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Loans (Tables)
 12 Months Ended
Dec. 31, 2019
Receivables [Abstract]  
Schedule of Loan Portfolio
The detail of the loan portfolio as of December 31, 2019 and 2018 was as follows: 
 
December 31, 2019
 
December 31, 2018
 
Non-PCI
Loans
 
PCI
Loans
 
Total
 
Non-PCI
Loans
 
PCI
Loans
 
Total
 
(in thousands)
Loans:
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
$
4,143,983

 
$
682,014

 
$
4,825,997

 
$
3,590,375

 
$
740,657

 
$
4,331,032

Commercial real estate:
 
 
 
 
 
 
 
 
 
 
 
Commercial real estate
10,902,893

 
5,093,848

 
15,996,741

 
9,912,309

 
2,494,966

 
12,407,275

Construction
1,495,717

 
151,301

 
1,647,018

 
1,122,348

 
365,784

 
1,488,132

Total commercial real estate loans
12,398,610

 
5,245,149

 
17,643,759

 
11,034,657

 
2,860,750

 
13,895,407

Residential mortgage
3,796,942

 
580,169

 
4,377,111

 
3,682,984

 
428,416

 
4,111,400

Consumer:
 
 
 
 
 
 
 
 
 
 
 
Home equity
376,020

 
111,252

 
487,272

 
371,340

 
145,749

 
517,089

Automobile
1,451,352

 
271

 
1,451,623

 
1,319,206

 
365

 
1,319,571

Other consumer
902,702

 
10,744

 
913,446

 
846,821

 
14,149

 
860,970

Total consumer loans
2,730,074

 
122,267

 
2,852,341

 
2,537,367

 
160,263

 
2,697,630

Total loans
$
23,069,609

 
$
6,629,599

 
$
29,699,208

 
$
20,845,383

 
$
4,190,086

 
$
25,035,469
Estimates of the Contractually Required Payments, the Cash Flows Expected to be Collected, and the Estimated Fair Value of Covered Loans in the Acquisition
The following table presents information regarding the estimates of the contractually required payments, the cash flows expected to be collected, and the estimated fair value of the PCI loans acquired in the Oritani acquisition as of December 1, 2019 (See Note 2 for more details):
 
 
December 1, 2019
 
 
(in thousands)
Contractually required principal and interest
 
$
4,017,103

Contractual cash flows not expected to be collected (non-accretable difference)
 
(36,084
)
Expected cash flows to be collected
 
3,981,019

Interest component of expected cash flows (accretable yield)
 
(600,178
)
Fair value of acquired loans
 
$
3,380,841
Changes in Accretable Yield for PCI Loans

The following table presents changes in the accretable yield for PCI loans for the years ended December 31, 2019 and 2018:
 
2019
 
2018
 
(in thousands)
Balance, beginning of period
$
875,958

 
$
282,009

Acquisition
600,178

 
559,907

Accretion
(214,415
)
 
(235,741
)
Net (decrease) increase in expected cash flows
(10,995
)
 
269,783

Balance, end of period
$
1,250,726

 
$
875,958
Changes in Amounts of Loans and Advances to the Related Parties
The following table summarizes the changes in the total amounts of loans and advances to the related parties during the year ended December 31, 2019: 
 
2019
 
(in thousands)
Outstanding at beginning of year
$
214,108

New loans and advances
13,172

Repayments
(33,999
)
Outstanding at end of year
$
193,281
Past Due, Non-Accrual and Current Loans by Loan Portfolio Class
The following tables present past due, non-accrual and current loans (excluding PCI loans, which are accounted for on a pool basis) by loan portfolio class at December 31, 2019 and 2018:
 
 
Past Due and Non-Accrual Loans
 
 
 
 
 
30-59 Days
Past Due
Loans
 
60-89 Days
Past Due
Loans
 
Accruing  Loans
90 Days Or More
Past Due
 
Non-Accrual
Loans
 
Total
Past Due
Loans
 
Current
Non-PCI
Loans
 
Total
Non-PCI
Loans
 
(in thousands)
December 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
$
11,700

 
$
2,227

 
$
3,986

 
$
68,636

 
$
86,549

 
$
4,057,434

 
$
4,143,983

Commercial real estate:
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial real estate
2,560

 
4,026

 
579

 
9,004

 
16,169

 
10,886,724

 
10,902,893

Construction
1,486

 
1,343

 
—

 
356

 
3,185

 
1,492,532

 
1,495,717

Total commercial real estate loans
4,046

 
5,369

 
579

 
9,360

 
19,354

 
12,379,256

 
12,398,610

Residential mortgage
17,143

 
4,192

 
2,042

 
12,858

 
36,235

 
3,760,707

 
3,796,942

Consumer loans:
 
 
 
 
 
 
 
 
 
 
 
 
 
Home equity
1,051

 
80

 
—

 
1,646

 
2,777

 
373,243

 
376,020

Automobile
11,482

 
1,581

 
681

 
334

 
14,078

 
1,437,274

 
1,451,352

Other consumer
1,171

 
866

 
30

 
224

 
2,291

 
900,411

 
902,702

Total consumer loans
13,704

 
2,527

 
711

 
2,204

 
19,146

 
2,710,928

 
2,730,074

Total
$
46,593

 
$
14,315

 
$
7,318

 
$
93,058

 
$
161,284

 
$
22,908,325

 
$
23,069,609

 
Past Due and Non-Accrual Loans
 
 
 
 
 
30-59 Days
Past Due
Loans
 
60-89 Days
Past Due
Loans
 
Accruing  Loans
90 Days Or More
Past Due
 
Non-Accrual
Loans
 
Total
Past Due
Loans
 
Current
Non-PCI
Loans
 
Total
Non-PCI
Loans
 
(in thousands)
December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
$
13,085

 
$
3,768

 
$
6,156

 
$
70,096

 
$
93,105

 
$
3,497,270

 
$
3,590,375

Commercial real estate:
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial real estate
9,521

 
530

 
27

 
2,372

 
12,450

 
9,899,859

 
9,912,309

Construction
2,829

 
—

 
—

 
356

 
3,185

 
1,119,163

 
1,122,348

Total commercial real estate loans
12,350

 
530

 
27

 
2,728

 
15,635

 
11,019,022

 
11,034,657

Residential mortgage
16,576

 
2,458

 
1,288

 
12,917

 
33,239

 
3,649,745

 
3,682,984

Consumer loans:
 
 
 
 
 
 
 
 
 
 
 
 
 
Home equity
872

 
40

 
—

 
2,156

 
3,068

 
368,272

 
371,340

Automobile
7,973

 
1,299

 
308

 
80

 
9,660

 
1,309,546

 
1,319,206

Other consumer
895

 
47

 
33

 
419

 
1,394

 
845,427

 
846,821

Total consumer loans
9,740

 
1,386

 
341

 
2,655

 
14,122

 
2,523,245

 
2,537,367

Total
$
51,751

 
$
8,142

 
$
7,812

 
$
88,396

 
$
156,101

 
$
20,689,282

 
$
20,845,383
Impaired Loans by Loan Portfolio Class
The following table presents information about impaired loans by loan portfolio class at December 31, 2019 and 2018:
 
Recorded
Investment
With No
Related
Allowance
 
Recorded
Investment
With
Related
Allowance
 
Total
Recorded
Investment
 
Unpaid
Contractual
Principal
Balance
 
Related
Allowance
 
(in thousands)
December 31, 2019
 
 
 
 
 
 
 
 
 
Commercial and industrial
$
14,617

 
$
86,243

 
$
100,860

 
$
114,875

 
$
36,662

Commercial real estate:
 
 
 
 
 
 
 
 
 
Commercial real estate
26,046

 
24,842

 
50,888

 
51,258

 
1,338

Construction
354

 
—

 
354

 
354

 
—

Total commercial real estate loans
26,400

 
24,842

 
51,242

 
51,612

 
1,338

Residential mortgage
5,836

 
4,853

 
10,689

 
11,800

 
518

Consumer loans:
 
 
 
 
 
 
 
 
 
Home equity
366

 
487

 
853

 
956

 
58

Total consumer loans
366

 
487

 
853

 
956

 
58

Total
$
47,219

 
$
116,425

 
$
163,644

 
$
179,243

 
$
38,576

December 31, 2018
 
 
 
 
 
 
 
 
 
Commercial and industrial
$
8,339

 
$
89,513

 
$
97,852

 
$
104,007

 
$
29,684

Commercial real estate:
 
 
 
 
 
 
 
 
 
Commercial real estate
16,732

 
25,606

 
42,338

 
44,337

 
2,615

Construction
803

 
457

 
1,260

 
1,260

 
13

Total commercial real estate loans
17,535

 
26,063

 
43,598

 
45,597

 
2,628

Residential mortgage
7,826

 
6,078

 
13,904

 
14,948

 
600

Consumer loans:
 
 
 
 
 
 
 
 
 
Home equity
125

 
1,146

 
1,271

 
1,366

 
113

Total consumer loans
125

 
1,146

 
1,271

 
1,366

 
113

Total
$
33,825

 
$
122,800

 
$
156,625

 
$
165,918

 
$
33,025
Average Recorded Investment and Interest Income Recognized on Impaired Loans
The following table presents, by loan portfolio class, the average recorded investment and interest income recognized on impaired loans for the years ended December 31, 2019, 2018 and 2017:
 
2019
 
2018
 
2017
 
Average
Recorded
Investment
 
Interest
Income
Recognized
 
Average
Recorded
Investment
 
Interest
Income
Recognized
 
Average
Recorded
Investment
 
Interest
Income
Recognized
 
(in thousands)
Commercial and industrial
$
120,376

 
$
1,849

 
$
108,071

 
$
1,822

 
$
80,974

 
$
1,459

Commercial real estate:
 
 
 
 
 
 
 
 
 
 
 
Commercial real estate
52,191

 
2,246

 
44,838

 
2,289

 
54,799

 
1,908

Construction
354

 
—

 
1,517

 
69

 
3,258

 
86

Total commercial real estate loans
52,545

 
2,246

 
46,355

 
2,358

 
58,057

 
1,994

Residential mortgage
12,081

 
390

 
15,384

 
506

 
15,451

 
760

Consumer loans:
 
 
 
 
 
 
 
 
 
 
 
Home equity
576

 
11

 
865

 
21

 
4,295

 
160

Total consumer loans
576

 
11

 
865

 
21

 
4,295

 
160

Total
$
185,578

 
$
4,496

 
$
170,675

 
$
4,707

 
$
158,777

 
$
4,373
Non-PCI Loans by Loan Class Modified as TDRs
The following table presents non-PCI loans by loan class modified as TDRs during the years ended December 31, 2019 and 2018. The pre-modification and post-modification outstanding recorded investments disclosed in the table below represent the loan carrying amounts immediately prior to the modification and the carrying amounts at December 31, 2019 and 2018, respectively.
Troubled Debt
Restructurings
 
Number of
 Contracts
 
Pre-Modification
Outstanding
Recorded Investment
 
Post-Modification
Outstanding
Recorded Investment
 
 
 
 
($ in thousands)
December 31, 2019
 
 
 
 
 
 
Commercial and industrial
 
111

 
$
77,781

 
$
73,503

Commercial real estate:
 
 
 
 
 
 
Commercial real estate
 
2

 
3,143

 
3,098

Total commercial real estate
 
2

 
3,143

 
3,098

Residential mortgage
 
2

 
376

 
374

Consumer
 
2

 
215

 
207

Total
 
117

 
$
81,515

 
$
77,182

December 31, 2018
 
 
 
 
 
 
Commercial and industrial
 
25

 
$
16,251

 
$
15,105

Commercial real estate:
 
 
 
 
 
 
Commercial real estate
 
8

 
5,643

 
6,600

Construction
 
1

 
532

 
356

Total commercial real estate
 
9

 
6,175

 
6,956

Residential mortgage
 
8

 
1,500

 
1,461

Consumer
 
2

 
99

 
101

Total
 
44

 
$
24,025

 
$
23,623


The non-PCI loans modified as TDRs within the previous 12 months and for which there was a payment default (90 or more days past due) for the years ended December 31, 2019 and 2018 were as follows:
 
Years Ended December 31,
 
2019
 
2018
Troubled Debt Restructurings Subsequently Defaulted
Number of
Contracts
 
Recorded
Investment
 
Number of
Contracts
 
Recorded
Investment
 
($ in thousands)
Commercial and industrial
43

 
$
31,782

 
10

 
$
8,829

Residential mortgage
1

 
154

 
3

 
490

Total
44

 
$
31,936

 
13

 
$
9,319
Risk Category of Loans by Class of Loans
The following table presents the credit exposure by internally assigned risk rating by class of loans (excluding PCI loans) based on the most recent analysis performed at December 31, 2019 and 2018. 
Credit exposure—
by internally assigned risk rating
 
 
 
Special
 
 
 
 
 
Total Non-PCI
 
Pass
 
Mention
 
Substandard
 
Doubtful
 
Loans
 
 
(in thousands)
December 31, 2019
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
 
$
3,982,453

 
$
33,718

 
$
66,511

 
$
61,301

 
$
4,143,983

Commercial real estate
 
10,781,587

 
77,884

 
42,560

 
862

 
10,902,893

Construction
 
1,487,877

 
7,486

 
354

 
—

 
1,495,717

Total
 
$
16,251,917

 
$
119,088

 
$
109,425

 
$
62,163

 
$
16,542,593

December 31, 2018
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
 
$
3,399,426

 
$
31,996

 
$
92,320

 
$
66,633

 
$
3,590,375

Commercial real estate
 
9,828,744

 
30,892

 
51,710

 
963

 
9,912,309

Construction
 
1,121,321

 
215

 
812

 
—

 
1,122,348

Total
 
$
14,349,491

 
$
63,103

 
$
144,842

 
$
67,596

 
$
14,625,032
Recorded Investment in Loan Classes Based on Payment Activity The following table presents the recorded investment in PCI loans by class based on individual loan payment activity as of December 31, 2019 and 2018: 
Credit exposure—
 
Performing
 
Non-Performing
 
Total
by payment activity
 
Loans
 
Loans
 
PCI Loans
 
 
(in thousands)
December 31, 2019
 
 
 
 
 
 
Commercial and industrial
 
$
653,997

 
$
28,017

 
$
682,014

Commercial real estate
 
5,065,388

 
28,460

 
5,093,848

Construction
 
148,692

 
2,609

 
151,301

Residential mortgage
 
571,006

 
9,163

 
580,169

Consumer
 
120,356

 
1,911

 
122,267

Total
 
$
6,559,439

 
$
70,160

 
$
6,629,599

December 31, 2018
 
 
 
 
 
 
Commercial and industrial
 
$
710,045

 
$
30,612

 
$
740,657

Commercial real estate
 
2,478,990

 
15,976

 
2,494,966

Construction
 
364,815

 
969

 
365,784

Residential mortgage
 
421,609

 
6,807

 
428,416

Consumer
 
158,502

 
1,761

 
160,263

Total
 
$
4,133,961

 
$
56,125

 
$
4,190,086


The following table presents the recorded investment in those loan classes based on payment activity as of December 31, 2019 and 2018:
Credit exposure—
by payment activity
 
Performing
Loans
 
Non-Performing
Loans
 
Total Non-PCI
Loans
 
 
(in thousands)
December 31, 2019
 
 
 
 
 
 
Residential mortgage
 
$
3,784,084

 
$
12,858

 
$
3,796,942

Home equity
 
374,374

 
1,646

 
376,020

Automobile
 
1,451,018

 
334

 
1,451,352

Other consumer
 
902,478

 
224

 
902,702

Total
 
$
6,511,954

 
$
15,062

 
$
6,527,016

December 31, 2018
 
 
 
 
 
 
Residential mortgage
 
$
3,670,067

 
$
12,917

 
$
3,682,984

Home equity
 
369,184

 
2,156

 
371,340

Automobile
 
1,319,126

 
80

 
1,319,206

Other consumer
 
846,402

 
419

 
846,821

Total
 
$
6,204,779

 
$
15,572

 
$
6,220,351