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Loans and Allowance for Credit Losses for Loans (Tables)

12 Months Ended

Dec. 31, 2023

The detail of the loan portfolio as of December 31, 2023 and 2022 was as follows:



	2023		2022
	(in thousands)
Loans:



Commercial and industrial	$	9,230,543	$	8,804,830
Commercial real estate:
Commercial real estate	28,243,239		25,732,033
Construction	3,726,808		3,700,835
Total commercial real estate loans	31,970,047		29,432,868
Residential mortgage	5,569,010		5,364,550
Consumer:
Home equity	559,152		503,884
Automobile	1,620,389		1,746,225
Other consumer	1,261,154		1,064,843
Total consumer loans	3,440,695		3,314,952
Total loans	$	50,210,295	$	46,917,200

Changes in Amounts of Loans and Advances to Related Parties

The following table summarizes the changes in the total outstanding balances of loans and advances to the related parties during the year ended December 31, 2023:


	2023
	(in thousands)
December 31, 2022	$	208,098
New loans and advances	29,484
Repayments	(21,279)
December 31, 2023	$	216,303

Past Due, Current, and Non-Accrual Loans Without an Allowance for Credit Losses 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 December 31, 2023 and 2022:


	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, 2023
Commercial and industrial	$	9,307	$	5,095	$	5,579	$	99,912	$	119,893	$	9,110,650	$	9,230,543	$	6,594
Commercial real estate:
Commercial real estate	3,008		1,257		—		99,739		104,004		28,139,235		28,243,239		81,282
Construction	—		—		3,990		60,851		64,841		3,661,967		3,726,808		12,007
Total commercial real estate loans	3,008		1,257		3,990		160,590		168,845		31,801,202		31,970,047		93,289
Residential mortgage	26,345		8,200		2,488		26,986		64,019		5,504,991		5,569,010		14,654
Consumer loans:
Home equity	1,687		613		—		3,539		5,839		553,313		559,152		—
Automobile	11,850		1,855		576		212		14,493		1,605,896		1,620,389		—
Other consumer	7,017		2,247		512		632		10,408		1,250,746		1,261,154		589
Total consumer loans	20,554		4,715		1,088		4,383		30,740		3,409,955		3,440,695		589
Total	$	59,214	$	19,267	$	13,145	$	291,871	$	383,497	$	49,826,798	$	50,210,295	$	115,126


	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, 2022
Commercial and industrial	$	11,664	$	12,705	$	18,392	$	98,881	$	141,642	$	8,663,188	$	8,804,830	$	5,659
Commercial real estate:
Commercial real estate	6,638		3,167		2,292		68,316		80,413		25,651,620		25,732,033		66,066
Construction	—		—		3,990		74,230		78,220		3,622,615		3,700,835		16,120
Total commercial real estate loans	6,638		3,167		6,282		142,546		158,633		29,274,235		29,432,868		82,186
Residential mortgage	16,146		3,315		1,866		25,160		46,487		5,318,063		5,364,550		14,224
Consumer loans:
Home equity	955		254		—		2,810		4,019		499,865		503,884		117
Automobile	5,974		630		1		271		6,876		1,739,349		1,746,225		—
Other consumer	2,158		695		46		93		2,992		1,061,851		1,064,843		—
Total consumer loans	9,087		1,579		47		3,174		13,887		3,301,065		3,314,952		117
Total	$	43,535	$	20,766	$	26,587	$	269,761	$	360,649	$	46,556,551	$	46,917,200	$	102,186

Internal Loan Classification Risk by Loan Portfolio Class by Origination Year and Amortized Cost per Loan Class Based on Payment Activity by Origination Year

The following table presents the internal loan classification risk by loan portfolio class by origination year based on the most recent analysis performed at December 31, 2023 and 2022, as well as the gross loan charge-offs by year of origination for the year ended December 31, 2023:


	Term Loans
	Amortized Cost Basis by Origination Year
December 31, 2023	2023		2022		2021		2020		2019		Prior to 2019		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans		Total
	(in thousands)
Commercial and industrial
Risk Rating:
Pass	$	1,494,417	$	1,047,513	$	765,335	$	377,047	$	211,504	$	523,430	$	4,382,361	$	29,798	$	8,831,405
Special Mention	70,807		73,423		15,296		358		1,870		915		99,981		139		262,789
Substandard	3,100		1,837		2,629		1,714		1,221		5,900		29,569		4,225		50,195
Doubtful	11,658		595		1,166		(22)		2,653		57,817		12,287		—		86,154

Total commercial and industrial	$	1,579,982	$	1,123,368	$	784,426	$	379,097	$	217,248	$	588,062	$	4,524,198	$	34,162	$	9,230,543
Commercial real estate
Risk Rating:
Pass	$	4,088,835	$	6,630,322	$	4,791,190	$	2,789,275	$	2,329,385	$	5,385,809	$	618,056	$	104,839	$	26,737,711
Special Mention	125,296		82,917		248,900		184,720		69,949		358,059		26		183		1,070,050
Substandard	58,115		25,709		12,122		48,506		70,439		214,095		4,415		2,077		435,478


Total commercial real estate	$	4,272,246	$	6,738,948	$	5,052,212	$	3,022,501	$	2,469,773	$	5,957,963	$	622,497	$	107,099	$	28,243,239
Construction
Risk Rating:
Pass	$	753,759	$	655,198	$	267,336	$	10,318	$	40,584	$	43,560	$	1,762,890	$	139,599	$	3,673,244

Substandard	6,721		—		9,276		—		—		17,668		—		—		33,665
Doubtful	—		19,899		—		—		—		—		—		—		19,899
Total construction	$	760,480	$	675,097	$	276,612	$	10,318	$	40,584	$	61,228	$	1,762,890	$	139,599	$	3,726,808
Gross loan charge-offs	$	307	$	12,919	$	28,438	$	6,946	$	5,031	$	13,446	$	3,729	$	145	$	70,961


	Term Loans
	Amortized Cost Basis by Origination Year
December 31, 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	$	1,600,747	$	1,089,386	$	590,406	$	322,564	$	250,031	$	386,085	$	4,307,163	$	144	$	8,546,526
Special Mention	31,557		3,367		19,492		4,732		4,369		3,558		51,021		7		118,103
Substandard	288		1,734		4,121		1,412		4,256		4,879		31,698		—		48,388
Doubtful	886		20,844		—		2,692		—		64,158		3,233		—		91,813

Total commercial and industrial	$	1,633,478	$	1,115,331	$	614,019	$	331,400	$	258,656	$	458,680	$	4,393,115	$	151	$	8,804,830
Commercial real estate
Risk Rating:
Pass	$	6,815,115	$	5,168,127	$	3,246,885	$	2,672,223	$	1,536,327	$	5,027,128	$	452,461	$	3,504	$	24,921,770
Special Mention	93,286		48,007		60,169		45,447		62,111		125,414		8,188		—		442,622
Substandard	15,088		34,475		32,630		34,622		59,337		183,341		7,986		—		367,479
Doubtful	—		—		—		—		—		162		—		—		162

Total commercial real estate	$	6,923,489	$	5,250,609	$	3,339,684	$	2,752,292	$	1,657,775	$	5,336,045	$	468,635	$	3,504	$	25,732,033
Construction
Risk Rating:
Pass	$	942,380	$	512,046	$	61,131	$	22,845	$	8,676	$	20,599	$	2,040,866	$	—	$	3,608,543
Special Mention	—		—		—		—		—		—		14,268		—		14,268
Substandard	12,969		12,601		—		974		—		17,599		20,138		—		64,281
Doubtful	—		—		—		—		—		13,743		—		—		13,743
Total construction	$	955,349	$	524,647	$	61,131	$	23,819	$	8,676	$	51,941	$	2,075,272	$	—	$	3,700,835

The following table presents the amortized cost in those loan classes based on payment activity by origination year as of December 31, 2023 and 2022, as well as the gross loan charge-offs by year of origination for the year ended December 31, 2023:


	Term Loans
	Amortized Cost Basis by Origination Year
December 31, 2023	2023		2022		2021		2020		2019		Prior to 2019		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans		Total
	(in thousands)
Residential mortgage
Performing	$	467,178	$	1,304,026	$	1,505,133	$	538,853	$	435,669	$	1,244,986	$	57,052	$	1,771	$	5,554,668
90 days or more past due	—		1,968		1,681		1,357		3,391		5,945		—		—		14,342
Total residential mortgage	$	467,178	$	1,305,994	$	1,506,814	$	540,210	$	439,060	$	1,250,931	$	57,052	$	1,771	$	5,569,010
Consumer loans
Home equity
Performing	$	40,599	$	44,893	$	14,948	$	4,096	$	4,850	$	46,274	$	396,960	$	4,608	$	557,228
90 days or more past due	—		51		13		—		—		1,132		—		728		1,924
Total home equity	40,599		44,944		14,961		4,096		4,850		47,406		396,960		5,336		559,152
Automobile
Performing	468,152		531,728		356,144		121,658		86,147		34,504		20,227		763		1,619,323
90 days or more past due	90		284		54		92		237		309		—		—		1,066
Total automobile	468,242		532,012		356,198		121,750		86,384		34,813		20,227		763		1,620,389
Other consumer
Performing	32,662		20,376		2,986		1,722		10,381		52,659		1,120,863		18,655		1,260,304
90 days or more past due	10		79		—		—		—		628		—		133		850
Total other consumer	32,672		20,455		2,986		1,722		10,381		53,287		1,120,863		18,788		1,261,154
Total consumer	$	541,513	$	597,411	$	374,145	$	127,568	$	101,615	$	135,506	$	1,538,050	$	24,887	$	3,440,695
Gross loan charge-offs	$	296	$	903	$	357	$	232	$	752	$	1,921	$	31	$	—	$	4,492


	Term Loans
	Amortized Cost Basis by Origination Year
December 31, 2022	2022		2021		2020		2019		2018		Prior to 2017		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans		Total
	(in thousands)
Residential mortgage
Performing	$	1,302,279	$	1,502,622	$	571,390	$	500,197	$	338,062	$	1,073,995	$	66,706	$	—	$	5,355,251
90 days or more past due	—		197		217		1,835		2,876		4,174		—		—		9,299
Total residential mortgage	$	1,302,279	$	1,502,819	$	571,607	$	502,032	$	340,938	$	1,078,169	$	66,706	$	—	$	5,364,550
Consumer loans
Home equity
Performing	$	47,084	$	12,432	$	4,592	$	5,024	$	5,581	$	13,007	$	376,608	$	38,570	$	502,898
90 days or more past due	—		—		—		—		—		—		276		710		986
Total home equity	47,084		12,432		4,592		5,024		5,581		13,007		376,884		39,280		503,884
Automobile
Performing	724,557		525,017		204,578		166,103		80,012		45,415		—		—		1,745,682
90 days or more past due	38		116		36		180		101		72		—		—		543
Total automobile	724,595		525,133		204,614		166,283		80,113		45,487		—		—		1,746,225
Other consumer
Performing	24,140		10,144		8,206		7,435		7,406		15,736		991,737		—		1,064,804
90 days or more past due	—		—		—		—		—		38		1		—		39
Total other consumer	24,140		10,144		8,206		7,435		7,406		15,774		991,738		—		1,064,843
Total consumer	$	795,819	$	547,709	$	217,412	$	178,742	$	93,100	$	74,268	$	1,368,622	$	39,280	$	3,314,952

Pre- and Post-Modification Amortized Cost of Loans by Loan Class Modified as TDRs and Loans Modified as TDRs that Subsequently Defaulted

The following table shows the amortized cost basis of loans to borrowers experiencing financial difficulty at December 31, 2023 that were modified during the year ended December 31, 2023, disaggregated by class of financing receivable and type of modification. Each of the types of modifications was less than one percent of their respective loan categories.


	2023
	Interest rate reduction		Term extension		Term extension and interest rate reduction		Total
	($ in thousands)
Commercial and industrial	$	2,967	$	58,287	$	2,500	$	63,754
Commercial real estate	—		123,838		3,690		127,528
Residential mortgage	—		568		—		568
Home equity	—		31		—		31
Consumer	—		43		—		43
Total	$	2,967	$	182,767	$	6,190	$	191,924

The following table describes the types of modifications made to borrowers experiencing financial difficulty during the year ended December 31, 2023:

2023

Types of Modifications

Commercial and industrial

Reductions in interest rate from 3.50 percent, 1.84 percent and 1.83 percent to 1.00 percent

12 month term extensions

12 month term extensions combined with a reduction in interest rate from 9.50 percent to 6.50 percent

Commercial real estate

6 to 36 month term extensions

term extension combined with a reduction in interest rate from 8.75 percent to 6.00 percent

Residential mortgage

12 month term extensions

Home equity

120 month term extension

Consumer

60 month term extension

The following table presents pre- and post-modification amortized cost of loans by loan class modified as TDRs during the year ended December 31, 2022. Post-modification amounts are presented as of December 31, 2022 using the allowance methodology for TDRs prior to the adoption of ASU No. 2022-02.


Troubled Debt Restructurings	Number of Contracts	Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment
		($ in thousands)









December 31, 2022
Commercial and industrial	95	$	117,429	$	90,259
Commercial real estate:
Commercial real estate	5	26,375		25,608
Construction	2	11,025		9,077
Total commercial real estate	7	37,400		34,685
Residential mortgage	9	3,206		3,209
Consumer	1	125		116
Total	112	$	158,160	$	128,269

Loans modified as TDRs within the previous 12 months and for which there was a payment default (90 or more days past due) in the year ended December 31, 2022 were as follows:


	2022
Troubled Debt Restructurings Subsequently Defaulted		Number of Contracts	Recorded Investment
		($ in thousands)
Commercial and industrial		1	$	20,844
Commercial real estate:
Commercial real estate		2	5,207
Construction		—	—
Total commercial real estate		2	5,207
Residential mortgage		1	1,071

Total		4	$	27,122

Summary of Collateral Dependent Loans

The following table presents collateral dependent loans by class as of December 31, 2023 and 2022:


	2023		2022
	(in thousands)
Collateral dependent loans:
Commercial and industrial *	$	96,827	$	94,433
Commercial real estate	98,785		74,855
Construction	46,634		55,344
Total commercial real estate loans	145,419		130,199
Residential mortgage	21,843		33,865
Home equity	—		195
Consumer	589		—
Total	$	264,678	$	258,692

* Commercial and industrial loans presented in the table above are primarily collateralized by taxi medallions.

Summary of Allowance for Credit Losses

The following table summarizes the allowance for credit losses for loans at December 31, 2023 and 2022:


	2023		2022
	(in thousands)
Components of allowance for credit losses for loans:
Allowance for loan losses	$	446,080	$	458,655
Allowance for unfunded credit commitments	19,470		24,600
Total allowance for credit losses for loans	$	465,550	$	483,255

Summary of Provision for Credit Losses

The following table summarizes the provision for credit losses for loans for the years ended December 31, 2023, 2022 and 2021:


	2023		2022		2021
	(in thousands)
Components of provision for credit losses for loans:
Provision for loan losses	$	50,755	$	48,236	$	27,507
(Credit) provision for unfunded credit commitments	(5,130)		8,100		5,389
Total provision for credit losses for loans	$	45,625	$	56,336	$	32,896

Summary of Activity in Allowance for Loan Losses

The following table details the activity in the allowance for loan losses by portfolio segment for the years ended December 31, 2023 and 2022:


	Commercial and Industrial		Commercial Real Estate		Residential Mortgage		Consumer		Total
	(in thousands)
December 31, 2023
Allowance for loan losses:
Beginning balance	$	139,941	$	259,408	$	39,020	$	20,286	$	458,655
Impact of the adoption of ASU No. 2022-02	(739)		(589)		(12)		(28)		(1,368)
Beginning balance, adjusted	139,202		258,819		39,008		20,258		457,287
Loans charged-off	(48,015)		(22,946)		(194)		(4,298)		(75,453)
Charged-off loans recovered	11,270		34		201		1,986		13,491
Net (charge-offs) recoveries	(36,745)		(22,912)		7		(2,312)		(61,962)
Provision for loan losses	30,902		13,691		3,942		2,220		50,755
Ending balance	$	133,359	$	249,598	$	42,957	$	20,166	$	446,080
December 31, 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
Beginning balance, adjusted	136,542		254,108		25,326		13,545		429,521
Loans charged-off	(33,250)		(4,561)		(28)		(4,057)		(41,896)
Charged-off loans recovered	17,081		2,073		711		2,929		22,794
Net (charge-offs) recoveries	(16,169)		(2,488)		683		(1,128)		(19,102)
Provision for loan losses	19,568		7,788		13,011		7,869		48,236
Ending balance	$	139,941	$	259,408	$	39,020	$	20,286	$	458,655

* 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 for the years ended December 31, 2023 and 2022.


	Commercial and Industrial		Commercial Real Estate		Residential Mortgage		Consumer		Total
	(in thousands)
December 31, 2023
Allowance for loan losses:
Individually evaluated for credit losses	$	55,993	$	17,987	$	235	$	—	$	74,215
Collectively evaluated for credit losses	77,366		231,611		42,722		20,166		371,865

Total	$	133,359	$	249,598	$	42,957	$	20,166	$	446,080
Loans:
Individually evaluated for credit losses	$	96,827	$	145,419	$	21,843	$	589	$	264,678
Collectively evaluated for credit losses	9,133,716		31,824,628		5,547,167		3,440,106		49,945,617
Total	$	9,230,543	$	31,970,047	$	5,569,010	$	3,440,695	$	50,210,295
December 31, 2022
Allowance for loan losses:
Individually evaluated for credit losses	$	68,745	$	13,174	$	337	$	4,338	$	86,594
Collectively evaluated for credit losses	71,196		246,234		38,683		15,948		372,061
Total	$	139,941	$	259,408	$	39,020	$	20,286	$	458,655
Loans:
Individually evaluated for credit losses	$	117,644	$	213,522	$	28,869	$	14,058	$	374,093
Collectively evaluated for credit losses	8,687,186		29,219,346		5,335,681		3,300,894		46,543,107
Total	$	8,804,830	$	29,432,868	$	5,364,550	$	3,314,952	$	46,917,200