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Loans Receivable | 12 Months Ended
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Dec. 31, 2021
Receivables [Abstract] |
Loans Receivable | Note 3 — Loans Receivable The Board of Directors and management review and approve the Bank’s loan policy and procedures on a regular basis to reflect matters such as regulatory and organizational structure changes, strategic planning revisions, concentrations of credit, loan delinquencies and nonperforming loans, and problem loans. Real estate loans are loans secured by liens or interest in real estate, to provide for the purchase, construction or refinance on real estate properties. Commercial and industrial loans consist of commercial term loans, commercial lines of credit and can include SBA loans. Alternatively, SBA loans can be real estate secured. Leases receivable include equipment finance agreements, which are typically secured by the business assets being financed. We maintain management loan review and monitoring departments that review and monitor pass graded loans as well as problem loans to prevent further deterioration. Concentrations of Credit: The majority of the Bank’s loan portfolio consists of commercial real estate loans. Loans receivable, net Loans receivable consisted of the following as of the dates indicated:
|  | December 31, |
|  | 2021 |  |  | 2020 |
|  | (in thousands) |
Real estate loans: |  |  |  |  |  |  |  |
Commercial property |  |  |  |  |  |  |  |
Retail |  | $ | 970,134 |  |  | $ | 824,606 |
Hospitality |  |  | 717,692 |  |  |  | 859,953 |
Other (1) |  |  | 1,919,033 |  |  |  | 1,610,377 |
Total commercial property loans |  |  | 3,606,859 |  |  |  | 3,294,936 |
Construction |  |  | 95,006 |  |  |  | 58,882 |
Residential/consumer loans |  |  | 400,546 |  |  |  | 345,831 |
Total real estate loans |  |  | 4,102,411 |  |  |  | 3,699,649 |
Commercial and industrial loans |  |  | 561,831 |  |  |  | 757,255 |
Leases receivable |  |  | 487,299 |  |  |  | 423,264 |
Loans receivable |  |  | 5,151,541 |  |  |  | 4,880,168 |
Allowance for credit losses |  |  | (72,557 | ) |  |  | (90,426 | )
Loans receivable, net |  | $ | 5,078,984 |  |  | $ | 4,789,742 |
(1) | Includes, among other property types, mixed-use, gas station, apartment, office, industrial, faith-based facilities and warehouse; the remaining real estate categories represent less than one percent of the Bank's total loans receivable.
The CARES Act allows financial institutions to assist customers in dealing with financial hardship by (a) providing federal funding so that financial institutions can originate SBA loans to borrowers at a low interest rate under the Paycheck Protection Program (“PPP”) with eventual debt forgiveness should the borrower continue to meet certain criteria; and (b) allowing financial institutions to temporarily modify loan terms by deferring loan payments, loan fees, etc. without considering them TDRs. At December 31, 2021 and 2020, there were $3.0 million and $295.7 million, respectively, of PPP loans included in commercial and industrial loans in the table above. Accrued interest on loans was $10.1 million and $15.2 million at December 31, 2021 and 2020, respectively. Accrued interest at December 31, 2021 and 2020 included unpaid deferred interest receivable related to loans modified under the CARES Act of $3.4 million, net of a $0 valuation allowance and $7.5 million, net of a $1.7 million valuation allowance, respectively. At December 31, 2021 and 2020, loans of $2.30 billion and $2.17 billion, respectively, were pledged to secure advances from the FHLB. Loans Held for Sale The following table details the information on SBA loans held for sale by portfolio segment for the years ended December 31, 2021 and 2020:
|  | Real Estate |  |  | Commercial and Industrial |  |  | Total |
|  | (in thousands) |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | 8,042 |  |  | $ | 526 |  |  | $ | 8,568 |
Originations and transfers |  |  | 87,775 |  |  |  | 177,968 |  |  |  | 265,743 |
Sales |  |  | (88,858 | ) |  |  | (172,995 | ) |  |  | (261,853 | )
Principal paydowns and amortization |  |  | (5 | ) |  |  | 889 |  |  |  | 884 |
Balance at end of period |  | $ | 6,954 |  |  | $ | 6,388 |  |  | $ | 13,342 |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | 2,943 |  |  | $ | 3,077 |  |  | $ | 6,020 |
Originations and transfers |  |  | 44,770 |  |  |  | 26,922 |  |  |  | 71,692 |
Sales |  |  | (39,666 | ) |  |  | (29,386 | ) |  |  | (69,052 | )
Principal paydowns and amortization |  |  | (5 | ) |  |  | (87 | ) |  |  | (92 | )
Balance at end of period |  | $ | 8,042 |  |  | $ | 526 |  |  | $ | 8,568 |
Loans held for sale was comprised of $13.3 million and $8.6 million of the guaranteed portion of SBA 7(a) loans at December 31, 2021 and 2020, respectively. There were no second draw PPP loans held for sale at December 31, 2021. For the year ended December 31, 2021, the Company recognized $3.0 million of gains on the sale of $132.7 million second draw PPP loans. There were no such sales in 2020. Allowance for credit losses Activity in the allowance for credit losses was as follows for the periods indicated:
|  | As of and for the Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | (in thousands) |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | 90,426 |  |  | $ | 61,408 |  |  | $ | 31,974 |
Adjustment related to adoption of ASU 2016-13 |  |  | — |  |  |  | 17,433 |  |  |  | — |
Adjusted balance |  |  | 90,426 |  |  |  | 78,841 |  |  |  | 31,974 |
Less loans receivable charged off |  |  | 6,373 |  |  |  | 33,952 |  |  |  | 4,588 |
Recoveries on loans receivable previously charged off |  |  | (12,650 | ) |  |  | (3,063 | ) |  |  | (3,852 | )
Provision (recovery) for credit losses |  |  | (24,146 | ) |  |  | 42,474 |  |  |  | 30,170 |
Balance at end of period |  | $ | 72,557 |  |  | $ | 90,426 |  |  | $ | 61,408 |
The following table details the information on the allowance for credit losses by portfolio segment for the years ended December 31, 2021, 2020 and 2019:
|  | Real Estate |  |  | Commercial and Industrial |  |  | Leases Receivable |  |  | Unallocated |  |  | Total |
|  | (in thousands) |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 51,876 |  |  | $ | 21,410 |  |  | $ | 17,140 |  |  | $ | — |  |  | $ | 90,426 |
Less loans charged off |  |  | 1,427 |  |  |  | 546 |  |  |  | 4,400 |  |  |  | — |  |  |  | 6,373 |
Recoveries on loans receivable previously charged off |  |  | (10,807 | ) |  |  | (897 | ) |  |  | (946 | ) |  |  | — |  |  |  | (12,650 | )
Provision (recovery) for credit losses |  |  | (12,366 | ) |  |  | (9,343 | ) |  |  | (2,437 | ) |  |  | — |  |  |  | (24,146 | )
Ending balance |  | $ | 48,890 |  |  | $ | 12,418 |  |  | $ | 11,249 |  |  | $ | — |  |  | $ | 72,557 |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 36,435 |  |  | $ | 16,206 |  |  | $ | 8,767 |  |  | $ | — |  |  | $ | 61,408 |
Adjustment related to adoption of ASU 2016-13 |  |  | 14,028 |  |  |  | (2,497 | ) |  |  | 5,902 |  |  |  | — |  |  |  | 17,433 |
Adjusted balance |  |  | 50,463 |  |  |  | 13,709 |  |  |  | 14,669 |  |  |  | — |  |  |  | 78,841 |
Less loans charged off |  |  | 15,567 |  |  |  | 13,312 |  |  |  | 5,073 |  |  |  | — |  |  |  | 33,952 |
Recoveries on loans receivable previously charged off |  |  | (2,124 | ) |  |  | (336 | ) |  |  | (603 | ) |  |  | — |  |  |  | (3,063 | )
Provision for credit losses |  |  | 14,856 |  |  |  | 20,677 |  |  |  | 6,941 |  |  |  | — |  |  |  | 42,474 |
Ending balance |  | $ | 51,876 |  |  | $ | 21,410 |  |  | $ | 17,140 |  |  | $ | — |  |  | $ | 90,426 |
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 18,482 |  |  | $ | 7,162 |  |  | $ | 6,303 |  |  | $ | 27 |  |  | $ | 31,974 |
Less loans charged off |  |  | 132 |  |  |  | 1,293 |  |  |  | 3,162 |  |  |  | — |  |  |  | 4,588 |
Recoveries on loans receivable previously charged off |  |  | (2,190 | ) |  |  | (1,241 | ) |  |  | (422 | ) |  |  | — |  |  |  | (3,852 | )
Provision (recovery) for credit losses |  |  | 15,896 |  |  |  | 9,097 |  |  |  | 5,205 |  |  |  | (27 | ) |  |  | 30,170 |
Ending balance |  | $ | 36,435 |  |  | $ | 16,206 |  |  | $ | 8,767 |  |  | $ | — |  |  | $ | 61,408 |
The table below presents the allowance for credit losses by portfolio segment as a percentage of the total allowance for credit losses and loans by portfolio segment as a percentage of the aggregate investment of loans receivable for the years ended December 31, 2021 and 2020:
|  | December 31, 2021 |  |  | December 31, 2020 |
|  | Allowance Amount |  |  | Percentage of Total Allowance |  |  | Total Loans |  |  | Percentage of Total Loans |  |  | Allowance Amount |  |  | Percentage of Total Allowance |  |  | Total Loans |  |  | Percentage of Total Loans |
|  | (dollars in thousands) |
Real estate loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial property |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retail |  | $ | 6,579 |  |  |  | 9.1 | % |  | $ | 970,134 |  |  |  | 18.8 | % |  | $ | 4,855 |  |  |  | 5.4 | % |  | $ | 824,606 |  |  |  | 16.9 | %
Hospitality |  |  | 22,670 |  |  |  | 31.2 | % |  |  | 717,692 |  |  |  | 13.9 | % |  |  | 28,801 |  |  |  | 31.9 | % |  |  | 859,953 |  |  |  | 17.6 | %
Other |  |  | 15,065 |  |  |  | 20.8 | % |  |  | 1,919,033 |  |  |  | 37.3 | % |  |  | 13,991 |  |  |  | 15.4 | % |  |  | 1,610,377 |  |  |  | 33.0 | %
Total commercial property loans |  |  | 44,314 |  |  |  | 61.1 | % |  |  | 3,606,859 |  |  |  | 70.0 | % |  |  | 47,647 |  |  |  | 52.7 | % |  |  | 3,294,936 |  |  |  | 67.5 | %
Construction |  |  | 4,078 |  |  |  | 5.6 | % |  |  | 95,006 |  |  |  | 1.8 | % |  |  | 2,876 |  |  |  | 3.2 | % |  |  | 58,882 |  |  |  | 1.2 | %
Residential/consumer loans |  |  | 498 |  |  |  | 0.7 | % |  |  | 400,546 |  |  |  | 7.8 | % |  |  | 1,353 |  |  |  | 1.5 | % |  |  | 345,831 |  |  |  | 7.1 | %
Total real estate loans |  |  | 48,890 |  |  |  | 67.4 | % |  |  | 4,102,411 |  |  |  | 79.6 | % |  |  | 51,876 |  |  |  | 57.4 | % |  |  | 3,699,649 |  |  |  | 75.8 | %
Commercial and industrial loans |  |  | 12,418 |  |  |  | 17.1 | % |  |  | 561,831 |  |  |  | 10.9 | % |  |  | 21,410 |  |  |  | 23.6 | % |  |  | 757,255 |  |  |  | 15.5 | %
Leases receivable |  |  | 11,249 |  |  |  | 15.5 | % |  |  | 487,299 |  |  |  | 9.5 | % |  |  | 17,140 |  |  |  | 19.0 | % |  |  | 423,264 |  |  |  | 8.7 | %
Total |  | $ | 72,557 |  |  |  | 100.0 | % |  | $ | 5,151,541 |  |  |  | 100.0 | % |  | $ | 90,426 |  |  |  | 100.0 | % |  | $ | 4,880,168 |  |  |  | 100.0 | %
The following table represents the amortized cost basis of collateral-dependent loans by class of loans as of December 31, 2021 and 2020, for which repayment is expected to be obtained through the sale of the underlying collateral and any collateral dependent loans that are still accruing but are considered nonperforming.
|  | December 31, |
|  | 2021 |  |  | 2020 |
|  | (in thousands) |
Real estate loans: |  |  |  |  |  |  |  |
Commercial property |  |  |  |  |  |  |  |
Retail |  | $ | 1,917 |  |  | $ | 6,330 |
Hospitality |  |  | — |  |  |  | 20,612 |
Other |  |  | 499 |  |  |  | 8,410 |
Total commercial property loans |  |  | 2,416 |  |  |  | 35,352 |
Construction |  |  | — |  |  |  | 24,854 |
Residential/consumer loans |  |  | 982 |  |  |  | 2,867 |
Total real estate loans |  |  | 3,398 |  |  |  | 63,073 |
Commercial and industrial loans |  |  | — |  |  |  | 41 |
Total (1) |  | $ | 3,398 |  |  | $ | 63,114 |
(1) | Includes, among other property types, hospitality, retail and other, mixed-use, gas station, apartment, office, industrial, faith-based facilities and warehouse; the remaining real estate categories represent less than one percent of the Bank's total loans receivable.
Loan Quality Indicators As part of the on-going monitoring of the quality of our loan portfolio, we utilize an internal loan grading system to identify credit risk and assign an appropriate grade (from 1 to 8) for each loan in our portfolio. A third-party loan review is required on an annual basis. Additional adjustments are made when determined to be necessary. The loan grade definitions are as follows: Pass and Pass-Watch: Pass and Pass-Watch loans, grades (1-4), are in compliance with the Bank’s credit policy and regulatory requirements, and do not exhibit any potential or defined weaknesses as defined under “Special Mention,” “Substandard” or “Doubtful.” This category is the strongest level of the Bank’s loan grading system. It consists of all performing loans with no identified credit weaknesses. It includes cash and stock/security secured loans or other investment grade loans. Special Mention: A Special Mention loan, grade (5), has potential weaknesses that deserve management’s close attention. If not corrected, these potential weaknesses may result in deterioration of the repayment of the debt and result in a Substandard classification. Loans that have significant actual, not potential, weaknesses are considered more severely classified. Substandard: A Substandard loan, grade (6), has a well-defined weakness that jeopardizes the liquidation of the debt. A loan graded Substandard is not protected by the sound worth and paying capacity of the borrower, or of the value and type of collateral pledged. With a Substandard loan, there is a distinct possibility that the Bank will sustain some loss if the weaknesses or deficiencies are not corrected. Doubtful: A Doubtful loan, grade (7), is one that has critical weaknesses that would make the collection or liquidation of the full amount due improbable. However, there may be pending events which may work to strengthen the loan, and therefore the amount or timing of a possible loss cannot be determined at the current time. Loss: A loan classified as Loss, grade (8), is considered uncollectible and of such little value that their continuance as active bank assets is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this asset even though partial recovery may be possible in the future. Loans classified as Loss will be charged off in a timely manner. Under regulatory guidance, loans graded special mention or worse are considered criticized loans, and loans graded substandard or worse are considered classified loans. As of December 31, 2021 and 2020, the recorded investment in pass/pass-watch, special mention and classified (substandard, doubtful and loss) loans, disaggregated by loan class, were as follows:
|  | Pass/Pass- Watch |  |  | Special Mention |  |  | Classified |  |  | Total |
|  | (in thousands) |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial property |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retail |  | $ | 952,651 |  |  | $ | 5,949 |  |  | $ | 11,534 |  |  | $ | 970,134 |
Hospitality |  |  | 662,834 |  |  |  | 36,248 |  |  |  | 18,610 |  |  |  | 717,692 |
Other |  |  | 1,891,877 |  |  |  | 9,846 |  |  |  | 17,310 |  |  |  | 1,919,033 |
Total commercial property loans |  |  | 3,507,362 |  |  |  | 52,043 |  |  |  | 47,454 |  |  |  | 3,606,859 |
Construction |  |  | 74,439 |  |  |  | 20,567 |  |  |  | — |  |  |  | 95,006 |
Residential/consumer loans |  |  | 396,007 |  |  |  | 3,557 |  |  |  | 982 |  |  |  | 400,546 |
Total real estate loans |  |  | 3,977,808 |  |  |  | 76,167 |  |  |  | 48,436 |  |  |  | 4,102,411 |
Commercial and industrial loans |  |  | 537,652 |  |  |  | 19,127 |  |  |  | 5,052 |  |  |  | 561,831 |
Leases receivable |  |  | 480,154 |  |  |  | — |  |  |  | 7,145 |  |  |  | 487,299 |
Total loans receivable |  | $ | 4,995,614 |  |  | $ | 95,294 |  |  | $ | 60,633 |  |  | $ | 5,151,541 |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial property |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retail |  | $ | 807,348 |  |  | $ | 3,382 |  |  | $ | 13,876 |  |  | $ | 824,606 |
Hospitality |  |  | 788,369 |  |  |  | 26,086 |  |  |  | 45,498 |  |  |  | 859,953 |
Other |  |  | 1,571,012 |  |  |  | 23,876 |  |  |  | 15,489 |  |  |  | 1,610,377 |
Total commercial property loans |  |  | 3,166,729 |  |  |  | 53,344 |  |  |  | 74,863 |  |  |  | 3,294,936 |
Construction |  |  | 34,028 |  |  |  | — |  |  |  | 24,854 |  |  |  | 58,882 |
Residential/consumer loans |  |  | 337,549 |  |  |  | 5,078 |  |  |  | 3,204 |  |  |  | 345,831 |
Total real estate loans |  |  | 3,538,306 |  |  |  | 58,422 |  |  |  | 102,921 |  |  |  | 3,699,649 |
Commercial and industrial loans |  |  | 712,685 |  |  |  | 18,556 |  |  |  | 26,014 |  |  |  | 757,255 |
Leases receivable |  |  | 412,030 |  |  |  | — |  |  |  | 11,234 |  |  |  | 423,264 |
Total loans receivable |  | $ | 4,663,021 |  |  | $ | 76,978 |  |  | $ | 140,169 |  |  | $ | 4,880,168 |
At December 31, 2021, of the $2.3 million of loans modified in accordance with the provision of the CARES Act, $1.1 million were in pass/pass-watch, $0 were special mention, and $1.2 million were classified. At December 31, 2020, of the $155.6 million of loans modified in accordance with the provision of the CARES Act, $99.9 million were in pass/pass-watch, $31.3 million were special mention, and $24.4 million were classified. Loans by Vintage Year and Risk Rating
|  | Term Loans |  |  |  |  |  |  |  |  |
|  | Amortized Cost Basis by Origination Year (1) |  |  |  |  |  |  |  |  |
|  | 2021 |  |  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |  |  | Prior |  |  | Revolving Loans Amortized Cost Basis |  |  | Total |
|  | (in thousands) |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial property |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass / Pass Watch |  | $ | 1,203,197 |  |  | $ | 706,470 |  |  | $ | 488,250 |  |  | $ | 406,288 |  |  | $ | 277,680 |  |  | $ | 384,064 |  |  | $ | 41,413 |  |  | $ | 3,507,362 |
Special Mention |  |  | — |  |  |  | 18,869 |  |  |  | 7,593 |  |  |  | — |  |  |  | 6,999 |  |  |  | 16,879 |  |  |  | 1,703 |  |  |  | 52,043 |
Classified |  |  | — |  |  |  | — |  |  |  | 5,450 |  |  |  | 17,247 |  |  |  | 2,965 |  |  |  | 21,792 |  |  |  | — |  |  |  | 47,454 |
Total commercial property |  |  | 1,203,197 |  |  |  | 725,339 |  |  |  | 501,293 |  |  |  | 423,535 |  |  |  | 287,644 |  |  |  | 422,735 |  |  |  | 43,116 |  |  |  | 3,606,859 |
Construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass / Pass Watch |  |  | 73,808 |  |  |  | 631 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 74,439 |
Special Mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 20,567 |  |  |  | — |  |  |  | 20,567 |
Classified |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total construction |  |  | 73,808 |  |  |  | 631 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 20,567 |  |  |  | — |  |  |  | 95,006 |
Residential/consumer loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass / Pass Watch |  |  | 194,948 |  |  |  | 16,975 |  |  |  | 247 |  |  |  | 19,813 |  |  |  | 73,567 |  |  |  | 82,076 |  |  |  | 8,381 |  |  |  | 396,007 |
Special Mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 930 |  |  |  | 406 |  |  |  | 2,221 |  |  |  | — |  |  |  | 3,557 |
Classified |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 965 |  |  |  | 17 |  |  |  | — |  |  |  | 982 |
Total residential/consumer loans |  |  | 194,948 |  |  |  | 16,975 |  |  |  | 247 |  |  |  | 20,743 |  |  |  | 74,938 |  |  |  | 84,314 |  |  |  | 8,381 |  |  |  | 400,546 |
Total real estate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass / Pass Watch |  |  | 1,471,953 |  |  |  | 724,076 |  |  |  | 488,497 |  |  |  | 426,101 |  |  |  | 351,247 |  |  |  | 466,140 |  |  |  | 49,794 |  |  |  | 3,977,808 |
Special Mention |  |  | — |  |  |  | 18,869 |  |  |  | 7,593 |  |  |  | 930 |  |  |  | 7,405 |  |  |  | 39,667 |  |  |  | 1,703 |  |  |  | 76,167 |
Classified |  |  | — |  |  |  | — |  |  |  | 5,450 |  |  |  | 17,247 |  |  |  | 3,930 |  |  |  | 21,809 |  |  |  | — |  |  |  | 48,436 |
Total real estate loans |  |  | 1,471,953 |  |  |  | 742,945 |  |  |  | 501,540 |  |  |  | 444,278 |  |  |  | 362,582 |  |  |  | 527,616 |  |  |  | 51,497 |  |  |  | 4,102,411 |
Commercial and industrial loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass / Pass Watch |  |  | 264,762 |  |  |  | 55,135 |  |  |  | 36,937 |  |  |  | 15,780 |  |  |  | 10,874 |  |  |  | 6,016 |  |  |  | 148,148 |  |  |  | 537,652 |
Special Mention |  |  | — |  |  |  | 274 |  |  |  | 13,989 |  |  |  | — |  |  |  | 67 |  |  |  | 4,802 |  |  |  | (5 | ) |  |  | 19,127 |
Classified |  |  | — |  |  |  | 3 |  |  |  | 708 |  |  |  | 145 |  |  |  | 19 |  |  |  | 886 |  |  |  | 3,291 |  |  |  | 5,052 |
Total commercial and industrial loans |  |  | 264,762 |  |  |  | 55,412 |  |  |  | 51,634 |  |  |  | 15,925 |  |  |  | 10,960 |  |  |  | 11,704 |  |  |  | 151,434 |  |  |  | 561,831 |
Leases receivable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass / Pass Watch |  |  | 239,738 |  |  |  | 79,400 |  |  |  | 101,460 |  |  |  | 47,485 |  |  |  | 10,683 |  |  |  | 1,388 |  |  |  | — |  |  |  | 480,154 |
Special Mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Classified |  |  | 716 |  |  |  | 981 |  |  |  | 3,575 |  |  |  | 1,328 |  |  |  | 347 |  |  |  | 198 |  |  |  | — |  |  |  | 7,145 |
Total leases receivable |  |  | 240,454 |  |  |  | 80,381 |  |  |  | 105,035 |  |  |  | 48,813 |  |  |  | 11,030 |  |  |  | 1,586 |  |  |  | — |  |  |  | 487,299 |
Total loans receivable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass / Pass Watch |  |  | 1,976,453 |  |  |  | 858,611 |  |  |  | 626,894 |  |  |  | 489,366 |  |  |  | 372,804 |  |  |  | 473,544 |  |  |  | 197,942 |  |  |  | 4,995,614 |
Special Mention |  |  | — |  |  |  | 19,143 |  |  |  | 21,582 |  |  |  | 930 |  |  |  | 7,472 |  |  |  | 44,469 |  |  |  | 1,698 |  |  |  | 95,294 |
Classified |  |  | 716 |  |  |  | 984 |  |  |  | 9,733 |  |  |  | 18,720 |  |  |  | 4,296 |  |  |  | 22,893 |  |  |  | 3,291 |  |  |  | 60,633 |
Total loans receivable |  | $ | 1,977,169 |  |  | $ | 878,738 |  |  | $ | 658,209 |  |  | $ | 509,016 |  |  | $ | 384,572 |  |  | $ | 540,906 |  |  | $ | 202,931 |  |  | $ | 5,151,541 |
(1) | Includes extensions, renewals, or modifications of credit contracts, which consist of a new credit decision
|  | Term Loans |  |  |  |  |  |  |  |  |
|  | Amortized Cost Basis by Origination Year (1) |  |  |  |  |  |  |  |  |
|  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2016 |  |  | Prior |  |  | Revolving Loans Amortized Cost Basis |  |  | Total |
|  | (in thousands) |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial property |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass / Pass Watch |  | $ | 920,876 |  |  | $ | 513,962 |  |  | $ | 479,221 |  |  | $ | 343,659 |  |  | $ | 418,362 |  |  | $ | 459,366 |  |  | $ | 31,283 |  |  | $ | 3,166,729 |
Special Mention |  |  | 23,429 |  |  |  | 2,484 |  |  |  | 8,630 |  |  |  | 1,672 |  |  |  | 14,971 |  |  |  | 2,158 |  |  |  | — |  |  |  | 53,344 |
Classified |  |  | 20,307 |  |  |  | 4,276 |  |  |  | 9,239 |  |  |  | 3,084 |  |  |  | 18,712 |  |  |  | 19,115 |  |  |  | 130 |  |  |  | 74,863 |
Total commercial property |  |  | 964,612 |  |  |  | 520,722 |  |  |  | 497,090 |  |  |  | 348,415 |  |  |  | 452,045 |  |  |  | 480,639 |  |  |  | 31,413 |  |  |  | 3,294,936 |
Construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass / Pass Watch |  |  | 33,415 |  |  |  | 613 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 34,028 |
Special Mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Classified |  |  | 12,808 |  |  |  | — |  |  |  | 12,046 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 24,854 |
Total construction |  |  | 46,223 |  |  |  | 613 |  |  |  | 12,046 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 58,882 |
Residential/consumer loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass / Pass Watch |  |  | 27,997 |  |  |  | 962 |  |  |  | 37,122 |  |  |  | 127,987 |  |  |  | 82,124 |  |  |  | 54,004 |  |  |  | 7,353 |  |  |  | 337,549 |
Special Mention |  |  | — |  |  |  | — |  |  |  | 930 |  |  |  | 828 |  |  |  | 1,863 |  |  |  | 1,457 |  |  |  | — |  |  |  | 5,078 |
Classified |  |  | — |  |  |  | — |  |  |  | 620 |  |  |  | 2,283 |  |  |  | 301 |  |  |  | — |  |  |  | — |  |  |  | 3,204 |
Total residential/consumer loans |  |  | 27,997 |  |  |  | 962 |  |  |  | 38,672 |  |  |  | 131,098 |  |  |  | 84,288 |  |  |  | 55,461 |  |  |  | 7,353 |  |  |  | 345,831 |
Total real estate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass / Pass Watch |  |  | 982,288 |  |  |  | 515,537 |  |  |  | 516,343 |  |  |  | 471,646 |  |  |  | 500,486 |  |  |  | 513,370 |  |  |  | 38,636 |  |  |  | 3,538,306 |
Special Mention |  |  | 23,429 |  |  |  | 2,484 |  |  |  | 9,560 |  |  |  | 2,500 |  |  |  | 16,834 |  |  |  | 3,615 |  |  |  | — |  |  |  | 58,422 |
Classified |  |  | 33,115 |  |  |  | 4,276 |  |  |  | 21,905 |  |  |  | 5,367 |  |  |  | 19,013 |  |  |  | 19,115 |  |  |  | 130 |  |  |  | 102,921 |
Total real estate loans |  |  | 1,038,832 |  |  |  | 522,297 |  |  |  | 547,808 |  |  |  | 479,513 |  |  |  | 536,333 |  |  |  | 536,100 |  |  |  | 38,766 |  |  |  | 3,699,649 |
Commercial and industrial loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass / Pass Watch |  |  | 406,486 |  |  |  | 73,160 |  |  |  | 54,110 |  |  |  | 17,834 |  |  |  | 4,464 |  |  |  | 9,910 |  |  |  | 146,721 |  |  |  | 712,685 |
Special Mention |  |  | 7,239 |  |  |  | 4,509 |  |  |  | 4,146 |  |  |  | 1,110 |  |  |  | 31 |  |  |  | 1,074 |  |  |  | 447 |  |  |  | 18,556 |
Classified |  |  | 8,552 |  |  |  | 4,784 |  |  |  | 1,364 |  |  |  | 930 |  |  |  | 4,380 |  |  |  | 1,359 |  |  |  | 4,645 |  |  |  | 26,014 |
Total commercial and industrial loans |  |  | 422,277 |  |  |  | 82,453 |  |  |  | 59,620 |  |  |  | 19,874 |  |  |  | 8,875 |  |  |  | 12,343 |  |  |  | 151,813 |  |  |  | 757,255 |
Leases receivable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass / Pass Watch |  |  | 113,712 |  |  |  | 165,242 |  |  |  | 91,408 |  |  |  | 30,405 |  |  |  | 10,096 |  |  |  | 1,167 |  |  |  | — |  |  |  | 412,030 |
Special Mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Classified |  |  | 452 |  |  |  | 5,728 |  |  |  | 3,137 |  |  |  | 876 |  |  |  | 804 |  |  |  | 237 |  |  |  | — |  |  |  | 11,234 |
Total leases receivable |  |  | 114,164 |  |  |  | 170,970 |  |  |  | 94,545 |  |  |  | 31,281 |  |  |  | 10,900 |  |  |  | 1,404 |  |  |  | — |  |  |  | 423,264 |
Total loans receivable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass / Pass Watch |  |  | 1,502,486 |  |  |  | 753,939 |  |  |  | 661,861 |  |  |  | 519,885 |  |  |  | 515,046 |  |  |  | 524,447 |  |  |  | 185,357 |  |  |  | 4,663,021 |
Special Mention |  |  | 30,668 |  |  |  | 6,993 |  |  |  | 13,706 |  |  |  | 3,610 |  |  |  | 16,865 |  |  |  | 4,689 |  |  |  | 447 |  |  |  | 76,978 |
Classified |  |  | 42,119 |  |  |  | 14,788 |  |  |  | 26,406 |  |  |  | 7,173 |  |  |  | 24,197 |  |  |  | 20,711 |  |  |  | 4,775 |  |  |  | 140,169 |
Total loans receivable |  | $ | 1,575,273 |  |  | $ | 775,720 |  |  | $ | 701,973 |  |  | $ | 530,668 |  |  | $ | 556,108 |  |  | $ | 549,847 |  |  | $ | 190,579 |  |  | $ | 4,880,168 |
(1) | Includes extensions, renewals, or modifications of credit contracts, which consist of a new credit decision
Loans by Vintage Year and Payment Performance
|  | Term Loans |  |  |  |  |  |  |  |  |
|  | Amortized Cost Basis by Origination Year (1) |  |  |  |  |  |  |  |  |
|  | 2021 |  |  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |  |  | Prior |  |  | Revolving Loans Amortized Cost Basis |  |  | Total |
|  | (in thousands) |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial property |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 1,203,197 |  |  | $ | 725,339 |  |  | $ | 501,293 |  |  | $ | 423,515 |  |  | $ | 286,935 |  |  | $ | 419,464 |  |  | $ | 43,116 |  |  | $ | 3,602,859 |
Nonperforming |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 20 |  |  |  | 709 |  |  |  | 3,271 |  |  |  | — |  |  |  | 4,000 |
Total commercial property |  |  | 1,203,197 |  |  |  | 725,339 |  |  |  | 501,293 |  |  |  | 423,535 |  |  |  | 287,644 |  |  |  | 422,735 |  |  |  | 43,116 |  |  |  | 3,606,859 |
Construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  |  | 73,808 |  |  |  | 631 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 20,567 |  |  |  | — |  |  |  | 95,006 |
Nonperforming |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total construction |  |  | 73,808 |  |  |  | 631 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 20,567 |  |  |  | — |  |  |  | 95,006 |
Residential/consumer loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  |  | 194,948 |  |  |  | 16,975 |  |  |  | 247 |  |  |  | 20,743 |  |  |  | 73,973 |  |  |  | 84,052 |  |  |  | 8,381 |  |  |  | 399,319 |
Nonperforming |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 965 |  |  |  | 262 |  |  |  | — |  |  |  | 1,227 |
Total residential/consumer loans |  |  | 194,948 |  |  |  | 16,975 |  |  |  | 247 |  |  |  | 20,743 |  |  |  | 74,938 |  |  |  | 84,314 |  |  |  | 8,381 |  |  |  | 400,546 |
Total real estate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  |  | 1,471,953 |  |  |  | 742,945 |  |  |  | 501,540 |  |  |  | 444,258 |  |  |  | 360,908 |  |  |  | 524,083 |  |  |  | 51,497 |  |  |  | 4,097,184 |
Nonperforming |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 20 |  |  |  | 1,674 |  |  |  | 3,533 |  |  |  | — |  |  |  | 5,227 |
Total real estate loans |  |  | 1,471,953 |  |  |  | 742,945 |  |  |  | 501,540 |  |  |  | 444,278 |  |  |  | 362,582 |  |  |  | 527,616 |  |  |  | 51,497 |  |  |  | 4,102,411 |
Commercial and industrial loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  |  | 264,762 |  |  |  | 55,409 |  |  |  | 50,926 |  |  |  | 15,925 |  |  |  | 10,956 |  |  |  | 11,431 |  |  |  | 151,434 |  |  |  | 560,843 |
Nonperforming |  |  | — |  |  |  | 3 |  |  |  | 708 |  |  |  | — |  |  |  | 4 |  |  |  | 273 |  |  |  | — |  |  |  | 988 |
Total commercial and industrial loans |  |  | 264,762 |  |  |  | 55,412 |  |  |  | 51,634 |  |  |  | 15,925 |  |  |  | 10,960 |  |  |  | 11,704 |  |  |  | 151,434 |  |  |  | 561,831 |
Leases receivable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  |  | 239,738 |  |  |  | 79,400 |  |  |  | 101,460 |  |  |  | 47,484 |  |  |  | 10,684 |  |  |  | 1,388 |  |  |  | — |  |  |  | 480,154 |
Nonperforming |  |  | 716 |  |  |  | 981 |  |  |  | 3,575 |  |  |  | 1,329 |  |  |  | 346 |  |  |  | 198 |  |  |  | — |  |  |  | 7,145 |
Total leases receivable |  |  | 240,454 |  |  |  | 80,381 |  |  |  | 105,035 |  |  |  | 48,813 |  |  |  | 11,030 |  |  |  | 1,586 |  |  |  | — |  |  |  | 487,299 |
Total loans receivable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  |  | 1,976,453 |  |  |  | 877,754 |  |  |  | 653,926 |  |  |  | 507,667 |  |  |  | 382,548 |  |  |  | 536,902 |  |  |  | 202,931 |  |  |  | 5,138,181 |
Nonperforming |  |  | 716 |  |  |  | 984 |  |  |  | 4,283 |  |  |  | 1,349 |  |  |  | 2,024 |  |  |  | 4,004 |  |  |  | — |  |  |  | 13,360 |
Total loans receivable |  | $ | 1,977,169 |  |  | $ | 878,738 |  |  | $ | 658,209 |  |  | $ | 509,016 |  |  | $ | 384,572 |  |  | $ | 540,906 |  |  | $ | 202,931 |  |  | $ | 5,151,541 |
(1) | Includes extensions, renewals, or modifications of credit contracts, which consist of a new credit decision
|  | Term Loans |  |  |  |  |  |  |  |  |
|  | Amortized Cost Basis by Origination Year (1) |  |  |  |  |  |  |  |  |
|  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2016 |  |  | Prior |  |  | Revolving Loans Amortized Cost Basis |  |  | Total |
|  | (in thousands) |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial property |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 961,973 |  |  | $ | 520,330 |  |  | $ | 496,936 |  |  | $ | 346,029 |  |  | $ | 437,231 |  |  | $ | 471,067 |  |  | $ | 31,283 |  |  | $ | 3,264,849 |
Nonperforming |  |  | 2,639 |  |  |  | 392 |  |  |  | 154 |  |  |  | 2,386 |  |  |  | 14,814 |  |  |  | 9,572 |  |  |  | 130 |  |  |  | 30,087 |
Total commercial property |  |  | 964,612 |  |  |  | 520,722 |  |  |  | 497,090 |  |  |  | 348,415 |  |  |  | 452,045 |  |  |  | 480,639 |  |  |  | 31,413 |  |  |  | 3,294,936 |
Construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  |  | 33,415 |  |  |  | 613 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 34,028 |
Nonperforming |  |  | 12,808 |  |  |  | — |  |  |  | 12,046 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 24,854 |
Total construction |  |  | 46,223 |  |  |  | 613 |  |  |  | 12,046 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 58,882 |
Residential/consumer loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  |  | 27,997 |  |  |  | 962 |  |  |  | 38,052 |  |  |  | 129,669 |  |  |  | 83,987 |  |  |  | 55,461 |  |  |  | 7,353 |  |  |  | 343,481 |
Nonperforming |  |  | — |  |  |  | — |  |  |  | 620 |  |  |  | 1,429 |  |  |  | 301 |  |  |  | — |  |  |  | — |  |  |  | 2,350 |
Total residential/consumer loans |  |  | 27,997 |  |  |  | 962 |  |  |  | 38,672 |  |  |  | 131,098 |  |  |  | 84,288 |  |  |  | 55,461 |  |  |  | 7,353 |  |  |  | 345,831 |
Total real estate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  |  | 1,023,385 |  |  |  | 521,905 |  |  |  | 534,988 |  |  |  | 475,698 |  |  |  | 521,218 |  |  |  | 526,528 |  |  |  | 38,636 |  |  |  | 3,642,358 |
Nonperforming |  |  | 15,447 |  |  |  | 392 |  |  |  | 12,820 |  |  |  | 3,815 |  |  |  | 15,115 |  |  |  | 9,572 |  |  |  | 130 |  |  |  | 57,291 |
Total real estate loans |  |  | 1,038,832 |  |  |  | 522,297 |  |  |  | 547,808 |  |  |  | 479,513 |  |  |  | 536,333 |  |  |  | 536,100 |  |  |  | 38,766 |  |  |  | 3,699,649 |
Commercial and industrial loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  |  | 413,725 |  |  |  | 77,672 |  |  |  | 59,436 |  |  |  | 19,002 |  |  |  | 8,875 |  |  |  | 12,228 |  |  |  | 151,813 |  |  |  | 742,751 |
Nonperforming |  |  | 8,552 |  |  |  | 4,781 |  |  |  | 184 |  |  |  | 872 |  |  |  | — |  |  |  | 115 |  |  |  | — |  |  |  | 14,504 |
Total commercial and industrial loans |  |  | 422,277 |  |  |  | 82,453 |  |  |  | 59,620 |  |  |  | 19,874 |  |  |  | 8,875 |  |  |  | 12,343 |  |  |  | 151,813 |  |  |  | 757,255 |
Leases receivable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  |  | 113,712 |  |  |  | 165,242 |  |  |  | 91,408 |  |  |  | 30,405 |  |  |  | 10,096 |  |  |  | 1,167 |  |  |  | — |  |  |  | 412,030 |
Nonperforming |  |  | 452 |  |  |  | 5,728 |  |  |  | 3,137 |  |  |  | 876 |  |  |  | 804 |  |  |  | 237 |  |  |  | — |  |  |  | 11,234 |
Total leases receivable |  |  | 114,164 |  |  |  | 170,970 |  |  |  | 94,545 |  |  |  | 31,281 |  |  |  | 10,900 |  |  |  | 1,404 |  |  |  | — |  |  |  | 423,264 |
Total loans receivable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  |  | 1,550,822 |  |  |  | 764,819 |  |  |  | 685,832 |  |  |  | 525,105 |  |  |  | 540,189 |  |  |  | 539,923 |  |  |  | 190,449 |  |  |  | 4,797,139 |
Nonperforming |  |  | 24,451 |  |  |  | 10,901 |  |  |  | 16,141 |  |  |  | 5,563 |  |  |  | 15,919 |  |  |  | 9,924 |  |  |  | 130 |  |  |  | 83,029 |
Total loans receivable |  | $ | 1,575,273 |  |  | $ | 775,720 |  |  | $ | 701,973 |  |  | $ | 530,668 |  |  | $ | 556,108 |  |  | $ | 549,847 |  |  | $ | 190,579 |  |  | $ | 4,880,168 |
(1) | Includes extensions, renewals, or modifications of credit contracts, which consist of a new credit decision
Individually Evaluated Loans Prior to the adoption of ASU 2016-13, loans were individually evaluated based on the present value of expected future cash flows discounted at the loan's effective interest rate or, as a practical expedient, at the loan's observable market price or the fair value of the collateral if the loan was collateral dependent, less estimated costs to sell. If the estimated value of the individually evaluated loan was less than the recorded investment in the loan, the Company charged-off the deficiency against the allowance for credit losses or we established a specific allowance in the allowance for credit losses. Additionally, we excluded from the quarterly migration analysis individually evaluated loans when determining the amount of the allowance for credit losses required for the period. Under ASU 2016-13, the Company reviews all loans on an individual basis when they do not share similar risk characteristics with loan pools. Individually evaluated loans are measured for expected credit losses based on the present value of expected cash flows discounted at the effective interest rate, the observable market price, or the fair value of collateral. The allowance for collateral-dependent loans is calculated as the difference between the outstanding loan balance and the value of the collateral as determined by recent appraisals, less estimated costs to sell. The allowance for collateral-dependent loans varies based on the collateral coverage of the loan at the time of the designation as nonperforming. We continue to monitor the collateral coverage on these loans on a quarterly basis, based on recent appraisals, and adjust the allowance accordingly. Nonaccrual Loans and Nonperforming Assets The following tables represent the amortized cost basis of loans on nonaccrual status and loans past due 90 days and still accruing as of December 31, 2021 and 2020.
|  | December 31, 2021 |
|  | Nonaccrual Loans With No Allowance for Credit Losses |  |  | Nonaccrual Loans With Allowance for Credit Losses |  |  | Loans Past Due 90 Days Still Accruing |  |  | Total Nonperforming Loans |
|  | (in thousands) |
Real estate loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial property |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retail |  | $ | 1,918 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,918 |
Hospitality |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Other |  |  | 1,745 |  |  |  | 337 |  |  |  | — |  |  |  | 2,082 |
Total commercial property loans |  |  | 3,663 |  |  |  | 337 |  |  |  | — |  |  |  | 4,000 |
Construction |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Residential/consumer loans |  |  | 982 |  |  |  | 245 |  |  |  | — |  |  |  | 1,227 |
Total real estate loans |  |  | 4,645 |  |  |  | 582 |  |  |  | — |  |  |  | 5,227 |
Commercial and industrial loans |  |  | 8 |  |  |  | 980 |  |  |  | — |  |  |  | 988 |
Leases receivable |  |  | 1,172 |  |  |  | 5,973 |  |  |  | — |  |  |  | 7,145 |
Total |  | $ | 5,825 |  |  | $ | 7,535 |  |  | $ | — |  |  | $ | 13,360 |
|  | December 31, 2020 |
|  | Nonaccrual Loans With No Allowance for Credit Losses |  |  | Nonaccrual Loans With Allowance for Credit Losses |  |  | Loans Past Due 90 Days Still Accruing |  |  | Total Nonperforming Loans |
|  | (in thousands) |
Real estate loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial property |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retail |  | $ | 6,330 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,330 |
Hospitality |  |  | 20,612 |  |  |  | — |  |  |  | — |  |  |  | 20,612 |
Other |  |  | 2,236 |  |  |  | 909 |  |  |  | — |  |  |  | 3,145 |
Total commercial property loans |  |  | 29,178 |  |  |  | 909 |  |  |  | — |  |  |  | 30,087 |
Construction |  |  | 24,854 |  |  |  | — |  |  |  | — |  |  |  | 24,854 |
Residential/consumer loans |  |  | 2,350 |  |  |  | — |  |  |  | — |  |  |  | 2,350 |
Total real estate loans |  |  | 56,382 |  |  |  | 909 |  |  |  | — |  |  |  | 57,291 |
Commercial and industrial loans |  |  | 58 |  |  |  | 14,449 |  |  |  | — |  |  |  | 14,507 |
Leases receivable |  |  | 2,318 |  |  |  | 8,916 |  |  |  | — |  |  |  | 11,234 |
Total |  | $ | 58,758 |  |  | $ | 24,274 |  |  | $ | — |  |  | $ | 83,032 |
The following is an aging analysis of loans, disaggregated by loan class, as of the dates indicated:
|  | 30-59 Days Past Due |  |  | 60-89 Days Past Due |  |  | 90 Days or More Past Due |  |  | Total Past Due |  |  | Current |  |  | Total |
|  | (in thousands) |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial property |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retail |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 970,134 |  |  | $ | 970,134 |
Hospitality |  |  | 556 |  |  |  | — |  |  |  | — |  |  |  | 556 |  |  |  | 717,136 |  |  |  | 717,692 |
Other |  |  | 92 |  |  |  | 691 |  |  |  | 499 |  |  |  | 1,282 |  |  |  | 1,917,751 |  |  |  | 1,919,033 |
Total commercial property loans |  |  | 648 |  |  |  | 691 |  |  |  | 499 |  |  |  | 1,838 |  |  |  | 3,605,021 |  |  |  | 3,606,859 |
Construction |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 95,006 |  |  |  | 95,006 |
Residential/consumer loans |  |  | 570 |  |  |  | 750 |  |  |  | 556 |  |  |  | 1,876 |  |  |  | 398,670 |  |  |  | 400,546 |
Total real estate loans |  |  | 1,218 |  |  |  | 1,441 |  |  |  | 1,055 |  |  |  | 3,714 |  |  |  | 4,098,697 |  |  |  | 4,102,411 |
Commercial and industrial loans |  |  | 56 |  |  |  | 9 |  |  |  | — |  |  |  | 65 |  |  |  | 561,766 |  |  |  | 561,831 |
Leases receivable |  |  | 3,764 |  |  |  | 1,992 |  |  |  | 1,181 |  |  |  | 6,937 |  |  |  | 480,362 |  |  |  | 487,299 |
Total loans receivable |  | $ | 5,038 |  |  | $ | 3,442 |  |  | $ | 2,236 |  |  | $ | 10,716 |  |  | $ | 5,140,825 |  |  | $ | 5,151,541 |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial property |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retail |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 824,606 |  |  | $ | 824,606 |
Hospitality |  |  | — |  |  |  | — |  |  |  | 11,076 |  |  |  | 11,076 |  |  |  | 848,877 |  |  |  | 859,953 |
Other |  |  | — |  |  |  | — |  |  |  | 731 |  |  |  | 731 |  |  |  | 1,609,646 |  |  |  | 1,610,377 |
Total commercial property loans |  |  | — |  |  |  | — |  |  |  | 11,807 |  |  |  | 11,807 |  |  |  | 3,283,129 |  |  |  | 3,294,936 |
Construction |  |  | — |  |  |  | 12,807 |  |  |  | — |  |  |  | 12,807 |  |  |  | 46,075 |  |  |  | 58,882 |
Residential/consumer loans |  |  | 4,693 |  |  |  | 461 |  |  |  | 564 |  |  |  | 5,718 |  |  |  | 340,113 |  |  |  | 345,831 |
Total real estate loans |  |  | 4,693 |  |  |  | 13,268 |  |  |  | 12,371 |  |  |  | 30,332 |  |  |  | 3,669,317 |  |  |  | 3,699,649 |
Commercial and industrial loans |  |  | 282 |  |  |  | 27 |  |  |  | 12,487 |  |  |  | 12,796 |  |  |  | 744,459 |  |  |  | 757,255 |
Leases receivable |  |  | 4,051 |  |  |  | 1,786 |  |  |  | 4,675 |  |  |  | 10,512 |  |  |  | 412,752 |  |  |  | 423,264 |
Total loans receivable |  | $ | 9,026 |  |  | $ | 15,081 |  |  | $ | 29,533 |  |  | $ | 53,640 |  |  | $ | 4,826,528 |  |  | $ | 4,880,168 |
There were no loans that were 90 days or more past due and accruing interest as of December 31, 2021 and 2020. In addition, $11.1 million and $53.4 million of loans current or past due less than 90 days were classified as nonaccrual at December 31, 2021 and 2020, respectively. At December 31, 2021, for loans currently modified under the CARES Act, $47,000 were 30-59 days past due, $5,000 were 60-89 days past due, and no loans were 90 days or more past due. For loans previously modified under the CARES Act, $1.2 million were 30-59 days past due, $1.1 million were 60-89 days past due, and $1.1 million were 90 days or more past due. At December 31, 2020, all $155.6 million of currently modified loans under the CARES Act were classified as current. For loans previously modified under the CARES Act, $4.9 million were 30-59 days past due, $1.7 million were 60-89 days past due, and $13.9 million were 90 days or more past due. The following table details nonaccrual loans, disaggregated by loan class, as of the dates indicated:
|  | As of December 31, |
|  | 2021 |  |  | 2020 |
|  | (in thousands) |
Real estate loans: |  |  |  |  |  |  |  |
Commercial property |  |  |  |  |  |  |  |
Retail |  | $ | 1,918 |  |  | $ | 6,330 |
Hospitality |  |  | — |  |  |  | 20,612 |
Other |  |  | 2,082 |  |  |  | 3,145 |
Total commercial property loans |  |  | 4,000 |  |  |  | 30,087 |
Construction |  |  | — |  |  |  | 24,854 |
Residential/consumer loans |  |  | 1,227 |  |  |  | 2,350 |
Total real estate loans |  |  | 5,227 |  |  |  | 57,291 |
Commercial and industrial loans |  |  | 988 |  |  |  | 14,507 |
Leases receivable |  |  | 7,145 |  |  |  | 11,234 |
Total nonaccrual loans |  | $ | 13,360 |  |  | $ | 83,032 |
The following table details nonperforming assets as of the dates indicated:
|  | As of December 31, |
|  | 2021 |  |  | 2020 |
|  | (in thousands) |
Nonaccrual loans |  | $ | 13,360 |  |  | $ | 83,032 |
Loans receivable 90 days or more past due and still accruing |  |  | — |  |  |  | — |
Total nonperforming loans receivable |  |  | 13,360 |  |  |  | 83,032 |
Other real estate owned ("OREO") |  |  | 675 |  |  |  | 2,360 |
Total nonperforming assets |  | $ | 14,035 |  |  | $ | 85,392 |
OREO consisted of one property with a carrying value of $675,000 as of December 31, 2021, and four properties with a combined carrying value of $2.4 million as of December 31, 2020. OREO is included in prepaid expenses and other assets in the accompanying Consolidated Balance Sheets as of December 31, 2021 and 2020. Troubled Debt Restructuring The following table details the recorded investment in TDRs, disaggregated by concession type and by loan type, as of December 31, 2021 and 2020:
|  | Nonaccrual TDRs |  |  | Accrual TDRs |
|  | Deferral of Principal |  |  | Deferral of Principal and Interest |  |  | Reduction of Principal and Interest |  |  | Extension of Maturity |  |  | Total |  |  | Deferral of Principal |  |  | Deferral of Principal and Interest |  |  | Reduction of Principal and Interest |  |  | Extension of Maturity |  |  | Total |
|  | (in thousands) |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate loans |  | $ | 346 |  |  | $ | 2,046 |  |  | $ | 372 |  |  | $ | — |  |  | $ | 2,764 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Commercial and industrial loans |  |  | — |  |  |  | 124 |  |  |  | — |  |  |  | — |  |  |  | 124 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 346 |  |  | $ | 2,170 |  |  | $ | 372 |  |  | $ | — |  |  | $ | 2,888 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate loans |  | $ | 1,095 |  |  | $ | 3,334 |  |  | $ | 12,492 |  |  | $ | — |  |  | $ | 16,921 |  |  | $ | 513 |  |  | $ | — |  |  | $ | 67 |  |  | $ | 7,290 |  |  | $ | 7,870 |
Commercial and industrial loans |  |  | — |  |  |  | 144 |  |  |  | — |  |  |  | — |  |  |  | 144 |  |  |  | — |  |  |  | — |  |  |  | 4 |  |  |  | 56 |  |  |  | 60 |
Total |  | $ | 1,095 |  |  | $ | 3,478 |  |  | $ | 12,492 |  |  | $ | — |  |  | $ | 17,065 |  |  | $ | 513 |  |  | $ | — |  |  | $ | 71 |  |  | $ | 7,346 |  |  | $ | 7,930 |
As of December 31, 2021, accruing TDRs are collectively evaluated along with performing and accruing loans and nonaccrual TDRs are individually evaluated for specific expected credit losses using one of these three criteria: (1) the present value of expected future cash flows discounted at the loan’s effective interest rate; (2) the loan’s observable market price; or (3) the fair value of the collateral if the loan is collateral dependent. At December 31, 2021 and 2020, nonaccrual TDRs were subjected to specific expected credit losses analysis. We determined an expected credit losses allowance of $4,000 and $16,000 as of December 31, 2021 and 2020, respectively, related to these loans and such allowances were included in the allowance for credit losses. The following table presents the number of loans by class modified as troubled debt restructurings that occurred during the years ending December 31, 2021, 2020 and 2019 with their pre- and post-modification recorded amounts.
|  | December 31, 2021 |  |  | December 31, 2020 |  |  | December 31, 2019 |
|  | Number of Loans |  |  | Pre- Modification Outstanding Recorded Investment |  |  | Post- Modification Outstanding Recorded Investment |  |  | Number of Loans |  |  | Pre- Modification Outstanding Recorded Investment |  |  | Post- Modification Outstanding Recorded Investment |  |  | Number of Loans |  |  | Pre- Modification Outstanding Recorded Investment |  |  | Post- Modification Outstanding Recorded Investment |
|  | (in thousands except for number of loans) |
Real estate loans |  |  | — |  |  | $ | — |  |  | $ | — |  |  |  | 5 |  |  | $ | 4,479 |  |  | $ | 3,676 |  |  |  | 6 |  |  | $ | 41,292 |  |  | $ | 42,329 |
Commercial and industrial loans |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2 |  |  |  | 12,779 |  |  |  | 12,562 |
Total |  |  | — |  |  | $ | — |  |  | $ | — |  |  |  | 5 |  |  | $ | 4,479 |  |  | $ | 3,676 |  |  |  | 8 |  |  | $ | 54,071 |  |  | $ | 54,892 |
A loan is considered to be in payment default once it is 30 days contractually past due under the modified terms. No loans defaulted during the twelve months ended December 31, 2021 following modification. During the year ended December 31, 2020, one loan for $398,000 defaulted within the twelve-month period following modification. The allowance for credit losses resulting from these defaulted loans were $0 and $3,000 as of December 31, 2021 and 2020, respectively.

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 + Details
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