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Loans and Allowance for Credit Losses for Loans
 6 Months Ended
Jun. 30, 2023
Receivables [Abstract]  
Loans and Allowance for Credit Losses for Loans Loans and Allowance for Credit Losses for Loans
The detail of the loan portfolio as of June 30, 2023 and December 31, 2022 was as follows: 
 June 30, 2023December 31, 2022
 (in thousands)
Loans:
Commercial and industrial$9,287,309 $8,804,830 
Commercial real estate:
Commercial real estate27,793,072 25,732,033 
Construction3,815,761 3,700,835 
Total commercial real estate loans31,608,833 29,432,868 
Residential mortgage5,560,356 5,364,550 
Consumer:
Home equity535,493 503,884 
Automobile1,632,875 1,746,225 
Other consumer1,252,382 1,064,843 
Total consumer loans3,420,750 3,314,952 
Total loans$49,877,248 $46,917,200 
Total loans include net unearned discounts and deferred loan fees of $119.1 million and $120.5 million at June 30, 2023 and December 31, 2022, respectively.
Accrued interest on loans, which is excluded from the amortized cost of loans held for investment, totaled $202.1 million and $175.9 million at June 30, 2023 and December 31, 2022, respectively, and is presented within total accrued interest receivable on the consolidated statements of financial condition.
During the three months ended June 30, 2023, Valley transferred a non-performing construction loan totaling $10.0 million, net of $4.2 million charge-offs from the held for investment loan portfolio to loans held for sale. See Note 6 for further details. There were no sales of loans from the held for investment portfolio during the three and six months ended June 30, 2023 and 2022.
Credit Risk Management
For all of its loan types, Valley adheres to a credit policy designed to minimize credit risk while generating the maximum income given the level of risk appetite. Management reviews and approves these policies and procedures on a regular basis with subsequent approval by the Board of Directors annually. Credit authority relating to a
significant dollar percentage of the overall portfolio is centralized and controlled by the Credit Risk Management Division and by the Credit Committee. A reporting system supplements the management review process by providing management with frequent reports concerning loan production, loan quality, internal loan classification, concentrations of credit, loan delinquencies, non-performing, and potential problem loans. Loan portfolio diversification is an important factor utilized by Valley to manage its risk across business sectors and through cyclical economic circumstances. Additionally, Valley does not accept crypto assets as loan collateral for any of its loan portfolio classes. See Valley’s Annual Report on Form 10-K for the year ended December 31, 2022 for further details.
Credit Quality
The following table presents past due, current and non-accrual loans without an allowance for loan losses by loan portfolio class at June 30, 2023 and December 31, 2022:
Past Due and Non-Accrual Loans
 30-59  Days 
Past Due Loans		60-89  Days 
Past Due Loans		90 Days or More
Past Due Loans		Non-Accrual Loans
Total Past Due Loans
Current Loans
Total Loans		Non-Accrual Loans Without Allowance for Loan Losses
 (in thousands)
June 30, 2023
Commercial and industrial
$6,229 $7,468 $6,599 $84,449 $104,745 $9,182,564 $9,287,309 $8,221 
Commercial real estate:
Commercial real estate
3,612 — 2,242 82,712 88,566 27,704,506 27,793,072 76,438 
Construction— — 3,990 63,043 67,033 3,748,728 3,815,761 15,476 
Total commercial real estate loans3,612 — 6,232 145,755 155,599 31,453,234 31,608,833 91,914 
Residential mortgage15,565 1,348 1,165 20,819 38,897 5,521,459 5,560,356 16,151 
Consumer loans:
Home equity959 46 — 2,737 3,742 531,751 535,493 — 
Automobile5,963 568 332 248 7,111 1,625,764 1,632,875 — 
Other consumer1,509 3,512 674 83 5,778 1,246,604 1,252,382 — 
Total consumer loans8,431 4,126 1,006 3,068 16,631 3,404,119 3,420,750 — 
Total$33,837 $12,942 $15,002 $254,091 $315,872 $49,561,376 $49,877,248 $116,286 
 Past Due and Non-Accrual Loans  
 
30-59
Days
Past Due Loans		60-89 
Days
Past Due Loans		90 Days or More
Past Due Loans		Non-Accrual Loans
Total Past Due Loans
Current Loans		Total LoansNon-Accrual Loans Without Allowance for Loan Losses
(in thousands)
December 31, 2022
Commercial and industrial$11,664 $12,705 $18,392 $98,881 $141,642 $8,663,188 $8,804,830 $5,659 
Commercial real estate:
Commercial real estate6,638 3,167 2,292 68,316 80,413 25,651,620 25,732,033 66,066 
Construction— — 3,990 74,230 78,220 3,622,615 3,700,835 16,120 
Total commercial real estate loans6,638 3,167 6,282 142,546 158,633 29,274,235 29,432,868 82,186 
Residential mortgage16,146 3,315 1,866 25,160 46,487 5,318,063 5,364,550 14,224 
Consumer loans:
Home equity955 254 — 2,810 4,019 499,865 503,884 117 
Automobile5,974 630 1 271 6,876 1,739,349 1,746,225 — 
Other consumer2,158 695 46 93 2,992 1,061,851 1,064,843 — 
Total consumer loans9,087 1,579 47 3,174 13,887 3,301,065 3,314,952 117 
Total$43,535 $20,766 $26,587 $269,761 $360,649 $46,556,551 $46,917,200 $102,186 

Credit quality indicators. Valley utilizes an internal loan classification system as a means of reporting problem loans within commercial and industrial, commercial real estate, and construction loan portfolio classes. Under Valley’s internal risk rating system, loan relationships could be classified as "Pass," "Special Mention," "Substandard," "Doubtful," and "Loss." Substandard loans include loans that exhibit well-defined weakness and are characterized by the distinct possibility that Valley will sustain some loss if the deficiencies are not corrected. Loans classified as Doubtful have all the weaknesses inherent in those classified as Substandard with the added characteristic that the weaknesses present make collection or liquidation in full, based on currently existing facts, conditions and values, highly questionable and improbable. Loans classified as Loss are those considered uncollectible with insignificant value and are charged-off immediately to the allowance for loan losses, and, therefore, not presented in the table below. Loans that do not currently pose a sufficient risk to warrant classification in one of the aforementioned categories but pose weaknesses that deserve management’s close attention are deemed Special Mention. Pass rated loans do not currently pose any identified risk and can range from the highest to average quality, depending on the degree of potential risk. Risk ratings are updated any time the situation warrants.
The following table presents the internal loan classification risk by loan portfolio class by origination year based on the most recent analysis performed at June 30, 2023 and December 31, 2022, as well as the gross loan charge-offs by year of origination for the six months ended June 30, 2023:
 Term Loans  
Amortized Cost Basis by Origination Year
June 30, 202320232022202120202019Prior to 2019Revolving Loans Amortized Cost BasisRevolving Loans Converted to Term LoansTotal
 (in thousands)
Commercial and industrial
Risk Rating:
Pass$978,383 $1,233,039 $987,984 $490,159 $267,719 $565,910 $4,420,712 $306 $8,944,212 
Special Mention16,582 43,260 3,257 19,948 4,125 7,005 131,677 1,488 227,342 
Substandard6,056 754 3,288 1,706 1,703 2,819 25,681 — 42,007 
Doubtful1,500 669 2,768 — 2,674 63,427 2,710 — 73,748 
Total commercial and industrial$1,002,521 $1,277,722 $997,297 $511,813 $276,221 $639,161 $4,580,780 $1,794 $9,287,309 
Commercial real estate
Risk Rating:
Pass$3,006,116 $6,675,372 $4,997,069 $3,073,019 $2,453,918 $6,040,604 $542,644 $3,310 $26,792,052 
Special Mention86,078 52,939 51,208 111,268 100,524 205,971 6,621 — 614,609 
Substandard10,972 30,664 35,577 27,280 36,320 237,578 7,830 — 386,221 
Doubtful— — — 190 — — — — 190 
Total commercial real estate$3,103,166 $6,758,975 $5,083,854 $3,211,757 $2,590,762 $6,484,153 $557,095 $3,310 $27,793,072 
Construction
Risk Rating:
Pass$390,550 $702,031 $342,403 $32,129 $18,878 $20,230 $2,251,552 $— $3,757,773 
Substandard8,538 12,969 7,427 — 955 17,668 3,501 — 51,058 
Doubtful— 6,930 — — — — — — 6,930 
Total construction$399,088 $721,930 $349,830 $32,129 $19,833 $37,898 $2,255,053 $— $3,815,761 
Gross loan charge-offs $— $7,288 $24,658 $6,479 $908 $2,524 $26 $— $41,883 
 Term Loans  
Amortized Cost Basis by Origination Year
December 31, 202220222021202020192018Prior to 2018Revolving Loans Amortized Cost BasisRevolving Loans Converted to Term LoansTotal
 (in thousands)
Commercial and industrial
Risk Rating:
Pass$1,600,747 $1,089,386 $590,406 $322,564 $250,031 $386,085 $4,307,163 $144 $8,546,526 
Special Mention31,557 3,367 19,492 4,732 4,369 3,558 51,021 7 118,103 
Substandard288 1,734 4,121 1,412 4,256 4,879 31,698 — 48,388 
Doubtful886 20,844 — 2,692 — 64,158 3,233 — 91,813 
Total commercial and industrial$1,633,478 $1,115,331 $614,019 $331,400 $258,656 $458,680 $4,393,115 $151 $8,804,830 
Commercial real estate
Risk Rating:
Pass$6,815,115 $5,168,127 $3,246,885 $2,672,223 $1,536,327 $5,027,128 $452,461 $3,504 $24,921,770 
Special Mention93,286 48,007 60,169 45,447 62,111 125,414 8,188 — 442,622 
Substandard15,088 34,475 32,630 34,622 59,337 183,341 7,986 — 367,479 
Doubtful— — — — — 162 — — 162 
Total commercial real estate$6,923,489 $5,250,609 $3,339,684 $2,752,292 $1,657,775 $5,336,045 $468,635 $3,504 $25,732,033 
Construction
Risk Rating:
Pass$942,380 $512,046 $61,131 $22,845 $8,676 $20,599 $2,040,866 $— $3,608,543 
Special Mention— — — — — — 14,268 — 14,268 
Substandard12,969 12,601 — 974 — 17,599 20,138 — 64,281 
Doubtful— — — — — 13,743 — — 13,743 
Total construction$955,349 $524,647 $61,131 $23,819 $8,676 $51,941 $2,075,272 $— $3,700,835 
For residential mortgages, automobile, home equity and other consumer loan portfolio classes, Valley also evaluates credit quality based on the aging status of the loan and by payment activity. The following table presents the amortized cost in those loan classes based on payment activity, by origination year as of June 30, 2023 and December 31, 2022, as well as the gross loan charge-offs by year of origination for the six months ended June 30, 2023:
 Term Loans  
Amortized Cost Basis by Origination Year
June 30, 202320232022202120202019Prior to 2019Revolving Loans Amortized Cost BasisRevolving Loans Converted to Term LoansTotal
 (in thousands)
Residential mortgage
Performing$369,607 $1,304,327 $1,524,988 $562,263 $455,463 $1,263,659 $73,983 $— $5,554,290 
90 days or more past due— 178 — — 797 5,091 — — 6,066 
Total residential mortgage $369,607 $1,304,505 $1,524,988 $562,263 $456,260 $1,268,750 $73,983 $— $5,560,356 
Consumer loans
Home equity
Performing$19,442 $45,601 $11,873 $4,326 $4,660 $17,396 $392,898 $38,391 $534,587 
90 days or more past due— — — — — — 263 643 906 
Total home equity19,442 45,601 11,873 4,326 4,660 17,396 393,161 39,034 535,493 
Automobile
Performing205,170 633,269 437,528 161,245 123,616 71,682 — — 1,632,510 
90 days or more past due47 105 73 — 9 131 — — 365 
Total automobile205,217 633,374 437,601 161,245 123,625 71,813 — — 1,632,875 
Other consumer
Performing17,973 20,979 (1,549)3,729 8,720 12,707 1,189,191 — 1,251,750 
90 days or more past due— — — — — 38 594 — 632 
Total other consumer17,973 20,979 (1,549)3,729 8,720 12,745 1,189,785 — 1,252,382 
Total consumer$242,632 $699,954 $447,925 $169,300 $137,005 $101,954 $1,582,946 $39,034 $3,420,750 
Gross loan charge-offs $11 $226 $206 $90 $428 $953 $103 $— $2,017 
 Term Loans  
Amortized Cost Basis by Origination Year
December 31, 202220222021202020192018Prior to 2018Revolving Loans Amortized Cost BasisRevolving Loans Converted to Term LoansTotal
 (in thousands)
Residential mortgage
Performing$1,302,279 $1,502,622 $571,390 $500,197 $338,062 $1,073,995 $66,706 $— $5,355,251 
90 days or more past due— 197 217 1,835 2,876 4,174 — — 9,299 
Total residential mortgage $1,302,279 $1,502,819 $571,607 $502,032 $340,938 $1,078,169 $66,706 $— $5,364,550 
Consumer loans
Home equity
Performing$47,084 $12,432 $4,592 $5,024 $5,581 $13,007 $376,608 $38,570 $502,898 
90 days or more past due— — — — — — 276 710 986 
Total home equity47,084 12,432 4,592 5,024 5,581 13,007 376,884 39,280 503,884 
Automobile
Performing724,557 525,017 204,578 166,103 80,012 45,415 — — 1,745,682 
90 days or more past due38 116 36 180 101 72 — — 543 
Total automobile724,595 525,133 204,614 166,283 80,113 45,487 — — 1,746,225 
Other consumer
Performing24,140 10,144 8,206 7,435 7,406 15,736 991,737 — 1,064,804 
90 days or more past due— — — — — 38 1 — 39 
Total other consumer24,140 10,144 8,206 7,435 7,406 15,774 991,738 — 1,064,843 
Total consumer$795,819 $547,709 $217,412 $178,742 $93,100 $74,268 $1,368,622 $39,280 $3,314,952 

Loan modifications to borrowers experiencing financial difficulty. From time to time, Valley may extend, restructure, or otherwise modify the terms of existing loans, on a case-by-case basis, to remain competitive and retain certain customers, as well as assist other customers who may be experiencing financial difficulties. Prior to 2023, a loan was classified as a troubled debt restructuring (TDR) if the borrower was experiencing financial difficulties and a concession has been made at the time of such modification.
Effective January 1, 2023, Valley adopted ASU No. 2022-02 which eliminated the accounting guidance for TDR loans while enhancing disclosure requirements for certain loan modifications by creditors when a borrower is experiencing financial difficulty. Valley adopted ASU No. 2022-02 using the modified retrospective transition method. At the date of adoption, Valley was no longer required to utilize a loan-level discounted cash flow approach for determining the allowance for certain modified loans previously classified as TDR loans. As a result, Valley elected to utilize its collective reserve methodology for pools of loans that share common risk characteristic for determining the reserves for the modified loans formerly classified as TDR loans. This change resulted in the recognition of a cumulative-effect adjustment which decreased the allowance for loan losses with an offsetting entry to retained earnings, net of deferred taxes, at January 1, 2023.
The following table shows the amortized cost basis of loans to borrowers experiencing financial difficulty at June 30, 2023 that were modified during the three and six months ended June 30, 2023, disaggregated by class of financing receivable and type of modification. Each of the types of modifications was less than one percent of their respective loan categories.
Three Months Ended
June 30, 2023		Six Months Ended
June 30, 2023
Term extensionTerm extension and interest rate reductionTotalTerm extensionTerm extension and interest rate reductionTotal
 ($ in thousands)
Commercial and industrial$37,762 $1,482 $39,244 $39,033 $2,003 $41,036 
Commercial real estate3,512 3,754 7,266 49,617 3,754 53,371 
Residential mortgage578 — 578 790 — 790 
Consumer— — — 53 — 53 
Total$41,852 $5,236 $47,088 $89,493 $5,757 $95,250 
The following table describes the types of modifications made to borrowers experiencing financial difficulty during the three and six months ended June 30, 2023:
Types of Modifications
Commercial and industrial
12 month term extensions; and one 12 month term extension combined with a reduction in interest rate from 9.38 percent to 6.50 percent
Commercial real estate
6 to 36 month term extensions and one term extension combined with a reduction in interest rate from 8.75 percent to 6.00 percent
Residential mortgage
12 month term extensions
Consumer
60 month term extensions
Valley closely monitors the performance of modified loans to borrowers experiencing financial difficulty to understand the effectiveness of modification efforts. All loans to borrowers experiencing financial difficulty that have been modified during the three and six months ended June 30, 2023 were current to their contractual payments as of June 30, 2023.
Valley did not extend any commitments to lend additional funds to borrowers experiencing financial difficulty whose loans had been modified during the three and six months ended June 30, 2023.
Troubled debt restructured loans. The following tables present the pre- and post-modification amortized cost of TDR loans by loan class during the three and six months ended June 30, 2022. Post-modification amounts are presented as of June 30, 2022 using the allowance methodology for TDRs prior to the adoption of ASU 2022-02.
Three Months Ended
June 30, 2022
Troubled Debt RestructuringsNumber
of
Contracts		Pre-Modification
Outstanding Recorded Investment		Post-Modification
Outstanding Recorded Investment
 ($ in thousands)
Commercial and industrial49 $82,120 $78,051 
Commercial real estate1 8,811 8,735 
Residential mortgage7 4,970 4,969 
Consumer1 125 124 
Total58 $96,026 $91,879 
Six Months Ended
June 30, 2022
Troubled Debt RestructuringsNumber
of
Contracts		Pre-Modification
Outstanding Recorded Investment		Post-Modification
Outstanding Recorded Investment
 ($ in thousands)
Commercial and industrial60 $91,804 $87,685 
Commercial real estate3 14,072 13,986 
Residential mortgage8 5,090 5,087 
Consumer1 125 124 
Total72 $111,091 $106,882 
The total TDRs presented in the above tables had allocated allowance for loan losses of $56.0 million at June 30, 2022. There were $1.5 million in charge-offs related to TDRs for the three and six months ended June 30, 2022. Valley did not extend any commitments to lend additional funds to borrowers whose loans have been modified as TDRs during the three and six months ended June 30, 2022.
Performing TDRs (not reported as non-accrual loans) and non-performing TDRs totaled $67.3 million and $154.4 million as of June 30, 2022.
Loans modified as TDRs within the previous 12 months and for which there was a payment default (90 or more days past due) for the three and six months ended June 30, 2022 were as follows:
 Three Months Ended
June 30, 2022		Six Months Ended
June 30, 2022
Troubled Debt Restructurings Subsequently DefaultedNumber of
Contracts		Recorded
Investment		Number of
Contracts		Recorded
Investment
 ($ in thousands)
Construction2 $17,599 2 $17,599 
Total2 $17,599 2 $17,599 
Loans in process of foreclosure. Other real estate owned (OREO) totaled $824 thousand and $286 thousand at June 30, 2023 and December 31, 2022, respectively. There were no foreclosed residential real estate properties included in OREO at June 30, 2023 and December 31, 2022. Residential mortgage and consumer loans secured by residential real estate properties for which formal foreclosure proceedings are in process totaled $454 thousand and $2.6 million at June 30, 2023 and December 31, 2022, respectively.
Collateral dependent loans. Loans are collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. When Valley determines that foreclosure is probable, the collateral dependent loan balances are written down to the estimated current fair value (less estimated selling costs) resulting in an immediate charge-off to the allowance, excluding any consideration for personal guarantees that may be pursued in the Bank’s collection process.
The following table presents collateral dependent loans by class as of June 30, 2023 and December 31, 2022:
 June 30,
2023		December 31,
2022
 (in thousands)
Collateral dependent loans:
Commercial and industrial *$77,364 $94,433 
Commercial real estate138,032 130,199 
Residential mortgage16,151 33,865 
Home equity— 195 
Total $231,547 $258,692 
* Commercial and industrial loans presented in the table above are primarily collateralized by taxi medallions.
Allowance for Credit Losses for Loans
The allowance for credit losses (ACL) for loans consists of the allowance for loan losses and the allowance for unfunded credit commitments. The ACL for loans decreased $24.6 million at June 30, 2023 as compared to December 31, 2022.
The following table summarizes the ACL for loans at June 30, 2023 and December 31, 2022: 
June 30,
2023		December 31,
2022
 (in thousands)
Components of allowance for credit losses for loans:
Allowance for loan losses$436,432 $458,655 
Allowance for unfunded credit commitments22,244 24,600 
Total allowance for credit losses for loans$458,676 $483,255 
The following table summarizes the provision for credit losses for loans for the periods indicated:
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2023202220232022
 (in thousands)
Components of provision for credit losses for loans:
Provision for loan losses$8,159 $38,310 $18,138 $41,568 
(Credit) provision for unfunded credit commitments(1,827)5,402 (2,356)5,644 
Total provision for credit losses for loans$6,332 $43,712 $15,782 $47,212 
The following table details the activity in the allowance for loan losses by loan portfolio segment for the three and six months ended June 30, 2023 and 2022: 
Commercial
and Industrial		Commercial
Real Estate		Residential
Mortgage		ConsumerTotal
 (in thousands)
Three Months Ended
June 30, 2023
Allowance for loan losses:
Beginning balance$127,992 $243,332 $41,708 $23,866 $436,898 
Loans charged-off(3,865)(6,273)(149)(1,040)(11,327)
Charged-off loans recovered 2,173 4 135 390 2,702 
Net charge-offs(1,692)(6,269)(14)(650)(8,625)
Provision for loan losses1,945 2,632 2,459 1,123 8,159 
Ending balance$128,245 $239,695 $44,153 $24,339 $436,432 
Three Months Ended
June 30, 2022
Allowance for loan losses:
Beginning balance$101,203 $219,949 $28,189 $13,169 $362,510 
Allowance for purchased credit deteriorated (PCD) loans *33,452 36,618 206 43 70,319 
Loans charged-off (4,540)— (1)(726)(5,267)
Charged-off loans recovered 1,952 224 74 697 2,947 
Net (charge-offs) recoveries(2,588)224 73 (29)(2,320)
Provision for loan losses12,472 20,436 1,421 3,981 38,310 
Ending balance$144,539 $277,227 $29,889 $17,164 $468,819 
Six Months Ended
June 30, 2023
Allowance for loan losses:
Beginning balance$139,941 $259,408 $39,020 $20,286 $458,655 
Impact of the adoption of ASU No. 2022-02
(739)(589)(12)(28)(1,368)
Beginning balance, adjusted$139,202 $258,819 $39,008 $20,258 $457,287 
Loans charged-off(29,912)(11,971)(149)(1,868)(43,900)
Charged-off loans recovered 3,572 28 156 1,151 4,907 
Net (charge-offs) recoveries(26,340)(11,943)7 (717)(38,993)
Provision (credit) for loan losses15,383 (7,181)5,138 4,798 18,138 
Ending balance$128,245 $239,695 $44,153 $24,339 $436,432 
Six Months Ended
June 30, 2022
Allowance for loan losses:
Beginning balance$103,090 $217,490 $25,120 $13,502 $359,202 
Allowance for PCD loans *33,452 36,618 206 43 70,319 
Loans charged-off (6,111)(173)(27)(1,551)(7,862)
Charged-off loans recovered 2,776 331 531 1,954 5,592 
Net (charge-offs) recoveries(3,335)158 504 403 (2,270)
Provision for loan losses11,332 22,961 4,059 3,216 41,568 
Ending balance$144,539 $277,227 $29,889 $17,164 $468,819 
*    Represents the allowance for acquired PCD loans, net of PCD loan charge-offs totaling $62.4 million in the second quarter 2022.
The following table represents the allocation of the allowance for loan losses and the related loans by loan portfolio segment disaggregated based on the allowance measurement methodology at June 30, 2023 and December 31, 2022.
Commercial and IndustrialCommercial
Real Estate		Residential
Mortgage		ConsumerTotal
 (in thousands)
June 30, 2023
Allowance for loan losses:
Individually evaluated for credit losses$54,311 $6,749 $34 $— $61,094 
Collectively evaluated for credit losses73,934 232,946 44,119 24,339 375,338 
Total$128,245 $239,695 $44,153 $24,339 $436,432 
Loans:
Individually evaluated for credit losses$77,364 $138,032 $16,151 $— $231,547 
Collectively evaluated for credit losses9,209,945 31,470,801 5,544,205 3,420,750 49,645,701 
Total$9,287,309 $31,608,833 $5,560,356 $3,420,750 $49,877,248 
December 31, 2022
Allowance for loan losses:
Individually evaluated for credit losses$68,745 $13,174 $337 $4,338 $86,594 
Collectively evaluated for credit losses71,196 246,234 38,683 15,948 372,061 
Total$139,941 $259,408 $39,020 $20,286 $458,655 
Loans:
Individually evaluated for credit losses$117,644 $213,522 $28,869 $14,058 $374,093 
Collectively evaluated for credit losses8,687,186 29,219,346 5,335,681 3,300,894 46,543,107 
Total$8,804,830 $29,432,868 $5,364,550 $3,314,952 $46,917,200