Allowance for credit losses (Tables)

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

Changes in Allowance for Credit Losses

Changes in the allowance for credit losses for the years ended December 31, 2022, 2021 and 2020 were as follows:

	Commercial, Financial,			Real Estate
	Leasing, etc.			Commercial			Residential			Consumer			Unallocated			Total
	(In thousands)
2022
Beginning balance	$	283,899		$	557,239		$	71,726		$	556,362		$	—			1,469,226
Allowance on acquired PCD loans		41,003			55,812			1,833			352			—			99,000
Provision for credit losses (a)		235,702			100,445			43,574			137,279			—			517,000
Net charge-offs
Charge-offs (b)		(117,223	)		(61,641	)		(11,783	)		(112,310	)		—			(302,957	)
Recoveries		58,772			24,829			9,742			49,719			—			143,062
Net charge-offs		(58,451	)		(36,812	)		(2,041	)		(62,591	)		—			(159,895	)
Ending balance	$	502,153		$	676,684		$	115,092		$	631,402		$	—		$	1,925,331
2021
Beginning balance	$	405,846		$	670,719		$	103,590		$	556,232		$	—		$	1,736,387
Provision for credit losses		(40,378	)		(42,825	)		(29,817	)		38,020			—			(75,000	)
Net charge-offs
Charge-offs		(122,651	)		(101,306	)		(10,904	)		(103,293	)		—			(338,154	)
Recoveries		41,082			30,651			8,857			65,403			—			145,993
Net charge-offs		(81,569	)		(70,655	)		(2,047	)		(37,890	)		—			(192,161	)
Ending balance	$	283,899		$	557,239		$	71,726		$	556,362		$	—		$	1,469,226
2020
Beginning balance	$	366,094		$	322,201		$	56,033		$	229,118		$	77,625		$	1,051,071
Adoption of new accounting standard		(61,474	)		23,656			53,896			194,004			(77,625	)		132,457
Provision for credit losses		220,544			356,203			(3,172	)		226,425			—			800,000
Net charge-offs
Charge-offs		(135,083	)		(35,891	)		(10,283	)		(152,250	)		—			(333,507	)
Recoveries		15,765			4,550			7,116			58,935			—			86,366
Net charge-offs		(119,318	)		(31,341	)		(3,167	)		(93,315	)		—			(247,141	)
Ending balance	$	405,846		$	670,719		$	103,590		$	556,232		$	—		$	1,736,387

________________________________________________

(a)Includes $242 million related to non-PCD acquired loans recorded on April 1, 2022.

(b)For the year ended December 31, 2022, net charge-offs do not reflect $33 million of charge-offs related to PCD loans acquired on April 1, 2022.

Loan and Leases Considered Nonaccrual and Interest Income Recognized on Loans

Information with respect to loans and leases that were considered nonaccrual at the beginning and end of the reporting period and the interest income recognized on such loans for the years ended December 31, 2022, 2021 and 2020 follows.

	Amortized Cost with Allowance		Amortized Cost without Allowance		Total		Amortized Cost		Interest Income Recognized
	December 31, 2022						January 1, 2022		Year Ended December 31, 2022
	(In thousands)
Commercial, financial, leasing, etc.	$	173,350	$	173,854	$	347,204	$	221,022	$	22,336
Real estate:
Commercial		404,661		992,001		1,396,662		1,069,280		18,117
Residential builder and developer		1,229		—		1,229		3,005		2,195
Other commercial construction		58,834		66,103		124,937		111,405		3,411
Residential		147,461		124,629		272,090		355,858		25,146
Residential — limited documentation		47,711		30,103		77,814		122,888		557
Consumer:
Home equity lines and loans		42,699		42,089		84,788		70,488		4,333
Recreational finance		36,256		8,374		44,630		27,811		657
Automobile		35,139		4,445		39,584		34,037		144
Other		49,389		108		49,497		44,289		354
Total	$	996,729	$	1,441,706	$	2,438,435	$	2,060,083	$	77,250
	December 31, 2021						January 1, 2021		Year Ended December 31, 2021
Commercial, financial, leasing, etc.	$	110,790	$	110,232	$	221,022	$	306,827	$	11,865
Real estate:
Commercial		242,078		827,202		1,069,280		775,894		15,872
Residential builder and developer		613		2,392		3,005		1,094		973
Other commercial construction		30,229		81,176		111,405		114,039		596
Residential		198,560		157,298		355,858		365,729		23,772
Residential — limited documentation		79,777		43,111		122,888		147,170		528
Consumer:
Home equity lines and loans		32,269		38,219		70,488		79,392		3,780
Recreational finance		21,476		6,335		27,811		25,519		637
Automobile		29,314		4,723		34,037		39,404		186
Other		44,122		167		44,289		38,231		531
Total	$	789,228	$	1,270,855	$	2,060,083	$	1,893,299	$	58,740
	December 31, 2020						January 1, 2020		Year Ended December 31, 2020
Commercial, financial, leasing, etc.	$	226,897	$	79,930	$	306,827	$	346,743	$	11,269
Real estate:
Commercial		364,110		411,784		775,894		173,796		7,821
Residential builder and developer		1,094		—		1,094		4,708		1,694
Other commercial construction		20,992		93,047		114,039		35,881		8,457
Residential		159,006		206,723		365,729		322,504		18,069
Residential — limited documentation		84,568		62,602		147,170		114,667		634
Consumer:
Home equity lines and loans		61,031		18,361		79,392		65,039		4,092
Recreational finance		19,434		6,085		25,519		14,308		626
Automobile		34,044		5,360		39,404		21,293		186
Other		3,606		34,625		38,231		35,394		1,369
Total	$	974,782	$	918,517	$	1,893,299	$	1,134,333	$	54,217

Summary of Loan grades applied various classes of Commercial and Real Estate Loans

The following table summarizes the loan grades applied at December 31, 2022 to the various classes of the Company’s commercial loans and commercial real estate loans by origination year.

	Term Loans by Origination Year												Revolving		Revolving Loans Converted to Term
	2022		2021		2020		2019		2018		Prior		Loans		Loans		Total
	(In thousands)
Commercial, financial, leasing, etc.:
Loan grades:
Pass	$	8,575,130		4,952,758		2,024,603		1,796,047		817,569		1,970,947		19,444,247		40,471	$	39,621,772
Criticized accrual		247,626		222,861		190,368		116,881		71,485		246,846		768,497		17,026		1,881,590
Criticized nonaccrual		18,379		52,067		37,608		36,241		35,689		59,146		100,972		7,102		347,204
Total commercial,    financial, leasing, etc.	$	8,841,135		5,227,686		2,252,579		1,949,169		924,743		2,276,939		20,313,716		64,599	$	41,850,566
Real estate:
Commercial:
Loan grades:
Pass	$	4,136,890		3,379,900		3,388,590		4,557,065		3,293,380		10,905,956		869,981		—	$	30,531,762
Criticized accrual		324,652		463,484		467,557		688,239		937,421		1,890,297		48,099		—		4,819,749
Criticized nonaccrual		11,541		22,459		183,986		297,106		170,382		688,079		23,109		—		1,396,662
Total commercial real    estate	$	4,473,083		3,865,843		4,040,133		5,542,410		4,401,183		13,484,332		941,189		—	$	36,748,173
Residential builder and developer:
Loan grades:
Pass	$	680,705		230,079		11,280		22,111		12,812		9,865		150,404		—	$	1,117,256
Criticized accrual		2,969		28,472		9,952		108,968		15,069		—		30,815		—		196,245
Criticized nonaccrual		57		654		—		518		—		—		—		—		1,229
Total residential builder    and developer	$	683,731		259,205		21,232		131,597		27,881		9,865		181,219		—	$	1,314,730
Other commercial construction:
Loan grades:
Pass	$	1,032,774		1,080,141		1,225,845		1,185,685		366,686		297,355		15,575		—	$	5,204,061
Criticized accrual		37,893		145,199		320,463		1,025,371		299,350		144,394		—		—		1,972,670
Criticized nonaccrual		—		9,992		44,037		35,841		10,542		22,099		2,426		—		124,937
Total other commercial    construction	$	1,070,667		1,235,332		1,590,345		2,246,897		676,578		463,848		18,001		—	$	7,301,668

The following table summarizes the loan grades applied at December 31, 2021 to the various classes of the Company’s commercial loans and commercial real estate loans by origination year.

	Term Loans by Origination Year												Revolving		Revolving Loans Converted to Term
	2021		2020		2019		2018		2017		Prior		Loans		Loans		Total
	(In thousands)
Commercial, financial, leasing, etc.:
Loan grades:
Pass	$	4,798,052		1,916,072		1,476,786		951,881		500,615		1,398,775		10,993,461		18,699	$	22,054,341
Criticized accrual		196,680		98,595		107,010		73,126		36,232		185,935		484,755		15,628		1,197,961
Criticized nonaccrual		19,462		23,229		17,114		39,908		20,927		33,698		60,175		6,509		221,022
Total commercial,    financial, leasing, etc.	$	5,014,194		2,037,896		1,600,910		1,064,915		557,774		1,618,408		11,538,391		40,836	$	23,473,324
Real estate:
Commercial:
Loan grades:
Pass	$	3,413,587		2,662,999		3,682,178		2,648,388		2,076,155		5,232,790		728,948		—	$	20,445,045
Criticized accrual		133,133		480,146		685,701		1,068,552		468,530		1,743,798		38,570		—		4,618,430
Criticized nonaccrual		21,587		133,560		195,084		83,857		76,628		520,473		38,091		—		1,069,280
Total commercial real    estate	$	3,568,307		3,276,705		4,562,963		3,800,797		2,621,313		7,497,061		805,609		—	$	26,132,755
Residential builder and developer:
Loan grades:
Pass	$	786,983		106,510		75,287		47,587		4,680		12,450		230,017		—	$	1,263,514
Criticized accrual		2,055		5,356		117,258		13,637		630		—		891		—		139,827
Criticized nonaccrual		—		—		2,910		—		—		95		—		—		3,005
Total residential builder    and developer	$	789,038		111,866		195,455		61,224		5,310		12,545		230,908		—	$	1,406,346
Other commercial construction:
Loan grades:
Pass	$	957,947		1,781,603		2,022,276		832,547		152,669		273,556		38,781		—	$	6,059,379
Criticized accrual		24,103		54,191		675,226		583,428		228,739		114,158		—		—		1,679,845
Criticized nonaccrual		—		—		71,613		3,303		12,263		19,970		4,256		—		111,405
Total other commercial    construction	$	982,050		1,835,794		2,769,115		1,419,278		393,671		407,684		43,037		—	$	7,850,629

Summary of loans in Accrual and Nonaccrual Status

A summary of loans in accrual and nonaccrual status at December 31, 2022 for the various classes of the Company’s residential real estate loans and consumer loans by origination year is as follows.

	Term Loans by Origination Year												Revolving		Revolving Loans Converted to Term
	2022		2021		2020		2019		2018		Prior		Loans		Loans		Total
	(In thousands)
Residential:
Current	$	5,071,379		4,001,652		2,717,371		1,392,866		753,908		7,523,890		30,440		—	$	21,491,506
30-89 days past due		59,477		51,308		40,337		21,849		23,126		399,301		499		—		595,897
Accruing loans past due     90 days or more		12,012		39,934		20,067		14,050		14,007		245,332		—		—		345,402
Nonaccrual		5,686		10,865		2,583		9,860		4,650		231,093		7,353		—		272,090
Total residential	$	5,148,554		4,103,759		2,780,358		1,438,625		795,691		8,399,616		38,292		—	$	22,704,895
Residential - limited documentation:
Current	$	—		—		—		—		—		950,782		—		—	$	950,782
30-89 days past due		—		—		—		—		—		22,456		—		—		22,456
Accruing loans past due     90 days or more		—		—		—		—		—		—		—		—		—
Nonaccrual		—		—		—		—		—		77,814		—		—		77,814
Total residential - limited    documentation	$	—		—		—		—		—		1,051,052		—		—	$	1,051,052
Consumer:
Home equity lines and    loans:
Current	$	930		2,109		2,441		15,361		23,321		97,282		3,262,533		1,487,334	$	4,891,311
30-89 days past due		—		—		—		171		126		2,030		—		28,460		30,787
Accruing loans past due     90 days or more		—		—		—		—		—		—		—		—		—
Nonaccrual		—		15		—		536		334		6,458		2,799		74,646		84,788
Total home equity lines and    loans	$	930		2,124		2,441		16,068		23,781		105,770		3,265,332		1,590,440	$	5,006,886
Recreational finance:
Current	$	2,842,091		2,280,627		1,587,629		963,907		486,964		812,953		—		—	$	8,974,171
30-89 days past due		8,648		9,525		12,412		8,387		5,202		10,419		—		—		54,593
Accruing loans past due     90 days or more		—		—		—		—		—		—		—		—		—
Nonaccrual		3,533		7,440		9,427		7,625		5,344		11,261		—		—		44,630
Total recreational finance	$	2,854,272		2,297,592		1,609,468		979,919		497,510		834,633		—		—	$	9,073,394
Automobile:
Current	$	1,491,076		1,557,676		702,711		378,962		167,438		95,343		—		—	$	4,393,206
30-89 days past due		6,926		13,324		7,284		7,239		5,464		4,249		—		—		44,486
Accruing loans past due     90 days or more		—		—		—		—		—		—		—		—		—
Nonaccrual		2,493		10,698		7,372		7,520		5,620		5,881		—		—		39,584
Total automobile	$	1,500,495		1,581,698		717,367		393,721		178,522		105,473		—		—	$	4,477,276
Other:
Current		274,530		172,238		58,339		38,439		8,217		23,163		1,375,049		8,221		1,958,196
30-89 days past due	$	3,783		1,450		326		386		141		569		15,655		651	$	22,961
Accruing loans past due     90 days or more		—		—		—		—		—		226		4,643		—		4,869
Nonaccrual		2,745		830		332		371		120		465		44,449		185		49,497
Total other	$	281,058		174,518		58,997		39,196		8,478		24,423		1,439,796		9,057	$	2,035,523
Total loans and leases at    December 31, 2022	$	24,853,925		18,747,757		13,072,920		12,737,602		7,534,367		26,755,951		26,197,545		1,664,096	$	131,564,163

A summary of loans in accrual and nonaccrual status at December 31, 2021 for the various classes of the Company’s residential real estate loans and consumer loans by origination year follows.

	Term Loans by Origination Year												Revolving		Revolving Loans Converted to Term
	2021		2020		2019		2018		2017		Prior		Loans		Loans		Total
	(In thousands)
Residential:
Current	$	3,057,118		1,672,090		1,075,896		466,040		1,037,958		5,913,461		72,309		—	$	13,294,872
30-89 days past due		15,245		12,535		9,886		6,132		33,097		162,666		—		—		239,561
Accruing loans past due     90 days or more		10,924		100,581		28,512		31,996		205,318		542,749		—		—		920,080
Nonaccrual		3,359		19,858		7,119		4,577		5,890		314,792		263		—		355,858
Total residential	$	3,086,646		1,805,064		1,121,413		508,745		1,282,263		6,933,668		72,572		—	$	14,810,371
Residential - limited documentation:
Current	$	—		—		—		—		—		1,124,520		—		—	$	1,124,520
30-89 days past due		—		—		—		—		—		16,666		—		—		16,666
Accruing loans past due     90 days or more		—		—		—		—		—		—		—		—		—
Nonaccrual		—		—		—		—		—		122,888		—		—		122,888
Total residential - limited    documentation	$	—		—		—		—		—		1,264,074		—		—	$	1,264,074
Consumer:
Home equity lines and    loans:
Current	$	304		777		2,793		1,730		1,944		38,015		2,348,279		1,082,775	$	3,476,617
30-89 days past due		—		—		—		21		—		698		346		14,421		15,486
Accruing loans past due     90 days or more		—		—		—		—		—		—		—		—		—
Nonaccrual		—		—		—		—		—		5,750		4,951		59,787		70,488
Total home equity lines and    loans	$	304		777		2,793		1,751		1,944		44,463		2,353,576		1,156,983	$	3,562,591
Recreational finance:
Current	$	2,890,111		2,088,342		1,267,929		646,883		445,868		646,040		—		—	$	7,985,173
30-89 days past due		5,929		8,912		8,317		5,074		5,189		7,123		—		—		40,544
Accruing loans past due     90 days or more		—		—		—		—		—		—		—		—		—
Nonaccrual		1,341		4,646		4,871		4,918		4,039		7,996		—		—		27,811
Total recreational finance	$	2,897,381		2,101,900		1,281,117		656,875		455,096		661,159		—		—	$	8,053,528
Automobile:
Current	$	2,220,061		1,097,684		662,000		341,655		211,774		71,598		—		—	$	4,604,772
30-89 days past due		8,508		6,615		8,936		7,161		5,715		3,129		—		—		40,064
Accruing loans past due     90 days or more		—		—		—		—		—		—		—		—		—
Nonaccrual		1,588		4,390		7,847		7,867		6,882		5,463		—		—		34,037
Total automobile	$	2,230,157		1,108,689		678,783		356,683		224,371		80,190		—		—	$	4,678,873
Other:
Current	$	244,346		96,945		73,586		24,424		16,924		14,321		1,148,096		1,505	$	1,620,147
30-89 days past due		2,937		404		472		255		101		5,712		1,908		434		12,223
Accruing loans past due     90 days or more		—		—		—		—		—		3,302		—		—		3,302
Nonaccrual		2,051		326		326		193		104		353		40,807		129		44,289
Total other	$	249,334		97,675		74,384		24,872		17,129		23,688		1,190,811		2,068	$	1,679,961
Total loans and leases at    December 31, 2021	$	18,817,411		12,376,366		12,286,933		7,895,140		5,558,871		18,542,940		16,234,904		1,199,887	$	92,912,452