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Allowance for Credit Losses (ACL) (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of changes in allowance for loan losses

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


	Residential		Residential				Residential		Other								CRE Owner		Non Owner
(Dollars in thousands)	Mortgage Sr.		Mortgage Jr.		HELOC		Construction		C&D		Consumer		Multifamily		Municipal		Occupied		Occupied CRE		C & I		Total
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

Allowance for credit losses:
Quantitative allowance
Collectively evaluated	$	45,575	$	611	$	12,954	$	4,989	$	37,159	$	21,887	$	4,921	$	565	$	60,353	$	77,494	$	25,702	$	292,210
Individually evaluated		150		—		91		—		434		—		—		—		590		196		1,003		2,464
Total quantitative allowance		45,725		611		13,045		4,989		37,593		21,887		4,921		565		60,943		77,690		26,705		294,674
Qualitative allowance		1,311		—		280		8		—		1,262		—		—		851		1,959		1,462		7,133
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

Year Ended December 31,2020
Allowance for credit losses:
Balance at beginning of period January 1, 2020	$	6,128	$	15	$	4,327	$	815	$	6,211	$	4,350	$	1,557	$	956	$	10,879	$	15,219	$	6,470	$	56,927
Impact of Adoption		5,455		11		3,849		779		5,588		3,490		1,391		914		9,505		13,898		6,150		51,030
Initial PCD Allowance		406		3		289		—		351		669		97				898		656		39		3,408
Adjusted CECL balance, January 1, 2020	$	11,989	$	29	$	8,465	$	1,594	$	12,150	$	8,509	$	3,045	$	1,870	$	21,282	$	29,773	$	12,659	$	111,365
Impact of merger on provision for non-PCD loans		16,712		226		4,227		4,893		7,673		3,836		1,212		919		25,393		35,067		9,284		109,442
Initial PCD Allowance		29,935		804		5,119		1,302		6,035		6,120		902		1,003		34,077		45,787		18,320		149,404
Charge-offs		(528)		(24)		(1,053)		(32)		(347)		(6,158)		—		—		(1,205)		(601)		(4,654)		(14,602)
Recoveries		1,143		455		1,251		111		1,407		1,922		71		—		1,089		518		3,810		11,777
Net charge offs		615		431		198		79		1,060		(4,236)		71		—		(116)		(83)		(844)		(2,825)
Provision (benefit) ⁽¹⁾		4,310		(252)		(1,311)		(2,954)		40,279		12,333		2,657		(2,282)		16,468		13,877		6,798		89,923
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

Allowance for credit losses:
Quantitative allowance
Collectively evaluated	$	54,656	$	1,238	$	14,625	$	4,733	$	67,188	$	18,435	$	7,887	$	685	$	91,106	$	116,571	$	38,805	$	415,929
Individually evaluated		82		—		77		—		9		120		—		—		948		6		7		1,249
Total quantitative allowance		54,738		1,238		14,702		4,733		67,197		18,555		7,887		685		92,054		116,577		38,812		417,178
Qualitative allowance		8,823		—		1,996		181		—		8,007		—		825		5,050		7,844		7,405		40,131
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

(1)

A negative provision (recovery) for credit losses of $12.9 million was recorded during 2021 compared to an additional provision for credit losses of $43.4 million, of which $9.6 million was from the initial impact from the merger with CSFL, recorded during 2020 for the allowance for credit losses for unfunded commitments that is not considered in the above table.

An aggregated analysis of the changes in allowance for loan losses, for comparative period, prior to the adoption of ASU 2016-13 is as follows:


	Non-acquired		Acquired Non-Credit		Acquired Credit
(Dollars in thousands)	Loans		Impaired Loans		Impaired Loans		Total
Year Ended December 31,2019:
Balance at beginning of period	$	51,194	$	—	$	4,604	$	55,798
Loans charged-off		(6,917)		(2,858)		—		(9,775)
Recoveries of loans previously charged off		3,367		547		—		3,914
Net charge-offs		(3,550)		(2,311)		—		(5,861)
Provision for loan losses charged to operations		9,283		2,311		1,183		12,777
Reduction due to loan removals		—		—		(723)		(723)
Balance at end of period	$	56,927	$	—	$	5,064	$	61,991

Non-acquired loans

Allowance for Credit Losses

Schedule of changes in allowance for loan losses

The following tables present a disaggregated analysis of activity in the allowance for loan losses and loan balances for non-acquired loans, for comparative period, prior to the adoption of ASU 2016-13:


	Construction		Commercial		Commercial		Consumer						Other Income
	& Land		Non-owner		Owner		Owner		Home		Commercial		Producing				Other
(Dollars in thousands)	Development		Occupied		Occupied		Occupied		Equity		& Industrial		Property		Consumer		Loans		Total
Year Ended December 31, 2019:
Allowance for loan losses:
Balance at beginning of period	$	5,682	$	8,754	$	9,369	$	11,913	$	3,434	$	7,454	$	1,446	$	3,101	$	41	$	51,194
Charge-offs		(78)		(3)		(87)		(50)		(203)		(622)		(31)		(5,843)		—		(6,917)
Recoveries		1,016		76		174		213		265		351		94		1,178		—		3,367
Provision (benefit)		(516)		1,872		1,125		520		(308)		1,156		(173)		5,511		96		9,283
Balance at end of period	$	6,104	$	10,699	$	10,581	$	12,596	$	3,188	$	8,339	$	1,336	$	3,947	$	137	$	56,927
Loans individually evaluated for impairment	$	617	$	—	$	24	$	102	$	132	$	366	$	50	$	55	$	—	$	1,346
Loans collectively evaluated for impairment	$	5,487	$	10,699	$	10,557	$	12,494	$	3,056	$	7,973	$	1,286	$	3,892	$	137	$	55,581
Loans:
Loans individually evaluated for impairment	$	35,201	$	379	$	6,575	$	5,141	$	2,461	$	6,578	$	2,024	$	173	$	—	$	58,532
Loans collectively evaluated for impairment		933,159		1,810,759		1,777,442		2,113,698		516,167		1,274,281		216,593		538,308		13,892		9,194,299
Total non-acquired loans	$	968,360	$	1,811,138	$	1,784,017	$	2,118,839	$	518,628	$	1,280,859	$	218,617	$	538,481	$	13,892	$	9,252,831

Acquired non-credit impaired loans

Allowance for Credit Losses

Schedule of changes in allowance for loan losses

The following tables present a disaggregated analysis of activity in the allowance for loan losses and loan balances for acquired non-credit impaired loans, for comparative period, prior to the adoption of ASU 2016-13:


	Construction		Commercial		Commercial		Consumer						Other Income
	& Land		Non-owner		Owner		Owner		Home		Commercial		Producing
(Dollars in thousands)	Development		Occupied		Occupied		Occupied		Equity		& Industrial		Property		Consumer		Total
Year Ended December 31, 2019
Allowance for loan losses:
Balance at beginning of period	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Charge-offs		(44)		—		(786)		(6)		(263)		(1,289)		(26)		(444)		(2,858)
Recoveries		3		—		—		26		206		190		71		51		547
Provision (benefit)		41		—		786		(20)		57		1,099		(45)		393		2,311
Balance at end of period	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Loans individually evaluated for impairment	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Loans collectively evaluated for impairment	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Loans:
Loans individually evaluated for impairment	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Loans collectively evaluated for impairment		33,569		447,441		307,193		496,431		188,732		101,880		95,697		89,484		1,760,427
Total acquired non-credit impaired loans	$	33,569	$	447,441	$	307,193	$	496,431	$	188,732	$	101,880	$	95,697	$	89,484	$	1,760,427

Acquired credit impaired loans

Allowance for Credit Losses

Schedule of changes in allowance for loan losses

The following tables present a disaggregated analysis of activity in the allowance for loan losses and loan balances for acquired credit impaired loans, for comparative period, prior to the adoption of ASU 2016-13:


			Commercial
			Real Estate-
	Commercial		Construction and		Residential				Commercial
(Dollars in thousands)	Real Estate		Development		Real Estate		Consumer		and Industrial		Total
Year Ended December 31, 2019:
Allowance for loan losses:
Balance at beginning of period	$	801	$	717	$	2,246	$	761	$	79	$	4,604
Provision for loan losses		577		(148)		716		(222)		260		1,183
Reduction due to loan removals		(1)		—		(407)		—		(315)		(723)
Balance at end of period	$	1,377	$	569	$	2,555	$	539	$	24	$	5,064
Loans individually evaluated for impairment	$	—	$	—	$	—	$	—	$	—	$	—
Loans collectively evaluated for impairment	$	1,377	$	569	$	2,555	$	539	$	24	$	5,064
Loans:*
Loans individually evaluated for impairment	$	—	$	—	$	—	$	—	$	—	$	—
Loans collectively evaluated for impairment		130,938		25,032		163,359		35,488		7,029		361,846
Total acquired credit impaired loans	$	130,938	$	25,032	$	163,359	$	35,488	$	7,029	$	361,846

* The carrying value of acquired credit impaired loans includes a non-accretable difference which is primarily associated with the assessment of credit quality of acquired loans.