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Loans Receivable, Net (Tables)

6 Months Ended

Jun. 30, 2024

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


(Dollars in thousands)	June 30, 2024		December 31, 2023
Residential real estate	$	1,771,528	1,704,544
Commercial real estate	10,713,964		10,303,306
Other commercial	3,066,028		2,901,863
Home equity	905,884		888,013
Other consumer	394,587		400,356
Loans receivable	16,851,991		16,198,082
Allowance for credit losses	(200,955)		(192,757)
Loans receivable, net	$	16,651,036	16,005,325
Net deferred origination (fees) costs included in loans receivable	$	(25,875)	(25,577)
Net purchase accounting (discounts) premiums included in loans receivable	$	(23,865)	(13,802)
Accrued interest receivable on loans	$	75,845	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			Six Months ended
(Dollars in thousands)	June 30, 2024		June 30, 2023	June 30, 2024	June 30, 2023
Provision for credit loss loans	$	5,066	5,254	14,157	11,514
Provision for credit loss unfunded	(1,548)		(2,481)	(2,390)	(3,271)
Total provision for credit losses	$	3,518	2,773	11,767	8,243

The following tables summarize the activity in the ACL:


	Three Months ended June 30, 2024
(Dollars in thousands)	Total		Residential Real Estate	Commercial Real Estate	Other Commercial	Home Equity	Other Consumer
Balance at beginning of period	$	198,779	24,166	135,153	22,094	10,999	6,367

Provision for credit losses	5,066		471	1,582	1,081	210	1,722
Charge-offs	(4,135)		—	(395)	(1,461)	—	(2,279)
Recoveries	1,245		16	6	505	52	666
Balance at end of period	$	200,955	24,653	136,346	22,219	11,261	6,476


	Three Months ended June 30, 2023
(Dollars in thousands)	Total		Residential Real Estate	Commercial Real Estate	Other Commercial	Home Equity	Other Consumer
Balance at beginning of period	$	186,604	19,974	130,253	21,164	10,570	4,643

Provision for credit losses	5,254		880	(750)	1,660	577	2,887
Charge-offs	(3,790)		(15)	(69)	(1,469)	(98)	(2,139)
Recoveries	1,317		8	164	442	4	699
Balance at end of period	$	189,385	20,847	129,598	21,797	11,053	6,090


	Six Months ended June 30, 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	14,157		2,308	5,789	3,374	(554)	3,240
Charge-offs	(8,430)		—	(395)	(3,393)	(25)	(4,617)
Recoveries	2,468		20	25	1,044	74	1,305
Balance at end of period	$	200,955	24,653	136,346	22,219	11,261	6,476


	Six Months ended June 30, 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	11,514		1,173	3,954	1,539	347	4,501
Charge-offs	(7,083)		(20)	(416)	(2,241)	(102)	(4,304)
Recoveries	2,671		11	244	1,045	49	1,322
Balance at end of period	$	189,385	20,847	129,598	21,797	11,053	6,090

Loan portfolio aging analysis

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


	June 30, 2024
(Dollars in thousands)	Total		Residential Real Estate	Commercial Real Estate	Other Commercial	Home Equity	Other Consumer
Accruing loans 30-59 days past due	$	20,978	414	5,600	7,395	4,355	3,214
Accruing loans 60-89 days past due	28,700		3,082	11,590	12,409	883	736
Accruing loans 90 days or more past due	4,692		364	2,644	875	382	427
Non-accrual loans with no ACL	10,428		2,400	3,467	1,952	1,828	781
Non-accrual loans with ACL	2,258		—	2,145	—	—	113
Total past due and non-accrual loans	67,056		6,260	25,446	22,631	7,448	5,271
Current loans receivable	16,784,935		1,765,268	10,688,518	3,043,397	898,436	389,316
Total loans receivable	$	16,851,991	1,771,528	10,713,964	3,066,028	905,884	394,587


	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:


	June 30, 2024
(Dollars in thousands)	Total		Residential Real Estate	Commercial Real Estate	Other Commercial	Home Equity	Other Consumer
Business assets	$	11,620	—	1	11,619	—	—
Residential real estate	11,355		2,395	6,344	606	1,809	201
Other real estate	28,485		5	26,879	1,204	20	377
Other	861		—	—	248	—	613
Total	$	52,321	2,400	33,224	13,677	1,829	1,191


	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 June 30, 2024
	Term Extension and Payment Deferral					Combination - Term Extension and Interest Rate Reduction
(Dollars in thousands)		Amortized Cost Basis		% of Total Class			Amortized Cost Basis		% of Total Class		Total

Commercial real estate		7,624		0.1	%		—		—	%	7,624
Other commercial		680		—	%		—		—	%	680


Total		$	8,304				$	—			$	8,304


		At or for the Three Months ended June 30, 2023
	Term Extension and Payment Deferral					Combination - Term Extension and Interest Rate Reduction
(Dollars in thousands)		Amortized Cost Basis		% of Total Class			Amortized Cost Basis		% of Total Class		Total

Commercial real estate		$	2,014	—	%		$	—	—	%	$	2,014
Other commercial		3,424		0.1	%		25		—	%	3,449
Home equity		52		—	%		—		—	%	52

Total		$	5,490				$	25			$	5,515


		At or for the Six Months ended June 30, 2024
	Term Extension and Payment Deferral					Combination - Term Extension and Interest Rate Reduction
(Dollars in thousands)		Amortized Cost Basis		% of Total Class			Amortized Cost Basis		% of Total Class		Total
Residential real estate		$	204	—	%		$	—	—	%	$	204
Commercial real estate		9,237		0.1	%		30,506		0.3	%	39,743
Other commercial		10,114		0.3	%		441		—	%	10,555


Total		$	19,555				$	30,947			$	50,502


		At or for the Six Months ended June 30, 2023
	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		Total

Commercial real estate		$	6,282	0.1	%	$	—	—	%	$	338	—	%	$	6,620
Other commercial		5,166		0.2	%	—		—	%	25		—	%	5,191
Home equity		52		—	%	—		—	%	—		—	%	52
Other consumer		18		—	%	10		—	%	—		—	%	28
Total		$	11,518			$	10			$	363			$	11,891

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 June 30, 2024

Weighted Average Interest Rate Reduction

Weighted Average Term Extension

Principal Forgiveness

Commercial real estate

—%

2 months

—

Other commercial

—%

2 months

—

At or for the Three Months ended June 30, 2023

Weighted Average Interest Rate Reduction

Weighted Average Term Extension

Principal Forgiveness

Commercial real estate

—%

1 month

—

Other commercial

—%

7 months

—

Home equity

—%

10 months

—

At or for the Six Months ended June 30, 2024

Weighted Average Interest Rate Reduction

Weighted Average Term Extension

Principal Forgiveness

Residential real estate

—%

9 months

—

Commercial real estate

1.67%

9 months

—

Other commercial

—%

9 months

—

At or for the Six Months ended June 30, 2023

Weighted Average Interest Rate Reduction

Weighted Average Term Extension

Principal Forgiveness

Commercial real estate

0.12%

1 year, 4 months

—

Other commercial

—%

1 year

—

Home equity

—%

10 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:


	June 30, 2024
(Dollars in thousands)	Total		Current	30-89 Days Past Due	90 Days or More Past Due	Non-Accrual
Residential real estate	$	204	204	—	—	—
Commercial real estate	39,743		39,359	—	—	384
Other commercial	10,555		10,015	99	—	441


Total	$	50,502	49,578	99	—	825


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

Commercial real estate	$	6,620	1,461	3,545	—	1,614
Other commercial	5,191		3,338	1,496	320	37
Home equity	52		—	—	—	52
Other consumer	28		18	10	—	—
Total	$	11,891	4,817	5,051	320	1,703

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.


	June 30, 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)	$	—	667,673	639,113	557	28,003	—
2023	—		1,336,519	1,332,961	3,161	397	—
2022	72		2,522,314	2,469,577	38,297	14,440	—
2021	—		2,153,164	2,119,716	20,489	12,959	—
2020	5		1,096,214	1,089,230	1,739	5,245	—
Prior	318		2,645,736	2,579,745	18,603	47,366	22
Revolving loans	—		292,344	287,423	3,347	1,573	1

Total	$	395	10,713,964	10,517,765	86,193	109,983	23
Other commercial loans
Term loans by origination year
2024 (year-to-date)	$	2,536	194,955	194,258	550	8	139
2023	50		359,137	356,837	729	1,571	—
2022	48		547,892	540,268	1,537	6,039	48
2021	405		492,394	473,380	10,118	8,893	3
2020	130		225,163	218,385	1,958	4,818	2
Prior	224		539,104	513,648	—	25,456	—
Revolving loans	—		707,383	688,514	4,977	13,847	45

Total	$	3,393	3,066,028	2,985,290	19,869	60,632	237


	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:


	June 30, 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)	$	—	62,011	61,830	181	—
2023	—		287,522	287,294	228	—
2022	—		668,416	666,781	1,295	340
2021	—		472,164	471,137	1,027	—
2020	—		95,183	95,183	—	—
Prior	—		186,172	182,983	765	2,424
Revolving loans	—		60	60	—	—

Total	$	—	1,771,528	1,765,268	3,496	2,764
Home equity loans
Term loans by origination year
2024 (year-to-date)	$	—	—	—	—	—
2023	15		145	145	—	—
2022	—		—	—	—	—
2021	—		132	132	—	—
2020	—		—	—	—	—
Prior	10		4,796	4,720	—	76
Revolving loans	—		900,811	893,439	5,238	2,134

Total	$	25	905,884	898,436	5,238	2,210
Other consumer loans
Term loans by origination year
2024 (year-to-date)	$	3,946	68,155	66,630	1,512	13
2023	220		109,883	109,185	544	154
2022	263		79,214	78,070	894	250
2021	95		50,932	50,101	345	486
2020	24		22,344	22,243	53	48
Prior	69		24,110	23,650	93	367
Revolving loans	—		39,949	39,437	509	3

Total	$	4,617	394,587	389,316	3,950	1,321


	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