v3.22.2.2

Portfolio Loans Receivable (Tables)

9 Months Ended

Sep. 30, 2022

Receivables [Abstract]

Schedule of Loans Receivable

Major classifications of portfolio loans as are as follows:

Portfolio Loan Categories
(in thousands)						September 30, 2022						December 31, 2021
Real estate:
Residential						$	466,849					$	401,607
Commercial						626,030						556,339
Construction						235,045						255,147
Commercial and Industrial						192,207						175,956
Credit card						136,658						141,120
Other consumer						1,055						1,033
Portfolio loans receivable, gross						1,657,844						1,531,202
Deferred origination fees, net						(9,843)						(7,220)
Allowance for loan losses						(26,091)						(25,181)
Portfolio loans receivable, net						$	1,621,910					$	1,498,801

Schedule of Activity In Accretable Discounts On Loans Acquired

Accretable discounts on loans acquired is summarized as follows:

Accretable Discounts on Loans Acquired
						For the Three Months Ended												For the Nine Months Ended
(in thousands)						September 30, 2022						September 30, 2021						September 30, 2022									September 30, 2021
Accretable discount at beginning of period						$	159					$	212					$	166								$	221
Less: Accretion and payoff of loans						(11)						(23)						(18)									(32)
Accretable discount at end of period						$	148					$	189					$	148								$	189

Allowance for Credit Losses on Loans Receivables

The following tables set forth the changes in the allowance for loan losses and an allocation of the allowance for loan losses by class for the three and nine months ended September 30, 2022 and September 30, 2021.

Allowance for Loan Losses						Beginning Balance						Provision for Loan Losses						Charge-Offs						Recoveries						Ending Balance
(in thousands)
Three Months Ended September 30, 2022
Real estate:
Residential						$	5,863					$	106					$	—					$	—					$	5,969
Commercial						8,857						(489)						—						—						8,368
Construction						4,473						(468)						—						—						4,005
Commercial and Industrial						2,457						(262)						—						—						2,195
Credit card						4,759						2,373						(1,596)						8						5,544
Other consumer						10						—						—						—						10
Total						$	26,419					$	1,260					$	(1,596)					$	8					$	26,091
Nine Months Ended September 30, 2022
Real estate:
Residential						$	5,612					$	357					$	—					$	—					$	5,969
Commercial						8,566						(198)						—						—						8,368
Construction						4,699						(694)						—						—						4,005
Commercial and Industrial						2,637						(442)						—						—						2,195
Credit card						3,655						5,226						(3,375)						38						5,544
Other consumer						12						(2)						—						—						10
Total						$	25,181					$	4,247					$	(3,375)					$	38					$	26,091

Allowance for Loan Losses
(in thousands)						Beginning Balance						Provision for Loan Losses						Charge-Offs						Recoveries						Ending Balance
Three Months Ended September 30, 2021
Real estate:
Residential						$	6,709					$	(289)					$	—					$	—					$	6,420
Commercial						7,777						315						—						—						8,092
Construction						4,542						330						—						—						4,872
Commercial and Industrial						2,536						(409)						—						1						2,128
Credit card						2,502						1,024						(305)						3						3,224
Other consumer						13						4						—						—						17
Total						$	24,079					$	975					$	(305)					$	4					$	24,753
Nine Months Ended September 30, 2021
Real estate:
Residential						$	7,153					$	(733)					$	—					$	—					$	6,420
Commercial						6,786						1,467						(161)						—						8,092
Construction						4,595						276						—						1						4,872
Commercial and Industrial						2,417						(256)						(39)						6						2,128
Credit card						2,462						1,509						(777)						30						3,224
Other consumer						21						(4)						—						—						17
Total						$	23,434					$	2,259					$	(977)					$	37					$	24,753

The following tables present, by class and reserving methodology, the allocation of the allowance for loan losses and the gross investment in loans. The allowance for loan losses consists of specific and general components. The specific component relates to loans that are individually classified as impaired. The general component covers non-impaired loans and is based on historical loss experience adjusted for current economic factors.

Allowance for Loan Loss Composition
(in thousands)																																				Allowance for Loan Losses Ending Balance Evaluated for Impairment:												Outstanding Portfolio Loan Balances Evaluated for Impairment:
September 30, 2022																								Individually						Collectively						Individually						Collectively
Real estate:
Residential																																				$	—					$	5,969					$	3,165					$	463,684
Commercial																																				—						8,368						1,560						624,470
Construction																																				—						4,005						2,852						232,193
Commercial and Industrial																																				159						2,036						843						191,364
Credit card																																				—						5,544						—						136,658
Other consumer																																				—						10						—						1,055
Total																																				$	159					$	25,932					$	8,420					$	1,649,424
December 31, 2021
Real estate:
Residential																																				$	—					$	5,612					$	2,835					$	398,772
Commercial																																				—						8,566						25						556,314
Construction																																				—						4,699						7,803						247,344
Commercial and Industrial																																				218						2,419						676						175,280
Credit card																																				—						3,655						—						141,120
Other consumer																																				—						12						—						1,033
Total																																				$	218					$	24,963					$	11,339					$	1,519,863

Past Due Loans Receivables

Past due loans, segregated by age and class of loans, as of September 30, 2022 and December 31, 2021 were as follows:

Portfolio Loans Past Due
						Loans 30-89 Days Past Due						Loans 90 or More Days Past Due						Total Past Due Loans						Current Loans						Total Portfolio Loans						Accruing Loans 90 or More Days Past Due						Non-accrual Loans
(in thousands)
September 30, 2022
Real estate:
Residential						$	1,238					$	2,869					$	4,107					$	462,742					$	466,849					$	—					$	3,165
Commercial						—						957						957						625,073						626,030						—						1,560
Construction						843						2,852						3,695						231,350						235,045						—						2,852
Commercial and Industrial						480						634						1,114						191,093						192,207						—						843
Credit card						18,453						174						18,627						118,031						136,658						174						—
Other consumer						—						—						—						1,055						1,055						—						—
Total						$	21,014					$	7,486					$	28,500					$	1,629,344					$	1,657,844					$	174					$	8,420
December 31, 2021
Real estate:
Residential						$	469					$	2,494					$	2,963					$	398,644					$	401,607					$	72					$	2,835
Commercial						367						25						392						555,947						556,339						—						25
Construction						—						7,803						7,803						247,344						255,147						—						7,803
Commercial and Industrial						183						593						776						175,180						175,956						—						676
Credit card						19,022						10						19,032						122,088						141,120						10						—
Other consumer						—						—						—						1,033						1,033						—						—
Total						$	20,041					$	10,925					$	30,966					$	1,500,236					$	1,531,202					$	82					$	11,339

Impaired Loans Receivables

Impaired portfolio loans were as follows:

Impaired Portfolio Loans
						Unpaid Contractual Principal Balance						Recorded Investment With No Allowance						Recorded Investment With Allowance						Total Recorded Investment						Related Allowance
(in thousands)
September 30, 2022
Real estate:
Residential						$	3,329					$	3,165					$	—					$	3,165					$	—
Commercial						1,643						1,560						—						1,560						—
Construction						2,939						2,852						—						2,852						—
Commercial and Industrial						1,028						575						268						843						159
Total						$	8,939					$	8,152					$	268					$	8,420					$	159
December 31, 2021
Real estate:
Residential						$	3,022					$	2,835					$	—					$	2,835					$	—
Commercial						90						25						—						25						—
Construction						7,885						7,803						—						7,803						—
Commercial and Industrial						832						340						336						676						218
Total						$	11,829					$	11,003					$	336					$	11,339					$	218

The following tables summarize interest recognized on impaired loans:

Interest Recognized on Impaired Portfolio Loans
			For the Three Months Ended September 30, 2022												For the Nine Months Ended September 30, 2022
(in thousands)			Average Recorded Investment						Interest Recognized						Average Recorded Investment						Interest Recognized
Real estate:
Residential			$	3,329					$	—					$	3,341					$	—
Commercial			1,643						—						1,650						—
Construction			2,939						—						2,938						—
Commercial and Industrial			1,242						—						1,267						—
Total			$	9,153					$	—					$	9,196					$	—

Interest Recognized on Impaired Portfolio Loans
			For the Three Months Ended September 30, 2021												For the Nine Months Ended September 30, 2021
(in thousands)			Average Recorded Investment						Interest Recognized						Average Recorded Investment						Interest Recognized
Real estate:
Residential			$	5,222					$	45					$	5,334					$	67
Commercial			90						5						90						22
Construction			7,885						127						7,779						127
Commercial and Industrial			1,056						16						1,058						49
Total			$	14,253					$	193					$	14,261					$	265

Loans Receivables Credit Quality Indicators

The following table presents the balances of classified loans based on the risk grade. Classified loans include Special Mention, Substandard, and Doubtful loans:

Portfolio Loan Classifications
(in thousands)						Pass(1)						Special Mention						Substandard						Doubtful						Total
September 30, 2022
Real estate:
Residential						$	451,471					$	9,751					$	5,627					$	—					$	466,849
Commercial						618,461						6,009						1,560						—						626,030
Construction						232,193						—						2,852						—						235,045
Commercial and Industrial						186,448						4,216						1,543						—						192,207
Credit card						136,658						—						—						—						136,658
Other consumer						1,055						—						—						—						1,055
Portfolio loans receivable, gross						$	1,626,286					$	19,976					$	11,582					$	—					$	1,657,844
December 31, 2021
Real estate:
Residential						$	394,488					$	2,540					$	4,579					$	—					$	401,607
Commercial						548,244						8,070						25						—						556,339
Construction						243,848						3,496						7,803						—						255,147
Commercial and Industrial						164,066						10,417						1,473						—						175,956
Credit card						141,120						—						—						—						141,120
Other consumer						1,033						—						—						—						1,033
Portfolio loans receivable, gross						$	1,492,799					$	24,523					$	13,880					$	—					$	1,531,202

________________________

(1)     Pass includes loans graded exceptional, very good, good, satisfactory and pass/watch, in addition to credit cards and consumer credits that are not individually graded.

Troubled Debt Restructurings on Loans Receivables

Modifications such as payment deferrals through September 30, 2022 have been short term in nature and are included in the population of loans deferred and have not impacted TDRs. The status of TDRs is as follows:

Troubled Debt Restructurings
(in thousands)						Number of Contracts						Recorded Investment
September 30, 2022												Performing						Nonperforming						Total
Real estate:
Residential						4						$	—					$	437					$	437
Commercial and Industrial						1						—						70						70
Total						5						$	—					$	507					$	507
December 31, 2021
Real estate:
Residential						4						$	—					$	450					$	450
Commercial and Industrial						1						—						83						83
Total						5						$	—					$	533					$	533

Schedule of Outstanding Loan Commitments

Outstanding loan commitments were as follows:

Loan Commitments
(in thousands)						September 30, 2022						December 31, 2021
Unused lines of credit
Real Estate:
Residential						$	24,997					$	15,747
Residential - Home Equity						39,957						37,640
Commercial						33,382						17,225
Construction						76,034						118,518
Commercial and Industrial						48,184						45,135
Credit card(1)						119,680						123,874
Other consumer						274						2,247
Total						$	342,508					$	360,386
Commitments to originate residential loans held for sale						$	—					$	1,385
Letters of credit						$	5,085					$	5,105

________________________

(1)     Outstanding loan commitments in the credit card portfolio include $114.5 million and $121.7 million in secured balances as of September 30, 2022 and December 31, 2021, respectively.

Schedule of Credit Losses for Financing Receivables

Activity for this account is as follows for the periods presented:

Off Balance Sheet Reserve
						For the Three Months Ended												For the Nine Months Ended
(in thousands)						September 30, 2022						September 30, 2021						September 30, 2022						September 30, 2021
Balance at beginning of period						$	1,631					$	1,745					$	1,736					$	1,775
Provision for (reversal of) off balance sheet credit commitments						51						(9)						(54)						(39)
Balance at end of period						$	1,682					$	1,736					$	1,682					$	1,736

Activity in this reserve is as follows for the periods presented:

Mortgage Loan Put-back Reserve
						For the Three Months Ended												For the Nine Months Ended
(in thousands)						September 30, 2022						September 30, 2021						September 30, 2022						September 30, 2021
Balance at beginning of period						$	1,166					$	1,369					$	1,164					$	1,160
Provision for mortgage loan put backs						4						70						6						279
Balance at end of period						$	1,170					$	1,439					$	1,170					$	1,439

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