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Loans Receivable and Allowance for Credit Losses (Tables)
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
Summary of Loans Receivable by Major Category
The following is a summary of loans receivable by segment:
December 31,
20242023
(Dollars in thousands)
Loan portfolio composition
CRE loans$8,527,008 $8,797,884 
C&I loans3,967,596 4,135,044 
Residential mortgage loans1,082,459 883,687 
Consumer and other loans41,209 37,004 
Total loans receivable, net of deferred costs and fees13,618,272 13,853,619 
Allowance for credit losses(150,527)(158,694)
Loans receivable, net of allowance for credit losses$13,467,745 $13,694,925 
Allowance for Credit Losses by Portfolio Segment
The tables below detail the activity in the ACL by portfolio segment for the years ended December 31, 2024 and 2023, and 2022. Charge offs for the year ended December 31, 2024 included $20.1 million in charge offs related to C&I loans. Charge offs for the year ended December 31, 2023, included an idiosyncratic full charge off of $23.4 million related to a borrower that entered into Chapter 7 liquidation in August 2023. Recoveries for the year 2022 included $17.3 million in recoveries from a single lending relationship that had $29.6 million in charge offs during the year 2021.
CRE LoansC&I LoansResidential Mortgage LoansConsumer and Other LoansTotal
(Dollars in thousands)
December 31, 2024
Balance, beginning of period$93,940 $51,291 $12,838 $625 $158,694 
Provision (credit) for credit losses(5,021)31,818 (8,400)3 18,400 
Loans charged off(1,108)(29,662)— (318)(31,088)
Recoveries of charge offs563 3,796 — 162 4,521 
Balance, end of period$88,374 $57,243 $4,438 $472 $150,527 
December 31, 2023
Balance, beginning of period$95,884 $56,872 $8,920 $683 $162,359 
ASU 2022-02 day 1 adoption adjustment19 (426)— — (407)
Provision (credit) for credit losses(2,301)27,233 3,918 250 29,100 
Loans charged off(2,947)(34,203)— (370)(37,520)
Recoveries of charge offs3,285 1,815 — 62 5,162 
Balance, end of period$93,940 $51,291 $12,838 $625 $158,694 
December 31, 2022
Balance, beginning of period$108,440 $27,811 $3,316 $983 $140,550 
Provision (credit) for credit losses(27,451)31,360 5,626 65 9,600 
Loans charged off(6,803)(5,160)(22)(404)(12,389)
Recoveries of charge offs21,698 2,861 — 39 24,598 
Balance, end of period$95,884 $56,872 $8,920 $683 $162,359 
The following tables break out the allowance for credit losses and loan balance by measurement methodology at December 31, 2024 and 2023:
December 31, 2024
CRE LoansC&I LoansResidential Mortgage LoansConsumer and Other LoansTotal
(Dollars in thousands)
Allowance for credit losses:
Individually evaluated$880 $5,172 $37 $— $6,089 
Collectively evaluated87,494 52,071 4,401 472 144,438 
Total$88,374 $57,243 $4,438 $472 $150,527 
Loans outstanding:
Individually evaluated$23,235 $60,807 $6,314 $47 $90,403 
Collectively evaluated8,503,773 3,906,789 1,076,145 41,162 13,527,869 
Total$8,527,008 $3,967,596 $1,082,459 $41,209 $13,618,272 
December 31, 2023
CRE LoansC&I LoansResidential Mortgage LoansConsumer and Other LoansTotal
(Dollars in thousands)
Allowance for credit losses:
Individually evaluated$886 $1,721 $39 $14 $2,660 
Collectively evaluated93,054 49,570 12,799 611 156,034 
Total$93,940 $51,291 $12,838 $625 $158,694 
Loans outstanding:
Individually evaluated$33,932 $5,013 $5,916 $343 $45,204 
Collectively evaluated8,763,952 4,130,031 877,771 36,661 13,808,415 
Total$8,797,884 $4,135,044 $883,687 $37,004 $13,853,619 
Schedule of Nonaccrual Loans and Loans Past Due 90 or More Days And Still on Accrual Status
The tables below represent the amortized cost of nonaccrual loans, as well as loans past due 90 days or more and still on accrual status, by loan segment and broken out by loans with a recorded ACL and those without a recorded ACL at December 31, 2024 and 2023.
December 31, 2024
Nonaccrual with No ACLNonaccrual with an ACL
Total Nonaccrual (1)
Accruing Loans Past Due 90 Days or More
(Dollars in thousands)
CRE loans$17,691 $5,705 $23,396 $— 
C&I loans33,005 27,802 60,807 129 
Residential mortgage loans2,933 3,381 6,314 — 
Consumer and other loans— 47 47 100 
Total$53,629 $36,935 $90,564 $229 
December 31, 2023
Nonaccrual with No ACLNonaccrual with an ACL
Total Nonaccrual (1)
Accruing Loans Past Due 90 Days or More
(Dollars in thousands)
CRE loans$26,724 $7,208 33,932 $— 
C&I loans2,447 2,566 5,013 184 
Residential mortgage loans3,002 2,914 5,916 — 
Consumer and other loans— 343 343 77 
Total$32,173 $13,031 $45,204 $261 
__________________________________
(1)    Total nonaccrual loans exclude the guaranteed portion of SBA loans that are in liquidation totaling $12.8 million and $11.4 million, at December 31, 2024 and 2023, respectively.
Amortized Cost Basis of Collateral-Dependent Loans
The following table presents the amortized cost of collateral-dependent loans at December 31, 2024 and 2023:
December 31, 2024December 31, 2023
Real Estate CollateralOther CollateralTotalReal Estate CollateralOther CollateralTotal
(Dollars in thousands)
CRE loans$20,557 $— $20,557 $29,803 $— $29,803 
C&I loans6,105 53,809 59,914 2,447 1,708 4,155 
Residential mortgage loans2,933 — 2,933 3,002 — 3,002 
Total$29,595 $53,809 $83,404 $35,252 $1,708 $36,960 
Aging of Past Due Loans
The following table presents the amortized cost of past due loans, including nonaccrual loans past due 30 days or more, by the number of days past due at December 31, 2024 and 2023, by loan segment:
 December 31, 2024December 31, 2023
 30-59 Days
Past Due 		60-89 Days 
Past Due 		90 or More Days
Past Due 		Total
Past Due		30-59 Days
Past Due 		60-89 Days 
Past Due 		90 or More Days
Past Due 		Total
Past Due
(Dollars in thousands)
CRE loans$1,820 $1,917 $6,021 $9,758 $1,999 $2,976 $10,197 $15,172 
C&I loans2,516 10,250 23,079 35,845 934 533 1,717 3,184 
Residential mortgage loans5,926 5,445 2,845 14,216 1,534 — 2,339 3,873 
Consumer and other loans190 289 109 588 214 48 77 339 
Total Past Due$10,452 $17,901 $32,054 $60,407 $4,681 $3,557 $14,330 $22,568 
Financing Receivable Credit Quality Indicators
The following tables present the amortized cost basis of loans receivable by segment, risk rating, and year of origination, renewal, or major modification at December 31, 2024 and 2023.
December 31, 2024
Term Loan by Origination YearRevolving LoansTotal
20242023202220212020Prior
(Dollars in thousands)
CRE loans
Pass$866,696 $564,267 $2,316,371 $1,885,509 $1,111,807 $1,535,735 $117,265 $8,397,650 
Special mention— 15,000 9,879 7,800 1,853 8,778 799 44,109 
Substandard— 966 4,908 32,863 5,469 41,043 — 85,249 
Subtotal$866,696 $580,233 $2,331,158 $1,926,172 $1,119,129 $1,585,556 $118,064 $8,527,008 
Year-to-date gross charge offs$— $— $165 $— $101 $842 $— $1,108 
C&I loans
Pass$1,426,813 $494,432 $743,004 $348,107 $102,725 $43,377 $495,141 $3,653,599 
Special mention1,773 16,116 23,831 24,197 — 14,692 54,355 134,964 
Substandard11,990 7,774 19,829 37,320 113 862 55,330 133,218 
Doubtful/Loss$211 $17,446 $28,158 $— $— $— $— 45,815 
Subtotal$1,440,787 $535,768 $814,822 $409,624 $102,838 $58,931 $604,826 $3,967,596 
Year-to-date gross charge offs$— $2,214 $27,239 $107 $— $102 $— $29,662 
Residential mortgage loans
Pass$286,539 $82,682 $344,940 $239,124 $1,320 $121,287 $— $1,075,892 
Special mention— — — — — — — — 
Substandard— — — 968 1,803 3,796 — 6,567 
Subtotal$286,539 $82,682 $344,940 $240,092 $3,123 $125,083 $— $1,082,459 
Year-to-date gross charge offs$— $— $— $— $— $— $— $— 
Consumer and other loans
Pass$6,386 $642 $192 $162 $875 $8,318 $24,587 $41,162 
Special mention— — — — — — — — 
Substandard— — — — — 47 — 47 
Subtotal$6,386 $642 $192 $162 $875 $8,365 $24,587 $41,209 
Year-to-date gross charge offs$— $— $— $— $— $— $318 $318 
Total loans
Pass$2,586,434 $1,142,023 $3,404,507 $2,472,902 $1,216,727 $1,708,717 $636,993 $13,168,303 
Special mention1,773 31,116 33,710 31,997 1,853 23,470 55,154 179,073 
Substandard11,990 8,740 24,737 71,151 7,385 45,748 55,330 225,081 
Doubtful/Loss211 17,446 28,158 — — — — 45,815 
Total$2,600,408 $1,199,325 $3,491,112 $2,576,050 $1,225,965 $1,777,935 $747,477 $13,618,272 
Total year-to-date gross charge offs$— $2,214 $27,404 $107 $101 $944 $318 $31,088 
December 31, 2023
Term Loan by Origination YearRevolving LoansTotal
20232022202120202019Prior
(Dollars in thousands)
CRE loans
Pass$623,058 $2,429,146 $2,045,863 $1,239,654 $996,483 $1,297,295 $79,426 $8,710,925 
Special mention— 2,001 15,452 2,518 5,963 5,196 — 31,130 
Substandard— 1,549 7,300 2,711 2,083 42,186 — 55,829 
Subtotal$623,058 $2,432,696 $2,068,615 $1,244,883 $1,004,529 $1,344,677 $79,426 $8,797,884 
Year-to-date gross charge offs$103 $315 $— $233 $355 $1,941 $— $2,947 
C&I loans
Pass$1,107,219 $1,208,795 $683,821 $203,142 $162,815 $61,019 $479,266 $3,906,077 
Special mention9,743 23,413 31,388 8,597 14,614 — 60,107 147,862 
Substandard7,158 53,213 8,480 8,637 290 2,358 969 81,105 
Subtotal$1,124,120 $1,285,421 $723,689 $220,376 $177,719 $63,377 $540,342 $4,135,044 
Year-to-date gross charge offs$5,011 $12,323 $16,020 $128 $182 $539 $— $34,203 
Residential mortgage loans
Pass$93,982 $365,252 $263,977 $1,356 $29,063 $123,885 $— $877,515 
Special mention— — — — — — — — 
Substandard— — 314 1,836 957 3,065 — 6,172 
Subtotal$93,982 $365,252 $264,291 $3,192 $30,020 $126,950 $— $883,687 
Year-to-date gross charge offs$— $— $— $— $— $— $— $— 
Consumer and other loans
Pass$3,985 $944 $278 $2,068 $371 $8,221 $20,794 $36,661 
Special mention— — — — — — — — 
Substandard— — — — — 343 — 343 
Subtotal$3,985 $944 $278 $2,068 $371 $8,564 $20,794 $37,004 
Year-to-date gross charge offs$— $— $— $— $— $— $370 $370 
Total loans
Pass$1,828,244 $4,004,137 $2,993,939 $1,446,220 $1,188,732 $1,490,420 $579,486 $13,531,178 
Special mention9,743 25,414 46,840 11,115 20,577 5,196 60,107 178,992 
Substandard7,158 54,762 16,094 13,184 3,330 47,952 969 143,449 
Total$1,845,145 $4,084,313 $3,056,873 $1,470,519 $1,212,639 $1,543,568 $640,562 $13,853,619 
Total year-to-date gross charge offs$5,114 $12,638 $16,020 $361 $537 $2,480 $370 $37,520 
For the years ended December 31, 2024 and 2023, there were no revolving loans converted to term loans.
Loans Sold From Loans Held For Investment The breakdown of loans by segment that were reclassified from held for investment to held for sale for the years ended December 31, 2024, 2023, and 2022 are presented in the following table:
Year Ended December 31,
202420232022
Transfer of loans held for investment to held for sale(Dollars in thousands)
CRE loans$154,451 $114,186 $257,317 
C&I loans101,007 307,209 54,218 
Total$255,458 $421,395 $311,535 
Troubled Debt Restructurings
A summary of loans modified to borrowers experiencing financial difficulty for the periods presented, disaggregated by loan class and type of modification, is shown in the tables below:
 
Year Ended December 31, 2024
 
CRE LoansC&I LoansResidential Mortgage LoansConsumer and Other LoansTotal
 
(Dollars in thousands)
Principal forgiveness$— $— $— $— $— 
Interest rate reduction— — — — — 
Payment delay— 21,136 — — 21,136 
Term extension— 50,148 — — 50,148 
Total Loan Modifications$— $71,284 $— $— $71,284 
% of Loan Class— %1.80 %— %— %0.52 %
 
Year Ended December 31, 2023
 
CRE LoansC&I LoansResidential Mortgage LoansConsumer and Other LoansTotal
 
(Dollars in thousands)
Principal forgiveness$— $— $— $— $— 
Interest rate reduction— — — — — 
Payment delay— — — — — 
Term extension1,111 27,032 — — 28,143 
Total Loan Modifications$1,111 $27,032 $— $— $28,143 
% of Loan Class0.01 %0.65 %— %— %0.20 %
interest income reversal, nonaccrual, by loan segment The following table presents interest income reversals, due to loans being placed on nonaccrual status, by loan segment for the years ended December 31, 2024, 2023, and 2022:
Year Ended December 31,
202420232022
(Dollars in thousands)
CRE loans$2,150 $1,761 $1,906 
C&I loans3,655 1,127 307 
Residential mortgage loans10 40 309 
Consumer and other loans— — 1 
Total$5,815 $2,928 $2,523