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

12 Months Ended

Dec. 31, 2024

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

Allowance for Credit Losses on Loans and Finance Leases [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, 2024

(In thousands)

ACL:

Beginning balance

$

57,397

$

5,605

$

32,631

$

33,190

$

133,020

$

261,843

Provision for credit losses - (benefit) expense

(16,225)

(1,912)

(10,717)

(4,886)

96,601

62,861

Charge-offs 

(1,971)

-

-

(2,742)

(109,115)

(113,828)

Recoveries

1,453

131

533

6,704

24,245

(1)

33,066

Ending balance

$

40,654

$

3,824

$

22,447

$

32,266

$

144,751

$

243,942

(1) Includes recoveries totaling $

10

.0 million associated with the bulk sale of fully charged-off consumer loans and finance leases.

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

(1)

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

(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.

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

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, 2024 and 2023:

As of December 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

$

2,828,431

$

228,396

$

2,565,984

$

3,366,038

$

3,757,707

$

12,746,556

 Allowance for credit losses

40,654

3,824

22,447

32,266

144,751

243,942

 Allowance for credit losses to

 amortized cost

1.44

%

1.67

%

0.87

%

0.96

%

3.85

%

1.91

%

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 years

ended December 31, 2024, 2023 and 2022:

Year Ended December 31,

2024

2023

2022

(In thousands)

Beginning Balance

$

4,638

$

4,273

$

1,537

Provision for credit losses - (benefit) expense

(1,495)

365

2,736

 Ending balance

$

3,143

$

4,638

$

4,273