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Loans and Allowance for Credit Losses for Loans (Tables)

9 Months Ended

Sep. 30, 2020

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


	September 30, 2020		December 31, 2019
	(in thousands)
Loans:
Commercial and industrial *	$	6,903,345	$	4,825,997
Commercial real estate:
Commercial real estate	16,815,587		15,996,741
Construction	1,720,775		1,647,018
Total commercial real estate loans	18,536,362		17,643,759
Residential mortgage	4,284,595		4,377,111
Consumer:
Home equity	457,083		487,272
Automobile	1,341,659		1,451,623
Other consumer	892,542		913,446
Total consumer loans	2,691,284		2,852,341
Total loans	$	32,415,586	$	29,699,208

*Includes $2.3 billion of loans originated under the Paycheck Protection Program (PPP), net of unearned fees totaling $54.4 million at September 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 September 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)
September 30, 2020
Commercial and industrial	$	6,587	$	3,954	$	6,759	$	115,667	$	132,967	$	6,770,378	$	6,903,345	$	16,812
Commercial real estate:
Commercial real estate	26,038		610		1,538		41,627		69,813		16,745,774		16,815,587		35,798
Construction	142		—		—		2,497		2,639		1,718,136		1,720,775		2,405
Total commercial real estate loans	26,180		610		1,538		44,124		72,452		18,463,910		18,536,362		38,203
Residential mortgage	22,528		3,760		891		23,877		51,056		4,233,539		4,284,595		12,356
Consumer loans:
Home equity	1,281		299		—		6,969		8,549		448,534		457,083		70
Automobile	4,797		808		538		472		6,615		1,335,044		1,341,659		—
Other consumer	2,901		245		215		—		3,361		889,181		892,542		—
Total consumer loans	8,979		1,352		753		7,441		18,525		2,672,759		2,691,284		70
Total	$	64,274	$	9,676	$	9,941	$	191,109	$	275,000	$	32,140,586	$	32,415,586	$	67,441

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 September 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 September 30, 2020:


	Term Loans
	Amortized Cost Basis by Origination Year
September 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	$	2,656,655	$	609,142	$	523,833	$	246,684	$	185,298	$	804,896	$	1,613,011	$	417	$	6,639,936
Special Mention	724		10,634		11,786		10,236		11,310		14,895		44,412		68		104,065
Substandard	5,411		3,181		2,780		1,789		4,095		26,720		18,092		24		62,092
Doubtful	—		5,207		7		17,162		2,632		72,244		—		—		97,252

Total commercial and industrial	$	2,662,790	$	628,164	$	538,406	$	275,871	$	203,335	$	918,755	$	1,675,515	$	509	$	6,903,345
Commercial real estate
Risk Rating:
Pass	$	2,456,797	$	3,236,056	$	2,360,488	$	1,993,600	$	1,929,677	$	4,281,267	$	189,008	$	15,626	$	16,462,519
Special Mention	23,864		—		26,028		7,197		42,882		86,098		3,481		—		189,550
Substandard	17,539		9,450		24,168		22,014		10,329		78,322		—		—		161,822
Doubtful	—		—		—		787		—		909		—		—		1,696

Total commercial real estate	$	2,498,200	$	3,245,506	$	2,410,684	$	2,023,598	$	1,982,888	$	4,446,596	$	192,489	$	15,626	$	16,815,587
Construction
Risk Rating:
Pass	$	105,422	$	157,407	$	123,416	$	16,196	$	47,202	$	60,663	$	1,162,297	$	—	$	1,672,603
Special Mention	—		—		—		—		10,058		—		32,407		—		42,465
Substandard	—		31		246		2,628		2,422		380		—		—		5,707

Total construction	$	105,422	$	157,438	$	123,662	$	18,824	$	59,682	$	61,043	$	1,194,704	$	—	$	1,720,775

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


	Term Loans
	Amortized Cost Basis by Origination Year
September 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	$	560,875	$	807,219	$	778,367	$	645,289	$	407,412	$	1,019,903	$	52,783	$	—	$	4,271,848
90 days or more past due	—		1,459		2,947		2,849		3,895		1,597		—		—		12,747
Total residential mortgage	$	560,875	$	808,678	$	781,314	$	648,138	$	411,307	$	1,021,500	$	52,783	$	—	$	4,284,595
Consumer loans
Home equity
Performing	$	6,436	$	12,015	$	13,310	$	10,178	$	6,505	$	17,626	$	336,434	$	52,986	$	455,490
90 days or more past due	—		—		—		—		25		111		617		840		1,593
Total home equity	6,436		12,015		13,310		10,178		6,530		17,737		337,051		53,826		457,083
Automobile
Performing	292,584		479,860		303,799		175,359		62,193		26,843		—		—		1,340,638
90 days or more past due	40		304		270		246		16		145		—		—		1,021
Total automobile	292,624		480,164		304,069		175,605		62,209		26,988		—		—		1,341,659
Other Consumer
Performing	5,061		5,751		11,529		1,254		1,093		6,387		860,895		—		891,970
90 days or more past due	—		—		8		—		—		20		136		408		572
Total other consumer	5,061		5,751		11,537		1,254		1,093		6,407		861,031		408		892,542
Total Consumer	$	304,121	$	497,930	$	328,916	$	187,037	$	69,832	$	51,132	$	1,198,082	$	54,234	$	2,691,284

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
	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

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


	Three Months Ended September 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	28	$	31,237	$	30,938	53	$	42,902	$	41,772

Commercial real estate	2	4,249		4,240		1	75		75


Residential mortgage	1	247		247		—	—		—
Consumer	1	72		72		1	19		19
Total	32	$	35,805	$	35,497	55	$	42,996	$	41,866


	Nine Months Ended September 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	33	$	40,537	$	38,204	104	$	78,601	$	72,183

Commercial real estate	4	8,996		9,000		3	4,740		4,699


Residential mortgage	1	247		247		1	155		154
Consumer	1	72		72		1	19		19
Total	39	$	49,852	$	47,523	109	$	83,515	$	77,055

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 nine months ended September 30, 2020 and 2019 were as follows:


	Three Months Ended September 30,
	2020			2019
Troubled Debt Restructurings Subsequently Defaulted	Number of Contracts	Amortized Cost		Number of Contracts	Recorded Investment
	($ in thousands)
Commercial and industrial	30	$	17,496	1	$	604

Residential mortgage	—	—		1	154

Total	30	$	17,496	2	$	758


	Nine Months Ended September 30,
	2020			2019
Troubled Debt Restructurings Subsequently Defaulted	Number of Contracts	Amortized Cost		Number of Contracts	Recorded Investment
	($ in thousands)
Commercial and industrial	35	$	20,099	19	$	12,235
Commercial real estate	—	—		1	283
Residential mortgage	—	—		3	369
Consumer	1	18		1	18
Total	36	$	20,117	24	$	12,905

Summary of Allowance for Credit Losses

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


	September 30, 2020		December 31, 2019
	(in thousands)
Components of allowance for credit losses for loans:
Allowance for loan losses	$	325,032	$	161,759
Allowance for unfunded credit commitments	10,296		2,845
Total allowance for credit losses for loans	$	335,328	$	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 September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(in thousands)
Components of provision for credit losses for loans:
Provision for loan losses	$	30,833	$	8,757	$	105,709	$	20,319
Provision for unfunded credit commitments	187		(57)		350		(1,519)
Total provision for credit losses for loans	$	31,020	$	8,700	$	106,059	$	18,800

Summary of Collateral Dependent Loans

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


	September 30, 2020
	(in thousands)

Commercial and industrial	$	115,877
Commercial real estate:
Commercial real estate	44,638
Construction	2,405
Total commercial real estate loans	47,043
Residential mortgage	28,856
Home equity	88
Total	$	191,864

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 the three and nine months ended September 30, 2020 and 2019:


	Commercial and Industrial		Commercial Real Estate		Residential Mortgage		Consumer		Total
	(in thousands)
Three Months Ended September 30, 2020
Allowance for loan losses:
Beginning balance	$	132,039	$	131,702	$	29,630	$	16,243	$	309,614
Loans charged-off	(13,965)		(695)		(7)		(2,458)		(17,125)
Charged-off loans recovered	428		100		31		1,151		1,710
Net (charge-offs) recoveries	(13,537)		(595)		24		(1,307)		(15,415)
Provision for loan losses	11,907		13,543		(1,040)		6,423		30,833
Ending balance	$	130,409	$	144,650	$	28,614	$	21,359	$	325,032
Three Months Ended September 30, 2019
Allowance for losses:
Beginning balance	$	94,384	$	48,978	$	5,219	$	6,524	$	155,105
Loans charged-off	(527)		(158)		(111)		(2,191)		(2,987)
Charged-off loans recovered	330		28		3		617		978
Net charge-offs	(197)		(130)		(108)		(1,574)		(2,009)
Provision for loan losses	6,815		(77)		191		1,828		8,757
Ending balance	$	101,002	$	48,771	$	5,302	$	6,778	$	161,853


	Commercial and Industrial		Commercial Real Estate		Residential Mortgage		Consumer		Total
	(in thousands)
Nine Months Ended September 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	(31,349)		(766)		(348)		(7,624)		(40,087)
Charged-off loans recovered	1,796		244		626		2,454		5,120
Net (charge-offs) recoveries	(29,553)		(522)		278		(5,170)		(34,967)
Provision for loan losses	40,734		49,702		2,701		12,572		105,709
Ending balance	$	130,409	$	144,650	$	28,614	$	21,359	$	325,032
Nine Months Ended September 30, 2019
Allowance for losses:
Beginning balance	$	90,956	$	49,650	$	5,041	$	6,212	$	151,859
Loans charged-off	(7,882)		(158)		(126)		(5,971)		(14,137)
Charged-off loans recovered	2,008		71		13		1,720		3,812
Net charge-offs	(5,874)		(87)		(113)		(4,251)		(10,325)
Provision for loan losses	15,920		(792)		374		4,817		20,319
Ending balance	$	101,002	$	48,771	$	5,302	$	6,778	$	161,853

* Includes a $61.6 million increase representing the estimated expected credit losses for PCD loans as a result of the adoption of CECL on January 1, 2020.

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 September 30, 2020 and December 31, 2019.


	Commercial and Industrial		Commercial Real Estate		Residential Mortgage		Consumer		Total
	(in thousands)
September 30, 2020
Allowance for loan losses:
Individually evaluated for credit losses	$	66,444	$	2,058	$	830	$	1,232	$	70,564
Collectively evaluated for credit losses	63,965		142,592		27,784		20,127		254,468

Total	$	130,409	$	144,650	$	28,614	$	21,359	$	325,032
Loans:
Individually evaluated for credit losses	$	136,696	$	70,145	$	35,551	$	4,019	$	246,411
Collectively evaluated for credit losses	6,766,649		18,466,217		4,249,044		2,687,265		32,169,175
Total	$	6,903,345	$	18,536,362	$	4,284,595	$	2,691,284	$	32,415,586
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 nine months ended September 30, 2019:


	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
	(in thousands)
Balance, beginning of period	$	853,887	$	875,958

Accretion	(47,475)		(155,981)
Net (decrease) increase in expected cash flows	(58,268)		28,167

Balance, end of period	$	748,144	$	748,144