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Allowance for Credit Losses (“ACL”) on Loans (Tables) | 12 Months Ended
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Dec. 31, 2021
Credit Loss [Abstract] |
Schedule of Allowance for Credit Losses for Off-Balance Sheet credit Exposures | The table below summarizes the allowance for credit losses for off-balance sheet credit exposures (in thousands):
|  | Year Ended December 31, 2021
Balance at beginning of period |  | $ | 808 |
Impact of CECL adoption |  | 737
Balance at beginning of period |  | 1,545 |
Provision for credit losses |  | 307 |
Balance at end of period |  | $ | 1,852 |
A summary of changes in the allowance for credit losses for the years ended December 31, 2021, 2020, and 2019 follows (in thousands):
| December 31,
| 2021 |  | 2020 |  | 2019
Balance at beginning of year | $ | 37,607 |  |  | $ | 28,707 |  |  | $ | 27,497 |
Impact of CECL adoption | 10,353 |  |  | — |  |  | — |
Balance at January 1 | 47,960 |  |  | 28,707 |  |  | 27,497 |
(Benefit)/provision for credit losses | (6,184) |  |  | 12,742 |  |  | 22 |
Recoveries | 278 |  |  | 465 |  |  | 2,175 |
Charge-offs | (3,081) |  |  | (4,307) |  |  | (987) |
Balance at end of year | $ | 38,973 |  |  | $ | 37,607 |  |  | $ | 28,707 |
Activity In Allowance For Loan Losses | The following tables set forth activity in our allowance for credit losses by loan type, as of, and for the years ended, December 31, 2021, and December 31, 2020. The following tables also detail the amount of loans receivable held-for-investment, net of deferred loan fees and costs, that are evaluated, individually and collectively, for impairment, and the related portion of allowance for credit losses that is allocated to each loan portfolio segment (in thousands):
| December 31, 2021
| Real Estate |  |  |  |  |  |  |  |  |
| Commercial (1) |  | One-to-Four Family |  | Home Equity and Lines of Credit |  | Construction and Land |  | Commercial and Industrial |  | Other |  | Total Loans (excluding PCD) |  | PCD |  | Total
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance | $ | 33,005 |  |  | $ | 207 |  |  | $ | 260 |  |  | $ | 1,214 |  |  | $ | 1,842 |  |  | $ | 198 |  |  | $ | 36,726 |  |  | $ | 881 |  |  | $ | 37,607 |
Impact of CECL adoption | (1,949) |  |  | 5,233 |  |  | 419 |  |  | (921) |  |  | 947 |  |  | (188) |  |  | 3,541 |  |  | 6,812 |  |  | 10,353 |
Balance at January 1, 2021 | 31,056 |  |  | 5,440 |  |  | 679 |  |  | 293 |  |  | 2,789 |  |  | 10 |  |  | 40,267 |  |  | 7,693 |  |  | 47,960 |
Charge-offs | — |  |  | (21) |  |  | — |  |  | — |  |  | (646) |  |  | (3) |  |  | (670) |  |  | (2,411) |  |  | (3,081) |
Recoveries | 60 |  |  | 29 |  |  | 26 |  |  | — |  |  | 39 |  |  | 5 |  |  | 159 |  |  | 119 |  |  | 278 |
Provisions (credit) | (4,331) |  |  | (1,903) |  |  | (145) |  |  | (124) |  |  | 991 |  |  | (3) |  |  | (5,515) |  |  | (669) |  |  | (6,184) |
Ending balance | $ | 26,785 |  |  | $ | 3,545 |  |  | $ | 560 |  |  | $ | 169 |  |  | $ | 3,173 |  |  | $ | 9 |  |  | $ | 34,241 |  |  | $ | 4,732 |  |  | $ | 38,973 |
Ending balance: individually evaluated for impairment | $ | 25 |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | 30 |  |  | $ | — |  |  | $ | 30 |
Ending balance: collectively evaluated for impairment | $ | 26,760 |  |  | $ | 3,543 |  |  | $ | 558 |  |  | $ | 169 |  |  | $ | 3,172 |  |  | $ | 9 |  |  | $ | 34,211 |  |  | $ | — |  |  | $ | 34,211 |
Ending balance: PCD loans evaluated for impairment (2) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4,732 |  |  | $ | 4,732 |
Loans, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending balance | $ | 3,326,662 |  |  | $ | 183,665 |  |  | $ | 109,956 |  |  | $ | 27,495 |  |  | $ | 141,005 |  |  | $ | 2,015 |  |  | $ | 3,790,798 |  |  | $ | 15,819 |  |  | $ | 3,806,617 |
Ending balance: individually evaluated for impairment | $ | 8,352 |  |  | $ | 1,562 |  |  | $ | 38 |  |  | $ | — |  |  | $ | 34 |  |  | $ | — |  |  | $ | 9,986 |  |  | $ | — |  |  | $ | 9,986 |
Ending balance: collectively evaluated for impairment | $ | 3,318,310 |  |  | $ | 182,103 |  |  | $ | 109,918 |  |  | $ | 27,495 |  |  | $ | 100,454 |  |  | $ | 2,015 |  |  | $ | 3,740,295 |  |  | $ | — |  |  | $ | 3,740,295 |
Ending balance: PCD loans evaluated for impairment (2) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 15,819 |  |  | $ | 15,819 |
PPP loans not evaluated for impairment (3) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 40,517 |  |  | $ | — |  |  | $ | 40,517 |  |  | $ | — |  |  | $ | 40,517 |
(1) Commercial includes commercial real estate loans collateralized by owner-occupied, non-owner occupied, and multifamily properties.
(2) Upon adoption of CECL, the Company elected to maintain pools of PCD loans that were previously accounted for under ASC 310-30, and will continue to evaluate PCD loans under this guidance.
(3) PPP loans are guaranteed by the SBA and therefore excluded from the allowance for credit losses.
| December 31, 2020
| Real Estate |  |  |  |  |  |  |  |  |  |
| Commercial |  | Multifamily |  | One-to-Four Family |  | Home Equity and Lines of Credit |  | Construction and Land |  | Commercial and Industrial |  | Other |  | Total Loans (excluding PCI) |  | PCI |  | Total
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance | $ | 4,891 |  |  | $ | 20,203 |  |  | $ | 180 |  |  | $ | 317 |  |  | $ | 536 |  |  | $ | 1,640 |  |  | $ | 151 |  |  | $ | 27,918 |  |  | $ | 789 |  |  | $ | 28,707 |
Charge-offs | (4,213) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (94) |  |  | — |  |  | (4,307) |  |  | — |  |  | (4,307) |
Recoveries | 414 |  |  | — |  |  | 5 |  |  | 27 |  |  | — |  |  | 13 |  |  | 6 |  |  | 465 |  |  | — |  |  | 465 |
Provisions (credit) | 4,918 |  |  | 6,792 |  |  | 22 |  |  | (84) |  |  | 678 |  |  | 283 |  |  | 41 |  |  | 12,650 |  |  | 92 |  |  | 12,742 |
Ending balance | $ | 6,010 |  |  | $ | 26,995 |  |  | $ | 207 |  |  | $ | 260 |  |  | $ | 1,214 |  |  | $ | 1,842 |  |  | $ | 198 |  |  | $ | 36,726 |  |  | $ | 881 |  |  | $ | 37,607 |
Ending balance: individually evaluated for impairment | $ | 66 |  |  | $ | — |  |  | $ | — |  |  | $ | 3 |  |  | $ | — |  |  | $ | 4 |  |  | $ | — |  |  | $ | 73 |  |  | $ | — |  |  | $ | 73 |
Ending balance: collectively evaluated for impairment | $ | 5,944 |  |  | $ | 26,995 |  |  | $ | 207 |  |  | $ | 257 |  |  | $ | 1,214 |  |  | $ | 1,838 |  |  | $ | 198 |  |  | $ | 36,653 |  |  | $ | 881 |  |  | $ | 37,534 |
Loans, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending balance | $ | 717,566 |  |  | $ | 2,512,934 |  |  | $ | 212,222 |  |  | $ | 93,137 |  |  | $ | 74,351 |  |  | $ | 191,481 |  |  | $ | 3,029 |  |  | $ | 3,804,720 |  |  | $ | 18,518 |  |  | $ | 3,823,238 |
Ending balance: individually evaluated for impairment | $ | 10,650 |  |  | $ | 626 |  |  | $ | 1,903 |  |  | $ | 47 |  |  | $ | — |  |  | $ | 16 |  |  | $ | — |  |  | 13,242 |  |  | $ | — |  |  | $ | 13,242 |
Ending balance: collectively evaluated for impairment | $ | 706,916 |  |  | $ | 2,512,308 |  |  | $ | 210,319 |  |  | $ | 93,090 |  |  | $ | 74,351 |  |  | $ | 64,930 |  |  | $ | 3,029 |  |  | $ | 3,664,943 |  |  | $ | 18,518 |  |  | $ | 3,683,461 |
PPP loans not evaluated for impairment (1) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 126,535 |  |  | $ | — |  |  | $ | 126,535 |  |  | $ | — |  |  | $ | 126,535 |
(1) PPP loans are guaranteed by the SBA and therefore excluded from the allowance for credit losses. |  |

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