| Loans |
Note 3 — Loans
Loans Receivable
Loans consisted of the following as of the dates indicated:
|
|
|
|
|
|
|
|
|
|
|
September 30, 2023 |
|
|
December 31, 2022 |
|
|
|
(in thousands) |
|
Real estate loans: |
|
|
|
|
|
|
Commercial property |
|
|
|
|
|
|
Retail |
|
$ |
1,097,650 |
|
|
$ |
1,023,608 |
|
Hospitality |
|
|
705,735 |
|
|
|
646,893 |
|
Office |
|
|
575,319 |
|
|
|
499,946 |
|
Other (1) |
|
|
1,309,507 |
|
|
|
1,553,729 |
|
Total commercial property loans |
|
|
3,688,211 |
|
|
|
3,724,176 |
|
Construction |
|
|
84,804 |
|
|
|
109,205 |
|
Residential (2) |
|
|
926,326 |
|
|
|
734,472 |
|
Total real estate loans |
|
|
4,699,341 |
|
|
|
4,567,853 |
|
Commercial and industrial loans (3) |
|
|
728,792 |
|
|
|
804,492 |
|
Equipment financing agreements |
|
|
592,652 |
|
|
|
594,788 |
|
Loans receivable |
|
|
6,020,785 |
|
|
|
5,967,133 |
|
Allowance for credit losses |
|
|
(67,313 |
) |
|
|
(71,523 |
) |
Loans receivable, net |
|
$ |
5,953,472 |
|
|
$ |
5,895,610 |
|
(1)Includes mixed-use, multifamily, industrial, gas stations, faith-based facilities, and medical; all other property types represent less than one percent of total loans receivable.
(2)
Includes $2.0 million and $2.4 million of home equity loans and lines, and $4.2 million and $4.6 million of personal loans at September 30, 2023 and December 31, 2022, respectively.
(3)
At September 30, 2023 and December 31, 2022, Paycheck Protection Program loans were $0.2 million and $0.9 million, respectively.
Accrued interest on loans was $17.7 million and $16.0 million at September 30, 2023 and December 31, 2022, respectively.
At September 30, 2023 and December 31, 2022, loans of $2.41 billion and $1.99 billion, respectively, 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, 2023 and 2022:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate |
|
|
Commercial and Industrial |
|
|
Total |
|
|
|
(in thousands) |
|
September 30, 2023 |
|
|
|
|
|
|
|
|
|
Balance at beginning of period |
|
$ |
5,544 |
|
|
$ |
1,749 |
|
|
$ |
7,293 |
|
Originations and transfers |
|
|
12,588 |
|
|
|
13,398 |
|
|
|
25,986 |
|
Sales |
|
|
(11,520 |
) |
|
|
(9,490 |
) |
|
|
(21,010 |
) |
Principal paydowns and amortization |
|
|
(75 |
) |
|
|
(427 |
) |
|
|
(502 |
) |
Balance at end of period |
|
$ |
6,537 |
|
|
$ |
5,230 |
|
|
$ |
11,767 |
|
|
|
|
|
|
|
|
|
|
|
September 30, 2022 |
|
|
|
|
|
|
|
|
|
Balance at beginning of period |
|
$ |
10,976 |
|
|
$ |
7,552 |
|
|
$ |
18,528 |
|
Originations and transfers |
|
|
23,013 |
|
|
|
12,198 |
|
|
|
35,211 |
|
Sales |
|
|
(27,493 |
) |
|
|
(16,192 |
) |
|
|
(43,685 |
) |
Principal paydowns and amortization |
|
|
(6 |
) |
|
|
(4 |
) |
|
|
(10 |
) |
Balance at end of period |
|
$ |
6,490 |
|
|
$ |
3,554 |
|
|
$ |
10,044 |
|
Loans held for sale was comprised of $11.8 million and $8.0 million of the guaranteed portion of SBA 7(a) loans at September 30, 2023 and December 31, 2022, respectively.
The following is the activity for loans held for sale for the nine months ended September 30, 2023 and 2022:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate |
|
|
Commercial and Industrial |
|
|
Total |
|
|
|
(in thousands) |
|
September 30, 2023 |
|
|
|
|
|
|
|
|
|
Balance at beginning of period |
|
$ |
3,775 |
|
|
$ |
4,268 |
|
|
$ |
8,043 |
|
Originations and transfers |
|
|
43,468 |
|
|
|
31,420 |
|
|
|
74,888 |
|
Sales |
|
|
(40,630 |
) |
|
|
(30,022 |
) |
|
|
(70,652 |
) |
Principal payoffs and amortization |
|
|
(76 |
) |
|
|
(436 |
) |
|
|
(512 |
) |
Balance at end of period |
|
$ |
6,537 |
|
|
$ |
5,230 |
|
|
$ |
11,767 |
|
|
|
|
|
|
|
|
|
|
|
September 30, 2022 |
|
|
|
|
|
|
|
|
|
Balance at beginning of period |
|
$ |
6,954 |
|
|
$ |
6,388 |
|
|
$ |
13,342 |
|
Originations and transfers |
|
|
72,708 |
|
|
|
39,207 |
|
|
|
111,915 |
|
Sales |
|
|
(73,166 |
) |
|
|
(42,033 |
) |
|
|
(115,199 |
) |
Principal payoffs and amortization |
|
|
(6 |
) |
|
|
(8 |
) |
|
|
(14 |
) |
Balance at end of period |
|
$ |
6,490 |
|
|
$ |
3,554 |
|
|
$ |
10,044 |
|
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, 2023 and 2022:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate |
|
|
Commercial and Industrial |
|
|
Equipment Financing Agreements |
|
|
Total |
|
|
|
(in thousands) |
|
September 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period |
|
$ |
43,054 |
|
|
$ |
16,028 |
|
|
$ |
11,942 |
|
|
|
71,024 |
|
Charge-offs |
|
|
(216 |
) |
|
|
(6,323 |
) |
|
|
(2,831 |
) |
|
|
(9,370 |
) |
Recoveries |
|
|
50 |
|
|
|
141 |
|
|
|
301 |
|
|
|
492 |
|
Provision (recovery) for credit losses |
|
|
948 |
|
|
|
1,396 |
|
|
|
2,823 |
|
|
|
5,167 |
|
Ending balance |
|
$ |
43,836 |
|
|
$ |
11,242 |
|
|
$ |
12,235 |
|
|
$ |
67,313 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period |
|
$ |
46,112 |
|
|
$ |
14,275 |
|
|
$ |
12,680 |
|
|
$ |
73,067 |
|
Charge-offs |
|
|
(1,356 |
) |
|
|
(8 |
) |
|
|
(716 |
) |
|
|
(2,080 |
) |
Recoveries |
|
|
373 |
|
|
|
228 |
|
|
|
369 |
|
|
|
970 |
|
Provision (recovery) for credit losses |
|
|
395 |
|
|
|
381 |
|
|
|
(1,149 |
) |
|
|
(373 |
) |
Ending balance |
|
$ |
45,524 |
|
|
$ |
14,876 |
|
|
$ |
11,184 |
|
|
$ |
71,584 |
|
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, 2023 and 2022:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate |
|
|
Commercial and Industrial |
|
|
Equipment Financing Agreements |
|
|
Total |
|
|
|
(in thousands) |
|
September 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period |
|
$ |
44,026 |
|
|
$ |
15,267 |
|
|
$ |
12,230 |
|
|
|
71,523 |
|
Charge-offs |
|
|
(627 |
) |
|
|
(6,635 |
) |
|
|
(7,052 |
) |
|
|
(14,314 |
) |
Recoveries |
|
|
180 |
|
|
|
931 |
|
|
|
1,131 |
|
|
|
2,242 |
|
Provision (recovery) for credit losses |
|
|
257 |
|
|
|
1,679 |
|
|
|
5,926 |
|
|
|
7,862 |
|
Ending balance |
|
$ |
43,836 |
|
|
$ |
11,242 |
|
|
$ |
12,235 |
|
|
$ |
67,313 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period |
|
$ |
48,890 |
|
|
$ |
12,418 |
|
|
$ |
11,249 |
|
|
$ |
72,557 |
|
Charge-offs |
|
|
(1,886 |
) |
|
|
(87 |
) |
|
|
(1,548 |
) |
|
|
(3,521 |
) |
Recoveries |
|
|
632 |
|
|
|
679 |
|
|
|
1,117 |
|
|
|
2,428 |
|
Provision (recovery) for credit losses |
|
|
(2,112 |
) |
|
|
1,866 |
|
|
|
366 |
|
|
|
120 |
|
Ending balance |
|
$ |
45,524 |
|
|
$ |
14,876 |
|
|
$ |
11,184 |
|
|
$ |
71,584 |
|
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, 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 |
|
$ |
10,083 |
|
|
|
15.0 |
% |
|
$ |
1,097,650 |
|
|
|
18.3 |
% |
|
$ |
7,872 |
|
|
|
11.0 |
% |
|
$ |
1,023,608 |
|
|
|
17.2 |
% |
Hospitality |
|
|
15,083 |
|
|
|
22.4 |
|
|
|
705,735 |
|
|
|
11.7 |
|
|
|
13,407 |
|
|
|
18.7 |
|
|
|
646,893 |
|
|
|
10.8 |
|
Office |
|
|
2,884 |
|
|
|
4.3 |
|
|
|
575,319 |
|
|
|
9.6 |
|
|
|
2,293 |
|
|
|
3.2 |
|
|
|
499,946 |
|
|
|
8.4 |
|
Other |
|
|
8,321 |
|
|
|
12.3 |
|
|
|
1,309,507 |
|
|
|
21.7 |
|
|
|
13,056 |
|
|
|
18.3 |
|
|
|
1,553,729 |
|
|
|
26.0 |
|
Total commercial property loans |
|
|
36,371 |
|
|
|
54.0 |
|
|
|
3,688,211 |
|
|
|
61.3 |
|
|
|
36,628 |
|
|
|
51.2 |
|
|
|
3,724,176 |
|
|
|
62.4 |
|
Construction |
|
|
2,594 |
|
|
|
3.9 |
|
|
|
84,804 |
|
|
|
1.4 |
|
|
|
4,022 |
|
|
|
5.7 |
|
|
|
109,205 |
|
|
|
1.8 |
|
Residential |
|
|
4,871 |
|
|
|
7.2 |
|
|
|
926,326 |
|
|
|
15.4 |
|
|
|
3,376 |
|
|
|
4.7 |
|
|
|
734,472 |
|
|
|
12.4 |
|
Total real estate loans |
|
|
43,836 |
|
|
|
65.1 |
|
|
|
4,699,341 |
|
|
|
78.1 |
|
|
|
44,026 |
|
|
|
61.6 |
|
|
|
4,567,853 |
|
|
|
76.6 |
|
Commercial and industrial loans |
|
|
11,242 |
|
|
|
16.7 |
|
|
|
728,792 |
|
|
|
12.1 |
|
|
|
15,267 |
|
|
|
21.3 |
|
|
|
804,492 |
|
|
|
13.4 |
|
Equipment financing agreements |
|
|
12,235 |
|
|
|
18.2 |
|
|
|
592,652 |
|
|
|
9.8 |
|
|
|
12,230 |
|
|
|
17.1 |
|
|
|
594,788 |
|
|
|
10.0 |
|
Total |
|
$ |
67,313 |
|
|
|
100.0 |
% |
|
$ |
6,020,785 |
|
|
|
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 September 30, 2023 and December 31, 2022, for which repayment is expected to be obtained through the sale of the underlying collateral.
|
|
|
|
|
|
|
|
|
|
|
September 30, 2023 |
|
|
December 31, 2022 |
|
|
|
Amortized Cost |
|
|
Amortized Cost |
|
|
|
(in thousands) |
|
Real estate loans: |
|
|
|
|
|
|
Commercial property |
|
|
|
|
|
|
Retail |
|
$ |
1,637 |
|
|
$ |
1,930 |
|
Hospitality |
|
|
333 |
|
|
|
— |
|
Office |
|
|
— |
|
|
|
— |
|
Other |
|
|
22 |
|
|
|
256 |
|
Total commercial property loans |
|
|
1,992 |
|
|
|
2,186 |
|
Residential |
|
|
3 |
|
|
|
508 |
|
Total real estate loans |
|
|
1,995 |
|
|
|
2,694 |
|
Commercial and industrial loans |
|
|
4,847 |
|
|
|
— |
|
Total |
|
$ |
6,842 |
|
|
$ |
2,694 |
|
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 1 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 (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) |
|
September 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial property |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk Rating |
|
|
|
|
|
|
|
|
|
|
` |
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass / Pass-Watch |
|
$ |
511,148 |
|
|
$ |
1,013,414 |
|
|
$ |
863,200 |
|
|
$ |
578,433 |
|
|
$ |
384,562 |
|
|
$ |
264,284 |
|
|
$ |
26,171 |
|
|
$ |
3,641,212 |
|
Special Mention |
|
|
5,194 |
|
|
|
4,032 |
|
|
|
10,141 |
|
|
|
4,328 |
|
|
|
715 |
|
|
|
1,556 |
|
|
|
1,700 |
|
|
|
27,666 |
|
Classified |
|
|
4,430 |
|
|
|
977 |
|
|
|
4,936 |
|
|
|
|
|
|
5,606 |
|
|
|
3,384 |
|
|
|
|
|
|
19,333 |
|
Total commercial property |
|
|
520,772 |
|
|
|
1,018,423 |
|
|
|
878,277 |
|
|
|
582,761 |
|
|
|
390,883 |
|
|
|
269,224 |
|
|
|
27,871 |
|
|
|
3,688,211 |
|
YTD gross charge-offs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
411 |
|
|
|
— |
|
|
|
216 |
|
|
|
— |
|
|
|
627 |
|
YTD net charge-offs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
407 |
|
|
|
— |
|
|
|
46 |
|
|
|
— |
|
|
|
453 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk Rating |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass / Pass-Watch |
|
|
38,129 |
|
|
|
— |
|
|
|
18,375 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
56,504 |
|
Special Mention |
|
|
— |
|
|
|
— |
|
|
|
28,300 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
28,300 |
|
Classified |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total construction |
|
|
38,129 |
|
|
|
— |
|
|
|
46,675 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
84,804 |
|
YTD gross charge-offs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
YTD net charge-offs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk Rating |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass / Pass-Watch |
|
|
241,830 |
|
|
|
381,167 |
|
|
|
160,856 |
|
|
|
12,791 |
|
|
|
221 |
|
|
|
124,047 |
|
|
|
4,911 |
|
|
|
925,823 |
|
Special Mention |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
500 |
|
|
|
500 |
|
Classified |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3 |
|
|
|
— |
|
|
|
3 |
|
Total residential |
|
|
241,830 |
|
|
|
381,167 |
|
|
|
160,856 |
|
|
|
12,791 |
|
|
|
221 |
|
|
|
124,050 |
|
|
|
5,411 |
|
|
|
926,326 |
|
YTD gross charge-offs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
YTD net charge-offs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6 |
) |
|
|
— |
|
|
|
(6 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total real estate loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk Rating |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass / Pass-Watch |
|
|
791,107 |
|
|
|
1,394,581 |
|
|
|
1,042,431 |
|
|
|
591,224 |
|
|
|
384,783 |
|
|
|
388,331 |
|
|
|
31,082 |
|
|
|
4,623,539 |
|
Special Mention |
|
|
5,194 |
|
|
|
4,032 |
|
|
|
38,441 |
|
|
|
4,328 |
|
|
|
715 |
|
|
|
1,556 |
|
|
|
2,200 |
|
|
|
56,466 |
|
Classified |
|
|
4,430 |
|
|
|
977 |
|
|
|
4,936 |
|
|
|
— |
|
|
|
5,606 |
|
|
|
3,387 |
|
|
|
— |
|
|
|
19,336 |
|
Total real estate loans |
|
|
800,731 |
|
|
|
1,399,590 |
|
|
|
1,085,808 |
|
|
|
595,552 |
|
|
|
391,104 |
|
|
|
393,274 |
|
|
|
33,282 |
|
|
|
4,699,341 |
|
YTD gross charge-offs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
411 |
|
|
|
— |
|
|
|
216 |
|
|
|
— |
|
|
|
627 |
|
YTD net charge-offs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
407 |
|
|
|
— |
|
|
|
40 |
|
|
|
— |
|
|
|
447 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk Rating |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass / Pass-Watch |
|
|
142,240 |
|
|
|
176,815 |
|
|
|
88,316 |
|
|
|
33,403 |
|
|
|
11,156 |
|
|
|
10,047 |
|
|
|
240,951 |
|
|
|
702,928 |
|
Special Mention |
|
|
— |
|
|
|
16,128 |
|
|
|
— |
|
|
|
104 |
|
|
|
— |
|
|
|
3,775 |
|
|
|
— |
|
|
|
20,007 |
|
Classified |
|
|
378 |
|
|
|
— |
|
|
|
— |
|
|
|
84 |
|
|
|
46 |
|
|
|
210 |
|
|
|
5,139 |
|
|
|
5,857 |
|
Total commercial and industrial loans |
|
|
142,618 |
|
|
|
192,943 |
|
|
|
88,316 |
|
|
|
33,591 |
|
|
|
11,202 |
|
|
|
14,032 |
|
|
|
246,090 |
|
|
|
728,792 |
|
YTD gross charge-offs |
|
|
— |
|
|
|
17 |
|
|
|
— |
|
|
|
— |
|
|
|
110 |
|
|
|
388 |
|
|
|
6,120 |
|
|
|
6,635 |
|
YTD net charge-offs |
|
|
— |
|
|
|
5 |
|
|
|
(5 |
) |
|
|
— |
|
|
|
107 |
|
|
|
(522 |
) |
|
|
6,119 |
|
|
|
5,704 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equipment financing agreements: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk Rating |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass / Pass-Watch |
|
|
174,377 |
|
|
|
234,753 |
|
|
|
115,310 |
|
|
|
29,380 |
|
|
|
25,457 |
|
|
|
5,434 |
|
|
|
— |
|
|
|
584,711 |
|
Special Mention |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Classified |
|
|
329 |
|
|
|
3,630 |
|
|
|
2,719 |
|
|
|
167 |
|
|
|
830 |
|
|
|
266 |
|
|
|
— |
|
|
|
7,941 |
|
Total equipment financing agreements |
|
|
174,706 |
|
|
|
238,383 |
|
|
|
118,029 |
|
|
|
29,547 |
|
|
|
26,287 |
|
|
|
5,700 |
|
|
|
— |
|
|
|
592,652 |
|
YTD gross charge-offs |
|
|
56 |
|
|
|
3,030 |
|
|
|
2,732 |
|
|
|
294 |
|
|
|
725 |
|
|
|
215 |
|
|
|
— |
|
|
|
7,052 |
|
YTD net charge-offs |
|
|
56 |
|
|
|
2,961 |
|
|
|
2,455 |
|
|
|
217 |
|
|
|
335 |
|
|
|
(103 |
) |
|
|
— |
|
|
|
5,921 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans receivable: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk Rating |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass / Pass-Watch |
|
|
1,107,724 |
|
|
|
1,806,149 |
|
|
|
1,246,057 |
|
|
|
654,007 |
|
|
|
421,396 |
|
|
|
403,812 |
|
|
|
272,033 |
|
|
|
5,911,178 |
|
Special Mention |
|
|
5,194 |
|
|
|
20,160 |
|
|
|
38,441 |
|
|
|
4,432 |
|
|
|
715 |
|
|
|
5,331 |
|
|
|
2,200 |
|
|
|
76,473 |
|
Classified |
|
|
5,137 |
|
|
|
4,607 |
|
|
|
7,655 |
|
|
|
251 |
|
|
|
6,482 |
|
|
|
3,863 |
|
|
|
5,139 |
|
|
|
33,134 |
|
Total loans receivable |
|
$ |
1,118,055 |
|
|
$ |
1,830,916 |
|
|
$ |
1,292,153 |
|
|
$ |
658,690 |
|
|
$ |
428,593 |
|
|
$ |
413,006 |
|
|
$ |
279,372 |
|
|
$ |
6,020,785 |
|
YTD gross charge-offs |
|
|
56 |
|
|
|
3,047 |
|
|
|
2,732 |
|
|
|
705 |
|
|
|
835 |
|
|
|
819 |
|
|
|
6,120 |
|
|
|
14,314 |
|
YTD net charge-offs |
|
|
56 |
|
|
|
2,966 |
|
|
|
2,450 |
|
|
|
624 |
|
|
|
442 |
|
|
|
(585 |
) |
|
|
6,119 |
|
|
|
12,072 |
|
(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 |
|
|
|
|
|
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) |
|
September 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial property |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing |
|
$ |
519,135 |
|
|
$ |
1,018,423 |
|
|
$ |
878,124 |
|
|
$ |
582,761 |
|
|
$ |
390,800 |
|
|
$ |
268,305 |
|
|
$ |
27,871 |
|
|
$ |
3,685,419 |
|
Nonperforming |
|
|
1,637 |
|
|
|
— |
|
|
|
153 |
|
|
|
— |
|
|
|
83 |
|
|
|
919 |
|
|
|
— |
|
|
|
2,792 |
|
Total commercial property |
|
|
520,772 |
|
|
|
1,018,423 |
|
|
|
878,277 |
|
|
|
582,761 |
|
|
|
390,883 |
|
|
|
269,224 |
|
|
|
27,871 |
|
|
|
3,688,211 |
|
YTD gross charge-offs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
411 |
|
|
|
— |
|
|
|
216 |
|
|
|
— |
|
|
|
627 |
|
YTD net charge-offs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
407 |
|
|
|
— |
|
|
|
46 |
|
|
|
— |
|
|
|
453 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing |
|
|
38,129 |
|
|
|
— |
|
|
|
46,675 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
84,804 |
|
Nonperforming |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total construction |
|
|
38,129 |
|
|
|
— |
|
|
|
46,675 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
84,804 |
|
YTD gross charge-offs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
YTD net charge-offs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing |
|
|
241,830 |
|
|
|
381,167 |
|
|
|
160,856 |
|
|
|
12,791 |
|
|
|
221 |
|
|
|
124,047 |
|
|
|
5,411 |
|
|
|
926,323 |
|
Nonperforming |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3 |
|
|
|
— |
|
|
|
3 |
|
Total residential |
|
|
241,830 |
|
|
|
381,167 |
|
|
|
160,856 |
|
|
|
12,791 |
|
|
|
221 |
|
|
|
124,050 |
|
|
|
5,411 |
|
|
|
926,326 |
|
YTD gross charge-offs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
YTD net charge-offs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6 |
) |
|
|
— |
|
|
|
(6 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total real estate loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing |
|
|
799,094 |
|
|
|
1,399,590 |
|
|
|
1,085,655 |
|
|
|
595,552 |
|
|
|
391,021 |
|
|
|
392,352 |
|
|
|
33,282 |
|
|
|
4,696,546 |
|
Nonperforming |
|
|
1,637 |
|
|
|
— |
|
|
|
153 |
|
|
|
— |
|
|
|
83 |
|
|
|
922 |
|
|
|
— |
|
|
|
2,795 |
|
Total real estate loans |
|
|
800,731 |
|
|
|
1,399,590 |
|
|
|
1,085,808 |
|
|
|
595,552 |
|
|
|
391,104 |
|
|
|
393,274 |
|
|
|
33,282 |
|
|
|
4,699,341 |
|
YTD gross charge-offs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
411 |
|
|
|
— |
|
|
|
216 |
|
|
|
— |
|
|
|
627 |
|
YTD net charge-offs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
407 |
|
|
|
— |
|
|
|
40 |
|
|
|
— |
|
|
|
447 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing |
|
|
142,618 |
|
|
|
192,943 |
|
|
|
88,316 |
|
|
|
33,507 |
|
|
|
11,202 |
|
|
|
13,919 |
|
|
|
241,241 |
|
|
|
723,746 |
|
Nonperforming |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
84 |
|
|
|
— |
|
|
|
113 |
|
|
|
4,849 |
|
|
|
5,046 |
|
Total commercial and industrial loans |
|
|
142,618 |
|
|
|
192,943 |
|
|
|
88,316 |
|
|
|
33,591 |
|
|
|
11,202 |
|
|
|
14,032 |
|
|
|
246,090 |
|
|
|
728,792 |
|
YTD gross charge-offs |
|
|
— |
|
|
|
17 |
|
|
|
— |
|
|
|
— |
|
|
|
110 |
|
|
|
388 |
|
|
|
6,120 |
|
|
|
6,635 |
|
YTD net charge-offs |
|
|
— |
|
|
|
5 |
|
|
|
(5 |
) |
|
|
— |
|
|
|
107 |
|
|
|
(522 |
) |
|
|
6,119 |
|
|
|
5,704 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equipment financing agreements: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing |
|
|
174,377 |
|
|
|
234,753 |
|
|
|
115,310 |
|
|
|
29,380 |
|
|
|
25,456 |
|
|
|
5,434 |
|
|
|
— |
|
|
|
584,710 |
|
Nonperforming |
|
|
329 |
|
|
|
3,630 |
|
|
|
2,719 |
|
|
|
167 |
|
|
|
831 |
|
|
|
266 |
|
|
|
— |
|
|
|
7,942 |
|
Total equipment financing agreements |
|
|
174,706 |
|
|
|
238,383 |
|
|
|
118,029 |
|
|
|
29,547 |
|
|
|
26,287 |
|
|
|
5,700 |
|
|
|
— |
|
|
|
592,652 |
|
YTD gross charge-offs |
|
|
56 |
|
|
|
3,030 |
|
|
|
2,732 |
|
|
|
294 |
|
|
|
725 |
|
|
|
215 |
|
|
|
— |
|
|
|
7,052 |
|
YTD net charge-offs |
|
|
56 |
|
|
|
2,961 |
|
|
|
2,455 |
|
|
|
217 |
|
|
|
335 |
|
|
|
(103 |
) |
|
|
— |
|
|
|
5,921 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans receivable: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing |
|
|
1,116,089 |
|
|
|
1,827,286 |
|
|
|
1,289,281 |
|
|
|
658,439 |
|
|
|
427,679 |
|
|
|
411,705 |
|
|
|
274,523 |
|
|
|
6,005,002 |
|
Nonperforming |
|
|
1,966 |
|
|
|
3,630 |
|
|
|
2,872 |
|
|
|
251 |
|
|
|
914 |
|
|
|
1,301 |
|
|
|
4,849 |
|
|
|
15,783 |
|
Total loans receivable |
|
$ |
1,118,055 |
|
|
$ |
1,830,916 |
|
|
$ |
1,292,153 |
|
|
$ |
658,690 |
|
|
$ |
428,593 |
|
|
$ |
413,006 |
|
|
$ |
279,372 |
|
|
$ |
6,020,785 |
|
YTD gross charge-offs |
|
|
56 |
|
|
|
3,047 |
|
|
|
2,732 |
|
|
|
705 |
|
|
|
835 |
|
|
|
819 |
|
|
|
6,120 |
|
|
|
14,314 |
|
YTD net charge-offs |
|
|
56 |
|
|
|
2,966 |
|
|
|
2,450 |
|
|
|
624 |
|
|
|
442 |
|
|
|
(585 |
) |
|
|
6,119 |
|
|
|
12,072 |
|
(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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
The following is an aging analysis of loans, including loans on nonaccrual status, 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) |
|
September 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial property |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail |
|
$ |
260 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
260 |
|
|
$ |
1,097,390 |
|
|
$ |
1,097,650 |
|
Hospitality |
|
|
153 |
|
|
|
33 |
|
|
|
— |
|
|
|
186 |
|
|
|
705,549 |
|
|
|
705,735 |
|
Office |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
575,319 |
|
|
|
575,319 |
|
Other |
|
|
704 |
|
|
|
— |
|
|
|
22 |
|
|
|
726 |
|
|
|
1,308,781 |
|
|
|
1,309,507 |
|
Total commercial property loans |
|
|
1,117 |
|
|
|
33 |
|
|
|
22 |
|
|
|
1,172 |
|
|
|
3,687,039 |
|
|
|
3,688,211 |
|
Construction |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
84,804 |
|
|
|
84,804 |
|
Residential |
|
|
935 |
|
|
|
364 |
|
|
|
3 |
|
|
|
1,302 |
|
|
|
925,024 |
|
|
|
926,326 |
|
Total real estate loans |
|
|
2,052 |
|
|
|
397 |
|
|
|
25 |
|
|
|
2,474 |
|
|
|
4,696,867 |
|
|
|
4,699,341 |
|
Commercial and industrial loans |
|
|
384 |
|
|
|
151 |
|
|
|
4,849 |
|
|
|
5,384 |
|
|
|
723,408 |
|
|
|
728,792 |
|
Equipment financing agreements |
|
|
6,527 |
|
|
|
2,195 |
|
|
|
3,382 |
|
|
|
12,104 |
|
|
|
580,548 |
|
|
|
592,652 |
|
Total loans receivable |
|
$ |
8,963 |
|
|
$ |
2,743 |
|
|
$ |
8,256 |
|
|
$ |
19,962 |
|
|
$ |
6,000,823 |
|
|
$ |
6,020,785 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
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, 2023 and December 31, 2022.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 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 |
|
$ |
1,849 |
|
|
$ |
402 |
|
|
$ |
— |
|
|
$ |
2,251 |
|
Hospitality |
|
|
333 |
|
|
|
186 |
|
|
|
— |
|
|
|
519 |
|
Office |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other |
|
|
22 |
|
|
|
— |
|
|
|
— |
|
|
|
22 |
|
Total commercial property loans |
|
|
2,204 |
|
|
|
588 |
|
|
|
— |
|
|
|
2,792 |
|
Construction |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Residential |
|
|
3 |
|
|
|
— |
|
|
|
— |
|
|
|
3 |
|
Total real estate loans |
|
|
2,207 |
|
|
|
588 |
|
|
|
— |
|
|
|
2,795 |
|
Commercial and industrial loans |
|
|
— |
|
|
|
5,046 |
|
|
|
— |
|
|
|
5,046 |
|
Equipment financing agreements |
|
|
848 |
|
|
|
7,094 |
|
|
|
— |
|
|
|
7,942 |
|
Total |
|
$ |
3,055 |
|
|
$ |
12,728 |
|
|
$ |
— |
|
|
$ |
15,783 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
Hospitality |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Office |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other |
|
|
540 |
|
|
|
731 |
|
|
|
— |
|
|
|
1,271 |
|
Total commercial property loans |
|
|
2,469 |
|
|
|
731 |
|
|
|
— |
|
|
|
3,200 |
|
Construction |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Residential |
|
|
508 |
|
|
|
— |
|
|
|
— |
|
|
|
508 |
|
Total real estate loans |
|
|
2,977 |
|
|
|
731 |
|
|
|
— |
|
|
|
3,708 |
|
Commercial and industrial loans |
|
|
— |
|
|
|
422 |
|
|
|
— |
|
|
|
422 |
|
Equipment financing agreements |
|
|
215 |
|
|
|
5,502 |
|
|
|
— |
|
|
|
5,717 |
|
Total |
|
$ |
3,192 |
|
|
$ |
6,655 |
|
|
$ |
— |
|
|
$ |
9,847 |
|
The Company recognized $26,000 and $5,000 of interest income on nonaccrual loans for the three months ended September 30, 2023 and 2022, respectively. Interest income recognized on nonaccrual loans for the nine months ended September 30, 2023 and 2022 was $160,000 and $40,000, respectively.
The following table details nonperforming assets as of the dates indicated:
|
|
|
|
|
|
|
|
|
|
|
September 30, 2023 |
|
|
December 31, 2022 |
|
|
|
(in thousands) |
|
Nonaccrual loans |
|
$ |
15,783 |
|
|
$ |
9,847 |
|
Loans receivable 90 days or more past due and still accruing |
|
|
— |
|
|
|
— |
|
Total nonperforming loans receivable |
|
|
15,783 |
|
|
|
9,847 |
|
Other real estate owned ("OREO") |
|
|
117 |
|
|
|
117 |
|
Total nonperforming assets |
|
$ |
15,900 |
|
|
$ |
9,964 |
|
OREO of $0.1 million is included in prepaid expenses and other assets in the accompanying Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022.
Loan Modifications
No loans were modified during the three and nine months ended September 30, 2023 or 2022.
|