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Loans and Allowance for Credit Losses (Tables)
 6 Months Ended
Jun. 30, 2024
Receivables [Abstract]  
Summary of Gross Loans by Type
Loans and leases, net of unearned income, are summarized as follows:
June 30,
2024		December 31, 2023
 (dollars in thousands)
Real estate - commercial mortgage$9,289,770 $8,127,728 
Commercial and industrial(1)
4,967,796 4,545,552 
Real-estate - residential mortgage6,248,856 5,325,923 
Real-estate - home equity1,120,878 1,047,184 
Real-estate - construction1,463,799 1,239,075 
Consumer692,086 729,318 
Leases and other loans(2)
323,112 336,314 
Net loans$24,106,297 $21,351,094 
(1) Includes no unearned income at June 30, 2024 and $41.0 thousand at December 31, 2023.
(2) Includes unearned income of $36.6 million at June 30, 2024 and $38.0 million at December 31, 2023.
Schedule of Allowance for Credit Losses
The following table summarizes the ACL - loans balance and the reserve for OBS credit exposures balance:
June 30,
2024		December 31,
2023
(dollars in thousands)
ACL - loans $375,941 $293,404 
Reserve for OBS credit exposures(1)
$14,540 $17,254 
(1) Included in other liabilities on the consolidated balance sheets.
Activity in the Allowance for Credit Losses
The following table presents the activity in the ACL - loans balances:
Three months ended June 30Six months ended June 30
 2024202320242023
(dollars in thousands)
Balance at beginning of period$297,888 $278,695 $293,404 269,366 
CECL Day 1 Provision(1)
23,444 — 23,444 — 
Initial PCD allowance for credit losses55,906 — 55,906 — 
Loans charged off(14,007)(4,787)(24,959)(21,690)
Recoveries of loans previously charged off2,705 2,816 5,059 5,715 
Net loans (charged off) recovered(11,302)(1,971)(19,900)(15,975)
Provision for credit losses(1) (2)
10,005 10,718 23,087 34,051 
Balance at end of period$375,941 $287,442 $375,941 $287,442 
Provision for OBS credit exposures(1)
$(1,393)$(971)$(3,550)$240 
Reserve for OBS credit exposures$14,540 $16,568 $14,540 $16,568 
(1) The sum of these amounts are reflected in the provision for credit losses in the Consolidated Statements of Income.
(2) Provision only includes the portion related to net loans.








































The following table presents the activity in the ACL by portfolio segment:

Real Estate 
Commercial
Mortgage		Commercial and
Industrial		Real Estate Residential
Mortgage		Consumer and Home
Equity		Real Estate
Construction		Leases and other loansTotal
 (dollars in thousands)
Three months ended June 30, 2024
March 31, 2024$114,492 $76,883 $73,216 $16,688 $12,966 $3,643 $297,888 
CECL Day 1 Provision(1)
6,108 1,484 14,922 444 486 — 23,444 
Initial PCD allowance for credit losses32,157 20,869 565 357 1,958 — 55,906 
Loans charged off(7,853)(2,955)(35)(1,766)— (1,398)(14,007)
Recoveries of loans previously charged off146 796 122 1,161 233 247 2,705 
Net loans (charged off) recovered(7,707)(2,159)87 (605)233 (1,151)(11,302)
Provision for loan losses(1) (2)
11,115 (2,454)924 649 (1,033)804 10,005 
Balance at June 30, 2024$156,165 $94,623 $89,714 $17,533 $14,610 $3,296 $375,941 
Three months ended June 30, 2023
March 31, 2023$66,256 $77,126 $86,209 $27,303 $11,646 $10,155 $278,695 
Loans charged off(230)(2,017)(62)(1,313)— (1,165)(4,787)
Recoveries of loans previously charged off29 988 58 959 569 213 2,816 
Net loans (charged off) recovered(201)(1,029)(4)(354)569 (952)(1,971)
Provision for loan and lease losses(1) (2)
6,247 (908)2,644 2,033 (1,071)1,773 10,718 
Balance at June 30, 2023$72,302 $75,189 $88,849 $28,982 $11,144 $10,976 $287,442 
Six months ended June 30, 2024
Balance at December 31, 2023$112,565 $74,266 $73,286 $17,604 $12,295 $3,388 $293,404 
CECL Day 1 Provision(1)
6,108 1,484 14,922 444 486 — 23,444 
Initial PCD allowance for credit losses32,157 20,869 565 357 1,958 — 55,906 
Loans charged off(7,879)(10,587)(286)(4,004)— (2,203)(24,959)
Recoveries of loans previously charged off298 2,044 238 1,837 233 409 5,059 
Net loans (charged off) recovered(7,581)(8,543)(48)(2,167)233 (1,794)(19,900)
Provision for loan losses(1) (2)
12,916 6,547 989 1,295 (362)1,702 23,087 
Balance at June 30, 2024$156,165 $94,623 $89,714 $17,533 $14,610 $3,296 $375,941 
Six months ended June 30, 2023
Balance at December 31, 2022$69,456 $70,116 $83,250 $26,429 $10,743 $9,372 $269,366 
Loans charged off(13,592)(2,629)(62)(3,519)— (1,888)(21,690)
Recoveries of loans previously charged off815 2,074 106 1,620 771 329 5,715 
Net loans (charged off) recovered(12,777)(555)44 (1,899)771 (1,559)(15,975)
Provision for loan losses(1)(2)
15,623 5,628 5,555 4,452 (370)3,163 34,051 
Balance at June 30, 2023$72,302 $75,189 $88,849 $28,982 $11,144 $10,976 $287,442 
(1) These amounts are reflected in the provision for credit loss in the Consolidated Statements of Income.
(2) Provision included in the table only includes the portion related to net loans.
Total Impaired Loans by Class Segment
The following table presents total non-accrual loans, by class segment:
June 30, 2024December 31, 2023
With a Related AllowanceWithout a Related AllowanceTotalWith a Related AllowanceWithout a Related AllowanceTotal
(dollars in thousands)
Real estate - commercial mortgage$16,295 $29,897 $46,192 $23,338 $21,467 $44,805 
Commercial and industrial28,693 28,581 57,274 12,410 27,542 39,952 
Real estate - residential mortgage21,436 3,027 24,463 18,806 2,018 20,824 
Real estate - home equity6,249 90 6,339 4,649 104 4,753 
Real estate - construction340 886 1,226 341 1,000 1,341 
Consumer183 — 183 52 — 52 
Leases and other loans601 9,352 9,953 9,255 638 9,893 
$73,797 $71,833 $145,630 $68,851 $52,769 $121,620 
Financing Receivable Credit Quality Indicators
The following table summarizes designated internal risk rating categories by portfolio segment and loan class, by origination year, in the current period:
June 30, 2024
(dollars in thousands)
Term Loans Amortized Cost Basis by Origination YearRevolving LoansRevolving Loans converted to Term Loans
AmortizedAmortized
20242023202220212020PriorCost BasisCost BasisTotal
Real estate - commercial mortgage
Pass$309,982 $863,950 $1,071,750 $1,271,714 $1,045,978 $3,529,987 $67,395 $— $8,160,756 
Special Mention1,226 64,073 156,132 221,347 78,390 222,166 10,166 1,531 755,031 
Substandard or Lower216 10,339 60,790 77,874 63,740 159,103 1,921 — 373,983 
Total real estate - commercial mortgage311,424 938,362 1,288,672 1,570,935 1,188,108 3,911,256 79,482 1,531 9,289,770 
Real estate - commercial mortgage
Current period gross charge-offs— — (84)— — (7,769)— (26)(7,879)
Commercial and industrial
Pass226,274 549,429 588,898 324,519 304,830 812,912 1,449,696 16,778 4,273,336 
Special Mention9,518 23,258 46,588 52,606 25,066 98,739 137,793 408 393,976 
Substandard or Lower8,828 3,716 32,980 7,707 8,213 70,004 167,668 1,368 300,484 
Total commercial and industrial244,620 576,403 668,466 384,832 338,109 981,655 1,755,157 18,554 4,967,796 
Commercial and industrial
Current period gross charge-offs(370)(1,420)(29)(273)(57)(742)(4,061)(3,635)(10,587)
 Real estate - construction(1)
Pass53,160 458,484 321,727 161,398 6,181 40,431 26,297 — 1,067,678 
Special Mention— 14,371 53,362 48,683 3,023 3,226 2,952 1,280 126,897 
Substandard or Lower— — 13,116 11,929 — 26,195 142 — 51,382 
Total real estate - construction53,160 472,855 388,205 222,010 9,204 69,852 29,391 1,280 1,245,957 
Real estate - construction(1)
Current period gross charge-offs— — — — — — — — — 
Total
Pass589,416 1,871,863 1,982,375 1,757,631 1,356,989 4,383,330 1,543,388 16,778 13,501,770 
Special Mention10,744 101,702 256,082 322,636 106,479 324,131 150,911 3,219 1,275,904 
Substandard or Lower9,044 14,055 106,886 97,510 71,953 255,302 169,731 1,368 725,849 
Total$609,204 $1,987,620 $2,345,343 $2,177,777 $1,535,421 $4,962,763 $1,864,030 $21,365 $15,503,523 
(1) Excludes real estate - construction - other.

The increase of $799.0 million in special mention loans as of June 30, 2024 was primarily due to loans acquired in the Republic First Transaction with a balance of $776.9 million as of June 30, 2024. The increase of $277.8 million in substandard or lower loans as of June 30, 2024 was primarily due to loans acquired in the Republic First Transaction with a balance of $166.5 million as of June 30, 2024.












The following table summarizes designated internal risk rating categories by portfolio segment and loan class, by origination year, in the prior period:
December 31, 2023
(dollars in thousands)
Term Loans Amortized Cost Basis by Origination YearRevolving LoansRevolving Loans converted to Term Loans
AmortizedAmortized
20232022202120202019PriorCost BasisCost BasisTotal
Real estate - commercial mortgage
Pass$783,673 $993,017 $1,203,852 $984,958 $721,857 $2,822,155 $59,253 $31,636 $7,600,401 
Special Mention2,767 43,904 105,185 7,862 35,289 105,786 1,760 — 302,553 
Substandard or Lower366 20,958 31,304 49,142 26,579 95,621 804 — 224,774 
Total real estate - commercial mortgage786,806 1,057,879 1,340,341 1,041,962 783,725 3,023,562 61,817 31,636 8,127,728 
Real estate - commercial mortgage
Current period gross charge-offs— — — — — (424)— (17,575)(17,999)
Commercial and industrial
Pass626,386 590,132 330,576 341,218 272,126 598,838 1,443,203 10,736 4,213,215 
Special Mention7,936 9,548 16,499 3,577 6,817 18,487 72,775 198 135,837 
Substandard or Lower247 25,184 4,611 3,843 18,988 31,663 105,230 6,734 196,500 
Total commercial and industrial634,569 624,864 351,686 348,638 297,931 648,988 1,621,208 17,668 4,545,552 
Commercial and industrial
Current period gross charge-offs— (299)— — — (249)(682)(8,016)(9,246)
Real estate - construction(1)
Pass322,922 258,080 261,583 37,426 9,510 34,097 13,677 — 937,295 
Special Mention— 12,622 25,898 — — — — — 38,520 
Substandard or Lower— 521 2,229 — 340 21,284 168 2,229 26,771 
Total real estate - construction322,922 271,223 289,710 37,426 9,850 55,381 13,845 2,229 1,002,586 
Real estate - construction(1)
Current period gross charge-offs— — — — — — — — — 
Total
Pass1,732,981 1,841,229 1,796,011 1,363,602 1,003,493 3,455,090 1,516,133 42,372 12,750,911 
Special Mention10,703 66,074 147,582 11,439 42,106 124,273 74,535 198 476,910 
Substandard or Lower613 46,663 38,144 52,985 45,907 148,568 106,202 8,963 448,045 
Total$1,744,297 $1,953,966 $1,981,737 $1,428,026 $1,091,506 $3,727,931 $1,696,870 $51,533 $13,675,866 
(1) Excludes real estate - construction - other.
The following tables present the amortized cost of these loans based on payment activity, by origination year, for the periods shown:
June 30, 2024
(dollars in thousands)
Term Loans Amortized Cost Basis by Origination YearRevolving LoansRevolving Loans converted to Term Loans
AmortizedAmortized
20242023202220212020PriorCost BasisCost BasisTotal
Real estate - residential mortgage
Performing$223,893 $693,496 $1,541,848 $1,779,390 $1,063,559 $905,637 $— $— $6,207,823 
Nonperforming— 1,265 2,259 3,831 4,809 28,869 — — 41,033 
    Total real estate - residential mortgage223,893 694,761 1,544,107 1,783,221 1,068,368 934,506 — — 6,248,856 
Real estate - residential mortgage
Current period gross charge-offs— — — — — (35)— (251)(286)
Consumer and real estate - home equity
Performing160,101 136,412 250,006 77,901 56,063 235,923 872,989 11,614 1,801,009 
Nonperforming3 178 1,116 596 283 7,170 1,708 901 11,955 
Total consumer and real estate - home equity160,104 136,590 251,122 78,497 56,346 243,093 874,697 12,515 1,812,964 
Consumer and real estate - home equity
Current period gross charge-offs(1)(326)(477)(125)(142)(1,096)— (1,837)(4,004)
Leases and other loans
Performing77,600 107,668 71,018 22,699 16,005 18,130 — — 313,120 
Nonperforming— — 568 72 41 9,311 — — 9,992 
Leases and other loans77,600 107,668 71,586 22,771 16,046 27,441 — — 323,112 
Leases and other loans
Current period gross charge-offs(585)(559)(159)(193)(63)(343)(125)(176)(2,203)
Construction - other
Performing32,808 135,217 42,100 6,311 — — — — 216,436 
Nonperforming— — 1,406 — — — — — 1,406 
Total construction - other32,808 135,217 43,506 6,311 — — — — 217,842 
Construction - other
Current period gross charge-offs— — — — — — — — — 
Total
Performing494,402 1,072,793 1,904,972 1,886,301 1,135,627 1,159,690 872,989 11,614 8,538,388 
Nonperforming3 1,443 5,349 4,499 5,133 45,350 1,708 901 64,386 
Total$494,405 $1,074,236 $1,910,321 $1,890,800 $1,140,760 $1,205,040 $874,697 $12,515 $8,602,774 
December 31, 2023
(dollars in thousands)
Term Loans Amortized Cost Basis by Origination YearRevolving LoansRevolving Loans converted to Term Loans
AmortizedAmortized
20232022202120202019PriorCost BasisCost BasisTotal
Real estate - residential mortgage
Performing$623,247 $1,126,656 $1,682,759 $984,050 $260,049 $607,133 $— $— $5,283,894 
Nonperforming— 1,720 4,888 4,701 6,233 24,487 — — 42,029 
    Total real estate - residential mortgage623,247 1,128,376 1,687,647 988,751 266,282 631,620 — — 5,325,923 
Real estate - residential mortgage
Current period gross charge-offs— — — — — — — (62)(62)
Consumer and Real estate - home equity
Performing272,571 276,373 85,985 62,426 37,667 204,913 805,645 20,044 1,765,624 
Nonperforming295 455 866 282 354 5,526 1,439 1,661 10,878 
Total consumer and real estate - home equity272,866 276,828 86,851 62,708 38,021 210,439 807,084 21,705 1,776,502 
Consumer and Real estate - home equity
Current period gross charge-offs(119)— — — — (525)(283)(6,587)(7,514)
Leases and other loans
Performing166,490 83,641 27,755 22,304 16,246 9,867 — — 326,303 
Nonperforming— 118 — — — 9,893 — — 10,011 
Leases and other loans166,490 83,759 27,755 22,304 16,246 19,760 — — 336,314 
Leases and other loans
Current period gross charge-offs(471)(521)(246)(128)(82)(656)(765)(1,511)(4,380)
Construction - other
Performing127,382 93,319 13,698 555 — — — — 234,954 
Nonperforming— 1,535 — — — — — — 1,535 
Total construction - other127,382 94,854 13,698 555 — — — — 236,489 
Construction - other
Current period gross charge-offs— — — — — — — — — 
Total
Performing1,189,690 1,579,989 1,810,197 1,069,335 313,962 821,913 805,645 20,044 7,610,775 
Nonperforming295 3,828 5,754 4,983 6,587 39,906 1,439 1,661 64,453 
Total$1,189,985 $1,583,817 $1,815,951 $1,074,318 $320,549 $861,819 $807,084 $21,705 $7,675,228 
Non-Performing Assets
The following table presents non-performing assets:
June 30,
2024		December 31,
2023
 (dollars in thousands)
Non-accrual loans$145,630 $121,620 
Loans 90 days or more past due and still accruing26,962 31,721 
Total non-performing loans172,592 153,341 
OREO(1)
1,444 896 
Total non-performing assets$174,036 $154,237 
(1) Excludes $24.2 million and $10.9 million of residential mortgage properties for which formal foreclosure proceedings were in process as of June 30,
2024 and December 31, 2023, respectively.
Past due Loan Status and Non-Accrual Loans by Portfolio Segment
The following tables present the aging of the amortized cost basis of loans, by class segment:
30-5960-89≥ 90 Days
Days PastDays PastPast DueNon-
DueDueand AccruingAccrualCurrentTotal
(dollars in thousands)
June 30, 2024
Real estate - commercial mortgage$14,262 $1,126 $2,422 $46,193 $9,225,767 $9,289,770 
Commercial and industrial(1)
12,191 14,984 1,159 57,274 4,882,188 4,967,796 
Real estate - residential mortgage58,454 13,895 16,571 24,462 6,135,474 6,248,856 
Real estate - home equity7,403 1,776 4,880 6,338 1,100,482 1,120,878 
Real estate - construction10,951 749 1,406 1,226 1,449,467 1,463,799 
Consumer7,274 1,767 485 183 682,377 692,086 
Leases and other loans(1)
397 80 39 9,954 312,642 323,112 
Total$110,932 $34,377 $26,962 $145,630 $23,788,397 $24,106,297 
(1) Includes unearned income.

30-59 Days Past
Due		60-89
Days Past
Due		≥ 90 Days
Past Due
and
Accruing		Non-
accrual		CurrentTotal
(dollars in thousands)
December 31, 2023
Real estate - commercial mortgage$4,408 $1,341 $1,722 $44,805 $8,075,452 $8,127,728 
Commercial and industrial(1)
5,620 1,656 1,068 39,952 4,497,256 4,545,552 
Real estate - residential mortgage49,145 10,838 21,205 20,824 5,223,911 5,325,923 
Real estate - home equity8,142 2,075 5,326 4,753 1,026,888 1,047,184 
Real estate - construction4,185 451 1,535 1,341 1,231,563 1,239,075 
Consumer8,361 1,767 747 52 718,391 729,318 
Leases and other loans(1)
146 722 118 9,893 325,435 336,314 
Total$80,007 $18,850 $31,721 $121,620 $21,098,896 $21,351,094 
(1) Includes unearned income.
Financing Receivables, Loan Modifications
The following table presents the amortized cost basis of the loans modified to borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of concession granted:
Term Extension
20242023
Amortization Cost Basis% of Class of Financing ReceivableAmortization Cost Basis% of Class of Financing Receivable
(dollars in thousands)
Three months ended June 30
Real estate - commercial mortgage$20,603 0.22 %$276 — %
Commercial and industrial— — — — 
Real estate - residential mortgage2,966 0.05 2,045 0.04 
Real estate - home equity129 0.01 — — 
Total$23,698 $2,321 
Six months ended June 30
Real estate - commercial mortgage$20,603 0.22 %$1,478 0.02 %
Commercial and industrial— — 75 — 
Real estate - residential mortgage5,651 0.09 3,423 0.07 
Real estate - home equity129 0.01 — — 
Real estate - construction541 0.04 — — 
Total$26,924 $4,976 

Interest Rate Reduction and Term Extension
20242023
Amortized Cost Basis% of Class of Financing ReceivableAmortized Cost Basis% of Class of Financing Receivable
(dollars in thousands)
Three months ended June 30
Real estate - residential mortgage$884 0.01 %$— — %
Total$884 $— 
Six months ended June 30
Real estate - residential mortgage$1,348 0.02 %$— — %
Total$1,348 $— 














The following table presents the financial effect of the modifications made to borrowers experiencing financial difficulty:

Term Extension
Financial Effect
Three months ended June 30, 2024
Real estate - commercial mortgage
Added a weighted-average 2.00 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - residential mortgage
Added a weighted-average 8.51 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - home equity
Added a weighted-average 17.92 years to the life of loans, which reduced monthly payment amounts for borrowers.
Three months ended June 30, 2023
Real estate - commercial mortgage
Added a weighted-average 1.25 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - residential mortgage
Added a weighted-average 5.29 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Six months ended June 30, 2024
Real estate - commercial mortgage
Added a weighted-average 2.00 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - residential mortgage
Added a weighted-average 7.44 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - home equity
Added a weighted-average 17.92 years to the life of loans, which reduced monthly payment amounts for borrowers.
Real estate - construction
Added a weighted-average 0.67 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Six months ended June 30, 2023
Real estate - commercial mortgage
Added a weighted-average 2.05 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Commercial and industrial
Added a weighted-average 2.88 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - residential mortgage
Added a weighted-average 4.64 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Interest Rate Reduction(1)
Financial Effect
Three months ended June 30, 2024
Real estate - residential mortgage
Reduced weighted-average interest rate from 3.00% to 1.00%
Six months ended June 30, 2024
Real estate - residential mortgage
Reduced weighted-average interest rate from 2.36% to 1.37%
(1) There were no loan modifications with interest rate reductions for the three months and six months ended June 30, 2023.
The following table presents the performance of loans that have been modified due to financial difficulty in the previous 12 months:

30-8990+Total
Days PastPast DuePast
CurrentDueand AccruingDue
June 30, 2024(dollars in thousands)
Real estate - commercial mortgage$20,603 $— $— $— 
Commercial and industrial9,859 — — — 
Real estate - residential mortgage8,776 1,977 1,353 3,330 
Real estate - home equity122 7 — 7 
Real estate - construction541 — — — 
Total$39,901 $1,984 $1,353 $3,337