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Loans Receivable, Net (Tables)

3 Months Ended

Mar. 31, 2019

Receivables [Abstract]

Components of Loans Receivable, Net

Loans receivable, net at March 31, 2019 and December 31, 2018 consisted of the following (in thousands):

	March 31, 2019				December 31, 2018
Commercial:
Commercial and industrial	$	380,347			$	304,994
Commercial real estate – owner occupied	801,290				740,375
Commercial real estate – investor	2,149,891				2,015,210
Total commercial	3,331,528				3,060,579
Consumer:
Residential real estate	2,162,322				2,044,286
Home equity loans and lines	351,181				353,386
Other consumer	116,838				121,561
Total consumer	2,630,341				2,519,233
	5,961,869				5,579,812
Purchased credit impaired (“PCI”) loans	16,306				8,901
Total Loans	5,978,175				5,588,713
Deferred origination costs, net	7,360				7,086
Allowance for loan losses	(16,705		)		(16,577		)
Total loans, net	$	5,968,830			$	5,579,222

Analysis of Allowance for Loan Losses

An analysis of the allowance for loan losses for the three months ended March 31, 2019 and 2018 is as follows (in thousands):

	Three Months Ended March 31,
	2019				2018
Balance at beginning of period	$	16,577			$	15,721
Provision charged to operations	620				1,371
Charge-offs	(868		)		(533		)
Recoveries	376				258
Balance at end of period	$	16,705			$	16,817

Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment and Based on Impairment Method Excluding PCI Loans

The following table presents an analysis of the allowance for loan losses for the three months ended March 31, 2019 and 2018 and the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of March 31, 2019 and December 31, 2018, excluding PCI loans (in thousands):

	Commercial and  Industrial				Commercial Real Estate – Owner Occupied				Commercial Real Estate – Investor				Residential Real Estate				Consumer				Unallocated				Total
For the three months ended March 31, 2019
Allowance for loan losses:
Balance at beginning of period	$	1,609			$	2,277			$	8,770			$	2,413			$	486			$	1,022			$	16,577
Provision (benefit) charged to operations	(19		)		1,550				(802		)		(23		)		(110		)		24				620
Charge-offs	—				(389		)		(21		)		(427		)		(31		)		—				(868		)
Recoveries	57				—				295				2				22				—				376
Balance at end of period	$	1,647			$	3,438			$	8,242			$	1,965			$	367			$	1,046			$	16,705
For the three months ended March 31, 2018
Allowance for loan losses:
Balance at beginning of period	$	1,801			$	3,175			$	7,952			$	1,804			$	614			$	375			$	15,721
Provision (benefit) charged to operations	470				(307		)		879				493				(1		)		(163		)		1,371
Charge-offs	(44		)		—				(123		)		(244		)		(122		)		—				(533		)
Recoveries	24				3				130				85				16				—				258
Balance at end of period	$	2,251			$	2,871			$	8,838			$	2,138			$	507			$	212			$	16,817
March 31, 2019
Allowance for loan losses:
Ending allowance balance attributed to loans:
Individually evaluated for impairment	$	—			$	604			$	—			$	—			$	—			$	—			$	604
Collectively evaluated for impairment	1,647				2,834				8,242				1,965				367				1,046				16,101
Total ending allowance balance	$	1,647			$	3,438			$	8,242			$	1,965			$	367			$	1,046			$	16,705
Loans:
Loans individually evaluated for impairment	$	250			$	7,411			$	13,595			$	10,028			$	3,167			$	—			$	34,451
Loans collectively evaluated for impairment	380,097				793,879				2,136,296				2,152,294				464,852				—				5,927,418
Total ending loan balance	$	380,347			$	801,290			$	2,149,891			$	2,162,322			$	468,019			$	—			$	5,961,869

December 31, 2018
Allowance for loan losses:
Ending allowance balance attributed to loans:
Individually evaluated for impairment	$	—			$	—			$	—			$	—			$	—			$	—			$	—
Collectively evaluated for impairment	1,609				2,277				8,770				2,413				486				1,022				16,577
Total ending allowance balance	$	1,609			$	2,277			$	8,770			$	2,413			$	486			$	1,022			$	16,577
Loans:
Loans individually evaluated for impairment	$	1,626			$	5,395			$	9,738			$	10,064			$	2,974			$	—			$	29,797
Loans collectively evaluated for impairment	303,368				734,980				2,005,472				2,034,222				471,973				—				5,550,015
Total ending loan balance	$	304,994			$	740,375			$	2,015,210			$	2,044,286			$	474,947			$	—			$	5,579,812

Summary of Impaired Loans Excluding PCI Loans

A summary of impaired loans at March 31, 2019, and December 31, 2018, is as follows, excluding PCI loans (in thousands):

	March 31, 2019				December 31, 2018
Impaired loans with no allocated allowance for loan losses	$	29,951			$	29,797
Impaired loans with allocated allowance for loan losses	4,500				—
	$	34,451			$	29,797
Amount of the allowance for loan losses allocated	$	604			$	—

Summary of Loans Individually Evaluated for Impairment by Loan Portfolio Segment Excluding PCI Loans

The summary of loans individually evaluated for impairment by loan portfolio segment as of March 31, 2019, and December 31, 2018 and for the three months ended March 31, 2019 and 2018, is as follows, excluding PCI loans (in thousands):

	Unpaid Principal Balance				Recorded Investment				Allowance for Loan Losses Allocated
As of March 31, 2019
With no related allowance recorded:
Commercial and industrial	$	272			$	250			$	—
Commercial real estate – owner occupied	2,951				2,911				—
Commercial real estate – investor	15,680				13,595				—
Residential real estate	10,411				10,028				—
Consumer	3,500				3,167				—
	$	32,814			$	29,951			$	—
With an allowance recorded:
Commercial and industrial	$	—			$	—			$	—
Commercial real estate – owner occupied	4,500				4,500				604
Commercial real estate – investor	—				—				—
Residential real estate	—				—				—
Consumer	—				—				—
	$	4,500			$	4,500			$	604
As of December 31, 2018
With no related allowance recorded:
Commercial and industrial	$	1,750			$	1,626			$	—
Commercial real estate – owner occupied	5,413				5,395				—
Commercial real estate – investor	12,633				9,738				—
Residential real estate	10,441				10,064				—
Consumer	3,301				2,974				—
	$	33,538			$	29,797			$	—
With an allowance recorded:
Commercial and industrial	$	—			$	—			$	—
Commercial real estate – owner occupied	—				—				—
Commercial real estate – investor	—				—				—
Residential real estate	—				—				—
Consumer	—				—				—
	$	—			$	—			$	—

	Three Months Ended March 31,
	2019								2018
	Average Recorded Investment				Interest Income Recognized				Average Recorded Investment				Interest Income Recognized
With no related allowance recorded:
Commercial and industrial	$	938			$	3			$	830			$	16
Commercial real estate – owner occupied	4,153				42				12,471				115
Commercial real estate – investor	11,667				136				16,328				154
Residential real estate	10,046				131				11,006				125
Consumer	3,071				46				2,477				37
	$	29,875			$	358			$	43,112			$	447
With an allowance recorded:
Commercial and industrial	$	—			$	—			$	736			$	—
Commercial real estate – owner occupied	2,250				36				—				—
Commercial real estate – investor	—				—				1,677				—
Residential real estate	—				—				—				—
Consumer	—				—				—				—
	$	2,250			$	36			$	2,413			$	—

Recorded Investment in Non-Accrual Loans by Loan Portfolio Segment Excluding PCI Loans

The following table presents the recorded investment in non-accrual loans by loan portfolio segment as of March 31, 2019 and December 31, 2018, excluding PCI loans (in thousands):

	March 31, 2019				December 31, 2018
Commercial and industrial	$	240			$	1,587
Commercial real estate – owner occupied	4,565				501
Commercial real estate – investor	4,115				5,024
Residential real estate	8,611				7,389
Consumer	3,364				2,914
	$	20,895			$	17,415

Aging of Recorded Investment in Past Due Loans Excluding PCI Loans

The following table presents the aging of the recorded investment in past due loans as of March 31, 2019 and December 31, 2018 by loan portfolio segment, excluding PCI loans (in thousands):

	30-59 Days Past Due				60-89 Days Past Due				Greater than 90 Days Past Due				Total Past Due				Loans Not Past Due				Total
March 31, 2019
Commercial and industrial	$	1,231			$	—			$	34			$	1,265			$	379,082			$	380,347
Commercial real estate – owner occupied	3,275				1,785				1,215				6,275				795,015				801,290
Commercial real estate – investor	624				2,553				4,085				7,262				2,142,629				2,149,891
Residential real estate	9,631				3,268				5,213				18,112				2,144,210				2,162,322
Consumer	1,272				514				2,932				4,718				463,301				468,019
	$	16,033			$	8,120			$	13,479			$	37,632			$	5,924,237			$	5,961,869
December 31, 2018
Commercial and industrial	$	—			$	—			$	—			$	—			$	304,994			$	304,994
Commercial real estate – owner occupied	5,104				236				197				5,537				734,838				740,375
Commercial real estate – investor	3,979				2,503				2,461				8,943				2,006,267				2,015,210
Residential real estate	10,199				4,979				4,451				19,629				2,024,657				2,044,286
Consumer	2,200				955				2,464				5,619				469,328				474,947
	$	21,482			$	8,673			$	9,573			$	39,728			$	5,540,084			$	5,579,812

Risk Category of Loans by Loan Portfolio Segment Excluding PCI Loans

As of March 31, 2019 and December 31, 2018, and based on the most recent analysis performed, the risk category of loans by loan portfolio segment follows, excluding PCI loans (in thousands) is as follows:

	Pass				Special Mention				Substandard				Doubtful				Total
March 31, 2019
Commercial and industrial	$	369,701			$	4,589			$	6,057			$	—			$	380,347
Commercial real estate – owner occupied	775,723				6,514				19,053				—				801,290
Commercial real estate – investor	2,103,459				22,542				23,890				—				2,149,891
	$	3,248,883			$	33,645			$	49,000			$	—			$	3,331,528
December 31, 2018
Commercial and industrial	$	291,265			$	2,777			$	10,952			$	—			$	304,994
Commercial real estate – owner occupied	706,825				3,000				30,550				—				740,375
Commercial real estate – investor	1,966,495				23,727				24,988				—				2,015,210
	$	2,964,585			$	29,504			$	66,490			$	—			$	3,060,579

Recorded Investment in Residential and Consumer Loans Based on Payment Activity Excluding PCI Loans

The following table presents the recorded investment in residential and consumer loans based on payment activity as of March 31, 2019 and December 31, 2018, excluding PCI loans (in thousands):

	Residential				Consumer
March 31, 2019
Performing	$	2,153,711			$	464,655
Non-performing	8,611				3,364
	$	2,162,322			$	468,019
December 31, 2018
Performing	$	2,036,897			$	472,033
Non-performing	7,389				2,914
	$	2,044,286			$	474,947

Troubled Debt Restructurings

The following table presents information about troubled debt restructurings which occurred during the three months ended March 31, 2019 and 2018, and troubled debt restructurings modified within the previous year and which defaulted during the three months ended March 31, 2019 and 2018 (dollars in thousands):

	Number of Loans			Pre-modification Recorded Investment			Post-modification Recorded Investment
Three months ended March 31, 2019
Troubled Debt Restructurings:
Residential real estate	3			589			621

	Number of Loans			Recorded Investment
Troubled Debt Restructurings
Which Subsequently Defaulted:	None			None

	Number of Loans			Pre-modification Recorded Investment				Post-modification Recorded Investment
Three Months Ended March 31, 2018
Troubled Debt Restructurings:
Commercial and industrial	1			$	237			$	243
Commercial real estate – investor	1			179				180
Residential real estate	2			257				270

	Number of Loans			Recorded Investment
Troubled Debt Restructurings
Which Subsequently Defaulted:	None			None

Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period

The following table presents information regarding the estimates of the contractually required payments, the cash flows expected to be collected and the estimated fair value of the PCI loans acquired from Capital Bank at January 31, 2019 (in thousands):

	Capital January 31, 2019
Contractually required principal and interest	$	10,468
Contractual cash flows not expected to be collected (non-accretable discount)	(1,940		)
Expected cash flows to be collected at acquisition	8,528
Interest component of expected cash flows (accretable yield)	(1,171		)
Fair value of acquired loans	$	7,357

The following table summarizes the changes in accretable yield for PCI loans during the three months ended March 31, 2019 and 2018 (in thousands):

	Three Months Ended March 31,
	2019				2018
Beginning balance	$	3,630			$	161
Acquisition	1,171				3,535
Accretion	(653		)		(222		)
Reclassification from non-accretable difference	45				18
Ending balance	$	4,193			$	3,492

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