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Commitments and Contingencies | 12 Months Ended
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Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | Commitments and Contingencies (a) Commitments to Extend Credit In the ordinary course of business, the Bank 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, 2021 |  | December 31, 2020
| (In thousands)
Commercial business: |  |  |
Commercial and industrial | $ | 570,156 |  |  | $ | 640,018 |
Owner-occupied CRE | 2,252 |  |  | 3,488 |
| December 31, 2021 |  | December 31, 2020
| (In thousands)
Non-owner occupied CRE | 7,487 |  |  | 18,396 |
Total commercial business | 579,895 |  |  | 661,902 |
Real estate construction and land development: |  |  |
Residential | 51,838 |  |  | 52,453 |
Commercial and multifamily | 209,217 |  |  | 127,821 |
Total real estate construction and land development | 261,055 |  |  | 180,274 |
Consumer | 285,010 |  |  | 263,249 |
Total outstanding commitments | $ | 1,125,960 |  |  | $ | 1,105,425 |
The following table details the activity in the ACL on unfunded commitments during the periods indicated:
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
| (In thousands)
Balance, beginning of period | $ | 4,681 |  |  | $ | 306 |  |  | $ | 306 |
Impact of CECL Adoption | — |  |  | 3,702 |  |  | — |
Adjusted balance, beginning of period | 4,681 |  |  | 4,008 |  |  | 306 |
(Reversal of) provision for credit losses on unfunded commitments | (2,074) |  |  | 673 |  |  | — |
Balance, end of period | $ | 2,607 |  |  | $ | 4,681 |  |  | $ | 306 |
(b) Variable Interests - Low Income Housing Tax Credit Investments The carrying values of investments in unconsolidated LIHTCs were $116.3 million and $96.4 million as of December 31, 2021 and December 31, 2020, respectively. During the years ended December 31, 2021, 2020 and 2019 the Company recognized tax benefits of $11.4 million, $7.5 million and $5.7 million, respectively, and proportional amortization of $9.7 million, $6.5 million and $5.0 million, respectively. Total unfunded contingent commitments related to the Company’s LIHTC investments totaled $41.5 million and $53.8 million at December 31, 2021 and December 31, 2020, respectively. The Company expects to fund LIHTC commitments of $10.6 million during the year ended December 31, 2022 and $23.6 million during the year ended December 31, 2023, with the remaining commitments of $7.3 million funded by December 31, 2035. There were no impairment losses on the Company’s LIHTC investments during the years ended December 31, 2021, 2020 or 2019. (c) Variable Interests - New Market Tax Credit Investments The Company dissolved the NMTC investment during the year ended December 31, 2021 after 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. The equity method balance of the NMTC investment was $25.2 million at December 31, 2020. The Company recognized related investment income of $247,000, $694,000 and $701,000 during the years ended December 31, 2021, 2020 and 2019, respectively.

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