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Loans and Leases Receivable and Allowance for Credit Losses on Loans and Leases (Tables)
 6 Months Ended
Jun. 30, 2021
Receivables [Abstract]  
Schedule of Loans and Leases Receivable
The following table presents loans and leases receivable as of June 30, 2021 and December 31, 2020.
(amounts in thousands)June 30, 2021December 31, 2020
Loans and leases receivable, mortgage warehouse, at fair value$2,855,284 $3,616,432 
Loans receivable, PPP6,305,056 4,561,365 
Loans receivable:
Commercial:
Multi-family1,497,485 1,761,301 
Commercial and industrial (1)
2,360,656 2,289,441 
Commercial real estate owner occupied653,649 572,338 
Commercial real estate non-owner occupied1,206,646 1,196,564 
Construction179,198 140,905 
Total commercial loans and leases receivable5,897,634 5,960,549 
Consumer:
Residential real estate266,911 317,170 
Manufactured housing57,904 62,243 
Installment1,549,693 1,235,406 
Total consumer loans receivable1,874,508 1,614,819 
Loans and leases receivable (2)
7,772,142 7,575,368 
Allowance for credit losses on loans and leases(125,436)(144,176)
Total loans and leases receivable, net of allowance for credit losses on loans and leases$16,807,046 $15,608,989 
(1)Includes direct finance equipment leases of $129.0 million and $108.0 million at June 30, 2021 and December 31, 2020, respectively.
(2)Includes deferred (fees) costs and unamortized (discounts) premiums, net of $(223.1) million and $(54.6) million at June 30, 2021 and December 31, 2020, respectively.
Loans and Leases Receivable by Loan Type and Performance Status
The following tables summarize loans and leases receivable by loan and lease type and performance status as of June 30, 2021 and December 31, 2020:
 June 30, 2021
(amounts in thousands)
30-59 Days past due (1)
60-89 Days past due (1)
90 Days or more past due (1)
Total past due (1)
Loans and leases not past due (2)
Total loans and leases (3)
Multi-family$— $3,355 $15,004 $18,359 $1,479,126 $1,497,485 
Commercial and industrial4 1,318 6,415 7,737 2,352,919 2,360,656 
Commercial real estate owner occupied— — 1,684 1,684 651,965 653,649 
Commercial real estate non-owner occupied— 12 — 12 1,206,634 1,206,646 
Construction— — — — 179,198 179,198 
Residential real estate56 679 5,029 5,764 261,147 266,911 
Manufactured housing1,387 237 5,171 6,795 51,109 57,904 
Installment5,966 2,154 2,728 10,848 1,538,845 1,549,693 
Total$7,413 $7,755 $36,031 $51,199 $7,720,943 $7,772,142 
 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 June 30, 2021 and December 31, 2020 tables exclude PPP loans of $6.3 billion and $4.6 billion, respectively, which are all current as of June 30, 2021 and December 31, 2020.
(3)Includes PCD loans of $11.7 million and $13.4 million at June 30, 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.
 
June 30, 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$21,595 $— $21,595 $18,800 $2,928 $21,728 
Commercial and industrial6,486 231 6,717 6,384 2,069 8,453 
Commercial real estate owner occupied2,688 — 2,688 3,411 — 3,411 
Commercial real estate non-owner occupied— — — 2,356 — 2,356 
Residential real estate8,991 — 8,991 9,911 — 9,911 
Manufactured housing— 3,239 3,239 — 2,969 2,969 
Installment— 2,728 2,728 — 3,211 3,211 
Total$39,760 $6,198 $45,958 $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 and six months ended June 30, 2021 and 2020 are presented in the tables below.
(amounts in thousands)Multi-familyCommercial and industrialCommercial real estate owner occupiedCommercial real estate non-owner occupiedConstructionResidential real estateManufactured housingInstallmentTotal
Three Months Ended
June 30, 2021
Ending Balance,
March 31, 2021		$8,026 $7,503 $5,935 $11,621 $4,103 $3,209 $4,800 $83,539 $128,736 
Charge-offs— (2)(1)— — — — (7,958)(7,961)
Recoveries— 285 2 59 114 12 — 898 1,370 
Provision (benefit) for credit losses(2,998)341 (1,472)(4,306)(1,574)(922)(428)14,650 3,291 
Ending Balance,
June 30, 2021		$5,028 $8,127 $4,464 $7,374 $2,643 $2,299 $4,372 $91,129 $125,436 
Six Months Ended
June 30, 2021
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)(637)(142)— — (50)— (20,645)(22,606)
Recoveries— 545 9 69 119 22 — 2,730 3,494 
Provision (benefit) for credit losses(6,460)(4,020)(4,915)(12,147)(3,347)(1,650)(818)33,729 372 
Ending Balance,
June 30, 2021		$5,028 $8,127 $4,464 $7,374 $2,643 $2,299 $4,372 $91,129 $125,436 
(amounts in thousands)Multi-familyCommercial and industrialCommercial real estate owner occupiedCommercial real estate non-owner occupiedConstructionResidential real estateManufactured housingInstallmentTotal
Three Months Ended June 30, 2020
Ending Balance,
March 31, 2020		$8,750 $18,806 $8,527 $18,530 $1,934 $4,180 $4,987 $83,569 $149,283 
Charge-offs— (20)— (2,801)— — — (8,304)(11,125)
Recoveries— 25 2 — 113 26 — 635 801 
Provision (benefit) for credit losses5,947 (6,509)2,876 10,764 3,250 344 1,027 3,247 20,946 
Ending Balance,
June 30, 2020		$14,697 $12,302 $11,405 $26,493 $5,297 $4,550 $6,014 $79,147 $159,905 
Six Months Ended
June 30, 2020
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 principle - CECL2,171 759 5,773 7,918 (98)1,518 3,802 57,986 79,829 
Charge-offs— (117)— (15,598)— — — (14,550)(30,265)
Recoveries— 79 5 — 116 55 — 975 1,230 
Provision (benefit) for credit losses6,369 (3,975)3,392 27,930 4,017 (241)1,152 14,088 52,732 
Ending Balance,
June 30, 2020		$14,697 $12,302 $11,405 $26,493 $5,297 $4,550 $6,014 $79,147 $159,905 
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 and six months ended June 30, 2021 and 2020. There were no modifications that involved forgiveness of debt for the three and six months ended June 30, 2021 and 2020.
Three Months Ended June 30,Six Months Ended June 30,
 2021202020212020
(dollars in thousands)Number of loansRecorded investmentNumber of loansRecorded investmentNumber of loansRecorded investmentNumber of loansRecorded investment
Extensions of maturity— $— 2 $140 — $— 6 $385 
Interest-rate reductions4 157 20 843 12 341 32 1,373 
Other (1)
99 1,141 — — 119 1,682 — — 
Total103 $1,298 22 $983 131 $2,023 38 $1,758 
(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:
June 30, 2021June 30, 2020
(dollars in thousands)Number of loansRecorded investmentNumber of loansRecorded investment
Manufactured housing7 $189 — $— 
Commercial real estate owner occupied— — 1 958 
Residential real estate1 43 4 313 
Installment15 247 — — 
Total loans23 $479 5 $1,271 
Credit Ratings of Covered and Non-Covered Loan Portfolio The following tables present the credit ratings of loans and leases receivable as of June 30, 2021 and December 31, 2020.
Term Loans Amortized Cost Basis by Origination Year as of June 30, 2021
(amounts in thousands)20212020201920182017PriorRevolving loans amortized cost basisRevolving loans converted to termTotal
Multi-family loans:
Pass$89,905 $135,133 $23,427 $243,767 $378,768 $534,970 $— $— $1,405,970 
Special mention— — — — 12,100 8,979 — — 21,079 
Substandard— — — — 41,560 28,876 — — 70,436 
Doubtful— — — — — — — 
Total multi-family loans$89,905 $135,133 $23,427 $243,767 $432,428 $572,825 $— $— $1,497,485 
Commercial and industrial loans and leases:
Pass$433,908 $417,713 $320,158 $102,737 $101,552 $102,040 $780,892 $— $2,259,000 
Special mention18,883 4,335 6,364 214 234 14,333 — 44,363 
Substandard— 10,192 7,462 17,570 7,163 7,584 7,322 — 57,293 
Doubtful— — — — — — — — 
Total commercial and industrial loans and leases$452,791 $432,240 $333,984 $120,521 $108,715 $109,858 $802,547 $— $2,360,656 
Commercial real estate owner occupied loans:
Pass$121,180 $83,122 $164,925 $60,990 $60,542 $122,010 $672 $— $613,441 
Special mention— — — 320 2,072 588 — — 2,980 
Substandard— — 7,087 9,538 9,012 11,591 — — 37,228 
Doubtful— — — — — — — — — 
Total commercial real estate owner occupied loans$121,180 $83,122 $172,012 $70,848 $71,626 $134,189 $672 $— $653,649 
Commercial real estate non-owner occupied:
Pass$92,285 $158,983 $95,875 $68,193 $115,452 $395,022 $— $— $925,810 
Special mention— 21,925 11,229 22,002 99,469 43,573 — — 198,198 
Substandard— — — 23,494 20,611 38,533 — — 82,638 
Doubtful— — — — — — — — 
Total commercial real estate non-owner occupied loans$92,285 $180,908 $107,104 $113,689 $235,532 $477,128 $— $— $1,206,646 
Construction:
Pass$3,311 $36,135 $122,833 $4,895 $— $9,565 $949 $— $177,688 
Special mention— 1,510 — — — — — — 1,510 
Substandard— — — — — — — — — 
Doubtful— — — — — — — — — 
Total construction loans$3,311 $37,645 $122,833 $4,895 $— $9,565 $949 $— $179,198 
Total commercial loans and leases receivable$759,472 $869,048 $759,360 $553,720 $848,301 $1,303,565 $804,168 $— $5,897,634 
Residential real estate loans:
Performing$2,961 $10,493 $14,089 $11,887 $6,861 $95,687 $116,081 $— $258,059 
Non-performing— — 97 900 777 4,768 2,310 — 8,852 
Total residential real estate loans$2,961 $10,493 $14,186 $12,787 $7,638 $100,455 $118,391 $— $266,911 
Manufactured housing loans:
Performing$— $— $296 $385 $76 $52,180 $— $— $52,937 
Non-performing— — — — — 4,967 — — 4,967 
Total manufactured housing loans$— $— $296 $385 $76 $57,147 $— $— $57,904 
Installment loans:
Performing$515,870 $444,610 $509,216 $73,677 $2,668 $1,167 $— $— $1,547,208 
Non-performing6 594 1,609 219 7 50 — — 2,485 
Total installment loans$515,876 $445,204 $510,825 $73,896 $2,675 $1,217 $— $— $1,549,693 
Total consumer loans$518,837 $455,697 $525,307 $87,068 $10,389 $158,819 $118,391 $— $1,874,508 
Loans and leases receivable$1,278,309 $1,324,745 $1,284,667 $640,788 $858,690 $1,462,384 $922,559 $— $7,772,142 
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 and six months ended June 30, 2021 and 2020:
Three Months Ended June 30,Six Months Ended June 30,
(amounts in thousands)2021202020212020
Purchases (1)
Loans receivable, PPP$460,456 $— $621,487 $— 
Residential real estate— — — 495 
Installment (2)
— 18,008 115,849 209,768 
Total$460,456 $18,008 $737,336 $210,263 
Sales (3)
Multi-family$19,443 $— $19,443 $— 
Commercial and industrial10,059 — 28,990 — 
Commercial real estate owner occupied4,461 — 6,698 — 
Commercial real estate non-owner occupied— — 18,366 — 
Residential real estate11,623 — 28,186 — 
Installment28,818 — 28,818 1,822 
Total$74,404 $— $130,501 $1,822 
(1)Amounts reported in the above table are the unpaid principal balance at time of purchase. The purchase price was 102.0% and 98.5% of loans outstanding for the three months ended June 30, 2021 and 2020, respectively. The purchase price was 103.0% and 100.4% of loans outstanding for the six months ended June 30, 2021 and 2020, respectively.
(2)Installment loan purchases for the three and six months ended June 30, 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 three months ended June 30, 2021 and 2020, loan sales resulted in net gains of $2.2 million and $0.3 million, respectively, included in gain (loss) on sale of SBA and other loans and mortgage banking income in the consolidated statement of income (loss). For the six months ended June 30, 2021 and 2020, loan sales resulted in net gains of $4.3 million and $0.4 million, respectively.