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Loans and Leases and the Allowance for Credit Losses | 12 Months Ended
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Dec. 31, 2023
Loans And Leases And Allowance For Loan And Lease Losses [Abstract] |
Loans and Leases and the Allowance for Credit Losses | Note 4. Loans and Leases and the Allowance for Credit Losses Loans and Leases The Company’s loan and lease portfolio was comprised of the following as of December 31, 2023 and December 31, 2022:
|  | December 31, |
(dollars in thousands) |  | 2023 |  |  | 2022 |
Commercial |  |  |  |  |  |
Commercial and Industrial |  | $ | 1,652,699 |  |  | $ | 1,389,066 |
Paycheck Protection Program |  |  | 11,369 |  |  |  | 19,579 |
Commercial Mortgage |  |  | 3,749,016 |  |  |  | 3,725,542 |
Construction |  |  | 304,463 |  |  |  | 260,825 |
Lease Financing |  |  | 59,939 |  |  |  | 69,491 |
Total Commercial |  |  | 5,777,486 |  |  |  | 5,464,503 |
Consumer |  |  |  |  |  |
Residential Mortgage |  |  | 4,684,171 |  |  |  | 4,653,072 |
Home Equity |  |  | 2,264,827 |  |  |  | 2,225,950 |
Automobile |  |  | 837,830 |  |  |  | 870,396 |
Other 1 |  |  | 400,712 |  |  |  | 432,499 |
Total Consumer |  |  | 8,187,540 |  |  |  | 8,181,917 |
Total Loans and Leases |  | $ | 13,965,026 |  |  | $ | 13,646,420 |
1. Comprised of other revolving credit, installment, and lease financing. The majority of the Company’s lending activity is with customers located in the State of Hawaii. A substantial portion of the Company’s real estate loans are secured by real estate in Hawaii. Net gains related to sales of residential mortgage loans, recorded as a component of mortgage banking income, were $0.3 million, $0.2 million, and $7.1 million for the years ended December 31, 2023, December 31, 2022, and December 31, 2021, respectively. Net gains on sales of commercial loans were not material for the years ended December 31, 2023, December 31, 2022, and December 31, 2021. The Company elected to exclude accrued interest receivable from the amortized cost basis of loans disclosed throughout this footnote. As of December 31, 2023, and December 31, 2022, accrued interest receivable for loans totaled $48.4 million and $40.1 million, respectively, and is included in the “accrued interest receivable” line item on the Company’s consolidated statements of condition. Allowance for Credit Losses (the “Allowance”) The following presents by portfolio segment, the activity in the Allowance for the years ended December 31, 2023, December 31, 2022, and December 31, 2021.
(dollars in thousands) |  | Commercial |  |  | Consumer |  |  | Total |
For the Year Ended December 31, 2023 |  |  |  |  |  |  |  |  |
Allowance for Credit Losses: |  |  |  |  |  |  |  |  |
Balance at Beginning of Period |  | $ | 63,900 |  |  | $ | 80,539 |  |  | $ | 144,439 |
Loans and Leases Charged-Off |  |  | (987 | ) |  |  | (13,980 | ) |  |  | (14,967 | )
Recoveries on Loans and Leases Previously Charged-Off |  |  | 350 |  |  |  | 6,799 |  |  |  | 7,149 |
Net Loans and Leases Recovered (Charged-Off) |  |  | (637 | ) |  |  | (7,181 | ) |  |  | (7,818 | )
Provision for Credit Losses |  |  | 10,811 |  |  |  | (1,029 | ) |  |  | 9,782 |
Balance at End of Period |  | $ | 74,074 |  |  | $ | 72,329 |  |  | $ | 146,403 |
For the Year Ended December 31, 2022 |  |  |  |  |  |  |  |  |
Allowance for Credit Losses: |  |  |  |  |  |  |  |  |
Balance at Beginning of Period |  | $ | 64,950 |  |  | $ | 92,871 |  |  | $ | 157,821 |
Loans and Leases Charged-Off |  |  | (925 | ) |  |  | (12,417 | ) |  |  | (13,342 | )
Recoveries on Loans and Leases Previously Charged-Off |  |  | 552 |  |  |  | 7,671 |  |  |  | 8,223 |
Net Loans and Leases Recovered (Charged-Off) |  |  | (373 | ) |  |  | (4,746 | ) |  |  | (5,119 | )
Provision for Credit Losses |  |  | (677 | ) |  |  | (7,586 | ) |  |  | (8,263 | )
Balance at End of Period |  | $ | 63,900 |  |  | $ | 80,539 |  |  | $ | 144,439 |
For the Year Ended December 31, 2021 |  |  |  |  |  |  |  |  |
Allowance for Credit Losses: |  |  |  |  |  |  |  |  |
Balance at Beginning of Period |  | $ | 84,847 |  |  | $ | 131,405 |  |  | $ | 216,252 |
Loans and Leases Charged-Off |  |  | (1,117 | ) |  |  | (16,202 | ) |  |  | (17,319 | )
Recoveries on Loans and Leases Previously Charged-Off |  |  | 506 |  |  |  | 10,848 |  |  |  | 11,354 |
Net Loans and Leases Recovered (Charged-Off) |  |  | (611 | ) |  |  | (5,354 | ) |  |  | (5,965 | )
Provision for Credit Losses |  |  | (19,286 | ) |  |  | (33,180 | ) |  |  | (52,466 | )
Balance at End of Period |  | $ | 64,950 |  |  | $ | 92,871 |  |  | $ | 157,821 |
Credit Quality Indicators The Company uses several credit quality indicators to manage credit risk in an ongoing manner. The Company uses an internal credit risk rating system that categorizes loans and leases into pass, special mention, or classified categories. Credit risk ratings are applied individually to those classes of loans and leases that have significant or unique credit characteristics that benefit from a case-by-case evaluation. These are typically loans and leases to businesses or individuals in the classes which comprise the commercial portfolio segment. Groups of loans and leases that are underwritten and structured using standardized criteria (e.g. credit score, loan-to-value, debt-to-income) and monitored primarily on payment performance, are typically risk-rated and monitored collectively. These are typically loans and leases to individuals in the classes which comprise the consumer portfolio segment. The following are the definitions of the Company’s credit quality indicators:
| Pass: | Loans and leases in all classes within the commercial and consumer portfolio segments that are not adversely rated, are contractually current as to principal and interest, and are otherwise in compliance with the contractual terms of the loan or lease agreement. Residential mortgage loans that are past due 90 days or more as to principal or interest may be considered Pass if the current loan-to-value ratio is 60% or less. Home equity loans that are past due 90 days or more as to principal or interest may be considered Pass if: a) the home equity loan is in first lien position and the current loan-to-value ratio is 60% or less; or b) the first mortgage is with the Company and the current combined loan-to-value ratio is 60% or less.
| Special Mention: | Loans and leases in all classes within the commercial portfolio segment that have potential weaknesses that warrant management’s close attention. If not addressed, these potential weaknesses may result in deterioration of the repayment prospects for the loan or lease. The Special Mention credit quality indicator is not used for the consumer portfolio segment.
| Classified: | Loans and leases in the classes within the commercial portfolio segment that are inadequately protected by the sound worth and paying capacity of the borrower or applicable collateral, if any. Classified loans and leases are also those in the classes within the consumer portfolio segment that are past due 90 days or more as to principal or interest (excluding residential mortgage and home equity loans which meet the criteria for being considered Pass). Residential mortgage and home equity loans may be current as to principal and interest, but may be considered Classified for a period of generally up to six months following a loan modification. Following a period of demonstrated performance in accordance with the modified contractual terms, the loan may be removed from Classified status.
For Pass rated credits in the commercial portfolio, most risk ratings are certified at a minimum annually. For Special Mention or Classified Credits, risk ratings are reviewed for appropriateness on an ongoing basis, monthly, or at a minimum, quarterly. The following presents by credit quality indicator, loan class, and year of origination, the amortized cost basis of the Company’s loans and leases as of December 31, 2023.
|  | Term Loans by Origination Year |  |  |  |  |  |  |  |  |  |
(dollars in thousands) | 2023 2 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2019 |  |  | Prior |  |  | Revolving Loans |  |  | Revolving Loans Converted to Term Loans |  |  | Total Loans and Leases |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and Industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 319,451 |  |  | $ | 294,142 |  |  | $ | 229,286 |  |  | $ | 148,575 |  |  | $ | 40,696 |  |  | $ | 77,789 |  |  | $ | 380,524 |  |  | $ | 450 |  |  | $ | 1,490,913 |
Special Mention |  |  | 50,792 |  |  |  | 5,555 |  |  |  | - |  |  |  | - |  |  |  | 657 |  |  |  | - |  |  |  | 39,278 |  |  |  | - |  |  |  | 96,282 |
Classified |  |  | 11,790 |  |  |  | 5,846 |  |  |  | 8,928 |  |  |  | 6,625 |  |  |  | - |  |  |  | 9,199 |  |  |  | 23,103 |  |  |  | 13 |  |  |  | 65,504 |
Total Commercial and Industrial |  | $ | 382,033 |  |  | $ | 305,543 |  |  | $ | 238,214 |  |  | $ | 155,200 |  |  | $ | 41,353 |  |  | $ | 86,988 |  |  | $ | 442,905 |  |  | $ | 463 |  |  | $ | 1,652,699 |
Paycheck Protection Program |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | - |  |  | $ | - |  |  | $ | 2,199 |  |  | $ | 9,170 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 11,369 |
Total Paycheck Protection Program |  | $ | - |  |  | $ | - |  |  | $ | 2,199 |  |  | $ | 9,170 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 11,369 |
Commercial Mortgage |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 788,558 |  |  | $ | 1,043,472 |  |  | $ | 679,258 |  |  | $ | 432,896 |  |  | $ | 244,767 |  |  | $ | 419,225 |  |  | $ | 41,292 |  |  | $ | - |  |  | $ | 3,649,468 |
Special Mention |  |  | 30,356 |  |  |  | 18,636 |  |  |  | - |  |  |  | 3,875 |  |  |  | - |  |  |  | 9,153 |  |  |  | - |  |  |  | - |  |  |  | 62,020 |
Classified |  |  | 5,829 |  |  |  | 155 |  |  |  | 3,724 |  |  |  | 13,112 |  |  |  | 535 |  |  |  | 14,173 |  |  |  | - |  |  |  | - |  |  |  | 37,528 |
Total Commercial Mortgage |  | $ | 824,743 |  |  | $ | 1,062,263 |  |  | $ | 682,982 |  |  | $ | 449,883 |  |  | $ | 245,302 |  |  | $ | 442,551 |  |  | $ | 41,292 |  |  | $ | - |  |  | $ | 3,749,016 |
Construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 77,163 |  |  | $ | 149,183 |  |  | $ | 50,996 |  |  | $ | - |  |  | $ | 16,009 |  |  | $ | - |  |  | $ | 9,777 |  |  | $ | - |  |  | $ | 303,128 |
Special Mention |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,335 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,335 |
Total Construction |  | $ | 77,163 |  |  | $ | 149,183 |  |  | $ | 50,996 |  |  | $ | 1,335 |  |  | $ | 16,009 |  |  | $ | - |  |  | $ | 9,777 |  |  | $ | - |  |  | $ | 304,463 |
Lease Financing |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 9,867 |  |  | $ | 13,409 |  |  | $ | 13,795 |  |  | $ | 8,493 |  |  | $ | 5,385 |  |  | $ | 7,650 |  |  | $ | - |  |  | $ | - |  |  | $ | 58,599 |
Classified |  |  | 600 |  |  |  | 51 |  |  |  | 117 |  |  |  | 94 |  |  |  | - |  |  |  | 478 |  |  |  | - |  |  |  | - |  |  |  | 1,340 |
Total Lease Financing |  | $ | 10,467 |  |  | $ | 13,460 |  |  | $ | 13,912 |  |  | $ | 8,587 |  |  | $ | 5,385 |  |  | $ | 8,128 |  |  | $ | - |  |  | $ | - |  |  | $ | 59,939 |
Total Commercial |  | $ | 1,294,406 |  |  | $ | 1,530,449 |  |  | $ | 988,303 |  |  | $ | 624,175 |  |  | $ | 308,049 |  |  | $ | 537,667 |  |  | $ | 493,974 |  |  | $ | 463 |  |  | $ | 5,777,486 |
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential Mortgage |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 297,532 |  |  | $ | 796,979 |  |  | $ | 1,249,917 |  |  | $ | 977,377 |  |  | $ | 303,098 |  |  | $ | 1,057,267 |  |  | $ | - |  |  | $ | - |  |  | $ | 4,682,170 |
Classified |  |  | - |  |  |  | - |  |  |  | 426 |  |  |  | - |  |  |  | - |  |  |  | 1,575 |  |  |  | - |  |  |  | - |  |  |  | 2,001 |
Total Residential Mortgage |  | $ | 297,532 |  |  | $ | 796,979 |  |  | $ | 1,250,343 |  |  | $ | 977,377 |  |  | $ | 303,098 |  |  | $ | 1,058,842 |  |  | $ | - |  |  | $ | - |  |  | $ | 4,684,171 |
Home Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 43 |  |  | $ | 2,215,970 |  |  | $ | 46,794 |  |  | $ | 2,262,807 |
Classified |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,229 |  |  |  | 791 |  |  |  | 2,020 |
Total Home Equity |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 43 |  |  | $ | 2,217,199 |  |  | $ | 47,585 |  |  | $ | 2,264,827 |
Automobile |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 250,380 |  |  | $ | 301,968 |  |  | $ | 149,915 |  |  | $ | 64,734 |  |  | $ | 46,396 |  |  | $ | 24,038 |  |  | $ | - |  |  | $ | - |  |  | $ | 837,431 |
Classified |  |  | 84 |  |  |  | 108 |  |  |  | 11 |  |  |  | 46 |  |  |  | 72 |  |  |  | 78 |  |  |  | - |  |  |  | - |  |  |  | 399 |
Total Automobile |  | $ | 250,464 |  |  | $ | 302,076 |  |  | $ | 149,926 |  |  | $ | 64,780 |  |  | $ | 46,468 |  |  | $ | 24,116 |  |  | $ | - |  |  | $ | - |  |  | $ | 837,830 |
Other 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 102,563 |  |  | $ | 141,421 |  |  | $ | 92,312 |  |  | $ | 13,074 |  |  | $ | 16,897 |  |  | $ | 32,519 |  |  | $ | 1,277 |  |  | $ | - |  |  | $ | 400,063 |
Classified |  |  | 65 |  |  |  | 224 |  |  |  | 165 |  |  |  | 22 |  |  |  | 93 |  |  |  | 80 |  |  |  | - |  |  |  | - |  |  |  | 649 |
Total Other |  | $ | 102,628 |  |  | $ | 141,645 |  |  | $ | 92,477 |  |  | $ | 13,096 |  |  | $ | 16,990 |  |  | $ | 32,599 |  |  | $ | 1,277 |  |  | $ | - |  |  | $ | 400,712 |
Total Consumer |  | $ | 650,624 |  |  | $ | 1,240,700 |  |  | $ | 1,492,746 |  |  | $ | 1,055,253 |  |  | $ | 366,556 |  |  | $ | 1,115,600 |  |  | $ | 2,218,476 |  |  | $ | 47,585 |  |  | $ | 8,187,540 |
Total Loans and Leases |  | $ | 1,945,030 |  |  | $ | 2,771,149 |  |  | $ | 2,481,049 |  |  | $ | 1,679,428 |  |  | $ | 674,605 |  |  | $ | 1,653,267 |  |  | $ | 2,712,450 |  |  | $ | 48,048 |  |  | $ | 13,965,026 |
1. Comprised of other revolving credit, installment, and lease financing. 2. Loans reported as Special Mention or Classified in the 2023 column represent renewal of loans that originated in an earlier period. For the year ended December 31, 2023, $13.2 million in revolving loans were converted to term loans. The following presents by credit quality indicator, loan class, and year of origination, the amortized cost basis of the Company’s loans and leases as of December 31, 2022.
|  | Term Loans by Origination Year |  |  |  |  |  |  |  |  |  |
(dollars in thousands) | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2019 |  |  | 2018 |  |  | Prior |  |  | Revolving Loans |  |  | Revolving Loans Converted to Term Loans |  |  | Total Loans and Leases |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and Industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 360,748 |  |  | $ | 348,300 |  |  | $ | 224,264 |  |  | $ | 59,127 |  |  | $ | 46,799 |  |  | $ | 71,906 |  |  | $ | 257,349 |  |  | $ | 155 |  |  | $ | 1,368,648 |
Special Mention |  |  | 273 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 96 |  |  |  | 92 |  |  |  | 1,357 |  |  |  | - |  |  |  | 1,818 |
Classified |  |  | 7,295 |  |  |  | 91 |  |  |  | 1,030 |  |  |  | - |  |  |  | 1,644 |  |  |  | 6,267 |  |  |  | 2,252 |  |  |  | 21 |  |  |  | 18,600 |
Total Commercial and Industrial |  | $ | 368,316 |  |  | $ | 348,391 |  |  | $ | 225,294 |  |  | $ | 59,127 |  |  | $ | 48,539 |  |  | $ | 78,265 |  |  | $ | 260,958 |  |  | $ | 176 |  |  | $ | 1,389,066 |
Paycheck Protection Program |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | - |  |  | $ | 5,359 |  |  | $ | 14,220 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 19,579 |
Total Paycheck Protection Program |  | $ | - |  |  | $ | 5,359 |  |  | $ | 14,220 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 19,579 |
Commercial Mortgage |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 1,182,831 |  |  | $ | 771,375 |  |  | $ | 691,054 |  |  | $ | 283,553 |  |  | $ | 131,055 |  |  | $ | 494,924 |  |  | $ | 48,771 |  |  | $ | - |  |  | $ | 3,603,563 |
Special Mention |  |  | 29,707 |  |  |  | 37,657 |  |  |  | 28,105 |  |  |  | - |  |  |  | 1,482 |  |  |  | 5,014 |  |  |  | - |  |  |  | - |  |  |  | 101,965 |
Classified |  |  | 182 |  |  |  | 1,964 |  |  |  | 8,545 |  |  |  | 624 |  |  |  | - |  |  |  | 8,699 |  |  |  | - |  |  |  | - |  |  |  | 20,014 |
Total Commercial Mortgage |  | $ | 1,212,720 |  |  | $ | 810,996 |  |  | $ | 727,704 |  |  | $ | 284,177 |  |  | $ | 132,537 |  |  | $ | 508,637 |  |  | $ | 48,771 |  |  | $ | - |  |  | $ | 3,725,542 |
Construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 124,507 |  |  | $ | 69,992 |  |  | $ | 37,133 |  |  | $ | 16,838 |  |  | $ | - |  |  | $ | 297 |  |  | $ | 12,058 |  |  | $ | - |  |  | $ | 260,825 |
Total Construction |  | $ | 124,507 |  |  | $ | 69,992 |  |  | $ | 37,133 |  |  | $ | 16,838 |  |  | $ | - |  |  | $ | 297 |  |  | $ | 12,058 |  |  | $ | - |  |  | $ | 260,825 |
Lease Financing |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 16,959 |  |  | $ | 17,823 |  |  | $ | 11,408 |  |  | $ | 9,768 |  |  | $ | 6,379 |  |  | $ | 6,444 |  |  | $ | - |  |  | $ | - |  |  | $ | 68,781 |
Classified |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 710 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 710 |
Total Lease Financing |  | $ | 16,959 |  |  | $ | 17,823 |  |  | $ | 11,408 |  |  | $ | 9,768 |  |  | $ | 7,089 |  |  | $ | 6,444 |  |  | $ | - |  |  | $ | - |  |  | $ | 69,491 |
Total Commercial |  | $ | 1,722,502 |  |  | $ | 1,252,561 |  |  | $ | 1,015,759 |  |  | $ | 369,910 |  |  | $ | 188,165 |  |  | $ | 593,643 |  |  | $ | 321,787 |  |  | $ | 176 |  |  | $ | 5,464,503 |
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential Mortgage |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 827,909 |  |  | $ | 1,304,831 |  |  | $ | 1,035,285 |  |  | $ | 321,208 |  |  | $ | 138,214 |  |  | $ | 1,023,841 |  |  | $ | - |  |  | $ | - |  |  | $ | 4,651,288 |
Classified |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 552 |  |  |  | 1,232 |  |  |  | - |  |  |  | - |  |  |  | 1,784 |
Total Residential Mortgage |  | $ | 827,909 |  |  | $ | 1,304,831 |  |  | $ | 1,035,285 |  |  | $ | 321,208 |  |  | $ | 138,766 |  |  | $ | 1,025,073 |  |  | $ | - |  |  | $ | - |  |  | $ | 4,653,072 |
Home Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 890 |  |  | $ | 2,186,598 |  |  | $ | 36,114 |  |  | $ | 2,223,602 |
Classified |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 25 |  |  |  | 1,105 |  |  |  | 1,218 |  |  |  | 2,348 |
Total Home Equity |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 915 |  |  | $ | 2,187,703 |  |  | $ | 37,332 |  |  | $ | 2,225,950 |
Automobile |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 405,440 |  |  | $ | 216,039 |  |  | $ | 100,608 |  |  | $ | 84,052 |  |  | $ | 45,301 |  |  | $ | 18,366 |  |  | $ | - |  |  | $ | - |  |  | $ | 869,806 |
Classified |  |  | 121 |  |  |  | 260 |  |  |  | 23 |  |  |  | 43 |  |  |  | 92 |  |  |  | 51 |  |  |  | - |  |  |  | - |  |  |  | 590 |
Total Automobile |  | $ | 405,561 |  |  | $ | 216,299 |  |  | $ | 100,631 |  |  | $ | 84,095 |  |  | $ | 45,393 |  |  | $ | 18,417 |  |  | $ | - |  |  | $ | - |  |  | $ | 870,396 |
Other 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 185,347 |  |  | $ | 124,759 |  |  | $ | 31,343 |  |  | $ | 39,902 |  |  | $ | 16,364 |  |  | $ | 9,853 |  |  | $ | 23,228 |  |  | $ | 1,020 |  |  | $ | 431,816 |
Classified |  |  | 117 |  |  |  | 114 |  |  |  | 70 |  |  |  | 148 |  |  |  | 129 |  |  |  | 24 |  |  |  | 59 |  |  |  | 22 |  |  |  | 683 |
Total Other |  | $ | 185,464 |  |  | $ | 124,873 |  |  | $ | 31,413 |  |  | $ | 40,050 |  |  | $ | 16,493 |  |  | $ | 9,877 |  |  | $ | 23,287 |  |  | $ | 1,042 |  |  | $ | 432,499 |
Total Consumer |  | $ | 1,418,934 |  |  | $ | 1,646,003 |  |  | $ | 1,167,329 |  |  | $ | 445,353 |  |  | $ | 200,652 |  |  | $ | 1,054,282 |  |  | $ | 2,210,990 |  |  | $ | 38,374 |  |  | $ | 8,181,917 |
Total Loans and Leases |  | $ | 3,141,436 |  |  | $ | 2,898,564 |  |  | $ | 2,183,088 |  |  | $ | 815,263 |  |  | $ | 388,817 |  |  | $ | 1,647,925 |  |  | $ | 2,532,777 |  |  | $ | 38,550 |  |  | $ | 13,646,420 |
1. Comprised of other revolving credit, installment, and lease financing. For the year ended December 31, 2022, $6.2 million in revolving loans were converted to term loans. Aging Analysis Loans and leases are considered to be past due once becoming 30 days delinquent. For the consumer portfolio, this generally represents two missed monthly payments. The following presents by class, an aging analysis of the Company’s loan and lease portfolio as of December 31, 2023, and December 31, 2022.
(dollars in thousands) |  | 30 - 59 Days Past Due |  |  | 60 - 89 Days Past Due |  |  | Past Due 90 Days or More |  |  | Non- Accrual |  |  | Total Past Due and Non- Accrual |  |  | Current |  |  | Total Loans and Leases |  |  | Non- Accrual Loans and Leases that are Current 2 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and Industrial |  | $ | 6,748 |  |  | $ | 514 |  |  | $ | — |  |  | $ | 39 |  |  | $ | 7,301 |  |  | $ | 1,645,398 |  |  | $ | 1,652,699 |  |  | $ | 36 |
Paycheck Protection Program |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 11,369 |  |  |  | 11,369 |  |  |  | — |
Commercial Mortgage |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,884 |  |  |  | 2,884 |  |  |  | 3,746,132 |  |  |  | 3,749,016 |  |  |  | 2,884 |
Construction |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 304,463 |  |  |  | 304,463 |  |  |  | — |
Lease Financing |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 59,939 |  |  |  | 59,939 |  |  |  | — |
Total Commercial |  |  | 6,748 |  |  |  | 514 |  |  |  | — |  |  |  | 2,923 |  |  |  | 10,185 |  |  |  | 5,767,301 |  |  |  | 5,777,486 |  |  |  | 2,920 |
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential Mortgage |  |  | 4,547 |  |  |  | 317 |  |  |  | 3,814 |  |  |  | 2,935 |  |  |  | 11,613 |  |  |  | 4,672,558 |  |  |  | 4,684,171 |  |  |  | 867 |
Home Equity |  |  | 4,210 |  |  |  | 1,967 |  |  |  | 1,734 |  |  |  | 3,791 |  |  |  | 11,702 |  |  |  | 2,253,125 |  |  |  | 2,264,827 |  |  |  | 1,101 |
Automobile |  |  | 13,242 |  |  |  | 1,478 |  |  |  | 399 |  |  |  | — |  |  |  | 15,119 |  |  |  | 822,711 |  |  |  | 837,830 |  |  |  | — |
Other 1 |  |  | 1,968 |  |  |  | 1,019 |  |  |  | 648 |  |  |  | — |  |  |  | 3,635 |  |  |  | 397,077 |  |  |  | 400,712 |  |  |  | — |
Total Consumer |  |  | 23,967 |  |  |  | 4,781 |  |  |  | 6,595 |  |  |  | 6,726 |  |  |  | 42,069 |  |  |  | 8,145,471 |  |  |  | 8,187,540 |  |  |  | 1,968 |
Total |  | $ | 30,715 |  |  | $ | 5,295 |  |  | $ | 6,595 |  |  | $ | 9,649 |  |  | $ | 52,254 |  |  | $ | 13,912,772 |  |  | $ | 13,965,026 |  |  | $ | 4,888 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and Industrial |  | $ | 252 |  |  | $ | 9 |  |  | $ | — |  |  | $ | 37 |  |  | $ | 298 |  |  | $ | 1,388,768 |  |  | $ | 1,389,066 |  |  | $ | 37 |
Paycheck Protection Program |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 19,579 |  |  |  | 19,579 |  |  |  | — |
Commercial Mortgage |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,309 |  |  |  | 3,309 |  |  |  | 3,722,233 |  |  |  | 3,725,542 |  |  |  | 3,309 |
Construction |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 260,825 |  |  |  | 260,825 |  |  |  | — |
Lease Financing |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 69,491 |  |  |  | 69,491 |  |  |  | — |
Total Commercial |  |  | 252 |  |  |  | 9 |  |  |  | — |  |  |  | 3,346 |  |  |  | 3,607 |  |  |  | 5,460,896 |  |  |  | 5,464,503 |  |  |  | 3,346 |
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential Mortgage |  |  | 3,016 |  |  |  | 721 |  |  |  | 2,429 |  |  |  | 4,239 |  |  |  | 10,405 |  |  |  | 4,642,667 |  |  |  | 4,653,072 |  |  |  | 1,729 |
Home Equity |  |  | 1,639 |  |  |  | 960 |  |  |  | 1,673 |  |  |  | 4,022 |  |  |  | 8,294 |  |  |  | 2,217,656 |  |  |  | 2,225,950 |  |  |  | 664 |
Automobile |  |  | 13,293 |  |  |  | 1,988 |  |  |  | 589 |  |  |  | — |  |  |  | 15,870 |  |  |  | 854,526 |  |  |  | 870,396 |  |  |  | — |
Other 1 |  |  | 2,318 |  |  |  | 1,302 |  |  |  | 683 |  |  |  | — |  |  |  | 4,303 |  |  |  | 428,196 |  |  |  | 432,499 |  |  |  | — |
Total Consumer |  |  | 20,266 |  |  |  | 4,971 |  |  |  | 5,374 |  |  |  | 8,261 |  |  |  | 38,872 |  |  |  | 8,143,045 |  |  |  | 8,181,917 |  |  |  | 2,393 |
Total |  | $ | 20,518 |  |  | $ | 4,980 |  |  | $ | 5,374 |  |  | $ | 11,607 |  |  | $ | 42,479 |  |  | $ | 13,603,941 |  |  | $ | 13,646,420 |  |  | $ | 5,739 |
1. Comprised of other revolving credit, installment, and lease financing. 2. Represents non-accrual loans that are not past due 30 days or more; however, full payment of principal and interest as originally structured is still not expected. Non-Accrual Loans and Leases The following presents the non-accrual loans and leases as of December 31, 2023, and December 31, 2022.
|  | December 31, 2023 |  |  | December 31, 2022 |
(dollars in thousands) |  | Non-accrual loans with a related ACL |  |  | Non-accrual loans without a related ACL |  |  | Total Non-accrual loans |  |  | Total Non-accrual loans |
Commercial |  |  |  |  |  |  |  |  |  |  |  |
Commercial and Industrial |  | $ | 39 |  |  | $ | — |  |  | $ | 39 |  |  | $ | 37 |
Commercial Mortgage |  |  | — |  |  |  | 2,884 |  |  |  | 2,884 |  |  |  | 3,309 |
Total Commercial |  |  | 39 |  |  |  | 2,884 |  |  |  | 2,923 |  |  |  | 3,346 |
Consumer |  |  |  |  |  |  |  |  |  |  |  |
Residential Mortgage |  |  | 2,935 |  |  |  | — |  |  |  | 2,935 |  |  |  | 4,239 |
Home Equity |  |  | 3,791 |  |  |  | — |  |  |  | 3,791 |  |  |  | 4,022 |
Total Consumer |  |  | 6,726 |  |  |  | — |  |  |  | 6,726 |  |  |  | 8,261 |
Total |  | $ | 6,765 |  |  | $ | 2,884 |  |  | $ | 9,649 |  |  | $ | 11,607 |
All payments received while on non-accrual status are applied against the principal balance of the loan or lease. The Company does not recognize interest income while loans or leases are on non-accrual status. Loan Modifications to Borrowers Experiencing Financial Difficulty Modifications to borrowers experiencing financial difficulty may include interest rate reductions, principal or interest forgiveness, forbearances, term extensions, and other actions intended to minimize economic loss and to avoid foreclosure or repossession of collateral. The following illustrates the most common loan modifications by loan classes offered by the Company that are required to be disclosed pursuant to the requirements of ASU 2022-02:
Loan Classes | Modification Types
Commercial: | Term extension, interest rate reductions, payment delay, or combination thereof. These modifications extend the term of the loan, lower the payment amount, or otherwise delay payments during a defined period for the purpose of providing borrowers additional time to return to compliance with the original loan term.
Residential Mortgage/ Home Equity: | Forbearance period greater than six months. These modifications require reduced or no payments during the forbearance period for the purpose of providing borrowers additional time to return to compliance with the original loan term.
Residential Mortgage/ Home Equity: | Term extension and rate adjustment. These modifications extend the term of the loan and provides for an adjustment to the interest rate, which reduces the monthly payment requirement.
Automobile/ Direct Installment: | Term extension greater than three months. These modifications extend the term of the loan, which reduces the monthly payment requirement.
The following table presents the amortized cost basis of loan modifications made to borrowers experiencing financial difficulty during the year ended December 31, 2023.
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | % |
|  |  |  |  | Payment |  | Term |  |  |  |  |  |  |  | of |
|  |  |  |  | Delay |  | Extension and |  |  |  |  |  |  |  | Total |
|  |  | Interest |  | and |  | Interest |  |  |  |  |  |  |  | Class of |
| Term |  | Rate |  | Term |  | Rate |  | Payment |  |  |  |  |  | Loans and |
(dollars in thousands) | Extension |  | Reduction |  | Extension 1 |  | Reduction |  | Delay |  |  | Total |  |  | Leases |
For the Year Ended December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and Industrial | $ | 105 |  | $ | — |  | $ | 5,509 |  | $ | — |  | $ | 1,615 |  |  | $ | 7,229 |  |  |  | 0.44 | %
Commercial Mortgage |  | — |  |  | 939 |  |  | — |  |  | — |  |  | 3,976 |  |  |  | 4,915 |  |  |  | 0.13 | %
Total Commercial |  | 105 |  |  | 939 |  |  | 5,509 |  |  | — |  |  | 5,591 |  |  |  | 12,144 |  |  |  | 0.21 | %
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential Mortgage |  | 131 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | 131 |  |  |  | 0.00 | %
Home Equity |  | 133 |  |  | — |  |  | — |  |  | 616 |  |  | — |  |  |  | 749 |  |  |  | 0.03 | %
Automobile |  | 10,026 |  |  | — |  |  | 1,179 |  |  | — |  |  | — |  |  |  | 11,205 |  |  |  | 1.34 | %
Other 2 |  | 1,101 |  |  | — |  |  | 248 |  |  | — |  |  | — |  |  |  | 1,349 |  |  |  | 0.34 | %
Total Consumer |  | 11,391 |  |  | — |  |  | 1,427 |  |  | 616 |  |  | — |  |  |  | 13,434 |  |  |  | 0.16 | %
Total Loans and Leases | $ | 11,496 |  | $ | 939 |  | $ | 6,936 |  | $ | 616 |  | $ | 5,591 |  |  | $ | 25,578 |  |  |  | 0.18 | %
1 Includes forbearance plans. 2 Comprised of other revolving credit, installment and lease financing. The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the year ended December 31, 2023.
|  | Weighted-Average |  |  | Weighted-Average |  |  | Weighted-Average
|  | Months of |  |  | Payment |  |  | Interest Rate
(dollars in thousands) |  | Term Extension |  |  | Deferral 1 |  |  | Reduction
For the Year Ended December 31, 2023 |  |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |  |
Commercial and Industrial |  |  | 6 |  |  | $ | 1,267 |  |  |  | — |  |
Commercial Mortgage |  |  | — |  |  |  | 39 |  |  |  | 2.50 |  | %
Consumer |  |  |  |  |  |  |  |  |  |
Residential Mortgage |  |  | 58 |  |  | $ | 5 |  |  |  | — |  |
Home Equity |  |  | 107 |  |  |  | — |  |  |  | 2.88 |  | %
Automobile |  |  | 21 |  |  |  | 1 |  |  |  | — |  |
Other 2 |  |  | 19 |  |  |  | 1 |  |  |  | — |  |
1 Includes forbearance plans. 2 Comprised of other revolving credit, installment and lease financing. The following table presents the loan modifications made to borrowers experiencing financial difficulty that defaulted during the year ended December 31, 2023.
| Term |  |  |  |
(dollars in thousands) | Extension |  |  | Total |
For the Year Ended December 31, 2023 |  |  |  |  |
Consumer |  |  |  |  |
Automobile | $ | 425 |  |  | $ | 425 |
Other 1 |  | 132 |  |  |  | 132 |
Total Consumer |  | 557 |  |  |  | 557 |
Total Loans and Leases | $ | 557 |  |  | $ | 557 |
1 Comprised of other revolving credit, installment and lease financing. The following table presents the aging analysis of loan modifications made to borrowers experiencing financial difficulty as of December 31, 2023.
(dollars in thousands) |  | Current |  |  | 30 - 59 Days Past Due |  |  | 60 - 89 Days Past Due |  |  | Past Due 90 Days or More |  |  | Non- Accrual |  |  | Total |
For the Year Ended December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and Industrial |  | $ | 7,142 |  |  | $ | 87 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 7,229 |
Commercial Mortgage |  |  | 4,915 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,915 |
Total Commercial |  |  | 12,057 |  |  |  | 87 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 12,144 |
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential Mortgage |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 131 |  |  |  | 131 |
Home Equity |  |  | 133 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 616 |  |  |  | 749 |
Automobile |  |  | 8,884 |  |  |  | 2,027 |  |  |  | 158 |  |  |  | 136 |  |  |  | — |  |  |  | 11,205 |
Other 1 |  |  | 1,132 |  |  |  | 115 |  |  |  | 27 |  |  |  | 75 |  |  |  | — |  |  |  | 1,349 |
Total Consumer |  |  | 10,149 |  |  |  | 2,142 |  |  |  | 185 |  |  |  | 211 |  |  |  | 747 |  |  |  | 13,434 |
Total Loans and Leases |  | $ | 22,206 |  |  | $ | 2,229 |  |  | $ | 185 |  |  | $ | 211 |  |  | $ | 747 |  |  | $ | 25,578 |
1 Comprised of other revolving credit, installment and lease financing. The following table presents by loan class and year of origination, the gross charge-offs recorded during the year ended December 31, 2023.
(dollars in thousands) | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2019 |  |  | Prior |  |  | Total |
For the Year Ended December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and Industrial | $ | 500 |  |  | $ | 208 |  |  | $ | — |  |  | $ | 84 |  |  | $ | — |  |  | $ | 195 |  |  | $ | 987 |
Total Commercial |  | 500 |  |  |  | 208 |  |  |  | — |  |  |  | 84 |  |  |  | — |  |  |  | 195 |  |  |  | 987 |
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential Mortgage |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6 |  |  |  | 6 |
Home Equity |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 13 |  |  |  | 69 |  |  |  | 82 |
Automobile |  | 261 |  |  |  | 1,299 |  |  |  | 1,354 |  |  |  | 608 |  |  |  | 746 |  |  |  | 979 |  |  |  | 5,247 |
Other 1 |  | 1,415 |  |  |  | 2,551 |  |  |  | 1,841 |  |  |  | 364 |  |  |  | 1,269 |  |  |  | 1,205 |  |  |  | 8,645 |
Total Consumer |  | 1,676 |  |  |  | 3,850 |  |  |  | 3,195 |  |  |  | 972 |  |  |  | 2,028 |  |  |  | 2,259 |  |  |  | 13,980 |
Total | $ | 2,176 |  |  | $ | 4,058 |  |  | $ | 3,195 |  |  | $ | 1,056 |  |  | $ | 2,028 |  |  | $ | 2,454 |  |  | $ | 14,967 |
Foreclosure Proceedings Consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure totaled $4.9 million as of December 31, 2023.

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- Definition The disclosure of Loans and Leases and the Allowance for Loan and Lease Losses includes: (1) balances in the entity's classes of loans and leases as of period end; (2) roll forward of the entity's Allowance for Loan and Lease Losses by portfolio segment; (3) balances in the entity's classes of loans and leases by internal credit quality indicators as of period end; (4) an aging analysis of the entity's classes of loans and leases as of period end; (5) balances of impaired loans by the entity's classes of loans as of period end; and (6) information related to the average recorded investment and interest income recognized on impaired loans for the periods presented. + References No definition available. + Details
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