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Allowance for Loan Losses
 3 Months Ended
Mar. 31, 2019
Receivables [Abstract]  
Allowance for Loan Losses Allowance for Loan Losses
The allowance for loan losses is reported as a reduction of outstanding loan balances, and totaled $73.8 million and $75.3 million at March 31, 2019 and December 31, 2018, respectively.
The following table presents 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,
 
2019
 
2018
 
(In thousands)
Allowance for loan losses, beginning of period:
 
 
 
Commercial and industrial
$
15,912

 
$
11,735

Commercial real estate
41,934

 
46,820

Construction and land
6,022

 
4,949

Residential
10,026

 
9,773

Home equity
1,284

 
835

Consumer and other
134

 
630

Total allowance for loan losses, beginning of period
75,312

 
74,742

Loans charged-off:
 
 
 
Commercial and industrial
—

 
(214
)
Commercial real estate
—

 
(135
)
Construction and land
—

 
—

Residential
—

 
(16
)
Home equity
(562
)
 
—

Consumer and other
(2
)
 
(24
)
Total charge-offs
(564
)
 
(389
)
 
 
 
 
Recoveries on loans previously charged-off:
 
 
 
Commercial and industrial
188

 
82

Commercial real estate
189

 
125

Construction and land
—

 
—

Residential
100

 
—

Home equity
—

 
1

Consumer and other
15

 
132

Total recoveries
492

 
340

Provision/ (credit) for loan losses:
 
 
 
Commercial and industrial
(413
)
 
(160
)
Commercial real estate
(310
)
 
(694
)
Construction and land
(669
)
 
(416
)
Residential
(69
)
 
139

Home equity
74

 
(52
)
Consumer and other
(39
)
 
(612
)
Total provision/(credit) for loan losses
(1,426
)
 
(1,795
)

 
As of and for the three months ended March 31,
 
2019
 
2018
 
(In thousands)
Allowance for loan losses at end of period:
 
 
 
Commercial and industrial
15,687

 
11,443

Commercial real estate
41,813

 
46,116

Construction and land
5,353

 
4,533

Residential
10,057

 
9,896

Home equity
796

 
784

Consumer and other
108

 
126

Total allowance for loan losses at end of period
$
73,814

 
$
72,898


The allowance for loan losses is an estimate of the inherent risk of loss in the loan portfolio as of the consolidated balance sheet dates. Management estimates the level of the allowance based on all relevant information available. Changes to the required level in the allowance result in either a provision for loan loss expense, if an increase is required, or a credit to the provision, if a decrease is required. Loan losses are charged to the allowance when available information confirms that specific loans, or portions thereof, are uncollectible. Recoveries on loans previously charged-off are credited to the allowance when received in cash or when the Bank takes possession of other assets.
The provision/ (credit) for loan losses and related balance in the allowance for loan losses for tax-exempt commercial and industrial loans are included with commercial and industrial. The provision/ (credit) for loan losses and related balance in the allowance for loan losses for tax-exempt commercial real estate loans are included with commercial real estate. There were no charge-offs or recoveries, for any period presented, for both commercial and industrial and commercial real estate tax-exempt loans.
The following tables present the Company’s allowance for loan losses and loan portfolio at March 31, 2019 and December 31, 2018 by portfolio segment, disaggregated by method of impairment analysis. The Company had no loans acquired with deteriorated credit quality at March 31, 2019 or December 31, 2018.
 
March 31, 2019
 
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
$
2,164

 
$
231

 
$
1,062,698

 
$
15,456

 
$
1,064,862

 
$
15,687

Commercial real estate
—

 
—

 
2,439,048

 
41,813

 
2,439,048

 
41,813

Construction and land
—

 
—

 
210,618

 
5,353

 
210,618

 
5,353

Residential
12,903

 
68

 
2,980,229

 
9,989

 
2,993,132

 
10,057

Home equity
2,147

 
—

 
86,473

 
796

 
88,620

 
796

Consumer and other
—

 
—

 
130,688

 
108

 
130,688

 
108

Total
$
17,214

 
$
299

 
$
6,909,754

 
$
73,515

 
$
6,926,968

 
$
73,814

 
December 31, 2018
 
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
$
3,205

 
$
598

 
$
1,071,503

 
$
15,314

 
$
1,074,708

 
$
15,912

Commercial real estate
546

 
—

 
2,395,146

 
41,934

 
2,395,692

 
41,934

Construction and land
—

 
—

 
240,306

 
6,022

 
240,306

 
6,022

Residential
9,183

 
75

 
2,939,790

 
9,951

 
2,948,973

 
10,026

Home equity
2,709

 
562

 
87,712

 
722

 
90,421

 
1,284

Consumer and other
—

 
—

 
143,058

 
134

 
143,058

 
134

Total
$
15,643

 
$
1,235

 
$
6,877,515

 
$
74,077

 
$
6,893,158

 
$
75,312