Allowance for Credit Losses (Tables)

12 Months Ended

Dec. 31, 2021

Receivables [Abstract]

Allowance for Loan and Lease Losses by Portfolio Segment and Related Recorded Investment in Loans and Leases

Allowance for Credit Losses - Loans

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

(in thousands)	2021		2020
Balance at beginning of the period	$	71,124	$	40,003
Impact of adopting ASU 2016-13	—		6,656
Charge-offs	(4,589)		(2,053)
Recoveries	2,427		541
Net charge-offs	(2,162)		(1,512)
Provision for credit loss - loans	(10,915)		25,977
Balance at end of the period	$	58,047	$	71,124

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

(in thousands)	Balance at December 31, 2020		Charge-offs		Recoveries		(Benefit) Provision for Credit Loss - Loans		Balance at December 31, 2021
Non-owner occupied commercial	$	25,910	$	(2,708)	$	462	$	(3,593)	$	20,071
Owner occupied commercial	3,955		(282)		302		(11)		3,964
Multifamily	7,253		(28)		—		1,084		8,309
Non-owner occupied residential	3,321		(223)		165		(883)		2,380
Commercial, industrial and other	13,665		(401)		888		(4,261)		9,891
Construction	786		(54)		75		31		838
Equipment finance	6,552		(346)		61		(2,604)		3,663
Residential mortgage	3,623		(113)		177		227		3,914
Consumer	6,059		(434)		297		(905)		5,017
Total	$	71,124	$	(4,589)	$	2,427	$	(10,915)	$	58,047

(in thousands)	Balance at December 31, 2019 (1)		Impact of adopting ASU 2016-13		Charge-offs		Recoveries		(Benefit) Provision for Credit Loss - Loans		Balance at December 31, 2020
Non owner occupied commercial	$	—	$	17,027	$	(53)	$	29	$	8,907	$	25,910
Owner occupied commercial	—		3,080		(369)		21		1,223		3,955
Multifamily	—		3,717		—		—		3,536		7,253
Non owner occupied residential	—		2,801		—		22		498		3,321
Commercial, secured by real estate	28,950		(28,950)		—		—		—		—
Commercial, industrial and other	3,289		2,850		(814)		207		8,133		13,665
Construction	2,672		(2,396)		(77)		100		487		786
Equipment finance	957		2,481		(284)		65		3,333		6,552
Residential mortgage	1,725		1,217		(116)		21		776		3,623
Consumer	2,410		4,829		(340)		76		(916)		6,059
Total	$	40,003	$	6,656	$	(2,053)	$	541	$	25,977	$	71,124

(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 or loan losses for the years ended December 31, 2021 and 2020:

December 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	$	3,063	$	2,313,047	$	174	$	2,316,284	$	—	$	20,071	$	20,071
Owner occupied commercial	6,678		901,638		133		908,449		69		3,895		3,964
Multifamily	—		972,233		—		972,233		—		8,309		8,309
Non-owner occupied residential	2,567		174,463		67		177,097		—		2,380		2,380
Commercial, industrial and other	6,537		455,306		563		462,406		4,182		5,709		9,891
Construction	—		302,228		—		302,228		—		838		838
Equipment finance	—		123,212		—		123,212		—		3,663		3,663
Residential mortgage	1,416		437,294		—		438,710		—		3,914		3,914
Consumer	—		275,529		—		275,529		—		5,017		5,017
Total loans	$	20,261	$	5,954,950	$	937	$	5,976,148	$	4,251	$	53,796	$	58,047

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