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Loans Receivable and Allowance for Loan Losses (Tables)

12 Months Ended

Dec. 31, 2017

Receivables [Abstract]

Schedule of Loans Receivable

The following table presents loans receivable as of December 31, 2017 and 2016:

	December 31,
	2017				2016
(amounts in thousands)	(As Restated)				(As Restated)
Loans receivable, mortgage warehouse, at fair value	$	1,793,408			$	2,116,815
Loans receivable:
Commercial:
Multi-family	3,502,381				3,214,999
Commercial and industrial (includes owner occupied commercial real estate)	1,633,818				1,382,343
Commercial real estate non-owner occupied	1,218,719				1,193,715
Construction	85,393				64,789
Total commercial loans receivable	6,440,311				5,855,846
Consumer:
Residential real estate	234,090				193,502
Manufactured housing	90,227				101,730
Other	3,547				3,483
Total consumer loans receivable	327,864				298,715
Loans receivable	6,768,175				6,154,561
Deferred costs and unamortized premiums, net	83				76
Allowance for loan losses	(38,015		)		(37,315		)
Total loans receivable, net of allowance for loan losses	$	8,523,651			$	8,234,137

Loans Receivable by Class and Performance Status

The following tables summarize loans receivable by loan type and performance status as of December 31, 2017 and 2016:

	December 31, 2017
	30-89 Days Past Due (1)				90 Or More Days Past Due (1)				Total Past Due Still Accruing (1)				Non- Accrual				Current (2)				Purchased Credit- Impaired Loans (3)				Total Loans (4)
(amounts in thousands)
Multi-family	$	4,900			$	—			$	4,900			$	—			$	3,495,600			$	1,881			$	3,502,381
Commercial and industrial	103				—				103				17,392				1,130,831				764				1,149,090
Commercial real estate - owner occupied	202				—				202				1,453				472,501				10,572				484,728
Commercial real estate - non-owner occupied	93				—				93				160				1,213,216				5,250				1,218,719
Construction	—				—				—				—				85,393				—				85,393
Residential real estate	7,628				—				7,628				5,420				215,361				5,681				234,090
Manufactured housing (5)	4,028				2,743				6,771				1,959				78,946				2,551				90,227
Other consumer	116				—				116				31				3,184				216				3,547
Total	$	17,070			$	2,743			$	19,813			$	26,415			$	6,695,032			$	26,915			$	6,768,175

	December 31, 2016
	30-89 Days Past Due (1)				90 Or More Days Past Due (1)				Total Past Due Still Accruing (1)				Non- Accrual				Current (2)				Purchased- Credit- Impaired Loans (3)				Total Loans (4)
(amounts in thousands)
Multi-family	$	12,573			$	—			$	12,573			$	—			$	3,200,322			$	2,104			$	3,214,999
Commercial and industrial	350				—				350				8,443				978,881				1,037				988,711
Commercial real estate - owner occupied	137				—				137				2,039				379,227				12,229				393,632
Commercial real estate - non-owner occupied	—				—				—				2,057				1,185,331				6,327				1,193,715
Construction	—				—				—				—				64,789				—				64,789
Residential real estate	4,417				—				4,417				2,959				178,559				7,567				193,502
Manufactured housing (5)	3,761				2,813				6,574				2,236				89,850				3,070				101,730
Other consumer	12				—				12				58				3,177				236				3,483
Total	$	21,250			$	2,813			$	24,063			$	17,792			$	6,080,136			$	32,570			$	6,154,561

(1) Includes past-due loans that are accruing interest because collection is considered probable.

(2) Loans where next payment due is less than 30 days from the report date.

(3) Purchased credit-impaired loans aggregated into a pool are accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows, and the past-due status of the pools, or that of the individual loans within the pools, is not meaningful. Because of the credit-impaired nature of the loans, the loans are recorded at a discount reflecting estimated future cash flows and Customers recognizes interest income on each pool of loans reflecting the estimated yield and passage of time. Such loans are considered to be performing. Purchased credit-impaired loans that are not in pools accrete interest when the timing and amount of their expected cash flows are reasonably estimable and are reported as performing loans.

(4) Amounts exclude deferred costs and fees, unamortized premiums and unaccreted discounts and the allowance for loan losses.

(5) Manufactured housing loans purchased in 2010 are supported by cash reserves held at Customers that are used to fund past-due payments when the loan becomes 90 days or more delinquent. Subsequent purchases are subject to varying provisions in the event of borrowers’ delinquencies.

Schedule of Allowance for Loan Losses

The changes in the allowance for loan losses for the years ended December 31, 2017 and 2016, and the loans and allowance for loan losses by loan type based on impairment-evaluation method are presented in the tables below. The amounts presented for the provision for loan losses below do not include the effect of changes to estimated benefits resulting from the FDIC loss share arrangements for the covered loans for periods prior to the termination of the FDIC loss sharing arrangements.

Twelve Months Ended December 31, 2017	Multi-family				Commercial and Industrial				Commercial Real Estate Owner Occupied				Commercial Real Estate Non-Owner Occupied				Construction				Residential Real Estate				Manufactured Housing				Other Consumer				Total
(amounts in thousands)
Allowance for loan losses
Ending Balance, December 31, 2016	$	11,602			$	11,050			$	2,183			$	7,894			$	840			$	3,342			$	286			$	118			$	37,315
Charge-offs	—				(4,157		)		(731		)		(486		)		—				(415		)		—				(1,338		)		(7,127		)
Recoveries	—				676				9				—				164				72				—				138				1,059
Provision for loan losses	566				3,349				1,771				29				(25		)		(70		)		(106		)		1,254				6,768
Ending Balance, December 31, 2017	$	12,168			$	10,918			$	3,232			$	7,437			$	979			$	2,929			$	180			$	172			$	38,015
Loans
Individually evaluated for impairment	$	—			$	17,461			$	1,448			$	160			$	—			$	9,247			$	10,089			$	30			$	38,435
Collectively evaluated for impairment	3,500,500				1,130,865				472,708				1,213,309				85,393				219,162				77,587				3,301				6,702,825
Loans acquired with credit deterioration	1,881				764				10,572				5,250				—				5,681				2,551				216				26,915
	$	3,502,381			$	1,149,090			$	484,728			$	1,218,719			$	85,393			$	234,090			$	90,227			$	3,547			$	6,768,175
Allowance for loan losses
Individually evaluated for impairment	$	—			$	650			$	642			$	—			$	—			$	155			$	4			$	—			$	1,451
Collectively evaluated for impairment	12,168				9,804				2,580				4,630				979				2,177				82				117				32,537
Loans acquired with credit deterioration	—				464				10				2,807				—				597				94				55				4,027
	$	12,168			$	10,918			$	3,232			$	7,437			$	979			$	2,929			$	180			$	172			$	38,015

Twelve Months Ended December 31, 2016	Multi-family				Commercial and Industrial				Commercial Real Estate Owner Occupied				Commercial Real Estate Non-Owner Occupied				Construction				Residential Real Estate				Manufactured Housing				Other Consumer				Total
(amounts in thousands)
Allowance for loan losses
Ending Balance, December 31, 2015	$	12,016			$	8,864			$	1,348			$	8,420			$	1,074			$	3,298			$	494			$	133			$	35,647
Charge-offs	—				(2,920		)		(27		)		(140		)		—				(493		)		—				(825		)		(4,405		)
Recoveries	—				381				—				130				1,854				367				—				11				2,743
Provision for loan losses	(414		)		4,725				862				(516		)		(2,088		)		170				(208		)		799				3,330
Ending Balance, December 31, 2016	$	11,602			$	11,050			$	2,183			$	7,894			$	840			$	3,342			$	286			$	118			$	37,315
Loans
Individually evaluated for impairment	$	—			$	8,516			$	2,050			$	2,151			$	—			$	6,972			$	9,665			$	57			$	29,411
Collectively evaluated for impairment	3,212,895				979,158				379,353				1,185,237				64,789				178,963				88,995				3,190				6,092,580
Loans acquired with credit deterioration	2,104				1,037				12,229				6,327				—				7,567				3,070				236				32,570
	$	3,214,999			$	988,711			$	393,632			$	1,193,715			$	64,789			$	193,502			$	101,730			$	3,483			$	6,154,561
Allowance for loan losses
Individually evaluated for impairment	$	—			$	1,024			$	287			$	14			$	—			$	35			$	—			$	—			$	1,360
Collectively evaluated for impairment	11,602				9,686				1,896				4,626				772				2,414				88				60				31,144
Loans acquired with credit deterioration	—				340				—				3,254				68				893				198				58				4,811
	$	11,602			$	11,050			$	2,183			$	7,894			$	840			$	3,342			$	286			$	118			$	37,315

Summary of Impaired Loans

Purchased credit-impaired loans are considered to be performing and are not included in the tables below.

	December 31, 2017												Twelve Months Ended December 31, 2017
	Recorded Investment Net of Charge Offs				Unpaid Principal Balance				Related Allowance				Average Recorded Investment				Interest Income Recognized
(amounts in thousands)
With no recorded allowance
Commercial and industrial	$	9,138			$	9,287			$	—			$	8,865			$	214
Commercial real estate - owner occupied	806				806				—				1,439				70
Commercial real estate - non-owner occupied	160				272				—				898				2
Other consumer	30				30				—				51				—
Residential real estate	3,628				3,801				—				4,617				24
Manufactured housing	9,865				9,865				—				10,003				558
With an allowance recorded
Commercial and industrial	8,323				8,506				650				5,984				230
Commercial real estate - owner occupied	642				642				642				882				—
Residential real estate	5,619				5,656				155				3,307				187
Manufactured housing	224				224				4				131				8
Total	$	38,435			$	39,089			$	1,451			$	36,177			$	1,293

	December 31, 2016												Twelve Months Ended December 31, 2016								Twelve Months Ended December 31, 2015
	Recorded Investment Net of Charge Offs				Unpaid Principal Balance				Related Allowance				Average Recorded Investment				Interest Income Recognized				Average Recorded Investment				Interest Income Recognized
(amounts in thousands)
With no recorded allowance
Multi-family	$	—			$	—			$	—			$	964			$	53			$	267			$	24
Commercial and industrial	2,396				3,430				—				15,424				804				8,543				891
Commercial real estate - owner occupied	1,210				1,210				—				7,963				426				6,526				454
Commercial real estate - non-owner occupied	2,002				2,114								5,265				155				6,605				648
Construction	—				—				—				—				—				749				—
Other consumer	57				57				—				47				—				42				1
Residential real estate	6,682				6,749				—				4,567				120				2,254				86
Manufactured housing	9,665				9,665				—				8,961				465				5,433				368
With an allowance recorded
Multi-family	—				—				—				232				—				—				—
Commercial and industrial	6,120				6,120				1,024				7,028				436				9,331				191
Commercial real estate - owner occupied	840				840				287				173				—				15				1
Commercial real estate - non-owner occupied	149				204				14				380				—				817				12
Other consumer	—				—				—				29				—				83				—
Residential real estate	290				303				35				395				—				426				2
Total	$	29,411			$	30,692			$	1,360			$	51,428			$	2,459			$	41,091			$	2,678

Analysis of Loans Modified in Troubled Debt Restructuring by Type of Concession

The following table presents loans modified in a troubled debt restructuring by type of concession for the years ended December 31, 2017, 2016 and 2015. There were no modifications that involved forgiveness of debt.

	For the Years Ended December 31,
	2017							2016							2015
	Number of Loans			Recorded Investment				Number of Loans			Recorded Investment				Number of Loans			Recorded Investment
(dollars in thousands)
Extensions of maturity	5			$	6,497			3			$	1,995			1			$	183
Interest-rate reductions	35			1,574				61			4,621				161			7,274
Total	40			$	8,071			64			$	6,616			162			$	7,457

Summary of Loans and Leases Modified in Troubled Debt Restructurings and Recorded Investments

The following table presents total TDRs based on loan type and accrual status at December 31, 2017, 2016, and 2015. Nonaccrual TDRs are included in the reported amount of total non-accrual loans.

	December 31,
	2017										2016										2015
	Accruing TDRs			Nonaccrual TDRs			Total				Accruing TDRs			Nonaccrual TDRs			Total				Accruing TDRs			Nonaccrual TDRs			Total
(amounts in thousands)
Commercial and industrial	$	63		$	5,939		$	6,002			$	73		$	146		$	219			$	27		$	518		$	545
Commercial real estate owner occupied	—			—			—				12			—			12				—			—			—
Commercial real estate non-owner occupied	—			—			—				—			1,945			1,945				—			204			204
Manufactured housing	8,130			1,766			9,896				7,429			2,072			9,501				5,911			2,389			8,300
Residential real estate	3,828			703			4,531				4,012			707			4,719				2,332			61			2,393
Total TDRs	$	12,021		$	8,408		$	20,429			$	11,526		$	4,870		$	16,396			$	8,270		$	3,172		$	11,442

The following table provides, by loan type, the number of loans modified in troubled debt restructurings and the related recorded investment for the years ended December 31, 2017, 2016 and 2015.

	For the Years Ended December 31,
	2017							2016							2015
	Number of Loans			Recorded Investment				Number of Loans			Recorded Investment				Number of Loans			Recorded Investment
(dollars in thousands)
Commercial and industrial	4			$	6,437			1			$	76			3			$	791
Commercial real estate non-owner occupied	—			—				1			1,844				1			211
Manufactured housing	36			1,634				58			2,286				156			6,251
Residential real estate	—			—				4			2,410				2			204
Total loans	40			$	8,071			64			$	6,616			162			$	7,457

Changes in Accretable Discount Related to Purchased Credit Impaired Loans

The changes in accretable yield related to purchased credit-impaired loans for the years ended December 31, 2017, 2016 and 2015,

were as follows:

	For the Years Ended December 31,
	2017				2016				2015
(amounts in thousands)
Accretable yield balance as of December 31,	$	10,202			$	12,947			$	17,606
Accretion to interest income	(1,673		)		(3,760		)		(2,299		)
Reclassification from nonaccretable difference and disposals, net	(704		)		1,015				(2,360		)
Accretable yield balance as of December 31,	$	7,825			$	10,202			$	12,947

Schedule of Changes in Allowance for Loans Losses

The following table presents changes in the allowance for loans losses and the FDIC loss sharing receivable, including the effect of the estimated Clawback liability for the years ended December 31, 2017, 2016 and 2015.

	Allowance for Loan Losses For the Years Ended December 31,
	2017				2016				2015
(amounts in thousands)
Ending balance as of December 31,	$	37,315			$	35,647			$	30,932
Provision for loan losses (1)	6,768				3,330				16,694
Charge-offs	(7,127		)		(4,405		)		(13,412		)
Recoveries	1,059				2,743				1,433
Ending balance as of December 31,	$	38,015			$	37,315			$	35,647

Schedule of FDIC Loss Sharing Receivable

	FDIC Loss Sharing Receivable For the Years Ended December 31,
	2017				2016				2015
(amounts in thousands)
Ending balance as of December 31,	$	—			$	(2,083	)		$	2,320
Increased (decreased) estimated cash flows (2)	—				289				(3,872		)
Increased estimated cash flows from covered OREO (a)	—				—				3,138
Other activity, net (b)	—				(255		)		248
Cash payments to (receipts from) the FDIC	—				2,049				(3,917		)
Ending balance as of December 31,	$	—			$	—			$	(2,083	)
(1)    Provision for loan losses	$	6,768			$	3,330			$	16,694
(2)    Effect attributable to FDIC loss sharing agreements	—				(289		)		3,872
Net amount reported as provision for loan losses	$	6,768			$	3,041			$	20,566

(a) Recorded as a reduction to Other real estate owned expense (a component of non-interest expense).

(b) Includes external costs, such as legal fees, real estate taxes and appraisal expenses, that qualified for reimbursement under the loss sharing agreements.

Credit Quality Tables

The following table presents the credit ratings as of December 31, 2017 and 2016, for the loans receivable portfolio.

	December 31, 2017
	Multi-family				Commercial and Industrial				Commercial Real Estate Owner Occupied				Commercial Real Estate Non-Owner Occupied				Construction				Residential Real Estate				Manufactured Housing				Other Consumer				Total (3)
(amounts in thousands)
Pass/Satisfactory	$	3,438,554			$	1,118,889			$	471,826			$	1,185,933			$	85,393			$	—			$	—			$	—			$	6,300,595
Special Mention	53,873				7,652				5,987				31,767				—				—				—				—				99,279
Substandard	9,954				22,549				6,915				1,019				—				—				—				—				40,437
Performing (1)	—				—				—				—				—				221,042				81,497				3,400				305,939
Non-performing (2)	—				—				—				—				—				13,048				8,730				147				21,925
Total	$	3,502,381			$	1,149,090			$	484,728			$	1,218,719			$	85,393			$	234,090			$	90,227			$	3,547			$	6,768,175

	December 31, 2016
	Multi-family				Commercial and Industrial				Commercial Real Estate Owner Occupied				Commercial Real Estate Non-Owner Occupied				Construction				Residential Real Estate				Manufactured Housing				Other Consumer				Total (3)
(amounts in thousands)
Pass/Satisfactory	$	3,198,290			$	954,846			$	375,919			$	1,175,850			$	50,291			$	—			$	—			$	—			$	5,755,196
Special Mention	—				19,552				12,065				10,824				14,498				—				—				—				56,939
Substandard	16,709				14,313				5,648				7,041				—				—				—				—				43,711
Performing (1)	—				—				—				—				—				189,919				92,920				3,413				286,252
Non-performing (2)	—				—				—				—				—				3,583				8,810				70				12,463
Total	$	3,214,999			$	988,711			$	393,632			$	1,193,715			$	64,789			$	193,502			$	101,730			$	3,483			$	6,154,561

(1)

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-Publisher FASB
-Name Accounting Standards Codification
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+ References

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-Publisher FASB
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- Definition

Tabular disclosure of financing receivables that are past due but not impaired, financing receivables that are 90 days past due and still accruing, and financing receivables on nonaccrual status.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=84173941&loc=d3e5111-111524

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 7A
-URI http://asc.fasb.org/extlink&oid=84173941&loc=SL6953401-111524

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X

- References

No definition available.

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X

- Definition

Tabular disclosure of the activity in the total allowance for credit losses related to financing receivables (such as loans or lease receivables) for entities that have an unclassified balance sheet, including the balance in the allowance at the beginning and end of each period, additions charged to operations, direct write-downs charged against the allowance, and recoveries of amounts previously charged off.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 11B
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=84173941&loc=SL6953423-111524

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X

- Definition

Tabular disclosure of financing receivables and troubled debt restructurings.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=84173941&loc=SL6953676-111524

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=84173941&loc=SL6953682-111524

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