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Allowance for Credit Losses (Tables)
 6 Months Ended
Jun. 30, 2023
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 June 30,For the Six Months Ended June 30,
(in thousands)2023202220232022
Balance at beginning of the period$71,403 $67,112 $70,264 $58,047 
Initial allowance for credit losses on PCD loans— — — 12,077 
Charge-offs on PCD loans— — — (7,634)
Charge-offs(148)(369)(287)(539)
Recoveries288 510 353 672 
  Net recoveries (charge-offs)140 141 66 (7,501)
Provision for credit loss - loans2,422 1,583 3,635 6,213 
Balance at end of the period$73,965 $68,836 $73,965 $68,836 
The following tables detail activity in the allowance for credit losses on loans by portfolio segment for the three and six months ended 2023 and 2022:
(in thousands)
Balance at March 31, 2023
Charge-offsRecoveriesProvision (Benefit) for Credit Loss
Balance at June 30, 2023
Non-owner occupied commercial$24,281 $— $— $(738)$23,543 
Owner occupied commercial6,058 — 6 100 6,164 
Multifamily9,010 — — 27 9,037 
Non-owner occupied residential2,593 — — (189)2,404 
Commercial, industrial and other8,111 (13)176 605 8,879 
Construction3,105 (13)— (360)2,732 
Equipment finance4,448 (22)10 2,048 6,484 
Residential mortgage8,944 — — 661 9,605 
Consumer4,853 (100)96 268 5,117 
Total$71,403 $(148)$288 $2,422 $73,965 
(in thousands)
Balance at March 31, 2022
Initial allowance for credit losses on PCD loansCharge-offsRecoveriesProvision (Benefit) for Credit Loss
Balance at June 30, 2022
Non owner occupied commercial$23,649 $— $— $4 $273 $23,926 
Owner occupied commercial6,125 — (4)341 476 6,938 
Multifamily8,300 — — — 141 8,441 
Non owner occupied residential2,908 — — — (15)2,893 
Commercial, industrial and other11,674 — (305)33 (1,313)10,089 
Construction1,727 — — — 1,210 2,937 
Equipment finance2,459 — (24)64 (246)2,253 
Residential mortgage5,686 — — — 893 6,579 
Consumer4,584 — (36)68 164 4,780 
Total$67,112 $— $(369)$510 $1,583 $68,836 
(in thousands)
Balance at December 31, 2022
Charge-offsRecoveriesProvision (Benefit) for Credit Loss
Balance at June 30, 2023
Non-owner occupied commercial$23,462 $— $— $81 $23,543 
Owner occupied commercial6,696 — 6 (538)6,164 
Multifamily9,425 — — (388)9,037 
Non-owner occupied residential2,643 — — (239)2,404 
Commercial, industrial and other8,836 (13)211 (155)8,879 
Construction2,968 (13)— (223)2,732 
Equipment finance3,445 (83)25 3,097 6,484 
Residential mortgage8,041 — — 1,564 9,605 
Consumer4,748 (178)111 436 5,117 
Total$70,264 $(287)$353 $3,635 $73,965 
    
(in thousands)
Balance at December 31, 2021
Initial allowance for credit losses on PCD loansCharge-offsRecoveriesProvision (Benefit) for Credit Loss
Balance at June 30, 2022
Non owner occupied commercial$20,071 $1,312 $(4)$4 $2,543 $23,926 
Owner occupied commercial3,964 1,137 (38)351 1,524 6,938 
Multifamily8,309 4 — — 128 8,441 
Non owner occupied residential2,380 175 — 14 324 2,893 
Commercial, industrial and other9,891 2,413 (1,128)78 (1,165)10,089 
Construction838 6,843 (6,807)3 2,060 2,937 
Equipment finance3,663 — (121)79 (1,368)2,253 
Residential mortgage3,914 179 — 48 2,438 6,579 
Consumer5,017 14 (75)95 (271)4,780 
Total$58,047 $12,077 $(8,173)$672 $6,213 $68,836 


The following tables present the recorded investment in loans by portfolio segment and the related allowance for credit losses at June 30, 2023 and December 31, 2022:
June 30, 2023Loans Allowance for Credit Losses
(in thousands) Individually evaluated for impairment Collectively evaluated for impairmentAcquired with deteriorated credit qualityTotalIndividually evaluated for impairmentCollectively evaluated for impairment Total
Non-owner occupied commercial$— $2,962,009 $29,115 $2,991,124 $591 $22,952 $23,543 
Owner occupied commercial7,498 1,160,453 33,098 1,201,049 906 5,258 6,164 
Multifamily— 1,308,261 5,994 1,314,255 16 9,021 9,037 
Non-owner occupied residential523 204,260 1,035 205,818 15 2,389 2,404 
Commercial, industrial and other1,531 589,290 3,969 594,790 1,508 7,371 8,879 
Construction— 354,918 — 354,918 — 2,732 2,732 
Equipment finance— 173,469 — 173,469 — 6,484 6,484 
Residential mortgage— 920,903 1,206 922,109 154 9,451 9,605 
Consumer— 343,613 142 343,755 — 5,117 5,117 
Total loans$9,552 $8,017,176 $74,559 $8,101,287 $3,190 $70,775 $73,965 
December 31, 2022Loans Allowance for Credit Losses
(in thousands)Individually evaluated for impairmentCollectively evaluated for impairmentAcquired with deteriorated credit qualityTotalIndividually evaluated for impairmentCollectively evaluated for impairmentTotal
Non-owner occupied commercial$— $2,871,950 $34,064 2,906,014 $753 $22,709 $23,462 
Owner occupied commercial12,041 1,202,919 31,229 1,246,189 983 5,713 6,696 
Multifamily— 1,254,412 6,402 1,260,814 5 9,420 9,425 
Non-owner occupied residential441 216,516 1,069 218,026 16 2,627 2,643 
Commercial, industrial and other2,806 594,568 9,337 606,711 2,150 6,686 8,836 
Construction980 379,120 — 380,100 — 2,968 2,968 
Equipment finance— 151,574 — 151,574 — 3,445 3,445 
Residential mortgage— 764,340 1,212 765,552 181 7,860 8,041 
Consumer— 330,920 150 331,070 3 4,745 4,748 
Total loans$16,268 $7,766,319 $83,463 $7,866,050 $4,091 $66,173 $70,264 
The allowance for credit losses on securities is summarized in the following tables:
Available for SaleFor the Three Months Ended June 30,For the Six Months Ended June 30,
(in thousands)2023202220232022
Balance at beginning of the period$160 $1,267 $310 $83 
Charge-offs$— $— (6,640)
Recoveries$— $— — 
  Net charge-offs $— $— (6,640)
(Benefit) provision for credit loss expense(160)1,535 6,330 2,719 
Balance at end of the period$— $2,802 $— $2,802 
Held to MaturityFor the Three Months Ended June 30,For the Six Months Ended June 30,
(in thousands)2023202220232022
Balance at beginning of the period$157 $199 $107 $181 
(Benefit) provision for credit loss expense(11)(9)39 9 
Balance at end of the period$146 $190 $146 $190