XML 40 R29.htm IDEA: XBRL DOCUMENT

Loans and Allowance for Loan Losses (Tables)

3 Months Ended

Mar. 31, 2021

Summary of financing receivable composition of loan portfolio

The following table provides a summary of the Company’s loan portfolio as of the dates indicated:


	As of March 31,		As of December 31,
	2021		2020
	(In thousands)
Commercial and industrial	$	1,986,366	$	1,995,016
Commercial real estate	3,676,941		3,573,630
Commercial construction	249,416		305,708
Business banking	1,513,051		1,339,164
Residential real estate	1,406,510		1,370,957
Consumer home equity	832,466		868,270
Other consumer	251,725		277,780
Gross loans before unamortized premiums, unearned discounts and deferred fees	9,916,475		9,730,525
Allowance for credit losses	(111,080)		(113,031)
Unamortized premiums, net of unearned discounts and deferred fees	(32,673)		(23,536)
Loans after the allowance for credit losses, unamortized premiums, unearned discounts and deferred fees	$	9,772,722	$	9,593,958

Summary of the changes in the allowance for loan losses

The following table summarizes the changes in the allowance for loan losses for the periods indicated:


	For the Three Months Ended March 31,
	2021		2020
	(In thousands)
Balance at the beginning of period	$	113,031	$	82,297
Loans charged off	(1,982)		(2,343)
Recoveries	611		584
(Release of) provision for loan losses	(580)		28,600
Balance at end of period	$	111,080	$	109,138

Summary of allowance for credit losses on financing receivables by loan category

The following tables summarize changes in the allowance for loan losses by loan category and bifurcates the amount of allowance allocated to each loan category based on collective impairment analysis and loans evaluated individually for impairment:


	For the Three Months Ended March 31, 2021
	Commercial and Industrial		Commercial Real Estate		Commercial Construction		Business Banking		Residential Real Estate		Consumer Home Equity		Other Consumer		Other		Total
	(In thousands)
Allowance for loan losses:
Beginning balance	$	26,617	$	54,569	$	4,553	$	13,152	$	6,435	$	3,744	$	3,467	$	494	$	113,031
Charge-offs	—		(234)		—		(1,384)		—		—		(364)		—		(1,982)
Recoveries	9		—		—		365		10		71		156		—		611
(Release of) provision	(1,220)		803		(1,203)		1,371		(210)		(239)		239		(121)		(580)
Ending balance	$	25,406	$	55,138	$	3,350	$	13,504	$	6,235	$	3,576	$	3,498	$	373	$	111,080
Ending balance: individually evaluated for impairment	$	4,761	$	210	$	—	$	1,387	$	1,516	$	263	$	—	$	—	$	8,137
Ending balance: acquired with deteriorated credit quality	$	1,283	$	822	$	—	$	—	$	327	$	—	$	—	$	—	$	2,432
Ending balance: collectively evaluated for impairment	$	19,362	$	54,106	$	3,350	$	12,117	$	4,392	$	3,313	$	3,498	$	373	$	100,511
Loans ending balance:
Individually evaluated for impairment	$	17,907	$	4,536	$	—	$	21,001	$	26,459	$	4,461	$	26	$	—	$	74,390
Acquired with deteriorated credit quality	2,944		1,554		—		—		3,119		—		—		—		7,617
Collectively evaluated for impairment	1,965,515		3,670,851		249,416		1,492,050		1,376,932		828,005		251,699		—		9,834,468
Total loans by group	$	1,986,366	$	3,676,941	$	249,416	$	1,513,051	$	1,406,510	$	832,466	$	251,725	$	—	$	9,916,475


	For the Three Months Ended March 31, 2020
	Commercial and Industrial		Commercial Real Estate		Commercial Construction		Business Banking		Residential Real Estate		Consumer Home Equity		Other Consumer		Other		Total
	(In thousands)
Allowance for loan losses:
Beginning balance	$	20,919	$	34,730	$	3,424	$	8,260	$	6,380	$	4,027	$	4,173	$	384	$	82,297
Charge-offs	—		—		—		(1,337)		—		(473)		(533)		—		(2,343)
Recoveries	322		1		—		127		60		14		60		—		584
Provision (release of)	9,290		14,496		1,288		3,131		(212)		345		319		(57)		28,600
Ending balance	$	30,531	$	49,227	$	4,712	$	10,181	$	6,228	$	3,913	$	4,019	$	327	$	109,138
Ending balance: individually evaluated for impairment	$	4,037	$	270	$	—	$	453	$	1,275	$	221	$	—	$	—	$	6,256
Ending balance: acquired with deteriorated credit quality	$	—	$	936	$	—	$	—	$	256	$	—	$	—	$	—	$	1,192
Ending balance: collectively evaluated for impairment	$	26,494	$	48,021	$	4,712	$	9,728	$	4,697	$	3,692	$	4,019	$	327	$	101,690
Loans ending balance:
Individually evaluated for impairment	$	32,423	$	8,054	$	—	$	10,258	$	29,393	$	6,280	$	23	$	—	$	86,431
Acquired with deteriorated credit quality	3,939		5,780		—		—		3,424		—		—		—		13,143
Collectively evaluated for impairment	1,734,760		3,509,887		293,135		769,658		1,387,186		923,274		369,629		—		8,987,529
Total loans by group	$	1,771,122	$	3,523,721	$	293,135	$	779,916	$	1,420,003	$	929,554	$	369,652	$	—	$	9,087,103

Summary of details the internal risk-rating categories for the Company's commercial and industrial, commercial real estate, commercial construction and business banking portfolios

The following tables detail the internal risk-rating categories for the Company’s commercial and industrial, commercial real estate, commercial construction and business banking portfolios:


	As of March 31, 2021
Category	Commercial and Industrial		Commercial Real Estate		Commercial Construction		Business Banking		Total
	(In thousands)
Unrated	$	684,938	$	6,318	$	—	$	1,079,605	$	1,770,861
Pass	1,171,994		3,353,758		232,981		347,867		5,106,600
Special mention	68,826		127,751		10,345		57,387		264,309
Substandard	45,573		186,707		6,090		26,492		264,862
Doubtful	15,035		2,407		—		1,700		19,142
Loss	—		—		—		—		—
Total	$	1,986,366	$	3,676,941	$	249,416	$	1,513,051	$	7,425,774


	As of December 31, 2020
Category	Commercial and Industrial		Commercial Real Estate		Commercial Construction		Business Banking		Total
	(In thousands)
Unrated	$	655,346	$	6,585	$	—	$	918,921	$	1,580,852
Pass	1,199,522		3,256,697		280,792		336,657		5,073,668
Special mention	78,117		134,562		10,330		57,092		280,101
Substandard	47,525		173,308		14,586		24,788		260,207
Doubtful	14,506		2,478		—		1,706		18,690
Loss	—		—		—		—		—
Total	$	1,995,016	$	3,573,630	$	305,708	$	1,339,164	$	7,213,518

Summary pertaining to the breakdown of the Company's nonaccrual loans

The following is a summary pertaining to the breakdown of the Company’s non-accrual loans:


	As of March 31,		As of December 31,
	2021		2020
	(In Thousands)
Commercial and industrial	$	12,266	$	11,714
Commercial real estate	1,016		915
Business banking	16,993		17,430
Residential real estate	8,127		6,815
Consumer home equity	3,524		3,602
Other consumer	349		529
Total non-accrual loans	$	42,275	$	41,005

Summary of age analysis of past due loans

The following tables show the age analysis of past due loans as of the dates indicated:


	As of March 31, 2021
	30-59 Days Past Due		60-89 Days Past Due		90 or More Days Past Due		Total Past Due		Current		Total Loans		Recorded Investment > 90 Days and Accruing
	(In thousands)
Commercial and industrial	$	9,460	$	3	$	1,174	$	10,637	$	1,975,729	$	1,986,366	$	252
Commercial real estate	3,225		—		1,403		4,628		3,672,313		3,676,941		1,138
Commercial construction	—		—		—		—		249,416		249,416		—
Business banking	13,299		1,404		8,513		23,216		1,489,835		1,513,051		—
Residential real estate	5,738		857		6,271		12,866		1,393,644		1,406,510		280
Consumer home equity	1,416		496		3,006		4,918		827,548		832,466		9
Other consumer	975		419		349		1,743		249,982		251,725		—
Total	$	34,113	$	3,179	$	20,716	$	58,008	$	9,858,467	$	9,916,475	$	1,679


	As of December 31, 2020
	30-59 Days Past Due		60-89 Days Past Due		90 or More Days Past Due		Total Past Due		Current		Total Loans		Recorded Investment >90 Days and Accruing
	(In thousands)
Commercial and industrial	$	4	$	268	$	1,924	$	2,196	$	1,992,820	$	1,995,016	$	848
Commercial real estate	—		556		1,545		2,101		3,571,529		3,573,630		1,111
Commercial Construction	—		—		—		—		305,708		305,708		—
Business banking	5,279		3,311		10,196		18,786		1,320,378		1,339,164		—
Residential real estate	9,184		2,517		4,904		16,605		1,354,352		1,370,957		279
Consumer home equity	1,806		364		3,035		5,205		863,065		868,270		9
Other consumer	1,978		234		517		2,729		275,051		277,780		—
Total	$	18,251	$	7,250	$	22,121	$	47,622	$	9,682,903	$	9,730,525	$	2,247

Summary of TDR loans on accrual and nonaccrual status

The following table shows the TDR loans on accrual and nonaccrual status as of the dates indicated:


	As of March 31, 2021
	TDRs on Accrual Status			TDRs on Nonaccrual Status			Total TDRs
	Number of Loans	Balance of Loans		Number of Loans	Balance of Loans		Number of Loans	Balance of Loans
	(Dollars in thousands)
Commercial and industrial	1	$	5,641	6	$	7,583	7	$	13,224
Commercial real estate	1	3,520		1	468		2	3,988
Business banking	5	4,008		6	1,075		11	5,083
Residential real estate	140	22,565		30	3,557		170	26,122
Consumer home equity	79	3,607		14	854		93	4,461
Other consumer	3	26		—	—		3	26
Total	229	$	39,367	57	$	13,537	286	$	52,904


	As of December 31, 2020
	TDRs on Accrual Status			TDRs on Nonaccrual Status			Total TDRs
	Number of Loans	Balance of Loans		Number of Loans	Balance of Loans		Loans	Balance of Loans
	(Dollars in thousands)
Commercial and industrial	1	$	5,628	7	$	6,819	8	$	12,447
Commercial real estate	1	3,521		1	480		2	4,001

Business banking	6	4,471		6	722		12	5,193
Residential real estate	146	23,416		27	3,273		173	26,689
Consumer home equity	91	4,030		12	815		103	4,845
Other consumer	3	29		—	—		3	29
Total	248	$	41,095	53	$	12,109	301	$	53,204

Summary of the modifications which occurred during the periods and the change in the recorded investment subsequent to the modifications occurring

The following tables show the modifications which occurred during the periods and the change in the recorded investment subsequent to the modifications occurring:


	For the Three Months Ended March 31, 2021					For the Three Months Ended March 31, 2020
	Number of Contracts	Pre- Modification Outstanding Recorded Investment		Post- Modification Outstanding Recorded Investment (1)		Number of Contracts	Pre- Modification Outstanding Recorded Investment		Post- Modification Outstanding Recorded Investment (1)
	(Dollars in thousands)



Business banking	—	$	—	$	—	1	$	244	$	244
Residential real estate	1	295		295		8	414		419
Consumer home equity	—	—		—		1	24		24

Total	1	$	295	$	295	10	$	682	$	687

(1)The post-modification balances represent the balance of the loan on the date of modification. These amounts may show an increase when modification includes capitalization of interest.

Summary of postmodification balance of troubled debt restructuring listed by type of modification

The following table shows the Company’s post-modification balance of TDRs listed by type of modification during the periods indicated:


	For the Three Months Ended March 31,
	2021		2020
	(In thousands)





Extended maturity and interest only/principal deferred	$	—	$	46

Court-ordered concession	295		—

Other	—		641
Total	$	295	$	687

Summary of troubled debt restructurings on financing receivables loans modified as Tdrs in the past twelve months that have subsequently defaulted

The following table shows the loans that have been modified during the prior 12 months which have subsequently defaulted during the periods indicated. The Company considers a loan to have defaulted when it reaches 90 days past due or is transferred to nonaccrual:


	For the Three Months Ended March 31,
	2021			2020
	Number of Contracts	Recorded Investment		Number of Contracts	Recorded Investment
	(Dollars in thousands)
Troubled debt restructurings that subsequently defaulted (1):
Commercial and industrial	—	$	—	2	$	4,613

Business banking	1	419		—	—

Consumer home equity	1	59		1	1,335
Total	2	$	478	3	$	5,948

(1)This table does not reflect any TDRs which were fully charged off, paid off, or otherwise settled during the period.

Summary of company's impaired loans by loan portfolio

The following table summarizes the Company’s impaired loans by loan portfolio as of the dates indicated:


	As of March 31, 2021						As of December 31, 2020
	Recorded Investment		Unpaid Principal Balance		Related Allowance		Recorded Investment		Unpaid Principal Balance		Related Allowance
	(In thousands)
With no related allowance recorded:
Commercial and industrial	$	10,071	$	11,312	$	—	$	9,182	$	11,212	$	—
Commercial real estate	4,068		4,113		—		3,955		3,974		—

Business banking	4,961		7,260		—		5,250		7,659		—
Residential real estate	14,408		16,714		—		14,730		17,010		—
Consumer home equity	2,370		2,370		—		2,571		2,571		—
Other consumer	26		26		—		29		29		—
Sub-total	35,904		41,795		—		35,717		42,455		—
With an allowance recorded:
Commercial and industrial	7,836		8,147		4,761		8,161		8,432		4,555
Commercial real estate	468		489		210		480		497		210

Business banking	16,040		20,925		1,387		16,651		21,146		1,435
Residential real estate	12,051		12,051		1,516		12,326		12,326		1,565
Consumer home equity	2,091		2,091		263		2,274		2,274		289
Sub-total	38,486		43,703		8,137		39,892		44,675		8,054
Total	$	74,390	$	85,498	$	8,137	$	75,609	$	87,130	$	8,054

Summary of information regarding interest income recognized on impaired loans

The following tables display information regarding interest income recognized on impaired loans, by portfolio, for the periods indicated:


	For the Three Months Ended March 31,
	2021				2020
	Average Recorded Investment		Total Interest Recognized		Average Recorded Investment		Total Interest Recognized
	(In thousands)
With no related allowance recorded:
Commercial and industrial	$	9,899	$	46	$	20,880	$	70
Commercial real estate	4,176		44		7,491		44
Business banking	5,024		26		2,286		17
Residential real estate	14,648		144		14,801		173
Consumer home equity	2,438		20		3,606		40
Other consumer	27		—		23		—
Sub-total	36,212		280		49,087		344
With an allowance recorded:
Commercial and industrial	7,965		—		11,730		—
Commercial real estate	657		—		348		—
Business banking	16,325		14		8,782		15
Residential real estate	12,248		127		11,727		137
Consumer home equity	2,150		18		2,857		31
Sub-total	39,345		159		35,444		183
Total	$	75,557	$	439	$	84,531	$	527

Summary of outstanding and carrying amounts of Purchased credit impaired loans

The following table displays the outstanding and carrying amounts of PCI loans as of the dates indicated:


	As of March 31, 2021		As of December 31, 2020
	(In Thousands)
Outstanding balance	$	8,662	$	9,982
Carrying amount	7,617		$	9,297

Summary of activity in the accretable yield for the PCI loan portfolio

The following table summarizes activity in the accretable yield for the PCI loan portfolio:


	For the Three Months Ended March 31,
	2021		2020
	(In thousands)
Balance at beginning of period	$	2,495	$	3,923
Accretion	(216)		(422)
Other change in expected cash flows	(248)		(155)
Balance at end of period	$	2,031	$	3,346

Summary of the Company's loan participations

The following table summarizes the Company’s loan participations:


	As of and for the three months ended March 31, 2021								As of and for the year ended December 31, 2020
	Balance		Nonperforming Loan Rate (%)		Impaired (%)		Gross Charge-offs		Balance		Nonperforming Loan Rate (%)		Impaired (%)		Gross Charge-offs
	(Dollars in thousands)
Commercial and industrial	$	579,812	1.31	%	1.31	%	$	—	$	598,873	1.11	%	1.11	%	$	—
Commercial real estate	345,261		0.00	%	0.00	%	—		306,202		0.00	%	0.00	%	—
Commercial construction	86,447		0.00	%	0.00	%	—		119,600		0.00	%	0.00	%	—
Business banking	31		0.00	%	0.00	%	—		34		0.00	%	0.00	%	—
Total loan participations	$	1,011,551	0.75	%	0.75	%	$	—	$	1,024,709	0.65	%	0.65	%	$	—