Allowance for Credit Losses (Tables)

3 Months Ended

Mar. 31, 2024

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)	2024		2023
Balance at beginning of the period	$	77,163	$	70,264
Charge-offs	(617)		(139)
Recoveries	38		65
Net charge-offs	(579)		(74)
Provision for credit loss - loans	239		1,213
Balance at end of the period	$	76,823	$	71,403

The following tables detail activity in the allowance for credit losses on loans by portfolio segment for the three months ended 2024 and 2023:

(in thousands)	Balance at December 31, 2023		Charge-offs		Recoveries		Provision (Benefit) for Credit Loss		Balance at March 31, 2024
Non-owner occupied commercial	$	24,319	$	—	$	—	$	(831)	$	23,488
Owner occupied commercial	6,387		—		—		(137)		6,250
Multifamily	9,746		—		—		518		10,264
Non-owner occupied residential	2,400		—		—		(158)		2,242
Commercial, industrial and other	9,044		—		20		(682)		8,382
Construction	2,246		(564)		—		1,819		3,501
Equipment finance	7,521		—		—		(612)		6,909
Residential mortgage	10,386		—		—		18		10,404
Consumer	5,114		(53)		18		304		5,383
Total	$	77,163	$	(617)	$	38	$	239	$	76,823

(in thousands)	Balance at December 31, 2022		Charge-offs		Recoveries		Provision (Benefit) for Credit Loss		Balance at March 31, 2023
Non owner occupied commercial	$	23,462	$	—	$	—	$	819	$	24,281
Owner occupied commercial	6,696		—		—		(638)		6,058
Multifamily	9,425		—		—		(415)		9,010
Non owner occupied residential	2,643		—		—		(50)		2,593
Commercial, industrial and other	8,836		—		35		(760)		8,111
Construction	2,968		—		—		137		3,105
Equipment finance	3,445		(61)		15		1,049		4,448
Residential mortgage	8,041		—		—		903		8,944
Consumer	4,748		(78)		15		168		4,853
Total	$	70,264	$	(139)	$	65	$	1,213	$	71,403

The following tables present the recorded investment in loans by portfolio segment and the related allowance for credit losses at March 31, 2024 and December 31, 2023:

March 31, 2024	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	$	—	$	2,945,935	$	27,717	$	2,973,652	$	549	$	22,939	$	23,488
Owner occupied commercial	6,474		1,227,477		30,110		1,264,061		859		5,391		6,250
Multifamily	1,073		1,398,737		5,589		1,405,399		5		10,259		10,264
Non-owner occupied residential	1,039		199,986		989		202,014		10		2,232		2,242
Commercial, industrial and other	—		638,432		3,719		642,151		781		7,601		8,382
Construction	—		317,253		—		317,253		—		3,501		3,501
Equipment finance	—		178,157		—		178,157		—		6,909		6,909
Residential mortgage	—		997,202		367		997,569		43		10,361		10,404
Consumer	—		339,964		204		340,168		69		5,314		5,383
Total loans	$	8,586	$	8,243,143	$	68,695	$	8,320,424	$	2,316	$	74,507	$	76,823

December 31, 2023	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	$	—	$	2,959,469	$	28,490	2,987,959		$	557	$	23,762	$	24,319
Owner occupied commercial	6,474		1,246,243		30,504		1,283,221		893		5,494		6,387
Multifamily	1,095		1,402,174		5,636		1,408,905		6		9,740		9,746
Non-owner occupied residential	522		212,460		1,004		213,986		14		2,386		2,400
Commercial, industrial and other	—		635,285		3,609		638,894		686		8,358		9,044
Construction	12,698		290,047		—		302,745		—		2,246		2,246
Equipment finance	—		179,171		—		179,171		—		7,521		7,521
Residential mortgage	—		985,398		370		985,768		56		10,330		10,386
Consumer	—		343,006		206		343,212		69		5,045		5,114
Total loans	$	20,789	$	8,253,253	$	69,819	$	8,343,861	$	2,281	$	74,882	$	77,163

The allowance for credit losses on securities is summarized in the following tables:

Available for Sale	For the Three Months Ended March 31,
(in thousands)	2024		2023
Balance at beginning of the period	$	—	$	310
Charge-offs	—		(6,640)
Recoveries	2,860		—
Net recoveries (charge-offs )	2,860		(6,640)
(Benefit) provision for credit loss expense	(2,860)		6,490
Balance at end of the period	$	—	$	160

Held to Maturity	For the Three Months Ended March 31,
(in thousands)	2024		2023
Balance at beginning of the period	$	146	$	107
(Benefit) provision for credit loss expense	—		50
Balance at end of the period	$	146	$	157