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Loans Receivable, Net (Tables) | 9 Months Ended
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Sep. 30, 2019
Receivables [Abstract] |
Components of Loans Receivable, Net | Loans receivable, net at September 30, 2019 and December 31, 2018 consisted of the following (in thousands):
| September 30, 2019 |  | December 31, 2018
Commercial: |  |  |
Commercial and industrial | $ | 405,970 |  |  | $ | 304,994 |
Commercial real estate – owner occupied | 786,852 |  |  | 740,375 |
Commercial real estate – investor | 2,220,799 |  |  | 2,015,210 |
Total commercial | 3,413,621 |  |  | 3,060,579 |
Consumer: |  |  |
Residential real estate | 2,234,026 |  |  | 2,044,286 |
Home equity loans and lines | 330,370 |  |  | 353,386 |
Other consumer | 98,835 |  |  | 121,561 |
Total consumer | 2,663,231 |  |  | 2,519,233 |
| 6,076,852 |  |  | 5,579,812 |
Purchased credit impaired (“PCI”) loans | 13,281 |  |  | 8,901 |
Total Loans | 6,090,133 |  |  | 5,588,713 |
Deferred origination costs, net | 8,441 |  |  | 7,086 |
Allowance for loan losses | (16,636 | ) |  | (16,577 | )
Total loans, net | $ | 6,081,938 |  |  | $ | 5,579,222 |
Analysis of Allowance for Loan Losses | An analysis of the allowance for loan losses for the three and nine months ended September 30, 2019 and 2018 is as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
Balance at beginning of period | $ | 16,135 |  |  | $ | 16,691 |  |  | $ | 16,577 |  |  | $ | 15,721 |
Provision charged to operations | 305 |  |  | 907 |  |  | 1,281 |  |  | 2,984 |
Charge-offs | (353 | ) |  | (891 | ) |  | (2,359 | ) |  | (2,708 | )
Recoveries | 549 |  |  | 114 |  |  | 1,137 |  |  | 824 |
Balance at end of period | $ | 16,636 |  |  | $ | 16,821 |  |  | $ | 16,636 |  |  | $ | 16,821 |
Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment and Based on Impairment Method Excluding PCI Loans | The following table presents an analysis of the allowance for loan losses for the three and nine months ended September 30, 2019 and 2018 and the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of September 30, 2019 and December 31, 2018, excluding PCI loans (in thousands):
| Commercial and Industrial |  | Commercial Real Estate – Owner Occupied |  | Commercial Real Estate – Investor |  | Residential Real Estate |  | Consumer |  | Unallocated |  | Total
For the three months ended September 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period | $ | 1,639 |  |  | $ | 2,868 |  |  | $ | 8,406 |  |  | $ | 1,966 |  |  | $ | 512 |  |  | $ | 744 |  |  | $ | 16,135 |
Provision (benefit) charged to operations | (352 | ) |  | 80 |  |  | 711 |  |  | 193 |  |  | 10 |  |  | (337 | ) |  | 305 |
Charge-offs | — |  |  | (142 | ) |  | (57 | ) |  | (27 | ) |  | (127 | ) |  | — |  |  | (353 | )
Recoveries | 49 |  |  | 114 |  |  | 292 |  |  | 39 |  |  | 55 |  |  | — |  |  | 549 |
Balance at end of period | $ | 1,336 |  |  | $ | 2,920 |  |  | $ | 9,352 |  |  | $ | 2,171 |  |  | $ | 450 |  |  | $ | 407 |  |  | $ | 16,636 |
For the three months ended September 30, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period | $ | 2,080 |  |  | $ | 2,340 |  |  | $ | 9,058 |  |  | $ | 2,126 |  |  | $ | 526 |  |  | $ | 561 |  |  | $ | 16,691 |
Provision (benefit) charged to operations | (520 | ) |  | 187 |  |  | 661 |  |  | 578 |  |  | 57 |  |  | (56 | ) |  | 907 |
Charge-offs | (146 | ) |  | — |  |  | (138 | ) |  | (535 | ) |  | (72 | ) |  | — |  |  | (891 | )
Recoveries | 28 |  |  | 1 |  |  | 9 |  |  | 57 |  |  | 19 |  |  | — |  |  | 114 |
Balance at end of period | $ | 1,442 |  |  | $ | 2,528 |  |  | $ | 9,590 |  |  | $ | 2,226 |  |  | $ | 530 |  |  | $ | 505 |  |  | $ | 16,821 |
For the nine months ended September 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period | $ | 1,609 |  |  | $ | 2,277 |  |  | $ | 8,770 |  |  | $ | 2,413 |  |  | $ | 486 |  |  | $ | 1,022 |  |  | $ | 16,577 |
Provision (benefit) charged to operations | (406 | ) |  | 1,192 |  |  | 26 |  |  | 899 |  |  | 185 |  |  | (615 | ) |  | 1,281 |
Charge-offs | — |  |  | (663 | ) |  | (143 | ) |  | (1,221 | ) |  | (332 | ) |  | — |  |  | (2,359 | )
Recoveries | 133 |  |  | 114 |  |  | 699 |  |  | 80 |  |  | 111 |  |  | — |  |  | 1,137 |
Balance at end of period | $ | 1,336 |  |  | $ | 2,920 |  |  | $ | 9,352 |  |  | $ | 2,171 |  |  | $ | 450 |  |  | $ | 407 |  |  | $ | 16,636 |
For the nine months ended September 30, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period | $ | 1,801 |  |  | $ | 3,175 |  |  | $ | 7,952 |  |  | $ | 1,804 |  |  | $ | 614 |  |  | $ | 375 |  |  | $ | 15,721 |
Provision (benefit) charged to operations | (238 | ) |  | (734 | ) |  | 2,706 |  |  | 1,079 |  |  | 41 |  |  | 130 |  |  | 2,984 |
Charge-offs | (202 | ) |  | (91 | ) |  | (1,239 | ) |  | (936 | ) |  | (240 | ) |  | — |  |  | (2,708 | )
Recoveries | 81 |  |  | 178 |  |  | 171 |  |  | 279 |  |  | 115 |  |  | — |  |  | 824 |
Balance at end of period | $ | 1,442 |  |  | $ | 2,528 |  |  | $ | 9,590 |  |  | $ | 2,226 |  |  | $ | 530 |  |  | $ | 505 |  |  | $ | 16,821 |
September 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |
Ending allowance balance attributed to loans: |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment | $ | — |  |  | $ | 547 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 547 |
Collectively evaluated for impairment | 1,336 |  |  | 2,373 |  |  | 9,352 |  |  | 2,171 |  |  | 450 |  |  | 407 |  |  | 16,089 |
Total ending allowance balance | $ | 1,336 |  |  | $ | 2,920 |  |  | $ | 9,352 |  |  | $ | 2,171 |  |  | $ | 450 |  |  | $ | 407 |  |  | $ | 16,636 |
Loans: |  |  |  |  |  |  |  |  |  |  |  |  |
Loans individually evaluated for impairment | $ | 246 |  |  | $ | 6,152 |  |  | $ | 7,975 |  |  | $ | 10,093 |  |  | $ | 3,351 |  |  | $ | — |  |  | $ | 27,817 |
Loans collectively evaluated for impairment | 405,724 |  |  | 780,700 |  |  | 2,212,824 |  |  | 2,223,933 |  |  | 425,854 |  |  | — |  |  | 6,049,035 |
Total ending loan balance | $ | 405,970 |  |  | $ | 786,852 |  |  | $ | 2,220,799 |  |  | $ | 2,234,026 |  |  | $ | 429,205 |  |  | $ | — |  |  | $ | 6,076,852 |
| Commercial and Industrial |  | Commercial Real Estate – Owner Occupied |  | Commercial Real Estate – Investor |  | Residential Real Estate |  | Consumer |  | Unallocated |  | Total
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |
Ending allowance balance attributed to loans: |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Collectively evaluated for impairment | 1,609 |  |  | 2,277 |  |  | 8,770 |  |  | 2,413 |  |  | 486 |  |  | 1,022 |  |  | 16,577 |
Total ending allowance balance | $ | 1,609 |  |  | $ | 2,277 |  |  | $ | 8,770 |  |  | $ | 2,413 |  |  | $ | 486 |  |  | $ | 1,022 |  |  | $ | 16,577 |
Loans: |  |  |  |  |  |  |  |  |  |  |  |  |
Loans individually evaluated for impairment | $ | 1,626 |  |  | $ | 5,395 |  |  | $ | 9,738 |  |  | $ | 10,064 |  |  | $ | 2,974 |  |  | $ | — |  |  | $ | 29,797 |
Loans collectively evaluated for impairment | 303,368 |  |  | 734,980 |  |  | 2,005,472 |  |  | 2,034,222 |  |  | 471,973 |  |  | — |  |  | 5,550,015 |
Total ending loan balance | $ | 304,994 |  |  | $ | 740,375 |  |  | $ | 2,015,210 |  |  | $ | 2,044,286 |  |  | $ | 474,947 |  |  | $ | — |  |  | $ | 5,579,812 |
Summary of Impaired Loans Excluding PCI Loans | A summary of impaired loans at September 30, 2019, and December 31, 2018, is as follows, excluding PCI loans (in thousands):
| September 30, 2019 |  | December 31, 2018
Impaired loans with no allocated allowance for loan losses | $ | 25,539 |  |  | $ | 29,797 |
Impaired loans with allocated allowance for loan losses | 2,278 |  |  | — |
| $ | 27,817 |  |  | $ | 29,797 |
Amount of the allowance for loan losses allocated | $ | 547 |  |  | $ | — |
Summary of Loans Individually Evaluated for Impairment by Loan Portfolio Segment Excluding PCI Loans | The summary of loans individually evaluated for impairment by loan portfolio segment as of September 30, 2019, and December 31, 2018 and for the three and nine months ended September 30, 2019 and 2018, is as follows, excluding PCI loans (in thousands):
| Unpaid Principal Balance |  | Recorded Investment |  | Allowance for Loan Losses Allocated
As of September 30, 2019 |  |  |  |  |
With no related allowance recorded: |  |  |  |  |
Commercial and industrial | $ | 268 |  |  | $ | 246 |  |  | $ | — |
Commercial real estate – owner occupied | 3,908 |  |  | 3,874 |  |  | — |
Commercial real estate – investor | 9,152 |  |  | 7,975 |  |  | — |
Residential real estate | 10,459 |  |  | 10,093 |  |  | — |
Consumer | 3,730 |  |  | 3,351 |  |  | — |
| $ | 27,517 |  |  | $ | 25,539 |  |  | $ | — |
With an allowance recorded: |  |  |  |  |
Commercial and industrial | $ | — |  |  | $ | — |  |  | $ | — |
Commercial real estate – owner occupied | 2,415 |  |  | 2,278 |  |  | 547 |
Commercial real estate – investor | — |  |  | — |  |  | — |
Residential real estate | — |  |  | — |  |  | — |
Consumer | — |  |  | — |  |  | — |
| $ | 2,415 |  |  | $ | 2,278 |  |  | $ | 547 |
As of December 31, 2018 |  |  |  |  |
With no related allowance recorded: |  |  |  |  |
Commercial and industrial | $ | 1,750 |  |  | $ | 1,626 |  |  | $ | — |
Commercial real estate – owner occupied | 5,413 |  |  | 5,395 |  |  | — |
Commercial real estate – investor | 12,633 |  |  | 9,738 |  |  | — |
Residential real estate | 10,441 |  |  | 10,064 |  |  | — |
Consumer | 3,301 |  |  | 2,974 |  |  | — |
| $ | 33,538 |  |  | $ | 29,797 |  |  | $ | — |
With an allowance recorded: |  |  |  |  |
Commercial and industrial | $ | — |  |  | $ | — |  |  | $ | — |
Commercial real estate – owner occupied | — |  |  | — |  |  | — |
Commercial real estate – investor | — |  |  | — |  |  | — |
Residential real estate | — |  |  | — |  |  | — |
Consumer | — |  |  | — |  |  | — |
| $ | — |  |  | $ | — |  |  | $ | — |
| Three Months Ended September 30,
| 2019 |  | 2018
| Average Recorded Investment |  | Interest Income Recognized |  | Average Recorded Investment |  | Interest Income Recognized
With no related allowance recorded: |  |  |  |  |  |  |
Commercial and industrial | $ | 247 |  |  | $ | 1 |  |  | $ | 982 |  |  | $ | 69 |
Commercial real estate – owner occupied | 4,290 |  |  | 6 |  |  | 5,484 |  |  | 75 |
Commercial real estate – investor | 8,072 |  |  | 85 |  |  | 12,191 |  |  | 102 |
Residential real estate | 10,136 |  |  | 128 |  |  | 10,741 |  |  | 119 |
Consumer | 3,362 |  |  | 42 |  |  | 2,782 |  |  | 33 |
| $ | 26,107 |  |  | $ | 262 |  |  | $ | 32,180 |  |  | $ | 398 |
With an allowance recorded: |  |  |  |  |  |  |
Commercial and industrial | $ | — |  |  | $ | — |  |  | $ | 736 |  |  | $ | — |
Commercial real estate – owner occupied | 2,086 |  |  | 70 |  |  | — |  |  | — |
Commercial real estate – investor | — |  |  | — |  |  | — |  |  | — |
Residential real estate | — |  |  | — |  |  | — |  |  | — |
Consumer | — |  |  | — |  |  | — |  |  | — |
| $ | 2,086 |  |  | $ | 70 |  |  | $ | 736 |  |  | $ | — |
| Nine Months Ended September 30,
| 2019 |  | 2018
| Average Recorded Investment |  | Interest Income Recognized |  | Average Recorded Investment |  | Interest Income Recognized
With no related allowance recorded: |  |  |  |  |  |  |
Commercial and industrial | $ | 593 |  |  | $ | 5 |  |  | $ | 906 |  |  | $ | 85 |
Commercial real estate – owner occupied | 4,221 |  |  | 128 |  |  | 8,978 |  |  | 226 |
Commercial real estate – investor | 9,869 |  |  | 243 |  |  | 14,259 |  |  | 304 |
Residential real estate | 10,091 |  |  | 399 |  |  | 10,873 |  |  | 356 |
Consumer | 3,216 |  |  | 136 |  |  | 2,629 |  |  | 116 |
| $ | 27,990 |  |  | $ | 911 |  |  | $ | 37,645 |  |  | $ | 1,087 |
With an allowance recorded: |  |  |  |  |  |  |
Commercial and industrial | $ | — |  |  | $ | — |  |  | $ | 736 |  |  | $ | — |
Commercial real estate – owner occupied | 2,168 |  |  | 106 |  |  | — |  |  | — |
Commercial real estate – investor | — |  |  | — |  |  | 838 |  |  | — |
Residential real estate | — |  |  | — |  |  | — |  |  | — |
Consumer | — |  |  | — |  |  | — |  |  | — |
| $ | 2,168 |  |  | $ | 106 |  |  | $ | 1,574 |  |  | $ | — |
Recorded Investment in Non-Accrual Loans by Loan Portfolio Segment Excluding PCI Loans | The following table presents the recorded investment in non-accrual loans by loan portfolio segment as of September 30, 2019 and December 31, 2018, excluding PCI loans (in thousands):
| September 30, 2019 |  | December 31, 2018
Commercial and industrial | $ | 207 |  |  | $ | 1,587 |
Commercial real estate – owner occupied | 4,537 |  |  | 501 |
Commercial real estate – investor | 4,073 |  |  | 5,024 |
Residential real estate | 5,953 |  |  | 7,389 |
Consumer | 2,683 |  |  | 2,914 |
| $ | 17,453 |  |  | $ | 17,415 |
Aging of Recorded Investment in Past Due Loans Excluding PCI Loans | The following table presents the aging of the recorded investment in past due loans as of September 30, 2019 and December 31, 2018 by loan portfolio segment, excluding PCI loans (in thousands):
| 30-59 Days Past Due |  | 60-89 Days Past Due |  | Greater than 90 Days Past Due |  | Total Past Due |  | Loans Not Past Due |  | Total
September 30, 2019 |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial | $ | 483 |  |  | $ | — |  |  | $ | 207 |  |  | $ | 690 |  |  | $ | 405,280 |  |  | $ | 405,970 |
Commercial real estate – owner occupied | 2,107 |  |  | 2,732 |  |  | 984 |  |  | 5,823 |  |  | 781,029 |  |  | 786,852 |
Commercial real estate – investor | 1,489 |  |  | 2,005 |  |  | 3,939 |  |  | 7,433 |  |  | 2,213,366 |  |  | 2,220,799 |
Residential real estate | 9,619 |  |  | 2,775 |  |  | 2,409 |  |  | 14,803 |  |  | 2,219,223 |  |  | 2,234,026 |
Consumer | 926 |  |  | 429 |  |  | 2,297 |  |  | 3,652 |  |  | 425,553 |  |  | 429,205 |
| $ | 14,624 |  |  | $ | 7,941 |  |  | $ | 9,836 |  |  | $ | 32,401 |  |  | $ | 6,044,451 |  |  | $ | 6,076,852 |
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 304,994 |  |  | $ | 304,994 |
Commercial real estate – owner occupied | 5,104 |  |  | 236 |  |  | 197 |  |  | 5,537 |  |  | 734,838 |  |  | 740,375 |
Commercial real estate – investor | 3,979 |  |  | 2,503 |  |  | 2,461 |  |  | 8,943 |  |  | 2,006,267 |  |  | 2,015,210 |
Residential real estate | 10,199 |  |  | 4,979 |  |  | 4,451 |  |  | 19,629 |  |  | 2,024,657 |  |  | 2,044,286 |
Consumer | 2,200 |  |  | 955 |  |  | 2,464 |  |  | 5,619 |  |  | 469,328 |  |  | 474,947 |
| $ | 21,482 |  |  | $ | 8,673 |  |  | $ | 9,573 |  |  | $ | 39,728 |  |  | $ | 5,540,084 |  |  | $ | 5,579,812 |
Risk Category of Loans by Loan Portfolio Segment Excluding PCI Loans | As of September 30, 2019 and December 31, 2018, and based on the most recent analysis performed, the risk category of loans by loan portfolio segment follows, excluding PCI loans (in thousands) is as follows:
| Pass |  | Special Mention |  | Substandard |  | Doubtful |  | Total
September 30, 2019 |  |  |  |  |  |  |  |  |
Commercial and industrial | $ | 391,823 |  |  | $ | 1,785 |  |  | $ | 12,362 |  |  | $ | — |  |  | $ | 405,970 |
Commercial real estate – owner occupied | 759,858 |  |  | 3,590 |  |  | 23,404 |  |  | — |  |  | 786,852 |
Commercial real estate – investor | 2,152,925 |  |  | 52,405 |  |  | 15,469 |  |  | — |  |  | 2,220,799 |
| $ | 3,304,606 |  |  | $ | 57,780 |  |  | $ | 51,235 |  |  | $ | — |  |  | $ | 3,413,621 |
December 31, 2018 |  |  |  |  |  |  |  |  |
Commercial and industrial | $ | 291,265 |  |  | $ | 2,777 |  |  | $ | 10,952 |  |  | $ | — |  |  | $ | 304,994 |
Commercial real estate – owner occupied | 706,825 |  |  | 3,000 |  |  | 30,550 |  |  | — |  |  | 740,375 |
Commercial real estate – investor | 1,966,495 |  |  | 23,727 |  |  | 24,988 |  |  | — |  |  | 2,015,210 |
| $ | 2,964,585 |  |  | $ | 29,504 |  |  | $ | 66,490 |  |  | $ | — |  |  | $ | 3,060,579 |
Recorded Investment in Residential and Consumer Loans Based on Payment Activity Excluding PCI Loans | The following table presents the recorded investment in residential and consumer loans based on payment activity as of September 30, 2019 and December 31, 2018, excluding PCI loans (in thousands):
| Residential |  | Consumer
September 30, 2019 |  |  |
Performing | $ | 2,228,073 |  |  | $ | 426,522 |
Non-performing | 5,953 |  |  | 2,683 |
| $ | 2,234,026 |  |  | $ | 429,205 |
December 31, 2018 |  |  |
Performing | $ | 2,036,897 |  |  | $ | 472,033 |
Non-performing | 7,389 |  |  | 2,914 |
| $ | 2,044,286 |  |  | $ | 474,947 |
Troubled Debt Restructurings | The following table presents information about troubled debt restructurings which occurred during the three and nine months ended September 30, 2019 and 2018, and troubled debt restructurings modified within the previous year and which defaulted during the three and nine months ended September 30, 2019 and 2018 (dollars in thousands):
| Number of Loans |  | Pre-modification Recorded Investment |  | Post-modification Recorded Investment
Three months ended September 30, 2019 |  |  |  |  |
Troubled Debt Restructurings: |  |  |  |  |
Consumer | 1 |  |  | $ | 54 |  |  | $ | 54 |
| Number of Loans |  | Recorded Investment
Troubled Debt Restructurings |  |  |
Which Subsequently Defaulted: | None |  |  | None |
| Number of Loans |  | Pre-modification Recorded Investment |  | Post-modification Recorded Investment
Nine months ended September 30, 2019 |  |  |  |  |
Troubled Debt Restructurings: |  |  |  |  |
Consumer | 5 |  |  | $ | 496 |  |  | $ | 516 |
Residential real estate | 5 |  |  | 921 |  |  | 972 |
| Number of Loans |  | Recorded Investment
Troubled Debt Restructurings |  |  |
Which Subsequently Defaulted: | None |  |  | None |
| Number of Loans |  | Pre-modification Recorded Investment |  | Post-modification Recorded Investment
Three Months Ended September 30, 2018 |  |  |  |  |
Troubled Debt Restructurings: |  |  |  |  |
Commercial real estate - owner occupied | 1 |  |  | $ | 49 |  |  | $ | 50 |
Commercial real estate – investor | 1 |  |  | 171 |  |  | 210 |
| Number of Loans |  | Recorded Investment
Troubled Debt Restructurings |  |  |
Which Subsequently Defaulted: |  |  |
Commercial real estate – investor | 1 |  |  | $ | 2,820 |
Consumer | 1 |  |  | 30 |
| Number of Loans |  | Pre-modification Recorded Investment |  | Post-modification Recorded Investment
Nine months ended September 30, 2018 |  |  |  |  |
Troubled Debt Restructurings: |  |  |  |  |
Commercial and industrial | 2 |  |  | $ | 496 |  |  | $ | 502 |
Commercial real estate - owner occupied | 1 |  |  | 49 |  |  | 50 |
Commercial real estate – investor | 3 |  |  | 1,395 |  |  | 1,435 |
Residential real estate | 2 |  |  | 257 |  |  | 270 |
| Number of Loans |  | Recorded Investment
Troubled Debt Restructurings |  |  |
Which Subsequently Defaulted: |  |  |
Commercial real estate – investor | 1 |  |  | $ | 2,820 |
Consumer | 1 |  |  | 30 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period | The following table presents information regarding the estimates of the contractually required payments, the cash flows expected to be collected and the estimated fair value of the PCI loans acquired from Capital Bank at January 31, 2019 (in thousands):
| Capital January 31, 2019
Contractually required principal and interest | $ | 6,877 |
Contractual cash flows not expected to be collected (non-accretable discount) | (769 | )
Expected cash flows to be collected at acquisition | 6,108 |
Interest component of expected cash flows (accretable yield) | (691 | )
Fair value of acquired loans | $ | 5,417 |
The following table summarizes the changes in accretable yield for PCI loans during the three and nine months ended September 30, 2019 and 2018 (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
Beginning balance | $ | 3,183 |  |  | $ | 2,300 |  |  | $ | 3,630 |  |  | $ | 161 |
Acquisition | — |  |  | — |  |  | 691 |  |  | 2,646 |
Accretion | (599 | ) |  | (368 | ) |  | (1,783 | ) |  | (1,459 | )
Reclassification from non-accretable difference | 69 |  |  | 470 |  |  | 115 |  |  | 1,054 |
Ending balance | $ | 2,653 |  |  | $ | 2,402 |  |  | $ | 2,653 |  |  | $ | 2,402 |

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