Loans and Allowance for Credit Losses for Loans

6 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Loans and Allowance for Credit Losses for Loans

Loans and Allowance for Credit Losses for Loans

The detail of the loan portfolio as of June 30, 2024 and December 31, 2023 was as follows: 

	June 30, 2024		December 31, 2023
	(in thousands)
Loans:
Commercial and industrial	$	9,479,147	$	9,230,543
Commercial real estate:
Commercial real estate	28,223,123		28,243,239
Construction	3,545,723		3,726,808
Total commercial real estate loans	31,768,846		31,970,047
Residential mortgage	5,627,113		5,569,010
Consumer:
Home equity	566,467		559,152
Automobile	1,762,852		1,620,389
Other consumer	1,107,277		1,261,154
Total consumer loans	3,436,596		3,440,695
Total loans	$	50,311,702	$	50,210,295

Total loans include net unearned discounts and deferred loan fees of $61.6 million and $85.4 million at June 30, 2024 and December 31, 2023, respectively.

Accrued interest on loans, which is excluded from the amortized cost of loans held for investment, totaled $224.3 million and $222.2 million at June 30, 2024 and December 31, 2023, respectively, and is presented within total accrued interest receivable on the consolidated statements of financial condition.

Loans Portfolio Sales and Transfers to Loans Held for Sale

Valley sells residential mortgage loans originated for sale (at fair value) primarily to Fannie Mae and Freddie Mac in the normal course of business. Under certain circumstances, Valley may decide to sell loans that were not originated with the intent to sell. During the first quarter 2024, Valley sold $151.0 million and $45.6 million of commercial real estate and construction loans, respectively, at par value through loan participation agreements with a related party, Bank Leumi Le-Israel B.M. (BLITA). During the first quarter 2024, Valley also transferred $34.1 million of construction loans from loans held for investment to loans held for sale as of March 31, 2024. These loans were subsequently sold at par value through loan participation agreements with BLITA in April 2024.

In February 2024, Valley completed the sale of its commercial premium finance lending business for $96.8 million. This asset sale included $95.5 million of assets, mainly consisting of $93.6 million of loans, and $2.8 million of related liabilities. The transaction generated a $3.6 million net gain for the first quarter 2024. Valley continues to

hold certain commercial premium finance loans totaling $67.5 million at June 30, 2024 which are mostly expected to run-off at their scheduled maturity dates.

There were no other sales or transfers of loans from the held for investment portfolio during the three and six months ended June 30, 2024 and June 30, 2023.

Credit Risk Management

For all of its loan types, 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 Valley to manage its risk across business sectors and through cyclical economic circumstances. Additionally, Valley does not accept crypto assets as loan collateral for any of its loan portfolio classes. See Valley’s Annual Report for further details.

Credit Quality

The following table presents past due, current and non-accrual loans without an allowance for loan losses by loan portfolio class at June 30, 2024 and 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)
June 30, 2024
Commercial and industrial	$	5,086	$	1,621	$	2,739	$	102,942	$	112,388	$	9,366,759	$	9,479,147	$	18,588
Commercial real estate:
Commercial real estate	1,879		—		4,242		123,011		129,132		28,093,991		28,223,123		93,213
Construction	—		—		3,990		45,380		49,370		3,496,353		3,545,723		25,192
Total commercial real estate loans	1,879		—		8,232		168,391		178,502		31,590,344		31,768,846		118,405
Residential mortgage	17,389		6,632		2,609		28,322		54,952		5,572,161		5,627,113		18,395
Consumer loans:
Home equity	693		698		—		3,402		4,793		561,674		566,467		316
Automobile	7,680		1,301		606		189		9,776		1,753,076		1,762,852		—
Other consumer	13,266		1,672		292		33		15,263		1,092,014		1,107,277		—
Total consumer loans	21,639		3,671		898		3,624		29,832		3,406,764		3,436,596		316
Total	$	45,993	$	11,924	$	14,478	$	303,279	$	375,674	$	49,936,028	$	50,311,702	$	155,704

	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

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.

The following table presents the internal loan classification risk by loan portfolio class by origination year based on the most recent analysis performed at June 30, 2024 and December 31, 2023, as well as the gross loan charge-offs by year of origination for the six months ended June 30, 2024 and for the year ended December 31, 2023:

	Term Loans
	Amortized Cost Basis by Origination Year
June 30, 2024	2024		2023		2022		2021		2020		Prior to 2020		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans		Total
	(in thousands)
Commercial and industrial
Risk Rating:
Pass	$	935,588	$	1,082,487	$	836,514	$	628,483	$	312,509	$	605,263	$	4,569,348	$	10,703	$	8,980,895
Special Mention	1,569		19,089		68,632		12,424		345		12,956		84,912		487		200,414
Substandard	3,640		47,951		6,118		5,859		3,494		7,633		136,764		19,181		230,640
Doubtful	25,510		6,004		15		928		655		27,958		6,128		—		67,198
Total commercial and industrial	$	966,307	$	1,155,531	$	911,279	$	647,694	$	317,003	$	653,810	$	4,797,152	$	30,371	$	9,479,147
Commercial real estate
Risk Rating:
Pass	$	968,014	$	3,659,695	$	6,091,432	$	4,424,016	$	2,588,616	$	7,029,002	$	846,354	$	121,498	$	25,728,627
Special Mention	14,118		268,022		229,614		170,904		73,508		352,075		14,721		—		1,122,962
Substandard	24,805		187,914		248,842		268,394		232,927		406,610		2,042		—		1,371,534
Total commercial real estate	$	1,006,937	$	4,115,631	$	6,569,888	$	4,863,314	$	2,895,051	$	7,787,687	$	863,117	$	121,498	$	28,223,123
Construction
Risk Rating:
Pass	$	334,093	$	794,473	$	594,972	$	169,683	$	22,469	$	45,294	$	1,366,676	$	62,442	$	3,390,102
Special Mention	9,051		—		—		—		—		—		19,767		—		28,818
Substandard	—		6,748		—		8,933		—		—		78,985		—		94,666
Doubtful	—		—		12,955		—		7,272		11,910		—		—		32,137
Total construction	$	343,144	$	801,221	$	607,927	$	178,616	$	29,741	$	57,204	$	1,465,428	$	62,442	$	3,545,723
Gross loan charge-offs	$	—	$	2,106	$	3,177	$	21,351	$	11,061	$	17,219	$	3,930	$	1,324	$	60,168

	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

For residential mortgages, home equity, automobile 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 June 30, 2024 and December 31, 2023, as well as the gross loan charge-offs by year of origination for the six months ended June 30, 2024 and for the year ended December 31, 2023:

	Term Loans
	Amortized Cost Basis by Origination Year
June 30, 2024	2024		2023		2022		2021		2020		Prior to 2020		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans		Total
	(in thousands)
Residential mortgage
Performing	$	210,754	$	450,310	$	1,295,317	$	1,478,365	$	513,072	$	1,583,270	$	78,117	$	1,772	$	5,610,977
90 days or more past due	—		—		2,864		1,164		1,141		10,967		—		—		16,136
Total residential mortgage	$	210,754	$	450,310	$	1,298,181	$	1,479,529	$	514,213	$	1,594,237	$	78,117	$	1,772	$	5,627,113
Consumer loans
Home equity
Performing	$	9,088	$	33,421	$	41,705	$	10,895	$	3,690	$	52,290	$	403,918	$	10,492	$	565,499
90 days or more past due	—		—		51		13		—		859		—		45		968
Total home equity	9,088		33,421		41,756		10,908		3,690		53,149		403,918		10,537		566,467
Automobile
Performing	$	442,959	$	416,685	$	448,353	$	280,337	$	88,898	$	84,848	$	—	$	—	$	1,762,080
90 days or more past due	—		301		169		99		23		180		—		—		772
Total automobile	442,959		416,986		448,522		280,436		88,921		85,028		—		—		1,762,852
Other consumer
Performing	$	11,919	$	28,714	$	18,284	$	2,262	$	1,153	$	61,730	$	948,227	$	34,875	$	1,107,164
90 days or more past due	—		11		61		—		—		38		—		3		113
Total other consumer	11,919		28,725		18,345		2,262		1,153		61,768		948,227		34,878		1,107,277
Total consumer	$	463,966	$	479,132	$	508,623	$	293,606	$	93,764	$	199,945	$	1,352,145	$	45,415	$	3,436,596
Gross loan charge-offs	$	45	$	638	$	968	$	430	$	347	$	615	$	—	$	28	$	3,071

	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

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.

The following tables present the amortized cost basis of loans to borrowers experiencing financial difficulty at June 30, 2024 that were modified during the three and six months ended June 30, 2024 and 2023, disaggregated by class of financing receivable and type of modification.

		Term extension		Term extension and interest rate reduction		Total		% of Total Loan Class
	($ in thousands)
Three Months Ended June 30, 2024
Commercial and industrial		$	45,807	$	—	$	45,807	0.48	%
Commercial real estate		180		—		180		—
Residential mortgage		898		—		898		0.02
Total		$	46,885	$	—	$	46,885	0.09	%
Three Months Ended June 30, 2023
Commercial and industrial		$	37,762	$	1,482	$	39,244	0.42	%
Commercial real estate		3,512		3,754		7,266		0.03
Residential mortgage		578		—		578		0.01
Total		$	41,852	$	5,236	$	47,088	0.10	%
Six Months Ended June 30, 2024
Commercial and industrial		$	79,953	$	138	$	80,091	0.84	%
Commercial real estate		224		16,221		16,445		0.06
Residential mortgage		898		—		898		0.02
Total		$	81,075	$	16,359	$	97,434	0.19	%
Six Months Ended June 30, 2023
Commercial and industrial		$	39,033	$	2,003	$	41,036	0.44	%
Commercial real estate		49,617		3,754		53,371		0.19
Residential mortgage		790		—		790		0.01
Other consumer		53		—		53		—
Total		$	89,493	$	5,757	$	95,250	0.19	%

The following tables describe the types of modifications made to borrowers experiencing financial difficulty.

	Types of Modifications
Three and Six months ended June 30, 2024
Commercial and industrial	3 to 24 month term extensions
	24 month term extensions combined with a reduction in interest rate from 2.10 percent to 1.00 percent
Commercial real estate	2 to 36 month term extensions
	12 to 18 month term extensions combined with a reduction in interest rate from 8.06 percent to 7.00 percent
Residential mortgage	50 month term extensions
Home equity	120 month term extension
Three and Six months ended June 30, 2023
Commercial and industrial	12 month term extensions
	12 month term extensions combined with a reduction in interest rate from 9.38 percent to 6.50 percent
Commercial real estate	6 - 36 month term extensions
	9 month term extension combined with a reduction in interest rate from 8.75 percent to 6.00 percent
Residential mortgage	12 month term extensions
Consumer	60 month term extensions

Valley closely monitors the performance of modified loans to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table presents the aging analysis of loans that have been modified within the previous 12 months.

	At June 30, 2024
	Current		30-89 Days Past Due		90 Days or More Past Due *		Total
	($ in thousands)
Commercial and industrial	$	92,728	$	96	$	—	$	92,824
Commercial real estate	99,970		—		2,153		102,123
Residential mortgage	—		—		898		898
Home equity	30		—		—		30
Total	$	192,728	$	96	$	3,051	$	195,875

*    All loan balances in this delinquency category were non-accrual loans at June 30, 2024.

Valley did not extend any commitments to lend additional funds to borrowers experiencing financial difficulty whose loans had been modified during the three and six months ended June 30, 2024 and 2023.

Loans in process of foreclosure. During the three months ended June 30, 2024, two commercial properties were transferred to OREO at the lower of cost or fair value totaling $8.1 million at June 30, 2024. The balance of OREO was not material at December 31, 2023. There were no foreclosed residential real estate properties included in OREO at June 30, 2024 and December 31, 2023. Residential mortgage and consumer loans secured by residential real estate properties for which formal foreclosure proceedings are in process totaled $3.5 million and $1.6 million at June 30, 2024 and December 31, 2023, respectively.

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.

The following table presents collateral dependent loans by class as of June 30, 2024 and December 31, 2023:

	June 30, 2024		December 31, 2023
	(in thousands)
Collateral dependent loans:
Commercial and industrial *	$	125,186	$	96,827
Commercial real estate	153,503		98,785
Construction	42,151		46,634
Total commercial real estate loans	195,654		145,419
Residential mortgage	18,721		21,843
Home equity	316		—
Consumer	—		589
Total	$	339,877	$	264,678

*    Includes non-accrual loans collateralized by taxi medallions totaling $52.6 million and $62.3 million at June 30, 2024 and December 31, 2023, respectively.

Allowance for Credit Losses for Loans

The allowance for credit losses for loans consists of the allowance for loan losses and the allowance for unfunded credit commitments.

The following table summarizes the ACL for loans at June 30, 2024 and December 31, 2023: 

	June 30, 2024		December 31, 2023
	(in thousands)
Components of allowance for credit losses for loans:
Allowance for loan losses	$	519,310	$	446,080
Allowance for unfunded credit commitments	13,231		19,470
Total allowance for credit losses for loans	$	532,541	$	465,550

The following table summarizes the provision for credit losses for loans for the periods indicated:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(in thousands)
Components of provision for credit losses for loans:
Provision for loan losses	$	86,901	$	8,159	$	133,624	$	18,138
Credit for unfunded credit commitments	(4,790)		(1,827)		(6,239)		(2,356)
Total provision for credit losses for loans	$	82,111	$	6,332	$	127,385	$	15,782

The following tables detail the activity in the allowance for loan losses by portfolio segment for the three and six months ended June 30, 2024 and 2023: 

	Commercial and Industrial		Commercial Real Estate		Residential Mortgage		Consumer		Total
	(in thousands)
Three Months Ended June 30, 2024
Allowance for loan losses:
Beginning balance	$	138,593	$	265,847	$	44,377	$	20,431	$	469,248
Loans charged-off	(14,721)		(22,356)		—		(1,262)		(38,339)
Charged-off loans recovered	742		150		5		603		1,500
Net (charge-offs) recoveries	(13,979)		(22,206)		5		(659)		(36,839)
Provision for loan losses	24,629		57,452		3,315		1,505		86,901
Ending balance	$	149,243	$	301,093	$	47,697	$	21,277	$	519,310
Three Months Ended June 30, 2023
Allowance for loan losses:
Beginning balance	$	127,992	$	243,332	$	41,708	$	23,866	$	436,898
Loans charged-off	(3,865)		(6,273)		(149)		(1,040)		(11,327)
Charged-off loans recovered	2,173		4		135		390		2,702
Net charge-offs	(1,692)		(6,269)		(14)		(650)		(8,625)
Provision for loan losses	1,945		2,632		2,459		1,123		8,159
Ending balance	$	128,245	$	239,695	$	44,153	$	24,339	$	436,432

Six Months Ended June 30, 2024
Allowance for loan losses:
Beginning balance	$	133,359	$	249,598	$	42,957	$	20,166	$	446,080
Loans charged-off	(29,014)		(31,154)		—		(3,071)		(63,239)
Charged-off loans recovered	1,424		391		30		1,000		2,845
Net (charge-offs) recoveries	(27,590)		(30,763)		30		(2,071)		(60,394)
Provision for loan losses	43,474		82,258		4,710		3,182		133,624
Ending balance	$	149,243	$	301,093	$	47,697	$	21,277	$	519,310
Six Months Ended June 30, 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	(29,912)		(11,971)		(149)		(1,868)		(43,900)
Charged-off loans recovered	3,572		28		156		1,151		4,907
Net (charge-offs) recoveries	(26,340)		(11,943)		7		(717)		(38,993)
Provision (credit) for loan losses	15,383		(7,181)		5,138		4,798		18,138
Ending balance	$	128,245	$	239,695	$	44,153	$	24,339	$	436,432

The following table represents the allocation of the allowance for loan losses and the related loans by loan portfolio segment disaggregated based on the allowance measurement methodology at June 30, 2024 and December 31, 2023.

	Commercial and Industrial		Commercial Real Estate		Residential Mortgage		Consumer		Total
	(in thousands)
June 30, 2024
Allowance for loan losses:
Individually evaluated for credit losses	$	50,494	$	33,096	$	29	$	—	$	83,619
Collectively evaluated for credit losses	98,749		267,997		47,668		21,277		435,691
Total	$	149,243	$	301,093	$	47,697	$	21,277	$	519,310
Loans:
Individually evaluated for credit losses	$	125,186	$	195,654	$	18,721	$	316	$	339,877
Collectively evaluated for credit losses	9,353,961		31,573,192		5,608,392		3,436,280		49,971,825
Total	$	9,479,147	$	31,768,846	$	5,627,113	$	3,436,596	$	50,311,702
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