CREDIT QUALITY ASSESSMENT (Tables)
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6 Months Ended |
Jun. 30, 2023 |
Credit Loss [Abstract] |
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Summary Information on the Allowance for Credit Loss Activity |
Summary information on the allowance for credit losses on loans for the period indicated is provided in the following table: | | | | | | | | | | | | | Six Months Ended June 30, | (In thousands) | 2023 | | 2022 | Balance at beginning of period | $ | 136,242 | | | $ | 109,145 | | | | | | | | | | | | | | Provision/ (credit) for credit losses - loans (1) | (14,491) | | | 4,681 | | Loan charge-offs | (2,265) | | | (762) | | Loan recoveries | 801 | | | 606 | | Net charge-offs | (1,464) | | | (156) | | Balance at period end | $ | 120,287 | | | $ | 113,670 | |
(1) Excludes the total credit to the provision on unfunded loan commitments for six months ended June 30, 2023 of $2.0 million.
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Schedule of Collateral Dependent Loans Individually Evaluated for Credit Loss |
The following table provides summary information regarding collateral dependent loans individually evaluated for credit loss at the dates indicated: | | | | | | | | | | | | | | | (In thousands) | | June 30, 2023 | | December 31, 2022 | Collateral dependent loans individually evaluated for credit loss with an allowance | | $ | 48,878 | | | $ | 9,743 | | Collateral dependent loans individually evaluated for credit loss without an allowance | | 14,652 | | | 16,454 | | Total individually evaluated collateral dependent loans | | $ | 63,530 | | | $ | 26,197 | | | | | | | Allowance for credit losses related to loans evaluated individually | | $ | 16,224 | | | $ | 6,902 | | Allowance for credit losses related to loans evaluated collectively | | 104,063 | | | 129,340 | | Total allowance for credit losses - loans | | $ | 120,287 | | | $ | 136,242 | |
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Activity in Allowance for Credit Losses or Loan and Lease Losses by Respective Loan Portfolio Segment |
The following tables provide information on the activity in the allowance for credit losses by the respective loan portfolio segment for the period indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Six Months Ended June 30, 2023 | | | Commercial Real Estate | | | | Residential Real Estate | | | | | (Dollars in thousands) | | Commercial Investor R/E | | Commercial Owner- Occupied R/E | | Commercial AD&C | | Commercial Business | | Residential Mortgage | | Residential Construction | | Consumer | | Total | Balance at beginning of period | | $ | 64,737 | | | $ | 11,646 | | | $ | 18,646 | | | $ | 28,027 | | | $ | 9,424 | | | $ | 1,337 | | | $ | 2,425 | | | $ | 136,242 | | Provision/ (credit) for credit losses - loans | | (3,669) | | | (2,469) | | | (8,446) | | | 123 | | | (207) | | | (487) | | | 664 | | | (14,491) | | Charge-offs | | — | | | — | | | — | | | (423) | | | (160) | | | — | | | (1,682) | | | (2,265) | | Recoveries | | 19 | | | 53 | | | — | | | 187 | | | 104 | | | — | | | 438 | | | 801 | | Net (charge-offs)/ recoveries | | 19 | | | 53 | | | — | | | (236) | | | (56) | | | — | | | (1,244) | | | (1,464) | | Balance at end of period | | $ | 61,087 | | | $ | 9,230 | | | $ | 10,200 | | | $ | 27,914 | | | $ | 9,161 | | | $ | 850 | | | $ | 1,845 | | | $ | 120,287 | | | | | | | | | | | | | | | | | | | Total loans | | $ | 5,131,210 | | | $ | 1,770,135 | | | $ | 1,045,742 | | | $ | 1,423,614 | | | $ | 1,385,743 | | | $ | 190,690 | | | $ | 422,505 | | | $ | 11,369,639 | | Allowance for credit losses on loans to total loans ratio | | 1.19 | % | | 0.52 | % | | 0.98 | % | | 1.96 | % | | 0.66 | % | | 0.45 | % | | 0.44 | % | | 1.06 | % | | | | | | | | | | | | | | | | | | Average loans | | $ | 5,141,447 | | | $ | 1,771,369 | | | $ | 1,069,927 | | | $ | 1,443,030 | | | $ | 1,330,912 | | | $ | 217,419 | | | $ | 423,711 | | | $ | 11,397,815 | | Annualized net charge-offs/ (recoveries) to average loans | | — | % | | (0.01) | % | | — | % | | 0.03 | % | | 0.01 | % | | — | % | | 0.59 | % | | 0.03 | % | | | | | | | | | | | | | | | | | | Balance of loans individually evaluated for credit loss | | $ | 48,721 | | | $ | 4,846 | | | $ | 570 | | | $ | 9,393 | | | $ | — | | | $ | — | | | $ | — | | | $ | 63,530 | | Allowance related to loans evaluated individually | | $ | 7,908 | | | $ | 1,226 | | | $ | 102 | | | $ | 6,988 | | | $ | — | | | $ | — | | | $ | — | | | $ | 16,224 | | Individual allowance to loans evaluated individually ratio | | 16.23 | % | | 25.30 | % | | 17.89 | % | | 74.40 | % | | — | % | | — | % | | — | % | | 25.54 | % | Contractual balance of individually evaluated loans | | $ | 48,886 | | | $ | 5,675 | | | $ | 581 | | | $ | 10,545 | | | $ | — | | | $ | — | | | $ | — | | | $ | 65,687 | | | | | | | | | | | | | | | | | | | Balance of loans collectively evaluated for credit loss | | $ | 5,082,489 | | | $ | 1,765,289 | | | $ | 1,045,172 | | | $ | 1,414,221 | | | $ | 1,385,743 | | | $ | 190,690 | | | $ | 422,505 | | | $ | 11,306,109 | | Allowance related to loans evaluated collectively | | $ | 53,179 | | | $ | 8,004 | | | $ | 10,098 | | | $ | 20,926 | | | $ | 9,161 | | | $ | 850 | | | $ | 1,845 | | | $ | 104,063 | | Collective allowance to loans evaluated collectively ratio | | 1.05 | % | | 0.45 | % | | 0.97 | % | | 1.48 | % | | 0.66 | % | | 0.45 | % | | 0.44 | % | | 0.92 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Year Ended December 31, 2022 | | | Commercial Real Estate | | | | Residential Real Estate | | | | | (Dollars in thousands) | | Commercial Investor R/E | | Commercial Owner- Occupied R/E | | Commercial AD&C | | Commercial Business | | Residential Mortgage | | Residential Construction | | Consumer | | Total | Balance at beginning of period | | $ | 45,289 | | | $ | 11,687 | | | $ | 20,322 | | | $ | 23,170 | | | $ | 5,384 | | | $ | 1,048 | | | $ | 2,245 | | | $ | 109,145 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Provision for credit losses - loans | | 19,128 | | | (90) | | | (1,676) | | | 4,774 | | | 4,093 | | | 281 | | | 170 | | | 26,680 | | Charge-offs | | — | | | — | | | — | | | (716) | | | (155) | | | — | | | (234) | | | (1,105) | | Recoveries | | 320 | | | 49 | | | — | | | 799 | | | 102 | | | 8 | | | 244 | | | 1,522 | | Net (charge-offs)/ recoveries | | 320 | | | 49 | | | — | | | 83 | | | (53) | | | 8 | | | 10 | | | 417 | | Balance at end of period | | $ | 64,737 | | | $ | 11,646 | | | $ | 18,646 | | | $ | 28,027 | | | $ | 9,424 | | | $ | 1,337 | | | $ | 2,425 | | | $ | 136,242 | | | | | | | | | | | | | | | | | | | Total loans | | $ | 5,130,094 | | | $ | 1,775,037 | | | $ | 1,090,028 | | | $ | 1,455,885 | | | $ | 1,287,933 | | | $ | 224,772 | | | $ | 432,957 | | | $ | 11,396,706 | | Allowance for credit losses on loans to total loans ratio | | 1.26 | % | | 0.66 | % | | 1.71 | % | | 1.93 | % | | 0.73 | % | | 0.59 | % | | 0.56 | % | | 1.20 | % | | | | | | | | | | | | | | | | | | Average loans | | $ | 4,681,607 | | | $ | 1,730,293 | | | $ | 1,112,936 | | | $ | 1,351,906 | | | $ | 1,117,053 | | | $ | 221,341 | | | $ | 423,746 | | | $ | 10,638,882 | | Net charge-offs/ (recoveries) to average loans | | (0.01) | % | | — | % | | — | % | | (0.01) | % | | — | % | | — | % | | — | % | | — | % | | | | | | | | | | | | | | | | | | Balance of loans individually evaluated for credit loss | | $ | 9,943 | | | $ | 6,155 | | | $ | — | | | $ | 8,274 | | | $ | 1,487 | | | $ | — | | | $ | 338 | | | $ | 26,197 | | Allowance related to loans evaluated individually | | $ | 134 | | | $ | 1,261 | | | $ | — | | | $ | 5,507 | | | $ | — | | | $ | — | | | $ | — | | | $ | 6,902 | | Individual allowance to loans evaluated individually ratio | | 1.35 | % | | 20.49 | % | | — | % | | 66.56 | % | | — | % | | — | % | | — | % | | 26.35 | % | Contractual balance of individually evaluated loans | | $ | 10,882 | | | $ | 6,849 | | | $ | — | | | $ | 9,893 | | | $ | 1,487 | | | $ | — | | | $ | 364 | | | $ | 29,475 | | | | | | | | | | | | | | | | | | | Balance of loans collectively evaluated for credit loss | | $ | 5,120,151 | | | $ | 1,768,882 | | | $ | 1,090,028 | | | $ | 1,447,611 | | | $ | 1,286,446 | | | $ | 224,772 | | | $ | 432,619 | | | $ | 11,370,509 | | Allowance related to loans evaluated collectively | | $ | 64,603 | | | $ | 10,385 | | | $ | 18,646 | | | $ | 22,520 | | | $ | 9,424 | | | $ | 1,337 | | | $ | 2,425 | | | $ | 129,340 | | Collective allowance to loans evaluated collectively ratio | | 1.26 | % | | 0.59 | % | | 1.71 | % | | 1.56 | % | | 0.73 | % | | 0.59 | % | | 0.56 | % | | 1.14 | % |
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Schedule of Information on the Credit Quality of Loan Portfolio |
The following section provides information on the credit quality of the loan portfolio for the periods indicated below: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Six Months Ended June 30, 2023 | | | Commercial Real Estate | | | | Residential Real Estate | | | | | (In thousands) | | Commercial Investor R/E | | Commercial Owner- Occupied R/E | | Commercial AD&C | | Commercial Business | | Residential Mortgage | | Residential Construction | | Consumer | | Total | Analysis of non-accrual loan activity: | | | | | | | | | | | | | | | | | Balance at beginning of period | | $ | 9,943 | | | $ | 5,019 | | | $ | — | | | $ | 7,322 | | | $ | 7,439 | | | $ | — | | | $ | 5,059 | | | $ | 34,782 | | Loans placed on non-accrual | | 19,622 | | | — | | | 569 | | | 4,362 | | | 3,540 | | | — | | | 897 | | | 28,990 | | Non-accrual balances transferred to OREO | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | Non-accrual balances charged-off | | — | | | — | | | — | | | (424) | | | (160) | | | — | | | (1,591) | | | (2,175) | | Net payments or draws | | (9,184) | | | (173) | | | — | | | (1,354) | | | (309) | | | — | | | (846) | | | (11,866) | | Non-accrual loans brought current | | — | | | — | | | — | | | (513) | | | (357) | | | — | | | (123) | | | (993) | | Balance at end of period | | $ | 20,381 | | | $ | 4,846 | | | $ | 569 | | | $ | 9,393 | | | $ | 10,153 | | | $ | — | | | $ | 3,396 | | | $ | 48,738 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Year Ended December 31, 2022 | | | Commercial Real Estate | | | | Residential Real Estate | | | | | (In thousands) | | Commercial Investor R/E | | Commercial Owner- Occupied R/E | | Commercial AD&C | | Commercial Business | | Residential Mortgage | | Residential Construction | | Consumer | | Total | Analysis of non-accrual loan activity: | | | | | | | | | | | | | | | | | Balance at beginning of period | | $ | 12,489 | | | $ | 9,306 | | | $ | 650 | | | $ | 8,420 | | | $ | 8,441 | | | $ | 55 | | | $ | 6,725 | | | $ | 46,086 | | | | | | | | | | | | | | | | | | | Loans placed on non-accrual | | 4,761 | | | 2,370 | | | — | | | 1,591 | | | 2,593 | | | — | | | 815 | | | 12,130 | | Non-accrual balances transferred to OREO | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | Non-accrual balances charged-off | | — | | | — | | | — | | | (677) | | | (151) | | | — | | | (32) | | | (860) | | Net payments or draws | | (7,307) | | | (4,366) | | | (650) | | | (2,012) | | | (2,615) | | | (55) | | | (2,060) | | | (19,065) | | Non-accrual loans brought current | | — | | | (2,291) | | | — | | | — | | | (829) | | | — | | | (389) | | | (3,509) | | Balance at end of period | | $ | 9,943 | | | $ | 5,019 | | | $ | — | | | $ | 7,322 | | | $ | 7,439 | | | $ | — | | | $ | 5,059 | | | $ | 34,782 | |
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Credit Quality of Loan Portfolio by Segment |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2023 | | | Commercial Real Estate | | | | Residential Real Estate | | | | | (In thousands) | | Commercial Investor R/E | | Commercial Owner- Occupied R/E | | Commercial AD&C | | Commercial Business | | Residential Mortgage | | Residential Construction | | Consumer | | Total | Performing loans: | | | | | | | | | | | | | | | | | Current | | $ | 5,108,614 | | | $ | 1,763,223 | | | $ | 1,044,320 | | | $ | 1,413,058 | | | $ | 1,366,644 | | | $ | 190,690 | | | $ | 416,799 | | | $ | 11,303,348 | | 30-59 days | | 2,215 | | | 2,066 | | | — | | | 747 | | | 5,464 | | | — | | | 1,849 | | | 12,341 | | 60-89 days | | — | | | — | | | 853 | | | 387 | | | 2,790 | | | — | | | 461 | | | 4,491 | | Total performing loans | | 5,110,829 | | | 1,765,289 | | | 1,045,173 | | | 1,414,192 | | | 1,374,898 | | | 190,690 | | | 419,109 | | | 11,320,180 | | Non-performing loans: | | | | | | | | | | | | | | | | | Non-accrual loans | | 20,381 | | | 4,846 | | | 569 | | | 9,393 | | | 10,153 | | | — | | | 3,396 | | | 48,738 | | Loans greater than 90 days past due | | — | | | — | | | — | | | 29 | | | 692 | | | — | | | — | | | 721 | | Restructured loans (1) | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | Total non-performing loans | | 20,381 | | | 4,846 | | | 569 | | | 9,422 | | | 10,845 | | | — | | | 3,396 | | | 49,459 | | Total loans | | $ | 5,131,210 | | | $ | 1,770,135 | | | $ | 1,045,742 | | | $ | 1,423,614 | | | $ | 1,385,743 | | | $ | 190,690 | | | $ | 422,505 | | | $ | 11,369,639 | |
(1) Effective January 1, 2023, the Company adopted ASU 2022-02, which eliminated the accounting and recognition of troubled debt restructurings ("TDRs"). | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2022 | | | Commercial Real Estate | | | | Residential Real Estate | | | | | (In thousands) | | Commercial Investor R/E | | Commercial Owner- Occupied R/E | | Commercial AD&C | | Commercial Business | | Residential Mortgage | | Residential Construction | | Consumer | | Total | Performing loans: | | | | | | | | | | | | | | | | | Current | | $ | 5,104,204 | | | $ | 1,767,875 | | | $ | 1,090,028 | | | $ | 1,443,012 | | | $ | 1,261,878 | | | $ | 222,144 | | | $ | 422,989 | | | $ | 11,312,130 | | 30-59 days | | 9,735 | | | 1,007 | | | — | | | 3,556 | | | 11,307 | | | 2,628 | | | 4,343 | | | 32,576 | | 60-89 days | | 6,212 | | | — | | | — | | | 41 | | | 5,822 | | | — | | | 566 | | | 12,641 | | Total performing loans | | 5,120,151 | | | 1,768,882 | | | 1,090,028 | | | 1,446,609 | | | 1,279,007 | | | 224,772 | | | 427,898 | | | 11,357,347 | | Non-performing loans: | | | | | | | | | | | | | | | | | Non-accrual loans | | 9,943 | | | 5,019 | | | — | | | 7,322 | | | 7,439 | | | — | | | 5,059 | | | 34,782 | | Loans greater than 90 days past due | | — | | | — | | | — | | | 1,002 | | | — | | | — | | | — | | | 1,002 | | Restructured loans | | — | | | 1,136 | | | — | | | 952 | | | 1,487 | | | — | | | — | | | 3,575 | | Total non-performing loans | | 9,943 | | | 6,155 | | | — | | | 9,276 | | | 8,926 | | | — | | | 5,059 | | | 39,359 | | Total loans | | $ | 5,130,094 | | | $ | 1,775,037 | | | $ | 1,090,028 | | | $ | 1,455,885 | | | $ | 1,287,933 | | | $ | 224,772 | | | $ | 432,957 | | | $ | 11,396,706 | |
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Table of Average Principal Balance of the Total Non-Accrual Loans and Contractual Interest Due |
The following tables present average principal balance of total non-accrual loans and contractual interest due on non-accrual loans for the periods indicated below: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Six Months Ended June 30, 2023 | | | Commercial Real Estate | | | | Residential Real Estate | | | | | (In thousands) | | Commercial Investor R/E | | Commercial Owner- Occupied R/E | | Commercial AD&C | | Commercial Business | | Residential Mortgage | | Residential Construction | | Consumer | | Total | Average non-accrual loans for the period | | $ | 15,258 | | | $ | 4,938 | | | $ | 190 | | | $ | 8,719 | | | $ | 8,842 | | | $ | — | | | $ | 4,452 | | | $ | 42,399 | | Contractual interest income due on non- accrual loans during the period | | $ | 559 | | | $ | 146 | | | $ | 24 | | | $ | 350 | | | $ | 232 | | | $ | — | | | $ | 243 | | | $ | 1,554 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Year Ended December 31, 2022 | | | Commercial Real Estate | | | | Residential Real Estate | | | | | (In thousands) | | Commercial Investor R/E | | Commercial Owner- Occupied R/E | | Commercial AD&C | | Commercial Business | | Residential Mortgage | | Residential Construction | | Consumer | | Total | Average non-accrual loans for the period | | $ | 11,892 | | | $ | 7,314 | | | $ | 617 | | | $ | 7,768 | | | $ | 7,769 | | | $ | 21 | | | $ | 5,811 | | | $ | 41,192 | | Contractual interest income due on non- accrual loans during the period | | $ | 713 | | | $ | 106 | | | $ | 30 | | | $ | 491 | | | $ | 319 | | | $ | 1 | | | $ | 349 | | | $ | 2,009 | |
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Information About Credit Quality Indicator by the Year Of Origination |
The following table provides information about credit quality indicators by the year of origination as of June 30, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2023 | | | Term Loans by Origination Year | | Revolving | | | (In thousands) | | 2023 | | 2022 | | 2021 | | 2020 | | 2019 | | Prior | | Loans | | Total | Commercial Investor R/E: | | | | | | | | | | | | | | | | | Pass | | $ | 221,130 | | | $ | 1,401,988 | | | $ | 1,210,529 | | | $ | 689,275 | | | $ | 552,876 | | | $ | 958,510 | | | $ | 24,855 | | | $ | 5,059,163 | | Special Mention | | 6,297 | | | 10,298 | | | 30,536 | | | — | | | 93 | | | 2,880 | | | — | | | 50,104 | | Substandard | | 14,799 | | | 544 | | | 3,663 | | | — | | | 1,377 | | | 1,560 | | | — | | | 21,943 | | Doubtful | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | Total | | $ | 242,226 | | | $ | 1,412,830 | | | $ | 1,244,728 | | | $ | 689,275 | | | $ | 554,346 | | | $ | 962,950 | | | $ | 24,855 | | | $ | 5,131,210 | | Current period gross charge-offs | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | | | | | | | | | | | | | | | | | Commercial Owner-Occupied R/E: | | | | | | | | | | | | | | | | | Pass | | $ | 87,454 | | | $ | 366,576 | | | $ | 325,147 | | | $ | 238,899 | | | $ | 246,174 | | | $ | 474,408 | | | $ | 2,184 | | | $ | 1,740,842 | | Special Mention | | 731 | | | 739 | | | — | | | 889 | | | 323 | | | 7,538 | | | — | | | 10,220 | | Substandard | | 3,296 | | | 3,753 | | | 815 | | | 351 | | | 5,988 | | | 4,870 | | | — | | | 19,073 | | Doubtful | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | Total | | $ | 91,481 | | | $ | 371,068 | | | $ | 325,962 | | | $ | 240,139 | | | $ | 252,485 | | | $ | 486,816 | | | $ | 2,184 | | | $ | 1,770,135 | | Current period gross charge-offs | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | | | | | | | | | | | | | | | | | Commercial AD&C: | | | | | | | | | | | | | | | | | Pass | | $ | 189,426 | | | $ | 318,888 | | | $ | 284,974 | | | $ | 78,362 | | | $ | 1,867 | | | $ | 15,079 | | | $ | 154,566 | | | $ | 1,043,162 | | Special Mention | | 1,661 | | | — | | | — | | | — | | | — | | | — | | | — | | | 1,661 | | Substandard | | 350 | | | 569 | | | — | | | — | | | — | | | — | | | — | | | 919 | | Doubtful | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | Total | | $ | 191,437 | | | $ | 319,457 | | | $ | 284,974 | | | $ | 78,362 | | | $ | 1,867 | | | $ | 15,079 | | | $ | 154,566 | | | $ | 1,045,742 | | Current period gross charge-offs | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | | | | | | | | | | | | | | | | | Commercial Business: | | | | | | | | | | | | | | | | | Pass | | $ | 81,897 | | | $ | 342,575 | | | $ | 212,680 | | | $ | 108,084 | | | $ | 75,222 | | | $ | 129,998 | | | $ | 441,542 | | | $ | 1,391,998 | | Special Mention | | — | | | 95 | | | 204 | | | 942 | | | 2,172 | | | 338 | | | 13,398 | | | 17,149 | | Substandard | | 1,255 | | | 2,231 | | | 1,766 | | | 994 | | | 2,581 | | | 1,818 | | | 3,822 | | | 14,467 | | Doubtful | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | Total | | $ | 83,152 | | | $ | 344,901 | | | $ | 214,650 | | | $ | 110,020 | | | $ | 79,975 | | | $ | 132,154 | | | $ | 458,762 | | | $ | 1,423,614 | | Current period gross charge-offs | | $ | — | | | $ | — | | | $ | 324 | | | $ | — | | | $ | — | | | $ | 99 | | | | | $ | 423 | | | | | | | | | | | | | | | | | | | Residential Mortgage: | | | | | | | | | | | | | | | | | Beacon score: | | | | | | | | | | | | | | | | | 660-850 | | $ | 18,644 | | | $ | 377,467 | | | $ | 387,642 | | | $ | 168,643 | | | $ | 41,092 | | | $ | 290,758 | | | $ | — | | | $ | 1,284,246 | | 600-659 | | — | | | 8,016 | | | 13,725 | | | 4,075 | | | 3,858 | | | 29,123 | | | — | | | 58,797 | | 540-599 | | 304 | | | 2,915 | | | 3,291 | | | 523 | | | 1,511 | | | 8,894 | | | — | | | 17,438 | | less than 540 | | — | | | 363 | | | 3,006 | | | 3,448 | | | 3,008 | | | 15,437 | | | — | | | 25,262 | | Total | | $ | 18,948 | | | $ | 388,761 | | | $ | 407,664 | | | $ | 176,689 | | | $ | 49,469 | | | $ | 344,212 | | | $ | — | | | $ | 1,385,743 | | Current period gross charge-offs | | $ | — | | | $ | — | | | $ | 43 | | | $ | — | | | $ | 10 | | | $ | 107 | | | $ | — | | | $ | 160 | | | | | | | | | | | | | | | | | | | Residential Construction: | | | | | | | | | | | | | | | | | Beacon score: | | | | | | | | | | | | | | | | | 660-850 | | $ | 9,189 | | | $ | 135,471 | | | $ | 36,186 | | | $ | 5,837 | | | $ | 150 | | | $ | 1,244 | | | $ | — | | | $ | 188,077 | | 600-659 | | — | | | 973 | | | 739 | | | — | | | — | | | — | | | — | | | 1,712 | | 540-599 | | — | | | — | | | 401 | | | — | | | — | | | — | | | — | | | 401 | | less than 540 | | 500 | | | — | | | — | | | — | | | — | | | — | | | — | | | 500 | | Total | | $ | 9,689 | | | $ | 136,444 | | | $ | 37,326 | | | $ | 5,837 | | | $ | 150 | | | $ | 1,244 | | | $ | — | | | $ | 190,690 | | Current period gross charge-offs | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | | | | | | | | | | | | | | | | | Consumer: | | | | | | | | | | | | | | | | | Beacon score: | | | | | | | | | | | | | | | | | 660-850 | | $ | 4,743 | | | $ | 6,164 | | | $ | 2,515 | | | $ | 764 | | | $ | 2,048 | | | $ | 24,430 | | | $ | 344,560 | | | $ | 385,224 | | 600-659 | | 325 | | | 543 | | | 21 | | | 163 | | | 113 | | | 5,299 | | | 12,686 | | | 19,150 | | 540-599 | | 309 | | | 79 | | | 83 | | | 38 | | | 127 | | | 2,293 | | | 4,456 | | | 7,385 | | less than 540 | | 224 | | | 178 | | | 248 | | | 291 | | | 486 | | | 2,750 | | | 6,569 | | | 10,746 | | Total | | $ | 5,601 | | | $ | 6,964 | | | $ | 2,867 | | | $ | 1,256 | | | $ | 2,774 | | | $ | 34,772 | | | $ | 368,271 | | | $ | 422,505 | | Current period gross charge-offs | | $ | — | | | $ | 1 | | | $ | — | | | $ | — | | | $ | — | | | $ | 1,594 | | | $ | 87 | | | $ | 1,682 | | | | | | | | | | | | | | | | | | | Total loans | | $ | 642,534 | | | $ | 2,980,425 | | | $ | 2,518,171 | | | $ | 1,301,578 | | | $ | 941,066 | | | $ | 1,977,227 | | | $ | 1,008,638 | | | $ | 11,369,639 | |
The following table provides information about credit quality indicators by the year of origination as of December 31, 2022: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2022 | | | Term Loans by Origination Year | | Revolving | | | (In thousands) | | 2022 | | 2021 | | 2020 | | 2019 | | 2018 | | Prior | | Loans | | Total | Commercial Investor R/E: | | | | | | | | | | | | | | | | | Pass | | $ | 1,510,446 | | | $ | 1,197,504 | | | $ | 694,756 | | | $ | 567,247 | | | $ | 335,103 | | | $ | 742,405 | | | $ | 15,242 | | | $ | 5,062,703 | | Special Mention | | 32,661 | | | 17,146 | | | 468 | | | 94 | | | 473 | | | 4,814 | | | — | | | 55,656 | | Substandard | | 557 | | | 1,896 | | | — | | | — | | | 8,239 | | | 1,043 | | | — | | | 11,735 | | Doubtful | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | Total | | $ | 1,543,664 | | | $ | 1,216,546 | | | $ | 695,224 | | | $ | 567,341 | | | $ | 343,815 | | | $ | 748,262 | | | $ | 15,242 | | | $ | 5,130,094 | | Current period gross charge-offs | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | | | | | | | | | | | | | | | | | Commercial Owner-Occupied R/E: | | | | | | | | | | | | | | | | | Pass | | $ | 391,340 | | | $ | 328,657 | | | $ | 240,738 | | | $ | 260,114 | | | $ | 140,841 | | | $ | 381,386 | | | $ | 1,167 | | | $ | 1,744,243 | | Special Mention | | 4,567 | | | — | | | 1,301 | | | 1,740 | | | 2,066 | | | 7,323 | | | — | | | 16,997 | | Substandard | | 3,219 | | | 160 | | | 133 | | | 6,110 | | | 2,010 | | | 2,165 | | | — | | | 13,797 | | Doubtful | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | Total | | $ | 399,126 | | | $ | 328,817 | | | $ | 242,172 | | | $ | 267,964 | | | $ | 144,917 | | | $ | 390,874 | | | $ | 1,167 | | | $ | 1,775,037 | | Current period gross charge-offs | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | | | | | | | | | | | | | | | | | Commercial AD&C: | | | | | | | | | | | | | | | | | Pass | | $ | 366,096 | | | $ | 439,468 | | | $ | 113,713 | | | $ | 34,340 | | | $ | 14,816 | | | $ | — | | | $ | 119,727 | | | $ | 1,088,160 | | Special Mention | | 1,073 | | | — | | | — | | | — | | | — | | | — | | | 795 | | | 1,868 | | Substandard | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | Doubtful | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | Total | | $ | 367,169 | | | $ | 439,468 | | | $ | 113,713 | | | $ | 34,340 | | | $ | 14,816 | | | $ | — | | | $ | 120,522 | | | $ | 1,090,028 | | Current period gross charge-offs | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | | | | | | | | | | | | | | | | | Commercial Business: | | | | | | | | | | | | | | | | | Pass | | $ | 330,598 | | | $ | 223,245 | | | $ | 95,787 | | | $ | 105,922 | | | $ | 77,891 | | | $ | 78,009 | | | $ | 508,839 | | | $ | 1,420,291 | | Special Mention | | 127 | | | 458 | | | 1,107 | | | 7,787 | | | 498 | | | 322 | | | 13,225 | | | 23,524 | | Substandard | | 2,902 | | | 1,611 | | | 1,094 | | | 2,030 | | | 449 | | | 2,121 | | | 1,863 | | | 12,070 | | Doubtful | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | Total | | $ | 333,627 | | | $ | 225,314 | | | $ | 97,988 | | | $ | 115,739 | | | $ | 78,838 | | | $ | 80,452 | | | $ | 523,927 | | | $ | 1,455,885 | | Current period gross charge-offs | | $ | 174 | | | $ | — | | | $ | — | | | $ | — | | | $ | 138 | | | $ | 404 | | | $ | — | | | $ | 716 | | | | | | | | | | | | | | | | | | | Residential Mortgage: | | | | | | | | | | | | | | | | | Beacon score: | | | | | | | | | | | | | | | | | 660-850 | | $ | 330,109 | | | $ | 344,062 | | | $ | 171,330 | | | $ | 41,883 | | | $ | 51,651 | | | $ | 262,570 | | | $ | — | | | $ | 1,201,605 | | 600-659 | | 4,571 | | | 6,196 | | | 1,173 | | | 3,925 | | | 6,041 | | | 24,006 | | | — | | | 45,912 | | 540-599 | | 369 | | | 4,013 | | | 1,439 | | | 1,256 | | | 1,931 | | | 6,945 | | | — | | | 15,953 | | less than 540 | | 1,860 | | | 3,036 | | | 2,892 | | | 3,822 | | | 2,347 | | | 10,506 | | | — | | | 24,463 | | Total | | $ | 336,909 | | | $ | 357,307 | | | $ | 176,834 | | | $ | 50,886 | | | $ | 61,970 | | | $ | 304,027 | | | $ | — | | | $ | 1,287,933 | | Current period gross charge-offs | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 24 | | | $ | 131 | | | $ | — | | | $ | 155 | | | | | | | | | | | | | | | | | | | Residential Construction: | | | | | | | | | | | | | | | | | Beacon score: | | | | | | | | | | | | | | | | | 660-850 | | $ | 131,259 | | | $ | 75,844 | | | $ | 12,133 | | | $ | 150 | | | $ | 1,432 | | | $ | 1,245 | | | $ | — | | | $ | 222,063 | | 600-659 | | 908 | | | 373 | | | — | | | — | | | — | | | — | | | — | | | 1,281 | | 540-599 | | 609 | | | — | | | — | | | — | | | — | | | — | | | — | | | 609 | | less than 540 | | — | | | 819 | | | — | | | — | | | — | | | — | | | — | | | 819 | | Total | | $ | 132,776 | | | $ | 77,036 | | | $ | 12,133 | | | $ | 150 | | | $ | 1,432 | | | $ | 1,245 | | | $ | — | | | $ | 224,772 | | Current period gross charge-offs | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | | | | | | | | | | | | | | | | | Consumer: | | | | | | | | | | | | | | | | | Beacon score: | | | | | | | | | | | | | | | | | 660-850 | | $ | 6,689 | | | $ | 2,346 | | | $ | 1,201 | | | $ | 2,147 | | | $ | 2,047 | | | $ | 23,170 | | | $ | 359,468 | | | $ | 397,068 | | 600-659 | | 658 | | | 467 | | | 59 | | | 198 | | | 664 | | | 5,459 | | | 11,269 | | | 18,774 | | 540-599 | | 123 | | | 56 | | | — | | | 465 | | | 316 | | | 2,802 | | | 3,824 | | | 7,586 | | less than 540 | | 156 | | | 57 | | | 40 | | | 133 | | | 209 | | | 2,918 | | | 6,016 | | | 9,529 | | Total | | $ | 7,626 | | | $ | 2,926 | | | $ | 1,300 | | | $ | 2,943 | | | $ | 3,236 | | | $ | 34,349 | | | $ | 380,577 | | | $ | 432,957 | | Current period gross charge-offs | | $ | — | | | $ | 5 | | | $ | 15 | | | $ | — | | | $ | 13 | | | $ | 20 | | | $ | 181 | | | $ | 234 | | | | | | | | | | | | | | | | | | | Total loans | | $ | 3,120,897 | | | $ | 2,647,414 | | | $ | 1,339,364 | | | $ | 1,039,363 | | | $ | 649,024 | | | $ | 1,559,209 | | | $ | 1,041,435 | | | $ | 11,396,706 | |
|
Schedule of Loans Modified |
The following table presents the amounts at the end of the reporting period of the loans modified during the period to borrowers experiencing financial difficulty, disaggregated by the loan portfolio segment and type of modification granted:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the six months ended June 30, 2023 | | | Interest rate reduction | | Term extension | | Total | (in thousands) | | Amount | | % of total loan segment | | Amount | | % of total loan segment | | Amount | | % of total loan segment | Commercial Investor R/E | | $ | 28,340 | | | 0.6 | % | | $ | 553 | | | — | % | | $ | 28,893 | | | 0.6 | % | Commercial Owner-Occupied R/E | | — | | | — | % | | 2,000 | | | 0.1 | % | | 2,000 | | | 0.1 | % | Commercial AD&C | | — | | | — | % | | 350 | | | — | % | | 350 | | | — | % | Commercial Business | | — | | | — | % | | 950 | | | 0.1 | % | | 950 | | | 0.1 | % | All Other loans | | — | | | — | % | | — | | | — | % | | — | | | — | % | Total | | $ | 28,340 | | | 0.2 | % | | $ | 3,853 | | | — | % | | $ | 32,193 | | | 0.3 | % |
The following table describes the financial effect of the modifications granted to borrowers experiencing financial difficulty during the six months ended June 30, 2023:
| | | | | | | | | | | | | | | | | Interest rate reduction | | Term extension | Commercial Investor R/E | | Reduced weighted average contractual interest rate from 8% to 5% | | Added a weighted average of 5 months to the life of loans | Commercial Owner-Occupied R/E | | — | | Added a weighted average of 8 months to the life of loans | Commercial AD&C | | — | | Added a weighted average of 9 months to the life of loans | Commercial Business | | — | | Added a weighted average of 8 months to the life of loans | | | | | |
The following table presents the performance of loans that have been modified during the six months ended June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the six months ended June 30, 2023 | (in thousands) | | Current | | 30-89 days past due | | 90+ days past due | | Non-accrual | | Total | Commercial Investor R/E | | $ | 28,680 | | | $ | 213 | | | $ | — | | | $ | — | | | $ | 28,893 | | Commercial Owner-Occupied R/E | | 2,000 | | | — | | | — | | | — | | | 2,000 | | Commercial AD&C | | 350 | | | — | | | — | | | — | | | 350 | | Commercial Business | | 950 | | | — | | | — | | | — | | | 950 | | All Other loans | | — | | | — | | | — | | | — | | | — | | Total | | $ | 31,980 | | | $ | 213 | | | $ | — | | | $ | — | | | $ | 32,193 | |
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