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Allowance for Credit Losses (ACL) (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of changes in allowance for loan losses

The following tables present a disaggregated analysis of activity in the allowance for credit losses.


	Residential		Residential				Residential		Comm Constr.								CRE Owner-		Non-Owner-
(Dollars in thousands)	Mortgage Sr.		Mortgage Jr.		HELOC		Construction		& Dev.		Consumer		Multifamily		Municipal		Occupied		Occupied CRE		C & I		Total
Three Months Ended June 30, 2024
Allowance for credit losses:
Balance at end of period March 31, 2024	$	87,484	$	1,230	$	11,724	$	4,552	$	60,860	$	23,353	$	17,012	$	876	$	72,597	$	134,698	$	55,268	$	469,654
Charge-offs		(36)		—		—		—		(687)		(2,198)		—		—		(393)		(176)		(5,100)		(8,590)
Recoveries		92		50		277		15		144		825		41		—		408		89		2,424		4,365
Net (charge offs) recoveries		56		50		277		15		(543)		(1,373)		41		—		15		(87)		(2,676)		(4,225)
Provision (recovery) ⁽¹⁾		(27,988)		(852)		6,928		5,458		16,902		(9,752)		2,708		903		18,811		(35,596)		29,347		6,869
Balance at end of period June 30, 2024	$	59,552	$	428	$	18,929	$	10,025	$	77,219	$	12,228	$	19,761	$	1,779	$	91,423	$	99,015	$	81,939	$	472,298

Three Months Ended June 30, 2023
Allowance for credit losses:
Balance at end of period March 31, 2023	$	77,351	$	349	$	14,318	$	9,176	$	55,069	$	23,319	$	5,507	$	879	$	57,541	$	82,473	$	44,663	$	370,645
Charge-offs		(37)		—		—		—		(2)		(3,017)		—		—		(35)		—		(4,487)		(7,578)
Recoveries		302		3		532		22		198		520		—		—		93		334		2,264		4,268
Net (charge offs) recoveries		265		3		532		22		196		(2,497)		—		—		58		334		(2,223)		(3,310)
Provision (recovery) ⁽¹⁾		3,853		40		(638)		(329)		49		3,755		4,260		(134)		13,160		32,462		3,579		60,057
Balance at end of period June 30, 2023	$	81,469	$	392	$	14,212	$	8,869	$	55,314	$	24,577	$	9,767	$	745	$	70,759	$	115,269	$	46,019	$	427,392

(1)

A negative provision for credit losses of ($3.0) million was recorded during the second quarter of 2024, compared to a negative provision for credit losses of ($21.7) million recorded during the second quarter of 2023 for the allowance for credit losses for unfunded commitments that is not included in the above table.


	Residential		Residential				Residential		Comm Constr.								CRE Owner-		Non-Owner-
(Dollars in thousands)	Mortgage Sr.		Mortgage Jr.		HELOC		Construction		& Dev.		Consumer		Multifamily		Municipal		Occupied		Occupied CRE		C & I		Total
Six Months Ended June 30, 2024
Allowance for credit losses:
Balance at end of period December 31, 2023	$	78,052	$	745	$	10,942	$	5,024	$	65,772	$	23,331	$	13,766	$	900	$	71,580	$	137,055	$	49,406	$	456,573
Charge-offs		(379)		—		(110)		(304)		(2,162)		(4,695)		—		—		(393)		(247)		(8,240)		(16,530)
Recoveries		215		89		569		22		1,151		1,950		66		—		511		99		4,954		9,626
Net (charge offs) recoveries		(164)		89		459		(282)		(1,011)		(2,745)		66		—		118		(148)		(3,286)		(6,904)
Provision (benefit) ⁽¹⁾		(18,336)		(406)		7,528		5,283		12,458		(8,358)		5,929		879		19,725		(37,892)		35,819		22,629
Balance at end of period June 30, 2024	$	59,552	$	428	$	18,929	$	10,025	$	77,219	$	12,228	$	19,761	$	1,779	$	91,423	$	99,015	$	81,939	$	472,298

Six Months Ended June 30, 2023
Allowance for credit losses:
Balance at end of period December 31, 2022	$	72,188	$	405	$	14,886	$	8,974	$	45,410	$	22,767	$	3,684	$	849	$	58,083	$	78,485	$	50,713	$	356,444
Charge-offs		(39)		—		(39)		—		(2)		(5,746)		—		—		(35)		(51)		(6,293)		(12,205)
Recoveries		596		8		777		94		456		1,104		—		—		386		440		3,996		7,857
Net recoveries (charge offs)		557		8		738		94		454		(4,642)		—		—		351		389		(2,297)		(4,348)
Provision (benefit) ⁽¹⁾		8,724		(21)		(1,412)		(199)		9,450		6,452		6,083		(104)		12,325		36,395		(2,397)		75,296
Balance at end of period June 30, 2023	$	81,469	$	392	$	14,212	$	8,869	$	55,314	$	24,577	$	9,767	$	745	$	70,759	$	115,269	$	46,019	$	427,392

(1)

A negative provision for credit losses of ($6.1) million was recorded during the first six months of 2024, compared to a negative provision for credit losses of ($3.8) million during the first six months of 2023 for the allowance for credit losses for unfunded commitments that is not included in the above table.