Loans Receivable, Including Loans Held For Sale (Tables)
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9 Months Ended |
Sep. 30, 2023 |
Receivables [Abstract] |
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Trade and Other Receivables |
Major classifications of Loans receivable, including loans held for sale, held by WebBank as of September 30, 2023 and December 31, 2022 are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total | | Current | | Non-current | | September 30, 2023 | | % | | December 31, 2022 | | % | | September 30, 2023 | | December 31, 2022 | | September 30, 2023 | | December 31, 2022 | Loans held for sale | $ | 776,060 | | | | | $ | 602,675 | | | | | $ | 776,060 | | | $ | 602,675 | | | $ | — | | | $ | — | | | | | | | | | | | | | | | | | | Commercial real estate loans | $ | 1,563 | | | — | % | | $ | 987 | | | — | % | | $ | — | | | $ | — | | | $ | 1,563 | | | $ | 987 | | Commercial and industrial | 1,051,804 | | | 87 | % | | 857,817 | | | 87 | % | | 614,488 | | | 472,934 | | | 437,316 | | | 384,883 | | Consumer loans | 153,938 | | | 13 | % | | 123,204 | | | 13 | % | | 117,658 | | | 85,826 | | | 36,280 | | | 37,378 | | Total loans | 1,207,305 | | | 100 | % | | 982,008 | | | 100 | % | | 732,146 | | | 558,760 | | | 475,159 | | | 423,248 | | Less: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Allowance for credit losses | (65,040) | | | | | (29,690) | | | | | (65,040) | | | (29,690) | | | — | | | — | | Total loans receivable, net | $ | 1,142,265 | | | | | $ | 952,318 | | | | | 667,106 | | | 529,070 | | | 475,159 | | | 423,248 | | Loans receivable, including loans held for sale (a) | | | | | | | | | $ | 1,443,166 | | | $ | 1,131,745 | | | $ | 475,159 | | | $ | 423,248 | |
(a) The amortized cost of loans receivable, including loans held for sale, is considered to be representative of fair value because the rates of interest are not significantly different from market interest rates for instruments with similar maturities. The fair value of loans receivable, including loans held for sale, was $1,949,294 and $1,548,035 as of September 30, 2023 and December 31, 2022, respectively.
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Financing Receivable, Allowance for Credit Loss |
Changes in the ACL are summarized as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Commercial Real Estate Loans | | Commercial & Industrial | | Consumer Loans | | Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2022 | $ | 28 | | | $ | 18,493 | | | $ | 11,169 | | | $ | 29,690 | | Impact of adopting current expected credit loss accounting guidance (see Note 1) | 1 | | | 1,144 | | | 3,597 | | | 4,742 | | Charge-offs | — | | | (3,493) | | | (2,539) | | | (6,032) | | Recoveries | 5 | | | 328 | | | 154 | | | 487 | | Provision | 7 | | | 5,156 | | | 2,643 | | | 7,806 | | March 31, 2023 | $ | 41 | | | $ | 21,628 | | | $ | 15,024 | | | $ | 36,693 | | Charge-offs | — | | | (3,826) | | | (2,462) | | | (6,288) | | Recoveries | 54 | | | 366 | | | 82 | | | 502 | | (Benefit) Provision | (47) | | | 4,815 | | | (1,564) | | | 3,204 | | June 30, 2023 | $ | 48 | | | $ | 22,983 | | | $ | 11,080 | | | $ | 34,111 | | Charge-offs | — | | | (4,569) | | | (1,864) | | | (6,433) | | Recoveries | — | | | 305 | | | 88 | | | 393 | | Provision | 1 | | | 35,191 | | | 1,777 | | | 36,969 | | September 30, 2023 | $ | 49 | | | $ | 53,910 | | | $ | 11,081 | | | $ | 65,040 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | Commercial Real Estate Loans | | Commercial & Industrial | | Consumer Loans | | Total | December 31, 2021 | $ | 23 | | | $ | 9,205 | | | $ | 4,697 | | | $ | 13,925 | | Charge-offs | — | | | (947) | | | (1,273) | | | (2,220) | | Recoveries | 7 | | | 415 | | | 407 | | | 829 | | (Benefit) Provision | (5) | | | 648 | | | 639 | | | 1,282 | | March 31, 2022 | $ | 25 | | | $ | 9,321 | | | $ | 4,470 | | | $ | 13,816 | | Charge-offs | — | | | (1,005) | | | (884) | | | (1,889) | | Recoveries | 6 | | | 410 | | | 276 | | | 692 | | (Benefit) Provision | (6) | | | 2,489 | | | 1,400 | | | 3,883 | | June 30, 2022 | $ | 25 | | | $ | 11,215 | | | $ | 5,262 | | | $ | 16,502 | | Charge-offs | — | | | (1,672) | | | (712) | | | (2,384) | | Recoveries | 7 | | | 396 | | | 263 | | | 666 | | (Benefit) Provision | (5) | | | 3,511 | | | 3,087 | | | 6,593 | | September 30, 2022 | $ | 27 | | | $ | 13,450 | | | $ | 7,900 | | | $ | 21,377 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The ACL and outstanding loan balances are summarized as follows: | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | Commercial Real Estate Loans | | Commercial & Industrial | | Consumer Loans | | Total | Allowance for credit losses: | | | | | | | | Individually evaluated for impairment | $ | 8 | | | $ | 37,820 | | | $ | — | | | $ | 37,828 | | Collectively evaluated for impairment | 41 | | | 16,090 | | | 11,081 | | | 27,212 | | Total | $ | 49 | | | $ | 53,910 | | | $ | 11,081 | | | $ | 65,040 | | Outstanding loan balances: | | | | | | | | Individually evaluated for impairment | $ | 8 | | | $ | 39,990 | | | $ | — | | | $ | 39,998 | | Collectively evaluated for impairment | 1,555 | | | 1,011,814 | | | 153,938 | | | 1,167,307 | | Total | $ | 1,563 | | | $ | 1,051,804 | | | $ | 153,938 | | | $ | 1,207,305 | |
| | | | | | | | | | | | | | | | | | | | | | | | December 31, 2022 | Commercial Real Estate Loans | | Commercial & Industrial | | Consumer Loans | | Total | Allowance for loan losses: | | | | | | | | Individually evaluated for impairment | $ | 8 | | | $ | 825 | | | $ | — | | | $ | 833 | | Collectively evaluated for impairment | 20 | | | 17,668 | | | 11,169 | | | 28,857 | | Total | $ | 28 | | | $ | 18,493 | | | $ | 11,169 | | | $ | 29,690 | | Outstanding loan balances: | | | | | | | | Individually evaluated for impairment | $ | 8 | | | $ | 4,357 | | | $ | — | | | $ | 4,365 | | Collectively evaluated for impairment | 979 | | | 853,460 | | | 123,204 | | | 977,643 | | Total | $ | 987 | | | $ | 857,817 | | | $ | 123,204 | | | $ | 982,008 | |
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Financing Receivable, Past Due |
Past due loans (accruing and nonaccruing) are summarized as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | Current | | 30-89 Days Past Due | | 90+ Days Past Due | | Total Past Due | | Total Loans | | Recorded Investment In Accruing Loans 90+ Days Past Due | | Nonaccrual Loans That Are Current (a) | Commercial real estate loans | $ | 1,563 | | | $ | — | | | $ | — | | | $ | — | | | $ | 1,563 | | | $ | — | | | $ | — | | Commercial and industrial | 1,027,364 | | | 14,680 | | | 9,760 | | | 24,440 | | | 1,051,804 | | | 9,760 | | | 37,721 | | Consumer loans | 145,008 | | | 4,720 | | | 4,210 | | | 8,930 | | | 153,938 | | | 4,210 | | | — | | Total loans | $ | 1,173,935 | | | $ | 19,400 | | | $ | 13,970 | | | $ | 33,370 | | | $ | 1,207,305 | | | $ | 13,970 | | | $ | 37,721 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2022 | Current | | 30-89 Days Past Due | | 90+ Days Past Due | | Total Past Due | | Total Loans | | Recorded Investment In Accruing Loans 90+ Days Past Due | | Nonaccrual Loans That Are Current (a) | Commercial real estate loans | $ | 987 | | | $ | — | | | $ | — | | | $ | — | | | $ | 987 | | | $ | — | | | $ | — | | Commercial and industrial | 832,757 | | | 13,800 | | | 11,260 | | | 25,060 | | | 857,817 | | | 11,260 | | | 788 | | Consumer loans | 115,054 | | | 3,470 | | | 4,680 | | | 8,150 | | | 123,204 | | | 4,680 | | | — | | Total loans | $ | 948,798 | | | $ | 17,270 | | | $ | 15,940 | | | $ | 33,210 | | | $ | 982,008 | | | $ | 15,940 | | | $ | 788 | |
(a) Represents nonaccrual loans that are not past due more than 30 days; however, full payment of principal and interest is still not expected.
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Financing Receivable Credit Quality Indicators |
Outstanding loan balances (accruing and nonaccruing) categorized by these credit quality indicators are summarized as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | Non - Graded | | Pass | | Special Mention | | Sub- standard | | Doubtful | | Total Loans | | | | | | | | | | | | | | | | | | | | | | | | | Commercial real estate loans | $ | — | | | $ | 1,555 | | | $ | — | | | $ | 8 | | | $ | — | | | $ | 1,563 | | Commercial and industrial | 645,027 | | | 366,787 | | | — | | | 3,067 | | | 36,923 | | | 1,051,804 | | Consumer loans | 153,938 | | | — | | | — | | | — | | | — | | | 153,938 | | Total loans | $ | 798,965 | | | $ | 368,342 | | | $ | — | | | $ | 3,075 | | | $ | 36,923 | | | $ | 1,207,305 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2022 | Non - Graded | | Pass | | Special Mention | | Sub- standard | | Doubtful | | Total Loans | | | | | | | | | | | | | | | | | | | | | | | | | Commercial real estate loans | $ | — | | | $ | 979 | | | $ | — | | | $ | 8 | | | $ | — | | | $ | 987 | | Commercial and industrial | 566,419 | | | 287,041 | | | — | | | 3,569 | | | 788 | | | 857,817 | | Consumer loans | 123,204 | | | — | | | — | | | — | | | — | | | 123,204 | | Total loans | $ | 689,623 | | | $ | 288,020 | | | $ | — | | | $ | 3,577 | | | $ | 788 | | | $ | 982,008 | |
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