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

12 Months Ended

Dec. 31, 2023

ALLOWANCE FOR CREDIT LOSSES FOR 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

C&I 

Loans

Consumer Loans

Total

Year Ended December 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 - (benefit) expense

(6,866)

1,408

(2,086)

6,372

67,816

66,644

Charge-offs 

(3,245)

(62)

(1,133)

(6,936)

(76,726)

(88,102)

Recoveries

2,692

1,951

786

841

14,451

20,721

Ending balance

$

57,397

$

5,605

$

32,631

$

33,190

$

133,020

$

261,843

Residential Mortgage

Loans

Construction

Loans

Commercial

Mortgage

C&I 

Loans

Consumer Loans

Total

Year Ended December 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

(8,734)

(2,342)

(18,994)

(1,770)

57,519

25,679

Charge-offs 

(6,890)

(123)

(85)

(2,067)

(48,165)

(57,330)

Recoveries

3,547

725

1,372

2,459

14,982

23,085

Ending balance

$

62,760

$

2,308

$

35,064

$

32,906

$

127,426

$

260,464

Residential Mortgage

Loans

Construction

Loans

Commercial

Mortgage

C&I 

Loans

Consumer Loans

Total

Year Ended December 31, 2021

(In thousands)

ACL:

Beginning balance

$

120,311

$

5,380

$

109,342

$

37,944

$

112,910

$

385,887

Provision for credit losses - (benefit) expense

(16,957)

(1,408)

(55,358)

(8,549)

20,552

(61,720)

Charge-offs

(33,294)

(87)

(1,494)

(1,887)

(43,948)

(80,710)

Recoveries

4,777

163

281

6,776

13,576

25,573

Ending balance

$

74,837

$

4,048

$

52,771

$

34,284

$

103,090

$

269,030

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, 2023 and 2022:

As of December 31, 2023

Residential Mortgage

Loans

Construction

Loans

Commercial Mortgage

Loans

C&I 

Loans

Consumer Loans

Total

(Dollars in thousands)

Total loans held for investment:

 Amortized cost of loans

$

2,821,726

$

214,777

$

2,317,083

$

3,174,232

$

3,657,665

$

12,185,483

 Allowance for credit losses

57,397

5,605

32,631

33,190

133,020

261,843

 Allowance for credit losses to

 amortized cost

2.03

%

2.61

%

1.41

%

1.05

%

3.64

%

2.15

%

As of December 31, 2022

Residential Mortgage

Loans

Construction

Loans

Commercial Mortgage

Loans

C&I 

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 years

ended December 31, 2023, 2022 and 2021:

Year Ended December 31,

2023

2022

2021

(In thousands)

Beginning Balance

$

4,273

$

1,537

$

5,105

Provision for credit losses - expense (benefit)

365

2,736

(3,568)

 Ending balance

$

4,638

$

4,273

$

1,537