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Allowance for Credit Losses (Tables)
 9 Months Ended
Sep. 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 September 30,For the Nine Months Ended September 30,
(in thousands)2023202220232022
Balance at beginning of the period$73,965 $68,836 $70,264 $58,047 
Initial allowance for credit losses on PCD loans— — — 12,077 
Charge-offs on PCD loans— — — (7,634)
Charge-offs(217)(56)(504)(595)
Recoveries84 88 437 760 
  Net recoveries (charge-offs)(133)32 (67)(7,469)
Provision for credit loss - loans1,327 11 4,962 6,224 
Balance at end of the period$75,159 $68,879 $75,159 $68,879 
The following tables detail activity in the allowance for credit losses on loans by portfolio segment for the three and nine months ended 2023 and 2022:
(in thousands)
Balance at June 30, 2023
Charge-offsRecoveriesProvision (Benefit) for Credit Loss
Balance at September 30, 2023
Non-owner occupied commercial$23,543 $— $— $(62)$23,481 
Owner occupied commercial6,164 — — 332 6,496 
Multifamily9,037 — — 196 9,233 
Non-owner occupied residential2,404 — — 2 2,406 
Commercial, industrial and other8,879 (14)14 130 9,009 
Construction2,732 — — (148)2,584 
Equipment finance6,484 (136)— 518 6,866 
Residential mortgage9,605 — — 304 9,909 
Consumer5,117 (67)70 55 5,175 
Total$73,965 $(217)$84 $1,327 $75,159 
(in thousands)
Balance at June 30, 2022
Initial allowance for credit losses on PCD loansCharge-offsRecoveriesProvision (Benefit) for Credit Loss
Balance at September 30, 2022
Non owner occupied commercial$23,926 $— $— $— $294 $24,220 
Owner occupied commercial6,938 — — — (666)6,272 
Multifamily8,441 — — — 426 8,867 
Non owner occupied residential2,893 — — — (101)2,792 
Commercial, industrial and other10,089 — — 49 (1,171)8,967 
Construction2,937 — — — (48)2,889 
Equipment finance2,253 — — 23 258 2,534 
Residential mortgage6,579 — — — 861 7,440 
Consumer4,780 — (56)16 158 4,898 
Total$68,836 $— $(56)$88 $11 $68,879 
(in thousands)
Balance at December 31, 2022
Charge-offsRecoveriesProvision (Benefit) for Credit Loss
Balance at September 30, 2023
Non-owner occupied commercial$23,462 $— $— $19 $23,481 
Owner occupied commercial6,696 — 6 (206)6,496 
Multifamily9,425 — — (192)9,233 
Non-owner occupied residential2,643 — — (237)2,406 
Commercial, industrial and other8,836 (27)225 (25)9,009 
Construction2,968 (13)— (371)2,584 
Equipment finance3,445 (219)25 3,615 6,866 
Residential mortgage8,041 — — 1,868 9,909 
Consumer4,748 (245)181 491 5,175 
Total$70,264 $(504)$437 $4,962 $75,159 
    
(in thousands)
Balance at December 31, 2021
Initial allowance for credit losses on PCD loansCharge-offsRecoveriesProvision (Benefit) for Credit Loss
Balance at September 30, 2022
Non owner occupied commercial$20,071 $1,312 $(4)$4 $2,837 $24,220 
Owner occupied commercial3,964 1,137 (38)351 858 6,272 
Multifamily8,309 4 — — 554 8,867 
Non owner occupied residential2,380 175 — 14 223 2,792 
Commercial, industrial and other9,891 2,413 (1,128)127 (2,336)8,967 
Construction838 6,843 (6,807)3 2,012 2,889 
Equipment finance3,663 — (121)102 (1,110)2,534 
Residential mortgage3,914 179 — 48 3,299 7,440 
Consumer5,017 14 (131)111 (113)4,898 
Total$58,047 $12,077 $(8,229)$760 $6,224 $68,879 
The following tables present the recorded investment in loans by portfolio segment and the related allowance for credit losses at September 30, 2023 and December 31, 2022:
September 30, 2023Loans Allowance for Credit Losses
(in thousands) Individually evaluated for impairment Collectively evaluated for impairmentAcquired with deteriorated credit qualityTotalIndividually evaluated for impairmentCollectively evaluated for impairment Total
Non-owner occupied commercial$— $2,951,929 $28,882 $2,980,811 $570 $22,911 $23,481 
Owner occupied commercial6,474 1,261,978 31,525 1,299,977 907 5,589 6,496 
Multifamily1,106 1,354,839 5,683 1,361,628 5 9,228 9,233 
Non-owner occupied residential523 207,018 1,019 208,560 14 2,392 2,406 
Commercial, industrial and other— 628,946 3,973 632,919 827 8,182 9,009 
Construction— 333,998 — 333,998 — 2,584 2,584 
Equipment finance— 174,946 — 174,946 — 6,866 6,866 
Residential mortgage— 955,332 1,203 956,535 149 9,760 9,909 
Consumer— 344,544 139 344,683 — 5,175 5,175 
Total loans$8,103 $8,213,530 $72,424 $8,294,057 $2,472 $72,687 $75,159 
December 31, 2022Loans Allowance for Credit Losses
(in thousands)Individually evaluated for impairmentCollectively evaluated for impairmentAcquired with deteriorated credit qualityTotalIndividually evaluated for impairmentCollectively evaluated for impairmentTotal
Non-owner occupied commercial$— $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 $70,264 
The allowance for credit losses on securities is summarized in the following tables:
Available for SaleFor the Three Months Ended September 30,For the Nine Months Ended September 30,
(in thousands)2023202220232022
Balance at beginning of the period$— $2,802 $310 $83 
Charge-offs$— $— (6,640)— 
Recoveries$— $— — — 
  Net charge-offs $— $— (6,640)
(Benefit) provision for credit loss expense— 1,363 6,330 4,082 
Balance at end of the period$— $4,165 $— $4,165 
Held to MaturityFor the Three Months Ended September 30,For the Nine Months Ended September 30,
(in thousands)2023202220232022
Balance at beginning of the period$146 $190 $107 $181 
(Benefit) provision for credit loss expense— (38)39 (29)
Balance at end of the period$146 $152 $146 $152