |  | 18,101 |  |  | 3,459 |  |  | 14,384 |  |  | 85,626 |  |  | 108,998 |  |  | 13,415 |  |  | 299,164 |
Total Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Special mention |  | $ | 450 |  |  | 27,934 |  |  | 12,386 |  |  | 30,920 |  |  | 10,710 |  |  | 58,155 |  |  | 28,011 |  |  | 687 |  |  | 169,253 |
Substandard |  | 4,421 |  |  | — |  |  | 20,262 |  |  | 9,235 |  |  | 2,043 |  |  | 23,114 |  |  | 11,559 |  |  | 598 |  |  | 71,232 |
Doubtful |  | 7,011 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7,011 |
Loss |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total criticized and classified |  | 11,882 |  |  | 27,934 |  |  | 32,648 |  |  | 40,155 |  |  | 12,753 |  |  | 81,269 |  |  | 39,570 |  |  | 1,285 |  |  | 247,496 |
Pass/Watch |  | 1,494,680 |  |  | 1,882,079 |  |  | 1,583,262 |  |  | 1,141,808 |  |  | 950,472 |  |  | 2,787,656 |  |  | 677,268 |  |  | 118,177 |  |  | 10,635,402 |
|  | Gross Loans Held for Investment by Year of Origination as of December 31, 2023
|  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior to 2019 |  | Revolving Loans |  | Revolving loans to term loans |  | Total Loans
Total Gross Loans |  | $ | 1,506,562 |  |  | 1,910,013 |  |  | 1,615,910 |  |  | 1,181,963 |  |  | 963,225 |  |  | 2,868,925 |  |  | 716,838 |  |  | 119,462 |  |  | 10,882,898 |
(1) For residential and consumer loans, the Company assigns internal credit grades based on the delinquency status of each loan.

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