| Loans |
Note 3 — Loans
Loans Receivable
Loans consisted of the following as of the dates indicated:
|
|
|
September 30, 2021
|
|
|
December 31, 2020
|
|
|
|
|
(in thousands)
|
|
|
Real estate loans:
|
|
|
|
|
|
|
|
|
|
Commercial property
|
|
|
|
|
|
|
|
|
|
Retail
|
|
$
|
942,996
|
|
|
$
|
824,606
|
|
|
Hospitality
|
|
|
725,864
|
|
|
|
859,953
|
|
|
Other (1)
|
|
|
1,783,477
|
|
|
|
1,610,377
|
|
|
Total commercial property loans
|
|
|
3,452,337
|
|
|
|
3,294,936
|
|
|
Construction
|
|
|
76,168
|
|
|
|
58,882
|
|
|
Residential/consumer loans
|
|
|
354,861
|
|
|
|
345,831
|
|
|
Total real estate loans
|
|
|
3,883,366
|
|
|
|
3,699,649
|
|
|
Commercial and industrial loans
|
|
|
516,357
|
|
|
|
757,255
|
|
|
Leases receivable
|
|
|
459,142
|
|
|
|
423,264
|
|
|
Loans receivable
|
|
|
4,858,865
|
|
|
|
4,880,168
|
|
|
Allowance for credit losses
|
|
|
(76,613
|
)
|
|
|
(90,426
|
)
|
|
Loans receivable, net
|
|
$
|
4,782,252
|
|
|
$
|
4,789,742
|
|
|
(1)
|
Includes, among other types, mixed-use, apartment, office, industrial, gas stations, faith-based facilities and warehouse; all other property types represent less than one percent of total loans receivable.
|
The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act allows financial institutions to assist customers in dealing with financial hardship by (a) providing federal funding so that financial institutions can originate SBA loans to borrowers at a low interest rate under the Paycheck Protection Program (“PPP”) loans with eventual debt forgiveness should the borrower continue to meet certain criteria; and (b) allowing financial institutions to temporarily modify loan terms by deferring loan payments, loan fees, etc. without considering them Troubled Debt Restructurings (“TDRs”).
At September 30, 2021 and December 31, 2020, PPP loans totaling $21.9 million and $295.7 million, respectively, were included in the table above. In addition, at September 30, 2021 and December 31, 2020, there were $12.0 million and $155.6 million, respectively, of loans modified under Section 4013 of the CARES Act.
Accrued interest on loans was $10.2 million and $15.2 million at September 30, 2021 and December 31, 2020, respectively. Accrued interest at September 30, 2021 and December 31, 2020 included unpaid deferred interest receivable for loans currently or previously modified under the CARES Act of $3.6 million and $7.5 million, net of a $311,000 and $1.7 million valuation allowance, respectively.
At September 30, 2021 and December 31, 2020, loans of $2.17 billion were pledged to secure advances from the FHLB.
Loans Held for Sale
The following is the activity for loans held for sale for the three months ended September 30, 2021 and 2020:
|
|
|
Real Estate
|
|
|
Commercial and
Industrial
|
|
|
Total
|
|
|
|
|
(in thousands)
|
|
|
September 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period
|
|
$
|
13,092
|
|
|
$
|
22,938
|
|
|
$
|
36,030
|
|
|
Originations and transfers
|
|
|
28,537
|
|
|
|
15,228
|
|
|
|
43,765
|
|
|
Sales
|
|
|
(27,513
|
)
|
|
|
(34,956
|
)
|
|
|
(62,469
|
)
|
|
Principal paydowns and amortization
|
|
|
(4
|
)
|
|
|
559
|
|
|
|
555
|
|
|
Balance at end of period
|
|
$
|
14,112
|
|
|
$
|
3,769
|
|
|
$
|
17,881
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period
|
|
$
|
12,661
|
|
|
$
|
5,281
|
|
|
$
|
17,942
|
|
|
Originations
|
|
|
12,049
|
|
|
|
12,107
|
|
|
|
24,156
|
|
|
Sales
|
|
|
(20,621
|
)
|
|
|
(8,639
|
)
|
|
|
(29,260
|
)
|
|
Principal paydowns and amortization
|
|
|
—
|
|
|
|
(5
|
)
|
|
|
(5
|
)
|
|
Balance at end of period
|
|
$
|
4,089
|
|
|
$
|
8,745
|
|
|
$
|
12,834
|
|
Loans held for sale was comprised of $17.9 million and $8.6 million of the guaranteed portion of SBA 7(a) loans at September 30, 2021 and December 31, 2020, respectively. During the three months ended September 30, 2021, the Company recognized $339,000 of gains on the sale of $14.6 million of second draw PPP loans. For the nine months ended September 30, 2021, the Company recognized $3.0 million of gains on the sale of $132.7 million second draw PPP loans.
The following is the activity for loans held for sale for the nine months ended September 30, 2021 and 2020:
|
|
|
Real Estate
|
|
|
Commercial and Industrial
|
|
|
Total
|
|
|
|
|
(in thousands)
|
|
|
September 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period
|
|
$
|
8,042
|
|
|
$
|
526
|
|
|
$
|
8,568
|
|
|
Originations and transfers
|
|
|
71,005
|
|
|
|
162,637
|
|
|
|
233,642
|
|
|
Sales
|
|
|
(64,930
|
)
|
|
|
(160,293
|
)
|
|
|
(225,223
|
)
|
|
Principal payoffs and amortization
|
|
|
(5
|
)
|
|
|
899
|
|
|
|
894
|
|
|
Balance at end of period
|
|
$
|
14,112
|
|
|
$
|
3,769
|
|
|
$
|
17,881
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period
|
|
$
|
2,943
|
|
|
$
|
3,077
|
|
|
$
|
6,020
|
|
|
Originations
|
|
|
31,204
|
|
|
|
23,091
|
|
|
|
54,295
|
|
|
Sales
|
|
|
(30,053
|
)
|
|
|
(17,419
|
)
|
|
|
(47,472
|
)
|
|
Principal payoffs and amortization
|
|
|
(5
|
)
|
|
|
(5
|
)
|
|
|
(10
|
)
|
|
Balance at end of period
|
|
$
|
4,089
|
|
|
$
|
8,745
|
|
|
$
|
12,834
|
|
Allowance for Credit Losses
The following table details the information on the allowance for credit losses by portfolio segment as of and for the three months ended September 30, 2021 and 2020:
|
|
|
Real Estate
|
|
|
Commercial and
Industrial
|
|
|
Leases
Receivable
|
|
|
Total
|
|
|
|
|
(in thousands)
|
|
|
September 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period
|
|
$
|
63,029
|
|
|
$
|
8,059
|
|
|
$
|
12,284
|
|
|
$
|
83,372
|
|
|
Less loans charged off
|
|
|
—
|
|
|
|
186
|
|
|
|
791
|
|
|
|
977
|
|
|
Recoveries on loans receivable previously charged off
|
|
|
(1,162
|
)
|
|
|
(330
|
)
|
|
|
(350
|
)
|
|
|
(1,842
|
)
|
|
Provision (recovery) for credit losses
|
|
|
(8,128
|
)
|
|
|
507
|
|
|
|
(3
|
)
|
|
|
(7,624
|
)
|
|
Ending balance
|
|
$
|
56,063
|
|
|
$
|
8,710
|
|
|
$
|
11,840
|
|
|
$
|
76,613
|
|
|
Individually evaluated
|
|
$
|
8
|
|
|
$
|
13
|
|
|
$
|
2,173
|
|
|
$
|
2,194
|
|
|
Collectively evaluated
|
|
$
|
56,055
|
|
|
$
|
8,697
|
|
|
$
|
9,667
|
|
|
$
|
74,419
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable
|
|
$
|
3,883,366
|
|
|
$
|
516,357
|
|
|
$
|
459,142
|
|
|
$
|
4,858,865
|
|
|
Individually evaluated
|
|
$
|
13,988
|
|
|
$
|
313
|
|
|
$
|
6,923
|
|
|
$
|
21,224
|
|
|
Collectively evaluated
|
|
$
|
3,869,378
|
|
|
$
|
516,044
|
|
|
$
|
452,219
|
|
|
$
|
4,837,641
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period
|
|
$
|
56,418
|
|
|
$
|
13,388
|
|
|
$
|
16,524
|
|
|
$
|
86,330
|
|
|
Less loans charged off
|
|
|
687
|
|
|
|
383
|
|
|
|
1,081
|
|
|
|
2,151
|
|
|
Recoveries on loans receivable previously charged off
|
|
|
(1,497
|
)
|
|
|
(35
|
)
|
|
|
(213
|
)
|
|
|
(1,745
|
)
|
|
Provision (recovery) for credit losses
|
|
|
(6,744
|
)
|
|
|
7,809
|
|
|
|
(368
|
)
|
|
|
697
|
|
|
Ending balance
|
|
$
|
50,484
|
|
|
$
|
20,849
|
|
|
$
|
15,287
|
|
|
$
|
86,620
|
|
|
Individually evaluated
|
|
$
|
35
|
|
|
$
|
1,623
|
|
|
$
|
2,087
|
|
|
$
|
3,745
|
|
|
Collectively evaluated
|
|
$
|
50,449
|
|
|
$
|
19,226
|
|
|
$
|
13,200
|
|
|
$
|
82,875
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable
|
|
$
|
3,635,330
|
|
|
$
|
765,484
|
|
|
$
|
433,323
|
|
|
$
|
4,834,137
|
|
|
Individually evaluated
|
|
$
|
48,220
|
|
|
$
|
13,293
|
|
|
$
|
7,338
|
|
|
$
|
68,851
|
|
|
Collectively evaluated
|
|
$
|
3,587,110
|
|
|
$
|
752,191
|
|
|
$
|
425,985
|
|
|
$
|
4,765,286
|
|
The following table details the information on the allowance for credit losses by portfolio segment as of and for the nine months ended September 30, 2021 and 2020:
|
|
|
Real Estate
|
|
|
Commercial and Industrial
|
|
|
Leases Receivable
|
|
|
Total
|
|
|
|
|
(in thousands)
|
|
|
September 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period
|
|
$
|
51,876
|
|
|
$
|
21,410
|
|
|
$
|
17,140
|
|
|
|
90,426
|
|
|
Less loans charged off
|
|
|
1,491
|
|
|
|
550
|
|
|
|
3,893
|
|
|
|
5,934
|
|
|
Recoveries on loans receivable previously charged off
|
|
|
(1,597
|
)
|
|
|
(602
|
)
|
|
|
(694
|
)
|
|
|
(2,893
|
)
|
|
Provision (recovery) for credit losses
|
|
|
4,081
|
|
|
|
(12,752
|
)
|
|
|
(2,101
|
)
|
|
|
(10,772
|
)
|
|
Ending balance
|
|
$
|
56,063
|
|
|
$
|
8,710
|
|
|
$
|
11,840
|
|
|
$
|
76,613
|
|
|
Individually evaluated
|
|
$
|
8
|
|
|
$
|
13
|
|
|
$
|
2,173
|
|
|
$
|
2,194
|
|
|
Collectively evaluated
|
|
$
|
56,055
|
|
|
$
|
8,697
|
|
|
$
|
9,667
|
|
|
$
|
74,419
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable
|
|
$
|
3,883,366
|
|
|
$
|
516,357
|
|
|
$
|
459,142
|
|
|
$
|
4,858,865
|
|
|
Individually evaluated
|
|
$
|
13,988
|
|
|
$
|
313
|
|
|
$
|
6,923
|
|
|
$
|
21,224
|
|
|
Collectively evaluated
|
|
$
|
3,869,378
|
|
|
$
|
516,044
|
|
|
$
|
452,219
|
|
|
$
|
4,837,641
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period
|
|
$
|
36,435
|
|
|
$
|
16,206
|
|
|
$
|
8,767
|
|
|
$
|
61,408
|
|
|
Adjustment related to adoption of ASU 2016-13
|
|
|
14,027
|
|
|
|
(2,497
|
)
|
|
|
5,902
|
|
|
|
17,432
|
|
|
Adjusted balance as of January 1, 2020
|
|
|
50,462
|
|
|
|
13,709
|
|
|
|
14,669
|
|
|
|
78,840
|
|
|
Less loans charged off
|
|
|
14,920
|
|
|
|
12,972
|
|
|
|
3,306
|
|
|
|
31,198
|
|
|
Recoveries on loans receivable previously charged off
|
|
|
(1,653
|
)
|
|
|
(179
|
)
|
|
|
(401
|
)
|
|
|
(2,233
|
)
|
|
Provision for credit losses
|
|
|
13,289
|
|
|
|
19,932
|
|
|
|
3,523
|
|
|
|
36,744
|
|
|
Ending balance
|
|
$
|
50,484
|
|
|
$
|
20,849
|
|
|
$
|
15,287
|
|
|
$
|
86,620
|
|
|
Individually evaluated
|
|
$
|
35
|
|
|
$
|
1,623
|
|
|
$
|
2,087
|
|
|
$
|
3,745
|
|
|
Collectively evaluated
|
|
$
|
50,449
|
|
|
$
|
19,226
|
|
|
$
|
13,200
|
|
|
$
|
82,875
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable
|
|
$
|
3,635,330
|
|
|
$
|
765,484
|
|
|
$
|
433,323
|
|
|
$
|
4,834,137
|
|
|
Individually evaluated
|
|
$
|
48,220
|
|
|
$
|
13,293
|
|
|
$
|
7,338
|
|
|
$
|
68,851
|
|
|
Collectively evaluated
|
|
$
|
3,587,110
|
|
|
$
|
752,191
|
|
|
$
|
425,985
|
|
|
$
|
4,765,286
|
|
The table below illustrates the allowance for credit losses by loan portfolio segment and each loan portfolio segment as a percentage of total loans.
|
|
|
September 30, 2021
|
|
|
December 31, 2020
|
|
|
|
|
Allowance Amount
|
|
|
Total Loans
|
|
|
Percentage of Total Loans
|
|
|
Allowance Amount
|
|
|
Total Loans
|
|
|
Percentage of Total Loans
|
|
|
|
|
(in thousands)
|
|
|
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial property
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
|
|
$
|
5,294
|
|
|
$
|
942,996
|
|
|
|
19.4
|
%
|
|
$
|
4,855
|
|
|
$
|
824,606
|
|
|
|
16.9
|
%
|
|
Hospitality
|
|
|
29,600
|
|
|
|
725,864
|
|
|
|
14.9
|
%
|
|
|
28,801
|
|
|
|
859,953
|
|
|
|
17.6
|
%
|
|
Other
|
|
|
12,842
|
|
|
|
1,783,477
|
|
|
|
36.7
|
%
|
|
|
13,991
|
|
|
|
1,610,377
|
|
|
|
33.0
|
%
|
|
Total commercial property loans
|
|
|
47,736
|
|
|
|
3,452,337
|
|
|
|
71.0
|
%
|
|
|
47,647
|
|
|
|
3,294,936
|
|
|
|
67.5
|
%
|
|
Construction
|
|
|
7,565
|
|
|
|
76,168
|
|
|
|
1.6
|
%
|
|
|
2,876
|
|
|
|
58,882
|
|
|
|
1.2
|
%
|
|
Residential/consumer loans
|
|
|
762
|
|
|
|
354,861
|
|
|
|
7.3
|
%
|
|
|
1,353
|
|
|
|
345,831
|
|
|
|
7.1
|
%
|
|
Total real estate loans
|
|
|
56,063
|
|
|
|
3,883,366
|
|
|
|
79.9
|
%
|
|
|
51,876
|
|
|
|
3,699,649
|
|
|
|
75.8
|
%
|
|
Commercial and industrial loans
|
|
|
8,710
|
|
|
|
516,357
|
|
|
|
10.6
|
%
|
|
|
21,410
|
|
|
|
757,255
|
|
|
|
15.5
|
%
|
|
Leases receivable
|
|
|
11,840
|
|
|
|
459,142
|
|
|
|
9.5
|
%
|
|
|
17,140
|
|
|
|
423,264
|
|
|
|
8.7
|
%
|
|
Total
|
|
$
|
76,613
|
|
|
$
|
4,858,865
|
|
|
|
100.0
|
%
|
|
$
|
90,426
|
|
|
$
|
4,880,168
|
|
|
|
100.0
|
%
|
The following table represents the amortized cost basis of collateral-dependent loans by class of loans as of September 30, 2021 and December 31, 2020, for which repayment is expected to be obtained through the sale of the underlying collateral.
|
|
|
September 30, 2021
|
|
|
December 31, 2020
|
|
|
|
|
Amortized Cost
|
|
|
Amortized Cost
|
|
|
|
|
(in thousands)
|
|
|
Real estate loans:
|
|
|
|
|
|
|
|
|
|
Commercial property
|
|
|
|
|
|
|
|
|
|
Retail
|
|
$
|
2,628
|
|
|
$
|
6,330
|
|
|
Hospitality
|
|
|
—
|
|
|
|
20,612
|
|
|
Other (1)
|
|
|
128
|
|
|
|
8,410
|
|
|
Total commercial property loans
|
|
|
2,756
|
|
|
|
35,352
|
|
|
Construction
|
|
|
7,046
|
|
|
|
24,854
|
|
|
Residential/consumer loans
|
|
|
2,523
|
|
|
|
2,867
|
|
|
Total real estate loans
|
|
|
12,325
|
|
|
|
63,073
|
|
|
Commercial and industrial loans
|
|
|
—
|
|
|
|
41
|
|
|
Total
|
|
$
|
12,325
|
|
|
$
|
63,114
|
|
|
(1)
|
Includes, among other types, mixed-use, apartment, office, industrial, gas stations, faith-based facilities and warehouse; all other property types represent less than one percent of total loans receivable.
|
Loan Quality Indicators
As part of the on-going monitoring of the quality of our loans portfolio, we utilize an internal loan grading system to identify credit risk and assign an appropriate grade (from 0 to 8) for each loan in our portfolio. A third-party loan review is performed at least on an annual 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 (0-4), 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
2021
|
|
|
2020
|
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
|
Prior
|
|
|
Revolving
Loans
Amortized
Cost Basis
|
|
|
Total
|
|
|
|
|
(in thousands)
|
|
|
September 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial property
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk Rating
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass / Pass-Watch
|
|
$
|
827,018
|
|
|
$
|
722,970
|
|
|
$
|
485,633
|
|
|
$
|
434,177
|
|
|
$
|
298,246
|
|
|
$
|
495,077
|
|
|
$
|
48,666
|
|
|
$
|
3,311,787
|
|
|
Special Mention
|
|
|
—
|
|
|
|
18,937
|
|
|
|
16,444
|
|
|
|
—
|
|
|
|
2,713
|
|
|
|
56,380
|
|
|
|
1,864
|
|
|
|
96,338
|
|
|
Classified
|
|
|
—
|
|
|
|
—
|
|
|
|
5,477
|
|
|
|
22,586
|
|
|
|
3,672
|
|
|
|
12,477
|
|
|
|
—
|
|
|
|
44,212
|
|
|
Total commercial property
|
|
|
827,018
|
|
|
|
741,907
|
|
|
|
507,554
|
|
|
|
456,763
|
|
|
|
304,631
|
|
|
|
563,934
|
|
|
|
50,530
|
|
|
|
3,452,337
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk Rating
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass / Pass Watch
|
|
|
38,304
|
|
|
|
13,450
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
51,754
|
|
|
Special Mention
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
17,368
|
|
|
|
—
|
|
|
|
17,368
|
|
|
Classified
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
7,046
|
|
|
|
—
|
|
|
|
7,046
|
|
|
Total construction
|
|
|
38,304
|
|
|
|
13,450
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
24,414
|
|
|
|
—
|
|
|
|
76,168
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential/consumer loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk Rating
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass / Pass-Watch
|
|
|
116,334
|
|
|
|
19,299
|
|
|
|
250
|
|
|
|
23,202
|
|
|
|
93,590
|
|
|
|
89,701
|
|
|
|
6,795
|
|
|
|
349,171
|
|
|
Special Mention
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
930
|
|
|
|
391
|
|
|
|
2,237
|
|
|
|
—
|
|
|
|
3,558
|
|
|
Classified
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,819
|
|
|
|
313
|
|
|
|
—
|
|
|
|
2,132
|
|
|
Total residential/consumer loans
|
|
|
116,334
|
|
|
|
19,299
|
|
|
|
250
|
|
|
|
24,132
|
|
|
|
95,800
|
|
|
|
92,251
|
|
|
|
6,795
|
|
|
|
354,861
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total real estate loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk Rating
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass / Pass-Watch
|
|
|
981,656
|
|
|
|
755,719
|
|
|
|
485,883
|
|
|
|
457,379
|
|
|
|
391,836
|
|
|
|
584,778
|
|
|
|
55,461
|
|
|
|
3,712,712
|
|
|
Special Mention
|
|
|
—
|
|
|
|
18,937
|
|
|
|
16,444
|
|
|
|
930
|
|
|
|
3,104
|
|
|
|
75,985
|
|
|
|
1,864
|
|
|
|
117,264
|
|
|
Classified
|
|
|
—
|
|
|
|
—
|
|
|
|
5,477
|
|
|
|
22,586
|
|
|
|
5,491
|
|
|
|
19,836
|
|
|
|
—
|
|
|
|
53,390
|
|
|
Total real estate loans
|
|
|
981,656
|
|
|
|
774,656
|
|
|
|
507,804
|
|
|
|
480,895
|
|
|
|
400,431
|
|
|
|
680,599
|
|
|
|
57,325
|
|
|
|
3,883,366
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk Rating
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass / Pass-Watch
|
|
|
191,318
|
|
|
|
72,473
|
|
|
|
34,474
|
|
|
|
13,864
|
|
|
|
11,899
|
|
|
|
7,196
|
|
|
|
149,708
|
|
|
|
480,932
|
|
|
Special Mention
|
|
|
—
|
|
|
|
4,448
|
|
|
|
4,602
|
|
|
|
4,017
|
|
|
|
70
|
|
|
|
13
|
|
|
|
151
|
|
|
|
13,301
|
|
|
Classified
|
|
|
—
|
|
|
|
—
|
|
|
|
13,825
|
|
|
|
221
|
|
|
|
32
|
|
|
|
6,004
|
|
|
|
2,042
|
|
|
|
22,124
|
|
|
Total commercial and industrial loans
|
|
|
191,318
|
|
|
|
76,921
|
|
|
|
52,901
|
|
|
|
18,102
|
|
|
|
12,001
|
|
|
|
13,213
|
|
|
|
151,901
|
|
|
|
516,357
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leases receivable:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk Rating
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass / Pass-Watch
|
|
|
171,682
|
|
|
|
88,342
|
|
|
|
116,991
|
|
|
|
57,878
|
|
|
|
14,673
|
|
|
|
2,653
|
|
|
|
—
|
|
|
|
452,219
|
|
|
Special Mention
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Classified
|
|
|
148
|
|
|
|
474
|
|
|
|
4,174
|
|
|
|
1,418
|
|
|
|
410
|
|
|
|
299
|
|
|
|
—
|
|
|
|
6,923
|
|
|
Total leases receivable
|
|
|
171,830
|
|
|
|
88,816
|
|
|
|
121,165
|
|
|
|
59,296
|
|
|
|
15,083
|
|
|
|
2,952
|
|
|
|
—
|
|
|
|
459,142
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans receivable:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk Rating
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass / Pass-Watch
|
|
|
1,344,656
|
|
|
|
916,534
|
|
|
|
637,348
|
|
|
|
529,121
|
|
|
|
418,408
|
|
|
|
594,627
|
|
|
|
205,169
|
|
|
|
4,645,863
|
|
|
Special Mention
|
|
|
—
|
|
|
|
23,385
|
|
|
|
21,046
|
|
|
|
4,947
|
|
|
|
3,174
|
|
|
|
75,998
|
|
|
|
2,015
|
|
|
|
130,565
|
|
|
Classified
|
|
|
148
|
|
|
|
474
|
|
|
|
23,476
|
|
|
|
24,225
|
|
|
|
5,933
|
|
|
|
26,139
|
|
|
|
2,042
|
|
|
|
82,437
|
|
|
Total loans receivable
|
|
$
|
1,344,804
|
|
|
$
|
940,393
|
|
|
$
|
681,870
|
|
|
$
|
558,293
|
|
|
$
|
427,515
|
|
|
$
|
696,764
|
|
|
$
|
209,226
|
|
|
$
|
4,858,865
|
|
|
|
|
Term Loans
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortized Cost Basis by Origination Year (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
2020
|
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
|
2016
|
|
|
Prior
|
|
|
Revolving
Loans
Amortized
Cost Basis
|
|
|
Total
|
|
|
|
|
|
|
|
December 31, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial property
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk Rating
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass / Pass-Watch
|
|
$
|
920,876
|
|
|
$
|
513,962
|
|
|
$
|
479,221
|
|
|
$
|
343,659
|
|
|
$
|
418,361
|
|
|
$
|
459,367
|
|
|
$
|
31,283
|
|
|
$
|
3,166,729
|
|
|
Special Mention
|
|
|
13,680
|
|
|
|
2,484
|
|
|
|
8,630
|
|
|
|
1,671
|
|
|
|
14,971
|
|
|
|
11,907
|
|
|
|
—
|
|
|
|
53,343
|
|
|
Classified
|
|
|
—
|
|
|
|
3,528
|
|
|
|
7,303
|
|
|
|
4,712
|
|
|
|
21,351
|
|
|
|
37,840
|
|
|
|
130
|
|
|
|
74,864
|
|
|
Total commercial property
|
|
|
934,556
|
|
|
|
519,974
|
|
|
|
495,154
|
|
|
|
350,042
|
|
|
|
454,683
|
|
|
|
509,114
|
|
|
|
31,413
|
|
|
|
3,294,936
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk Rating
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass / Pass-Watch
|
|
|
33,415
|
|
|
|
613
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
34,028
|
|
|
Special Mention
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Classified
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
24,854
|
|
|
|
—
|
|
|
|
—
|
|
|
|
24,854
|
|
|
Total construction
|
|
|
33,415
|
|
|
|
613
|
|
|
|
—
|
|
|
|
—
|
|
|
|
24,854
|
|
|
|
—
|
|
|
|
—
|
|
|
|
58,882
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential/consumer loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk Rating
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass / Pass-Watch
|
|
|
27,997
|
|
|
|
962
|
|
|
|
37,123
|
|
|
|
127,987
|
|
|
|
82,124
|
|
|
|
54,003
|
|
|
|
7,353
|
|
|
|
337,549
|
|
|
Special Mention
|
|
|
—
|
|
|
|
—
|
|
|
|
930
|
|
|
|
829
|
|
|
|
537
|
|
|
|
2,782
|
|
|
|
—
|
|
|
|
5,078
|
|
|
Classified
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2,259
|
|
|
|
301
|
|
|
|
644
|
|
|
|
—
|
|
|
|
3,204
|
|
|
Total residential/consumer loans
|
|
|
27,997
|
|
|
|
962
|
|
|
|
38,053
|
|
|
|
131,075
|
|
|
|
82,962
|
|
|
|
57,429
|
|
|
|
7,353
|
|
|
|
345,831
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total real estate loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk Rating
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass / Pass-Watch
|
|
|
982,288
|
|
|
|
515,537
|
|
|
|
516,344
|
|
|
|
471,646
|
|
|
|
500,485
|
|
|
|
513,370
|
|
|
|
38,636
|
|
|
|
3,538,306
|
|
|
Special Mention
|
|
|
13,680
|
|
|
|
2,484
|
|
|
|
9,560
|
|
|
|
2,500
|
|
|
|
15,508
|
|
|
|
14,689
|
|
|
|
—
|
|
|
|
58,421
|
|
|
Classified
|
|
|
—
|
|
|
|
3,528
|
|
|
|
7,303
|
|
|
|
6,971
|
|
|
|
46,506
|
|
|
|
38,484
|
|
|
|
130
|
|
|
|
102,922
|
|
|
Total real estate loans
|
|
|
995,968
|
|
|
|
521,549
|
|
|
|
533,207
|
|
|
|
481,117
|
|
|
|
562,499
|
|
|
|
566,543
|
|
|
|
38,766
|
|
|
|
3,699,649
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk Rating
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass / Pass-Watch
|
|
|
406,486
|
|
|
|
73,159
|
|
|
|
54,110
|
|
|
|
17,834
|
|
|
|
4,464
|
|
|
|
9,910
|
|
|
|
146,722
|
|
|
|
712,685
|
|
|
Special Mention
|
|
|
6,950
|
|
|
|
4,509
|
|
|
|
4,436
|
|
|
|
1,110
|
|
|
|
31
|
|
|
|
1,074
|
|
|
|
447
|
|
|
|
18,557
|
|
|
Classified
|
|
|
—
|
|
|
|
890
|
|
|
|
5,115
|
|
|
|
9,465
|
|
|
|
4,380
|
|
|
|
1,519
|
|
|
|
4,644
|
|
|
|
26,013
|
|
|
Total commercial and industrial loans
|
|
|
413,436
|
|
|
|
78,558
|
|
|
|
63,661
|
|
|
|
28,409
|
|
|
|
8,875
|
|
|
|
12,503
|
|
|
|
151,813
|
|
|
|
757,255
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leases receivable:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk Rating
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass / Pass-Watch
|
|
|
113,712
|
|
|
|
165,242
|
|
|
|
91,408
|
|
|
|
30,405
|
|
|
|
10,096
|
|
|
|
1,167
|
|
|
|
—
|
|
|
|
412,030
|
|
|
Special Mention
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Classified
|
|
|
452
|
|
|
|
5,728
|
|
|
|
3,137
|
|
|
|
876
|
|
|
|
804
|
|
|
|
237
|
|
|
|
—
|
|
|
|
11,234
|
|
|
Total leases receivable
|
|
|
114,164
|
|
|
|
170,970
|
|
|
|
94,545
|
|
|
|
31,281
|
|
|
|
10,900
|
|
|
|
1,404
|
|
|
|
—
|
|
|
|
423,264
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans receivable:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk Rating
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass / Pass-Watch
|
|
|
1,502,486
|
|
|
|
753,938
|
|
|
|
661,862
|
|
|
|
519,885
|
|
|
|
515,045
|
|
|
|
524,447
|
|
|
|
185,358
|
|
|
|
4,663,021
|
|
|
Special Mention
|
|
|
20,630
|
|
|
|
6,993
|
|
|
|
13,996
|
|
|
|
3,610
|
|
|
|
15,539
|
|
|
|
15,763
|
|
|
|
447
|
|
|
|
76,978
|
|
|
Classified
|
|
|
452
|
|
|
|
10,146
|
|
|
|
15,555
|
|
|
|
17,312
|
|
|
|
51,690
|
|
|
|
40,240
|
|
|
|
4,774
|
|
|
|
140,169
|
|
|
Total loans receivable
|
|
$
|
1,523,568
|
|
|
$
|
771,077
|
|
|
$
|
691,413
|
|
|
$
|
540,807
|
|
|
$
|
582,274
|
|
|
$
|
580,450
|
|
|
$
|
190,579
|
|
|
$
|
4,880,168
|
|
|
(1)
|
Includes extensions, renewals, or modifications of credit contracts, which consist of a new credit decision. Certain prior period amounts have been reclassified to conform to current period presentation.
|
Loans by Vintage Year and Payment Performance
|
|
|
Term Loans
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortized Cost Basis by Origination Year (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
2021
|
|
|
2020
|
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
|
Prior
|
|
|
Revolving
Loans
Amortized
Cost Basis
|
|
|
Total
|
|
|
|
|
(in thousands)
|
|
|
September 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial property
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing
|
|
$
|
827,018
|
|
|
$
|
741,907
|
|
|
$
|
507,554
|
|
|
$
|
456,743
|
|
|
$
|
303,236
|
|
|
$
|
560,930
|
|
|
$
|
50,530
|
|
|
$
|
3,447,918
|
|
|
Nonperforming
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
20
|
|
|
|
1,395
|
|
|
|
3,004
|
|
|
|
—
|
|
|
|
4,419
|
|
|
Total commercial property
|
|
|
827,018
|
|
|
|
741,907
|
|
|
|
507,554
|
|
|
|
456,763
|
|
|
|
304,631
|
|
|
|
563,934
|
|
|
|
50,530
|
|
|
|
3,452,337
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing
|
|
|
38,304
|
|
|
|
13,450
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
17,368
|
|
|
|
—
|
|
|
|
69,122
|
|
|
Nonperforming
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
7,046
|
|
|
|
—
|
|
|
|
7,046
|
|
|
Total construction
|
|
|
38,304
|
|
|
|
13,450
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
24,414
|
|
|
|
—
|
|
|
|
76,168
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential/consumer loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing
|
|
|
116,334
|
|
|
|
19,299
|
|
|
|
250
|
|
|
|
24,132
|
|
|
|
93,590
|
|
|
|
91,938
|
|
|
|
6,795
|
|
|
|
352,338
|
|
|
Nonperforming
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2,210
|
|
|
|
313
|
|
|
|
—
|
|
|
|
2,523
|
|
|
Total residential/consumer loans
|
|
|
116,334
|
|
|
|
19,299
|
|
|
|
250
|
|
|
|
24,132
|
|
|
|
95,800
|
|
|
|
92,251
|
|
|
|
6,795
|
|
|
|
354,861
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total real estate loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing
|
|
|
981,656
|
|
|
|
774,656
|
|
|
|
507,804
|
|
|
|
480,875
|
|
|
|
396,826
|
|
|
|
670,236
|
|
|
|
57,325
|
|
|
|
3,869,378
|
|
|
Nonperforming
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
20
|
|
|
|
3,605
|
|
|
|
10,363
|
|
|
|
—
|
|
|
|
13,988
|
|
|
Total real estate loans
|
|
|
981,656
|
|
|
|
774,656
|
|
|
|
507,804
|
|
|
|
480,895
|
|
|
|
400,431
|
|
|
|
680,599
|
|
|
|
57,325
|
|
|
|
3,883,366
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing
|
|
|
191,318
|
|
|
|
76,921
|
|
|
|
52,862
|
|
|
|
18,102
|
|
|
|
11,995
|
|
|
|
12,945
|
|
|
|
151,901
|
|
|
|
516,044
|
|
|
Nonperforming
|
|
|
—
|
|
|
|
—
|
|
|
|
39
|
|
|
|
—
|
|
|
|
6
|
|
|
|
268
|
|
|
|
—
|
|
|
|
313
|
|
|
Total commercial and industrial loans
|
|
|
191,318
|
|
|
|
76,921
|
|
|
|
52,901
|
|
|
|
18,102
|
|
|
|
12,001
|
|
|
|
13,213
|
|
|
|
151,901
|
|
|
|
516,357
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leases receivable:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing
|
|
|
171,668
|
|
|
|
88,342
|
|
|
|
116,991
|
|
|
|
57,878
|
|
|
|
14,673
|
|
|
|
2,653
|
|
|
|
—
|
|
|
|
452,205
|
|
|
Nonperforming
|
|
|
162
|
|
|
|
474
|
|
|
|
4,174
|
|
|
|
1,418
|
|
|
|
410
|
|
|
|
299
|
|
|
|
—
|
|
|
|
6,937
|
|
|
Total leases receivable
|
|
|
171,830
|
|
|
|
88,816
|
|
|
|
121,165
|
|
|
|
59,296
|
|
|
|
15,083
|
|
|
|
2,952
|
|
|
|
—
|
|
|
|
459,142
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans receivable:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing
|
|
|
1,344,642
|
|
|
|
939,919
|
|
|
|
677,657
|
|
|
|
556,855
|
|
|
|
423,494
|
|
|
|
685,834
|
|
|
|
209,226
|
|
|
|
4,837,627
|
|
|
Nonperforming
|
|
|
162
|
|
|
|
474
|
|
|
|
4,213
|
|
|
|
1,438
|
|
|
|
4,021
|
|
|
|
10,930
|
|
|
|
—
|
|
|
|
21,238
|
|
|
Total loans receivable
|
|
$
|
1,344,804
|
|
|
$
|
940,393
|
|
|
$
|
681,870
|
|
|
$
|
558,293
|
|
|
$
|
427,515
|
|
|
$
|
696,764
|
|
|
$
|
209,226
|
|
|
$
|
4,858,865
|
|
|
|
|
Term Loans
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortized Cost Basis by Origination Year (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
2020
|
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
|
2016
|
|
|
Prior
|
|
|
Revolving
Loans
Amortized
Cost Basis
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial property
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing
|
|
$
|
934,556
|
|
|
$
|
519,582
|
|
|
$
|
495,132
|
|
|
$
|
347,656
|
|
|
$
|
437,230
|
|
|
$
|
499,410
|
|
|
$
|
31,283
|
|
|
$
|
3,264,849
|
|
|
Nonperforming
|
|
|
—
|
|
|
|
392
|
|
|
|
22
|
|
|
|
2,386
|
|
|
|
17,453
|
|
|
|
9,704
|
|
|
|
130
|
|
|
|
30,087
|
|
|
Total commercial property
|
|
|
934,556
|
|
|
|
519,974
|
|
|
|
495,154
|
|
|
|
350,042
|
|
|
|
454,683
|
|
|
|
509,114
|
|
|
|
31,413
|
|
|
|
3,294,936
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing
|
|
|
33,415
|
|
|
|
613
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
34,028
|
|
|
Nonperforming
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
24,854
|
|
|
|
—
|
|
|
|
—
|
|
|
|
24,854
|
|
|
Total construction
|
|
|
33,415
|
|
|
|
613
|
|
|
|
—
|
|
|
|
—
|
|
|
|
24,854
|
|
|
|
—
|
|
|
|
—
|
|
|
|
58,882
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential/consumer loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing
|
|
|
27,997
|
|
|
|
962
|
|
|
|
38,053
|
|
|
|
129,670
|
|
|
|
82,661
|
|
|
|
56,785
|
|
|
|
7,353
|
|
|
|
343,481
|
|
|
Nonperforming
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,405
|
|
|
|
301
|
|
|
|
644
|
|
|
|
—
|
|
|
|
2,350
|
|
|
Total residential/consumer loans
|
|
|
27,997
|
|
|
|
962
|
|
|
|
38,053
|
|
|
|
131,075
|
|
|
|
82,962
|
|
|
|
57,429
|
|
|
|
7,353
|
|
|
|
345,831
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total real estate loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing
|
|
|
995,968
|
|
|
|
521,157
|
|
|
|
533,185
|
|
|
|
477,326
|
|
|
|
519,891
|
|
|
|
556,195
|
|
|
|
38,636
|
|
|
|
3,642,358
|
|
|
Nonperforming
|
|
|
—
|
|
|
|
392
|
|
|
|
22
|
|
|
|
3,791
|
|
|
|
42,608
|
|
|
|
10,348
|
|
|
|
130
|
|
|
|
57,291
|
|
|
Total real estate loans
|
|
|
995,968
|
|
|
|
521,549
|
|
|
|
533,207
|
|
|
|
481,117
|
|
|
|
562,499
|
|
|
|
566,543
|
|
|
|
38,766
|
|
|
|
3,699,649
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing
|
|
|
413,436
|
|
|
|
77,668
|
|
|
|
59,726
|
|
|
|
19,002
|
|
|
|
8,875
|
|
|
|
12,227
|
|
|
|
151,813
|
|
|
|
742,747
|
|
|
Nonperforming
|
|
|
—
|
|
|
|
890
|
|
|
|
3,935
|
|
|
|
9,407
|
|
|
|
—
|
|
|
|
276
|
|
|
|
—
|
|
|
|
14,508
|
|
|
Total commercial and industrial loans
|
|
|
413,436
|
|
|
|
78,558
|
|
|
|
63,661
|
|
|
|
28,409
|
|
|
|
8,875
|
|
|
|
12,503
|
|
|
|
151,813
|
|
|
|
757,255
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leases receivable:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing
|
|
|
113,712
|
|
|
|
165,242
|
|
|
|
91,408
|
|
|
|
30,405
|
|
|
|
10,096
|
|
|
|
1,167
|
|
|
|
—
|
|
|
|
412,030
|
|
|
Nonperforming
|
|
|
452
|
|
|
|
5,728
|
|
|
|
3,137
|
|
|
|
876
|
|
|
|
804
|
|
|
|
237
|
|
|
|
—
|
|
|
|
11,234
|
|
|
Total leases receivable
|
|
|
114,164
|
|
|
|
170,970
|
|
|
|
94,545
|
|
|
|
31,281
|
|
|
|
10,900
|
|
|
|
1,404
|
|
|
|
—
|
|
|
|
423,264
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans receivable:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing
|
|
|
1,523,116
|
|
|
|
764,067
|
|
|
|
684,319
|
|
|
|
526,733
|
|
|
|
538,862
|
|
|
|
569,589
|
|
|
|
190,449
|
|
|
|
4,797,135
|
|
|
Nonperforming
|
|
|
452
|
|
|
|
7,010
|
|
|
|
7,094
|
|
|
|
14,074
|
|
|
|
43,412
|
|
|
|
10,861
|
|
|
|
130
|
|
|
|
83,033
|
|
|
Total loans receivable
|
|
$
|
1,523,568
|
|
|
$
|
771,077
|
|
|
$
|
691,413
|
|
|
$
|
540,807
|
|
|
$
|
582,274
|
|
|
$
|
580,450
|
|
|
$
|
190,579
|
|
|
$
|
4,880,168
|
|
|
(2)
|
Includes extensions, renewals, or modifications of credit contracts, which consist of a new credit decision. Certain prior period amounts have been reclassified to conform to current period presentation.
|
At September 30, 2021, of the $12.0 million of loans modified in accordance with the provision of the CARES Act, $2.6 million were pass and pass-watch, $6.4 million were special mention, and $3.0 million were classified. At December 31, 2020, of the $155.6 million of loans modified in accordance with the provision of the CARES Act, $99.9 million were pass and pass-watch, $31.3 million were special mention, and $24.4 million were classified.
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
|
|
|
Accruing
90 Days
or More
Past Due
|
|
|
|
|
(in thousands)
|
|
|
September 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial property
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
942,996
|
|
|
$
|
942,996
|
|
|
$
|
—
|
|
|
Hospitality
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
725,864
|
|
|
|
725,864
|
|
|
|
—
|
|
|
Other
|
|
|
1,945
|
|
|
|
—
|
|
|
|
128
|
|
|
|
2,073
|
|
|
|
1,781,404
|
|
|
|
1,783,477
|
|
|
|
—
|
|
|
Total commercial property loans
|
|
|
1,945
|
|
|
|
—
|
|
|
|
128
|
|
|
|
2,073
|
|
|
|
3,450,264
|
|
|
|
3,452,337
|
|
|
|
—
|
|
|
Construction
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
76,168
|
|
|
|
76,168
|
|
|
|
—
|
|
|
Residential/consumer loans
|
|
|
1,641
|
|
|
|
—
|
|
|
|
1,404
|
|
|
|
3,045
|
|
|
|
351,816
|
|
|
|
354,861
|
|
|
|
—
|
|
|
Total real estate loans
|
|
|
3,586
|
|
|
|
—
|
|
|
|
1,532
|
|
|
|
5,118
|
|
|
|
3,878,248
|
|
|
|
3,883,366
|
|
|
|
—
|
|
|
Commercial and industrial loans
|
|
|
—
|
|
|
|
13
|
|
|
|
—
|
|
|
|
13
|
|
|
|
516,344
|
|
|
|
516,357
|
|
|
|
—
|
|
|
Leases receivable
|
|
|
2,891
|
|
|
|
1,532
|
|
|
|
1,636
|
|
|
|
6,059
|
|
|
|
453,083
|
|
|
|
459,142
|
|
|
|
13
|
|
|
Total loans receivable
|
|
$
|
6,477
|
|
|
$
|
1,545
|
|
|
$
|
3,168
|
|
|
$
|
11,190
|
|
|
$
|
4,847,675
|
|
|
$
|
4,858,865
|
|
|
$
|
13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial property
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
824,606
|
|
|
$
|
824,606
|
|
|
$
|
—
|
|
|
Hospitality
|
|
|
—
|
|
|
|
—
|
|
|
|
11,076
|
|
|
|
11,076
|
|
|
|
848,877
|
|
|
|
859,953
|
|
|
|
—
|
|
|
Other
|
|
|
—
|
|
|
|
—
|
|
|
|
731
|
|
|
|
731
|
|
|
|
1,609,646
|
|
|
|
1,610,377
|
|
|
|
—
|
|
|
Total commercial property loans
|
|
|
—
|
|
|
|
—
|
|
|
|
11,807
|
|
|
|
11,807
|
|
|
|
3,283,129
|
|
|
|
3,294,936
|
|
|
|
—
|
|
|
Construction
|
|
|
—
|
|
|
|
12,807
|
|
|
|
—
|
|
|
|
12,807
|
|
|
|
46,075
|
|
|
|
58,882
|
|
|
|
—
|
|
|
Residential/consumer loans
|
|
|
4,693
|
|
|
|
461
|
|
|
|
564
|
|
|
|
5,718
|
|
|
|
340,113
|
|
|
|
345,831
|
|
|
|
—
|
|
|
Total real estate loans
|
|
|
4,693
|
|
|
|
13,268
|
|
|
|
12,371
|
|
|
|
30,332
|
|
|
|
3,669,317
|
|
|
|
3,699,649
|
|
|
|
—
|
|
|
Commercial and industrial loans
|
|
|
282
|
|
|
|
27
|
|
|
|
12,487
|
|
|
|
12,796
|
|
|
|
744,459
|
|
|
|
757,255
|
|
|
|
—
|
|
|
Leases receivable
|
|
|
4,051
|
|
|
|
1,786
|
|
|
|
4,675
|
|
|
|
10,512
|
|
|
|
412,752
|
|
|
|
423,264
|
|
|
|
—
|
|
|
Total loans receivable
|
|
$
|
9,026
|
|
|
$
|
15,081
|
|
|
$
|
29,533
|
|
|
$
|
53,640
|
|
|
$
|
4,826,528
|
|
|
$
|
4,880,168
|
|
|
$
|
—
|
|
At September 30, 2021 and December 31, 2020, currently modified loans under the CARES Act were $12.0 million and $155.6 million, respectively. Of the currently modified loans, $306,000 were 30-59 days past due, no loans were 60-89 days past due, and $94,000 were 90 days or more past due at September 30, 2021, and all loans were current at December 31, 2020. For loans previously modified under the CARES Act, $4.4 million were 30-59 days past due, $900,000 were 60-89 days past due, and $2.2 million were 90 days or more past due at September 30, 2021 and $4.9 million were 30-59 days past due, $1.7 million were 60-89 days past due, and $13.9 million were 90 days or more past due at December 31, 2020.
Individually Evaluated Loans
The Company reviews all loans on an individual basis when they do not share similar risk characteristics with loan pools.
The following is a summary of interest foregone on nonaccrual loans for the periods indicated:
|
|
|
Three Months Ended September 30,
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
|
|
|
(in thousands)
|
|
|
Interest income that would have been recognized had individually evaluated loans performed in accordance with their original terms
|
|
$
|
627
|
|
|
$
|
1,482
|
|
|
$
|
2,830
|
|
|
$
|
4,092
|
|
|
Less: Interest income recognized on individually evaluated loans
|
|
|
(106
|
)
|
|
|
(204
|
)
|
|
|
(362
|
)
|
|
|
(1,319
|
)
|
|
Interest foregone on individually evaluated loans
|
|
$
|
521
|
|
|
$
|
1,278
|
|
|
$
|
2,468
|
|
|
$
|
2,773
|
|
There were no commitments to lend additional funds to borrowers whose loans are included above.
Nonaccrual Loans and Nonperforming Assets
The following table represents the amortized cost basis of loans on nonaccrual status and loans past due 90 days and still accruing as of September 30, 2021 and December 31, 2020.
|
|
|
September 30, 2021
|
|
|
|
|
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
|
|
$
|
2,628
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,628
|
|
|
Hospitality
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Other
|
|
|
1,440
|
|
|
|
351
|
|
|
|
—
|
|
|
|
1,791
|
|
|
Total commercial property loans
|
|
|
4,068
|
|
|
|
351
|
|
|
|
—
|
|
|
|
4,419
|
|
|
Construction
|
|
|
7,046
|
|
|
|
—
|
|
|
|
—
|
|
|
|
7,046
|
|
|
Residential/consumer loans
|
|
|
2,523
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2,523
|
|
|
Total real estate loans
|
|
|
13,637
|
|
|
|
351
|
|
|
|
—
|
|
|
|
13,988
|
|
|
Commercial and industrial loans
|
|
|
11
|
|
|
|
302
|
|
|
|
—
|
|
|
|
313
|
|
|
Leases receivable
|
|
|
785
|
|
|
|
6,139
|
|
|
|
13
|
|
|
|
6,937
|
|
|
Total
|
|
$
|
14,433
|
|
|
$
|
6,792
|
|
|
$
|
13
|
|
|
$
|
21,238
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2020
|
|
|
|
|
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
|
|
$
|
6,331
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6,331
|
|
|
Hospitality
|
|
|
20,611
|
|
|
|
—
|
|
|
|
—
|
|
|
|
20,611
|
|
|
Other
|
|
|
2,236
|
|
|
|
909
|
|
|
|
—
|
|
|
|
3,145
|
|
|
Total commercial property loans
|
|
|
29,178
|
|
|
|
909
|
|
|
|
—
|
|
|
|
30,087
|
|
|
Construction
|
|
|
24,854
|
|
|
|
—
|
|
|
|
—
|
|
|
|
24,854
|
|
|
Residential/consumer loans
|
|
|
2,350
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2,350
|
|
|
Total real estate loans
|
|
|
56,382
|
|
|
|
909
|
|
|
|
—
|
|
|
|
57,291
|
|
|
Commercial and industrial loans
|
|
|
58
|
|
|
|
14,450
|
|
|
|
—
|
|
|
|
14,508
|
|
|
Leases receivable
|
|
|
2,318
|
|
|
|
8,916
|
|
|
|
—
|
|
|
|
11,234
|
|
|
Total
|
|
$
|
58,758
|
|
|
$
|
24,275
|
|
|
$
|
—
|
|
|
$
|
83,033
|
|
The following table details nonperforming assets as of the dates indicated:
|
|
|
September 30, 2021
|
|
|
December 31, 2020
|
|
|
|
|
(in thousands)
|
|
|
Nonaccrual loans
|
|
$
|
21,225
|
|
|
$
|
83,033
|
|
|
Loans receivable 90 days or more past due and still accruing
|
|
|
13
|
|
|
|
—
|
|
|
Total nonperforming loans receivable
|
|
|
21,238
|
|
|
|
83,033
|
|
|
Other real estate owned ("OREO")
|
|
|
675
|
|
|
|
2,360
|
|
|
Total nonperforming assets
|
|
$
|
21,913
|
|
|
$
|
85,393
|
|
OREO is included in prepaid expenses and other assets in the accompanying Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020.
Troubled Debt Restructurings
As of September 30, 2021 and December 31, 2020, TDRs were $11.3 million and $25.0 million, respectively. A debt restructuring is considered a TDR if we grant a concession that we would not have otherwise considered to a borrower for economic or legal reasons related to the borrower’s financial difficulties. In addition, the concession granted must result in a reduction in the borrower’s payment for a period of three months or more in order to be classified as a TDR.
The following table details TDRs as of September 30, 2021 and December 31, 2020:
|
|
|
Nonaccrual TDRs
|
|
|
Accrual TDRs
|
|
|
|
|
Deferral of
Principal
|
|
|
Deferral of
Principal
and Interest
|
|
|
Reduction
of Principal
and Interest
|
|
|
Extension
of Maturity
|
|
|
Total
|
|
|
Deferral of
Principal
|
|
|
Deferral of
Principal
and Interest
|
|
|
Reduction
of Principal
and Interest
|
|
|
Extension
of Maturity
|
|
|
Total
|
|
|
|
|
(in thousands)
|
|
|
September 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate loans
|
|
$
|
393
|
|
|
$
|
2,756
|
|
|
$
|
7,437
|
|
|
$
|
—
|
|
|
$
|
10,586
|
|
|
$
|
559
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
559
|
|
|
Commercial and industrial loans
|
|
|
—
|
|
|
|
130
|
|
|
|
—
|
|
|
|
—
|
|
|
|
130
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1
|
|
|
|
11
|
|
|
|
12
|
|
|
Total
|
|
$
|
393
|
|
|
$
|
2,886
|
|
|
$
|
7,437
|
|
|
$
|
—
|
|
|
$
|
10,716
|
|
|
$
|
559
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
11
|
|
|
$
|
571
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate loans
|
|
$
|
1,095
|
|
|
$
|
3,334
|
|
|
$
|
12,492
|
|
|
$
|
—
|
|
|
$
|
16,921
|
|
|
$
|
513
|
|
|
$
|
—
|
|
|
$
|
67
|
|
|
$
|
7,290
|
|
|
$
|
7,870
|
|
|
Commercial and industrial loans
|
|
|
—
|
|
|
|
144
|
|
|
|
—
|
|
|
|
—
|
|
|
|
144
|
|
|
|
—
|
|
|
|
—
|
|
|
|
4
|
|
|
|
56
|
|
|
|
60
|
|
|
Total
|
|
$
|
1,095
|
|
|
$
|
3,478
|
|
|
$
|
12,492
|
|
|
$
|
—
|
|
|
$
|
17,065
|
|
|
$
|
513
|
|
|
$
|
—
|
|
|
$
|
71
|
|
|
$
|
7,346
|
|
|
$
|
7,930
|
|
The following table presents the number of loans by class modified as TDRs that occurred during the periods indicated, with their pre- and post-modification recorded amounts.
|
|
|
Three Months ended
|
|
|
Twelve Months ended
|
|
|
|
|
September 30, 2021
|
|
|
December 31, 2020
|
|
|
|
|
Number of
Loans
|
|
|
Pre-
Modification
Outstanding
Recorded
Investment
|
|
|
Post-
Modification
Outstanding
Recorded
Investment
|
|
|
Number of
Loans
|
|
|
Pre-
Modification
Outstanding
Recorded
Investment
|
|
|
Post-
Modification
Outstanding
Recorded
Investment
|
|
|
|
|
(in thousands except for number of loans)
|
|
|
Real estate loans
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
5
|
|
|
$
|
4,479
|
|
|
$
|
3,676
|
|
|
Commercial and industrial loans
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Total
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
5
|
|
|
$
|
4,479
|
|
|
$
|
3,676
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months ended
|
|
|
Twelve Months ended
|
|
|
|
|
September 30, 2021
|
|
|
December 31, 2020
|
|
|
|
|
Number of
Loans
|
|
|
Pre-
Modification
Outstanding
Recorded
Investment
|
|
|
Post-
Modification
Outstanding
Recorded
Investment
|
|
|
Number of
Loans
|
|
|
Pre-
Modification
Outstanding
Recorded
Investment
|
|
|
Post-
Modification
Outstanding
Recorded
Investment
|
|
|
|
|
(in thousands except for number of loans)
|
|
|
Real estate loans
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
5
|
|
|
$
|
4,479
|
|
|
$
|
3,676
|
|
|
Commercial and industrial loans
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Total
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
5
|
|
|
$
|
4,479
|
|
|
$
|
3,676
|
|
All TDRs are individually analyzed using one of three criteria: (1) the present value of expected future cash flows discounted at the loan’s effective interest rate; (2) the loan’s observable market price; or (3) the fair value of the collateral if the loan is collateral dependent. At September 30, 2021 and December 31, 2020, the allowance resulting from the individual evaluation of TDRs was inconsequential.
A loan is considered to be in payment default once it is 30 days contractually past due under the modified terms. No loans defaulted during the three and nine months ended September 30, 2021 following modification. During the year ended December 31, 2020, one loan for $398,000 defaulted within the twelve-month period following modification. The allowance for credit losses resulting from this defaulted loan was inconsequential.
|