Quarterly report pursuant to Section 13 or 15(d)

Loans (Tables)

v3.23.3
Loans (Tables)
9 Months Ended
Sep. 30, 2023
Receivables [Abstract]  
Loans

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.
Activity for 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

 

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 by Portfolio Segment

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

%

Summary of Amortized Cost Basis of Collateral Dependent Loans By Class of Loans The following table represents the amortized cost basis of collateral-dependent loans by class of loans 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

 

Credit Quality of Loan Portfolio

 

 

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.
Analysis of Past Due Loans, Including Loans on Nonaccrual Status, Disaggregated by Loan Class

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

 

 

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

The following table represents the amortized cost basis of loans on nonaccrual status and loans past due 90 days and still accruing as of 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

 

Non-Performing Assets

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