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v3.22.2.2

Allowance For Credit Losses (Tables) | 9 Months Ended
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Sep. 30, 2022
Financing Receivable, Allowance for Credit Loss, Writeoff, after Recovery [Abstract] |
Schedule of High Risk Industries Additional Reserves | A breakout of the 4-rated balances within these portfolios and the additional reserve related to these portfolios is detailed in the following table:
| September 30, 2022 |  | December 31, 2021
(in thousands) | 4-Rated Balance |  | Additional Reserve |  | 4-Rated Balance |  | Additional Reserve
Hotels and accommodations | $ | 182,806 |  |  | $ | 687 |  |  | $ | 148,018 |  |  | $ | 2,226 |
Restaurants and food service | 49,500 |  |  | 279 |  |  | 40,648 |  |  | 917 |
Strip shopping centers | 168,144 |  |  | 464 |  |  | 184,171 |  |  | 2,033 |
Total | $ | 400,450 |  |  | $ | 1,430 |  |  | $ | 372,837 |  |  | $ | 5,176 |
Additionally, at September 30, 2022, management applied a 0.50% reserve to all hotels and accommodations loans in the collectively evaluated population to account for increased valuation risk. This 0.50% reserve was reduced from 0.75% at June 30, 2022 and 1.00% at December 31, 2021. At September 30, 2022, Park's collectively evaluated hotels and accommodation loans had a balance of $218.0 million with an additional reserve related to valuation risks of $1.1 million. At December 31, 2021, Park's collectively evaluated hotels and accommodation loans had a balance of $203.9 million with an additional reserve related to valuation risks of $2.0 million.
Activity In The Allowance For Loan Losses | The activity in the ACL for the three-month and the nine-month periods ended September 30, 2022 and September 30, 2021 is summarized in the following tables:
| Three Months Ended September 30, 2022
(In thousands) | Commercial, financial and agricultural |  | Commercial real estate |  | Construction real estate |  | Residential real estate |  | Consumer |  | Leases |  | Total
ACL: |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance | $ | 12,747 |  |  | $ | 22,339 |  |  | $ | 4,391 |  |  | $ | 13,619 |  |  | $ | 28,149 |  |  | $ | 203 |  |  | $ | 81,448 |
Charge-offs | 543 |  |  | — |  |  | — |  |  | — |  |  | 1,169 |  |  | 36 |  |  | 1,748 |
Recoveries | 110 |  |  | 36 |  |  | 20 |  |  | 20 |  |  | 884 |  |  | 1 |  |  | 1,071 |
Net charge-offs/(recoveries) | $ | 433 |  |  | $ | (36) |  |  | $ | (20) |  |  | $ | (20) |  |  | $ | 285 |  |  | $ | 35 |  |  | $ | 677 |
Provision for (recovery of) credit losses | 563 |  |  | (1,653) |  |  | 87 |  |  | 1,464 |  |  | 2,699 |  |  | 30 |  |  | 3,190 |
Ending balance | $ | 12,877 |  |  | $ | 20,722 |  |  | $ | 4,498 |  |  | $ | 15,103 |  |  | $ | 30,563 |  |  | $ | 198 |  |  | $ | 83,961 |
| Three Months Ended September 30, 2021
(In thousands) | Commercial, financial and agricultural |  | Commercial real estate |  | Construction real estate |  | Residential real estate |  | Consumer |  | Leases |  | Total
ACL: |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance | $ | 15,222 |  |  | $ | 22,749 |  |  | $ | 5,670 |  |  | $ | 13,113 |  |  | $ | 26,261 |  |  | $ | 562 |  |  | $ | 83,577 |
Charge-offs | 221 |  |  | — |  |  | — |  |  | — |  |  | 781 |  |  | — |  |  | 1,002 |
Recoveries | 132 |  |  | 428 |  |  | 1,597 |  |  | 729 |  |  | 696 |  |  | — |  |  | 3,582 |
Net charge-offs/(recoveries) | $ | 89 |  |  | $ | (428) |  |  | $ | (1,597) |  |  | $ | (729) |  |  | $ | 85 |  |  | $ | — |  |  | $ | (2,580) |
Provision for (recovery of) credit losses | 843 |  |  | 2,991 |  |  | (1,003) |  |  | (2,080) |  |  | 1,483 |  |  | (262) |  |  | 1,972 |
Ending balance | $ | 15,976 |  |  | $ | 26,168 |  |  | $ | 6,264 |  |  | $ | 11,762 |  |  | $ | 27,659 |  |  | $ | 300 |  |  | $ | 88,129 |
| Nine Months Ended September 30, 2022
(In thousands) | Commercial, financial and agricultural |  | Commercial real estate |  | Construction real estate |  | Residential real estate |  | Consumer |  | Leases |  | Total
ACL: |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance | $ | 14,025 |  |  | $ | 25,466 |  |  | $ | 5,758 |  |  | $ | 11,424 |  |  | $ | 26,286 |  |  | $ | 238 |  |  | $ | 83,197 |
Charge-offs | 1,456 |  |  | 598 |  |  | 33 |  |  | 81 |  |  | 3,287 |  |  | 42 |  |  | 5,497 |
Recoveries | 544 |  |  | 624 |  |  | 550 |  |  | 106 |  |  | 2,859 |  |  | 2 |  |  | 4,685 |
Net charge-offs/(recoveries) | $ | 912 |  |  | $ | (26) |  |  | $ | (517) |  |  | $ | (25) |  |  | $ | 428 |  |  | $ | 40 |  |  | $ | 812 |
(Recovery of) provision for credit losses | (236) |  |  | (4,770) |  |  | (1,777) |  |  | 3,654 |  |  | 4,705 |  |  | — |  |  | 1,576 |
Ending balance | $ | 12,877 |  |  | $ | 20,722 |  |  | $ | 4,498 |  |  | $ | 15,103 |  |  | $ | 30,563 |  |  | $ | 198 |  |  | $ | 83,961 |
| Nine Months Ended September 30, 2021
(In thousands) | Commercial, financial and agricultural |  | Commercial real estate |  | Construction real estate |  | Residential real estate |  | Consumer |  | Leases |  | Total
ACL: |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance, prior to adoption of ASC 326 | $ | 25,608 |  |  | $ | 23,480 |  |  | $ | 7,288 |  |  | $ | 11,363 |  |  | $ | 17,418 |  |  | $ | 518 |  |  | $ | 85,675 |
Impact of adopting ASC 326 | (8,257) |  |  | 2,119 |  |  | (1,898) |  |  | 3,121 |  |  | 10,925 |  |  | 80 |  |  | 6,090 |
Charge-offs | 675 |  |  | — |  |  | — |  |  | 37 |  |  | 3,061 |  |  | — |  |  | 3,773 |
Recoveries | 487 |  |  | 724 |  |  | 2,078 |  |  | 859 |  |  | 2,912 |  |  | — |  |  | 7,060 |
Net charge-offs/(recoveries) | $ | 188 |  |  | $ | (724) |  |  | $ | (2,078) |  |  | $ | (822) |  |  | $ | 149 |  |  | $ | — |  |  | $ | (3,287) |
Recovery of credit losses | (1,187) |  |  | (155) |  |  | (1,204) |  |  | (3,544) |  |  | (535) |  |  | (298) |  |  | (6,923) |
Ending balance | $ | 15,976 |  |  | $ | 26,168 |  |  | $ | 6,264 |  |  | $ | 11,762 |  |  | $ | 27,659 |  |  | $ | 300 |  |  | $ | 88,129 |
Composition Of The Allowance For Loan Losses | The composition of the ACL at September 30, 2022 and December 31, 2021 was as follows:
| September 30, 2022
(In thousands) | Commercial, financial and agricultural |  | Commercial real estate |  | Construction real estate |  | Residential real estate |  | Consumer |  | Leases |  | Total
ACL: |  |  |  |  |  |  |  |  |  |  |  |  |
Ending allowance balance attributed to loans: |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment | $ | 579 |  | $ | 1,153 |  | $ | — |  | $ | — |  | $ | — |  | $ | 18 |  | $ | 1,750
Collectively evaluated for impairment | 12,298 |  | 19,569 |  | 4,498 |  | 15,103 |  | 30,563 |  | 180 |  | 82,211
Acquired with deteriorated credit quality | — |  | — |  | — |  | — |  | — |  | — |  | —
Total ending allowance balance | $ | 12,877 |  | $ | 20,722 |  | $ | 4,498 |  | $ | 15,103 |  | $ | 30,563 |  | $ | 198 |  | $ | 83,961
Loan balance: |  |  |  |  |  |  |  |  |  |  |  |  |
Loans individually evaluated for impairment | $ | 12,138 |  | $ | 27,904 |  | $ | 439 |  | $ | 2,154 |  | $ | — |  | $ | 1,035 |  | $ | 43,670
Loans collectively evaluated for impairment | 1,265,734 |  | 1,759,335 |  | 310,600 |  | 1,758,695 |  | 1,941,509 |  | 18,836 |  | 7,054,709
Loans acquired with deteriorated credit quality | 121 |  | 3,562 |  | 668 |  | 516 |  | — |  | — |  | 4,867
Total ending loan balance | $ | 1,277,993 |  | $ | 1,790,801 |  | $ | 311,707 |  | $ | 1,761,365 |  | $ | 1,941,509 |  | $ | 19,871 |  | $ | 7,103,246
ACL as a percentage of loan balance: |  |  |  |  |  |  |  |  |  |  |  |  |
Loans individually evaluated for impairment | 4.77 | % |  | 4.13 | % |  | — | % |  | — | % |  | — | % |  | 1.74 | % |  | 4.01 | %
Loans collectively evaluated for impairment | 0.97 | % |  | 1.11 | % |  | 1.45 | % |  | 0.86 | % |  | 1.57 | % |  | 0.96 | % |  | 1.17 | %
Loans acquired with deteriorated credit quality | — | % |  | — | % |  | — | % |  | — | % |  | — | % |  | — | % |  | — | %
Total | 1.01 | % |  | 1.16 | % |  | 1.44 | % |  | 0.86 | % |  | 1.57 | % |  | 1.00 | % |  | 1.18 | %
|  | December 31, 2021
(In thousands) |  | Commercial, financial and agricultural |  | Commercial real estate |  | Construction real estate |  | Residential real estate |  | Consumer |  | Leases |  | Total
ACL: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending allowance balance attributed to loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 1,385 |  | $ | 188 |  | $ | — |  | $ | — |  | $ | — |  | $ | 43 |  | $ | 1,616
Collectively evaluated for impairment |  | 12,640 |  | 25,278 |  | 5,758 |  | 11,424 |  | 26,286 |  | 195 |  | 81,581
Acquired with deteriorated credit quality |  | — |  | — |  | — |  | — |  | — |  | — |  | —
Total ending allowance balance |  | $ | 14,025 |  | $ | 25,466 |  | $ | 5,758 |  | $ | 11,424 |  | $ | 26,286 |  | $ | 238 |  | $ | 83,197
Loan balance: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans individually evaluated for impairment |  | $ | 22,666 |  | $ | 47,820 |  | $ | 222 |  | $ | 2,606 |  | $ | — |  | $ | 1,188 |  | $ | 74,502
Loans collectively evaluated for impairment |  | 1,275,783 |  | 1,748,854 |  | 320,608 |  | 1,735,226 |  | 1,689,679 |  | 19,321 |  | 6,789,471
Loans acquired with deteriorated credit quality |  | 177 |  | 5,118 |  | 956 |  | 875 |  | — |  | 23 |  | 7,149
Total ending loan balance |  | $ | 1,298,626 |  | $ | 1,801,792 |  | $ | 321,786 |  | $ | 1,738,707 |  | $ | 1,689,679 |  | $ | 20,532 |  | $ | 6,871,122
ACL as a percentage of loan balance: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans individually evaluated for impairment |  | 6.11 | % |  | 0.39 | % |  | — | % |  | — | % |  | — | % |  | 3.62 | % |  | 2.17 | %
Loans collectively evaluated for impairment |  | 0.99 | % |  | 1.45 | % |  | 1.80 | % |  | 0.66 | % |  | 1.56 | % |  | 1.01 | % |  | 1.20 | %
Loans acquired with deteriorated credit quality |  | — | % |  | — | % |  | — | % |  | — | % |  | — | % |  | — | % |  | — | %
Total |  | 1.08 | % |  | 1.41 | % |  | 1.79 | % |  | 0.66 | % |  | 1.56 | % |  | 1.16 | % |  | 1.21 | %

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