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ALLOWANCE FOR CREDIT LOSSES ON LOANS AND FINANCE LEASES (Tables)
 3 Months Ended
Mar. 31, 2022
Allowance for Credit Loss [Abstract]  
Allowance For Credit Losses On Financing Receivables Table [Text Block]

The following tables present the activity in the ACL on loans and finance leases by portfolio segment for the indicated periods:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter ended March 31, 2022

Residential Mortgage Loans

 

Construction Loans

 

Commercial Mortgage Loans

 

Commercial & Industrial Loans

 

Consumer Loans

 

Total

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for credit losses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

$

74,837

 

$

4,048

 

$

52,771

 

$

34,284

 

$

103,090

 

$

269,030

Provision for credit losses - (benefit) expense

 

(4,871)

 

 

(2,214)

 

 

(22,640)

 

 

1,755

 

 

10,981

 

 

(16,989)

Charge-offs

 

(2,528)

 

 

(44)

 

 

(37)

 

 

(290)

 

 

(9,816)

 

 

(12,715)

Recoveries

 

1,382

 

 

52

 

 

44

 

 

1,035

 

 

3,608

 

 

6,121

Ending balance

$

68,820

 

$

1,842

 

$

30,138

 

$

36,784

 

$

107,863

 

$

245,447

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter ended March 31, 2021

Residential Mortgage Loans

 

Construction Loans

 

Commercial Mortgage Loans

 

Commercial & Industrial Loans

 

Consumer Loans

 

Total

 

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for credit losses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

$

120,311

 

$

5,380

 

$

109,342

 

$

37,944

 

$

112,910

 

$

385,887

Provision for credit losses - (benefit) expense

 

(4,175)

 

 

(456)

 

 

(8,820)

 

 

(5,312)

 

 

4,320

 

 

(14,443)

Charge-offs

 

(2,825)

 

 

(45)

 

 

(794)

 

 

(809)

 

 

(11,761)

 

 

(16,234)

Recoveries

 

733

 

 

36

 

 

54

 

 

264

 

 

2,639

 

 

3,726

Ending balance

$

114,044

 

$

4,915

 

$

99,782

 

$

32,087

 

$

108,108

 

$

358,936

The tables below present the ACL related to loans and finance leases and the carrying value of loans by portfolio segment as of March 31, 2022 and December 31, 2021:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2022

Residential Mortgage Loans

 

 

 

 

Commercial Mortgage Loans

 

Commercial and Industrial Loans (1)

 

Consumer Loans

 

 

 

 

 

 

Construction Loans

 

 

 

 

 

 

(Dollars in thousands)

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total loans held for investment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortized cost of loans

$

2,891,699

 

$

111,908

 

$

2,237,702

 

$

2,880,256

 

$

2,976,140

 

$

11,097,705

 

Allowance for credit losses

 

68,820

 

 

1,842

 

 

30,138

 

 

36,784

 

 

107,863

 

 

245,447

 

Allowance for credit losses to amortized cost

 

2.38

%

 

1.65

%

 

1.35

%

 

1.28

%

 

3.62

%

 

2.21

%

As of December 31, 2021

Residential Mortgage Loans

 

 

 

Commercial Mortgage Loans

 

Commercial and Industrial Loans (1)

 

Consumer Loans

 

 

 

 

 

 

Construction Loans

 

 

 

 

 

(Dollars in thousands)

 

 

 

 

Total

Total loans held for investment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortized cost of loans

$

2,978,895

 

$

138,999

 

$

2,167,469

 

$

2,887,251

 

$

2,888,044

 

$

11,060,658

 

Allowance for credit losses

 

74,837

 

 

4,048

 

 

52,771

 

 

34,284

 

 

103,090

 

 

269,030

 

Allowance for credit losses to amortized cost

 

2.51

%

 

2.91

%

 

2.43

%

 

1.19

%

 

3.57

%

 

2.43

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

As of March 31, 2022 and December 31, 2021, includes $89.7 million and $145.0 million of SBA PPP loans, respectively, which require no ACL as these loans are 100% guaranteed by the SBA.

 

The following table presents the activity in the ACL for unfunded loan commitments and standby letters of credit for the quarters ended March 31, 2022 and 2021:

 

 

Quarter ended

 

 

March 31, 2022

 

March 31, 2021

(In thousands)

 

 

 

 

 

Beginning balance

$

1,537

 

$

5,105

Provision for credit losses - (benefit)

 

(178)

 

 

(706)

 

Ending balance

$

1,359

 

$

4,399