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Loans Receivable, Net (Tables)

12 Months Ended

Dec. 31, 2021

Receivables [Abstract]

Summary of Loans Receivable

Loans receivable, net at December 31, 2021 and 2020 consisted of the following (in thousands):

						December 31,
						2021						2020
Commercial:
Commercial and industrial (1)						$	449,224					$	470,656
Commercial real estate - owner occupied						1,055,065						1,145,065
Commercial real estate - investor						4,378,061						3,491,464
Total commercial						5,882,350						5,107,185
Consumer:
Residential real estate						2,479,701						2,309,459
Home equity loans and lines and other consumer (“other consumer”)						260,819						339,462
Total consumer						2,740,520						2,648,921
Total loans receivable						8,622,870						7,756,106
Deferred origination costs, net of fees						9,332						9,486
Allowance for loan credit losses						(48,850)						(60,735)
Total loans receivable, net						$	8,583,352					$	7,704,857

(1)Commercial and industrial loans at December 31, 2021 and 2020 includes Paycheck Protection Program (“PPP”) loans of $22.9 million and $95.4 million, respectively.

Risk Category of Loans by Loan Portfolio Segment Excluding PCI Loans

The following tables summarize total loans by year of origination, internally assigned credit grades, and risk characteristics (in thousands):

						2021						2020						2019						2018						2017						2016 and Prior						Revolving Lines of Credit						Total
December 31, 2021
Commercial and industrial
Pass						$	42,955					$	22,573					$	22,878					$	16,404					$	8,671					$	50,887					$	271,818					$	436,186
Special Mention						—						—						231						350						85						172						3,645						4,483
Substandard						—						457						2,281						813						198						2,029						2,777						8,555
Total commercial and industrial						42,955						23,030						25,390						17,567						8,954						53,088						278,240						449,224
Commercial real estate - owner occupied
Pass						116,355						71,196						125,212						91,531						109,232						449,966						10,913						974,405
Special Mention						—						—						1,365						3,829						479						14,371						2						20,046
Substandard						—						—						14,166						8,549						5,606						31,576						717						60,614
Total commercial real estate - owner occupied						116,355						71,196						140,743						103,909						115,317						495,913						11,632						1,055,065
Commercial real estate - investor
Pass						1,387,753						609,916						535,551						274,662						375,646						800,089						255,613						4,239,230
Special Mention						—						—						23,794						9,400						2,731						28,663						582						65,170
Substandard						—						4,267						28,802						468						8,495						28,228						3,401						73,661
Total commercial real estate - investor						1,387,753						614,183						588,147						284,530						386,872						856,980						259,596						4,378,061
Residential real estate (1)
Pass						876,135						475,134						288,699						127,756						105,385						602,331						—						2,475,440
Special Mention						—						212						—						61						—						1,313						—						1,586
Substandard						—						—						—						—						351						2,324						—						2,675
Total residential real estate						876,135						475,346						288,699						127,817						105,736						605,968						—						2,479,701
Other consumer (1)
Pass						26,512						19,168						18,179						51,954						17,955						123,783						—						257,551
Special Mention						—						—						—						—						—						322						—						322
Substandard						—						—						—						18						—						2,928						—						2,946
Total other consumer						26,512						19,168						18,179						51,972						17,955						127,033						—						260,819
Total loans						$	2,449,710					$	1,202,923					$	1,061,158					$	585,795					$	634,834					$	2,138,982					$	549,468					$	8,622,870

(1)For residential real estate and other consumer loans, the Company evaluates credit quality based on the aging status of the loan and by payment activity.

						2020						2019						2018						2017						2016						2015 and Prior						Revolving Lines of Credit						Total
December 31, 2020
Commercial and industrial
Pass						$	137,262					$	40,737					$	27,967					$	18,845					$	33,568					$	59,339					$	134,140					$	451,858
Special Mention						150						583						826						1,422						907						118						1,429						5,435
Substandard						581						1,284						1,243						809						439						1,706						7,301						13,363
Total commercial and industrial						137,993						42,604						30,036						21,076						34,914						61,163						142,870						470,656
Commercial real estate - owner occupied
Pass						96,888						114,506						122,962						124,050						104,264						428,423						18,932						1,010,025
Special Mention						—						3,512						8,240						1,023						17,115						17,811						439						48,140
Substandard						—						34,670						9,001						3,404						3,677						35,509						639						86,900
Total commercial real estate - owner occupied						96,888						152,688						140,203						128,477						125,056						481,743						20,010						1,145,065
Commercial real estate - investor
Pass						635,930						628,435						317,104						426,268						281,876						812,062						194,913						3,296,588
Special Mention						—						15,979						17,113						15,225						4,234						55,872						149						108,572
Substandard						4,311						9,217						1,931						17,222						11,474						36,326						5,823						86,304
Total commercial real estate - investor						640,241						653,631						336,148						458,715						297,584						904,260						200,885						3,491,464
Residential real estate (1)
Pass						595,982						437,593						226,435						166,773						146,237						729,037						—						2,302,057
Special Mention						—						532						—						—						446						2,186						—						3,164
Substandard						570						—						1,489						221						—						1,958						—						4,238
Total residential real estate						596,552						438,125						227,924						166,994						146,683						733,181						—						2,309,459
Other consumer (1)
Pass						24,954						26,659						83,296						25,469						16,565						156,276						2,145						335,364
Special Mention						—						—						—						—						150						382						—						532
Substandard						—						—						—						—						—						3,566						—						3,566
Total other consumer						24,954						26,659						83,296						25,469						16,715						160,224						2,145						339,462
Total loans						$	1,496,628					$	1,313,707					$	817,607					$	800,731					$	620,952					$	2,340,571					$	365,910					$	7,756,106

(1)For residential real estate and other consumer loans, the Company evaluates credit quality based on the aging status of the loan and by payment activity.

Analysis of Allowance for Loan Losses

An analysis of the allowance for credit losses on loans for the years ended December 31, 2021 and 2020 is as follows (in thousands):

						Commercial and Industrial						Commercial Real Estate - Owner Occupied						Commercial Real Estate - Investor						Residential Real Estate						Other Consumer						Unallocated						Total
For the Year Ended December 31, 2021
Allowance for credit losses on loans
Balance at beginning of year						$	5,390					$	15,054					$	26,703					$	11,818					$	1,770					$	—					$	60,735
Credit loss benefit						(321)						(9,190)						(974)						(761)						(1,100)						—						(12,346)
Charge-offs						(154)						(65)						(345)						(254)						(213)						—						(1,031)
Recoveries						124						85						120						352						811						—						1,492
Balance at end of year						$	5,039					$	5,884					$	25,504					$	11,155					$	1,268					$	—					$	48,850
For the Year Ended December 31, 2020
Allowance for credit losses on loans
Balance at beginning of year						$	1,458					$	2,893					$	9,883					$	2,002					$	591					$	25					$	16,852
Impact of CECL adoption						2,416						(1,109)						(5,395)						3,833						2,981						(25)						2,701
Initial allowance for credit losses on PCD loans						1,221						26						260						109						1,023						—						2,639
Credit loss expense (benefit) (1)						1,039						15,007						34,935						8,191						(1,770)						—						57,402
Charge-offs (1)						(890)						(1,769)						(13,081)						(3,200)						(1,244)						—						(20,184)
Recoveries						146						6						101						883						189						—						1,325
Balance at end of year						$	5,390					$	15,054					$	26,703					$	11,818					$	1,770					$	—					$	60,735

(1) The year ended December 31, 2020 was impacted by the shift in current and forward-looking economic conditions, credit migration, and borrower vulnerability related to COVID-19. The Company recorded $14.6 million of charge-offs related to the sale of higher-risk commercial loans and $3.3 million of charge-offs related to the sale of under-performing residential and consumer loans.

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 December 31, 2021 and 2020 (in thousands).

						December 31,
						2021						2020
Commercial and industrial						$	277					$	1,908
Commercial real estate – owner occupied						11,904						13,751
Commercial real estate – investor						3,614						18,287
Residential real estate						6,114						8,671
Other consumer						3,585						4,246
Total non-accrual loans						$	25,494					$	46,863

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 December 31, 2021 and 2020 by loan portfolio segment (in thousands).

						30-59 Days Past Due						60-89 Days Past Due						90 Days or Greater Past Due						Total Past Due						Loans Not Past Due						Total
December 31, 2021
Commercial and industrial						$	25					$	151					$	277					$	453					$	448,771					$	449,224
Commercial real estate – owner occupied						599						—						575						1,174						1,053,891						1,055,065
Commercial real estate – investor						1,717						102						1,709						3,528						4,374,533						4,378,061
Residential real estate						9,705						1,586						2,675						13,966						2,465,735						2,479,701
Other consumer						339						322						2,946						3,607						257,212						260,819
Total loans receivable						$	12,385					$	2,161					$	8,182					$	22,728					$	8,600,142					$	8,622,870
December 31, 2020
Commercial and industrial						$	3,050					$	628					$	327					$	4,005					$	466,651					$	470,656
Commercial real estate – owner occupied						1,015						—						7,871						8,886						1,136,179						1,145,065
Commercial real estate – investor						8,897						3,233						11,122						23,252						3,468,212						3,491,464
Residential real estate						15,156						3,164						4,238						22,558						2,286,901						2,309,459
Other consumer						978						533						3,568						5,079						334,383						339,462
Total loans receivable						$	29,096					$	7,558					$	27,126					$	63,780					$	7,692,326					$	7,756,106

Troubled Debt Restructurings

The following table presents information about TDRs which occurred during the years ended December 31, 2021 and 2020 (dollars in thousands):

						Number of Loans						Pre-modification Recorded Investment						Post-modification Recorded Investment
For the Year Ended December 31, 2021
Troubled debt restructurings:
Commercial real estate – owner occupied						2						$	6,406					$	6,423
Commercial real estate – investor						1						4,903						4,903
Residential real estate						3						244						336
Other consumer						3						39						49
For the Year Ended December 31, 2020
Troubled debt restructurings:
Commercial real estate – owner occupied						1						$	1,112					$	1,143
Commercial real estate – investor						2						1,035						1,116
Residential real estate						6						1,018						1,065
Other consumer						6						1,035						668

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