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ALLOWANCE FOR CREDIT LOSSES FOR LOANS AND FINANCE LEASES (Tables) | 3 Months Ended
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Mar. 31, 2024
ALLOWANCE FOR CREDIT LOSSES FOR 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 C&I Loans Consumer Loans Total Quarter Ended March 31,2024 (In thousands) ACL: Beginning balance $ 57,397 $ 5,605 $ 32,631 $ 33,190 $ 133,020 $ 261,843 Provision for credit losses - (benefit) expense (464) 571 (10) (3,360) 16,180 12,917 Charge-offs (516) - - (459) (28,364) (29,339) Recoveries 272 10 40 5,119 12,730 (1) 18,171 Ending balance $ 56,689 $ 6,186 $ 32,661 $ 34,490 $ 133,566 $ 263,592 (1) Includes recoveries totaling $ 9.5 million associated with the bulk sale of fully charged-off consumer loans. Residential Mortgage Loans Construction Loans Commercial Mortgage C&I Loans Consumer Loans Total Quarter Ended March 31, 2023 (In thousands) ACL: Beginning balance $ 62,760 $ 2,308 $ 35,064 $ 32,906 $ 127,426 $ 260,464 Impact of adoption of ASU 2022-02 (1) 2,056 - - 7 53 2,116 Provision for credit losses - expense (benefit) 73 860 1,246 (1,650) 15,727 16,256 Charge-offs (983) - (18) (118) (16,798) (17,917) Recoveries 497 63 168 90 3,830 4,648 Ending balance $ 64,403 $ 3,231 $ 36,460 $ 31,235 $ 130,238 $ 265,567 (1) Recognized as a result of the adoption of ASU 2022-02, for which the Corporation elected to discontinue the use of a discounted cash flow methodology for restructured accruing loans, which had a corresponding decrease, net of applicable taxes, in beginning retained earnings as of January 1, 2023. The tables below present the ACL related to loans and finance leases and the carrying values of loans by portfolio segment as of March 31,2024 and December 31, 2023: As of March 31, 2024 Residential Mortgage Loans Construction Loans Commercial Mortgage Loans C&I Loans Consumer Loans Total (Dollars in thousands) Total loans held for investment: Amortized cost of loans $ 2,801,587 $ 237,288 $ 2,361,731 $ 3,230,995 $ 3,679,847 $ 12,311,448 Allowance for credit losses 56,689 6,186 32,661 34,490 133,566 263,592 Allowance for credit losses to amortized cost 2.02 % 2.61 % 1.38 % 1.07 % 3.63 % 2.14 % As of December 31, 2023 Residential Mortgage Loans Construction Loans Commercial Mortgage Loans C&I Loans Consumer Loans Total (Dollars in thousands) Total loans held for investment: Amortized cost of loans $ 2,821,726 $ 214,777 $ 2,317,083 $ 3,174,232 $ 3,657,665 $ 12,185,483 Allowance for credit losses 57,397 5,605 32,631 33,190 133,020 261,843 Allowance for credit losses to amortized cost 2.03 % 2.61 % 1.41 % 1.05 % 3.64 % 2.15 % The following table presents the activity in the ACL for unfunded loan commitments and standby letters of credit for the quarters ended March 31, 2024 and 2023: Quarter Ended March 31, 2024 2023 (In thousands) Beginning balance $ 4,638 $ 4,273 Provision for credit losses - expense (benefit) 281 (105) Ending balance $ 4,919 $ 4,168

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- Definition Tabular disclosure of allowance for credit loss on financing receivable. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479319/326-20-50-13 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 11B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481962/310-10-50-11B + Details
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