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Portfolio loans | 3 Months Ended
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Mar. 31, 2020
Portfolio loans |
Portfolio loans | Note 4: Portfolio loans ​ The distribution of portfolio loans is as follows (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, 2020 | ​ | December 31, 2019
Commercial | ​ | $ | 1,767,191 | ​ | $ | 1,748,368
Commercial real estate | ​ | ​ | 2,825,003 | ​ | ​ | 2,793,417
Real estate construction | ​ | ​ | 448,313 | ​ | ​ | 401,861
Retail real estate | ​ | ​ | 1,656,628 | ​ | ​ | 1,693,769
Retail other | ​ | ​ | 48,364 | ​ | ​ | 49,834
Portfolio loans | ​ | $ | 6,745,499 | ​ | $ | 6,687,249
​ | ​ | ​ | ​ | ​ | ​ | ​
Allowance | ​ | ​ | (84,384) | ​ | ​ | (53,748)
Portfolio loans, net | ​ | $ | 6,661,115 | ​ | $ | 6,633,501
​ Net deferred loan origination costs included in the table above were $6.4 million as of March 31, 2020 and $6.2 million as of December 31, 2019. Net accretable purchase accounting adjustments included in the table above reduced loans by $17.7 million as of March 31, 2020 and $20.2 million as of December 31, 2019. ​ During the first quarter of 2020, the Company purchased $43.9 million of retail real estate loans. ​ The Company utilizes a loan grading scale to assign a risk grade to all of its loans. A description of the general characteristics of each grade is as follows: ​
| ● | Pass- This category includes loans that are all considered acceptable credits, ranging from investment or near investment grade, to loans made to borrowers who exhibit credit fundamentals that meet or exceed industry standards.
​
| ● | Watch- This category includes loans that warrant a higher than average level of monitoring to ensure that weaknesses do not cause the inability of the credit to perform as expected. These loans are not necessarily a problem due to other inherent strengths of the credit, such as guarantor strength, but have above average concern and monitoring.
​
| ● | Special mention- This category is for “Other Assets Specially Mentioned” loans that have potential weaknesses, which may, if not checked or corrected, weaken the asset or inadequately protect the Company’s credit position at some future date.
​
| ● | Substandard- This category includes “Substandard” loans, determined in accordance with regulatory guidelines, for which the accrual of interest has not been stopped. Assets so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected.
​
| ● | Substandard Non-accrual- This category includes loans that have all the characteristics of a “Substandard” loan with additional factors that make collection in full highly questionable and improbable. Such loans are placed on non-accrual status and may be dependent on collateral with a value that is difficult to determine.
​ All loans are graded at their inception. Most commercial lending relationships that are $1.0 million or less are processed through an expedited underwriting process. Most commercial loans greater than $1.0 million are included in a portfolio review at least annually. Commercial loans greater than $0.35 million that have a grading of special mention or worse are reviewed on a quarterly basis. Interim reviews may take place if circumstances of the borrower warrant a more timely review. ​ The following table is a summary of risk grades segregated by category of portfolio loans. March 31, 2020 includes purchase discounts and clearings in the pass rating. December 31, 2019 excludes purchase discounts and clearings. (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2020
​ |  | ​ |  | ​ |  | Special |  | ​ |  | Substandard
​ |  | Pass |  | Watch |  | Mention |  | Substandard |  | Non-accrual
Commercial |  | $ | 1,481,538 | ​ | $ | 150,303 | ​ | $ | 85,231 | ​ | $ | 42,727 | ​ | $ | 7,392
Commercial real estate |  |  | 2,509,301 | ​ |  | 178,151 | ​ |  | 100,365 | ​ |  | 28,245 | ​ |  | 8,941
Real estate construction |  |  | 415,302 | ​ |  | 28,808 | ​ |  | 3,222 | ​ |  | 699 | ​ |  | 282
Retail real estate |  |  | 1,624,543 | ​ |  | 13,075 | ​ |  | 3,652 | ​ |  | 6,387 | ​ |  | 8,971
Retail other |  |  | 48,273 | ​ |  | — | ​ |  | — | ​ |  | 5 | ​ |  | 86
Total | ​ | $ | 6,078,957 | ​ | $ | 370,337 | ​ | $ | 192,470 | ​ | $ | 78,063 | ​ | $ | 25,672
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2019
​ |  | ​ |  | ​ |  | Special |  | ​ |  | Substandard
​ |  | Pass |  | Watch |  | Mention |  | Substandard |  | Non-accrual
Commercial |  | $ | 1,458,416 | ​ | $ | 172,526 | ​ | $ | 66,337 | ​ | $ | 41,273 | ​ | $ | 9,096
Commercial real estate |  |  | 2,477,398 | ​ |  | 186,963 | ​ |  | 105,487 | ​ |  | 26,204 | ​ |  | 9,178
Real estate construction |  |  | 351,923 | ​ |  | 45,262 | ​ |  | 3,928 | ​ |  | 737 | ​ |  | 630
Retail real estate |  |  | 1,661,691 | ​ |  | 9,125 | ​ |  | 5,355 | ​ |  | 7,001 | ​ |  | 8,935
Retail other |  |  | 47,698 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 57
Total | ​ | $ | 5,997,126 | ​ | $ | 413,876 | ​ | $ | 181,107 | ​ | $ | 75,215 | ​ | $ | 27,896
​ Risk grades of portfolio loans, further sorted by origination year at March 31, 2020 is as follows (dollars in thousand): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Term Loans Amortized Cost Basis by Origination Year | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Revolving | ​ | ​ | ​
As of March 31, 2020 |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016 | ​ | ​ | Prior | ​ | ​ | loans | ​ | ​ | Total
Commercial: |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Risk rating | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | $ | 183,585 | ​ | $ | 217,732 | ​ | $ | 158,089 | ​ | $ | 136,995 | ​ | $ | 84,025 | ​ | $ | 129,623 | ​ | $ | 571,489 | ​ | $ | 1,481,538
Watch | ​ | ​ | 11,686 | ​ | ​ | 29,396 | ​ | ​ | 17,424 | ​ | ​ | 10,367 | ​ | ​ | 4,617 | ​ | ​ | 12,958 | ​ | ​ | 63,855 | ​ | ​ | 150,303
Special Mention | ​ | ​ | 12,010 | ​ | ​ | 5,723 | ​ | ​ | 1,918 | ​ | ​ | 7,316 | ​ | ​ | 7,148 | ​ | ​ | 15,166 | ​ | ​ | 35,950 | ​ | ​ | 85,231
Substandard | ​ | ​ | 2,860 | ​ | ​ | 6,108 | ​ | ​ | 4,640 | ​ | ​ | 5,646 | ​ | ​ | 1,939 | ​ | ​ | 1,425 | ​ | ​ | 20,109 | ​ | ​ | 42,727
Substandard non-accrual | ​ | ​ | — | ​ | ​ | 3,245 | ​ | ​ | 1,871 | ​ | ​ | 541 | ​ | ​ | 997 | ​ | ​ | 738 | ​ | ​ | — | ​ | ​ | 7,392
Total commercial | ​ | $ | 210,141 | ​ | $ | 262,204 | ​ | $ | 183,942 | ​ | $ | 160,865 | ​ | $ | 98,726 | ​ | $ | 159,910 | ​ | $ | 691,403 | ​ | $ | 1,767,191
Commercial real estate: |  |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Risk rating | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | $ | 154,317 | ​ | $ | 597,120 | ​ | $ | 485,314 | ​ | $ | 551,251 | ​ | $ | 262,300 | ​ | $ | 425,072 | ​ | $ | 33,927 | ​ | $ | 2,509,301
Watch | ​ | ​ | 20,142 | ​ | ​ | 61,908 | ​ | ​ | 37,717 | ​ | ​ | 19,038 | ​ | ​ | 19,039 | ​ | ​ | 17,375 | ​ | ​ | 2,932 | ​ | ​ | 178,151
Special Mention | ​ | ​ | 15,788 | ​ | ​ | 15,758 | ​ | ​ | 18,964 | ​ | ​ | 14,042 | ​ | ​ | 6,810 | ​ | ​ | 28,508 | ​ | ​ | 495 | ​ | ​ | 100,365
Substandard | ​ | ​ | 2,802 | ​ | ​ | 12,855 | ​ | ​ | 3,741 | ​ | ​ | 6,211 | ​ | ​ | 1,884 | ​ | ​ | 637 | ​ | ​ | 115 | ​ | ​ | 28,245
Substandard non-accrual | ​ | ​ | — | ​ | ​ | 1,345 | ​ | ​ | 3,813 | ​ | ​ | 1,484 | ​ | ​ | 564 | ​ | ​ | 1,735 | ​ | ​ | — | ​ | ​ | 8,941
Total commercial real estate | ​ | $ | 193,049 | ​ | $ | 688,986 | ​ | $ | 549,549 | ​ | $ | 592,026 | ​ | $ | 290,597 | ​ | $ | 473,327 | ​ | $ | 37,469 | ​ | $ | 2,825,003
Real estate construction: |  |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Risk rating | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | $ | 26,489 | ​ | $ | 204,437 | ​ | $ | 139,119 | ​ | $ | 20,465 | ​ | $ | 412 | ​ | $ | 1,534 | ​ | $ | 22,846 | ​ | $ | 415,302
Watch | ​ | ​ | 10,936 | ​ | ​ | 12,936 | ​ | ​ | 2,582 | ​ | ​ | 2,140 | ​ | ​ | 214 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 28,808
Special Mention | ​ | ​ | 2,367 | ​ | ​ | 703 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 152 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,222
Substandard | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 655 | ​ | ​ | 44 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 699
Substandard non-accrual | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 275 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 7 | ​ | ​ | — | ​ | ​ | 282
Total real estate construction | ​ | $ | 39,792 | ​ | $ | 218,076 | ​ | $ | 142,631 | ​ | $ | 22,649 | ​ | $ | 778 | ​ | $ | 1,541 | ​ | $ | 22,846 | ​ | $ | 448,313
Retail real estate: |  |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Risk rating | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | $ | 51,441 | ​ | $ | 201,517 | ​ | $ | 199,235 | ​ | $ | 204,376 | ​ | $ | 184,629 | ​ | $ | 381,085 | ​ | $ | 402,260 | ​ | $ | 1,624,543
Watch | ​ | ​ | 296 | ​ | ​ | 3,599 | ​ | ​ | 1,893 | ​ | ​ | 441 | ​ | ​ | 1,034 | ​ | ​ | 736 | ​ | ​ | 5,076 | ​ | ​ | 13,075
Special Mention | ​ | ​ | 108 | ​ | ​ | — | ​ | ​ | 180 | ​ | ​ | — | ​ | ​ | 2,001 | ​ | ​ | 1,363 | ​ | ​ | — | ​ | ​ | 3,652
Substandard | ​ | ​ | — | ​ | ​ | 1,285 | ​ | ​ | 447 | ​ | ​ | 537 | ​ | ​ | 761 | ​ | ​ | 2,904 | ​ | ​ | 453 | ​ | ​ | 6,387
Substandard non-accrual | ​ | ​ | 100 | ​ | ​ | 209 | ​ | ​ | 863 | ​ | ​ | 486 | ​ | ​ | 254 | ​ | ​ | 5,541 | ​ | ​ | 1,518 | ​ | ​ | 8,971
Total retail real estate | ​ | $ | 51,945 | ​ | $ | 206,610 | ​ | $ | 202,618 | ​ | $ | 205,840 | ​ | $ | 188,679 | ​ | $ | 391,629 | ​ | $ | 409,307 | ​ | $ | 1,656,628
Retail other: |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Risk rating | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | $ | 6,126 | ​ | $ | 13,896 | ​ | $ | 9,331 | ​ | $ | 4,942 | ​ | $ | 1,601 | ​ | $ | 1,419 | ​ | $ | 10,958 | ​ | $ | 48,273
Watch | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Special Mention | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Substandard | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 5 | ​ | ​ | 5
Substandard non-accrual | ​ | ​ | 16 | ​ | ​ | 47 | ​ | ​ | — | ​ | ​ | 3 | ​ | ​ | 17 | ​ | ​ | — | ​ | ​ | 3 | ​ | ​ | 86
Total retail other | ​ | $ | 6,142 | ​ | $ | 13,943 | ​ | $ | 9,331 | ​ | $ | 4,945 | ​ | $ | 1,618 | ​ | $ | 1,419 | ​ | $ | 10,966 | ​ | $ | 48,364
​ An analysis of the amortized cost basis of portfolio loans that are past due and still accruing or on a non-accrual status is as follows (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2020
​ | ​ | Loans past due, still accruing | ​ | Non-accrual
​ |  | 30-59 Days |  | 60-89 Days |  | 90+Days |  | Loans
Commercial | ​ | $ | 1,047 | ​ | $ | — | ​ | $ | — | ​ | $ | 7,392
Commercial real estate | ​ | ​ | 690 | ​ | ​ | 387 | ​ | ​ | 159 | ​ | ​ | 8,941
Real estate construction | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 282
Retail real estate | ​ | ​ | 6,910 | ​ | ​ | 997 | ​ | ​ | 1,287 | ​ | ​ | 8,971
Retail other | ​ |  | 107 | ​ |  | 12 | ​ |  | 94 | ​ |  | 86
Total | ​ | $ | 8,754 | ​ | $ | 1,396 | ​ | $ | 1,540 | ​ | $ | 25,672
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2019
​ | ​ | Loans past due, still accruing | ​ | Non-accrual
​ |  | 30-59 Days |  | 60-89 Days |  | 90+Days |  | Loans
Commercial | ​ | $ | 1,075 | ​ | $ | 1,014 | ​ | $ | 199 | ​ | $ | 9,096
Commercial real estate | ​ |  | 2,653 | ​ |  | 3,121 | ​ |  | 584 | ​ |  | 9,178
Real estate construction | ​ |  | 19 | ​ |  | — | ​ |  | — | ​ |  | 630
Retail real estate | ​ |  | 5,021 | ​ |  | 1,248 | ​ |  | 828 | ​ | ​ | 8,935
Retail other | ​ |  | 52 | ​ |  | 68 | ​ |  | — | ​ |  | 57
Total | ​ | $ | 8,820 | ​ | $ | 5,451 | ​ | $ | 1,611 | ​ | $ | 27,896
​ The gross interest income that would have been recorded in the three months ended March 31, 2020 and 2019 if non-accrual loans and 90+ days past due loans had been current in accordance with their original terms was $0.5 million and $0.7 million, respectively. The amount of interest collected on those loans and recognized on a cash basis that was included in interest income was insignificant for the three months ended March 31, 2020 and 2019. ​ A summary of troubled debt restructurings (“TDR”) loans is as follows (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | March 31, | ​ | ​ | December 31,
​ | ​ | 2020 |  | 2019
In compliance with modified terms | ​ | $ | 4,949 | ​ | $ | 5,005
30 — 89 days past due | ​ |  | — | ​ |  | —
Included in non-performing loans | ​ |  | 1,686 | ​ |  | 702
Total | ​ | $ | 6,635 | ​ | $ | 5,707
​ There were no loans newly classified as TDRs in compliance with modified terms during the three months ended March 31, 2020. Loans newly classified as a TDR in compliance with modified terms during the three months ended March 31, 2019 consisted of one commercial modification for short-term payment relief, with an amortized cost of $3.1 million. Commercial non-performing loans of $0.5 million and commercial real estate non-performing loans of $0.7 million were newly classified as TDRs included in non-performing loans for short-term payment relief during the three months ended March 31, 2020. ​ The gross interest income that would have been recorded in the three months ended March 31, 2020 and 2019 if TDRs had performed in accordance with their original terms compared with their modified terms was insignificant. ​ There were no TDRs that were entered into during the prior twelve months that were subsequently classified as non-performing and had payment defaults during the three months ended March 31, 2020 or 2019. ​ At March 31, 2020, the Company had $1.3 million of residential real estate in the process of foreclosure. The following tables provide details of loans evaluated individually, segregated by category. With the adoption of CECL, the Company only evaluated loans with disparate risk characteristics on an individual basis. The unpaid contractual principal balance represents the customer outstanding balance excluding any partial charge-offs. The amortized cost represents customer balances net of any partial charge-offs recognized on the loan. The average amortized cost is calculated using the most recent four quarters (dollars in thousands). ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2020
​ |  | Unpaid |  | Amortized |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​
​ | ​ | Contractual | ​ | Cost | ​ | Amortized | ​ | Total | ​ | ​ | ​ | ​ | Average
​ | ​ | Principal | ​ | with No | ​ | Cost | ​ | Amortized | ​ | Related | ​ | Amortized
​ |  | Balance |  | Allowance |  | with Allowance |  | Cost |  | Allowance |  | Cost
Commercial | ​ | $ | 11,795 | ​ | $ | 3,751 | ​ | $ | 3,671 | ​ | $ | 7,422 | ​ | $ | 2,822 | ​ | $ | 11,493
Commercial real estate | ​ |  | 11,992 | ​ | ​ | 9,111 | ​ | ​ | 1,206 | ​ |  | 10,317 | ​ |  | 642 | ​ |  | 15,226
Real estate construction | ​ |  | 579 | ​ |  | 562 | ​ |  | — | ​ |  | 562 | ​ |  | — | ​ |  | 888
Retail real estate | ​ |  | 7,642 | ​ |  | 6,597 | ​ |  | 474 | ​ |  | 7,071 | ​ |  | 474 | ​ |  | 12,767
Retail other | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 34
Total | ​ | $ | 32,008 | ​ | $ | 20,021 | ​ | $ | 5,351 | ​ | $ | 25,372 | ​ | $ | 3,938 | ​ | $ | 40,408
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2019
​ |  | Unpaid |  | Amortized |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​
​ | ​ | Contractual | ​ | Cost | ​ | Amortized | ​ | Total | ​ | ​ | ​ | ​ | Average
​ | ​ | Principal | ​ | with No | ​ | Cost | ​ | Amortized | ​ | Related | ​ | Amortized
​ |  | Balance |  | Allowance |  | with Allowance |  | Cost |  | Allowance |  | Cost
Commercial | ​ | $ | 14,415 | ​ | $ | 4,727 | ​ | $ | 5,026 | ​ | $ | 9,753 | ​ | $ | 3,330 | ​ | $ | 13,774
Commercial real estate | ​ |  | 14,487 | ​ | ​ | 9,883 | ​ | ​ | 2,039 | ​ |  | 11,922 | ​ |  | 1,049 | ​ |  | 16,678
Real estate construction | ​ |  | 1,116 | ​ |  | 974 | ​ |  | — | ​ |  | 974 | ​ |  | — | ​ |  | 873
Retail real estate | ​ |  | 15,581 | ​ |  | 13,898 | ​ |  | 474 | ​ |  | 14,372 | ​ |  | 474 | ​ |  | 14,003
Retail other | ​ |  | 87 | ​ |  | 58 | ​ |  | — | ​ |  | 58 | ​ |  | — | ​ |  | 42
Total | ​ | $ | 45,686 | ​ | $ | 29,540 | ​ | $ | 7,539 | ​ | $ | 37,079 | ​ | $ | 4,853 | ​ | $ | 45,370
​ Management's evaluation as to the ultimate collectability of loans includes estimates regarding future cash flows from operations and the value of property, real and personal, pledged as collateral. These estimates are affected by changing economic conditions and the economic prospects of borrowers. Collateral dependent loans are loans in which repayment is expected to be provided solely by the underlying collateral and there are no other available and reliable sources of repayment. They are written down to the lower of cost or fair value of underlying collateral, less estimated costs to sell. As of March 31, 2020, there were $13.5 million of collateral dependent loans which are secured by real estate or business assets. ​ Management estimates the allowance balance using relevant available information from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. The cumulative loss rate used as the basis for the estimate of credit losses is comprised of the Company’s historical loss experience from 2010-2019. As of March 31, 2020, the Company expects the markets in which it operates to experience a decline in economic conditions and an increase in the unemployment rate and level of delinquencies over the next 12 months. Management adjusted the historical loss experience for these expectations with an immediate reversion to historical loss rate beyond this forecast period. The following table details activity in the allowance. Allocation of a portion of the allowance to one category does not preclude its availability to absorb losses in other categories (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of and for the Three Months Ended March 31, 2020
​ |  |  | ​ |  | Commercial |  | Real Estate |  | Retail Real |  |  | ​ |  |  | ​
​ |  | Commercial |  | Real Estate |  | Construction |  | Estate |  | Retail Other |  | Total
Beginning balance, prior to adoption of ASC 326 | ​ | $ | 18,291 | ​ | $ | 21,190 | ​ | $ | 3,204 | ​ | $ | 10,495 | ​ | $ | 568 | ​ | $ | 53,748
Adoption of ASC 326 | ​ | ​ | 715 | ​ | ​ | 9,306 | ​ | ​ | 2,954 | ​ | ​ | 3,292 | ​ | ​ | 566 | ​ | ​ | 16,833
Provision for credit losses | ​ |  | 5,673 | ​ |  | 6,526 | ​ |  | 889 | ​ |  | 4,037 | ​ |  | 91 | ​ |  | 17,216
Charged-off | ​ |  | (2,042) | ​ |  | (1,099) | ​ |  | — | ​ | ​ | (708) | ​ |  | (299) | ​ |  | (4,148)
Recoveries | ​ |  | 88 | ​ |  | 44 | ​ |  | 146 | ​ |  | 338 | ​ |  | 119 | ​ |  | 735
Ending balance | ​ | $ | 22,725 | ​ | $ | 35,967 | ​ | $ | 7,193 | ​ | $ | 17,454 | ​ | $ | 1,045 | ​ | $ | 84,384
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of and for the Three Months Ended March 31, 2019
​ |  |  | ​ |  | Commercial |  | Real Estate |  | Retail Real |  |  | ​ |  |  | ​
​ |  | Commercial |  | Real Estate |  | Construction |  | Estate |  | Retail Other |  | Total
Beginning balance | ​ | $ | 17,829 | ​ | $ | 21,137 | ​ | $ | 2,723 | ​ | $ | 8,471 | ​ | $ | 488 | ​ | $ | 50,648
Provision for loan losses | ​ |  | 1,793 | ​ |  | (1,089) | ​ |  | 2 | ​ |  | 1,357 | ​ |  | 48 | ​ |  | 2,111
Charged-off | ​ |  | (1,807) | ​ |  | (15) | ​ |  | — | ​ |  | (517) | ​ |  | (130) | ​ |  | (2,469)
Recoveries | ​ |  | 183 | ​ |  | 64 | ​ |  | 82 | ​ |  | 192 | ​ |  | 104 | ​ |  | 625
Ending balance | ​ | $ | 17,998 | ​ | $ | 20,097 | ​ | $ | 2,807 | ​ | $ | 9,503 | ​ | $ | 510 | ​ | $ | 50,915
​ The following table presents the allowance and amortized cost of portfolio loans by category (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of March 31, 2020
​ |  | ​ | ​ |  | Commercial |  | Real Estate |  | Retail Real |  | ​ | ​ |  | ​ | ​
​ |  | Commercial |  | Real Estate |  | Construction |  | Estate |  | Retail Other |  | Total
Allowance | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Ending balance attributed to: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loans individually evaluated for impairment | ​ | $ | 2,822 | ​ | $ | 642 | ​ | $ | — | ​ | $ | 474 | ​ | $ | — | ​ | $ | 3,938
Loans collectively evaluated for impairment | ​ |  | 19,903 | ​ |  | 35,325 | ​ |  | 7,193 | ​ |  | 16,980 | ​ |  | 1,045 | ​ |  | 80,446
Ending balance | ​ | $ | 22,725 | ​ | $ | 35,967 | ​ | $ | 7,193 | ​ | $ | 17,454 | ​ | $ | 1,045 | ​ | $ | 84,384
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loans: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loans individually evaluated for impairment | ​ | $ | 7,414 | ​ | $ | 8,452 | ​ | $ | 307 | ​ | $ | 6,618 | ​ | $ | — | ​ | $ | 22,791
Loans collectively evaluated for impairment | ​ |  | 1,759,769 | ​ |  | 2,814,686 | ​ | ​ | 447,751 | ​ |  | 1,649,557 | ​ |  | 48,364 | ​ |  | 6,720,127
PCD loans evaluated for impairment | ​ | ​ | 8 | ​ | ​ | 1,865 | ​ | ​ | 255 | ​ | ​ | 453 | ​ | ​ | — | ​ | ​ | 2,581
Ending balance | ​ | $ | 1,767,191 | ​ | $ | 2,825,003 | ​ | $ | 448,313 | ​ | $ | 1,656,628 | ​ | $ | 48,364 | ​ | $ | 6,745,499
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31, 2019
​ |  | ​ | ​ |  | Commercial |  | Real Estate |  | Retail Real |  | ​ | ​ |  | ​ | ​
​ |  | Commercial |  | Real Estate |  | Construction |  | Estate |  | Retail Other |  | Total
Allowance | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Ending balance attributed to: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loans individually evaluated for impairment | ​ | $ | 3,330 | ​ | $ | 1,049 | ​ | $ | — | ​ | $ | 474 | ​ | $ | — | ​ | $ | 4,853
Loans collectively evaluated for impairment | ​ |  | 14,961 | ​ |  | 20,141 | ​ |  | 3,204 | ​ |  | 10,021 | ​ |  | 568 | ​ |  | 48,895
Ending balance | ​ | $ | 18,291 | ​ | $ | 21,190 | ​ | $ | 3,204 | ​ | $ | 10,495 | ​ | $ | 568 | ​ | $ | 53,748
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loans: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loans individually evaluated for impairment | ​ | $ | 9,740 | ​ | $ | 10,018 | ​ | $ | 539 | ​ | $ | 13,676 | ​ | $ | 58 | ​ | $ | 34,031
Loans collectively evaluated for impairment | ​ |  | 1,738,615 | ​ |  | 2,781,495 | ​ | ​ | 400,887 | ​ |  | 1,679,397 | ​ |  | 49,776 | ​ |  | 6,650,170
PCI loans evaluated for impairment | ​ | ​ | 13 | ​ | ​ | 1,904 | ​ | ​ | 435 | ​ | ​ | 696 | ​ | ​ | — | ​ | ​ | 3,048
Ending balance | ​ | $ | 1,748,368 | ​ | $ | 2,793,417 | ​ | $ | 401,861 | ​ | $ | 1,693,769 | ​ | $ | 49,834 | ​ | $ | 6,687,249
​

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