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Allowance for Credit Losses on Loans and Leases | 12 Months Ended
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Dec. 31, 2020
Allowance For Credit Losses On Loans And Leases [Abstract] |
Allowance for Credit Losses on Loans and Leases | NOTE 6: ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LEASES Allowance for Credit Losses on Loans and Leases The following table summarizes activity in the allowance for loan and lease losses for the periods indicated:
|  |  | Twelve Months Ended December 31, |
|  |  | 2020 |  |  | 2019 |
(in thousands) |  |  | Mortgage |  |  |  | Other |  |  |  | Total |  |  | Mortgage |  |  | Other |  |  | Total |
Balance, beginning of period |  | $ |  | 122,694 |  |  | $ |  | 24,944 |  |  | $ |  | 147,638 |  |  | $ | 130,983 |  |  | $ | 28,837 |  |  | $ | 159,820 |
Impact of CECL adoption |  |  |  | 99 |  |  |  |  | 1,812 |  |  |  |  | 1,911 |  |  |  | — |  |  |  | — |  |  |  | — |
Adjusted balance, beginning of period |  |  |  | 122,793 |  |  |  |  | 26,756 |  |  |  |  | 149,549 |  |  |  | 130,983 |  |  |  | 28,837 |  |  |  | 159,820 |
Charge-offs |  |  |  | (1,872 | ) |  |  |  | (20,306 | ) |  |  |  | (22,178 | ) |  |  | (1,613 | ) |  |  | (18,694 | ) |  |  | (20,307 | )
Recoveries |  |  |  | 1,172 |  |  |  |  | 2,221 |  |  |  |  | 3,393 |  |  |  | 61 |  |  |  | 959 |  |  |  | 1,020 |
Provision for (recovery of) credit losses on loans and leases |  |  |  | 54,445 |  |  |  |  | 8,834 |  |  |  |  | 63,279 |  |  |  | (6,737 | ) |  |  | 13,842 |  |  |  | 7,105 |
Balance, end of period |  | $ |  | 176,538 |  |  | $ |  | 17,505 |  |  | $ |  | 194,043 |  |  | $ | 122,694 |  |  | $ | 24,944 |  |  | $ | 147,638 |
At December 31, 2020, the allowance for credit losses on loans and leases totaled $194.0 million, up $46.4 million compared to December 31, 2019, driven by a provision for credit losses of $63.3 million that exceeded net charge-offs by $44.5 million during the year 2020. Separately, at December 31, 2019, the Company had an allowance for unfunded commitments of $461,000. With the adoption of CECL on January 1, 2020, The Company recognized a “Day 1” transition adjustment of $12.5 million. At December 31, 2020, the allowance for unfunded commitments totaled $11.9 million. For the year ended December 31, 2020 the allowance for credit losses on loans and leases increased primarily due to negative changes in the macroeconomic factors surrounding the COVID-19 pandemic, specifically the resultant estimated decreases in property values. The forecast scenario includes low single digit growth of Gross Domestic Product (“GDP”), while unemployment remains elevated into the forecasted time horizon. In addition to these quantitative inputs, several qualitative factors were considered, including the risk that the economic decline proves to be more severe and/or prolonged than our baseline forecast which also increased our allowance for loan and lease losses. The impact of the unprecedented fiscal stimulus and changes to federal and local laws and regulations, including changes to various government sponsored loan programs, was also considered. The Company charges off loans, or portions of loans, in the period that such loans, or portions thereof, are deemed uncollectible. The collectability of individual loans is determined through an assessment of the financial condition and repayment capacity of the borrower and/or through an estimate of the fair value of any underlying collateral. For non-real estate-related consumer credits, the following past-due time periods determine when charge-offs are typically recorded: (1) closed-end credits are charged off in the quarter that the loan becomes 120 days past due; (2) open-end credits are charged off in the quarter that the loan becomes 180 days past due; and (3) both closed-end and open-end credits are typically charged off in the quarter that the credit is 60 days past the date the Company received notification that the borrower has filed for bankruptcy. The following table presents additional information about the Company’s nonaccrual loans at December 31, 2020:
(in thousands) |  | Recorded Investment |  |  | Related Allowance |  |  | Interest Income Recognized |
Nonaccrual loans with no related allowance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Multi-family |  | $ |  | — |  |  | $ |  | — |  |  | $ |  | — |
Commercial real estate |  |  |  | 2,256 |  |  |  |  | — |  |  |  |  | — |
One-to-four family |  |  |  | 557 |  |  |  |  | — |  |  |  |  | 21 |
Acquisition, development, and construction |  |  |  | — |  |  |  |  | — |  |  |  |  | — |
Other |  |  |  | 19,821 |  |  |  |  | — |  |  |  |  | 820 |
Total nonaccrual loans with no related allowance |  | $ |  | 22,634 |  |  | $ |  | — |  |  | $ |  | 841 |
Nonaccrual loans with an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Multi-family |  | $ |  | 4,068 |  |  | $ |  | 589 |  |  | $ |  | 28 |
Commercial real estate |  |  |  | 9,886 |  |  |  |  | 133 |  |  |  |  | 52 |
One-to-four family |  |  |  | 1,139 |  |  |  |  | 370 |  |  |  |  | 14 |
Acquisition, development, and construction |  |  |  | — |  |  |  |  | — |  |  |  |  | — |
Other |  |  |  | 58 |  |  |  |  | 18 |  |  |  |  | 5 |
Total nonaccrual loans with an allowance recorded |  | $ |  | 15,151 |  |  | $ |  | 1,110 |  |  | $ |  | 99 |
Total nonaccrual loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Multi-family |  | $ |  | 4,068 |  |  | $ |  | 589 |  |  | $ |  | 28 |
Commercial real estate |  |  |  | 12,142 |  |  |  |  | 133 |  |  |  |  | 52 |
One-to-four family |  |  |  | 1,696 |  |  |  |  | 370 |  |  |  |  | 35 |
Acquisition, development, and construction |  |  |  | — |  |  |  |  | — |  |  |  |  | — |
Other |  |  |  | 19,879 |  |  |  |  | 18 |  |  |  |  | 825 |
Total nonaccrual loans |  | $ |  | 37,785 |  |  | $ |  | 1,110 |  |  | $ |  | 940 |
The following table presents additional information about the Company’s impaired loans at December 31, 2019:
(in thousands) |  | Recorded Investment |  |  | Unpaid Principal Balance |  |  | Related Allowance |  |  | Average Recorded Investment |  |  | Interest Income Recognized |
Impaired loans with no related allowance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Multi-family |  | $ | 3,577 |  |  | $ | 6,790 |  |  | $ | — |  |  | $ | 4,336 |  |  | $ | 266 |
Commercial real estate |  |  | 14,717 |  |  |  | 19,832 |  |  |  | — |  |  |  | 6,140 |  |  |  | 371 |
One-to-four family |  |  | 584 |  |  |  | 602 |  |  |  | — |  |  |  | 811 |  |  |  | 21 |
Acquisition, development, and construction |  |  | 389 |  |  |  | 1,289 |  |  |  | — |  |  |  | 3,508 |  |  |  | 364 |
Other |  |  | 37,669 |  |  |  | 114,636 |  |  |  | — |  |  |  | 39,598 |  |  |  | 2,494 |
Total impaired loans with no related allowance |  | $ | 56,936 |  |  | $ | 143,149 |  |  | $ | — |  |  | $ | 54,393 |  |  | $ | 3,516 |
Impaired loans with an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Multi-family |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Commercial real estate |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
One-to-four family |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Acquisition, development, and construction |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Other |  |  | 1,445 |  |  |  | 4,173 |  |  |  | 116 |  |  |  | 4,111 |  |  |  | 13 |
Total impaired loans with an allowance recorded |  | $ | 1,445 |  |  | $ | 4,173 |  |  | $ | 116 |  |  | $ | 4,111 |  |  | $ | 13 |
Total impaired loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Multi-family |  | $ | 3,577 |  |  | $ | 6,790 |  |  | $ | — |  |  | $ | 4,336 |  |  | $ | 266 |
Commercial real estate |  |  | 14,717 |  |  |  | 19,832 |  |  |  | — |  |  |  | 6,140 |  |  |  | 371 |
One-to-four family |  |  | 584 |  |  |  | 602 |  |  |  | — |  |  |  | 811 |  |  |  | 21 |
Acquisition, development, and construction |  |  | 389 |  |  |  | 1,289 |  |  |  | — |  |  |  | 3,508 |  |  |  | 364 |
Other |  |  | 39,114 |  |  |  | 118,809 |  |  |  | 116 |  |  |  | 43,709 |  |  |  | 2,507 |
Total impaired loans |  | $ | 58,381 |  |  | $ | 147,322 |  |  | $ | 116 |  |  | $ | 58,504 |  |  | $ | 3,529 |

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- Definition Allowance for Credit Losses on Loans and Leases. + References No definition available. + Details
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- Definition Allowance for Credit Losses on Loans and Leases. + References No definition available. + Details
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