Allowance for Credit Losses (Tables)

3 Months Ended

Mar. 31, 2021

Receivables [Abstract]

Allowance for Loan and Lease Losses by Portfolio Segment

The allowance for credit losses on loans is summarized in the following table:

	For the Three Months Ended March 31,
(in thousands)	2021		2020
Balance at beginning of the period	$	71,124	$	40,003
Charge-offs	(1,270)		(483)
Recoveries	206		141
Net (charge-offs) recoveries	(1,064)		(342)
Provision for credit loss - loans	(2,808)		9,223
Balance at end of the period	$	67,252	$	48,884

The following table details activity in the allowance for credit losses by portfolio segment for the years ended March 31, 2021 and 2020:

(in thousands)	Balance at 12/31/2020		Charge-offs		Recoveries		Provision for Credit Loss - Loans		Balance at 3/31/2021
Non-owner occupied commercial	$	25,910	$	(593)	$	1	$	(1,438)	$	23,880
Owner occupied commercial	3,955		(78)		8		118		4,003
Multifamily	7,253		—		—		255		7,508
Non-owner occupied residential	3,321		(208)		2		(232)		2,883
Commercial, industrial and other	13,665		(265)		44		(1,305)		12,139
Construction	786		—		25		318		1,129
Equipment finance	6,552		(94)		11		(205)		6,264
Residential mortgage	3,623		—		58		100		3,781
Consumer	6,059		(32)		57		(419)		5,665
Total	$	71,124	$	(1,270)	$	206	$	(2,808)	$	67,252

(in thousands)	Balance at 12/31/2019		Charge-offs		Recoveries		Provision for Credit Loss - Loans		Balance at 3/31/2020
Commercial, secured by real estate (1)	$	28,950	$	(169)	$	26	$	5,986	34,793
Commercial, industrial and other	3,289		—		30		2,170		5,489
Construction	2,672		—		32		640		3,344
Equipment finance	957		(84)		14		370		1,257
Residential mortgage	1,725		(116)		20		(29)		1,600
Consumer	2,410		(114)		19		86		2,401
Total	$	40,003	$	(483)	$	141	$	9,223	$	48,884

(1) With the adoption of ASU 2016-13 in 2020, the Company expanded its portfolio segments.

The following tables present the recorded investment in loans by portfolio segment and the related allowance for credit losses at March 31, 2021 and December 31, 2020:

March 31, 2021	Loans								Allowance for Credit Losses
(in thousands)	Individually evaluated		Collectively evaluated		Acquired with deteriorated credit quality		Total		Individually evaluated		Collectively evaluated		Total
Non-owner occupied commercial	$	9,605	$	2,362,334	$	3,085	$	2,375,024	351		$	23,529	$	23,880
Owner occupied commercial	11,131		845,786		589		857,506		—		4,003		4,003
Multifamily	—		858,168		—		858,168		—		7,508		7,508
Non-owner occupied residential	774		194,421		339		195,534		48		2,835		2,883
Commercial, industrial and other	1,370		737,833		1,363		740,566		810		11,329		12,139
Construction	515		290,737		—		291,252		—		1,129		1,129
Equipment finance	—		119,428		—		119,428		—		6,264		6,264
Residential mortgage	1,483		384,161		134		385,778		—		3,781		3,781
Consumer	—		285,201		489		285,690		30		5,635		5,665
Total loans	$	24,878	$	6,078,069	$	5,999	$	6,108,946	$	1,239	$	66,013	$	67,252

December 31, 2020	Loans								Allowance for Credit Losses
(in thousands)	Individually evaluated for impairment		Collectively evaluated for impairment		Acquired with deteriorated credit quality		Total		Individually evaluated for impairment		Collectively evaluated for impairment		Total
Non owner occupied commercial	$	12,112	$	2,382,717	$	4,117	2,398,946		$	355	$	25,555	$	25,910
Owner occupied commercial	16,547		809,935		610		827,092		96		3,859		3,955
Multifamily	—		813,225		—		813,225		—		7,253		7,253
Non owner occupied residential	1,459		198,334		436		200,229		43		3,278		3,321
Commercial, industrial and other	1,596		715,129		1,464		718,189		830		12,835		13,665
Construction	515		265,649		719		266,883		—		786		786
Equipment finance	—		116,690		—		116,690		—		6,552		6,552
Residential mortgage	1,490		375,482		408		377,380		—		3,623		3,623
Consumer	—		302,099		499		302,598		31		6,028		6,059
Total loans	$	33,719	$	5,979,260	$	8,253	$	6,021,232	$	1,355	$	69,769	$	71,124

Debt Securities, Available-for-sale, Allowance for Credit Loss

The following table presents the activity in the allowance for credit losses for securities:

	For the Three Months Ended March 31, 2021						For the Three Months Ended March 31, 2020
(in thousands)	Available for Sale		Held to Maturity		Total		Available for Sale		Held to Maturity		Total
Beginning balance	$	2	$	—	$	2	$	—	$	—	$	—
Provision for credit loss - securities	142		—		142		—		—		—
Balance at end of the period	$	144	$	—	$	144	$	—	$	—	$	—

Debt Securities, Held-to-maturity, Allowance for Credit Loss

The following table presents the activity in the allowance for credit losses for securities:

	For the Three Months Ended March 31, 2021						For the Three Months Ended March 31, 2020
(in thousands)	Available for Sale		Held to Maturity		Total		Available for Sale		Held to Maturity		Total
Beginning balance	$	2	$	—	$	2	$	—	$	—	$	—
Provision for credit loss - securities	142		—		142		—		—		—
Balance at end of the period	$	144	$	—	$	144	$	—	$	—	$	—