Loans and Allowance for Credit Losses for Loans (Tables)

3 Months Ended

Mar. 31, 2021

Receivables [Abstract]

Schedule of Loan Portfolio

The detail of the loan portfolio as of March 31, 2021 and December 31, 2020 was as follows: 

	March 31, 2021		December 31, 2020
	(in thousands)
Loans:
Commercial and industrial:
Commercial and industrial	$	4,784,017	$	4,709,569
Commercial and industrial PPP loans *	2,364,627		2,152,139
Total commercial and industrial loans	7,148,644		6,861,708
Commercial real estate:
Commercial real estate	16,923,627		16,724,998
Construction	1,786,331		1,745,825
Total commercial real estate loans	18,709,958		18,470,823
Residential mortgage	4,060,492		4,183,743
Consumer:
Home equity	409,576		431,553
Automobile	1,444,883		1,355,955
Other consumer	912,863		913,330
Total consumer loans	2,767,322		2,700,838
Total loans	$	32,686,416	$	32,217,112

*Represents SBA Paycheck Protection Program (PPP) loans, net of unearned fees totaling $57.2 million and $43.2 million at March 31, 2021 and December 31, 2020, respectively.

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 at March 31, 2021 and December 31, 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)
March 31, 2021
Commercial and industrial	$	3,763	$	1,768	$	2,515	$	108,988	$	117,034	$	7,031,610	$	7,148,644	$	10,618
Commercial real estate:
Commercial real estate	11,655		5,455		—		54,004		71,114		16,852,513		16,923,627		41,706
Construction	—		—		—		71		71		1,786,260		1,786,331		—
Total commercial real estate loans	11,655		5,455		—		54,075		71,185		18,638,773		18,709,958		41,706
Residential mortgage	16,004		2,233		2,472		33,655		54,364		4,006,128		4,060,492		17,218
Consumer loans:
Home equity	737		147		—		6,411		7,295		402,281		409,576		48
Automobile	4,421		770		390		368		5,949		1,438,934		1,444,883		—
Other consumer	322		104		27		513		966		911,897		912,863		—
Total consumer loans	5,480		1,021		417		7,292		14,210		2,753,112		2,767,322		48
Total	$	36,902	$	10,477	$	5,404	$	204,010	$	256,793	$	32,429,623	$	32,686,416	$	69,590

	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)
December 31, 2020
Commercial and industrial	$	6,393	$	2,252	$	9,107	$	106,693	$	124,445	$	6,737,263	$	6,861,708	$	4,075
Commercial real estate:
Commercial real estate	35,030		1,326		993		46,879		84,228		16,640,770		16,724,998		32,416
Construction	315		—		—		84		399		1,745,426		1,745,825		—
Total commercial real estate loans	35,345		1,326		993		46,963		84,627		18,386,196		18,470,823		32,416
Residential mortgage	17,717		10,351		3,170		25,817		57,055		4,126,688		4,183,743		11,610
Consumer loans:
Home equity	953		492		—		4,936		6,381		425,172		431,553		50
Automobile	8,056		1,107		245		338		9,746		1,346,209		1,355,955		—
Other consumer	1,248		224		26		535		2,033		911,297		913,330		—
Total consumer loans	10,257		1,823		271		5,809		18,160		2,682,678		2,700,838		50
Total	$	69,712	$	15,752	$	13,541	$	185,282	$	284,287	$	31,932,825	$	32,217,112	$	48,151

Risk Category of Loans

The following table presents the internal loan classification risk by loan portfolio class by origination year based on the most recent analysis performed at March 31, 2021 and December 31, 2020:

	Term Loans
	Amortized Cost Basis by Origination Year
March 31, 2021	2021		2020		2019		2018		2017		Prior to 2017		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans		Total
	(in thousands)
Commercial and industrial
Risk Rating:
Pass	$	1,091,421	$	2,438,605	$	560,364	$	515,645	$	191,930	$	454,483	$	1,637,014	$	296	$	6,889,758
Special Mention	1,027		1,599		8,714		6,874		3,365		17,601		66,443		37		105,660
Substandard	975		15,664		4,870		9,704		1,226		4,217		25,264		361		62,281
Doubtful	—		—		2,742		—		16,844		71,359		—		—		90,945
Total commercial and industrial	$	1,093,423	$	2,455,868	$	576,690	$	532,223	$	213,365	$	547,660	$	1,728,721	$	694	$	7,148,644
Commercial real estate
Risk Rating:
Pass	$	703,940	$	3,102,368	$	3,001,631	$	2,148,025	$	1,691,885	$	5,314,508	$	195,069	$	14,597	$	16,172,023
Special Mention	—		55,142		74,513		44,406		45,899		193,439		1,235		—		414,634
Substandard	576		22,623		17,031		38,564		74,244		181,107		2,531		92		336,768
Doubtful	—		—		—		—		—		202		—		—		202
Total commercial real estate	$	704,516	$	3,180,133	$	3,093,175	$	2,230,995	$	1,812,028	$	5,689,256	$	198,835	$	14,689	$	16,923,627
Construction
Risk Rating:
Pass	$	55,347	$	154,819	$	99,815	$	106,566	$	15,422	$	42,957	$	1,229,949	$	—	$	1,704,875
Special Mention	—		—		1,035		—		—		6,265		48,111		—		55,411
Substandard	—		32		21		246		—		17,842		7,904		—		26,045
Total construction	$	55,347	$	154,851	$	100,871	$	106,812	$	15,422	$	67,064	$	1,285,964	$	—	$	1,786,331

	Term Loans
	Amortized Cost Basis by Origination Year
December 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	$	3,058,596	$	605,112	$	556,284	$	212,215	$	162,483	$	337,484	$	1,677,559	$	350	$	6,610,083
Special Mention	819		10,236		2,135		9,502		10,228		14,165		49,883		51		97,019
Substandard	5,215		3,876		12,481		1,798		4,215		12,965		18,913		462		59,925
Doubtful	—		5,203		1		17,010		2,596		69,871		—		—		94,681
Total commercial and industrial	$	3,064,630	$	624,427	$	570,901	$	240,525	$	179,522	$	434,485	$	1,746,355	$	863	$	6,861,708
Commercial real estate
Risk Rating:
Pass	$	3,096,549	$	3,052,076	$	2,230,047	$	1,767,528	$	1,798,137	$	3,916,990	$	199,145	$	15,532	$	16,076,004
Special Mention	50,193		68,203		44,336		48,813		66,845		109,295		1,705		—		389,390
Substandard	18,936		17,049		30,997		59,618		11,541		118,725		2,531		—		259,397
Doubtful	—		—		—		—		—		207		—		—		207
Total commercial real estate	$	3,165,678	$	3,137,328	$	2,305,380	$	1,875,959	$	1,876,523	$	4,145,217	$	203,381	$	15,532	$	16,724,998
Construction
Risk Rating:
Pass	$	145,246	$	120,800	$	111,174	$	15,497	$	47,971	$	20,029	$	1,199,034	$	—	$	1,659,751
Special Mention	—		1,043		—		—		9,996		17,414		47,311		—		75,764
Substandard	—		26		246		2,628		17		380		7,013		—		10,310
Total construction	$	145,246	$	121,869	$	111,420	$	18,125	$	57,984	$	37,823	$	1,253,358	$	—	$	1,745,825

The following table presents the amortized cost in those loan classes based on payment activity by origination year as of March 31, 2021 and December 31, 2020.

	Term Loans
	Amortized Cost Basis by Origination Year
March 31, 2021	2021		2020		2019		2018		2017		Prior to 2017		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans		Total
	(in thousands)
Residential mortgage
Performing	$	219,558	$	732,027	$	725,885	$	594,844	$	508,177	$	1,212,780	$	44,041	$	—	$	4,037,312
90 days or more past due	—		2,478		2,814		2,489		3,645		11,754		—		—		23,180
Total residential mortgage	$	219,558	$	734,505	$	728,699	$	597,333	$	511,822	$	1,224,534	$	44,041	$	—	$	4,060,492
Consumer loans
Home equity
Performing	$	1,890	$	8,179	$	9,917	$	10,612	$	7,550	$	17,181	$	304,404	$	48,364	$	408,097
90 days or more past due	—		—		—		—		—		96		573		810		1,479
Total home equity	1,890		8,179		9,917		10,612		7,550		17,277		304,977		49,174		409,576
Automobile
Performing	214,566		411,821		397,409		240,852		128,960		50,506		—		—		1,444,114
90 days or more past due	—		42		141		247		208		131		—		—		769
Total automobile	214,566		411,863		397,550		241,099		129,168		50,637		—		—		1,444,883
Other Consumer
Performing	7,230		7,056		5,375		6,552		1,076		5,613		879,552		—		912,454
90 days or more past due	—		—		—		—		—		—		1		408		409
Total other consumer	7,230		7,056		5,375		6,552		1,076		5,613		879,553		408		912,863
Total Consumer	$	223,686	$	427,098	$	412,842	$	258,263	$	137,794	$	73,527	$	1,184,530	$	49,582	$	2,767,322

	Term Loans
	Amortized Cost Basis by Origination Year
December 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	$	730,764	$	778,161	$	684,761	$	582,650	$	380,723	$	943,616	$	64,798	$	—	$	4,165,473
90 days or more past due	—		3,085		4,212		3,464		4,144		3,365		—		—		18,270
Total residential mortgage	$	730,764	$	781,246	$	688,973	$	586,114	$	384,867	$	946,981	$	64,798	$	—	$	4,183,743
Consumer loans
Home equity
Performing	$	8,580	$	10,634	$	11,756	$	8,886	$	5,340	$	15,393	$	318,869	$	50,879	$	430,337
90 days or more past due	—		—		—		—		25		83		378		730		1,216
Total home equity	8,580		10,634		11,756		8,886		5,365		15,476		319,247		51,609		431,553
Automobile
Performing	426,121		438,181		272,075		151,523		50,853		16,550		—		—		1,355,303
90 days or more past due	19		108		173		223		35		94		—		—		652
Total automobile	426,140		438,289		272,248		151,746		50,888		16,644		—		—		1,355,955
Other Consumer
Performing	12,271		5,558		6,815		1,112		1,077		5,314		880,748		—		912,895
90 days or more past due	—		—		—		—		—		22		5		408		435
Total other consumer	12,271		5,558		6,815		1,112		1,077		5,336		880,753		408		913,330
Total Consumer	$	446,991	$	454,481	$	290,819	$	161,744	$	57,330	$	37,456	$	1,200,000	$	52,017	$	2,700,838

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 during the three months ended March 31, 2021 and 2020. Post-modification amounts are presented as of March 31, 2021 and 2020.

	Three Months Ended March 31,
	2021					2020
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	5	$	13,744	$	13,307	16	$	13,144	$	12,630
Commercial real estate	2	4,197		4,185		1	3,863		3,855
Residential mortgage	6	1,528		1,518		—	—		—
Consumer	1	170		168		—	—		—
Total	14	$	19,639	$	19,178	17	$	17,007	$	16,485

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 three months ended March 31, 2021 and 2020 were as follows:

	Three Months Ended March 31,
	2021			2020
Troubled Debt Restructurings Subsequently Defaulted	Number of Contracts	Amortized Cost		Number of Contracts	Recorded Investment
	($ in thousands)
Commercial and industrial	16	$	12,384	—	$	—
Residential mortgage	3	655		1	154
Total	19	$	13,039	1	$	154

Summary of Collateral Dependent Loans

The following table presents collateral dependent loans by class as of March 31, 2021 and December 31, 2020:

	March 31, 2021		December 31, 2020
	(in thousands)
Commercial and industrial	$	110,169	$	106,239
Commercial real estate	60,647		41,562
Residential mortgage	32,144		28,176
Home equity	49		50
Total	$	203,009	$	176,027

Summary of Allowance for Credit Losses

The following table summarizes the allowance for credit losses for loans at March 31, 2021 and December 31, 2020: 

	March 31, 2021		December 31, 2020
	(in thousands)
Components of allowance for credit losses for loans:
Allowance for loan losses	$	342,880	$	340,243
Allowance for unfunded credit commitments	11,433		11,111
Total allowance for credit losses for loans	$	354,313	$	351,354

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,
	2021		2020
	(in thousands)
Components of provision for credit losses for loans:
Provision for loan losses	$	8,692	$	33,851
Provision for unfunded credit commitments	322		73
Total provision for credit losses for loans	$	9,014	$	33,924

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 months ended March 31, 2021 and 2020: 

	Commercial and Industrial		Commercial Real Estate		Residential Mortgage		Consumer		Total
	(in thousands)
Three Months Ended March 31, 2021
Allowance for loan losses:
Beginning balance	$	131,070	$	164,113	$	28,873	$	16,187	$	340,243
Loans charged-off	(7,142)		(382)		(138)		(1,138)		(8,800)
Charged-off loans recovered	1,589		69		157		930		2,745
Net (charge-offs) recoveries	(5,553)		(313)		19		(208)		(6,055)
Provision for loan losses	891		10,436		(1,720)		(915)		8,692
Ending balance	$	126,408	$	174,236	$	27,172	$	15,064	$	342,880
Three Months Ended March 31, 2020
Allowance for 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
Beginning balance, adjusted	119,228		95,470		25,635		13,957		254,290
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

*    Includes a $61.6 million increase representing the estimated expected credit losses for PCD loans as a result of the ASU 2016-13 adoption 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 March 31, 2021 and December 31, 2020.

	Commercial and Industrial		Commercial Real Estate		Residential Mortgage		Consumer		Total
	(in thousands)
March 31, 2021
Allowance for loan losses:
Individually evaluated for credit losses	$	73,574	$	4,663	$	773	$	516	$	79,526
Collectively evaluated for credit losses	52,834		169,573		26,399		14,548		263,354
Total	$	126,408	$	174,236	$	27,172	$	15,064	$	342,880
Loans:
Individually evaluated for credit losses	$	144,101	$	80,234	$	39,488	$	2,936	$	266,759
Collectively evaluated for credit losses	7,004,543		18,629,724		4,021,004		2,764,386		32,419,657
Total	$	7,148,644	$	18,709,958	$	4,060,492	$	2,767,322	$	32,686,416
December 31, 2020
Allowance for loan losses:
Individually evaluated for credit losses	$	73,063	$	1,338	$	1,206	$	264	$	75,871
Collectively evaluated for credit losses	58,007		162,775		27,667		15,923		264,372
Total	$	131,070	$	164,113	$	28,873	$	16,187	$	340,243
Loans:
Individually evaluated for credit losses	$	131,057	$	61,754	$	35,151	$	1,631	$	229,593
Collectively evaluated for credit losses	6,730,651		18,409,069		4,148,592		2,699,207		31,987,519
Total	$	6,861,708	$	18,470,823	$	4,183,743	$	2,700,838	$	32,217,112