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Allowance for Credit Losses | 9 Months Ended
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Sep. 30, 2023
Allowance for Credit Losses |
Allowance for Credit Losses | Note 6 Allowance for Credit Losses ​ The tables below detail the Company’s allowance for credit losses as of the dates shown: ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended September 30, 2023
​ | ​ | ​ | ​ | ​ | Non-owner | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | occupied | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | commercial | ​ | Residential | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Commercial |  | real estate |  | real estate |  | Consumer |  | Total
Beginning balance | ​ | $ | 42,058 | ​ | $ | 30,768 | ​ | $ | 19,331 | ​ | $ | 424 | ​ | $ | 92,581
Charge-offs | ​ |  | (239) | ​ |  | — | ​ |  | — | ​ | ​ | (301) | ​ |  | (540)
Recoveries | ​ |  | 241 | ​ |  | 1 | ​ |  | 7 | ​ |  | 31 | ​ |  | 280
Provision expense (release) for credit losses | ​ |  | 3,231 | ​ | ​ | (2,301) | ​ | ​ | (47) | ​ | ​ | 242 | ​ |  | 1,125
Ending balance | ​ | $ | 45,291 | ​ | $ | 28,468 | ​ | $ | 19,291 | ​ | $ | 396 | ​ | $ | 93,446
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine months ended September 30, 2023
​ |  | ​ | ​ |  | Non-owner |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
​ | ​ | ​ | ​ | ​ | occupied | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | commercial | ​ | Residential | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Commercial | ​ | real estate | ​ | real estate | ​ | Consumer | ​ | Total
Beginning balance | ​ | $ | 37,608 | ​ | $ | 32,050 | ​ | $ | 19,306 | ​ | $ | 589 | ​ | $ | 89,553
Charge-offs | ​ |  | (242) | ​ |  | — | ​ |  | (46) | ​ |  | (930) | ​ |  | (1,218)
Recoveries | ​ |  | 286 | ​ |  | 3 | ​ |  | 19 | ​ |  | 78 | ​ |  | 386
Provision expense (release) for credit losses | ​ |  | 7,639 | ​ |  | (3,585) | ​ | ​ | 12 | ​ | ​ | 659 | ​ |  | 4,725
Ending balance | ​ | $ | 45,291 | ​ | $ | 28,468 | ​ | $ | 19,291 | ​ | $ | 396 | ​ | $ | 93,446
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended September 30, 2022
​ | ​ | ​ | ​ | ​ | Non-owner | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | occupied | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | commercial | ​ | Residential | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Commercial |  | real estate |  | real estate |  | Consumer |  | Total
Beginning balance | ​ | $ | 32,011 | ​ | $ | 8,426 | ​ | $ | 10,072 | ​ | $ | 351 | ​ | $ | 50,860
Day 1 CECL provision expense | ​ | ​ | 2,261 | ​ | ​ | 2,327 | ​ | ​ | 596 | ​ | ​ | 17 | ​ | ​ | 5,201
Purchase credit deteriorated ("PCD") allowance for credit loss at acquisition | ​ |  | 2,257 | ​ | ​ | 2 | ​ | ​ | 215 | ​ | ​ | — | ​ |  | 2,474
Charge-offs | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (253) | ​ |  | (253)
Recoveries | ​ |  | 40 | ​ | ​ | — | ​ | ​ | 3 | ​ | ​ | 23 | ​ |  | 66
Provision expense for credit losses | ​ | ​ | 1,651 | ​ | ​ | 3,419 | ​ | ​ | 1,988 | ​ | ​ | 217 | ​ | ​ | 7,275
Ending balance | ​ | $ | 38,220 | ​ | $ | 14,174 | ​ | $ | 12,874 | ​ | $ | 355 | ​ | $ | 65,623
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine months ended September 30, 2022
​ |  | ​ | ​ |  | Non-owner |  | ​ |  | ​ | ​ |  | ​ | ​
​ | ​ | ​ | ​ | ​ | occupied | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | commercial | ​ | Residential | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Commercial | ​ | real estate | ​ | real estate | ​ | Consumer | ​ | Total
Beginning balance | ​ | $ | 31,256 | ​ | $ | 10,033 | ​ | $ | 8,056 | ​ | $ | 349 | ​ | $ | 49,694
Day 1 CECL provision expense | ​ | ​ | 2,261 | ​ | ​ | 2,327 | ​ | ​ | 596 | ​ | ​ | 17 | ​ | ​ | 5,201
PCD allowance for credit loss at acquisition | ​ | ​ | 2,257 | ​ |  | 2 | ​ |  | 215 | ​ |  | — | ​ |  | 2,474
Charge-offs | ​ |  | (754) | ​ |  | — | ​ |  | (2) | ​ |  | (582) | ​ |  | (1,338)
Recoveries | ​ |  | 115 | ​ |  | 21 | ​ |  | 49 | ​ |  | 71 | ​ |  | 256
Provision expense for credit losses | ​ | ​ | 3,085 | ​ | ​ | 1,791 | ​ | ​ | 3,960 | ​ | ​ | 500 | ​ | ​ | 9,336
Ending balance | ​ | $ | 38,220 | ​ | $ | 14,174 | ​ | $ | 12,874 | ​ | $ | 355 | ​ | $ | 65,623
​ In evaluating the loan portfolio for an appropriate ACL level, excluding loans evaluated individually, loans were grouped into segments based on broad characteristics such as primary use and underlying collateral. Within the segments, the portfolio was further disaggregated into classes of loans with similar attributes and risk characteristics for purposes of developing the underlying data used within the discounted cash flow model including, but not limited to, prepayment and recovery rates as well as loss rates tied to macro-economic conditions within management’s reasonable and supportable forecast. The ACL also includes subjective adjustments based upon qualitative risk factors including asset quality, loss trends, lending management, portfolio growth and loan review/internal audit results. ​ Net charge-offs on loans during the three and nine months ended September 30, 2023 were $0.3 million and $0.8 million, respectively. The Company recorded an increase in the allowance for credit losses of $1.1 million during the three months ended September 30, 2023, primarily driven by loan growth. During the nine months ended September 30, 2023, the Company recorded an increase in the allowance for credit losses of $4.7 million, driven by loan growth and higher reserve requirements. ​ Net charge-offs on loans during the three and nine months ended September 30, 2022 were $0.2 million and $1.1 million, respectively. The Company recorded an increase in the allowance for credit losses of $15.0 million during the three months ended September 30, 2022. During the nine months ended September 30, 2022, the Company recorded an increase in the allowance for credit losses of $17.0 million, driven by record loan growth, higher reserve requirements from changes in the CECL model’s underlying macro-economic forecast and Day 1 reserve requirements for the acquired Rock Canyon Bank (“RCB”) portfolio. ​ The Company has elected to exclude AIR from the allowance for credit losses calculation. As of September 30, 2023 and December 31, 2022, AIR from loans totaled $41.7 million and $31.8 million, respectively.

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