| Loans Receivable |
Note 3 — Loans Receivable
The Board of Directors and management review and approve the Bank’s loan policy and procedures on a regular basis to reflect matters such as regulatory and organizational structure changes, strategic planning revisions, concentrations of credit, loan delinquencies and nonperforming loans, and problem loans.
Real estate loans are loans secured by liens or interest in real estate, to provide for the purchase, construction or refinance of real estate properties. Commercial and industrial loans consist of commercial term loans, commercial lines of credit and can include SBA loans. Alternatively, SBA loans can be real estate secured. Equipment financing agreements are typically secured by the business assets being financed. We maintain management loan review and monitoring departments that review and monitor pass graded loans as well as problem loans to prevent further deterioration.
Concentrations of Credit: The majority of the Bank’s loan portfolio consists of commercial real estate loans.
Loans receivable, net
Loans receivable consisted of the following as of the dates indicated:
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
|
(in thousands) |
|
Real estate loans: |
|
|
|
|
|
|
Commercial property |
|
|
|
|
|
|
Retail |
|
$ |
1,107,360 |
|
|
$ |
1,023,608 |
|
Hospitality |
|
|
740,519 |
|
|
|
646,893 |
|
Office |
|
|
574,981 |
|
|
|
499,946 |
|
Other (1) |
|
|
1,366,534 |
|
|
|
1,553,729 |
|
Total commercial property loans |
|
|
3,789,394 |
|
|
|
3,724,176 |
|
Construction |
|
|
100,345 |
|
|
|
109,205 |
|
Residential (2) |
|
|
962,661 |
|
|
|
734,472 |
|
Total real estate loans |
|
|
4,852,400 |
|
|
|
4,567,853 |
|
Commercial and industrial loans (3) |
|
|
747,819 |
|
|
|
804,492 |
|
Equipment financing agreements |
|
|
582,215 |
|
|
|
594,788 |
|
Loans receivable |
|
|
6,182,434 |
|
|
|
5,967,133 |
|
Allowance for credit losses |
|
|
(69,462 |
) |
|
|
(71,523 |
) |
Loans receivable, net |
|
$ |
6,112,972 |
|
|
$ |
5,895,610 |
|
(1)Includes, among other property types, mixed-use, gas station, apartment, industrial, faith-based facilities and warehouse; the remaining real estate categories represent less than 1% of the Bank's total loans receivable.
(2)
Includes $1.9 million and $2.4 million of home equity loans and lines, and $4.5 million and $4.6 million of personal loans at December 31, 2023 and 2022, respectively.
(3)
At December 31, 2023 and 2022, PPP loans were $0.2 million and $0.9 million, respectively.
Accrued interest on loans was $19.8 million and $16.0 million at December 31, 2023 and 2022, respectively.
At December 31, 2023 and 2022, loans with carrying values of $2.36 billion and $2.40 billion, respectively, were pledged to secure advances from the FHLB.
Loans Held for Sale
The following table details the information on SBA loans held for sale by portfolio segment for the years ended December 31, 2023 and 2022:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate |
|
|
Commercial
and Industrial |
|
|
Total |
|
|
|
(in thousands) |
|
December 31, 2023 |
|
|
|
|
|
|
|
|
|
Balance at beginning of period |
|
$ |
3,775 |
|
|
$ |
4,268 |
|
|
$ |
8,043 |
|
Originations and transfers |
|
|
65,705 |
|
|
|
39,293 |
|
|
|
104,998 |
|
Sales |
|
|
(60,611 |
) |
|
|
(39,903 |
) |
|
|
(100,514 |
) |
Principal paydowns and amortization |
|
|
(77 |
) |
|
|
(437 |
) |
|
|
(514 |
) |
Balance at end of period |
|
$ |
8,792 |
|
|
$ |
3,221 |
|
|
$ |
12,013 |
|
|
|
|
|
|
|
|
|
|
|
December 31, 2022 |
|
|
|
|
|
|
|
|
|
Balance at beginning of period |
|
$ |
6,954 |
|
|
$ |
6,388 |
|
|
$ |
13,342 |
|
Originations and transfers |
|
|
99,547 |
|
|
|
51,278 |
|
|
|
150,825 |
|
Sales |
|
|
(102,720 |
) |
|
|
(53,389 |
) |
|
|
(156,109 |
) |
Principal paydowns and amortization |
|
|
(6 |
) |
|
|
(9 |
) |
|
|
(15 |
) |
Balance at end of period |
|
$ |
3,775 |
|
|
$ |
4,268 |
|
|
$ |
8,043 |
|
Loans held for sale were comprised of $12.0 million and $8.0 million of the guaranteed portion of SBA 7(a) loans at December 31, 2023 and 2022, respectively.
The following table presents loans purchased by portfolio segment for the years ended December 31, 2023 and 2022:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
Real Estate |
|
|
Commercial
and Industrial |
|
|
Residential
Real Estate |
|
|
Total |
|
|
|
(in thousands) |
|
2023 |
|
$ |
— |
|
|
$ |
9,657 |
|
|
$ |
— |
|
|
$ |
9,657 |
|
2022 |
|
$ |
11,030 |
|
|
$ |
180 |
|
|
$ |
18,715 |
|
|
$ |
29,925 |
|
Allowance for credit losses
The following table details the information on the allowance for credit losses by portfolio segment for the years ended December 31, 2023, 2022 and 2021:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real
Estate |
|
|
Commercial
and
Industrial |
|
|
Equipment Financing Agreements |
|
|
Total |
|
|
|
(in thousands) |
|
December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses: |
|
|
|
|
|
|
|
|
|
|
|
|
Beginning balance |
|
$ |
44,026 |
|
|
$ |
15,267 |
|
|
$ |
12,230 |
|
|
$ |
71,523 |
|
Charge-offs |
|
|
(627 |
) |
|
|
(6,657 |
) |
|
|
(8,806 |
) |
|
|
(16,090 |
) |
Recoveries |
|
|
312 |
|
|
|
7,089 |
|
|
|
1,646 |
|
|
|
9,047 |
|
Provision (recovery) for credit losses |
|
|
1,788 |
|
|
|
(5,442 |
) |
|
|
8,636 |
|
|
|
4,982 |
|
Ending balance |
|
$ |
45,499 |
|
|
$ |
10,257 |
|
|
$ |
13,706 |
|
|
$ |
69,462 |
|
December 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses: |
|
|
|
|
|
|
|
|
|
|
|
|
Beginning balance |
|
$ |
48,890 |
|
|
$ |
12,418 |
|
|
$ |
11,249 |
|
|
$ |
72,557 |
|
Charge-offs |
|
|
(1,886 |
) |
|
|
(524 |
) |
|
|
(2,312 |
) |
|
|
(4,722 |
) |
Recoveries |
|
|
848 |
|
|
|
1,178 |
|
|
|
1,322 |
|
|
|
3,348 |
|
Provision (recovery) for credit losses |
|
|
(3,826 |
) |
|
|
2,195 |
|
|
|
1,971 |
|
|
|
340 |
|
Ending balance |
|
$ |
44,026 |
|
|
$ |
15,267 |
|
|
$ |
12,230 |
|
|
$ |
71,523 |
|
December 31, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses: |
|
|
|
|
|
|
|
|
|
|
|
|
Beginning balance |
|
$ |
51,876 |
|
|
$ |
21,410 |
|
|
$ |
17,140 |
|
|
$ |
90,426 |
|
Charge-offs |
|
|
(1,427 |
) |
|
|
(546 |
) |
|
|
(4,400 |
) |
|
|
(6,373 |
) |
Recoveries |
|
|
10,807 |
|
|
|
897 |
|
|
|
946 |
|
|
|
12,650 |
|
Provision (recovery) for credit losses |
|
|
(12,366 |
) |
|
|
(9,343 |
) |
|
|
(2,437 |
) |
|
|
(24,146 |
) |
Ending balance |
|
$ |
48,890 |
|
|
$ |
12,418 |
|
|
$ |
11,249 |
|
|
$ |
72,557 |
|
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 for the years ended December 31, 2023 and 2022:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2023 |
|
|
December 31, 2022 |
|
|
|
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 |
|
$ |
10,264 |
|
|
|
14.8 |
% |
|
$ |
1,107,360 |
|
|
|
17.9 |
% |
|
$ |
7,872 |
|
|
|
11.0 |
% |
|
$ |
1,023,608 |
|
|
|
17.2 |
% |
Hospitality |
|
|
15,534 |
|
|
|
22.4 |
|
|
|
740,519 |
|
|
|
12.0 |
|
|
|
13,407 |
|
|
|
18.7 |
|
|
|
646,893 |
|
|
|
10.8 |
|
Office |
|
|
3,024 |
|
|
|
4.4 |
|
|
|
574,981 |
|
|
|
9.3 |
|
|
|
2,293 |
|
|
|
3.2 |
|
|
|
499,946 |
|
|
|
8.4 |
|
Other |
|
|
8,663 |
|
|
|
12.4 |
|
|
|
1,366,534 |
|
|
|
22.1 |
|
|
|
13,056 |
|
|
|
18.3 |
|
|
|
1,553,729 |
|
|
|
26.0 |
|
Total commercial property loans |
|
|
37,485 |
|
|
|
54.0 |
|
|
|
3,789,394 |
|
|
|
61.3 |
|
|
|
36,628 |
|
|
|
51.2 |
|
|
|
3,724,176 |
|
|
|
62.4 |
|
Construction |
|
|
2,756 |
|
|
|
4.0 |
|
|
|
100,345 |
|
|
|
1.6 |
|
|
|
4,022 |
|
|
|
5.7 |
|
|
|
109,205 |
|
|
|
1.8 |
|
Residential |
|
|
5,258 |
|
|
|
7.5 |
|
|
|
962,661 |
|
|
|
15.6 |
|
|
|
3,376 |
|
|
|
4.7 |
|
|
|
734,472 |
|
|
|
12.4 |
|
Total real estate loans |
|
|
45,499 |
|
|
|
65.5 |
|
|
|
4,852,400 |
|
|
|
78.5 |
|
|
|
44,026 |
|
|
|
61.6 |
|
|
|
4,567,853 |
|
|
|
76.6 |
|
Commercial and industrial loans |
|
|
10,257 |
|
|
|
14.8 |
|
|
|
747,819 |
|
|
|
12.1 |
|
|
|
15,267 |
|
|
|
21.3 |
|
|
|
804,492 |
|
|
|
13.4 |
|
Equipment financing agreements |
|
|
13,706 |
|
|
|
19.7 |
|
|
|
582,215 |
|
|
|
9.4 |
|
|
|
12,230 |
|
|
|
17.1 |
|
|
|
594,788 |
|
|
|
10.0 |
|
Total |
|
$ |
69,462 |
|
|
|
100.0 |
% |
|
$ |
6,182,434 |
|
|
|
100.0 |
% |
|
$ |
71,523 |
|
|
|
100.0 |
% |
|
$ |
5,967,133 |
|
|
|
100.0 |
% |
The following table represents the amortized cost basis of collateral dependent loans by class of loans as of December 31, 2023 and 2022, for which repayment is expected to be obtained through the sale of the underlying collateral and any collateral dependent loans that are still accruing but are considered nonperforming.
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
|
(in thousands) |
|
Real estate loans: |
|
|
|
|
|
|
Commercial property |
|
|
|
|
|
|
Retail |
|
$ |
1,530 |
|
|
$ |
1,930 |
|
Hospitality |
|
|
338 |
|
|
|
— |
|
Other (1) |
|
|
305 |
|
|
|
256 |
|
Total commercial property loans |
|
|
2,173 |
|
|
|
2,186 |
|
Residential |
|
|
1 |
|
|
|
508 |
|
Total real estate loans |
|
|
2,174 |
|
|
|
2,694 |
|
Commercial and industrial loans |
|
|
5,178 |
|
|
|
— |
|
Total |
|
$ |
7,352 |
|
|
$ |
2,694 |
|
(1)Includes, among other property types, mixed-use, gas station, apartment, industrial, faith-based facilities and warehouse; the remaining real estate categories represent less than one percent of the Bank's total loans receivable.
Loan Quality Indicators
As part of the on-going monitoring of the quality of our loan portfolio, we utilize an internal loan grading system to identify credit risk and assign an appropriate grade (from 1 to 8) for each loan in our portfolio. Third-party loan reviews are conducted annually on a sample basis. Additional adjustments are made when determined to be necessary. The loan grade definitions are as follows:
Pass and Pass-Watch: Pass and Pass-Watch loans, grades (1-4), are in compliance with the Bank’s credit policy and regulatory requirements, and do not exhibit any potential or defined weaknesses as defined under “Special Mention,” “Substandard” or “Doubtful.” This category is the strongest level of the Bank’s loan grading system. It consists of all performing loans with no identified credit weaknesses. It includes cash and stock/security secured loans or other investment grade loans.
Special Mention: A Special Mention loan, grade (5), has potential weaknesses that deserve management’s close attention. If not corrected, these potential weaknesses may result in deterioration of the repayment of the debt and result in a Substandard classification. Loans that have significant actual, not potential, weaknesses are considered more severely classified.
Substandard: A Substandard loan, grade (6), has a well-defined weakness that jeopardizes the liquidation of the debt. A loan graded Substandard is not protected by the sound worth and paying capacity of the borrower, or of the value and type of collateral pledged. With a Substandard loan, there is a distinct possibility that the Bank will sustain some loss if the weaknesses or deficiencies are not corrected.
Doubtful: A Doubtful loan, grade (7), is one that has critical weaknesses that would make the collection or liquidation of the full amount due improbable. However, there may be pending events which may work to strengthen the loan, and therefore the amount or timing of a possible loss cannot be determined at the current time.
Loss: A loan classified as Loss, grade (8), is considered uncollectible and of such little value that their continuance as active bank assets is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this asset even though partial recovery may be possible in the future. Loans classified as Loss will be charged off in a timely manner.
Under regulatory guidance, loans graded special mention or worse are considered criticized loans, and loans graded substandard or worse are considered classified loans.
Loans by Vintage Year and Risk Rating
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Term Loans |
|
|
|
|
|
|
|
|
|
Amortized Cost Basis by Origination Year (1) |
|
|
|
|
|
|
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
2019 |
|
|
Prior |
|
|
Revolving
Loans
Amortized
Cost Basis |
|
|
Total |
|
|
|
(in thousands) |
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Term Loans |
|
|
|
|
|
|
|
|
|
Amortized Cost Basis by Origination Year (1) |
|
|
|
|
|
|
|
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
2019 |
|
|
2018 |
|
|
Prior |
|
|
Revolving
Loans
Amortized
Cost Basis |
|
|
Total |
|
|
|
(in thousands) |
|
December 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial property |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk Rating |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass / Pass Watch |
|
$ |
1,184,361 |
|
|
$ |
901,029 |
|
|
$ |
600,740 |
|
|
$ |
404,786 |
|
|
$ |
301,950 |
|
|
$ |
207,861 |
|
|
$ |
50,877 |
|
|
$ |
3,651,604 |
|
Special Mention |
|
|
847 |
|
|
|
13,384 |
|
|
|
5,857 |
|
|
|
7,115 |
|
|
|
— |
|
|
|
6,080 |
|
|
|
1,701 |
|
|
|
34,984 |
|
Classified |
|
|
— |
|
|
|
— |
|
|
|
412 |
|
|
|
4,312 |
|
|
|
12,304 |
|
|
|
20,560 |
|
|
|
— |
|
|
|
37,588 |
|
Total commercial property |
|
|
1,185,208 |
|
|
|
914,413 |
|
|
|
607,009 |
|
|
|
416,213 |
|
|
|
314,254 |
|
|
|
234,501 |
|
|
|
52,578 |
|
|
|
3,724,176 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk Rating |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass / Pass Watch |
|
|
41,662 |
|
|
|
67,543 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
109,205 |
|
Special Mention |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Classified |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total construction |
|
|
41,662 |
|
|
|
67,543 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
109,205 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk Rating |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass / Pass Watch |
|
|
405,975 |
|
|
|
173,236 |
|
|
|
13,102 |
|
|
|
232 |
|
|
|
731 |
|
|
|
134,766 |
|
|
|
5,422 |
|
|
|
733,464 |
|
Special Mention |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
500 |
|
|
|
500 |
|
Classified |
|
|
12 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
496 |
|
|
|
— |
|
|
|
508 |
|
Total residential |
|
|
405,987 |
|
|
|
173,236 |
|
|
|
13,102 |
|
|
|
232 |
|
|
|
731 |
|
|
|
135,262 |
|
|
|
5,922 |
|
|
|
734,472 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total real estate loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk Rating |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass / Pass Watch |
|
|
1,631,998 |
|
|
|
1,141,808 |
|
|
|
613,842 |
|
|
|
405,018 |
|
|
|
302,681 |
|
|
|
342,627 |
|
|
|
56,299 |
|
|
|
4,494,273 |
|
Special Mention |
|
|
847 |
|
|
|
13,384 |
|
|
|
5,857 |
|
|
|
7,115 |
|
|
|
— |
|
|
|
6,080 |
|
|
|
2,201 |
|
|
|
35,484 |
|
Classified |
|
|
12 |
|
|
|
— |
|
|
|
412 |
|
|
|
4,312 |
|
|
|
12,304 |
|
|
|
21,056 |
|
|
|
— |
|
|
|
38,096 |
|
Total real estate loans |
|
|
1,632,857 |
|
|
|
1,155,192 |
|
|
|
620,111 |
|
|
|
416,445 |
|
|
|
314,985 |
|
|
|
369,763 |
|
|
|
58,500 |
|
|
|
4,567,853 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk Rating |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass / Pass Watch |
|
|
368,778 |
|
|
|
100,537 |
|
|
|
39,577 |
|
|
|
24,117 |
|
|
|
7,342 |
|
|
|
12,282 |
|
|
|
205,951 |
|
|
|
758,584 |
|
Special Mention |
|
|
— |
|
|
|
9,285 |
|
|
|
— |
|
|
|
— |
|
|
|
29 |
|
|
|
102 |
|
|
|
34,113 |
|
|
|
43,529 |
|
Classified |
|
|
— |
|
|
|
— |
|
|
|
171 |
|
|
|
1,097 |
|
|
|
81 |
|
|
|
391 |
|
|
|
639 |
|
|
|
2,379 |
|
Total commercial and industrial loans |
|
|
368,778 |
|
|
|
109,822 |
|
|
|
39,748 |
|
|
|
25,214 |
|
|
|
7,452 |
|
|
|
12,775 |
|
|
|
240,703 |
|
|
|
804,492 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equipment financing agreements: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk Rating |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass / Pass Watch |
|
|
305,249 |
|
|
|
165,313 |
|
|
|
46,970 |
|
|
|
52,133 |
|
|
|
17,608 |
|
|
|
1,798 |
|
|
|
— |
|
|
|
589,071 |
|
Special Mention |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Classified |
|
|
630 |
|
|
|
2,542 |
|
|
|
311 |
|
|
|
1,581 |
|
|
|
565 |
|
|
|
88 |
|
|
|
— |
|
|
|
5,717 |
|
Total equipment financing agreements |
|
|
305,879 |
|
|
|
167,855 |
|
|
|
47,281 |
|
|
|
53,714 |
|
|
|
18,173 |
|
|
|
1,886 |
|
|
|
— |
|
|
|
594,788 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans receivable: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk Rating |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass / Pass Watch |
|
|
2,306,025 |
|
|
|
1,407,658 |
|
|
|
700,389 |
|
|
|
481,268 |
|
|
|
327,631 |
|
|
|
356,707 |
|
|
|
262,250 |
|
|
|
5,841,928 |
|
Special Mention |
|
|
847 |
|
|
|
22,669 |
|
|
|
5,857 |
|
|
|
7,115 |
|
|
|
29 |
|
|
|
6,182 |
|
|
|
36,314 |
|
|
|
79,013 |
|
Classified |
|
|
642 |
|
|
|
2,542 |
|
|
|
894 |
|
|
|
6,990 |
|
|
|
12,950 |
|
|
|
21,535 |
|
|
|
639 |
|
|
|
46,192 |
|
Total loans receivable |
|
$ |
2,307,514 |
|
|
$ |
1,432,869 |
|
|
$ |
707,140 |
|
|
$ |
495,373 |
|
|
$ |
340,610 |
|
|
$ |
384,424 |
|
|
$ |
299,203 |
|
|
$ |
5,967,133 |
|
(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) |
|
|
|
|
|
|
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
2019 |
|
|
Prior |
|
|
Revolving
Loans
Amortized
Cost Basis |
|
|
Total |
|
|
|
(in thousands) |
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Term Loans |
|
|
|
|
|
|
|
|
|
Amortized Cost Basis by Origination Year (1) |
|
|
|
|
|
|
|
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
2019 |
|
|
2018 |
|
|
Prior |
|
|
Revolving
Loans
Amortized
Cost Basis |
|
|
Total |
|
|
|
(in thousands) |
|
December 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial property |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing |
|
$ |
1,185,208 |
|
|
$ |
914,413 |
|
|
$ |
606,597 |
|
|
$ |
416,213 |
|
|
$ |
312,324 |
|
|
$ |
233,643 |
|
|
$ |
52,578 |
|
|
$ |
3,720,976 |
|
Nonperforming |
|
|
— |
|
|
|
— |
|
|
|
412 |
|
|
|
— |
|
|
|
1,930 |
|
|
|
858 |
|
|
|
|
|
|
3,200 |
|
Total commercial property |
|
|
1,185,208 |
|
|
|
914,413 |
|
|
|
607,009 |
|
|
|
416,213 |
|
|
|
314,254 |
|
|
|
234,501 |
|
|
|
52,578 |
|
|
|
3,724,176 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing |
|
|
41,662 |
|
|
|
67,543 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
109,205 |
|
Nonperforming |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total construction |
|
|
41,662 |
|
|
|
67,543 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
109,205 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing |
|
|
405,975 |
|
|
|
173,236 |
|
|
|
13,102 |
|
|
|
232 |
|
|
|
731 |
|
|
|
134,766 |
|
|
|
5,922 |
|
|
|
733,964 |
|
Nonperforming |
|
|
12 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
496 |
|
|
|
— |
|
|
|
508 |
|
Total residential |
|
|
405,987 |
|
|
|
173,236 |
|
|
|
13,102 |
|
|
|
232 |
|
|
|
731 |
|
|
|
135,262 |
|
|
|
5,922 |
|
|
|
734,472 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total real estate loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing |
|
|
1,632,845 |
|
|
|
1,155,192 |
|
|
|
619,699 |
|
|
|
416,445 |
|
|
|
313,055 |
|
|
|
368,409 |
|
|
|
58,500 |
|
|
|
4,564,145 |
|
Nonperforming |
|
|
12 |
|
|
|
— |
|
|
|
412 |
|
|
|
— |
|
|
|
1,930 |
|
|
|
1,354 |
|
|
|
— |
|
|
|
3,708 |
|
Total real estate loans |
|
|
1,632,857 |
|
|
|
1,155,192 |
|
|
|
620,111 |
|
|
|
416,445 |
|
|
|
314,985 |
|
|
|
369,763 |
|
|
|
58,500 |
|
|
|
4,567,853 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing |
|
|
368,778 |
|
|
|
109,822 |
|
|
|
39,577 |
|
|
|
25,199 |
|
|
|
7,452 |
|
|
|
12,539 |
|
|
|
240,703 |
|
|
|
804,070 |
|
Nonperforming |
|
|
— |
|
|
|
— |
|
|
|
171 |
|
|
|
15 |
|
|
|
— |
|
|
|
236 |
|
|
|
— |
|
|
|
422 |
|
Total commercial and industrial loans |
|
|
368,778 |
|
|
|
109,822 |
|
|
|
39,748 |
|
|
|
25,214 |
|
|
|
7,452 |
|
|
|
12,775 |
|
|
|
240,703 |
|
|
|
804,492 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equipment financing agreements: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing |
|
|
305,249 |
|
|
|
165,313 |
|
|
|
46,970 |
|
|
|
52,133 |
|
|
|
17,608 |
|
|
|
1,798 |
|
|
|
— |
|
|
|
589,071 |
|
Nonperforming |
|
|
630 |
|
|
|
2,542 |
|
|
|
311 |
|
|
|
1,581 |
|
|
|
565 |
|
|
|
88 |
|
|
|
— |
|
|
|
5,717 |
|
Total equipment financing agreements |
|
|
305,879 |
|
|
|
167,855 |
|
|
|
47,281 |
|
|
|
53,714 |
|
|
|
18,173 |
|
|
|
1,886 |
|
|
|
— |
|
|
|
594,788 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans receivable: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing |
|
|
2,306,872 |
|
|
|
1,430,327 |
|
|
|
706,246 |
|
|
|
493,777 |
|
|
|
338,115 |
|
|
|
382,746 |
|
|
|
299,203 |
|
|
|
5,957,286 |
|
Nonperforming |
|
|
642 |
|
|
|
2,542 |
|
|
|
894 |
|
|
|
1,596 |
|
|
|
2,495 |
|
|
|
1,678 |
|
|
|
— |
|
|
|
9,847 |
|
Total loans receivable |
|
$ |
2,307,514 |
|
|
$ |
1,432,869 |
|
|
$ |
707,140 |
|
|
$ |
495,373 |
|
|
$ |
340,610 |
|
|
$ |
384,424 |
|
|
$ |
299,203 |
|
|
$ |
5,967,133 |
|
(1)Includes extensions, renewals, or modifications of credit contracts, which consist of a new credit decision
Nonaccrual Loans and Nonperforming Assets
The following tables represent the amortized cost basis of loans on nonaccrual status and loans past due 90 days and still accruing as of December 31, 2023 and 2022.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
Office |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2022 |
|
|
|
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 |
|
$ |
1,929 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,929 |
|
Other |
|
|
540 |
|
|
|
731 |
|
|
|
— |
|
|
|
1,271 |
|
Total commercial property loans |
|
|
2,469 |
|
|
|
731 |
|
|
|
— |
|
|
|
3,200 |
|
Residential |
|
|
508 |
|
|
|
— |
|
|
|
— |
|
|
|
508 |
|
Total real estate loans |
|
|
2,977 |
|
|
|
731 |
|
|
|
— |
|
|
|
3,708 |
|
Commercial and industrial loans |
|
|
— |
|
|
|
422 |
|
|
|
— |
|
|
|
422 |
|
Equipment financing agreements |
|
|
215 |
|
|
|
5,501 |
|
|
|
— |
|
|
|
5,716 |
|
Total |
|
$ |
3,192 |
|
|
$ |
6,654 |
|
|
$ |
— |
|
|
$ |
9,846 |
|
The Company recognized $0.2 million, $46,000 and $0.7 million of interest income on nonaccrual loans for the twelve months ended December 31, 2023, 2022 and 2021, respectively.
The following is an aging analysis of loans, disaggregated by loan class, as of the dates indicated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30-59 Days
Past Due |
|
|
60-89 Days
Past Due |
|
|
90 Days or More
Past Due |
|
|
Total
Past Due |
|
|
Current |
|
|
Total |
|
|
|
(in thousands) |
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial property |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,023,608 |
|
|
$ |
1,023,608 |
|
Hospitality |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
646,893 |
|
|
|
646,893 |
|
Office |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
499,946 |
|
|
|
499,946 |
|
Other |
|
|
— |
|
|
|
494 |
|
|
|
— |
|
|
|
494 |
|
|
|
1,553,235 |
|
|
|
1,553,729 |
|
Total commercial property loans |
|
|
— |
|
|
|
494 |
|
|
|
— |
|
|
|
494 |
|
|
|
3,723,682 |
|
|
|
3,724,176 |
|
Construction |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
109,205 |
|
|
|
109,205 |
|
Residential |
|
|
313 |
|
|
|
804 |
|
|
|
7 |
|
|
|
1,124 |
|
|
|
733,348 |
|
|
|
734,472 |
|
Total real estate loans |
|
|
313 |
|
|
|
1,298 |
|
|
|
7 |
|
|
|
1,618 |
|
|
|
4,566,235 |
|
|
|
4,567,853 |
|
Commercial and industrial loans |
|
|
77 |
|
|
|
79 |
|
|
|
— |
|
|
|
156 |
|
|
|
804,336 |
|
|
|
804,492 |
|
Equipment financing agreements |
|
|
5,825 |
|
|
|
1,271 |
|
|
|
2,949 |
|
|
|
10,045 |
|
|
|
584,743 |
|
|
|
594,788 |
|
Total loans receivable |
|
$ |
6,215 |
|
|
$ |
2,648 |
|
|
$ |
2,956 |
|
|
$ |
11,819 |
|
|
$ |
5,955,314 |
|
|
$ |
5,967,133 |
|
The following table details nonperforming assets as of the dates indicated:
|
|
|
|
|
|
|
|
|
|
|
As of December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
|
(in thousands) |
|
Nonaccrual loans |
|
$ |
15,474 |
|
|
$ |
9,846 |
|
Loans receivable 90 days or more past due and still accruing |
|
|
— |
|
|
|
— |
|
Total nonperforming loans receivable |
|
|
15,474 |
|
|
|
9,846 |
|
Other real estate owned ("OREO") |
|
|
117 |
|
|
|
117 |
|
Total nonperforming assets |
|
$ |
15,591 |
|
|
$ |
9,963 |
|
OREO consisted of one property with a carrying value of $0.1 million as of December 31, 2023 and 2022. OREO is included in prepaid expenses and other assets in the accompanying Consolidated Balance Sheets as of December 31, 2023 and 2022.
Loan Modifications
No loans were modified to borrowers experiencing financial difficulty during the twelve months ended December 31, 2023, 2022 or 2021.
|