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v3.24.3

ALLOWANCE FOR CREDIT LOSSES (Tables) | 9 Months Ended
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Sep. 30, 2024
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 September 30, 2024 and December 31, 2023. The allowance was based on the CECL methodology.
|  | September 30, 2024 |
|  |  |  |  | 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 |  | $ | 1,658 |  |  | $ | — |  |  | $ | 589,023 |  |  | $ | 4,411 |  |  | $ | 590,681 |  |  | $ | 4,411 |
Junior lien loan on residence |  |  | 96 |  |  |  | — |  |  |  | 42,063 |  |  |  | 200 |  |  |  | 42,159 |  |  |  | 200 |
Multifamily property |  |  | 33,337 |  |  |  | 2,242 |  |  |  | 1,751,524 |  |  |  | 10,539 |  |  |  | 1,784,861 |  |  |  | 12,781 |
Owner-occupied commercial real estate |  |  | — |  |  |  | — |  |  |  | 269,743 |  |  |  | 4,909 |  |  |  | 269,743 |  |  |  | 4,909 |
Investment commercial real estate |  |  | 11,715 |  |  |  | 745 |  |  |  | 967,473 |  |  |  | 13,411 |  |  |  | 979,188 |  |  |  | 14,156 |
Commercial and industrial |  |  | 29,810 |  |  |  | 6,501 |  |  |  | 1,276,360 |  |  |  | 24,808 |  |  |  | 1,306,170 |  |  |  | 31,309 |
Lease financing |  |  | 3,356 |  |  |  | 197 |  |  |  | 227,928 |  |  |  | 1,524 |  |  |  | 231,284 |  |  |  | 1,721 |
Construction |  |  | — |  |  |  | — |  |  |  | 28,578 |  |  |  | 770 |  |  |  | 28,578 |  |  |  | 770 |
Consumer and other loans |  |  | — |  |  |  | — |  |  |  | 80,795 |  |  |  | 1,026 |  |  |  | 80,795 |  |  |  | 1,026 |
Total ACL |  | $ | 79,972 |  |  | $ | 9,685 |  |  | $ | 5,233,487 |  |  | $ | 61,598 |  |  | $ | 5,313,459 |  |  | $ | 71,283 |
|  | December 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 |  | $ | 652 |  |  | $ | — |  |  | $ | 584,474 |  |  | $ | 3,931 |  |  | $ | 585,126 |  |  | $ | 3,931 |
Junior lien loan on residence |  |  | 100 |  |  |  | — |  |  |  | 40,103 |  |  |  | 177 |  |  |  | 40,203 |  |  |  | 177 |
Multifamily property |  |  | 16,645 |  |  |  | — |  |  |  | 1,819,745 |  |  |  | 8,782 |  |  |  | 1,836,390 |  |  |  | 8,782 |
Owner-occupied commercial real estate |  |  | — |  |  |  | — |  |  |  | 255,110 |  |  |  | 4,840 |  |  |  | 255,110 |  |  |  | 4,840 |
Investment commercial real estate |  |  | 9,881 |  |  |  | — |  |  |  | 1,051,316 |  |  |  | 15,403 |  |  |  | 1,061,197 |  |  |  | 15,403 |
Commercial and industrial |  |  | 31,430 |  |  |  | 4,518 |  |  |  | 1,283,351 |  |  |  | 25,189 |  |  |  | 1,314,781 |  |  |  | 29,707 |
Lease financing |  |  | 2,002 |  |  |  | 20 |  |  |  | 249,421 |  |  |  | 1,643 |  |  |  | 251,423 |  |  |  | 1,663 |
Construction |  |  | — |  |  |  | — |  |  |  | 17,987 |  |  |  | 516 |  |  |  | 17,987 |  |  |  | 516 |
Consumer and other loans |  |  | — |  |  |  | — |  |  |  | 63,906 |  |  |  | 869 |  |  |  | 63,906 |  |  |  | 869 |
Total ACL |  | $ | 60,710 |  |  | $ | 4,538 |  |  | $ | 5,365,413 |  |  | $ | 61,350 |  |  | $ | 5,426,123 |  |  | $ | 65,888 |
Schedule of loans individually evaluated by segment | The following tables present collateral dependent loans individually evaluated by segment as of September 30, 2024 and December 31, 2023:
|  | September 30, 2024 |
|  |  |  |  |  |  |  |  |  |  | Average |
|  | Unpaid |  |  |  |  |  |  |  |  | Individually |
|  | Principal |  |  | Recorded |  |  | Related |  |  | Evaluated |
(In thousands) |  | Balance |  |  | Investment (A) |  |  | Allowance |  |  | Loans |
With no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |
Primary residential mortgage (A) |  | $ | 1,754 |  |  | $ | 1,658 |  |  | $ | — |  |  | $ | 1,539 |
Junior lien loan on residence (A) |  |  | 99 |  |  |  | 96 |  |  |  | — |  |  |  | 103 |
Multifamily property (B) |  |  | 15,320 |  |  |  | 15,295 |  |  |  | — |  |  |  | 17,526 |
Commercial and industrial (A)(C)(D) |  |  | 3,902 |  |  |  | 2,733 |  |  |  | — |  |  |  | 3,798 |
Lease financing (E) |  |  | 2,671 |  |  |  | 2,555 |  |  |  | — |  |  |  | 1,662 |
Total loans with no related allowance |  | $ | 23,746 |  |  | $ | 22,337 |  |  | $ | — |  |  | $ | 24,628 |
With related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |
Multifamily property (B) |  | $ | 18,138 |  |  | $ | 18,042 |  |  | $ | 2,242 |  |  | $ | 10,090 |
Investment commercial real estate (D) |  |  | 14,430 |  |  |  | 11,715 |  |  |  | 745 |  |  |  | 10,684 |
Commercial and industrial (A)(C)(D)(E) |  |  | 29,513 |  |  |  | 27,077 |  |  |  | 6,501 |  |  |  | 22,184 |
Lease financing (E) |  |  | 841 |  |  |  | 801 |  |  |  | 197 |  |  |  | 889 |
Total loans with related allowance |  | $ | 62,922 |  |  | $ | 57,635 |  |  | $ | 9,685 |  |  | $ | 43,847 |
Total loans individually evaluated |  | $ | 86,668 |  |  | $ | 79,972 |  |  | $ | 9,685 |  |  | $ | 68,475 |
(A) Secured by residential real estate. (B) Secured by multifamily residential properties. (C) Secured by commercial real estate. (D) Secured by all business assets. (E) Secured by machinery and equipment.
|  | December 31, 2023 |
|  |  |  |  |  |  |  |  |  |  | Average |
|  | Unpaid |  |  |  |  |  |  |  |  | Individually |
|  | Principal |  |  | Recorded |  |  | Related |  |  | Evaluated |
(In thousands) |  | Balance |  |  | Investment |  |  | Allowance |  |  | Loans |
With no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |
Primary residential mortgage (A) |  | $ | 712 |  |  | $ | 652 |  |  | $ | — |  |  | $ | 428 |
Junior lien loan on residence (A) |  |  | 100 |  |  |  | 100 |  |  |  | — |  |  |  | 8 |
Multifamily property (B) |  |  | 18,868 |  |  |  | 16,645 |  |  |  | — |  |  |  | 5,964 |
Investment commercial real estate (C) |  |  | 12,500 |  |  |  | 9,881 |  |  |  | — |  |  |  | 5,781 |
Commercial and industrial (A)(C)(D) |  |  | 6,275 |  |  |  | 3,965 |  |  |  | — |  |  |  | 2,146 |
Lease financing (E) |  |  | 1,035 |  |  |  | 946 |  |  |  | — |  |  |  | 2,067 |
Total loans with no related allowance |  | $ | 39,490 |  |  | $ | 32,189 |  |  | $ | — |  |  | $ | 16,394 |
With related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial (C)(D)(E) |  | $ | 28,359 |  |  | $ | 27,465 |  |  | $ | 4,518 |  |  | $ | 9,814 |
Lease financing (E) |  |  | 1,079 |  |  |  | 1,056 |  |  |  | 20 |  |  |  | 1,611 |
Total loans with related allowance |  | $ | 29,438 |  |  | $ | 28,521 |  |  | $ | 4,538 |  |  | $ | 11,425 |
Total loans individually evaluated for impairment |  | $ | 68,928 |  |  | $ | 60,710 |  |  | $ | 4,538 |  |  | $ | 27,819 |
(A) Secured by residential real estate. (B) Secured by multifamily residential properties. (C) Secured by commercial real estate. (D) Secured by all business assets. (E) Secured by machinery and equipment.
Schedule of Activity in Allowance for Loan and Losses | The activity in the allowance for credit losses for the three months ended September 30, 2024 and September 30, 2023 is summarized below:
|  | July 1, |  |  |  |  |  |  |  |  |  |  |  | September 30, |
|  | 2024 |  |  |  |  |  |  |  |  |  |  |  | 2024 |
|  | Beginning |  |  |  |  |  |  |  |  | Provision |  |  | Ending |
(In thousands) |  | ACL |  |  | Charge-offs |  |  | Recoveries |  |  | (Credit) (A) |  |  | ACL |
Primary residential mortgage |  | $ | 4,191 |  |  | $ | (43 | ) |  | $ | — |  |  | $ | 263 |  |  | $ | 4,411 |
Junior lien loan on residence |  |  | 187 |  |  |  | — |  |  |  | — |  |  |  | 13 |  |  |  | 200 |
Multifamily property |  |  | 12,601 |  |  |  | — |  |  |  | — |  |  |  | 180 |  |  |  | 12,781 |
Owner-occupied commercial real estate |  |  | 4,712 |  |  |  | — |  |  |  | — |  |  |  | 197 |  |  |  | 4,909 |
Investment commercial real estate |  |  | 14,452 |  |  |  | — |  |  |  | — |  |  |  | (296 | ) |  |  | 14,156 |
Commercial and industrial |  |  | 28,568 |  |  |  | — |  |  |  | 2,115 |  |  |  | 626 |  |  |  | 31,309 |
Lease financing |  |  | 1,690 |  |  |  | — |  |  |  | 4 |  |  |  | 27 |  |  |  | 1,721 |
Construction |  |  | 655 |  |  |  | — |  |  |  | — |  |  |  | 115 |  |  |  | 770 |
Consumer and other loans |  |  | 928 |  |  |  | (4 | ) |  |  | — |  |  |  | 102 |  |  |  | 1,026 |
Total ACL |  | $ | 67,984 |  |  | $ | (47 | ) |  | $ | 2,119 |  |  | $ | 1,227 |  |  | $ | 71,283 |
(A) Provision to roll forward the ACL excludes a credit of $3,000 for off-balance sheet commitments.
|  | July 1, |  |  |  |  |  |  |  |  |  |  |  | September 30, |
|  | 2023 |  |  |  |  |  |  |  |  |  |  |  | 2023 |
|  | Beginning |  |  |  |  |  |  |  |  | Provision |  |  | Ending |
(In thousands) |  | ACL |  |  | Charge-offs |  |  | Recoveries |  |  | (Credit) (A) |  |  | ACL |
Primary residential mortgage |  | $ | 3,148 |  |  | $ | — |  |  | $ | — |  |  | $ | 115 |  |  | $ | 3,263 |
Junior lien loan on residence |  |  | 151 |  |  |  | — |  |  |  | — |  |  |  | 3 |  |  |  | 154 |
Multifamily property |  |  | 10,537 |  |  |  | — |  |  |  | — |  |  |  | 45 |  |  |  | 10,582 |
Owner-occupied commercial real estate |  |  | 4,708 |  |  |  | — |  |  |  | — |  |  |  | (46 | ) |  |  | 4,662 |
Investment commercial real estate |  |  | 13,548 |  |  |  | — |  |  |  | — |  |  |  | (23 | ) |  |  | 13,525 |
Commercial and industrial |  |  | 27,433 |  |  |  | — |  |  |  | — |  |  |  | 4,701 |  |  |  | 32,134 |
Lease financing |  |  | 2,063 |  |  |  | — |  |  |  | — |  |  |  | 904 |  |  |  | 2,967 |
Construction |  |  | 421 |  |  |  | — |  |  |  | — |  |  |  | 131 |  |  |  | 552 |
Consumer and other loans |  |  | 695 |  |  |  | (57 | ) |  |  | 1 |  |  |  | 114 |  |  |  | 753 |
Total ACL |  | $ | 62,704 |  |  | $ | (57 | ) |  | $ | 1 |  |  | $ | 5,944 |  |  | $ | 68,592 |
(A) Provision to roll forward the ACL excludes a provision of $88,000 for off-balance sheet commitments.
|  | January 1, |  |  |  |  |  |  |  |  |  |  |  | September 30, |
|  | 2024 |  |  |  |  |  |  |  |  |  |  |  | 2024 |
|  | Beginning |  |  |  |  |  |  |  |  | Provision |  |  | Ending |
(In thousands) |  | ACL |  |  | Charge-offs |  |  | Recoveries |  |  | (Credit) (A) |  |  | ACL |
Primary residential mortgage |  | $ | 3,931 |  |  | $ | (43 | ) |  | $ | — |  |  | $ | 523 |  |  | $ | 4,411 |
Junior lien loan on residence |  |  | 177 |  |  |  | — |  |  |  | — |  |  |  | 23 |  |  |  | 200 |
Multifamily property |  |  | 8,782 |  |  |  | (5,379 | ) |  |  | — |  |  |  | 9,378 |  |  |  | 12,781 |
Owner-occupied commercial real estate |  |  | 4,840 |  |  |  | — |  |  |  | — |  |  |  | 69 |  |  |  | 4,909 |
Investment commercial real estate |  |  | 15,403 |  |  |  | — |  |  |  | — |  |  |  | (1,247 | ) |  |  | 14,156 |
Commercial and industrial |  |  | 29,707 |  |  |  | (241 | ) |  |  | 2,120 |  |  |  | (277 | ) |  |  | 31,309 |
Lease financing |  |  | 1,663 |  |  |  | — |  |  |  | 3,214 |  |  |  | (3,156 | ) |  |  | 1,721 |
Construction |  |  | 516 |  |  |  | — |  |  |  | — |  |  |  | 254 |  |  |  | 770 |
Consumer and other loans |  |  | 869 |  |  |  | (21 | ) |  |  | 2 |  |  |  | 176 |  |  |  | 1,026 |
Total ACL |  | $ | 65,888 |  |  | $ | (5,684 | ) |  | $ | 5,336 |  |  | $ | 5,743 |  |  | $ | 71,283 |
(A) Provision to roll forward the ACL excludes a provision of $19,000 for off-balance sheet commitments.
|  | January 1, |  |  |  |  |  |  |  |  |  |  |  | September 30, |
|  | 2023 |  |  |  |  |  |  |  |  |  |  |  | 2023 |
|  | Beginning |  |  |  |  |  |  |  |  | Provision |  |  | Ending |
(In thousands) |  | ACL |  |  | Charge-offs |  |  | Recoveries |  |  | (Credit) (A) |  |  | ACL |
Primary residential mortgage |  | $ | 2,894 |  |  | $ | — |  |  | $ | — |  |  | $ | 369 |  |  | $ | 3,263 |
Junior lien loan on residence |  |  | 154 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 154 |
Multifamily property |  |  | 8,849 |  |  |  | — |  |  |  | — |  |  |  | 1,733 |  |  |  | 10,582 |
Owner-occupied commercial real estate |  |  | 4,835 |  |  |  | — |  |  |  | — |  |  |  | (173 | ) |  |  | 4,662 |
Investment commercial real estate |  |  | 15,480 |  |  |  | (1,199 | ) |  |  | — |  |  |  | (756 | ) |  |  | 13,525 |
Commercial and industrial |  |  | 25,530 |  |  |  | — |  |  |  | — |  |  |  | 6,604 |  |  |  | 32,134 |
Lease financing |  |  | 2,314 |  |  |  | — |  |  |  | — |  |  |  | 653 |  |  |  | 2,967 |
Construction |  |  | 236 |  |  |  | — |  |  |  | — |  |  |  | 316 |  |  |  | 552 |
Consumer and other loans |  |  | 537 |  |  |  | (118 | ) |  |  | 6 |  |  |  | 328 |  |  |  | 753 |
Total ACL |  | $ | 60,829 |  |  | $ | (1,317 | ) |  | $ | 6 |  |  | $ | 9,074 |  |  | $ | 68,592 |
(A) Provision to roll forward the ACL excludes a credit of $9,000 for off-balance sheet commitments.
Schedule of Activity in ACL for Off Balance Sheet Commitments | The following tables present the activity in the ACL for off-balance sheet commitments for the nine months ended September 30, 2024 and 2023:
|  | January 1, |  |  |  |  |  |  |
|  | 2024 |  |  |  |  |  | September 30, |
|  | Beginning |  |  | Provision |  |  | 2024 |
(In thousands) |  | ACL |  |  | (Credit) |  |  | Ending ACL |
Off balance sheet commitments |  | $ | 687 |  |  | $ | 19 |  |  | $ | 706 |
Total ACL |  | $ | 687 |  |  | $ | 19 |  |  | $ | 706 |
|  | January 1, |  |  |  |  |  |  |
|  | 2023 |  |  |  |  |  | September 30, |
|  | Beginning |  |  | Provision |  |  | 2023 |
(In thousands) |  | ACL |  |  | (Credit) |  |  | Ending ACL |
Off balance sheet commitments |  | $ | 752 |  |  | $ | (9 | ) |  | $ | 743 |
Total ACL |  | $ | 752 |  |  | $ | (9 | ) |  | $ | 743 |

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