XML 44 R30.htm IDEA: XBRL DOCUMENT v3.20.1
Loan Portfolio and Credit Quality (Tables)
 3 Months Ended
Mar. 31, 2020
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:
 March 31, 2020December 31, 2019
 (In thousands)
Commercial and industrial$670,744  $694,034  
Commercial tax-exempt445,319  447,927  
Commercial real estate2,626,299  2,551,274  
Construction and land238,293  225,983  
Residential2,841,926  2,839,155  
Home equity89,350  83,657  
Consumer and other131,407  134,674  
Total$7,043,338  $6,976,704  
Schedule of financing receivables, non accrual status
The following table presents nonaccrual loans receivable by class of receivable as of the dates indicated:
March 31, 2020December 31, 2019
(In thousands)
Commercial and industrial$1,371  $582  
Commercial tax-exempt—  —  
Commercial real estate5,392  —  
Residential16,074  13,993  
Home equity1,476  1,525  
Consumer and other1  3  
Total$24,314  $16,103  
Past due financing receivables
The following tables show the payment status of loans receivable by class of receivable as of the dates indicated:
March 31, 2020
Accruing Past DueNonaccrual Loans
30-59 Days Past Due 60-89 Days Past DueTotal Accruing Past DueCurrent30-89 Days Past Due90 Days or
Greater
Past Due		Total Non-Accrual LoansCurrent Accruing LoansTotal
Loans
Receivable
(In thousands)
Commercial and industrial$1,401  $92  $1,493  $381  $—  $990  $1,371  $667,880  $670,744  
Commercial tax-exempt  —  —  —  —  —  —  —  445,319  445,319  
Commercial real estate  —  —  —  5,392  —  —  5,392  2,620,907  2,626,299  
Construction and land  —  —  —  —  —  —  —  238,293  238,293  
Residential  12,967  —  12,967  9,024  2,056  4,994  16,074  2,812,885  2,841,926  
Home equity  —  319  319  180  —  1,296  1,476  87,555  89,350  
Consumer and other  73  —  73  1  —  —  1  131,333  131,407  
Total  $14,441  $411  $14,852  $14,978  $2,056  $7,280  $24,314  $7,004,172  $7,043,338  
December 31, 2019
Accruing Past DueNonaccrual Loans
30-59 Days Past Due60-89 Days Past DueTotal Accruing Past DueCurrent30-89 Days Past Due90 Days or Greater Past DueTotal Non-Accrual LoansCurrent Accruing LoansTotal Loans Receivable
(In thousands)
Commercial and industrial  $828  $—  $828  $—  $241  $341  $582  $692,624  $694,034  
Commercial tax-exempt  —  —  —  —  —  —  —  447,927  447,927  
Commercial real estate1,420  —  1,420  —  —  —  —  2,549,854  2,551,274  
Construction and land—  —  —  —  —  —  —  225,983  225,983  
Residential19,133  1,038  20,171  9,593  759  3,641  13,993  2,804,991  2,839,155  
Home equity369  —  369  220  148  1,157  1,525  81,763  83,657  
Consumer and other1,008  2,149  3,157  1  —  2  3  131,514  134,674  
Total$22,758  $3,187  $25,945  $9,814  $1,148  $5,141  $16,103  $6,934,656  $6,976,704  
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:
March 31, 2020
By Loan Grade or Nonaccrual Status
PassSpecial
Mention 		Accruing
Classified (1)		Nonaccrual
Loans		Total
(In thousands)
Commercial and industrial$609,537  $9,428  $50,408  $1,371  $670,744  
Commercial tax-exempt434,259  2,516  8,544  —  445,319  
Commercial real estate2,517,306  79,909  23,692  5,392  2,626,299  
Construction and land237,823  470  —  —  238,293  
Residential2,821,611  —  4,241  16,074  2,841,926  
Home equity86,811  —  1,063  1,476  89,350  
Consumer and other131,106  300  —  1  131,407  
Total$6,838,453  $92,623  $87,948  $24,314  $7,043,338  
December 31, 2019
By Loan Grade or Nonaccrual Status
PassSpecial
Mention 		Accruing
Classified (1)		Nonaccrual
Loans		Total
(In thousands)
Commercial and industrial$656,364  $12,101  $24,987  $582  $694,034  
Commercial tax-exempt436,721  7,154  4,052  —  447,927  
Commercial real estate2,495,702  32,014  23,558  —  2,551,274  
Construction and land225,526  457  —  —  225,983  
Residential2,820,909  —  4,253  13,993  2,839,155  
Home equity81,060  —  1,072  1,525  83,657  
Consumer and other134,371  300  —  3  134,674  
Total$6,850,653  $52,026  $57,922  $16,103  $6,976,704  
______________________
(1) Accruing Classified may include both Substandard and Doubtful classifications.
The following table presents the loan portfolio’s credit risk profile by loan origination year and class of receivable as of the dates indicated:
March 31, 2020
Loan Origination Year By Loan Grade or Nonaccrual Status
202020192018201720162015 & PriorTotal
(In thousands)
Commercial and industrial
Pass$26,987  $149,993  $147,350  $51,752  $39,825  $193,630  $609,537  
Special Mention—  488  1,765  3,836  232  3,107  9,428  
Accruing Classified (1)50  25,225  3,602  14,969  2,520  4,042  50,408  
Nonaccrual—  171  —  210  735  255  1,371  
Total$27,037  $175,877  $152,717  $70,767  $43,312  $201,034  $670,744  
Commercial tax-exempt
Pass$—  $13,741  $41,012  $24,823  $108,057  $246,626  $434,259  
Special Mention—  —  —  —  —  2,516  2,516  
Accruing Classified (1)—  —  —  4,021  —  4,523  8,544  
Total$—  $13,741  $41,012  $28,844  $108,057  $253,665  $445,319  
Commercial real estate
Pass$71,236  $491,954  $310,679  $349,161  $432,649  $861,627  $2,517,306  
Special Mention—  22,855  13,322  15,324  19,325  9,083  79,909  
Accruing Classified (1)—  1,424  —  1,184  8,919  12,165  23,692  
Nonaccrual—  5,392  —  —  —  —  5,392  
Total$71,236  $521,625  $324,001  $365,669  $460,893  $882,875  $2,626,299  
Construction and land
Pass$3,731  $52,620  $84,692  $53,428  $16,820  $26,532  $237,823  
Special Mention—  —  470  —  —  —  470  
Total$3,731  $52,620  $85,162  $53,428  $16,820  $26,532  $238,293  
Residential
Pass$131,395  $612,100  $480,529  $504,672  $471,195  $621,720  $2,821,611  
Accruing Classified (1)—  —  —  —  —  4,241  4,241  
Nonaccrual—  263  1,089  2,532  —  12,190  16,074  
Total$131,395  $612,363  $481,618  $507,204  $471,195  $638,151  $2,841,926  
Home equity
Pass$1,325  $13,322  $15,847  $7,781  $6,833  $41,703  $86,811  
Accruing Classified (1)—  —  —  —  —  1,063  1,063  
Nonaccrual—  —  —  —  139  1,337  1,476  
Total$1,325  $13,322  $15,847  $7,781  $6,972  $44,103  $89,350  
Consumer and other
Pass$6,326  $15,684  $23,993  $31,032  $5,227  $48,844  $131,106  
Special Mention—  —  —  300  —  —  300  
Nonaccrual—  —  —  —  —  1  1  
Total$6,326  $15,684  $23,993  $31,332  $5,227  $48,845  $131,407  
Total
Pass$241,000  $1,349,414  $1,104,102  $1,022,649  $1,080,606  $2,040,682  $6,838,453  
Special Mention—  23,343  15,557  19,460  19,557  14,706  92,623  
Accruing Classified (1)50  26,649  3,602  20,174  11,439  26,034  87,948  
Nonaccrual—  5,826  1,089  2,742  874  13,783  24,314  
Total$241,050  $1,405,232  $1,124,350  $1,065,025  $1,112,476  $2,095,205  $7,043,338  
______________________
(1) Accruing Classified may include 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 months ended March 31, 2020
Recorded Investment (1)Unpaid Principal BalanceRelated AllowanceYTD Average Recorded InvestmentYTD Interest Income Recognized while Impaired
(In thousands)
With no related allowance recorded:
Commercial and industrial$555  $632  n/a  $667  $6  
Commercial tax-exempt—  —  n/a  —  —  
Commercial real estate6,119  6,151  n/a  2,403  9  
Construction and land—  —  n/a  —  —  
Residential16,352  16,612  n/a  15,587  117  
Home equity1,548  2,109  n/a  1,550  3  
Consumer and other—  —  n/a  —  —  
Subtotal$24,574  $25,504  n/a  $20,207  $135  
With an allowance recorded:
Commercial and industrial $273  $280  $175  $281  $—  
Commercial tax-exempt—  —  —  —  —  
Commercial real estate—  —  —  —  —  
Construction and land—  —  —  —  —  
Residential532  532  64  535  4  
Home equity270  270  20  271  2  
Consumer and other—  —  —  —  —  
Subtotal$1,075  $1,082  $259  $1,087  $6  
Total:
Commercial and industrial$828  $912  $175  $948  $6  
Commercial tax-exempt—  —  —  —  —  
Commercial real estate6,119  6,151  —  2,403  9  
Construction and land—  —  —  —  —  
Residential16,884  17,144  64  16,122  121  
Home equity1,818  2,379  20  1,821  5  
Consumer and other—  —  —  —  —  
Total$25,649  $26,586  $259  $21,294  $141  
_____________________
(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 months ended March 31, 2019
Recorded Investment (1)Unpaid Principal BalanceRelated AllowanceYTD Average Recorded InvestmentYTD Interest Income Recognized while Impaired
(In thousands)
With no related allowance recorded:
Commercial and industrial$862  $1,730  n/a  $1,021  $15  
Commercial tax-exempt—  —  n/a  —  —  
Commercial real estate  —  —  n/a  136  256  
Construction and land—  —  n/a  —  —  
Residential12,306  12,566  n/a  11,056  137  
Home equity2,147  2,709  n/a  1,709  —  
Consumer and other—  —  n/a  —  —  
Subtotal$15,315  $17,005  n/a  $13,922  $408  
With an allowance recorded:
Commercial and industrial$1,302  $1,353  $231  $1,542  $16  
Commercial tax-exempt—  —  —  —  —  
Commercial real estate—  —  —  —  —  
Construction and land—  —  —  —  —  
Residential597  597  68  732  7  
Home equity—  —  —  1,290  —  
Consumer and other—  —  —  —  —  
Subtotal$1,899  $1,950  $299  $3,564  $23  
Total:
Commercial and industrial$2,164  $3,083  $231  $2,563  $31  
Commercial tax-exempt—  —  —  —  —  
Commercial real estate—  —  —  136  256  
Construction and land—  —  —  —  —  
Residential12,903  13,163  68  11,788  144  
Home equity2,147  2,709  —  2,999  —  
Consumer and other—  —  —  —  —  
Total$17,214  $18,955  $299  $17,486  $431  
_____________________
(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, 2019
Recorded Investment (1)Unpaid Principal BalanceRelated AllowanceAverage Recorded InvestmentInterest Income Recognized while Impaired
(In thousands)
With no related allowance recorded:
Commercial and industrial$470  $553  n/a  $1,062  $268  
Commercial tax-exempt—  —  n/a  —  —  
Commercial real estate733  733  n/a  155  262  
Construction and land—  —  n/a  —  —  
Residential15,362  15,622  n/a  13,700  636  
Home equity1,557  2,119  n/a  2,095  35  
Consumer and other—  —  n/a  —  —  
Subtotal$18,122  $19,027  n/a  $17,012  $1,201  
With an allowance recorded:
Commercial and industrial$254  $254  $146  $736  $33  
Commercial tax-exempt—  —  —  —  —  
Commercial real estate—  —  —  —  —  
Construction and land—  —  —  —  —  
Residential538  538  67  1,130  23  
Home equity273  273  22  545  4  
Consumer and other—  —  —  —  —  
Subtotal$1,065  $1,065  $235  $2,411  $60  
Total:
Commercial and industrial$724  $807  $146  $1,798  $301  
Commercial tax-exempt—  —  —  —  —  
Commercial real estate733  733  —  155  262  
Construction and land—  —  —  —  —  
Residential15,900  16,160  67  14,830  659  
Home equity1,830  2,392  22  2,640  39  
Consumer and other—  —  —  —  —  
Total$19,187  $20,092  $235  $19,423  $1,261  
_____________________
(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 three months ended March 31, 2020
Restructured Year to DateTDRs 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)1  $50  $50  —  $—  
Commercial tax exempt—  —  —  —  —  
Commercial real estate—  —  —  —  —  
Construction and land —  —  —  —  —  
Residential (2)1  2,373  2,373  —  —  
Home equity—  —  —  —  —  
Consumer and other—  —  —  —  —  
Total2  $2,423  $2,423  —  $—  
_____________________
(1)Represents the following type of concession: extension of maturity, reduction in interest rate.
(2)Represents the following type of concession: payment deferral.
As of and for the three months ended March 31, 2019
Restructured Current QuarterTDRs that defaulted in the Current Quarter that were restructured in prior twelve months
# of LoansPre- modification recorded investmentPost- modification recorded investment# of LoansPost- modification recorded investment
(In thousands, except number of loans)
Commercial and industrial (1)1  $179  $179  —  $—  
Commercial tax exempt—  —  —  —  —  
Commercial real estate—  —  —  —  —  
Construction and land—  —  —  —  —  
Residential (2)1  3,000  3,000  —  —  
Home equity—  —  —  —  —  
Consumer and other—  —  —  —  —  
Total2  $3,179  $3,179  —  $—  
_____________________
(1)Represents the following type of concession: extension of term.
(2)Represents the following type of concession: temporary reduction of interest rate.
In the first quarter of 2020, in response to the COVID-19 pandemic, the Bank initiated a mortgage deferment program under which principal and interest payments on qualifying loans are generally deferred for three months and the loan term is extended three months. Loans that are deferred under the program are not considered TDRs or past due based on current regulatory guidance. As of March 31, 2020, 10 loans totaling approximately $5.0 million were approved under the program. As this program was started late in the first quarter of 2020, the Bank has been experiencing increased volume in the second quarter of 2020 due to the COVID-19 pandemic. See Part I. Item 1. “Notes to Unaudited Consolidated Financial Statements - Note 16: Subsequent Events” for additional information on the mortgage deferment program.
Loan participations serviced for others and loans serviced for others are not included in the Company’s total loans.
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:
 March 31, 2020December 31, 2019
 (In thousands)
Commercial and industrial$14,706  $14,533  
Commercial tax-exempt17,959  18,101  
Commercial real estate117,782  121,929  
Construction and land79,517  75,451  
Total loan participations serviced for others $229,964  $230,014  
Residential$145,299  $204,696  
Total loans serviced for others$145,299  $204,696