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Provision for Credit Losses
During the quarter, there was a provision of $2.7 million compared to $98 thousand in the previous quarter, while the bank realized net charge-offs of $165 thousand as compared to $322 thousand. The comparatively higher provision was driven by loan growth during the period as well as a general decline in the economic outlook to account for the volatility and potential stress created by the recent changes to US trade policy. At the close of the quarter, the ratio of allowance for credit losses to gross loans held for investment was 1.3%, up 3 basis points from the linked quarter.
The Company continues to estimate the allowance for credit loss with assumptions that anticipate slower prepayment rates and continued market disruption caused by trade policy, elevated inflation, supply chain issues and the impact of monetary policy on consumers and businesses.
Posted In: EQBK
