Quarterly report pursuant to Section 13 or 15(d)

Loans (Tables)

v3.24.1.u1
Loans (Tables)
3 Months Ended
Mar. 31, 2024
Receivables [Abstract]  
Loans

Loans consisted of the following as of the dates indicated:

 

 

 

March 31, 2024

 

 

December 31, 2023

 

 

 

(in thousands)

 

Real estate loans:

 

 

 

 

 

 

Commercial property

 

 

 

 

 

 

Retail

 

$

1,091,059

 

 

$

1,107,360

 

Hospitality

 

 

740,160

 

 

 

740,519

 

Office

 

 

575,847

 

 

 

574,981

 

Other (1)

 

 

1,367,395

 

 

 

1,366,534

 

Total commercial property loans

 

 

3,774,461

 

 

 

3,789,394

 

Construction

 

 

104,216

 

 

 

100,345

 

Residential (2)

 

 

970,362

 

 

 

962,661

 

Total real estate loans

 

 

4,849,039

 

 

 

4,852,400

 

Commercial and industrial loans (3)

 

 

774,851

 

 

 

747,819

 

Equipment financing agreements

 

 

553,950

 

 

 

582,215

 

Loans receivable

 

 

6,177,840

 

 

 

6,182,434

 

Allowance for credit losses

 

 

(68,270

)

 

 

(69,462

)

Loans receivable, net

 

$

6,109,570

 

 

$

6,112,972

 

 

(1)
Includes mixed-use, multifamily, industrial, gas stations, faith-based facilities, and medical; all other property types represent less than one percent of total loans receivable.
(2)
Includes $1.5 million and $1.9 million of home equity loans and lines, and $5.3 million and $4.5 million of personal loans at March 31, 2024 and December 31, 2023, respectively.
(3)
At March 31, 2024 and December 31, 2023, Paycheck Protection Program loans were $0.1 million and $0.2 million, respectively.
Activity for Loans Held for Sale

The following is the activity for loans held for sale for the following periods:

 

 

 

Real Estate

 

 

Commercial and Industrial

 

 

Total

 

 

 

(in thousands)

 

Three months ended March 31, 2024

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

8,792

 

 

$

3,221

 

 

$

12,013

 

Originations and transfers

 

 

9,614

 

 

 

8,018

 

 

 

17,632

 

Sales

 

 

(16,900

)

 

 

(8,687

)

 

 

(25,587

)

Principal paydowns and amortization

 

 

(52

)

 

 

(7

)

 

 

(59

)

Balance at end of period

 

$

1,454

 

 

$

2,545

 

 

$

3,999

 

 

 

 

 

 

 

 

 

 

 

Three months ended March 31, 2023

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

3,775

 

 

$

4,268

 

 

$

8,043

 

Originations and transfers

 

 

16,387

 

 

 

8,929

 

 

 

25,316

 

Sales

 

 

(19,781

)

 

 

(9,918

)

 

 

(29,699

)

Principal paydowns and amortization

 

 

(2

)

 

 

(6

)

 

 

(8

)

Balance at end of period

 

$

379

 

 

$

3,273

 

 

$

3,652

 

Loans Purchased by Portfolio Segment

The following table presents loans purchased by portfolio segment for the following periods:

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

Commercial real estate

 

$

274

 

 

$

 

Commercial and industrial

 

 

9,924

 

 

 

 

Residential real estate

 

 

 

 

 

 

Total

 

$

10,198

 

 

$

 

Allowance for Credit Losses by Portfolio Segment

The following table details the information on the allowance for credit losses by portfolio segment for the following periods:

 

 

 

Real Estate

 

 

Commercial and Industrial

 

 

Equipment Financing Agreements

 

 

Total

 

 

 

(in thousands)

 

Three months ended March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

45,499

 

 

$

10,257

 

 

$

13,706

 

 

 

69,462

 

Charge-offs

 

 

 

 

 

(155

)

 

 

(1,968

)

 

 

(2,123

)

Recoveries

 

 

46

 

 

 

58

 

 

 

423

 

 

 

527

 

Credit loss expense (recovery)

 

 

(2,961

)

 

 

1,676

 

 

 

1,689

 

 

 

404

 

Ending balance

 

$

42,584

 

 

$

11,836

 

 

$

13,850

 

 

$

68,270

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended March 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

44,026

 

 

$

15,267

 

 

$

12,230

 

 

$

71,523

 

Charge-offs

 

 

(412

)

 

 

(210

)

 

 

(1,616

)

 

 

(2,238

)

Recoveries

 

 

68

 

 

 

235

 

 

 

480

 

 

 

783

 

Credit loss expense (recovery)

 

 

(151

)

 

 

41

 

 

 

2,291

 

 

 

2,181

 

Ending balance

 

$

43,531

 

 

$

15,333

 

 

$

13,385

 

 

$

72,249

 

 

The table below presents the allowance for credit losses by portfolio segment as a percentage of the total allowance for credit losses and loans by portfolio segment as a percentage of the aggregate investment of loans receivable as of:

 

 

 

March 31, 2024

 

 

December 31, 2023

 

 

 

Allowance Amount

 

 

Percentage of Total Allowance

 

 

Total Loans

 

 

Percentage of Total Loans

 

 

Allowance Amount

 

 

Percentage of Total Allowance

 

 

Total Loans

 

 

Percentage of Total Loans

 

 

 

(dollars in thousands)

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial property

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail

 

$

10,095

 

 

 

14.8

%

 

$

1,091,059

 

 

 

17.7

%

 

$

10,264

 

 

 

14.8

%

 

$

1,107,360

 

 

 

17.9

%

Hospitality

 

 

11,668

 

 

 

17.1

 

 

 

740,160

 

 

 

12.0

 

 

 

15,534

 

 

 

22.4

 

 

 

740,519

 

 

 

12.0

 

Office

 

 

3,740

 

 

 

5.5

 

 

 

575,847

 

 

 

9.3

 

 

 

3,024

 

 

 

4.4

 

 

 

574,981

 

 

 

9.3

 

Other

 

 

8,270

 

 

 

12.1

 

 

 

1,367,395

 

 

 

22.1

 

 

 

8,663

 

 

 

12.4

 

 

 

1,366,534

 

 

 

22.1

 

Total commercial property loans

 

 

33,773

 

 

 

49.5

 

 

 

3,774,461

 

 

 

61.1

 

 

 

37,485

 

 

 

54.0

 

 

 

3,789,394

 

 

 

61.3

 

Construction

 

 

2,611

 

 

 

3.8

 

 

 

104,216

 

 

 

1.7

 

 

 

2,756

 

 

 

4.0

 

 

 

100,345

 

 

 

1.6

 

Residential

 

 

6,200

 

 

 

9.1

 

 

 

970,362

 

 

 

15.7

 

 

 

5,258

 

 

 

7.5

 

 

 

962,661

 

 

 

15.6

 

Total real estate loans

 

 

42,584

 

 

 

62.4

 

 

 

4,849,039

 

 

 

78.5

 

 

 

45,499

 

 

 

65.5

 

 

 

4,852,400

 

 

 

78.5

 

Commercial and industrial loans

 

 

11,836

 

 

 

17.3

 

 

 

774,851

 

 

 

12.5

 

 

 

10,257

 

 

 

14.8

 

 

 

747,819

 

 

 

12.1

 

Equipment financing agreements

 

 

13,850

 

 

 

20.3

 

 

 

553,950

 

 

 

9.0

 

 

 

13,706

 

 

 

19.7

 

 

 

582,215

 

 

 

9.4

 

Total

 

$

68,270

 

 

 

100.0

%

 

$

6,177,840

 

 

 

100.0

%

 

$

69,462

 

 

 

100.0

%

 

$

6,182,434

 

 

 

100.0

%

 

Summary of Amortized Cost Basis of Collateral Dependent Loans By Class of Loans The following table represents the amortized cost basis of collateral-dependent loans by class of loans, for which repayment is expected to be obtained through the sale of the underlying collateral, as of:

 

 

 

March 31, 2024

 

 

December 31, 2023

 

 

 

(in thousands)

 

Real estate loans:

 

 

 

 

 

 

Commercial property

 

 

 

 

 

 

Retail

 

$

 

 

$

1,530

 

Hospitality

 

 

299

 

 

 

338

 

Other

 

 

2,147

 

 

 

305

 

Total commercial property loans

 

 

2,446

 

 

 

2,173

 

Residential

 

 

 

 

 

1

 

Total real estate loans

 

 

2,446

 

 

 

2,174

 

Commercial and industrial loans

 

 

3,927

 

 

 

5,178

 

Total

 

$

6,373

 

 

$

7,352

 

Credit Quality of Loan Portfolio

 

 

Term Loans

 

 

 

 

 

 

 

 

 

Amortized Cost Basis by Origination Year (1)

 

 

 

 

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

Prior

 

 

Revolving
Loans
Amortized
Cost Basis

 

 

Total

 

 

 

(in thousands)

 

March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial property

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

`

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass / Pass-Watch

 

$

109,310

 

 

$

614,621

 

 

$

978,263

 

 

$

847,463

 

 

$

567,561

 

 

$

578,221

 

 

$

46,941

 

 

$

3,742,380

 

Special Mention

 

 

4,399

 

 

 

 

 

 

3,979

 

 

 

3,252

 

 

 

5,628

 

 

 

967

 

 

 

1,409

 

 

 

19,634

 

Classified

 

 

1,573

 

 

 

 

 

 

1,197

 

 

 

 

 

 

 

 

 

9,677

 

 

 

 

 

 

12,447

 

Total commercial property

 

 

115,282

 

 

 

614,621

 

 

 

983,439

 

 

 

850,715

 

 

 

573,189

 

 

 

588,865

 

 

 

48,350

 

 

 

3,774,461

 

YTD gross charge-offs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD net charge-offs (recoveries)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5

)

 

 

(41

)

 

 

 

 

 

(46

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass / Pass-Watch

 

 

49,902

 

 

 

26,003

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

75,905

 

Special Mention

 

 

 

 

 

 

 

 

 

 

 

28,311

 

 

 

 

 

 

 

 

 

 

 

 

28,311

 

Classified

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total construction

 

 

49,902

 

 

 

26,003

 

 

 

 

 

 

28,311

 

 

 

 

 

 

 

 

 

 

 

 

104,216

 

YTD gross charge-offs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD net charge-offs (recoveries)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass / Pass-Watch

 

 

52,132

 

 

 

256,261

 

 

 

369,965

 

 

 

156,338

 

 

 

12,510

 

 

 

117,129

 

 

 

5,777

 

 

 

970,112

 

Special Mention

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

250

 

 

 

250

 

Classified

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total residential

 

 

52,132

 

 

 

256,261

 

 

 

369,965

 

 

 

156,338

 

 

 

12,510

 

 

 

117,129

 

 

 

6,027

 

 

 

970,362

 

YTD gross charge-offs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD net charge-offs (recoveries)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total real estate loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass / Pass-Watch

 

 

211,344

 

 

 

896,885

 

 

 

1,348,228

 

 

 

1,003,801

 

 

 

580,071

 

 

 

695,350

 

 

 

52,718

 

 

 

4,788,397

 

Special Mention

 

 

4,399

 

 

 

 

 

 

3,979

 

 

 

31,563

 

 

 

5,628

 

 

 

967

 

 

 

1,659

 

 

 

48,195

 

Classified

 

 

1,573

 

 

 

 

 

 

1,197

 

 

 

 

 

 

 

 

 

9,677

 

 

 

 

 

 

12,447

 

Total real estate loans

 

 

217,316

 

 

 

896,885

 

 

 

1,353,404

 

 

 

1,035,364

 

 

 

585,699

 

 

 

705,994

 

 

 

54,377

 

 

 

4,849,039

 

YTD gross charge-offs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD net charge-offs (recoveries)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5

)

 

 

(41

)

 

 

 

 

 

(46

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and industrial loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass / Pass-Watch

 

 

97,014

 

 

 

98,018

 

 

 

161,227

 

 

 

76,197

 

 

 

17,368

 

 

 

19,615

 

 

 

287,010

 

 

 

756,449

 

Special Mention

 

 

403

 

 

 

 

 

 

13,595

 

 

 

 

 

 

99

 

 

 

24

 

 

 

 

 

 

14,121

 

Classified

 

 

 

 

 

 

 

 

96

 

 

 

 

 

 

 

 

 

258

 

 

 

3,927

 

 

 

4,281

 

Total commercial and industrial loans

 

 

97,417

 

 

 

98,018

 

 

 

174,918

 

 

 

76,197

 

 

 

17,467

 

 

 

19,897

 

 

 

290,937

 

 

 

774,851

 

YTD gross charge-offs

 

 

 

 

 

 

 

 

126

 

 

 

 

 

 

 

 

 

29

 

 

 

 

 

 

155

 

YTD net charge-offs (recoveries)

 

 

 

 

 

 

 

 

126

 

 

 

 

 

 

 

 

 

5

 

 

 

(34

)

 

 

97

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equipment financing agreements:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass / Pass-Watch

 

 

35,518

 

 

 

198,213

 

 

 

190,684

 

 

 

88,306

 

 

 

19,607

 

 

 

14,681

 

 

 

 

 

 

547,009

 

Special Mention

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Classified

 

 

 

 

 

846

 

 

 

3,613

 

 

 

1,729

 

 

 

216

 

 

 

537

 

 

 

 

 

 

6,941

 

Total equipment financing agreements

 

 

35,518

 

 

 

199,059

 

 

 

194,297

 

 

 

90,035

 

 

 

19,823

 

 

 

15,218

 

 

 

 

 

 

553,950

 

YTD gross charge-offs

 

 

 

 

 

19

 

 

 

1,364

 

 

 

400

 

 

 

170

 

 

 

15

 

 

 

 

 

 

1,968

 

YTD net charge-offs (recoveries)

 

 

 

 

 

19

 

 

 

1,207

 

 

 

310

 

 

 

164

 

 

 

(155

)

 

 

 

 

 

1,545

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total loans receivable:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass / Pass-Watch

 

 

343,876

 

 

 

1,193,116

 

 

 

1,700,139

 

 

 

1,168,304

 

 

 

617,046

 

 

 

729,646

 

 

 

339,728

 

 

 

6,091,855

 

Special Mention

 

 

4,802

 

 

 

 

 

 

17,574

 

 

 

31,563

 

 

 

5,727

 

 

 

991

 

 

 

1,659

 

 

 

62,316

 

Classified

 

 

1,573

 

 

 

846

 

 

 

4,906

 

 

 

1,729

 

 

 

216

 

 

 

10,472

 

 

 

3,927

 

 

 

23,669

 

Total loans receivable

 

$

350,251

 

 

$

1,193,962

 

 

$

1,722,619

 

 

$

1,201,596

 

 

$

622,989

 

 

$

741,109

 

 

$

345,314

 

 

$

6,177,840

 

YTD gross charge-offs

 

 

 

 

 

19

 

 

 

1,490

 

 

 

400

 

 

 

170

 

 

 

44

 

 

 

 

 

 

2,123

 

YTD net charge-offs (recoveries)

 

 

 

 

 

19

 

 

 

1,333

 

 

 

310

 

 

 

159

 

 

 

(191

)

 

 

(34

)

 

 

1,596

 

 

(1)
Includes extensions, renewals, or modifications of credit contracts, which consist of a new credit decision.

 

 

 

Term Loans

 

 

 

 

 

 

 

 

 

Amortized Cost Basis by Origination Year (1)

 

 

 

 

 

 

 

 

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

2019

 

 

Prior

 

 

Revolving
Loans
Amortized
Cost Basis

 

 

Total

 

 

 

 

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial property

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass / Pass-Watch

 

$

683,819

 

 

$

986,822

 

 

$

858,821

 

 

$

572,950

 

 

$

378,067

 

 

$

238,400

 

 

$

30,236

 

 

$

3,749,115

 

Special Mention

 

 

4,400

 

 

 

3,997

 

 

 

3,271

 

 

 

5,670

 

 

 

711

 

 

 

2,310

 

 

 

1,406

 

 

 

21,765

 

Classified

 

 

3,065

 

 

 

1,080

 

 

 

4,899

 

 

 

 

 

 

5,578

 

 

 

3,892

 

 

 

 

 

 

18,514

 

Total commercial property

 

 

691,284

 

 

 

991,899

 

 

 

866,991

 

 

 

578,620

 

 

 

384,356

 

 

 

244,602

 

 

 

31,642

 

 

 

3,789,394

 

YTD gross charge-offs

 

 

 

 

 

 

 

 

 

 

 

411

 

 

 

 

 

 

216

 

 

 

 

 

 

627

 

YTD net charge-offs (recoveries)

 

 

 

 

 

 

 

 

 

 

 

403

 

 

 

 

 

 

(81

)

 

 

 

 

 

322

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass / Pass-Watch

 

 

72,039

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

72,039

 

Special Mention

 

 

 

 

 

 

 

 

28,306

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

28,306

 

Classified

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total construction

 

 

72,039

 

 

 

 

 

 

28,306

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

100,345

 

YTD gross charge-offs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD net charge-offs (recoveries)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass / Pass-Watch

 

 

290,196

 

 

 

375,712

 

 

 

158,618

 

 

 

12,656

 

 

 

217

 

 

 

119,736

 

 

 

5,025

 

 

 

962,160

 

Special Mention

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

500

 

 

 

500

 

Classified

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

 

 

 

1

 

Total residential

 

 

290,196

 

 

 

375,712

 

 

 

158,618

 

 

 

12,656

 

 

 

217

 

 

 

119,737

 

 

 

5,525

 

 

 

962,661

 

YTD gross charge-offs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD net charge-offs (recoveries)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7

)

 

 

 

 

 

(7

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total real estate loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass / Pass-Watch

 

 

1,046,054

 

 

 

1,362,534

 

 

 

1,017,439

 

 

 

585,606

 

 

 

378,284

 

 

 

358,136

 

 

 

35,261

 

 

 

4,783,314

 

Special Mention

 

 

4,400

 

 

 

3,997

 

 

 

31,577

 

 

 

5,670

 

 

 

711

 

 

 

2,310

 

 

 

1,906

 

 

 

50,571

 

Classified

 

 

3,065

 

 

 

1,080

 

 

 

4,899

 

 

 

 

 

 

5,578

 

 

 

3,893

 

 

 

 

 

 

18,515

 

Total real estate loans

 

 

1,053,519

 

 

 

1,367,611

 

 

 

1,053,915

 

 

 

591,276

 

 

 

384,573

 

 

 

364,339

 

 

 

37,167

 

 

 

4,852,400

 

YTD gross charge-offs

 

 

 

 

 

 

 

 

 

 

 

411

 

 

 

 

 

 

216

 

 

 

 

 

 

627

 

YTD net charge-offs (recoveries)

 

 

 

 

 

 

 

 

 

 

 

403

 

 

 

 

 

 

(88

)

 

 

 

 

 

315

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and industrial loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass / Pass-Watch

 

 

177,864

 

 

 

169,209

 

 

 

84,198

 

 

 

31,348

 

 

 

9,971

 

 

 

12,920

 

 

 

242,044

 

 

 

727,554

 

Special Mention

 

 

 

 

 

14,578

 

 

 

 

 

 

102

 

 

 

 

 

 

65

 

 

 

(1

)

 

 

14,744

 

Classified

 

 

329

 

 

 

 

 

 

 

 

 

 

 

 

79

 

 

 

174

 

 

 

4,939

 

 

 

5,521

 

Total commercial and industrial loans

 

 

178,193

 

 

 

183,787

 

 

 

84,198

 

 

 

31,450

 

 

 

10,050

 

 

 

13,159

 

 

 

246,982

 

 

 

747,819

 

YTD gross charge-offs

 

 

 

 

 

17

 

 

 

 

 

 

 

 

 

110

 

 

 

410

 

 

 

6,120

 

 

 

6,657

 

YTD net charge-offs (recoveries)

 

 

 

 

 

5

 

 

 

(7

)

 

 

 

 

 

101

 

 

 

(6,621

)

 

 

6,090

 

 

 

(432

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equipment financing agreements:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass / Pass-Watch

 

 

215,670

 

 

 

211,228

 

 

 

101,622

 

 

 

24,340

 

 

 

18,832

 

 

 

3,192

 

 

 

 

 

 

574,884

 

Special Mention

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Classified

 

 

392

 

 

 

4,171

 

 

 

1,945

 

 

 

365

 

 

 

401

 

 

 

57

 

 

 

 

 

 

7,331

 

Total equipment financing agreements

 

 

216,062

 

 

 

215,399

 

 

 

103,567

 

 

 

24,705

 

 

 

19,233

 

 

 

3,249

 

 

 

 

 

 

582,215

 

YTD gross charge-offs

 

 

178

 

 

 

3,944

 

 

 

3,267

 

 

 

386

 

 

 

799

 

 

 

232

 

 

 

 

 

 

8,806

 

YTD net charge-offs (recoveries)

 

 

178

 

 

 

3,744

 

 

 

2,858

 

 

 

244

 

 

 

250

 

 

 

(114

)

 

 

 

 

 

7,160

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total loans receivable:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass / Pass-Watch

 

 

1,439,588

 

 

 

1,742,971

 

 

 

1,203,259

 

 

 

641,294

 

 

 

407,087

 

 

 

374,248

 

 

 

277,305

 

 

 

6,085,752

 

Special Mention

 

 

4,400

 

 

 

18,575

 

 

 

31,577

 

 

 

5,772

 

 

 

711

 

 

 

2,375

 

 

 

1,905

 

 

 

65,315

 

Classified

 

 

3,786

 

 

 

5,251

 

 

 

6,844

 

 

 

365

 

 

 

6,058

 

 

 

4,124

 

 

 

4,939

 

 

 

31,367

 

Total loans receivable

 

$

1,447,774

 

 

$

1,766,797

 

 

$

1,241,680

 

 

$

647,431

 

 

$

413,856

 

 

$

380,747

 

 

$

284,149

 

 

$

6,182,434

 

YTD gross charge-offs

 

 

178

 

 

 

3,961

 

 

 

3,267

 

 

 

797

 

 

 

909

 

 

 

858

 

 

 

6,120

 

 

 

16,090

 

YTD net charge-offs (recoveries)

 

 

178

 

 

 

3,749

 

 

 

2,851

 

 

 

647

 

 

 

351

 

 

 

(6,823

)

 

 

6,090

 

 

 

7,043

 

 

(1)
Includes extensions, renewals, or modifications of credit contracts, which consist of a new credit decision.

Loans by Vintage Year and Payment Performance

 

 

 

Term Loans

 

 

 

 

 

 

 

 

 

Amortized Cost Basis by Origination Year (1)

 

 

 

 

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

Prior

 

 

Revolving
Loans
Amortized
Cost Basis

 

 

Total

 

 

 

(in thousands)

 

March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial property

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payment performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

 

$

113,709

 

 

$

614,621

 

 

$

983,314

 

 

$

850,715

 

 

$

573,189

 

 

$

587,509

 

 

$

48,350

 

 

$

3,771,407

 

Nonperforming

 

 

1,573

 

 

 

 

 

 

125

 

 

 

 

 

 

 

 

 

1,356

 

 

 

 

 

 

3,054

 

Total commercial property

 

 

115,282

 

 

 

614,621

 

 

 

983,439

 

 

 

850,715

 

 

 

573,189

 

 

 

588,865

 

 

 

48,350

 

 

 

3,774,461

 

YTD gross charge-offs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD net charge-offs (recoveries)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5

)

 

 

(41

)

 

 

 

 

 

(46

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payment performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

 

 

49,902

 

 

 

26,003

 

 

 

 

 

 

28,311

 

 

 

 

 

 

 

 

 

 

 

 

104,216

 

Nonperforming

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total construction

 

 

49,902

 

 

 

26,003

 

 

 

 

 

 

28,311

 

 

 

 

 

 

 

 

 

 

 

 

104,216

 

YTD gross charge-offs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD net charge-offs (recoveries)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payment performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

 

 

52,132

 

 

 

256,261

 

 

 

369,965

 

 

 

156,338

 

 

 

12,510

 

 

 

117,129

 

 

 

6,027

 

 

 

970,362

 

Nonperforming

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total residential

 

 

52,132

 

 

 

256,261

 

 

 

369,965

 

 

 

156,338

 

 

 

12,510

 

 

 

117,129

 

 

 

6,027

 

 

 

970,362

 

YTD gross charge-offs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD net charge-offs (recoveries)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total real estate loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payment performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

 

 

215,743

 

 

 

896,885

 

 

 

1,353,279

 

 

 

1,035,364

 

 

 

585,699

 

 

 

704,638

 

 

 

54,377

 

 

 

4,845,985

 

Nonperforming

 

 

1,573

 

 

 

 

 

 

125

 

 

 

 

 

 

 

 

 

1,356

 

 

 

 

 

 

3,054

 

Total real estate loans

 

 

217,316

 

 

 

896,885

 

 

 

1,353,404

 

 

 

1,035,364

 

 

 

585,699

 

 

 

705,994

 

 

 

54,377

 

 

 

4,849,039

 

YTD gross charge-offs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD net charge-offs (recoveries)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5

)

 

 

(41

)

 

 

 

 

 

(46

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and industrial loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payment performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

 

 

97,417

 

 

 

98,018

 

 

 

174,904

 

 

 

76,197

 

 

 

17,467

 

 

 

19,809

 

 

 

287,010

 

 

 

770,822

 

Nonperforming

 

 

 

 

 

 

 

 

14

 

 

 

 

 

 

 

 

 

88

 

 

 

3,927

 

 

 

4,029

 

Total commercial and industrial loans

 

 

97,417

 

 

 

98,018

 

 

 

174,918

 

 

 

76,197

 

 

 

17,467

 

 

 

19,897

 

 

 

290,937

 

 

 

774,851

 

YTD gross charge-offs

 

 

 

 

 

 

 

 

126

 

 

 

 

 

 

 

 

 

29

 

 

 

 

 

 

155

 

YTD net charge-offs (recoveries)

 

 

 

 

 

 

 

 

126

 

 

 

 

 

 

 

 

 

5

 

 

 

(34

)

 

 

97

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equipment financing agreements:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payment performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

 

 

35,518

 

 

 

198,213

 

 

 

190,684

 

 

 

88,306

 

 

 

19,607

 

 

 

14,681

 

 

 

 

 

 

547,009

 

Nonperforming

 

 

 

 

 

846

 

 

 

3,613

 

 

 

1,729

 

 

 

216

 

 

 

537

 

 

 

 

 

 

6,941

 

Total equipment financing agreements

 

 

35,518

 

 

 

199,059

 

 

 

194,297

 

 

 

90,035

 

 

 

19,823

 

 

 

15,218

 

 

 

 

 

 

553,950

 

YTD gross charge-offs

 

 

 

 

 

19

 

 

 

1,364

 

 

 

400

 

 

 

170

 

 

 

15

 

 

 

 

 

 

1,968

 

YTD net charge-offs (recoveries)

 

 

 

 

 

19

 

 

 

1,207

 

 

 

310

 

 

 

164

 

 

 

(155

)

 

 

 

 

 

1,545

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total loans receivable:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payment performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

 

 

348,678

 

 

 

1,193,116

 

 

 

1,718,867

 

 

 

1,199,867

 

 

 

622,773

 

 

 

739,128

 

 

 

341,387

 

 

 

6,163,816

 

Nonperforming

 

 

1,573

 

 

 

846

 

 

 

3,752

 

 

 

1,729

 

 

 

216

 

 

 

1,981

 

 

 

3,927

 

 

 

14,024

 

Total loans receivable

 

$

350,251

 

 

$

1,193,962

 

 

$

1,722,619

 

 

$

1,201,596

 

 

$

622,989

 

 

$

741,109

 

 

$

345,314

 

 

$

6,177,840

 

YTD gross charge-offs

 

 

 

 

 

19

 

 

 

1,490

 

 

 

400

 

 

 

170

 

 

 

44

 

 

 

 

 

 

2,123

 

YTD net charge-offs (recoveries)

 

 

 

 

 

19

 

 

 

1,333

 

 

 

310

 

 

 

159

 

 

 

(191

)

 

 

(34

)

 

 

1,596

 

 

(1)
Includes extensions, renewals, or modifications of credit contracts, which consist of a new credit decision.

 

 

 

Term Loans

 

 

 

 

 

 

 

 

 

Amortized Cost Basis by Origination Year (1)

 

 

 

 

 

 

 

 

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

2019

 

 

Prior

 

 

Revolving
Loans
Amortized
Cost Basis

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial property

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payment performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

 

$

689,449

 

 

$

991,899

 

 

$

866,841

 

 

$

578,620

 

 

$

384,275

 

 

$

243,819

 

 

$

31,642

 

 

$

3,786,545

 

Nonperforming

 

 

1,835

 

 

 

 

 

 

150

 

 

 

 

 

 

81

 

 

 

783

 

 

 

 

 

 

2,849

 

Total commercial property

 

 

691,284

 

 

 

991,899

 

 

 

866,991

 

 

 

578,620

 

 

 

384,356

 

 

 

244,602

 

 

 

31,642

 

 

 

3,789,394

 

YTD gross charge-offs

 

 

 

 

 

 

 

 

 

 

 

411

 

 

 

 

 

 

216

 

 

 

 

 

 

627

 

YTD net charge-offs (recoveries)

 

 

 

 

 

 

 

 

 

 

 

403

 

 

 

 

 

 

(81

)

 

 

 

 

 

322

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payment performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

 

 

72,039

 

 

 

 

 

 

28,306

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

100,345

 

Nonperforming

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total construction

 

 

72,039

 

 

 

 

 

 

28,306

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

100,345

 

YTD gross charge-offs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD net charge-offs (recoveries)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payment performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

 

 

290,196

 

 

 

375,712

 

 

 

158,618

 

 

 

12,656

 

 

 

217

 

 

 

119,736

 

 

 

5,525

 

 

 

962,660

 

Nonperforming

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

 

 

 

1

 

Total residential

 

 

290,196

 

 

 

375,712

 

 

 

158,618

 

 

 

12,656

 

 

 

217

 

 

 

119,737

 

 

 

5,525

 

 

 

962,661

 

YTD gross charge-offs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD net charge-offs (recoveries)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7

)

 

 

 

 

 

(7

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total real estate loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payment performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

 

 

1,051,684

 

 

 

1,367,611

 

 

 

1,053,765

 

 

 

591,276

 

 

 

384,492

 

 

 

363,555

 

 

 

37,167

 

 

 

4,849,550

 

Nonperforming

 

 

1,835

 

 

 

 

 

 

150

 

 

 

 

 

 

81

 

 

 

784

 

 

 

 

 

 

2,850

 

Total real estate loans

 

 

1,053,519

 

 

 

1,367,611

 

 

 

1,053,915

 

 

 

591,276

 

 

 

384,573

 

 

 

364,339

 

 

 

37,167

 

 

 

4,852,400

 

YTD gross charge-offs

 

 

 

 

 

 

 

 

 

 

 

411

 

 

 

 

 

 

216

 

 

 

 

 

 

627

 

YTD net charge-offs (recoveries)

 

 

 

 

 

 

 

 

 

 

 

403

 

 

 

 

 

 

(88

)

 

 

 

 

 

315

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and industrial loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payment performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

 

 

177,864

 

 

 

183,787

 

 

 

84,198

 

 

 

31,415

 

 

 

10,050

 

 

 

13,066

 

 

 

242,134

 

 

 

742,514

 

Nonperforming

 

 

329

 

 

 

 

 

 

 

 

 

35

 

 

 

 

 

 

93

 

 

 

4,848

 

 

 

5,305

 

Total commercial and industrial loans

 

 

178,193

 

 

 

183,787

 

 

 

84,198

 

 

 

31,450

 

 

 

10,050

 

 

 

13,159

 

 

 

246,982

 

 

 

747,819

 

YTD gross charge-offs

 

 

 

 

 

17

 

 

 

 

 

 

 

 

 

110

 

 

 

410

 

 

 

6,120

 

 

 

6,657

 

YTD net charge-offs (recoveries)

 

 

 

 

 

5

 

 

 

(7

)

 

 

 

 

 

101

 

 

 

(6,621

)

 

 

6,090

 

 

 

(432

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equipment financing agreements:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payment performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

 

 

215,670

 

 

 

211,228

 

 

 

101,622

 

 

 

24,340

 

 

 

18,844

 

 

 

3,192

 

 

 

 

 

 

574,896

 

Nonperforming

 

 

392

 

 

 

4,171

 

 

 

1,945

 

 

 

365

 

 

 

389

 

 

 

57

 

 

 

 

 

 

7,319

 

Total equipment financing agreements

 

 

216,062

 

 

 

215,399

 

 

 

103,567

 

 

 

24,705

 

 

 

19,233

 

 

 

3,249

 

 

 

 

 

 

582,215

 

YTD gross charge-offs

 

 

178

 

 

 

3,944

 

 

 

3,267

 

 

 

386

 

 

 

799

 

 

 

232

 

 

 

 

 

 

8,806

 

YTD net charge-offs (recoveries)

 

 

178

 

 

 

3,744

 

 

 

2,858

 

 

 

244

 

 

 

250

 

 

 

(114

)

 

 

 

 

 

7,160

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total loans receivable:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payment performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

 

 

1,445,218

 

 

 

1,762,626

 

 

 

1,239,585

 

 

 

647,031

 

 

 

413,386

 

 

 

379,813

 

 

 

279,301

 

 

 

6,166,960

 

Nonperforming

 

 

2,556

 

 

 

4,171

 

 

 

2,095

 

 

 

400

 

 

 

470

 

 

 

934

 

 

 

4,848

 

 

 

15,474

 

Total loans receivable

 

$

1,447,774

 

 

$

1,766,797

 

 

$

1,241,680

 

 

$

647,431

 

 

$

413,856

 

 

$

380,747

 

 

$

284,149

 

 

$

6,182,434

 

YTD gross charge-offs

 

 

178

 

 

 

3,961

 

 

 

3,267

 

 

 

797

 

 

 

909

 

 

 

858

 

 

 

6,120

 

 

 

16,090

 

YTD net charge-offs (recoveries)

 

 

178

 

 

 

3,749

 

 

 

2,851

 

 

 

647

 

 

 

351

 

 

 

(6,823

)

 

 

6,090

 

 

 

7,043

 

 

(1)
Includes extensions, renewals, or modifications of credit contracts, which consist of a new credit decision.
Analysis of Past Due Loans, Including Loans on Nonaccrual Status, Disaggregated by Loan Class

The following is an aging analysis of loans, including loans on nonaccrual status, disaggregated by loan class, as of:

 

 

 

30-59
Days
Past Due

 

 

60-89
Days
Past Due

 

 

90 Days
or More
Past Due

 

 

Total
Past Due

 

 

Current

 

 

Total

 

 

 

(in thousands)

 

March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial property

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail

 

$

757

 

 

$

 

 

$

 

 

$

757

 

 

$

1,090,302

 

 

$

1,091,059

 

Hospitality

 

 

 

 

 

 

 

 

 

 

 

 

 

 

740,160

 

 

 

740,160

 

Office

 

 

 

 

 

 

 

 

 

 

 

 

 

 

575,847

 

 

 

575,847

 

Other

 

 

2,950

 

 

 

366

 

 

 

574

 

 

 

3,890

 

 

 

1,363,505

 

 

 

1,367,395

 

Total commercial property loans

 

 

3,707

 

 

 

366

 

 

 

574

 

 

 

4,647

 

 

 

3,769,814

 

 

 

3,774,461

 

Construction

 

 

 

 

 

 

 

 

 

 

 

 

 

 

104,216

 

 

 

104,216

 

Residential

 

 

2,190

 

 

 

1,410

 

 

 

 

 

 

3,600

 

 

 

966,762

 

 

 

970,362

 

Total real estate loans

 

 

5,897

 

 

 

1,776

 

 

 

574

 

 

 

8,247

 

 

 

4,840,792

 

 

 

4,849,039

 

Commercial and industrial loans

 

 

107

 

 

 

3,989

 

 

 

 

 

 

4,096

 

 

 

770,755

 

 

 

774,851

 

Equipment financing agreements

 

 

7,452

 

 

 

1,994

 

 

 

3,924

 

 

 

13,370

 

 

 

540,580

 

 

 

553,950

 

Total loans receivable

 

$

13,456

 

 

$

7,759

 

 

$

4,498

 

 

$

25,713

 

 

$

6,152,127

 

 

$

6,177,840

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial property

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail

 

$

632

 

 

$

 

 

$

 

 

$

632

 

 

$

1,106,728

 

 

$

1,107,360

 

Hospitality

 

 

 

 

 

150

 

 

 

22

 

 

 

172

 

 

 

740,347

 

 

 

740,519

 

Office

 

 

 

 

 

 

 

 

 

 

 

 

 

 

574,981

 

 

 

574,981

 

Other

 

 

592

 

 

 

 

 

 

 

 

 

592

 

 

 

1,365,942

 

 

 

1,366,534

 

Total commercial property loans

 

 

1,224

 

 

 

150

 

 

 

22

 

 

 

1,396

 

 

 

3,787,998

 

 

 

3,789,394

 

Construction

 

 

 

 

 

 

 

 

 

 

 

 

 

 

100,345

 

 

 

100,345

 

Residential

 

 

521

 

 

 

336

 

 

 

1

 

 

 

858

 

 

 

961,803

 

 

 

962,661

 

Total real estate loans

 

 

1,745

 

 

 

486

 

 

 

23

 

 

 

2,254

 

 

 

4,850,146

 

 

 

4,852,400

 

Commercial and industrial loans

 

 

76

 

 

 

120

 

 

 

5,178

 

 

 

5,374

 

 

 

742,445

 

 

 

747,819

 

Equipment financing agreements

 

 

7,138

 

 

 

2,134

 

 

 

4,551

 

 

 

13,823

 

 

 

568,392

 

 

 

582,215

 

Total loans receivable

 

$

8,959

 

 

$

2,740

 

 

$

9,752

 

 

$

21,451

 

 

$

6,160,983

 

 

$

6,182,434

 

 

Schedule of Amortized Cost Basis of Loans on Nonaccrual Status and Loans Past Due 90 Days and Still Accruing

The following table represents the amortized cost basis of loans on nonaccrual status and loans past due 90 days and still accruing as of March 31, 2024 and December 31, 2023.

 

 

 

March 31, 2024

 

 

 

Nonaccrual Loans
With
No Allowance for
Credit Losses

 

 

Nonaccrual Loans
With
Allowance for
Credit Losses

 

 

Loans
Past Due
90 Days Still
Accruing

 

 

Total
Nonperforming
Loans

 

 

 

(in thousands)

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial property

 

 

 

 

 

 

 

 

 

 

 

 

Retail

 

$

161

 

 

$

437

 

 

$

 

 

$

598

 

Hospitality

 

 

292

 

 

 

 

 

 

 

 

 

292

 

Office

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

2,148

 

 

 

16

 

 

 

 

 

 

2,164

 

Total commercial property loans

 

 

2,601

 

 

 

453

 

 

 

 

 

 

3,054

 

Total real estate loans

 

 

2,601

 

 

 

453

 

 

 

 

 

 

3,054

 

Commercial and industrial loans

 

 

 

 

 

4,029

 

 

 

 

 

 

4,029

 

Equipment financing agreements

 

 

663

 

 

 

6,278

 

 

 

 

 

 

6,941

 

Total

 

$

3,264

 

 

$

10,760

 

 

$

 

 

$

14,024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2023

 

 

 

Nonaccrual Loans
With
No Allowance for
Credit Losses

 

 

Nonaccrual Loans
With
Allowance for
Credit Losses

 

 

Loans
Past Due
90 Days Still
Accruing

 

 

Total
Nonperforming
Loans

 

 

 

(in thousands)

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial property

 

 

 

 

 

 

 

 

 

 

 

 

Retail

 

$

1,717

 

 

$

321

 

 

$

 

 

$

2,038

 

Hospitality

 

 

338

 

 

 

150

 

 

 

 

 

 

488

 

Other

 

 

305

 

 

 

18

 

 

 

 

 

 

323

 

Total commercial property loans

 

 

2,360

 

 

 

489

 

 

 

 

 

 

2,849

 

Residential

 

 

1

 

 

 

 

 

 

 

 

 

1

 

Total real estate loans

 

 

2,361

 

 

 

489

 

 

 

 

 

 

2,850

 

Commercial and industrial loans

 

 

5,213

 

 

 

92

 

 

 

 

 

 

5,305

 

Equipment financing agreements

 

 

570

 

 

 

6,749

 

 

 

 

 

 

7,319

 

Total

 

$

8,144

 

 

$

7,330

 

 

$

 

 

$

15,474

 

Non-Performing Assets

The following table details nonperforming assets as of the dates indicated:

 

 

 

March 31, 2024

 

 

December 31, 2023

 

 

 

(in thousands)

 

Nonaccrual loans

 

$

14,024

 

 

$

15,474

 

Total nonperforming loans receivable

 

 

14,024

 

 

 

15,474

 

Other real estate owned (“OREO”)

 

 

117

 

 

 

117

 

Total nonperforming assets

 

$

14,141

 

 

$

15,591