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Loans and Leases Receivable and Allowance for Credit Losses on Loans and Leases (Tables)
 6 Months Ended
Jun. 30, 2022
Receivables [Abstract]  
Schedule of Loans and Leases Receivable
The following table presents loans and leases receivable as of June 30, 2022 and December 31, 2021.
(amounts in thousands)June 30, 2022December 31, 2021
Loans and leases receivable, mortgage warehouse, at fair value$1,874,603 $2,284,325 
Loans receivable, PPP1,570,160 3,250,008 
Loans and leases receivable:
Commercial:
Commercial and industrial, including specialty lending (1)
5,737,670 3,424,783 
Multi-family2,008,784 1,486,308 
Commercial real estate owner occupied710,577 654,922 
Commercial real estate non-owner occupied1,152,869 1,121,238 
Construction195,687 198,981 
Total commercial loans and leases receivable9,805,587 6,886,232 
Consumer:
Residential real estate457,768 334,730 
Manufactured housing48,570 52,861 
Installment1,901,070 1,744,475 
Total consumer loans receivable2,407,408 2,132,066 
Loans and leases receivable12,212,995 9,018,298 
Allowance for credit losses on loans and leases(156,530)(137,804)
Total loans and leases receivable, net of allowance for credit losses on loans and leases (2)
$15,501,228 $14,414,827 
(1)Includes direct finance equipment leases of $149.2 million and $146.5 million at June 30, 2022 and December 31, 2021, respectively.
(2)Includes deferred (fees) costs and unamortized (discounts) premiums, net of $(12.1) million and $(52.0) million at June 30, 2022 and December 31, 2021, respectively.
Loans and Leases Receivable by Loan Type and Performance Status
The following tables summarize loans and leases receivable by loan and lease type and performance status as of June 30, 2022 and December 31, 2021:
 June 30, 2022
(amounts in thousands)
30-59 Days past due (1)
60-89 Days past due (1)
90 Days or more past due (2)
Total past due
Loans and leases not past due (3)
Total loans and leases (4)
Commercial and industrial, including specialty lending$340 $339 $3,918 $4,597 $5,733,073 $5,737,670 
Multi-family— — 1,153 1,153 2,007,631 2,008,784 
Commercial real estate owner occupied857 648 1,149 2,654 707,923 710,577 
Commercial real estate non-owner occupied— — — — 1,152,869 1,152,869 
Construction— — — — 195,687 195,687 
Residential real estate2,689 1,513 3,379 7,581 450,187 457,768 
Manufactured housing690 288 3,955 4,933 43,637 48,570 
Installment8,050 5,929 5,965 19,944 1,881,126 1,901,070 
Total$12,626 $8,717 $19,519 $40,862 $12,172,133 $12,212,995 
 December 31, 2021
(amounts in thousands)
30-59 Days past due (1)
60-89 Days past due (1)
90 Days or more past due (2)
Total past due
Loans and leases not past due (3)
Total loans and leases (4)
Commercial and industrial, including specialty lending$2,093 $95 $5,929 $8,117 $3,416,666 $3,424,783 
Multi-family1,682 2,707 18,235 22,624 1,463,684 1,486,308 
Commercial real estate owner occupied287 — 1,304 1,591 653,331 654,922 
Commercial real estate non-owner occupied— — 2,815 2,815 1,118,423 1,121,238 
Construction— — — — 198,981 198,981 
Residential real estate4,655 789 4,390 9,834 324,896 334,730 
Manufactured housing2,308 768 4,949 8,025 44,836 52,861 
Installment7,349 4,295 3,783 15,427 1,729,048 1,744,475 
Total$18,374 $8,654 $41,405 $68,433 $8,949,865 $9,018,298 
(1)Includes past due loans and leases that are accruing interest because collection is considered probable.
(2)Includes loans amounting to $1.5 million and $1.4 million as of June 30, 2022 and December 31, 2021, respectively, that are still accruing interest because collection is considered probable.
(3)Loans and leases where next payment due is less than 30 days from the report date. The tables exclude PPP loans of $1.6 billion, of which $3.3 million were 30-59 days past due and $33.4 million were 60 days or more past due as of June 30, 2022, and PPP loans of $3.3 billion, of which $6.3 million were 30-59 days past due and $21.8 million were 60 days or more past due as of December 31, 2021. Claims for guarantee payments are submitted to the SBA for eligible PPP loans more than 60 days past due.
(4)Includes PCD loans of $9.0 million and $9.9 million at June 30, 2022 and December 31, 2021, respectively.
Amortized cost of Loans and Leases on Nonaccrual Status
The following table presents the amortized cost of loans and leases held for investment on nonaccrual status.
 
June 30, 2022 (1)
December 31, 2021 (1)
(amounts in thousands)Nonaccrual loans with no related allowanceNonaccrual loans with related allowanceTotal nonaccrual loansNonaccrual loans with no related allowanceNonaccrual loans with related allowanceTotal nonaccrual loans
Commercial and industrial, including specialty lending$4,061 $— $4,061 $5,837 $259 $6,096 
Multi-family1,153 — 1,153 22,654 — 22,654 
Commercial real estate owner occupied2,913 — 2,913 2,475 — 2,475 
Commercial real estate non-owner occupied— — — 2,815 — 2,815 
Residential real estate6,258 — 6,258 7,727 — 7,727 
Manufactured housing— 3,071 3,071 — 3,563 3,563 
Installment— 5,965 5,965 — 3,783 3,783 
Total$14,385 $9,036 $23,421 $41,508 $7,605 $49,113 
(1) Presented at amortized cost basis.
Schedule of Allowance for Credit Losses on Loans and Leases The changes in the ACL on loans and leases by loan and lease type for the three and six months ended June 30, 2022 and 2021 are presented in the tables below.
(amounts in thousands)Multi-familyCommercial and industrialCommercial real estate owner occupiedCommercial real estate non-owner occupiedConstructionResidential real estateManufactured housingInstallmentTotal
Three Months Ended
June 30, 2022
Ending balance, March 31, 2022$7,437 $10,765 $3,841 $5,955 $939 $4,685 $4,342 $107,883 $145,847 
Charge-offs(1,990)(276)— (163)— — — (12,851)(15,280)
Recoveries— 692 42 4 103 39 — 919 1,799 
Provision (benefit) for credit losses on loans and leases4,318 (100)862 3,084 137 854 (262)15,271 24,164 
Ending Balance,
June 30, 2022		$9,765 $11,081 $4,745 $8,880 $1,179 $5,578 $4,080 $111,222 $156,530 
Six Months Ended
June 30, 2022
Ending Balance,
December 31, 2021		$4,477 $12,702 $3,213 $6,210 $692 $2,383 $4,278 $103,849 $137,804 
Charge-offs(1,990)(578)— (163)— (4)— (21,716)(24,451)
Recoveries337 1,053 49 12 216 45 — 2,032 3,744 
Provision (benefit) for credit losses on loans and leases6,941 (2,096)1,483 2,821 271 3,154 (198)27,057 39,433 
Ending Balance,
June 30, 2022		$9,765 $11,081 $4,745 $8,880 $1,179 $5,578 $4,080 $111,222 $156,530 
(amounts in thousands)Multi-familyCommercial and industrialCommercial real estate owner occupiedCommercial real estate non-owner occupiedConstructionResidential real estateManufactured housingInstallmentTotal
Three Months Ended
June 30, 2021
Ending balance, March 31, 2021$8,026 $7,503 $5,935 $11,621 $4,103 $3,209 $4,800 $83,539 $128,736 
Charge-offs— (2)(1)— — — — (7,958)(7,961)
Recoveries— 285 2 59 114 12 — 898 1,370 
Provision (benefit) for credit losses on loan and lease losses(2,998)341 (1,472)(4,306)(1,574)(922)(428)14,650 3,291 
Ending Balance,
June 30, 2021		$5,028 $8,127 $4,464 $7,374 $2,643 $2,299 $4,372 $91,129 $125,436 
Six Months Ended
June 30, 2021
Ending Balance,
December 31, 2020		$12,620 $12,239 $9,512 $19,452 $5,871 $3,977 $5,190 $75,315 $144,176 
Charge-offs(1,132)(637)(142)— — (50)— (20,645)(22,606)
Recoveries— 545 9 69 119 22 — 2,730 3,494 
Provision (benefit) for credit losses on loan and lease losses(6,460)(4,020)(4,915)(12,147)(3,347)(1,650)(818)33,729 372 
Ending Balance,
June 30, 2021		$5,028 $8,127 $4,464 $7,374 $2,643 $2,299 $4,372 $91,129 $125,436 
Analysis of Loans Modified in Troubled Debt Restructuring by Type of Concession
The following table presents loans modified in a TDR by type of concession for the three and six months ended June 30, 2022 and 2021. There were no modifications that involved forgiveness of debt for the three and six months ended June 30, 2022 and 2021.
Three Months Ended June 30,Six Months Ended June 30,
 2022202120222021
(dollars in thousands)Number of loansRecorded investmentNumber of loansRecorded investmentNumber of loansRecorded investmentNumber of loansRecorded investment
Interest-rate reductions4 $124 4 $157 14 $470 12 $341 
Other (1)
67 743 99 1,141 99 1,194 119 1,682 
Total71 $867 103 $1,298 113 $1,664 131 $2,023 
(1) Other includes covenant modifications, forbearance, loans discharged under Chapter 7 bankruptcy, or other concessions.
Summary of Loans Modified in Troubled Debt Restructurings and Related Recorded Investment Within Twelve Months
The following table presents, by loan type, the number of loans modified in TDRs and the related recorded investment, for which there was a payment default within twelve months following the modification:
June 30, 2022June 30, 2021
(dollars in thousands)Number of loansRecorded investmentNumber of loansRecorded investment
Manufactured housing4 $94 7 $189 
Residential real estate1 119 1 43 
Installment38 473 15 247 
Total loans43 $686 23 $479 
Credit Ratings of Covered and Non-Covered Loan Portfolio The following tables present the credit ratings of loans and leases receivable as of June 30, 2022 and December 31, 2021.
Term Loans Amortized Cost Basis by Origination Year as of
June 30, 2022
(amounts in thousands)20222021202020192018PriorRevolving loans amortized cost basisRevolving loans converted to termTotal
Commercial and industrial loans and leases, including specialty lending:
Pass$2,288,409 $600,191 $305,601 $231,819 $79,656 $116,210 $2,006,671 $— $5,628,557 
Special mention— — — — — 380 3,222 — 3,602 
Substandard— 21,825 9,691 8,652 12,601 43,664 9,078 — 105,511 
Doubtful— — — — — — — — — 
Total commercial and industrial loans and leases$2,288,409 $622,016 $315,292 $240,471 $92,257 $160,254 $2,018,971 $— $5,737,670 
Multi-family loans:
Pass$882,267 $399,236 $131,741 $22,663 $119,914 $329,640 $— $— $1,885,461 
Special mention— — — — 5,009 66,748 — — 71,757 
Substandard— 1,515 — — — 50,051 — — 51,566 
Doubtful— — — — — — — — — 
Total multi-family loans$882,267 $400,751 $131,741 $22,663 $124,923 $446,439 $— $— $2,008,784 
Commercial real estate owner occupied loans:
Pass$129,586 $203,769 $58,688 $116,646 $41,654 $137,023 $672 $— $688,038 
Special mention— — — — — 3,880 — — 3,880 
Substandard— — — 134 9,544 8,981 — — 18,659 
Doubtful— — — — — — — — 
Total commercial real estate owner occupied loans$129,586 $203,769 $58,688 $116,780 $51,198 $149,884 $672 $— $710,577 
Commercial real estate non-owner occupied:
Pass$134,207 $120,804 $146,492 $75,872 $64,787 $415,941 $— $— $958,103 
Special mention— — 21,454 — — 5,873 — — 27,327 
Substandard— — — 29,008 38,246 100,185 — — 167,439 
Doubtful— — — — — — — — — 
Total commercial real estate non-owner occupied loans$134,207 $120,804 $167,946 $104,880 $103,033 $521,999 $— $— $1,152,869 
Construction:
Pass$44,282 $81,791 $17,939 $29,061 $4,760 $9,243 $8,611 $— $195,687 
Special mention— — — — — — — — — 
Substandard— — — — — — — — — 
Doubtful— — — — — — — — — 
Total construction loans$44,282 $81,791 $17,939 $29,061 $4,760 $9,243 $8,611 $— $195,687 
Total commercial loans and leases receivable$3,478,751 $1,429,131 $691,606 $513,855 $376,171 $1,287,819 $2,028,254 $— $9,805,587 
Residential real estate loans:
Performing$113,101 $142,389 $7,526 $16,970 $10,374 $76,795 $84,904 $— $452,059 
Non-performing— — — 382 1,264 3,128 935 — 5,709 
Total residential real estate loans$113,101 $142,389 $7,526 $17,352 $11,638 $79,923 $85,839 $— $457,768 
Manufactured housing loans:
Performing$— $— $— $220 $171 $45,271 $— $— $45,662 
Non-performing— — — — — 2,908 — — 2,908 
Total manufactured housing loans$— $— $— $220 $171 $48,179 $— $— $48,570 
Installment loans:
Performing$553,321 $774,689 $265,103 $202,825 $19,122 $1,471 $78,600 $— $1,895,131 
Non-performing138 3,421 1,000 1,066 172 61 81 — 5,939 
Total installment loans$553,459 $778,110 $266,103 $203,891 $19,294 $1,532 $78,681 $— $1,901,070 
Total consumer loans$666,560 $920,499 $273,629 $221,463 $31,103 $129,634 $164,520 $— $2,407,408 
Loans and leases receivable$4,145,311 $2,349,630 $965,235 $735,318 $407,274 $1,417,453 $2,192,774 $— $12,212,995 
Term Loans Amortized Cost Basis by Origination Year as of December 31, 2021
(amounts in thousands)20212020201920182017PriorRevolving loans amortized cost basisRevolving loans converted to termTotal
Commercial and industrial loans and leases, including specialty lending:
Pass$974,016 $337,045 $266,677 $86,691 $55,536 $89,860 $1,484,287 $— $3,294,112 
Special mention476 1,408 3,325 4,904 36,252 92 14,662 — 61,119 
Substandard18,786 10,257 9,543 11,586 5,682 6,764 6,934 — 69,552 
Doubtful— — — — — — — — — 
Total commercial and industrial loans and leases$993,278 $348,710 $279,545 $103,181 $97,470 $96,716 $1,505,883 $— $3,424,783 
Multi-family loans:
Pass$403,075 $133,452 $23,068 $209,070 $282,663 $316,491 $— $— $1,367,819 
Special mention— — — 9,936 18,489 28,776 — — 57,201 
Substandard— — — — 38,216 23,072 — — 61,288 
Doubtful— — — — — — — — — 
Total multi-family loans$403,075 $133,452 $23,068 $219,006 $339,368 $368,339 $— $— $1,486,308 
Commercial real estate owner occupied loans:
Pass$213,102 $59,348 $124,626 $60,993 $58,073 $99,219 $672 $— $616,033 
Special mention— — 2,876 318 2,044 572 — — 5,810 
Substandard— — 3,750 9,682 8,824 10,823 — — 33,079 
Doubtful— — — — — — — — — 
Total commercial real estate owner occupied loans$213,102 $59,348 $131,252 $70,993 $68,941 $110,614 $672 $— $654,922 
Commercial real estate non-owner occupied:
Pass$136,897 $149,898 $95,504 $66,040 $153,509 $310,435 $— $— $912,283 
Special mention— 21,694 11,113 9,373 43,215 20,540 — — 105,935 
Substandard— — — 35,846 20,516 46,658 — — 103,020 
Doubtful— — — — — — — — — 
Total commercial real estate non-owner occupied loans$136,897 $171,592 $106,617 $111,259 $217,240 $377,633 $— $— $1,121,238 
Construction:
Pass$57,105 $49,199 $77,622 $4,828 $— $9,414 $813 $— $198,981 
Special mention— — — — — — — — — 
Substandard— — — — — — — — — 
Doubtful— — — — — — — — — 
Total construction loans$57,105 $49,199 $77,622 $4,828 $— $9,414 $813 $— $198,981 
Total commercial loans and leases receivable$1,803,457 $762,301 $618,104 $509,267 $723,019 $962,716 $1,507,368 $— $6,886,232 
Residential real estate loans:
Performing$107,854 $8,251 $21,096 $11,389 $6,707 $84,035 $87,438 $— $326,770 
Non-performing— — 335 1,015 669 3,587 2,354 — 7,960 
Total residential real estate loans$107,854 $8,251 $21,431 $12,404 $7,376 $87,622 $89,792 $— $334,730 
Manufactured housing loans:
Performing$— $— $253 $299 $73 $47,537 $— $— 48,162 
Non-performing— — — — — 4,699 — — 4,699 
Total manufactured housing loans$— $— $253 $299 $73 $52,236 $— $— $52,861 
Installment loans:
Performing$973,525 $390,788 $341,582 $31,481 $1,601 $1,016 $25 $— $1,740,018 
Non-performing1,162 1,002 2,074 156 2 61 — — 4,457 
Total installment loans$974,687 $391,790 $343,656 $31,637 $1,603 $1,077 $25 $— $1,744,475 
Total consumer loans$1,082,541 $400,041 $365,340 $44,340 $9,052 $140,935 $89,817 $— $2,132,066 
Loans and leases receivable$2,885,998 $1,162,342 $983,444 $553,607 $732,071 $1,103,651 $1,597,185 $— $9,018,298 
Schedule of Loan Purchases and Sales
Purchases and sales of loans were as follows for the three and six months ended June 30, 2022 and 2021:
Three Months Ended June 30,Six Months Ended June 30,
(amounts in thousands)2022202120222021
Purchases (1)
Loans receivable, PPP$— $460,456 $— $621,487 
Residential real estate8,081 — 154,955 — 
Installment (2)
16,551 — 76,007 115,849 
Total$24,632 $460,456 $230,962 $737,336 
Sales (3)
Multi-family$2,879 $19,443 $2,879 $19,443 
Commercial and industrial14,040 10,059 22,880 28,990 
Commercial real estate owner occupied3,519 4,461 8,960 6,698 
Commercial real estate non-owner occupied— — — 18,366 
Residential real estate— 11,623 — 28,186 
Installment— 28,818 — 28,818 
Total$20,438 $74,404 $34,719 $130,501 
(1)Amounts reported in the above table are the unpaid principal balance at time of purchase. The purchase price was 98.9% and 102.0% of loans outstanding for the three months ended June 30, 2022 and 2021, respectively. The purchase price was 98.2% and 103.0% of loans outstanding for the six months ended June 30, 2022 and 2021, respectively.
(2)Installment loan purchases for the three and six months ended June 30, 2022 and 2021 consist of third-party originated unsecured consumer loans. None of the loans are considered sub-prime at the time of origination. Customers considers sub-prime borrowers to be those with FICO scores below 660.
(3)For the three months ended June 30, 2022 and 2021, loan sales resulted in net gains of $1.5 million and $2.2 million, respectively, included in gain (loss) on sale of SBA and other loans in the consolidated statements of income. For the six months ended June 30, 2022 and 2021, loan sales resulted in net gains of $3.6 million and $4.3 million, respectively.