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Loan and Lease Receivables, Impaired Loans and Leases and Allowance for Loan and Lease Losses | 3 Months Ended
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Mar. 31, 2017
Receivables [Abstract] |
Loan and Lease Receivables, Impaired Loans and Leases and Allowance for Loan and Lease Losses | Loan and Lease Receivables, Impaired Loans and Leases and Allowance for Loan and Lease Losses Loan and lease receivables consist of the following:
|  | March 31, 2017 |  | December 31, 2016
|  | (In Thousands)
Commercial real estate: |  |  |  |
Commercial real estate — owner occupied |  | $ | 183,016 |  |  | $ | 176,459 |
Commercial real estate — non-owner occupied |  | 492,366 |  |  | 473,158 |
Land development |  | 52,663 |  |  | 56,638 |
Construction |  | 91,343 |  |  | 101,206 |
Multi-family |  | 107,669 |  |  | 92,762 |
1-4 family |  | 40,036 |  |  | 45,651 |
Total commercial real estate |  | 967,093 |  |  | 945,874 |
Commercial and industrial |  | 458,778 |  |  | 450,298 |
Direct financing leases, net |  | 29,330 |  |  | 30,951 |
Consumer and other: |  |  |  |
Home equity and second mortgages |  | 8,237 |  |  | 8,412 |
Other |  | 18,859 |  |  | 16,329 |
Total consumer and other |  | 27,096 |  |  | 24,741 |
Total gross loans and leases receivable |  | 1,482,297 |  |  | 1,451,864 |
Less: |  |  |  |
Allowance for loan and lease losses |  | 21,666 |  |  | 20,912 |
Deferred loan fees |  | 1,326 |  |  | 1,189 |
Loans and leases receivable, net |  | $ | 1,459,305 |  |  | $ | 1,429,763 |
As of March 31, 2017 and December 31, 2016, the total amount of the Corporation’s ownership of SBA loans on the Consolidated Balance Sheets was $67.4 million and $62.1 million, respectively. As of March 31, 2017 and December 31, 2016, $11.1 million and $5.5 million of loans in this portfolio were considered impaired, respectively. Loans transferred to third parties consist of the guaranteed portion of SBA loans which the Corporation sold in the secondary market, as well as participation interests in other originated loans. The total principal amount of the guaranteed portion of SBA loans sold during the three months ended March 31, 2017 and 2016 was $3.3 million and $13.1 million, respectively. Each of the transfers of these financial assets met the qualifications for sale accounting, and therefore all of the loans transferred during the three months ended March 31, 2017 and 2016 have been derecognized in the unaudited Consolidated Financial Statements. The guaranteed portion of SBA loans were transferred at their fair value and the related gain was recognized upon the transfer as non-interest income in the unaudited Consolidated Financial Statements. The total outstanding balance of sold SBA loans at March 31, 2017 and December 31, 2016 was $101.7 million and $105.1 million, respectively, while the retained, unguaranteed portion of sold SBA loans on the unaudited Consolidated Balance Sheets was $31.4 million and $32.2 million as of March 31, 2017 and December 31, 2016, respectively. The total outstanding balance of the retained, unguaranteed portion of sold SBA loans considered impaired as of March 31, 2017 and December 31, 2016 was $1.5 million and $2.5 million, respectively. The total principal amount of transferred participation interests in other originated commercial loans during the three months ended March 31, 2017 and 2016 was $5.6 million and $375,000, respectively, all of which were treated as sales and derecognized under the applicable accounting guidance at the time of transfer. No gain or loss was recognized on participation interests in other originated loans as they were transferred at or near the date of loan origination and the payments received for servicing the portion of the loans participated represents adequate compensation. The total outstanding balance of these transferred loans at March 31, 2017 and December 31, 2016 was $86.6 million and $102.7 million, respectively. As of March 31, 2017 and December 31, 2016, the total amount of the Corporation’s partial ownership of these transferred loans on the unaudited Consolidated Balance Sheets was $127.4 million and $106.1 million, respectively. No loans in this participation portfolio were considered impaired as of March 31, 2017 and December 31, 2016. The Corporation does not share in the participant’s portion of any potential charge-offs. The total amount of loan participations purchased on the unaudited Consolidated Balance Sheets as of March 31, 2017 and December 31, 2016 was $707,000 and $1.2 million, respectively. The Corporation also sells residential real estate loans, servicing released, in the secondary market. The total principal amount of residential real estate loans sold during the three months ended March 31, 2017 and 2016 was $1.0 million and $7.2 million, respectively. Each of the transfers of these financial assets met the qualifications for sale accounting, and therefore all of the loans transferred have been derecognized in the unaudited Consolidated Financial Statements. The loans were transferred at their fair value and the related gain was recognized as non-interest income upon the transfer in the unaudited Consolidated Financial Statements. According to ASC 310-30, Accounting for Certain Loans or Debt Securities Acquired in a Transfer, purchased credit-impaired loans exhibit evidence of deterioration in credit quality since origination for which it is probable at acquisition that the Corporation will be unable to collect all contractually required payments. Purchased credit-impaired loans are initially recorded at fair value, which is estimated by discounting the cash flows expected to be collected at the acquisition date. Because the estimate of expected cash flows reflects an estimate of future credit losses expected to be incurred over the life of the loans, an allowance for credit losses is not recorded at the acquisition date. The excess of cash flows expected at acquisition over the estimated fair value, referred to as the accretable yield, is recognized in interest income over the remaining life of the loan on a level-yield basis, contingent on the subsequent evaluation of future expected cash flows. The difference between the contractually required payments at acquisition and the cash flows expected to be collected at acquisition is referred to as the nonaccretable difference. A subsequent decrease in the estimate of cash flows expected to be received on purchased credit-impaired loans generally results in the recognition of an allowance for loan and lease losses. Subsequent increases in cash flows result in reversal of any nonaccretable difference (or allowance for loan and lease losses to the extent any has been recorded) with a positive impact on interest income recognized. The measurement of cash flows involves assumptions and judgments for interest rates, prepayments, default rates, loss severity and collateral values. All of these factors are inherently subjective and significant changes in the cash flow estimates over the life of the loan can result. The following table reflects the contractually required payments receivable and fair value of the Corporation’s purchased credit-impaired loans as of March 31, 2017 and December 31, 2016:
| March 31, 2017 |  | December 31, 2016
| (In Thousands)
Contractually required payments | $ | 2,986 |  |  | $ | 3,265 |
Fair value of purchased credit-impaired loans | 1,234 |  |  | 1,432 |
The following table presents a rollforward of the accretable yield as of March 31, 2017 and December 31, 2016:
| As of and for the Three Months Ended March 31, 2017 |  | As of and for the Year Ended December 31, 2016
| (In Thousands)
Accretable yield, beginning of period | $ | 135 |  |  | $ | 414 |
Accretion recognized in interest income | (3 | ) |  | (129 | )
Reclassification to nonaccretable difference for loans with changing cash flows(1) | (3 | ) |  | (244 | )
Changes in accretable yield for non-credit related changes in expected cash flows(2) | (5 | ) |  | 94 |
Accretable yield, end of period | $ | 124 |  |  | $ | 135 |
(1) | Represents changes in accretable yield for those loans that are driven primarily by credit performance.
(2) | Represents changes in accretable yield for those loans that are driven primarily by changes in actual and estimated payments.
The following information illustrates ending balances of the Corporation’s loan and lease portfolio, including impaired loans by class of receivable, and considering certain credit quality indicators as of March 31, 2017 and December 31, 2016:
|  | March 31, 2017
|  | Category |  |
|  | I |  | II |  | III |  | IV |  | Total
|  | (Dollars in Thousands)
Commercial real estate: |  |  |  |  |  |  |  |  |  |
Commercial real estate — owner occupied |  | $ | 146,120 |  |  | $ | 19,410 |  |  | $ | 11,992 |  |  | $ | 5,494 |  |  | $ | 183,016 |
Commercial real estate — non-owner occupied |  | 465,826 |  |  | 22,813 |  |  | 1,748 |  |  | 1,979 |  |  | 492,366 |
Land development |  | 48,206 |  |  | 814 |  |  | 288 |  |  | 3,355 |  |  | 52,663 |
Construction |  | 84,930 |  |  | 799 |  |  | 1,012 |  |  | 4,602 |  |  | 91,343 |
Multi-family |  | 107,518 |  |  | 151 |  |  | — |  |  | — |  |  | 107,669 |
1-4 family |  | 34,546 |  |  | 1,561 |  |  | 1,394 |  |  | 2,535 |  |  | 40,036 |
Total commercial real estate |  | 887,146 |  |  | 45,548 |  |  | 16,434 |  |  | 17,965 |  |  | 967,093 |
Commercial and industrial |  | 354,072 |  |  | 33,188 |  |  | 51,963 |  |  | 19,555 |  |  | 458,778 |
Direct financing leases, net |  | 27,930 |  |  | 1,400 |  |  | — |  |  | — |  |  | 29,330 |
Consumer and other: |  |  |  |  |  |  |  |  |  |
Home equity and second mortgages |  | 7,734 |  |  | 485 |  |  | 11 |  |  | 7 |  |  | 8,237 |
Other |  | 18,065 |  |  | 100 |  |  | — |  |  | 694 |  |  | 18,859 |
Total consumer and other |  | 25,799 |  |  | 585 |  |  | 11 |  |  | 701 |  |  | 27,096 |
Total gross loans and leases receivable |  | $ | 1,294,947 |  |  | $ | 80,721 |  |  | $ | 68,408 |  |  | $ | 38,221 |  |  | $ | 1,482,297 |
Category as a % of total portfolio |  | 87.36 | % |  | 5.45 | % |  | 4.61 | % |  | 2.58 | % |  | 100.00 | %
|  | December 31, 2016
|  | Category |  |
|  | I |  | II |  | III |  | IV |  | Total
|  | (Dollars in Thousands)
Commercial real estate: |  |  |  |  |  |  |  |  |  |
Commercial real estate — owner occupied |  | $ | 142,704 |  |  | $ | 20,294 |  |  | $ | 11,174 |  |  | $ | 2,287 |  |  | $ | 176,459 |
Commercial real estate — non-owner occupied |  | 447,895 |  |  | 20,933 |  |  | 2,721 |  |  | 1,609 |  |  | 473,158 |
Land development |  | 52,082 |  |  | 823 |  |  | 293 |  |  | 3,440 |  |  | 56,638 |
Construction |  | 93,510 |  |  | 3,154 |  |  | 1,624 |  |  | 2,918 |  |  | 101,206 |
Multi-family |  | 87,418 |  |  | 1,937 |  |  | 3,407 |  |  | — |  |  | 92,762 |
1-4 family |  | 38,504 |  |  | 3,144 |  |  | 1,431 |  |  | 2,572 |  |  | 45,651 |
Total commercial real estate |  | 862,113 |  |  | 50,285 |  |  | 20,650 |  |  | 12,826 |  |  | 945,874 |
Commercial and industrial |  | 348,201 |  |  | 42,949 |  |  | 46,675 |  |  | 12,473 |  |  | 450,298 |
Direct financing leases, net |  | 29,351 |  |  | 1,600 |  |  | — |  |  | — |  |  | 30,951 |
Consumer and other: |  |  |  |  |  |  |  |  |  |
Home equity and second mortgages |  | 8,271 |  |  | 121 |  |  | 12 |  |  | 8 |  |  | 8,412 |
Other |  | 15,714 |  |  | — |  |  | 11 |  |  | 604 |  |  | 16,329 |
Total consumer and other |  | 23,985 |  |  | 121 |  |  | 23 |  |  | 612 |  |  | 24,741 |
Total gross loans and leases receivable |  | $ | 1,263,650 |  |  | $ | 94,955 |  |  | $ | 67,348 |  |  | $ | 25,911 |  |  | $ | 1,451,864 |
Category as a % of total portfolio |  | 87.04 | % |  | 6.54 | % |  | 4.64 | % |  | 1.78 | % |  | 100.00 | %
Credit underwriting through a committee process is a key component of the Corporation’s operating philosophy. Commercial lenders have relatively low individual lending authority limits, and thus a significant portion of the Corporation’s new credit extensions require approval from a loan approval committee regardless of the type of loan or lease, asset quality grade of the credit, amount of the credit or the related complexities of each proposal. Each credit is evaluated for proper risk rating upon origination, at the time of each subsequent renewal, upon receipt and evaluation of updated financial information from the Corporation’s borrowers or as other circumstances dictate. The Corporation uses a nine grade risk rating system to monitor the ongoing credit quality of its loans and leases. The risk rating grades follow a consistent definition and are then applied to specific loan types based on the nature of the loan. Each risk rating is subjective and, depending on the size and nature of the credit, subject to various levels of review and concurrence on the stated risk rating. In addition to its nine grade risk rating system, the Corporation groups loans into four loan and related risk categories which determine the level and nature of review by management. Category I — Loans and leases in this category are performing in accordance with the terms of the contract and generally exhibit no immediate concerns regarding the security and viability of the underlying collateral, financial stability of the borrower, integrity or strength of the borrowers’ management team or the industry in which the borrower operates. Loans and leases in this category are not subject to additional monitoring procedures above and beyond what is required at the origination or renewal of the loan or lease. The Corporation monitors Category I loans and leases through payment performance, continued maintenance of its personal relationships with such borrowers and continued review of such borrowers’ compliance with the terms of their respective agreements. Category II — Loans and leases in this category are beginning to show signs of deterioration in one or more of the Corporation’s core underwriting criteria such as financial stability, management strength, industry trends or collateral values. Management will place credits in this category to allow for proactive monitoring and resolution with the borrower to possibly mitigate the area of concern and prevent further deterioration or risk of loss to the Corporation. Category II loans are considered performing but are monitored frequently by the assigned business development officer and by subcommittees of the Banks’ loan committees. Category III — Loans and leases in this category are identified by management as warranting special attention. However, the balance in this category is not intended to represent the amount of adversely classified assets held by the Banks. Category III loans and leases generally exhibit undesirable characteristics, such as evidence of adverse financial trends and conditions, managerial problems, deteriorating economic conditions within the related industry or evidence of adverse public filings and may exhibit collateral shortfall positions. Management continues to believe that it will collect all contractual principal and interest in accordance with the original terms of the contracts relating to the loans and leases in this category, and therefore Category III loans are considered performing with no specific reserves established for this category. Category III loans are monitored by management and the Banks’ loan committees on a monthly basis and the Banks’ boards of directors at each of their regularly scheduled meetings. Category IV — Loans and leases in this category are considered to be impaired. Impaired loans and leases have been placed on non-accrual as management has determined that it is unlikely that the Banks will receive the contractual principal and interest in accordance with the original terms of the agreement. Impaired loans are individually evaluated to assess the need for the establishment of specific reserves or charge-offs. When analyzing the adequacy of collateral, the Corporation obtains external appraisals at least annually for impaired loans and leases. External appraisals are obtained from the Corporation’s approved appraiser listing and are independently reviewed to monitor the quality of such appraisals. To the extent a collateral shortfall position is present, a specific reserve or charge-off will be recorded to reflect the magnitude of the impairment. Loans and leases in this category are monitored by management and the Banks’ loan committees on a monthly basis and the Banks’ boards of directors at each of their regularly scheduled meetings. Utilizing regulatory classification terminology, the Corporation identified $46.3 million and $34.3 million of loans and leases as Substandard as of March 31, 2017 and December 31, 2016, respectively. No loans were considered Special Mention, Doubtful or Loss as of either March 31, 2017 or December 31, 2016. The population of Substandard loans is a subset of Category III and Category IV loans. The delinquency aging of the loan and lease portfolio by class of receivable as of March 31, 2017 and December 31, 2016 were as follows:
|  | March 31, 2017
|  | 30-59 Days Past Due |  | 60-89 Days Past Due |  | Greater Than 90 Days Past Due |  | Total Past Due |  | Current |  | Total Loans and Leases
|  | (Dollars in Thousands)
Accruing loans and leases |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |
Owner occupied |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 177,583 |  |  | $ | 177,583 |
Non-owner occupied |  | — |  |  | 266 |  |  | — |  |  | 266 |  |  | 490,121 |  |  | 490,387 |
Land development |  | — |  |  | — |  |  | — |  |  | — |  |  | 49,308 |  |  | 49,308 |
Construction |  | 431 |  |  | 166 |  |  | — |  |  | 597 |  |  | 86,144 |  |  | 86,741 |
Multi-family |  | — |  |  | — |  |  | — |  |  | — |  |  | 107,669 |  |  | 107,669 |
1-4 family |  | — |  |  | — |  |  | — |  |  | — |  |  | 38,125 |  |  | 38,125 |
Commercial and industrial |  | 327 |  |  | — |  |  | — |  |  | 327 |  |  | 438,906 |  |  | 439,233 |
Direct financing leases, net |  | — |  |  | — |  |  | — |  |  | — |  |  | 29,330 |  |  | 29,330 |
Consumer and other: |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity and second mortgages |  | — |  |  | — |  |  | — |  |  | — |  |  | 8,237 |  |  | 8,237 |
Other |  | 7 |  |  | — |  |  | — |  |  | 7 |  |  | 18,158 |  |  | 18,165 |
Total |  | $ | 765 |  |  | $ | 432 |  |  | $ | — |  |  | $ | 1,197 |  |  | $ | 1,443,581 |  |  | $ | 1,444,778 |
Non-accruing loans and leases |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |
Owner occupied |  | $ | — |  |  | $ | 429 |  |  | $ | 4,416 |  |  | $ | 4,845 |  |  | $ | 588 |  |  | $ | 5,433 |
Non-owner occupied |  | — |  |  | — |  |  | 1,941 |  |  | 1,941 |  |  | 38 |  |  | 1,979 |
Land development |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,355 |  |  | 3,355 |
Construction |  | — |  |  | — |  |  | 2,539 |  |  | 2,539 |  |  | 2,063 |  |  | 4,602 |
Multi-family |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
1-4 family |  | — |  |  | — |  |  | 1,606 |  |  | 1,606 |  |  | 305 |  |  | 1,911 |
Commercial and industrial |  | 239 |  |  | — |  |  | 12,455 |  |  | 12,694 |  |  | 6,851 |  |  | 19,545 |
Direct financing leases, net |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Consumer and other: |  |  |  |  |  |  |  |  |  |  |  |
Home equity and second mortgages |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other |  | 82 |  |  | — |  |  | 612 |  |  | 694 |  |  | — |  |  | 694 |
Total |  | $ | 321 |  |  | $ | 429 |  |  | $ | 23,569 |  |  | $ | 24,319 |  |  | $ | 13,200 |  |  | $ | 37,519 |
Total loans and leases |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |
Owner occupied |  | $ | — |  |  | $ | 429 |  |  | $ | 4,416 |  |  | $ | 4,845 |  |  | $ | 178,171 |  |  | $ | 183,016 |
Non-owner occupied |  | — |  |  | 266 |  |  | 1,941 |  |  | 2,207 |  |  | 490,159 |  |  | 492,366 |
Land development |  | — |  |  | — |  |  | — |  |  | — |  |  | 52,663 |  |  | 52,663 |
Construction |  | 431 |  |  | 166 |  |  | 2,539 |  |  | 3,136 |  |  | 88,207 |  |  | 91,343 |
Multi-family |  | — |  |  | — |  |  | — |  |  | — |  |  | 107,669 |  |  | 107,669 |
1-4 family |  | — |  |  | — |  |  | 1,606 |  |  | 1,606 |  |  | 38,430 |  |  | 40,036 |
Commercial and industrial |  | 566 |  |  | — |  |  | 12,455 |  |  | 13,021 |  |  | 445,757 |  |  | 458,778 |
Direct financing leases, net |  | — |  |  | — |  |  | — |  |  | — |  |  | 29,330 |  |  | 29,330 |
Consumer and other: |  |  |  |  |  |  |  |  |  |  |  |
Home equity and second mortgages |  | — |  |  | — |  |  | — |  |  | — |  |  | 8,237 |  |  | 8,237 |
Other |  | 89 |  |  | — |  |  | 612 |  |  | 701 |  |  | 18,158 |  |  | 18,859 |
Total |  | $ | 1,086 |  |  | $ | 861 |  |  | $ | 23,569 |  |  | $ | 25,516 |  |  | $ | 1,456,781 |  |  | $ | 1,482,297 |
Percent of portfolio |  | 0.07 | % |  | 0.06 | % |  | 1.59 | % |  | 1.72 | % |  | 98.28 | % |  | 100.00 | %
|  | December 31, 2016
|  | 30-59 Days Past Due |  | 60-89 Days Past Due |  | Greater Than 90 Days Past Due |  | Total Past Due |  | Current |  | Total Loans and Leases
|  | (Dollars in Thousands)
Accruing loans and leases |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |
Owner occupied |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 174,236 |  |  | $ | 174,236 |
Non-owner occupied |  | — |  |  | — |  |  | — |  |  | — |  |  | 471,549 |  |  | 471,549 |
Land development |  | — |  |  | — |  |  | — |  |  | — |  |  | 53,198 |  |  | 53,198 |
Construction |  | — |  |  | — |  |  | — |  |  | — |  |  | 98,288 |  |  | 98,288 |
Multi-family |  | — |  |  | — |  |  | — |  |  | — |  |  | 92,762 |  |  | 92,762 |
1-4 family |  | 75 |  |  | — |  |  | — |  |  | 75 |  |  | 43,639 |  |  | 43,714 |
Commercial and industrial |  | 55 |  |  | 468 |  |  | — |  |  | 523 |  |  | 437,312 |  |  | 437,835 |
Direct financing leases, net |  | — |  |  | — |  |  | — |  |  | — |  |  | 30,951 |  |  | 30,951 |
Consumer and other: |  |  |  |  |  |  |  |  |  |  |  |
Home equity and second mortgages |  | — |  |  | — |  |  | — |  |  | — |  |  | 8,412 |  |  | 8,412 |
Other |  | — |  |  | — |  |  | — |  |  | — |  |  | 15,725 |  |  | 15,725 |
Total |  | $ | 130 |  |  | $ | 468 |  |  | $ | — |  |  | $ | 598 |  |  | $ | 1,426,072 |  |  | $ | 1,426,670 |
Non-accruing loans and leases |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |
Owner occupied |  | $ | — |  |  | $ | — |  |  | $ | 1,183 |  |  | $ | 1,183 |  |  | $ | 1,040 |  |  | $ | 2,223 |
Non-owner occupied |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,609 |  |  | 1,609 |
Land development |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,440 |  |  | 3,440 |
Construction |  | 2,482 |  |  | — |  |  | 436 |  |  | 2,918 |  |  | — |  |  | 2,918 |
Multi-family |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
1-4 family |  | — |  |  | — |  |  | 1,240 |  |  | 1,240 |  |  | 697 |  |  | 1,937 |
Commercial and industrial |  | 3,345 |  |  | 168 |  |  | 6,740 |  |  | 10,253 |  |  | 2,210 |  |  | 12,463 |
Direct financing leases, net |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Consumer and other: |  |  |  |  |  |  |  |  |  |  |  |
Home equity and second mortgages |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other |  | 186 |  |  | — |  |  | 378 |  |  | 564 |  |  | 40 |  |  | 604 |
Total |  | $ | 6,013 |  |  | $ | 168 |  |  | $ | 9,977 |  |  | $ | 16,158 |  |  | $ | 9,036 |  |  | $ | 25,194 |
Total loans and leases |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |
Owner occupied |  | $ | — |  |  | $ | — |  |  | $ | 1,183 |  |  | $ | 1,183 |  |  | $ | 175,276 |  |  | $ | 176,459 |
Non-owner occupied |  | — |  |  | — |  |  | — |  |  | — |  |  | 473,158 |  |  | 473,158 |
Land development |  | — |  |  | — |  |  | — |  |  | — |  |  | 56,638 |  |  | 56,638 |
Construction |  | 2,482 |  |  | — |  |  | 436 |  |  | 2,918 |  |  | 98,288 |  |  | 101,206 |
Multi-family |  | — |  |  | — |  |  | — |  |  | — |  |  | 92,762 |  |  | 92,762 |
1-4 family |  | 75 |  |  | — |  |  | 1,240 |  |  | 1,315 |  |  | 44,336 |  |  | 45,651 |
Commercial and industrial |  | 3,400 |  |  | 636 |  |  | 6,740 |  |  | 10,776 |  |  | 439,522 |  |  | 450,298 |
Direct financing leases, net |  | — |  |  | — |  |  | — |  |  | — |  |  | 30,951 |  |  | 30,951 |
Consumer and other: |  |  |  |  |  |  |  |  |  |  |  |
Home equity and second mortgages |  | — |  |  | — |  |  | — |  |  | — |  |  | 8,412 |  |  | 8,412 |
Other |  | 186 |  |  | — |  |  | 378 |  |  | 564 |  |  | 15,765 |  |  | 16,329 |
Total |  | $ | 6,143 |  |  | $ | 636 |  |  | $ | 9,977 |  |  | $ | 16,756 |  |  | $ | 1,435,108 |  |  | $ | 1,451,864 |
Percent of portfolio |  | 0.42 | % |  | 0.04 | % |  | 0.69 | % |  | 1.15 | % |  | 98.85 | % |  | 100.00 | %
The Corporation’s total impaired assets consisted of the following at March 31, 2017 and December 31, 2016, respectively.
|  | March 31, 2017 |  | December 31, 2016
|  | (Dollars in Thousands)
Non-accrual loans and leases |  |  |  |
Commercial real estate: |  |  |  |
Commercial real estate — owner occupied |  | $ | 5,433 |  |  | $ | 2,223 |
Commercial real estate — non-owner occupied |  | 1,979 |  |  | 1,609 |
Land development |  | 3,355 |  |  | 3,440 |
Construction |  | 4,602 |  |  | 2,918 |
Multi-family |  | — |  |  | — |
1-4 family |  | 1,911 |  |  | 1,937 |
Total non-accrual commercial real estate |  | 17,280 |  |  | 12,127 |
Commercial and industrial |  | 19,545 |  |  | 12,463 |
Direct financing leases, net |  | — |  |  | — |
Consumer and other: |  |  |  |
Home equity and second mortgages |  | — |  |  | — |
Other |  | 694 |  |  | 604 |
Total non-accrual consumer and other loans |  | 694 |  |  | 604 |
Total non-accrual loans and leases |  | 37,519 |  |  | 25,194 |
Foreclosed properties, net |  | 1,472 |  |  | 1,472 |
Total non-performing assets |  | 38,991 |  |  | 26,666 |
Performing troubled debt restructurings |  | 702 |  |  | 717 |
Total impaired assets |  | $ | 39,693 |  |  | $ | 27,383 |
|  | March 31, 2017 |  | December 31, 2016
Total non-accrual loans and leases to gross loans and leases |  | 2.53 | % |  | 1.74 | %
Total non-performing assets to total gross loans and leases plus foreclosed properties, net |  | 2.63 |  |  | 1.83 |
Total non-performing assets to total assets |  | 2.17 |  |  | 1.50 |
Allowance for loan and lease losses to gross loans and leases |  | 1.46 |  |  | 1.44 |
Allowance for loan and lease losses to non-accrual loans and leases |  | 57.75 |  |  | 83.00 |
As of March 31, 2017 and December 31, 2016, $12.4 million and $12.8 million of the non-accrual loans and leases were considered troubled debt restructurings, respectively. There were no unfunded commitments associated with troubled debt restructured loans and leases as of March 31, 2017. The following table provides the number of loans modified in a troubled debt restructuring and the pre- and post-modification recorded investment by class of receivable as of March 31, 2017 and December 31, 2016.
|  | As of March 31, 2017 |  | As of December 31, 2016
|  | Number of Loans |  | Pre-Modification Recorded Investment |  | Post-Modification Recorded Investment |  | Number of Loans |  | Pre-Modification Recorded Investment |  | Post-Modification Recorded Investment
|  | (Dollars in Thousands)
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate — owner occupied |  | 3 |  | $ | 1,065 |  |  | $ | 919 |  |  | 3 |  | $ | 1,065 |  |  | $ | 930 |
Commercial real estate — non-owner occupied |  | 1 |  | 158 |  |  | 38 |  |  | 1 |  | 158 |  |  | 39 |
Land development |  | 1 |  | 5,745 |  |  | 3,354 |  |  | 1 |  | 5,745 |  |  | 3,440 |
Construction |  | — |  | — |  |  | — |  |  | 2 |  | 331 |  |  | 314 |
Multi-family |  | — |  | — |  |  | — |  |  | — |  | — |  |  | — |
1-4 family |  | 11 |  | 1,391 |  |  | 1,371 |  |  | 11 |  | 1,391 |  |  | 1,393 |
Commercial and industrial |  | 10 |  | 8,094 |  |  | 7,053 |  |  | 10 |  | 8,094 |  |  | 7,058 |
Consumer and other: |  |  |  |  |  |  |  |  |  |  |  |
Home equity and second mortgage |  | 1 |  | 37 |  |  | 7 |  |  | 1 |  | 37 |  |  | 8 |
Other |  | 1 |  | 2,076 |  |  | 368 |  |  | 1 |  | 2,076 |  |  | 378 |
Total |  | 28 |  | $ | 18,566 |  |  | $ | 13,110 |  |  | 30 |  | $ | 18,897 |  |  | $ | 13,560 |
All loans and leases modified as a troubled debt restructuring are measured for impairment. The nature and extent of the impairment of restructured loans, including those which have experienced a default, is considered in the determination of an appropriate level of the allowance for loan and lease losses. As of March 31, 2017 and December 31, 2016, the Corporation’s troubled debt restructurings grouped by type of concession were as follows:
|  | As of March 31, 2017 |  | As of December 31, 2016
|  | Number of Loans |  | Recorded Investment |  | Number of Loans |  | Recorded Investment
|  | (Dollars in Thousands)
Commercial real estate: |  |  |  |  |  |  |  |
Extension of term |  | 1 |  |  | $ | 4 |  |  | 1 |  |  | $ | 8 |
Interest rate concession |  | 1 |  |  | 51 |  |  | 1 |  |  | 52 |
Combination of extension of term and interest rate concession |  | 14 |  |  | 5,627 |  |  | 16 |  |  | 6,056 |
Commercial and industrial: |  |  |  |  |  |  |  |
Combination of extension of term and interest rate concession |  | 10 |  |  | 7,053 |  |  | 10 |  |  | 7,058 |
Consumer and other: |  |  |  |  |  |  |  |
Extension of term |  | 1 |  |  | 368 |  |  | 1 |  |  | 378 |
Combination of extension of term and interest rate concession |  | 1 |  |  | 7 |  |  | 1 |  |  | 8 |
Total |  | 28 |  |  | $ | 13,110 |  |  | 30 |  |  | $ | 13,560 |
There were three loans modified in a troubled debt restructuring during the previous 12 months which subsequently defaulted during the three months ended March 31, 2017. The total recorded investment of these loans was $878,000 as of March 31, 2017. There were no loans and leases modified in a troubled debt restructuring during the previous 12 months which subsequently defaulted during the three months ended March 31, 2016. The following represents additional information regarding the Corporation’s impaired loans and leases, including performing troubled debt restructurings, by class:
|  | As of and for the Three Months Ended March 31, 2017
|  | Recorded Investment |  | Unpaid Principal Balance |  | Impairment Reserve |  | Average Recorded Investment(1) |  | Foregone Interest Income |  | Interest Income Recognized |  | Net Foregone Interest Income
|  | (In Thousands)
With no impairment reserve recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner occupied |  | $ | 5,066 |  |  | $ | 5,066 |  |  | $ | — |  |  | $ | 2,921 |  |  | $ | 205 |  |  | $ | — |  |  | $ | 205 |
Non-owner occupied |  | 1,979 |  |  | 2,019 |  |  | — |  |  | 1,996 |  |  | 36 |  |  | — |  |  | 36 |
Land development |  | 3,355 |  |  | 6,025 |  |  | — |  |  | 3,422 |  |  | 24 |  |  | — |  |  | 24 |
Construction |  | 2,120 |  |  | 2,120 |  |  | — |  |  | 917 |  |  | 12 |  |  | — |  |  | 12 |
Multi-family |  | — |  |  | — |  |  | — |  |  | 3 |  |  | — |  |  | — |  |  | — |
1-4 family |  | 2,463 |  |  | 2,463 |  |  | — |  |  | 2,473 |  |  | 16 |  |  | — |  |  | 16 |
Commercial and industrial |  | 7,146 |  |  | 7,146 |  |  | — |  |  | 318 |  |  | 83 |  |  | — |  |  | 83 |
Direct financing leases, net |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Consumer and other: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity and second mortgages |  | 7 |  |  | 7 |  |  | — |  |  | 7 |  |  | — |  |  | — |  |  | — |
Other |  | 367 |  |  | 1,035 |  |  | — |  |  | 368 |  |  | 15 |  |  | — |  |  | 15 |
Total |  | $ | 22,503 |  |  | $ | 25,881 |  |  | $ | — |  |  | $ | 12,425 |  |  | $ | 391 |  |  | $ | — |  |  | $ | 391 |
With impairment reserve recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner occupied |  | $ | 428 |  |  | $ | 428 |  |  | $ | 42 |  |  | $ | 432 |  |  | $ | 6 |  |  | $ | — |  |  | $ | 6 |
Non-owner occupied |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Land development |  | — |  |  | — |  | — |  | — |  |  | — |  | — |  | — |  | — |  | — |  |  | — |
Construction |  | 2,482 |  |  | 2,482 |  | — |  | 1,777 |  |  | 2,482 |  | — |  | 63 |  | — |  | — |  |  | 63 |
Multi-family |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
1-4 family |  | 72 |  |  | 77 |  |  | 2 |  |  | 72 |  |  | 1 |  |  | — |  |  | 1 |
Commercial and industrial |  | 12,409 |  |  | 12,409 |  |  | 4,010 |  |  | 12,355 |  |  | 251 |  |  | — |  |  | 251 |
Direct financing leases, net |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Consumer and other: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity and second mortgages |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other |  | 327 |  |  | 327 |  |  | 327 |  |  | 113 |  |  | — |  |  | — |  |  | — |
Total |  | $ | 15,718 |  |  | $ | 15,723 |  |  | $ | 6,158 |  |  | $ | 15,454 |  |  | $ | 321 |  |  | $ | — |  |  | $ | 321 |
Total: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner occupied |  | $ | 5,494 |  |  | $ | 5,494 |  |  | $ | 42 |  |  | $ | 3,353 |  |  | $ | 211 |  |  | $ | — |  |  | $ | 211 |
Non-owner occupied |  | 1,979 |  |  | 2,019 |  |  | — |  |  | 1,996 |  |  | 36 |  |  | — |  |  | 36 |
Land development |  | 3,355 |  |  | 6,025 |  |  | — |  |  | 3,422 |  |  | 24 |  |  | — |  |  | 24 |
Construction |  | 4,602 |  |  | 4,602 |  |  | 1,777 |  |  | 3,399 |  |  | 75 |  |  | — |  |  | 75 |
Multi-family |  | — |  |  | — |  |  | — |  |  | 3 |  |  | — |  |  | — |  |  | — |
1-4 family |  | 2,535 |  |  | 2,540 |  |  | 2 |  |  | 2,545 |  |  | 17 |  |  | — |  |  | 17 |
Commercial and industrial |  | 19,555 |  |  | 19,555 |  |  | 4,010 |  |  | 12,673 |  |  | 334 |  |  | — |  |  | 334 |
Direct financing leases, net |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Consumer and other: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity and second mortgages |  | 7 |  |  | 7 |  |  | — |  |  | 7 |  |  | — |  |  | — |  |  | — |
Other |  | 694 |  |  | 1,362 |  |  | 327 |  |  | 481 |  |  | 15 |  |  | — |  |  | 15 |
Grand total |  | $ | 38,221 |  |  | $ | 41,604 |  |  | $ | 6,158 |  |  | $ | 27,879 |  |  | $ | 712 |  |  | $ | — |  |  | $ | 712 |
(1) | Average recorded investment is calculated primarily using daily average balances.
|  | As of and for the Year Ended December 31, 2016
|  | Recorded Investment |  | Unpaid Principal Balance |  | Impairment Reserve |  | Average Recorded Investment(1) |  | Foregone Interest Income |  | Interest Income Recognized |  | Net Foregone Interest Income
|  | (In Thousands)
With no impairment reserve recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner occupied |  | $ | 1,788 |  |  | $ | 1,788 |  |  | $ | — |  |  | $ | 3,577 |  |  | $ | 328 |  |  | $ | 118 |  |  | $ | 210 |
Non-owner occupied |  | 1,609 |  |  | 1,647 |  |  | — |  |  | 1,318 |  |  | 91 |  |  | 79 |  |  | 12 |
Land development |  | 3,440 |  |  | 6,111 |  |  | — |  |  | 3,898 |  |  | 107 |  |  | — |  |  | 107 |
Construction |  | 436 |  |  | 438 |  |  | — |  |  | 291 |  |  | 20 |  |  | — |  |  | 20 |
Multi-family |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 134 |  |  | (133 | )
1-4 family |  | 2,379 |  |  | 2,379 |  |  | — |  |  | 2,755 |  |  | 125 |  |  | 94 |  |  | 31 |
Commercial and industrial |  | 1,307 |  |  | 1,307 |  |  | — |  |  | 709 |  |  | 79 |  |  | 62 |  |  | 17 |
Direct financing leases, net |  | — |  |  | — |  |  | — |  |  | 6 |  |  | — |  |  | — |  |  | — |
Consumer and other: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity and second mortgages |  | 8 |  |  | 8 |  |  | — |  |  | 307 |  |  | 16 |  |  | 127 |  |  | (111 | )
Other |  | 378 |  |  | 1,044 |  |  | — |  |  | 510 |  |  | 71 |  |  | — |  |  | 71 |
Total |  | $ | 11,345 |  |  | $ | 14,722 |  |  | $ | — |  |  | $ | 13,371 |  |  | $ | 838 |  |  | $ | 614 |  |  | $ | 224 |
With impairment reserve recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner occupied |  | $ | 499 |  |  | $ | 499 |  |  | $ | 70 |  |  | $ | 111 |  |  | $ | 28 |  |  | $ | — |  |  | $ | 28 |
Non-owner occupied |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Land development |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Construction |  | 2,482 |  |  | 2,482 |  |  | 1,790 |  |  | 834 |  |  | 45 |  |  | — |  |  | 45 |
Multi-family |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
1-4 family |  | 193 |  |  | 199 |  |  | 39 |  |  | 203 |  |  | 5 |  |  | — |  |  | 5 |
Commercial and industrial |  | 11,166 |  |  | 11,166 |  |  | 3,700 |  |  | 8,448 |  |  | 701 |  |  | — |  |  | 701 |
Direct financing leases, net |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Consumer and other: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity and second mortgages |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other |  | 226 |  |  | 226 |  |  | — |  |  | 19 |  |  | — |  |  | — |  |  | — |
Total |  | $ | 14,566 |  |  | $ | 14,572 |  |  | $ | 5,599 |  |  | $ | 9,615 |  |  | $ | 779 |  |  | $ | — |  |  | $ | 779 |
Total: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner occupied |  | $ | 2,287 |  |  | $ | 2,287 |  |  | $ | 70 |  |  | $ | 3,688 |  |  | $ | 356 |  |  | $ | 118 |  |  | $ | 238 |
Non-owner occupied |  | 1,609 |  |  | 1,647 |  |  | — |  |  | 1,318 |  |  | 91 |  |  | 79 |  |  | 12 |
Land development |  | 3,440 |  |  | 6,111 |  |  | — |  |  | 3,898 |  |  | 107 |  |  | — |  |  | 107 |
Construction |  | 2,918 |  |  | 2,920 |  |  | 1,790 |  |  | 1,125 |  |  | 65 |  |  | — |  |  | 65 |
Multi-family |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 134 |  |  | (133 | )
1-4 family |  | 2,572 |  |  | 2,578 |  |  | 39 |  |  | 2,958 |  |  | 130 |  |  | 94 |  |  | 36 |
Commercial and industrial |  | 12,473 |  |  | 12,473 |  |  | 3,700 |  |  | 9,157 |  |  | 780 |  |  | 62 |  |  | 718 |
Direct financing leases, net |  | — |  |  | — |  |  | — |  |  | 6 |  |  | — |  |  | — |  |  | — |
Consumer and other: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity and second mortgages |  | 8 |  |  | 8 |  |  | — |  |  | 307 |  |  | 16 |  |  | 127 |  |  | (111 | )
Other |  | 604 |  |  | 1,270 |  |  | — |  |  | 529 |  |  | 71 |  |  | — |  |  | 71 |
Grand total |  | $ | 25,911 |  |  | $ | 29,294 |  |  | $ | 5,599 |  |  | $ | 22,986 |  |  | $ | 1,617 |  |  | $ | 614 |  |  | $ | 1,003 |
(1) | Average recorded investment is calculated primarily using daily average balances.
The difference between the loans and leases recorded investment and the unpaid principal balance of $3.4 million as of March 31, 2017 and December 31, 2016 represents partial charge-offs resulting from losses due to the appraised value of the collateral securing the loans and leases being below the carrying values of the loans and leases. Impaired loans and leases also included $702,000 and $717,000 of loans as of March 31, 2017 and December 31, 2016, respectively, that were performing troubled debt restructurings, and although not on non-accrual, were reported as impaired due to the concession in terms. When a loan is placed on non-accrual, interest accrual is discontinued and previously accrued but uncollected interest is deducted from interest income. Cash payments collected on non-accrual loans are first applied to such loan’s principal. Foregone interest represents the interest that was contractually due on the loan but not received or recorded. To the extent the amount of principal on a non-accrual loan is fully collected and additional cash is received, the Corporation will recognize interest income. To determine the level and composition of the allowance for loan and lease losses, the Corporation categorizes the portfolio into segments with similar risk characteristics. First, the Corporation evaluates loans and leases for potential impairment classification. The Corporation analyzes each loan and lease determined to be impaired on an individual basis to determine a specific reserve based upon the estimated value of the underlying collateral for collateral-dependent loans, or alternatively, the present value of expected cash flows. The Corporation applies historical trends from established risk factors to each category of loans and leases that has not been individually evaluated for the purpose of establishing the general portion of the allowance. A summary of the activity in the allowance for loan and lease losses by portfolio segment is as follows:
|  | As of and for the Three Months Ended March 31, 2017
|  | Commercial Real Estate |  | Commercial and Industrial |  | Consumer and Other |  | Total
|  | (Dollars in Thousands)
Allowance for loan and lease losses: |  |  |  |  |  |  |  |
Beginning balance |  | $ | 12,384 |  |  | $ | 7,970 |  |  | $ | 558 |  |  | $ | 20,912 |
Charge-offs |  | (67 | ) |  | (55 | ) |  | (87 | ) |  | (209 | )
Recoveries |  | 104 |  |  | 246 |  |  | 41 |  |  | 391 |
Provision |  | 396 |  |  | (218 | ) |  | 394 |  |  | 572 |
Ending balance |  | $ | 12,817 |  |  | $ | 7,943 |  |  | $ | 906 |  |  | $ | 21,666 |
Ending balance: individually evaluated for impairment |  | $ | 1,821 |  |  | $ | 4,010 |  |  | $ | 327 |  |  | $ | 6,158 |
Ending balance: collectively evaluated for impairment |  | $ | 10,996 |  |  | $ | 3,933 |  |  | $ | 579 |  |  | $ | 15,508 |
Ending balance: loans acquired with deteriorated credit quality |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Loans and lease receivables: |  |  |  |  |  |  |  |
Ending balance, gross |  | $ | 967,093 |  |  | $ | 488,108 |  |  | $ | 27,096 |  |  | $ | 1,482,297 |
Ending balance: individually evaluated for impairment |  | $ | 16,693 |  |  | $ | 19,545 |  |  | $ | 702 |  |  | $ | 36,940 |
Ending balance: collectively evaluated for impairment |  | $ | 949,128 |  |  | $ | 468,554 |  |  | $ | 26,394 |  |  | $ | 1,444,076 |
Ending balance: loans acquired with deteriorated credit quality |  | $ | 1,272 |  |  | $ | 9 |  |  | $ | — |  |  | $ | 1,281 |
Allowance as % of gross loans and leases |  | 1.33 | % |  | 1.63 | % |  | 3.34 | % |  | 1.46 | %
|  | As of and for the Year Ended December 31, 2016
|  | Commercial Real Estate |  | Commercial and Industrial |  | Consumer and Other |  | Total
|  | (Dollars in Thousands)
Allowance for loan and lease losses: |  |  |  |  |  |  |  |
Beginning balance |  | $ | 11,220 |  |  | $ | 4,387 |  |  | $ | 709 |  |  | $ | 16,316 |
Charge-offs |  | (1,194 | ) |  | (2,273 | ) |  | (127 | ) |  | (3,594 | )
Recoveries |  | 274 |  |  | 91 |  |  | 7 |  |  | 372 |
Provision |  | 2,084 |  |  | 5,765 |  |  | (31 | ) |  | 7,818 |
Ending balance |  | $ | 12,384 |  |  | $ | 7,970 |  |  | $ | 558 |  |  | $ | 20,912 |
Ending balance: individually evaluated for impairment |  | $ | 1,899 |  |  | $ | 3,700 |  |  | $ | — |  |  | $ | 5,599 |
Ending balance: collectively evaluated for impairment |  | $ | 10,485 |  |  | $ | 4,270 |  |  | $ | 558 |  |  | $ | 15,313 |
Ending balance: loans acquired with deteriorated credit quality |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Loans and lease receivables: |  |  |  |  |  |  |  |
Ending balance, gross |  | $ | 945,874 |  |  | $ | 481,249 |  |  | $ | 24,741 |  |  | $ | 1,451,864 |
Ending balance: individually evaluated for impairment |  | $ | 11,222 |  |  | $ | 12,452 |  |  | $ | 612 |  |  | $ | 24,286 |
Ending balance: collectively evaluated for impairment |  | $ | 933,048 |  |  | $ | 468,776 |  |  | $ | 24,129 |  |  | $ | 1,425,953 |
Ending balance: loans acquired with deteriorated credit quality |  | $ | 1,604 |  |  | $ | 21 |  |  | $ | — |  |  | $ | 1,625 |
Allowance as % of gross loans and leases |  | 1.31 | % |  | 1.66 | % |  | 2.26 | % |  | 1.44 | %

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