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Loans Receivable, Net (Tables) | 12 Months Ended
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Dec. 31, 2022
Receivables [Abstract] |
Summary of Loans Receivable | Loans receivable, net at December 31, 2022 and 2021 consisted of the following (in thousands):
|  | December 31,
|  | 2022 |  | 2021
Commercial: |  |  |  |
Commercial real estate - investor |  | $ | 5,171,952 |  |  | $ | 4,378,061 |
Commercial real estate - owner occupied |  | 997,367 |  |  | 1,055,065 |
Commercial and industrial (1) |  | 622,372 |  |  | 449,224 |
Total commercial |  | 6,791,691 |  |  | 5,882,350 |
Consumer: |  |  |  |
Residential real estate |  | 2,861,991 |  |  | 2,479,701 |
Home equity loans and lines and other consumer (“other consumer”) |  | 264,372 |  |  | 260,819 |
Total consumer |  | 3,126,363 |  |  | 2,740,520 |
Total loans receivable |  | 9,918,054 |  |  | 8,622,870 |
Deferred origination costs, net of fees |  | 7,488 |  |  | 9,332 |
Allowance for loan credit losses |  | (56,824) |  |  | (48,850) |
Total loans receivable, net |  | $ | 9,868,718 |  |  | $ | 8,583,352 |
(1)The commercial and industrial loans balance at December 31, 2022 and 2021 includes Paycheck Protection Program (“PPP”) loans of $1.6 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
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate - investor |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 1,144,763 |  |  | $ | 1,339,289 |  |  | $ | 555,937 |  |  | $ | 524,428 |  |  | $ | 220,999 |  |  | $ | 881,344 |  |  | $ | 450,787 |  |  | $ | 5,117,547 |
Special Mention |  | — |  |  | 2,508 |  |  | 192 |  |  | 17,094 |  |  | — |  |  | 12,818 |  |  | 2,188 |  |  | 34,800 |
Substandard |  | — |  |  | — |  |  | — |  |  | 893 |  |  | — |  |  | 18,180 |  |  | 532 |  |  | 19,605 |
Total commercial real estate - investor |  | 1,144,763 |  |  | 1,341,797 |  |  | 556,129 |  |  | 542,415 |  |  | 220,999 |  |  | 912,342 |  |  | 453,507 |  |  | 5,171,952 |
Commercial real estate - owner occupied |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 119,912 |  |  | 110,440 |  |  | 59,952 |  |  | 115,385 |  |  | 88,204 |  |  | 458,708 |  |  | 14,932 |  |  | 967,533 |
Special Mention |  | — |  |  | — |  |  | — |  |  | — |  |  | 748 |  |  | 5,679 |  |  | — |  |  | 6,427 |
Substandard |  | — |  |  | — |  |  | 3,750 |  |  | 2,037 |  |  | 4,817 |  |  | 12,803 |  |  | — |  |  | 23,407 |
Total commercial real estate - owner occupied |  | 119,912 |  |  | 110,440 |  |  | 63,702 |  |  | 117,422 |  |  | 93,769 |  |  | 477,190 |  |  | 14,932 |  |  | 997,367 |
Commercial and industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 60,078 |  |  | 23,724 |  |  | 14,072 |  |  | 17,175 |  |  | 10,992 |  |  | 47,370 |  |  | 443,211 |  |  | 616,622 |
Special Mention |  | — |  |  | 7 |  |  | — |  |  | — |  |  | — |  |  | 250 |  |  | 1,680 |  |  | 1,937 |
Substandard |  | — |  |  | 21 |  |  | 76 |  |  | 1,083 |  |  | 301 |  |  | 2,212 |  |  | 120 |  |  | 3,813 |
Total commercial and industrial |  | 60,078 |  |  | 23,752 |  |  | 14,148 |  |  | 18,258 |  |  | 11,293 |  |  | 49,832 |  |  | 445,011 |  |  | 622,372 |
Residential real estate (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 919,364 |  |  | 591,745 |  |  | 419,712 |  |  | 247,387 |  |  | 99,945 |  |  | 577,392 |  |  | — |  |  | 2,855,545 |
Special Mention |  | — |  |  | 193 |  |  | 1,514 |  |  | 204 |  |  | 59 |  |  | 2,407 |  |  | — |  |  | 4,377 |
Substandard |  | — |  |  | — |  |  | — |  |  | 656 |  |  | 286 |  |  | 1,127 |  |  | — |  |  | 2,069 |
Total residential real estate |  | 919,364 |  |  | 591,938 |  |  | 421,226 |  |  | 248,247 |  |  | 100,290 |  |  | 580,926 |  |  | — |  |  | 2,861,991 |
Other consumer (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 24,069 |  |  | 24,111 |  |  | 15,440 |  |  | 15,471 |  |  | 39,057 |  |  | 108,818 |  |  | 34,851 |  |  | 261,817 |
Special Mention |  | — |  |  | — |  |  | — |  |  | 75 |  |  | — |  |  | 598 |  |  | — |  |  | 673 |
Substandard |  | — |  |  | — |  |  | — |  |  | 157 |  |  | 18 |  |  | 1,707 |  |  | — |  |  | 1,882 |
Total other consumer |  | 24,069 |  |  | 24,111 |  |  | 15,440 |  |  | 15,703 |  |  | 39,075 |  |  | 111,123 |  |  | 34,851 |  |  | 264,372 |
Total loans |  | $ | 2,268,186 |  |  | $ | 2,092,038 |  |  | $ | 1,070,645 |  |  | $ | 942,045 |  |  | $ | 465,426 |  |  | $ | 2,131,413 |  |  | $ | 948,301 |  |  | $ | 9,918,054 |
(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 years ended December 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 |  |  |  | Total
For the Year Ended December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses on loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of year |  | $ | 25,504 |  |  | $ | 5,884 |  |  | $ | 5,039 |  |  | $ | 11,155 |  |  | $ | 1,268 |  |  |  |  | $ | 48,850 |
Credit loss (benefit) expense |  | (4,481) |  |  | (1,569) |  |  | 561 |  |  | 13,275 |  |  | (152) |  |  |  |  | 7,634 |
Charge-offs |  | (8) |  |  | (62) |  |  | (60) |  |  | (56) |  |  | (387) |  |  |  |  | (573) |
Recoveries |  | 55 |  |  | 170 |  |  | 155 |  |  | 156 |  |  | 377 |  |  |  |  | 913 |
Balance at end of year |  | $ | 21,070 |  |  | $ | 4,423 |  |  | $ | 5,695 |  |  | $ | 24,530 |  |  | $ | 1,106 |  |  |  |  | $ | 56,824 |
For the Year Ended December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses on loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of year |  | $ | 26,703 |  |  | $ | 15,054 |  |  | $ | 5,390 |  |  | $ | 11,818 |  |  | $ | 1,770 |  |  |  |  | $ | 60,735 |
Credit loss benefit |  | (974) |  |  | (9,190) |  |  | (321) |  |  | (761) |  |  | (1,100) |  |  |  |  | (12,346) |
Charge-offs |  | (345) |  |  | (65) |  |  | (154) |  |  | (254) |  |  | (213) |  |  |  |  | (1,031) |
Recoveries |  | 120 |  |  | 85 |  |  | 124 |  |  | 352 |  |  | 811 |  |  |  |  | 1,492 |
Balance at end of year |  | $ | 25,504 |  |  | $ | 5,884 |  |  | $ | 5,039 |  |  | $ | 11,155 |  |  | $ | 1,268 |  |  |  |  | $ | 48,850 |
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, 2022 and 2021 (in thousands):
|  | December 31,
|  | 2022 |  | 2021
Commercial real estate – investor |  | $ | 10,483 |  |  | $ | 3,614 |
Commercial real estate – owner occupied |  | 4,025 |  |  | 11,904 |
Commercial and industrial |  | 331 |  |  | 277 |
Residential real estate |  | 5,969 |  |  | 6,114 |
Other consumer |  | 2,457 |  |  | 3,585 |
Total non-accrual loans |  | $ | 23,265 |  |  | $ | 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 December 31, 2022 and 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
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate – investor |  | $ | 217 |  |  | $ | 875 |  |  | $ | 3,700 |  |  | $ | 4,792 |  |  | $ | 5,167,160 |  |  | $ | 5,171,952 |
Commercial real estate – owner occupied |  | 143 |  |  | 80 |  |  | 3,750 |  |  | 3,973 |  |  | 993,394 |  |  | 997,367 |
Commercial and industrial |  | 159 |  |  | 47 |  |  | 180 |  |  | 386 |  |  | 621,986 |  |  | 622,372 |
Residential real estate |  | 7,003 |  |  | 4,377 |  |  | 2,069 |  |  | 13,449 |  |  | 2,848,542 |  |  | 2,861,991 |
Other consumer |  | 573 |  |  | 673 |  |  | 1,882 |  |  | 3,128 |  |  | 261,244 |  |  | 264,372 |
|  | $ | 8,095 |  |  | $ | 6,052 |  |  | $ | 11,581 |  |  | $ | 25,728 |  |  | $ | 9,892,326 |  |  | $ | 9,918,054 |
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 TDRs which occurred during the years ended December 31, 2022 and 2021 (dollars in thousands):
|  | Number of Loans |  | Pre-modification Recorded Investment |  | Post-modification Recorded Investment
For the Year Ended December 31, 2022 |  |  |  |  |  |
Troubled debt restructurings: |  |  |  |  |  |
Commercial and industrial |  | 1 |  | $ | 65 |  |  | $ | 65 |
Other consumer |  | 8 |  | 1,237 |  |  | 1,378 |
For the Year Ended December 31, 2021 |  |  |  |  |  |
Troubled debt restructurings: |  |  |  |  |  |
Commercial real estate – investor |  | 1 |  | $ | 4,903 |  |  | $ | 4,903 |
Commercial real estate – owner occupied |  | 2 |  | 6,406 |  |  | 6,423 |
Residential real estate |  | 3 |  | 244 |  |  | 336 |
Other consumer |  | 3 |  | 39 |  |  | 49 |

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