Loans and Allowance for Credit Losses for Loans (Tables)

6 Months Ended

Jun. 30, 2022

Receivables [Abstract]

Schedule of Loan Portfolio

The detail of the loan portfolio as of June 30, 2022 and December 31, 2021 was as follows: 

	June 30, 2022		December 31, 2021
	(in thousands)
Loans:
Commercial and industrial:
Commercial and industrial	$	8,378,454	$	5,411,601
Commercial and industrial PPP loans *	136,004		435,950
Total commercial and industrial loans	8,514,458		5,847,551
Commercial real estate:
Commercial real estate	23,535,086		18,935,486
Construction	3,374,373		1,854,580
Total commercial real estate loans	26,909,459		20,790,066
Residential mortgage	5,005,069		4,545,064
Consumer:
Home equity	431,455		400,779
Automobile	1,673,482		1,570,036
Other consumer	1,026,854		1,000,161
Total consumer loans	3,131,791		2,970,976
Total loans	$	43,560,777	$	34,153,657

*Represents SBA Paycheck Protection Program (PPP) loans, net of unearned fees totaling $2.5 million and $12.1 million at June 30, 2022 and December 31, 2021, 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 loan losses by loan portfolio class at June 30, 2022 and December 31, 2021:

	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 Loan Losses
	(in thousands)
June 30, 2022
Commercial and industrial	$	7,143	$	3,870	$	15,470	$	148,404	$	174,887	$	8,339,571	$	8,514,458	$	6,648
Commercial real estate:
Commercial real estate	10,516		630		—		85,807		96,953		23,438,133		23,535,086		68,128
Construction	9,108		3,862		—		49,780		62,750		3,311,623		3,374,373		9,494
Total commercial real estate loans	19,624		4,492		—		135,587		159,703		26,749,756		26,909,459		77,622
Residential mortgage	12,326		2,410		1,188		25,847		41,771		4,963,298		5,005,069		14,889
Consumer loans:
Home equity	377		2		—		2,920		3,299		428,156		431,455		126
Automobile	4,696		588		267		262		5,813		1,667,669		1,673,482		—
Other consumer	936		112		—		97		1,145		1,025,709		1,026,854		—
Total consumer loans	6,009		702		267		3,279		10,257		3,121,534		3,131,791		126
Total	$	45,102	$	11,474	$	16,925	$	313,117	$	386,618	$	43,174,159	$	43,560,777	$	99,285

	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 Loan Losses
	(in thousands)
December 31, 2021
Commercial and industrial	$	6,717	$	7,870	$	1,273	$	99,918	$	115,778	$	5,731,773	$	5,847,551	$	9,066
Commercial real estate:
Commercial real estate	14,421		—		32		83,592		98,045		18,837,441		18,935,486		70,719
Construction	1,941		—		—		17,641		19,582		1,834,998		1,854,580		—
Total commercial real estate loans	16,362		—		32		101,233		117,627		20,672,439		20,790,066		70,719
Residential mortgage	10,999		3,314		677		35,207		50,197		4,494,867		4,545,064		20,401
Consumer loans:
Home equity	242		98		—		3,517		3,857		396,922		400,779		4
Automobile	6,391		656		271		240		7,558		1,562,478		1,570,036		—
Other consumer	178		266		518		101		1,063		999,098		1,000,161		—
Total consumer loans	6,811		1,020		789		3,858		12,478		2,958,498		2,970,976		4
Total	$	40,889	$	12,204	$	2,771	$	240,216	$	296,080	$	33,857,577	$	34,153,657	$	100,190

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, 2022 and December 31, 2021:

	Term Loans
	Amortized Cost Basis by Origination Year
June 30, 2022	2022		2021		2020		2019		2018		Prior to 2018		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans		Total
	(in thousands)
Commercial and industrial
Risk Rating:
Pass	$	1,087,572	$	1,322,828	$	740,213	$	407,985	$	306,393	$	423,058	$	3,964,927	$	184	$	8,253,160
Special Mention	2,654		7,639		670		2,827		4,987		5,708		57,210		10		81,705
Substandard	—		2,049		5,704		3,727		4,722		4,790		70,131		66		91,189
Doubtful	1,102		141		—		2,712		—		78,067		6,382		—		88,404
Total commercial and industrial	$	1,091,328	$	1,332,657	$	746,587	$	417,251	$	316,102	$	511,623	$	4,098,650	$	260	$	8,514,458
Commercial real estate
Risk Rating:
Pass	$	3,704,273	$	5,379,241	$	3,371,598	$	2,752,901	$	1,659,319	$	5,504,795	$	288,599	$	13,193	$	22,673,919
Special Mention	73,171		40,956		82,875		34,661		64,861		129,785		15,052		—		441,361
Substandard	—		43,945		39,372		39,803		58,886		229,266		8,358		—		419,630
Doubtful	—		—		—		—		—		176		—		—		176
Total commercial real estate	$	3,777,444	$	5,464,142	$	3,493,845	$	2,827,365	$	1,783,066	$	5,864,022	$	312,009	$	13,193	$	23,535,086
Construction
Risk Rating:
Pass	$	472,849	$	631,399	$	157,587	$	59,657	$	10,664	$	25,089	$	1,900,402	$	—	$	3,257,647
Special Mention	28,296		—		—		—		—		—		25,610		—		53,906
Substandard	—		13,059		—		—		—		17,616		19,531		—		50,206
Doubtful	498		643		11,473		—		—		—		—		—		12,614
Total construction	$	501,643	$	645,101	$	169,060	$	59,657	$	10,664	$	42,705	$	1,945,543	$	—	$	3,374,373

	Term Loans
	Amortized Cost Basis by Origination Year
December 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	$	1,563,050	$	743,165	$	461,022	$	362,748	$	143,753	$	337,713	$	1,968,513	$	247	$	5,580,211
Special Mention	4,182		1,195		3,217		14,143		1,726		9,869		102,145		40		136,517
Substandard	8,248		4,823		3,139		7,077		910		408		19,642		109		44,356
Doubtful	—		—		2,733		—		16,355		67,379		—		—		86,467
Total commercial and industrial	$	1,575,480	$	749,183	$	470,111	$	383,968	$	162,744	$	415,369	$	2,090,300	$	396	$	5,847,551
Commercial real estate
Risk Rating:
Pass	$	4,517,917	$	2,983,140	$	2,702,580	$	1,734,922	$	1,474,770	$	4,557,011	$	195,851	$	13,380	$	18,179,571
Special Mention	7,700		50,019		46,911		44,187		65,623		143,540		50,168		—		408,148
Substandard	735		34,655		29,029		41,231		70,941		169,041		1,949		—		347,581
Doubtful	—		—		—		—		—		186		—		—		186
Total commercial real estate	$	4,526,352	$	3,067,814	$	2,778,520	$	1,820,340	$	1,611,334	$	4,869,778	$	247,968	$	13,380	$	18,935,486
Construction
Risk Rating:
Pass	$	274,097	$	98,609	$	48,555	$	32,781	$	6,061	$	28,419	$	1,313,555	$	—	$	1,802,077
Special Mention	4,131		—		1,009		—		—		—		18,449		—		23,589
Substandard	199		19		6		246		—		17,842		10,602		—		28,914
Total construction	$	278,427	$	98,628	$	49,570	$	33,027	$	6,061	$	46,261	$	1,342,606	$	—	$	1,854,580

The following table presents the amortized cost in those loan classes based on payment activity by origination year as of June 30, 2022 and December 31, 2021.

	Term Loans
	Amortized Cost Basis by Origination Year
June 30, 2022	2022		2021		2020		2019		2018		Prior to 2018		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans		Total
	(in thousands)
Residential mortgage
Performing	$	768,137	$	1,518,240	$	593,271	$	515,561	$	363,811	$	1,162,383	$	75,509	$	—	$	4,996,912
90 days or more past due	—		—		1,370		1,511		2,044		3,232		—		—		8,157
Total residential mortgage	$	768,137	$	1,518,240	$	594,641	$	517,072	$	365,855	$	1,165,615	$	75,509	$	—	$	5,005,069
Consumer loans
Home equity
Performing	$	21,198	$	13,068	$	4,946	$	5,645	$	6,212	$	15,064	$	324,606	$	39,702	$	430,441
90 days or more past due	—		—		—		—		—		1		425		588		1,014
Total home equity	21,198		13,068		4,946		5,645		6,212		15,065		325,031		40,290		431,455
Automobile
Performing	408,872		621,275		252,127		215,999		113,834		60,789		—		—		1,672,896
90 days or more past due	—		90		57		132		214		93		—		—		586
Total automobile	408,872		621,365		252,184		216,131		114,048		60,882		—		—		1,673,482
Other consumer
Performing	14,481		3,094		7,339		7,610		7,156		4,821		982,353		—		1,026,854
Total other consumer	14,481		3,094		7,339		7,610		7,156		4,821		982,353		—		1,026,854
Total consumer	$	444,551	$	637,527	$	264,469	$	229,386	$	127,416	$	80,768	$	1,307,384	$	40,290	$	3,131,791

	Term Loans
	Amortized Cost Basis by Origination Year
December 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	$	1,448,602	$	635,531	$	572,911	$	425,152	$	368,164	$	1,014,190	$	70,342	$	—	$	4,534,892
90 days or more past due	—		357		2,627		2,056		2,794		2,338		—		—		10,172
Total residential mortgage	$	1,448,602	$	635,888	$	575,538	$	427,208	$	370,958	$	1,016,528	$	70,342	$	—	$	4,545,064
Consumer loans
Home equity
Performing	$	13,847	$	5,723	$	6,994	$	7,384	$	5,359	$	13,597	$	303,888	$	42,822	$	399,614
90 days or more past due	—		—		—		—		—		35		536		594		1,165
Total home equity	13,847		5,723		6,994		7,384		5,359		13,632		304,424		43,416		400,779
Automobile
Performing	735,446		309,856		278,828		157,450		72,753		15,171		—		—		1,569,504
90 days or more past due	129		—		78		163		81		81		—		—		532
Total automobile	735,575		309,856		278,906		157,613		72,834		15,252		—		—		1,570,036
Other consumer
Performing	2,949		6,717		6,468		7,017		1,009		14,483		961,027		—		999,670
90 days or more past due	—		—		—		—		—		—		491		—		491
Total other consumer	2,949		6,717		6,468		7,017		1,009		14,483		961,518		—		1,000,161
Total consumer	$	752,371	$	322,296	$	292,368	$	172,014	$	79,202	$	43,367	$	1,265,942	$	43,416	$	2,970,976

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, 2022 and 2021. Post-modification amounts are presented as of June 30, 2022 and 2021.

	Three Months Ended June 30,
	2022					2021
Troubled Debt Restructurings	Number of Contracts	Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment		Number of Contracts	Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment
	($ in thousands)
Commercial and industrial	49	$	82,120	$	78,051	9	$	8,592	$	8,529
Commercial real estate	1	8,811		8,735		6	12,237		12,223
Residential mortgage	7	4,970		4,969		2	1,089		1,079
Consumer	1	125		124		—	—		—
Total	58	$	96,026	$	91,879	17	$	21,918	$	21,831

	Six Months Ended June 30,
	2022					2021
Troubled Debt Restructurings	Number of Contracts	Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment		Number of Contracts	Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment
	($ in thousands)
Commercial and industrial	60	$	91,804	$	87,685	13	$	20,855	$	19,648
Commercial real estate	3	14,072		13,986		6	12,237		12,223
Residential mortgage	8	5,090		5,087		8	2,618		2,586
Consumer	1	125		124		1	169		166
Total	72	$	111,091	$	106,882	28	$	35,879	$	34,623

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, 2022 and 2021 were as follows:

	Three Months Ended June 30,
	2022			2021
Troubled Debt Restructurings Subsequently Defaulted	Number of Contracts	Recorded Investment		Number of Contracts	Recorded Investment
	($ in thousands)
Construction	2	$	17,599	—	$	—
Residential mortgage	—	—		1	445
Total	2	$	17,599	1	$	445

	Six Months Ended June 30,
	2022			2021
Troubled Debt Restructurings Subsequently Defaulted	Number of Contracts	Recorded Investment		Number of Contracts	Recorded Investment
	($ in thousands)
Commercial and industrial	—	$	—	15	$	12,384
Construction	2	17,599		—	—
Residential mortgage	—	—		2	692
Total	2	$	17,599	17	$	13,076

Summary of Collateral Dependent Loans

The following table presents collateral dependent loans by class as of June 30, 2022 and December 31, 2021:

	June 30, 2022		December 31, 2021
	(in thousands)
Collateral dependent loans:
Commercial and industrial *	$	100,783	$	95,335
Commercial real estate:
Commercial real estate	94,248		110,174
Construction	50,176		—
Total commercial real estate loans	144,424		110,174
Residential mortgage	21,695		35,745
Home equity	2		4
Total	$	266,904	$	241,258

*    The majority of the loans are collateralized by taxi medallions for all periods.

Summary of Allowance for Credit Losses

The following table summarizes the ACL for loans at June 30, 2022 and December 31, 2021: 

	June 30, 2022		December 31, 2021
	(in thousands)
Components of allowance for credit losses for loans:
Allowance for loan losses	$	468,819	$	359,202
Allowance for unfunded credit commitments	22,144		16,500
Total allowance for credit losses for loans	$	490,963	$	375,702

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,
	2022		2021		2022		2021
	(in thousands)
Components of provision for credit losses for loans:
Provision for loan losses	$	38,310	$	5,810	$	41,568	$	14,502
Provision for unfunded credit commitments	5,402		2,967		5,644		3,289
Total provision for credit losses for loans	$	43,712	$	8,777	$	47,212	$	17,791

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, 2022 and 2021: 

	Commercial and Industrial		Commercial Real Estate		Residential Mortgage		Consumer		Total
	(in thousands)
Three Months Ended June 30, 2022
Allowance for loan losses:
Beginning balance	$	101,203	$	219,949	$	28,189	$	13,169	$	362,510
Allowance for purchased credit deteriorated (PCD) loans *	33,452		36,618		206		43		70,319
Loans charged-off	(4,540)		—		(1)		(726)		(5,267)
Charged-off loans recovered	1,952		224		74		697		2,947
Net (charge-offs) recoveries	(2,588)		224		73		(29)		(2,320)
Provision for loan losses	12,472		20,436		1,421		3,981		38,310
Ending balance	$	144,539	$	277,227	$	29,889	$	17,164	$	468,819
Three Months Ended June 30, 2021
Allowance for 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

	Commercial and Industrial		Commercial Real Estate		Residential Mortgage		Consumer		Total
	(in thousands)
Six Months Ended June 30, 2022
Allowance for loan losses:
Beginning balance	$	103,090	$	217,490	$	25,120	$	13,502	$	359,202
Allowance for PCD loans *	33,452		36,618		206		43		70,319
Loans charged-off	(6,111)		(173)		(27)		(1,551)		(7,862)
Charged-off loans recovered	2,776		331		531		1,954		5,592
Net (charge-offs) recoveries	(3,335)		158		504		403		(2,270)
Provision for loan losses	11,332		22,961		4,059		3,216		41,568
Ending balance	$	144,539	$	277,227	$	29,889	$	17,164	$	468,819
Six Months Ended June 30, 2021
Allowance for 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

*    Represents the allowance for acquired PCD loans, net of PCD loan charge-offs totaling $62.4 million in the second quarter 2022.

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, 2022 and December 31, 2021.

	Commercial and Industrial		Commercial Real Estate		Residential Mortgage		Consumer		Total
	(in thousands)
June 30, 2022
Allowance for loan losses:
Individually evaluated for credit losses	$	93,698	$	10,757	$	641	$	100	$	105,196
Collectively evaluated for credit losses	50,841		266,470		29,248		17,064		363,623
Total	$	144,539	$	277,227	$	29,889	$	17,164	$	468,819
Loans:
Individually evaluated for credit losses	$	164,235	$	169,737	$	32,303	$	1,531	$	367,806
Collectively evaluated for credit losses	8,350,223		26,739,722		4,972,766		3,130,260		43,192,971
Total	$	8,514,458	$	26,909,459	$	5,005,069	$	3,131,791	$	43,560,777
December 31, 2021
Allowance for loan losses:
Individually evaluated for credit losses	$	64,359	$	6,277	$	470	$	390	$	71,496
Collectively evaluated for credit losses	38,731		211,213		24,650		13,112		287,706
Total	$	103,090	$	217,490	$	25,120	$	13,502	$	359,202
Loans:
Individually evaluated for credit losses	$	119,760	$	134,135	$	42,469	$	2,431	$	298,795
Collectively evaluated for credit losses	5,727,791		20,655,931		4,502,595		2,968,545		33,854,862
Total	$	5,847,551	$	20,790,066	$	4,545,064	$	2,970,976	$	34,153,657