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Allowance for Credit Losses (Tables) | 12 Months Ended
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Dec. 31, 2021
Receivables [Abstract] |
Allowance for Credit Losses | The following tables summarize activity in the allowance for credit losses for the years ended December 31, 2021 and 2020 and the allowance for loan losses for the year ended December 31, 2019.
|  |  |  |  |  |  |  |  | Year ended December 31, 2021
(Dollars in thousands) |  |  |  |  |  |  |  |  | Commercial |  |  |  |  |  |  |  |  |  |  |  | Consumer |  | PCD |  | Total
Balance at January 1 |  |  |  |  |  |  |  |  | $ | 80,842 |  |  |  |  |  |  |  |  |  |  |  |  | $ | 119,485 |  |  | $ | 23,987 |  |  | $ | 224,314 |
Benefit |  |  |  |  |  |  |  |  | (1,228) |  |  |  |  |  |  |  |  |  |  |  |  | (21,278) |  |  | (14,329) |  |  | (36,835) |
Charge-offs |  |  |  |  |  |  |  |  | (15,924) |  |  |  |  |  |  |  |  |  |  |  |  | (17,181) |  |  | (2,317) |  |  | (35,422) |
Recoveries |  |  |  |  |  |  |  |  | 7,523 |  |  |  |  |  |  |  |  |  |  |  |  | 11,452 |  |  | 7,461 |  |  | 26,436 |
Balance at December 31 |  |  |  |  |  |  |  |  | $ | 71,213 |  |  |  |  |  |  |  |  |  |  |  |  | $ | 92,478 |  |  | $ | 14,802 |  |  | $ | 178,493 |
|  |  |  |  |  |  |  |  | Year ended December 31, 2020
(Dollars in thousands) |  |  |  |  |  |  |  |  | Commercial |  |  |  |  |  |  |  |  |  |  |  | Consumer |  | PCD |  | Total
Balance at January 1 |  |  |  |  |  |  |  |  | $ | 142,369 |  |  |  |  |  |  |  |  |  |  |  |  | $ | 75,236 |  |  | $ | 7,536 |  |  | $ | 225,141 |
Adoption of ASC 326 |  |  |  |  |  |  |  |  | (87,554) |  |  |  |  |  |  |  |  |  |  |  |  | 30,629 |  |  | 19,001 |  |  | (37,924) |
Balance at January 1 |  |  |  |  |  |  |  |  | 54,815 |  |  |  |  |  |  |  |  |  |  |  |  | 105,865 |  |  | 26,537 |  |  | 187,217 |
Provision (benefit) |  |  |  |  |  |  |  |  | 37,763 |  |  |  |  |  |  |  |  |  |  |  |  | 27,791 |  |  | (7,202) |  |  | 58,352 |
Initial allowance on PCD loans |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | 1,193 |  |  | 1,193 |
Charge-offs |  |  |  |  |  |  |  |  | (17,586) |  |  |  |  |  |  |  |  |  |  |  |  | (24,219) |  |  | (3,300) |  |  | (45,105) |
Recoveries |  |  |  |  |  |  |  |  | 5,850 |  |  |  |  |  |  |  |  |  |  |  |  | 10,048 |  |  | 6,759 |  |  | 22,657 |
Balance at December 31 |  |  |  |  |  |  |  |  | $ | 80,842 |  |  |  |  |  |  |  |  |  |  |  |  | $ | 119,485 |  |  | $ | 23,987 |  |  | $ | 224,314 |
|  |  |  |  |  |  |  |  | Year ended December 31, 2019
(Dollars in thousands) |  |  |  |  |  |  |  |  | Commercial |  |  |  |  |  |  |  |  |  |  |  | Consumer |  | PCI |  | Total
Balance at January 1 |  |  |  |  |  |  |  |  | $ | 139,043 |  |  |  |  |  |  |  |  |  |  |  |  | $ | 75,525 |  |  | $ | 9,144 |  |  | $ | 223,712 |
Provision (benefit) |  |  |  |  |  |  |  |  | 13,386 |  |  |  |  |  |  |  |  |  |  |  |  | 19,663 |  |  | (1,608) |  |  | 31,441 |
Charge-offs |  |  |  |  |  |  |  |  | (14,744) |  |  |  |  |  |  |  |  |  |  |  |  | (28,283) |  |  | — |  |  | (43,027) |
Recoveries |  |  |  |  |  |  |  |  | 4,684 |  |  |  |  |  |  |  |  |  |  |  |  | 8,331 |  |  | — |  |  | 13,015 |
Balance at December 31 |  |  |  |  |  |  |  |  | $ | 142,369 |  |  |  |  |  |  |  |  |  |  |  |  | $ | 75,236 |  |  | $ | 7,536 |  |  | $ | 225,141 |
Activity in the allowance for credit losses for unfunded commitments is summarized as follows:
(Dollars in thousands) | December 31, 2021 |  | December 31, 2020
Allowance for credit losses: |  |  |
Beginning balance | $ | 12,814 |  |  | $ | 1,055 |
Adoption of ASC 326 | — |  |  | 8,885 |
Adjusted beginning balance | $ | 12,814 |  |  | $ | 9,940 |
(Benefit) provision | (999) |  |  | 2,874 |
Ending balance | 11,815 |  |  | 12,814 |
The following table presents information on collateral-dependent loans by class and includes the amortized cost of collateral-dependent loans and leases, the net realizable value of the collateral, the extent to which collateral secures collateral-dependent loans and the associated ACL as of December 31, 2021 and 2020.
| December 31, 2021
(Dollars in thousands) | Collateral-Dependent Loans |  | Net Realizable Value of Collateral |  | Collateral Coverage |  | Allowance for Credit Losses
Commercial loans: |  |  |  |  |  |  |
Construction and land development | $ | 1,424 |  |  | $ | 1,964 |  |  | 137.9 | % |  | $ | — |
Owner occupied commercial mortgage | 3,461 |  |  | 4,370 |  |  | 126.3 |  |  | — |
Non-owner occupied commercial mortgage | 2,056 |  |  | 2,118 |  |  | 103.0 |  |  | — |
Commercial and industrial and leases | 2,665 |  |  | 5,208 |  |  | 195.4 |  |  | 941 |
Total commercial loans | 9,606 |  |  | 13,660 |  |  | 142.2 |  |  | 941 |
Consumer: |  |  |  |  |  |  |
Residential mortgage | 5,323 |  |  | 7,353 |  |  | 138.1 |  |  | — |
Total non-PCD loans | 14,929 |  |  | 21,013 |  |  | 140.8 |  |  | 941 |
PCD | 4,864 |  |  | 21,099 |  |  | 433.8 |  |  | — |
Total collateral-dependent loans | $ | 19,793 |  |  | $ | 42,112 |  |  | 212.8 | % |  | $ | 941 |
| December 31, 2020
(Dollars in thousands) | Collateral-Dependent Loans |  | Net Realizable Value of Collateral |  | Collateral Coverage |  | Allowance for Credit Losses
Commercial loans: |  |  |  |  |  |  |
Construction and land development | $ | 1,424 |  |  | $ | 1,795 |  |  | 126.1 | % |  | $ | — |
Owner occupied commercial mortgage | 9,792 |  |  | 14,253 |  |  | 145.6 |  |  | — |
Non-owner occupied commercial mortgage | 5,556 |  |  | 7,577 |  |  | 136.4 |  |  | — |
Total commercial loans | 16,772 |  |  | 23,625 |  |  | 140.9 |  |  | — |
Consumer: |  |  |  |  |  |  |
Residential mortgage | 23,011 |  |  | 29,775 |  |  | 129.4 |  |  | 131 |
Total non-PCD loans | 39,783 |  |  | 53,400 |  |  | 134.2 |  |  | 131 |
PCD | 19,042 |  |  | 27,872 |  |  | 146.4 |  |  | — |
Total collateral-dependent loans | $ | 58,825 |  |  | $ | 81,272 |  |  | 138.2 | % |  | $ | 131 |
Troubled Debt Restructuring, Summary of Accrual Status | The following tables provides a summary of total TDRs by accrual status.
| December 31, 2021 |  | December 31, 2020 |  |  |  |
(Dollars in thousands) | Accruing |  | Nonaccruing |  | Total |  | Accruing |  | Nonaccruing |  | Total |  |  |  |  |  |  |  |  |  |  |  |
Commercial loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction and land development | $ | 328 |  |  | $ | 29 |  |  | $ | 357 |  |  | $ | 578 |  |  | $ | 54 |  |  | $ | 632 |  |  |  |  |  |  |  |  |  |  |  |  |
Owner occupied commercial mortgage | 43,593 |  |  | 6,231 |  |  | 49,824 |  |  | 37,574 |  |  | 10,889 |  |  | 48,463 |  |  |  |  |  |  |  |  |  |  |  |  |
Non-owner occupied commercial mortgage | 21,278 |  |  | 2,741 |  |  | 24,019 |  |  | 18,336 |  |  | 1,649 |  |  | 19,985 |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial and leases | 11,723 |  |  | 9,384 |  |  | 21,107 |  |  | 29,131 |  |  | 3,528 |  |  | 32,659 |  |  |  |  |  |  |  |  |  |  |  |  |
Total commercial loans | 76,922 |  |  | 18,385 |  |  | 95,307 |  |  | 85,619 |  |  | 16,120 |  |  | 101,739 |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage | 20,635 |  |  | 12,262 |  |  | 32,897 |  |  | 29,458 |  |  | 19,380 |  |  | 48,838 |  |  |  |  |  |  |  |  |  |  |  |  |
Revolving mortgage | 16,322 |  |  | 6,395 |  |  | 22,717 |  |  | 20,124 |  |  | 7,128 |  |  | 27,252 |  |  |  |  |  |  |  |  |  |  |  |  |
Construction and land development | 961 |  |  | 259 |  |  | 1,220 |  |  | 1,573 |  |  | 9 |  |  | 1,582 |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer auto | 1,827 |  |  | 455 |  |  | 2,282 |  |  | 2,018 |  |  | 696 |  |  | 2,714 |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer other | 713 |  |  | 76 |  |  | 789 |  |  | 955 |  |  | 137 |  |  | 1,092 |  |  |  |  |  |  |  |  |  |  |  |  |
Total consumer loans | 40,458 |  |  | 19,447 |  |  | 59,905 |  |  | 54,128 |  |  | 27,350 |  |  | 81,478 |  |  |  |  |  |  |  |  |  |  |  |  |
PCD loans | 29,401 |  |  | 9,935 |  |  | 39,336 |  |  | 17,617 |  |  | 7,346 |  |  | 24,963 |  |  |  |  |  |  |  |  |  |  |  |  |
Total loans | $ | 146,781 |  |  | $ | 47,767 |  |  | $ | 194,548 |  |  | $ | 157,364 |  |  | $ | 50,816 |  |  | $ | 208,180 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | December 31, 2019
(Dollars in thousands) |  |  |  |  |  |  | Accruing |  | Nonaccruing |  | Total
Commercial loans: |  |  |  |  |  |  |  |  |  |  |
Construction and land development |  |  |  |  |  |  | $ | 487 |  |  | $ | 2,279 |  |  | $ | 2,766 |
Commercial mortgage |  |  |  |  |  |  | 50,819 |  |  | 11,116 |  |  | 61,935 |
Other commercial real estate |  |  |  |  |  |  | 571 |  |  | — |  |  | 571 |
Commercial and industrial and leases |  |  |  |  |  |  | 9,430 |  |  | 2,409 |  |  | 11,839 |
Other |  |  |  |  |  |  | 320 |  |  | 105 |  |  | 425 |
Total commercial loans |  |  |  |  |  |  | 61,627 |  |  | 15,909 |  |  | 77,536 |
Noncommercial: |  |  |  |  |  |  |  |  |  |  |
Residential mortgage |  |  |  |  |  |  | 41,813 |  |  | 16,048 |  |  | 57,861 |
Revolving mortgage |  |  |  |  |  |  | 21,032 |  |  | 7,367 |  |  | 28,399 |
Construction and land development |  |  |  |  |  |  | 1,452 |  |  | 2,430 |  |  | 3,882 |
Consumer |  |  |  |  |  |  | 2,826 |  |  | 688 |  |  | 3,514 |
Total noncommercial loans |  |  |  |  |  |  | 67,123 |  |  | 26,533 |  |  | 93,656 |
Total loans |  |  |  |  |  |  | $ | 128,750 |  |  | $ | 42,442 |  |  | $ | 171,192 |
Troubled Debt Restructurings on Financing Receivables | The following table summarizes the loan restructurings as of December 31, 2021, 2020 and 2019 that were designated as TDRs. BancShares defines payment default as movement of the TDR to nonaccrual status, which is generally 90 days past due, foreclosure or charge-off, whichever occurs first.
| 2021 |  | 2020 |  | 2019
| Restructurings |  |  |  | Restructurings |  |  |  | Restructurings |  |
(Dollars in thousands) | Number of loans | Amortized cost at period end |  |  |  |  | Number of loans | Amortized cost at period end |  |  |  |  | Number of loans | Amortized cost at period end |  |  |
Loans and leases |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest only period provided |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial loans | 19 | $ | 17,847 |  |  |  |  |  | 31 | $ | 28,145 |  |  |  |  |  | 11 | $ | 1,595 |  |  |  |
Consumer loans | 1 | 297 |  |  |  |  |  | 6 | 4,169 |  |  |  |  |  | 7 | 4,018 |  |  |  |
Total interest only | 20 | 18,144 |  |  |  |  |  | 37 | 32,314 |  |  |  |  |  | 18 | 5,613 |  |  |  |
Loan term extension |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial loans | 23 | 6,717 |  |  |  |  |  | 26 | 5,444 |  |  |  |  |  | 16 | 3,904 |  |  |  |
Consumer loans | 106 | 8,803 |  |  |  |  |  | 66 | 5,689 |  |  |  |  |  | 2 | 342 |  |  |  |
Total loan term extension | 129 | 15,520 |  |  |  |  |  | 92 | 11,133 |  |  |  |  |  | 18 | 4,246 |  |  |  |
Below market interest rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial loans | 97 | 17,082 |  |  |  |  |  | 98 | 33,870 |  |  |  |  |  | 90 | 13,932 |  |  |  |
Consumer loans | 80 | 3,188 |  |  |  |  |  | 156 | 6,074 |  |  |  |  |  | 176 | 12,458 |  |  |  |
Total below market interest rate | 177 | 20,270 |  |  |  |  |  | 254 | 39,944 |  |  |  |  |  | 266 | 26,390 |  |  |  |
Discharged from bankruptcy |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial loans | 32 | 5,955 |  |  |  |  |  | 30 | 1,168 |  |  |  |  |  | 25 | 5,571 |  |  |  |
Consumer loans | 96 | 3,675 |  |  |  |  |  | 186 | 8,129 |  |  |  |  |  | 178 | 10,349 |  |  |  |
Total discharged from bankruptcy | 128 | 9,630 |  |  |  |  |  | 216 | 9,297 |  |  |  |  |  | 203 | 15,920 |  |  |  |
Total restructurings | 454 | $ | 63,564 |  |  |  |  |  | 599 | $ | 92,688 |  |  |  |  |  | 505 | $ | 52,169 |  |  |  |

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