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Allowance for Credit Losses (ACL)
12 Months Ended
Dec. 31, 2023
Allowance for Credit Losses (ACL)  
Allowance for Credit Losses (ACL)

Note 5—Allowance for Credit Losses (ACL)

See Note 1Summary of Significant Accounting Policies for further detailed descriptions of our estimation process and methodology related to the allowance for credit losses.

The following table presents a disaggregated analysis of activity in the allowance for credit losses as follows:

Residential

Residential

Residential

Comm Constr.

CRE Owner

Non Owner

(Dollars in thousands)

Mortgage Sr.

Mortgage Jr.

HELOC

Construction

& Dev.

Consumer

Multifamily

Municipal

Occupied

Occupied CRE

C & I

Total

Year Ended December 31, 2023

Allowance for credit losses:

Balance at end of period December 31, 2022

$

72,188

$

405

$

14,886

$

8,974

$

45,410

$

22,767

$

3,684

$

849

$

58,083

$

78,485

$

50,713

$

356,444

Charge-offs

 

(187)

 

 

(177)

 

 

(225)

 

(12,042)

 

 

 

(126)

(304)

(27,587)

 

(40,648)

Recoveries

 

922

 

108

 

1,250

 

128

 

687

 

2,247

 

41

 

 

938

962

8,499

 

15,782

Net (charge offs) recoveries

735

108

1,073

128

462

(9,795)

41

812

658

(19,088)

(24,866)

Provision (benefit) (1)

 

5,129

 

232

 

(5,017)

 

(4,078)

 

19,900

 

10,359

 

10,041

 

51

 

12,685

57,912

17,781

 

124,995

Balance at end of period December 31, 2023

$

78,052

$

745

$

10,942

$

5,024

$

65,772

$

23,331

$

13,766

$

900

$

71,580

$

137,055

$

49,406

$

456,573

Year Ended December 31, 2022

Allowance for credit losses:

Balance at end of period December 31, 2021

$

47,036

$

611

$

13,325

$

4,997

$

37,593

$

23,149

$

4,921

$

565

$

61,794

$

79,649

$

28,167

$

301,807

Initial Allowance for PCD loans acquired during period

811

86

2,409

10,452

13,758

Initial Allowance for Non PCD loans acquired during period

352

26

132

2

1,887

51

426

2,519

2,697

5,605

13,697

Charge-offs

 

(197)

 

(19)

 

(445)

 

(21)

 

(4)

 

(10,214)

 

 

 

(1,976)

(368)

(10,202)

 

(23,446)

Recoveries

 

1,233

 

231

 

3,981

 

8

 

1,104

 

2,426

 

 

 

1,327

581

8,282

 

19,173

Net recoveries (charge offs)

1,036

212

3,536

(13)

1,100

(7,788)

(649)

213

(1,920)

(4,273)

Provision (benefit) (1)

 

22,953

 

(444)

 

(2,107)

 

3,988

 

4,744

 

7,355

 

(1,663)

 

284

 

(7,990)

(4,074)

8,409

 

31,455

Balance at end of period December 31, 2022

$

72,188

$

405

$

14,886

$

8,974

$

45,410

$

22,767

$

3,684

$

849

$

58,083

$

78,485

$

50,713

$

356,444

Year Ended December 31, 2021

Allowance for credit losses:

Balance at end of period December 31, 2020

$

63,561

$

1,238

$

16,698

$

4,914

$

67,197

$

26,562

$

7,887

$

1,510

$

97,104

$

124,421

$

46,217

$

457,309

Charge-offs

 

(204)

 

 

(1,002)

 

(29)

 

(87)

 

(8,809)

 

 

 

(2,052)

(863)

(3,853)

 

(16,899)

Recoveries

 

1,547

 

146

 

2,256

 

60

 

1,861

 

2,075

 

3

 

 

970

1,070

3,812

 

13,800

Net recoveries (charge offs)

1,343

146

1,254

31

1,774

(6,734)

3

(1,082)

207

(41)

(3,099)

Provision (benefit) (1)

 

(17,868)

 

(773)

 

(4,627)

 

52

 

(31,378)

 

3,321

 

(2,969)

 

(945)

 

(34,228)

(44,979)

(18,009)

 

(152,403)

Balance at end of period December 31, 2021

$

47,036

$

611

$

13,325

$

4,997

$

37,593

$

23,149

$

4,921

$

565

$

61,794

$

79,649

$

28,167

$

301,807

(1)A negative provision (recovery) for credit losses of $10.9 million was recorded during 2023 compared to a provision for credit losses of $36.7 million recorded during 2022 and a negative provision (recovery) for credit losses of $12.9 million during 2021 for the release for unfunded commitments, which is not included in the table above.