Loans and Allowance for Loan Losses (Tables)

12 Months Ended

Dec. 31, 2021

Receivables [Abstract]

Schedule of loans

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

	As of December 31,
	2021		2020
	(In thousands)
Commercial and industrial	$	2,960,527	$	1,995,016
Commercial real estate	4,522,513		3,573,630
Commercial construction	222,328		305,708
Business banking	1,334,694		1,339,164
Residential real estate	1,926,810		1,370,957
Consumer home equity	1,100,153		868,270
Other consumer (1)	214,485		277,780
Gross loans before unamortized premiums, unearned discounts and deferred fees	12,281,510		9,730,525
Allowance for loan losses	(97,787)		(113,031)
Unamortized premiums, net of unearned discounts and deferred fees	(26,442)		(23,536)
Loans after the allowance for loan losses, unamortized premiums, unearned discounts and deferred fees	$	12,157,281	$	9,593,958

(1)Home improvement loans and automobile loans are included in the other consumer portfolio above and amounted to $104.4 million and $53.3 million at December 31, 2021, respectively, and $81.8 million and $126.7 million at December 31, 2020, respectively.

Summary of the changes in the allowance for loan losses

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 Year Ended December 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	(1,558)		(247)		—		(5,091)		(35)		(24)		(2,047)		—		(9,002)
Recoveries	935		4		—		1,524		122		185		674		—		3,444
(Release of) provision	(7,976)		(1,953)		(1,968)		1,398		34		(183)		1,214		(252)		(9,686)
Ending balance	$	18,018	$	52,373	$	2,585	$	10,983	$	6,556	$	3,722	$	3,308	$	242	$	97,787
Ending balance: individually evaluated for impairment	$	1,540	$	—	$	—	$	450	$	1,549	$	270	$	161	$	—	$	3,970
Ending balance: acquired with deteriorated credit quality	$	5	$	298	$	—	$	—	$	243	$	—	$	—	$	—	$	546
Ending balance: collectively evaluated for impairment	$	16,473	$	52,075	$	2,585	$	10,533	$	4,764	$	3,452	$	3,147	$	242	$	93,271
Loans ending balance:
Individually evaluated for impairment	$	16,145	$	3,520	$	—	$	12,060	$	22,378	$	3,922	$	179	$	—	$	58,204
Acquired with deteriorated credit quality	19,028		47,553		—		—		3,058		—		—		—		69,639
Collectively evaluated for impairment	2,925,354		4,471,440		222,328		1,322,634		1,901,374		1,096,231		214,306		—		12,153,667
Total loans by group	$	2,960,527	$	4,522,513	$	222,328	$	1,334,694	$	1,926,810	$	1,100,153	$	214,485	$	—	$	12,281,510

	For the Year Ended December 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	(1,770)		(24)		—		(5,147)		—		(574)		(2,338)		—		(9,853)
Recoveries	778		230		—		292		125		153		209		—		1,787
Provision (release of)	6,690		19,633		1,129		9,747		(70)		138		1,423		110		38,800
Ending balance	$	26,617	$	54,569	$	4,553	$	13,152	$	6,435	$	3,744	$	3,467	$	494	$	113,031
Ending balance: individually evaluated for impairment	$	4,555	$	210	$	—	$	1,435	$	1,565	$	289	$	—	$	—	$	8,054
Ending balance: acquired with deteriorated credit quality	$	1,283	$	822	$	—	$	—	$	327	$	—	$	—	$	—	$	2,432
Ending balance: collectively evaluated for impairment	$	20,779	$	53,537	$	4,553	$	11,717	$	4,543	$	3,455	$	3,467	$	494	$	102,545
Loans ending balance:
Individually evaluated for impairment	$	17,343	$	4,435	$	—	$	21,901	$	27,056	$	4,845	$	29	$	—	$	75,609
Acquired with deteriorated credit quality	3,432		2,749		—		—		3,116		—		—		—		9,297
Collectively evaluated for impairment	1,974,241		3,566,446		305,708		1,317,263		1,340,785		863,425		277,751		—		9,645,619
Total loans by group	$	1,995,016	$	3,573,630	$	305,708	$	1,339,164	$	1,370,957	$	868,270	$	277,780	$	—	$	9,730,525

	For the Year Ended December 31, 2019
	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	$	19,321	$	32,400	$	4,606	$	8,167	$	7,059	$	4,113	$	4,600	$	389	$	80,655
Charge-offs	(1,123)		—		—		(5,974)		(66)		(205)		(2,131)		—		(9,499)
Recoveries	3,748		12		—		604		105		52		320		—		4,841
Provision (release of)	(1,027)		2,318		(1,182)		5,463		(718)		67		1,384		(5)		6,300
Ending balance	$	20,919	$	34,730	$	3,424	$	8,260	$	6,380	$	4,027	$	4,173	$	384	$	82,297
Ending balance: individually evaluated for impairment	$	2,337	$	40	$	—	$	571	$	1,399	$	322	$	—	$	—	$	4,669
Ending balance: acquired with deteriorated credit quality	$	936	$	—	$	—	$	—	$	256	$	—	$	—	$	—	$	1,192
Ending balance: collectively evaluated for impairment	$	17,646	$	34,690	$	3,424	$	7,689	$	4,725	$	3,705	$	4,173	$	384	$	76,436
Loans ending balance:
Individually evaluated for impairment	$	32,370	$	7,641	$	—	$	11,658	$	29,532	$	6,555	$	—	$	—	$	87,756
Acquired with deteriorated credit quality	3,571		6,459		—		—		3,421		—		—		—		13,451
Collectively evaluated for impairment	1,606,243		3,521,341		273,774		759,840		1,395,677		926,533		402,431		—		8,885,839
Total loans by group	$	1,642,184	$	3,535,441	$	273,774	$	771,498	$	1,428,630	$	933,088	$	402,431	$	—	$	8,987,046

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 December 31, 2021
Category	Commercial and Industrial		Commercial Real Estate		Commercial Construction		Business Banking		Total
	(In thousands)
Unrated	$	171,537	$	4,378	$	—	$	696,629	$	872,544
Pass	2,656,873		4,199,803		213,744		569,956		7,640,376
Special mention	70,141		104,517		1,889		50,085		226,632
Substandard	50,339		213,815		6,695		17,814		288,663
Doubtful	11,637		—		—		210		11,847
Loss	—		—		—		—		—
Total	$	2,960,527	$	4,522,513	$	222,328	$	1,334,694	$	9,040,062

	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 December 31,
	2021		2020
	(In thousands)
Commercial and industrial	$	12,400	$	11,714
Commercial real estate	—		915
Commercial construction	—		—
Business banking	8,230		17,430
Residential real estate	6,681		6,815
Consumer home equity	4,732		3,602
Other consumer	950		529
Total non-accrual loans	$	32,993	$	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 December 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	$	45	$	31	$	1,672	$	1,748	$	2,958,779	$	2,960,527	$	—
Commercial real estate	25,931		—		1,196		27,127		4,495,386		4,522,513		1,196
Commercial construction	—		—		—		—		222,328		222,328		—
Business banking	5,043		1,793		4,640		11,476		1,323,218		1,334,694		—
Residential real estate	17,523		3,511		5,543		26,577		1,900,233		1,926,810		769
Consumer home equity	3,774		1,510		4,571		9,855		1,090,298		1,100,153		25
Other consumer	1,194		548		889		2,631		211,854		214,485		—
Total	$	53,510	$	7,393	$	18,511	$	79,414	$	12,202,096	$	12,281,510	$	1,990

	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 non-accrual status as of the dates indicated:

	As of December 31, 2021
	TDRs on Accrual Status			TDRs on Non-accrual 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	$	3,745	6	$	9,983	7	$	13,728
Commercial real estate	1	3,520		—	—		1	3,520
Business banking	5	3,830		3	383		8	4,213
Residential real estate	121	19,119		27	3,015		148	22,134
Consumer home equity	67	3,104		16	818		83	3,922
Other consumer	2	18		—	—		2	18
Total	197	$	33,336	52	$	14,199	249	$	47,535

	As of December 31, 2020
	TDRs on Accrual Status			TDRs on Non-accrual 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	$	5,628	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 Year Ended December 31,
	2021					2020					2019
	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)		Number of Contracts	Pre- Modification Outstanding Recorded Investment		Post- Modification Outstanding Recorded Investment  (1)
	(Dollars in thousands)
Commercial and industrial	—	$	—	$	—	1	$	140	$	140	16	$	18,912	$	19,212
Commercial real estate	—	—		—		1	506		506		2	3,277		3,277
Business banking	—	—		—		6	1,642		1,642		2	3,184		3,184
Residential real estate	2	498		498		6	920		920		11	2,659		2,696
Consumer home equity	3	300		300		22	969		973		9	2,053		2,392
Other consumer	—	—		—		4	58		58		—	—		—
Total	5	$	798	$	798	40	$	4,235	$	4,239	40	$	30,085	$	30,761

(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 Year Ended December 31,
	2021		2020		2019
	(In thousands)
Adjusted interest rate and extended maturity	$	—	$	—	$	1,513
Adjusted interest rate and principal deferred	—		—		39
Adjusted interest rate	—		—		3,352
Interest only/principal deferred	—		1,305		2,769
Extended maturity	200		35		—
Extended maturity and interest only/principal deferred	—		427		47
Additional underwriting- increased exposure	—		—		10,822
Principal and interest deferred	—		422		—
Court-ordered concession	396		1,995		355
Subordination	—		—		11,032
Other	202		55		832
Total	$	798	$	4,239	$	30,761

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 number of loans and the recorded investment amount of those loans, as of the respective date, that have been modified during the prior 12 months which have subsequently defaulted during the periods indicated. There were no TDRs that were modified during the prior 12 months which had subsequently defaulted during the year ended December 31, 2021. The Company considers a loan to have defaulted when it reaches 90 days past due or is transferred to non-accrual:

	For the Year Ended December 31,
	2020			2019
	Number of Contracts	Recorded Investment		Number of Contracts	Recorded Investment
	(Dollars in thousands)
Troubled debt restructurings that subsequently defaulted (1):
Commercial and industrial	—	$	—	10	$	18,808
Commercial real estate	—	—		2	3,125
Residential real estate	—	—		—	—
Consumer home equity	1	40		—	—
Total	1	$	40	12	$	21,933

(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 December 31,
	2021						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	$	12,309	$	13,212	$	—	$	9,182	$	11,212	$	—
Commercial real estate	3,520		3,520		—		3,955		3,974		—
Business banking	4,199		5,069		—		5,250		7,659		—
Residential real estate	11,217		12,587		—		14,730		17,010		—
Consumer home equity	1,924		1,924		—		2,571		2,571		—
Other consumer	18		18		—		29		29		—
Sub-total	33,187		36,330		—		35,717		42,455		—
With an allowance recorded:
Commercial and industrial	3,836		4,226		1,540		8,161		8,432		4,555
Commercial real estate	—		—		—		480		497		210
Business banking	7,861		11,240		450		16,651		21,146		1,435
Residential real estate	11,161		11,161		1,549		12,326		12,326		1,565
Consumer home equity	1,998		1,998		270		2,274		2,274		289
Other consumer	161		161		161		—		—		—
Sub-total	25,017		28,786		3,970		39,892		44,675		8,054
Total	$	58,204	$	65,116	$	3,970	$	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 Year Ended December 31,
	2021				2020				2019
	Average Recorded Investment		Total Interest Recognized		Average Recorded Investment		Total Interest Recognized		Average Recorded Investment		Total Interest Recognized
	(In thousands)
With no allowance recorded:
Commercial and industrial	$	11,813	$	161	$	12,941	$	206	$	17,695	$	615
Commercial real estate	3,916		178		5,124		179		9,987		179
Business banking	4,352		99		3,008		92		2,072		70
Residential real estate	12,506		456		14,654		589		15,501		671
Consumer home equity	2,027		62		3,299		87		2,869		124
Other consumer	23		—		36		1		—		—
Sub-total	34,637		956		39,062		1,154		48,124		1,659
With an allowance recorded:
Commercial and industrial	7,229		—		7,947		—		6,141		—
Commercial real estate	926		—		644		—		391		—
Business banking	13,027		57		13,663		62		7,730		86
Residential real estate	12,322		474		12,194		521		12,215		528
Consumer home equity	2,106		65		2,334		77		2,261		99
Other consumer	63		—		—		—		—		—
Sub-total	35,673		596		36,782		660		28,738		713
Total	$	70,310	$	1,552	$	75,844	$	1,814	$	76,862	$	2,372

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 December 31,
	2021		2020
	(In thousands)
Outstanding balance	$	78,074	$	9,982
Carrying amount	69,639		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 Year Ended December 31,
	2021		2020		2019
	(In thousands)
Balance at beginning of period	$	2,495	$	3,923	$	6,161
Acquisition	8,896		—		—
Accretion	(1,194)		(1,374)		(2,132)
Other change in expected cash flows	(1,475)		(185)		(898)
Reclassification from non-accretable difference for loans with improved cash flows	1,649		131		792
Balance at end of period	$	10,371	$	2,495	$	3,923

Summary of the Company's loan participations

The following table summarizes the Company’s loan participations:

	As of and for the Year Ended December 31,
	2021								2020
	Balance		Non-performing Loan Rate (%)		Impaired (%)		Gross Charge-offs		Balance		Non-performing Loan Rate (%)		Impaired (%)		Gross Charge-offs
	(Dollars in thousands)
Commercial and industrial	$	732,425	1.36	%	1.36	%	$	—	$	598,873	1.11	%	1.11	%	$	—
Commercial real estate	362,898		0.00	%	0.00	%	—		306,202		0.00	%	0.00	%	—
Commercial construction	37,081		0.00	%	0.00	%	—		119,600		0.00	%	0.00	%	—
Business banking	98		0.00	%	0.00	%	—		34		0.00	%	0.00	%	15
Total loan participations	$	1,132,502	0.88	%	0.88	%	$	—	$	1,024,709	0.65	%	0.65	%	15