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ALLOWANCE FOR CREDIT LOSSES ON LOANS AND FINANCE LEASES (Tables)
 12 Months Ended
Dec. 31, 2020
Allowance for Credit Loss [Abstract]  
Allowance For Credit Losses On Financing Receivables Table [Text Block]

The following table presents the activity in the ACL on loans and finance leases by portfolio segment for the indicated periods:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential Mortgage Loans

 

Construction Loans

 

Commercial Mortgage

 

Commercial & Industrial Loans

 

Consumer Loans

 

Total

 

 

 

 

 

 

Year Ended December 31,2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for credit losses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance, prior to adoption ASC 326

$

44,806

 

$

2,370

 

$

39,194

 

$

15,198

 

$

53,571

 

$

155,139

Impact of adopting ASC 326

 

49,837

 

 

797

 

 

(19,306)

 

 

14,731

 

 

35,106

 

 

81,165

Allowance established for acquired PCD loans

 

12,739

 

 

-

 

 

9,723

 

 

1,830

 

 

4,452

 

 

28,744

Provision for credit losses (1)

 

22,427

 

 

2,105

 

 

81,125

 

 

6,627

 

 

56,433

 

 

168,717

Charge-offs

 

(11,017)

 

 

(76)

 

 

(3,330)

 

 

(3,634)

 

 

(46,483)

 

 

(64,540)

Recoveries

 

1,519

 

 

184

 

 

1,936

 

 

3,192

 

 

9,831

 

 

16,662

Ending balance

$

120,311

 

$

5,380

 

$

109,342

 

$

37,944

 

$

112,910

 

$

385,887

 

Residential Mortgage Loans

 

Construction Loans

 

Commercial Mortgage

 

Commercial & Industrial Loans

 

Consumer Loans

 

Total

 

 

 

 

 

 

Year Ended December 31,2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for credit losses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

$

50,794

 

$

3,592

 

$

55,581

 

$

32,546

 

$

53,849

 

$

196,362

Provision (release) for credit losses

 

14,091

 

 

(1,496)

 

 

(1,697)

 

 

(13,696)

 

 

43,023

 

 

40,225

Charge-offs

 

(22,742)

 

 

(391)

 

 

(15,088)

 

 

(7,206)

 

 

(52,160)

 

 

(97,587)

Recoveries

 

2,663

 

 

665

 

 

398

 

 

3,554

 

 

8,859

 

 

16,139

Ending balance

$

44,806

 

$

2,370

 

$

39,194

 

$

15,198

 

$

53,571

 

$

155,139

 

Residential Mortgage Loans

 

Construction Loans

 

Commercial Mortgage

 

Commercial & Industrial Loans

 

Consumer Loans

 

Total

 

 

 

 

 

 

Year Ended December 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for credit losses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

$

58,975

 

$

4,522

 

$

48,493

 

$

48,871

 

$

70,982

 

$

231,843

Provision (release) for credit losses (2)

 

13,202

 

 

7,032

 

 

23,074

 

 

(8,440)

 

 

24,385

 

 

59,253

Charge-offs (2)

 

(24,775)

 

 

(8,296)

 

 

(23,911)

 

 

(9,704)

 

 

(50,106)

 

 

(116,792)

Recoveries

 

3,392

 

 

334

 

 

7,925

 

 

1,819

 

 

8,588

 

 

22,058

Ending balance

$

50,794

 

$

3,592

 

$

55,581

 

$

32,546

 

$

53,849

 

$

196,362

The tables below present the ACL related to loans and finance leases and the carrying values of loans by portfolio segment as of December 31, 2020 and December 31, 2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,2020

Residential Mortgage Loans

 

Construction Loans

 

Commercial Mortgage

 

 

 

Consumer Loans

 

 

 

 

 

 

 

 

Commercial and Industrial Loans (1)

 

 

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

Total

 

Total loans held for investment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortized cost of loans

$

3,521,954

 

$

212,500

 

$

2,230,602

 

$

3,202,590

 

$

2,609,643

 

 

$

11,777,289

 

Allowance for credit losses

 

120,311

 

 

5,380

 

 

109,342

 

 

37,944

 

 

112,910

 

 

 

385,887

 

Allowance for credit losses to

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

amortized cost

 

3.42

%

 

2.53

%

 

4.90

%

 

1.18

%

 

4.33

 

%

 

3.28

%

 

 

As of December 31, 2019

Residential Mortgage Loans

 

Construction Loans

 

Commercial Mortgage Loans

 

 

 

Consumer Loans

 

 

 

 

 

 

 

Commercial and Industrial Loans

 

 

 

 

(Dollars in thousands)

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total loans held for investment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortized cost of loans

$

2,933,773

 

$

111,317

 

$

1,444,586

 

$

2,230,876

 

$

2,281,653

 

$

9,002,205

 

Allowance for credit losses

 

44,806

 

 

2,370

 

 

39,194

 

 

15,198

 

 

53,571

 

 

155,139

 

Allowance for credit losses to

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

amortized cost

 

1.53

%

 

2.13

%

 

2.71

%

 

0.68

%

 

2.35

%

 

1.72

%

____________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following table presents the activity in the ACL for unfunded loan commitments and standby letters of credit for the years ended December 31, 2020, 2019 and 2018:

 

Year Ended

 

December 31,

 

2020

 

2019

 

2018

(In thousands)

 

 

 

 

 

 

 

 

Beginning Balance

$

-

 

$

412

 

$

676

Impact of adopting ASC 326

 

3,922

 

 

-

 

 

-

Provision (release) for credit losses

 

1,183

 

 

(412)

 

 

(264)

Ending balance

$

5,105

 

$

-

 

$

412