v3.24.1.1.u2

Portfolio Loans Receivable and Allowance for Credit Losses (Tables) | 3 Months Ended
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Mar. 31, 2024
Receivables [Abstract] |
Schedule of Loans Receivable | The following is a summary of the major categories of total loans outstanding:
|  | March 31, 2024 |  | December 31, 2023
(in thousands) |  | Amount |  | Percent |  | Amount |  | Percent
Real estate: |  |  |  |  |  |  |  |
Residential |  | $ | 577,112 |  |  | 29 | % |  | $ | 573,104 |  |  | 30 | %
Commercial |  | 736,316 |  |  | 37 | % |  | 684,229 |  |  | 35 | %
Construction |  | 290,016 |  |  | 15 | % |  | 290,108 |  |  | 15 | %
Commercial and Industrial |  | 254,577 |  |  | 13 | % |  | 239,208 |  |  | 13 | %
Credit card, net of reserve(1) |  | 111,898 |  |  | 6 | % |  | 123,331 |  |  | 7 | %
Other consumer |  | 738 |  |  | — | % |  | 950 |  |  | — | %
Portfolio loans receivable, gross |  | 1,970,657 |  |  | 100 | % |  | 1,910,930 |  |  | 100 | %
Deferred origination fees, net |  | (6,132) |  |  |  |  | (7,642) |  |  |
Allowance for credit losses |  | (29,350) |  |  |  |  | (28,610) |  |  |
Portfolio loans receivable, net |  | $ | 1,935,175 |  |  |  |  | $ | 1,874,678 |  |  |
_____________ (1) Credit card loans are presented net of reserve for interest and fees.
Schedule of Allowance for Credit Losses on Loans Receivables | The following tables set forth the changes in the ACL and an allocation of the ACL by loan segment class for the three months ended March 31, 2024 and March 31, 2023.
(in thousands) |  | Beginning Balance |  |  |  | Provision (Release of Provision) for Credit Losses |  | Charge-Offs |  | Recoveries |  | Ending Balance
Three Months Ended March 31, 2024 |  |  |  |  |  |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 5,518 |  |  |  |  | $ | 633 |  |  | $ | (225) |  |  | $ | — |  |  | $ | 5,926 |
Commercial |  | 10,316 |  |  |  |  | 807 |  |  | — |  |  | — |  |  | 11,123 |
Construction |  | 2,271 |  |  |  |  | 28 |  |  | — |  |  | — |  |  | 2,299 |
Commercial and Industrial |  | 4,406 |  |  |  |  | (306) |  |  | (98) |  |  | — |  |  | 4,002 |
Credit card |  | 6,087 |  |  |  |  | 1,567 |  |  | (1,768) |  |  | 104 |  |  | 5,990 |
Other consumer |  | 12 |  |  |  |  | (2) |  |  | — |  |  | — |  |  | 10 |
Total |  | $ | 28,610 |  |  |  |  | $ | 2,727 |  |  | $ | (2,091) |  |  | $ | 104 |  |  | $ | 29,350 |
Three Months Ended March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 4,283 |  |  |  |  | $ | 1,125 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,408 |
Commercial |  | 12,039 |  |  |  |  | (2,165) |  |  | (943) |  |  | — |  |  | 8,931 |
Construction |  | 1,809 |  |  |  |  | (56) |  |  | — |  |  | — |  |  | 1,753 |
Commercial and Industrial |  | 4,008 |  |  |  |  | 940 |  |  | — |  |  | 10 |  |  | 4,958 |
Credit card |  | 5,033 |  |  |  |  | 1,818 |  |  | (1,702) |  |  | 2 |  |  | 5,151 |
Other consumer |  | 17 |  |  |  |  | (2) |  |  | — |  |  | — |  |  | 15 |
Total |  | $ | 27,189 |  |  |  |  | $ | 1,660 |  |  | $ | (2,645) |  |  | $ | 12 |  |  | $ | 26,216 |
Schedule of Past Due Loans Receivables | Past due loans, segregated by age and class of loans, as of March 31, 2024 and December 31, 2023 were as follows:
Portfolio Loans Past Due |  |  |  |  |  |  |  |  |  |
|  | Loans 30-59 Days Past Due |  | Loans 60-89 Days Past Due |  | Loans 90 or More Days Past Due |  | Total Past Due Loans |  | Current Loans |  | Total Portfolio Loans |  | Accruing Loans 90 or More Days Past Due |  | Nonaccrual Loans
(in thousands) |  |  |  |  |  |  |  |
March 31, 2024 |  |  |  |  |  |  |  |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 2,479 |  |  | $ | 818 |  |  | $ | 6,303 |  |  | $ | 9,600 |  |  | $ | 567,512 |  |  | $ | 577,112 |  |  | $ | — |  |  | $ | 6,762 |
Commercial |  | 1,391 |  |  | 11,610 |  |  | 551 |  |  | 13,552 |  |  | 722,764 |  |  | 736,316 |  |  | — |  |  | 3,064 |
Construction |  | — |  |  | 661 |  |  | 3,876 |  |  | 4,537 |  |  | 285,479 |  |  | 290,016 |  |  | — |  |  | 3,868 |
Commercial and Industrial |  | 2,008 |  |  | 1,353 |  |  | 448 |  |  | 3,809 |  |  | 250,768 |  |  | 254,577 |  |  | — |  |  | 667 |
Credit card |  | 5,544 |  |  | 5,494 |  |  | 621 |  |  | 11,659 |  |  | 100,239 |  |  | 111,898 |  |  | 621 |  |  | — |
Other consumer |  | — |  |  | — |  |  | — |  |  | — |  |  | 738 |  |  | 738 |  |  | — |  |  | — |
Total |  | $ | 11,422 |  |  | $ | 19,936 |  |  | $ | 11,799 |  |  | $ | 43,157 |  |  | $ | 1,927,500 |  |  | $ | 1,970,657 |  |  | $ | 621 |  |  | $ | 14,361 |
|  | Loans 30-59 Days Past Due |  | Loans 60-89 Days Past Due |  | Loans 90 or More Days Past Due |  | Total Past Due Loans |  | Current Loans |  | Total Portfolio Loans |  | Accruing Loans 90 or More Days Past Due |  | Nonaccrual Loans
December 31, 2023 |  |  |  |  |  |  |  |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 2,201 |  |  | $ | 3,096 |  |  | $ | 11,066 |  |  | $ | 16,363 |  |  | $ | 556,741 |  |  | $ | 573,104 |  |  | $ | 17 |  |  | $ | 11,398 |
Commercial |  | 1,577 |  |  | 322 |  |  | 582 |  |  | 2,481 |  |  | 681,748 |  |  | 684,229 |  |  | — |  |  | 582 |
Construction |  | — |  |  | 1,165 |  |  | 3,296 |  |  | 4,461 |  |  | 285,647 |  |  | 290,108 |  |  | — |  |  | 3,288 |
Commercial and Industrial |  | 1,356 |  |  | 74 |  |  | 454 |  |  | 1,884 |  |  | 237,324 |  |  | 239,208 |  |  | — |  |  | 774 |
Credit card |  | 7,767 |  |  | 6,877 |  |  | 519 |  |  | 15,163 |  |  | 108,168 |  |  | 123,331 |  |  | 519 |  |  | — |
Other consumer |  | — |  |  | — |  |  | — |  |  | — |  |  | 950 |  |  | 950 |  |  | — |  |  | — |
Total |  | $ | 12,901 |  |  | $ | 11,534 |  |  | $ | 15,917 |  |  | $ | 40,352 |  |  | $ | 1,870,578 |  |  | $ | 1,910,930 |  |  | $ | 536 |  |  | $ | 16,042 |
Schedule of Non-Accrual Loans | The following presents the nonaccrual loans as of March 31, 2024 and December 31, 2023:
|  | March 31, 2024 |  |
|  | Nonaccrual with No Allowance for Credit Loss |  | Nonaccrual with an Allowance for Credit Loss |  | Total Nonaccrual Loans |  | Interest Recognized on Nonaccrual Loans |  |
(in thousands) |  |  |  |  |
Real estate: |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 6,111 |  |  | $ | 651 |  |  | $ | 6,762 |  |  | $ | 221 |  |  |
Commercial |  | 3,064 |  |  | — |  |  | 3,064 |  |  | 93 |  |  |
Construction |  | 3,868 |  |  | — |  |  | 3,868 |  |  | 180 |  |  |
Commercial and Industrial |  | 439 |  |  | 228 |  |  | 667 |  |  | 56 |  |  |
Total |  | $ | 13,482 |  |  | $ | 879 |  |  | $ | 14,361 |  |  | $ | 550 |  |  |
|  | December 31, 2023 |  |
|  | Nonaccrual with No Allowance for Credit Loss |  | Nonaccrual with an Allowance for Credit Loss |  | Total Nonaccrual Loans |  | Interest Recognized on Nonaccrual Loans |  |
Real estate: |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 11,152 |  |  | $ | 246 |  |  | $ | 11,398 |  |  | $ | 236 |  |  |
Commercial |  | 582 |  |  | — |  |  | 582 |  |  | 46 |  |  |
Construction |  | 3,288 |  |  | — |  |  | 3,288 |  |  | 185 |  |  |
Commercial and Industrial |  | 598 |  |  | 176 |  |  | 774 |  |  | 71 |  |  |
Total |  | $ | 15,620 |  |  | $ | 422 |  |  | $ | 16,042 |  |  | $ | 538 |  |  |
Collateral dependent loans amortized cost |  |  |  |  |  |  |  |  |  |
(in thousands) |  | March 31, 2024 |  | December 31, 2023 |  |  |  |  |  |
Real estate: |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 5,345 |  |  | $ | 11,152 |  |  |  |  |  |  |
Commercial |  | 3,064 |  |  | 582 |  |  |  |  |  |  |
Construction |  | 5,038 |  |  | 3,288 |  |  |  |  |  |  |
Commercial and Industrial |  | 537 |  |  | 657 |  |  |  |  |  |  |
Total |  | $ | 13,984 |  |  | $ | 15,679 |  |  |  |  |  |  |
Schedule of Loans Receivables Credit Quality Indicators | The following table presents the balances of classified loans based on the most recent credit quality indicator analysis. Classified loans include Special Mention, Substandard and Doubtful loans. Pass classified loans include loans graded exceptional, very good, good, satisfactory, and pass/watch. Credit card loans are ungraded as they are not individually graded. Charge-offs presented represent gross charge-offs recognized in the current period:
March 31, 2024 |  | Term Loans by Origination Year |  |  |  |
(in thousands) |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Revolving |  | Total
Residential – Real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 29,966 |  |  | $ | 134,102 |  |  | $ | 132,476 |  |  | $ | 76,409 |  |  | $ | 75,128 |  |  | $ | 117,615 |  |  | $ | — |  |  | $ | 565,696 |
Special Mention |  | — |  |  | — |  |  | — |  |  | 132 |  |  | 3,647 |  |  | 285 |  |  | — |  |  | 4,064 |
Substandard |  | — |  |  | — |  |  | 33 |  |  | 332 |  |  | — |  |  | 6,987 |  |  | — |  |  | 7,352 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | 29,966 |  |  | 134,102 |  |  | 132,509 |  |  | 76,873 |  |  | 78,775 |  |  | 124,887 |  |  | — |  |  | 577,112 |
Commercial – Real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 52,595 |  |  | 63,615 |  |  | 172,972 |  |  | 141,121 |  |  | 77,031 |  |  | 208,492 |  |  | — |  |  | 715,826 |
Special Mention |  | — |  |  | — |  |  | 18,495 |  |  | — |  |  | — |  |  | 801 |  |  | — |  |  | 19,296 |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,194 |  |  | — |  |  | 1,194 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | 52,595 |  |  | 63,615 |  |  | 191,467 |  |  | 141,121 |  |  | 77,031 |  |  | 210,487 |  |  | — |  |  | 736,316 |
Construction – Real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 16,217 |  |  | 144,267 |  |  | 59,095 |  |  | 41,338 |  |  | 15,234 |  |  | 8,981 |  |  | — |  |  | 285,132 |
Special Mention |  | — |  |  | 661 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 661 |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,568 |  |  | 2,655 |  |  | — |  |  | 4,223 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | 16,217 |  |  | 144,928 |  |  | 59,095 |  |  | 41,338 |  |  | 16,802 |  |  | 11,636 |  |  | — |  |  | 290,016 |
Commercial and Industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 24,939 |  |  | 71,139 |  |  | 66,282 |  |  | 27,157 |  |  | 8,436 |  |  | 51,796 |  |  | — |  |  | 249,749 |
Special Mention |  | — |  |  | — |  |  | 805 |  |  | — |  |  | 2,367 |  |  | 312 |  |  | — |  |  | 3,484 |
Substandard |  | — |  |  | 46 |  |  | 619 |  |  | 207 |  |  | — |  |  | 472 |  |  | — |  |  | 1,344 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | 24,939 |  |  | 71,185 |  |  | 67,706 |  |  | 27,364 |  |  | 10,803 |  |  | 52,580 |  |  | — |  |  | 254,577 |
Other consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | — |  |  | — |  |  | 262 |  |  | 134 |  |  | 111 |  |  | 231 |  |  | — |  |  | 738 |
Special Mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | — |  |  | — |  |  | 262 |  |  | 134 |  |  | 111 |  |  | 231 |  |  | — |  |  | 738 |
Credit card |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ungraded |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 111,898 |  |  | 111,898 |
Portfolio loans receivable, gross |  | $ | 123,717 |  |  | $ | 413,830 |  |  | $ | 451,039 |  |  | $ | 286,830 |  |  | $ | 183,522 |  |  | $ | 399,821 |  |  | $ | 111,898 |  |  | $ | 1,970,657 |
March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(in thousands) |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Revolving |  | Total
Gross Charge-offs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 225 |  |  | $ | — |  |  | $ | 225 |
Commercial and Industrial |  | — |  |  | 98 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 98 |
Credit card |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,768 |  |  | 1,768 |
Total |  | $ | — |  |  | $ | 98 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 225 |  |  | $ | 1,768 |  |  | $ | 2,091 |
December 31, 2023 |  | Term Loans by Origination Year |  |  |  |
(in thousands) |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  | Revolving |  | Total
Residential – Real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 140,394 |  |  | $ | 137,362 |  |  | $ | 76,556 |  |  | $ | 76,938 |  |  | $ | 36,122 |  |  | $ | 88,055 |  |  | $ | — |  |  | $ | 555,427 |
Special Mention |  | — |  |  | — |  |  | 134 |  |  | 3,670 |  |  | 1,176 |  |  | 288 |  |  | — |  |  | 5,268 |
Substandard |  | — |  |  | 33 |  |  | — |  |  | — |  |  | 26 |  |  | 12,350 |  |  | — |  |  | 12,409 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | 140,394 |  |  | 137,395 |  |  | 76,690 |  |  | 80,608 |  |  | 37,324 |  |  | 100,693 |  |  | — |  |  | 573,104 |
Commercial – Real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 62,095 |  |  | 185,776 |  |  | 145,756 |  |  | 68,748 |  |  | 96,238 |  |  | 116,347 |  |  | — |  |  | 674,960 |
Special Mention |  | — |  |  | 6,897 |  |  | — |  |  | — |  |  | 805 |  |  | 985 |  |  | — |  |  | 8,687 |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | 582 |  |  | — |  |  | — |  |  | 582 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | 62,095 |  |  | 192,673 |  |  | 145,756 |  |  | 68,748 |  |  | 97,625 |  |  | 117,332 |  |  | — |  |  | 684,229 |
Construction – Real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 142,157 |  |  | 72,240 |  |  | 46,180 |  |  | 16,859 |  |  | 6,246 |  |  | 2,517 |  |  | — |  |  | 286,199 |
Special Mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 614 |  |  | — |  |  | 614 |
Substandard |  | — |  |  | — |  |  | — |  |  | 1,254 |  |  | 597 |  |  | 1,444 |  |  | — |  |  | 3,295 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | 142,157 |  |  | 72,240 |  |  | 46,180 |  |  | 18,113 |  |  | 6,843 |  |  | 4,575 |  |  | — |  |  | 290,108 |
Commercial and Industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 70,540 |  |  | 71,689 |  |  | 28,007 |  |  | 9,364 |  |  | 18,036 |  |  | 37,392 |  |  | — |  |  | 235,028 |
Special Mention |  | — |  |  | 156 |  |  | — |  |  | 2,406 |  |  | 47 |  |  | 273 |  |  | — |  |  | 2,882 |
Substandard |  | 30 |  |  | 814 |  |  | 211 |  |  | — |  |  | 42 |  |  | 201 |  |  | — |  |  | 1,298 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | 70,570 |  |  | 72,659 |  |  | 28,218 |  |  | 11,770 |  |  | 18,125 |  |  | 37,866 |  |  | — |  |  | 239,208 |
Other consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 75 |  |  | 278 |  |  | 147 |  |  | 116 |  |  | — |  |  | 334 |  |  | — |  |  | 950 |
Special Mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | 75 |  |  | 278 |  |  | 147 |  |  | 116 |  |  | — |  |  | 334 |  |  | — |  |  | 950 |
Credit card |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ungraded |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 123,331 |  |  | 123,331 |
Portfolio loans receivable, gross |  | $ | 415,291 |  |  | $ | 475,245 |  |  | $ | 296,991 |  |  | $ | 179,355 |  |  | $ | 159,917 |  |  | $ | 260,800 |  |  | $ | 123,331 |  |  | $ | 1,910,930 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(in thousands) |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  | Revolving |  | Total
Gross Charge-offs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 670 |  |  | $ | — |  |  | $ | 670 |
Commercial |  | — |  |  | — |  |  | — |  |  | — |  |  | 943 |  |  | — |  |  | — |  |  | 943 |
Commercial and Industrial |  | — |  |  | 98 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 98 |
Credit card |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7,076 |  |  | 7,076 |
Total |  | $ | — |  |  | $ | 98 |  |  | $ | — |  |  | $ | — |  |  | $ | 943 |  |  | $ | 670 |  |  | $ | 7,076 |  |  | $ | 8,787 |
Schedule of Outstanding Loan Commitments | Outstanding loan commitments were as follows:
(in thousands) |  | March 31, 2024 |  | December 31, 2023
Unused lines of credit |  |  |  |
Real Estate: |  |  |  |
Residential |  | $ | 17,812 |  |  | $ | 15,436 |
Residential - Home Equity |  | 43,225 |  |  | 43,892 |
Commercial |  | 29,542 |  |  | 20,424 |
Construction |  | 116,614 |  |  | 98,777 |
Commercial and Industrial |  | 52,627 |  |  | 42,751 |
Credit card(1) |  | 128,374 |  |  | 114,882 |
Other consumer |  | 311 |  |  | 310 |
Total |  | $ | 388,505 |  |  | $ | 336,472 |
Letters of credit |  | $ | 4,641 |  |  | $ | 4,641 |
_______________ (1)Outstanding loan commitments in the credit card portfolio include $108.4 million and $98.2 million in secured and partially secured balances as of March 31, 2024 and December 31, 2023, respectively.
Schedule of Credit Losses for Financing Receivables | Activity for this account is as follows for the periods presented:
|  | Three months ended |  |
(in thousands) |  | March 31, 2024 |  | March 31, 2023 |  |  |  |
Balance at beginning of period |  | $ | 806 |  |  | $ | 1,682 |  |  |  |  |
Impact of adopting the CECL standard on January 1, 2023 |  | — |  |  | (775) |  |  |  |  |
Provision for (release of) credit losses on unfunded commitments |  | 142 |  |  | (19) |  |  |  |  |
Balance at end of period |  | $ | 948 |  |  | $ | 888 |  |  |  |  |
Activity in this reserve is as follows for the periods presented:
|  | Three months ended |  |
(in thousands) |  | March 31, 2024 |  | March 31, 2023 |  |  |  |
Balance at beginning of period |  | $ | 985 |  |  | $ | 1,174 |  |  |  |  |
Provision for mortgage loan put-back reserve |  | 13 |  |  | 5 |  |  |  |  |
Balance at end of period |  | $ | 998 |  |  | $ | 1,179 |  |  |  |  |

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