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Loans Receivable, Net (Tables)

3 Months Ended

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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