

	2023		2022
	(in thousands)
Loans:



Commercial and industrial	$	9,230,543	$	8,804,830
Commercial real estate:
Commercial real estate	28,243,239		25,732,033
Construction	3,726,808		3,700,835
Total commercial real estate loans	31,970,047		29,432,868
Residential mortgage	5,569,010		5,364,550
Consumer:
Home equity	559,152		503,884
Automobile	1,620,389		1,746,225
Other consumer	1,261,154		1,064,843
Total consumer loans	3,440,695		3,314,952
Total loans	$	50,210,295	$	46,917,200

During the year ended December 31, 2023, Valley transferred a non-performing construction loan totaling $10.0 million, net of $4.2 million charge-offs from the held for investment loan portfolio to loans held for sale. There were no sales of loans from the held for investment portfolio during the years December 31, 2023 and 2022.

In the ordinary course of business, Valley has granted loans to certain directors, executive officers and their affiliates (collectively referred to as “related parties”). These loans were made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other unaffiliated persons and do not involve more than normal risk of collectability. All loans to related parties are performing as of December 31, 2023.

Credit risk management. For all loan types discussed below, Valley adheres to a credit policy designed to minimize credit risk while generating the maximum income given the level of risk appetite. Management reviews and approves these policies and procedures on a regular basis with subsequent approval by the Board annually. Credit authority relating to a significant dollar percentage of the overall portfolio is centralized and controlled by the Credit Risk Management Division and by the Credit Committee. A reporting system supplements the management review process by providing management with frequent reports concerning loan production, loan quality, internal loan classification, concentrations of credit, loan delinquencies, non-performing, and potential problem loans. Loan portfolio diversification is an important factor utilized by

Commercial and industrial loans. A significant portion of Valley’s commercial and industrial loan portfolio consists of loans to long standing customers of proven ability, strong repayment performance, and high character. Underwriting standards are designed to assess the borrower’s ability to generate recurring cash flow sufficient to meet the debt service requirements of loans granted. While such recurring cash flow serves as the primary source of repayment, a significant number of the loans are collateralized by borrower assets intended to serve as a secondary source of repayment should the need arise. Anticipated cash flows of borrowers, however, may not be as expected and the collateral securing these loans may fluctuate in value, or in the case of loans secured by accounts receivable, the ability of the borrower to collect all amounts due from its customers. Short-term loans may be made on an unsecured basis based on a borrower’s financial strength and past performance. Whenever possible, Valley will obtain the personal guarantee of the borrower’s principals to mitigate the risk. Unsecured loans, when made, are generally granted to the Bank’s most creditworthy borrowers. The commercial portfolio also includes taxi medallion loans totaling approximately $62.3 million with related reserves of $37.7 million at December 31, 2023. All of these loans are on non-accrual status due to ongoing weakness exhibited in the taxi industry caused by strong competition from alternative ride-sharing services and other factors.

Commercial real estate loans. Commercial real estate loans are subject to underwriting standards and processes similar to commercial and industrial loans but generally they involve larger principal balances and longer repayment periods as compared to commercial and industrial loans. Commercial real estate loans are viewed primarily as cash flow loans and secondarily as loans secured by real property. Repayment of most loans is dependent upon the cash flow generated from the property securing the loan or the business that occupies the property. Commercial real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy and accordingly, conservative loan to value ratios are required at origination, as well as stress tested to evaluate the impact of market changes relating to key underwriting elements. The properties securing the commercial real estate portfolio represent diverse types, with most properties located within Valley’s primary markets.

Construction loans. With respect to loans to developers and builders, Valley originates and manages construction loans structured on either a revolving or non-revolving basis, depending on the nature of the underlying development project. These loans are generally secured by the real estate to be developed and may also be secured by additional real estate to mitigate the risk. Non-revolving construction loans often involve the disbursement of substantially all committed funds with repayment substantially dependent on the successful completion and sale, or lease, of the project. Sources of repayment for these types of loans may be from pre-committed permanent loans from other lenders, sales of developed property, or an interim loan commitment from Valley until permanent financing is obtained elsewhere. Revolving construction loans (generally relating to single-family residential construction) are controlled with loan advances dependent upon the presale of housing units financed. These loans are closely monitored by on-site inspections and are considered to have higher risks than other real estate loans due to their ultimate repayment being sensitive to interest rate changes, governmental regulation of real property, general economic conditions and the availability of long-term financing.

Residential mortgages. Valley originates residential, first mortgage loans based on underwriting standards that generally comply with Fannie Mae and/or Freddie Mac requirements. Appraisals and valuations of real estate collateral are contracted directly with independent appraisers or from valuation services and not through appraisal management companies. The Bank’s appraisal management policy and procedure is in accordance with regulatory requirements and guidance issued by the Bank’s primary regulator. Credit scoring, using FICO® and other proprietary credit scoring models are employed in the ultimate, judgmental credit decision by Valley’s underwriting staff. Valley does not use third party contract underwriting services. Residential mortgage loans include fixed and variable interest rate loans secured by one to four family homes mostly located in northern and central New Jersey, the New York City metropolitan area, and Florida. Valley’s ability to be repaid on such loans is closely linked to the economic and real estate market conditions in these regions. In deciding whether to originate each residential mortgage, Valley considers the qualifications of the borrower as well as the value of the underlying property.

Home equity loans. Home equity lending consists of both fixed and variable interest rate products. Valley mainly provides home equity loans to its residential mortgage customers within the footprint of its primary lending territory. Valley generally will not exceed a combined (i.e., first and second mortgage) loan-to-value ratio of 80 percent when originating a home equity loan.

Automobile loans. Valley uses both judgmental and scoring systems in the credit decision process for automobile loans. Automobile originations (including light truck and sport utility vehicles) are largely produced via indirect channels, originated through approved automobile dealers. Automotive collateral is generally a depreciating asset and there are times in the life of an automobile loan where the amount owed on a vehicle may exceed its collateral value. Additionally, automobile charge-offs will vary based on the strength or weakness of the used vehicle market, original advance rate, when in the life cycle of a loan a

default occurs and the condition of the collateral being liquidated. Where permitted by law, and subject to the limitations of the bankruptcy code, deficiency judgments are sought and acted upon to ultimately collect all money owed, even when a default resulted in a loss at collateral liquidation. Valley uses a third party to actively track collision and comprehensive risk insurance required of the borrower on the automobile and this third party provides coverage to Valley in the event of an uninsured collateral loss.

Other consumer loans. Valley’s other consumer loan portfolio includes direct consumer term loans, both secured and unsecured. The other consumer loan portfolio includes exposures in personal lines of credit (mainly those secured by cash surrender value of life insurance), credit card loans and personal loans. Unsecured consumer loans totaled approximately $76.6 million and $63.8 million, including $29.1 million and $16.8 million of credit card loans, at December 31, 2023 and 2022, respectively. Management believes the aggregate risk exposure to unsecured loans and lines of credit was not significant at December 31, 2023.


	Past Due and Non-Accrual Loans
	30-59 Days Past Due Loans		60-89 Days Past Due Loans		90 Days or More Past Due Loans		Non-Accrual Loans		Total Past Due Loans		Current Loans		Total Loans		Non-Accrual Loans Without Allowance for Loan Losses
	(in thousands)
December 31, 2023
Commercial and industrial	$	9,307	$	5,095	$	5,579	$	99,912	$	119,893	$	9,110,650	$	9,230,543	$	6,594
Commercial real estate:
Commercial real estate	3,008		1,257		—		99,739		104,004		28,139,235		28,243,239		81,282
Construction	—		—		3,990		60,851		64,841		3,661,967		3,726,808		12,007
Total commercial real estate loans	3,008		1,257		3,990		160,590		168,845		31,801,202		31,970,047		93,289
Residential mortgage	26,345		8,200		2,488		26,986		64,019		5,504,991		5,569,010		14,654
Consumer loans:
Home equity	1,687		613		—		3,539		5,839		553,313		559,152		—
Automobile	11,850		1,855		576		212		14,493		1,605,896		1,620,389		—
Other consumer	7,017		2,247		512		632		10,408		1,250,746		1,261,154		589
Total consumer loans	20,554		4,715		1,088		4,383		30,740		3,409,955		3,440,695		589
Total	$	59,214	$	19,267	$	13,145	$	291,871	$	383,497	$	49,826,798	$	50,210,295	$	115,126


	Past Due and Non-Accrual Loans
	30-59 Days Past Due Loans		60-89 Days Past Due Loans		90 Days or More Past Due Loans		Non-Accrual Loans		Total Past Due Loans		Current Loans		Total Loans		Non-Accrual Loans Without Allowance for Loan Losses
	(in thousands)
December 31, 2022
Commercial and industrial	$	11,664	$	12,705	$	18,392	$	98,881	$	141,642	$	8,663,188	$	8,804,830	$	5,659
Commercial real estate:
Commercial real estate	6,638		3,167		2,292		68,316		80,413		25,651,620		25,732,033		66,066
Construction	—		—		3,990		74,230		78,220		3,622,615		3,700,835		16,120
Total commercial real estate loans	6,638		3,167		6,282		142,546		158,633		29,274,235		29,432,868		82,186
Residential mortgage	16,146		3,315		1,866		25,160		46,487		5,318,063		5,364,550		14,224
Consumer loans:
Home equity	955		254		—		2,810		4,019		499,865		503,884		117
Automobile	5,974		630		1		271		6,876		1,739,349		1,746,225		—
Other consumer	2,158		695		46		93		2,992		1,061,851		1,064,843		—
Total consumer loans	9,087		1,579		47		3,174		13,887		3,301,065		3,314,952		117
Total	$	43,535	$	20,766	$	26,587	$	269,761	$	360,649	$	46,556,551	$	46,917,200	$	102,186

If interest on non-accrual loans had been accrued in accordance with the original contractual terms, such interest income would have amounted to approximately $28.8 million, $21.7 million, and $7.1 million for the years ended December 31, 2023, 2022 and 2021, respectively; none of these amounts were included in interest income during these periods.

Credit quality indicators. Valley utilizes an internal loan classification system as a means of reporting problem loans within commercial and industrial, commercial real estate, and construction loan portfolio classes. Under Valley’s internal risk rating system, loan relationships could be classified as “Pass,” “Special Mention,” “Substandard,” “Doubtful,” and “Loss.” Substandard loans include loans that exhibit well-defined weakness and are characterized by the distinct possibility that Valley will sustain some loss if the deficiencies are not corrected. Loans classified as Doubtful have all the weaknesses inherent in those classified as Substandard with the added characteristic that the weaknesses present make collection or liquidation in full, based on currently existing facts, conditions and values, highly questionable and improbable. Loans classified as Loss are those considered uncollectible with insignificant value and are charged-off immediately to the allowance for loan losses and, therefore, not presented in the table below. Loans that do not currently pose a sufficient risk to warrant classification in one of the aforementioned categories but pose weaknesses that deserve management’s close attention are deemed Special Mention. Pass rated loans do not currently pose any identified risk and can range from the highest to average quality, depending on the degree of potential risk. Risk ratings are updated any time the situation warrants.


	Term Loans
	Amortized Cost Basis by Origination Year
December 31, 2023	2023		2022		2021		2020		2019		Prior to 2019		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans		Total
	(in thousands)
Commercial and industrial
Risk Rating:
Pass	$	1,494,417	$	1,047,513	$	765,335	$	377,047	$	211,504	$	523,430	$	4,382,361	$	29,798	$	8,831,405
Special Mention	70,807		73,423		15,296		358		1,870		915		99,981		139		262,789
Substandard	3,100		1,837		2,629		1,714		1,221		5,900		29,569		4,225		50,195
Doubtful	11,658		595		1,166		(22)		2,653		57,817		12,287		—		86,154

Total commercial and industrial	$	1,579,982	$	1,123,368	$	784,426	$	379,097	$	217,248	$	588,062	$	4,524,198	$	34,162	$	9,230,543
Commercial real estate
Risk Rating:
Pass	$	4,088,835	$	6,630,322	$	4,791,190	$	2,789,275	$	2,329,385	$	5,385,809	$	618,056	$	104,839	$	26,737,711
Special Mention	125,296		82,917		248,900		184,720		69,949		358,059		26		183		1,070,050
Substandard	58,115		25,709		12,122		48,506		70,439		214,095		4,415		2,077		435,478


Total commercial real estate	$	4,272,246	$	6,738,948	$	5,052,212	$	3,022,501	$	2,469,773	$	5,957,963	$	622,497	$	107,099	$	28,243,239
Construction
Risk Rating:
Pass	$	753,759	$	655,198	$	267,336	$	10,318	$	40,584	$	43,560	$	1,762,890	$	139,599	$	3,673,244

Substandard	6,721		—		9,276		—		—		17,668		—		—		33,665
Doubtful	—		19,899		—		—		—		—		—		—		19,899
Total construction	$	760,480	$	675,097	$	276,612	$	10,318	$	40,584	$	61,228	$	1,762,890	$	139,599	$	3,726,808
Gross loan charge-offs	$	307	$	12,919	$	28,438	$	6,946	$	5,031	$	13,446	$	3,729	$	145	$	70,961


	Term Loans
	Amortized Cost Basis by Origination Year
December 31, 2022	2022		2021		2020		2019		2018		Prior to 2018		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans		Total
	(in thousands)
Commercial and industrial
Risk Rating:
Pass	$	1,600,747	$	1,089,386	$	590,406	$	322,564	$	250,031	$	386,085	$	4,307,163	$	144	$	8,546,526
Special Mention	31,557		3,367		19,492		4,732		4,369		3,558		51,021		7		118,103
Substandard	288		1,734		4,121		1,412		4,256		4,879		31,698		—		48,388
Doubtful	886		20,844		—		2,692		—		64,158		3,233		—		91,813

Total commercial and industrial	$	1,633,478	$	1,115,331	$	614,019	$	331,400	$	258,656	$	458,680	$	4,393,115	$	151	$	8,804,830
Commercial real estate
Risk Rating:
Pass	$	6,815,115	$	5,168,127	$	3,246,885	$	2,672,223	$	1,536,327	$	5,027,128	$	452,461	$	3,504	$	24,921,770
Special Mention	93,286		48,007		60,169		45,447		62,111		125,414		8,188		—		442,622
Substandard	15,088		34,475		32,630		34,622		59,337		183,341		7,986		—		367,479
Doubtful	—		—		—		—		—		162		—		—		162

Total commercial real estate	$	6,923,489	$	5,250,609	$	3,339,684	$	2,752,292	$	1,657,775	$	5,336,045	$	468,635	$	3,504	$	25,732,033
Construction
Risk Rating:
Pass	$	942,380	$	512,046	$	61,131	$	22,845	$	8,676	$	20,599	$	2,040,866	$	—	$	3,608,543
Special Mention	—		—		—		—		—		—		14,268		—		14,268
Substandard	12,969		12,601		—		974		—		17,599		20,138		—		64,281
Doubtful	—		—		—		—		—		13,743		—		—		13,743
Total construction	$	955,349	$	524,647	$	61,131	$	23,819	$	8,676	$	51,941	$	2,075,272	$	—	$	3,700,835

For residential mortgages, automobile, home equity and other consumer loan portfolio classes, Valley evaluates credit quality based on the aging status of the loan and by payment activity. The following table presents the amortized cost in those loan classes based on payment activity by origination year as of December 31, 2023 and 2022, as well as the gross loan charge-offs by year of origination for the year ended December 31, 2023:


	Term Loans
	Amortized Cost Basis by Origination Year
December 31, 2023	2023		2022		2021		2020		2019		Prior to 2019		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans		Total
	(in thousands)
Residential mortgage
Performing	$	467,178	$	1,304,026	$	1,505,133	$	538,853	$	435,669	$	1,244,986	$	57,052	$	1,771	$	5,554,668
90 days or more past due	—		1,968		1,681		1,357		3,391		5,945		—		—		14,342
Total residential mortgage	$	467,178	$	1,305,994	$	1,506,814	$	540,210	$	439,060	$	1,250,931	$	57,052	$	1,771	$	5,569,010
Consumer loans
Home equity
Performing	$	40,599	$	44,893	$	14,948	$	4,096	$	4,850	$	46,274	$	396,960	$	4,608	$	557,228
90 days or more past due	—		51		13		—		—		1,132		—		728		1,924
Total home equity	40,599		44,944		14,961		4,096		4,850		47,406		396,960		5,336		559,152
Automobile
Performing	468,152		531,728		356,144		121,658		86,147		34,504		20,227		763		1,619,323
90 days or more past due	90		284		54		92		237		309		—		—		1,066
Total automobile	468,242		532,012		356,198		121,750		86,384		34,813		20,227		763		1,620,389
Other consumer
Performing	32,662		20,376		2,986		1,722		10,381		52,659		1,120,863		18,655		1,260,304
90 days or more past due	10		79		—		—		—		628		—		133		850
Total other consumer	32,672		20,455		2,986		1,722		10,381		53,287		1,120,863		18,788		1,261,154
Total consumer	$	541,513	$	597,411	$	374,145	$	127,568	$	101,615	$	135,506	$	1,538,050	$	24,887	$	3,440,695
Gross loan charge-offs	$	296	$	903	$	357	$	232	$	752	$	1,921	$	31	$	—	$	4,492


	Term Loans
	Amortized Cost Basis by Origination Year
December 31, 2022	2022		2021		2020		2019		2018		Prior to 2017		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans		Total
	(in thousands)
Residential mortgage
Performing	$	1,302,279	$	1,502,622	$	571,390	$	500,197	$	338,062	$	1,073,995	$	66,706	$	—	$	5,355,251
90 days or more past due	—		197		217		1,835		2,876		4,174		—		—		9,299
Total residential mortgage	$	1,302,279	$	1,502,819	$	571,607	$	502,032	$	340,938	$	1,078,169	$	66,706	$	—	$	5,364,550
Consumer loans
Home equity
Performing	$	47,084	$	12,432	$	4,592	$	5,024	$	5,581	$	13,007	$	376,608	$	38,570	$	502,898
90 days or more past due	—		—		—		—		—		—		276		710		986
Total home equity	47,084		12,432		4,592		5,024		5,581		13,007		376,884		39,280		503,884
Automobile
Performing	724,557		525,017		204,578		166,103		80,012		45,415		—		—		1,745,682
90 days or more past due	38		116		36		180		101		72		—		—		543
Total automobile	724,595		525,133		204,614		166,283		80,113		45,487		—		—		1,746,225
Other consumer
Performing	24,140		10,144		8,206		7,435		7,406		15,736		991,737		—		1,064,804
90 days or more past due	—		—		—		—		—		38		1		—		39
Total other consumer	24,140		10,144		8,206		7,435		7,406		15,774		991,738		—		1,064,843
Total consumer	$	795,819	$	547,709	$	217,412	$	178,742	$	93,100	$	74,268	$	1,368,622	$	39,280	$	3,314,952

Loan modifications to borrowers experiencing financial difficulty. From time to time, Valley may extend, restructure, or otherwise modify the terms of existing loans, on a case-by-case basis, to remain competitive and retain certain customers, as well as assist other customers who may be experiencing financial difficulties. Prior to 2023, a loan was classified as a TDR loan if the borrower was experiencing financial difficulties and a concession was made at the time of such modification.

Effective January 1, 2023, Valley adopted ASU No. 2022-02 which eliminated the accounting guidance for TDR loans while enhancing disclosure requirements for certain loan modifications by creditors when a borrower is experiencing financial difficulty. Valley adopted ASU No. 2022-02 using the modified retrospective transition method. At the date of adoption, Valley was no longer required to utilize a loan-level discounted cash flow approach for determining the allowance for certain modified loans previously classified as TDR loans. As a result, Valley elected to utilize its collective reserve methodology for pools of loans that share common risk characteristics for determining the reserves for the modified loans formerly classified as TDR loans. This change resulted in the recognition of a cumulative-effect adjustment which decreased the allowance for loan losses with an offsetting entry to retained earnings, net of deferred taxes, at January 1, 2023.

The following table shows the amortized cost basis of loans to borrowers experiencing financial difficulty at December 31, 2023 that were modified during the year ended December 31, 2023, disaggregated by class of financing receivable and type of modification. Each of the types of modifications was less than one percent of their respective loan categories.


	2023
	Interest rate reduction		Term extension		Term extension and interest rate reduction		Total
	($ in thousands)
Commercial and industrial	$	2,967	$	58,287	$	2,500	$	63,754
Commercial real estate	—		123,838		3,690		127,528
Residential mortgage	—		568		—		568
Home equity	—		31		—		31
Consumer	—		43		—		43
Total	$	2,967	$	182,767	$	6,190	$	191,924

2023

Types of Modifications

Commercial and industrial

Reductions in interest rate from 3.50 percent, 1.84 percent and 1.83 percent to 1.00 percent

12 month term extensions

12 month term extensions combined with a reduction in interest rate from 9.50 percent to 6.50 percent

Commercial real estate

6 to 36 month term extensions

term extension combined with a reduction in interest rate from 8.75 percent to 6.00 percent

Residential mortgage

12 month term extensions

Home equity

120 month term extension

Consumer

60 month term extension

Valley has loans to borrowers experiencing financial difficulty that were modified within the previous 12 months and for which there was a payment default (90 or more days past due) totaling $14.9 million at December 31, 2023. All of these loans were modified by term extensions and were on non-accrual status at December 31, 2023.


Troubled Debt Restructurings	Number of Contracts	Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment
		($ in thousands)









December 31, 2022
Commercial and industrial	95	$	117,429	$	90,259
Commercial real estate:
Commercial real estate	5	26,375		25,608
Construction	2	11,025		9,077
Total commercial real estate	7	37,400		34,685
Residential mortgage	9	3,206		3,209
Consumer	1	125		116
Total	112	$	158,160	$	128,269

The total TDRs presented in the table above had allocated a specific allowance for loan losses that totaled $63.0 million at December 31, 2022. There was $26.2 million of charge-offs related to TDRs for the year ended December 31, 2022. As of December 31, 2022, the commercial and industrial loan category in the above table mostly consisted of non-accrual TDR taxi medallion loans classified as substandard and doubtful. Valley did not extend any commitments to lend additional funds to borrowers whose loans have been modified as TDRs during the year ended December 31, 2022.


	2022
Troubled Debt Restructurings Subsequently Defaulted		Number of Contracts	Recorded Investment
		($ in thousands)
Commercial and industrial		1	$	20,844
Commercial real estate:
Commercial real estate		2	5,207
Construction		—	—
Total commercial real estate		2	5,207
Residential mortgage		1	1,071

Total		4	$	27,122

Collateral dependent loans. Loans are collateral dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. When Valley determines that foreclosure is probable, the collateral dependent loan balances are written down to the estimated current fair value (less estimated selling costs) resulting in an immediate charge-off to the allowance, excluding any consideration for personal guarantees that may be pursued in the Bank’s collection process.


	2023		2022
	(in thousands)
Collateral dependent loans:
Commercial and industrial *	$	96,827	$	94,433
Commercial real estate	98,785		74,855
Construction	46,634		55,344
Total commercial real estate loans	145,419		130,199
Residential mortgage	21,843		33,865
Home equity	—		195
Consumer	589		—
Total	$	264,678	$	258,692


	Commercial and Industrial		Commercial Real Estate		Residential Mortgage		Consumer		Total
	(in thousands)
December 31, 2023
Allowance for loan losses:
Beginning balance	$	139,941	$	259,408	$	39,020	$	20,286	$	458,655
Impact of the adoption of ASU No. 2022-02	(739)		(589)		(12)		(28)		(1,368)
Beginning balance, adjusted	139,202		258,819		39,008		20,258		457,287
Loans charged-off	(48,015)		(22,946)		(194)		(4,298)		(75,453)
Charged-off loans recovered	11,270		34		201		1,986		13,491
Net (charge-offs) recoveries	(36,745)		(22,912)		7		(2,312)		(61,962)
Provision for loan losses	30,902		13,691		3,942		2,220		50,755
Ending balance	$	133,359	$	249,598	$	42,957	$	20,166	$	446,080
December 31, 2022
Allowance for loan losses:
Beginning balance	$	103,090	$	217,490	$	25,120	$	13,502	$	359,202
Allowance for PCD loans *	33,452		36,618		206		43		70,319
Beginning balance, adjusted	136,542		254,108		25,326		13,545		429,521
Loans charged-off	(33,250)		(4,561)		(28)		(4,057)		(41,896)
Charged-off loans recovered	17,081		2,073		711		2,929		22,794
Net (charge-offs) recoveries	(16,169)		(2,488)		683		(1,128)		(19,102)
Provision for loan losses	19,568		7,788		13,011		7,869		48,236
Ending balance	$	139,941	$	259,408	$	39,020	$	20,286	$	458,655


	Commercial and Industrial		Commercial Real Estate		Residential Mortgage		Consumer		Total
	(in thousands)
December 31, 2023
Allowance for loan losses:
Individually evaluated for credit losses	$	55,993	$	17,987	$	235	$	—	$	74,215
Collectively evaluated for credit losses	77,366		231,611		42,722		20,166		371,865

Total	$	133,359	$	249,598	$	42,957	$	20,166	$	446,080
Loans:
Individually evaluated for credit losses	$	96,827	$	145,419	$	21,843	$	589	$	264,678
Collectively evaluated for credit losses	9,133,716		31,824,628		5,547,167		3,440,106		49,945,617
Total	$	9,230,543	$	31,970,047	$	5,569,010	$	3,440,695	$	50,210,295
December 31, 2022
Allowance for loan losses:
Individually evaluated for credit losses	$	68,745	$	13,174	$	337	$	4,338	$	86,594
Collectively evaluated for credit losses	71,196		246,234		38,683		15,948		372,061
Total	$	139,941	$	259,408	$	39,020	$	20,286	$	458,655
Loans:
Individually evaluated for credit losses	$	117,644	$	213,522	$	28,869	$	14,058	$	374,093
Collectively evaluated for credit losses	8,687,186		29,219,346		5,335,681		3,300,894		46,543,107
Total	$	8,804,830	$	29,432,868	$	5,364,550	$	3,314,952	$	46,917,200