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Loans and Allowance for Credit Losses (Tables)

9 Months Ended

Sep. 30, 2021

Receivables [Abstract]

Schedule of loans, net of unamortized net deferred fees

Loans, net of unamortized net deferred fees, at September 30, 2021 and December 31, 2020 are summarized by type as follows:

						September 30, 2021												December 31, 2020
(dollars in thousands)						Amount						%						Amount						%
Commercial						$	1,289,215					19 %						$	1,437,433					19		%
PPP loans						67,311						1 %						454,771						6		%
Income producing - commercial real estate						3,337,303						49		%				3,687,000						47		%
Owner occupied - commercial real estate						977,617						14 %						997,694						13		%
Real estate mortgage - residential						76,259						1 %						76,592						1		%
Construction - commercial and residential						824,133						12 %						873,261						11		%
Construction - C&I (owner occupied)						222,366						3 %						158,905						2		%
Home equity						55,527						1 %						73,167						1		%
Other consumer						1,132						—						1,389						—
Total loans						6,850,863						100		%				7,760,212						100		%
Less: allowance for credit losses						(82,906)												(109,579)
Net loans (1)						$	6,767,957											$	7,650,633

________________________________________

(1)Excludes accrued interest receivable of $40.0 million and $46.0 million at September 30, 2021 and December 31, 2020, respectively, which is recorded in other assets.

Schedule of detail activity in the allowance for credit losses by portfolio segment

The following tables detail activity in the allowance for credit losses by portfolio segment for the three and nine months ended September 30, 2021 and 2020. PPP loans are excluded from these tables since they do not carry an allowance for credit loss, as these loans are fully guaranteed as to principal and interest by the SBA, whose guarantee is backed by the full faith and credit of the U.S. Government. Allocation of a portion of the allowance to one category of loans does not restrict the use of the allowance to absorb losses in other categories.

												Income Producing -						Owner Occupied -						Real Estate						Construction -
												Commercial						Commercial						Mortgage -						Commercial and						Home						Other
(dollars in thousands)						Commercial						Real Estate						Real Estate						Residential						Residential						Equity						Consumer						Total
Three Months Ended September 30, 2021
Allowance for credit losses:
Balance at beginning of period						$	21,348					$	45,970					$	12,995					$	882					$	10,427					$	897					$	41					$	92,560
Loans charged-off						(1,999)						—						—						—						—						—						(1)						(2,000)
Recoveries of loans previously charged-off						81						97						—						—						493						—						1						672
Net loans charged-off						(1,918)			—			97			—			—			—			—			—			493			—			—			—			—						(1,328)
Provision for credit losses						(2,503)						(4,636)						(1,050)						172						(179)						(129)						(1)						(8,326)
Ending balance						$	16,927		$	—		$	41,431		$	—		$	11,945		$	—		$	1,054		$	—		$	10,741		$	—		$	768		$	—		$	40					$	82,906
Nine Months Ended September 30, 2021
Allowance for credit losses:
Balance at beginning of period						$	26,569					$	55,385					$	14,000					$	1,020					$	11,529					$	1,039					$	37					$	109,579
Loans charged-off						(7,691)						(5,216)						—						—						(206)						—						(1)						(13,114)
Recoveries of loans previously charged-off						326						97						—						—						499												17						939
Net loans (charged-off) recoveries						(7,365)						(5,119)						—						—						293						—						16						(12,175)
Provision for credit losses- loans						(2,277)						(8,835)						(2,055)						34						(1,081)						(271)						(13)						(14,498)
Ending balance						$	16,927					$	41,431					$	11,945					$	1,054					$	10,741					$	768					$	40					$	82,906
As of September 30, 2021
Allowance for credit losses:
Individually evaluated for impairment						$	3,198					$	5,439					$	—					$	501					$	—					$	165					$	—					$	9,303
Collectively evaluated for impairment						13,729						35,992						11,945						553						10,741						603						40						73,603
Ending balance						$	16,927					$	41,431					$	11,945					$	1,054					$	10,741					$	768					$	40					$	82,906
Three Months Ended September 30, 2020
Allowance for credit losses:
Balance at beginning of period						28,078						51,863						12,341						1,550						13,808						1,112						44						108,796
Loans charged-off						(187)						(3,750)						(20)						—						(1,179)						(92)						—						(5,228)
Recoveries of loans previously charged-off						45						—						—						—						—						—						13						58
Net loans (charged-off) recoveries						(142)						(3,750)			—			(20)			—			—			—			(1,179)			—			(92)			—			13						(5,170)
Provision for credit losses- loans						(712)						7,327						769						321						(1,088)						(13)						(15)						6,589
Ending balance						27,224						55,440						13,090			—			1,871			—			11,541			—			1,007			—			42						110,215
Nine Months Ended September 30, 2020
Allowance for credit losses:
Balance at beginning of period, prior to adoption of ASC 326						$	18,832					$	29,265					$	5,838					$	1,557					$	17,485					$	656					$	25					$	73,658
Impact of adopting ASC 326						892						11,230						4,674						(301)						(6,143)						245						17						$	10,614
Loans charged-off						(7,332)						(4,300)						(20)						—						(2,947)						(92)						—						(14,691)
Recoveries of loans previously charged-off						116						—						—						—						—						—						20						136
Net loans (charged-off) recoveries						(7,216)						(4,300)						(20)						—						(2,947)						(92)						20						(14,555)
Provision for credit losses- loans						14,716						19,245						2,598						615						3,146						198						(20)						40,498
Ending balance						$	27,224					$	55,440					$	13,090					$	1,871					$	11,541					$	1,007					$	42					$	110,215
As of September 30, 2020
Allowance for credit losses:
Individually evaluated for impairment						$	9,593					$	5,999					$	670					$	1,148					$	204					$	—					$	3					$	17,617
Collectively evaluated for impairment						17,631						49,441						12,420						723						11,337						1,007						39						92,598
Ending balance						$	27,224					$	55,440					$	13,090					$	1,871					$	11,541					$	1,007					$	42					$	110,215

Schedule of amortized cost basis of collateral-dependent loans by class of loans

The following table presents the amortized cost basis of collateral-dependent loans by class of loans as of September 30, 2021 and December 31, 2020:

(dollars in thousands)						Business/Other Assets						Real Estate
September 30, 2021
Commercial						$	3,281					$	9,936
Income producing - commercial real estate						3,193						20,867
Owner occupied - commercial real estate						—						1,593
Real estate mortgage - residential						—						1,781
Construction - commercial and residential						—						—
Home equity						190						366
Other consumer						—						—
Total						$	6,664					$	34,543

(dollars in thousands)						Business/Other Assets						Real Estate
December 31, 2020
Commercial						$	11,326					$	4,026
Income producing - commercial real estate						3,193						15,686
Owner occupied - commercial real estate						—						23,159
Real estate mortgage - residential						—						2,932
Construction - commercial and residential						—						206
Home equity						—						415
Other consumer						—						—
Total						$	14,519					$	46,424

Schedule of the risk category of loans by class of loans

Based on the most recent analysis performed, amortized cost basis of loans by risk category, class and year of origination is as follows:

September 30, 2021 (dollars in thousands)						Prior						2017						2018						2019						2020						2021						Total
Commercial
Pass						407,791						190,479						211,058						129,448						103,135						164,058						1,205,969
Watch						14,162						8,798						17,857						6,721						7,927						2,959						58,424
Special Mention						980						9,952						381						98						—						—						11,411
Substandard						10,267						695						2,217						232						—						—						13,411
Total						433,200			—			209,924			—			231,513						136,499						111,062						167,017						1,289,215
PPP loans
Pass						—			—			—			—			—						—						32,381						34,930						67,311
Total						—			—			—			—			—						—						32,381						34,930						67,311
Income producing - commercial real estate
Pass						708,822						287,984						610,727						514,416						418,980						306,458						2,847,387
Watch						66,069						73,753						—						43,739						34,859						—						218,420
Special Mention						101,687						—						42,244						51,969						—						—						195,900
Substandard						61,542						—						8,512						5,542						—						—						75,596
Total						938,120			—			361,737			—			661,483						615,666						453,839						306,458						3,337,303
Owner occupied - commercial real estate
Pass						383,943						132,292						131,088						71,524						44,465						40,718						804,030
Watch						23,960						3,234						93,035						23,968						—						—						144,197
Special Mention						—						—						—						2,133						—						—						2,133
Substandard						23,512						—						—						3,745						—						—						27,257
Total						431,415			—			135,526			—			224,123						101,370						44,465						40,718						977,617

Real estate mortgage - residential
Pass						15,047						7,284						13,409						16,703						3,999						14,770						71,212
Watch						3,265						—						—						—						—						—						3,265
Substandard						1,698						—						—						84						—						—						1,782
Total						20,010			—			7,284			—			13,409						16,787						3,999						14,770						76,259
Construction - commercial and residential
Pass						60,130						160,792						185,229						128,722						181,470						60,289						776,632
Watch						506						43,913						—						3,082						—						—						47,501
Substandard						—			—									—						—												—						—
Total						60,636			—			204,705			—			185,229						131,804						181,470						60,289						824,133
Construction - C&I (owner occupied)																																										—
Pass						21,522						52,731						23,581						30,809						57,911						647						187,201
Watch						685						396						3,254						15,112						15,718						—						35,165
Substandard						—						—						—						—						—						—						—
Total						22,207			—			53,127			—			26,835						45,921						73,629						647						222,366
Home Equity																																										—
Pass						25,402						5,832						1,782						2,644						9,443						8,943						54,046
Watch						879						—						—						—						—						—						879
Substandard						556						—						—						46						—						—						602
Total						26,837			—			5,832			—			1,782						2,690						9,443						8,943						55,527
Other Consumer																																										—
Pass						936						24						46						33						24						63						1,126
Substandard						6						—						—						—						—						—						6
Total						942			—			24			—			46						33						24						63						1,132
Total Recorded Investment						$	1,933,367		$	—		$	978,159		$	—		$	1,344,420					$	1,050,770					$	910,312					$	633,835					6,850,863
December 31, 2020 (dollars in thousands)						Prior						2016						2017						2018						2019						2020						Total
Commercial
Pass						323,660						111,886						249,541						211,551						164,166						227,095						1,287,899
Watch						31,903						5,315						19,145						21,013						7,740						7,979						93,095
Special Mention						4,969						1,692						8,969						3,385						5,599						2,169						26,783
Substandard						17,679						5,803						1,820						3,525						829						—						29,656
Total						378,211						124,696						279,475						239,474						178,334						237,243						1,437,433
PPP loans
Pass						—						—						—						—						—						454,771						454,771
Total						—						—						—						—						—						454,771						454,771
Income producing - commercial real estate																																										—
Pass						560,915						347,946						397,953						622,276						643,388						512,387						3,084,865
Watch						152,367						62,912						91,636						89,852						44,555						34,195						475,517
Special Mention						213						—						—						—						51,969						—						52,182
Substandard						58,555						800						4,656						4,883						5,542						—						74,436
Total						772,050						411,658						494,245						717,011						745,454						546,582						3,687,000
Owner occupied - commercial real estate
Pass						343,371						100,272						111,996						136,644						59,681						49,584						801,548
Watch						16,014						5,011						2,640						10,338						15,501						—						49,504
Special Mention						418						—						—						83,110						19,091						—						102,619
Substandard						28,228						784						1,908						2,048						10,151						904						44,023
Total						388,031						106,067						116,544						232,140						104,424						50,488						997,694
Real estate mortgage - residential
Pass						16,310						2,693						10,199						12,746						18,209						10,116						70,273
Watch						1,996						699						—						728						—						—						3,423
Substandard						1,198						1,698						—						—						—						—						2,896

Total						19,504						5,090						10,199						13,474						18,209						10,116						76,592
Construction - commercial and residential
Pass						21,290						60,486						266,788						297,480						105,679						71,297						823,020
Watch						929						—						42,751						3,448						—						—						47,128
Special Mention						12						—						—						2,895						—						—						2,907
Substandard						—						—						206						—						—						—						206
Total						22,231						60,486						309,745						303,823						105,679						71,297						873,261
Construction - C&I (owner occupied)
Pass						8,278						10,476						6,637						30,340						22,209						40,101						118,041
Watch						3,573						—						2,118						4,935						—						—						10,626
Special Mention						124						—						—						—						14,436						15,678						30,238
Total						11,975						10,476						8,755						35,275						36,645						55,779						158,905
Home Equity
Pass						33,226						4,493						8,227						7,827						4,224						12,924						70,921
Watch						1,596						—						—						—						—						—						1,596
Substandard						603						—						—						—						47						—						650
Total						35,425						4,493						8,227						7,827						4,271						12,924						73,167
Other Consumer
Pass						929						190						64						74						94						31						1,382
Substandard						7						—						—						—						—						—						7
Total						936						190						64						74						94						31						1,389
Total Recorded Investment						$	1,628,363					$	723,156					$	1,227,254					$	1,549,098					$	1,193,110					$	1,439,231					$	7,760,212

Schedule by class of loan, an aging analysis and the recorded investments in loans past due

The table presents, by class of loan, an aging analysis and the recorded investments in loans past due as of September 30, 2021 and December 31, 2020:

												Loans						Loans						Loans																		Total Recorded
						Current						30-59 Days						60-89 Days						90 Days or						Total Past												Investment in
(dollars in thousands)						Loans						Past Due						Past Due						More Past Due						Due Loans						Nonaccrual						Loans
September 30, 2021
Commercial						$	1,276,100					$	96					$	872					$	—					$	968					$	12,147					$	1,289,215
PPP loans						64,004						3,307						—						—						3,307						—						67,311
Income producing - commercial real estate						3,322,370						—						—						—						—						14,933						3,337,303
Owner occupied - commercial real estate						972,632						579						2,813						—						3,392						1,593						977,617
Real estate mortgage - residential						74,241						—						—						—						—						2,018						76,259
Construction - commercial and residential						821,051						—						3,082						—						3,082						—						824,133
Construction - C&I (owner occupied)						221,463						903						—						—						903						—						222,366
Home equity						54,575						127						269						—						396						556						55,527
Other consumer						1,080						52						—						—						52						—						1,132
Total						$	6,807,516					$	5,064					$	7,036					$	—					$	12,100					$	31,247					$	6,850,863
December 31, 2020
Commercial						$	1,394,244					$	6,411					$	21,426					$	—					$	27,837					$	15,352					$	1,437,433
PPP loans						454,771						—						—						—						—						—						454,771
Income producing - commercial real estate						3,616,207						—						51,913						—						51,913						18,880						3,687,000
Owner occupied - commercial real estate						960,364						10,630						3,542						—						14,172						23,158						997,694
Real estate mortgage – residential						72,231						1,430						—						—						1,430						2,931						76,592
Construction - commercial and residential						869,723						2,992						340						—						3,332						206						873,261
Construction- C&I (owner occupied)						158,905						—						—						—						—						—						158,905
Home equity						67,732						467						4,552						—						5,019						416						73,167
Other consumer						1,367						21						1						—						22						—						1,389
Total						$	7,595,544					$	21,951					$	81,774					$	—					$	103,725					$	60,943					$	7,760,212

Schedule of information related to nonaccrual loans by class

The following presents the nonaccrual loans as of September 30, 2021 and December 31, 2020:

						September 30, 2021
						Nonaccrual with						Nonaccrual with						Total
						No Allowance						an Allowance						Nonaccrual
(dollars in thousands)						for Credit Loss						for Credit Loss						Loans
Commercial						$	7,113					$	5,034					$	12,147
Income producing - commercial real estate						4,620						10,313						14,933
Owner occupied - commercial real estate						1,593						—						1,593
Real estate mortgage - residential						84						1,934						2,018
Construction - commercial and residential						—						—						—
Home equity						366						190						556
Total (1)(2)						$	13,776					$	17,471					$	31,247

						December 31, 2020
						Nonaccrual with						Nonaccrual with						Total
						No Allowance						an Allowance						Nonaccrual
(dollars in thousands)						for Credit Loss						for Credit Loss						Loans
Commercial						$	3,263					$	12,089					$	15,352
Income producing - commercial real estate						6,500						12,380						18,880
Owner occupied - commercial real estate						18,941						4,217						23,158
Real estate mortgage - residential						1,234						1,697						2,931
Construction - commercial and residential						—						206						206
Home equity						416						—						416
Total (1)(2)						$	30,354					$	30,589					$	60,943

Note

(1)Excludes TDRs that were performing under their restructured terms totaling $10.2 million at September 30, 2021 and $10.5 million at December 31, 2020.

(2)Gross interest income of $1.4 million and $2.6 million would have been recorded for the nine months ended September 30, 2021 and September 30, 2020, respectively, if nonaccrual loans shown above had been current and in accordance with their original terms, while $23 thousand and $282 thousand interest income was actually recorded on such loans for the nine months ended September 30, 2021 and 2020 respectively. See Note 1 to the Consolidated Financial Statements for a description of the Company’s policy for placing loans on nonaccrual status.

Schedule of loans modified in troubled debt restructurings

The following table presents by class, the recorded investment of loans modified in TDRs held by the Company for the periods ended September 30, 2021 and 2020.

						September 30, 2021
																		Income						Owner
						Number												Producing -						Occupied -						Construction -
						of												Commercial						Commercial						Commercial
(dollars in thousands)						Contracts						Commercial						Real Estate						Real Estate						Real Estate						Total
Troubled debt restructurings
Restructured accruing						5						$	1,069					$	9,126					$	—					$	—					$	10,195
Restructured nonaccruing						2						—						6,342						—						—						6,342
Total						7						$	1,069					$	15,468					$	—					$	—					$	16,537
Specific allowance												$	146					$	3,225					$	—					$	—					$	3,371
Restructured and subsequently defaulted												$	—					$	6,342					$	—					$	—					$	6,342

						September 30, 2020
																		Income						Owner
						Number												Producing -						Occupied -						Construction -
						of												Commercial						Commercial						Commercial
(dollars in thousands)						Contracts						Commercial						Real Estate						Real Estate						Real Estate						Total
Troubled debt restructurings
Restructured accruing						7						$	1,297					$	9,188					$	37					$	—					$	10,522
Restructured nonaccruing						4						138						6,342						2,370						—						8,850
Total						11						$	1,435					$	15,530					$	2,407					$	—					$	19,372
Specific allowance												$	227					$	629					$	—					$	—					$	856
Restructured and subsequently defaulted												$	138					$	11,161					$	2,370					$	—					$	13,669

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Tabular disclosure of financing receivables by amortized cost basis of collateral-dependent loans by class of loans.

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- Definition

Tabular disclosure of financing receivables by credit quality indicators , disaggregated by year of origin. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics.

+ References

No definition available.

+ Details

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X

- Definition

Tabular disclosure of allowance for credit loss on financing receivable.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 11B
-URI http://asc.fasb.org/extlink&oid=123577603&loc=SL6953423-111524

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=124255953&loc=SL82919249-210447

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X

- Definition

Tabular disclosure of aging analysis for financing receivable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=124255953&loc=SL82919253-210447

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 7A
-URI http://asc.fasb.org/extlink&oid=123577603&loc=SL6953401-111524

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 55
-Paragraph 80
-URI http://asc.fasb.org/extlink&oid=124267575&loc=SL82922355-210448

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=123577603&loc=d3e5111-111524

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- References

No definition available.

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- Definition

Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.3,4)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

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- Definition

Tabular disclosure of financing receivable on nonaccrual status.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=123577603&loc=d3e5111-111524

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=124255953&loc=SL82919258-210447

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X

- Definition

Tabular disclosure of financing receivable modified as troubled debt restructuring.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=123577603&loc=SL6953676-111524

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=123577603&loc=SL6953682-111524

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