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Allowance for Credit Losses (Tables)

6 Months Ended

Jun. 30, 2020

Activity In The Non-Covered Allowance For Loan And Lease Losses

The following tables summarize activity related to the allowance for credit losses by portfolio segment for the three and six months ended June 30, 2020:


	Three Months Ended June 30, 2020
(in thousands)	Commercial Real Estate		Commercial		Residential		Consumer & Other		Total
Allowance for credit losses on loans and leases
Balance, beginning of period	$	99,778	$	146,607	$	34,251	$	10,784	$	291,420

Provision for credit losses for loans and leases ⁽¹⁾	52,890		21,301		6,157		1,136		81,484

Charge-offs	—		(17,549)		(143)		(1,761)		(19,453)
Recoveries	160		2,256		283		595		3,294
Net recoveries (charge-offs)	160		(15,293)		140		(1,166)		(16,159)
Balance, end of period	$	152,828	$	152,615	$	40,548	$	10,754	$	356,745
Reserve for unfunded commitments
Balance, beginning of period	$	15,760	$	2,927	$	1,741	$	499	$	20,927

Provision (recapture) for credit losses on unfunded commitments ⁽¹⁾	5,048		(6)		320		79		5,441
Balance, end of period	20,808		2,921		2,061		578		26,368
Total allowance for credit losses	$	173,636	$	155,536	$	42,609	$	11,332	$	383,113


	Six Months Ended June 30, 2020
(in thousands)	Commercial Real Estate		Commercial		Residential		Consumer & Other		Total
Allowance for credit losses on loans and leases
Balance, beginning of period	$	50,847	$	73,820	$	24,714	$	8,248	$	157,629
Impact of adoption CECL	5,077		44,009		2,099		(1,186)		49,999
Adjusted balance, beginning of period	55,924		117,829		26,813		7,062		207,628
Provision for credit losses for loans and leases ⁽¹⁾	96,498		70,974		13,342		6,172		186,986

Charge-offs	—		(40,157)		(154)		(3,597)		(43,908)
Recoveries	406		3,969		547		1,117		6,039
Net recoveries (charge-offs)	406		(36,188)		393		(2,480)		(37,869)
Balance, end of period	$	152,828	$	152,615	$	40,548	$	10,754	$	356,745
Reserve for unfunded commitments
Balance, beginning of period	$	534	$	2,539	$	149	$	1,884	$	5,106
Impact of adoption CECL	4,030		(487)		1,267		(1,572)		3,238
Adjusted balance, beginning of period	4,564		2,052		1,416		312		8,344
Provision for credit losses on unfunded commitments⁽¹⁾	16,244		869		645		266		18,024
Balance, end of period	20,808		2,921		2,061		578		26,368
Total allowance for credit losses	$	173,636	$	155,536	$	42,609	$	11,332	$	383,113

⁽¹⁾ The total provision for credit losses as disclosed on the income statement includes an additional $160,000 in provision related to accrued interest on loans deferred due to COVID-19, which is not included in the tables above.

The following tables summarize activity related to the allowance for loan and lease losses by loan and lease portfolio segment and the reserve for unfunded commitments for the three and six months ended June 30, 2019:


	Three Months Ended June 30, 2019
(in thousands)	Commercial Real Estate		Commercial		Residential		Consumer & Other		Total
Allowance for credit losses on loans and leases
Balance, beginning of period	$	47,841	$	64,370	$	22,173	$	10,488	$	144,872
Provision	1,324		16,069		1,398		561		19,352
Charge-offs	(387)		(14,697)		(67)		(1,556)		(16,707)
Recoveries	219		2,611		150		572		3,552
Net (charge-offs) recoveries	(168)		(12,086)		83		(984)		(13,155)
Balance, end of period	$	48,997	$	68,353	$	23,654	$	10,065	$	151,069
Reserve for unfunded commitments
Balance, beginning of period	$	603	$	2,347	$	162	$	1,542	$	4,654
(Recapture) provision for credit losses on unfunded commitments	(42)		248		(5)		2		203
Balance, end of period	561		2,595		157		1,544		4,857
Total allowance for credit losses	$	49,558	$	70,948	$	23,811	$	11,609	$	155,926

	Six Months Ended June 30, 2019
(in thousands)	Commercial Real Estate		Commercial		Residential		Consumer & Other		Total
Allowance for credit losses on loans and leases
Balance, beginning of period	$	47,904	$	63,957	$	22,034	$	10,976	$	144,871
Provision	3,075		27,338		1,517		1,106		33,036
Charge-offs	(2,538)		(27,907)		(202)		(3,212)		(33,859)
Recoveries	556		4,965		305		1,195		7,021
Net (charge-offs) recoveries	(1,982)		(22,942)		103		(2,017)		(26,838)
Balance, end of period	$	48,997	$	68,353	$	23,654	$	10,065	$	151,069
Reserve for unfunded commitments
Balance, beginning of period	$	628	$	2,250	$	160	$	1,485	$	4,523
(Recapture) provision for credit losses on unfunded commitments	(67)		345		(3)		59		334
Balance, end of period	561		2,595		157		1,544		4,857
Total allowance for credit losses	$	49,558	$	70,948	$	23,811	$	11,609	$	155,926

Loans and Leases Past Due and Non-Accrual Loans and Leases

The following tables present the amortized cost basis of the loans and leases past due, by loan and lease class, as of June 30, 2020 and December 31, 2019:


	June 30, 2020
(in thousands)	Greater than 30 to 59 Days Past Due		60 to 89 Days Past Due		Greater than 90 Days and Accruing		Total Past Due		Non-Accrual ⁽¹⁾		Current		Total Loans and Leases
Commercial real estate
Non-owner occupied term, net	$	6,006	$	—	$	—	$	6,006	$	8,095	$	3,575,383	$	3,589,484
Owner occupied term, net	6,336		142		1		6,479		4,148		2,449,327		2,459,954
Multifamily, net	—		—		—		—		599		3,466,230		3,466,829
Construction & development, net	—		—		—		—		—		662,703		662,703
Residential development, net	—		—		—		—		—		164,180		164,180
Commercial
Term, net	94		—		3		97		11,027		4,253,968		4,265,092
Lines of credit & other, net	3,766		193		1		3,960		763		935,720		940,443
Leases & equipment finance, net	4,177		10,774		834		15,785		7,780		1,498,804		1,522,369
Residential
Mortgage, net⁽²⁾	1,965		3,438		39,728		45,131		—		4,011,457		4,056,588
Home equity loans & lines, net	1,411		643		1,475		3,529		—		1,185,899		1,189,428
Consumer & other, net	1,068		570		361		1,999		—		352,386		354,385
Total, net of deferred fees and costs	$	24,823	$	15,760	$	42,403	$	82,986	$	32,412	$	22,556,057	$	22,671,455

⁽¹⁾ Loans and leases on non-accrual had a related allowance for credit losses of $7.1 million at June 30, 2020, related to an amortized cost basis of $32.4 million.

⁽²⁾ Includes government guaranteed GNMA mortgage loans that the Bank has the right but not the obligation to repurchase that are past due 90 days or more, totaling $2.6 million at June 30, 2020.


	December 31, 2019
(in thousands)	Greater than 30 to 59 Days Past Due		60 to 89 Days Past Due		Greater than 90 Days and Accruing		Total Past Due		Non-Accrual		Current and Other ⁽¹⁾		Total Loans and Leases
Commercial real estate
Non-owner occupied term, net	$	—	$	—	$	121	$	121	$	2,920	$	3,542,525	$	3,545,566
Owner occupied term, net	975		470		1		1,446		4,600		2,490,042		2,496,088
Multifamily, net	—		—		—		—		—		3,514,774		3,514,774
Construction & development, net	—		—		—		—		—		678,740		678,740
Residential development, net	—		—		—		—		—		189,010		189,010
Commercial
Term, net	136		381		—		517		3,458		2,228,842		2,232,817
Lines of credit & other, net	3,548		376		36		3,960		767		1,207,666		1,212,393
Leases & equipment finance, net	10,685		11,176		3,086		24,947		14,499		1,426,043		1,465,489
Residential
Mortgage, net⁽²⁾	—		8,104		36,642		44,746		—		4,170,678		4,215,424
Home equity loans & lines, net	2,173		867		1,804		4,844		—		1,232,668		1,237,512
Consumer & other, net	2,043		948		615		3,606		—		404,265		407,871
Total, net of deferred fees and costs	$	19,560	$	22,322	$	42,305	$	84,187	$	26,244	$	21,085,253	$	21,195,684

⁽¹⁾ Other includes purchased credit impaired loans of $89.5 million.

⁽²⁾ Includes government guaranteed GNMA mortgage loans that the Bank has the right but not the obligation to repurchase that are past due 90 days or more, totaling $4.3 million at December 31, 2019.

Collateral Dependent Loans and Leases

The following table summarizes the amortized cost basis of the collateral dependent loans and leases by the type of collateral securing the assets as of June 30, 2020. There have been no significant changes in the level of collateralization from the prior periods.


(in thousands)	Residential Real Estate		Commercial Real Estate		General Business Assets		Other		Total
Commercial real estate
Non-owner occupied term, net	$	—	$	8,328	$	—	$	—	$	8,328
Owner occupied term, net	102		4,845		—		—		4,947
Multifamily, net	—		840		—		—		840


Commercial
Term, net	763		—		575		671		2,009
Line of credit & other, net	952		68		9,167		2,863		13,050
Leases & equipment finance, net	—		—		7,780		—		7,780
Residential
Mortgage, net	2,507		—		—		—		2,507
Home equity loans & lines, net	101,862		—		—		—		101,862

Total net of deferred fees and costs	$	106,186	$	14,081	$	17,522	$	3,534	$	141,323

Schedule of Reserve for Unfunded Commitments

The following table presents the unfunded commitments for the period ended June 30, 2020 and 2019:


(in thousands)	Total
Unfunded loan and lease commitments
June 30, 2020	$	5,849,611
June 30, 2019	$	5,587,294

Schedule Of Troubled Debt Restructurings

The following tables present troubled debt restructurings by accrual versus non-accrual status and by portfolio segment as of June 30, 2020 and December 31, 2019:


	June 30, 2020
(in thousands)	Accrual Status		Non-Accrual Status		Total Modification		# of Contracts
Commercial real estate, net	$	1,367	$	3,957	$	5,324	8
Commercial, net	3,037		8,508		11,545		3
Residential, net	10,519		—		10,519		67
Consumer & other, net	109		—		109		5
Total, net of deferred fees and costs	$	15,032	$	12,465	$	27,497	83

	December 31, 2019
(in thousands)	Accrual Status		Non-Accrual Status		Total Modification		# of Contracts
Commercial real estate, net	$	3,968	$	—	$	3,968	3
Commercial, net	4,105		—		4,105		2
Residential, net	10,460		—		10,460		54
Consumer & other, net	43		—		43		3
Total, net of deferred fees and costs	$	18,576	$	—	$	18,576	62

The following table presents loans that were determined to be TDRs during the three and six months ended June 30, 2020 and 2019:


	Three Months Ended						Six Months Ended
(in thousands)	June 30, 2020		June 30, 2019		June 30, 2020		June 30, 2019
Commercial real estate, net	$	—	$	—	$	—	$	118
Commercial, net	8,508		—		8,508		1,842
Residential, net	756		7		6,434		7
Consumer & other, net	50		—		74		—
Total, net of deferred fees and costs	$	9,314	$	7	$	15,016	$	1,967

Internal Risk Rating By Loan Class

The following table represents the amortized costs basis of the loans and leases by credit classification and vintage year by loan and lease class of financing receivable as of June 30, 2020:


(in thousands)				Term Loans Amortized Cost Basis by Origination Year																																		Revolving Loans Amortized Cost Basis	Revolving to Non-Revolving Loans Amortized Cost
	June 30, 2020	2020				2019				2018				2017				2016				Prior												Total
Commercial real estate:
Non-owner occupied term, net
Credit quality indicator:
	Pass	$	313,883			$	725,232			$	578,859			$	387,750			$	411,471			$	1,116,727			$	3,091			$	4,191			$	3,541,204
	Special mention	1,155				6,777				—				8,638				6,359				5,664				—				—				28,593
	Substandard	867				6,337				—				—				—				12,013				—				—				19,217
	Doubtful	—				—				—				—				—				127				—				—				127
	Loss	—				—				—				—				—				343				—				—				343
Total non-owner occupied term, net				$	315,905			$	738,346			$	578,859			$	396,388			$	417,830			$	1,134,874			$	3,091			$	4,191			$	3,589,484
Owner occupied term, net
Credit quality indicator:
	Pass	$	201,511			$	430,033			$	321,456			$	357,099			$	278,233			$	746,367			$	5,495			$	806			$	2,341,000
	Special mention	5,577				12,551				43,576				10,457				3,454				8,326				—				—				83,941
	Substandard	2,657				3,019				1,737				3,017				5,189				18,882				—				—				34,501
	Doubtful	—				—				—				—				—				72				—				—				72
	Loss	—				—				—				—				—				440				—				—				440
Total owner occupied term, net				$	209,745			$	445,603			$	366,769			$	370,573			$	286,876			$	774,087			$	5,495			$	806			$	2,459,954
Multifamily, net
Credit quality indicator:
	Pass	$	198,388			$	868,496			$	642,383			$	664,016			$	321,813			$	708,085			$	27,853			$	2,967			$	3,434,001
	Special mention	—				—				—				—				—				32,229				—				—				32,229
	Substandard	—				—				—				—				—				599				—				—				599
	Doubtful	—				—				—				—				—				—				—				—				—
	Loss	—				—				—				—				—				—				—				—				—
Total multifamily, net				$	198,388			$	868,496			$	642,383			$	664,016			$	321,813			$	740,913			$	27,853			$	2,967			$	3,466,829
Construction & development, net
Credit quality indicator:
	Pass	$	26,389			$	202,023			$	262,912			$	162,129			$	6,928			$	687			$	—			$	—			$	661,068
	Special mention	—				—				1,635				—				—				—				—				—				1,635
	Substandard	—				—				—				—				—				—				—				—				—
	Doubtful	—				—				—				—				—				—				—				—				—
	Loss	—				—				—				—				—				—				—				—				—
Total construction & development, net				$	26,389			$	202,023			$	264,547			$	162,129			$	6,928			$	687			$	—			$	—			$	662,703


(in thousands)				Term Loans Amortized Cost Basis by Origination Year																																		Revolving Loans Amortized Cost Basis	Revolving to Non-Revolving Loans Amortized Cost
	June 30, 2020	2020				2019				2018				2017				2016				Prior												Total
Residential development, net
Credit quality indicator:
	Pass	$	8,060			$	15,012			$	2,762			$	—			$	—			$	—			$	135,994			$	2,352			$	164,180
	Special mention	—				—				—				—				—				—				—				—				—
	Substandard	—				—				—				—				—				—				—				—				—
	Doubtful	—				—				—				—				—				—				—				—				—
	Loss	—				—				—				—				—				—				—				—				—
Total residential development, net				$	8,060			$	15,012			$	2,762			$	—			$	—			$	—			$	135,994			$	2,352			$	164,180

Total commercial real estate				$	758,487			$	2,269,480			$	1,855,320			$	1,593,106			$	1,033,447			$	2,650,561			$	172,433			$	10,316			$	10,343,150


Commercial:
Term, net
Credit quality indicator:
	Pass	$	2,114,332			$	425,727			$	365,014			$	274,397			$	82,331			$	251,285			$	697,208			$	15,161			$	4,225,455
	Special mention	75				426				2,302				1,134				6,278				3,820				—				—				14,035
	Substandard	—				579				1,222				5,581				1,603				2,437				900				13,050				25,372
	Doubtful	—				—				—				—				—				—				—				—				—
	Loss	—				—				—				—				—				230				—				—				230
Total term, net				$	2,114,407			$	426,732			$	368,538			$	281,112			$	90,212			$	257,772			$	698,108			$	28,211			$	4,265,092
Lines of credit & other, net
Credit quality indicator:
	Pass	$	12,288			$	26,424			$	28,065			$	1,132			$	3,332			$	867			$	781,992			$	5,763			$	859,863
	Special mention	2,530				1,027				—				56				77				349				37,443				2,000				43,482
	Substandard	1,420				625				—				350				484				1,714				27,304				5,200				37,097
	Doubtful	—				—				—				—				—				—				1				—				1
	Loss	—				—				—				—				—				—				—				—				—
Total lines of credit & other, net				$	16,238			$	28,076			$	28,065			$	1,538			$	3,893			$	2,930			$	846,740			$	12,963			$	940,443
Leases & equipment finance, net
Credit quality indicator:
	Pass	$	316,861			$	550,265			$	318,126			$	176,227			$	93,106			$	22,424			$	—			$	—			$	1,477,009
	Special mention	740				3,749				5,743				4,661				573				6,698				—				—				22,164
	Substandard	281				2,212				8,119				2,609				1,235				94				—				—				14,550
	Doubtful	431				3,235				2,196				1,094				372				151				—				—				7,479
	Loss	—				238				367				278				257				27				—				—				1,167
Total leases & equipment finance, net				$	318,313			$	559,699			$	334,551			$	184,869			$	95,543			$	29,394			$	—			$	—			$	1,522,369

Total commercial				$	2,448,958			$	1,014,507			$	731,154			$	467,519			$	189,648			$	290,096			$	1,544,848			$	41,174			$	6,727,904

Residential:
Mortgage, net
Credit quality indicator:
	Pass	$	353,958			$	1,335,457			$	501,636			$	494,052			$	529,473			$	799,467			$	—			$	—			$	4,014,043
	Special mention	—				—				996				663				300				3,443				—				—				5,402
	Substandard	—				1,523				2,110				6,318				8,311				12,215				—				—				30,477
	Doubtful	—				—				—				—				—				—				—				—				—
	Loss	—				917				—				832				—				4,917				—				—				6,666
Total mortgage, net				$	353,958			$	1,337,897			$	504,742			$	501,865			$	538,084			$	820,042			$	—			$	—			$	4,056,588


(in thousands)				Term Loans Amortized Cost Basis by Origination Year																																		Revolving Loans Amortized Cost Basis	Revolving to Non-Revolving Loans Amortized Cost
	June 30, 2020	2020				2019				2018				2017				2016				Prior												Total
Home equity loans & lines, net
Credit quality indicator:
	Pass	$	78			$	—			$	21			$	—			$	381			$	19,865			$	1,123,712			$	41,842			$	1,185,899
	Special mention	—				—				—				—				—				114				1,700				240				2,054
	Substandard	—				—				22				—				—				43				467				269				801
	Doubtful	—				—				—				—				—				—				—				—				—
	Loss	—				—				—				—				—				132				402				140				674
Total home equity loans & lines, net				$	78			$	—			$	43			$	—			$	381			$	20,154			$	1,126,281			$	42,491			$	1,189,428

Total residential				$	354,036			$	1,337,897			$	504,785			$	501,865			$	538,465			$	840,196			$	1,126,281			$	42,491			$	5,246,016

Consumer & other, net:
Credit quality indicator:
	Pass	$	20,733			$	31,017			$	15,392			$	68,696			$	32,706			$	19,689			$	162,433			$	1,718			$	352,384
	Special mention	—				26				9				393				359				216				538				99				1,640
	Substandard	—				44				—				62				—				29				150				71				356
	Doubtful	—				—				—				—				—				—				—				—				—
	Loss	—				—				—				—				—				4				1				—				5
Total consumer & other, net				$	20,733			$	31,087			$	15,401			$	69,151			$	33,065			$	19,938			$	163,122			$	1,888			$	354,385

Grand total				$	3,582,214			$	4,652,971			$	3,106,660			$	2,631,641			$	1,794,625			$	3,800,791			$	3,006,684			$	95,869			$	22,671,455