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Allowance for Credit Losses (ACL) | 3 Months Ended
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Mar. 31, 2025
Allowance for Credit Losses (ACL) |
Allowance for Credit Losses (ACL) | Note 7 — Allowance for Credit Losses (ACL) See Note 2 — 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 for the three months ended March 31, 2025 and 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
Three Months Ended March 31, 2025 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Allowance for credit losses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance at end of period December 31, 2024 | ​ | $ | 42,687 | ​ | $ | 432 | ​ | $ | 14,845 | ​ | $ | 9,298 | ​ | $ | 65,553 | ​ | $ | 17,484 | ​ | $ | 22,279 | ​ | $ | 1,197 | ​ | $ | 78,753 | ​ | $ | 111,538 | ​ | $ | 101,214 | ​ | $ | 465,280
Allowance Adjustment - FMV for Independent merger | ​ | ​ | 1,852 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 6,448 | ​ | ​ | 114 | ​ | ​ | 3,561 | ​ | ​ | — | ​ | ​ | 8,075 | ​ | ​ | 93,820 | ​ | ​ | 4,773 | ​ | ​ | 118,643
Initial Allowance for Non-PCD loans acquired during period | ​ | ​ | 8,910 | ​ | ​ | 85 | ​ | ​ | 91 | ​ | ​ | 4,700 | ​ | ​ | 11,751 | ​ | ​ | 254 | ​ | ​ | 3,805 | ​ | ​ | 1,947 | ​ | ​ | 3,186 | ​ | ​ | 31,557 | ​ | ​ | 13,685 | ​ | ​ | 79,971
Independent Day 1 Loan Charge-offs PCD (1) | ​ | ​ | (61) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (2,323) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (1,302) | ​ | ​ | (13,556) | ​ | ​ | (22,187) | ​ | ​ | (39,429)
Charge-offs | ​ |  | (507) | ​ |  | (13) | ​ |  | (229) | ​ |  | — | ​ |  | — | ​ |  | (1,805) | ​ |  | — | ​ |  | — | ​ |  | (204) | ​ | ​ | — | ​ | ​ | (4,664) | ​ |  | (7,422)
Recoveries | ​ |  | 200 | ​ |  | 24 | ​ |  | 380 | ​ |  | — | ​ |  | 98 | ​ |  | 830 | ​ |  | — | ​ |  | — | ​ |  | 50 | ​ | ​ | 96 | ​ | ​ | 1,304 | ​ |  | 2,982
Net (charge-offs) recoveries | ​ | ​ | (368) | ​ |  | 11 | ​ |  | 151 | ​ |  | — | ​ |  | 98 | ​ |  | (3,298) | ​ |  | — | ​ |  | — | ​ |  | (1,456) | ​ | ​ | (13,460) | ​ | ​ | (25,547) | ​ | ​ | (43,869)
Provision (recovery) (2) | ​ |  | 1,245 | ​ |  | 265 | ​ |  | (219) | ​ |  | (1,443) | ​ |  | (5,309) | ​ |  | 1,750 | ​ |  | 4,315 | ​ |  | (2,037) | ​ |  | 13,098 | ​ | ​ | (51,121) | ​ | ​ | 43,121 | ​ |  | 3,665
Balance at end of period March 31, 2025 | ​ | $ | 54,326 | ​ | $ | 793 | ​ | $ | 14,868 | ​ | $ | 12,555 | ​ | $ | 78,541 | ​ | $ | 16,304 | ​ | $ | 33,960 | ​ | $ | 1,107 | ​ | $ | 101,656 | ​ | $ | 172,334 | ​ | $ | 137,246 | ​ | $ | 623,690
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three Months Ended March 31, 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Allowance for credit losses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance at end of period December 31, 2024 | ​ | $ | 78,052 | ​ | $ | 745 | ​ | $ | 10,942 | ​ | $ | 5,024 | ​ | $ | 65,772 | ​ | $ | 23,331 | ​ | $ | 13,766 | ​ | $ | 900 | ​ | $ | 71,580 | ​ | $ | 137,055 | ​ | $ | 49,406 | ​ | $ | 456,573
Charge-offs | ​ |  | (343) | ​ |  | — | ​ |  | (110) | ​ |  | (304) | ​ |  | (1,475) | ​ |  | (2,497) | ​ |  | — | ​ |  | — | ​ |  | — | ​ | ​ | (71) | ​ | ​ | (3,140) | ​ |  | (7,940)
Recoveries | ​ |  | 123 | ​ |  | 39 | ​ |  | 292 | ​ |  | 7 | ​ |  | 1,007 | ​ |  | 1,125 | ​ |  | 25 | ​ |  | — | ​ |  | 103 | ​ | ​ | 10 | ​ | ​ | 2,530 | ​ |  | 5,261
Net (charge-offs) recoveries | ​ | ​ | (220) | ​ | ​ | 39 | ​ | ​ | 182 | ​ | ​ | (297) | ​ | ​ | (468) | ​ | ​ | (1,372) | ​ | ​ | 25 | ​ | ​ | — | ​ | ​ | 103 | ​ | ​ | (61) | ​ | ​ | (610) | ​ | ​ | (2,679)
Provision (recovery) (2) | ​ |  | 9,652 | ​ |  | 446 | ​ |  | 600 | ​ |  | (175) | ​ |  | (4,444) | ​ |  | 1,394 | ​ |  | 3,221 | ​ |  | (24) | ​ |  | 914 | ​ | ​ | (2,296) | ​ | ​ | 6,472 | ​ |  | 15,760
Balance at end of period March 31, 2024 | ​ | $ | 87,484 | ​ | $ | 1,230 | ​ | $ | 11,724 | ​ | $ | 4,552 | ​ | $ | 60,860 | ​ | $ | 23,353 | ​ | $ | 17,012 | ​ | $ | 876 | ​ | $ | 72,597 | ​ | $ | 134,698 | ​ | $ | 55,268 | ​ | $ | 469,654
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
| (1) | The Day 1 loan charge-offs for Independent loans were recorded to conform with the Company’s charge-off policies and practices.
| (2) | A provision for credit losses for unfunded commitments of $16.9 million, including $12.1 million for the initial provision for credit losses recorded for unfunded commitments acquired from Independent, was recorded during the first quarter of 2025, compared to a negative provision for credit losses of ($3.1) million recorded during the first quarter of 2024, that is not included in the above table.
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