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Allowance for Credit Losses (Tables)
 12 Months Ended
Dec. 31, 2022
Credit Loss [Abstract]  
Schedule of Aging of the Company's Loan Portfolio
The tables below show the aging of the Company’s loan portfolio by the segmentation noted above at December 31, 2022 and 2021.
 
As of December 31, 2022
(In thousands)
Nonaccrual90+ days
and still
accruing		60-89
days past
due		30-59
days past
due		CurrentTotal Loans
Loan Balances (includes PCD):
Commercial$35,579 $462 $21,128 $56,696 $12,435,299 $12,549,164 
Commercial real estate:
Construction and development416 — 361 14,390 1,471,763 1,486,930 
Non-construction5,971 — 1,883 16,285 8,439,878 8,464,017 
Home equity1,487 — — 2,152 329,059 332,698 
Residential real estate loans, excluding early buy-out loans10,171 — 4,364 9,982 2,183,078 2,207,595 
Premium finance receivables
Property & casualty insurance loans13,470 15,841 14,926 40,557 5,764,665 5,849,459 
Life insurance loans— 17,245 5,260 68,725 7,999,768 8,090,998 
Consumer and other6 49 18 224 50,539 50,836 
Total loans, net of unearned income, excluding early buy-out loans$67,100 $33,597 $47,940 $209,011 $38,674,049 $39,031,697 
Early buy-out loans guaranteed by U.S. government agencies (1)
31,279 47,450 984 1,584 83,491 164,788 
Total loans, net of unearned income$98,379 $81,047 $48,924 $210,595 $38,757,540 $39,196,485 
As of December 31, 2021
(In thousands)
Nonaccrual90+ days
and still
accruing		60-89
days past
due		30-59
days past
due		CurrentTotal Loans
Loan Balances (includes PCD):
Commercial$20,399 $15 $24,262 $43,861 $11,815,531 $11,904,068 
Commercial real estate
Construction and development1,377 — — 2,809 1,352,018 1,356,204 
Non-construction20,369 — 284 37,634 7,575,795 7,634,082 
Home equity2,574 — — 1,120 331,461 335,155 
Residential real estate loans, excluding early buy-out loans16,440 — 982 12,145 1,576,704 1,606,271 
Premium finance receivables
Property & casualty insurance loans5,433 7,210 15,490 22,419 4,804,935 4,855,487 
Life insurance loans— 7 12,614 66,651 6,963,538 7,042,810 
Consumer and other477 137 34 509 23,042 24,199 
Total loans, net of unearned income, excluding early buy-out loans$67,069 $7,369 $53,666 $187,148 $34,443,024 $34,758,276 
Early buy-out loans guaranteed by U.S. government agencies (1)
— — — 275 30,553 30,828 
Total loans, net of unearned income$67,069 $7,369 $53,666 $187,423 $34,473,577 $34,789,104 
(1)Early buy-out loans are insured or guaranteed by the FHA or the U.S. Department of Veterans Affairs, subject to indemnifications and insurance limits for certain loans.
Summary of Loan Portfolio by Credit Quality Indicator
The table below shows the Company’s loan portfolio by credit quality indicator and year of origination at December 31, 2022:

As of December 31, 2022
Year of OriginationRevolvingTotal
(In thousands)20222021202020192018PriorRevolvingto TermLoans
Loan Balances:
Commercial, industrial and other
Pass$2,740,821 $2,314,421 $1,064,680 $631,670 $460,898 $847,955 $3,999,401 $42,699 $12,102,545 
Special mention6,780 71,263 10,279 27,533 36,874 17,972 85,813 1,232 257,746 
Substandard accrual13,560 42,091 26,252 17,104 5,078 2,902 46,297 10 153,294 
Substandard nonaccrual/doubtful574 5,958 2,278 25,481 197 1,091 — — 35,579 
Total commercial, industrial and other$2,761,735 $2,433,733 $1,103,489 $701,788 $503,047 $869,920 $4,131,511 $43,941 $12,549,164 
Construction and development
Pass$413,322 $470,162 $261,173 $124,818 $36,591 $90,294 $12,000 $— $1,408,360 
Special mention— 517 14,341 23,312 16,778 82 — — 55,030 
Substandard accrual2,132 — 8,355 — 100 12,537 — — 23,124 
Substandard nonaccrual/doubtful— — — — — 416 — — 416 
Total construction and development$415,454 $470,679 $283,869 $148,130 $53,469 $103,329 $12,000 $— $1,486,930 
Non-construction
Pass$1,908,428 $1,530,812 $1,045,330 $851,041 $589,268 $2,149,357 $181,096 $19,790 $8,275,122 
Special mention5,114 12,556 6,377 18,225 31,849 41,236 — — 115,357 
Substandard accrual— — 832 8,507 23,330 34,898 — — 67,567 
Substandard nonaccrual/doubtful— — — — 349 5,622 — — 5,971 
Total non-construction$1,913,542 $1,543,368 $1,052,539 $877,773 $644,796 $2,231,113 $181,096 $19,790 $8,464,017 
Home equity
Pass$198 $— $— $56 $— $5,445 $312,183 $— $317,882 
Special mention— 1 — — 255 991 2,598 148 3,993 
Substandard accrual— — — — — 7,530 910 896 9,336 
Substandard nonaccrual/doubtful— — 118 18 — 1,251 100 — 1,487 
Total home equity$198 $1 $118 $74 $255 $15,217 $315,791 $1,044 $332,698 
Residential real estate
Early buy-out loans guaranteed by U.S. government agencies$— $901 $9,424 $21,662 $19,700 $113,101 $— $— $164,788 
Pass787,652 835,672 228,945 120,596 49,710 150,024 — — 2,172,599 
Special mention3,523 1,720 2,100 1,602 1,897 5,247 — — 16,089 
Substandard accrual1,214 1,981 1,111 149 428 3,853 — — 8,736 
Substandard nonaccrual/doubtful112 416 767 2,176 1,269 5,431 — — 10,171 
Total residential real estate$792,501 $840,690 $242,347 $146,185 $73,004 $277,656 $— $— $2,372,383 
Premium finance receivables - property & casualty
Pass$5,682,665 $55,275 $6,833 $1,707 $— $— $— $— $5,746,480 
Special mention84,728 462 25 — — — — — 85,215 
Substandard accrual3,965 329 — — — — — — 4,294 
Substandard nonaccrual/doubtful10,798 2,621 51 — — — — — 13,470 
Total premium finance receivables - property & casualty$5,782,156 $58,687 $6,909 $1,707 $— $— $— $— $5,849,459 
Premium finance receivables - life
Pass$510,675 $779,057 $1,055,247 $931,276 $726,763 $4,080,764 $— $— $8,083,782 
Special mention— 4,999 — — — 2,217 — — 7,216 
Substandard accrual— — — — — — — — — 
Substandard nonaccrual/doubtful— — — — — — — — — 
Total premium finance receivables - life$510,675 $784,056 $1,055,247 $931,276 $726,763 $4,082,981 $— $— $8,090,998 
Consumer and other
Pass$2,921 $1,592 $252 $481 $388 $12,407 $32,566 $— $50,607 
Special mention10 2 — 3 — 135 3 — 153 
Substandard accrual17 1 — — — 43 9 — 70 
Substandard nonaccrual/doubtful— 6 — — — — — — 6 
Total consumer and other$2,948 $1,601 $252 $484 $388 $12,585 $32,578 $— $50,836 
Total loans
Early buy-out loans guaranteed by U.S. government agencies$— $901 $9,424 $21,662 $19,700 $113,101 $— $— $164,788 
Pass12,046,682 5,986,991 3,662,460 2,661,645 1,863,618 7,336,246 4,537,246 62,489 38,157,377 
Special mention100,155 91,520 33,122 70,675 87,653 67,880 88,414 1,380 540,799 
Substandard accrual20,888 44,402 36,550 25,760 28,936 61,763 47,216 906 266,421 
Substandard nonaccrual/doubtful11,484 9,001 3,214 27,675 1,815 13,811 100 — 67,100 
Total loans$12,179,209 $6,132,815 $3,744,770 $2,807,417 $2,001,722 $7,592,801 $4,672,976 $64,775 $39,196,485 
Held-to-Maturity Debt Securities by Credit Quality Indicator For purposes of the table below, the Company has converted any issuer rating from an NRSRO into the Company’s internal ratings based on Investment Policy and review by the Company’s management.
As of December 31, 2022
Year of OriginationTotal
(In thousands)20222021202020192018PriorBalance
Amortized Cost Balances:
U.S. government agencies
1-4 internal grade$160,000 $147,802 $25,000 $4,000 $— $2,812 $339,614 
5-7 internal grade— — — — — — — 
8-10 internal grade— — — — — — — 
Total U.S. government agencies$160,000 $147,802 $25,000 $4,000 $— $2,812 $339,614 
Municipal
1-4 internal grade$1,045 $7,001 $269 $159 $7,401 $163,153 $179,027 
5-7 internal grade— — — — — — — 
8-10 internal grade— — — — — — — 
Total municipal$1,045 $7,001 $269 $159 $7,401 $163,153 $179,027 
Mortgage-backed securities
1-4 internal grade$616,478 $2,447,704 $— $— $— $— $3,064,182 
5-7 internal grade— — — — — — — 
8-10 internal grade— — — — — — — 
Total mortgage-backed securities$616,478 $2,447,704 $— $— $— $— $3,064,182 
Corporate notes
1-4 internal grade$14,963 $— $6,010 $7,312 $3,182 $26,765 $58,232 
5-7 internal grade— — — — — — — 
8-10 internal grade— — — — — — — 
Total corporate notes$14,963 $— $6,010 $7,312 $3,182 $26,765 $58,232 
Total held-to-maturity securities$3,641,055 
Less: Allowance for credit losses(488)
Held-to-maturity securities, net of allowance for credit losses$3,640,567 
Allowance For Credit Losses As significant judgment is required, the review of the appropriateness of the allowance for credit losses is performed quarterly by various committees with participation by the Company’s executive management.
December 31,December 31,
(In thousands)20222021
Allowance for loan losses$270,173 $247,835 
Allowance for unfunded lending-related commitments losses87,275 51,818 
Allowance for loan losses and unfunded lending-related commitments losses357,448 299,653 
Allowance for held-to-maturity securities losses488 78 
Allowance for credit losses$357,936 $299,731 
Summary of Activity in the Allowance for Credit Losses by Loan Portfolio
A summary of the activity in the allowance for credit losses by loan portfolio (i.e. allowance for loan losses and allowance for unfunded commitment losses) for the years ended December 31, 2022 and 2021 is as follows:

 
Year Ended 
December 31, 2022
(In thousands)
CommercialCommercial
Real Estate		Home
Equity		Residential
Real Estate		Premium
Finance
Receivable		Consumer
and Other		Total
Loans
Allowance for credit losses at beginning of period$119,307 $144,583 $10,699 $8,782 $15,859 $423 299,653 
Other adjustments— — — — (108)— (108)
Charge-offs(14,141)(1,379)(432)(471)(14,275)(1,081)(31,779)
Recoveries4,748 701 319 77 5,522 136 11,503 
Provision for credit losses32,855 40,447 (3,013)3,197 3,673 1,020 78,179 
Allowance for credit losses at period end$142,769 $184,352 $7,573 $11,585 $10,671 $498 $357,448 
By measurement method:
Individually evaluated for impairment$5,973 $61 $50 $715 $— $— $6,799 
Collectively evaluated for impairment136,796 184,291 7,523 10,870 10,671 498 350,649 
Loans at period end:
Individually evaluated for impairment$38,042 $21,435 $10,351 $20,300 $— $69 $90,197 
Collectively evaluated for impairment12,511,122 9,929,512 322,347 2,172,151 13,940,457 50,767 38,926,356 
Loans held at fair value— — — 179,932 — — 179,932 

Year Ended 
December 31, 2021
(In thousands)
CommercialCommercial
Real Estate		Home
Equity		Residential
Real Estate		Premium
Finance
Receivable		Consumer
and Other		Total
Loans
Allowance for credit losses at beginning of period$94,212 $243,603 $11,437 $12,459 $17,777 $422 $379,910 
Initial allowance for credit losses recognized on PCD assets acquired during the period (1)
470 — — — — — 470 
Other adjustments — — — — 3 — 3 
Charge-offs(20,801)(3,293)(336)(1,082)(9,020)(487)(35,019)
Recoveries2,559 1,304 1,203 330 7,989 184 13,569 
Provision for credit losses42,867 (97,031)(1,605)(2,925)(890)304 (59,280)
Allowance for credit losses at period end$119,307 $144,583 $10,699 $8,782 $15,859 $423 $299,653 
By measurement method:
Individually evaluated for impairment$5,196 $2,237 $192 $899 $— $28 $8,552 
Collectively evaluated for impairment114,111 142,346 10,507 7,883 15,859 395 291,101 
Loans at period end:
Individually evaluated for impairment$24,530 $30,167 $14,656 $23,306 $— $611 $93,270 
Collectively evaluated for impairment11,879,538 8,960,119 320,499 1,575,195 11,898,297 23,588 34,657,236 
Loan held at fair value— — — 38,598 — — 38,598 
(1)The initial allowance for credit losses on PCD loans acquired during 2021 measured approximately $2.8 million, of which $2.3 million was charged off related to PCD loans that met the Company’s charge-off policy at the time of acquisition. After considering these loans that were immediately charged off, the net impact of PCD allowance for credit losses at the acquisition date was approximately $470,000.
Summary of the Post-Modification Balance of Loans Restructured
The tables below present a summary of the post-modification balance of loans restructured during the years ended December 31, 2022, 2021, and 2020 which represent TDRs:
Year ended 
December 31, 2022
Total (1)(2)
Extension at
Below Market
Terms (2)
Reduction of
Interest Rate (2)
Modification to
Interest-only
Payments (2)
Forgiveness of Debt (2)
(In thousands)CountBalanceCountBalanceCountBalanceCountBalanceCountBalance
Commercial
Commercial, industrial and other5 $468 4 $305 1 $85 2 $248 — $— 
Commercial real estate
Non-construction3 8,833 1 1,178 1 1,178 3 8,833 — — 
Residential real estate and other32 4,076 31 4,075 20 3,002 — — — — 
Total loans40 $13,377 36 $5,558 22 $4,265 5 $9,081 — $— 
Year ended
December 31, 2021
Total (1)(2)
Extension at
Below Market
Terms (2)
Reduction of
Interest Rate (2)
Modification to
Interest-only
Payments (2)
Forgiveness of Debt (2)
(In thousands)CountBalanceCountBalanceCountBalanceCountBalanceCountBalance
Commercial
Commercial, industrial and other16 $5,074 7 $847 1 $300 — $— — $— 
Commercial real estate
Non-construction5 2,944 4 2,401 2 656 1 113 — — 
Residential real estate and other43 5,851 40 5,683 17 4,123 9 4,227 — — 
Total loans64 $13,869 51 $8,931 20 $5,079 10 $4,340 — $— 
Year ended
December 31, 2020
Total (1)(2)
Extension at
Below Market
Terms (2)
Reduction of
Interest Rate (2)
Modification to
Interest-only
Payments (2)
Forgiveness of Debt (2)
(In thousands)CountBalanceCountBalanceCountBalanceCountBalanceCountBalance
Commercial
Commercial, industrial and other21 $12,362 17 $8,089 1 $991 6 $4,436 1 $432 
Commercial real estate
Non-construction18 19,281 15 14,657 3 921 8 5,853 — — 
Residential real estate and other85 14,229 70 13,721 38 5,809 1 190 — — 
Total loans124 $45,872 102 $36,467 42 $7,721 15 $10,479 1 $432 
 
(1)TDRs may have more than one modification representing a concession. As such, TDRs during the period may be represented in more than one of the categories noted above.
(2)Balances represent the recorded investment in the loan at the time of the restructuring.
The tables below present a summary of all loans restructured in TDRs during the years ended December 31, 2022, 2021, and 2020, and such loans which were in payment default under the restructured terms during the respective periods: 
 
Year Ended December 31, 2022
Year Ended December 31, 2021
Year Ended December 31, 2020
 
Total (1)(3)
Payments in
Default  (2)(3)
Total (1)(3)
Payments in
Default  (2)(3)
Total (1)(3)
Payments in
Default  (2)(3)
(In thousands)CountBalanceCountBalanceCountBalanceCountBalanceCountBalanceCountBalance
Commercial
Commercial, industrial and other5 $468 2 $185 16 $5,074 1 $199 21 $12,362 7 $4,041 
Commercial real-estate
Non-construction3 8,833 — — 5 2,944 3 2,276 18 19,281 12 14,343 
Residential real estate and other32 4,076 3 524 43 5,851 2 116 85 14,229 8 834 
Total loans40 $13,377 5 $709 64 $13,869 6 $2,591 124 $45,872 27 $19,218 
(1)Total TDRs represent all loans restructured in TDRs during the year indicated.
(2)TDRs considered to be in payment default are over 30 days past-due subsequent to the restructuring.
(3)Balances represent the recorded investment in the loan at the time of the restructuring.