Loans and Allowance for Credit Losses for Loans (Tables)

9 Months Ended

Sep. 30, 2024

Receivables [Abstract]

Schedule of Loan Portfolio

The detail of the loan portfolio as of September 30, 2024 and December 31, 2023 was as follows: 

	September 30, 2024		December 31, 2023
	(in thousands)
Loans:
Commercial and industrial	$	9,799,287	$	9,230,543
Commercial real estate:
Commercial real estate	26,914,732		28,243,239
Construction	3,487,464		3,726,808
Total commercial real estate loans	30,402,196		31,970,047
Residential mortgage	5,684,079		5,569,010
Consumer:
Home equity	581,181		559,152
Automobile	1,823,738		1,620,389
Other consumer	1,064,838		1,261,154
Total consumer loans	3,469,757		3,440,695
Total loans	$	49,355,319	$	50,210,295

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 September 30, 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)
September 30, 2024
Commercial and industrial	$	4,537	$	1,238	$	1,786	$	120,575	$	128,136	$	9,671,151	$	9,799,287	$	25,626
Commercial real estate:
Commercial real estate	76,370		43,926		—		113,752		234,048		26,680,684		26,914,732		67,610
Construction	—		—		—		24,657		24,657		3,462,807		3,487,464		2,223
Total commercial real estate loans	76,370		43,926		—		138,409		258,705		30,143,491		30,402,196		69,833
Residential mortgage	19,549		6,892		1,931		33,075		61,447		5,622,632		5,684,079		19,819
Consumer loans:
Home equity	1,967		987		—		3,997		6,951		574,230		581,181		681
Automobile	8,666		1,128		831		234		10,859		1,812,879		1,823,738		—
Other consumer	4,039		617		232		29		4,917		1,059,921		1,064,838		—
Total consumer loans	14,672		2,732		1,063		4,260		22,727		3,447,030		3,469,757		681
Total	$	115,128	$	54,788	$	4,780	$	296,319	$	471,015	$	48,884,304	$	49,355,319	$	115,959

	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 September 30, 2024
	Current		30-89 Days Past Due		90 Days or More Past Due *		Total
	($ in thousands)
Commercial and industrial	$	91,411	$	—	$	—	$	91,411
Commercial real estate	210,565		180		2,153		212,898
Residential mortgage	869		—		—		869
Total	$	302,845	$	180	$	2,153	$	305,178

*    All loan balances in this delinquency category were non-accrual loans at September 30, 2024.

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 September 30, 2024 and December 31, 2023, as well as the gross loan charge-offs by year of origination for the nine months ended September 30, 2024 and for the year ended December 31, 2023:

	Term Loans
	Amortized Cost Basis by Origination Year
September 30, 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	$	1,348,640	$	929,724	$	778,008	$	529,959	$	271,271	$	541,718	$	4,776,972	$	10,865	$	9,187,157
Special Mention	17,974		5,769		61,307		2,131		5,081		15,369		111,758		4,025		223,414
Substandard	14,938		80,428		12,945		15,347		3,486		16,767		158,661		22,665		325,237
Doubtful	25,891		5,245		11		928		—		27,186		4,218		—		63,479
Total commercial and industrial	$	1,407,443	$	1,021,166	$	852,271	$	548,365	$	279,838	$	601,040	$	5,051,609	$	37,555	$	9,799,287
Commercial real estate
Risk Rating:
Pass	$	1,387,811	$	3,122,589	$	5,507,668	$	4,108,362	$	2,408,835	$	6,536,122	$	661,967	$	107,833	$	23,841,187
Special Mention	83,281		418,398		306,716		222,191		85,499		295,662		116,488		—		1,528,235
Substandard	64,870		141,986		319,252		259,489		208,213		496,874		41,592				1,532,276
Doubtful	—		3,060		—		—		9,904		70		—		—		13,034
Total commercial real estate	$	1,535,962	$	3,686,033	$	6,133,636	$	4,590,042	$	2,712,451	$	7,328,728	$	820,047	$	107,833	$	26,914,732
Construction
Risk Rating:
Pass	$	477,695	$	764,741	$	501,433	$	140,941	$	22,325	$	40,011	$	1,339,753	$	58,767	$	3,345,666
Special Mention	1,591		—		10,685		5,090		—		—		41,245		—		58,611
Substandard	9,058		—		9,016		4,942		—		—		42,075		—		65,091
Doubtful	—		—		10,824		—		7,272		—		—		—		18,096
Total construction	$	488,344	$	764,741	$	531,958	$	150,973	$	29,597	$	40,011	$	1,423,073	$	58,767	$	3,487,464
Gross loan charge-offs	$	191	$	15,144	$	6,841	$	25,943	$	30,669	$	21,417	$	3,930	$	1,657	$	105,792

	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 September 30, 2024 and December 31, 2023, as well as the gross loan charge-offs by year of origination for the nine months ended September 30, 2024 and for the year ended December 31, 2023:

	Term Loans
	Amortized Cost Basis by Origination Year
September 30, 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	$	340,089	$	447,576	$	1,302,396	$	1,459,396	$	507,022	$	1,528,196	$	77,107	$	1,635	$	5,663,417
90 days or more past due	724		—		1,049		1,022		1,937		15,930		—				20,662
Total residential mortgage	$	340,813	$	447,576	$	1,303,445	$	1,460,418	$	508,959	$	1,544,126	$	77,107	$	1,635	$	5,684,079
Consumer loans
Home equity
Performing	$	13,599	$	31,397	$	40,102	$	10,473	$	3,455	$	51,126	$	418,884	$	11,253	$	580,289
90 days or more past due	—		—		51		13		—		783		—		45		892
Total home equity	13,599		31,397		40,153		10,486		3,455		51,909		418,884		11,298		581,181
Automobile
Performing	$	650,027	$	379,091	$	405,626	$	244,751	$	73,367	$	69,827	$	—	$	—	$	1,822,689
90 days or more past due	84		272		191		115		85		302		—		—		1,049
Total automobile	650,111		379,363		405,817		244,866		73,452		70,129		—		—		1,823,738
Other consumer
Performing	$	14,202	$	26,957	$	16,451	$	1,965	$	510	$	51,843	$	932,609	$	20,189	$	1,064,726
90 days or more past due	—		6		67		—		—		38		—		1		112
Total other consumer	14,202		26,963		16,518		1,965		510		51,881		932,609		20,190		1,064,838
Total consumer	$	677,912	$	437,723	$	462,488	$	257,317	$	77,417	$	173,919	$	1,351,493	$	31,488	$	3,469,757
Gross loan charge-offs	$	419	$	1,331	$	1,254	$	740	$	437	$	1,344	$	—	$	143	$	5,668

	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 present the amortized cost basis of loans to borrowers experiencing financial difficulty at September 30, 2024 that were modified during the three and nine months ended September 30, 2024 and 2023, disaggregated by class of financing receivable and type of modification.

	Interest rate reduction		Term extension		Term extension and interest rate reduction		Other than Insignificant Payment Delay		Total		% of Total Loan Class
	($ in thousands)
Three Months Ended September 30, 2024
Commercial and industrial	$	924	$	7,556	$	—	$	—	$	8,480	0.09	%
Commercial real estate	3,232		36,800		—		107,972		148,004		0.55
Total	$	4,156	$	44,356	$	—	$	107,972	$	156,484	0.32	%
Three Months Ended September 30, 2023
Commercial and industrial	$	920	$	17,670	$	56	$	—	$	18,646	0.20	%
Commercial real estate	—		38,345		—		—		38,345		0.14
Home equity	—		31		—		$	—	31		0.01
Total	$	920	$	56,046	$	56	$	—	$	57,022	0.10	%
Nine Months Ended September 30, 2024
Commercial and industrial	$	924	$	87,427	$	133	$	—	$	88,484	0.90	%
Commercial real estate	3,232		37,006		16,221		107,972		164,431		0.61
Residential mortgage	—		869		—		—		869		0.02
Total	$	4,156	$	125,302	$	16,354	$	107,972	$	253,784	0.51	%
Nine Months Ended September 30, 2023
Commercial and industrial	$	920	$	56,322	$	2,281	$	—	$	59,523	0.65	%
Commercial real estate	—		76,394		3,739		—		80,133		0.28
Residential mortgage	—		768		—		—		768		0.01
Home equity	—		31		—		—		31		0.01
Other consumer	—		48		—		—		48		—
Total	$	920	$	133,563	$	6,020	$	—	$	140,503	0.28	%

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

	Types of Modifications
Three and Nine months ended September 30, 2024
Commercial and industrial	3 to 24 month term extensions
	24 month term extensions combined with a reduction in interest rate from 2.10 percent to 1.00 percent
	Five reductions in interest rate one from 7.50 percent and four from 6.09 percent to 4.88 percent and 1.83 percent, respectively
Commercial real estate	2 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
	Five other than insignificant payment delays, consisting of 12 month moratoriums on contractual principal payments
Residential mortgage	50 month term extensions
Home equity	120 month term extension
Three and Nine months ended September 30, 2023
Commercial and industrial	12 month term extensions
	Two 12 month term extensions combined with a reduction in interest rate from 9.50 percent to 6.50 percent
	Two reductions in interest rate from 1.84 percent and 1.83 percent to 1.00 percent, respectively
Commercial real estate	6 - 36 month term extensions
	9 month 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 extensions

Summary of Collateral Dependent Loans

The following table presents collateral dependent loans by class as of September 30, 2024 and December 31, 2023:

	September 30, 2024		December 31, 2023
	(in thousands)
Collateral dependent loans:
Commercial and industrial *	$	135,786	$	96,827
Commercial real estate	114,216		98,785
Construction	15,841		46,634
Total commercial real estate loans	130,057		145,419
Residential mortgage	20,075		21,843
Home equity	681		—
Consumer	—		589
Total	$	286,599	$	264,678

*    Includes non-accrual loans collateralized by taxi medallions totaling $52.2 million and $62.3 million at September 30, 2024 and December 31, 2023, respectively.

Summary of Allowance for Credit Losses

The following table summarizes the ACL for loans at September 30, 2024 and December 31, 2023: 

	September 30, 2024		December 31, 2023
	(in thousands)
Components of allowance for credit losses for loans:
Allowance for loan losses	$	548,327	$	446,080
Allowance for unfunded credit commitments	16,344		19,470
Total allowance for credit losses for loans	$	564,671	$	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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(in thousands)
Components of provision for credit losses for loans:
Provision for loan losses	$	71,925	$	11,221	$	205,549	$	29,359
Provision (credit) for unfunded credit commitments	3,113		(2,074)		(3,126)		(4,430)
Total provision for credit losses for loans	$	75,038	$	9,147	$	202,423	$	24,929

Summary of Activity in Allowance for Loan Losses

The following tables detail the activity in the allowance for loan losses by portfolio segment for the three and nine months ended September 30, 2024 and 2023: 

	Commercial and Industrial		Commercial Real Estate		Residential Mortgage		Consumer		Total
	(in thousands)
Three Months Ended September 30, 2024
Allowance for loan losses:
Beginning balance	$	149,243	$	301,093	$	47,697	$	21,277	$	519,310
Loans charged-off	(7,501)		(38,123)		—		(2,597)		(48,221)
Charged-off loans recovered	3,162		1,601		29		521		5,313
Net (charge-offs) recoveries	(4,339)		(36,522)		29		(2,076)		(42,908)
Provision for loan losses	21,461		44,457		3,819		2,188		71,925
Ending balance	$	166,365	$	309,028	$	51,545	$	21,389	$	548,327
Three Months Ended September 30, 2023
Allowance for loan losses:
Beginning balance	$	128,245	$	239,695	$	44,153	$	24,339	$	436,432
Loans charged-off	(7,487)		(255)		(20)		(1,156)		(8,918)
Charged-off loans recovered	3,043		5		30		362		3,440
Net (charge-offs) recoveries	(4,444)		(250)		10		(794)		(5,478)
Provision (credit) for loan losses	10,187		5,602		458		(5,026)		11,221
Ending balance	$	133,988	$	245,047	$	44,621	$	18,519	$	442,175

Nine Months Ended September 30, 2024
Allowance for loan losses:
Beginning balance	$	133,359	$	249,598	$	42,957	$	20,166	$	446,080
Loans charged-off	(36,515)		(69,277)		—		(5,668)		(111,460)
Charged-off loans recovered	4,586		1,992		59		1,521		8,158
Net (charge-offs) recoveries	(31,929)		(67,285)		59		(4,147)		(103,302)
Provision for loan losses	64,935		126,715		8,529		5,370		205,549
Ending balance	$	166,365	$	309,028	$	51,545	$	21,389	$	548,327
Nine Months Ended September 30, 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	(37,399)		(12,226)		(169)		(3,024)		(52,818)
Charged-off loans recovered	6,615		33		186		1,513		8,347
Net (charge-offs) recoveries	(30,784)		(12,193)		17		(1,511)		(44,471)
Provision (credit) for loan losses	25,570		(1,579)		5,596		(228)		29,359
Ending balance	$	133,988	$	245,047	$	44,621	$	18,519	$	442,175

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 September 30, 2024 and December 31, 2023.

	Commercial and Industrial		Commercial Real Estate		Residential Mortgage		Consumer		Total
	(in thousands)
September 30, 2024
Allowance for loan losses:
Individually evaluated for credit losses	$	46,015	$	11,454	$	28	$	—	$	57,497
Collectively evaluated for credit losses	120,350		297,574		51,517		21,389		490,830
Total	$	166,365	$	309,028	$	51,545	$	21,389	$	548,327
Loans:
Individually evaluated for credit losses	$	135,786	$	130,057	$	20,075	$	681	$	286,599
Collectively evaluated for credit losses	9,663,501		30,272,139		5,664,004		3,469,076		49,068,720
Total	$	9,799,287	$	30,402,196	$	5,684,079	$	3,469,757	$	49,355,319
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