Loans and Allowance for Credit Losses for Loans (Tables)

3 Months Ended

Mar. 31, 2025

Receivables [Abstract]

Schedule of Loan Portfolio

The details of the loan portfolio as of March 31, 2025 and December 31, 2024 were as follows: 

	March 31, 2025		December 31, 2024
	(in thousands)
Loans:
Commercial and industrial	$	10,150,205	$	9,931,400
Commercial real estate:
Commercial real estate	26,087,621		26,530,225
Construction	3,026,935		3,114,733
Total commercial real estate loans	29,114,556		29,644,958
Residential mortgage	5,636,407		5,632,516
Consumer:
Home equity	602,161		604,433
Automobile	2,041,227		1,901,065
Other consumer	1,112,572		1,085,339
Total consumer loans	3,755,960		3,590,837
Total loans	$	48,657,128	$	48,799,711

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, 2025 and December 31, 2024:

	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, 2025
Commercial and industrial	$	3,609	$	420	$	—	$	110,146	$	114,175	$	10,036,030	$	10,150,205	$	20,402
Commercial real estate:
Commercial real estate	170		—		—		172,011		172,181		25,915,440		26,087,621		128,229
Construction	—		—		—		24,275		24,275		3,002,660		3,026,935		4,477
Total commercial real estate loans	170		—		—		196,286		196,456		28,918,100		29,114,556		132,706
Residential mortgage	16,747		7,700		6,892		35,393		66,732		5,569,675		5,636,407		24,643
Consumer loans:
Home equity	1,661		379		30		4,363		6,433		595,728		602,161		1,332
Automobile	8,508		1,454		448		242		10,652		2,030,575		2,041,227		—
Other consumer	2,718		575		386		21		3,700		1,108,872		1,112,572		—
Total consumer loans	12,887		2,408		864		4,626		20,785		3,735,175		3,755,960		1,332
Total	$	33,413	$	10,528	$	7,756	$	346,451	$	398,148	$	48,258,980	$	48,657,128	$	179,083

	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, 2024
Commercial and industrial	$	2,389	$	1,007	$	1,307	$	136,675	$	141,378	$	9,790,022	$	9,931,400	$	15,947
Commercial real estate:
Commercial real estate	20,902		24,903		—		157,231		203,036		26,327,189		26,530,225		91,095
Construction	—		—		—		24,591		24,591		3,090,142		3,114,733		5,002
Total commercial real estate loans	20,902		24,903		—		181,822		227,627		29,417,331		29,644,958		96,097
Residential mortgage	21,295		5,773		3,533		36,786		67,387		5,565,129		5,632,516		23,543
Consumer loans:
Home equity	1,651		181		—		3,961		5,793		598,640		604,433		1,341
Automobile	8,583		1,346		407		230		10,566		1,890,499		1,901,065		—
Other consumer	2,318		2,957		642		24		5,941		1,079,398		1,085,339		—
Total consumer loans	12,552		4,484		1,049		4,215		22,300		3,568,537		3,590,837		1,341
Total	$	57,138	$	36,167	$	5,889	$	359,498	$	458,692	$	48,341,019	$	48,799,711	$	136,928

The following table presents the aging analysis of loans that have been modified within the previous 12 months at March 31, 2025 and 2024.

	Current			30-89 Days Past Due			90 Days or More Past Due			Total
March 31, 2025	($ in thousands)
Commercial and industrial	$	113,632	*	$	—		$	—		$	113,632
Commercial real estate	243,689			—			46			243,735
Residential mortgage	2,051			—			95			2,146
Home equity	41			—			—			41
Total	$	359,413		$	—		$	141		$	359,554
March 31, 2024
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

*    Includes non-accrual loans.

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, 2025 and December 31, 2024, as well as the gross loan charge-offs by year of origination for the three months ended March 31, 2025 and for the year ended December 31, 2024:

	Term Loans
	Amortized Cost Basis by Origination Year
March 31, 2025	2025		2024		2023		2022		2021		Prior to 2021		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans		Total
	(in thousands)
Commercial and industrial
Risk Rating:
Pass	$	402,895	$	1,683,588	$	775,801	$	657,761	$	405,335	$	592,244	$	4,880,356	$	8,136	$	9,406,116
Special Mention	13,814		1,186		5,973		3,413		11,255		14,628		210,855		3,766		264,890
Substandard	—		36,081		13,898		62,525		4,373		52,761		217,195		20,266		407,099
Doubtful	—		—		7,120		2		321		51,744		12,913		—		72,100
Total commercial and industrial	$	416,709	$	1,720,855	$	802,792	$	723,701	$	421,284	$	711,377	$	5,321,319	$	32,168	$	10,150,205
Commercial real estate
Risk Rating:
Pass	$	600,990	$	2,070,782	$	2,622,556	$	5,052,632	$	3,667,440	$	8,058,437	$	514,996	$	78,387	$	22,666,220
Special Mention	—		127,965		308,325		293,431		218,617		359,533		165,641		—		1,473,512
Substandard	37,705		68,730		159,182		452,111		330,105		834,911		14,640		68		1,897,452
Doubtful	—		—		3,060		—		34,525		12,852		—		—		50,437
Total commercial real estate	$	638,695	$	2,267,477	$	3,093,123	$	5,798,174	$	4,250,687	$	9,265,733	$	695,277	$	78,455	$	26,087,621
Construction
Risk Rating:
Pass	$	153,394	$	549,099	$	614,599	$	324,001	$	69,166	$	72,943	$	1,062,079	$	24,850	$	2,870,131
Special Mention	—		13,263		4,527		646		9,447		—		29,494		—		57,377
Substandard	—		773		75		8,950		4,477		—		52,222		32,930		99,427
Total construction	$	153,394	$	563,135	$	619,201	$	333,597	$	83,090	$	72,943	$	1,143,795	$	57,780	$	3,026,935
Gross loan charge-offs	$	—	$	70	$	842	$	2,488	$	7,308	$	6,807	$	9,776	$	14,588	$	41,879

	Term Loans
	Amortized Cost Basis by Origination Year
December 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	$	1,769,585	$	828,087	$	703,962	$	476,091	$	246,992	$	392,834	$	4,804,095	$	6,006	$	9,227,652
Special Mention	30,755		3,553		59,434		11,646		270		72,514		147,254		10,762		336,188
Substandard	24,613		13,479		9,415		4,296		2,813		7,382		201,053		39,011		302,062
Doubtful	—		8,911		4		928		—		52,064		3,591		—		65,498
Total commercial and industrial	$	1,824,953	$	854,030	$	772,815	$	492,961	$	250,075	$	524,794	$	5,155,993	$	55,779	$	9,931,400
Commercial real estate
Risk Rating:
Pass	$	2,097,314	$	2,941,270	$	5,310,807	$	3,883,333	$	2,302,480	$	6,086,608	$	597,266	$	78,621	$	23,297,699
Special Mention	156,394		380,852		289,669		192,614		55,739		327,732		141,164		—		1,544,164
Substandard	84,410		107,944		387,638		288,906		236,927		520,858		11,167		—		1,637,850
Doubtful	—		3,060		—		35,756		9,813		1,883		—		—		50,512
Total commercial real estate	$	2,338,118	$	3,433,126	$	5,988,114	$	4,400,609	$	2,604,959	$	6,937,081	$	749,597	$	78,621	$	26,530,225
Construction
Risk Rating:
Pass	$	545,597	$	680,260	$	334,899	$	92,765	$	17,955	$	45,161	$	1,224,698	$	58,644	$	2,999,979
Special Mention	13,278		—		664		5,069		—		2,504		16,691		—		38,206
Substandard	9,835		—		8,950		4,942		—		—		43,474		—		67,201
Doubtful	—		—		2,074		—		7,273		—		—		—		9,347
Total construction	$	568,710	$	680,260	$	346,587	$	102,776	$	25,228	$	47,665	$	1,284,863	$	58,644	$	3,114,733
Gross loan charge-offs	$	706	$	31,809	$	7,523	$	44,610	$	66,632	$	49,436	$	3,930	$	2,148	$	206,794

The following table presents the amortized cost in those loan classes based on payment activity by origination year as of March 31, 2025 and December 31, 2024, as well as the gross loan charge-offs by year of origination for the three months ended March 31, 2025 and for the year ended December 31, 2024:

	Term Loans
	Amortized Cost Basis by Origination Year
March 31, 2025	2025		2024		2023		2022		2021		Prior to 2021		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans		Total
	(in thousands)
Residential mortgage
Performing	$	85,961	$	426,158	$	408,214	$	1,274,491	$	1,402,246	$	1,939,273	$	77,898	$	—	$	5,614,241
90 days or more past due	—		952		769		3,276		1,749		14,739		—		681		22,166
Total residential mortgage	$	85,961	$	427,110	$	408,983	$	1,277,767	$	1,403,995	$	1,954,012	$	77,898	$	681	$	5,636,407
Consumer loans
Home equity
Performing	$	7,472	$	22,481	$	27,294	$	38,220	$	9,828	$	54,408	$	431,436	$	9,112	$	600,251
90 days or more past due	—		—		3		173		105		1,029		—		600		1,910
Total home equity	7,472		22,481		27,297		38,393		9,933		55,437		431,436		9,712		602,161
Automobile
Performing	$	345,515	$	787,382	$	308,544	$	321,091	$	178,895	$	99,088	$	—	$	—	$	2,040,515
90 days or more past due	—		116		95		170		94		237		—		—		712
Total automobile	345,515		787,498		308,639		321,261		178,989		99,325		—		—		2,041,227
Other consumer
Performing	$	5,866	$	13,311	$	30,004	$	14,866	$	1,700	$	58,528	$	976,315	$	11,592	$	1,112,182
90 days or more past due	—		30		—		61		—		38		—		261		390
Total other consumer	5,866		13,341		30,004		14,927		1,700		58,566		976,315		11,853		1,112,572
Total consumer	$	358,853	$	823,320	$	365,940	$	374,581	$	190,622	$	213,328	$	1,407,751	$	21,565	$	3,755,960
Gross loan charge-offs	$	—	$	522	$	297	$	348	$	152	$	762	$	—	$	59	$	2,140

	Term Loans
	Amortized Cost Basis by Origination Year
December 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	$	428,138	$	413,528	$	1,282,524	$	1,420,835	$	494,430	$	1,490,512	$	75,479	$	954	$	5,606,400
90 days or more past due	530		771		1,030		1,533		5,286		16,285		—		681		26,116
Total residential mortgage	$	428,668	$	414,299	$	1,283,554	$	1,422,368	$	499,716	$	1,506,797	$	75,479	$	1,635	$	5,632,516
Consumer loans
Home equity
Performing	$	22,947	$	29,445	$	38,774	$	10,302	$	3,340	$	50,613	$	438,817	$	9,061	$	603,299
90 days or more past due	—		48		51		1		—		855		—		179		1,134
Total home equity	22,947		29,493		38,825		10,303		3,340		51,468		438,817		9,240		604,433
Automobile
Performing	$	863,281	$	343,203	$	363,901	$	211,294	$	59,288	$	59,512	$	—	$	—	$	1,900,479
90 days or more past due	71		122		140		70		2		181		—		—		586
Total automobile	863,352		343,325		364,041		211,364		59,290		59,693		—		—		1,901,065
Other consumer
Performing	$	15,164	$	25,884	$	15,787	$	1,588	$	337	$	53,917	$	956,339	$	15,917	$	1,084,933
90 days or more past due	—		59		61		—		—		38		—		248		406
Total other consumer	15,164		25,943		15,848		1,588		337		53,955		956,339		16,165		1,085,339
Total consumer	$	901,463	$	398,761	$	418,714	$	223,255	$	62,967	$	165,116	$	1,395,156	$	25,405	$	3,590,837
Gross loan charge-offs	$	1,014	$	1,883	$	1,511	$	1,015	$	519	$	2,245	$	—	$	131	$	8,318

Financing Receivable, Troubled Debt Restructuring

The following tables present the amortized cost basis of loans to borrowers experiencing financial difficulty at March 31, 2025 that were modified during the three months ended March 31, 2025 and 2024, disaggregated by class of financing receivable and type of modification.

		Term extension		Term extension and interest rate reduction		Term extension and principal forgiveness		Other than Insignificant Payment Delay		Total		% of Total Loan Class
	($ in thousands)
Three Months Ended March 31, 2025
Commercial and industrial		$	2,145	$	—	$	—	$	5,660	$	7,805	0.08	%
Commercial real estate		7,398		—		20,823		396		28,617		0.11
Total		$	9,543	$	—	$	20,823	$	6,056	$	36,422	0.07	%
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	%

The following table describes the types of modifications made to borrowers experiencing financial difficulty during the three months ended March 31, 2025 and 2024:

	Weighted Average Interest Rate Reduction		Weighted Average Term Extension (in months)	Principal Forgiveness (in thousands)			Weighted Average Payment Deferral (in months)
Three Months Ended March 31, 2025
Commercial and industrial	—	%	11	$	—		6
Commercial real estate	—		31	17,500		*	6
Three Months Ended March 31, 2024
Commercial and industrial	1.11	%	3	$	—		—
Commercial real estate	1.06		12	—			—
Home equity	—		120	—			—

*    Relates to one loan that was partially charged off during the fourth quarter 2024 with the subsequent execution of the corresponding principal forgiveness completed in the first quarter 2025.

The following table provides the amortized cost basis of financing receivables that had a payment default during the three months ended March 31, 2025 and 2024 and were modified in the 12 months before default to borrowers experiencing financial difficulty.

March 31, 2025	Term extension		Other than Insignificant Payment Delay
	(in thousands)
Commercial real estate	$	46	$	—
Residential mortgage	—		95
Total	$	46	$	95
March 31, 2024
Commercial and industrial	$	7,096	$	—
Total	$	7,096	$	—

Summary of Collateral Dependent Loans

The following table presents collateral dependent loans by class as of March 31, 2025 and December 31, 2024:

	March 31, 2025		December 31, 2024
	(in thousands)
Collateral dependent loans:
Commercial and industrial *	$	102,046	$	131,898
Commercial real estate	163,248		156,825
Construction	4,477		15,841
Total commercial real estate loans	167,725		172,666
Residential mortgage	24,897		23,797
Home equity	1,332		1,341
Total	$	296,000	$	329,702

*    Include non-accrual loans collateralized by taxi medallions totaling $49.2 million and $49.5 million at March 31, 2025 and December 31, 2024, respectively.

Summary of Allowance for Credit Losses

The following table summarizes the ACL for loans at March 31, 2025 and December 31, 2024: 

	March 31, 2025		December 31, 2024
	(in thousands)
Components of allowance for credit losses for loans:
Allowance for loan losses	$	578,200	$	558,850
Allowance for unfunded credit commitments	15,854		14,478
Total allowance for credit losses for loans	$	594,054	$	573,328

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,
	2025		2024
	(in thousands)
Components of provision for credit losses for loans:
Provision for loan losses	$	61,299	$	46,723
Provision (credit) for unfunded credit commitments	1,376		(1,449)
Total provision for credit losses for loans	$	62,675	$	45,274

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, 2025 and 2024: 

	Commercial and Industrial		Commercial Real Estate		Residential Mortgage		Consumer		Total
	(in thousands)
Three Months Ended March 31, 2025
Allowance for loan losses:
Beginning balance	$	173,002	$	304,148	$	58,895	$	22,805	$	558,850
Loans charged-off	(28,456)		(13,423)		—		(2,140)		(44,019)
Charged-off loans recovered	810		249		168		843		2,070
Net (charge-offs) recoveries	(27,646)		(13,174)		168		(1,297)		(41,949)
Provision (credit) for loan losses	39,344		30,688		(10,157)		1,424		61,299
Ending balance	$	184,700	$	321,662	$	48,906	$	22,932	$	578,200
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

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, 2025 and December 31, 2024.

	Commercial and Industrial		Commercial Real Estate		Residential Mortgage		Consumer		Total
	(in thousands)
March 31, 2025
Allowance for loan losses:
Individually evaluated for credit losses	$	52,745	$	8,674	$	26	$	—	$	61,445
Collectively evaluated for credit losses	131,955		312,988		48,880		22,932		516,755
Total	$	184,700	$	321,662	$	48,906	$	22,932	$	578,200
Loans:
Individually evaluated for credit losses	$	102,046	$	167,725	$	24,897	$	1,332	$	296,000
Collectively evaluated for credit losses	10,048,159		28,946,831		5,611,510		3,754,628		48,361,128
Total	$	10,150,205	$	29,114,556	$	5,636,407	$	3,755,960	$	48,657,128
December 31, 2024
Allowance for loan losses:
Individually evaluated for credit losses	$	59,603	$	16,225	$	27	$	—	$	75,855
Collectively evaluated for credit losses	113,399		287,923		58,868		22,805		482,995
Total	$	173,002	$	304,148	$	58,895	$	22,805	$	558,850
Loans:
Individually evaluated for credit losses	$	131,898	$	172,666	$	23,797	$	1,341	$	329,702
Collectively evaluated for credit losses	9,799,502		29,472,292		5,608,719		3,589,496		48,470,009
Total	$	9,931,400	$	29,644,958	$	5,632,516	$	3,590,837	$	48,799,711