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Allowance for Credit Losses (Tables)
 6 Months Ended
Jun. 30, 2022
Receivables [Abstract]  
Schedule of Allowance for Credit Losses, Accounts Receivable
The following table summarizes the activity in the balances of allowance for credit losses during the periods indicated:
Accounts Receivable(1)
Credit Card(1)
Commercial and Consumer Banking(1)
Three Months Ended June 30, 2022
Balance at March 31, 2022
$1,652 $16,500 $1,366 
Provision for credit losses(2)
1,112 10,265 (162)
Write-offs charged against the allowance(3)
(44)(4,791)— 
Balance at June 30, 2022
$2,720 $21,974 $1,204 
Three Months Ended June 30, 2021
Balance at March 31, 2021
$919 $171 $— 
Provision for credit losses(2)
645 526 — 
Write-offs charged against the allowance
(334)(6)— 
Balance at June 30, 2021
$1,230 $691 $— 
Six Months Ended June 30, 2022
Balance at December 31, 2021$2,292 $7,037 $— 
Provision for credit losses(2)
521 22,242 822 
Allowance for PCD loans(4)
— — 382 
Write-offs charged against the allowance(3)
(93)(7,305)— 
Balance at June 30, 2022
$2,720 $21,974 $1,204 
Six Months Ended June 30, 2021
Balance at December 31, 2020$562 $219 $— 
Provision for credit losses(2)
1,780 526 — 
Write-offs charged against the allowance
(1,112)(54)— 
Balance at June 30, 2021
$1,230 $691 $— 
_____________________
(1)Accounts receivable balances, net of allowance for credit losses, are presented within other assets in the unaudited condensed consolidated balance sheets. Credit card and commercial and consumer banking loans measured at amortized cost, net of allowance for credit losses, are presented within loans in the unaudited condensed consolidated balance sheets.
(2)The provision for credit losses on accounts receivable is presented within noninterest expense—general and administrative in the unaudited condensed consolidated statements of operations and comprehensive income (loss). During the three and six months ended June 30, 2022, recoveries of amounts previously reserved related to accounts receivable were $368 and $1,760, respectively. During the three and six months ended June 30, 2021, recoveries of amounts previously reserved related to accounts receivable were $199 and $746, respectively. The provision for credit losses on credit card and commercial and consumer banking loans is presented within noninterest expense—provision for credit losses. There were immaterial recoveries of credit card losses during the three and six months ended June 30, 2022 and 2021, and immaterial recoveries on the commercial and consumer banking portfolio through June 30, 2022.
(3)The increases in credit card write-offs charged against the allowance during the three and six months ended June 30, 2022 were commensurate with our increased loan portfolio combined with elevated loss rates.
(4)We measured a PCD allowance for the loans acquired in the Bank Merger upon acquisition, which resulted in a gross-up to the allowance for credit losses, but had no impact on earnings.
Schedule of Allowance for Credit Losses, Credit Card Loans
The following table summarizes the activity in the balances of allowance for credit losses during the periods indicated:
Accounts Receivable(1)
Credit Card(1)
Commercial and Consumer Banking(1)
Three Months Ended June 30, 2022
Balance at March 31, 2022
$1,652 $16,500 $1,366 
Provision for credit losses(2)
1,112 10,265 (162)
Write-offs charged against the allowance(3)
(44)(4,791)— 
Balance at June 30, 2022
$2,720 $21,974 $1,204 
Three Months Ended June 30, 2021
Balance at March 31, 2021
$919 $171 $— 
Provision for credit losses(2)
645 526 — 
Write-offs charged against the allowance
(334)(6)— 
Balance at June 30, 2021
$1,230 $691 $— 
Six Months Ended June 30, 2022
Balance at December 31, 2021$2,292 $7,037 $— 
Provision for credit losses(2)
521 22,242 822 
Allowance for PCD loans(4)
— — 382 
Write-offs charged against the allowance(3)
(93)(7,305)— 
Balance at June 30, 2022
$2,720 $21,974 $1,204 
Six Months Ended June 30, 2021
Balance at December 31, 2020$562 $219 $— 
Provision for credit losses(2)
1,780 526 — 
Write-offs charged against the allowance
(1,112)(54)— 
Balance at June 30, 2021
$1,230 $691 $— 
_____________________
(1)Accounts receivable balances, net of allowance for credit losses, are presented within other assets in the unaudited condensed consolidated balance sheets. Credit card and commercial and consumer banking loans measured at amortized cost, net of allowance for credit losses, are presented within loans in the unaudited condensed consolidated balance sheets.
(2)The provision for credit losses on accounts receivable is presented within noninterest expense—general and administrative in the unaudited condensed consolidated statements of operations and comprehensive income (loss). During the three and six months ended June 30, 2022, recoveries of amounts previously reserved related to accounts receivable were $368 and $1,760, respectively. During the three and six months ended June 30, 2021, recoveries of amounts previously reserved related to accounts receivable were $199 and $746, respectively. The provision for credit losses on credit card and commercial and consumer banking loans is presented within noninterest expense—provision for credit losses. There were immaterial recoveries of credit card losses during the three and six months ended June 30, 2022 and 2021, and immaterial recoveries on the commercial and consumer banking portfolio through June 30, 2022.
(3)The increases in credit card write-offs charged against the allowance during the three and six months ended June 30, 2022 were commensurate with our increased loan portfolio combined with elevated loss rates.
(4)We measured a PCD allowance for the loans acquired in the Bank Merger upon acquisition, which resulted in a gross-up to the allowance for credit losses, but had no impact on earnings.