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ALLOWANCE FOR CREDIT LOSSES FOR LOANS AND FINANCE LEASES (Tables) | 12 Months Ended
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Dec. 31, 2024
ALLOWANCE FOR CREDIT LOSSES FOR LOANS AND FINANCE LEASES [Abstract] |
Allowance for Credit Losses on Loans and Finance Leases [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 Year Ended December 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 (16,225) (1,912) (10,717) (4,886) 96,601 62,861 Charge-offs (1,971) - - (2,742) (109,115) (113,828) Recoveries 1,453 131 533 6,704 24,245 (1) 33,066 Ending balance $ 40,654 $ 3,824 $ 22,447 $ 32,266 $ 144,751 $ 243,942 (1) Includes recoveries totaling $ 10 .0 million associated with the bulk sale of fully charged-off consumer loans and finance leases. Residential Mortgage Loans Construction Loans Commercial Mortgage C&I Loans Consumer Loans Total Year Ended December 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 - (benefit) expense (6,866) 1,408 (2,086) 6,372 67,816 66,644 Charge-offs (3,245) (62) (1,133) (6,936) (76,726) (88,102) Recoveries 2,692 1,951 786 841 14,451 20,721 Ending balance $ 57,397 $ 5,605 $ 32,631 $ 33,190 $ 133,020 $ 261,843 (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. Residential Mortgage Loans Construction Loans Commercial Mortgage C&I 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 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, 2024 and 2023: As of December 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 $ 2,828,431 $ 228,396 $ 2,565,984 $ 3,366,038 $ 3,757,707 $ 12,746,556 Allowance for credit losses 40,654 3,824 22,447 32,266 144,751 243,942 Allowance for credit losses to amortized cost 1.44 % 1.67 % 0.87 % 0.96 % 3.85 % 1.91 % 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 years ended December 31, 2024, 2023 and 2022: Year Ended December 31, 2024 2023 2022 (In thousands) Beginning Balance $ 4,638 $ 4,273 $ 1,537 Provision for credit losses - (benefit) expense (1,495) 365 2,736 Ending balance $ 3,143 $ 4,638 $ 4,273

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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/otherTransitionRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11B -Publisher FASB -URI https://asc.fasb.org/1943274/2147481962/310-10-50-11B Reference 2: 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 + Details
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