Allowance for Credit Losses (ACL) |
Note 5—Allowance for Credit Losses (ACL) See Note 1—Summary 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. |
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