Allowance for Loan Losses

The allowance for loan losses is reported as a reduction of outstanding loan balances, and totaled $76.4 million and $78.5 million at March 31, 2016 and December 31, 2015, respectively.

The following tables present a summary of the changes in the allowance for loan losses for the periods indicated:



	As of and for the three months ended March 31,
	2016			2015
	(In thousands)
Allowance for loan losses, beginning of period:
Commercial and industrial	$	15,814		$	14,114
Commercial real estate	44,215			43,854
Construction and land	6,322			4,041
Residential	10,544			10,374
Home equity	1,085			1,003
Consumer and other	520			382
Unallocated (1)	—			2,070
Total allowance for loan losses, beginning of period	78,500			75,838
Provision/ (credit) for loan losses:
Commercial and industrial	(657		)	(1,981		)
Commercial real estate	(1,847		)	(933		)
Construction and land	(998		)	227
Residential	591			72
Home equity	(6		)	13
Consumer and other	(216		)	130
Unallocated	—			(28		)
Total provision/(credit) for loan losses	(3,133		)	(2,500		)
Loans charged-off:
Commercial and industrial	(2,108		)	—
Commercial real estate	—			—
Construction and land	(400		)	—
Residential	(501		)	(49		)
Home equity	—			—
Consumer and other	(7		)	(5		)
Total charge-offs	(3,016		)	(54		)
Recoveries on loans previously charged-off:
Commercial and industrial	1,294			2,204
Commercial real estate	2,151			631
Construction and land	627			1,143
Residential	—			—
Home equity	—			—
Consumer and other	4			1
Total recoveries	4,076			3,979



	As of and for the three months ended March 31,
	2016		2015
	(In thousands)
Allowance for loan losses at end of period:
Commercial and industrial	14,343		14,337
Commercial real estate	44,519		43,552
Construction and land	5,551		5,411
Residential	10,634		10,397
Home equity	1,079		1,016
Consumer and other	301		508
Unallocated (1)	—		2,042
Total allowance for loan losses at end of period	$	76,427	$	77,263

______________________


(1)	As of December 31, 2015, the unallocated reserve was allocated to the qualitative factors as part of the general reserves (ASC 450).

The following tables present the Company’s allowance for loan losses and loan portfolio at March 31, 2016 and December 31, 2015 by portfolio segment, disaggregated by method of impairment analysis. The Company had no loans acquired with deteriorated credit quality at March 31, 2016 or December 31, 2015.



	March 31, 2016
	Individually Evaluated for Impairment				Collectively Evaluated for Impairment				Total
	Recorded investment (loan balance)		Allowance for loan losses		Recorded investment (loan balance)		Allowance for loan losses		Recorded investment (loan balance)		Allowance for loan losses
	(In thousands)
Commercial and industrial	$	2,494	$	23	$	1,067,477	$	14,320	$	1,069,971	$	14,343
Commercial real estate	19,199		671		1,906,320		43,848		1,925,519		44,519
Construction and land	2,850		—		163,824		5,551		166,674		5,551
Residential	12,399		473		2,204,476		10,161		2,216,875		10,634
Home equity	—		—		118,807		1,079		118,807		1,079
Consumer	—		—		160,335		301		160,335		301
Total	$	36,942	$	1,167	$	5,621,239	$	75,260	$	5,658,181	$	76,427



	December 31, 2015
	Individually Evaluated for Impairment				Collectively Evaluated for Impairment				Total
	Recorded investment (loan balance)		Allowance for loan losses		Recorded investment (loan balance)		Allowance for loan losses		Recorded investment (loan balance)		Allowance for loan losses
	(In thousands)
Commercial and industrial	$	2,274	$	270	$	1,109,281	$	15,544	$	1,111,555	$	15,814
Commercial real estate	19,462		713		1,894,672		43,502		1,914,134		44,215
Construction and land	3,297		172		180,137		6,150		183,434		6,322
Residential	14,139		474		2,215,401		10,070		2,229,540		10,544
Home equity	—		—		119,828		1,085		119,828		1,085
Consumer	—		—		160,721		520		160,721		520
Total	$	39,172	$	1,629	$	5,680,040	$	76,871	$	5,719,212	$	78,500