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Loans Receivable, Net (Tables)

9 Months Ended

Sep. 30, 2021

The following table presents loans receivable for each portfolio segment of loans:


(Dollars in thousands)	September 30, 2021		December 31, 2020
Residential real estate	$	781,538	802,508
Commercial real estate	6,912,569		6,315,895
Other commercial	2,598,616		3,054,817
Home equity	660,920		636,405
Other consumer	340,248		313,071
Loans receivable	11,293,891		11,122,696
Allowance for credit losses	(153,609)		(158,243)
Loans receivable, net	$	11,140,282	10,964,453
Net deferred origination (fees) costs included in loans receivable	$	(26,325)	(26,709)
Net purchase accounting (discounts) premiums included in loans receivable	$	(12,458)	(17,091)
Accrued interest receivable on loans	$	50,229	53,538

Summary of the activity in the ACL

The following table presents the provision for credit losses on the loan portfolio and off-balance sheet exposures:


	Three Months ended			Nine Months ended
(Dollars in thousands)	September 30, 2021		September 30, 2020	September 30, 2021	September 30, 2020
Provision for credit loss loans	$	2,313	2,869	(2,921)	39,165
Provision for credit losses unfunded	(1,588)		2,317	(1,959)	2,135
Total provision for credit losses	$	725	5,186	(4,880)	41,300

The following tables summarize the activity in the ACL:


	Three Months ended September 30, 2021
(Dollars in thousands)	Total		Residential Real Estate	Commercial Real Estate	Other Commercial	Home Equity	Other Consumer
Balance at beginning of period	$	151,448	10,143	96,597	31,983	7,837	4,888


Provision for credit losses	2,313		1,703	2,931	(3,321)	(124)	1,124
Charge-offs	(2,620)		—	(162)	(677)	—	(1,781)
Recoveries	2,468		13	672	860	152	771
Balance at end of period	$	153,609	11,859	100,038	28,845	7,865	5,002


	Three Months ended September 30, 2020
(Dollars in thousands)	Total		Residential Real Estate	Commercial Real Estate	Other Commercial	Home Equity	Other Consumer
Balance at beginning of period	$	162,509	9,986	89,104	48,838	9,962	4,619


Provision for credit losses	2,869		(216)	5,208	1,199	(2,526)	(796)
Charge-offs	(2,630)		—	(445)	(1,598)	(99)	(488)
Recoveries	1,804		35	530	314	93	832
Balance at end of period	$	164,552	9,805	94,397	48,753	7,430	4,167


	Nine Months ended September 30, 2021
(Dollars in thousands)	Total		Residential Real Estate	Commercial Real Estate	Other Commercial	Home Equity	Other Consumer
Balance at beginning of period	$	158,243	9,604	86,999	49,133	8,182	4,325


Provision for credit losses	(2,921)		2,005	11,663	(18,905)	(491)	2,807
Charge-offs	(8,566)		(38)	(203)	(3,790)	(45)	(4,490)
Recoveries	6,853		288	1,579	2,407	219	2,360
Balance at end of period	$	153,609	11,859	100,038	28,845	7,865	5,002


	Nine Months ended September 30, 2020
(Dollars in thousands)	Total		Residential Real Estate	Commercial Real Estate	Other Commercial	Home Equity	Other Consumer
Balance at beginning of period	$	124,490	10,111	69,496	36,129	4,937	3,817
Impact of adopting CECL	3,720		3,584	10,533	(13,759)	3,400	(38)
Acquisitions	49		—	49	—		—
Provision for credit losses	39,165		(3,923)	14,084	28,358	(860)	1,506
Charge-offs	(7,865)		(21)	(625)	(3,471)	(293)	(3,455)
Recoveries	4,993		54	860	1,496	246	2,337
Balance at end of period	$	164,552	9,805	94,397	48,753	7,430	4,167

Loan portfolio aging analysis

The following tables present an aging analysis of the recorded investment in loans:


	September 30, 2021
(Dollars in thousands)	Total		Residential Real Estate	Commercial Real Estate	Other Commercial	Home Equity	Other Consumer
Accruing loans 30-59 days past due	$	9,541	—	2,662	2,071	2,438	2,370
Accruing loans 60-89 days past due	16,461		1,137	13,538	862	656	268
Accruing loans 90 days or more past due	5,172		52	2,785	2,083	98	154
Non-accrual loans with no ACL	24,989		2,173	10,144	9,753	2,406	513
Non-accrual loans with ACL	20,912		292	474	20,041	51	54
Total past due and non-accrual loans	77,075		3,654	29,603	34,810	5,649	3,359
Current loans receivable	11,216,816		777,884	6,882,966	2,563,806	655,271	336,889
Total loans receivable	$	11,293,891	781,538	6,912,569	2,598,616	660,920	340,248


	December 31, 2020
(Dollars in thousands)	Total		Residential Real Estate	Commercial Real Estate	Other Commercial	Home Equity	Other Consumer
Accruing loans 30-59 days past due	$	17,123	6,058	3,854	4,039	2,130	1,042
Accruing loans 60-89 days past due	5,598		584	2,299	809	756	1,150
Accruing loans 90 days or more past due	1,725		934	231	293	135	132
Non-accrual loans with no ACL	29,532		3,129	14,030	9,231	2,664	478
Non-accrual loans with ACL	2,432		274	1,787	278	49	44
Total past due and non-accrual loans	56,410		10,979	22,201	14,650	5,734	2,846
Current loans receivable	11,066,286		791,529	6,293,694	3,040,167	630,671	310,225
Total loans receivable	$	11,122,696	802,508	6,315,895	3,054,817	636,405	313,071

Collateral dependent loans

The following table presents the amortized cost basis of collateral-dependent loans by collateral type:


	September 30, 2021
(Dollars in thousands)	Total		Residential Real Estate	Commercial Real Estate	Other Commercial	Home Equity	Other Consumer
Business assets	$	26,992	—	60	26,932	—	—
Residential real estate	5,558		2,412	569	126	2,276	175
Other real estate	24,255		646	20,976	2,114	181	338
Other	12,728		—	—	12,390	—	338
Total	$	69,533	3,058	21,605	41,562	2,457	851


	December 31, 2020
(Dollars in thousands)	Total		Residential Real Estate	Commercial Real Estate	Other Commercial	Home Equity	Other Consumer
Business assets	$	4,325	—	37	4,288	—	—
Residential real estate	7,148		3,338	1,043	198	2,513	56
Other real estate	16,127		64	14,738	1,086	200	39
Other	36,855		—	—	36,469	—	386
Total	$	64,455	3,402	15,818	42,041	2,713	481

Summary of TDRs

The following tables present TDRs that occurred during the periods presented and the TDRs that occurred within the previous twelve months that subsequently defaulted during the periods presented:


	Three Months ended September 30, 2020
(Dollars in thousands)	Total		Residential Real Estate	Commercial Real Estate	Other Commercial	Home Equity	Other Consumer
TDRs that occurred during the period
Number of loans	6		—	5	1	—	—
Pre-modification recorded balance	$	7,482	—	6,648	834	—	—
Post-modification recorded balance	$	7,482	—	6,648	834	—	—
TDRs that subsequently defaulted
Number of loans	—		—	—	—	—	—
Recorded balance	$	—	—	—	—	—	—


	Nine Months ended September 30, 2021
(Dollars in thousands)	Total		Residential Real Estate	Commercial Real Estate	Other Commercial	Home Equity	Other Consumer
TDRs that occurred during the period
Number of loans	10		1	5	3	—	1
Pre-modification recorded balance	$	2,368	210	1,473	554	—	131
Post-modification recorded balance	$	2,368	210	1,473	554	—	131
TDRs that subsequently defaulted
Number of loans	—		—	—	—	—	—
Recorded balance	$	—	—	—	—	—	—


	Nine Months ended September 30, 2020
(Dollars in thousands)	Total		Residential Real Estate	Commercial Real Estate	Other Commercial	Home Equity	Other Consumer
TDRs that occurred during the period
Number of loans	16		1	10	4	1	—
Pre-modification recorded balance	$	14,945	210	13,392	1,304	39	—
Post-modification recorded balance	$	14,945	210	13,392	1,304	39	—
TDRs that subsequently defaulted
Number of loans	—		—	—	—	—	—
Recorded balance	$	—	—	—	—	—	—

Credit quality indicators for commercial loans

The following tables present the amortized cost in commercial real estate and other commercial loans based on the Company’s internal risk rating. The date of a modification, renewal or extension of a loan is considered for the year of origination if the terms of the loan are as favorable to the Company as the terms are for a comparable loan to other borrowers with similar credit risk.


	September 30, 2021
(Dollars in thousands)	Total		Pass	Special Mention	Substandard	Doubtful/ Loss
Commercial real estate loans
Term loans by origination year
2021 (year-to-date)	$	1,665,923	1,664,908	—	1,015	—
2020	1,310,854		1,306,097	—	4,757	—
2019	883,727		872,635	—	11,092	—
2018	748,629		695,068	—	53,561	—
2017	558,997		531,073	—	27,924	—
Prior	1,598,606		1,547,558	—	51,023	25
Revolving loans	145,833		142,781	—	3,051	1

Total	$	6,912,569	6,760,120	—	152,423	26
Other commercial loans 1
Term loans by origination year
2021 (year-to-date)	$	694,243	690,542	—	3,701	—
2020	477,065		461,088	—	15,976	1
2019	239,843		230,852	—	8,988	3
2018	184,542		178,564	—	5,977	1
2017	215,294		214,143	—	1,148	3
Prior	314,426		300,084	—	13,792	550
Revolving loans	473,203		443,561	—	29,626	16

Total	$	2,598,616	2,518,834	—	79,208	574

___________________________

1 Includes PPP loans.


	December 31, 2020
(Dollars in thousands)	Total		Pass	Special Mention	Substandard	Doubtful/ Loss
Commercial real estate loans
Term loans by origination year
2020	$	1,496,094	1,490,947	—	5,147	—
2019	1,077,461		1,069,503	—	7,958	—
2018	914,506		874,673	—	39,833	—
2017	723,448		696,371	—	27,077	—
2016	496,275		481,392	—	14,883	—
Prior	1,488,281		1,450,596	—	37,574	111
Revolving loans	119,830		116,548	—	3,282	—

Total	$	6,315,895	6,180,030	—	135,754	111
Other commercial loans 1
Term loans by origination year
2020	$	1,366,664	1,341,316	19,564	5,784	—
2019	304,430		284,981	12,582	6,864	3
2018	241,222		234,988	—	6,233	1
2017	269,857		264,651	—	5,114	92
2016	179,225		177,164	—	2,056	5
Prior	218,306		206,431	—	11,329	546
Revolving loans	475,113		467,929	54	7,112	18

Total	$	3,054,817	2,977,460	32,200	44,492	665

______________________________

1 Includes PPP loans.

Credit quality indicators for RRE and consumer loans

The following tables present the amortized cost in residential real estate, home equity and other consumer loans based on payment performance:


	September 30, 2021
(Dollars in thousands)	Total		Performing	30-89 Days Past Due	Non-Accrual and 90 Days or More Past Due
Residential real estate loans
Term loans by origination year
2021 (year-to-date)	$	256,012	256,012	—	—
2020	177,765		177,617	148	—
2019	78,061		78,061	—	—
2018	56,371		56,088	—	283
2017	50,489		49,418	892	179
Prior	160,662		158,510	97	2,055
Revolving loans	2,178		2,178	—	—

Total	$	781,538	777,884	1,137	2,517
Home equity loans
Term loans by origination year
2021 (year-to-date)	$	38	38	—	—
2020	67		67	—	—
2019	589		555	—	34
2018	887		887	—	—
2017	783		783	—	—
Prior	10,780		10,114	161	505
Revolving loans	647,776		642,827	2,933	2,016

Total	$	660,920	655,271	3,094	2,555
Other consumer loans
Term loans by origination year
2021 (year-to-date)	$	127,963	127,893	65	5
2020	87,303		87,072	189	42
2019	42,347		41,943	172	232
2018	23,468		23,180	94	194
2017	9,548		9,495	42	11
Prior	19,132		16,871	2,042	219
Revolving loans	30,487		30,435	34	18

Total	$	340,248	336,889	2,638	721


	December 31, 2020
(Dollars in thousands)	Total		Performing	30-89 Days Past Due	Non-Accrual and 90 Days or More Past Due
Residential real estate loans
Term loans by origination year
2020	$	208,679	207,432	1,247	—
2019	181,924		179,915	2,009	—
2018	100,273		99,135	556	582
2017	76,394		75,527	867	—
2016	53,819		52,905	87	827
Prior	179,085		174,281	1,876	2,928
Revolving loans	2,334		2,334	—	—

Total	$	802,508	791,529	6,642	4,337
Home equity loans
Term loans by origination year
2020	$	89	89	—	—
2019	807		771	—	36
2018	1,782		1,782	—	—
2017	1,452		1,426	26	—
2016	1,016		1,016	—	—
Prior	14,025		13,042	463	520
Revolving loans	617,234		612,545	2,397	2,292

Total	$	636,405	630,671	2,886	2,848
Other consumer loans
Term loans by origination year
2020	$	131,302	131,098	158	46
2019	66,327		65,921	170	236
2018	42,827		42,557	212	58
2017	16,287		16,202	38	47
2016	10,519		10,409	48	62
Prior	18,692		17,334	1,155	203
Revolving loans	27,117		26,704	411	2

Total	$	313,071	310,225	2,192	654