Loans and Leases

3 Months Ended

Mar. 31, 2024

Loans and Leases Receivable Disclosure [Abstract]

Loans and Leases

Loans and Leases

The following table summarizes loans and leases by portfolio segment and class:

(In thousands)	At March 31, 2024		At December 31, 2023
Commercial non-mortgage	$	16,696,070	$	16,885,475
Asset-based	1,492,886		1,557,841
Commercial real estate	13,972,916		13,569,762
Multi-family	7,896,586		7,587,970
Equipment financing	1,280,058		1,328,786
Commercial portfolio	41,338,516		40,929,834
Residential	8,226,154		8,227,923
Home equity	1,479,420		1,516,955
Other consumer	54,552		51,340
Consumer portfolio	9,760,126		9,796,218
Loans and leases	$	51,098,642	$	50,726,052

The carrying amount of loans and leases at March 31, 2024, and December 31, 2023, includes net unamortized
(discounts)/premiums and net unamortized deferred (fees)/costs totaling $(29.5) million and $(33.8) million, respectively. Accrued interest receivable of $284.1 million and $270.4 million at March 31, 2024, and December 31, 2023, respectively, is excluded from the carrying amount of loans and leases and is included in Accrued interest receivable and other assets on the accompanying Condensed Consolidated Balance Sheets.

At March 31, 2024, the Company had pledged $17.8 billion and $1.2 billion of eligible loans as collateral to support borrowing capacity at the FHLB and FRB, respectively.

Non-Accrual and Past Due Loans and Leases

The following tables summarize the aging of accrual and non-accrual loans and leases by class:

	At March 31, 2024
(In thousands)	30-59 Days Past Due and Accruing		60-89 Days Past Due and Accruing		90 or More Days Past Due and Accruing		Non-accrual		Total Past Due and Non-accrual		Current		Total Loans and Leases
Commercial non-mortgage	$	3,077	$	3,138	$	35	$	193,294	$	199,544	$	16,496,526	$	16,696,070
Asset-based	—		—		—		34,893		34,893		1,457,993		1,492,886
Commercial real estate	28,137		717		12,452		3,815		45,121		13,927,795		13,972,916
Multi-family	21,750		22,406		—		10,439		54,595		7,841,991		7,896,586
Equipment financing	6,189		2,984		—		8,677		17,850		1,262,208		1,280,058
Commercial portfolio	59,153		29,245		12,487		251,118		352,003		40,986,513		41,338,516
Residential	9,645		8,019		—		8,589		26,253		8,199,901		8,226,154
Home equity	4,971		1,652		—		22,934		29,557		1,449,863		1,479,420
Other consumer	100		141		—		200		441		54,111		54,552
Consumer portfolio	14,716		9,812		—		31,723		56,251		9,703,875		9,760,126
Total	$	73,869	$	39,057	$	12,487	$	282,841	$	408,254	$	50,690,388	$	51,098,642

	At December 31, 2023
(In thousands)	30-59 Days Past Due and Accruing		60-89 Days Past Due and Accruing		90 or More Days Past Due and Accruing		Non-accrual		Total Past Due and Non-accrual		Current		Total Loans and Leases
Commercial non-mortgage	$	2,270	$	890	$	94	$	122,855	$	126,109	$	16,759,366	$	16,885,475
Asset-based	—		—		—		35,068		35,068		1,522,773		1,557,841
Commercial real estate	1,459		—		184		11,383		13,026		13,556,736		13,569,762
Multi-family	5,198		2,340		—		—		7,538		7,580,432		7,587,970
Equipment financing	3,966		8		—		9,828		13,802		1,314,984		1,328,786
Commercial portfolio	12,893		3,238		278		179,134		195,543		40,734,291		40,929,834
Residential	14,894		6,218		—		5,704		26,816		8,201,107		8,227,923
Home equity	5,676		3,285		—		23,545		32,506		1,484,449		1,516,955
Other consumer	410		94		—		142		646		50,694		51,340
Consumer portfolio	20,980		9,597		—		29,391		59,968		9,736,250		9,796,218
Total	$	33,873	$	12,835	$	278	$	208,525	$	255,511	$	50,470,541	$	50,726,052

The following table provides additional information on non-accrual loans and leases:

	At March 31, 2024				At December 31, 2023
(In thousands)	Non-accrual		Non-accrual with No Allowance		Non-accrual		Non-accrual with No Allowance
Commercial non-mortgage	$	193,294	$	12,367	$	122,855	$	20,066
Asset-based	34,893		1,155		35,068		1,330
Commercial real estate	3,815		—		11,383		2,681
Multi-family	10,439		957		—		—
Equipment financing	8,677		376		9,828		1,584
Commercial portfolio	251,118		14,855		179,134		25,661
Residential	8,589		1,690		5,704		856
Home equity	22,934		11,546		23,545		12,471
Other consumer	200		38		142		49
Consumer portfolio	31,723		13,274		29,391		13,376
Total	$	282,841	$	28,129	$	208,525	$	39,037

Additional interest income on non-accrual loans and leases that would have been recognized in the Condensed Consolidated Statements of Income had such loans and leases been current in accordance with their contractual terms was $10.8 million and $6.1 million for the three months ended March 31, 2024, and 2023, respectively.

Allowance for Credit Losses on Loans and Leases

The following table summarizes the change in the ACL on loans and leases by portfolio segment:

	At or for the three months ended March 31,
	2024						2023
(In thousands)	Commercial Portfolio		Consumer Portfolio		Total		Commercial Portfolio		Consumer Portfolio		Total
ACL on loans and leases:
Balance, beginning of period	$	577,663	$	58,074	$	635,737	$	533,125	$	61,616	$	594,741
Adoption of ASU No. 2022-02	—		—		—		7,704		(1,831)		5,873
Provision (benefit)	49,354		(6,160)		43,194		38,757		(936)		37,821
Charge-offs	(38,461)		(1,330)		(39,791)		(26,410)		(1,098)		(27,508)
Recoveries	553		1,749		2,302		1,574		1,413		2,987
Balance, end of period	$	589,109	$	52,333	$	641,442	$	554,750	$	59,164	$	613,914
Individually evaluated for credit losses	60,786		4,209		64,995		27,459		8,590		36,049
Collectively evaluated for credit losses	$	528,323	$	48,124	$	576,447	$	527,291	$	50,574	$	577,865

Credit Quality Indicators

To measure credit risk for the commercial portfolio, the Company employs a dual grade credit risk grading system for estimating the PD and LGD. The credit risk grade system assigns a rating to each borrower and to the facility, which together form a Composite Credit Risk Profile. The credit risk grade system categorizes borrowers by common financial characteristics that measure the credit strength of borrowers and facilities by common structural characteristics. The Composite Credit Risk Profile has ten grades, with each grade corresponding to a progressively greater risk of loss. Grades (1) to (6) are considered pass ratings, and grades (7) to (10) are considered criticized, as defined by the regulatory agencies. A (7) “Special Mention” rating has a potential weakness that, if left uncorrected, may result in deterioration of the repayment prospects for the asset. An (8) “Substandard” rating has a well-defined weakness that jeopardizes the full repayment of the debt. A (9) “Doubtful” rating has all of the same weaknesses as a substandard asset with the added characteristic that the weakness makes collection or liquidation in full given current facts, conditions, and values improbable. Assets classified as a (10) “Loss” rating are considered uncollectible and charged-off. Risk ratings, which are assigned to differentiate risk within the portfolio, are reviewed on an ongoing basis and revised to reflect changes in a borrower’s current financial position and outlook, risk profile, and the related collateral and structural position. Loan officers review updated financial information or other loan factors on at least an annual basis for all pass rated loans to assess the accuracy of the risk grade. Criticized loans undergo more frequent reviews and enhanced monitoring.

To measure credit risk for the consumer portfolio, the most relevant credit characteristic is the FICO score, which is a widely used credit scoring system that ranges from 300 to 850. A lower FICO score is indicative of higher credit risk and a higher FICO score is indicative of lower credit risk. FICO scores are updated at least on a quarterly basis. The factors such as past due status, employment status, collateral, geography, loans discharged in bankruptcy, and the status of first lien position loans on second lien position loans, are also considered to be consumer portfolio credit quality indicators. For portfolio monitoring purposes, the Company estimates the current value of property secured as collateral for home equity and residential first mortgage lending products on an ongoing basis. The estimate is based on home price indices compiled by the S&P/Case-Shiller Home Price Indices. Real estate price data is applied to the loan portfolios taking into account the age of the most recent valuation and geographic area.

The following tables summarize the amortized cost basis of commercial loans and leases by Composite Credit Risk Profile grade and origination year:

	At March 31, 2024
(In thousands)	2024		2023		2022		2021		2020		Prior		Revolving Loans Amortized Cost Basis		Total
Commercial non-mortgage:
Risk rating:
Pass	$	663,424	$	2,467,862	$	3,900,425	$	1,315,230	$	686,594	$	1,480,383	$	5,511,758	$	16,025,676
Special mention	—		54,770		56,426		47,247		32,684		11,246		34,044		236,417
Substandard	—		77,736		127,796		41,141		26,857		48,295		112,126		433,951
Doubtful	—		—		—		—		—		26		—		26
Total commercial non-mortgage	663,424		2,600,368		4,084,647		1,403,618		746,135		1,539,950		5,657,928		16,696,070
Current period gross write-offs	—		240		21,228		9,118		353		766		—		31,705
Asset-based:
Risk rating:
Pass	7,552		20,276		—		—		—		28,179		1,264,087		1,320,094
Special mention	—		927		732		—		—		3,497		16,527		21,683
Substandard	—		—		—		—		—		1,152		149,957		151,109
Total asset-based	7,552		21,203		732		—		—		32,828		1,430,571		1,492,886
Current period gross write-offs	—		—		—		—		—		—		—		—
Commercial real estate:
Risk rating:
Pass	575,902		2,319,662		3,557,239		1,748,708		1,138,226		4,032,725		151,615		13,524,077
Special mention	—		19,635		4,675		20,978		29,561		116,552		—		191,401
Substandard	—		29,149		22,571		6,546		59,648		138,314		1,210		257,438
Total commercial real estate	575,902		2,368,446		3,584,485		1,776,232		1,227,435		4,287,591		152,825		13,972,916
Current period gross write-offs	—		—		—		1,399		—		860		—		2,259
Multi-family:
Risk rating:
Pass	393,731		1,638,357		1,921,264		1,057,961		384,683		2,447,598		—		7,843,594
Special mention	—		—		—		—		—		1,685		—		1,685
Substandard	—		—		—		—		359		50,948		—		51,307
Total multi-family	393,731		1,638,357		1,921,264		1,057,961		385,042		2,500,231		—		7,896,586
Current period gross write-offs	—		—		—		—		—		1,128		—		1,128
Equipment financing:
Risk rating:
Pass	71,632		301,206		272,532		198,821		162,267		209,068		—		1,215,526
Special mention	52		16,448		3,207		5,938		229		8,368		—		34,242
Substandard	84		171		8,676		7,292		6,008		8,059		—		30,290
Total equipment financing	71,768		317,825		284,415		212,051		168,504		225,495		—		1,280,058
Current period gross write-offs	—		—		—		—		—		3,369		—		3,369
Total commercial portfolio	1,712,377		6,946,199		9,875,543		4,449,862		2,527,116		8,586,095		7,241,324		41,338,516
Current period gross write-offs	$	—	$	240	$	21,228	$	10,517	$	353	$	6,123	$	—	$	38,461

	At December 31, 2023
(In thousands)	2023		2022		2021		2020		2019		Prior		Revolving Loans Amortized Cost Basis		Total
Commercial non-mortgage:
Pass	$	2,602,444	$	4,089,327	$	1,371,139	$	711,362	$	610,199	$	952,097	$	5,970,588	$	16,307,156
Special mention	15,184		60,240		61,235		33,111		—		720		48,561		219,051
Substandard	48,849		104,087		23,258		28,222		44,612		30,426		79,778		359,232
Doubtful	—		8		—		—		3		25		—		36
Total commercial non-mortgage	2,666,477		4,253,662		1,455,632		772,695		654,814		983,268		6,098,927		16,885,475
Current period gross write-offs	325		7,637		1,775		512		969		4,391		—		15,609
Asset-based:
Pass	23,007		—		—		—		3,280		34,999		1,333,271		1,394,557
Special mention	651		763		—		—		3,676		—		29,610		34,700
Substandard	—		—		—		—		1,330		—		127,254		128,584
Total asset-based	23,658		763		—		—		8,286		34,999		1,490,135		1,557,841
Current period gross write-offs	—		—		—		—		13,189		3,900		—		17,089
Commercial real estate:
Pass	2,265,428		3,502,425		1,831,005		1,195,732		1,193,642		3,112,770		176,668		13,277,670
Special mention	850		4,675		14,463		31,405		23,443		37,688		1,210		113,734
Substandard	25,802		16,179		9,545		15,418		58,602		52,812		—		178,358
Total commercial real estate	2,292,080		3,523,279		1,855,013		1,242,555		1,275,687		3,203,270		177,878		13,569,762
Current period gross write-offs	4,632		—		12,617		3,813		2,754		38,569		—		62,385
Multi-family:
Pass	1,597,599		1,934,100		1,041,416		442,888		595,676		1,920,618		—		7,532,297
Special mention	—		—		—		—		260		35,942		—		36,202
Substandard	—		—		—		364		11,563		7,544		—		19,471
Total multi-family	1,597,599		1,934,100		1,041,416		443,252		607,499		1,964,104		—		7,587,970
Current period gross write-offs	—		—		—		—		—		3,447		—		3,447
Equipment financing:
Pass	335,874		297,186		232,304		176,061		183,679		69,927		—		1,295,031
Special mention	—		—		116		—		90		—		—		206
Substandard	—		9,144		8,064		6,600		4,285		5,456		—		33,549
Total equipment financing	335,874		306,330		240,484		182,661		188,054		75,383		—		1,328,786
Current period gross write-offs	—		—		—		2,633		3,304		42		—		5,979
Total commercial portfolio	6,915,688		10,018,134		4,592,545		2,641,163		2,734,340		6,261,024		7,766,940		40,929,834
Current period gross write-offs	$	4,957	$	7,637	$	14,392	$	6,958	$	20,216	$	50,349	$	—	$	104,509

The following tables summarize the amortized cost basis of consumer loans by FICO score and origination year:

	At March 31, 2024
(In thousands)	2024		2023		2022		2021		2020		Prior		Revolving Loans Amortized Cost Basis		Total
Residential:
Risk rating:
800+	$	31,773	$	258,518	$	876,330	$	1,085,654	$	425,046	$	1,029,578	$	—	$	3,706,899
740-799	63,609		336,781		660,935		748,992		300,885		713,330		—		2,824,532
670-739	16,063		139,978		334,526		284,846		88,711		518,781		—		1,382,905
580-669	887		18,590		49,910		43,025		17,029		106,517		—		235,958
579 and below	—		1,391		10,072		12,128		782		51,487		—		75,860
Total residential	112,332		755,258		1,931,773		2,174,645		832,453		2,419,693		—		8,226,154
Current period gross write-offs	—		—		—		—		—		64		—		64
Home equity:
Risk rating:
800+	1,319		28,064		26,971		34,581		25,209		61,331		381,942		559,417
740-799	1,373		23,922		19,804		26,051		12,507		37,911		333,256		454,824
670-739	3,970		14,475		14,413		15,265		7,083		30,424		241,202		326,832
580-669	354		3,097		3,783		2,555		1,237		13,881		73,203		98,110
579 and below	—		198		1,514		733		232		4,172		33,388		40,237
Total home equity	7,016		69,756		66,485		79,185		46,268		147,719		1,062,991		1,479,420
Current period gross write-offs	—		—		—		—		—		177		—		177
Other consumer:
Risk rating:
800+	56		482		373		1,875		142		462		30,934		34,324
740-799	9		975		536		465		596		833		6,149		9,563
670-739	392		618		435		324		720		781		4,520		7,790
580-669	146		122		176		92		118		250		1,134		2,038
579 and below	—		77		97		49		14		31		569		837
Total other consumer	603		2,274		1,617		2,805		1,590		2,357		43,306		54,552
Current period gross write-offs	890		—		11		18		26		144		—		1,089
Total consumer portfolio	119,951		827,288		1,999,875		2,256,635		880,311		2,569,769		1,106,297		9,760,126
Current period gross write-offs	$	890	$	—	$	11	$	18	$	26	$	385	$	—	$	1,330

	At December 31, 2023
(In thousands)	2023		2022		2021		2020		2019		Prior		Revolving Loans Amortized Cost Basis		Total
Residential:
Risk rating:
800+	$	214,446	$	847,009	$	1,096,109	$	451,307	$	141,919	$	910,117	$	—	$	3,660,907
740-799	363,696		703,568		755,750		279,946		112,303		633,578		—		2,848,841
670-739	137,460		293,699		292,255		95,838		48,412		346,663		—		1,214,327
580-669	20,208		52,962		45,770		14,840		10,492		106,497		—		250,769
579 and below	6,909		52,690		11,749		1,345		128,714		51,672		—		253,079
Total residential	742,719		1,949,928		2,201,633		843,276		441,840		2,048,527		—		8,227,923
Current period gross write-offs	—		—		387		—		153		4,630		—		5,170
Home equity:
Risk rating:
800+	27,047		27,439		35,927		25,586		8,110		56,062		391,616		571,787
740-799	24,772		20,069		27,147		13,888		5,158		34,190		355,926		481,150
670-739	15,857		15,655		15,389		5,992		3,189		29,454		242,189		327,725
580-669	3,080		3,786		1,991		1,658		1,115		9,988		70,102		91,720
579 and below	696		1,109		1,079		576		552		6,319		34,242		44,573
Total home equity	71,452		68,058		81,533		47,700		18,124		136,013		1,094,075		1,516,955
Current period gross write-offs	—		4		81		—		104		3,114		—		3,303
Other consumer:
Risk rating:
800+	432		356		1,913		189		255		77		25,699		28,921
740-799	1,318		586		486		730		690		381		7,180		11,371
670-739	526		570		358		981		1,210		79		3,549		7,273
580-669	69		169		129		153		303		56		1,983		2,862
579 and below	125		97		61		11		28		1		590		913
Total other consumer	2,470		1,778		2,947		2,064		2,486		594		39,001		51,340
Current period gross write-offs	3,263		7		2		218		377		363		—		4,230
Total consumer portfolio	816,641		2,019,764		2,286,113		893,040		462,450		2,185,134		1,133,076		9,796,218
Current period gross write-offs	$	3,263	$	11	$	470	$	218	$	634	$	8,107	$	—	$	12,703

Collateral Dependent Loans and Leases

A non-accrual loan or lease is considered collateral dependent when the borrower is experiencing financial difficulty and when repayment is substantially expected to be provided through the operation or sale of collateral. Commercial non-mortgage loans,
asset-based loans, and equipment financing loans and leases are generally secured by machinery and equipment, inventory, receivables, or other non-real estate assets, whereas commercial real estate, multi-family, residential, home equity, and other consumer loans are secured by real estate.

At March 31, 2024, and December 31, 2023, the carrying amount of collateral dependent loans was $50.0 million and $66.1 million, respectively, for commercial loans and leases, and $23.8 million and $22.7 million, respectively, for consumer loans. The ACL for collateral dependent loans and leases is individually assessed based on the fair value of the collateral less costs to sell at the reporting date. At March 31, 2024, and December 31, 2023, the collateral value associated with collateral dependent loans and leases was $78.1 million and $93.7 million, respectively.

Modifications to Borrowers Experiencing Financial Difficulty

In certain circumstances, the Company enters into agreements to modify the terms of loans to borrowers experiencing financial difficulty. A variety of solutions are offered to borrowers experiencing financial difficulty, including loan modifications that may result in principal forgiveness, interest rate reductions, payment delays, term extensions, or a combination thereof. The following is a description of each of these types of modifications:

•Principal forgiveness – The outstanding principal balance of a loan may be reduced by a specified amount. Principal forgiveness may occur voluntarily as part of a negotiated agreement with a borrower, or involuntarily through a bankruptcy proceeding.

•Interest rate reductions – Includes modifications where the contractual interest rate of the loan has been reduced.

•Payment delays – Deferral arrangements that allow borrowers to delay a scheduled loan payment to a later date. Deferred loan payments do not affect the original contractual maturity terms of the loan. Modifications that result in only an insignificant payment delay are not disclosed. The Company generally considers a payment delay of three months or less to be insignificant.

•Term extensions – Extensions of the original contractual maturity date of the loan.

•Combination – Combination includes loans that have undergone more than one of the above loan modification types.

Significant judgment is required to determine if a borrower is experiencing financial difficulty. These considerations vary by portfolio class. The Company has identified modifications to borrowers experiencing financial difficulty that are included in its disclosures as follows:

•Commercial: The Company evaluates modifications of loans to commercial borrowers that are rated substandard or worse, and includes the modifications in its disclosures to the extent that the modification is considered
other-than-insignificant.

•Consumer: The Company generally evaluates all modifications of loans to consumer borrowers subject to its loss mitigation program and includes them in its disclosures to the extent that the modification is considered other-than-insignificant.

The following tables summarize the amortized cost basis at March 31, 2024, and 2023, of loans modified to borrowers experiencing financial difficulty, disaggregated by class and type of concession granted:

	For the three months ended March 31, 2024
(In thousands)	Interest Rate Reduction		Term Extension		Payment Delay		Combination - Term Extension and Interest Rate Reduction		Total		% of Total Class (2)
Commercial non-mortgage	$	1,934	$	18,124	$	50,038	$	1,099	$	71,195	0.4	%
Asset-based	—		1,667		—		—		1,667		0.1
Commercial real estate	—		7,753		—		—		7,753		0.1
Multi-family	—		49,990		—		—		49,990		0.6
Equipment financing	—		556		—		—		556		—
Residential	629		—		—		135		764		—
Home equity	—		—		—		65		65		—
Total (1)	$	2,563	$	78,090	$	50,038	$	1,299	$	131,990	0.3	%

	For the three months ended March 31, 2023
(In thousands)	Interest Rate Reduction		Term Extension		Combination - Term Extension and Interest Rate Reduction		Total		% of Total Class (2)
Commercial non-mortgage	$	7	$	29,884	$	—	$	29,891	0.2	%
Commercial real estate	—		17,116		—		17,116		0.1
Home equity	—		57		64		121		—
Total (1)	$	7	$	47,057	$	64	$	47,128	0.1	%

(1)The total amortized cost excludes accrued interest receivable of $0.8 million and $0.2 million at March 31, 2024, and 2023, respectively.

(2)Represents the total amortized cost of the loans modified as a percentage of the total period end loan balance by class.

The following tables describe the financial effect of the modifications made to borrowers experiencing financial difficulty:

	For the three months ended March 31, 2024
	Financial Effect (1)
Interest Rate Reduction:
Commercial non-mortgage	Reduced weighted average interest rate by 2.5%
Term Extension:
Commercial non-mortgage	Extended term by a weighted average of 0.5 years
Asset-based	Extended term by a weighted average of 0.3 years
Commercial real estate	Extended term by a weighted average of 0.3 years
Multi-family	Extended term by a weighted average of 0.7 years
Payment Delay:
Commercial non-mortgage	Provided payment deferrals for a weighted average of 0.5 years

	For the three months ended March 31, 2023
	Financial Effect
Interest Rate Reduction:
Commercial non-mortgage	Reduced weighted average interest rate by 4.5%
Term Extension:
Commercial non-mortgage	Extended term by a weighted average of 0.6 years
Commercial real estate	Extended term by a weighted average of 1.0 year
Home equity	Extended term by a weighted average of 8.8 years
Combination - Term Extension and Interest Rate Reduction:
Home equity	Extended term by a weighted average of 5.1 years and reduced weighted average interest rate by 1.5%

(1)Certain disclosures related to financial effects of modifications do not include those deemed to be immaterial.

The Company closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following tables summarize the aging of loans that had been modified in the twelve months preceding March 31, 2024, and in the three months ended March 31, 2023:

	At March 31, 2024
(In thousands)	Current		30-59 Days Past Due		60-89 Days Past Due		90+ Days Past Due		Non-Accrual		Total
Commercial non-mortgage	$	77,451	$	—	$	19	$	—	$	97,587	$	175,057
Asset-based	42,331		—		—		—		—		42,331
Commercial real estate	24,859		—		—		—		169		25,028
Multi-family	—		18,103		22,406		—		9,481		49,990
Equipment financing	1,762		—		—		—		317		2,079
Residential	1,258		—		—		—		764		2,022
Home equity	510		—		—		—		86		596
Total	$	148,171	$	18,103	$	22,425	$	—	$	108,404	$	297,103
	At March 31, 2023
(In thousands)	Current		30-59 Days Past Due		60-89 Days Past Due		90+ Days Past Due		Non-Accrual		Total
Commercial non-mortgage	$	3,562	$	—	$	—	$	—	$	26,329	$	29,891
Commercial real estate	17,116		—		—		—		—		17,116
Home equity	23		—		—		—		98		121
Total	$	20,701	$	—	$	—	$	—	$	26,427	$	47,128

There were $17.8 million of commercial non-mortgage loans made to borrowers experiencing financial difficulty that were modified in the preceding twelve months and that subsequently defaulted during the three months ended March 31, 2024. Loans made to borrowers experiencing financial difficulty that were both modified during the three months ended March 31, 2023, and that subsequently defaulted were not significant. For the purposes of this disclosure, a payment default is defined as 90 or more days past due and accruing. Non-accrual loans that are modified to borrowers experiencing financial difficulty remain on non-accrual status until the borrower has demonstrated performance under the modified terms. Commitments to lend additional funds to borrowers experiencing financial difficulty whose loans had been modified were not significant.