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Allowance for Credit Losses (Tables)
 6 Months Ended
Jun. 30, 2024
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 June 30, 2024, December 31, 2023 and June 30, 2023:
As of June 30, 202490+ days and still accruing60-89 days past due30-59 days past due
(In thousands)NonaccrualCurrentTotal Loans
Loan Balances (includes PCD):
Commercial
Commercial, industrial and other$51,087 $304 $16,485 $36,358 $14,050,228 $14,154,462 
Commercial real estate
Construction and development2,528 — 1,699 6,539 2,249,785 2,260,551 
Non-construction45,761 — 4,856 31,526 9,604,503 9,686,646 
Home equity1,100 — 275 1,229 353,709 356,313 
Residential real estate, excluding early buy-out loans18,198 — 1,977 130 2,912,852 2,933,157 
Premium finance receivables
Property and casualty insurance loans32,722 22,427 29,925 45,927 6,969,752 7,100,753 
Life insurance loans— — 4,118 17,693 7,940,304 7,962,115 
Consumer and other3 121 81 366 86,785 87,356 
Total loans, net of unearned income, excluding early buy-out loans$151,399 $22,852 $59,416 $139,768 $44,167,918 $44,541,353 
Early buy-out loans guaranteed by U.S. government agencies (1)
— 45,788 — — 88,390 134,178 
Total loans, net of unearned income$151,399 $68,640 $59,416 $139,768 $44,256,308 $44,675,531 
As of December 31, 202390+ days and still accruing60-89 days past due30-59 days past due
(In thousands)NonaccrualCurrentTotal Loans
Loan Balances (includes PCD):
Commercial
Commercial, industrial and other$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, excluding early buy-out loans15,391 — 2,325 22,942 2,578,425 2,619,083 
Premium finance receivables
Property and 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 
(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.
As of June 30, 202390+ days and still accruing60-89 days past due30-59 days past due
(In thousands)NonaccrualCurrentTotal Loans
Loan Balances (includes PCD):
Commercial
Commercial, industrial and other$40,460 $573 $22,808 $48,970 $12,487,660 $12,600,471 
Commercial real estate
Construction and development12,536 — — 766 1,747,134 1,760,436 
Non-construction5,947 — 1,054 13,452 8,827,922 8,848,375 
Home equity1,361 110 316 601 334,586 336,974 
Residential real estate, excluding early buy-out loans13,652 — 7,243 872 2,433,625 2,455,392 
Premium finance receivables
Property and casualty insurance loans19,583 12,785 22,670 32,751 6,674,909 6,762,698 
Life insurance loans6 1,667 3,729 90,117 7,943,754 8,039,273 
Consumer and other4 28 51 146 31,712 31,941 
Total loans, net of unearned income, excluding early buy-out loans$93,549 $15,163 $57,871 $187,675 $40,481,302 $40,835,560 
Early buy-out loans guaranteed by U.S. government agencies (1)
117 57,728 918 — 129,085 187,848 
Total loans, net of unearned income$93,666 $72,891 $58,789 $187,675 $40,610,387 $41,023,408 
(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 June 30, 2024:
Year of OriginationRevolvingTotal
(In thousands)20242023202220212020PriorRevolvingto TermLoans
Loan Balances:
Commercial, industrial and other
Pass$1,759,369 $2,462,832 $1,847,769 $1,330,074 $529,579 $1,099,112 $4,405,035 $8,966 $13,442,736 
Special mention1,704 62,567 69,016 64,001 6,033 51,135 129,899 1,300 385,655 
Substandard accrual2,660 41,267 42,882 40,319 20,026 8,703 119,110 17 274,984 
Substandard nonaccrual/doubtful— 5,950 5,718 21,951 1,237 8,175 7,976 80 51,087 
Total commercial, industrial and other$1,763,733 $2,572,616 $1,965,385 $1,456,345 $556,875 $1,167,125 $4,662,020 $10,363 $14,154,462 
Construction and development
Pass$78,100 $475,118 $973,989 $371,090 $79,439 $159,686 $22,350 $— $2,159,772 
Special mention— 1,176 14,990 17,091 — 14,969 — — 48,226 
Substandard accrual— — — 1,102 1,777 47,146 — — 50,025 
Substandard nonaccrual/doubtful— 495 — — 2,033 — — — 2,528 
Total construction and development$78,100 $476,789 $988,979 $389,283 $83,249 $221,801 $22,350 $— $2,260,551 
Non-construction
Pass$710,843 $1,515,024 $1,757,491 $1,360,084 $961,509 $2,884,404 $198,713 $265 $9,388,333 
Special mention3,364 8,422 37,904 46,765 17,230 46,738 274 — 160,697 
Substandard accrual— 3,202 13,696 9,545 22,983 42,429 — — 91,855 
Substandard nonaccrual/doubtful— 1,372 453 170 — 43,766 — — 45,761 
Total non-construction$714,207 $1,528,020 $1,809,544 $1,416,564 $1,001,722 $3,017,337 $198,987 $265 $9,686,646 
Home equity
Pass$— $— $— $— $— $9,272 $326,705 $2,737 $338,714 
Special mention— — 222 59 120 2,417 6,313 287 9,418 
Substandard accrual— — 104 — 102 6,242 558 75 7,081 
Substandard nonaccrual/doubtful— — 511 137 — 363 — 89 1,100 
Total home equity$— $— $837 $196 $222 $18,294 $333,576 $3,188 $356,313 
Residential real estate
Early buy-out loans guaranteed by U.S. government agencies$— $3,762 $3,381 $3,813 $5,700 $117,522 $— $— $134,178 
Pass380,670 480,911 808,108 754,489 204,797 257,334 — — 2,886,309 
Special mention— 2,985 5,655 2,284 1,604 6,547 — — 19,075 
Substandard accrual224 596 3,353 915 1,143 3,344 — — 9,575 
Substandard nonaccrual/doubtful— 523 5,109 4,642 1,229 6,695 — — 18,198 
Total residential real estate$380,894 $488,777 $825,606 $766,143 $214,473 $391,442 $— $— $3,067,335 
Premium finance receivables - property and casualty
Pass$5,737,826 $1,204,432 $— $8,281 $421 $— $— $— $6,950,960 
Special mention92,231 19,192 95 8 — — — — 111,526 
Substandard accrual1,488 4,052 1 4 — — — — 5,545 
Substandard nonaccrual/doubtful7,238 25,281 182 19 2 — — — 32,722 
Total premium finance receivables - property and casualty$5,838,783 $1,252,957 $278 $8,312 $423 $— $— $— $7,100,753 
Premium finance receivables - life
Pass$1,137,551 $6,820,635 $3,929 $— $— $— $— $— $7,962,115 
Special mention— — — — — — — — — 
Substandard accrual— — — — — — — — — 
Substandard nonaccrual/doubtful— — — — — — — — — 
Total premium finance receivables - life$1,137,551 $6,820,635 $3,929 $— $— $— $— $— $7,962,115 
Consumer and other
Pass$1,562 $2,602 $749 $667 $46 $32,764 $48,721 $— $87,111 
Special mention6 14 11 5 — 140 2 — 178 
Substandard accrual5 14 9 — — 27 9 — 64 
Substandard nonaccrual/doubtful— — 1 2 — — — — 3 
Total consumer and other$1,573 $2,630 $770 $674 $46 $32,931 $48,732 $— $87,356 
Total loans
Early buy-out loans guaranteed by U.S. government agencies$— $3,762 $3,381 $3,813 $5,700 $117,522 $— $— $134,178 
Pass9,805,921 12,961,554 5,392,035 3,824,685 1,775,791 4,442,572 5,001,524 11,968 43,216,050 
Special mention97,305 94,356 127,893 130,213 24,987 121,946 136,488 1,587 734,775 
Substandard accrual4,377 49,131 60,045 51,885 46,031 107,891 119,677 92 439,129 
Substandard nonaccrual/doubtful7,238 33,621 11,974 26,921 4,501 58,999 7,976 169 151,399 
Total loans$9,914,841 $13,142,424 $5,595,328 $4,037,517 $1,857,010 $4,848,930 $5,265,665 $13,816 $44,675,531 
Gross write offs
Six months ended June 30, 2024244 29,608 3,464 1,220 2,088 21,973 — — 58,597 
Schedule of Held-to-Maturity Debt Securities by Credit Quality Indicator For purposes of the table below, the Company has converted any issuer rating from an NRSRO into the Company’s internal ratings based on Investment Policy and review by the Company’s management.
As of June 30, 2024Year of OriginationTotal
(In thousands)20242023202220212020PriorBalance
Amortized Cost Balances:
U.S. government agencies
1-4 internal grade$— $— $156,875 $147,815 $25,000 $6,768 $336,458 
5-7 internal grade— 
8-10 internal grade— 
Total U.S. government agencies$— $— $156,875 $147,815 $25,000 $6,768 $336,458 
Municipal
1-4 internal grade$— $4,176 $1,035 $6,862 $258 $151,716 $164,047 
5-7 internal grade— — — — — 2,353 2,353 
8-10 internal grade— 
Total municipal$— $4,176 $1,035 $6,862 $258 $154,069 $166,400 
Mortgage-backed securities
1-4 internal grade$— $362,988 $555,653 $2,277,717 $— $— $3,196,358 
5-7 internal grade— 
8-10 internal grade— 
Total mortgage-backed securities$— $362,988 $555,653 $2,277,717 $— $— $3,196,358 
Corporate notes
1-4 internal grade$— $— $14,968 $— $6,005 $36,226 $57,199 
5-7 internal grade— 
8-10 internal grade— 
Total corporate notes$— $— $14,968 $— $6,005 $36,226 $57,199 
Total held-to-maturity securities$3,756,415 
Less: Allowance for credit losses(491)
Held-to-maturity securities, net of allowance for credit losses$3,755,924 
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.
June 30,December 31,June 30,
(In thousands)202420232023
Allowance for loan losses$363,719 $344,235 $302,499 
Allowance for unfunded lending-related commitments losses73,350 83,030 84,881 
Allowance for loan losses and unfunded lending-related commitments losses437,069 427,265 387,380 
Allowance for held-to-maturity securities losses491 347 406 
Allowance for credit losses$437,560 $427,612 $387,786 
Schedule of Activity in the Allowance for Credit Losses by Loan Portfolio
A summary of activity in the allowance for credit losses, specifically for the loan portfolio (i.e. allowance for loan losses and allowance for unfunded commitment losses), for the three and six months ended June 30, 2024 and June 30, 2023 is as follows:
Three months ended June 30, 2024Commercial Real EstateHome  EquityResidential Real EstatePremium Finance ReceivablesConsumer and OtherTotal Loans
(In thousands)Commercial
Allowance for credit losses at beginning of period$166,518 $226,052 $7,191 $13,701 $13,330 $383 $427,175 
Other adjustments— — — — (19)— (19)
Charge-offs(9,584)(15,526)— (23)(9,486)(137)(34,756)
Recoveries950 90 35 8 3,663 24 4,770 
Provision for credit losses24,107 13,112 16 (4,913)7,258 319 39,899 
Allowance for credit losses at period end$181,991 $223,728 $7,242 $8,773 $14,746 $589 $437,069 
By measurement method:
Individually measured$30,927 $6,330 $— $32 $— $1 $37,290 
Collectively measured151,064 217,398 7,242 8,741 14,746 588 399,779 
Loans at period end
Individually measured$51,087 $48,289 $1,100 $17,807 $— $3 $118,286 
Collectively measured14,103,375 11,898,908 355,213 2,913,694 15,062,868 87,353 44,421,411 
Loans held at fair value— — — 135,834 — — 135,834 

Three months ended June 30, 2023CommercialCommercial Real EstateHome  EquityResidential Real EstatePremium Finance ReceivablesConsumer and OtherTotal Loans
(In thousands)
Allowance for credit losses at beginning of period$149,501 $194,780 $7,728 $11,434 $11,955 $400 $375,798 
Other adjustments— — — — 41 — 41 
Charge-offs(5,629)(8,124)— — (4,653)(110)(18,516)
Recoveries505 25 37 6 890 23 1,486 
Provision for credit losses(1,235)29,015 (798)812 813 (36)28,571 
Allowance for credit losses at period end$143,142 $215,696 $6,967 $12,252 $9,046 $277 $387,380 
By measurement method:
Individually measured$7,205 $5,819 $— $106 $— $— $13,130 
Collectively measured135,937 209,877 6,967 12,146 9,046 277 374,250 
Loans at period end
Individually measured$40,460 $18,483 $1,361 $13,496 $— $4 $73,804 
Collectively measured12,560,011 10,590,328 335,613 2,429,297 14,801,971 31,937 40,749,157 
Loans held at fair value— — — 200,447 — — 200,447 
Six months ended June 30, 2024Commercial Real EstateHome  EquityResidential Real EstatePremium Finance ReceivablesConsumer and OtherTotal Loans
(In thousands)Commercial
Allowance for credit losses at beginning of period$169,604 $223,853 $7,116 $13,133 $13,069 $490 $427,265 
Other adjustments— — — — (50)— (50)
Charge-offs(20,799)(20,995)(74)(61)(16,424)(244)(58,597)
Recoveries1,429 121 64 10 5,190 47 6,861 
Provision for credit losses31,757 20,749 136 (4,309)12,961 296 61,590 
Allowance for credit losses at period end$181,991 $223,728 $7,242 $8,773 $14,746 $589 $437,069 

Six months ended June 30, 2023Commercial Real EstateHome  EquityResidential Real EstatePremium Finance ReceivablesConsumer and OtherTotal Loans
(In thousands)Commercial
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 2016-13111 1,356 (33)(692)— (1)741 
Other adjustments— — — — 45 — 45 
Charge-offs(8,172)(8,129)— — (9,303)(263)(25,867)
Recoveries897 125 72 10 2,213 55 3,372 
Provision for credit losses7,537 37,992 (645)1,349 5,420 (12)51,641 
Allowance for credit losses at period end$143,142 $215,696 $6,967 $12,252 $9,046 $277 $387,380 
Schedule of Modification of Loans
The tables below presents a summary of the period-end balance of loans to borrowers experiencing financial difficulties during the three and six months ended June 30, 2024 and 2023:
Three Months Ended
June 30, 2024
 (Dollars in thousands)
TotalPercentage of Total Class of LoanExtension of TermReduction of 
Interest
Rate		Interest Only
Payments		Delay in Contractual PaymentsExtension of Term and Reduction of Interest Rate
Commercial
Commercial, industrial and other$2,161 0.0 %$2,010 $— $— $97 $54 
Commercial real estate
Non-construction340 0.0 21 — 319 — — 
Home equity— — — — — — — 
Residential real estate81 0.0 81 — — — — 
Premium finance receivables
Property and casualty insurance loans6 0.0 3 3 — — — 
Total loans$2,588 0.0 %$2,115 $3 $319 $97 $54 

Weighted Average Magnitude of Modifications:
 Three Months Ended June 30, 2024
 (Dollars in thousands)
TotalDuration of Extension of Term (months)Reduction of 
Interest
Rate (bps)		Duration of Delay in Contractual Payments (months)
Commercial
Commercial, industrial and other$2,161 5143 34
Commercial real estate
Non-construction340 13— —
Home equity— —— —
Residential real estate81 12— —
Premium finance receivables
Property and casualty insurance loans6 286 —
Total loans$2,588 7140 34
Three Months Ended
June 30, 2023
(Dollars in thousands)
TotalPercentage of Total Class of LoanExtension of
Term		Reduction of 
Interest
Rate		Delay in Contractual PaymentsExtension of
Term and
Reduction of Interest Rate
Commercial
Commercial, industrial and other$423 0.0 %$— $— $— $423 
Commercial real estate
Non-construction4,376 0.0 — — — 4,376 
Home equity— — — — — — 
Residential real estate264 0.0 143 — — 121 
Premium finance receivables
Property and casualty insurance loans— — — — — — 
Total loans$5,063 0.0 %$143 $— $— $4,920 
Weighted Average Magnitude of Modifications:
Three Months Ended June 30, 2023
(Dollars in thousands)
TotalDuration of Extension of Term (months)Reduction of 
Interest
Rate (bps)		Duration of Delay in Contractual Payments (months)
Commercial
Commercial, industrial and other$423 41144 —
Commercial real estate
Non-construction4,376 39212 —
Home equity— —— —
Residential real estate264 123262 —
Premium finance receivables
Property and casualty insurance loans— —— —
Total loans$5,063 43207 —

Six Months Ended
June 30, 2024
(Dollars in thousands)
Total (1)
Percentage of Total Class of Loan
Extension of Term (1)
Reduction of 
Interest
Rate (1)
Interest Only
Payments
Delay in Contractual Payments (1)
Extension of Term and Reduction of Interest Rate (1)
Commercial
Commercial, industrial and other$3,219 0.0 %$2,956 $— $— $97 $166 
Commercial real estate
Non-construction1,469 0.0 293 — 319 857 — 
Home equity89 0.0 89 — — — — 
Residential real estate282 0.0 114 168 — — — 
Premium finance receivables
Property and casualty insurance loans6 0.0 3 3 — — — 
Total loans$5,065 0.0 %$3,455 $171 $319 $954 $166 

Weighted Average Magnitude of Modifications:
Six Months Ended June 30, 2024
(Dollars in thousands)
TotalDuration of Extension of Term (months)Reduction of 
Interest
Rate (bps)		Duration of Delay in Contractual Payments (months)
Commercial
Commercial, industrial and other$3,219 8113 34
Commercial real estate
Non-construction1,469 29— 16
Home equity89 12— —
Residential real estate282 19201 —
Premium finance receivables
Property and casualty insurance loans6 286 —
Total loans$5,065 11156 18
Six Months Ended
June 30, 2023
(Dollars in thousands)
TotalPercentage of Total Class of LoanExtension of
Term		Reduction of 
Interest
Rate		Delay in Contractual PaymentsExtension of
Term and
Reduction of Interest Rate
Commercial
Commercial, industrial and other$37,897 0.3 %$1,938 $221 $35,265 $473 
Commercial real estate
Non-construction5,709 0.1 467 827 39 4,376 
Home equity203 0.1 203 — — — 
Residential real estate1,972 0.1 1,396 271 — 305 
Premium finance receivables
Property and casualty insurance loans11 0.0 3 — — 8 
Total loans$45,792 0.1 %$4,007 $1,319 $35,304 $5,162 

Weighted Average Magnitude of Modifications:
Six Months Ended June 30, 2023
(Dollars in thousands)
TotalDuration of Extension of Term (months)Reduction of 
Interest
Rate (bps)		Duration of Delay in Contractual Payments (months)
Commercial
Commercial, industrial and other$37,897 15108 16
Commercial real estate
Non-construction5,709 40232 101
Home equity203 12— — 
Residential real estate1,972 57284 — 
Premium finance receivables
Property and casualty insurance loans11 050 — 
Total loans$45,792 36223 17
Schedule of Loans for Borrowers Experiencing Financial Difficulties Modified
The following table presents a summary of all modified loans for borrowers experiencing financial difficulties and such loans that were in payment default under the restructured terms during the respective periods below:
(Dollars in thousands)
For the Twelve Months Ended June 30, 2024
Three Months Ended
June 30, 2024
Six Months Ended
June 30, 2024
For the Six Months Ended June 30, 2023
Three Months Ended
June 30, 2023
Six Months Ended
June 30, 2023
Total
Payments in 
Default  (1)
Payments in 
Default  (1)
Total
Payments in 
Default  (1)
Payments in 
Default  (1)
Commercial
Commercial, industrial and other$4,685 $1,784 $1,784 $37,897 $18,729 $18,729 
Commercial real estate
Construction and development2,486 — — — — — 
Non-construction2,644 639 2,443 5,709 923 923 
Home equity586 — — 203 203 203 
Residential real estate417 384 384 1,972 541 541 
Premium finance receivables
Property and casualty insurance loans18 14 14 11 11 11 
Total loans$10,836 $2,821 $4,625 $45,792 $20,407 $20,407 
(1)Modified loans considered to be in payment default are over 30 days past due subsequent to the restructuring.