Loans and Allowance for Credit Losses for Loans (Tables)

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

Schedule of Loan Portfolio

The detail of the loan portfolio as of March 31, 2024 and December 31, 2023 was as follows: 

	March 31, 2024		December 31, 2023
	(in thousands)
Loans:
Commercial and industrial	$	9,104,193	$	9,230,543
Commercial real estate:
Commercial real estate	28,148,953		28,243,239
Construction	3,556,511		3,726,808
Total commercial real estate loans	31,705,464		31,970,047
Residential mortgage	5,618,355		5,569,010
Consumer:
Home equity	564,083		559,152
Automobile	1,700,508		1,620,389
Other consumer	1,229,439		1,261,154
Total consumer loans	3,494,030		3,440,695
Total loans	$	49,922,042	$	50,210,295

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, 2024 and December 31, 2023, as well as the gross loan charge-offs by year of origination for the three months ended March 31, 2024 and for the year ended December 31, 2023:

	Term Loans
	Amortized Cost Basis by Origination Year
March 31, 2024	2024		2023		2022		2021		2020		Prior to 2020		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans		Total
	(in thousands)
Commercial and industrial
Risk Rating:
Pass	$	402,170	$	1,275,151	$	899,621	$	666,947	$	340,653	$	660,087	$	4,401,704	$	35,540	$	8,681,873
Special Mention	1,718		20,804		85,156		13,735		355		20,959		71,380		139		214,246
Substandard	—		43,944		3,144		4,571		14,966		7,924		40,268		22,046		136,863
Doubtful	—		9,078		21		1,167		(22)		52,498		8,469		—		71,211
Total commercial and industrial	$	403,888	$	1,348,977	$	987,942	$	686,420	$	355,952	$	741,468	$	4,521,821	$	57,725	$	9,104,193
Commercial real estate
Risk Rating:
Pass	$	384,214	$	3,928,977	$	6,314,486	$	4,607,445	$	2,674,613	$	7,345,774	$	779,366	$	134,472	$	26,169,347
Special Mention	6,379		106,984		197,652		231,119		160,474		362,966		3,007		83		1,068,664
Substandard	18,968		119,426		127,697		172,590		122,210		346,637		3,197		217		910,942
Total commercial real estate	$	409,561	$	4,155,387	$	6,639,835	$	5,011,154	$	2,957,297	$	8,055,377	$	785,570	$	134,772	$	28,148,953
Construction
Risk Rating:
Pass	$	137,671	$	826,057	$	587,323	$	201,115	$	12,723	$	56,211	$	1,550,191	$	90,831	$	3,462,122
Special Mention	—		—		—		2,136		—		—		36,421		—		38,557
Substandard	—		6,748		—		8,993		—		—		—		—		15,741
Doubtful	—		—		18,181		—		10,000		11,910		—		—		40,091
Total construction	$	137,671	$	832,805	$	605,504	$	212,244	$	22,723	$	68,121	$	1,586,612	$	90,831	$	3,556,511
Gross loan charge-offs	$	—	$	1,846	$	2,211	$	271	$	704	$	14,305	$	3,600	$	154	$	23,091

	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

The following table presents the amortized cost in those loan classes based on payment activity by origination year as of March 31, 2024 and December 31, 2023, as well as the gross loan charge-offs by year of origination for the three months ended March 31, 2024 and for the year ended December 31, 2023:

	Term Loans
	Amortized Cost Basis by Origination Year
March 31, 2024	2024		2023		2022		2021		2020		Prior to 2020		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans		Total
	(in thousands)
Residential mortgage
Performing	$	91,866	$	467,697	$	1,316,817	$	1,491,638	$	526,843	$	1,643,947	$	62,542	$	1,771	$	5,603,121
90 days or more past due	—		—		3,684		1,830		1,354		8,366		—		—		15,234
Total residential mortgage	$	91,866	$	467,697	$	1,320,501	$	1,493,468	$	528,197	$	1,652,313	$	62,542	$	1,771	$	5,618,355
Consumer loans
Home equity
Performing	$	2,872	$	27,946	$	43,390	$	11,207	$	4,021	$	53,706	$	412,170	$	7,957	$	563,269
90 days or more past due	—		—		51		13		—		702		—		48		814
Total home equity	2,872		27,946		43,441		11,220		4,021		54,408		412,170		8,005		564,083
Automobile
Performing	$	225,477	$	464,201	$	492,460	$	318,203	$	105,243	$	94,074	$	—			$	1,699,658
90 days or more past due	—		32		247		49		62		460		—		—		850
Total automobile	225,477		464,233		492,707		318,252		105,305		94,534		—		—		1,700,508
Other consumer
Performing	$	5,159	$	30,490	$	19,276	$	2,729	$	1,276	$	64,706	$	1,077,435	$	27,719	$	1,228,790
90 days or more past due	—		—		21		—		—		627		—		1		649
Total other consumer	5,159		30,490		19,297		2,729		1,276		65,333		1,077,435		27,720		1,229,439
Total consumer	$	233,508	$	522,669	$	555,445	$	332,201	$	110,602	$	214,275	$	1,489,605	$	35,725	$	3,494,030
Gross loan charge-offs	$	—	$	391	$	494	$	269	$	198	$	433	$	—	$	24	$	1,809

	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

Financing Receivable, Troubled Debt Restructuring

The following tables shows the amortized cost basis of loans to borrowers experiencing financial difficulty at March 31, 2024 that were modified during the three months ended March 31, 2024 and 2023, disaggregated by class of financing receivable and type of modification.

		Term extension		Term extension and interest rate reduction		Total		% of Total Loan Class
	($ in thousands)
Three Months Ended March 31, 2024
Commercial and industrial		$	34,271	$	143	$	34,414	0.38	%
Commercial real estate		62		16,222		16,284		0.06
Home equity		91		—		91		0.02
Total		$	34,424	$	16,365	$	50,789	0.10	%
Three Months Ended March 31, 2023
Commercial and industrial		$	1,281	$	523	$	1,804	0.02	%
Commercial real estate		46,328		—		46,328		0.17
Residential mortgage		213		—		213		—
Other consumer		60		—		60		—
Total		$	47,882	$	523	$	48,405	0.10	%

The following tables describes the types of modifications made to borrowers experiencing financial difficulty.

	Types of Modifications
Three Months Ended March 31, 2024
Commercial and industrial	3 to 12 month term extensions
	24 month term extensions combined with a reduction in interest rate from 2.10 percent to 1.00 percent
Commercial real estate	6 to 36 month term extensions
	12 to 18 month term extensions combined with a reduction in interest rate from 8.06 percent to 7.00 percent
Home equity	120 month term extension
Three Months Ended March 31, 2023
Commercial and industrial	12 month term extensions
	12 month term extensions combined with a reduction in interest rate from 2.11 percent to 1.00 percent
Commercial real estate	6 - 36 month term extensions
Residential mortgage	12 month term extensions
Consumer	60 month term extensions

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 March 31, 2024 and December 31, 2023:

	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)
March 31, 2024
Commercial and industrial	$	6,202	$	2,665	$	5,750	$	102,399	$	117,016	$	8,987,177	$	9,104,193	$	12,502
Commercial real estate:
Commercial real estate	5,791		3,720		—		100,052		109,563		28,039,390		28,148,953		76,495
Construction	—		—		3,990		51,842		55,832		3,500,679		3,556,511		25,192
Total commercial real estate loans	5,791		3,720		3,990		151,894		165,395		31,540,069		31,705,464		101,687
Residential mortgage	20,819		5,970		2,884		28,561		58,234		5,560,121		5,618,355		23,338
Consumer loans:
Home equity	1,006		18		—		3,506		4,530		559,553		564,083		327
Automobile	8,450		1,387		535		305		10,677		1,689,831		1,700,508		—
Other consumer	4,576		429		196		627		5,828		1,223,611		1,229,439		589
Total consumer loans	14,032		1,834		731		4,438		21,035		3,472,995		3,494,030		916
Total	$	46,844	$	14,189	$	13,355	$	287,292	$	361,680	$	49,560,362	$	49,922,042	$	138,443

	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

The following table presents the aging analysis of loans that have been modified within the previous 12 months.

	At March 31, 2024
	Current		30-89 Days Past Due		90 Days Or More Past Due *		Total
	($ in thousands)
Commercial and industrial	$	73,859	$	5,916	$	4,943	$	84,718
Commercial real estate	96,217		—		2,153		98,370
Residential mortgage	—		360		—		360
Home equity	122		—		—		122
Total	$	170,198	$	6,276	$	7,096	$	183,570

*    All loan balances in this delinquency category were non-accrual loans at March 31, 2024.

Summary of Collateral Dependent Loans

The following table presents collateral dependent loans by class as of March 31, 2024 and December 31, 2023:

	March 31, 2024		December 31, 2023
	(in thousands)
Collateral dependent loans:
Commercial and industrial *	$	98,069	$	96,827
Commercial real estate	97,627		98,785
Construction	42,151		46,634
Total commercial real estate loans	139,778		145,419
Residential mortgage	23,666		21,843
Home equity	327		—
Consumer	589		589
Total	$	262,429	$	264,678

*    Includes non-accrual loans collateralized by taxi medallions totaling $53.0 million and $62.3 million at March 31, 2024 and December 31, 2023, respectively.

Summary of Allowance for Credit Losses

The following table summarizes the ACL for loans at March 31, 2024 and December 31, 2023: 

	March 31, 2024		December 31, 2023
	(in thousands)
Components of allowance for credit losses for loans:
Allowance for loan losses	$	469,248	$	446,080
Allowance for unfunded credit commitments	18,021		19,470
Total allowance for credit losses for loans	$	487,269	$	465,550

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,
	2024		2023
	(in thousands)
Components of provision for credit losses for loans:
Provision for loan losses	$	46,723	$	9,979
Credit for unfunded credit commitments	(1,449)		(529)
Total provision for credit losses for loans	$	45,274	$	9,450

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 three months ended March 31, 2024 and 2023: 

	Commercial and Industrial		Commercial Real Estate		Residential Mortgage		Consumer		Total
	(in thousands)
Three Months Ended March 31, 2024
Allowance for loan losses:
Beginning balance	$	133,359	$	249,598	$	42,957	$	20,166	$	446,080
Loans charged-off	(14,293)		(8,798)		—		(1,809)		(24,900)
Charged-off loans recovered	682		241		25		397		1,345
Net (charge-offs) recoveries	(13,611)		(8,557)		25		(1,412)		(23,555)
Provision for loan losses	18,845		24,806		1,395		1,677		46,723
Ending balance	$	138,593	$	265,847	$	44,377	$	20,431	$	469,248
Three Months Ended March 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	(26,047)		(5,698)		—		(828)		(32,573)
Charged-off loans recovered	1,399		24		21		761		2,205
Net (charge-offs) recoveries	(24,648)		(5,674)		21		(67)		(30,368)
Provision (credit) for loan losses	13,438		(9,813)		2,679		3,675		9,979
Ending balance	$	127,992	$	243,332	$	41,708	$	23,866	$	436,898

Allocation Of Allowance For Loan Losses Disaggregated Based On Impairment 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, 2024 and December 31, 2023.

	Commercial and Industrial		Commercial Real Estate		Residential Mortgage		Consumer		Total
	(in thousands)
March 31, 2024
Allowance for loan losses:
Individually evaluated for credit losses	$	52,002	$	14,545	$	30	$	—	$	66,577
Collectively evaluated for credit losses	86,591		251,302		44,347		20,431		402,671
Total	$	138,593	$	265,847	$	44,377	$	20,431	$	469,248
Loans:
Individually evaluated for credit losses	$	98,069	$	139,778	$	23,666	$	916	$	262,429
Collectively evaluated for credit losses	9,006,124		31,565,686		5,594,689		3,493,114		49,659,613
Total	$	9,104,193	$	31,705,464	$	5,618,355	$	3,494,030	$	49,922,042
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