| Summary of the activity in the CECL Allowance from adoption on January 1, 2023 |
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Allowance for credit losses |
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Allowance for credit losses |
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as of |
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Provision for credit losses |
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Provision |
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as of |
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December 31, |
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Adoption of ASU |
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related to |
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for |
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December 31, |
(dollars in thousands) |
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2022(1)(1) |
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2016-13 |
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loans pending foreclosure |
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credit losses |
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2023 |
Geographical Location |
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New England |
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$ |
105 |
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$ |
1,302 |
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$ |
4,069 |
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$ |
288 |
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$ |
5,764 |
West |
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— |
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7 |
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— |
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(7) |
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— |
South |
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— |
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402 |
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97 |
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(64) |
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|
435 |
Mid-Atlantic |
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— |
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|
210 |
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892 |
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222 |
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1,324 |
Total |
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$ |
105 |
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$ |
1,921 |
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$ |
5,058 |
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$ |
439 |
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$ |
7,523 |
(1) As of December 31, 2022, amounts represent probable loan loss provisions recorded before the adoption of the ASU 2016-13.
Presented below is the Company’s loan portfolio by geographical location:
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December 31, 2023 |
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December 31, 2022 |
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(dollars in thousands) |
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Carrying Value |
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% of Portfolio |
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Carrying Value |
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% of Portfolio |
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Geographical Location |
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New England |
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$ |
232,437 |
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46.6 |
% |
$ |
225,603 |
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49.0 |
% |
West |
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4,101 |
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0.8 |
% |
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3,150 |
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0.7 |
% |
South |
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163,409 |
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32.7 |
% |
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135,857 |
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29.5 |
% |
Mid-Atlantic |
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99,288 |
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19.9 |
% |
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96,128 |
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20.8 |
% |
Total |
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499,235 |
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100.0 |
% |
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460,738 |
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100.0 |
% |
Less, Allowance for credit losses |
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(7,523) |
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(105) |
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Carrying value, net |
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$ |
491,712 |
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$ |
460,633 |
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Presented below are the carrying values by property type:
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December 31, 2023 |
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December 31, 2022 |
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Outstanding |
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Outstanding |
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(dollars in thousands) |
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Principal |
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% of Portfolio |
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Principal |
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% of Portfolio |
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Property Type |
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Residential |
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$ |
246,520 |
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49.4 |
% |
$ |
229,944 |
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49.9 |
% |
Commercial |
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186,524 |
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37.4 |
% |
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154,929 |
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33.6 |
% |
Pre-Development Land |
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35,920 |
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7.2 |
% |
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46,499 |
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10.1 |
% |
Mixed use |
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30,271 |
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6.0 |
% |
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29,366 |
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6.4 |
% |
Total |
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499,235 |
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100.0 |
% |
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460,738 |
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100.0 |
% |
Less, Allowance for credit losses |
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(7,523) |
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(105) |
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Carrying value, net |
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$ |
491,712 |
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$ |
460,633 |
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| Schedule of allocation of the carrying value of Company's loan portfolio based on our internal credit quality indicators in assessing estimated credit losses and vintage of origination at the dates indicated |
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December 31, 2023 |
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Year Originated(1) |
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Carrying |
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% of |
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FICO Score (2) (dollars in thousands) |
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Value |
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Portfolio |
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2023 |
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2022 |
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2021 |
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2020 |
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Prior |
Under 500 |
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$ |
6,664 |
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1.3 |
% |
$ |
216 |
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$ |
4,900 |
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$ |
— |
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$ |
— |
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$ |
1,548 |
501-550 |
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6,555 |
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1.3 |
% |
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2,331 |
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1,440 |
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1,864 |
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— |
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920 |
551-600 |
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33,723 |
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6.8 |
% |
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15,019 |
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9,839 |
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6,854 |
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1,127 |
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884 |
601-650 |
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103,601 |
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20.8 |
% |
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16,053 |
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26,981 |
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52,073 |
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3,988 |
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4,506 |
651-700 |
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97,284 |
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19.5 |
% |
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17,862 |
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40,318 |
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30,203 |
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3,662 |
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5,239 |
701-750 |
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167,977 |
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33.6 |
% |
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19,935 |
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51,276 |
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83,946 |
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7,411 |
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5,409 |
751-800 |
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59,413 |
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11.9 |
% |
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14,461 |
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15,906 |
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27,027 |
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592 |
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1,427 |
801-850 |
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24,018 |
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4.8 |
% |
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865 |
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23,096 |
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— |
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— |
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57 |
Total |
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499,235 |
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100.0 |
% |
$ |
86,742 |
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$ |
173,756 |
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$ |
201,967 |
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$ |
16,780 |
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$ |
19,990 |
Less, Allowance for credit losses |
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(7,523) |
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Carrying value, net |
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$ |
491,712 |
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(1)Represents the year of origination or amendment where the loan was subject to a full re-underwriting.
(2)The FICO Scores are calculated at the inception of the loan and are updated if the loan is modified or on an as needed basis.
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December 31, 2022 |
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Year Originated(1) |
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Carrying |
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% of |
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FICO Score (2) (dollars in thousands) |
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Value |
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Portfolio |
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2022 |
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2021 |
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2020 |
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2019 |
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Prior |
Under 500 |
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$ |
629 |
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0.1 |
% |
$ |
— |
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$ |
— |
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$ |
185 |
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$ |
235 |
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$ |
209 |
501-550 |
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4,786 |
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1.0 |
% |
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— |
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1,779 |
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|
87 |
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|
803 |
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2,117 |
551-600 |
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15,977 |
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3.5 |
% |
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3,061 |
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8,256 |
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1,836 |
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1,357 |
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1,467 |
601-650 |
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40,349 |
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8.8 |
% |
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21,382 |
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7,474 |
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6,273 |
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1,547 |
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3,673 |
651-700 |
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84,085 |
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18.3 |
% |
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33,832 |
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31,342 |
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7,398 |
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5,269 |
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6,244 |
701-750 |
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174,347 |
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37.8 |
% |
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65,190 |
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90,524 |
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11,892 |
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5,527 |
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1,214 |
751-800 |
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125,347 |
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27.2 |
% |
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68,826 |
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|
45,038 |
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9,470 |
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1,640 |
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373 |
801-850 |
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15,218 |
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3.3 |
% |
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14,554 |
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— |
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|
399 |
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— |
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|
265 |
Total |
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|
460,738 |
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100.0 |
% |
$ |
206,845 |
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$ |
184,413 |
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$ |
37,540 |
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$ |
16,378 |
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$ |
16,562 |
Less, Allowance for credit losses |
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|
(105) |
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Carrying value, net |
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$ |
460,633 |
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(1)Represents the year of origination or amendment where the loan was subject to a full re-underwriting.
(2)The FICO Scores are calculated at the inception of a loan and are updated if the loan is modified or on an as needed basis.
|