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Loans Receivable, Net (Tables)

3 Months Ended

Mar. 31, 2024

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


(Dollars in thousands)	March 31, 2024		December 31, 2023
Residential real estate	$	1,752,514	1,704,544
Commercial real estate	10,672,269		10,303,306
Other commercial	3,030,608		2,901,863
Home equity	883,062		888,013
Other consumer	394,049		400,356
Loans receivable	16,732,502		16,198,082
Allowance for credit losses	(198,779)		(192,757)
Loans receivable, net	$	16,533,723	16,005,325
Net deferred origination (fees) costs included in loans receivable	$	(24,769)	(25,577)
Net purchase accounting (discounts) premiums included in loans receivable	$	(25,755)	(13,802)
Accrued interest receivable on loans	$	74,166	67,362

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
(Dollars in thousands)	March 31, 2024		March 31, 2023
Provision for credit loss loans	$	9,091	6,260
Provision for credit loss unfunded	(842)		(790)
Total provision for credit losses	$	8,249	5,470

The following tables summarize the activity in the ACL:


	Three Months ended March 31, 2024
(Dollars in thousands)	Total		Residential Real Estate	Commercial Real Estate	Other Commercial	Home Equity	Other Consumer
Balance at beginning of period	$	192,757	22,325	130,924	21,194	11,766	6,548
Acquisitions	3		—	3	—	—	—
Provision for credit losses	9,091		1,837	4,207	2,293	(764)	1,518
Charge-offs	(4,295)		—	—	(1,932)	(25)	(2,338)
Recoveries	1,223		4	19	539	22	639
Balance at end of period	$	198,779	24,166	135,153	22,094	10,999	6,367


	Three Months ended March 31, 2023
(Dollars in thousands)	Total		Residential Real Estate	Commercial Real Estate	Other Commercial	Home Equity	Other Consumer
Balance at beginning of period	$	182,283	19,683	125,816	21,454	10,759	4,571

Provision for credit losses	6,260		293	4,704	(121)	(230)	1,614
Charge-offs	(3,293)		(5)	(347)	(772)	(4)	(2,165)
Recoveries	1,354		3	80	603	45	623
Balance at end of period	$	186,604	19,974	130,253	21,164	10,570	4,643

Loan portfolio aging analysis

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


	March 31, 2024
(Dollars in thousands)	Total		Residential Real Estate	Commercial Real Estate	Other Commercial	Home Equity	Other Consumer
Accruing loans 30-59 days past due	$	35,185	8,920	12,559	7,082	3,395	3,229
Accruing loans 60-89 days past due	27,238		—	15,069	11,026	295	848
Accruing loans 90 days or more past due	3,796		1	2,683	891	172	49
Non-accrual loans with no ACL	20,650		2,728	13,956	1,552	1,788	626
Non-accrual loans with ACL	88		—	—	—	—	88
Total past due and non-accrual loans	86,957		11,649	44,267	20,551	5,650	4,840
Current loans receivable	16,645,545		1,740,865	10,628,002	3,010,057	877,412	389,209
Total loans receivable	$	16,732,502	1,752,514	10,672,269	3,030,608	883,062	394,049


	December 31, 2023
(Dollars in thousands)	Total		Residential Real Estate	Commercial Real Estate	Other Commercial	Home Equity	Other Consumer
Accruing loans 30-59 days past due	$	43,455	5,342	18,134	12,745	3,006	4,228
Accruing loans 60-89 days past due	6,512		729	2,439	774	1,527	1,043
Accruing loans 90 days or more past due	3,312		107	2,161	530	283	231
Non-accrual loans with no ACL	20,722		2,562	13,680	1,869	1,966	645
Non-accrual loans with ACL	94		—	—	7	—	87
Total past due and non-accrual loans	74,095		8,740	36,414	15,925	6,782	6,234
Current loans receivable	16,123,987		1,695,804	10,266,892	2,885,938	881,231	394,122
Total loans receivable	$	16,198,082	1,704,544	10,303,306	2,901,863	888,013	400,356

Collateral dependent loans

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


	March 31, 2024
(Dollars in thousands)	Total		Residential Real Estate	Commercial Real Estate	Other Commercial	Home Equity	Other Consumer
Business assets	$	11,056	—	4	11,052	—	—
Residential real estate	17,757		11,316	4,235	294	1,768	144
Other real estate	20,794		7	19,794	612	20	361
Other	528		—	—	14	—	514
Total	$	50,135	11,323	24,033	11,972	1,788	1,019


	December 31, 2023
(Dollars in thousands)	Total		Residential Real Estate	Commercial Real Estate	Other Commercial	Home Equity	Other Consumer
Business assets	$	3,236	—	6	3,230	—	—
Residential real estate	17,578		11,099	4,317	98	1,968	96
Other real estate	21,635		35	20,598	620	25	357
Other	595		—	—	15	—	580
Total	$	43,044	11,134	24,921	3,963	1,993	1,033

Summary of loan modifications

The following tables show the amortized cost basis at the end of the period of the loans modified to borrowers experiencing financial difficulty by segment:


	At or for the Three Months ended March 31, 2024
	Interest Rate Reduction				Term Extension and Payment Deferral				Principal Forgiveness				Combination - Term Extension and Interest Rate Reduction
(Dollars in thousands)	Amortized Cost Basis		% of Total Class		Amortized Cost Basis		% of Total Class		Amortized Cost Basis		% of Total Class		Amortized Cost Basis		% of Total Class		Total
Residential real estate	$	—	—	%	$	1,112	0.1	%	$	—	—	%	$	—	—	%	$	1,112
Commercial real estate	2,758		—	%	13,978		0.1	%	658		—	%	30,525		0.3	%	47,919
Other commercial	—		—	%	16,185		0.5	%	—		—	%	1,587		0.1	%	17,772
Home equity	—		—	%	88		—	%	—		—	%	—		—	%	88
Other consumer	—		—	%	34		—	%	—		—	%	—		—	%	34
Total	$	2,758			$	31,397			$	658			$	32,112			$	66,925


		At or for the Three Months ended March 31, 2023
	Term Extension and Payment Deferral			Principal Forgiveness				Combination - Term Extension and Interest Rate Reduction
(Dollars in thousands)		Amortized Cost Basis		% of Total Class of Financing Receivable		Amortized Cost Basis		% of Total Class of Financing Receivable		Amortized Cost Basis		% of Total Class of Financing Receivable		Total

Commercial real estate		$	4,981	—	%	$	—	—	%	$	35	—	%	$	5,016
Other commercial		1,568		0.1	%	—		—	%	25		—	%	1,593

Other consumer		18		—	%	10		—	%	—		—	%	28
Total		$	6,567			$	10			$	60			$	6,637

The following tables describe the financial effect of the modifications made to borrowers experiencing financial difficulty by segment:


	At or for the Three Months ended March 31, 2024
	Weighted Average Interest Rate Reduction	Weighted Average Term Extension	Principal Forgiveness
Residential real estate	—%	1.7 years	—
Commercial real estate	1.24%	4 months	—
Other commercial	—%	1.2 years	—
Home equity	—%	9 months	—
Other consumer	—%	1 month	—

At or for the Three Months ended March 31, 2023

Weighted Average Interest Rate Reduction

Weighted Average Term Extension

Principal Forgiveness

Commercial real estate

2.11%

10 months

—

Other commercial

—%

6 months

—

Other consumer

—%

8 months

$10 thousand

The following tables depict the performance of loans that have been modified in the last twelve months by segment:


	March 31, 2024
(Dollars in thousands)	Total		Current	30-89 Days Past Due	90 Days or More Past Due	Non-Accrual
Residential real estate	$	1,112	1,112	—	—	—
Commercial real estate	47,919		44,210	—	—	3,709
Other commercial	17,772		17,184	32	—	556
Home equity	88		—	—	—	88
Other consumer	34		34	—	—	—
Total	$	66,925	62,540	32	—	4,353


	March 31, 2023
(Dollars in thousands)	Total		Current	30-89 Days Past Due	90 Days or More Past Due	Non-Accrual

Commercial real estate	$	5,016	1,446	3,570	—	—
Other commercial	1,593		1,379	193	21	—

Other consumer	28		28	—	—	—
Total	$	6,637	2,853	3,763	21	—

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.


	March 31, 2024
(Dollars in thousands)	Gross Charge-Offs		Total	Pass	Special Mention	Substandard	Doubtful/ Loss
Commercial real estate loans
Term loans by origination year
2024 (year-to-date)	$	—	375,228	346,700	525	28,003	—
2023	—		1,309,692	1,306,800	2,490	402	—
2022	—		2,576,908	2,545,228	18,967	12,713	—
2021	—		2,234,493	2,201,926	21,305	11,262	—
2020	—		1,129,734	1,118,991	4,627	6,116	—
Prior	—		2,758,200	2,681,056	12,565	64,548	31
Revolving loans	—		288,014	285,967	198	847	1,002

Total	$	—	10,672,269	10,486,668	60,677	123,891	1,033
Other commercial loans
Term loans by origination year
2024 (year-to-date)	$	1,448	72,882	72,804	32	19	27
2023	—		376,046	374,248	217	1,581	—
2022	48		564,827	559,005	1,364	4,457	1
2021	311		522,039	509,608	10,216	2,213	2
2020	76		236,089	229,213	1,926	4,948	2
Prior	49		581,118	556,228	—	24,881	9
Revolving loans	—		677,607	661,798	2,501	12,817	491

Total	$	1,932	3,030,608	2,962,904	16,256	50,916	532


	December 31, 2023
(Dollars in thousands)	Gross Charge-Offs		Total		Pass	Special Mention	Substandard	Doubtful/ Loss
Commercial real estate loans
Term loans by origination year
2023	$	889	$	1,316,100	1,313,446	97	2,557	—
2022	430		2,547,939		2,520,484	12,855	14,600	—
2021	145		2,200,677		2,178,153	19,782	2,742	—
2020	—		1,130,117		1,124,525	—	5,592	—
2019	—		691,810		656,203	1,104	34,503	—
Prior	616		2,129,808		2,053,011	18,818	57,948	31
Revolving loans	—		286,855		285,432	1	1,421	1

Total	$	2,080	$	10,303,306	10,131,254	52,657	119,363	32
Other commercial loans
Term loans by origination year
2023	$	3,080	$	369,059	367,337	—	1,603	119
2022	406		566,295		561,567	3,319	1,408	1
2021	—		531,558		519,151	10,187	2,218	2
2020	92		245,962		240,613	—	5,347	2
2019	—		145,828		141,336	—	4,490	2
Prior	313		448,619		443,400	—	5,219	—
Revolving loans	—		594,542		577,953	11,977	4,612	—

Total	$	3,891	$	2,901,863	2,851,357	25,483	24,897	126

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:


	March 31, 2024
(Dollars in thousands)	Gross Charge-Offs		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
2024 (year-to-date)	$	—	19,177	19,177	—	—
2023	—		274,053	272,755	1,298	—
2022	—		680,095	675,305	4,790	—
2021	—		487,436	487,070	366	—
2020	—		97,272	97,094	178	—
Prior	—		194,211	189,194	2,288	2,729
Revolving loans	—		270	270	—	—

Total	$	—	1,752,514	1,740,865	8,920	2,729
Home equity loans
Term loans by origination year
2024 (year-to-date)	$	—	—	—	—	—
2023	15		80	80	—	—
2022	—		—	—	—	—
2021	—		132	132	—	—
2020	—		19	19	—	—
Prior	10		5,285	5,195	10	80
Revolving loans	—		877,546	871,986	3,680	1,880

Total	$	25	883,062	877,412	3,690	1,960
Other consumer loans
Term loans by origination year
2024 (year-to-date)	$	2,016	34,356	32,449	1,907	—
2023	95		120,609	120,230	244	135
2022	136		88,996	88,326	487	183
2021	30		57,852	57,040	658	154
2020	22		24,906	24,797	96	13
Prior	39		26,798	26,340	182	276
Revolving loans	—		40,532	40,027	503	2

Total	$	2,338	394,049	389,209	4,077	763


	December 31, 2023
(Dollars in thousands)	Gross Charge-Offs		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
2023	$	—	$	234,568	233,753	815	—
2022	5		673,782		671,196	2,586	—
2021	—		495,645		495,645	—	—
2020	—		99,199		99,199	—	—
2019	—		42,054		42,054	—	—
Prior	15		158,828		153,489	2,670	2,669
Revolving loans	—		468		468	—	—

Total	$	20	$	1,704,544	1,695,804	6,071	2,669
Home equity loans
Term loans by origination year
2023	$	—	$	—	—	—	—
2022	—		20		20	—	—
2021	48		—		—	—	—
2020	50		21		21	—	—
2019	—		178		178	—	—
Prior	31		5,492		5,277	11	204
Revolving loans	—		882,302		875,735	4,522	2,045

Total	$	129	$	888,013	881,231	4,533	2,249
Other consumer loans
Term loans by origination year
2023	$	7,801	$	139,295	137,035	2,079	181
2022	715		98,630		97,536	870	224
2021	170		62,961		62,107	805	49
2020	85		29,143		29,012	119	12
2019	73		12,335		12,279	43	13
Prior	131		17,314		16,664	173	477
Revolving loans	—		40,678		39,489	1,182	7

Total	$	8,975	$	400,356	394,122	5,271	963