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Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Tables)
 12 Months Ended
Dec. 31, 2021
Accounting Policies [Abstract]  
Impact of Adoption Reflected in the Consolidated Balance Sheet

The following table reflects the impact of adoption reflected in the Company’s consolidated balance sheet. The increase in the allowance for loan losses represents a reduction in total assets, while the reserve for unfunded lending commitments represents an increase in total liabilities.

 

(in thousands)

 

December 31, 2019

 

 

January 1, 2020

 

 

CECL adoption impact

 

Assets and Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for loan and lease losses

 

$

191,251

 

 

$

240,662

 

 

$

49,411

 

Reserve for unfunded lending commitments

 

 

3,974

 

 

 

31,304

 

 

 

27,330

 

Allowance for credit losses

 

$

195,225

 

 

$

271,966

 

 

$

76,741

 

Retained Earnings

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for credit loss increase

 

 

 

 

 

 

 

 

 

$

76,741

 

Balance sheet reclassification

 

 

 

 

 

 

 

 

 

 

(19,767

)

Total pretax impact

 

 

 

 

 

 

 

 

 

 

56,974

 

Income tax impact

 

 

 

 

 

 

 

 

 

 

(12,887

)

Decrease to retained earnings

 

 

 

 

 

 

 

 

 

$

44,087