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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, 2021
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, 2021 and September 30, 2020:
| 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, 2021
Beginning balance | $ | 356 |  |  | $ | 13,414 |  |  | $ | 4,693 |  |  | $ | 16,911 |  |  | $ | 6,309 |  |  | $ | 19,534 |  |  |  |  | $ | 16,564 |  |  |  |  |  |  | $ | 77,781 |
(Credit) provision for credit losses on loans | (171) |  |  | (494) |  |  | (459) |  |  | (2,409) |  |  | (594) |  |  | (405) |  |  |  |  | 1,563 |  |  |  |  |  |  | (2,969) |
| 185 |  |  | 12,920 |  |  | 4,234 |  |  | 14,502 |  |  | 5,715 |  |  | 19,129 |  |  |  |  | 18,127 |  |  |  |  |  |  | 74,812 |
Charge-offs | — |  |  | 334 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 829 |  |  |  |  |  |  | 1,163 |
Recoveries | — |  |  | 281 |  |  | — |  |  | 53 |  |  | — |  |  | — |  |  |  |  | 604 |  |  |  |  |  |  | 938 |
Net charge-offs (recoveries) | — |  |  | 53 |  |  | — |  |  | (53) |  |  | — |  |  | — |  |  |  |  | 225 |  |  |  |  |  |  | 225 |
Ending balance | $ | 185 |  |  | $ | 12,867 |  |  | $ | 4,234 |  |  | $ | 14,555 |  |  | $ | 5,715 |  |  | $ | 19,129 |  |  |  |  | $ | 17,902 |  |  |  |  |  |  | $ | 74,587 |
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 | 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 |
| 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, 2021
Beginning balance | $ | 304 |  |  | $ | 18,717 |  |  | $ | 4,277 |  |  | $ | 16,484 |  |  | $ | 5,449 |  |  | $ | 22,163 |  |  |  |  | $ | 15,875 |  |  |  |  |  |  | $ | 83,269 |
(Credit) provision for credit losses on loans [1] | (119) |  |  | (5,152) |  |  | (43) |  |  | (2,274) |  |  | 257 |  |  | (3,107) |  |  |  |  | 3,532 |  |  |  |  |  |  | (6,906) |
| 185 |  |  | 13,565 |  |  | 4,234 |  |  | 14,210 |  |  | 5,706 |  |  | 19,056 |  |  |  |  | 19,407 |  |  |  |  |  |  | 76,363 |
Charge-offs | — |  |  | 1,344 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 3,450 |  |  |  |  |  |  | 4,794 |
Recoveries | — |  |  | 646 |  |  | — |  |  | 345 |  |  | 9 |  |  | 73 |  |  |  |  | 1,945 |  |  |  |  |  |  | 3,018 |
Net charge-offs (recoveries) | — |  |  | 698 |  |  | — |  |  | (345) |  |  | (9) |  |  | (73) |  |  |  |  | 1,505 |  |  |  |  |  |  | 1,776 |
Ending balance | $ | 185 |  |  | $ | 12,867 |  |  | $ | 4,234 |  |  | $ | 14,555 |  |  | $ | 5,715 |  |  | $ | 19,129 |  |  |  |  | $ | 17,902 |  |  |  |  |  |  | $ | 74,587 |
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 | 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 |
[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. In the second quarter of 2021, the entire reserve was reversed as loans on active payment forbearance or deferral have declined significantly. The provision for credit losses on loans presented in this table excludes the adjustments to the provision for credit losses on accrued interest receivable.
The following table presents the activity in the reserve for off-balance sheet credit exposures, included in other liabilities, during the three and nine months ended September 30, 2021 and September 30, 2020.
(dollars in thousands) |
Three Months Ended September 30, 2021 |
Beginning balance | $ | 4,744 |
Provision for off-balance sheet credit exposures | 335 |
Ending balance | $ | 5,079 |
Three Months Ended September 30, 2020 |
Beginning balance | $ | 4,383 |
Provision for off-balance sheet credit exposures | 221 |
Ending balance | $ | 4,604 |
Nine Months Ended September 30, 2021 |
Beginning balance | $ | 4,884 |
Provision for off-balance sheet credit exposures | 195 |
Ending balance | $ | 5,079 |
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 |
In accordance with GAAP, other real estate assets are not included in our assessment of the ACL. In the three months ended September 30, 2021, our provision for credit losses was a credit of $2.6 million, which consisted of a credit to the provision for credit losses on loans of $3.0 million and a debit to the provision for credit losses on off-balance sheet credit exposures of $0.4 million. In the nine months ended September 30, 2021, our provision for credit losses was a credit of $6.9 million, which consisted of a credit to the provision for credit losses on loans of $6.9 million and a credit to the provision for credit losses on accrued interest receivable of $0.2 million, offset by a debit to the provision for credit losses on off-balance sheet credit exposures of $0.2 million. In the three months ended September 30, 2020, our provision for credit loss was a debit of $14.9 million, which consisted of a debit to the provision for credit losses on loans of $14.5 million, a debit to the provision for credit losses on accrued interest receivable of $0.2 million, and a debit to the provision for credit losses on off-balance sheet credit exposures of $0.2 million. In the nine months ended September 30, 2020, our provision for credit loss was a debit of $37.2 million, which consisted of a debit to the provision for credit losses on loans of $34.4 million, a debit to the provision for credit losses on accrued interest receivable of $0.2 million, and a debit to the provision for credit losses on off-balance sheet credit exposures of $2.6 million.

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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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