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Loans and Allowance for Credit Losses for Loans (Tables)

6 Months Ended

Jun. 30, 2020

The detail of the loan portfolio as of June 30, 2020 and December 31, 2019 was as follows:



	June 30, 2020		December 31, 2019
	(in thousands)
Loans:
Commercial and industrial *	$	6,884,689	$	4,825,997
Commercial real estate:
Commercial real estate	16,571,877		15,996,741
Construction	1,721,352		1,647,018
Total commercial real estate loans	18,293,229		17,643,759
Residential mortgage	4,405,147		4,377,111
Consumer:
Home equity	471,115		487,272
Automobile	1,369,489		1,451,623
Other consumer	890,942		913,446
Total consumer loans	2,731,546		2,852,341
Total loans	$	32,314,611	$	29,699,208

Includes $2.2 billion of loans originated under the SBA Paycheck Protection Program (PPP), net of unearned fees totaling $62.1 million at June 30, 2020.

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 for credit losses by loan portfolio class (including PCD loans) at June 30, 2020.



	Past Due and Non-Accrual Loans
	30-59 Days Past Due Loans		60-89 Days 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)
June 30, 2020
Commercial and industrial	$	6,206	$	4,178	$	5,220	$	130,876	$	146,480	$	6,738,209	$	6,884,689	$	13,501
Commercial real estate:
Commercial real estate	13,912		1,543		—		43,678		59,133		16,512,744		16,571,877		40,476
Construction	—		—		—		3,308		3,308		1,718,044		1,721,352		2,830
Total commercial real estate loans	13,912		1,543		—		46,986		62,441		18,230,788		18,293,229		43,306
Residential mortgage	35,263		4,169		3,812		25,776		69,020		4,336,127		4,405,147		13,717
Consumer loans:
Home equity	3,236		864		363		5,326		9,789		461,326		471,115		145
Automobile	8,254		2,171		1,173		1,621		13,219		1,356,270		1,369,489		—
Other consumer	1,472		751		546		—		2,769		888,173		890,942		—
Total consumer loans	12,962		3,786		2,082		6,947		25,777		2,705,769		2,731,546		145
Total	$	68,343	$	13,676	$	11,114	$	210,585	$	303,718	$	32,010,893	$	32,314,611	$	70,669

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 June 30, 2020.



	Past Due and Non-Accrual Loans
	30-59 Days Past Due Loans		60-89 Days 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 June 30, 2020:



	Term Loans
	Amortized Cost Basis by Origination Year
June 30, 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	$	2,680,515	$	697,134	$	644,080	$	306,259	$	169,439	$	422,608	$	1,705,273	$	466	$	6,625,774
Special Mention	77		9,522		1,408		10,669		11,138		15,595		45,635		88		94,132
Substandard	5,963		7,356		1,269		2,155		3,331		13,704		13,040		57		46,875
Doubtful	—		1,340		—		17,577		—		97,769		1,222		—		117,908
Total commercial and industrial	$	2,686,555	$	715,352	$	646,757	$	336,660	$	183,908	$	549,676	$	1,765,170	$	611	$	6,884,689
Commercial real estate
Risk Rating:
Pass	$	1,589,407	$	3,175,366	$	2,480,315	$	2,059,141	$	1,957,684	$	4,775,400	$	198,836	$	12,031	$	16,248,180
Special Mention	—		18,913		31,799		18,620		32,853		73,609		3,496		—		179,290
Substandard	4,783		100		10,855		18,186		5,636		102,424		—		—		141,984
Doubtful	—		—		—		811		—		1,612		—		—		2,423
Total commercial real estate	$	1,594,190	$	3,194,379	$	2,522,969	$	2,096,758	$	1,996,173	$	4,953,045	$	202,332	$	12,031	$	16,571,877
Construction
Risk Rating:
Pass	$	43,118	$	135,181	$	160,452	$	28,928	$	49,000	$	99,014	$	1,186,010	$	—	$	1,701,703
Special Mention	—		—		—		—		9,774		435		6,114		—		16,323
Substandard	—		—		—		—		2,405		921		—		—		3,326
Total construction	$	43,118	$	135,181	$	160,452	$	28,928	$	61,179	$	100,370	$	1,192,124	$	—	$	1,721,352

The following table presents the amortized cost in those loan classes (including PCD loans) based on payment activity by origination year as of June 30, 2020.



	Term Loans
	Amortized Cost Basis by Origination Year
June 30, 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	$	414,014	$	827,300	$	851,792	$	701,366	$	426,897	$	1,097,287	$	73,757	$	—	$	4,392,413
90 days or more past due	—		1,316		2,973		3,880		4,565		—		—		—		12,734
Total residential mortgage	$	414,014	$	828,616	$	854,765	$	705,246	$	431,462	$	1,097,287	$	73,757	$	—	$	4,405,147
Consumer loans
Home equity
Performing	$	3,816	$	12,678	$	15,090	$	11,387	$	6,941	$	18,823	$	347,142	$	53,086	$	468,963
90 days or more past due	—		—		—		—		25		321		1,046		760		2,152
Total home equity	3,816		12,678		15,090		11,387		6,966		19,144		348,188		53,846		471,115
Automobile
Performing	184,095		524,849		338,665		200,947		75,553		42,550		—		—		1,366,659
90 days or more past due	49		921		824		620		197		219		—		—		2,830
Total automobile	184,144		525,770		339,489		201,567		75,750		42,769		—		—		1,369,489
Other Consumer
Performing	910		6,286		13,232		1,306		1,723		12,179		854,340		408		890,384
90 days or more past due	—		15		—		—		—		4		539		—		558
Total other consumer	910		6,301		13,232		1,306		1,723		12,183		854,879		408		890,942
Total Consumer	$	188,870	$	544,749	$	367,811	$	214,260	$	84,439	$	74,096	$	1,203,067	$	54,254	$	2,731,546

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 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

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— by payment activity	Performing Loans		Non-Performing Loans		Total Non-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

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

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 and six months ended June 30, 2020 and 2019 were as follows:



	Three Months Ended June 30,
	2020			2019
Troubled Debt Restructurings Subsequently Defaulted	Number of Contracts	Amortized Cost		Number of Contracts	Recorded Investment
	($ in thousands)
Commercial and industrial	20	$	14,986	18	$	12,322
Commercial real estate	—	—		1	383
Residential mortgage	1	220		—	—
Consumer	2	204		—	—
Total	23	$	15,410	19	$	12,705



	Six Months Ended June 30,
	2020			2019
Troubled Debt Restructurings Subsequently Defaulted	Number of Contracts	Amortized Cost		Number of Contracts	Recorded Investment
	($ in thousands)
Commercial and industrial	20	$	14,986	18	$	12,322
Commercial real estate	—	—		1	383
Residential mortgage	1	220		2	215
Consumer	2	204		1	18
Total	23	$	15,410	22	$	12,938

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 and six months ended June 30, 2020 and 2019. Post-modification amounts are presented as of June 30, 2020 and 2019.



	Three Months Ended June 30,
	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	4	$	9,052	$	7,047	17	$	14,663	$	14,187
Commercial real estate:
Commercial real estate	1	885		900		1	3,067		3,067
Construction	2	435		218		—	—		—
Total commercial real estate	3	1,320		1,118		1	3,067		3,067
Residential mortgage	—	—		—		1	155		155
Total	7	$	10,372	$	8,165	19	$	17,885	$	17,409



	Six Months Ended June 30,
	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	20	$	22,196	$	19,674	53	$	38,216	$	37,248
Commercial real estate:
Commercial real estate	2	4,748		4,762		2	4,665		4,665
Construction	2	435		218		—	—		—
Total commercial real estate	4	5,183		4,980		2	4,665		4,665
Residential mortgage	—	—		—		1	155		155
Total	24	$	27,379	$	24,654	56	$	43,036	$	42,068

Summary of Allowance for Credit Losses

The following table summarizes the allowance for credit losses for loans at June 30, 2020 and December 31, 2019:



	June 30, 2020		December 31, 2019
	(in thousands)
Components of allowance for credit losses for loans:
Allowance for loan losses	$	309,614	$	161,759
Allowance for unfunded credit commitments	10,109		2,845
Total allowance for credit losses for loans	$	319,723	$	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 June 30,					Six Months Ended June 30,
	2020		2019			2020		2019
	(in thousands)
Components of provision for credit losses for loans:
Provision for loan losses	$	41,025	$	3,706		$	74,876	$	11,562
Provision for unfunded credit commitments	90		(1,606		)	163		(1,462		)
Total provision for credit losses for loans	$	41,115	$	2,100		$	75,039	$	10,100

Summary of Collateral Dependent Loans

The following table presents collateral dependent loans by class as of June 30, 2020:



	June 30, 2020
	(in thousands)
Commercial and industrial	$	124,323
Commercial real estate:
Commercial real estate	51,386
Construction	2,830
Total commercial real estate loans	54,216
Residential mortgage	15,581
Home equity	276
Total	$	194,396

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 and six months ended June 30, 2020 and 2019:



	Commercial and Industrial			Commercial Real Estate			Residential Mortgage			Consumer			Total
	(in thousands)
Three Months Ended June 30, 2020
Allowance for loan losses:
Beginning balance	$	127,437		$	111,585		$	29,456		$	14,864		$	283,342
Loans charged-off	(14,024		)	(27		)	(5		)	(2,601		)	(16,657		)
Charged-off loans recovered	799			51			545			509			1,904
Net (charge-offs) recoveries	(13,225		)	24			540			(2,092		)	(14,753		)
Provision for loan losses	17,827			20,093			(366		)	3,471			41,025
Ending balance	$	132,039		$	131,702		$	29,630		$	16,243		$	309,614
Three Months Ended June 30, 2019
Allowance for losses:
Beginning balance	$	94,630		$	47,762		$	5,139		$	6,850		$	154,381
Loans charged-off	(3,073		)	—			—			(1,752		)	(4,825		)
Charged-off loans recovered	1,195			22			9			617			1,843
Net (charge-offs) recoveries	(1,878		)	22			9			(1,135		)	(2,982		)
Provision for loan losses	1,632			1,194			71			809			3,706
Ending balance	$	94,384		$	48,978		$	5,219		$	6,524		$	155,105



	Commercial and Industrial			Commercial Real Estate			Residential Mortgage			Consumer			Total
	(in thousands)
Six Months Ended June 30, 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	(17,384		)	(71		)	(341		)	(5,166		)	(22,962		)
Charged-off loans recovered	1,368			144			595			1,303			3,410
Net (charge-offs) recoveries	(16,016		)	73			254			(3,863		)	(19,552		)
Provision for loan losses	28,827			36,159			3,741			6,149			74,876
Ending balance	$	132,039		$	131,702		$	29,630		$	16,243		$	309,614
Six Months Ended June 30, 2019
Allowance for losses:
Beginning balance	$	90,956		$	49,650		$	5,041		$	6,212		$	151,859
Loans charged-off	(7,355		)	—			(15		)	(3,780		)	(11,150		)
Charged-off loans recovered	1,678			43			10			1,103			2,834
Net (charge-offs) recoveries	(5,677		)	43			(5		)	(2,677		)	(8,316		)
Provision for loan losses	9,105			(715		)	183			2,989			11,562
Ending balance	$	94,384		$	48,978		$	5,219		$	6,524		$	155,105


*	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 June 30, 2020 and December 31, 2019.



	Commercial and Industrial		Commercial Real Estate		Residential Mortgage		Consumer		Total
	(in thousands)
June 30, 2020
Allowance for loan losses:
Individually evaluated for credit losses	$	69,333	$	1,237	$	430	$	498	$	71,498
Collectively evaluated for credit losses	62,706		130,465		29,200		15,745		238,116
Total	$	132,039	$	131,702	$	29,630	$	16,243	$	309,614
Loans:
Individually evaluated for credit losses	$	138,120	$	77,914	$	22,148	$	3,096	$	241,278
Collectively evaluated for credit losses	6,746,569		18,215,315		4,382,999		2,728,450		32,073,333
Total	$	6,884,689	$	18,293,229	$	4,405,147	$	2,731,546	$	32,314,611
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 and six months ended June 30, 2019:



	Three Months Ended June 30, 2019			Six Months Ended June 30, 2019
	(in thousands)
Balance, beginning of period	$	890,771		$	875,958
Accretion	(55,014		)	(108,506		)
Net increase in expected cash flows	18,130			86,435
Balance, end of period	$	853,887		$	853,887