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LOANS AND LEASES RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LEASES (Tables)
 6 Months Ended
Jun. 30, 2024
Receivables [Abstract]  
Schedule of Loans and Leases Receivable
The following table presents loans and leases receivable as of June 30, 2024 and December 31, 2023.
(amounts in thousands)June 30, 2024December 31, 2023
Loans and leases receivable:
Commercial:
Commercial and industrial:
Specialized lending (1)
$5,528,745 $5,006,693 
Other commercial and industrial (2)
1,212,247 1,279,147 
Multifamily2,067,332 2,138,622 
Commercial real estate owner occupied805,779 797,319 
Commercial real estate non-owner occupied1,202,606 1,177,650 
Construction163,409 166,393 
Total commercial loans and leases receivable10,980,118 10,565,824 
Consumer:
Residential real estate481,503 484,435 
Manufactured housing35,901 38,670 
Installment:
Personal474,481 555,533 
Other282,201 319,393 
Total consumer loans receivable1,274,086 1,398,031 
Loans and leases receivable12,254,204 11,963,855 
Loans receivable, mortgage finance, at fair value1,002,711 897,912 
Allowance for credit losses on loans and leases(132,436)(135,311)
Total loans and leases receivable, net of allowance for credit losses on loans and leases (3)
$13,124,479 $12,726,456 
(1)Includes direct finance equipment leases of $222.2 million and $205.7 million at June 30, 2024 and December 31, 2023, respectively.
(2)Includes PPP loans of $38.3 million and $74.7 million at June 30, 2024 and December 31, 2023, respectively.
(3)Includes deferred (fees) costs and unamortized (discounts) premiums, net of $(15.1) million and $(22.7) million at June 30, 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 June 30, 2024 and December 31, 2023:
 June 30, 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$3,698 $14 $5,311 $9,023 $6,693,685 $6,702,708 
Multifamily— — 14,002 14,002 2,053,330 2,067,332 
Commercial real estate owner occupied113 — 9,584 9,697 796,082 805,779 
Commercial real estate non-owner occupied5,580 494 62 6,136 1,196,470 1,202,606 
Construction— — — — 163,409 163,409 
Residential real estate2,865 2,704 4,409 9,978 471,525 481,503 
Manufactured housing516 450 2,547 3,513 32,388 35,901 
Installment7,509 4,995 5,614 18,118 738,564 756,682 
Total$20,281 $8,657 $41,529 $70,467 $12,145,453 $12,215,920 
 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 June 30, 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 $38.3 million, of which $0.6 million were 30-59 days past due and $20.6 million were 60 days or more past due as of June 30, 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 $152.2 million and $157.2 million at June 30, 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.
 June 30, 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$1,462 $4,026 $5,488 $3,365 $1,071 $4,436 
Multifamily— 14,002 14,002 — — — 
Commercial real estate owner occupied9,612 — 9,612 5,869 — 5,869 
Commercial real estate non-owner occupied62 — 62 — — — 
Residential real estate7,765 414 8,179 6,685 117 6,802 
Manufactured housing— 2,047 2,047 — 2,331 2,331 
Installment— 5,614 5,614 — 7,211 7,211 
Total$18,901 $26,103 $45,004 $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 and six months ended June 30, 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
June 30, 2024
Ending Balance,
March 31, 2024
$23,003 $18,307 $10,201 $18,320 $1,866 $6,707 $4,160 $50,732 $133,296 
Charge-offs(7,348)(1,433)— — — — — (13,943)(22,724)
Recoveries1,683 — — — 7 20 — 2,303 4,013 
Provision (benefit) for credit losses on loans and leases6,383 3,778 (1,770)(354)(17)(843)(66)10,740 17,851 
Ending Balance,
June 30, 2024		$23,721 $20,652 $8,431 $17,966 $1,856 $5,884 $4,094 $49,832 $132,436 
Six Months Ended
June 30, 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(12,744)(1,906)(22)— — (19)— (30,860)(45,551)
Recoveries3,407 — — — 7 21 — 5,437 8,872 
Provision (benefit) for credit losses on loans and leases9,555 6,215 (1,429)1,107 367 (704)(145)18,838 33,804 
Ending Balance,
June 30, 2024		$23,721 $20,652 $8,431 $17,966 $1,856 $5,884 $4,094 $49,832 $132,436 
(amounts in thousands)
Commercial and industrial (1)(2)
MultifamilyCommercial real estate owner occupiedCommercial real estate non-owner occupiedConstructionResidential real estateManufactured housingInstallmentTotal
Three Months Ended
June 30, 2023
Ending Balance,
March 31, 2023
$20,050 $15,084 $8,472 $11,032 $2,336 $6,853 $4,339 $62,115 $130,281 
Allowance for credit losses on FDIC PCD loans, net of charge-offs (3)
2,576 — — — — — — — 2,576 
Charge-offs(432)(1,448)— (288)— (27)— (16,384)(18,579)
Recoveries174 — 34 22 — 3 — 2,782 3,015 
Provision (benefit) for credit losses on loans and leases6,724 1,764 1,709 2,729 303 17 (1)9,118 22,363 
Ending Balance,
June 30, 2023		$29,092 $15,400 $10,215 $13,495 $2,639 $6,846 $4,338 $57,631 $139,656 
Six Months Ended
June 30, 2023
Ending Balance,
December 31, 2022		$17,582 $14,541 $6,454 $11,219 $1,913 $6,094 $4,430 $68,691 $130,924 
Allowance for credit losses on FDIC PCD loans, net of charge-offs (3)
2,576 — — — — — — — 2,576 
Charge-offs(592)(1,448)— (4,527)— (27)— (33,099)(39,693)
Recoveries405 — 34 27 116 5 — 4,891 5,478 
Provision (benefit) for credit losses on loans and leases9,121 2,307 3,727 6,776 610 774 (92)17,148 40,371 
Ending Balance,
June 30, 2023		$29,092 $15,400 $10,215 $13,495 $2,639 $6,846 $4,338 $57,631 $139,656 
(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.
(3)    Represents $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, net of $6.2 million of charge-offs for certain of these PCD loans upon acquisition.
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 and six months ended June 30, 2024 and 2023, disaggregated by class of financing receivable and type of modification granted.
Three Months Ended June 30, 2024
(dollars in thousands)Term ExtensionPayment DeferralDebt ForgivenessInterest Rate Reduction and Term ExtensionTotalPercentage of Total by Financing Class
Commercial and industrial, including specialized lending
$1,997 $1,756 $— $— $3,753 0.06 %
Commercial real estate non-owner occupied17,265 — — — 17,265 1.44 %
Manufactured housing82 — — 49 131 0.36 %
Personal installment373 34 35 — 442 0.09 %
Total$19,717 $1,790 $35 $49 $21,591 
Three Months Ended June 30, 2023
(dollars in thousands)Term ExtensionPayment DeferralDebt ForgivenessInterest Rate Reduction and Term ExtensionTotalPercentage of Total by Financing Class
Manufactured housing$52 $— $— $229 $281 0.67 %
Personal installment3,540 180 183 — 3,903 0.52 %
Total$3,592 $180 $183 $229 $4,184 
Six Months Ended June 30, 2024
(dollars in thousands)Term ExtensionPayment DeferralDebt ForgivenessInterest Rate Reduction and Term ExtensionTotalPercentage of Total by Financing Class
Commercial and industrial, including specialized lending
$1,997 $3,743 $— $— $5,740 0.09 %
Multifamily— 10,691 — — 10,691 0.52 %
Commercial real estate non-owner occupied17,265 — — — 17,265 1.44 %
Residential real estate— 53 — — 53 0.01 %
Manufactured housing82 — — 49 131 0.36 %
Personal installment3,840 189 68 — 4,097 0.86 %
Total$23,184 $14,676 $68 $49 $37,977 
Six Months Ended June 30, 2023
(dollars in thousands)Term ExtensionPayment DeferralDebt ForgivenessInterest Rate Reduction and Term ExtensionTotalPercentage of Total by Financing Class
Commercial and industrial, including specialized lending
$169 $— $— $— $169 0.00 %
Commercial real estate owner occupied169 — — — 169 0.02 %
Manufactured housing59 — — 291 350 0.84 %
Personal installment8,067 269 264 — 8,600 1.14 %
Total$8,464 $269 $264 $291 $9,288 
The following table summarizes the impacts of loan modifications made to borrowers experiencing financial difficulty for the three and six months ended June 30, 2024 and 2023.
Three Months Ended June 30, 2024Three Months Ended June 30, 2023
Weighted AverageWeighted Average
(dollars in thousands)Interest Rate Reduction (%)Term Extension
(in months)		Payment Deferral
(in months)		Debt ForgivenInterest Rate Reduction (%)Term Extension
(in months)		Payment Deferral
(in months)		Debt Forgiven
Commercial and industrial, including specialized lending—%17$— —%00$— 
Commercial real estate non-owner occupied—120— —00— 
Manufactured housing4.3500— 3.5470— 
Personal installment—4741 —56100 
Six Months Ended June 30, 2024Six Months Ended June 30, 2023
Weighted AverageWeighted Average
(dollars in thousands)Interest Rate Reduction (%)Term Extension
(in months)		Payment Deferral
(in months)		Debt ForgivenInterest Rate Reduction (%)Term Extension
(in months)		Payment Deferral
(in months)		Debt Forgiven
Commercial and industrial, including specialized lending— %15$— — %40$— 
Multifamily— 05— — 00— 
Commercial real estate owner occupied— 00— — 40— 
Commercial real estate non-owner occupied— 120— — 00— 
Residential real estate— 05— — 00— 
Manufactured housing4.3 500— 2.9 490— 
Personal installment— 67141 — 56166 
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 June 30, 2024 and the six months ended ended June 30, 2023.
June 30, 2024
(dollars in thousands)30-59 Days past due60-89 Days past due90 Days or more past dueCurrentTotal
Commercial:
Commercial and industrial, including specialized lending
$— $— $3,743 $14,101 $17,844 
Multifamily— — — 10,691 10,691 
Commercial real estate non-owner occupied— — — 17,265 17,265 
Residential real estate— — — 99 99 
Manufactured housing124 36 — 317 477 
Personal installment510 312 417 9,317 10,556 
Total$634 $348 $4,160 $51,790 $56,932 
June 30, 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
$— $— $169 $— $169 
Commercial real estate owner occupied— — 169 — 169 
Manufactured housing— — — 350 350 
Personal installment492 459 63 7,586 8,600 
Total$492 $459 $401 $7,936 $9,288 
(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 June 30, 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 June 30, 2024 and December 31, 2023.
Term Loans Amortized Cost Basis by Origination Year as of
June 30, 2024
(amounts in thousands)20242023202220212020PriorRevolving loans amortized cost basisRevolving loans converted to termTotal
Commercial and industrial loans and leases, including specialized lending:
Pass$1,123,754 $822,962 $1,851,501 $416,454 $125,564 $123,237 $1,816,284 $255,249 $6,535,005 
Special mention— 12,000 16,708 4,779 28,093 1,478 1,883 4,360 69,301 
Substandard— 649 6,076 28,066 4,736 38,563 13,379 6,933 98,402 
Doubtful— — — — — — — — — 
Total commercial and industrial loans and leases$1,123,754 $835,611 $1,874,285 $449,299 $158,393 $163,278 $1,831,546 $266,542 $6,702,708 
Commercial and industrial loans and leases charge-offs:
Three Months Ended June 30, 2024 (1)
$73 $218 $5,328 $698 $995 $36 $— $— $7,348 
Six Months Ended June 30, 2024 (1)
218 702 5,672 4,095 1,687 370 — — 12,744 
Multifamily loans:
Pass$— $830 $1,211,752 $314,788 $126,126 $301,661 $— $— $1,955,157 
Special mention— — 6,803 — — 50,150 — — 56,953 
Substandard— — — — — 55,222 — — 55,222 
Doubtful— — — — — — — — — 
Total multifamily loans$— $830 $1,218,555 $314,788 $126,126 $407,033 $— $— $2,067,332 
Multifamily loans charge-offs:
Three Months Ended June 30, 2024$— $— $— $— $— $1,433 $— $— $1,433 
Six Months Ended June 30, 2024— — — — — 1,906 — — 1,906 
Commercial real estate owner occupied loans:
Pass$124,022 $34,284 $188,450 $202,658 $51,981 $147,477 $— $11,227 $760,099 
Special mention— — — — — 10,985 — — 10,985 
Substandard— 2,944 703 15,355 — 15,693 — — 34,695 
Doubtful— — — — — — — — — 
Total commercial real estate owner occupied loans$124,022 $37,228 $189,153 $218,013 $51,981 $174,155 $— $11,227 $805,779 
Commercial real estate owner occupied loans charge-offs:
Three Months Ended June 30, 2024$— $— $— $— $— $— $— $— $— 
Six Months Ended June 30, 2024— — — — — 22 — — 22 
Commercial real estate non-owner occupied loans:
Pass$13,499 $16,740 $381,262 $102,647 $161,374 $418,073 $— $— $1,093,595 
Special mention— — — — 20,438 5,994 — — 26,432 
Substandard— — 5,362 — 716 76,501 — — 82,579 
Doubtful— — — — — — — — — 
Total commercial real estate non-owner occupied loans$13,499 $16,740 $386,624 $102,647 $182,528 $500,568 $— $— $1,202,606 
Commercial real estate non-owner occupied loans charge-offs:
Three Months Ended June 30, 2024$— $— $— $— $— $— $— $— $— 
Six Months Ended June 30, 2024— — — — — — — — — 
Construction loans:
Pass$7,356 $17,883 $127,317 $— $— $4,510 $— $— $157,066 
Special mention— 6,343 — — — — — — 6,343 
Substandard— — — — — — — — — 
Doubtful— — — — — — — — — 
Total construction loans$7,356 $24,226 $127,317 $— $— $4,510 $— $— $163,409 
Term Loans Amortized Cost Basis by Origination Year as of
June 30, 2024
(amounts in thousands)20242023202220212020PriorRevolving loans amortized cost basisRevolving loans converted to termTotal
Construction loans charge-offs:
Three Months Ended June 30, 2024$— $— $— $— $— $— $— $— $— 
Six Months Ended June 30, 2024— — — — — — — — — 
Total commercial loans and leases receivable$1,268,631 $914,635 $3,795,934 $1,084,747 $519,028 $1,249,544 $1,831,546 $277,769 $10,941,834 
Total commercial loans and leases receivable charge-offs:
Three Months Ended June 30, 2024$73 $218 $5,328 $698 $995 $1,469 $— $— $8,781 
Six Months Ended June 30, 2024218 702 5,672 4,095 1,687 2,298 — — 14,672 
Residential real estate loans:
Performing$15,138 $22,341 $168,161 $126,398 $6,015 $82,697 $53,075 $— $473,825 
Non-performing— — 1,213 1,753 224 4,484 4 — 7,678 
Total residential real estate loans$15,138 $22,341 $169,374 $128,151 $6,239 $87,181 $53,079 $— $481,503 
Residential real estate loans charge-offs:
Three Months Ended June 30, 2024$— $— $— $— $— $— $— $— $— 
Six Months Ended June 30, 2024— — — — — 19 — — 19 
Manufactured housing loans:
Performing$— $— $— $— $— $34,135 $— $— $34,135 
Non-performing— — — — — 1,766 — — 1,766 
Total manufactured housing loans$— $— $— $— $— $35,901 $— $— $35,901 
Manufactured housing loans charge-offs:
Three Months Ended June 30, 2024$— $— $— $— $— $— $— $— $— 
Six Months Ended June 30, 2024— — — — — — — — — 
Installment loans:
Performing$83,651 $176,367 $250,391 $118,477 $38,187 $30,805 $50,968 $10 $748,856 
Non-performing17 2,799 3,028 1,236 268 312 166 — 7,826 
Total installment loans$83,668 $179,166 $253,419 $119,713 $38,455 $31,117 $51,134 $10 $756,682 
Installment loans charge-offs:
Three Months Ended June 30, 2024$810 $2,352 $6,011 $3,551 $460 $759 $— $— $13,943 
Six Months Ended June 30, 20241,882 3,405 12,231 8,788 1,733 2,821 — — 30,860 
Total consumer loans$98,806 $201,507 $422,793 $247,864 $44,694 $154,199 $104,213 $10 $1,274,086 
Total consumer loans charge-offs:
Three Months Ended June 30, 2024$810 $2,352 $6,011 $3,551 $460 $759 $— $— $13,943 
Six Months Ended June 30, 20241,882 3,405 12,231 8,788 1,733 2,840 — — 30,879 
Loans and leases receivable$1,367,437 $1,116,142 $4,218,727 $1,332,611 $563,722 $1,403,743 $1,935,759 $277,779 $12,215,920 
Loans and leases receivable charge-offs:
Three Months Ended June 30, 2024$883 $2,570 $11,339 $4,249 $1,455 $2,228 $— $— $22,724 
Six Months Ended June 30, 2024$2,100 $4,107 $17,903 $12,883 $3,420 $5,138 $— $— $45,551 
(1)    Charge-offs for the three and six months ended June 30, 2024 included $0.8 million and $4.2 million, respectively, 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 $10.7 million of commercial and industrial loans originated under the PPP that were subsequently determined to be ineligible for SBA forgiveness and guarantee and were ultimately deemed uncollectible.
Schedule of Loan Purchases and Sales
Purchases and sales of loans held for investment were as follows for the three and six months ended June 30, 2024 and 2023:
Three Months Ended June 30,Six Months Ended June 30,
(amounts in thousands)2024202320242023
Purchases (1)
Specialized lending$— $631,252 $— $631,252 
Other commercial and industrial— 4,863 7,403 10,308 
Commercial real estate owner occupied— — — 2,867 
Residential real estate— — — 4,238 
Personal installment (2)
43,241 — 43,241 — 
Total$43,241 $636,115 $50,644 $648,665 
Sales (3)
Specialized lending (4)
$— $287,185 $— $287,185 
Other commercial and industrial (5)
23,708 47,358 23,708 47,358 
Commercial real estate owner occupied (5)
— 18,851 — 18,851 
Commercial real estate non-owner occupied— 16,000 — 16,000 
Other installment— 154,042 — 154,042 
Total$23,708 $523,436 $23,708 $523,436 
(1)Amounts reported in the above table are the unpaid principal balance at time of purchase. The purchase price was 99.5% and 85.1% of the loans’ unpaid principal balance for the three months ended June 30, 2024 and 2023, respectively. The purchase price was 99.6% and 85.5% of the loans’ unpaid principal balance for the six months ended June 30, 2024 and 2023, respectively.
(2)Installment loan purchases for the three and six months ended June 30, 2024 consist of third-party originated unsecured consumer loans. None of the loans held for investment are considered sub-prime at the time of origination. Customers considers sub-prime borrowers to be those with FICO scores below 660.
(3)For the three months ended June 30, 2024 and 2023, sales of loans held for investment resulted in net losses of $0.2 million and net gains of $0.4 million, respectively, included in net gain (loss) on sale of loans in the consolidated statements of income. For the six months ended June 30, 2024 and 2023, sales of loans held for investment resulted in net losses of $0.2 million and net gains of $0.4 million, respectively.
(4)Includes a loss of $5.0 million from the sale of $670.0 million of short-term syndicated capital call lines of credit ($280.7 million of loans held for investment in unpaid principal balance and $389.3 million of unfunded loan commitments) included in the consolidated statements of income for the three and six months ended June 30, 2023.
(5)Primarily sales of SBA loans for the three and six months ended June 30, 2023.