Loans and Allowance for Credit Losses for Loans (Tables)

9 Months Ended

Sep. 30, 2021

Receivables [Abstract]

Schedule of Loan Portfolio

The detail of the loan portfolio as of September 30, 2021 and December 31, 2020 was as follows: 

	September 30, 2021		December 31, 2020
	(in thousands)
Loans:
Commercial and industrial:
Commercial and industrial	$	4,761,227	$	4,709,569
Commercial and industrial PPP loans *	874,033		2,152,139
Total commercial and industrial loans	5,635,260		6,861,708
Commercial real estate:
Commercial real estate	17,912,070		16,724,998
Construction	1,804,580		1,745,825
Total commercial real estate loans	19,716,650		18,470,823
Residential mortgage	4,332,422		4,183,743
Consumer:
Home equity	402,658		431,553
Automobile	1,563,698		1,355,955
Other consumer	956,126		913,330
Total consumer loans	2,922,482		2,700,838
Total loans	$	32,606,814	$	32,217,112

*Represents SBA Paycheck Protection Program (PPP) loans, net of unearned fees totaling $27.6 million and $43.2 million at September 30, 2021 and December 31, 2020, respectively.

Past Due, Non-Accrual and Current Loans by Loan Portfolio Class

The following table presents past due, current and non-accrual loans without an allowance for credit losses by loan portfolio class at September 30, 2021 and December 31, 2020:

	Past Due and Non-Accrual Loans
	30-59  Days  Past Due Loans		60-89  Days  Past Due Loans		90 Days or More Past Due Loans		Non-Accrual Loans		Total Past Due Loans		Current Loans		Total Loans		Non-Accrual Loans Without Allowance for Credit Losses
	(in thousands)
September 30, 2021
Commercial and industrial	$	2,677	$	985	$	2,083	$	100,614	$	106,359	$	5,528,901	$	5,635,260	$	10,407
Commercial real estate:
Commercial real estate	22,956		5,897		1,942		95,843		126,638		17,785,432		17,912,070		55,621
Construction	—		—		—		17,653		17,653		1,786,927		1,804,580		—
Total commercial real estate loans	22,956		5,897		1,942		113,496		144,291		19,572,359		19,716,650		55,621
Residential mortgage	9,293		974		1,002		33,648		44,917		4,287,505		4,332,422		21,032
Consumer loans:
Home equity	606		225		—		3,541		4,372		398,286		402,658		5
Automobile	4,218		555		233		420		5,426		1,558,272		1,563,698		—
Other consumer	639		837		92		112		1,680		954,446		956,126		—
Total consumer loans	5,463		1,617		325		4,073		11,478		2,911,004		2,922,482		5
Total	$	40,389	$	9,473	$	5,352	$	251,831	$	307,045	$	32,299,769	$	32,606,814	$	87,065

	Past Due and Non-Accrual Loans
	30-59 Days Past Due Loans		60-89  Days Past Due Loans		90 Days or More Past Due Loans		Non-Accrual Loans		Total Past Due Loans		Current Loans		Total Loans		Non-Accrual Loans Without Allowance for Credit Losses
	(in thousands)
December 31, 2020
Commercial and industrial	$	6,393	$	2,252	$	9,107	$	106,693	$	124,445	$	6,737,263	$	6,861,708	$	4,075
Commercial real estate:
Commercial real estate	35,030		1,326		993		46,879		84,228		16,640,770		16,724,998		32,416
Construction	315		—		—		84		399		1,745,426		1,745,825		—
Total commercial real estate loans	35,345		1,326		993		46,963		84,627		18,386,196		18,470,823		32,416
Residential mortgage	17,717		10,351		3,170		25,817		57,055		4,126,688		4,183,743		11,610
Consumer loans:
Home equity	953		492		—		4,936		6,381		425,172		431,553		50
Automobile	8,056		1,107		245		338		9,746		1,346,209		1,355,955		—
Other consumer	1,248		224		26		535		2,033		911,297		913,330		—
Total consumer loans	10,257		1,823		271		5,809		18,160		2,682,678		2,700,838		50
Total	$	69,712	$	15,752	$	13,541	$	185,282	$	284,287	$	31,932,825	$	32,217,112	$	48,151

Risk Category of Loans

The following table presents the internal loan classification risk by loan portfolio class by origination year based on the most recent analysis performed at September 30, 2021 and December 31, 2020:

	Term Loans
	Amortized Cost Basis by Origination Year
September 30, 2021	2021		2020		2019		2018		2017		Prior to 2017		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans		Total
	(in thousands)
Commercial and industrial
Risk Rating:
Pass	$	1,526,393	$	840,868	$	462,843	$	388,482	$	149,991	$	328,289	$	1,716,736	$	269	$	5,413,871
Special Mention	1,809		1,558		1,342		10,770		1,930		14,950		59,905		53		92,317
Substandard	4,587		6,507		3,972		7,853		886		2,532		15,066		288		41,691
Doubtful	—		—		2,736		5		16,364		68,276		—		—		87,381
Total commercial and industrial	$	1,532,789	$	848,933	$	470,893	$	407,110	$	169,171	$	414,047	$	1,791,707	$	610	$	5,635,260
Commercial real estate
Risk Rating:
Pass	$	3,178,182	$	2,936,284	$	2,801,710	$	1,851,162	$	1,498,151	$	4,716,223	$	170,763	$	12,753	$	17,165,228
Special Mention	1,988		45,305		44,596		43,593		51,875		169,460		38,594		—		395,411
Substandard	743		33,817		39,817		40,568		68,190		165,574		2,531		—		351,240
Doubtful	—		—		—		—		—		191		—		—		191
Total commercial real estate	$	3,180,913	$	3,015,406	$	2,886,123	$	1,935,323	$	1,618,216	$	5,051,448	$	211,888	$	12,753	$	17,912,070
Construction
Risk Rating:
Pass	$	160,031	$	109,843	$	62,330	$	65,581	$	6,181	$	28,498	$	1,329,163	$	—	$	1,761,627
Special Mention	4,131		—		1,018		—		—		—		9,497		—		14,646
Substandard	—		23		13		646		—		17,842		9,783		—		28,307
Total construction	$	164,162	$	109,866	$	63,361	$	66,227	$	6,181	$	46,340	$	1,348,443	$	—	$	1,804,580

	Term Loans
	Amortized Cost Basis by Origination Year
December 31, 2020	2020		2019		2018		2017		2016		Prior to 2016		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans		Total
	(in thousands)
Commercial and industrial
Risk Rating:
Pass	$	3,058,596	$	605,112	$	556,284	$	212,215	$	162,483	$	337,484	$	1,677,559	$	350	$	6,610,083
Special Mention	819		10,236		2,135		9,502		10,228		14,165		49,883		51		97,019
Substandard	5,215		3,876		12,481		1,798		4,215		12,965		18,913		462		59,925
Doubtful	—		5,203		1		17,010		2,596		69,871		—		—		94,681
Total commercial and industrial	$	3,064,630	$	624,427	$	570,901	$	240,525	$	179,522	$	434,485	$	1,746,355	$	863	$	6,861,708
Commercial real estate
Risk Rating:
Pass	$	3,096,549	$	3,052,076	$	2,230,047	$	1,767,528	$	1,798,137	$	3,916,990	$	199,145	$	15,532	$	16,076,004
Special Mention	50,193		68,203		44,336		48,813		66,845		109,295		1,705		—		389,390
Substandard	18,936		17,049		30,997		59,618		11,541		118,725		2,531		—		259,397
Doubtful	—		—		—		—		—		207		—		—		207
Total commercial real estate	$	3,165,678	$	3,137,328	$	2,305,380	$	1,875,959	$	1,876,523	$	4,145,217	$	203,381	$	15,532	$	16,724,998
Construction
Risk Rating:
Pass	$	145,246	$	120,800	$	111,174	$	15,497	$	47,971	$	20,029	$	1,199,034	$	—	$	1,659,751
Special Mention	—		1,043		—		—		9,996		17,414		47,311		—		75,764
Substandard	—		26		246		2,628		17		380		7,013		—		10,310
Total construction	$	145,246	$	121,869	$	111,420	$	18,125	$	57,984	$	37,823	$	1,253,358	$	—	$	1,745,825

The following table presents the amortized cost in those loan classes based on payment activity by origination year as of September 30, 2021 and December 31, 2020.

	Term Loans
	Amortized Cost Basis by Origination Year
September 30, 2021	2021		2020		2019		2018		2017		Prior to 2017		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans		Total
	(in thousands)
Residential mortgage
Performing	$	1,084,533	$	661,418	$	619,942	$	467,876	$	405,847	$	1,019,676	$	60,510	$	—	$	4,319,802
90 days or more past due	—		234		2,093		4,072		3,150		3,071		—		—		12,620
Total residential mortgage	$	1,084,533	$	661,652	$	622,035	$	471,948	$	408,997	$	1,022,747	$	60,510	$	—	$	4,332,422
Consumer loans
Home equity
Performing	$	11,096	$	6,593	$	8,055	$	8,745	$	6,031	$	14,327	$	303,235	$	43,502	$	401,584
90 days or more past due	—		—		—		—		—		68		542		464		1,074
Total home equity	11,096		6,593		8,055		8,745		6,031		14,395		303,777		43,966		402,658
Automobile
Performing	611,329		342,584		315,330		182,973		89,463		21,302		—		—		1,562,981
90 days or more past due	73		52		130		162		179		121		—		—		717
Total automobile	611,402		342,636		315,460		183,135		89,642		21,423		—		—		1,563,698
Other Consumer
Performing	6,518		6,794		6,543		7,231		1,017		9,017		918,946		—		956,066
90 days or more past due	—		—		—		—		—		—		60		—		60
Total other consumer	6,518		6,794		6,543		7,231		1,017		9,017		919,006		—		956,126
Total consumer	$	629,016	$	356,023	$	330,058	$	199,111	$	96,690	$	44,835	$	1,222,783	$	43,966	$	2,922,482

	Term Loans
	Amortized Cost Basis by Origination Year
December 31, 2020	2020		2019		2018		2017		2016		Prior to 2016		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans		Total
	(in thousands)
Residential mortgage
Performing	$	730,764	$	778,161	$	684,761	$	582,650	$	380,723	$	943,616	$	64,798	$	—	$	4,165,473
90 days or more past due	—		3,085		4,212		3,464		4,144		3,365		—		—		18,270
Total residential mortgage	$	730,764	$	781,246	$	688,973	$	586,114	$	384,867	$	946,981	$	64,798	$	—	$	4,183,743
Consumer loans
Home equity
Performing	$	8,580	$	10,634	$	11,756	$	8,886	$	5,340	$	15,393	$	318,869	$	50,879	$	430,337
90 days or more past due	—		—		—		—		25		83		378		730		1,216
Total home equity	8,580		10,634		11,756		8,886		5,365		15,476		319,247		51,609		431,553
Automobile
Performing	426,121		438,181		272,075		151,523		50,853		16,550		—		—		1,355,303
90 days or more past due	19		108		173		223		35		94		—		—		652
Total automobile	426,140		438,289		272,248		151,746		50,888		16,644		—		—		1,355,955
Other Consumer
Performing	12,271		5,558		6,815		1,112		1,077		5,314		880,748		—		912,895
90 days or more past due	—		—		—		—		—		22		5		408		435
Total other consumer	12,271		5,558		6,815		1,112		1,077		5,336		880,753		408		913,330
Total consumer	$	446,991	$	454,481	$	290,819	$	161,744	$	57,330	$	37,456	$	1,200,000	$	52,017	$	2,700,838

Pre-Modification and Post-Modification Outstanding Recorded Investments and Non-PCI Loans that Subsequently Defaulted

The following table presents the pre- and post-modification amortized cost of loans by loan class modified as TDRs during the three and nine months ended September 30, 2021 and 2020. Post-modification amounts are presented as of September 30, 2021 and 2020.

	Three Months Ended September 30,
	2021					2020
Troubled Debt Restructurings	Number of Contracts	Pre-Modification Amortized Carrying Amount		Post-Modification Amortized Carrying Amount		Number of Contracts	Pre-Modification Amortized Carrying Amount		Post-Modification Amortized Carrying Amount
	($ in thousands)
Commercial and industrial	4	$	2,446	$	2,414	28	$	31,237	$	30,938
Commercial real estate:
Commercial real estate	5	14,473		14,539		2	4,249		4,240
Construction	2	17,599		17,599		—	—		—
Total commercial real estate	7	32,072		32,138		2	4,249		4,240
Residential mortgage	4	356		350		1	247		247
Consumer	—	—		—		1	72		72
Total	15	$	34,874	$	34,902	32	$	35,805	$	35,497

	Nine Months Ended September 30,
	2021					2020
Troubled Debt Restructurings	Number of Contracts	Pre-Modification Amortized Carrying Amount		Post-Modification Amortized Carrying Amount		Number of Contracts	Pre-Modification Amortized Carrying Amount		Post-Modification Amortized Carrying Amount
	($ in thousands)
Commercial and industrial	16	$	21,822	$	19,060	33	$	40,537	$	38,204
Commercial real estate:
Commercial real estate	11	26,710		26,730		4	8,996		9,000
Construction	2	17,599		17,599		—	—		—
Total commercial real estate	13	44,309		44,329		4	8,996		9,000
Residential mortgage	12	2,974		2,909		1	247		247
Consumer	1	170		163		1	72		72
Total	42	$	69,275	$	66,461	39	$	49,852	$	47,523

Loans modified as TDRs within the previous 12 months and for which there was a payment default (90 or more days past due) for the three and nine months ended September 30, 2021 and 2020 were as follows:

	Three Months Ended September 30,
	2021			2020
Troubled Debt Restructurings Subsequently Defaulted	Number of Contracts	Recorded Investment		Number of Contracts	Recorded Investment
	($ in thousands)
Commercial and industrial	—	$	—	30	$	17,496
Commercial real estate	1	419		—	—
Residential mortgage	1	129		—	—
Total	2	$	548	30	$	17,496

	Nine Months Ended September 30,
	2021			2020
Troubled Debt Restructurings Subsequently Defaulted	Number of Contracts	Recorded Investment		Number of Contracts	Recorded Investment
	($ in thousands)
Commercial and industrial	—	$	—	35	$	20,099
Commercial real estate	1	419		—	—
Residential mortgage	1	129		—	—
Consumer	—	—		1	18
Total	2	$	548	36	$	20,117

Summary of Collateral Dependent Loans

The following table presents collateral dependent loans by class as of September 30, 2021 and December 31, 2020:

	September 30, 2021		December 31, 2020
	(in thousands)
Commercial and industrial *	$	95,509	$	106,239
Commercial real estate	117,609		41,562
Residential mortgage	35,047		28,176
Home equity	5		50
Total	$	248,170	$	176,027

*    Commercial and industrial loans are primarily collateralized by taxi medallions.

Summary of Allowance for Credit Losses

The following table summarizes the allowance for credit losses for loans at September 30, 2021 and December 31, 2020: 

	September 30, 2021		December 31, 2020
	(in thousands)
Components of allowance for credit losses for loans:
Allowance for loan losses	$	342,527	$	340,243
Allowance for unfunded credit commitments	14,400		11,111
Total allowance for credit losses for loans	$	356,927	$	351,354

Summary of Provision for Credit Losses

The following table summarizes the provision for credit losses for loans for the periods indicated:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(in thousands)
Components of provision for credit losses for loans:
Provision for loan losses	$	3,496	$	30,833	$	17,998	$	105,709
Provision for unfunded credit commitments	—		187		3,289		350
Total provision for credit losses for loans	$	3,496	$	31,020	$	21,287	$	106,059

Summary of Activity in Allowance for Loan Losses

The following table details the activity in the allowance for loan losses by loan portfolio segment for the three and nine months ended September 30, 2021 and 2020: 

	Commercial and Industrial		Commercial Real Estate		Residential Mortgage		Consumer		Total
	(in thousands)
Three Months Ended September 30, 2021
Allowance for loan losses:
Beginning balance	$	109,689	$	189,139	$	25,303	$	15,193	$	339,324
Loans charged-off	(1,248)		—		—		(771)		(2,019)
Charged-off loans recovered	514		29		228		955		1,726
Net (charge-offs) recoveries	(734)		29		228		184		(293)
(Credit) provision for loan losses	(5,078)		10,553		(799)		(1,180)		3,496
Ending balance	$	103,877	$	199,721	$	24,732	$	14,197	$	342,527
Three Months Ended September 30, 2020
Allowance for losses:
Beginning balance	$	132,039	$	131,702	$	29,630	$	16,243	$	309,614
Loans charged-off	(13,965)		(695)		(7)		(2,458)		(17,125)
Charged-off loans recovered	428		100		31		1,151		1,710
Net (charge-offs) recoveries	(13,537)		(595)		24		(1,307)		(15,415)
Provision (credit) for loan losses	11,907		13,543		(1,040)		6,423		30,833
Ending balance	$	130,409	$	144,650	$	28,614	$	21,359	$	325,032

	Commercial and Industrial		Commercial Real Estate		Residential Mortgage		Consumer		Total
	(in thousands)
Nine Months Ended September 30, 2021
Allowance for loan losses:
Beginning balance	$	131,070	$	164,113	$	28,873	$	16,187	$	340,243
Loans charged-off	(19,283)		(382)		(139)		(3,389)		(23,193)
Charged-off loans recovered	2,781		763		576		3,359		7,479
Net (charge-offs) recoveries	(16,502)		381		437		(30)		(15,714)
(Credit) provision for loan losses	(10,691)		35,227		(4,578)		(1,960)		17,998
Ending balance	$	103,877	$	199,721	$	24,732	$	14,197	$	342,527
Nine Months Ended September 30, 2020
Allowance for losses:
Beginning balance	$	104,059	$	45,673	$	5,060	$	6,967	$	161,759
Impact of ASU 2016-13 adoption*	15,169		49,797		20,575		6,990		92,531
Beginning balance, adjusted	119,228		95,470		25,635		13,957		254,290
Loans charged-off	(31,349)		(766)		(348)		(7,624)		(40,087)
Charged-off loans recovered	1,796		244		626		2,454		5,120
Net (charge-offs) recoveries	(29,553)		(522)		278		(5,170)		(34,967)
Provision for loan losses	40,734		49,702		2,701		12,572		105,709
Ending balance	$	130,409	$	144,650	$	28,614	$	21,359	$	325,032

*    Includes a $61.6 million increase representing the estimated expected credit losses for PCD loans as a result of the ASU 2016-13 adoption on January 1, 2020.

Summary of Allocation of Allowance for Loan Losses and Related Loans by Loan Portfolio Segment Disaggregated Based on Allowance Measurement Methodology

The following table represents the allocation of the allowance for loan losses and the related loans by loan portfolio segment disaggregated based on the allowance measurement methodology at September 30, 2021 and December 31, 2020.

	Commercial and Industrial		Commercial Real Estate		Residential Mortgage		Consumer		Total
	(in thousands)
September 30, 2021
Allowance for loan losses:
Individually evaluated for credit losses	$	62,661	$	8,093	$	489	$	574	$	71,817
Collectively evaluated for credit losses	41,216		191,628		24,243		13,623		270,710
Total	$	103,877	$	199,721	$	24,732	$	14,197	$	342,527
Loans:
Individually evaluated for credit losses	$	117,656	$	143,181	$	42,441	$	3,264	$	306,542
Collectively evaluated for credit losses	5,517,604		19,573,469		4,289,981		2,919,218		32,300,272
Total	$	5,635,260	$	19,716,650	$	4,332,422	$	2,922,482	$	32,606,814
December 31, 2020
Allowance for loan losses:
Individually evaluated for credit losses	$	73,063	$	1,338	$	1,206	$	264	$	75,871
Collectively evaluated for credit losses	58,007		162,775		27,667		15,923		264,372
Total	$	131,070	$	164,113	$	28,873	$	16,187	$	340,243
Loans:
Individually evaluated for credit losses	$	131,057	$	61,754	$	35,151	$	1,631	$	229,593
Collectively evaluated for credit losses	6,730,651		18,409,069		4,148,592		2,699,207		31,987,519
Total	$	6,861,708	$	18,470,823	$	4,183,743	$	2,700,838	$	32,217,112