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Commitments and Contingencies
 12 Months Ended
Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
(a) Commitments to Extend Credit
In the ordinary course of business, the Company may enter into various types of transactions that include commitments to extend credit that are not included in its Consolidated Financial Statements. The Bank applies the same credit standards to these commitments as it uses in all its lending activities and has included these commitments in its lending risk evaluations. The majority of the commitments presented below are variable rate. Loan commitments can be either revolving or non-revolving. The Bank’s exposure to credit and market risk under commitments to extend credit is represented by the amount of these commitments.
The following table presents outstanding commitments to extend credit, including letters of credit, at the dates indicated:
 December 31, 2020December 31, 2019
 (In thousands)
Commercial business:
Commercial and industrial$640,018 $584,287 
Owner-occupied CRE3,488 17,193 
Non-owner occupied CRE18,396 35,573 
Total commercial business661,902 637,053 
Real estate construction and land development:
Residential52,453 75,066 
Commercial and multifamily
127,821 230,343 
Total real estate construction and land development180,274 305,409 
Consumer263,249 269,898 
Total outstanding commitments$1,105,425 $1,212,360 

Upon CECL adoption, as described in Note (1) Description of Business, Basis of Presentation, Significant Accounting Policies and Recently Issued Accounting Pronouncements, the Company recorded an increase in the beginning ACL on unfunded commitments of $3.7 million, representing the change in methodology from an estimate of incurred losses at the balance sheet date, with an estimated probability of funding, to an estimate of credit losses on future utilization over the entire contractual period.
The following table details the activity in the ACL on unfunded commitments during the periods indicated:
Year Ended December 31,
202020192018
(In thousands)
Balance, beginning of period$306 $306 $170 
Impact of CECL Adoption3,702 — — 
Adjusted balance, beginning of period4,008 306 170 
Provision for credit losses on unfunded commitments673 — 136 
Balance, end of period$4,681 $306 $306 

(b) Variable Interests - Low Income Housing Tax Credit Investments
The carrying values of investments in unconsolidated LIHTCs were $96.4 million and $92.7 million as of December 31, 2020 and December 31, 2019, respectively. During the years ended December 31, 2020, 2019 and 2018 the Company recognized tax benefits of $7.5 million, $5.7 million and $2.4 million, respectively, and proportional amortization of $6.5 million, $5.0 million and $3.1 million, respectively.
Total unfunded contingent commitments related to the Company’s LIHTC investments totaled $53.8 million and $50.7 million at December 31, 2020 and December 31, 2019, respectively. The Company expects to fund LIHTC commitments of $37.9 million during the year ended December 31, 2021 and $9.7 million during the year ended December 31, 2022, with the remaining commitments of $6.2 million funded by December 31, 2034. There were no impairment losses on the Company’s LIHTC investments during the years ended December 31, 2020, 2019 or 2018.

(c) Variable Interests - New Market Tax Credit Investments
The equity method balance of the NMTC investment was $25.2 million and $25.4 million at December 31, 2020 and December 31, 2019, respectively. The Company recognized related investment income of $694,000, $701,000 and $708,000 during the years ended December 31, 2020, 2019 and 2018, respectively. Gross tax credits related to the Company's certified development entities totaling $9.8 million were utilized during the seven year period ending December 31, 2020. There were no impairment losses on the Company’s NMTC investments during the years ended December 31, 2020, 2019 or 2018.