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ALLOWANCE FOR CREDIT LOSSES FOR LOANS AND FINANCE LEASES (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 2024 (In thousands) ACL: Beginning balance $ 56,689 $ 6,186 $ 32,661 $ 34,490 $ 133,566 $ 263,592 Provision for credit losses - (benefit) expense (10,593) (554) (2,976) (668) 26,721 11,930 Charge-offs (491) - - (332) (25,591) (26,414) Recoveries 446 14 393 958 3,613 5,424 Ending balance $ 46,051 $ 5,646 $ 30,078 $ 34,448 $ 138,309 $ 254,532 Residential Mortgage Loans Construction Loans Commercial Mortgage C&I Loans Consumer Loans Total Quarter Ended June 30, 2023 (In thousands) ACL: Beginning balance $ 64,403 $ 3,231 $ 36,460 $ 31,235 $ 130,238 $ 265,567 Provision for credit losses - (benefit) expense (3,500) 1,202 5,999 2,997 14,072 20,770 Charge-offs (1,146) (38) (88) (6,350) (16,462) (24,084) Recoveries 757 409 56 132 3,451 4,805 Ending balance $ 60,514 $ 4,804 $ 42,427 $ 28,014 $ 131,299 $ 267,058 Residential Mortgage Loans Construction Loans Commercial Mortgage C&I Loans Consumer Loans Total Six-Month Period Ended June 30, 2024 (In thousands) ACL: Beginning balance $ 57,397 $ 5,605 $ 32,631 $ 33,190 $ 133,020 $ 261,843 Provision for credit losses - (benefit) expense (11,057) 17 (2,986) (4,028) 42,901 24,847 Charge-offs (1,007) - - (791) (53,955) (55,753) Recoveries 718 24 433 6,077 16,343 (1) 23,595 Ending balance $ 46,051 $ 5,646 $ 30,078 $ 34,448 $ 138,309 $ 254,532 (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 Six-Month Period Ended June 30, 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 - (benefit) expense (3,427) 2,062 7,245 1,347 29,799 37,026 Charge-offs (2,129) (38) (106) (6,468) (33,260) (42,001) Recoveries 1,254 472 224 222 7,281 9,453 Ending balance $ 60,514 $ 4,804 $ 42,427 $ 28,014 $ 131,299 $ 267,058 (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 June 30, 2024 and December 31, 2023: As of June 30, 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 $ 2,809,666 $ 185,957 $ 2,423,309 $ 3,254,577 $ 3,711,999 $ 12,385,508 Allowance for credit losses 46,051 5,646 30,078 34,448 138,309 254,532 Allowance for credit losses to amortized cost 1.64 % 3.04 % 1.24 % 1.06 % 3.73 % 2.06 % 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 and six-month periods ended June 30, 2024 and 2023: Quarter Ended Six-Month Period Ended June 30, June 30, 2024 2023 2024 2023 (In thousands) Beginning Balance $ 4,919 $ 4,168 $ 4,638 $ 4,273 Provision for credit losses - (benefit) expense (417) 721 (136) 616 Ending balance $ 4,502 $ 4,889 $ 4,502 $ 4,889

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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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