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Loans and Leases Receivable and Allowance for Credit Losses on Loans and Leases (Tables)
 3 Months Ended
Mar. 31, 2024
Receivables [Abstract]  
Schedule of Loans and Leases Receivable
The following table presents loans and leases receivable as of March 31, 2024 and December 31, 2023.
(amounts in thousands)March 31, 2024December 31, 2023
Loans and leases receivable:
Commercial:
Commercial and industrial:
Specialized lending (1)
$5,104,405 $5,006,693 
Other commercial and industrial (2)
1,222,053 1,279,147 
Multifamily2,123,675 2,138,622 
Commercial real estate owner occupied806,278 797,319 
Commercial real estate non-owner occupied1,182,084 1,177,650 
Construction185,601 166,393 
Total commercial loans and leases receivable10,624,096 10,565,824 
Consumer:
Residential real estate482,537 484,435 
Manufactured housing37,382 38,670 
Installment:
Personal492,892 555,533 
Other299,714 319,393 
Total consumer loans receivable1,312,525 1,398,031 
Loans and leases receivable11,936,621 11,963,855 
Loans receivable, mortgage finance, at fair value962,610 897,912 
Allowance for credit losses on loans and leases(133,296)(135,311)
Total loans and leases receivable, net of allowance for credit losses on loans and leases (3)
$12,765,935 $12,726,456 
(1)Includes direct finance equipment leases of $212.1 million and $205.7 million at March 31, 2024 and December 31, 2023, respectively.
(2)Includes PPP loans of $52.0 million and $74.7 million at March 31, 2024 and December 31, 2023, respectively.
(3)Includes deferred (fees) costs and unamortized (discounts) premiums, net of $(20.4) million and $(22.7) million at March 31, 2024 and December 31, 2023, 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, 2024 and December 31, 2023:
 March 31, 2024
(amounts in thousands)
30-59 Days past due (1)
60-89 Days past due (1)
90 Days or more past due (2)
Total past due
Loans and leases not past due (3)(4)
Total loans and leases (4)
Commercial and industrial, including specialized lending$5,910 $180 $2,624 $8,714 $6,265,787 $6,274,501 
Multifamily10,331 — 5,161 15,492 2,108,183 2,123,675 
Commercial real estate owner occupied3,135 — 8,883 12,018 794,260 806,278 
Commercial real estate non-owner occupied27,632 — 62 27,694 1,154,390 1,182,084 
Construction— — — — 185,601 185,601 
Residential real estate11,289 786 4,300 16,375 466,162 482,537 
Manufactured housing629 401 2,775 3,805 33,577 37,382 
Installment7,824 4,960 6,958 19,742 772,864 792,606 
Total$66,750 $6,327 $30,763 $103,840 $11,780,824 $11,884,664 
 December 31, 2023
(amounts in thousands)
30-59 Days past due (1)
60-89 Days past due (1)
90 Days or more past due (2)
Total past due
Loans and leases not past due (3)
Total loans and leases (4)
Commercial and industrial, including specialized lending
$1,516 $322 $4,153 $5,991 $6,205,114 $6,211,105 
Multifamily16,003 — — 16,003 2,122,619 2,138,622 
Commercial real estate owner occupied449 3,814 5,827 10,090 787,229 797,319 
Commercial real estate non-owner occupied16,653 — — 16,653 1,160,997 1,177,650 
Construction— — — — 166,393 166,393 
Residential real estate10,504 2,255 3,764 16,523 467,912 484,435 
Manufactured housing1,152 343 2,869 4,364 34,306 38,670 
Installment9,255 7,866 7,211 24,332 850,594 874,926 
Total$55,532 $14,600 $23,824 $93,956 $11,795,164 $11,889,120 
(1)Includes past due loans and leases that are accruing interest because collection is considered probable.
(2)Includes loans amounting to $0.5 million as of March 31, 2024 and December 31, 2023 that are still accruing interest because collection is considered probable.
(3)Loans and leases where next payment due is less than 30 days from the report date. The tables exclude PPP loans of $52.0 million, of which $2.7 million were 30-59 days past due and $32.3 million were 60 days or more past due as of March 31, 2024, and PPP loans of $74.7 million, of which $0.7 million were 30-59 days past due and $48.5 million were 60 days or more past due as of December 31, 2023. Claims for guarantee payments are submitted to the SBA for eligible PPP loans that are more than 60 days past due.
(4)Includes PCD loans of $154.0 million and $157.2 million at March 31, 2024 and December 31, 2023, 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, 2024December 31, 2023
(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
Commercial and industrial, including specialized lending$3,322 $286 $3,608 $3,365 $1,071 $4,436 
Multifamily5,161 — 5,161 — — — 
Commercial real estate owner occupied8,920 — 8,920 5,869 — 5,869 
Commercial real estate non-owner occupied62 — 62 — — — 
Residential real estate7,664 425 8,089 6,685 117 6,802 
Manufactured housing— 2,268 2,268 — 2,331 2,331 
Installment— 6,958 6,958 — 7,211 7,211 
Total$25,129 $9,937 $35,066 $15,919 $10,730 $26,649 
Schedule of Allowance for Credit Losses on Loans and Leases
The changes in the ACL on loans and leases by loan and lease type for the three months ended March 31, 2024 and 2023 are presented in the tables below.
(amounts in thousands)
Commercial and industrial (1)(2)
MultifamilyCommercial real estate owner occupiedCommercial real estate non-owner occupiedConstructionResidential real estateManufactured housingInstallmentTotal
Three Months Ended
March 31, 2024
Ending Balance,
December 31, 2023
$23,503 $16,343 $9,882 $16,859 $1,482 $6,586 $4,239 $56,417 $135,311 
Charge-offs(5,396)(473)(22)— — (19)— (16,917)(22,827)
Recoveries1,724 — — — — 1 — 3,134 4,859 
Provision (benefit) for credit losses on loans and leases3,172 2,437 341 1,461 384 139 (79)8,098 15,953 
Ending Balance,
March 31, 2024		$23,003 $18,307 $10,201 $18,320 $1,866 $6,707 $4,160 $50,732 $133,296 
(amounts in thousands)
Commercial and industrial (1)(2)
MultifamilyCommercial real estate owner occupiedCommercial real estate non-owner occupiedConstructionResidential real estateManufactured housingInstallmentTotal
Three Months Ended
March 31, 2023
Ending Balance,
December 31, 2022
$17,582 $14,541 $6,454 $11,219 $1,913 $6,094 $4,430 $68,691 $130,924 
Charge-offs(160)— — (4,239)— — — (16,715)(21,114)
Recoveries231 — — 5 116 2 — 2,109 2,463 
Provision (benefit) for credit losses on loans and leases2,397 543 2,018 4,047 307 757 (91)8,030 18,008 
Ending Balance,
March 31, 2023		$20,050 $15,084 $8,472 $11,032 $2,336 $6,853 $4,339 $62,115 $130,281 
(1)    Includes specialized lending.
(2)    PPP loans include an embedded credit enhancement from the SBA, which guarantees 100% of the principal and interest owed by the borrower provided that the SBA’s eligibility criteria are met. As a result, the eligible PPP loans do not have an ACL.
Summary of Loans Modified in Troubled Debt Restructurings and Related Recorded Investment
The following table presents the amortized cost of loans that were modified to borrowers experiencing financial difficulty for the three months ended March 31, 2024 and 2023, disaggregated by class of financing receivable and type of modification granted.
Three Months Ended March 31, 2024
(dollars in thousands)Term ExtensionPayment DeferralDebt ForgivenessInterest Rate Reduction and Term ExtensionTotalPercentage of Total by Financing Class
Commercial and industrial, including specialized lending
$— $1,980 $— $— $1,980 0.03 %
Multifamily— 10,688 — — 10,688 0.50 %
Residential real estate— 57 — — 57 0.01 %
Personal installment3,747 198 36 — 3,981 0.50 %
Total$3,747 $12,923 $36 $— $16,706 
Three Months Ended March 31, 2023
(dollars in thousands)Term ExtensionPayment DeferralDebt ForgivenessInterest Rate Reduction and Term ExtensionTotalPercentage of Total by Financing Class
Commercial and industrial, including specialized lending
$172 $— $— $— $172 0.00 %
Commercial real estate owner occupied169 — — — 169 0.02 %
Manufactured housing7 — — 63 70 0.16 %
Personal installment4,833 131 114 — 5,078 0.60 %
Total$5,181 $131 $114 $63 $5,489 
The following table summarizes the impacts of loan modifications made to borrowers experiencing financial difficulty for the three months ended March 31, 2024 and 2023.
Three Months Ended March 31, 2024Three Months Ended March 31, 2023
Weighted AverageWeighted Average
(dollars in thousands)Interest Rate Reduction (%)Term Extension
(in months)		Payment Deferral
(in months)		Debt ForgivenInterest Rate Reduction (%)Term Extension
(in months)		Payment Deferral
(in months)		Debt Forgiven
Commercial and industrial, including specialized lending—%03$— —%40$— 
Multifamily—012— —00— 
Commercial real estate owner occupied—00— —40— 
Residential real estate—05— —00— 
Manufactured housing—00— 0.8550— 
Personal installment—66100 —5666 
The performance of loans made to borrowers experiencing financial difficulty in which modifications were made is closely monitored to understand the effectiveness of modification efforts. Loans are considered to be in payment default at 90 days or more past due. The following table presents an aging analysis of loan modifications made to borrowers experiencing financial difficulty in the twelve months ended March 31, 2024 and the three months ended three months ended March 31, 2023.
March 31, 2024
(dollars in thousands)30-59 Days past due60-89 Days past due90 Days or more past dueCurrentTotal
Commercial and industrial, including specialized lending
$1,980 $— $— $15,348 $17,328 
Multifamily— — — 10,688 10,688 
Residential real estate57 — — 46 103 
Manufactured housing— 92 31 620 743 
Personal installment943 626 546 12,131 14,246 
Total$2,980 $718 $577 $38,833 $43,108 
March 31, 2023 (1)
(dollars in thousands)30-59 Days past due60-89 Days past due90 Days or more past dueCurrentTotal
Commercial and industrial, including specialized lending
$— $172 $— $— $172 
Commercial real estate owner occupied— — 169 — 169 
Manufactured housing— — — 70 70 
Personal installment202 44 21 4,811 5,078 
Total$202 $216 $190 $4,881 $5,489 
(1)    Customers adopted ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures (“ASU 2022-02”) effective January 1, 2023, therefore, the March 31, 2023 balances only include loans since ASU 2022-02 became effective.
Credit Ratings of Covered and Non-Covered Loan Portfolio The following tables present the credit ratings of loans and leases receivable and current period gross write-offs as of March 31, 2024 and December 31, 2023.
Term Loans Amortized Cost Basis by Origination Year as of
March 31, 2024
(amounts in thousands)20242023202220212020PriorRevolving loans amortized cost basisRevolving loans converted to termTotal
Commercial and industrial loans and leases, including specialized lending:
Pass$453,522 $1,023,266 $2,018,082 $471,404 $142,178 $60,734 $1,594,160 $343,934 $6,107,280 
Special mention— 12,090 176 5,000 6,884 3,430 10,923 1,689 40,192 
Substandard— 699 18,575 34,687 27,274 39,866 5,855 73 127,029 
Doubtful— — — — — — — — — 
Total commercial and industrial loans and leases$453,522 $1,036,055 $2,036,833 $511,091 $176,336 $104,030 $1,610,938 $345,696 $6,274,501 
Commercial and industrial loans and leases charge-offs:
Three Months Ended March 31, 2024 (1)
$145 $484 $344 $3,397 $692 $334 $— $— $5,396 
Multifamily loans:
Pass$— $850 $1,239,644 $344,966 $128,439 $284,391 $— $— $1,998,290 
Special mention— — — — — 88,656 — — 88,656 
Substandard— — — — — 36,729 — — 36,729 
Doubtful— — — — — — — — — 
Total multifamily loans$— $850 $1,239,644 $344,966 $128,439 $409,776 $— $— $2,123,675 
Multifamily loans charge-offs:
Three Months Ended March 31, 2024$— $— $— $— $— $473 $— $— $473 
Commercial real estate owner occupied loans:
Pass$66,614 $34,503 $226,892 $178,805 $66,229 $152,046 $— $11,288 $736,377 
Special mention— — — — — 35,530 — — 35,530 
Substandard— 2,944 — 15,385 — 16,042 — — 34,371 
Doubtful— — — — — — — — — 
Total commercial real estate owner occupied loans$66,614 $37,447 $226,892 $194,190 $66,229 $203,618 $— $11,288 $806,278 
Commercial real estate owner occupied loans charge-offs:
Three Months Ended March 31, 2024$— $— $— $— $— $22 $— $— $22 
Commercial real estate non-owner occupied loans:
Pass$7,195 $16,791 $337,029 $103,661 $150,553 $456,456 $— $— $1,071,685 
Special mention— — 5,380 — 20,570 415 — — 26,365 
Substandard— — — — — 84,034 — — 84,034 
Doubtful— — — — — — — — — 
Total commercial real estate non-owner occupied loans$7,195 $16,791 $342,409 $103,661 $171,123 $540,905 $— $— $1,182,084 
Commercial real estate non-owner occupied loans charge-offs:
Three Months Ended March 31, 2024$— $— $— $— $— $— $— $— $— 
Construction loans:
Pass$3,214 $14,234 $135,023 $25,541 $— $3,967 $— $— $181,979 
Special mention— 3,622 — — — — — — 3,622 
Substandard— — — — — — — — — 
Doubtful— — — — — — — — — 
Total construction loans$3,214 $17,856 $135,023 $25,541 $— $3,967 $— $— $185,601 
Construction loans charge-offs:
Three Months Ended March 31, 2024$— $— $— $— $— $— $— $— $— 
Total commercial loans and leases receivable$530,545 $1,108,999 $3,980,801 $1,179,449 $542,127 $1,262,296 $1,610,938 $356,984 $10,572,139 
Term Loans Amortized Cost Basis by Origination Year as of
March 31, 2024
(amounts in thousands)20242023202220212020PriorRevolving loans amortized cost basisRevolving loans converted to termTotal
Total commercial loans and leases receivable charge-offs:
Three Months Ended March 31, 2024$145 $484 $344 $3,397 $692 $829 $— $— $5,891 
Residential real estate loans:
Performing$4,437 $22,540 $171,091 $129,844 $6,339 $85,373 $55,093 $— $474,717 
Non-performing— — 1,066 1,776 226 4,747 5 — 7,820 
Total residential real estate loans$4,437 $22,540 $172,157 $131,620 $6,565 $90,120 $55,098 $— $482,537 
Residential real estate loans charge-offs:
Three Months Ended March 31, 2024$— $— $— $— $— $19 $— $— $19 
Manufactured housing loans:
Performing$— $— $— $— $— $35,185 $— $— $35,185 
Non-performing— — — — — 2,197 — — 2,197 
Total manufactured housing loans$— $— $— $— $— $37,382 $— $— $37,382 
Manufactured housing loans charge-offs:
Three Months Ended March 31, 2024$— $— $— $— $— $— $— $— $— 
Installment loans:
Performing$15,048 $227,664 $268,738 $132,929 $53,774 $36,543 $48,852 $7 $783,555 
Non-performing— 3,628 3,065 1,363 351 481 163 — 9,051 
Total installment loans$15,048 $231,292 $271,803 $134,292 $54,125 $37,024 $49,015 $7 $792,606 
Installment loans charge-offs:
Three Months Ended March 31, 2024$1,072 $1,053 $6,220 $5,237 $1,273 $2,062 $— $— $16,917 
Total consumer loans$19,485 $253,832 $443,960 $265,912 $60,690 $164,526 $104,113 $7 $1,312,525 
Total consumer loans charge-offs:
Three Months Ended March 31, 2024$1,072 $1,053 $6,220 $5,237 $1,273 $2,081 $— $— $16,936 
Loans and leases receivable$550,030 $1,362,831 $4,424,761 $1,445,361 $602,817 $1,426,822 $1,715,051 $356,991 $11,884,664 
Loans and leases receivable charge-offs:
Three Months Ended March 31, 2024$1,217 $1,537 $6,564 $8,634 $1,965 $2,910 $— $— $22,827 
(1)    Charge-offs for the three months ended March 31, 2024 included $3.4 million of commercial and industrial loans originated under the PPP that were subsequently determined to be ineligible for SBA forgiveness and guarantee and were ultimately deemed uncollectible.
Term Loans Amortized Cost Basis by Origination Year as of
December 31, 2023
(amounts in thousands)20232022202120202019PriorRevolving loans amortized cost basisRevolving loans converted to termTotal
Commercial and industrial loans and leases, including specialized lending:
Pass$1,184,923 $1,909,592 $483,039 $170,384 $59,213 $63,480 $1,722,559 $384,947 $5,978,137 
Special mention18,000 3,377 5,127 1,986 — 595 7,916 2,903 39,904 
Substandard14,738 39,258 61,533 26,660 4,803 42,062 4,010 — 193,064 
Doubtful— — — — — — — — — 
Total commercial and industrial loans and leases$1,217,661 $1,952,227 $549,699 $199,030 $64,016 $106,137 $1,734,485 $387,850 $6,211,105 
Commercial and industrial loans and leases charge-offs:
For the Year Ended December 31, 2023 (1)(2)
$1,483 $381 $3,169 $10,348 $24 $1,510 $— $— $16,915 
Multifamily loans:
Pass$845 $1,229,198 $371,016 $127,493 $43,046 $253,806 $— $— $2,025,404 
Special mention— — — — 6,468 67,035 — — 73,503 
Substandard— — — — — 39,715 — — 39,715 
Doubtful— — — — — — — — — 
Total multifamily loans$845 $1,229,198 $371,016 $127,493 $49,514 $360,556 $— $— $2,138,622 
Multifamily loans charge-offs:
For the Year Ended December 31, 2023
$— $— $— $— $— $3,574 $— $— $3,574 
Commercial real estate owner occupied loans:
Pass$41,011 $254,878 $180,289 $77,821 $44,382 $120,248 $— $11,318 $729,947 
Special mention— — 15,432 — 35,691 47 — — 51,170 
Substandard— — — — 347 15,855 — — 16,202 
Doubtful— — — — — — — — 
Total commercial real estate owner occupied loans$41,011 $254,878 $195,721 $77,821 $80,420 $136,150 $— $11,318 $797,319 
Commercial real estate owner occupied loans charge-offs:
For the Year Ended December 31, 2023
$— $— $— $— $— $39 $— $— $39 
Commercial real estate non-owner occupied loans:
Pass$12,906 $325,881 $109,521 $152,227 $88,586 $367,996 $— $— $1,057,117 
Special mention— — — 20,702 — 9,148 — — 29,850 
Substandard— 10,910 — — 8,113 71,660 — — 90,683 
Doubtful— — — — — — — — — 
Total commercial real estate non-owner occupied loans$12,906 $336,791 $109,521 $172,929 $96,699 $448,804 $— $— $1,177,650 
Commercial real estate non-owner occupied loans charge-offs:
For the Year Ended December 31, 2023
$— $— $— $— $— $4,527 $— $— $4,527 
Construction loans:
Pass$17,594 $138,797 $2,567 $— $— $4,580 $— $1,100 $164,638 
Special mention1,755 — — — — — — — 1,755 
Substandard— — — — — — — — — 
Doubtful— — — — — — — — — 
Total construction loans$19,349 $138,797 $2,567 $— $— $4,580 $— $1,100 $166,393 
Construction loans charge-offs:
For the Year Ended December 31, 2023
$— $— $— $— $— $— $— $— $— 
Total commercial loans and leases receivable$1,291,772 $3,911,891 $1,228,524 $577,273 $290,649 $1,056,227 $1,734,485 $400,268 $10,491,089 
Term Loans Amortized Cost Basis by Origination Year as of
December 31, 2023
(amounts in thousands)20232022202120202019PriorRevolving loans amortized cost basisRevolving loans converted to termTotal
Total commercial loans and leases receivable charge-offs:
For the Year Ended December 31, 2023$1,483 $381 $3,169 $10,348 $24 $9,650 $— $— $25,055 
Residential real estate loans:
Performing$22,613 $173,424 $131,621 $6,458 $15,508 $71,433 $56,844 $— $477,901 
Non-performing— 350 1,236 229 545 3,993 181 — 6,534 
Total residential real estate loans$22,613 $173,774 $132,857 $6,687 $16,053 $75,426 $57,025 $— $484,435 
Residential real estate loans charge-offs:
For the Year Ended December 31, 2023
$— $— $— $— $— $69 $— $— $69 
Manufactured housing loans:
Performing$— $— $— $— $98 $36,464 $— $— $36,562 
Non-performing— — — — — 2,108 — — 2,108 
Total manufactured housing loans$— $— $— $— $98 $38,572 $— $— $38,670 
Manufactured housing loans charge-offs:
For the Year Ended December 31, 2023
$— $— $— $— $— $— $— $— $— 
Installment loans:
Performing$253,958 $307,566 $158,381 $50,354 $39,953 $3,448 $51,480 $— $865,140 
Non-performing2,634 4,102 1,751 546 477 86 190 — 9,786 
Total installment loans$256,592 $311,668 $160,132 $50,900 $40,430 $3,534 $51,670 $— $874,926 
Installment loans charge-offs:
For the Year Ended December 31, 2023
$7,728 $24,605 $23,984 $5,590 $6,797 $1,238 $— $— $69,942 
Total consumer loans$279,205 $485,442 $292,989 $57,587 $56,581 $117,532 $108,695 $— $1,398,031 
Total consumer loans charge-offs:
For the Year Ended December 31, 2023$7,728 $24,605 $23,984 $5,590 $6,797 $1,307 $— $— $70,011 
Loans and leases receivable$1,570,977 $4,397,333 $1,521,513 $634,860 $347,230 $1,173,759 $1,843,180 $400,268 $11,889,120 
Loans and leases receivable charge-offs:
For the Year Ended December 31, 2023$9,211 $24,986 $27,153 $15,938 $6,821 $10,957 $— $— $95,066 
(1)    Excludes $6.2 million of charge-offs for certain PCD loans against $8.7 million of allowance for credit losses on PCD loans recognized upon acquisition of a venture banking loan portfolio (included within specialized lending) from the FDIC on June 15, 2023. These PCD loans were originated in years 2016 to 2022.
(2)    Charge-offs for the year ended December 31, 2023 included $10.7 million of commercial and industrial loans originated under the PPP that were subsequently determined to be ineligible for SBA forgiveness and guarantee and were ultimately deemed uncollectible.
Schedule of Loan Purchases and Sales
Purchases and sales of loans held for investment were as follows for the three months ended March 31, 2024 and 2023:
Three Months Ended March 31,
(amounts in thousands)20242023
Purchases (1)
Other commercial and industrial$7,403 $5,445 
Commercial real estate owner occupied— 2,867 
Residential real estate— 4,238 
Total$7,403 $12,550 
(1)Amounts reported in the above table are the unpaid principal balance at time of purchase. The purchase price was 100.0% and 101.9% of the loans’ unpaid principal balance for the three months ended March 31, 2024 and 2023, respectively.