XML 68 R12.htm IDEA: XBRL DOCUMENT v3.20.1
Loans and Allowance for Credit Losses
 3 Months Ended
Mar. 31, 2020
Receivables [Abstract]  
Loans and Allowance for Credit Losses Allowance for Credit Losses and Asset Quality

Net Loans are summarized as follows:
 
March 31,
2020
 
December 31, 2019
 
(in thousands)
Real estate - commercial mortgage
$
6,895,069

 
$
6,700,776

Commercial and industrial
4,451,239

 
4,446,701

Real estate - residential mortgage
2,718,290

 
2,641,465

Real estate - home equity
1,292,677

 
1,314,944

Real estate - construction
947,768

 
971,079

Consumer
468,172

 
463,164

Equipment lease financing and other
327,272

 
322,625

Overdrafts
2,381

 
3,582

Gross loans
17,102,868

 
16,864,336

Unearned income
(25,465
)
 
(26,810
)
Net Loans
$
17,077,403

 
$
16,837,526



The Corporation segments its loan portfolio by "portfolio segments," as presented in the table above. Certain portfolio segments are further disaggregated by "class segment" for the purpose of estimating credit losses. See "Allowance for Credit Losses" below for further discussion regarding portfolio and class segments and their impact on the determination of the ACL.

Allowance for Credit Losses, effective January 1, 2020

As discussed in Note 1, "Basis of Presentation," the Corporation adopted CECL effective January 1, 2020. CECL requires estimated credit losses on loans to be determined based on an expected life of loan model, as compared to an incurred loss model (in effect for periods prior to 2020). Accordingly, ACL disclosures subsequent to January 1, 2020 are not always comparable to prior periods. In addition, certain new disclosures required under CECL are not applicable to prior periods. As a result, the following tables
present disclosures separately for each period, where appropriate. New disclosures required under CECL are only shown for the current period and are noted. See Note 1, "Basis of Presentation", for a summary of the impact of adopting CECL on January 1, 2020.

Under CECL, loans evaluated individually for impairment consist of non-accrual loans and TDRs. Under the incurred loss model in effect prior to the adoption of CECL, loans evaluated individually for impairment were referred to as impaired loans.

The ACL related to loans consists of loans evaluated collectively and individually for expected credit losses. The ACL related to loans represents an estimate of expected credit losses over the expected life of the loans as of the balance sheet date and is recorded as a reduction to Net Loans. The ACL for OBS credit exposures includes estimated losses on unfunded loan commitments, letters of credit and other OBS credit exposures. The total ACL is increased by charges to expense, through the provision for credit losses, and decreased by charge-offs, net of recoveries.

The following table presents the components of the ACL as of March 31, 2020 (in thousands):
 
March 31,
2020
ACL - loans
$
238,508

ACL - OBS credit exposure
18,963

        Total ACL
$
257,471



The following table presents the activity in the ACL for the three months ended March 31, 2020 (in thousands):
Balance at December 31, 2019
$
166,209

Impact of adopting CECL (1)
58,349

Loans charged off
(14,003
)
Recoveries of loans previously charged off
2,887

Net loans charged off
(11,116
)
Provision for credit losses (2)
44,029

Balance at March 31, 2020
$
257,471

(1) Includes $12.6 million of reserves for OBS credit exposures as of January 1, 2020.
(2) Includes $3.8 million of provision related to OBS credit exposures.

The following table presents the activity in the ACL - loans by portfolio segment, for the three months ended March 31, 2020:
 
Real Estate -
Commercial
Mortgage
 
Commercial and
Industrial
 
Real Estate -
Home
Equity
 
Real Estate -
Residential
Mortgage
 
Real Estate -
Construction
 
Consumer
 
Equipment lease financing, other
and overdrafts
 
Total
 
(in thousands)
Three months ended March 31, 2020
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2019
$
45,610

 
$
68,602

 
$
17,744

 
$
19,771

 
$
4,443

 
$
3,762

 
$
3,690

 
$
163,622

Impact of adopting CECL
29,361

 
(18,576
)
 
(65
)
 
21,235

 
4,015

 
5,969

 
3,784

 
45,723

Loans charged off
(855
)
 
(10,899
)
 
(316
)
 
(187
)
 
—

 
(1,213
)
 
(533
)
 
(14,003
)
Recoveries of loans previously charged off
244

 
1,734

 
646

 
85

 
70

 
—

 
108

 
2,887

Net loans recovered (charged off)
(611
)
 
(9,165
)
 
330

 
(102
)
 
70

 
(1,213
)
 
(425
)
 
(11,116
)
Provision for credit losses(1)
15,959

 
22,745

 
(2,756
)
 
1,523

 
(130
)
 
1,347

 
1,591

 
40,279

Balance at March 31, 2020
$
90,319

 
$
63,606

 
$
15,253

 
$
42,427

 
$
8,398

 
$
9,865

 
$
8,640

 
$
238,508


(1) Provision included in the table only includes the portion related to Net Loans.



The following table presents the ACL - loans and amortized cost basis of Net Loans under CECL methodology as of March 31, 2020:
 
 
 
ACL - Loans
 
 
 
Net Loans
 
 
 
 
 
Collectively Evaluated for Impairment
 
Individually Evaluated for Impairment
 
Total ACL - Loans
 
Collectively Evaluated for Impairment
 
Individually Evaluated for Impairment
 
Total Net Loans
March 31, 2020
 
 
 
 
 
 
 
 
 
 
 
 
Real Estate - Commercial Mortgage
$
84,173

 
$
6,146

 
$
90,319

 
$
6,851,765

 
$
43,304

 
$
6,895,069

 
Commercial and Industrial
57,640

 
5,966

 
63,606

 
4,405,393

 
45,846

 
4,451,239

 
Real Estate - Home Equity
7,806

 
7,447

 
15,253

 
2,696,515

 
21,775

 
2,718,290

 
Real Estate - Residential Mortgage
36,935

 
5,492

 
42,427

 
1,254,677

 
38,000

 
1,292,677

 
Real Estate - Construction
8,168

 
230

 
8,398

 
944,209

 
3,559

 
947,768

 
Consumer
9,861

 
4

 
9,865

 
468,165

 
7

 
468,172

 
Equipment Lease Financing and Other
8,640

 
—

 
8,640

 
287,789

 
16,399

 
304,188

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
$
213,223

 
$
25,285

 
$
238,508

 
$
16,908,513

 
$
168,890

 
$
17,077,403

 
 
 
 
 
 
 
 
 
 
 
 
 
 


Allowance for Credit Losses, prior to January 1, 2020

The ACL consists of the allowance for loan losses and the reserve for unfunded lending commitments. The allowance for loan losses represents management’s estimate of incurred losses in the loan portfolio as of the balance sheet date and is recorded as a reduction to net loans. The reserve for unfunded lending commitments represents management’s estimate of incurred losses in unfunded loan commitments and letters of credit, and is recorded in other liabilities on the consolidated balance sheets. The ACL is increased by charges to expense, through the provision for credit losses, and decreased by charge-offs, net of recoveries.
The following table presents the components of the ACL as of December 31, 2019 (in thousands):
Allowance for loan losses
$
163,622

Reserve for unfunded lending commitments
2,587

ACL
$
166,209



The following table presents the activity in the ACL for the three month ended March 31, 2019 (in thousands):
Balance at beginning of period, December 31, 2018
$
169,410

Loans charged off
(6,369
)
Recoveries of loans previously charged off
2,231

Net loans charged off
(4,138
)
Provision for credit losses(1)
5,100

Balance at end of period, March 31, 2019
$
170,372

(1) Includes $610,000 release of provision related to reserve for unfunded lending commitments.








The following table presents the activity in the allowance for loan losses, by portfolio segment, for the three months ended March 31, 2019:
 
Real Estate -
Commercial
Mortgage
 
Commercial &
Industrial
 
Real Estate -
Home
Equity
 
Real Estate -
Residential
Mortgage
 
Real Estate -
Construction
 
Consumer
 
Equipment lease financing, other
and overdrafts
 
Total
 
(in thousands)
Three months ended March 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2018
$
52,889

 
$
58,868

 
$
18,911

 
$
18,921

 
$
5,061

 
$
3,217

 
$
2,670

 
$
160,537

Loans charged off
(1,145
)
 
(2,787
)
 
(219
)
 
(655
)
 
(95
)
 
(683
)
 
(785
)
 
(6,369
)
Recoveries of loans previously charged off
136

 
1,243

 
197

 
132

 
84

 
210

 
229

 
2,231

Net loans recovered (charged off)
(1,009
)
 
(1,544
)
 
(22
)
 
(523
)
 
(11
)
 
(473
)
 
(556
)
 
(4,138
)
Provision for loan losses(1)
66

 
3,177

 
326

 
748

 
(109
)
 
575

 
927

 
5,710

Balance at March 31, 2019
$
51,946

 
$
60,501

 
$
19,215

 
$
19,146

 
$
4,941

 
$
3,319

 
$
3,041

 
$
162,109

(1) The provision in the table only includes the portion related to net loans.

The following table presents Net Loans and their related allowance for loan losses, by portfolio segment as of March 31, 2019:
 
Real Estate -
Commercial
Mortgage
 
Commercial and
Industrial
 
Real Estate -
Home
Equity
 
Real Estate -
Residential
Mortgage
 
Real Estate -
Construction
 
Consumer
 
Equipment lease financing, other and
overdrafts
 
Total
 
(in thousands)
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
 
 
 
Collectively evaluated for impairment
$
45,736

 
$
48,266

 
$
8,619

 
$
9,560

 
$
4,390

 
$
3,312

 
$
3,041

 
$
122,924

Individually evaluated for impairment
6,210

 
12,235

 
10,596

 
9,586

 
551

 
7

 
—

 
39,185

 
$
51,946

 
$
60,501

 
$
19,215

 
$
19,146

 
$
4,941

 
$
3,319

 
$
3,041

 
$
162,109

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Loans:
 
 
 
 
 
 
 
 
 
 
 
 
Collectively evaluated for impairment
$
6,384,048

 
$
4,373,677

 
$
1,389,670

 
$
2,274,330

 
$
946,436

 
$
433,534

 
$
271,854

 
$
16,073,549

Individually evaluated for impairment
44,640

 
55,861

 
23,830

 
39,578

 
6,651

 
11

 
18,513

 
189,084

 
$
6,428,688

 
$
4,429,538

 
$
1,413,500

 
$
2,313,908

 
$
953,087

 
$
433,545

 
$
290,367

 
$
16,262,633



Non-accrual Loans

All loans individually evaluated for impairment are measured for losses on a quarterly basis. As of March 31, 2020 and December 31, 2019, substantially all of the Corporation’s individually evaluated loans with total commitments greater than or equal to $1.0 million were measured based on the estimated fair value of each loan’s collateral, if any. Collateral could be in the form of real estate, in the case of commercial mortgages and construction loans, or business assets, such as accounts receivable or inventory, in the case of commercial and industrial loans. Commercial and industrial loans may also be secured by real estate.

As of March 31, 2020 and December 31, 2019, approximately 91% and 93%, respectively, of loans evaluated individually for impairment with principal balances greater than or equal to $1.0 million, whose primary collateral is real estate, were measured at estimated fair value using appraisals performed by state certified third-party appraisers that had been updated in the preceding 12 months.








The following table presents total non-accrual loans by class segment as of the following periods (in thousands):
 
March 31, 2020
 
December 31, 2019
 
Non-accrual Loans
 
 
 
With a Related Allowance
 
Without a Related Allowance
 
Total
 
Total Non-accrual loans
Real estate - commercial mortgage
$
19,319

 
$
16,337

 
$
35,656

 
$
33,166

Commercial and industrial
15,683

 
25,393

 
41,076

 
48,106

Real estate - residential mortgage
15,134

 
1,260

 
16,394

 
16,676

Real estate - home equity
7,261

 
—

 
7,261

 
7,004

Real estate - construction
1,127

 
2,432

 
3,559

 
3,618

Equipment lease financing and other
—

 
16,399

 
16,399

 
16,528

 
$
58,524

 
$
61,821

 
$
120,345


$
125,098

 
 
 
 
 
 
 
 


As of March 31, 2020, there were $61.8 million of non-accrual loans that did not have a related allowance for credit losses. The estimated fair values of the collateral securing these loans exceeded their carrying amount, or the loans were previously charged down to realizable collateral values. Accordingly, no specific valuation allowance was considered to be necessary.

Asset Quality

Maintaining an appropriate ACL is dependent on various factors, including the ability to identify potential problem loans in a timely manner. For commercial construction, residential construction, commercial and industrial, and commercial real estate, an internal risk rating process is used. The Corporation believes that internal risk ratings are the most relevant credit quality indicator for these types of loans. The migration of loans through the various internal risk categories is a significant component of the ACL methodology for these loans, under both the CECL and incurred loss models, which bases the probability of default on this migration. Assigning risk ratings involves judgment. The Corporation's loan review officers provide a separate assessment of risk rating accuracy. Risk ratings may be changed based on the ongoing monitoring procedures performed by loan officers or credit administration staff, or if specific loan review assessments identify a deterioration or an improvement in the loans.

The following is a summary of the Corporation's internal risk categories:

Pass: These loans do not currently pose undue credit risk and can range from the highest to average quality, depending on the degree of potential risk.

Special Mention: These loans have a heightened credit risk, but not to the point of justifying a classification of Substandard. Loans in the category are currently acceptable, but are nevertheless potentially weak.

Substandard or Lower: These loans are inadequately protected by current sound worth and paying capacity of the borrower. There exists a well-defined weakness or weaknesses that jeopardize the normal repayment of the debt.
The following table summarizes designated internal risk categories by portfolio segment and loan class, by origination year, as of March 31, 2020:
 
 
Term Loans Amortized Cost Basis by Origination Year
Revolving Loans
Revolving Loans converted to Term Loans
 
 
 
(dollars in thousands)
Amortized
Amortized
 
 
2020
2019
2018
2017
2016
Prior
Cost Basis
Cost Basis
Total
 Real estate - construction
 
 
 
 
 
 
 
 
 
 
Pass
$
15,264

$
207,620

$
207,198

$
151,785

$
50,763

$
169,515

$
34,143

$
—

$
836,288

 
Special Mention
—

242

4,010

—

1,177

2,812

552

—

8,793

 
Substandard or Lower
—

155

—

—

409

5,701

524

—

6,789

 
   Total real estate - construction
15,264

208,017

211,208

151,785

52,349

178,028

35,219

—

851,870

 
 
 
 
 
 
 
 
 
 
 
Real estate - construction
 
 
 
 
 
 
 
 
 
Current period gross charge-offs
—

—

—

—

—

—

—

—

—

 
Current period recoveries
—

—

—

—

—

70

—

—

70

 
   Current period net charge-offs
—

—

—

—

—

70

—

—

70

 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
 
 
 
 
 
 
 
 
 
Pass
168,025

624,970

386,768

270,298

243,397

684,875

1,753,315

1,469

4,133,117

 
Special Mention
2,192

6,618

12,636

10,854

17,833

39,986

68,501

128

158,748

 
Substandard or Lower
1,962

1,648

15,229

14,390

11,508

27,280

85,565

1,792

159,374

 
   Total commercial and industrial
172,179

633,236

414,633

295,542

272,738

752,141

1,907,381

3,389

4,451,239

 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial loans
 
 
 
 
 
 
 
 
 
Current period gross charge-offs
—

—

—

(48
)
—

(92
)
(10,759
)
—

(10,899
)
 
Current period recoveries
—

—

121

59

39

1,410

105

—

1,734

 
   Current period net charge-offs
—

—

121

11

39

1,318

(10,654
)
—

(9,165
)
 
 
 
 
 
 
 
 
 
 
 
Real estate - commercial
 
 
 
 
 
 
 
 
 
Pass
292,395

907,650

794,055

933,439

946,455

2,676,281

72,827

5,517

6,628,619

 
Special Mention
110

2,712

14,966

17,897

18,254

81,555

3,131

—

138,625

 
Substandard or Lower
—

246

8,224

31,411

9,014

77,394

1,536

—

127,825

 
Total real estate - commercial
292,505

910,608

817,245

982,747

973,723

2,835,230

77,494

5,517

6,895,069

 
 
 
 
 
 
 
 
 
 
 
Real estate - commercial
 
 
 
 
 
 
 
 
 
Current period gross charge-offs
—

—

(16
)
—

(5
)
(834
)
—

—

(855
)
 
Current period recoveries
—

—

—

—

1

243

—

—

244

 
   Current period net charge-offs
—

—

(16
)
—

(4
)
(591
)
—

—

(611
)
 
 
 
 
 
 
 
 
 
 
 
Total
 
 
 
 
 
 
 
 
 
Pass
$
475,684

$
1,740,240

$
1,388,021

$
1,355,522

$
1,240,615

$
3,530,671

$
1,860,285

$
6,986

$
11,598,024

 
Special Mention
2,302

9,572

31,612

28,751

37,264

124,353

72,184

128

306,166

 
Substandard or Lower
1,962

2,049

23,453

45,801

20,931

110,375

87,625

1,792

293,988

 
Total
479,948

1,751,861

1,443,086

1,430,074

1,298,810

3,765,399

2,020,094

8,906

12,198,178

The information presented in the table above is not required for periods prior to the adoption of CECL. The following table presents the most comparable required information for the prior period, internal credit risk ratings for the indicated loan class segments as of December 31, 2019:
 
Pass
 
Special Mention
 
Substandard or Lower
 
Total
 
December 31, 2019
 
(dollars in thousands)
Real estate - commercial mortgage
$
6,429,407

 
$
137,163

 
$
134,206

 
$
6,700,776

Commercial and industrial - secured
3,830,847

 
171,442

 
195,884

 
4,198,173

Commercial and industrial - unsecured
234,987

 
9,665

 
3,876

 
248,528

Total commercial and industrial
4,065,834

 
181,107

 
199,760

 
4,446,701

Construction - commercial residential
100,808

 
2,897

 
3,461

 
107,166

Construction - commercial
765,562

 
1,322

 
2,676

 
769,560

Total construction (excluding Construction - other)
866,370

 
4,219

 
6,137

 
876,726

 
$
11,361,611

 
$
322,489

 
$
340,103

 
$
12,024,203

% of Total
94.5
%
 
2.7
%
 
2.8
%
 
100.0
%


The Corporation does not assign internal risk ratings to smaller balance, homogeneous loans, such as home equity, residential mortgage, construction loans to individuals secured by residential real estate, consumer and equipment lease financing. For these loans, the most relevant credit quality indicator is delinquency status. The migration of loans through the various delinquency status categories is a significant component of the ACL methodology for those loans, under both the CECL and incurred loss models, which base the PD on this migration.

The Corporation considers the performance of the loan portfolio and its impact on the ACL. For certain loans classes, the Corporation evaluates credit quality based on the aging status of the loan. The following table presents the amortized cost of these loans based on payment activity, by origination year, as of March 31, 2020:
 
 
Term Loans Amortized Cost Basis by Origination Year
Revolving Loans
Revolving Loans converted to Term Loans
 
 
 
(dollars in thousands)
Amortized
Amortized
 
 
 
2020
2019
2018
2017
2016
Prior
Cost Basis
Cost Basis
Total
Real estate - home equity
 
 
 
 
 
 
 
 
 
 
Performing
$
5,325

$
8,862

$
15,818

$
15,412

$
15,729

$
163,189

$
1,054,889

$
2,667

$
1,281,891

 
Nonperforming
—

—

153

381

241

2,489

7,522

—

10,786

 
   Total real estate - home equity
5,325

8,862

15,971

15,793

15,970

165,678

1,062,411

2,667

1,292,677

 
 
 
 
 
 
 
 
 
 
 
Real estate - home equity
 
 
 
 
 
 
 
 
 
 
Current period gross charge-offs
—

—

—

—

(90
)
(197
)
—

—

(287
)
 
Current period recoveries
—

—

—

—

—

217

—

—

217

 
   Current period net charge-offs
—

—

—

—

(90
)
20

—

—

(70
)
 
 
 
 
 
 
 
 
 
 
 
Real estate - residential mortgage
 
 
 
 
 
 
 
 
 
Performing
169,609

706,861

378,541

499,825

347,773

589,717

—

—

2,692,326

 
Nonperforming
—

506

2,181

3,079

381

19,817

—

—

25,964

 
   Total real estate - residential mortgage
169,609

707,367

380,722

502,904

348,154

609,534

—

—

2,718,290

 
 
 
 
 
 
 
 
 
 
 
Real estate - residential mortgage
 
 
 
 
 
 
 
 
 
Current period gross charge-offs
—

(15
)
(80
)
—

—

(92
)
—

—

(187
)
 
Current period recoveries
—

—

4

—

—

81

—

—

85

 
   Current period net charge-offs
—

(15
)
(76
)
—

—

(11
)
—

—

(102
)
 
 
 
 
 
 
 
 
 
 
 
Consumer
 
 
 
 
 
 
 
 
 
Performing
33,478

122,882

125,090

59,335

33,219

46,978

46,494

—

467,476

 
Nonperforming
—

102

31

41

100

273

149

—

696

 
   Total consumer credit - other consumer loans
33,478

122,984

125,121

59,376

33,319

47,251

46,643

—

468,172

 
 
 
 
 
 
 
 
 
 
 
Consumer
 
 
 
 
 
 
 
 
 
Current period gross charge-offs
—

(212
)
(219
)
(254
)
(166
)
(391
)
—

—

(1,242
)
 
Current period recoveries
83

45

40

—

—

261

—

—

429

 
   Current period net charge-offs
83

(167
)
(179
)
(254
)
(166
)
(130
)
—

—

(813
)
 
 
 
 
 
 
 
 
 
 
 
Equipment Lease Financing and Other
 
 
 
 
 
 
 
 
 
Performing
43,624

88,926

66,722

50,454

25,179

8,638

 
—

283,543

 
Nonperforming
956

3,115

225

16,039

284

26

 
—

20,645

 
   Total leasing and other
44,580

92,041

66,947

66,493

25,463

8,664

—

—

304,188

 
 
 
 
 
 
 
 
 
 
 
Equipment Lease Financing and other
 
 
 
 
 
 
 
 
 
Current period gross charge-offs
—

—

—

(95
)
—

(438
)
—

—

(533
)
 
Current period recoveries
5

7

—

64

—

32

—

—

108

 
   Current period net charge-offs
5

7

—

(31
)
—

(406
)
—

—

(425
)
 
 
 
 
 
 
 
 
 
 
 
Construction - other
 
 
 
 
 
 
 
 
 
 
Performing
7,226

73,650

7,678

1,304

16

—

5,841

—

95,715

 
Nonperforming
—

183

—

—

—

—

—

—

183

 
   Total leasing and other
7,226

73,833

7,678

1,304

16

—

5,841

—

95,898

 
 
 
 
 
 
 
 
 
 
 
Construction - other
 
 
 
 
 
 
 
 
 
 
Current period gross charge-offs
—

—

—

—

—

—

—

—

—

 
Current period recoveries
—

—

—

—

—

—

—

—

—

 
   Current period net charge-offs
—

—

—

—

—

—

—

—

—

 
 
 
 
 
 
 
 
 
 
 
Total
 
 
 
 
 
 
 
 
 
 
Performing
$
259,262

$
1,001,181

$
593,849

$
626,330

$
421,916

$
808,522

$
1,107,224

$
2,667

$
4,820,951

 
Nonperforming
956

3,906

2,590

19,540

1,006

22,605

7,671

—

58,274

 
Total
260,218

1,005,087

596,439

645,870

422,922

831,127

1,114,895

2,667

4,879,225

The information presented in the table above is not required for periods prior to the adoption of CECL. The following table presents the most comparable required information for the prior period, a summary of performing, delinquent and non-performing loans for the indicated class segments as of December 31, 2019:
 
Performing
 
Delinquent (1)
 
Non-performing (2)
 
Total
 
December 31, 2019
 
(dollars in thousands)
Real estate - home equity
$
1,292,035

 
$
12,341

 
$
10,568

 
$
1,314,944

Real estate - residential mortgage
2,584,763

 
34,291

 
22,411

 
2,641,465

Construction - other
92,649

 
895

 
809

 
94,353

Consumer - direct
63,582

 
465

 
190

 
64,237

Consumer - indirect
393,974

 
4,685

 
268

 
398,927

Total consumer
457,556

 
5,150

 
458

 
463,164

Equipment lease financing and other
278,743

 
4,012

 
16,642

 
299,397

 
$
4,705,746

 
$
56,689

 
$
50,888

 
$
4,813,323

% of Total
97.8
%
 
1.2
%
 
1.0
%
 
100
%
(1) 
Includes all accruing loans 30 days to 89 days past due.
(2) 
Includes all accruing loans 90 days or more past due and all non-accrual loans.

The following table presents non-performing assets:
 
March 31,
2020
 
December 31,
2019
 
(in thousands)
Non-accrual loans
$
120,345

 
$
125,098

Loans 90 days or more past due and still accruing
19,593

 
16,057

Total non-performing loans
139,938

 
141,155

OREO (1)
6,593

 
6,831

Total non-performing assets
$
146,531

 
$
147,986

(1) Excludes $14.8 million of residential mortgage properties for which formal foreclosure proceedings were in process as of March 31, 2020.

The following tables present the aging of the amortized cost basis of loans, by class segment:
 
30-59
 
60-89
 
≥ 90 Days
 
 
 
 
 
 
 
Days Past
 
Days Past
 
Past Due
 
Non-
 
 
 
 
March 31, 2020
Due
 
Due
 
and Accruing
 
Accrual
 
Current
 
Total
Real estate – commercial mortgage
$
20,052

 
$
1,028

 
$
879

 
$
35,657

 
$
6,837,453

 
$
6,895,069

Commercial and industrial
3,401

 
4,577

 
243

 
41,075

 
4,401,943

 
4,451,239

Real estate – residential mortgage
21,052

 
6,351

 
9,439

 
16,393

 
2,665,055

 
2,718,290

Real estate – home equity
6,782

 
1,999

 
3,525

 
7,261

 
1,273,110

 
1,292,677

Real estate – construction
173

 
305

 
820

 
3,560

 
942,910

 
947,768

Consumer
2,852

 
555

 
440

 
—

 
464,325

 
468,172

Equipment lease financing and other
1,461

 
194

 
4,247

 
16,399

 
281,887

 
304,188

Total
$
55,773

 
$
15,009

 
$
19,593

 
$
120,345

 
$
16,866,683

 
$
17,077,403


 
30-59 Days Past
Due
 
60-89
Days Past
Due
 
≥ 90 Days
Past Due
and
Accruing
 
Non-
accrual
 
Current
 
Total
December 31, 2019
(in thousands)
Real estate – commercial mortgage
$
10,912

 
$
1,543

 
$
4,113

 
$
33,166

 
$
6,651,042

 
$
6,700,776

Commercial and industrial
2,302

 
2,630

 
1,385

 
48,106

 
4,392,278

 
4,446,701

Real estate – residential mortgage
26,982

 
7,309

 
5,735

 
16,676

 
2,584,763

 
2,641,465

Real estate – home equity
9,635

 
2,706

 
3,564

 
7,004

 
1,292,035

 
1,314,944

Real estate – construction
1,715

 
900

 
688

 
3,618

 
964,158

 
971,079

Consumer
4,228

 
922

 
458

 
—

 
457,556

 
463,164

Equipment lease financing and other
552

 
3,460

 
114

 
16,528

 
278,743

 
299,397

Total
$
56,326

 
$
19,470

 
$
16,057

 
$
125,098

 
$
16,620,575

 
$
16,837,526

 
 
 
 
 
 
 
 
 
 
 
 

Collateral-Dependent Loans

A financial asset is considered to be collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. For all classes of financial assets deemed collateral-dependent, the Corporation elected the practical expedient to estimate expected credit losses based on the collateral’s fair value less cost to sell. In most cases, the Corporation records a partial charge-off to reduce the loan’s carrying value to the collateral’s fair value less cost to sell. Substantially all of the collateral supporting collateral-dependent financial assets consists of various types of real estate including residential properties; commercial properties such as retail centers, office buildings, and lodging; agriculture land; and vacant land.

Troubled Debt Restructurings

The following table presents TDRs, by class segment:
 
March 31,
2020
 
December 31,
2019
 
(in thousands)
Real estate - residential mortgage
$
21,473

 
$
21,551

Real estate - commercial mortgage
7,648

 
13,330

Real estate - home equity
14,513

 
15,068

Commercial and industrial
4,771

 
5,193

Consumer
7

 
8

Total accruing TDRs
48,412

 
55,150

Non-accrual TDRs (1)
27,600

 
20,825

Total TDRs
$
76,012

 
$
75,975

 
(1)
Included in non-accrual loans in the preceding table detailing non-performing assets.













The following table presents TDRs, by class segment, for loans that were modified during the three months ended March 31, 2020 and 2019:
 
Three months ended March 31
 
2020
 
2019
 
Number of Loans
 
Recorded Investment
 
Number of Loans
 
Recorded Investment
 
(dollars in thousands)
Real estate - residential mortgage
7

 
$
660

 
4

 
$
917

Real estate - commercial mortgage
1

 
392

 
—

 
—

Real estate - home equity
8

 
577

 
12

 
829

Commercial and industrial
1

 
74

 
4

 
2,460

Total
17

 
$
1,703

 
20

 
$
4,206



Restructured loan modifications may include payment schedule modifications, interest rate concessions, bankruptcies, principal reduction or some combination of these concessions. During the three months ended March 31, 2020 and 2019, restructured loan modifications of residential mortgages, home equity and commercial loans primarily included maturity date extensions, rate modifications and payment schedule modifications.

In accordance with regulatory guidance, payment schedule modifications granted after March 13, 2020 to borrowers impacted by the effects of the COVID-19 pandemic and who were not delinquent at the time of the payment schedule modifications have been excluded from TDRs. For the three months ended March 31, 2020, payment schedule modifications having a recorded investment of $1.0 billion were excluded from TDRs based on this regulatory guidance.