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Loans and Allowance for Credit Losses (Tables)
 9 Months Ended
Sep. 30, 2024
Receivables [Abstract]  
Summary of Gross Loans by Type
Loans and leases, net of unearned income, are summarized as follows:
September 30,
2024		December 31, 2023
 (dollars in thousands)
Real estate - commercial mortgage$9,493,479 $8,127,728 
Commercial and industrial(1)
4,914,734 4,545,552 
Real-estate - residential mortgage6,302,624 5,325,923 
Real-estate - home equity1,144,402 1,047,184 
Real-estate - construction1,332,954 1,239,075 
Consumer651,717 729,318 
Leases and other loans(2)
336,165 336,314 
Net loans$24,176,075 $21,351,094 
(1) Includes $2.0 thousand of unearned income at September 30, 2024 and $41.0 thousand at December 31, 2023.
(2) Includes unearned income of $34.8 million at September 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:
September 30,
2024		December 31,
2023
(dollars in thousands)
ACL - loans $375,961 $293,404 
Reserve for OBS credit exposures(1)
$14,188 $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 September 30Nine months ended September 30
 2024202320242023
(dollars in thousands)
Balance at beginning of period$375,941 $287,442 $293,404 269,366 
CECL Day 1 Provision(1)
— — 23,444 — 
Initial PCD allowance for credit losses(1,139)— 54,767 — 
Loans charged off(13,144)(7,279)(38,103)(28,969)
Recoveries of loans previously charged off2,022 2,181 7,081 7,896 
Net loans (charged off) recovered(11,122)(5,098)(31,022)(21,073)
Provision for credit losses(1) (2)
12,281 10,395 35,368 44,446 
Balance at end of period$375,961 $292,739 $375,961 $292,739 
Provision for OBS credit exposures(1)
$(352)$(458)$(3,902)$(218)
Reserve for OBS credit exposures$14,188 $16,110 $14,188 $16,110 
(1) The sum of these amounts is 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 September 30, 2024
June 30, 2024$156,165 $94,623 $89,714 $17,533 $14,610 $3,296 $375,941 
CECL Day 1 Provision(1)
— — — — — — — 
Initial PCD allowance for credit losses— (1,139)— — — — (1,139)
Loans charged off(2,723)(6,256)(1,131)(2,308)— (726)(13,144)
Recoveries of loans previously charged off107 1,008 130 545 103 129 2,022 
Net loans (charged off) recovered(2,616)(5,248)(1,001)(1,763)103 (597)(11,122)
Provision for loan losses(1) (2)
(10,255)13,128 1,614 1,357 6,284 153 12,281 
Balance at September 30, 2024$143,294 $101,364 $90,327 $17,127 $20,997 $2,852 $375,961 
Three months ended September 30, 2023
June 30, 2023$72,302 $75,189 $88,849 $28,982 $11,144 $10,976 $287,442 
Loans charged off(860)(3,220)— (1,803)— (1,396)(7,279)
Recoveries of loans previously charged off101 620 37 1,023 — 400 2,181 
Net loans (charged off) recovered(759)(2,600)37 (780)— (996)(5,098)
Provision for loan and lease losses(1) (2)
2,403 9,766 (2,685)1,873 (2,873)1,911 10,395 
Balance at September 30, 2023$73,946 $82,355 $86,201 $30,075 $8,271 $11,891 $292,739 
Nine months ended September 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 19,730 565 357 1,958 — 54,767 
Loans charged off(10,602)(16,843)(1,417)(6,312)— (2,929)(38,103)
Recoveries of loans previously charged off405 3,052 368 2,382 336 538 7,081 
Net loans (charged off) recovered(10,197)(13,791)(1,049)(3,930)336 (2,391)(31,022)
Provision for loan losses(1) (2)
2,661 19,675 2,603 2,652 5,922 1,855 35,368 
Balance at September 30, 2024$143,294 $101,364 $90,327 $17,127 $20,997 $2,852 $375,961 
Nine months ended September 30, 2023
Balance at December 31, 2022$69,456 $70,116 $83,250 $26,429 $10,743 $9,372 $269,366 
Loans charged off(14,452)(5,849)(62)(5,322)— (3,284)(28,969)
Recoveries of loans previously charged off916 2,694 143 2,643 771 729 7,896 
Net loans (charged off) recovered(13,536)(3,155)81 (2,679)771 (2,555)(21,073)
Provision for loan losses(1)(2)
18,026 15,394 2,870 6,325 (3,243)5,074 44,446 
Balance at September 30, 2023$73,946 $82,355 $86,201 $30,075 $8,271 $11,891 $292,739 
(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:
September 30, 2024December 31, 2023
With a Related AllowanceWithout a Related AllowanceTotalWith a Related AllowanceWithout a Related AllowanceTotal
(dollars in thousands)
Real estate - commercial mortgage$12,683 $56,703 $69,386 $23,338 $21,467 $44,805 
Commercial and industrial36,493 27,121 63,614 12,410 27,542 39,952 
Real estate - residential mortgage22,413 2,018 24,431 18,806 2,018 20,824 
Real estate - home equity7,961 86 8,047 4,649 104 4,753 
Real estate - construction340 — 340 341 1,000 1,341 
Consumer209 — 209 52 — 52 
Leases and other loans194 9,640 9,834 9,255 638 9,893 
$80,293 $95,568 $175,861 $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:
September 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$439,628 $927,412 $1,144,947 $1,304,578 $1,039,538 $3,409,730 $75,822 $324 $8,341,979 
Special Mention2,514 61,815 175,721 209,161 58,007 217,361 11,271 — 735,850 
Substandard or Lower214 36,240 63,601 77,690 73,501 162,421 1,983 — 415,650 
Total real estate - commercial mortgage442,356 1,025,467 1,384,269 1,591,429 1,171,046 3,789,512 89,076 324 9,493,479 
Real estate - commercial mortgage
Current period gross charge-offs— (126)(84)— — (10,366)— (26)(10,602)
Commercial and industrial
Pass329,172 531,373 543,678 306,525 292,198 774,293 1,380,049 6,201 4,163,489 
Special Mention13,034 22,505 53,936 45,068 24,550 110,455 151,806 3,819 425,173 
Substandard or Lower9,376 15,655 39,900 6,775 8,044 56,206 168,937 21,179 326,072 
Total commercial and industrial351,582 569,533 637,514 358,368 324,792 940,954 1,700,792 31,199 4,914,734 
Commercial and industrial
Current period gross charge-offs(370)(2,093)(268)(606)(280)(5,486)(4,105)(3,635)(16,843)
 Real estate - construction(1)
Pass138,942 430,449 203,827 51,226 6,138 43,116 31,078 — 904,776 
Special Mention— 14,619 87,643 65,668 3,282 527 2,324 — 174,063 
Substandard or Lower— — 15,387 4,502 — 22,406 133 — 42,428 
Total real estate - construction138,942 445,068 306,857 121,396 9,420 66,049 33,535 — 1,121,267 
Real estate - construction(1)
Current period gross charge-offs— — — — — — — — — 
Total
Pass907,742 1,889,234 1,892,452 1,662,329 1,337,874 4,227,139 1,486,949 6,525 13,410,244 
Special Mention15,548 98,939 317,300 319,897 85,839 328,343 165,401 3,819 1,335,086 
Substandard or Lower9,590 51,895 118,888 88,967 81,545 241,033 171,053 21,179 784,150 
Total$932,880 $2,040,068 $2,328,640 $2,071,193 $1,505,258 $4,796,515 $1,823,403 $31,523 $15,529,480 
(1) Excludes real estate - construction - other.

Included in special mention loans were loans acquired in the Republic First Transaction with a balance of $721.0 million as of September 30, 2024. Included in substandard or lower loans were loans acquired in the Republic First Transaction with a balance of $171.7 million as of September 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:
September 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$341,970 $726,077 $1,531,033 $1,748,485 $1,041,766 $871,564 $— $— $6,260,895 
Nonperforming— 1,257 4,061 4,491 3,538 28,382 — — 41,729 
    Total real estate - residential mortgage341,970 727,334 1,535,094 1,752,976 1,045,304 899,946 — — 6,302,624 
Real estate - residential mortgage
Current period gross charge-offs— (161)(62)(12)(43)(888)— (251)(1,417)
Consumer and real estate - home equity
Performing170,366 124,431 231,555 70,197 51,484 213,316 899,502 22,439 1,783,290 
Nonperforming6 210 754 1,225 254 6,285 2,002 2,093 12,829 
Total consumer and real estate - home equity170,372 124,641 232,309 71,422 51,738 219,601 901,504 24,532 1,796,119 
Consumer and real estate - home equity
Current period gross charge-offs(77)(627)(1,240)(432)(292)(1,804)(3)(1,837)(6,312)
Leases and other loans
Performing110,852 101,880 66,448 20,029 13,167 13,861 — — 326,237 
Nonperforming— — 531 63 38 9,296 — — 9,928 
Leases and other loans110,852 101,880 66,979 20,092 13,205 23,157 — — 336,165 
Leases and other loans
Current period gross charge-offs(830)(694)(222)(237)(125)(510)(135)(176)(2,929)
Construction - other
Performing84,451 100,710 22,764 2,356 — — — — 210,281 
Nonperforming— — 1,406 — — — — — 1,406 
Total construction - other84,451 100,710 24,170 2,356 — — — — 211,687 
Construction - other
Current period gross charge-offs— — — — — — — — — 
Total
Performing707,639 1,053,098 1,851,800 1,841,067 1,106,417 1,098,741 899,502 22,439 8,580,703 
Nonperforming6 1,467 6,752 5,779 3,830 43,963 2,002 2,093 65,892 
Total$707,645 $1,054,565 $1,858,552 $1,846,846 $1,110,247 $1,142,704 $901,504 $24,532 $8,646,595 
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:
September 30,
2024		December 31,
2023
 (dollars in thousands)
Non-accrual loans$175,861 $121,620 
Loans 90 days or more past due and still accruing26,286 31,721 
Total non-performing loans202,147 153,341 
OREO(1)
2,844 896 
Total non-performing assets$204,991 $154,237 
(1) Excludes $15.1 million and $10.9 million of residential mortgage properties for which formal foreclosure proceedings were in process as of September 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)
September 30, 2024
Real estate - commercial mortgage$37,045 $13,818 $2,081 $69,386 $9,371,149 $9,493,479 
Commercial and industrial(1)
20,795 5,066 836 63,614 4,824,423 4,914,734 
Real estate - residential mortgage41,105 9,022 17,296 24,431 6,210,770 6,302,624 
Real estate - home equity3,893 1,320 3,860 8,047 1,127,282 1,144,402 
Real estate - construction2,533 832 1,406 340 1,327,843 1,332,954 
Consumer6,082 1,992 714 209 642,720 651,717 
Leases and other loans(1)
474 373 93 9,834 325,391 336,165 
Total$111,927 $32,423 $26,286 $175,861 $23,829,578 $24,176,075 
(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 $21,351,094 
(1) Includes unearned income.
Financing Receivables, Loan Modifications
The following table presents the amortized cost basis of the loans modified to borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of concession granted:
Term Extension
20242023
Amortization Cost Basis% of Class of Financing ReceivableAmortization Cost Basis% of Class of Financing Receivable
(dollars in thousands)
Three months ended September 30
Real estate - commercial mortgage$— — %$1,120 0.01 %
Commercial and industrial— — 7 — 
Real estate - residential mortgage2,976 0.05 1,933 0.04 
Real estate - home equity256 0.02 — — 
Total$3,232 $3,060 
Nine months ended September 30
Real estate - commercial mortgage$20,458 0.22 %$2,556 0.03 %
Commercial and industrial— — 66 — 
Real estate - residential mortgage8,643 0.14 5,343 0.10 
Real estate - home equity394 0.03 — — 
Real estate - construction605 0.05 — — 
Total$30,100 $7,965 

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 September 30
Real estate - residential mortgage$622 0.01 %$— — %
Total$622 $— 
Nine months ended September 30
Real estate - residential mortgage$1,941 0.03 %$— — %
Total$1,941 $— 














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

Term Extension
Financial Effect
Three months ended September 30, 2024
Real estate - residential mortgage
Added a weighted-average 10.22 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - home equity
Added a weighted-average 12.40 years to the life of loans, which reduced monthly payment amounts for borrowers.
Three months ended September 30, 2023
Real estate - commercial mortgage
Added a weighted-average 0.50 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Commercial and industrial
Added a weighted-average 0.92 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - residential mortgage
Added a weighted-average 4.49 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Nine months ended September 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 8.43 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - home equity
Added a weighted-average 14.31 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.
Nine months ended September 30, 2023
Real estate - commercial mortgage
Added a weighted-average 2.43 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Commercial and industrial
Added a weighted-average 3.76 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - residential mortgage
Added a weighted-average 4.58 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Interest Rate Reduction(1)
Financial Effect
Three months ended September 30, 2024
Real estate - residential mortgage
Reduced weighted-average interest rate from 4.02% to 2.49%
Nine months ended September 30, 2024
Real estate - residential mortgage
Reduced weighted-average interest rate from 2.86% to 1.71%
(1) There were no loan modifications with interest rate reductions for the three months and nine months ended September 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
September 30, 2024(dollars in thousands)
Real estate - commercial mortgage$20,458 $— $— $— 
Real estate - residential mortgage7,690 3,633 3,035 6,668 
Real estate - home equity214 173 7 180 
Real estate - construction605 — — — 
Total$28,967 $3,806 $3,042 $6,848