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ALLOWANCE FOR CREDIT LOSSES ON LOANS AND FINANCE LEASES (Tables) | 12 Months Ended
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Dec. 31, 2022
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND FINANCE LEASES [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: Residential Mortgage Loans Construction Loans Commercial Mortgage Commercial & Industrial Loans Consumer Loans Total Year Ended December 31, 2022 (In thousands) ACL: Beginning balance $ 74,837 $ 4,048 $ 52,771 $ 34,284 $ 103,090 $ 269,030 Provision for credit losses - (benefit) expense (8,734) (2,342) (18,994) (1,770) 57,519 25,679 Charge-offs (6,890) (123) (85) (2,067) (48,165) (57,330) Recoveries 3,547 725 1,372 2,459 14,982 23,085 Ending balance $ 62,760 $ 2,308 $ 35,064 $ 32,906 $ 127,426 $ 260,464 Residential Mortgage Loans Construction Loans Commercial Mortgage Commercial & Industrial Loans Consumer Loans Total Year Ended December 31, 2021 (In thousands) ACL: Beginning balance $ 120,311 $ 5,380 $ 109,342 $ 37,944 $ 112,910 $ 385,887 Provision for credit losses - (benefit) expense (16,957) (1,408) (55,358) (8,549) 20,552 (61,720) Charge-offs (33,294) (87) (1,494) (1,887) (43,948) (80,710) Recoveries 4,777 163 281 6,776 13,576 25,573 Ending balance $ 74,837 $ 4,048 $ 52,771 $ 34,284 $ 103,090 $ 269,030 Residential Mortgage Loans Construction Loans Commercial Mortgage Commercial & Industrial Loans Consumer Loans Total Year Ended December 31, 2020 (In thousands) ACL: Beginning balance, prior to adoption of CECL $ 44,806 $ 2,370 $ 39,194 $ 15,198 $ 53,571 $ 155,139 Impact of adopting CECL 49,837 797 (19,306) 14,731 35,106 81,165 Allowance established for acquired PCD loans 12,739 - 9,723 1,830 4,452 28,744 Provision for credit losses - expense (1) 22,427 2,105 81,125 6,627 56,433 168,717 Charge-offs (11,017) (76) (3,330) (3,634) (46,483) (64,540) Recoveries 1,519 184 1,936 3,192 9,831 16,662 Ending balance $ 120,311 $ 5,380 $ 109,342 $ 37,944 $ 112,910 $ 385,887 (1) Includes a $ 37.5 million charge related to the establishment of the initial reserves for non-PCD loans acquired in conjunction with the BSPR acquisition consisting of: (i) a $ 13.5 million charge related to non-PCD residential mortgage loans; (ii) a $ 9.2 million charge related to non-PCD commercial mortgage loans, (iii) a $ 4.6 million charge related to non-PCD C&I loans, and (iv) a $ 10.2 million charge related to non-PCD consumer loans. The tables below present the ACL related to loans and finance leases and the carrying values of loans by portfolio segment as of December 31, 2022 and 2021: As of December 31, 2022 Residential Mortgage Loans Construction Loans Commercial Mortgage Loans Commercial and Industrial Loans (1) Consumer Loans Total (Dollars in thousands) Total loans held for investment: Amortized cost of loans $ 2,847,290 $ 132,953 $ 2,358,851 $ 2,886,263 $ 3,327,468 $ 11,552,825 Allowance for credit losses 62,760 2,308 35,064 32,906 127,426 260,464 Allowance for credit losses to amortized cost 2.20 % 1.74 % 1.49 % 1.14 % 3.83 % 2.25 % As of December 31, 2021 Residential Mortgage Loans Construction Loans Commercial Mortgage Loans Commercial and Industrial Loans (1) Consumer Loans Total (Dollars in thousands) 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 December 31, 2022 and 2021, includes $ 6.8 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 years ended December 31, 2022, 2021 and 2020: Year Ended December 31, 2022 2021 2020 (In thousands) Beginning Balance $ 1,537 $ 5,105 $ - Impact of adopting CECL - - 3,922 Provision for credit losses - expense (benefit) 2,736 (3,568) 1,183 Ending balance $ 4,273 $ 1,537 $ 5,105

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- Definition Tabular disclosure of allowance for credit loss on financing receivable. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 11B -URI https://asc.fasb.org/extlink&oid=123577603&loc=SL6953423-111524 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 13 -URI https://asc.fasb.org/extlink&oid=124255953&loc=SL82919249-210447 + Details
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