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Loans and Allowance for Credit Losses (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Accounts, Notes, Loans and Financing Receivable

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


	June 30, 2024		December 31, 2023
	(In thousands)
Commercial and industrial	$	3,084,186	$	3,034,068
Commercial real estate	5,440,411		5,457,349
Commercial construction	447,157		386,999
Business banking	1,108,163		1,085,763
Residential real estate	2,562,808		2,565,485
Consumer home equity	1,254,105		1,208,231
Other consumer	248,690		235,533
Gross loans before unamortized premiums, unearned discounts and deferred fees	14,145,520		13,973,428
Allowance for loan losses (1)	(156,146)		(148,993)
Unamortized premiums, net of unearned discounts and deferred fees	(35,601)		(25,068)
Loans after the allowance for loan losses, unamortized premiums, unearned discounts and deferred fees	$	13,953,773	$	13,799,367

(1)The balance of accrued interest receivable excluded from amortized cost and the calculation of the allowance for loan losses amounted to $55.8 million and $53.9 million as of June 30, 2024 and December 31, 2023, respectively, and is included within other assets on the Consolidated Balance Sheets.

Schedule of Financing Receivable, Allowance for Credit Loss

The following tables summarize the changes in the allowance for loan losses by loan category for the periods indicated:


	For the Three Months Ended June 30, 2024
	Commercial and Industrial		Commercial Real Estate		Commercial Construction		Business Banking		Residential Real Estate		Consumer Home Equity		Other Consumer		Total
	(In thousands)
Allowance for loan losses:
Beginning balance	$	28,863	$	64,629	$	6,204	$	14,631	$	25,935	$	5,684	$	3,244	$	149,190
Charge-offs	—		—		—		(1,002)		—		(32)		(658)		(1,692)
Recoveries	56		2,011		—		199		27		91		138		2,522
Provision (release)	(3)		2,439		184		2,920		(133)		38		681		6,126
Ending balance	$	28,916	$	69,079	$	6,388	$	16,748	$	25,829	$	5,781	$	3,405	$	156,146


	For the Three Months Ended June 30, 2023
	Commercial and Industrial		Commercial Real Estate		Commercial Construction		Business Banking		Residential Real Estate		Consumer Home Equity		Other Consumer		Total
	(In thousands)
Allowance for loan losses:
Beginning balance	$	26,929	$	55,193	$	7,578	$	15,085	$	27,130	$	6,182	$	2,841	$	140,938
Charge-offs	—		—		—		(254)		—		—		(591)		(845)
Recoveries	26		2		—		204		18		—		111		361
Provision (release)	2,580		4,329		85		193		(136)		(138)		588		7,501
Ending balance	$	29,535	$	59,524	$	7,663	$	15,228	$	27,012	$	6,044	$	2,949	$	147,955


	For the Six Months Ended June 30, 2024
	Commercial and Industrial		Commercial Real Estate		Commercial Construction		Business Banking		Residential Real Estate		Consumer Home Equity		Other Consumer		Total
	(In thousands)
Allowance for loan losses:
Beginning balance	$	26,959	$	65,475	$	6,666	$	14,913	$	25,954	$	5,595	$	3,431	$	148,993
Charge-offs	—		(7,250)		—		(1,104)		(10)		(34)		(1,309)		(9,707)
Recoveries	81		2,143		—		609		58		91		301		3,283
Provision (release)	1,876		8,711		(278)		2,330		(173)		129		982		13,577
Ending balance	$	28,916	$	69,079	$	6,388	$	16,748	$	25,829	$	5,781	$	3,405	$	156,146


	For the Six Months Ended June 30, 2023
	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	$	26,859	$	54,730	$	7,085	$	16,189	$	28,129	$	6,454	$	2,765	$	—	$	142,211
Cumulative effect of change in accounting principle (1)	47		—		—		(140)		(849)		(201)		—		—		$	(1,143)
Charge-offs	—		—		—		(597)		—		(7)		(1,152)		—		(1,756)
Recoveries	165		6		—		685		33		1		227		—		1,117
Provision (release)	2,464		4,788		578		(909)		(301)		(203)		1,109		—		7,526
Ending balance	$	29,535	$	59,524	$	7,663	$	15,228	$	27,012	$	6,044	$	2,949	$	—	$	147,955

(1)Represents the adjustment needed to reflect the cumulative day one impact pursuant to the Company’s adoption of ASU 2022-02 (i.e., cumulative effect adjustment related to the adoption of ASU 2022-02 as of January 1, 2023). The adjustment represents a $1.1 million decrease 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.

Schedule 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 table details the amortized cost balances of the Company’s loan portfolios, presented by credit quality indicator and origination year as of June 30, 2024, and gross charge-offs for the six month period then ended:


	2024		2023		2022		2021		2020		Prior		Revolving Loans		Revolving Loans Converted to Term Loans (1)		Total
	(In thousands)
Commercial and industrial
Pass	$	173,503	$	391,758	$	369,396	$	266,102	$	326,612	$	744,362	$	559,005	$	501	$	2,831,239
Special Mention	10,886		20,156		20,782		67,706		3,978		6,785		35,917		303		166,513
Substandard	—		18,519		20,170		—		10,520		555		23,247		436		73,447
Doubtful	—		—		—		—		—		8		—		—		8
Loss	—		—		—		—		—		—		—		—		—
Total commercial and industrial	184,389		430,433		410,348		333,808		341,110		751,710		618,169		1,240		3,071,207
Current period gross charge-offs	—		—		—		—		—		—		—		—		—

Commercial real estate
Pass	194,930		474,588		1,380,390		804,934		552,530		1,630,590		45,966		—		5,083,928
Special Mention	1,256		45,208		7,927		48,067		11,234		15,170		5,863		—		134,725
Substandard	8,319		40,571		12,486		6,673		2,291		117,267		2		7,878		195,487
Doubtful	—		—		—		—		—		23,258		—		—		23,258
Loss	—		—		—		—		—		—		—		—		—
Total commercial real estate	204,505		560,367		1,400,803		859,674		566,055		1,786,285		51,831		7,878		5,437,398
Current period gross charge-offs	—		—		—		—		—		7,250		—		—		7,250

Commercial construction
Pass	41,542		164,646		193,997		21,538		—		—		—		—		421,723
Special Mention	—		485		—		—		—		—		—		—		485
Substandard	—		23,019		—		—		—		—		—		—		23,019
Doubtful	—		—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—		—
Total commercial construction	41,542		188,150		193,997		21,538		—		—		—		—		445,227
Current period gross charge-offs	—		—		—		—		—		—		—		—		—

Business banking
Pass	87,499		128,351		158,460		171,739		137,208		314,233		79,495		3,055		1,080,040
Special Mention	905		224		2,332		2,364		2,563		9,380		111		41		17,920
Substandard	171		1,150		565		2,459		2,890		5,087		214		64		12,600
Doubtful	—		—		—		—		—		8		375		—		383
Loss	—		—		—		—		—		—		—		—		—
Total business banking	88,575		129,725		161,357		176,562		142,661		328,708		80,195		3,160		1,110,943
Current period gross charge-offs	—		405		—		418		144		119		—		18		1,104

Residential real estate
Current and accruing	86,079		248,027		712,314		644,880		340,910		516,722		—		—		2,548,932
30-89 days past due and accruing	—		1,286		3,388		4,910		2,502		9,958		—		—		22,044
Loans 90 days or more past due and still accruing	—		—		—		—		—		—		—		—		—
Non-accrual	—		—		2,340		336		—		4,113		—		—		6,789
Total residential real estate	86,079		249,313		718,042		650,126		343,412		530,793		—		—		2,577,765
Current period gross charge-offs	—		—		—		—		—		10		—		—		10

Consumer home equity


Current and accruing	3,689		27,147		79,038		8,263		4,604		84,413		1,023,450		10,413		1,241,017
30-89 days past due and accruing	—		64		143		—		—		779		7,871		221		9,078
Loans 90 days or more past due and still accruing	—		—		—		—		—		—		—		—		—
Non-accrual	—		—		52		—		—		1,144		5,437		82		6,715
Total consumer home equity	3,689		27,211		79,233		8,263		4,604		86,336		1,036,758		10,716		1,256,810
Current period gross charge-offs	—		—		—		—		—		2		32		—		34

Other consumer
Current and accruing	46,608		70,543		31,372		20,407		10,046		19,196		11,759		29		209,960
30-89 days past due and accruing	29		96		95		49		29		46		89		48		481
Loans 90 days or more past due and still accruing	—		—		—		—		—		—		—		—		—
Non-accrual	—		54		22		7		12		25		8		—		128
Total other consumer	46,637		70,693		31,489		20,463		10,087		19,267		11,856		77		210,569
Current period gross charge-offs	494		183		301		183		24		66		58		—		1,309

Total	$	655,416	$	1,655,892	$	2,995,269	$	2,070,434	$	1,407,929	$	3,503,099	$	1,798,809	$	23,071	$	14,109,919

(1)The amounts presented represent the amortized cost as of June 30, 2024 of revolving loans that were converted to term loans during the six months ended June 30, 2024.

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, 2023:


	2023		2022		2021		2020		2019		Prior		Revolving Loans		Revolving Loans Converted to Term Loans (1)		Total
	(In thousands)
Commercial and industrial
Pass	$	477,138	$	442,896	$	350,782	$	341,243	$	140,641	$	641,342	$	485,448	$	3,255	$	2,882,745
Special Mention	4,229		25,796		14,994		13,563		89		553		51,106		455		110,785
Substandard	1,534		11,995		1,775		405		—		2,581		7,803		—		26,093
Doubtful	—		—		—		—		—		8		—		—		8
Loss	—		—		—		—		—		—		—		—		—
Total commercial and industrial	482,901		480,687		367,551		355,211		140,730		644,484		544,357		3,710		3,019,631

Commercial real estate
Pass	498,590		1,435,893		855,014		573,370		516,689		1,291,189		47,581		2,556		5,220,882
Special Mention	15,200		7,990		—		736		2,281		34,803		—		—		61,010
Substandard	19,738		12,589		15,237		3,938		33,413		48,978		8,006		—		141,899
Doubtful	10,615		—		—		—		—		19,441		—		—		30,056
Loss	—		—		—		—		—		—		—		—		—
Total commercial real estate	544,143		1,456,472		870,251		578,044		552,383		1,394,411		55,587		2,556		5,453,847

Commercial construction
Pass	133,463		151,957		96,147		—		—		—		2,614		—		384,181
Special Mention	456		—		—		—		—		—		—		—		456
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—		—
Total commercial construction	133,919		151,957		96,147		—		—		—		2,614		—		384,637

Business banking
Pass	139,237		165,247		182,606		146,180		110,638		229,636		73,054		3,996		1,050,594
Special Mention	1,474		2,553		1,009		4,294		4,692		11,479		23		27		25,551
Substandard	1,310		596		2,684		2,071		1,464		3,423		594		579		12,721
Doubtful	—		—		—		—		507		220		—		—		727


Loss	—		—		—		—		—		—		—		—		—
Total business banking	142,021		168,396		186,299		152,545		117,301		244,758		73,671		4,602		1,089,593

Residential real estate
Current and accruing	257,671		728,997		665,811		354,003		93,817		451,812		—		—		2,552,111
30-89 days past due and accruing	750		6,615		2,437		2,112		1,496		8,219		—		—		21,629
Loans 90 days or more past due and still accruing	—		—		—		—		—		—		—		—		—
Non-accrual	—		1,755		1,433		291		288		4,958		—		—		8,725
Total residential real estate	258,421		737,367		669,681		356,406		95,601		464,989		—		—		2,582,465

Consumer home equity
Current and accruing	30,393		84,065		9,151		4,899		4,166		80,687		970,882		9,472		1,193,715
30-89 days past due and accruing	148		483		—		—		—		558		7,509		223		8,921
Loans 90 days or more past due and still accruing	—		—		—		—		—		—		—		—		—
Non-accrual	—		66		—		—		—		1,466		6,770		230		8,532
Total consumer home equity	30,541		84,614		9,151		4,899		4,166		82,711		985,161		9,925		1,211,168

Other consumer
Current and accruing	93,659		36,601		23,962		12,427		11,367		14,609		13,353		85		206,063
30-89 days past due and accruing	170		271		153		25		12		92		40		—		763
Loans 90 days or more past due and still accruing	—		—		—		—		—		—		—		—		—
Non-accrual	50		61		25		2		14		34		7		—		193
Total other consumer	93,879		36,933		24,140		12,454		11,393		14,735		13,400		85		207,019

Total	$	1,685,825	$	3,116,426	$	2,223,220	$	1,459,559	$	921,574	$	2,846,088	$	1,674,790	$	20,878	$	13,948,360

(1)The amounts presented represent the amortized cost as of December 31, 2023 of revolving loans that were converted to term loans during the year ended December 31, 2023.

Schedule 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 June 30, 2024
	30-59 Days Past Due		60-89 Days Past Due		90 or More Days Past Due		Total Past Due		Current		Total Loans
	(In thousands)
Commercial and industrial	$	—	$	—	$	9	$	9	$	3,071,198	$	3,071,207
Commercial real estate	—		—		—		—		5,437,398		5,437,398
Commercial construction	—		—		—		—		445,227		445,227
Business banking	3,499		187		1,876		5,562		1,105,381		1,110,943
Residential real estate	16,801		5,574		5,147		27,522		2,550,243		2,577,765
Consumer home equity	7,880		1,392		6,256		15,528		1,241,282		1,256,810
Other consumer	297		184		128		609		209,960		210,569
Total	$	28,477	$	7,337	$	13,416	$	49,230	$	14,060,689	$	14,109,919


	As of December 31, 2023
	30-59 Days Past Due		60-89 Days Past Due		90 or More Days Past Due		Total Past Due		Current		Total Loans
	(In thousands)
Commercial and industrial	$	3,316	$	—	$	465	$	3,781	$	3,015,850	$	3,019,631
Commercial real estate	—		—		—		—		5,453,847		5,453,847
Commercial construction	—		—		—		—		384,637		384,637
Business banking	3,455		1,647		1,202		6,304		1,083,289		1,089,593
Residential real estate	17,116		4,888		6,764		28,768		2,553,697		2,582,465
Consumer home equity	6,517		2,600		8,204		17,321		1,193,847		1,211,168
Other consumer	532		235		189		956		206,063		207,019
Total (1)	$	30,936	$	9,370	$	16,824	$	57,130	$	13,891,230	$	13,948,360

(1)The amounts presented in the table above represent the recorded investment balance of loans as of December 31, 2023.

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

The following table presents information regarding non-accrual loans as of the dates indicated:


	As of June 30, 2024						As of December 31, 2023
	Non-Accrual Loans With ACL		Non-Accrual Loans Without ACL (1)		Total Nonaccrual Loans		Non-Accrual Loans With ACL		Non-Accrual Loans Without ACL (1)		Total Nonaccrual Loans
	(In thousands)
Commercial and industrial	$	4	$	8	$	12	$	4	$	464	$	468
Commercial real estate	23,258		—		23,258		13,969		16,087		30,056
Commercial construction	—		—		—		—		—		—
Business banking	2,864		5		2,869		4,572		11		4,583
Residential real estate	6,789		—		6,789		8,725		—		8,725
Consumer home equity	6,715		—		6,715		8,532		—		8,532
Other consumer	128		—		128		193		—		193
Total non-accrual loans	$	39,758	$	13	$	39,771	$	35,995	$	16,562	$	52,557

(1)The loans on non-accrual status and without an ACL as of both June 30, 2024 and December 31, 2023, were primarily comprised of collateral dependent loans for which the fair value of the underlying loan collateral exceeded the loan carrying value.

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

The following table shows the amortized cost balance as of June 30, 2024 of loans modified during the three and six month periods then ended to borrowers experiencing financial difficulty by the type of concession granted:


	Three Months Ended June 30, 2024				Six Months Ended June 30, 2024
	Amortized Cost Balance		% of Total Portfolio		Amortized Cost Balance		% of Total Portfolio
	(Dollars in thousands)
Interest Rate Reduction:
Business banking	$	38	0.00	%	$	38	0.00	%
Consumer home equity	449		0.04	%	991		0.08	%
Total interest rate reduction	$	487	0.00	%	$	1,029	0.01	%
Other-than-Insignificant Delay in Repayment:
Commercial real estate	$	13,462	0.25	%	$	13,462	0.25	%
Business banking	45		0.00	%	45		0.00	%
Residential real estate	117		0.00	%	117		0.00	%
Consumer home equity	734		0.06	%	734		0.06	%
Total other-than-insignificant delay in repayment	$	14,358	0.10	%	$	14,358	0.10	%
Term Extension:
Commercial real estate	$	7,878	0.14	%	$	7,878	0.14	%
Business banking	—		—	%	32		0.00	%
Residential real estate	—		—	%	219		0.01	%
Consumer home equity	6		0.00	%	6		0.00	%
Total term extension	$	7,884	0.06	%	$	8,135	0.06	%
Combination—Interest Rate Reduction & Other-than-Insignificant Delay in Repayment:
Consumer home equity	$	—	—	%	$	126	0.01	%
Total combination—interest rate reduction & other-than-insignificant delay in repayment	$	—	—	%	$	126	0.00	%
Combination—Interest Rate Reduction & Term Extension:
Business banking	$	4	0.00	%	$	4	0.00	%
Total combination—interest rate reduction & term extension	$	4	0.00	%	$	4	0.00	%
Combination—Interest Rate Reduction, Term Extension & Other-than-Insignificant Delay in Repayment
Business banking	$	35	0.00	%	$	35	0.00	%
Consumer home equity	12		0.00	%	12		0.00	%
Total combination—interest rate reduction, term extension & other-than-insignificant delay in repayment	$	47	0.00	%	$	47	0.00	%
Total by portfolio segment
Commercial real estate	$	21,340	0.39	%	$	21,340	0.39	%
Business banking	122		0.01	%	154		0.01	%
Residential real estate	117		0.00	%	336		0.01	%
Consumer home equity	1,201		0.10	%	1,869		0.15	%
Total	$	22,780	0.16	%	$	23,699	0.17	%

The following table shows the amortized cost balance as of June 30, 2023 of loans modified during the three and six month periods then ended to borrowers experiencing financial difficulty by the type of concession granted:


	Three Months Ended June 30, 2023				Six Months Ended June 30, 2023
	Amortized Cost Balance		% of Total Portfolio		Amortized Cost Balance		% of Total Portfolio
	(Dollars in thousands)
Interest Rate Reduction:
Business banking	$	3	0.00	%	$	50	0.00	%
Residential real estate	311		0.01	%	311		0.01	%
Consumer home equity	426		0.04	%	1,239		0.10	%
Total interest rate reduction	$	740	0.01	%	$	1,600	0.01	%
Other-than-Insignificant Delay in Repayment:
Residential real estate	$	387	0.02	%	$	713	0.03	%
Consumer home equity	578		0.05	%	600		0.05	%
Total other-than-insignificant delay in repayment	$	965	0.01	%	$	1,313	0.01	%
Term Extension:
Business banking	340		0.03	%	340		0.03	%
Total term extension	$	340	0.00	%	$	340	0.00	%
Combination—Interest Rate Reduction & Other-than-Insignificant Delay in Repayment:
Business banking	$	33	0.00	%	$	94	0.01	%
Consumer home equity	—		—	%	175		0.01	%
Total combination—interest rate reduction & other-than-insignificant delay in repayment	$	33	0.00	%	$	269	0.00	%
Combination—Interest Rate Reduction & Term Extension:
Business banking	$	71	0.01	%	$	524	0.05	%
Consumer home equity	—		—	%	218		0.02	%
Total combination—interest rate reduction & term extension	$	71	0.00	%	$	742	0.01	%
Combination—Term Extension & Other-than-Insignificant Delay in Repayment:
Business banking	$	—	—	%	$	28	0.00	%
Residential real estate	143		0.01	%	143		0.01	%
Total combination—term extension & other-than-insignificant delay in repayment	$	143	0.00	%	$	171	0.00	%
Combination—Interest Rate Reduction, Term Extension & Other-than-Insignificant Delay in Repayment
Business banking	$	—	—	%	$	119	0.01	%
Residential real estate	85		0.00	%	85		0.00	%
Total combination—interest rate reduction, term extension & other-than-insignificant delay in repayment	$	85	0.00	%	$	204	0.00	%
Total by portfolio segment
Business banking	$	447	0.04	%	$	1,155	0.11	%
Residential real estate	926		0.04	%	1,252		0.05	%
Consumer home equity	1,004		0.08	%	2,232		0.19	%
Total	$	2,377	0.02	%	$	4,639	0.03	%

The following tables describe the financial effect of the modifications made during the periods indicated to borrowers experiencing financial difficulty. Loans that were modified in more than one manner are included in each modification type corresponding to the types of modifications performed.

Three Months Ended June 30, 2024

Loan Type

Financial Effect (1)

Interest Rate Reduction

Business banking

Reduced weighted-average contractual interest rate from 14.0% to 7.5%.

Consumer home equity

Reduced weighted-average contractual interest rate from 8.0% to 5.0%.

Other-than-Insignificant Delay in Repayment

Commercial real estate

Deferred a weighted average of 6 payments. The loans were re-amortized over an extended payment period resulting in reduced monthly payment amounts for the borrowers.

Business banking

Deferred a weighted average of 3 payments. For the principal and interest deferral, the loan was re-amortized over an extended payment period resulting in reduced monthly payment amounts for the borrower. For interest-only deferrals, interest accrued at the time of the modification was added to the end of the loan life.

Residential real estate

Deferred 12 principal and interest payments which were added to the end of the loan life.

Consumer home equity

Deferred a weighted average of 6 principal and interest payments which were added to the end of the loan life.

Term Extension

Commercial real estate

Added 4.0 years to the life of the loan, which reduced the monthly payment amount for the borrower.

Business banking

Added a weighted-average 1.1 years to the life of loans, which reduced monthly payment amounts for the borrowers.

Consumer home equity

Added a weighted-average 7.2 years to the life of loans, which reduced monthly payment amounts for the borrowers.

(1)Loans that were modified in more than one manner are included in each modification type corresponding to the type of modifications performed.

Six Months Ended June 30, 2024

Loan Type

Financial Effect (1)

Interest Rate Reduction

Business banking

Reduced weighted-average contractual interest rate from 14.0% to 7.5%.

Consumer home equity

Reduced weighted-average contractual interest rate from 8.0% to 4.6%.

Other-than-Insignificant Delay in Repayment

Commercial real estate

Deferred a weighted average of 6 payments. The loans were re-amortized over an extended payment period resulting in reduced monthly payment amounts for the borrowers.

Business banking

Deferred a weighted average of 3 payments. For principal and interest deferrals, the loans were re-amortized over an extended payment period resulting in reduced monthly payment amounts for the borrowers. For interest-only deferrals, interest accrued at the time of the modification was added to the end of the loan life.

Residential real estate

Deferred 12 principal and interest payments which were added to the end of the loan life.

Consumer home equity

Deferred a weighted average of 6 principal and interest payments which were added to the end of the loan life.

Term Extension

Commercial real estate

Added 4.0 years to the life of the loan, which reduced the monthly payment amount for the borrower.

Business banking

Added a weighted-average 2.4 years to the life of loans, which reduced monthly payment amounts for the borrowers.

Residential real estate

Added 2.0 years to the life of the loan, which reduced the monthly payment amount for the borrower.

Consumer home equity

Added a weighted-average 7.2 years to the life of loans, which reduced monthly payment amounts for the borrowers.

(1)Loans that were modified in more than one manner are included in each modification type corresponding to the type of modifications performed.

Three Months Ended June 30, 2023

Loan Type

Financial Effect (1)

Interest Rate Reduction

Business banking

Reduced weighted-average contractual interest rate from 11.3% to 8.7%.

Residential real estate

Reduced weighted-average contractual interest rate from 5.4% to 3.6%.

Consumer home equity

Reduced weighted-average contractual interest rate from 7.5% to 4.0%.

Other-than-Insignificant Delay in Repayment

Business banking

Deferred a weighted average of 1 payment. For the principal and interest deferral, the loan was re-amortized over an extended payment period resulting in reduced monthly payment amounts for the borrower.

Residential real estate

Deferred a weighted average of 11 principal and interest payments which were added to the end of the loan life.

Consumer home equity

Deferred a weighted average of 11 principal and interest payments which were added to the end of the loan life.

Term Extension

Business banking

Added a weighted-average 4.3 years to the life of loans, which reduced monthly payment amounts for the borrowers.

Residential real estate

Added a weighted-average 23.7 years to the life of loans, which reduced monthly payment amounts for the borrowers.

(1)Loans that were modified in more than one manner are included in each modification type corresponding to the type of modifications performed.

Six Months Ended June 30, 2023

Loan Type

Financial Effect (1)

Interest Rate Reduction

Business banking

Reduced weighted-average contractual interest rate from 9.7% to 7.2%.

Residential real estate

Reduced weighted-average contractual interest rate from 5.4% to 3.6%.

Consumer home equity

Reduced weighted-average contractual interest rate from 7.1% to 4.3%.

Other-than-Insignificant Delay in Repayment

Business banking

Deferred a weighted average of 10 payments. For principal and interest deferrals, the loans were re-amortized over an extended payment period resulting in reduced monthly payment amounts for the borrowers. For interest-only deferrals, interest accrued at the time of the modification was added to the end of the loan life.

Residential real estate

Deferred a weighted average of 10 principal and interest payments which were added to the end of the loan life.

Consumer home equity

Deferred a weighted average of 10 principal and interest payments which were added to the end of the loan life.

Term Extension

Business banking

Added a weighted-average 4.3 years to the life of loans, which reduced monthly payment amounts for the borrowers.

Residential real estate

Added a weighted-average 23.7 years to the life of loans, which reduced monthly payment amounts for the borrowers.

Consumer home equity

Added a weighted-average 17.2 years to the life of loans, which reduced monthly payment amounts for the borrowers.

(1)Loans that were modified in more than one manner are included in each modification type corresponding to the type of modifications performed.

Schedule of the age analysis of past due loans to borrowers experiencing financial difficulty

The following table shows the age analysis of past due loans to borrowers experiencing financial difficulty that were modified during the prior twelve months as of June 30, 2024:


	As of June 30, 2024
	30-59 Days Past Due		60-89 Days Past Due		90 or More Days Past Due		Total Past Due		Current		Total
	(In thousands)
Commercial real estate	$	—	$	—	$	—	$	—	$	21,340	$	21,340
Business banking	16		—		—		16		363		379
Residential real estate	272		402		—		674		2,119		2,793
Consumer home equity	520		292		—		812		2,506		3,318
Total	$	808	$	694	$	—	$	1,502	$	26,328	$	27,830

The following table shows the age analysis of past due loans to borrowers experiencing financial difficulty as of June 30, 2023 that were modified during the six months ended June 30, 2023:


	As of June 30, 2023
	30-59 Days Past Due		60-89 Days Past Due		90 or More Days Past Due		Total Past Due		Current		Total
	(In thousands)
Business banking	$	93	$	27	$	158	$	278	$	877	$	1,155
Residential real estate	—		—		—		—		1,252		1,252
Consumer home equity	—		—		—		—		2,232		2,232
Total	$	93	$	27	$	158	$	278	$	4,361	$	4,639

Schedule of the Company's loan participations

The following table summarizes the Company’s loan participations:


	As of and for the Six Months Ended June 30, 2024						As of and for the Year Ended December 31, 2023
	Balance		Non-performing Loan Rate (%)		Gross Charge-offs		Balance		Non-performing Loan Rate (%)		Gross Charge-offs
	(Dollars in thousands)
Commercial and industrial	$	938,897	—	%	$	—	$	985,394	0.00	%	$	—
Commercial real estate	515,477		—	%	—		447,550		0.00	%	—
Commercial construction	139,040		—	%	—		146,043		0.00	%	—
Business banking	57		—	%	22		72		0.00	%	22
Total loan participations	$	1,593,471	—	%	$	22	$	1,579,059	0.00	%	$	22