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Loans Receivable (Tables)
3 Months Ended
Mar. 31, 2024
Receivables [Abstract]  
Schedule of loans receivable
The following table shows a summary of our loans receivable at amortized cost basis at March 31, 2024 and December 31, 2023 (in thousands): 
March 31, 2024December 31, 2023
 Originated (1)Acquired (2)TotalOriginated (1)Acquired (2)Total
Personal Banking:    
Residential mortgage loans (3)$3,243,079 139,769 3,382,848 3,283,299 144,886 3,428,185 
Home equity loans1,079,671 116,936 1,196,607 1,103,410 124,448 1,227,858 
Vehicle loans1,944,752 60,104 2,004,856 1,943,540 65,061 2,008,601 
Consumer loans108,035 5,476 113,511 111,446 5,980 117,426 
Total Personal Banking6,375,537 322,285 6,697,822 6,441,695 340,375 6,782,070 
Commercial Banking:      
Commercial real estate loans (4)2,436,853 227,137 2,663,990 2,389,537 238,920 2,628,457 
Commercial real estate loans - owner occupied338,744 25,794 364,538 319,195 26,358 345,553 
Commercial loans1,743,656 31,240 1,774,896 1,623,481 35,248 1,658,729 
Total Commercial Banking4,519,253 284,171 4,803,424 4,332,213 300,526 4,632,739 
Total loans receivable, gross10,894,790 606,456 11,501,246 10,773,908 640,901 11,414,809 
Allowance for credit losses(118,837)(6,060)(124,897)(118,079)(7,164)(125,243)
Total loans receivable, net (5)$10,775,953 600,396 11,376,349 10,655,829 633,737 11,289,566 
(1) Includes originated and loan pools purchased in an asset acquisition.
(2) Includes loans subject to purchase accounting in a business combination.
(3) Includes $8 million and $9 million of loans held-for-sale at March 31, 2024 and December 31, 2023, respectively.
(4) Includes $213,000 and $0 of loans held-for-sale at March 31, 2024 and December 31, 2023, respectively.
(5) Includes $68 million of net unearned income, unamortized premiums and discounts and deferred fees and costs at March 31, 2024 and December 31, 2023.
Schedule of the changes in the allowance for losses on loans receivable
The following table provides information related to the allowance for credit losses by portfolio segment and by class of financing receivable for the quarter ended March 31, 2024 (in thousands):
Balance as of March 31, 2024Current period provisionCharge-offsRecoveriesBalance as of December 31, 2023
Allowance for Credit Losses
Personal Banking:     
Residential mortgage loans$16,821 (1,399)(162)189 18,193 
Home equity loans5,334 145 (412)198 5,403 
Vehicle loans21,061 (3,694)(2,588)432 26,911 
Consumer loans1,452 1,849 (1,985)389 1,199 
Total Personal Banking44,668 (3,099)(5,147)1,208 51,706 
Commercial Banking:     
Commercial real estate loans54,474 3,073 (349)483 51,267 
Commercial real estate loans - owner occupied4,055 272 — 3,775 
Commercial loans21,700 3,988 (1,163)380 18,495 
Total Commercial Banking80,229 7,333 (1,512)871 73,537 
Total$124,897 4,234 (6,659)2,079 125,243 
Allowance for Credit Losses - off-balance sheet exposure
Personal Banking:
Residential mortgage loans$(1)— — 
Home equity loans64 (1)— — 65 
Total Personal Banking65 (2)— — 67 
Commercial Banking:     
Commercial real estate loans6,218 71 — — 6,147 
Commercial real estate loans - owner occupied 154 (19)— — 173 
Commercial loans9,887 (849)— — 10,736 
Total Commercial Banking16,259 (797)— — 17,056 
Total off-balance sheet exposure$16,324 (799)— — 17,123 
The following table provides information related to the allowance for credit losses by portfolio segment and by class of financing receivable for the quarter ended March 31, 2023 (in thousands):
Balance as of March 31, 2023Current period provisionCharge-offsRecoveriesASU 2022-02 AdoptionBalance as of December 31, 2022
Allowance for Credit Losses
Personal Banking:
Residential mortgage loans$19,238 (1)(207)185 — 19,261 
Home equity loans5,481 (450)(164)193 — 5,902 
Vehicle loans26,166 4,253 (1,668)522 — 23,059 
Consumer loans732 796 (1,066)337 — 665 
Total Personal Banking51,617 4,598 (3,105)1,237 — 48,887 
Commercial Banking:
Commercial real estate loans45,404 121 (657)1,008 426 44,506 
Commercial real estate loans - owner occupied3,351 (674)— 21 — 4,004 
Commercial loans20,885 825 (865)286 — 20,639 
Total Commercial Banking69,640 272 (1,522)1,315 426 69,149 
Total$121,257 4,870 (4,627)2,552 426 118,036 
Allowance for Credit Losses - off-balance sheet exposure
Personal Banking:
Residential mortgage loans$(1)— — — 
Home equity loans60 (14)— — — 74 
Total Personal Banking63 (15)— — — 78 
Commercial Banking:
Commercial real estate loans5,924 549 — — — 5,375 
Commercial real estate loans - owner occupied441 62 — — — 379 
Commercial loans6,611 (470)— — — 7,081 
Total Commercial Banking12,976 141 — — — 12,835 
Total off-balance sheet exposure$13,039 126 — — — 12,913 
Schedule of loan portfolio by portfolio segment and by class of financing receivable
The following table provides information related to the loan portfolio by portfolio segment and by class of financing receivable at March 31, 2024 (in thousands):
 Total loans
receivable
Allowance for
credit losses
Nonaccrual
loans
Loans 90 days past due and accruing
Personal Banking:    
Residential mortgage loans$3,382,848 16,821 7,109 1,509 
Home equity loans1,196,607 5,334 4,409 
Vehicle loans2,004,856 21,061 4,360 59 
Consumer loans113,511 1,452 269 627 
Total Personal Banking6,697,822 44,668 16,147 2,196 
Commercial Banking:    
Commercial real estate loans2,663,990 54,474 73,133 — 
Commercial real estate loans - owner occupied364,538 4,055 1,319 — 
Commercial loans1,774,896 21,700 4,461 256 
Total Commercial Banking4,803,424 80,229 78,913 256 
Total$11,501,246 124,897 95,060 2,452 

The following table provides information related to the loan portfolio by portfolio segment and by class of financing receivable at December 31, 2023 (in thousands): 

 Total loans
receivable
Allowance for
credit losses
Nonaccrual
loans
Loans 90 days past due and accruing
Personal Banking:    
Residential mortgage loans$3,428,185 18,193 8,727 1,671 
Home equity loans1,227,858 5,403 4,492 26 
Vehicle loans2,008,601 26,911 4,816 44 
Consumer loans117,426 1,199 229 722 
Total Personal Banking6,782,070 51,706 18,264 2,463 
Commercial Banking:
Commercial real estate loans2,628,457 51,267 71,297 225 
Commercial real estate loans - owner occupied345,553 3,775 676 — 
Commercial loans1,658,729 18,495 4,147 10 
Total Commercial Banking4,632,739 73,537 76,120 235 
Total$11,414,809 125,243 94,384 2,698 
Schedule of the composition of nonaccrual loans by portfolio segment and by class of financing receivable The following table presents the amortized cost of our loans on nonaccrual status as of the beginning and end of the quarter ended March 31, 2024 (in thousands): 
March 31, 2024
 Nonaccrual loans at January 1, 2024Nonaccrual loans with an allowanceNonaccrual loans with no allowanceTotal nonaccrual loans at the end of the periodLoans 90 days past due and accruing
Personal Banking:    
Residential mortgage loans$8,727 6,703 406 7,109 1,509 
Home equity loans4,492 4,254 155 4,409 
Vehicle loans4,816 3,481 879 4,360 59 
Consumer loans229 269 — 269 627 
Total Personal Banking18,264 14,707 1,440 16,147 2,196 
Commercial Banking:    
Commercial real estate loans71,297 50,794 22,339 73,133 — 
Commercial real estate loans - owner occupied676 1,319 — 1,319 — 
Commercial loans4,147 4,305 156 4,461 256 
Total Commercial Banking76,120 56,418 22,495 78,913 256 
Total$94,384 71,125 23,935 95,060 2,452 
The following table presents the amortized cost of our loans on nonaccrual status as of the year ended December 31, 2023 (in thousands): 
December 31, 2023
 Nonaccrual loans at January 1, 2023Nonaccrual loans with an allowanceNonaccrual loans with no allowanceTotal nonaccrual loans at the end of the periodLoans 90 days past due and accruing
Personal Banking:
Residential mortgage loans$7,574 8,304 423 8,727 1,671 
Home equity loans4,145 4,084 408 4,492 26 
Vehicle loans3,771 4,187 629 4,816 44 
Consumer loans256 229 — 229 722 
Total Personal Banking15,746 16,804 1,460 18,264 2,463 
Commercial Banking:
Commercial real estate loans62,239 47,359 23,938 71,297 225 
Commercial real estate loans - owner occupied 624 676 — 676 — 
Commercial loans2,627 3,996 151 4,147 10 
Total Commercial Banking65,490 52,031 24,089 76,120 235 
Total$81,236 68,835 25,549 94,384 2,698 
The following table presents the amortized cost basis of collateral-dependent loans by class of loans and collateral type as of as of March 31, 2024 (in thousands):
 Real estateEquipmentTotal
Commercial Banking:   
Commercial real estate loans$66,587 1,25667,843
Commercial loans146— 146
Total Commercial Banking66,7331,25667,989
Total$66,733 1,25667,989
 
The following table presents the amortized cost basis of collateral-dependent loans by class of loans as of December 31, 2023 (in thousands):
 Real estateTotal
Commercial Banking:
Commercial real estate loans$66,934 66,934 
Commercial loans150 150 
Total Commercial Banking67,084 67,084 
Total$67,084 67,084 
Schedule of troubled debt restructurings (including re-modified TDRs) by portfolio segment and by class of financing receivable
The following table presents the amortized cost basis of loans for the periods indicated that were both experiencing financial difficulty and modified during the respective period, by class and by type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financial receivable is also presented below (dollars in thousands).


For the quarter ended March 31,
20242023
Payment delayTerm extensionCombination term extension and interest rate reductionTotal class of financing receivableTerm extensionCombination term extension and interest rate reductionTotal class of financing receivable
Personal Banking:
Residential mortgage loans
$364 490 — 0.03 %180 — 0.01 %
Home equity loans— 552 84 0.05 %110 — 0.01 %
Consumer loans
— — — %— — %
Total Personal Banking364 1,042 86 0.02 %290 — %
Commercial Banking:
Commercial real estate loans28,877 243 — 1.09 %242 — 0.01 %
Commercial loans— 56 10 — %765 — 0.06 %
Total Commercial Banking28,877 299 10 0.61 %1,007 — 0.02 %
Total$29,241 1,341 96 0.27 %1,297 0.01 %
The following table presents the effect of the loan modifications presented above to borrowers experiencing financial difficulty for the periods indicated:
For the quarter ended March 31,
20242023
 Weighted-average interest rate reductionWeighted-average term extension in monthsWeighted-average payment deferral in yearsWeighted-average interest rate reductionWeighted-average term extension in months
Personal Banking:  
Residential mortgage loans— %1430.50— %147
Home equity loans%97— — %115
Consumer loans12 %356— 12 %356
Total Personal Banking%1180.5012 %137
Commercial Banking:
Commercial real estate loans— %1061.00— %24
Commercial loans%118— — %9
Total Commercial Banking%1081.00— %13
Total loans%1161.0012 %41
The following table presents the performance of loans modified within the previous twelve months of March 31, 2024:
 Current30-59 days
delinquent
60-89 days
delinquent
90 days or
greater
delinquent
Personal Banking:
Residential mortgage loans$406 84 — 364 
Home equity loans616 — 17 
Consumer loans— — — 
Total Personal Banking1,024 87 — 381 
Commercial Banking:
Commercial real estate loans29,121 — — — 
Commercial loans10 47 — 
Total Commercial Banking29,131 47 — 
Total loans$30,155 96 47 381 
Schedule of loans with payment default and modified The following table provides the amortized cost basis of financing receivables that had a payment default during the period ended March 31, 2024 and were modified within the previous twelve months to borrowers experiencing financial difficulty (in thousands):
Term extensionPayment delay
Personal Banking:
Residential mortgage loans$— $364 
Home equity loans17 — 
Total Personal Banking17 364 
Total$17 $364 
Schedule of loan delinquencies
The following table provides information related to the amortized cost basis of loan payment delinquencies at March 31, 2024 (in thousands):
 30-59 days
delinquent
60-89 days
delinquent
90 days or
greater
delinquent
Total
delinquency
CurrentTotal loans
receivable
90 days or
greater
delinquent
and accruing
Personal Banking:     
Residential mortgage loans$38,502 70 5,813 44,385 3,338,463 3,382,848 1,509 
Home equity loans4,608 761 2,823 8,192 1,188,415 1,196,607 
Vehicle loans9,177 2,246 2,496 13,919 1,990,937 2,004,856 59 
Consumer loans734 299 849 1,882 111,629 113,511 627 
Total Personal Banking53,021 3,376 11,981 68,378 6,629,444 6,697,822 2,196 
Commercial Banking:     
Commercial real estate loans6,181 807 6,041 13,029 2,650,961 2,663,990 — 
Commercial real estate loans - owner occupied215 — 890 1,105 363,433 364,538 — 
Commercial loans3,091 1,284 3,421 7,796 1,767,100 1,774,896 256 
Total Commercial Banking9,487 2,091 10,352 21,930 4,781,494 4,803,424 256 
Total loans$62,508 5,467 22,333 90,308 11,410,938 11,501,246 2,452 


The following table provides information related to the amortized cost basis of loan payment delinquencies at December 31, 2023 (in thousands):
 30-59 days
delinquent
60-89 days
delinquent
90 days or
greater
delinquent
Total
delinquency
CurrentTotal loans
receivable
90 days or
greater
delinquent
and accruing
Personal Banking:      
Residential mortgage loans
$30,041 7,796 7,995 45,832 3,382,353 3,428,185 1,671 
Home equity loans
5,761 982 3,126 9,869 1,217,989 1,227,858 26 
Vehicle loans10,382 3,326 3,051 16,759 1,991,842 2,008,601 44 
Consumer loans
829 428 927 2,184 115,242 117,426 722 
Total Personal Banking47,013 12,532 15,099 74,644 6,707,426 6,782,070 2,463 
Commercial Banking:       
Commercial real estate loans
2,010 1,031 6,535 9,576 2,618,881 2,628,457 225 
Commercial real estate loans - owner occupied1,194 — 177 1,371 344,182 345,553 — 
Commercial loans
4,196 703 2,780 7,679 1,651,050 1,658,729 10 
Total Commercial Banking7,400 1,734 9,492 18,626 4,614,113 4,632,739 235 
Total originated loans$54,413 14,266 24,591 93,270 11,321,539 11,414,809 2,698 
Schedule of credit quality indicators
The following table presents the amortized cost basis of our loan portfolio by year of origination and credit quality indicator and the current period charge-offs by year of origination for each portfolio segment as of March 31, 2024 (in thousands):
YTD March 31, 20242023202220212020PriorRevolving loansRevolving loans converted to term loansTotal loans
receivable
Personal Banking:    
Residential mortgage loans
Pass$7,577 192,489 660,443 782,217 496,755 1,230,826 — — 3,370,307 
Substandard— 89 2,551 357 1,208 8,336 — — 12,541 
Total residential mortgage loans7,577 192,578 662,994 782,574 497,963 1,239,162 — — 3,382,848 
Residential mortgage current period charge-offs— — — — (113)(49)— — (162)
Home equity loans
Pass5,488 67,059 97,697 101,645 140,326 276,751 460,391 42,600 1,191,957 
Substandard— — 98 54 197 2,027 1,086 1,188 4,650 
Total home equity loans5,488 67,059 97,795 101,699 140,523 278,778 461,477 43,788 1,196,607 
Home equity current period charge-offs— — (35)(2)— (154)(189)(32)(412)
Vehicle loans
Pass196,998 615,730 618,045 351,286 113,020 105,357 — — 2,000,436 
Substandard— 753 1,310 1,274 257 826 — — 4,420 
Total vehicle loans196,998 616,483 619,355 352,560 113,277 106,183 — — 2,004,856 
Vehicle current period charge-offs— (715)(664)(748)(117)(344)— — (2,588)
Consumer loans
Pass7,204 21,506 10,028 4,627 1,667 5,099 61,766 717 112,614 
Substandard— 51 63 — 51 622 101 897 
Total consumer loans7,204 21,557 10,091 4,636 1,667 5,150 62,388 818 113,511 
Consumer loan current period charge-offs(13)(1,263)(139)(83)(13)(247)(206)(21)(1,985)
Total Personal Banking217,267 897,677 1,390,235 1,241,469 753,430 1,629,273 523,865 44,606 6,697,822 
Commercial Banking:     
Commercial real estate loans
Pass62,822 232,766 496,664 303,781 319,596 931,515 28,002 24,423 2,399,569 
Special mention— 2,831 24,683 27,294 7,111 28,946 733 — 91,598 
Substandard1,256 1,909 2,779 29,626 19,575 117,501 78 99 172,823 
Total commercial real estate loans64,078 237,506 524,126 360,701 346,282 1,077,962 28,813 24,522 2,663,990 
Commercial real estate current period charge-offs— — (44)— — (305)— — (349)
Commercial real estate loans - owner occupied
Pass22,976 12,903 51,065 47,955 13,886 163,028 2,171 1,304 315,288 
Special mention— 13,365 2,381 1,210 1,728 20,965 — — 39,649 
Substandard— — — 111 1,647 6,145 — 1,698 9,601 
Total commercial real estate loans - owner occupied22,976 26,268 53,446 49,276 17,261 190,138 2,171 3,002 364,538 
Commercial real estate - owner occupied current period charge-offs— — — — — — — — — 
Commercial loans
Pass203,185 424,258 402,658 67,493 24,976 79,847 492,660 3,442 1,698,519 
Special mention8,019 31,014 3,860 298 217 9,045 52,461 
Substandard— 8,050 3,954 886 222 3,162 3,884 3,758 23,916 
Total commercial loans211,204 463,322 410,472 68,383 25,496 83,226 505,589 7,204 1,774,896 
Commercial loans current period charge-offs— (47)(734)(75)(175)(132)— — (1,163)
Total Commercial Banking298,258 727,096 988,044 478,360 389,039 1,351,326 536,573 34,728 4,803,424 
Total loans$515,525 1,624,773 2,378,279 1,719,829 1,142,469 2,980,599 1,060,438 79,334 11,501,246 
The following table presents the amortized cost basis of our loan portfolio by year of origination and credit quality indicator for each portfolio segment as of December 31, 2023 (in thousands): 
20232022202120202019PriorRevolving loansRevolving loans converted to term loansTotal loans
receivable
Personal Banking:     
Residential mortgage loans
Pass$186,081 665,379 792,488 506,068 244,678 1,019,152 — — 3,413,846 
Substandard— 1,581 — 1,252 311 11,195 — — 14,339 
Total residential mortgage loans186,081 666,960 792,488 507,320 244,989 1,030,347 — — 3,428,185 
Residential mortgage current period charge-offs— (9)(5)(130)(23)(1,023)— — (1,189)
Home equity loans
Pass71,497 100,639 106,043 146,121 94,144 197,259 463,868 43,526 1,223,097 
Substandard— 236 54 197 35 1,733 1,447 1,059 4,761 
Total home equity loans71,497 100,875 106,097 146,318 94,179 198,992 465,315 44,585 1,227,858 
Home equity current period charge-offs— (53)(46)— (48)(352)(144)(209)(852)
Vehicle loans
Pass664,876 682,275 397,809 132,775 67,853 58,153 — — 2,003,741 
Substandard646 1,418 1,453 299 556 488 — — 4,860 
Total vehicle loans665,522 683,693 399,262 133,074 68,409 58,641 — — 2,008,601 
Vehicle current period charge-offs(678)(1,844)(1,967)(475)(652)(853)— — (6,468)
Consumer loans
Pass24,277 11,582 5,552 2,072 1,355 6,603 64,214 820 116,475 
Substandard55 43 19 46 726 50 951 
Total consumer loans24,332 11,625 5,571 2,078 1,361 6,649 64,940 870 117,426 
Consumer loan current period charge-offs(3,412)(511)(390)(157)(177)(980)(317)(38)(5,983)
Total Personal Banking947,432 1,463,153 1,303,418 788,790 408,938 1,294,629 530,255 45,455 6,782,070 
Commercial Banking:
Commercial real estate loans
Pass223,335 470,762 303,873 332,620 228,382 745,244 27,583 24,804 2,356,603 
Special Mention2,819 24,735 27,871 5,365 4,053 38,665 711 — 104,219 
Substandard1,920 750 26,850 18,167 37,044 82,717 79 108 167,635 
Total commercial real estate loans228,074 496,247 358,594 356,152 269,479 866,626 28,373 24,912 2,628,457 
Commercial real estate current period
charge-offs
(14)— (492)— (51)(1,741)— — (2,298)
Commercial real estate loans -
owner occupied
Pass24,725 51,986 47,655 15,984 28,614 140,175 2,378 2,390 313,907 
Special Mention1,221 120 1,218 — 14,386 2,952 — — 19,897 
Substandard— — 118 1,666 4,646 4,641 — 678 11,749 
Total commercial real estate loans -
owner occupied
25,946 52,106 48,991 17,650 47,646 147,768 2,378 3,068 345,553 
Commercial real estate - owner occupied current period charge-offs— — — — — (68)— — (68)
Commercial loans
Pass482,605 430,378 73,469 26,868 34,090 54,617 531,742 4,110 1,637,879 
Special Mention508 3,671 52 299 240 26 1,882 — 6,678 
Substandard— 3,015 872 356 2,361 840 4,729 1,999 14,172 
Total commercial loans483,113 437,064 74,393 27,523 36,691 55,483 538,353 6,109 1,658,729 
Commercial loans current period
charge-offs
(35)(2,072)(517)(430)(205)(845)(60)(2)(4,166)
Total Commercial Banking737,133 985,417 481,978 401,325 353,816 1,069,877 569,104 34,089 4,632,739 
Total loans$1,684,565 2,448,570 1,785,396 1,190,115 762,754 2,364,506 1,099,359 79,544 11,414,809