XML 41 R29.htm IDEA: XBRL DOCUMENT v3.21.1
Loans and Leases Receivable and Allowance for Credit Losses (Tables)
 3 Months Ended
Mar. 31, 2021
Receivables [Abstract]  
Schedule of Loans and Leases Receivable
The following table presents loans and leases receivable as of March 31, 2021 and December 31, 2020.
(amounts in thousands)March 31, 2021December 31, 2020
Loans and leases receivable, mortgage warehouse, at fair value$3,407,622 $3,616,432 
Loans receivable, PPP5,178,089 4,561,365 
Loans receivable:
Commercial:
Multi-family1,640,278 1,761,301 
Commercial and industrial (1)
2,220,652 2,289,441 
Commercial real estate owner occupied590,093 572,338 
Commercial real estate non-owner occupied1,194,832 1,196,564 
Construction156,837 140,905 
Total commercial loans and leases receivable5,802,692 5,960,549 
Consumer:
Residential real estate293,805 317,170 
Manufactured housing59,977 62,243 
Installment1,380,015 1,235,406 
Total consumer loans receivable1,733,797 1,614,819 
Loans and leases receivable (2)
7,536,489 7,575,368 
Allowance for credit losses on loans and leases(128,736)(144,176)
Total loans and leases receivable, net of allowance for credit losses on loans and leases$15,993,464 $15,608,989 
(1)Includes direct finance equipment leases of $107.1 million and $108.0 million at March 31, 2021 and December 31, 2020, respectively.
(2)Includes deferred (fees) costs and unamortized (discounts) premiums, net of $(133.2) million and $(54.6) million at March 31, 2021 and December 31, 2020, respectively.
Loans and Leases Receivable by Loan Type and Performance Status
The following tables summarize loans and leases receivable by loan and lease type and performance status as of March 31, 2021 and December 31, 2020:
 March 31, 2021
(amounts in thousands)
30-59 Days past due (1)
60-89 Days past due (1)
90 Days or more past due (1)
Total past due (1)
Loans and leases not past due (2)
Total loans and leases (3)
Multi-family$8,480 $1,245 $16,703 $26,428 $1,613,850 $1,640,278 
Commercial and industrial2,086 4,732 2,705 9,523 2,211,129 2,220,652 
Commercial real estate owner occupied1,920 — 2,219 4,139 585,954 590,093 
Commercial real estate non-owner occupied2,169 — 2,356 4,525 1,190,307 1,194,832 
Construction— — — — 156,837 156,837 
Residential real estate2,514 235 1,324 4,073 289,732 293,805 
Manufactured housing1,403 871 1,917 4,191 55,786 59,977 
Installment5,492 2,125 78 7,695 1,372,320 1,380,015 
Total$24,064 $9,208 $27,302 $60,574 $7,475,915 $7,536,489 

 December 31, 2020
(amounts in thousands)
30-59 Days past due (1)
60-89 Days past due (1)
90 Days or more past due (1)
Total past due (1)
Loans and leases not past due (2)
Total loans and leases (3)
Multi-family$4,193 $5,224 $14,907 $24,324 $1,736,977 $1,761,301 
Commercial and industrial2,257 1,274 3,079 6,610 2,282,831 2,289,441 
Commercial real estate owner occupied864 1,324 2,370 4,558 567,780 572,338 
Commercial real estate non-owner occupied— 60 2,356 2,416 1,194,148 1,196,564 
Construction— — — — 140,905 140,905 
Residential real estate6,640 1,827 1,856 10,323 306,847 317,170 
Manufactured housing1,518 673 1,951 4,142 58,101 62,243 
Installment6,161 3,430 81 9,672 1,225,734 1,235,406 
Total$21,633 $13,812 $26,600 $62,045 $7,513,323 $7,575,368 
(1)Includes past due loans and leases that are accruing interest because collection is considered probable.
(2)Loans and leases where next payment due is less than 30 days from the report date. The March 31, 2021 and December 31, 2020 tables exclude PPP loans of $5.2 billion and $4.6 billion, respectively, which are all current as of March 31, 2021 and December 31, 2020.
(3)Includes PCD loans of $12.5 million and $13.4 million at March 31, 2021 and December 31, 2020, respectively.
Amortized cost of Loans and Leases on Nonaccrual Status
The following table presents the amortized cost of loans and leases held for investment on nonaccrual status.
 
March 31, 2021 (1)
December 31, 2020 (1)
(amounts in thousands)Nonaccrual loans with no related allowanceNonaccrual loans with related allowanceTotal nonaccrual loansNonaccrual loans with no related allowanceNonaccrual loans with related allowanceTotal nonaccrual loans
Multi-family$20,530 $— $20,530 $18,800 $2,928 $21,728 
Commercial and industrial7,282 262 7,544 6,384 2,069 8,453 
Commercial real estate owner occupied3,242 — 3,242 3,411 — 3,411 
Commercial real estate non-owner occupied2,259 97 2,356 2,356 — 2,356 
Residential real estate9,353 — 9,353 9,911 — 9,911 
Manufactured housing— 2,871 2,871 — 2,969 2,969 
Installment— 2,185 2,185 — 3,211 3,211 
Total$42,666 $5,415 $48,081 $40,862 $11,177 $52,039 
(1) Presented at amortized cost basis.
Schedule of Allowance for Credit Losses on Loans and Leases
The changes in the ACL on loans and leases for the three months ended March 31, 2021 and 2020 are presented in the tables below.
Three Months Ended March 31, 2021Multi-familyCommercial and industrialCommercial real estate owner occupiedCommercial real estate non-owner occupiedConstructionResidential real estateManufactured housingInstallmentTotal
(amounts in thousands)
Ending Balance,
December 31, 2020		$12,620 $12,239 $9,512 $19,452 $5,871 $3,977 $5,190 $75,315 $144,176 
Charge-offs(1,132)(635)(142)— — (50)— (12,687)(14,646)
Recoveries— 260 8 10 5 10 — 1,832 2,125 
Provision (benefit) for credit losses(3,462)(4,361)(3,443)(7,841)(1,773)(728)(390)19,079 (2,919)
Ending Balance,
March 31, 2021		$8,026 $7,503 $5,935 $11,621 $4,103 $3,209 $4,800 $83,539 $128,736 

Three Months Ended March 31, 2020Multi-familyCommercial and industrialCommercial real estate owner occupiedCommercial real estate non-owner occupiedConstructionResidential real estateManufactured housingInstallmentTotal
(amounts in thousands)
Ending Balance,
December 31, 2019		$6,157 $15,556 $2,235 $6,243 $1,262 $3,218 $1,060 $20,648 $56,379 
Cumulative effect of change in accounting principle2,171 759 5,773 7,918 (98)1,518 3,802 57,986 79,829 
Charge-offs— (97)— (12,797)— — — (6,246)(19,140)
Recoveries— 54 3 — 3 29 — 340 429 
Provision (benefit) for credit losses422 2,534 516 17,166 767 (585)125 10,841 31,786 
Ending Balance,
March 31, 2020		$8,750 $18,806 $8,527 $18,530 $1,934 $4,180 $4,987 $83,569 $149,283 
Analysis of Loans Modified in Troubled Debt Restructuring by Type of Concession
The following table presents loans modified in a TDR by type of concession for the three months ended March 31, 2021 and 2020. There were no modifications that involved forgiveness of debt for the three months ended March 31, 2021 and 2020.
Three Months Ended March 31,
 20212020
(dollars in thousands)Number of loansRecorded investmentNumber of loansRecorded investment
Extensions of maturity— $— 4 $245 
Interest-rate reductions8 184 12 530 
Other (1)
20 541 — — 
Total28 $725 16 $775 
(1) Other includes covenant modifications, forbearance, loans discharged under Chapter 7 bankruptcy, or other concessions.
Summary of Loans Modified in Troubled Debt Restructurings and Related Recorded Investment Within Twelve Months
The following table presents, by loan type, the number of loans modified in TDRs and the related recorded investment, for which there was a payment default within twelve months following the modification:
March 31, 2021March 31, 2020
(dollars in thousands)Number of loansRecorded investmentNumber of loansRecorded investment
Manufactured housing3 $48 — $— 
Commercial real estate owner occupied— — 1 8 
Residential real estate1 56 5 684 
Installment16 250 — — 
Total loans20 $354 6 $692 
Credit Ratings of Covered and Non-Covered Loan Portfolio The following tables present the credit ratings of loans and leases receivable as of March 31, 2021 and December 31, 2020.
Term Loans Amortized Cost Basis by Origination Year as of March 31, 2021
(amounts in thousands)20212020201920182017PriorRevolving loans amortized cost basisRevolving loans converted to termTotal
Multi-family loans:
Pass$90,497 $130,496 $22,678 $275,379 $418,365 $565,953 $— $— $1,503,368 
Special mention— — — — 20,279 36,870 — — 57,149 
Substandard— — — — 50,078 29,683 — — 79,761 
Doubtful— — — — — — — 
Total multi-family loans$90,497 $130,496 $22,678 $275,379 $488,722 $632,506 $— $— $1,640,278 
Commercial and industrial loans and leases:
Pass$274,698 $448,597 $335,492 $139,864 $109,093 $112,621 $692,981 $— $2,113,346 
Special mention16,935 13,200 1,044 563 33 258 16,342 — 48,375 
Substandard— 10,856 6,619 18,049 7,148 7,752 8,507 — 58,931 
Doubtful— — — — — — — — 
Total commercial and industrial loans and leases$291,633 $472,653 $343,155 $158,476 $116,274 $120,631 $717,830 $— $2,220,652 
Commercial real estate owner occupied loans:
Pass$33,144 $82,661 $167,487 $71,146 $61,561 $133,469 $672 $— $550,140 
Special mention— — 4,286 — 11,010 292 — — 15,588 
Substandard— — 2,848 9,538 240 11,739 — — 24,365 
Doubtful— — — — — — — — — 
Total commercial real estate owner occupied loans$33,144 $82,661 $174,621 $80,684 $72,811 $145,500 $672 $— $590,093 
Commercial real estate non-owner occupied:
Pass$11,186 $120,080 $94,136 $95,355 $120,861 $423,438 $14,019 $— $879,075 
Special mention— 61,994 11,285 996 99,671 53,340 — — 227,286 
Substandard— — — 17,741 20,611 50,119 — — 88,471 
Doubtful— — — — — — — — 
Total commercial real estate non-owner occupied loans$11,186 $182,074 $105,421 $114,092 $241,143 $526,897 $14,019 $— $1,194,832 
Construction:
Pass$971 $28,168 $110,973 $4,921 $— $9,627 $667 $— $155,327 
Special mention— 1,510 — — — — — — 1,510 
Substandard— — — — — — — — — 
Doubtful— — — — — — — — — 
Total construction loans$971 $29,678 $110,973 $4,921 $— $9,627 $667 $— $156,837 
Total commercial loans and leases receivable$427,431 $897,562 $756,848 $633,552 $918,950 $1,435,161 $733,188 $— $5,802,692 
Residential real estate loans:
Performing$2,573 $11,110 $14,660 $12,060 $7,379 $105,969 $131,018 $— $284,769 
Non-performing— — 98 906 780 4,785 2,467 — 9,036 
Total residential real estate loans$2,573 $11,110 $14,758 $12,966 $8,159 $110,754 $133,485 $— $293,805 
Manufactured housing loans:
Performing$— $— $300 $443 $77 $54,394 $— $— $55,214 
Non-performing— — — — — 4,763 — — 4,763 
Total manufactured housing loans$— $— $300 $443 $77 $59,157 $— $— $59,977 
Installment loans:
Performing$204,365 $476,856 $599,887 $91,009 $3,633 $1,249 $— $— $1,376,999 
Non-performing— 341 2,117 437 33 88 — — 3,016 
Total installment loans$204,365 $477,197 $602,004 $91,446 $3,666 $1,337 $— $— $1,380,015 
Total consumer loans$206,938 $488,307 $617,062 $104,855 $11,902 $171,248 $133,485 $— $1,733,797 
Loans and leases receivable$634,369 $1,385,869 $1,373,910 $738,407 $930,852 $1,606,409 $866,673 $— $7,536,489 
Term Loans Amortized Cost Basis by Origination Year as of December 31, 2020
(amounts in thousands)20202019201820172016PriorRevolving loans amortized cost basisRevolving loans converted to termTotal
Multi-family loans:
Pass$150,835 $23,716 $299,319 $535,510 $227,296 $420,809 $— $— $1,657,485 
Special mention— — — 20,901 10,394 26,708 — — 58,003 
Substandard— — — 34,197 8,256 3,360 — — 45,813 
Doubtful— — — — — — — — — 
Total multi-family loans$150,835 $23,716 $299,319 $590,608 $245,946 $450,877 $— $— $1,761,301 
Commercial and industrial loans and leases:
Pass$729,270 $373,050 $141,943 $116,793 $45,367 $71,502 $717,007 $— $2,194,932 
Special mention13,200 1,117 436 113 516 21 17,524 — 32,927 
Substandard9,968 6,890 19,065 5,901 8,318 2,722 8,718 — 61,582 
Doubtful— — — — — — — — — 
Total commercial and industrial loans and leases$752,438 $381,057 $161,444 $122,807 $54,201 $74,245 $743,249 $— $2,289,441 
Commercial real estate owner occupied loans:
Pass$82,343 $168,977 $72,615 $70,642 $46,510 $91,798 $741 $— $533,626 
Special mention— 4,464 — 9,056 — 555 — — 14,075 
Substandard— 2,848 9,499 342 2,231 9,717 — — 24,637 
Doubtful— — — — — — — — — 
Total commercial real estate owner occupied loans$82,343 $176,289 $82,114 $80,040 $48,741 $102,070 $741 $— $572,338 
Commercial real estate non-owner occupied:
Pass$143,231 $105,430 $97,882 $157,835 $155,168 $313,559 $— $— $973,105 
Special mention39,994 — — 66,745 24,218 14,613 — — 145,570 
Substandard— — 17,741 20,611 366 39,171 — — 77,889 
Doubtful— — — — — — — — 
Total commercial real estate non-owner occupied loans$183,225 $105,430 $115,623 $245,191 $179,752 $367,343 $— $— $1,196,564 
Construction:
Pass$19,932 $105,466 $4,954 $— $9,700 $— $853 $— $140,905 
Special mention— — — — — — — — — 
Substandard— — — — — — — — — 
Doubtful— — — — — — — — — 
Total construction loans$19,932 $105,466 $4,954 $— $9,700 $— $853 $— $140,905 
Total commercial loans and leases receivable$1,188,773 $791,958 $663,454 $1,038,646 $538,340 $994,535 $744,843 $— $5,960,549 
Residential real estate loans:
Performing$6,708 $13,617 $6,810 $10,850 $38,143 $69,496 $161,576 $— $307,200 
Non-performing— — 160 785 1,350 4,395 3,280 — 9,970 
Total residential real estate loans$6,708 $13,617 $6,970 $11,635 $39,493 $73,891 $164,856 $— $317,170 
Manufactured housing loans:
Performing$— $295 $609 $76 $41 $56,837 $— $— $57,858 
Non-performing— — — — — 4,385 — — 4,385 
Total manufactured housing loans$— $295 $609 $76 $41 $61,222 $— $— $62,243 
Installment loans:
Performing$319,453 $791,235 $114,988 $4,736 $514 $1,204 $— $— $1,232,130 
Non-performing305 2,326 485 41 2 117 — — 3,276 
Total installment loans$319,758 $793,561 $115,473 $4,777 $516 $1,321 $— $— $1,235,406 
Total consumer loans$326,466 $807,473 $123,052 $16,488 $40,050 $136,434 $164,856 $— $1,614,819 
Loans and leases receivable$1,515,239 $1,599,431 $786,506 $1,055,134 $578,390 $1,130,969 $909,699 $— $7,575,368 
Schedule of Loan Purchases and Sales
Purchases and sales of loans were as follows for the three months ended March 31, 2021 and 2020:
Three Months Ended March 31,
(amounts in thousands)20212020
Purchases (1)
Residential real estate$— $495 
Installment (2)
115,849 191,761 
Total$115,849 $192,256 
Sales (3)
Commercial and industrial$18,931 $— 
Commercial real estate owner occupied2,237 — 
Commercial real estate non-owner occupied18,366 — 
Installment— 1,822 
Total$39,534 $1,822 
(1)Amounts reported in the above table are the unpaid principal balance at time of purchase. The purchase price was 101.0% and 100.6% of loans outstanding for the three months ended March 31, 2021 and 2020, respectively.
(2)Installment loan purchases for the three months ended March 31, 2021 and 2020 consist of third-party originated unsecured consumer loans. None of the loans are considered sub-prime at the time of origination. Customers considers sub-prime borrowers to be those with FICO scores below 660.
(3)Amounts reported in the above table are the unpaid principal balance at time of sale. For the quarters ended March 31, 2021 and 2020, loan sales resulted in net gains of $1.6 million and $11 thousand, respectively.