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v3.23.1

ALLOWANCE FOR CREDIT LOSSES (Tables) | 3 Months Ended
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Mar. 31, 2023
Credit Loss [Abstract] |
Schedule of loan balances by segment and the corresponding balances in the allowance for loan losses | The following tables present the loan balances by segment, and the corresponding balances in the allowance as of March 31, 2023 and December 31, 2022. The allowance was based on the CECL methodology.
|  | March 31, 2023 |
|  |  |  |  | Ending ACL |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  | Attributable |  |  |  |  |  | Ending ACL |  |  |  |  |  |  |
|  | Total |  |  | To |  |  | Total |  |  | Attributable |  |  |  |  |  |  |
|  | Individually |  |  | Individually |  |  | Loans |  |  | To Loans |  |  |  |  |  | Total |
|  | Evaluated |  |  | Evaluated |  |  | Collectively |  |  | Collectively |  |  | Total |  |  | Ending |
(In thousands) |  | Loans |  |  | Loans |  |  | Evaluated |  |  | Evaluated |  |  | Loans |  |  | ACL |
Primary residential mortgage |  | $ | 574 |  |  | $ | — |  |  | $ | 545,559 |  |  | $ | 2,959 |  |  | $ | 546,133 |  |  | $ | 2,959 |
Junior lien loan on residence |  |  | — |  |  |  | — |  |  |  | 36,986 |  |  |  | 146 |  |  |  | 36,986 |  |  |  | 146 |
Multifamily property |  |  | 11,236 |  |  |  | 1,104 |  |  |  | 1,860,151 |  |  |  | 8,719 |  |  |  | 1,871,387 |  |  |  | 9,823 |
Owner-occupied commercial real estate |  |  | — |  |  |  | — |  |  |  | 274,923 |  |  |  | 4,952 |  |  |  | 274,923 |  |  |  | 4,952 |
Investment commercial real estate |  |  | 11,166 |  |  |  | 1,221 |  |  |  | 1,005,559 |  |  |  | 13,317 |  |  |  | 1,016,725 |  |  |  | 14,538 |
Commercial and industrial |  |  | 3,268 |  |  |  | 296 |  |  |  | 1,265,082 |  |  |  | 26,573 |  |  |  | 1,268,350 |  |  |  | 26,869 |
Lease financing |  |  | 1,492 |  |  |  | — |  |  |  | 281,414 |  |  |  | 1,989 |  |  |  | 282,906 |  |  |  | 1,989 |
Construction |  |  | — |  |  |  | — |  |  |  | 12,593 |  |  |  | 313 |  |  |  | 12,593 |  |  |  | 313 |
Consumer and other loans |  |  | — |  |  |  | — |  |  |  | 52,249 |  |  |  | 661 |  |  |  | 52,249 |  |  |  | 661 |
Total ACL |  | $ | 27,736 |  |  | $ | 2,621 |  |  | $ | 5,334,516 |  |  | $ | 59,629 |  |  | $ | 5,362,252 |  |  | $ | 62,250 |
|  | December 31, 2022 |
|  |  |  |  | Ending ACL |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  | Attributable |  |  |  |  |  | Ending ACL |  |  |  |  |  |  |
|  | Total |  |  | To |  |  | Total |  |  | Attributable |  |  |  |  |  |  |
|  | Individually |  |  | Individually |  |  | Loans |  |  | To Loans |  |  |  |  |  | Total |
|  | Evaluated |  |  | Evaluated |  |  | Collectively |  |  | Collectively |  |  | Total |  |  | Ending |
(In thousands) |  | Loans |  |  | Loans |  |  | Evaluated |  |  | Evaluated |  |  | Loans |  |  | ACL |
Primary residential mortgage |  | $ | 374 |  |  | $ | — |  |  | $ | 527,410 |  |  | $ | 2,894 |  |  | $ | 527,784 |  |  | $ | 2,894 |
Junior lien loan on residence |  |  | — |  |  |  | — |  |  |  | 38,265 |  |  |  | 154 |  |  |  | 38,265 |  |  |  | 154 |
Multifamily property |  |  | — |  |  |  | — |  |  |  | 1,863,915 |  |  |  | 8,849 |  |  |  | 1,863,915 |  |  |  | 8,849 |
Owner-occupied commercial real estate |  |  | — |  |  |  | — |  |  |  | 272,009 |  |  |  | 4,835 |  |  |  | 272,009 |  |  |  | 4,835 |
Investment commercial real estate |  |  | 11,208 |  |  |  | 1,208 |  |  |  | 1,032,917 |  |  |  | 14,272 |  |  |  | 1,044,125 |  |  |  | 15,480 |
Commercial and industrial |  |  | 3,385 |  |  |  | 299 |  |  |  | 1,191,277 |  |  |  | 25,231 |  |  |  | 1,194,662 |  |  |  | 25,530 |
Lease financing |  |  | 1,765 |  |  |  | — |  |  |  | 286,801 |  |  |  | 2,314 |  |  |  | 288,566 |  |  |  | 2,314 |
Construction |  |  | — |  |  |  | — |  |  |  | 9,936 |  |  |  | 236 |  |  |  | 9,936 |  |  |  | 236 |
Consumer and other loans |  |  | — |  |  |  | — |  |  |  | 42,319 |  |  |  | 537 |  |  |  | 42,319 |  |  |  | 537 |
Total ACL |  | $ | 16,732 |  |  | $ | 1,507 |  |  | $ | 5,264,849 |  |  | $ | 59,322 |  |  | $ | 5,281,581 |  |  | $ | 60,829 |
Schedule of loans individually evaluated by segment | The following tables present collateral dependent loans individually evaluated by segment as of March 31, 2023 and December 31, 2022:
|  | March 31, 2023 |
|  |  |  |  |  |  |  |  |  |  | Average |
|  | Unpaid |  |  |  |  |  |  |  |  | Individually |
|  | Principal |  |  | Recorded |  |  | Related |  |  | Evaluated |
(In thousands) |  | Balance |  |  | Investment |  |  | Allowance |  |  | Loans |
With no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |
Primary residential mortgage |  | $ | 724 |  |  | $ | 574 |  |  | $ | — |  |  | $ | 507 |
Commercial and industrial |  |  | 3,775 |  |  |  | 1,743 |  |  |  | — |  |  |  | 1,810 |
Lease financing |  |  | 1,537 |  |  |  | 1,492 |  |  |  | — |  |  |  | 1,674 |
Total loans with no related allowance |  | $ | 6,036 |  |  | $ | 3,809 |  |  | $ | — |  |  | $ | 3,991 |
With related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |
Multifamily property |  | $ | 11,267 |  |  | $ | 11,236 |  |  | $ | 1,104 |  |  | $ | 3,745 |
Investment commercial real estate |  |  | 12,500 |  |  |  | 11,166 |  |  |  | 1,221 |  |  |  | 11,183 |
Commercial and industrial |  |  | 1,546 |  |  |  | 1,525 |  |  |  | 296 |  |  |  | 1,217 |
Total loans with related allowance |  | $ | 25,313 |  |  | $ | 23,927 |  |  | $ | 2,621 |  |  | $ | 16,145 |
Total loans individually evaluated |  | $ | 31,349 |  |  | $ | 27,736 |  |  | $ | 2,621 |  |  | $ | 20,136 |
|  | December 31, 2022 |
|  |  |  |  |  |  |  |  |  |  | Average |
|  | Unpaid |  |  |  |  |  |  |  |  | Individually |
|  | Principal |  |  | Recorded |  |  | Related |  |  | Evaluated |
(In thousands) |  | Balance |  |  | Investment |  |  | Allowance |  |  | Loans |
With no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |
Primary residential mortgage |  | $ | 415 |  |  | $ | 374 |  |  | $ | — |  |  | $ | 249 |
Commercial and industrial |  |  | 3,868 |  |  |  | 1,836 |  |  |  | — |  |  |  | 539 |
Lease financing |  |  | 1,792 |  |  |  | 1,765 |  |  |  | — |  |  |  | 444 |
Total loans with no related allowance |  | $ | 6,075 |  |  | $ | 3,975 |  |  | $ | — |  |  | $ | 1,232 |
With related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |
Investment commercial real estate |  | $ | 12,500 |  |  | $ | 11,208 |  |  | $ | 1,208 |  |  | $ | 12,402 |
Commercial and industrial |  |  | 1,555 |  |  |  | 1,549 |  |  |  | 299 |  |  |  | 174 |
Total loans with related allowance |  | $ | 14,055 |  |  | $ | 12,757 |  |  | $ | 1,507 |  |  | $ | 12,576 |
Total loans individually evaluated for impairment |  | $ | 20,130 |  |  | $ | 16,732 |  |  | $ | 1,507 |  |  | $ | 13,808 |
Schedule of Activity in Allowance for Loan and Losses | The activity in the allowance for credit losses for the three months ended March 31, 2023 and March 31, 2022 is summarized below:
|  | January 1, |  |  |  |  |  |  |  |  |  |  |  | March 31, |
|  | 2023 |  |  |  |  |  |  |  |  |  |  |  | 2023 |
|  | Beginning |  |  |  |  |  |  |  |  | Provision |  |  | Ending |
(In thousands) |  | ACL |  |  | Charge-offs |  |  | Recoveries |  |  | (Credit) (A) |  |  | ACL |
Primary residential mortgage |  | $ | 2,894 |  |  | $ | — |  |  | $ | — |  |  | $ | 65 |  |  | $ | 2,959 |
Junior lien loan on residence |  |  | 154 |  |  |  | — |  |  |  | — |  |  |  | (8 | ) |  |  | 146 |
Multifamily property |  |  | 8,849 |  |  |  | — |  |  |  | — |  |  |  | 974 |  |  |  | 9,823 |
Owner-occupied commercial real estate |  |  | 4,835 |  |  |  | — |  |  |  | — |  |  |  | 117 |  |  |  | 4,952 |
Investment commercial real estate |  |  | 15,480 |  |  |  | — |  |  |  | — |  |  |  | (942 | ) |  |  | 14,538 |
Commercial and industrial |  |  | 25,530 |  |  |  | — |  |  |  | — |  |  |  | 1,339 |  |  |  | 26,869 |
Lease financing |  |  | 2,314 |  |  |  | — |  |  |  | — |  |  |  | (325 | ) |  |  | 1,989 |
Construction |  |  | 236 |  |  |  | — |  |  |  | — |  |  |  | 77 |  |  |  | 313 |
Consumer and other loans |  |  | 537 |  |  |  | (46 | ) |  |  | 3 |  |  |  | 167 |  |  |  | 661 |
Total ACL |  | $ | 60,829 |  |  | $ | (46 | ) |  | $ | 3 |  |  | $ | 1,464 |  |  | $ | 62,250 |
(A) Provision to roll forward the ACL excludes a provision of $49,000 for off-balance sheet commitments.
|  | December 31, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Prior to |  |  |  |  |  |  |  |  |  |  |  |  |  |  | March 31, |
|  | Adoption |  |  | Impact of |  |  |  |  |  |  |  |  |  |  |  | 2022 |
|  | of |  |  | Adopting |  |  |  |  |  |  |  |  | Provision |  |  | Ending |
(In thousands) |  | Topic 326 |  |  | Topic 326 |  |  | Charge-offs |  |  | Recoveries |  |  | (Credit) (A) |  |  | ACL |
Primary residential mortgage |  | $ | 1,510 |  |  | $ | 717 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,318 |  |  | $ | 3,545 |
Junior lien loan on residence |  |  | 88 |  |  |  | 83 |  |  |  | — |  |  |  | — |  |  |  | 71 |  |  |  | 242 |
Multifamily property |  |  | 9,806 |  |  |  | 4,072 |  |  |  | — |  |  |  | — |  |  |  | 1,602 |  |  |  | 15,480 |
Owner-occupied commercial real estate |  |  | 1,998 |  |  |  | 2,902 |  |  |  | — |  |  |  | — |  |  |  | 3 |  |  |  | 4,903 |
Investment commercial real estate |  |  | 27,083 |  |  |  | (13,589 | ) |  |  | (250 | ) |  |  | — |  |  |  | (2,275 | ) |  |  | 10,969 |
Commercial and industrial |  |  | 17,509 |  |  |  | (657 | ) |  |  | — |  |  |  | 4 |  |  |  | 1,797 |  |  |  | 18,653 |
Lease financing |  |  | 3,440 |  |  |  | 156 |  |  |  | — |  |  |  | — |  |  |  | (242 | ) |  |  | 3,354 |
Construction |  |  | 48 |  |  |  | 361 |  |  |  | — |  |  |  | — |  |  |  | 123 |  |  |  | 532 |
Consumer and other loans |  |  | 215 |  |  |  | 419 |  |  |  | (20 | ) |  |  | 2 |  |  |  | 92 |  |  |  | 708 |
Total ACL |  | $ | 61,697 |  |  | $ | (5,536 | ) |  | $ | (270 | ) |  | $ | 6 |  |  | $ | 2,489 |  |  | $ | 58,386 |
(A) Provision to roll forward the ACL excludes a credit of $114,000 for off-balance sheet commitments.
Schedule of Activity in ACL for Off Balance Sheet Commitments | The following table presets the activity in the ACL for off-balance sheet commitments for the three months ended March 31, 2023 and 2022:
|  | January 1, |  |  |  |  |  |  |
|  | 2023 |  |  |  |  |  | March 31, |
|  | Beginning |  |  | Provision |  |  | 2023 |
(In thousands) |  | ACL |  |  | (Credit) |  |  | Ending ACL |
Off balance sheet commitments |  | $ | 752 |  |  | $ | 49 |  |  | $ | 801 |
Total ACL |  | $ | 752 |  |  | $ | 49 |  |  | $ | 801 |
|  | December 31, |  |  |  |  |  |  |  |  |  |
|  | 2021 |  |  |  |  |  |  |  |  | March 31, |
|  | Prior to adoption |  |  | Impact of |  |  | Provision |  |  | 2022 |
(In thousands) |  | of Topic 326 |  |  | adopting Topic 326 |  |  | (Credit) |  |  | Ending ACL |
Off balance sheet commitments |  | $ | — |  |  | $ | 302 |  |  | $ | (114 | ) |  | $ | 188 |
Total ACL |  | $ | — |  |  | $ | 302 |  |  | $ | (114 | ) |  | $ | 188 |

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