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

3 Months Ended

Mar. 31, 2024

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

Quarter Ended March 31,2024

(In thousands)

ACL:

Beginning balance

$

57,397

$

5,605

$

32,631

$

33,190

$

133,020

$

261,843

Provision for credit losses - (benefit) expense

(464)

571

(10)

(3,360)

16,180

12,917

Charge-offs 

(516)

-

-

(459)

(28,364)

(29,339)

Recoveries

272

10

40

5,119

12,730

(1)

18,171

Ending balance

$

56,689

$

6,186

$

32,661

$

34,490

$

133,566

$

263,592

(1) Includes recoveries totaling $

9.5

 million associated with the bulk sale of fully charged-off consumer loans.

Residential Mortgage

Loans

Construction

Loans

Commercial

Mortgage

C&I

 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 

(1)

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

(1) Recognized as a result of the adoption of ASU 2022-02, for which the Corporation elected to discontinue the use of a discounted cash flow methodology for restructured accruing loans,

which had a corresponding decrease, net of applicable taxes, in beginning retained earnings as of January 1, 2023.

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

March 31,2024 and December 31, 2023:

As of March 31, 2024

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

$

2,801,587

$

237,288

$

2,361,731

$

3,230,995

$

3,679,847

$

12,311,448

 Allowance for credit losses

56,689

6,186

32,661

34,490

133,566

263,592

 Allowance for credit losses to

 amortized cost

2.02

%

2.61

%

1.38

%

1.07

%

3.63

%

2.14

%

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

%

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

ended March 31, 2024 and 2023:

Quarter Ended March 31,

2024

2023

(In thousands)

Beginning balance

$

4,638

$

4,273

Provision for credit losses - expense (benefit)

281

(105)

 Ending balance

$

4,919

$

4,168