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Loans Receivable, Net (Tables)

9 Months Ended

Sep. 30, 2024

Receivables [Abstract]

Schedule of Loans Receivable, Net

Loans receivable, net at September 30, 2024 and December 31, 2023 consisted of the following (in thousands):

			September 30,						December 31,
			2024						2023
Commercial:
Commercial real estate – investor			$	5,273,159					$	5,353,974
Commercial real estate – owner occupied			841,930						943,891
Commercial and industrial			660,879						666,532
Total commercial			6,775,968						6,964,397
Consumer:
Residential real estate			3,003,213						2,979,534
Home equity loans and lines and other consumer (“other consumer”)			242,975						250,664
Total consumer			3,246,188						3,230,198
Total loans receivable			10,022,156						10,194,595
Deferred origination costs, net of fees			10,508						9,263
Allowance for loan credit losses			(69,066)						(67,137)
Total loans receivable, net			$	9,963,598					$	10,136,721

Schedule of Total Loans by Year of Origination, Internally Assigned Credit Grades and Risk Characteristics, Gross Charge-Offs

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

						2024						2023						2022						2021						2020						2019 and prior						Revolving lines of credit												Total
September 30, 2024
Commercial real estate - investor
Pass						$	66,729					$	138,564					$	1,147,606					$	1,307,012					$	524,774					$	1,288,200					$	669,660											$	5,142,545
Special Mention						—						—						21,405						2,340						—						42,018						—												65,763
Substandard						—						—						1,869						595						4,523						50,536						7,328												64,851
Total commercial real estate - investor						66,729						138,564						1,170,880						1,309,947						529,297						1,380,754						676,988												5,273,159
Commercial real estate - owner occupied
Pass						28,705						62,077						111,308						91,752						42,050						465,999						22,742												824,633
Special Mention						—						—						—						—						—						4,130						—												4,130
Substandard						—						—						—						—						257						12,287						623												13,167
Total commercial real estate - owner occupied						28,705						62,077						111,308						91,752						42,307						482,416						23,365												841,930
Commercial and industrial
Pass						62,399						75,414						41,917						15,638						4,990						47,784						384,477												632,619
Special Mention						—						8,663						—						—						—						—						106												8,769
Substandard						—						652						3,609						775						—						541						13,914												19,491
Total commercial and industrial						62,399						84,729						45,526						16,413						4,990						48,325						398,497												660,879
Residential real estate (1)
Pass						176,774						274,782						555,502						806,071						372,414						807,021						—												2,992,564
Special Mention						2,925						—						250						657						—						2,040						—												5,872
Substandard						—						415						1,495						—						—						2,867						—												4,777
Total residential real estate						179,699						275,197						557,247						806,728						372,414						811,928						—												3,003,213
Other consumer (1)
Pass						21,864						28,253						17,743						17,671						11,992						113,644						29,523												240,690
Special Mention						—						97						34						343						—						713						—												1,187
Substandard						—						—						—						72						—						1,026						—												1,098
Total other consumer						21,864						28,350						17,777						18,086						11,992						115,383						29,523												242,975
Total loans						$	359,396					$	588,917					$	1,902,738					$	2,242,926					$	961,000					$	2,838,806					$	1,128,373											$	10,022,156

(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.

						2023						2022						2021						2020						2019						2018 and prior						Revolving lines of credit						Total
December 31, 2023
Commercial real estate - investor
Pass						$	137,028					$	1,165,955					$	1,328,012					$	529,745					$	490,438					$	930,337					$	679,804					$	5,261,319
Special Mention						—						—						2,413						790						1,446						22,147						—						26,796
Substandard						—						—						648						3,750						13,275						48,186						—						65,859
Total commercial real estate - investor						137,028						1,165,955						1,331,073						534,285						505,159						1,000,670						679,804						5,353,974
Commercial real estate - owner occupied
Pass						66,642						120,280						103,104						59,179						102,703						441,713						21,052						914,673
Special Mention						—						—						—						—						1,272						8,314						—						9,586
Substandard						—						—						—						—						2,019						16,900						713						19,632
Total commercial real estate - owner occupied						66,642						120,280						103,104						59,179						105,994						466,927						21,765						943,891
Commercial and industrial
Pass						112,914						64,770						19,473						8,645						7,778						51,082						383,013						647,675
Special Mention						—						—						—						—						—						184						2,859						3,043
Substandard						—						622						117						—						145						1,385						13,545						15,814
Total commercial and industrial						112,914						65,392						19,590						8,645						7,923						52,651						399,417						666,532
Residential real estate (1)
Pass						283,296						916,153						564,515						388,392						223,247						600,118						—						2,975,721
Special Mention						—						—						—						—						131						271						—						402
Substandard						323						366						—						258						487						1,977						—						3,411
Total residential real estate						283,619						916,519						564,515						388,650						223,865						602,366						—						2,979,534
Other consumer (1)
Pass						32,859						19,918						20,737						12,675						12,937						118,486						30,658						248,270
Special Mention						—						172						—						—						—						386						—						558
Substandard						—						—						—						—						6						1,698						132						1,836
Total other consumer						32,859						20,090						20,737						12,675						12,943						120,570						30,790						250,664
Total loans						$	633,062					$	2,288,236					$	2,039,019					$	1,003,434					$	855,884					$	2,243,184					$	1,131,776					$	10,194,595

(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.

The following tables summarize gross charge-offs by vintage (in thousands):

												2023												2021												2019 and prior						Total
For the three months ended September 30, 2024
Residential real estate												$	(33)											$	—											$	(2)					$	(35)
Other consumer												—												—												(89)						(89)
Total charge-offs												$	(33)											$	—											$	(91)					$	(124)
For the nine months ended September 30, 2024
Commercial real estate – investor (1)												$	—											$	(46)											$	(1,600)					$	(1,646)
Residential real estate												(33)												—												(2)						(35)
Other consumer												—												—												(484)						(484)
Total charge-offs												$	(33)											$	(46)											$	(2,086)					$	(2,165)

																														2019						2018 and prior						Total
For the three months ended September 30, 2023
Commercial real estate – investor (1)																														$	(8,350)					$	—					$	(8,350)
Other consumer																														—						(29)						(29)
Total charge-offs																														$	(8,350)					$	(29)					$	(8,379)
For the nine months ended September 30, 2023
Commercial real estate – investor (1)																														$	(8,350)					$	—					$	(8,350)
Commercial real estate – owner occupied																														—						(6)						(6)
Commercial and industrial																														—						(128)						(128)
Other consumer																														—						(111)						(111)
Total charge-offs																														$	(8,350)					$	(245)					$	(8,595)

(1) Gross charge-offs of $1.6 million and $8.4 million primarily related to a single commercial relationship which had partial charge-offs during the nine months ended September 30, 2024 and the three and nine months ended September 30, 2023. This was resolved via sale of collateral during the current quarter.

Schedule of Analysis of Allowance for Credit Losses on Loans

An analysis of the allowance for credit losses on loans for the three and nine months ended September 30, 2024 and 2023 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 September 30, 2024
Allowance for credit losses on loans
Balance at beginning of period						$	27,853					$	3,931					$	7,915					$	27,833					$	1,307											$	68,839
Provision (benefit) for credit losses						3,074						(220)						1,767						(4,564)						82												139
Charge-offs						—						—						—						(35)						(89)												(124)
Recoveries						123						4						2						29						54												212
Balance at end of period						$	31,050					$	3,715					$	9,684					$	23,263					$	1,354											$	69,066
For the three months ended September 30, 2023
Allowance for credit losses on loans
Balance at beginning of period						$	24,481					$	4,342					$	5,945					$	26,152					$	871											$	61,791
Provision (benefit) for credit losses						9,602						119						604						95						(63)												10,357
Charge-offs						(8,350)						—						—						—						(29)												(8,379)
Recoveries						2						3						13						17						73												108
Balance at end of period						$	25,735					$	4,464					$	6,562					$	26,264					$	852											$	63,877
For the nine months ended September 30, 2024
Allowance for credit losses on loans
Balance at beginning of period						$	27,899					$	4,354					$	6,867					$	27,029					$	988											$	67,137
Provision (benefit) for credit losses						4,671						(668)						2,808						(3,913)						744												3,642
Charge-offs						(1,646)						—						—						(35)						(484)												(2,165)
Recoveries						126						29						9						182						106												452
Balance at end of period						$	31,050					$	3,715					$	9,684					$	23,263					$	1,354											$	69,066
For the nine months ended September 30, 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						13,010						38						974						1,700						(322)												15,400
Charge-offs						(8,350)						(6)						(128)						—						(111)												(8,595)
Recoveries						5						9						21						34						179												248
Balance at end of period						$	25,735					$	4,464					$	6,562					$	26,264					$	852											$	63,877

Schedule of Recorded Investment in Non-Accrual Loans, by Loan Portfolio Segment

The following table presents the recorded investment in non-accrual loans, by loan portfolio segment as of September 30, 2024 and December 31, 2023 (in thousands):

			September 30,						December 31,
			2024						2023
Commercial real estate – investor (1)			$	12,478					$	20,820
Commercial real estate – owner occupied			4,368						351
Commercial and industrial			122						304
Residential real estate			9,108						5,542
Other consumer			2,063						2,531
			$	28,139					$	29,548

(1) December 31, 2023 includes the exposure of $8.8 million of the single commercial real estate relationship resolved during the quarter.

Schedule of Aging of Recorded Investment in Past Due Loans by Loan Portfolio Segment

The following table presents the aging of the recorded investment in past due loans as of September 30, 2024 and December 31, 2023 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
September 30, 2024
Commercial real estate – investor (1)			$	366					$	1,604					$	6,828					$	8,798					$	5,264,361					$	5,273,159
Commercial real estate – owner occupied			924						—						1,447						2,371						839,559						841,930
Commercial and industrial			266						17						122						405						660,474						660,879
Residential real estate			1,700						5,872						4,777						12,349						2,990,864						3,003,213
Other consumer			3,522						1,187						1,098						5,807						237,168						242,975
			$	6,778					$	8,680					$	14,272					$	29,730					$	9,992,426					$	10,022,156
December 31, 2023
Commercial real estate – investor (1)			$	978					$	684					$	15,201					$	16,863					$	5,337,111					$	5,353,974
Commercial real estate – owner occupied			335						352						293						980						942,911						943,891
Commercial and industrial			163						—						145						308						666,224						666,532
Residential real estate			14,858						402						3,411						18,671						2,960,863						2,979,534
Other consumer			872						558						1,836						3,266						247,398						250,664
			$	17,206					$	1,996					$	20,886					$	40,088					$	10,154,507					$	10,194,595

(1) December 31, 2023 includes the exposure of $8.8 million of the single commercial real estate relationship resolved during the quarter.

Schedule of Modified and Troubled Debt Restructuring Loans

The following table presents loans modifications made to borrowers experiencing financial difficulty during the three and nine months ended September 30, 2024 and 2023 (in thousands):

						Term Extension						Interest Rate Reduction						Combination of Term Extension and Interest Rate Reduction						Other Than Insignificant Payment Delay						Total						% of Total by Loan Portfolio Segment
For the three months ended September 30, 2024
						$	—					$	—					$	—					$	—					$	—					—		%
For the three months ended September 30, 2023
Residential real estate						$	65					$	—					$	—					$	—					$	65					—		%
Other consumer						—						—						170						—						170						0.07
						$	65					$	—					$	170					$	—					$	235					—		%
For the nine months ended September 30, 2024
Commercial real estate – investor						$	—					$	4,878					$	7,000					$	—					$	11,878					0.23		%
Commercial real estate – owner occupied						—						—						—						2,994						2,994						0.36
Residential real estate						129						—						—						—						129						—
Other consumer						—						—						148						—						148						0.06
						$	129					$	4,878					$	7,148					$	2,994					$	15,149					0.15		%
For the nine months ended September 30, 2023
Residential real estate						$	723					$	—					$	—					$	—					$	723					0.02		%
Other consumer						240						—						170						—						410						0.16
						$	963					$	—					$	170					$	—					$	1,133					0.01		%

The following table provides the performance of loans modified to borrowers experiencing financial difficulty during the twelve months ended September 30, 2024 and since adoption of the standard for September 30, 2023 (in thousands):

						Current						60 - 89 Days past due						90 Days or Greater past due						Total
September 30, 2024
Commercial real estate – investor						$	19,645					$	—					$	—					$	19,645
Commercial real estate – owner occupied						2,896						—						—						2,896
Residential real estate						128						—						—						128
Other consumer						47						147						—						194
						$	22,716					$	147					$	—					$	22,863
September 30, 2023
Residential real estate						$	583					$	—					$	140		(1)			$	723
Other consumer						410						—						—						410
						$	993					$	—					$	140					$	1,133

(1) Represents one residential loan that defaulted during the three and nine months ended September 30, 2023, which had been modified since the adoption of the standard.

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