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Loans Receivable, Net (Tables)

3 Months Ended

Mar. 31, 2022

Receivables [Abstract]

Summary of Loans Receivable

Loans receivable, net at March 31, 2022 and December 31, 2021 consisted of the following (in thousands):

			March 31,						December 31,
			2022						2021
Commercial:
Commercial real estate – investor			$	4,607,880					$	4,378,061
Commercial real estate – owner occupied			1,057,246						1,055,065
Commercial and industrial (1)			502,739						449,224
Total commercial			6,167,865						5,882,350
Consumer:
Residential real estate			2,687,927						2,479,701
Home equity loans and lines and other consumer (“other consumer”)			253,184						260,819
Total consumer			2,941,111						2,740,520
Total loans receivable			9,108,976						8,622,870
Deferred origination costs, net of fees			7,301						9,332
Allowance for loan credit losses			(50,598)						(48,850)
Total loans receivable, net			$	9,065,679					$	8,583,352

(1) The commercial and industrial loans balance at March 31, 2022 and December 31, 2021 includes Paycheck Protection Program loans of $15.0 million and $22.9 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):

						2022						2021						2020						2019						2018						2017 and prior						Revolving lines of credit												Total
March 31, 2022
Commercial real estate - investor
Pass						$	325,263					$	1,368,731					$	611,037					$	537,525					$	262,169					$	1,110,883					$	277,149											$	4,492,757
Special Mention						—						—						—						19,416						9,378						31,267						655												60,716
Substandard						—						—						—						21,625						83						30,803						1,896												54,407
Total commercial real estate - investor						325,263						1,368,731						611,037						578,566						271,630						1,172,953						279,700												4,607,880
Commercial real estate - owner occupied
Pass						36,220						119,031						73,971						123,635						90,325						530,927						10,408												984,517
Special Mention						—						—						—						10,851						4,610						9,395						260												25,116
Substandard						—						—						—						4,600						7,722						35,128						163												47,613
Total commercial real estate - owner occupied						36,220						119,031						73,971						139,086						102,657						575,450						10,831												1,057,246
Commercial and industrial
Pass						17,126						36,479						20,194						19,933						14,809						57,415						324,808												490,764
Special Mention						—						—						—						658						269						325						3,207												4,459
Substandard						—						—						423						1,764						813						2,124						2,392												7,516
Total commercial and industrial						17,126						36,479						20,617						22,355						15,891						59,864						330,407												502,739
Residential real estate (1)
Pass						313,669						869,552						453,895						267,613						114,815						665,096						—												2,684,640
Special Mention						—						—						—						684						—						461						—												1,145
Substandard						—						—						—						—						—						2,142						—												2,142
Total residential real estate						313,669						869,552						453,895						268,297						114,815						667,699						—												2,687,927
Other consumer (1)
Pass						6,056						27,264						17,848						17,712						48,383						133,500						—												250,763
Special Mention						—						—						—						—						—						175						—												175
Substandard						—						—						—						—						60						2,186						—												2,246
Total other consumer						6,056						27,264						17,848						17,712						48,443						135,861						—												253,184
Total loans						$	698,334					$	2,421,057					$	1,177,368					$	1,026,016					$	553,436					$	2,611,827					$	620,938											$	9,108,976

(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.

						2021						2020						2019						2018						2017						2016 and prior						Revolving lines of credit						Total
December 31, 2021
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
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 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
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.

Analysis of Allowance for Loan Losses

An analysis of the allowance for credit losses on loans for the three months ended March 31, 2022 and 2021 is as follows (in thousands):

						Commercial Real Estate – Investor						Commercial Real Estate – Owner Occupied						Commercial and  Industrial						Residential Real Estate						Other Consumer						Unallocated						Total
For the three months ended March 31, 2022
Allowance for credit losses on loans
Balance at beginning of period						$	25,504					$	5,884					$	5,039					$	11,155					$	1,268					$	—					$	48,850
Credit loss (benefit) expense						(1,867)						(840)						(406)						5,028						(259)						—						1,656
Charge-offs						—						(4)						—						—						(139)						—						(143)
Recoveries						—						13						16						94						112						—						235
Balance at end of period						$	23,637					$	5,053					$	4,649					$	16,277					$	982					$	—					$	50,598
For the three months ended March 31, 2021
Allowance for credit losses on loans
Balance at beginning of period						$	26,703					$	15,054					$	5,390					$	11,818					$	1,770					$	—					$	60,735
Credit loss expense (benefit)						10,149						(7,257)						(2,875)						(335)						(721)						—						(1,039)
Charge-offs						(34)						—						—						(242)						(80)						—						(356)
Recoveries						104						30						26						39						437						—						636
Balance at end of period						$	36,922					$	7,827					$	2,541					$	11,280					$	1,406					$	—					$	59,976

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, 2022 and December 31, 2021 (in thousands):

			March 31,						December 31,
			2022						2021
Commercial real estate – investor			$	3,575					$	3,614
Commercial real estate – owner occupied			9,632						11,904
Commercial and industrial			2,830						277
Residential real estate			7,047						6,114
Other consumer			3,841						3,585
			$	26,925					$	25,494

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, 2022 and December 31, 2021 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
March 31, 2022
Commercial real estate – investor			$	2,109					$	74					$	1,663					$	3,846					$	4,604,034					$	4,607,880
Commercial real estate – owner occupied			4,465						18						373						4,856						1,052,390						1,057,246
Commercial and industrial			66						43						356						465						502,274						502,739
Residential real estate			9,816						1,146						2,142						13,104						2,674,823						2,687,927
Other consumer			779						175						2,246						3,200						249,984						253,184
			$	17,235					$	1,456					$	6,780					$	25,471					$	9,083,505					$	9,108,976
December 31, 2021
Commercial real estate – investor			$	1,717					$	102					$	1,709					$	3,528					$	4,374,533					$	4,378,061
Commercial real estate – owner occupied			599						—						575						1,174						1,053,891						1,055,065
Commercial and industrial			25						151						277						453						448,771						449,224
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
			$	12,385					$	2,161					$	8,182					$	22,728					$	8,600,142					$	8,622,870

Troubled Debt Restructurings

The following table presents information about TDR loans which occurred during the three months ended March 31, 2022 and 2021 (dollars in thousands):

			Number of Loans						Pre-modification Recorded Investment						Post-modification Recorded Investment
Three months ended March 31, 2022
Troubled debt restructurings:
Commercial and industrial			1						$	65					$	65
Other consumer			3						991						1,109
Three months ended March 31, 2021
Troubled debt restructurings:
Other consumer			2						$	26					$	33

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