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Loans Receivable, Net (Tables) | 3 Months Ended
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Mar. 31, 2023
Receivables [Abstract] |
Summary of Loans Receivable | Loans receivable, net at March 31, 2023 and December 31, 2022 consisted of the following (in thousands):
| March 31, |  | December 31,
| 2023 |  | 2022
Commercial: |  |  |
Commercial real estate – investor | $ | 5,296,661 |  |  | $ | 5,171,952 |
Commercial real estate – owner occupied | 986,366 |  |  | 997,367 |
Commercial and industrial | 622,201 |  |  | 622,372 |
Total commercial | 6,905,228 |  |  | 6,791,691 |
Consumer: |  |  |
Residential real estate | 2,881,811 |  |  | 2,861,991 |
Home equity loans and lines and other consumer (“other consumer”) | 252,773 |  |  | 264,372 |
Total consumer | 3,134,584 |  |  | 3,126,363 |
Total loans receivable | 10,039,812 |  |  | 9,918,054 |
Deferred origination costs, net of fees | 7,332 |  |  | 7,488 |
Allowance for loan credit losses | (60,195) |  |  | (56,824) |
Total loans receivable, net | $ | 9,986,949 |  |  | $ | 9,868,718 |
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):
|  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018 and prior |  | Revolving lines of credit |  |  |  | Total
March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate - investor |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 78,614 |  |  | $ | 1,186,386 |  |  | $ | 1,335,178 |  |  | $ | 543,587 |  |  | $ | 515,939 |  |  | $ | 1,048,169 |  |  | $ | 512,846 |  |  |  |  | $ | 5,220,719 |
Special Mention |  | — |  |  | — |  |  | 2,484 |  |  | 190 |  |  | 65 |  |  | 14,283 |  |  | 2,188 |  |  |  |  | 19,210 |
Substandard |  | — |  |  | — |  |  | — |  |  | 3,750 |  |  | 19,871 |  |  | 32,240 |  |  | 871 |  |  |  |  | 56,732 |
Total commercial real estate - investor |  | 78,614 |  |  | 1,186,386 |  |  | 1,337,662 |  |  | 547,527 |  |  | 535,875 |  |  | 1,094,692 |  |  | 515,905 |  |  |  |  | 5,296,661 |
Commercial real estate - owner occupied |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 36,361 |  |  | 118,959 |  |  | 109,499 |  |  | 63,663 |  |  | 109,652 |  |  | 506,145 |  |  | 16,212 |  |  |  |  | 960,491 |
Special Mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,878 |  |  | — |  |  |  |  | 1,878 |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,019 |  |  | 21,978 |  |  | — |  |  |  |  | 23,997 |
Total commercial real estate - owner occupied |  | 36,361 |  |  | 118,959 |  |  | 109,499 |  |  | 63,663 |  |  | 111,671 |  |  | 530,001 |  |  | 16,212 |  |  |  |  | 986,366 |
Commercial and industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 27,482 |  |  | 54,551 |  |  | 22,682 |  |  | 12,450 |  |  | 15,762 |  |  | 59,487 |  |  | 424,541 |  |  |  |  | 616,955 |
Special Mention |  | — |  |  | — |  |  | 7 |  |  | — |  |  | — |  |  | 223 |  |  | 1,836 |  |  |  |  | 2,066 |
Substandard |  | — |  |  | — |  |  | 21 |  |  | 52 |  |  | 1,041 |  |  | 1,949 |  |  | 117 |  |  |  |  | 3,180 |
Total commercial and industrial |  | 27,482 |  |  | 54,551 |  |  | 22,710 |  |  | 12,502 |  |  | 16,803 |  |  | 61,659 |  |  | 426,494 |  |  |  |  | 622,201 |
Residential real estate (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 48,611 |  |  | 928,107 |  |  | 588,525 |  |  | 413,922 |  |  | 243,055 |  |  | 658,129 |  |  | — |  |  |  |  | 2,880,349 |
Special Mention |  | — |  |  | 390 |  |  | — |  |  | — |  |  | — |  |  | 153 |  |  | — |  |  |  |  | 543 |
Substandard |  | — |  |  | — |  |  | 193 |  |  | — |  |  | — |  |  | 726 |  |  | — |  |  |  |  | 919 |
Total residential real estate |  | 48,611 |  |  | 928,497 |  |  | 588,718 |  |  | 413,922 |  |  | 243,055 |  |  | 659,008 |  |  | — |  |  |  |  | 2,881,811 |
Other consumer (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 3,723 |  |  | 23,767 |  |  | 22,999 |  |  | 14,355 |  |  | 14,812 |  |  | 137,925 |  |  | 32,972 |  |  |  |  | 250,553 |
Special Mention |  | — |  |  | — |  |  | — |  |  | — |  |  | 96 |  |  | 187 |  |  | — |  |  |  |  | 283 |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | 67 |  |  | 1,870 |  |  | — |  |  |  |  | 1,937 |
Total other consumer |  | 3,723 |  |  | 23,767 |  |  | 22,999 |  |  | 14,355 |  |  | 14,975 |  |  | 139,982 |  |  | 32,972 |  |  |  |  | 252,773 |
Total loans |  | $ | 194,791 |  |  | $ | 2,312,160 |  |  | $ | 2,081,588 |  |  | $ | 1,051,969 |  |  | $ | 922,379 |  |  | $ | 2,485,342 |  |  | $ | 991,583 |  |  |  |  | $ | 10,039,812 |
(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.
|  | 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.
Analysis of Allowance for Loan Losses | An analysis of the allowance for credit losses on loans for the three months ended March 31, 2023 and 2022 was as follows (in thousands):
|  | Commercial Real Estate – Investor |  | Commercial Real Estate – Owner Occupied |  | Commercial and Industrial |  | Residential Real Estate |  | Other Consumer |  |  |  | Total
For the three months ended March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses on loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | 21,070 |  |  | $ | 4,423 |  |  | $ | 5,695 |  |  | $ | 24,530 |  |  | $ | 1,106 |  |  |  |  | $ | 56,824 |
Provision (benefit) for credit losses |  | 1,379 |  |  | (304) |  |  | 131 |  |  | 2,390 |  |  | (272) |  |  |  |  | 3,324 |
Charge-offs (1) |  | — |  |  | (6) |  |  | (3) |  |  | — |  |  | (1) |  |  |  |  | (10) |
Recoveries |  | 2 |  |  | 3 |  |  | 4 |  |  | 8 |  |  | 40 |  |  |  |  | 57 |
Balance at end of period |  | $ | 22,451 |  |  | $ | 4,116 |  |  | $ | 5,827 |  |  | $ | 26,928 |  |  | $ | 873 |  |  |  |  | $ | 60,195 |
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 |
(Benefit) provision for credit losses |  | (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 |
(1) Gross charge-offs for the three months ended March 31, 2023, related to loans that originated prior to 2018.
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, 2023 and December 31, 2022 (in thousands):
| March 31, |  | December 31,
| 2023 |  | 2022
Commercial real estate – investor | $ | 13,643 |  |  | $ | 10,483 |
Commercial real estate – owner occupied | 251 |  |  | 4,025 |
Commercial and industrial | 162 |  |  | 331 |
Residential real estate | 5,650 |  |  | 5,969 |
Other consumer | 2,731 |  |  | 2,457 |
| $ | 22,437 |  |  | $ | 23,265 |
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, 2023 and December 31, 2022 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, 2023 |  |  |  |  |  |  |  |  |  |  |
Commercial real estate – investor | $ | 634 |  |  | $ | 50 |  |  | $ | 6,983 |  |  | $ | 7,667 |  |  | $ | 5,288,994 |  |  | $ | 5,296,661 |
Commercial real estate – owner occupied | 740 |  |  | 74 |  |  | — |  |  | 814 |  |  | 985,552 |  |  | 986,366 |
Commercial and industrial | 176 |  |  | 135 |  |  | 21 |  |  | 332 |  |  | 621,869 |  |  | 622,201 |
Residential real estate | 8,362 |  |  | 543 |  |  | 919 |  |  | 9,824 |  |  | 2,871,987 |  |  | 2,881,811 |
Other consumer | 235 |  |  | 283 |  |  | 1,937 |  |  | 2,455 |  |  | 250,318 |  |  | 252,773 |
| $ | 10,147 |  |  | $ | 1,085 |  |  | $ | 9,860 |  |  | $ | 21,092 |  |  | $ | 10,018,720 |  |  | $ | 10,039,812 |
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 |
Troubled Debt Restructurings | The following table presents information about TDR loans which occurred during the three months ended March 31, 2022 (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 |

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