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Loans Receivable, Net (Tables)
 6 Months Ended
Jun. 30, 2021
Receivables [Abstract]  
Summary of Loans Receivable, Net
Loans receivable, net at June 30, 2021 and December 31, 2020 consisted of the following (in thousands):
June 30, 2021December 31, 2020
Commercial:
Commercial and industrial (1)
$474,919 $470,656 
Commercial real estate – owner occupied1,045,514 1,145,065 
Commercial real estate – investor3,836,230 3,491,464 
Total commercial5,356,663 5,107,185 
Consumer:
Residential real estate2,168,545 2,309,459 
Home equity loans and lines255,097 285,016 
Other consumer40,485 54,446 
Total consumer2,464,127 2,648,921 
Total loans receivable7,820,790 7,756,106 
Deferred origination costs, net7,437 9,486 
Allowance for loan credit losses(53,876)(60,735)
Total loans receivable, net$7,774,351 $7,704,857 
(1) The commercial and industrial loans balance at June 30, 2021 and December 31, 2020 includes Paycheck Protection Program (“PPP”) loans of $83.0 million and $95.4 million, respectively.
Summary of Risk Category of Loans by Loan Portfolio Segment Excluding PCI Loans
The following tables summarize total loans by year of origination, internally assigned credit grades and risk characteristics (in thousands):
202120202019201820172016 and priorRevolving lines of creditTotal
June 30, 2021
Commercial and industrial
Pass$89,195 $37,402 $33,466 $21,560 $12,478 $83,544 $179,549 $457,194 
Special Mention— 249 249 586 125 925 3,193 5,327 
Substandard— 634 2,605 862 146 1,459 6,692 12,398 
Total commercial and industrial89,195 38,285 36,320 23,008 12,749 85,928 189,434 474,919 
Commercial real estate - owner occupied
Pass45,807 71,930 118,510 117,793 93,660 461,360 33,331 942,391 
Special Mention— — 4,852 3,409 1,733 29,810 293 40,097 
Substandard— — 14,372 8,806 2,674 36,705 469 63,026 
Total commercial real estate - owner occupied45,807 71,930 137,734 130,008 98,067 527,875 34,093 1,045,514 
Commercial real estate - investor
Pass563,217 661,190 593,559 286,315 409,720 944,756 192,820 3,651,577 
Special Mention— — 25,823 17,113 5,321 34,150 — 82,407 
Substandard— 4,311 29,543 935 21,097 39,460 6,900 102,246 
Total commercial real estate - investor563,217 665,501 648,925 304,363 436,138 1,018,366 199,720 3,836,230 
Residential real estate (1)
Pass277,679 525,038 350,770 163,641 132,890 714,785 — 2,164,803 
Special Mention— — — — — 1,586 — 1,586 
Substandard— — — — 221 1,935 — 2,156 
Total residential real estate277,679 525,038 350,770 163,641 133,111 718,306 — 2,168,545 
Consumer (1)
Pass13,542 21,781 22,044 63,640 21,228 147,750 1,959 291,944 
Special Mention— — — — — 538 — 538 
Substandard— — 54 17 — 3,029 — 3,100 
Total consumer13,542 21,781 22,098 63,657 21,228 151,317 1,959 295,582 
Total loans$989,440 $1,322,535 $1,195,847 $684,677 $701,293 $2,501,792 $425,206 $7,820,790 
(1)For residential real estate and consumer loans, the Company evaluates credit quality based on the aging status of the loan and by payment activity.
202020192018201720162015 and priorRevolving lines of creditTotal
December 31, 2020
Commercial and industrial
Pass$137,262 $40,737 $27,967 $18,845 $33,568 $59,339 $134,140 $451,858 
Special Mention150 583 826 1,422 907 118 1,429 5,435 
Substandard581 1,284 1,243 809 439 1,706 7,301 13,363 
Total commercial and industrial137,993 42,604 30,036 21,076 34,914 61,163 142,870 470,656 
Commercial real estate - owner occupied
Pass96,888 114,506 122,962 124,050 104,264 428,423 18,932 1,010,025 
Special Mention— 3,512 8,240 1,023 17,115 17,811 439 48,140 
Substandard— 34,670 9,001 3,404 3,677 35,509 639 86,900 
Total commercial real estate - owner occupied96,888 152,688 140,203 128,477 125,056 481,743 20,010 1,145,065 
Commercial real estate - investor
Pass635,930 628,435 317,104 426,268 281,876 812,062 194,913 3,296,588 
Special Mention— 15,979 17,113 15,225 4,234 55,872 149 108,572 
Substandard4,311 9,217 1,931 17,222 11,474 36,326 5,823 86,304 
Total commercial real estate - investor640,241 653,631 336,148 458,715 297,584 904,260 200,885 3,491,464 
Residential real estate (1)
Pass595,982 437,593 226,435 166,773 146,237 729,037 — 2,302,057 
Special Mention— 532 — — 446 2,186 — 3,164 
Substandard570 — 1,489 221 — 1,958 — 4,238 
Total residential real estate596,552 438,125 227,924 166,994 146,683 733,181 — 2,309,459 
Consumer (1)
Pass24,954 26,659 83,296 25,469 16,565 156,276 2,145 335,364 
Special Mention— — — — 150 382 — 532 
Substandard— — — — — 3,566 — 3,566 
Total consumer24,954 26,659 83,296 25,469 16,715 160,224 2,145 339,462 
Total loans$1,496,628 $1,313,707 $817,607 $800,731 $620,952 $2,340,571 $365,910 $7,756,106 
(1) For residential real estate and consumer loans, the Company evaluates credit quality based on the aging status of the loan and by payment activity.
Analysis of Allowance for Loan Losses
An analysis of the allowance for credit losses on loans for the three and six months ended June 30, 2021 and June 30, 2020 is as follows (in thousands):
 Commercial
and 
Industrial		Commercial
Real Estate –
Owner
Occupied		Commercial
Real Estate –
Investor		Residential
Real Estate		ConsumerUnallocatedTotal
For the three months ended
June 30, 2021
Allowance for credit losses on loans
Balance at beginning of period$2,541 $7,827 $36,922 $11,280 $1,406 $— $59,976 
Credit loss (benefit) expense1,871 (1,483)(3,583)(2,462)(219)— (5,876)
Charge-offs(33)— (311)— (76)— (420)
Recoveries25 6 9 — 156 — 196 
Balance at end of period$4,404 $6,350 $33,037 $8,818 $1,267 $— $53,876 
For the three months ended
June 30, 2020
Allowance for credit losses on loans
Balance at beginning of period$6,649 $3,096 $7,159 $8,417 $4,314 $— $29,635 
Credit loss (benefit) expense (1,697)(334)1,701 9,056 (84)— 8,642 
Charge-offs— — (26)(71)(72)— (169)
Recoveries27 3 26 283 62 — 401 
Balance at end of period$4,979 $2,765 $8,860 $17,685 $4,220 $— $38,509 
For the six months ended
June 30, 2021
Allowance for credit losses on loans
Balance at beginning of period$5,390 $15,054 $26,703 $11,818 $1,770 $— $60,735 
Credit loss (benefit) expense(1,004)(8,740)6,566 (2,797)(940)— (6,915)
Charge-offs(33)— (345)(242)(156)— (776)
Recoveries51 36 113 39 593 — 832 
Balance at end of period$4,404 $6,350 $33,037 $8,818 $1,267 $— $53,876 
For the six months ended
June 30, 2020
Allowance for credit losses on loans
Balance at beginning of period$1,458 $2,893 $9,883 $2,002 $591 $25 $16,852 
Impact of current expected credit loss (“CECL”) adoption2,416 (1,109)(5,395)3,833 2,981 (25)2,701 
Credit loss (benefit) expense(168)952 4,078 12,641 (264)— 17,239 
Initial allowance for credit losses on purchased with credit deterioration (“PCD”) loans1,221 26 260 109 1,023 — 2,639 
Charge-offs— — (26)(1,346)(181)— (1,553)
Recoveries52 3 60 446 70 — 631 
Balance at end of period$4,979 $2,765 $8,860 $17,685 $4,220 $— $38,509 
Recorded Investment in Non-Accrual Loans by Loan Portfolio Segment Excluding PCI Loans
The following table presents the recorded investment in non-accrual loans by loan portfolio segment as of June 30, 2021 and December 31, 2020 (in thousands):
June 30, 2021December 31, 2020
Commercial and industrial$1,635 $1,908 
Commercial real estate – owner occupied12,100 13,751 
Commercial real estate – investor15,211 18,287 
Residential real estate6,137 8,671 
Consumer3,576 4,246 
$38,659 $46,863 
Aging of Recorded Investment in Past Due Loans Excluding PCI Loans
The following table presents the aging of the recorded investment in past due loans as of June 30, 2021 and December 31, 2020 by loan portfolio segment (in thousands):
30-59
Days
Past Due		60-89
Days
Past Due		90 Days or Greater Past DueTotal
Past Due		Loans Not
Past Due		Total
June 30, 2021
Commercial and industrial$1,290 $1 $358 $1,649 $473,270 $474,919 
Commercial real estate – owner occupied165 732 7,450 8,347 1,037,167 1,045,514 
Commercial real estate – investor1,046 818 8,518 10,382 3,825,848 3,836,230 
Residential real estate— 1,586 2,156 3,742 2,164,803 2,168,545 
Consumer189 537 3,101 3,827 291,755 295,582 
$2,690 $3,674 $21,583 $27,947 $7,792,843 $7,820,790 
December 31, 2020
Commercial and industrial$3,050 $628 $327 $4,005 $466,651 $470,656 
Commercial real estate – owner occupied1,015 — 7,871 8,886 1,136,179 1,145,065 
Commercial real estate – investor8,897 3,233 11,122 23,252 3,468,212 3,491,464 
Residential real estate15,156 3,164 4,238 22,558 2,286,901 2,309,459 
Consumer978 533 3,568 5,079 334,383 339,462 
$29,096 $7,558 $27,126 $63,780 $7,692,326 $7,756,106 
Troubled Debt Restructurings
The following table presents information about TDR loans which occurred during the three and six months ended June 30, 2021 and June 30, 2020 (dollars in thousands):
Number of LoansPre-modification
Recorded Investment		Post-modification
Recorded Investment
Three months ended June 30, 2021
Troubled debt restructurings:
Commercial real estate – investor1 $4,903 $4,903 
Residential real estate3 244 336 

Number of LoansPre-modification
Recorded Investment		Post-modification
Recorded Investment
Six months ended June 30, 2021
Troubled debt restructurings:
Commercial real estate – investor1 $4,903 $4,903 
Residential real estate3 244 336 
Consumer2 26 33 

Number of LoansPre-modification
Recorded Investment		Post-modification
Recorded Investment
Three Months Ended June 30, 2020
Troubled debt restructurings:
Commercial real estate - owner occupied1$1,112 $1,143 
Residential real estate2205 213 

Number of LoansPre-modification
Recorded Investment		Post-modification
Recorded Investment
Six months ended June 30, 2020
Troubled debt restructurings:
Commercial real estate - owner occupied1 $1,112 $1,143 
Residential real estate4 431 447 
Consumer4 159 177