Loans and Allowance for Credit Losses for Loans (Tables)

6 Months Ended

Jun. 30, 2021

Receivables [Abstract]

Schedule of Loan Portfolio

The detail of the loan portfolio as of June 30, 2021 and December 31, 2020 was as follows: 

	June 30, 2021		December 31, 2020
	(in thousands)
Loans:
Commercial and industrial:
Commercial and industrial	$	4,733,771	$	4,709,569
Commercial and industrial PPP loans *	1,350,684		2,152,139
Total commercial and industrial loans	6,084,455		6,861,708
Commercial real estate:
Commercial real estate	17,512,142		16,724,998
Construction	1,752,838		1,745,825
Total commercial real estate loans	19,264,980		18,470,823
Residential mortgage	4,226,975		4,183,743
Consumer:
Home equity	410,856		431,553
Automobile	1,531,262		1,355,955
Other consumer	938,926		913,330
Total consumer loans	2,881,044		2,700,838
Total loans	$	32,457,454	$	32,217,112

*Represents SBA Paycheck Protection Program (PPP) loans, net of unearned fees totaling $40.9 million and $43.2 million at June 30, 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 June 30, 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)
June 30, 2021
Commercial and industrial	$	3,867	$	1,361	$	2,351	$	102,594	$	110,173	$	5,974,282	$	6,084,455	$	9,550
Commercial real estate:
Commercial real estate	40,524		11,451		1,948		58,893		112,816		17,399,326		17,512,142		37,116
Construction	—		—		—		17,660		17,660		1,735,178		1,752,838		—
Total commercial real estate loans	40,524		11,451		1,948		76,553		130,476		19,134,504		19,264,980		37,116
Residential mortgage	8,479		1,608		956		35,941		46,984		4,179,991		4,226,975		16,807
Consumer loans:
Home equity	592		325		—		4,431		5,348		405,508		410,856		48
Automobile	5,521		636		441		389		6,987		1,524,275		1,531,262		—
Other consumer	129		24		22		104		279		938,647		938,926		—
Total consumer loans	6,242		985		463		4,924		12,614		2,868,430		2,881,044		48
Total	$	59,112	$	15,405	$	5,718	$	220,012	$	300,247	$	32,157,207	$	32,457,454	$	63,521

	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 June 30, 2021 and December 31, 2020:

	Term Loans
	Amortized Cost Basis by Origination Year
June 30, 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	$	1,539,921	$	1,227,478	$	508,228	$	438,246	$	162,119	$	409,413	$	1,571,927	$	225	$	5,857,557
Special Mention	1,282		1,550		1,476		11,182		2,159		17,041		59,376		64		94,130
Substandard	3,325		8,658		4,366		8,803		859		1,374		17,141		321		44,847
Doubtful	129		—		2,739		—		16,370		68,683		—		—		87,921
Total commercial and industrial	$	1,544,657	$	1,237,686	$	516,809	$	458,231	$	181,507	$	496,511	$	1,648,444	$	610	$	6,084,455
Commercial real estate
Risk Rating:
Pass	$	2,100,741	$	3,055,880	$	2,875,727	$	2,005,122	$	1,552,673	$	4,978,293	$	174,277	$	12,849	$	16,755,562
Special Mention	2,000		51,271		58,418		44,118		43,019		184,694		38,615		—		422,135
Substandard	849		22,209		32,935		39,756		73,103		162,866		2,531		—		334,249
Doubtful	—		—		—		—		—		196		—		—		196
Total commercial real estate	$	2,103,590	$	3,129,360	$	2,967,080	$	2,088,996	$	1,668,795	$	5,326,049	$	215,423	$	12,849	$	17,512,142
Construction
Risk Rating:
Pass	$	112,491	$	147,431	$	87,130	$	78,332	$	6,656	$	29,216	$	1,251,972	$	—	$	1,713,228
Special Mention	—		—		1,026		—		—		1,714		8,871		—		11,611
Substandard	—		28		16		331		—		17,842		9,782		—		27,999
Total construction	$	112,491	$	147,459	$	88,172	$	78,663	$	6,656	$	48,772	$	1,270,625	$	—	$	1,752,838

	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 June 30, 2021 and December 31, 2020.

	Term Loans
	Amortized Cost Basis by Origination Year
June 30, 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	$	687,724	$	701,963	$	671,803	$	519,568	$	446,367	$	1,108,317	$	68,012	$	—	$	4,203,754
90 days or more past due	—		1,719		1,852		2,021		3,907		13,722		—		—		23,221
Total residential mortgage	$	687,724	$	703,682	$	673,655	$	521,589	$	450,274	$	1,122,039	$	68,012	$	—	$	4,226,975
Consumer loans
Home equity
Performing	$	7,120	$	7,314	$	8,925	$	9,332	$	6,946	$	15,485	$	307,985	$	46,238	$	409,345
90 days or more past due	—		—		—		—		—		81		876		554		1,511
Total home equity	7,120		7,314		8,925		9,332		6,946		15,566		308,861		46,792		410,856
Automobile
Performing	447,260		376,473		354,978		210,941		108,085		32,683		—		—		1,530,420
90 days or more past due	25		89		175		230		198		125		—		—		842
Total automobile	447,285		376,562		355,153		211,171		108,283		32,808		—		—		1,531,262
Other Consumer
Performing	5,953		7,101		6,626		6,850		1,037		7,905		903,454		—		938,926
90 days or more past due	—		—		—		—		—		—		—		—		—
Total other consumer	5,953		7,101		6,626		6,850		1,037		7,905		903,454		—		938,926
Total consumer	$	460,358	$	390,977	$	370,704	$	227,353	$	116,266	$	56,279	$	1,212,315	$	46,792	$	2,881,044

	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 and six months ended June 30, 2021 and 2020. Post-modification amounts are presented as of June 30, 2021 and 2020.

	Three Months Ended June 30,
	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	9	$	8,592	$	8,529	4	$	9,052	$	7,047
Commercial real estate:
Commercial real estate	6	12,237		12,223		1	885		900
Construction	—	—		—		2	435		218
Total commercial real estate	6	12,237		12,223		3	1,320		1,118
Residential mortgage	2	1,089		1,079		—	—		—
Total	17	$	21,918	$	21,831	7	$	10,372	$	8,165

	Six Months Ended June 30,
	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	13	$	20,855	$	19,648	20	$	22,196	$	19,674
Commercial real estate:
Commercial real estate	6	12,237		12,223		2	4,748		4,762
Construction	—	—		—		2	435		218
Total commercial real estate	6	12,237		12,223		4	5,183		4,980
Residential mortgage	8	2,618		2,586		—	—		—
Consumer	1	169		166		—	—		—
Total	28	$	35,879	$	34,623	24	$	27,379	$	24,654

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 and six months ended June 30, 2021 and 2020 were as follows:

	Three Months Ended June 30,
	2021			2020
Troubled Debt Restructurings Subsequently Defaulted	Number of Contracts	Recorded Investment		Number of Contracts	Recorded Investment
	($ in thousands)
Commercial and industrial	—	$	—	20	$	14,986
Residential mortgage	1	445		1	220
Consumer	—	—		2	204
Total	1	$	445	23	$	15,410

	Six Months Ended June 30,
	2021			2020
Troubled Debt Restructurings Subsequently Defaulted	Number of Contracts	Recorded Investment		Number of Contracts	Recorded Investment
	($ in thousands)
Commercial and industrial	15	$	12,384	20	$	14,986
Residential mortgage	2	692		1	220
Consumer	—	—		2	204
Total	17	$	13,076	23	$	15,410

Summary of Collateral Dependent Loans

The following table presents collateral dependent loans by class as of June 30, 2021 and December 31, 2020:

	June 30, 2021		December 31, 2020
	(in thousands)
Commercial and industrial *	$	95,000	$	106,239
Commercial real estate	66,054		41,562
Residential mortgage	31,714		28,176
Home equity	48		50
Total	$	192,816	$	176,027

*    Commercial and industrial loans are primarily collateralized by taxi medallions.

Summary of Allowance for Credit Losses

The following table summarizes the allowance for credit losses for loans at June 30, 2021 and December 31, 2020: 

	June 30, 2021		December 31, 2020
	(in thousands)
Components of allowance for credit losses for loans:
Allowance for loan losses	$	339,324	$	340,243
Allowance for unfunded credit commitments	14,400		11,111
Total allowance for credit losses for loans	$	353,724	$	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 June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(in thousands)
Components of provision for credit losses for loans:
Provision for loan losses	$	5,810	$	41,025	$	14,502	$	74,876
Provision for unfunded credit commitments	2,967		90		3,289		163
Total provision for credit losses for loans	$	8,777	$	41,115	$	17,791	$	75,039

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 six months ended June 30, 2021 and 2020: 

	Commercial and Industrial		Commercial Real Estate		Residential Mortgage		Consumer		Total
	(in thousands)
Three Months Ended June 30, 2021
Allowance for loan losses:
Beginning balance	$	126,408	$	174,236	$	27,172	$	15,064	$	342,880
Loans charged-off	(10,893)		—		(1)		(1,480)		(12,374)
Charged-off loans recovered	678		665		191		1,474		3,008
Net (charge-offs) recoveries	(10,215)		665		190		(6)		(9,366)
(Credit) provision for loan losses	(6,504)		14,238		(2,059)		135		5,810
Ending balance	$	109,689	$	189,139	$	25,303	$	15,193	$	339,324
Three Months Ended June 30, 2020
Allowance for 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 (credit) for loan losses	17,827		20,093		(366)		3,471		41,025
Ending balance	$	132,039	$	131,702	$	29,630	$	16,243	$	309,614

	Commercial and Industrial		Commercial Real Estate		Residential Mortgage		Consumer		Total
	(in thousands)
Six Months Ended June 30, 2021
Allowance for loan losses:
Beginning balance	$	131,070	$	164,113	$	28,873	$	16,187	$	340,243
Loans charged-off	(18,035)		(382)		(139)		(2,618)		(21,174)
Charged-off loans recovered	2,267		734		348		2,404		5,753
Net (charge-offs) recoveries	(15,768)		352		209		(214)		(15,421)
(Credit) provision for loan losses	(5,613)		24,674		(3,779)		(780)		14,502
Ending balance	$	109,689	$	189,139	$	25,303	$	15,193	$	339,324
Six Months Ended June 30, 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	(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

*    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 June 30, 2021 and December 31, 2020.

	Commercial and Industrial		Commercial Real Estate		Residential Mortgage		Consumer		Total
	(in thousands)
June 30, 2021
Allowance for loan losses:
Individually evaluated for credit losses	$	64,275	$	4,788	$	618	$	885	$	70,566
Collectively evaluated for credit losses	45,414		184,351		24,685		14,308		268,758
Total	$	109,689	$	189,139	$	25,303	$	15,193	$	339,324
Loans:
Individually evaluated for credit losses	$	120,559	$	89,464	$	38,660	$	4,488	$	253,171
Collectively evaluated for credit losses	5,963,896		19,175,516		4,188,315		2,876,556		32,204,283
Total	$	6,084,455	$	19,264,980	$	4,226,975	$	2,881,044	$	32,457,454
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