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Loans (Tables)

9 Months Ended

Sep. 30, 2021

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable

Loan balances as of September 30, 2021 and December 31, 2020 are summarized in the table below. Categories of loans include:

(in thousands)						September 30, 2021						December 31, 2020
Commercial loans
Commercial and industrial						$	107,142					$	75,387
Owner-occupied commercial real estate						84,819						89,785
Investor commercial real estate						28,505						13,902
Construction						115,414						110,385
Single tenant lease financing						921,998						950,172
Public finance						601,738						622,257
Healthcare finance						417,388						528,154
Small business lending						102,889						125,589
Franchise finance						25,598						—
Total commercial loans						2,405,491						2,515,631
Consumer loans
Residential mortgage						188,750						186,787
Home equity						17,960						19,857
Other consumer						268,396						275,692
Total consumer loans						475,106						482,336
Total commercial and consumer loans						2,880,597						2,997,967
Net deferred loan origination fees/costs and premiums/discounts on purchased loans and other(1)						55,551						61,264
Total loans						2,936,148						3,059,231
Allowance for loan losses						(28,000)						(29,484)
Net loans						$	2,908,148					$	3,029,747

(1) Includes carrying value adjustments of $38.9 million and $42.7 million related to terminated interest rate swaps associated with public finance loans as of September 30, 2021 and December 31, 2020, respectively.

Allowance for Credit Losses on Financing Receivables

The following tables present changes in the balance of the ALLL during the three and nine months ended September 30, 2021 and 2020. 

(in thousands)			Three Months Ended September 30, 2021
Allowance for loan losses:			Balance, Beginning of Period						(Credit) Provision Charged to Expense						Losses Charged Off						Recoveries						Balance, End of Period
Commercial and industrial			$	1,902					$	122					$	—					$	2					$	2,026
Owner-occupied commercial real estate			1,021						(28)						—						—						993
Investor commercial real estate			329						(4)						—						—						325
Construction			1,357						(30)						—						—						1,327
Single tenant lease financing			11,205						(152)						—						—						11,053
Public finance			1,700						32						—						—						1,732
Healthcare finance			6,938						(584)						—						—						6,354
Small business lending			783						415						(10)						26						1,214
Franchise finance			—						310						—												310
Residential mortgage			594						19						—						3						616
Home equity			63						—						—						2						65
Other consumer			2,174						(129)						(110)						50						1,985
Total			$	28,066					$	(29)					$	(120)					$	83					$	28,000

			Nine Months Ended September 30, 2021
Allowance for loan losses:			Balance, Beginning of Period						Provision (Credit) Charged to Expense						Losses Charged Off						Recoveries						Balance, End of Period
Commercial and industrial			$	1,146					$	823					$	(28)					$	85					$	2,026
Owner-occupied commercial real estate			1,082						(89)						—						—						993
Investor commercial real estate			155						170						—						—						325
Construction			1,192						135						—						—						1,327
Single tenant lease financing			12,990						454						(2,391)						—						11,053
Public finance			1,732						—						—						—						1,732
Healthcare finance			7,485						(1,131)						—						—						6,354
Small business lending			628						776						(222)						32						1,214
Franchise finance			—						310						—						—						310
Residential mortgage			519						91						(6)						12						616
Home equity			48						63						(51)						5						65
Other consumer			2,507						(334)						(423)						235						1,985
Total			$	29,484					$	1,268					$	(3,121)					$	369					$	28,000

			Three Months Ended September 30, 2020
Allowance for loan losses:			Balance, Beginning of Period						(Credit) Provision Charged to Expense						Losses Charged Off						Recoveries						Balance, End of Period
Commercial and industrial			$	1,477					$	(227)					$	(99)					$	—					$	1,151
Owner-occupied commercial real estate			846						167						—						—						1,013
Investor commercial real estate			130						—						—						—						130
Construction			721						155						—						—						876
Single tenant lease financing			11,318						717						—						—						12,035
Public finance			1,542						191						—						—						1,733
Healthcare finance			4,762						1,232						—						87						6,081
Small business lending			251						230						—						3						484
Residential mortgage			539						26						—						—						565
Home equity			51						(1)						—						3						53
Other consumer			2,828						19						(142)						91						2,796
Total			$	24,465					$	2,509					$	(241)					$	184					$	26,917

			Nine Months Ended September 30, 2020
Allowance for loan losses:			Balance, Beginning of Period						(Credit) Provision Charged to Expense						Losses Charged Off						Recoveries						Balance, End of Period
Commercial and industrial			$	1,521					$	(22)					$	(353)					$	5					$	1,151
Owner-occupied commercial real estate			561						452						—						—						1,013
Investor commercial real estate			109						21						—						—						130
Construction			380						496						—						—						876
Single tenant lease financing			11,175						860						—						—						12,035
Public finance			1,580						153						—						—						1,733
Healthcare finance			3,247						3,490						(743)						87						6,081
Small business lending			54						413						—						17						484
Residential mortgage			657						(81)						(15)						4						565
Home equity			46						(1)						—						8						53
Other consumer			2,510						680						(644)						250						2,796
Total			$	21,840					$	6,461					$	(1,755)					$	371					$	26,917

Allowance For Credit Losses On Financing Receivables Portfolio Segment

The following tables present the recorded investment in loans based on portfolio segment and impairment method as of September 30, 2021 and December 31, 2020. 

(in thousands)			Loans																		Allowance for Loan Losses
September 30, 2021			Ending Balance:   Collectively Evaluated for Impairment						Ending Balance:   Individually Evaluated for Impairment						Ending Balance						Ending Balance:   Collectively Evaluated for Impairment						Ending Balance:   Individually Evaluated for Impairment						Ending Balance
Commercial and industrial			$	106,464					$	678					$	107,142					$	1,576					$	450					$	2,026
Owner-occupied commercial real estate			81,390						3,429						84,819						993						—						993
Investor commercial real estate			28,505						—						28,505						325						—						325
Construction			115,414						—						115,414						1,327						—						1,327
Single tenant lease financing			920,898						1,100						921,998						10,958						95						11,053
Public finance			601,738						—						601,738						1,732						—						1,732
Healthcare finance			416,447						941						417,388						5,831						523						6,354
Small business lending(1)			100,483						2,406						102,889						822						393						1,214
Franchise finance			25,598						—						25,598						310						—						310
Residential mortgage			186,654						2,096						188,750						616						—						616
Home equity			17,946						14						17,960						65						—						65
Other consumer			268,370						27						268,396						1,985						—						1,985
Total			$	2,869,907					$	10,691					$	2,880,597					$	26,540					$	1,461					$	28,000

1 Balance of loans individually evaluated for impairment are guaranteed by the U.S. government.

(in thousands)			Loans																		Allowance for Loan Losses
December 31, 2020			Ending Balance:   Collectively Evaluated for Impairment						Ending Balance:   Individually Evaluated for Impairment						Ending Balance						Ending Balance:   Collectively Evaluated for Impairment						Ending Balance:   Individually Evaluated for Impairment						Ending Balance
Commercial and industrial			$	74,870					$	517					$	75,387					$	1,146					$	—					$	1,146
Owner-occupied commercial real estate			87,947						1,838						89,785						1,082						—						1,082
Investor commercial real estate			13,902						—						13,902						155						—						155
Construction			110,385						—						110,385						1,192						—						1,192
Single tenant lease financing			942,848						7,324						950,172						9,900						3,090						12,990
Public finance			622,257						—						622,257						1,732						—						1,732
Healthcare finance			527,144						1,010						528,154						7,485						—						7,485
Small business lending			125,589						—						125,589						628						—						628
Residential mortgage			185,241						1,546						186,787						519						—						519
Home equity			19,857						—						19,857						48						—						48
Other consumer			275,642						50						275,692						2,507						—						2,507
Total			$	2,985,682					$	12,285					$	2,997,967					$	26,394					$	3,090					$	29,484

Financing Receivable Credit Quality Indicators

The following tables present the credit risk profile of the Company’s commercial and consumer loan portfolios based on rating category and payment activity as of September 30, 2021 and December 31, 2020. 

			September 30, 2021
(in thousands)			Pass						Special Mention						Substandard																		Total
Commercial and industrial			$	92,863					$	13,601					$	678																	$	107,142
Owner-occupied commercial real estate			76,547						4,843						3,429																		84,819
Investor commercial real estate			28,505						—						—																		28,505
Construction			104,656						10,758						—																		115,414
Single tenant lease financing			915,702						5,196						1,100																		921,998
Public finance			600,658						1,080						—																		601,738
Healthcare finance			415,845						602						941																		417,388
Small business lending(1)			93,037						6,762						3,090																		102,889
Franchise finance			25,598						—						—																		25,598
Total commercial loans			$	2,353,411					$	42,842					$	9,238																	$	2,405,491

1 Balance in “Substandard” is guaranteed by the U.S. government.

			September 30, 2021
(in thousands)			Performing						Nonaccrual						Total
Residential mortgage			$	187,497					$	1,253					$	188,750
Home equity			17,946						14						17,960
Other consumer			268,370						26						268,396
Total consumer loans			$	473,813					$	1,293					$	475,106

			December 31, 2020
(in thousands)			Pass						Special Mention						Substandard																		Total
Commercial and industrial			$	74,138					$	732					$	517																	$	75,387
Owner-occupied commercial real estate			84,292						3,655						1,838																		89,785
Investor commercial real estate			13,902						—						—																		13,902
Construction			110,385						—						—																		110,385
Single tenant lease financing			932,830						10,018						7,324																		950,172
Public finance			622,257						—						—																		622,257
Healthcare finance			526,517						627						1,010																		528,154
Small business lending(1)			117,474						2,930						5,185																		125,589
Total commercial loans			$	2,481,795					$	17,962					$	15,874																	$	2,515,631

1 Balance in “Substandard” is guaranteed by the U.S. government.

			December 31, 2020
(in thousands)			Performing						Nonaccrual						Total
Residential mortgage			$	185,604					$	1,183					$	186,787
Home equity			19,857						—						19,857
Other consumer			275,646						46						275,692
Total consumer loans			$	481,107					$	1,229					$	482,336

Past Due Financing Receivables

The following tables present the Company’s loan portfolio delinquency analysis as of September 30, 2021 and December 31, 2020. 

						September 30, 2021
(in thousands)						30-59 Days Past Due						60-89 Days Past Due						90 Days  or More Past Due						Total  Past Due						Current						Total Loans						Non- accrual Loans						Total Loans 90 Days or More Past Due and Accruing
Commercial and industrial						$	—					$	—					$	—					$	—					$	107,142					$	107,142					$	678					$	—
Owner-occupied commercial real estate						—						—						—						—						84,819						84,819						—						—
Investor commercial real estate						—						—						—						—						28,505						28,505						3,429						—
Construction						—						—						—						—						115,414						115,414						—						—
Single tenant lease financing						—						—						—						—						921,998						921,998						1,100						—
Public finance						—						—						—						—						601,738						601,738						—						—
Healthcare finance						—						—						—						—						417,388						417,388						—						—
Small business lending(1)						—						—						1,351						1,351						101,538						102,889						1,351						—
Franchise finance						—						—						—						—						25,598						25,598						—						—
Residential mortgage						—						—						378						378						188,372						188,750						1,253						—
Home equity						—						—						—						—						17,960						17,960						14						—
Other consumer						86						12						17						115						268,281						268,396						26						—
Total						$	86					$	12					$	1,746					$	1,844					$	2,878,753					$	2,880,597					$	7,851					$	—

1 Balance in “90 Days or More Past Due” is guaranteed by the U.S. government.

						December 31, 2020
(in thousands)						30-59 Days Past Due						60-89 Days Past Due						90 Days  or More Past Due						Total  Past Due						Current						Total Loans						Non- accrual Loans						Total Loans 90 Days or More Past Due and Accruing
Commercial and industrial						$	—					$	—					$	—					$	—					$	75,387					$	75,387					$	—					$	—
Owner-occupied commercial real estate						—						—						—						—						89,785						89,785						1,838						—
Investor commercial real estate						—						—						—						—						13,902						13,902						—						—
Construction						—						—						—						—						110,385						110,385						—						—
Single tenant lease financing						—						—						4,680						4,680						945,492						950,172						7,116						—
Public finance						—						—						—						—						622,257						622,257						—						—
Healthcare finance						—						—						—						—						528,154						528,154						—						—
Small business lending						—						—						—						—						125,589						125,589						—						—
Residential mortgage						49						—						269						318						186,469						186,787						1,183						—
Home equity						—						15						—						15						19,842						19,857						—						—
Other consumer						176						51						5						232						275,460						275,692						46						—
Total						$	225					$	66					$	4,954					$	5,245					$	2,992,722					$	2,997,967					$	10,183					$	—

Impaired Financing Receivables

The following table presents the Company’s impaired loans as of September 30, 2021 and December 31, 2020. 

						September 30, 2021																		December 31, 2020
(in thousands)						Recorded Balance						Unpaid Principal Balance						Specific Allowance						Recorded Balance						Unpaid Principal Balance						Specific Allowance
Loans without a specific valuation allowance
Commercial and industrial						$	3,429					$	3,486					$	—					$	517					$	517					$	—
Owner-occupied commercial real estate						—						—						—						1,838						1,850						—
Single tenant lease financing						—						—						—						1,315						1,334						—
Healthcare finance						—						—						—						1,010						1,010						—
Small business lending(1)						1,377						1,486						—						—						—						—
Residential mortgage						2,096						2,223						—						1,546						1,652						—
Home equity						14						15						—						—						—						—
Other consumer						27						82						—						50						120						—
Total						6,943						7,292						—						6,276						6,483						—
Loans with a specific valuation allowance
Commercial and industrial						678						701						450						—						—						—
Single tenant lease financing						1,100						1,123						95						6,009						6,036						3,090
Healthcare Finance						941						941						523						—						—						—
Small business lending						1,029						1,029						393						—						—						—
Total						3,748						3,794						1,461						6,009						6,036						3,090
Total impaired loans						$	10,691					$	11,086					$	1,461					$	12,285					$	12,519					$	3,090

1 Entire balance is guaranteed by the U.S. government.

The table below presents average balances and interest income recognized for impaired loans during the three and nine months ended September 30, 2021 and 2020.

						Three Months Ended																								Nine Months Ended
						September 30, 2021												September 30, 2020												September 30, 2021												September 30, 2020
(in thousands)						Average Balance						Interest Income						Average Balance						Interest Income						Average Balance						Interest Income						Average Balance						Interest Income
Loans without a specific valuation allowance
Commercial and industrial						$	—					$	—					$	971					$	18					$	259					$	9					$	1,210					$	54
Owner-occupied commercial real estate						3,457						—						3,586						29						3,297						—						4,244						60
Single tenant lease financing						—						—						—						—						100						5						—						—
Healthcare finance						—						—						692						8						336						—						231						8
Small business lending(1)						1,315						—						—						—						1,005						—						—						—
Residential mortgage						2,267						15						1,233						—						2,138						28						1,286						—
Home equity						14						—						—						—						13						—						—						—
Other consumer						23						—						68						—						27						—						63						—
Total						7,076						15						6,550						55						7,175						42						7,034						122
Loans with a specific valuation allowance
Commercial and industrial						690						—						182						18						677						—						196						18
Owner-occupied commercial real estate						—						—						—						29						473						—						—						29
Single tenant lease financing						2,048						—						5,978						4						4,875						—						5,113						4
Healthcare Finance						956						37						—						—						809						73						—						—
Small business lending						1,203						—						—						—						401						—						—						—
Total						4,897						37						6,160						51						7,235						73						5,309						51
Total impaired loans						$	11,973					$	52					$	12,710					$	106					$	14,410					$	115					$	12,343					$	173

1 Entire balance is guaranteed by the U.S. government.

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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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