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Loan Portfolio and Credit Quality (Tables)
 9 Months Ended
Sep. 30, 2019
Loans and Leases Receivable Disclosure [Abstract]  
Schedule of accounts, notes, loans and financing receivable
The following table presents a summary of the loan portfolio based on the portfolio segment as of the dates indicated:
 
September 30, 2019
 
December 31, 2018
 
(In thousands)
Commercial and industrial
$
695,029

 
$
623,037

Commercial tax-exempt
448,488

 
451,671

Total commercial and industrial
1,143,517

 
1,074,708

Commercial real estate
2,533,346

 
2,395,692

Construction and land
209,741

 
240,306

Residential
2,964,042

 
2,948,973

Home equity
84,432

 
90,421

Consumer and other
132,073

 
143,058

Total
$
7,067,151

 
$
6,893,158
Schedule of financing receivables, non accrual status
The following table presents nonaccrual loans receivable by class of receivable as of the dates indicated:
 
September 30, 2019
 
December 31, 2018
 
(In thousands)
Commercial and industrial
$
800

 
$
2,554

Commercial tax-exempt
—

 
—

Total commercial and industrial
800

 
2,554

Commercial real estate
—

 
546

Residential
14,219

 
7,914

Home equity
2,545

 
3,031

Consumer and other
1

 
12

Total
$
17,565

 
$
14,057
Past due financing receivables
The following tables show the payment status of loans receivable by class of receivable as of the dates indicated:
 
September 30, 2019
 
Accruing Past Due
 
Nonaccrual Loans
 
 
 
 
 
30-59 Days Past Due
 
60-89 Days Past Due
 
Total Accruing Past Due
 
Current
 
30-89 Days Past Due
 
90 Days or
Greater
Past Due
 
Total Non-Accrual Loans
 
Current Accruing Loans
 
Total
Loans
Receivable
 
(In thousands)
Commercial and industrial
$
554

 
$
2,494

 
$
3,048

 
$
83

 
$
186

 
$
531

 
$
800

 
$
691,181

 
$
695,029

Commercial tax-exempt
—

 
—

 
—

 
—

 
—

 
—

 
—

 
448,488

 
448,488

Commercial real estate
497

 
—

 
497

 
—

 
—

 
—

 
—

 
2,532,849

 
2,533,346

Construction and land
—

 
—

 
—

 
—

 
—

 
—

 
—

 
209,741

 
209,741

Residential
—

 
266

 
266

 
9,084

 
301

 
4,834

 
14,219

 
2,949,557

 
2,964,042

Home equity
74

 
279

 
353

 
991

 
—

 
1,554

 
2,545

 
81,534

 
84,432

Consumer and other
15

 
—

 
15

 
1

 
—

 
—

 
1

 
132,057

 
132,073

Total
$
1,140

 
$
3,039

 
$
4,179

 
$
10,159

 
$
487

 
$
6,919

 
$
17,565

 
$
7,045,407

 
$
7,067,151


 
December 31, 2018
 
Accruing Past Due
 
Nonaccrual Loans
 
 
 
 
 
30-59 Days Past Due
 
60-89 Days Past Due
 
Total Accruing Past Due
 
Current
 
30-89 Days Past Due
 
90 Days or Greater Past Due
 
Total Non-Accrual Loans
 
Current Accruing Loans
 
Total Loans Receivable
 
(In thousands)
Commercial and industrial
$
9,794

 
$
—

 
$
9,794

 
$
979

 
$
—

 
$
1,575

 
$
2,554

 
$
610,689

 
$
623,037

Commercial tax-exempt
—

 
—

 
—

 
—

 
—

 
—

 
—

 
451,671

 
451,671

Commercial real estate
—

 
—

 
—

 
—

 
—

 
546

 
546

 
2,395,146

 
2,395,692

Construction and land
—

 
—

 
—

 
—

 
—

 
—

 
—

 
240,306

 
240,306

Residential
6,477

 
366

 
6,843

 
2,639

 
716

 
4,559

 
7,914

 
2,934,216

 
2,948,973

Home equity
252

 
350

 
602

 
—

 
48

 
2,983

 
3,031

 
86,788

 
90,421

Consumer and other
17

 
5,043

 
5,060

 
8

 
4

 
—

 
12

 
137,986

 
143,058

Total
$
16,540

 
$
5,759

 
$
22,299

 
$
3,626

 
$
768

 
$
9,663

 
$
14,057

 
$
6,856,802

 
$
6,893,158
Financing receivable credit quality indicators
The following tables present the loan portfolio’s credit risk profile by internally assigned grade and class of receivable as of the dates indicated:
 
September 30, 2019
 
By Loan Grade or Nonaccrual Status
 
 
 
Pass
 
Special
Mention
 
Accruing
Classified (1)
 
Nonaccrual
Loans
 
Total
 
(In thousands)
Commercial and industrial
$
656,012

 
$
13,084

 
$
25,133

 
$
800

 
$
695,029

Commercial tax-exempt
441,811

 
2,625

 
4,052

 
—

 
448,488

Commercial real estate
2,460,408

 
42,124

 
30,814

 
—

 
2,533,346

Construction and land
209,741

 
—

 
—

 
—

 
209,741

Residential
2,946,823

 
—

 
3,000

 
14,219

 
2,964,042

Home equity
81,308

 
300

 
279

 
2,545

 
84,432

Consumer and other
132,072

 
—

 
—

 
1

 
132,073

Total
$
6,928,175

 
$
58,133

 
$
63,278

 
$
17,565

 
$
7,067,151

 
December 31, 2018
 
By Loan Grade or Nonaccrual Status
 
 
 
Pass
 
Special
Mention
 
Accruing
Classified (1)
 
Nonaccrual
Loans
 
Total
 
(In thousands)
Commercial and industrial
$
581,278

 
$
16,213

 
$
22,992

 
$
2,554

 
$
623,037

Commercial tax-exempt
444,835

 
2,785

 
4,051

 
—

 
451,671

Commercial real estate
2,314,223

 
53,871

 
27,052

 
546

 
2,395,692

Construction and land
234,647

 
5,659

 
—

 
—

 
240,306

Residential
2,941,059

 
—

 
—

 
7,914

 
2,948,973

Home equity
87,390

 
—

 
—

 
3,031

 
90,421

Consumer and other
143,046

 
—

 
—

 
12

 
143,058

Total
$
6,746,478

 
$
78,528

 
$
54,095

 
$
14,057

 
$
6,893,158

______________________
(1)
Accruing Classified includes both Substandard and Doubtful classifications.
Impaired financing receivables
The following tables present, by class of receivable, the balance of impaired loans with and without a related allowance, the associated allowance for those impaired loans with a related allowance, and the total unpaid principal on impaired loans:
 
As of and for the three and nine months ended September 30, 2019
 
Recorded Investment (1)
 
Unpaid Principal Balance
 
Related Allowance
 
QTD Average Recorded Investment
 
YTD Average Recorded Investment
 
QTD Interest Income Recognized while Impaired
 
YTD Interest Income Recognized while Impaired
 
(In thousands)
With no related allowance recorded:
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
$
479

 
$
788

 
n/a

 
$
1,233

 
$
1,256

 
$
192

 
$
217

Commercial tax-exempt
—

 
—

 
n/a

 
—

 
—

 
—

 
—

Commercial real estate
—

 
—

 
n/a

 
—

 
55

 
—

 
256

Construction and land
—

 
—

 
n/a

 
—

 
—

 
—

 
—

Residential
14,879

 
15,140

 
n/a

 
15,026

 
13,321

 
236

 
476

Home equity
2,313

 
2,995

 
n/a

 
2,359

 
2,106

 
12

 
13

Consumer and other
—

 
—

 
n/a

 
—

 
—

 
—

 
—

Subtotal
$
17,671

 
$
18,923

 
n/a

 
18,618

 
$
16,738

 
440

 
$
962

With an allowance recorded:
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
$
538

 
$
539

 
$
341

 
491

 
$
877

 
3

 
$
23

Commercial tax-exempt
—

 
—

 
—

 
—

 
—

 
—

 
—

Commercial real estate
—

 
—

 
—

 
—

 
—

 
—

 
—

Construction and land
—

 
—

 
—

 
—

 
—

 
—

 
—

Residential
2,059

 
2,059

 
712

 
1,419

 
1,017

 
5

 
18

Home equity
279

 
279

 
23

 
276

 
626

 
1

 
2

Consumer and other
—

 
—

 
—

 
—

 
—

 
—

 
—

Subtotal
$
2,876

 
$
2,877

 
$
1,076

 
$
2,186

 
$
2,520

 
$
9

 
$
43

Total:
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
$
1,017

 
$
1,327

 
$
341

 
$
1,724

 
$
2,133

 
$
195

 
$
240

Commercial tax-exempt
—

 
—

 
—

 
—

 
—

 
—

 
—

Commercial real estate
—

 
—

 
—

 
—

 
55

 
—

 
256

Construction and land
—

 
—

 
—

 
—

 
—

 
—

 
—

Residential
16,938

 
17,199

 
712

 
16,445

 
14,338

 
241

 
494

Home equity
2,592

 
3,274

 
23

 
2,635

 
2,732

 
13

 
15

Consumer and other
—

 
—

 
—

 
—

 
—

 
—

 
—

Total
$
20,547

 
$
21,800

 
$
1,076

 
$
20,804

 
$
19,258

 
$
449

 
$
1,005

_____________________
(1)
Recorded investment represents the client loan balance net of historical charge-offs and historical nonaccrual interest paid, if applicable, which was applied to principal.

 
As of and for the three and nine months ended September 30, 2018
 
Recorded Investment (1)
 
Unpaid Principal Balance
 
Related Allowance
 
QTD Average Recorded Investment
 
YTD Average Recorded Investment
 
QTD Interest Income Recognized while Impaired
 
YTD Interest Income Recognized while Impaired
 
(In thousands)
With no related allowance recorded:
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
$
1,150

 
$
2,083

 
n/a

 
$
1,617

 
$
1,730

 
$
33

 
$
55

Commercial tax-exempt
—

 
—

 
n/a

 
—

 
—

 
—

 
—

Commercial real estate
1,625

 
2,966

 
n/a

 
2,526

 
2,439

 
583

 
633

Construction and land
—

 
—

 
n/a

 
—

 
66

 
—

 
16

Residential
7,097

 
7,457

 
n/a

 
10,102

 
10,002

 
146

 
335

Home equity
—

 
—

 
n/a

 
—

 
1,056

 
—

 
24

Consumer and other
—

 
—

 
n/a

 
—

 
—

 
—

 
—

Subtotal
$
9,872

 
$
12,506

 
n/a

 
$
14,245

 
$
15,293

 
$
762

 
$
1,063

With an allowance recorded:
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
$
1,635

 
$
1,638

 
$
577

 
$
625

 
$
322

 
$
4

 
$
6

Commercial tax-exempt
—

 
—

 
—

 
—

 
—

 
—

 
—

Commercial real estate
—

 
—

 
—

 
4,045

 
5,314

 
476

 
704

Construction and land
—

 
—

 
—

 
—

 
—

 
—

 
—

Residential
682

 
681

 
74

 
734

 
787

 
5

 
17

Home equity
1,769

 
1,769

 
596

 
1,769

 
729

 
1

 
1

Consumer and other
—

 
—

 
—

 
—

 
13

 
—

 
3

Subtotal
$
4,086

 
$
4,088

 
$
1,247

 
$
7,173

 
$
7,165

 
$
486

 
$
731

Total:
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
$
2,785

 
$
3,721

 
$
577

 
$
2,242

 
$
2,052

 
$
37

 
$
61

Commercial tax-exempt
—

 
—

 
—

 
—

 
—

 
—

 
—

Commercial real estate
1,625

 
2,966

 
—

 
6,571

 
7,753

 
1,059

 
1,337

Construction and land
—

 
—

 
—

 
—

 
66

 
—

 
16

Residential
7,779

 
8,138

 
74

 
10,836

 
10,789

 
151

 
352

Home equity
1,769

 
1,769

 
596

 
1,769

 
1,785

 
1

 
25

Consumer and other
—

 
—

 
—

 
—

 
13

 
—

 
3

Total
$
13,958

 
$
16,594

 
$
1,247

 
$
21,418

 
$
22,458

 
$
1,248

 
$
1,794

_____________________
(1)
Recorded investment represents the client loan balance net of historical charge-offs and historical nonaccrual interest paid, if applicable, which was applied to principal.


 
As of and for the year ended December 31, 2018
 
Recorded Investment (1)
 
Unpaid Principal Balance
 
Related Allowance
 
Average Recorded Investment
 
Interest Income Recognized while Impaired
 
(In thousands)
With no related allowance recorded:
 
 
 
 
 
 
 
 
 
Commercial and industrial
$
1,435

 
$
2,397

 
n/a

 
$
1,614

 
$
69

Commercial tax-exempt
—

 
—

 
n/a

 
—

 
—

Commercial real estate
546

 
900

 
n/a

 
2,002

 
1,544

Construction and land
—

 
—

 
n/a

 
50

 
16

Residential
8,403

 
8,764

 
n/a

 
9,638

 
408

Home equity
990

 
990

 
n/a

 
1,041

 
24

Consumer and other
—

 
—

 
n/a

 
—

 
—

Subtotal
$
11,374

 
$
13,051

 
n/a

 
$
14,345

 
$
2,061

With an allowance recorded:
 
 
 
 
 
 
 
 
 
Commercial and industrial
$
1,770

 
$
1,972

 
$
598

 
$
631

 
$
15

Commercial tax-exempt
—

 
—

 
—

 
—

 
—

Commercial real estate
—

 
—

 
—

 
4,087

 
705

Construction and land
—

 
—

 
—

 
—

 
—

Residential
780

 
780

 
75

 
785

 
22

Home equity
1,719

 
1,719

 
562

 
959

 
11

Consumer and other
—

 
—

 
—

 
10

 
3

Subtotal
$
4,269

 
$
4,471

 
$
1,235

 
$
6,472

 
$
756

Total:
 
 
 
 
 
 
 
 
 
Commercial and industrial
$
3,205

 
$
4,369

 
$
598

 
$
2,245

 
$
84

Commercial tax-exempt
—

 
—

 
—

 
—

 
—

Commercial real estate
546

 
900

 
—

 
6,089

 
2,249

Construction and land
—

 
—

 
—

 
50

 
16

Residential
9,183

 
9,544

 
75

 
10,423

 
430

Home equity
2,709

 
2,709

 
562

 
2,000

 
35

Consumer and other
—

 
—

 
—

 
10

 
3

Total
$
15,643

 
$
17,522

 
$
1,235

 
$
20,817

 
$
2,817

_____________________
(1)
Recorded investment represents the client loan balance net of historical charge-offs and historical nonaccrual interest paid, if applicable, which was applied to principal.
Troubled debt restructurings on financing receivables
The following tables present the balance of TDRs that were restructured or defaulted during the periods indicated:
 
As of and for the nine months ended September 30, 2019
 
Restructured Year to Date
 
TDRs that defaulted in the Year to Date that were restructured
in prior twelve months
 
# of
Loans
 
Pre-
modification
recorded
investment
 
Post-
modification
recorded
investment
 
# of
Loans
 
Post-
modification
recorded
investment
 
(In thousands, except number of loans)
Commercial and industrial
1

 
$
179

 
$
179

 
—

 
$
—

Commercial tax exempt
—

 
—

 
—

 
—

 
—

Commercial real estate
—

 
—

 
—

 
—

 
—

Construction and land
—

 
—

 
—

 
—

 
—

Residential (1)
2

 
3,222

 
3,227

 
—

 
—

Home equity (1)
1

 
274

 
283

 
—

 
—

Consumer and other
—

 
—

 
—

 
—

 
—

Total
4

 
$
3,675

 
$
3,689

 
—

 
$
—


 
As of and for the three and nine months ended September 30, 2019
 
Extension of term
 
Temporary rate reduction
 
Payment deferral
 
Combination of concessions (1)
 
Total concessions
 
# of
Loans
 
Post-
modifi-
cation
recorded
invest-
ment
 
# of
Loans
 
Post-
modifi-
cation
recorded
invest-
ment
 
# of
Loans
 
Post-
modifi-
cation
recorded
invest-
ment
 
# of
Loans
 
Post-
modifi-
cation
recorded
invest-
ment
 
# of
Loans
 
Post-
modifi-
cation
recorded
invest-
ment
 
(In thousands, except number of loans)
Commercial and industrial
1

 
$
179

 
—

 
$
—

 
—

 
$
—

 
—

 
$
—

 
1

 
$
179

Commercial real estate
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Construction and land
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Residential
—

 
—

 
2

 
3,227

 
—

 
—

 
—

 
—

 
2

 
3,227

Home equity
—

 
—

 
1

 
283

 
—

 
—

 
—

 
—

 
1

 
283

Consumer and other
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—
Loan participation amounts by loan type The following table presents a summary of the loan participations serviced for others and loans serviced for others based on class of receivable as of the dates indicated:
 
September 30, 2019
 
December 31, 2018
 
(In thousands)
Commercial and industrial
$
14,358

 
$
8,024

Commercial tax-exempt
18,711

 
19,105

Commercial real estate
34,816

 
60,688

Construction and land
23,133

 
39,966

Total loan participations serviced for others
$
91,018

 
$
127,783

 
 
 
 
Residential
$
119,389

 
$
33,168

Total loans serviced for others
$
119,389

 
$
33,168