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Loans and Allowance for Credit Losses for Loans (Tables)

3 Months Ended

Mar. 31, 2020

The detail of the loan portfolio as of March 31, 2020 and December 31, 2019 was as follows:



	March 31, 2020		December 31, 2019
	(in thousands)
Loans:
Commercial and industrial	$	4,998,731	$	4,825,997
Commercial real estate:
Commercial real estate	16,390,236		15,996,741
Construction	1,727,046		1,647,018
Total commercial real estate loans	18,117,282		17,643,759
Residential mortgage	4,478,982		4,377,111
Consumer:
Home equity	481,751		487,272
Automobile	1,436,734		1,451,623
Other consumer	914,587		913,446
Total consumer loans	2,833,072		2,852,341
Total loans	$	30,428,067	$	29,699,208

Past Due, Non-Accrual and Current Loans by Loan Portfolio Class

The following table presents past due, current and non-accrual loans without an allowance of for credit losses by loan portfolio class (including PCD loans) at March 31, 2020.



	Past Due and Non-Accrual Loans
	30-59 Days or More Past Due Loans		60-89 Days or More Past Due Loans		90 Days or More Past Due Loans		Non-Accrual Loans		Total Past Due Loans		Current Loans		Total Loans		Non-Accrual Loans Without Allowance for Credit Losses
	(in thousands)
March 31, 2020
Commercial and industrial	$	9,780	$	7,624	$	4,049	$	132,622	$	154,075	$	4,844,656	$	4,998,731	$	17,149
Commercial real estate:
Commercial real estate	41,664		15,963		161		41,616		99,404		16,290,832		16,390,236		37,865
Construction	7,119		49		—		2,972		10,140		1,716,906		1,727,046		2,839
Total commercial real estate loans	48,783		16,012		161		44,588		109,544		18,007,738		18,117,282		40,704
Residential mortgage	38,965		9,307		1,798		24,625		74,695		4,404,287		4,478,982		9,834
Consumer loans:
Home equity	2,625		509		—		3,845		6,979		474,772		481,751		131
Automobile	13,447		1,756		626		250		16,079		1,420,655		1,436,734		—
Other consumer	3,436		44		466		—		3,946		910,641		914,587		—
Total consumer loans	19,508		2,309		1,092		4,095		27,004		2,806,068		2,833,072		131
Total	$	117,036	$	35,252	$	7,100	$	205,930	$	365,318	$	30,062,749	$	30,428,067	$	67,818

The following table presents past due, non-accrual and current loans by loan portfolio class at December 31, 2019. At December 31, 2019, purchased credit-impaired (PCI) loans were excluded from past due and non-accrual loans reported because they continued to earn interest income from the accretable yield at the pool level. The PCI loan pools are accounted for as PCD loans (on a loan level basis with a related allowance for credit losses) under the CECL standard adopted at January 1, 2020 and reported in the past due loans and non-accrual loans in the tables above at March 31, 2020.



	Past Due and Non-Accrual Loans
	30-59 Days Past Due Loans		60-89 Days or More Past Due Loans		90 Days or More Past Due Loans		Non-Accrual Loans		Total Past Due Loans		Current Non-PCI Loans		PCI Loans
	(in thousands)
December 31, 2019
Commercial and industrial	$	11,700	$	2,227	$	3,986	$	68,636	$	86,549	$	4,057,434	$	682,014
Commercial real estate:
Commercial real estate	2,560		4,026		579		9,004		16,169		10,886,724		5,093,848
Construction	1,486		1,343		—		356		3,185		1,492,532		151,301
Total commercial real estate loans	4,046		5,369		579		9,360		19,354		12,379,256		5,245,149
Residential mortgage	17,143		4,192		2,042		12,858		36,235		3,760,707		580,169
Consumer loans:
Home equity	1,051		80		—		1,646		2,777		373,243		111,252
Automobile	11,482		1,581		681		334		14,078		1,437,274		271
Other consumer	1,171		866		30		224		2,291		900,411		10,744
Total consumer loans	13,704		2,527		711		2,204		19,146		2,710,928		122,267
Total	$	46,593	$	14,315	$	7,318	$	93,058	$	161,284	$	22,908,325	$	6,629,599

Risk Category of Loans

The following table presents the internal loan classification risk by loan portfolio class by origination year (including PCD loans) based on the most recent analysis performed at March 31, 2020:



	Term Loans
	Amortized Cost Basis by Origination Year
March 31, 2020	2020		2019		2018		2017		2016		Prior to 2016		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans		Total
	(in thousands)
Commercial and industrial
Risk Rating:
Pass	$	251,561	$	800,674	$	677,111	$	331,265	$	220,022	$	490,587	$	1,955,270	$	515	$	4,727,005
Special Mention	—		11,167		1,614		11,201		11,587		15,016		59,157		102		109,844
Substandard	3,320		10,870		3,325		1,786		4,832		6,252		18,684		87		49,156
Doubtful	—		5,219		705		17,953		2,637		86,212		—		—		112,726
Total commercial and industrial	$	254,881	$	827,930	$	682,755	$	362,205	$	239,078	$	598,067	$	2,033,111	$	704	$	4,998,731
Commercial real estate
Risk Rating:
Pass	$	1,037,404	$	3,269,940	$	2,611,108	$	2,133,369	$	2,041,513	$	4,794,614	$	217,403	$	12,237	$	16,117,588
Special Mention	872		22,694		1,748		25,324		23,603		75,769		3,250		—		153,260
Substandard	3,855		4,909		12,473		12,288		10,947		73,855		—		—		118,327
Doubtful	—		—		—		838		—		223		—		—		1,061
Total commercial real estate	$	1,042,131	$	3,297,543	$	2,625,329	$	2,171,819	$	2,076,063	$	4,944,461	$	220,653	$	12,237	$	16,390,236
Construction
Risk Rating:
Pass	$	49,866	$	157,375	$	179,300	$	52,820	$	66,550	$	57,236	$	1,144,877	$	—	$	1,708,024
Special Mention	—		—		—		—		7,740		96		—		—		7,836
Substandard	—		42		—		8,359		2,422		363		—		—		11,186
Total construction	$	49,866	$	157,417	$	179,300	$	61,179	$	76,712	$	57,695	$	1,144,877	$	—	$	1,727,046

The following table presents the amortized cost in those loan classes (including PCD loans) based on payment activity by origination year as of March 31, 2020.



	Term Loans
	Amortized Cost Basis by Origination Year
March 31, 2020	2020		2019		2018		2017		2016		Prior to 2016		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans		Total
	(in thousands)
Residential mortgage
Performing	$	233,209	$	877,519	$	942,127	$	752,209	$	450,980	$	1,160,244	$	46,312	$	—	$	4,462,600
90 days or more past due	—		519		201		2,612		3,908		9,142		—		—		16,382
Total residential mortgage	$	233,209	$	878,038	$	942,328	$	754,821	$	454,888	$	1,169,386	$	46,312	$	—	$	4,478,982
Consumer loans
Home equity
Performing	$	1,017	$	1,851	$	3,621	$	9,999	$	2,492	$	21,668	$	384,208	$	55,710	$	480,566
90 days or more past due	—		—		—		—		—		72		297		816		1,185
Total home equity	1,017		1,851		3,621		9,999		2,492		21,740		384,505		56,526		481,751
Automobile
Performing	120,779		556,072		363,005		220,424		86,715		88,776		—		—		1,435,771
90 days or more past due	—		170		320		275		79		119		—		—		963
Total automobile	120,779		556,242		363,325		220,699		86,794		88,895		—		—		1,436,734
Other Consumer
Performing	7,549		6,845		14,415		1,332		1,382		3,663		878,495		—		913,681
90 days or more past due	—		—		—		—		—		—		906		—		906
Total other consumer	7,549		6,845		14,415		1,332		1,382		3,663		879,401		—		914,587
Total Consumer	$	129,345	$	564,938	$	381,361	$	232,030	$	90,668	$	114,298	$	1,263,906	$	56,526	$	2,833,072

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:



Credit exposure— by internally assigned risk rating			Special						Total Non-PCI
Credit exposure— by internally assigned risk rating	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

Schedule Of Recorded Investment In Loan Classes Based On Payment Activity

The following table summarizes information pertaining to loans that were identified as PCI loans by class based on individual loan payment activity as of December 31, 2019:



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

The following table presents the recorded investment in those loan classes based on payment activity as of December 31, 2019:



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

Pre-Modification and Post-Modification Outstanding Recorded Investments and Non-PCI Loans that Subsequently Defaulted

The following table presents the pre- and post-modification amortized cost of loans by loan class modified as TDRs (excluding PCI loans prior to the adoption of ASU 2016-13) during the three months ended March 31, 2020 and 2019. Post-modification amounts are presented as of March 31, 2020 and 2019.



	Three Months Ended March 31,
	2020					2019
Troubled Debt Restructurings	Number of Contracts	Pre-Modification Amortized Carrying Amount		Post-Modification Amortized Carrying Amount		Number of Contracts	Pre-Modification Amortized Carrying Amount		Post-Modification Amortized Carrying Amount
	($ in thousands)
Commercial and industrial	16	$	13,144	$	12,630	36	$	23,553	$	23,241
Commercial real estate:
Commercial real estate	1	3,863		3,855		1	1,597		1,597
Total commercial real estate	1	3,863		3,855		1	1,597		1,597
Total	17	$	17,007	$	16,485	37	$	25,150	$	24,838

Loans modified as TDRs (excluding PCI loan modifications prior to the adoption of ASU 2016-13) within the previous 12 months and for which there was a payment default (90 or more days past due) for the three months ended March 31, 2020 and 2019 were as follows:



	Three Months Ended March 31,
	2020			2019
Troubled Debt Restructurings Subsequently Defaulted	Number of Contracts	Amortized Cost		Number of Contracts	Recorded Investment
	($ in thousands)
Commercial and industrial	—	$	—	10	$	8,626
Residential mortgage	1	154		5	702
Consumer	—	—		1	18
Total	1	$	154	16	$	9,346

Summary of Allowance for Credit Losses

The following table summarizes the allowance for credit losses for loans at March 31, 2020 and December 31, 2019:



	March 31, 2020		December 31, 2019
	(in thousands)
Components of allowance for credit losses for loans:
Allowance for loan losses	$	283,342	$	161,759
Allowance for unfunded credit commitments	10,019		2,845
Total allowance for credit losses for loans	$	293,361	$	164,604

Summary of Provision for Credit Losses

The following table summarizes the provision for credit losses for loans for the periods indicated:



	Three Months Ended March 31,
	2020		2019
	(in thousands)
Components of provision for credit losses for loans:
Provision for loan losses	$	33,851	$	7,856
Provision for unfunded credit commitments	73		144
Total provision for credit losses for loans	$	33,924	$	8,000

Summary of Collateral Dependent Loans

The following table presents collateral dependent loans by class as of March 31, 2020:



	March 31, 2020
	(in thousands)
Commercial and industrial	$	118,988
Commercial real estate:
Commercial real estate	49,225
Construction	2,839
Total commercial real estate loans	52,064
Residential mortgage	9,941
Home equity	1,013
Total	$	182,006

Summary of Activity in Allowance for Loan Losses

The following table details the activity in the allowance for loan losses by loan portfolio segment for three months ended March 31, 2020 and 2019:



	Commercial and Industrial			Commercial Real Estate			Residential Mortgage			Consumer			Total
	(in thousands)
Three Months Ended March 31, 2020
Allowance for loan losses:
Beginning balance	$	104,059		$	45,673		$	5,060		$	6,967		$	161,759
Impact of ASU 2016-13 adoption*	15,169			49,797			20,575			6,990			92,531
Loans charged-off	(3,360		)	(44		)	(336		)	(2,565		)	(6,305		)
Charged-off loans recovered	569			93			50			794			1,506
Net (charge-offs) recoveries	(2,791		)	49			(286		)	(1,771		)	(4,799		)
Provision for loan losses	11,000			16,066			4,107			2,678			33,851
Ending balance	$	127,437		$	111,585		$	29,456		$	14,864		$	283,342
Three Months Ended March 31, 2019
Allowance for losses:
Beginning balance	$	90,956		$	49,650		$	5,041		$	6,212		$	151,859
Loans charged-off	(4,282		)	—			(2,028		)	(15		)	(6,325		)
Charged-off loans recovered	483			21			1			486			991
Net (charge-offs) recoveries	(3,799		)	21			(2,027		)	471			(5,334		)
Provision for loan losses	7,473			(1,909		)	2,125			167			7,856
Ending balance	$	94,630		$	47,762		$	5,139		$	6,850		$	154,381


*	Includes a $61.6 million reclassification adjustment representing the estimated expected credit losses for PCD loans.

Summary of Allocation of Allowance for Loan Losses and Related Loans by Loan Portfolio Segment Disaggregated Based on Allowance Measurement Methodology

The following table represents the allocation of the allowance for loan losses and the related loans by loan portfolio segment disaggregated based on the allowance measurement methodology at March 31, 2020 and December 31, 2019.



	Commercial and Industrial		Commercial Real Estate		Residential Mortgage		Consumer		Total
	(in thousands)
March 31, 2020
Allowance for loan losses:
Individually evaluated for credit losses	$	58,209	$	1,383	$	427	$	413	$	60,432
Collectively evaluated for credit losses	69,228		110,202		29,029		14,451		222,910
Total	$	127,437	$	111,585	$	29,456	$	14,864	$	283,342
Loans:
Individually evaluated for credit losses	$	127,776	$	76,239	$	16,798	$	3,315	$	224,128
Collectively evaluated for credit losses	4,870,955		18,041,043		4,462,184		2,829,757		30,203,939
Total	$	4,998,731	$	18,117,282	$	4,478,982	$	2,833,072	$	30,428,067
December 31, 2019
Allowance for loan losses:
Individually evaluated for credit losses	$	36,662	$	1,338	$	518	$	58	$	38,576
Collectively evaluated for credit losses	67,397		44,335		4,542		6,909		123,183
Total	$	104,059	$	45,673	$	5,060	$	6,967	$	161,759
Loans:
Individually evaluated for credit losses	$	100,860	$	51,242	$	10,689	$	853	$	163,644
Collectively evaluated for credit losses	4,043,123		12,347,368		3,786,253		2,729,221		22,905,965
Loans acquired with discounts related to credit quality	682,014		5,245,149		580,169		122,267		6,629,599
Total	$	4,825,997	$	17,643,759	$	4,377,111	$	2,852,341	$	29,699,208

Schedule of Impaired Loans by Portfolio Class

The following table presents information about impaired loans by loan portfolio class at December 31, 2019:



	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

Schedule Of Accretable Yield For PCI Loans

The table below includes disclosure requirements prior to the adoption of ASU No. 2016-13 on January 1, 2020, and presents the changes in the accretable yield for PCI loans during the three months ended March 31, 2019:



	Three Months Ended March 31, 2019
	(in thousands)
Balance, beginning of period	$	875,958
Accretion	(53,492		)
Net increase in expected cash flows	68,305
Balance, end of period	$	890,771