Loans and the Allowance for Credit Losses (Tables)
|
12 Months Ended |
Dec. 31, 2021 |
|---|
| Receivables [Abstract] |
|
| Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] |
Loans Receivable: The following table sets forth the composition of the Company’s loan portfolio segments, including net deferred fees, as of December 31, 2021 and December 31, 2020:
|
|
|
2021 |
|
|
2020 |
| |
|
|
(dollars in thousands) |
| |
Commercial (1) |
|
$ |
1,299,428 |
|
|
$ |
1,521,967 |
| |
Commercial real estate |
|
|
4,741,590 |
|
|
|
3,783,550 |
| |
Commercial construction |
|
|
540,178 |
|
|
|
617,747 |
| |
Residential real estate |
|
|
255,269 |
|
|
|
322,564 |
| |
Consumer |
|
|
1,886 |
|
|
|
1,853 |
| |
Gross loans |
|
|
6,838,351 |
|
|
|
6,247,681 |
| |
Net deferred fees |
|
|
(9,729 |
) |
|
|
(11,374 |
) | |
Loans receivable |
|
$ |
6,828,622 |
|
|
$ |
6,236,307 |
|
|
|
| |
(1) |
Included in commercial loans as of December 31, 2021 and December 31, 2020 were Paycheck Protection Program (“PPP”) loans of $93.1 million and $397.5 million, respectively. These loans are 100% federally guaranteed and currently not subject to any allocation of allowance for credit losses. |
|
| Loans held for sale [Table Text Block] |
Loans Held-For-Sale: The following table presents loans held-for-sale by loan segment as of December 31, 2021 and December 31, 2020:
|
|
|
2021 |
|
|
2020 |
| |
|
|
(dollars in thousands) |
| |
Commercial |
|
$ |
- |
|
|
$ |
- |
| |
Commercial real estate |
|
|
- |
|
|
|
1,990 |
| |
Residential mortgage |
|
|
250 |
|
|
|
2,720 |
| |
Total carrying amount |
|
$ |
250 |
|
|
$ |
4,710 |
|
|
| Schedule of Financing Receivables, Non Accrual Status [Table Text Block] |
Loans Receivable on Nonaccrual Status - The following tables present nonaccrual loans with an allowance for credit loss (“ACL”) as of December 31, 2021 and nonaccrual loans without an ACL as of December 31, 2021:
|
|
|
December 31, 2021 |
| |
|
|
Nonaccrual loans with ACL |
|
|
Nonaccrual loans without ACL |
|
|
Total Nonaccrual loans |
| |
|
|
(dollars in thousands) |
| |
Commercial |
|
$ |
28,746 |
|
|
$ |
1,316 |
|
|
$ |
30,062 |
| |
Commercial real estate |
|
|
15,362 |
|
|
|
10,031 |
|
|
|
25,393 |
| |
Commercial construction |
|
|
- |
|
|
|
3,150 |
|
|
|
3,150 |
| |
Residential real estate |
|
|
1,239 |
|
|
|
1,856 |
|
|
|
3,095 |
| |
Consumer |
|
|
- |
|
|
|
- |
|
|
|
- |
| |
Total |
|
$ |
45,347 |
|
|
$ |
16,353 |
|
|
$ |
61,700 |
|
The following tables present total nonaccrual loans included in loans receivable by loan class as of December 31, 2020 (dollars in thousands):
|
|
|
December 31, 2020 |
| |
Commercial |
|
$ |
33,019 |
| |
Commercial real estate |
|
|
10,111 |
| |
Commercial construction |
|
|
14,015 |
| |
Residential real estate |
|
|
4,551 |
| |
Consumer |
|
|
- |
| |
Total nonaccrual loans |
|
$ |
61,696 |
|
|
| Financing Receivable Origination and Risk Designation [Table Text Block] |
We evaluate whether a modification, extension or renewal of a loan is a current period origination in accordance with GAAP. Generally, loans up for renewal are subject to a full credit evaluation before the renewal is granted and such loans are considered current period originations for purpose of the table below. As of December 31, 2021, our loans based on year of origination and risk designation are as follows (dollars in thousands):
|
|
|
Term loans amortized cost basis by origination year |
|
|
Revolving |
|
|
Total |
| |
|
|
2021 |
|
|
2020 |
|
|
2019 |
|
|
2018 |
|
|
2017 |
|
|
Prior |
|
|
Loans |
|
|
Gross Loans |
| |
Commercial |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Pass |
|
$ |
403,203 |
|
|
$ |
58,534 |
|
|
$ |
54,485 |
|
|
$ |
60,409 |
|
|
$ |
95,727 |
|
|
$ |
86,556 |
|
|
$ |
471,588 |
|
|
$ |
1,230,502 |
| |
Special mention |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1 |
|
|
|
4,045 |
|
|
|
4,266 |
|
|
|
8,312 |
| |
Substandard |
|
|
170 |
|
|
|
- |
|
|
|
1,842 |
|
|
|
13,298 |
|
|
|
9,740 |
|
|
|
21,024 |
|
|
|
14,540 |
|
|
|
60,614 |
| |
Doubtful |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
| |
Total Commercial |
|
$ |
403,373 |
|
|
$ |
58,534 |
|
|
$ |
56,327 |
|
|
$ |
73,707 |
|
|
$ |
105,468 |
|
|
$ |
111,625 |
|
|
$ |
490,394 |
|
|
$ |
1,299,428 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Commercial Real Estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Pass |
|
$ |
1,692,098 |
|
|
$ |
533,315 |
|
|
$ |
420,995 |
|
|
$ |
452,262 |
|
|
$ |
497,065 |
|
|
$ |
842,244 |
|
|
$ |
170,721 |
|
|
$ |
4,608,700 |
| |
Special mention |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5,142 |
|
|
|
50,438 |
|
|
|
6,601 |
|
|
|
62,181 |
| |
Substandard |
|
|
1,968 |
|
|
|
9,039 |
|
|
|
4,006 |
|
|
|
20,624 |
|
|
|
- |
|
|
|
26,108 |
|
|
|
8,964 |
|
|
|
70,709 |
| |
Doubtful |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
| |
Total Commercial Real Estate |
|
$ |
1,694,066 |
|
|
$ |
542,354 |
|
|
$ |
425,001 |
|
|
$ |
472,886 |
|
|
$ |
502,207 |
|
|
$ |
918,790 |
|
|
$ |
186,286 |
|
|
$ |
4,741,590 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Commercial Construction |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Pass |
|
$ |
8,018 |
|
|
$ |
7,370 |
|
|
$ |
12,625 |
|
|
$ |
2,600 |
|
|
$ |
2,339 |
|
|
$ |
- |
|
|
$ |
490,119 |
|
|
|
523,071 |
| |
Special mention |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
350 |
|
|
|
- |
|
|
|
1,443 |
|
|
|
1,793 |
| |
Substandard |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
15,314 |
|
|
|
15,314 |
| |
Doubtful |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
| |
Total Commercial Construction |
|
$ |
8,018 |
|
|
$ |
7,370 |
|
|
$ |
12,625 |
|
|
$ |
2,600 |
|
|
$ |
2,689 |
|
|
$ |
- |
|
|
$ |
506,876 |
|
|
$ |
540,178 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Residential Real Estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Pass |
|
$ |
27,081 |
|
|
$ |
29,539 |
|
|
$ |
23,611 |
|
|
$ |
25,070 |
|
|
$ |
28,701 |
|
|
$ |
66,249 |
|
|
$ |
44,221 |
|
|
$ |
244,472 |
| |
Special mention |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
| |
Substandard |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
7,262 |
|
|
|
3,535 |
|
|
|
10,797 |
| |
Doubtful |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
| |
Total Residential Real Estate |
|
$ |
27,081 |
|
|
$ |
29,539 |
|
|
$ |
23,611 |
|
|
$ |
25,070 |
|
|
$ |
28,701 |
|
|
$ |
73,511 |
|
|
$ |
47,756 |
|
|
$ |
255,269 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Consumer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Pass |
|
$ |
1,594 |
|
|
$ |
85 |
|
|
$ |
39 |
|
|
$ |
21 |
|
|
$ |
28 |
|
|
$ |
(4 |
) |
|
$ |
123 |
|
|
$ |
1,886 |
| |
Special mention |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
| |
Substandard |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
| |
Doubtful |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
| |
Total Consumer |
|
$ |
1,594 |
|
|
$ |
85 |
|
|
$ |
39 |
|
|
$ |
21 |
|
|
$ |
28 |
|
|
$ |
(4 |
) |
|
$ |
123 |
|
|
$ |
1,886 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Pass |
|
$ |
2,131,994 |
|
|
$ |
628,843 |
|
|
$ |
511,755 |
|
|
$ |
540,362 |
|
|
$ |
623,860 |
|
|
$ |
995,045 |
|
|
$ |
1,176,772 |
|
|
$ |
6,608,631 |
| |
Special mention |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5,493 |
|
|
|
54,483 |
|
|
|
12,310 |
|
|
|
72,286 |
| |
Substandard |
|
|
2,138 |
|
|
|
9,039 |
|
|
|
5,848 |
|
|
|
33,922 |
|
|
|
9,740 |
|
|
|
54,394 |
|
|
|
42,353 |
|
|
|
157,434 |
| |
Doubtful |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
| |
Grand Total |
|
$ |
2,134,132 |
|
|
$ |
637,882 |
|
|
$ |
517,603 |
|
|
$ |
574,284 |
|
|
$ |
639,093 |
|
|
$ |
1,103,922 |
|
|
$ |
1,231,435 |
|
|
$ |
6,838,351 |
|
|
| Financing Receivable Credit Quality Indicators [Table Text Block] |
The following table presents information about the loan credit quality by loan class of gross loans (which exclude net deferred fees) as of December 31, 2020:
|
|
|
December 31, 2020 | |
|
|
Pass |
|
|
Special Mention |
|
|
Substandard |
|
|
Doubtful |
|
|
Total |
| |
|
|
(dollars in thousands) |
| |
Commercial |
|
$ |
1,447,097 |
|
|
$ |
30,725 |
|
|
$ |
43,930 |
|
|
$ |
215 |
|
|
$ |
1,521,967 |
| |
Commercial real estate |
|
|
3,700,498 |
|
|
|
49,143 |
|
|
|
33,909 |
|
|
|
- |
|
|
|
3,783,550 |
| |
Commercial construction |
|
|
587,266 |
|
|
|
- |
|
|
|
30,481 |
|
|
|
- |
|
|
|
617,747 |
| |
Residential real estate |
|
|
311,174 |
|
|
|
- |
|
|
|
11,390 |
|
|
|
- |
|
|
|
322,564 |
| |
Consumer |
|
|
1,853 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,853 |
| |
Gross loans |
|
$ |
6,047,888 |
|
|
$ |
79,868 |
|
|
$ |
119,710 |
|
|
$ |
215 |
|
|
$ |
6,247,681 |
|
|
| Schedule of Fair Value of Collateral [Table Text Block] |
Collateral Dependent Loans: Loans which meet certain criteria are individually evaluated as part of the process of calculating the allowance for credit losses. The evaluation is determined on an individual basis using the fair value of the collateral as of the reporting date. The following table presents collateral dependent loans that were individually evaluated for impairment as of December 31, 2021:
|
|
|
December 31, 2021 |
| |
|
|
Real Estate |
|
|
Other |
|
|
Total |
| |
|
|
(dollars in thousands) |
| |
Commercial |
|
$ |
6,385 |
|
|
$ |
26,182 |
|
|
$ |
32,567 |
| |
Commercial real estate |
|
|
55,244 |
|
|
|
- |
|
|
|
55,244 |
| |
Commercial construction |
|
|
13,196 |
|
|
|
- |
|
|
|
13,196 |
| |
Residential real estate |
|
|
8,856 |
|
|
|
- |
|
|
|
8,856 |
| |
Consumer |
|
|
- |
|
|
|
- |
|
|
|
- |
| |
Total |
|
$ |
83,681 |
|
|
$ |
26,182 |
|
|
$ |
109,863 |
|
|
| Impaired Financing Receivables [Table Text Block] |
The following table provides an analysis of the impaired loans by class as of the year ended December 31, 2020.
|
|
|
December 31, 2020 |
| |
No Related Allowance Recorded |
|
Recorded Investment |
|
|
Unpaid Principal Balance |
|
|
Related Allowance |
|
|
Average Recorded Investment |
|
|
Interest Income Recognized |
| |
|
|
(dollars in thousands) |
| |
Commercial |
|
$ |
11,325 |
|
|
$ |
11,835 |
|
|
|
- |
|
|
$ |
11,627 |
|
|
$ |
203 |
| |
Commercial real estate |
|
|
13,105 |
|
|
|
13,449 |
|
|
|
- |
|
|
|
13,215 |
|
|
|
287 |
| |
Commercial construction |
|
|
24,284 |
|
|
|
24,907 |
|
|
|
- |
|
|
|
21,279 |
|
|
|
377 |
| |
Residential real estate |
|
|
5,378 |
|
|
|
5,723 |
|
|
|
- |
|
|
|
4,733 |
|
|
|
104 |
| |
Consumer |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
| |
Total |
|
$ |
54,092 |
|
|
$ |
55,914 |
|
|
|
- |
|
|
$ |
50,854 |
|
|
$ |
971 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
With An Allowance Recorded |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Commercial |
|
$ |
23,736 |
|
|
$ |
69,122 |
|
|
$ |
12,985 |
|
|
$ |
23,625 |
|
|
$ |
- |
| |
Commercial real estate |
|
|
2,722 |
|
|
|
2,722 |
|
|
|
1,329 |
|
|
|
2,722 |
|
|
|
- |
| |
Total |
|
$ |
26,458 |
|
|
$ |
71,844 |
|
|
$ |
14,314 |
|
|
$ |
26,347 |
|
|
$ |
- |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Commercial |
|
$ |
35,061 |
|
|
$ |
80,957 |
|
|
$ |
12,985 |
|
|
$ |
35,252 |
|
|
$ |
203 |
| |
Commercial real estate |
|
|
15,827 |
|
|
|
16,171 |
|
|
|
1,329 |
|
|
|
15,937 |
|
|
|
287 |
| |
Commercial construction |
|
|
24,284 |
|
|
|
24,907 |
|
|
|
- |
|
|
|
21,279 |
|
|
|
377 |
| |
Residential real estate |
|
|
5,378 |
|
|
|
5,723 |
|
|
|
- |
|
|
|
4,733 |
|
|
|
104 |
| |
Consumer |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
| |
Total (including related
allowance) |
|
$ |
80,550 |
|
|
$ |
127,758 |
|
|
$ |
14,314 |
|
|
$ |
77,201 |
|
|
$ |
971 |
|
|
| Past Due Financing Receivables [Table Text Block] |
Aging Analysis - The following table provides an analysis of the aging of the loans by class, excluding net deferred fees, that are past due as of December 31, 2021 and December 31, 2020 (dollars in thousands):
|
|
|
December 31, 2021 |
| |
|
|
30-59 Days Past Due |
|
|
60-89 Days Past Due |
|
|
90 Days or Greater Past Due and Still Accruing |
|
|
Nonaccrual |
|
|
Total Past Due and Nonaccrual |
|
|
Current |
|
|
Gross Loans |
| |
Commercial |
|
$ |
4,305 |
|
|
$ |
729 |
|
|
$ |
4,457 |
|
|
$ |
30,062 |
|
|
$ |
39,553 |
|
|
$ |
1,259,875 |
|
|
$ |
1,299,428 |
| |
Commercial real Estate |
|
|
1,622 |
|
|
|
1,009 |
|
|
|
5,935 |
|
|
|
25,393 |
|
|
|
33,959 |
|
|
|
4,707,631 |
|
|
|
4,741,590 |
| |
Commercial construction |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3,150 |
|
|
|
3,150 |
|
|
|
537,028 |
|
|
|
540,178 |
| |
Residential real Estate |
|
|
1,437 |
|
|
|
292 |
|
|
|
3,139 |
|
|
|
3,095 |
|
|
|
7,963 |
|
|
|
247,306 |
|
|
|
255,269 |
| |
Consumer |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,886 |
|
|
|
1,886 |
| |
Total |
|
$ |
7,364 |
|
|
$ |
2,030 |
|
|
$ |
13,531 |
|
|
$ |
61,700 |
|
|
$ |
84,625 |
|
|
$ |
6,753,726 |
|
|
$ |
6,838,351 |
|
90 days or greater past due and still accruing category reflects purchased credit-deteriorated loans, net of fair value marks, which accrete income per the valuation at date of acquisition.
|
|
|
December 31, 2020 |
| |
|
|
30-59 Days Past Due |
|
|
60-89 Days Past Due |
|
|
90 Days or Greater Past Due and Still Accruing |
|
|
Nonaccrual |
|
|
Total Past Due and Nonaccrual |
|
|
Current |
|
|
Total Loans Receivable |
| |
Commercial |
|
$ |
1,445 |
|
|
$ |
558 |
|
|
$ |
3,182 |
|
|
$ |
33,019 |
|
|
$ |
38,204 |
|
|
$ |
1,483,763 |
|
|
$ |
1,521,967 |
| |
Commercial real estate |
|
|
13,258 |
|
|
|
4,140 |
|
|
|
5,555 |
|
|
|
10,111 |
|
|
|
33,064 |
|
|
|
3,750,486 |
|
|
|
3,783,550 |
| |
Commercial construction |
|
|
2,472 |
|
|
|
- |
|
|
|
- |
|
|
|
14,015 |
|
|
|
16,487 |
|
|
|
601,260 |
|
|
|
617,747 |
| |
Residential real estate |
|
|
1,367 |
|
|
|
241 |
|
|
|
4,084 |
|
|
|
4,551 |
|
|
|
10,243 |
|
|
|
312,321 |
|
|
|
322,564 |
| |
Consumer |
|
|
2 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2 |
|
|
|
1,851 |
|
|
|
1,853 |
| |
Total |
|
$ |
18,544 |
|
|
$ |
4,939 |
|
|
$ |
12,821 |
|
|
$ |
61,696 |
|
|
$ |
98,000 |
|
|
$ |
6,149,681 |
|
|
$ |
6,247,681 |
|
|
| Schedule of Recorded Investment in Financing Receivables [Table Text Block] |
The following tables detail, at the period-end presented, the amount of gross loans (excluding loans held-for-sale) that are evaluated individually, and collectively, for impairment, those acquired with deteriorated quality, and the related portion of the allowance for credit losses for loans that are allocated to each loan portfolio segment. “Prior to January 1, 2021, the allowance for loan losses is based on a calculation methodology disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.”
|
|
|
December 31, 2021 |
| |
|
|
Commercial |
|
|
Commercial real estate |
|
|
Commercial construction |
|
|
Residential real estate |
|
|
Consumer |
|
|
|
|
|
Total |
| |
|
|
(dollars in thousands) |
| |
Allowance for credit losses - loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Individually evaluated |
|
$ |
15,131 |
|
|
$ |
955 |
|
|
$ |
- |
|
|
$ |
131 |
|
|
$ |
- |
|
|
|
|
|
|
$ |
16,217 |
| |
Collectively evaluated |
|
|
8,561 |
|
|
|
42,713 |
|
|
|
3,580 |
|
|
|
3,497 |
|
|
|
7 |
|
|
|
|
|
|
|
58,358 |
| |
Acquired with deteriorated credit quality individually analyzed |
|
|
2,277 |
|
|
|
1,921 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
4,198 |
| |
Total |
|
$ |
25,969 |
|
|
$ |
45,589 |
|
|
$ |
3,580 |
|
|
$ |
3,628 |
|
|
$ |
7 |
|
|
|
|
|
|
$ |
78,773 |
| |
Gross loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Individually evaluated |
|
$ |
33,726 |
|
|
$ |
49,310 |
|
|
$ |
13,196 |
|
|
$ |
5,717 |
|
|
$ |
- |
|
|
|
|
|
|
$ |
101,949 |
| |
Collectively evaluated |
|
|
1,260,537 |
|
|
|
4,686,346 |
|
|
|
526,982 |
|
|
|
246,413 |
|
|
$ |
1,886 |
|
|
|
|
|
|
$ |
6,722,164 |
| |
Acquired with deteriorated credit quality individually analyzed |
|
|
5,165 |
|
|
|
5,934 |
|
|
|
- |
|
|
|
3,139 |
|
|
|
- |
|
|
|
|
|
|
|
14,238 |
| |
Total |
|
$ |
1,299,428 |
|
|
$ |
4,741,590 |
|
|
$ |
540,178 |
|
|
$ |
255,269 |
|
|
$ |
1,886 |
|
|
|
|
|
|
$ |
6,838,351 |
|
|
|
|
December 31, 2020 |
| |
|
|
Commercial |
|
|
Commercial real estate |
|
|
Commercial construction |
|
|
Residential real estate |
|
|
Consumer |
|
|
Unallocated |
|
|
Total |
| |
|
|
(dollars in thousands) |
| |
Allowance for loan losses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Individually evaluated for impairment |
|
$ |
12,985 |
|
|
$ |
1,329 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
14,314 |
| |
Collectively evaluated for impairment |
|
|
15,412 |
|
|
|
33,373 |
|
|
|
7,787 |
|
|
|
1,928 |
|
|
|
4 |
|
|
|
568 |
|
|
|
59,072 |
| |
Acquired portfolio |
|
|
46 |
|
|
|
4,628 |
|
|
|
407 |
|
|
|
759 |
|
|
|
- |
|
|
|
- |
|
|
|
5,840 |
| |
Acquired with deteriorated credit quality |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
| |
Total |
|
$ |
28,443 |
|
|
$ |
39,330 |
|
|
$ |
8,194 |
|
|
$ |
2,687 |
|
|
$ |
4 |
|
|
$ |
568 |
|
|
$ |
79,226 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Gross loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Individually evaluated for impairment |
|
$ |
35,061 |
|
|
$ |
15,827 |
|
|
$ |
24,284 |
|
|
$ |
5,378 |
|
|
$ |
- |
|
|
|
|
|
|
$ |
80,550 |
| |
Collectively evaluated for impairment |
|
|
1,414,626 |
|
|
|
2,959,978 |
|
|
|
574,118 |
|
|
|
241,925 |
|
|
|
1,627 |
|
|
|
|
|
|
|
5,192,274 |
| |
Acquired portfolio |
|
|
68,402 |
|
|
|
802,190 |
|
|
|
19,345 |
|
|
|
71,177 |
|
|
|
226 |
|
|
|
|
|
|
|
961,340 |
| |
Acquired with deteriorated credit quality |
|
|
3,878 |
|
|
|
5,555 |
|
|
|
- |
|
|
|
4,084 |
|
|
|
- |
|
|
|
|
|
|
|
13,517 |
| |
Total |
|
$ |
1,521,967 |
|
|
$ |
3,783,550 |
|
|
$ |
617,747 |
|
|
$ |
322,564 |
|
|
$ |
1,853 |
|
|
|
|
|
|
$ |
6,247,681 |
|
|
| Allowance for Credit Losses on Financing Receivables [Table Text Block] |
A summary of the activity in the allowance for credit losses for loans by loan segment is as follows:
|
|
|
Commercial |
|
|
Commercial real estate |
|
|
Commercial construction |
|
|
Residential real estate |
|
|
Consumer |
|
|
Unallocated |
|
|
Total |
| |
|
|
(dollars in thousands) |
| |
Balance as of January 1, 2021 |
|
$ |
28,443 |
|
|
$ |
39,330 |
|
|
$ |
8,194 |
|
|
$ |
2,687 |
|
|
$ |
4 |
|
|
$ |
568 |
|
|
$ |
79,226 |
| |
Day 1 Adjustment CECL |
|
|
(4,225 |
) |
|
|
9,605 |
|
|
|
(961 |
) |
|
|
2,697 |
|
|
|
9 |
|
|
|
(568 |
) |
|
|
6,557 |
| |
Balance as of January 1, 2021 |
|
|
24,218 |
|
|
|
48,935 |
|
|
|
7,233 |
|
|
|
5,384 |
|
|
|
13 |
|
|
|
- |
|
|
|
85,783 |
| |
Loan charge-offs |
|
|
(382 |
) |
|
|
(1,780 |
) |
|
|
- |
|
|
|
(235 |
) |
|
|
- |
|
|
|
- |
|
|
|
(2,397 |
) | |
Recoveries |
|
|
289 |
|
|
|
85 |
|
|
|
- |
|
|
|
20 |
|
|
|
11 |
|
|
|
- |
|
|
|
405 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Provision for (reversal of) credit losses |
|
|
1,844 |
|
|
|
(1,651 |
) |
|
|
(3,653 |
) |
|
|
(1,541 |
) |
|
|
(17 |
) |
|
|
- |
|
|
|
(5,018 |
) | |
Balance as of December 31, 2021 |
|
$ |
25,969 |
|
|
$ |
45,589 |
|
|
$ |
3,580 |
|
|
$ |
3,628 |
|
|
$ |
7 |
|
|
$ |
- |
|
|
$ |
78,773 |
|
On January 1, 2021, the Company adopted CECL, which replaced the incurred loss method we used in prior periods for determining the provision for credit losses and the allowance for credit losses. Under CECL, we record an expected loss of all cash flows we do not expect to collect at the inception of the loan. The adoption of CECL resulted in an increase in our allowance for credit losses for loans of $6.6 million, which did not impact our consolidated income statement.
|
|
|
Commercial |
|
|
Commercial real estate |
|
|
Commercial construction |
|
|
Residential real estate |
|
|
Consumer |
|
|
Unallocated |
|
|
Total |
| |
|
|
(dollars in thousands) |
| |
Balance as of January 1, 2020 |
|
$ |
8,349 |
|
|
$ |
20,853 |
|
|
$ |
7,304 |
|
|
$ |
1,685 |
|
|
$ |
3 |
|
|
$ |
99 |
|
|
$ |
38,293 |
| |
Loan charge-offs |
|
|
(552 |
) |
|
|
- |
|
|
|
- |
|
|
|
(341 |
) |
|
|
(7 |
) |
|
|
- |
|
|
|
(900 |
) | |
Recoveries |
|
|
4 |
|
|
|
802 |
|
|
|
- |
|
|
|
23 |
|
|
|
4 |
|
|
|
- |
|
|
|
833 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Provision for loan losses |
|
|
20,642 |
|
|
|
17,675 |
|
|
|
890 |
|
|
|
1,320 |
|
|
|
4 |
|
|
|
469 |
|
|
|
41,000 |
| |
Balance as of December 31, 2020 |
|
$ |
28,443 |
|
|
$ |
39,330 |
|
|
$ |
8,194 |
|
|
$ |
2,687 |
|
|
$ |
4 |
|
|
$ |
568 |
|
|
$ |
79,226 |
|
|
|
|
Commercial |
|
|
Commercial real estate |
|
|
Commercial construction |
|
|
Residential real estate |
|
|
Consumer |
|
|
Unallocated |
|
|
Total |
| |
|
|
(dollars in thousands) |
| |
Balance as of January 1, 2019 |
|
$ |
9,875 |
|
|
$ |
18,847 |
|
|
$ |
4,519 |
|
|
$ |
1,266 |
|
|
$ |
2 |
|
|
$ |
445 |
|
|
$ |
34,954 |
| |
Loan charge-offs |
|
|
(1,029 |
) |
|
|
(3,470 |
) |
|
|
- |
|
|
|
(557 |
) |
|
|
(20 |
) |
|
|
- |
|
|
|
(5,076 |
) | |
Recoveries |
|
|
265 |
|
|
|
30 |
|
|
|
- |
|
|
|
3 |
|
|
|
17 |
|
|
|
- |
|
|
|
315 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Provision for loan losses |
|
|
(762) |
|
|
|
5,446 |
|
|
|
2,785 |
|
|
|
973 |
|
|
|
4 |
|
|
|
(346 |
) |
|
|
8,100 |
| |
Balance as of December 31, 2019 |
|
$ |
8,349 |
|
|
$ |
20,853 |
|
|
$ |
7,304 |
|
|
$ |
1,685 |
|
|
$ |
3 |
|
|
$ |
99 |
|
|
$ |
38,293 |
|
|
| Schedule of Debtor Troubled Debt Restructuring, Current Period [Table Text Block] |
The following table presents loans by class modified as TDRs that occurred during the year ended December 31, 2021:
|
|
|
Number of
Loans |
|
|
Pre-Modification
Outstanding
Recorded
Investment |
|
|
Post-Modification
Outstanding
Recorded
Investment |
| |
|
|
(dollars in thousands) | |
Troubled debt restructurings: |
|
|
|
|
|
|
|
|
|
|
|
| |
Commercial |
|
|
4 |
|
|
$ |
1,276 |
|
|
$ |
1,276 |
| |
Commercial real estate |
|
|
11 |
|
|
|
35,635 |
|
|
|
35,635 |
| |
Commercial construction |
|
|
1 |
|
|
|
1,641 |
|
|
|
1,641 |
| |
Residential real estate |
|
|
3 |
|
|
|
1,758 |
|
|
|
1,758 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total |
|
|
19 |
|
|
$ |
40,310 |
|
|
$ |
40,310 |
|
The loans modified as TDRs during the year ended December 31, 2021 included maturity extensions and interest rate reductions.
The following table presents loans by class modified as TDRs that occurred during year ended December 31, 2020
|
|
|
Number of
Loans |
|
|
Pre-Modification
Outstanding
Recorded
Investment |
|
|
Post-Modification
Outstanding
Recorded
Investment |
| |
|
|
(dollars in thousands) | |
Troubled debt restructurings: |
|
|
|
|
|
|
|
|
|
|
|
| |
Commercial |
|
|
1 |
|
|
$ |
188 |
|
|
$ |
188 |
| |
Commercial real estate |
|
|
1 |
|
|
|
93 |
|
|
|
93 |
| |
Commercial construction |
|
|
1 |
|
|
|
4,021 |
|
|
|
4,021 |
| |
Residential real estate |
|
|
2 |
|
|
|
2,184 |
|
|
|
2,184 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total |
|
|
5 |
|
|
$ |
6,486 |
|
|
$ |
6,486 |
|
The five loan modifications during the year ended December 31, 2020 were maturity extensions:
The following table presents loans by class modified as TDRs that occurred during the year ended December 31, 2019:
|
|
|
Number of
Loans |
|
|
Pre-Modification
Outstanding
Recorded
Investment |
|
|
Post-Modification
Outstanding
Recorded
Investment |
| |
|
|
(dollars in thousands) | |
Troubled debt restructurings: |
|
| |
Commercial |
|
|
11 |
|
|
$ |
14,558 |
|
|
$ |
14,558 |
| |
Commercial real estate |
|
|
3 |
|
|
|
5,863 |
|
|
|
5,863 |
| |
Commercial construction |
|
|
3 |
|
|
|
5,630 |
|
|
|
5,630 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total |
|
|
17 |
|
|
$ |
26,051 |
|
|
$ |
26,051 |
|
|
| Schedule of ACL for off-balance sheet credit exposure |
The Company has recorded an ACL for unfunded credit commitments, which was recorded in other liabilities. The provision is recorded within the (reversal of) provision for credit losses on the Company’s income statement. The following table presents the allowance for credit losses for unfunded commitments for the year ended December 31, 2021 (dollars in thousands):
|
|
|
Year Ended December 31, 2021 |
| |
Balance as of beginning of period |
|
$ |
- |
| |
Day 1 Effect of CECL |
|
|
2,833 |
| |
Provision for (reversal of) credit losses - unfunded commitments |
|
|
(482 |
) | |
Balance as of end of period |
|
$ |
2,351 |
|
|
| Schedule of (Reversal of) provision for credit losses |
The following table summarizes the provision for (reversal of) provision for credit losses for the year ended December 31, 2021 (dollars in thousands):
|
|
|
Year Ended December 31, 2021 |
| |
Provision for (reversal of) credit losses - loans |
|
$ |
5,018 |
| |
Provision for (reversal of) credit losses - unfunded commitments |
|
|
(482 |
) | |
Provision for (reversal of) credit losses |
|
$ |
(5,500 |
) |
|