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Loans (Tables) | 9 Months Ended
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Sep. 30, 2021
Non-covered Loans [Line Items] |
Summary of Recorded Investment by Risk Category of Portfolio Loans by Portfolio Class and Category | The recorded investment by risk category of loans by class and year of origination is presented in the following tables as of the dates indicated:
|  | September 30, 2021
|  | Term Loans by Origination Year |  |  |  |  |  |
(in thousands) |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | Prior |  | Revolving Loans Converted to Term Loans |  | Revolving Loans |  | Total
Commercial and industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (1-6) |  | $ | 1,025,274 |  |  | $ | 600,089 |  |  | $ | 359,330 |  |  | $ | 156,889 |  |  | $ | 127,622 |  |  | $ | 95,642 |  |  | $ | 15,631 |  |  | $ | 773,641 |  |  | $ | 3,154,118 |
Watch (7) |  | 37,465 |  |  | 27,305 |  |  | 10,397 |  |  | 9,662 |  |  | 3,520 |  |  | 14,758 |  |  | 6,128 |  |  | 62,883 |  |  | 172,118 |
Classified (8-9) |  | 19,268 |  |  | 2,554 |  |  | 5,443 |  |  | 2,426 |  |  | 271 |  |  | 911 |  |  | 1,944 |  |  | 13,718 |  |  | 46,535 |
Total Commercial and industrial |  | $ | 1,082,007 |  |  | $ | 629,948 |  |  | $ | 375,170 |  |  | $ | 168,977 |  |  | $ | 131,413 |  |  | $ | 111,311 |  |  | $ | 23,703 |  |  | $ | 850,242 |  |  | $ | 3,372,771 |
Commercial real estate-investor owned |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (1-6) |  | $ | 497,726 |  |  | $ | 499,617 |  |  | $ | 367,055 |  |  | $ | 153,179 |  |  | $ | 133,202 |  |  | $ | 235,601 |  |  | $ | 3,668 |  |  | $ | 62,184 |  |  | $ | 1,952,232 |
Watch (7) |  | 9,701 |  |  | 44,311 |  |  | 33,781 |  |  | 8,944 |  |  | 2,365 |  |  | 47,826 |  |  | — |  |  | 3,231 |  |  | 150,159 |
Classified (8-9) |  | 1,396 |  |  | 8,744 |  |  | 264 |  |  | 341 |  |  | 1,167 |  |  | 4,364 |  |  | — |  |  | — |  |  | 16,276 |
Total Commercial real estate-investor owned |  | $ | 508,823 |  |  | $ | 552,672 |  |  | $ | 401,100 |  |  | $ | 162,464 |  |  | $ | 136,734 |  |  | $ | 287,791 |  |  | $ | 3,668 |  |  | $ | 65,415 |  |  | $ | 2,118,667 |
Commercial real estate-owner occupied |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (1-6) |  | $ | 495,546 |  |  | $ | 462,729 |  |  | $ | 285,680 |  |  | $ | 182,073 |  |  | $ | 155,216 |  |  | $ | 255,326 |  |  | $ | — |  |  | $ | 47,128 |  |  | $ | 1,883,698 |
Watch (7) |  | 16,007 |  |  | 13,284 |  |  | 25,665 |  |  | 33,631 |  |  | 10,725 |  |  | 17,548 |  |  | — |  |  | 352 |  |  | 117,212 |
Classified (8-9) |  | 1,868 |  |  | 653 |  |  | 12,257 |  |  | 4,750 |  |  | 6,581 |  |  | 6,651 |  |  | — |  |  | 63 |  |  | 32,823 |
Total Commercial real estate-owner occupied |  | $ | 513,421 |  |  | $ | 476,666 |  |  | $ | 323,602 |  |  | $ | 220,454 |  |  | $ | 172,522 |  |  | $ | 279,525 |  |  | $ | — |  |  | $ | 47,543 |  |  | $ | 2,033,733 |
Construction real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (1-6) |  | $ | 298,041 |  |  | $ | 232,249 |  |  | $ | 79,465 |  |  | $ | 36,419 |  |  | $ | 15,157 |  |  | $ | 9,394 |  |  | $ | 388 |  |  | $ | 3,487 |  |  | $ | 674,600 |
Watch (7) |  | 38,496 |  |  | 16,080 |  |  | 60 |  |  | 1,208 |  |  | 11,143 |  |  | 2,377 |  |  | — |  |  | — |  |  | 69,364 |
Classified (8-9) |  | 53 |  |  | — |  |  | 379 |  |  | 423 |  |  | — |  |  | 24 |  |  | 96 |  |  | — |  |  | 975 |
Total Construction real estate |  | $ | 336,590 |  |  | $ | 248,329 |  |  | $ | 79,904 |  |  | $ | 38,050 |  |  | $ | 26,300 |  |  | $ | 11,795 |  |  | $ | 484 |  |  | $ | 3,487 |  |  | $ | 744,939 |
Residential real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (1-6) |  | $ | 136,636 |  |  | $ | 78,641 |  |  | $ | 41,755 |  |  | $ | 15,737 |  |  | $ | 26,345 |  |  | $ | 114,292 |  |  | $ | 283 |  |  | $ | 101,199 |  |  | $ | 514,888 |
Watch (7) |  | 1,277 |  |  | 16,881 |  |  | 2,450 |  |  | 1,284 |  |  | 261 |  |  | 1,286 |  |  | — |  |  | 87 |  |  | 23,526 |
Classified (8-9) |  | 879 |  |  | 222 |  |  | 563 |  |  | 76 |  |  | 12 |  |  | 2,245 |  |  | — |  |  | 75 |  |  | 4,072 |
Total residential real estate |  | $ | 138,792 |  |  | $ | 95,744 |  |  | $ | 44,768 |  |  | $ | 17,097 |  |  | $ | 26,618 |  |  | $ | 117,823 |  |  | $ | 283 |  |  | $ | 101,361 |  |  | $ | 542,486 |
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (1-6) |  | $ | 110,977 |  |  | $ | 70,441 |  |  | $ | 20,206 |  |  | $ | 24,006 |  |  | $ | 7,781 |  |  | $ | 20,193 |  |  | $ | — |  |  | $ | 10,683 |  |  | $ | 264,287 |
Watch (7) |  | — |  |  | — |  |  | — |  |  | 4 |  |  | — |  |  | 2,490 |  |  | — |  |  | 1 |  |  | 2,495 |
Classified (8-9) |  | — |  |  | — |  |  | 13 |  |  | 14 |  |  | — |  |  | 18 |  |  | — |  |  | 1 |  |  | 46 |
Total Other |  | $ | 110,977 |  |  | $ | 70,441 |  |  | $ | 20,219 |  |  | $ | 24,024 |  |  | $ | 7,781 |  |  | $ | 22,701 |  |  | $ | — |  |  | $ | 10,685 |  |  | $ | 266,828 |
|  | December 31, 2020
|  | Term Loans by Origination Year |  |  |  |  |  |
(in thousands) |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016 |  | Prior |  | Revolving Loans Converted to Term Loans |  | Revolving Loans |  | Total
Commercial and industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (1-6) |  | $ | 1,402,276 |  |  | $ | 454,729 |  |  | $ | 262,258 |  |  | $ | 132,832 |  |  | $ | 25,057 |  |  | $ | 58,315 |  |  | $ | 14,118 |  |  | $ | 527,170 |  |  | $ | 2,876,755 |
Watch (7) |  | 44,922 |  |  | 15,369 |  |  | 9,585 |  |  | 7,509 |  |  | 19,613 |  |  | 110 |  |  | — |  |  | 60,448 |  |  | 157,556 |
Classified (8-9) |  | 6,602 |  |  | 9,219 |  |  | 3,115 |  |  | 3,964 |  |  | 4,490 |  |  | 1,080 |  |  | 1,281 |  |  | 22,432 |  |  | 52,183 |
Total Commercial and industrial |  | $ | 1,453,800 |  |  | $ | 479,317 |  |  | $ | 274,958 |  |  | $ | 144,305 |  |  | $ | 49,160 |  |  | $ | 59,505 |  |  | $ | 15,399 |  |  | $ | 610,050 |  |  | $ | 3,086,494 |
Commercial real estate-investor owned |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (1-6) |  | $ | 481,867 |  |  | $ | 338,843 |  |  | $ | 189,305 |  |  | $ | 131,718 |  |  | $ | 138,288 |  |  | $ | 161,439 |  |  | $ | 6,509 |  |  | $ | 32,058 |  |  | $ | 1,480,027 |
Watch (7) |  | 32,308 |  |  | 19,722 |  |  | 6,656 |  |  | — |  |  | 9,647 |  |  | 17,370 |  |  | — |  |  | — |  |  | 85,703 |
Classified (8-9) |  | — |  |  | 5,278 |  |  | 8,716 |  |  | 5,830 |  |  | 1,245 |  |  | 2,620 |  |  | — |  |  | — |  |  | 23,689 |
Total Commercial real estate-investor owned |  | $ | 514,175 |  |  | $ | 363,843 |  |  | $ | 204,677 |  |  | $ | 137,548 |  |  | $ | 149,180 |  |  | $ | 181,429 |  |  | $ | 6,509 |  |  | $ | 32,058 |  |  | $ | 1,589,419 |
Commercial real estate-owner occupied |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (1-6) |  | $ | 419,142 |  |  | $ | 287,001 |  |  | $ | 215,181 |  |  | $ | 179,382 |  |  | $ | 104,470 |  |  | $ | 167,456 |  |  | $ | 2,672 |  |  | $ | 45,323 |  |  | $ | 1,420,627 |
Watch (7) |  | 13,657 |  |  | 5,257 |  |  | 3,113 |  |  | 6,198 |  |  | 4,338 |  |  | 8,460 |  |  | 1,776 |  |  | 941 |  |  | 43,740 |
Classified (8-9) |  | 2,420 |  |  | 7,427 |  |  | 5,822 |  |  | 6,140 |  |  | 1,309 |  |  | 10,860 |  |  | — |  |  | 63 |  |  | 34,041 |
Total Commercial real estate-owner occupied |  | $ | 435,219 |  |  | $ | 299,685 |  |  | $ | 224,116 |  |  | $ | 191,720 |  |  | $ | 110,117 |  |  | $ | 186,776 |  |  | $ | 4,448 |  |  | $ | 46,327 |  |  | $ | 1,498,408 |
Construction real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (1-6) |  | $ | 223,069 |  |  | $ | 156,360 |  |  | $ | 45,460 |  |  | $ | 18,579 |  |  | $ | 11,539 |  |  | $ | 9,144 |  |  | $ | — |  |  | $ | 28,880 |  |  | $ | 493,031 |
Watch (7) |  | 2,544 |  |  | 86 |  |  | 34,179 |  |  | 11,632 |  |  | — |  |  | 2,499 |  |  | — |  |  | — |  |  | 50,940 |
Classified (8-9) |  | 56 |  |  | 2,124 |  |  | 503 |  |  | 1 |  |  | — |  |  | 31 |  |  | — |  |  | — |  |  | 2,715 |
Total Construction real estate |  | $ | 225,669 |  |  | $ | 158,570 |  |  | $ | 80,142 |  |  | $ | 30,212 |  |  | $ | 11,539 |  |  | $ | 11,674 |  |  | $ | — |  |  | $ | 28,880 |  |  | $ | 546,686 |
Residential real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (1-6) |  | $ | 57,059 |  |  | $ | 27,907 |  |  | $ | 17,718 |  |  | $ | 17,138 |  |  | $ | 27,443 |  |  | $ | 92,657 |  |  | $ | 1,172 |  |  | $ | 66,902 |  |  | $ | 307,996 |
Watch (7) |  | 210 |  |  | 840 |  |  | 526 |  |  | — |  |  | 514 |  |  | 1,603 |  |  | 287 |  |  | 511 |  |  | 4,491 |
Classified (8-9) |  | 571 |  |  | 733 |  |  | 121 |  |  | 14 |  |  | 898 |  |  | 3,181 |  |  | — |  |  | 253 |  |  | 5,771 |
Total residential real estate |  | $ | 57,840 |  |  | $ | 29,480 |  |  | $ | 18,365 |  |  | $ | 17,152 |  |  | $ | 28,855 |  |  | $ | 97,441 |  |  | $ | 1,459 |  |  | $ | 67,666 |  |  | $ | 318,258 |
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (1-6) |  | $ | 43,526 |  |  | $ | 28,195 |  |  | $ | 30,074 |  |  | $ | 9,646 |  |  | $ | 5,641 |  |  | $ | 17,027 |  |  | $ | — |  |  | $ | 40,779 |  |  | $ | 174,888 |
Watch (7) |  | — |  |  | 1 |  |  | 8 |  |  | — |  |  | — |  |  | 2,637 |  |  | — |  |  | 1 |  |  | 2,647 |
Classified (8-9) |  | — |  |  | 18 |  |  | 19 |  |  | 13 |  |  | — |  |  | 17 |  |  | 8 |  |  | 4 |  |  | 79 |
Total Other |  | $ | 43,526 |  |  | $ | 28,214 |  |  | $ | 30,101 |  |  | $ | 9,659 |  |  | $ | 5,641 |  |  | $ | 19,681 |  |  | $ | 8 |  |  | $ | 40,784 |  |  | $ | 177,614 |
In the tables above, loan originations in 2021 and 2020 with a classification of watch or classified primarily represent renewals or modifications initially underwritten and originated in prior years. For certain loans, primarily credit cards, the Company evaluates credit quality based on the aging status. The following tables presents the recorded investment on loans based on payment activity as of the periods indicated:
| September 30, 2021
(in thousands) | Performing |  | Non Performing |  | Total
Commercial and industrial | $ | 6,395 |  |  | $ | 5 |  |  | $ | 6,400 |
Real estate: |  |  |  |  |
Commercial - investor owned | 2,584 |  |  | — |  |  | 2,584 |
Commercial - owner occupied | 24,727 |  |  | — |  |  | 24,727 |
Construction and land development | 2,820 |  |  | — |  |  | 2,820 |
Residential | 204 |  |  | — |  |  | 204 |
Other | 413 |  |  | 11 |  |  | 424 |
Total | $ | 37,143 |  |  | $ | 16 |  |  | $ | 37,159 |
| December 31, 2020
(in thousands) | Performing |  | Non Performing |  | Total
Commercial and industrial | $ | 2,502 |  |  | $ | — |  |  | $ | 2,502 |
Real estate: |  |  |  |  |
Residential | 921 |  |  | — |  |  | 921 |
Other | 4,612 |  |  | 21 |  |  | 4,633 |
Total | $ | 8,035 |  |  | $ | 21 |  |  | $ | 8,056 |
The Company has purchased loans through the FCBP acquisition, for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination. The carrying amount of those loans is as follows:
($ in thousands) | At July 21, 2021
Par value of acquired loans | $ | 180,440 |
Allowance for credit losses | (7,006) |
Non-credit discount | (6,428) |
Purchase price of acquired loans | $ | 167,006 |
Acquired PCD Loans | The Company has purchased loans through the FCBP acquisition, for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination. The carrying amount of those loans is as follows:
($ in thousands) | At July 21, 2021
Par value of acquired loans | $ | 180,440 |
Allowance for credit losses | (7,006) |
Non-credit discount | (6,428) |
Purchase price of acquired loans | $ | 167,006 |
Portfolio loans, net |
Non-covered Loans [Line Items] |
Summary of Portfolio Loans by Category | The following table presents a summary of loans by category:
(in thousands) | September 30, 2021 |  | December 31, 2020
Commercial and industrial | $ | 3,386,599 |  |  | $ | 3,100,299 |
Real estate: |  |  |
Commercial - investor owned | 2,121,251 |  |  | 1,589,419 |
Commercial - owner occupied | 2,058,460 |  |  | 1,498,408 |
Construction and land development | 747,759 |  |  | 546,686 |
Residential | 542,690 |  |  | 319,179 |
Total real estate loans | 5,470,160 |  |  | 3,953,692 |
Other | 270,037 |  |  | 187,083 |
Loans, before unearned loan fees | 9,126,796 |  |  | 7,241,074 |
Unearned loan fees, net | (10,213) |  |  | (16,139) |
Loans, including unearned loan fees | $ | 9,116,583 |  |  | $ | 7,224,935 |
Summary of Allowance for Loan Losses and the Recorded Investment in Portfolio Loans by Class and Category Based on Impairment Method | A summary of the activity in the ACL on loans by category for the three and nine months ended September 30, 2021 is as follows:
(in thousands) | Commercial and industrial |  | CRE - investor owned |  | CRE - owner occupied |  | Construction and land development |  | Residential real estate |  | Other |  |  |  | Total
Allowance for credit losses on loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at June 30, 2021 | $ | 53,351 |  |  | $ | 36,003 |  |  | $ | 15,564 |  |  | $ | 11,632 |  |  | $ | 4,677 |  |  | $ | 6,958 |  |  |  |  | $ | 128,185 |
Initial allowance on acquired PCD loans | 1,077 |  |  | 3,651 |  |  | 1,504 |  |  | 37 |  |  | — |  |  | 737 |  |  |  |  | 7,006 |
Provision for credit losses | 9,836 |  |  | 1,475 |  |  | 1,909 |  |  | 2,215 |  |  | 5,271 |  |  | (1,951) |  |  |  |  | 18,755 |
Charge-offs | (2,829) |  |  | (117) |  |  | (259) |  |  | (3) |  |  | (840) |  |  | (203) |  |  |  |  | (4,251) |
Recoveries | 452 |  |  | 1,623 |  |  | 15 |  |  | 171 |  |  | 115 |  |  | 25 |  |  |  |  | 2,401 |
Balance at September 30, 2021 | $ | 61,887 |  |  | $ | 42,635 |  |  | $ | 18,733 |  |  | $ | 14,052 |  |  | $ | 9,223 |  |  | $ | 5,566 |  |  |  |  | $ | 152,096 |
(in thousands) | Commercial and industrial |  | CRE - investor owned |  | CRE - owner occupied |  | Construction and land development |  | Residential real estate |  | Other |  |  |  | Total
Allowance for credit losses on loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2020 | $ | 58,812 |  |  | $ | 32,062 |  |  | $ | 17,012 |  |  | $ | 21,413 |  |  | $ | 4,585 |  |  | $ | 2,787 |  |  |  |  | $ | 136,671 |
Initial allowance on acquired PCD loans | 1,077 |  |  | 3,651 |  |  | 1,504 |  |  | 37 |  |  | — |  |  | 737 |  |  |  |  | 7,006 |
Provision (benefit) for credit losses | 8,538 |  |  | 7,715 |  |  | 686 |  |  | (7,833) |  |  | 5,374 |  |  | 2,305 |  |  |  |  | 16,785 |
Charge-offs | (8,019) |  |  | (2,489) |  |  | (503) |  |  | (3) |  |  | (1,155) |  |  | (389) |  |  |  |  | (12,558) |
Recoveries | 1,479 |  |  | 1,696 |  |  | 34 |  |  | 438 |  |  | 419 |  |  | 126 |  |  |  |  | 4,192 |
Balance at September 30, 2021 | $ | 61,887 |  |  | $ | 42,635 |  |  | $ | 18,733 |  |  | $ | 14,052 |  |  | $ | 9,223 |  |  | $ | 5,566 |  |  |  |  | $ | 152,096 |
The ACL on sponsor finance loans, which is included in the categories above, represented $17.2 million and $19.0 million, respectively, as of September 30, 2021 and December 30, 2020. A summary of the activity in the ACL on loans by category for the three and nine months ended September 30, 2020 is as follows:
(in thousands) | Commercial and industrial |  | CRE - investor owned |  | CRE - owner occupied |  | Construction and land development |  | Residential real estate |  | Other |  |  |  | Total
Allowance for credit losses on loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at June 30, 2020 | $ | 50,139 |  |  | $ | 25,019 |  |  | $ | 11,088 |  |  | $ | 15,962 |  |  | $ | 6,333 |  |  | $ | 1,729 |  |  |  |  | $ | 110,270 |
Provision for credit losses | 8,929 |  |  | 4,869 |  |  | (1,854) |  |  | 2,873 |  |  | (1,132) |  |  | 342 |  |  |  |  | 14,027 |
Charge-offs | (2,006) |  |  | (272) |  |  | (30) |  |  | — |  |  | (173) |  |  | (103) |  |  |  |  | (2,584) |
Recoveries | 808 |  |  | 55 |  |  | 268 |  |  | 83 |  |  | 303 |  |  | 40 |  |  |  |  | 1,557 |
Balance at September 30, 2020 | $ | 57,870 |  |  | $ | 29,671 |  |  | $ | 9,472 |  |  | $ | 18,918 |  |  | $ | 5,331 |  |  | $ | 2,008 |  |  |  |  | $ | 123,270 |
(in thousands) | Commercial and industrial |  | CRE - investor owned |  | CRE - owner occupied |  | Construction and land development |  | Residential real estate |  | Other |  |  |  | Total
Allowance for credit losses on loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2019 | $ | 27,455 |  |  | $ | 5,935 |  |  | $ | 4,873 |  |  | $ | 2,611 |  |  | $ | 1,280 |  |  | $ | 1,134 |  |  |  |  | $ | 43,288 |
CECL adoption | 6,494 |  |  | 10,726 |  |  | 2,598 |  |  | 5,183 |  |  | 3,470 |  |  | (84) |  |  |  |  | 28,387 |
PCD loans immediately charged off | — |  |  | (5) |  |  | (57) |  |  | (217) |  |  | (1,401) |  |  | — |  |  |  |  | (1,680) |
Balance at January 1, 2020 | $ | 33,949 |  |  | $ | 16,656 |  |  | $ | 7,414 |  |  | $ | 7,577 |  |  | $ | 3,349 |  |  | $ | 1,050 |  |  |  |  | $ | 69,995 |
Provision for credit losses | 27,688 |  |  | 10,692 |  |  | 1,740 |  |  | 11,220 |  |  | 1,623 |  |  | 1,150 |  |  |  |  | 54,113 |
Charge-offs | (5,372) |  |  | (498) |  |  | (30) |  |  | (31) |  |  | (327) |  |  | (294) |  |  |  |  | (6,552) |
Recoveries | 1,605 |  |  | 2,821 |  |  | 348 |  |  | 152 |  |  | 686 |  |  | 102 |  |  |  |  | 5,714 |
Balance at September 30, 2020 | $ | 57,870 |  |  | $ | 29,671 |  |  | $ | 9,472 |  |  | $ | 18,918 |  |  | $ | 5,331 |  |  | $ | 2,008 |  |  |  |  | $ | 123,270 |
Financing Receivable, Noncurrent, Allowance for Credit Loss | A summary of the activity in the ACL on loans by category for the three and nine months ended September 30, 2021 is as follows:
(in thousands) | Commercial and industrial |  | CRE - investor owned |  | CRE - owner occupied |  | Construction and land development |  | Residential real estate |  | Other |  |  |  | Total
Allowance for credit losses on loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at June 30, 2021 | $ | 53,351 |  |  | $ | 36,003 |  |  | $ | 15,564 |  |  | $ | 11,632 |  |  | $ | 4,677 |  |  | $ | 6,958 |  |  |  |  | $ | 128,185 |
Initial allowance on acquired PCD loans | 1,077 |  |  | 3,651 |  |  | 1,504 |  |  | 37 |  |  | — |  |  | 737 |  |  |  |  | 7,006 |
Provision for credit losses | 9,836 |  |  | 1,475 |  |  | 1,909 |  |  | 2,215 |  |  | 5,271 |  |  | (1,951) |  |  |  |  | 18,755 |
Charge-offs | (2,829) |  |  | (117) |  |  | (259) |  |  | (3) |  |  | (840) |  |  | (203) |  |  |  |  | (4,251) |
Recoveries | 452 |  |  | 1,623 |  |  | 15 |  |  | 171 |  |  | 115 |  |  | 25 |  |  |  |  | 2,401 |
Balance at September 30, 2021 | $ | 61,887 |  |  | $ | 42,635 |  |  | $ | 18,733 |  |  | $ | 14,052 |  |  | $ | 9,223 |  |  | $ | 5,566 |  |  |  |  | $ | 152,096 |
(in thousands) | Commercial and industrial |  | CRE - investor owned |  | CRE - owner occupied |  | Construction and land development |  | Residential real estate |  | Other |  |  |  | Total
Allowance for credit losses on loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2020 | $ | 58,812 |  |  | $ | 32,062 |  |  | $ | 17,012 |  |  | $ | 21,413 |  |  | $ | 4,585 |  |  | $ | 2,787 |  |  |  |  | $ | 136,671 |
Initial allowance on acquired PCD loans | 1,077 |  |  | 3,651 |  |  | 1,504 |  |  | 37 |  |  | — |  |  | 737 |  |  |  |  | 7,006 |
Provision (benefit) for credit losses | 8,538 |  |  | 7,715 |  |  | 686 |  |  | (7,833) |  |  | 5,374 |  |  | 2,305 |  |  |  |  | 16,785 |
Charge-offs | (8,019) |  |  | (2,489) |  |  | (503) |  |  | (3) |  |  | (1,155) |  |  | (389) |  |  |  |  | (12,558) |
Recoveries | 1,479 |  |  | 1,696 |  |  | 34 |  |  | 438 |  |  | 419 |  |  | 126 |  |  |  |  | 4,192 |
Balance at September 30, 2021 | $ | 61,887 |  |  | $ | 42,635 |  |  | $ | 18,733 |  |  | $ | 14,052 |  |  | $ | 9,223 |  |  | $ | 5,566 |  |  |  |  | $ | 152,096 |
The ACL on sponsor finance loans, which is included in the categories above, represented $17.2 million and $19.0 million, respectively, as of September 30, 2021 and December 30, 2020. A summary of the activity in the ACL on loans by category for the three and nine months ended September 30, 2020 is as follows:
(in thousands) | Commercial and industrial |  | CRE - investor owned |  | CRE - owner occupied |  | Construction and land development |  | Residential real estate |  | Other |  |  |  | Total
Allowance for credit losses on loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at June 30, 2020 | $ | 50,139 |  |  | $ | 25,019 |  |  | $ | 11,088 |  |  | $ | 15,962 |  |  | $ | 6,333 |  |  | $ | 1,729 |  |  |  |  | $ | 110,270 |
Provision for credit losses | 8,929 |  |  | 4,869 |  |  | (1,854) |  |  | 2,873 |  |  | (1,132) |  |  | 342 |  |  |  |  | 14,027 |
Charge-offs | (2,006) |  |  | (272) |  |  | (30) |  |  | — |  |  | (173) |  |  | (103) |  |  |  |  | (2,584) |
Recoveries | 808 |  |  | 55 |  |  | 268 |  |  | 83 |  |  | 303 |  |  | 40 |  |  |  |  | 1,557 |
Balance at September 30, 2020 | $ | 57,870 |  |  | $ | 29,671 |  |  | $ | 9,472 |  |  | $ | 18,918 |  |  | $ | 5,331 |  |  | $ | 2,008 |  |  |  |  | $ | 123,270 |
(in thousands) | Commercial and industrial |  | CRE - investor owned |  | CRE - owner occupied |  | Construction and land development |  | Residential real estate |  | Other |  |  |  | Total
Allowance for credit losses on loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2019 | $ | 27,455 |  |  | $ | 5,935 |  |  | $ | 4,873 |  |  | $ | 2,611 |  |  | $ | 1,280 |  |  | $ | 1,134 |  |  |  |  | $ | 43,288 |
CECL adoption | 6,494 |  |  | 10,726 |  |  | 2,598 |  |  | 5,183 |  |  | 3,470 |  |  | (84) |  |  |  |  | 28,387 |
PCD loans immediately charged off | — |  |  | (5) |  |  | (57) |  |  | (217) |  |  | (1,401) |  |  | — |  |  |  |  | (1,680) |
Balance at January 1, 2020 | $ | 33,949 |  |  | $ | 16,656 |  |  | $ | 7,414 |  |  | $ | 7,577 |  |  | $ | 3,349 |  |  | $ | 1,050 |  |  |  |  | $ | 69,995 |
Provision for credit losses | 27,688 |  |  | 10,692 |  |  | 1,740 |  |  | 11,220 |  |  | 1,623 |  |  | 1,150 |  |  |  |  | 54,113 |
Charge-offs | (5,372) |  |  | (498) |  |  | (30) |  |  | (31) |  |  | (327) |  |  | (294) |  |  |  |  | (6,552) |
Recoveries | 1,605 |  |  | 2,821 |  |  | 348 |  |  | 152 |  |  | 686 |  |  | 102 |  |  |  |  | 5,714 |
Balance at September 30, 2020 | $ | 57,870 |  |  | $ | 29,671 |  |  | $ | 9,472 |  |  | $ | 18,918 |  |  | $ | 5,331 |  |  | $ | 2,008 |  |  |  |  | $ | 123,270 |
Summary of Portfolio Loans Individually Evaluated for Impairment and Recorded Investment in Impaired Non-Covered Loans by Category | The following tables present the recorded investment in nonperforming loans by category:
|  |  |  |  | September 30, 2021
(in thousands) |  |  |  |  | Nonaccrual |  | Restructured, accruing |  | Loans over 90 days past due and still accruing interest |  | Total nonperforming loans |  | Nonaccrual loans with no allowance
Commercial and industrial |  |  |  |  | $ | 27,655 |  |  | $ | 2,870 |  |  | $ | 5 |  |  | $ | 30,530 |  |  | $ | 12,137 |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial - investor owned |  |  |  |  | 1,846 |  |  | — |  |  | — |  |  | 1,846 |  |  | 425 |
Commercial - owner occupied |  |  |  |  | 6,892 |  |  | — |  |  | — |  |  | 6,892 |  |  | 2,800 |
Residential |  |  |  |  | 2,185 |  |  | 77 |  |  | — |  |  | 2,262 |  |  | 1,562 |
Other |  |  |  |  | 13 |  |  | — |  |  | 11 |  |  | 24 |  |  | 12 |
Total |  |  |  |  | $ | 38,591 |  |  | $ | 2,947 |  |  | $ | 16 |  |  | $ | 41,554 |  |  | $ | 16,936 |
| December 31, 2020
(in thousands) | Nonaccrual |  | Restructured, accruing |  | Loans over 90 days past due and still accruing interest |  | Total nonperforming loans |  | Nonaccrual loans with no allowance
Commercial and industrial | $ | 18,158 |  |  | $ | 3,482 |  |  | $ | 130 |  |  | $ | 21,770 |  |  | $ | 8,316 |
Real estate: |  |  |  |  |  |  |  |  |
Commercial - investor owned | 9,579 |  |  | — |  |  | — |  |  | 9,579 |  |  | 716 |
Commercial - owner occupied | 2,940 |  |  | — |  |  | — |  |  | 2,940 |  |  | 6,024 |
Residential | 4,112 |  |  | 77 |  |  | — |  |  | 4,189 |  |  | — |
Other | 29 |  |  | — |  |  | — |  |  | 29 |  |  | 3,190 |
Total | $ | 34,818 |  |  | $ | 3,559 |  |  | $ | 130 |  |  | $ | 38,507 |  |  | $ | 18,246 |
The total nonperforming loan balances at September 30, 2021 and December 31, 2020 exclude government guaranteed balances of $5.1 million and $5.4 million, respectively. No interest income was recognized on nonaccrual loans during the three and nine months ended September 30, 2021 or 2020. The amortized cost basis of collateral-dependent nonperforming loans by class of loan is presented for the periods indicated:
| September 30, 2021
| Type of Collateral
(in thousands) | Commercial Real Estate |  | Residential Real Estate |  | Blanket Lien |  | Other
Commercial and industrial | $ | 10,804 |  |  | $ | 300 |  |  | $ | 11,761 |  |  | $ | — |
Real estate: |  |  |  |  |  |  |
Commercial - investor owned | 426 |  |  | 1,209 |  |  | — |  |  | — |
Commercial - owner occupied | 6,689 |  |  | 88 |  |  | — |  |  | — |
Residential | — |  |  | 2,262 |  |  | — |  |  | — |
Other | — |  |  | — |  |  | — |  |  | 12 |
Total | $ | 17,919 |  |  | $ | 3,859 |  |  | $ | 11,761 |  |  | $ | 12 |
Summary of Recorded Investment by Category for Portfolio Loans Restructured | he amortized cost basis of collateral-dependent nonperforming loans by class of loan is presented for the periods indicated:
| September 30, 2021
| Type of Collateral
(in thousands) | Commercial Real Estate |  | Residential Real Estate |  | Blanket Lien |  | Other
Commercial and industrial | $ | 10,804 |  |  | $ | 300 |  |  | $ | 11,761 |  |  | $ | — |
Real estate: |  |  |  |  |  |  |
Commercial - investor owned | 426 |  |  | 1,209 |  |  | — |  |  | — |
Commercial - owner occupied | 6,689 |  |  | 88 |  |  | — |  |  | — |
Residential | — |  |  | 2,262 |  |  | — |  |  | — |
Other | — |  |  | — |  |  | — |  |  | 12 |
Total | $ | 17,919 |  |  | $ | 3,859 |  |  | $ | 11,761 |  |  | $ | 12 |
| December 31, 2020
| Type of Collateral
(in thousands) | Commercial Real Estate |  | Residential Real Estate |  | Blanket Lien |  | Other
Commercial and industrial | $ | 8,316 |  |  | $ | — |  |  | $ | 394 |  |  | $ | — |
Real estate: |  |  |  |  |  |  |
Commercial - investor owned | 9,579 |  |  | — |  |  | — |  |  | — |
Commercial - owner occupied | 2,940 |  |  | — |  |  | — |  |  | — |
Residential | — |  |  | 4,135 |  |  | — |  |  | — |
Other | — |  |  | — |  |  | — |  |  | 17 |
Total | $ | 20,835 |  |  | $ | 4,135 |  |  | $ | 394 |  |  | $ | 17 |
During the three and nine months ended September 30, 2021, one residential real estate loan totaling $0.2 million was modified as a troubled debt restructuring. The recorded investment by category for troubled debt restructurings that occurred during the three months ended September 30, 2020 are as follows:
|  |  | September 30, 2020
(in thousands, except for number of loans) |  |  |  |  |  |  | Number of loans |  | Pre-Modification Outstanding Recorded Balance |  | Post-Modification Outstanding Recorded Balance
Commercial and industrial |  |  |  |  |  |  | 2 |  |  | $ | 3,716 |  |  | $ | 3,716 |
Real estate: |  |  |  |  |  |  |  |  |  |  |
Residential |  |  |  |  |  |  | 1 |  |  | 217 |  |  | 217 |
Total |  |  |  |  |  |  | 3 |  |  | $ | 3,933 |  |  | $ | 3,933 |
The recorded investment by category for troubled debt restructurings that occurred during the nine months ended September 30, 2020 are as follows:
|  |  | September 30, 2020
(in thousands, except for number of loans) |  |  |  |  |  |  | Number of loans |  | Pre-Modification Outstanding Recorded Balance |  | Post-Modification Outstanding Recorded Balance
Commercial and industrial |  |  |  |  |  |  | 3 |  |  | $ | 7,447 |  |  | $ | 7,447 |
Real estate: |  |  |  |  |  |  |  |  |  |  |
Residential |  |  |  |  |  |  | 3 |  |  | 372 |  |  | 372 |
Total |  |  |  |  |  |  | 6 |  |  | $ | 7,819 |  |  | $ | 7,819 |
Summary of Recorded Investment by Category for Portfolio Loans Restructured and Subsequently Defaulted | No troubled debt restructurings subsequently defaulted during the three and nine months ended September 30, 2021 or 2020.
Summary of Aging of Recorded Investment in Past Due Portfolio Loans by Portfolio Class and Category | The aging of the recorded investment in past due loans by class is presented for the periods indicated.
| September 30, 2021
(in thousands) | 30-89 Days Past Due |  | 90 or More Days Past Due |  | Total Past Due |  | Current |  | Total
Commercial and industrial | $ | 17,470 |  |  | $ | 11,752 |  |  | $ | 29,222 |  |  | $ | 3,349,949 |  |  | $ | 3,379,171 |
Real estate: |  |  |  |  |  |  |  |  |
Commercial - investor owned | 298 |  |  | — |  |  | 298 |  |  | 2,120,953 |  |  | 2,121,251 |
Commercial - owner occupied | 9,900 |  |  | 4,560 |  |  | 14,460 |  |  | 2,044,000 |  |  | 2,058,460 |
Construction and land development | 169 |  |  | — |  |  | 169 |  |  | 747,590 |  |  | 747,759 |
Residential | 138 |  |  | 1,309 |  |  | 1,447 |  |  | 541,243 |  |  | 542,690 |
Other | 274 |  |  | 11 |  |  | 285 |  |  | 266,967 |  |  | 267,252 |
Total | $ | 28,249 |  |  | $ | 17,632 |  |  | $ | 45,881 |  |  | $ | 9,070,702 |  |  | $ | 9,116,583 |
| December 31, 2020
(in thousands) | 30-89 Days Past Due |  | 90 or More Days Past Due |  | Total Past Due |  | Current |  | Total
Commercial and industrial | $ | 8,652 |  |  | $ | 12,928 |  |  | $ | 21,580 |  |  | $ | 3,067,415 |  |  | $ | 3,088,995 |
Real estate: |  |  |  |  |  |  |  |  |
Commercial - investor owned | 734 |  |  | 9,301 |  |  | 10,035 |  |  | 1,579,384 |  |  | 1,589,419 |
Commercial - owner occupied | 328 |  |  | 4,647 |  |  | 4,975 |  |  | 1,493,433 |  |  | 1,498,408 |
Construction and land development | 13 |  |  | — |  |  | 13 |  |  | 546,673 |  |  | 546,686 |
Residential | 2,071 |  |  | 2,118 |  |  | 4,189 |  |  | 314,990 |  |  | 319,179 |
Other | 1,731 |  |  | 50 |  |  | 1,781 |  |  | 180,467 |  |  | 182,248 |
Total | $ | 13,529 |  |  | $ | 29,044 |  |  | $ | 42,573 |  |  | $ | 7,182,362 |  |  | $ | 7,224,935 |

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