v3.25.1
Allowance for Credit Losses on Off-Balance Sheet Credit Exposures
3 Months Ended
Mar. 31, 2025
Credit Loss [Abstract]  
Allowance for Credit Losses on Off-Balance Sheet Credit Exposures Allowance for Credit Losses on Off-Balance Sheet Credit Exposures
Management analyzes the Company's exposure to credit losses for both on-balance sheet and off-balance sheet activity using a consistent methodology for the quantitative framework as well as the qualitative framework. For purposes of estimating the allowance for credit losses for off-balance sheet credit exposures, the exposure at default includes an estimated drawdown of unused credit based on historical credit utilization factors and current loss factors, resulting in a proportionate amount of expected credit losses.
For the three months ended March 31, 2025, the Company recorded a $310,000 provision for credit losses on off-balance sheet credit exposures. For the three months ended March 31, 2024, the Company recorded a $506,000 benefit to the provision for credit losses for off-balance sheet credit exposures.
The allowance for credit losses for off-balance sheet credit exposures was $7.7 million as of March 31, 2025 and $7.4 million as of December 31, 2024, and is included in other liabilities on the Consolidated Statements of Financial Condition.