ALLOWANCE FOR CREDIT LOSSES ON LOANS AND FINANCE LEASES (Tables)

3 Months Ended

Mar. 31, 2023

ALLOWANCE FOR CREDIT LOSSES ON LOANS AND FINANCE LEASES [Abstract]

Allowance For Credit Losses On Financing Receivables Table [Text Block]

The following tables present 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

Quarter Ended March 31, 2023

(In thousands)

ACL:

Beginning balance

$

62,760

$

2,308

$

35,064

$

32,906

$

127,426

$

260,464

Impact of adoption of ASU 2022-02

2,056

-

-

7

53

2,116

Provision for credit losses - expense (benefit)

73

860

1,246

(1,650)

15,727

16,256

Charge-offs 

(983)

-

(18)

(118)

(16,798)

(17,917)

Recoveries

497

63

168

90

3,830

4,648

Ending balance

$

64,403

$

3,231

$

36,460

$

31,235

$

130,238

$

265,567

Residential Mortgage

Loans

Construction

Loans

Commercial

Mortgage

Commercial &

Industrial Loans

Consumer Loans

Total

Quarter Ended March 31, 2022

(In thousands)

ACL:

Beginning balance

$

74,837

$

4,048

$

52,771

$

34,284

$

103,090

$

269,030

Provision for credit losses - (benefit) expense

(4,871)

(2,214)

(22,640)

1,755

10,981

(16,989)

Charge-offs 

(2,528)

(44)

(37)

(290)

(9,816)

(12,715)

Recoveries

1,382

52

44

1,035

3,608

6,121

Ending balance

$

68,820

$

1,842

$

30,138

$

36,784

$

107,863

$

245,447

The tables below present the ACL related to loans and finance leases and the carrying values of loans by portfolio segment as of

March 31, 2023 and December 31, 2022:

As of March 31, 2023

Residential Mortgage

Loans

Construction

Loans

Commercial Mortgage

Loans

Commercial and

Industrial Loans

Consumer Loans

Total

(Dollars in thousands)

Total loans held for investment:

 Amortized cost of loans

$

2,811,528

$

143,664

$

2,353,659

$

2,862,189

$

3,406,945

$

11,577,985

 Allowance for credit losses

64,403

3,231

36,460

31,235

130,238

265,567

 Allowance for credit losses to

 amortized cost

2.29

%

2.25

%

1.55

%

1.09

%

3.82

%

2.29

%

As of December 31, 2022

Residential Mortgage

Loans

Construction

Loans

Commercial Mortgage

Loans

Commercial and

Industrial Loans

Consumer Loans

Total

(Dollars in thousands)

Total loans held for investment:

 Amortized cost of loans

$

2,847,290

$

132,953

$

2,358,851

$

2,886,263

$

3,327,468

$

11,552,825

 Allowance for credit losses

62,760

2,308

35,064

32,906

127,426

260,464

 Allowance for credit losses to

 amortized cost

2.20

%

1.74

%

1.49

%

1.14

%

3.83

%

2.25

%

The following table presents the activity in the ACL for unfunded loan commitments and standby letters of credit for the quarters

ended March 31, 2023 and 2022:

Quarter Ended March 31, 

2023

2022

(In thousands)

Beginning Balance

$

4,273

$

1,537

Provision for credit losses - (benefit)

(105)

(178)

 Ending balance

$

4,168

$

1,359