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Allowance for Credit Losses (Tables)
 12 Months Ended
Dec. 31, 2023
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, 2023 and 2022.
 
As of December 31, 2023
(In thousands)
Nonaccrual90+ days
and still
accruing		60-89
days past
due		30-59
days past
due		CurrentTotal Loans
Loan Balances (includes PCD):
Commercial$38,940 $98 $19,488 $85,743 $12,687,784 $12,832,053 
Commercial real estate:
Construction and development2,205 — 251 1,343 2,080,242 2,084,041 
Non-construction33,254 — 8,264 19,291 9,199,314 9,260,123 
Home equity1,341 — 62 2,263 340,310 343,976 
Residential real estate loans, excluding early buy-out loans15,391 — 2,325 22,942 2,578,425 2,619,083 
Premium finance receivables
Property & casualty insurance loans27,590 20,135 23,236 50,437 6,782,131 6,903,529 
Life insurance loans— — 16,206 45,464 7,816,273 7,877,943 
Consumer and other22 54 25 165 60,234 60,500 
Total loans, net of unearned income, excluding early buy-out loans$118,743 $20,287 $69,857 $227,648 $41,544,713 $41,981,248 
Early buy-out loans guaranteed by U.S. government agencies (1)
— 57,688 250 328 92,317 150,583 
Total loans, net of unearned income$118,743 $77,975 $70,107 $227,976 $41,637,030 $42,131,831 
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 
(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.
Schedule 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, 2023:

As of December 31, 2023
Year of OriginationRevolvingTotal
(In thousands)20232022202120202019PriorRevolvingto TermLoans
Loan Balances:
Commercial, industrial and other
Pass$2,759,782 $2,130,216 $1,533,575 $649,008 $352,589 $933,178 $3,849,975 $7,517 $12,215,840 
Special mention31,825 66,245 85,651 17,690 15,412 7,022 101,925 1,420 327,190 
Substandard accrual30,484 41,655 23,049 4,469 8,005 38,125 103,405 891 250,083 
Substandard nonaccrual/doubtful13,297 7,598 5,621 2,800 1,510 6,866 1,200 48 38,940 
Total commercial, industrial and other$2,835,388 $2,245,714 $1,647,896 $673,967 $377,516 $985,191 $4,056,505 $9,876 $12,832,053 
Construction and development
Pass$335,521 $851,469 $443,239 $163,025 $85,644 $83,050 $22,219 $361 $1,984,528 
Special mention— — 18,641 — — 180 — — 18,821 
Substandard accrual251 2,504 — 2,375 49,183 24,174 — — 78,487 
Substandard nonaccrual/doubtful— — — — — 2,205 — — 2,205 
Total construction and development$335,772 $853,973 $461,880 $165,400 $134,827 $109,609 $22,219 $361 $2,084,041 
Non-construction
Pass$1,501,555 $1,828,359 $1,363,081 $954,632 $745,089 $2,373,611 $188,998 $2,202 $8,957,527 
Special mention9,343 20,721 41,766 19,585 22,496 41,796 — 1,435 157,142 
Substandard accrual1,189 1,462 3,005 20,696 26,954 58,894 — — 112,200 
Substandard nonaccrual/doubtful952 504 383 785 387 30,243 — — 33,254 
Total non-construction$1,513,039 $1,851,046 $1,408,235 $995,698 $794,926 $2,504,544 $188,998 $3,637 $9,260,123 
Home equity
Pass$— $57 $— $45 $92 $6,416 $320,941 $2,172 $329,723 
Special mention— 225 63 — 67 1,667 2,914 — 4,936 
Substandard accrual— 105 — — — 5,909 1,048 914 7,976 
Substandard nonaccrual/doubtful— 181 77 110 16 774 93 90 1,341 
Total home equity$— $568 $140 $155 $175 $14,766 $324,996 $3,176 $343,976 
Residential real estate
Early buy-out loans guaranteed by U.S. government agencies$1,470 $2,806 $4,516 $8,034 $14,980 $118,777 $— $— $150,583 
Pass470,659 836,948 777,456 214,640 109,466 169,888 — — 2,579,057 
Special mention1,470 3,541 1,036 1,323 736 4,572 — — 12,678 
Substandard accrual924 3,706 1,261 1,040 472 4,554 — — 11,957 
Substandard nonaccrual/doubtful100 2,280 4,517 805 1,507 6,182 — — 15,391 
Total residential real estate$474,623 $849,281 $788,786 $225,842 $127,161 $303,973 $— $— $2,769,666 
Premium finance receivables - property & casualty
Pass$6,758,490 $— $15,119 $1,873 $1 $— $— $— $6,775,483 
Special mention96,875 314 102 — — — — — 97,291 
Substandard accrual2,540 621 3 1 — — — — 3,165 
Substandard nonaccrual/doubtful23,047 4,487 54 2 — — — — 27,590 
Total premium finance receivables - property & casualty$6,880,952 $5,422 $15,278 $1,876 $1 $— $— $— $6,903,529 
Premium finance receivables - life
Pass$403,756 $673,757 $878,027 $1,067,781 $910,951 $3,943,671 $— $— $7,877,943 
Special mention— — — — — — — — — 
Substandard accrual— — — — — — — — — 
Substandard nonaccrual/doubtful— — — — — — — — — 
Total premium finance receivables - life$403,756 $673,757 $878,027 $1,067,781 $910,951 $3,943,671 $— $— $7,877,943 
Consumer and other
Pass$3,531 $1,362 $853 $93 $340 $11,630 $42,515 $— $60,324 
Special mention8 10 — — — 79 3 — 100 
Substandard accrual2 8 — — — 32 12 — 54 
Substandard nonaccrual/doubtful9 9 4 — — — — — 22 
Total consumer and other$3,550 $1,389 $857 $93 $340 $11,741 $42,530 $— $60,500 
Total loans
Early buy-out loans guaranteed by U.S. government agencies$1,470 $2,806 $4,516 $8,034 $14,980 $118,777 $— $— $150,583 
Pass12,233,294 6,322,168 5,011,350 3,051,097 2,204,172 7,521,444 4,424,648 12,252 40,780,425 
Special mention139,521 91,056 147,259 38,598 38,711 55,316 104,842 2,855 618,158 
Substandard accrual35,390 50,061 27,318 28,581 84,614 131,688 104,465 1,805 463,922 
Substandard nonaccrual/doubtful37,405 15,059 10,656 4,502 3,420 46,270 1,293 138 118,743 
Total loans$12,447,080 $6,481,150 $5,201,099 $3,130,812 $2,345,897 $7,873,495 $4,635,248 $17,050 $42,131,831 
Gross write offs
Three months ended December 31, 2023$7,318 $1,853 $1,566 $5,825 $762 $144 $— $— $17,468 
Twelve months ended December 31, 202319,044 10,204 4,340 11,356 6,444 2,424 — — 53,812 
Schedule of Held-to-Maturity Debt Securities by Credit Quality Indicator For purposes of the table below, the Company has converted any issuer rating from an NRSRO into the Company’s internal ratings based on Investment Policy and review by the Company’s management.
As of December 31, 2023
Year of OriginationTotal
(In thousands)20232022202120202019PriorBalance
Amortized Cost Balances:
U.S. government agencies
1-4 internal grade$— $156,875 $147,810 $25,000 $4,000 $2,783 $336,468 
5-7 internal grade— — — — — — — 
8-10 internal grade— — — — — — — 
Total U.S. government agencies$— $156,875 $147,810 $25,000 $4,000 $2,783 $336,468 
Municipal
1-4 internal grade$4,176 $1,038 $6,909 $259 $611 $159,940 $172,933 
5-7 internal grade— — — — — — — 
8-10 internal grade— — — — — — — 
Total municipal$4,176 $1,038 $6,909 $259 $611 $159,940 $172,933 
Mortgage-backed securities
1-4 internal grade$382,825 $574,935 $2,332,558 $— $— $— $3,290,318 
5-7 internal grade— — — — — — — 
8-10 internal grade— — — — — — — 
Total mortgage-backed securities$382,825 $574,935 $2,332,558 $— $— $— $3,290,318 
Corporate notes
1-4 internal grade$— $14,966 $— $6,007 $7,226 $29,345 $57,544 
5-7 internal grade— — — — — — — 
8-10 internal grade— — — — — — — 
Total corporate notes$— $14,966 $— $6,007 $7,226 $29,345 $57,544 
Total held-to-maturity securities$3,857,263 
Less: Allowance for credit losses(347)
Held-to-maturity securities, net of allowance for credit losses$3,856,916 
Schedule of 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)20232022
Allowance for loan losses$344,235 $270,173 
Allowance for unfunded lending-related commitments losses83,030 87,275 
Allowance for loan losses and unfunded lending-related commitments losses427,265 357,448 
Allowance for held-to-maturity securities losses347 488 
Allowance for credit losses$427,612 $357,936 
Schedule 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, 2023 and 2022 is as follows:

 
Year Ended 
December 31, 2023
(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$142,769 $184,352 $7,573 $11,585 $10,671 $498 357,448 
Cumulative effect adjustment from the adoption of ASU 2022-02111 1,356 (33)(692)— (1)741 
Other adjustments— — — — 47 — 47 
Charge-offs(15,713)(15,228)(227)(192)(21,857)(595)(53,812)
Recoveries2,651 460 139 21 4,946 93 8,310 
Provision for credit losses39,786 52,913 (336)2,411 19,262 495 114,531 
Allowance for credit losses at period end$169,604 $223,853 $7,116 $13,133 $13,069 $490 $427,265 
By measurement method:
Individually evaluated for impairment$17,589 $3,150 $— $135 $— $11 $20,885 
Collectively evaluated for impairment152,015 220,703 7,116 12,998 13,069 479 406,380 
Loans at period end:
Individually evaluated for impairment$38,940 $35,459 $1,341 $15,391 $— $22 $91,153 
Collectively evaluated for impairment12,793,113 11,308,705 342,635 2,599,014 14,781,472 60,478 41,885,417 
Loans held at fair value— — — 155,261 — — 155,261 

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 loan 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 
Loan held at fair value— — — 179,932 — — 179,932 
Schedule of Modification of Loans
The table below presents a summary of the balance immediately following the modification of loans to borrowers experiencing financial difficulties during the year ended December 31, 2023:
Year Ended December 31, 2023 (Dollars in thousands)
Total (1)
Percentage of Total Class of Loan
Extension of Term (1)
Reduction of 
Interest
Rate (1)
Delay in Contractual Payments (1)
Extension of Term and Reduction of Interest Rate (1)
Commercial
Commercial, industrial and other$41,223 0.3 %$3,367 $314 $37,069 $473 
Commercial real estate
Construction2,504 0.1 — — — 2,504 
Non-construction6,980 0.1 467 827 1,310 4,376 
Home equity702 0.2 203 — — 499 
Residential real estate2,113 0.1 1,537 271 — 305 
Premium finance receivables
Property and casualty insurance loans129 0.0 62 59 — 8 
Total loans$53,651 0.1 %$5,636 $1,471 $38,379 $8,165 
Weighted average magnitude of modifications:
Duration of extension of term28 months
Reduction of interest rate198  bps
Duration of delayed contractual payment terms16 months
(1)Balances represent the recorded investment in the loan at the time of the restructuring.
The tables below present a summary of the post-modification balance of loans restructured during the years ended December 31, 2022 and 2021 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 — $— 
 
(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 and 2021, 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
 
Total (1)(3)
Payments in
Default  (2)(3)
Total (1)(3)
Payments in
Default  (2)(3)
(In thousands)
CountBalanceCountBalanceCountBalanceCountBalance
Commercial
Commercial, industrial and other5 $468 2 $185 16 $5,074 1 $199 
Commercial real-estate
Non-construction3 8,833 — — 5 2,944 3 2,276 
Residential real estate and other32 4,076 3 524 43 5,851 2 116 
Total loans40 $13,377 5 $709 64 $13,869 6 $2,591 
(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.
Financing Receivable, Modified, Subsequent Default
The following table presents a summary of all loans for borrowers experiencing financial difficulties modified during the year ended December 31, 2023, and such loans that were in payment default under the restructured terms during the year ended December 31, 2023:
(Dollars in thousands)As of December 31, 2023
Year Ended December 31, 2023
Total (2)
Payments in Default  (1)(2)
Commercial
Commercial, industrial and other$41,223 $19,361 
Commercial real estate
Construction2,504 2,504 
Non-construction6,980 4,851 
Home equity702 203 
Residential real estate2,113 767 
Premium finance receivables
Property and casualty insurance loans129 129 
Total loans$53,651 $27,815 
(1)Modified loans considered to be in payment default are over 30 days past due subsequent to the restructuring.
(2)Balances represent the recorded investment in the loan at the time of the restructuring