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ALLOWANCE FOR CREDIT LOSSES AND RESERVE FOR OFF-BALANCE SHEET CREDIT EXPOSURE | 9 Months Ended
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Sep. 30, 2020
ALLOWANCE FOR LOAN AND LEASE LOSSES |
ALLOWANCE FOR CREDIT LOSSES AND RESERVE FOR OFF-BALANCE SHEET CREDIT EXPOSURE | 5. ALLOWANCE FOR CREDIT LOSSES AND RESERVE FOR OFF-BALANCE SHEET CREDIT EXPOSURES The following table presents by class, the activity in the ACL for loans under ASC 326 during the three and nine months ended September 30, 2020 and under previous GAAP during the three and nine months ended September 30, 2019:
| Commercial, Financial and Agricultural |  | Real Estate |  |  |  |  |  |  |  |  |  |
(dollars in thousands) | SBA PPP |  | Other |  | Construction |  | Residential Mortgage |  | Home Equity |  | Commercial Mortgage |  |  |  | Consumer |  |  |  |  |  | Total
Three Months Ended September 30, 2020
Beginning balance | 388 |  |  | 15,507 |  |  | 3,274 |  |  | 15,025 |  |  | 3,651 |  |  | 16,148 |  |  |  |  | 13,346 |  |  |  |  |  |  | 67,339 |
Provision for credit losses on loans [1] | 2 |  |  | 2,620 |  |  | 759 |  |  | 3,537 |  |  | 2,517 |  |  | 3,304 |  |  |  |  | 1,726 |  |  |  |  |  |  | 14,465 |
| 390 |  |  | 18,127 |  |  | 4,033 |  |  | 18,562 |  |  | 6,168 |  |  | 19,452 |  |  |  |  | 15,072 |  |  |  |  |  |  | 81,804 |
Charge-offs | — |  |  | 810 |  |  | — |  |  | 11 |  |  | — |  |  | 75 |  |  |  |  | 1,492 |  |  |  |  |  |  | 2,388 |
Recoveries | — |  |  | 321 |  |  | — |  |  | 13 |  |  | — |  |  | 12 |  |  |  |  | 780 |  |  |  |  |  |  | 1,126 |
Net charge-offs (recoveries) | — |  |  | 489 |  |  | — |  |  | (2) |  |  | — |  |  | 63 |  |  |  |  | 712 |  |  |  |  |  |  | 1,262 |
Ending balance | $ | 390 |  |  | $ | 17,638 |  |  | $ | 4,033 |  |  | $ | 18,564 |  |  | $ | 6,168 |  |  | $ | 19,389 |  |  |  |  | $ | 14,360 |  |  |  |  |  |  | $ | 80,542 |
Three Months Ended September 30, 2019
Beginning balance | $ | — |  |  | $ | 8,109 |  |  | $ | 1,313 |  |  | $ | 13,367 |  |  | $ | 4,313 |  |  | $ | 11,668 |  |  |  |  | $ | 9,497 |  |  |  |  |  |  | $ | 48,267 |
Provision for credit losses on loans | — |  |  | 107 |  |  | 374 |  |  | 75 |  |  | (45) |  |  | 541 |  |  |  |  | 480 |  |  |  |  |  |  | 1,532 |
| — |  |  | 8,216 |  |  | 1,687 |  |  | 13,442 |  |  | 4,268 |  |  | 12,209 |  |  |  |  | 9,977 |  |  |  |  |  |  | 49,799 |
Charge-offs | — |  |  | 797 |  |  | — |  |  | — |  |  | 5 |  |  | — |  |  |  |  | 1,832 |  |  |  |  |  |  | 2,634 |
Recoveries | — |  |  | 362 |  |  | 6 |  |  | 104 |  |  | 24 |  |  | — |  |  |  |  | 506 |  |  |  |  |  |  | 1,002 |
Net charge-offs (recoveries) | — |  |  | 435 |  |  | (6) |  |  | (104) |  |  | (19) |  |  | — |  |  |  |  | 1,326 |  |  |  |  |  |  | 1,632 |
Ending balance | $ | — |  |  | $ | 7,781 |  |  | $ | 1,693 |  |  | $ | 13,546 |  |  | $ | 4,287 |  |  | $ | 12,209 |  |  |  |  | $ | 8,651 |  |  |  |  |  |  | $ | 48,167 |
| Commercial, Financial and Agricultural |  | Real Estate |  |  |  |  |  |  |  |  |  |
(dollars in thousands) | SBA PPP |  | Other |  | Construction |  | Residential Mortgage |  | Home Equity |  | Commercial Mortgage |  |  |  | Consumer |  |  |  |  |  | Total
Nine Months Ended September 30, 2020
Beginning balance prior to ASC 326 | $ | — |  |  | $ | 8,136 |  |  | $ | 1,792 |  |  | $ | 13,327 |  |  | $ | 4,206 |  |  | $ | 11,113 |  |  |  |  | $ | 9,397 |  |  |  |  |  |  | $ | 47,971 |
Impact of adoption of ASC 326 | — |  |  | (627) |  |  | 479 |  |  | 608 |  |  | (1,614) |  |  | 2,624 |  |  |  |  | 2,096 |  |  |  |  |  |  | 3,566 |
Balance after adoption of ASC 326 | — |  |  | 7,509 |  |  | 2,271 |  |  | 13,935 |  |  | 2,592 |  |  | 13,737 |  |  |  |  | 11,493 |  |  |  |  |  |  | 51,537 |
Provision for credit losses on loans [1] | 390 |  |  | 11,511 |  |  | 1,631 |  |  | 4,478 |  |  | 3,545 |  |  | 5,712 |  |  |  |  | 7,167 |  |  |  |  |  |  | 34,434 |
| 390 |  |  | 19,020 |  |  | 3,902 |  |  | 18,413 |  |  | 6,137 |  |  | 19,449 |  |  |  |  | 18,660 |  |  |  |  |  |  | 85,971 |
Charge-offs | — |  |  | 2,350 |  |  | — |  |  | 63 |  |  | — |  |  | 75 |  |  |  |  | 6,335 |  |  |  |  |  |  | 8,823 |
Recoveries | — |  |  | 968 |  |  | 131 |  |  | 214 |  |  | 31 |  |  | 15 |  |  |  |  | 2,035 |  |  |  |  |  |  | 3,394 |
Net charge-offs (recoveries) | — |  |  | 1,382 |  |  | (131) |  |  | (151) |  |  | (31) |  |  | 60 |  |  |  |  | 4,300 |  |  |  |  |  |  | 5,429 |
Ending balance | $ | 390 |  |  | $ | 17,638 |  |  | $ | 4,033 |  |  | $ | 18,564 |  |  | $ | 6,168 |  |  | $ | 19,389 |  |  |  |  | $ | 14,360 |  |  |  |  |  |  | $ | 80,542 |
Nine Months Ended September 30, 2019
Beginning balance | $ | — |  |  | $ | 8,027 |  |  | $ | 1,202 |  |  | $ | 14,349 |  |  | $ | 3,788 |  |  | $ | 13,358 |  |  |  |  | $ | 7,192 |  |  |  |  |  |  | $ | 47,916 |
Provision for credit losses on loans | — |  |  | 943 |  |  | (113) |  |  | (1,301) |  |  | 462 |  |  | (1,174) |  |  |  |  | 5,402 |  |  |  |  |  |  | 4,219 |
| — |  |  | 8,970 |  |  | 1,089 |  |  | 13,048 |  |  | 4,250 |  |  | 12,184 |  |  |  |  | 12,594 |  |  |  |  |  |  | 52,135 |
Charge-offs | — |  |  | 2,099 |  |  | — |  |  | — |  |  | 5 |  |  | — |  |  |  |  | 5,542 |  |  |  |  |  |  | 7,646 |
Recoveries | — |  |  | 910 |  |  | 604 |  |  | 498 |  |  | 42 |  |  | 25 |  |  |  |  | 1,599 |  |  |  |  |  |  | 3,678 |
Net charge-offs (recoveries) | — |  |  | 1,189 |  |  | (604) |  |  | (498) |  |  | (37) |  |  | (25) |  |  |  |  | 3,943 |  |  |  |  |  |  | 3,968 |
Ending balance | $ | — |  |  | $ | 7,781 |  |  | $ | 1,693 |  |  | $ | 13,546 |  |  | $ | 4,287 |  |  | $ | 12,209 |  |  |  |  | $ | 8,651 |  |  |  |  |  |  | $ | 48,167 |
[1] The Company recorded a reserve on accrued interest receivable for loans on active payment forbearance or deferral, which were granted to borrowers impacted by the COVID-19 pandemic. This reserve was recorded as a contra-asset against accrued interest receivable with the offset to provision for credit losses. The provision for credit losses presented in this table excludes the provision for credit losses on accrued interest receivable of $0.2 million.
The following table presents the activity in the reserve for off-balance sheet credit exposures, included in other liabilities, under ASC 326 during the three and nine months ended September 30, 2020 and under previous GAAP during the three and nine months ended September 30, 2019.
(dollars in thousands) |
Three Months Ended September 30, 2020 |
Beginning balance | $ | 4,383 |
Provision for off-balance sheet credit exposures | 221 |
Ending balance | $ | 4,604 |
Three Months Ended September 30, 2019 |
Beginning balance | $ | 1,897 |
Provision for off-balance sheet credit exposures | (466) |
Ending balance | $ | 1,431 |
Nine Months Ended September 30, 2020 |
Beginning balance prior to ASC 326 | $ | 1,272 |
Impact of adoption of ASC 326 | 740 |
Balance after adoption of ASC 326 | 2,012 |
Provision for off-balance sheet credit exposures | 2,592 |
Ending balance | $ | 4,604 |
Nine Months Ended September 30, 2019 |
Beginning balance | $ | 1,242 |
Provision for off-balance sheet credit exposures | 189 |
Ending balance | $ | 1,431 |
In accordance with GAAP, other real estate assets are not included in our assessment of the ACL. Our provision for credit losses on loans was $14.5 million and $34.4 million in the three and nine months ended September 30, 2020 under ASC 326, compared to $1.5 million and $4.2 million in the three and nine months ended September 30, 2019 under previous GAAP.

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- Definition The entire disclosure for allowance for credit losses. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -URI http://asc.fasb.org/topic&trid=2196771 + Details
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