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Loans and Allowance for Loan Losses (Tables)
 12 Months Ended
Dec. 31, 2022
Receivables [Abstract]  
Financing Receivable, Allowance for Credit Loss
The following table summarizes the change in the allowance for loan losses by loan category for the year ended December 31, 2022:
For the Year Ended December 31, 2022
Commercial
and
Industrial		Commercial
Real Estate		Commercial
Construction		Business
Banking		Residential
Real Estate		Consumer
Home Equity		Other
Consumer		OtherTotal
(In thousands)
Allowance for loan losses:
Beginning balance$18,018 $52,373 $2,585 $10,983 $6,556 $3,722 $3,308 $242 $97,787 
Cumulative effect of change in accounting principle (1)11,533 (6,655)1,485 6,160 13,489 1,857 (541)(242)27,086 
Charge-offs(269)— — (2,292)— (1)(2,269)— (4,831)
Recoveries1,322 91 — 2,069 94 24 644 — 4,244 
Provision (release)(3,745)8,921 3,015 (731)7,990 852 1,623 — 17,925 
Ending balance (2)$26,859 $54,730 $7,085 $16,189 $28,129 $6,454 $2,765 $0 $142,211 
(1)Represents the adjustment needed to reflect the cumulative day one impact pursuant to the Company’s adoption of ASU 2016-13 (i.e., cumulative effect adjustment related to the adoption of ASU 2016-13 as of January 1, 2022). The adjustment represents a $27.1 million increase to the allowance attributable to the change in accounting methodology for estimating the allowance for loan losses resulting from the Company’s adoption of the standard. The adjustment also includes the adjustment needed to reflect the day one reclassification of the Company’s PCI loan balances to PCD and the associated gross-up of $0.1 million, pursuant to the Company’s adoption of ASU 2016-13.
(2)The balance of accrued interest receivable excluded from amortized cost and the calculation of the allowance for loan losses amounted to $45.2 million at December 31, 2022.
The following table summarizes the change in allowance for loan losses by loan category for the year ended December 31, 2021:
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		OtherTotal
(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)
Recoveries935 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 
The following table bifurcates the amount of loans and the allowance for loan losses allocated to each loan category based on the type of impairment analysis as of December 31, 2021:
As of December 31, 2021
Commercial
and
Industrial		Commercial
Real Estate		Commercial
Construction		Business
Banking		Residential
Real Estate		Consumer
Home Equity		Other
Consumer		OtherTotal
(In thousands)
Allowance for loan losses ending balance:
Individually evaluated for impairment$1,540 $— $— $450 $1,549 $270 $161 $— $3,970 
Acquired with deteriorated credit quality5 298 — — 243 — — — 546 
Collectively evaluated for impairment16,473 52,075 2,585 10,533 4,764 3,452 3,147 242 93,271 
Total allowance for loan losses by group$18,018 $52,373 $2,585 $10,983 $6,556 $3,722 $3,308 $242 $97,787 
Loans ending balance:
Individually evaluated for impairment$16,145 $3,520 $— $12,060 $22,378 $3,922 $179 $— $58,204 
Acquired with deteriorated credit quality19,028 47,553 — — 3,058 — — — 69,639 
Collectively evaluated for impairment2,925,354 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 
Financing Receivable Credit Quality Indicators
The following table details the amortized cost balances of the Company’s loan portfolios, presented by credit quality indicator and origination year as of December 31, 2022:
20222021202020192018PriorRevolving LoansRevolving Loans Converted to Term Loans (1)Total
(In thousands)
Commercial and industrial
Pass$778,144 $479,317 $415,990 $199,865 $100,716 $639,825 $473,148 $50 $3,087,055 
Special Mention2,298 1,307 7,267 4,841 147 — 1,196 670 17,726 
Substandard294 4,954 2,644 46 2,598 7,854 485 346 19,221 
Doubtful— 5,249 — — — 23 3,254 — 8,526 
Loss— — — — — — — — — 
Total commercial and industrial780,736 490,827 425,901 204,752 103,461 647,702 478,083 1,066 3,132,528 
Commercial real estate
Pass1,510,675 825,620 586,567 581,840 461,296 1,006,160 52,590 4,187 5,028,935 
Special Mention— — 771 4,204 15,366 12,255 — — 32,596 
Substandard— — 2,621 19,796 24,532 34,883 8,000 — 89,832 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total commercial real estate1,510,675 825,620 589,959 605,840 501,194 1,053,298 60,590 4,187 5,151,363 
Commercial construction
Pass91,397 178,648 28,956 20,767 — — 12,130 — 331,898 
Special Mention— — 2,361 — — — — — 2,361 
Substandard— — — — — — — — — 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total commercial construction91,397 178,648 31,317 20,767 — — 12,130 — 334,259 
Business banking
Pass178,806 202,230 170,088 128,282 59,452 233,484 78,080 4,770 1,055,192 
Special Mention— 991 4,635 4,605 3,740 7,584 145 — 21,700 
Substandard— 3,482 1,424 2,663 570 7,505 2,230 221 18,095 
Doubtful— — — 181 — 70 — — 251 
Loss— — — — — — — — — 
Total business banking178,806 206,703 176,147 135,731 63,762 248,643 80,455 4,991 1,095,238 
Residential real estate
Current and accruing761,442 696,959 382,262 99,494 66,702 434,720 — — 2,441,579 
30-89 days past due and accruing4,652 5,470 1,245 2,762 2,951 11,646 — — 28,726 
Loans 90 days or more past due and still accruing— — — — — — — — — 
Non-accrual— — 144 1,491 1,015 7,100 — — 9,750 
Total residential real estate766,094 702,429 383,651 103,747 70,668 453,466 — — 2,480,055 
Consumer home equity
Current and accruing97,395 10,774 5,840 5,015 21,092 73,927 953,829 7,320 1,175,192 
30-89 days past due and accruing559 — — — 72 944 7,239 247 9,061 
Loans 90 days or more past due and still accruing— — — — — — — — — 
Non-accrual— — — 61 274 1,303 5,120 296 7,054 
Total consumer home equity97,954 10,774 5,840 5,076 21,438 76,174 966,188 7,863 1,191,307 
Other consumer
Current and accruing55,414 32,390 17,641 18,298 18,832 16,603 17,476 — 176,654 
30-89 days past due and accruing143 68 43 61 240 178 58 7 798 
Loans 90 days or more past due and still accruing— — — — — — — — — 
Non-accrual31 93 39 2 92 44 15 10 326 
Total other consumer55,588 32,551 17,723 18,361 19,164 16,825 17,549 17 177,778 
Total$3,481,250 $2,447,552 $1,630,538 $1,094,274 $779,687 $2,496,108 $1,614,995 $18,124 $13,562,528 
(1)The amounts presented represent the amortized cost as of December 31, 2022 of revolving loans that were converted to term loans during the year ended December 31, 2022.
The following table details 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
CategoryCommercial and
Industrial		Commercial
Real Estate		Commercial
Construction		Business
Banking		Total
(In thousands)
Unrated$171,537 $4,378 $— $696,629 $872,544 
Pass2,656,873 4,199,803 213,744 569,956 7,640,376 
Special mention70,141 104,517 1,889 50,085 226,632 
Substandard50,339 213,815 6,695 17,814 288,663 
Doubtful11,637 — — 210 11,847 
Loss— — — — — 
Total$2,960,527 $4,522,513 $222,328 $1,334,694 $9,040,062 
Impaired Financing Receivables
The following table summarizes the Company’s impaired loans by loan portfolio as of December 31, 2021:
As of December 31, 2021
Recorded
Investment		Unpaid
Principal
Balance		Related
Allowance
(In thousands)
With no related allowance recorded:
Commercial and industrial$12,309 $13,212 $— 
Commercial real estate3,520 3,520 — 
Business banking4,199 5,069 — 
Residential real estate11,217 12,587 — 
Consumer home equity1,924 1,924 — 
Other consumer18 18 — 
Sub-total33,187 36,330 — 
With an allowance recorded:
Commercial and industrial3,836 4,226 1,540 
Commercial real estate— — — 
Business banking7,861 11,240 450 
Residential real estate11,161 11,161 1,549 
Consumer home equity1,998 1,998 270 
Other consumer161 161 161 
Sub-total25,017 28,786 3,970 
Total$58,204 $65,116 $3,970 
The following table displays information regarding interest income recognized on impaired loans, by portfolio, for the years ended December 31, 2021 and 2020:
For the Years Ended December 31,
20212020
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 
Commercial real estate3,916 178 5,124 179 
Business banking4,352 99 3,008 92 
Residential real estate12,506 456 14,654 589 
Consumer home equity2,027 62 3,299 87 
Other consumer23 — 36 1 
Sub-total34,637 956 39,062 1,154 
With an allowance recorded:
Commercial and industrial7,229 — 7,947 — 
Commercial real estate926 — 644 — 
Business banking13,027 57 13,663 62 
Residential real estate12,322 474 12,194 521 
Consumer home equity2,106 65 2,334 77 
Other consumer63 — — — 
Sub-total35,673 596 36,782 660 
Total$70,310 $1,552 $75,844 $1,814 
Schedule of Financing Receivable Purchased with Credit Deterioration
The following table displays the outstanding and carrying amounts of PCI loans as of December 31, 2021 :
As of December 31, 2021
(In thousands)
Outstanding balance$78,074 
Carrying amount69,639 
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 Years Ended December 31,
20212020
(In thousands)
Balance at beginning of period$2,495 $3,923 
Acquisition8,896 — 
Accretion(1,194)(1,374)
Other change in expected cash flows(1,475)(185)
Reclassification from non-accretable difference for loans with improved cash flows1,649 131 
Balance at end of period$10,371 $2,495