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Loans and Allowance for Credit Losses for Loans (Tables)

12 Months Ended

Dec. 31, 2022

The detail of the loan portfolio as of December 31, 2022 and 2021 was as follows:



	2022		2021
	(in thousands)
Loans:
Commercial and industrial:
Commercial and industrial	$	8,771,250	$	5,411,601
Commercial and industrial PPP loans *	33,580		435,950
Total commercial and industrial loans	8,804,830		5,847,551
Commercial real estate:
Commercial real estate	25,732,033		18,935,486
Construction	3,700,835		1,854,580
Total commercial real estate loans	29,432,868		20,790,066
Residential mortgage	5,364,550		4,545,064
Consumer:
Home equity	503,884		400,779
Automobile	1,746,225		1,570,036
Other consumer	1,064,843		1,000,161
Total consumer loans	3,314,952		2,970,976
Total loans	$	46,917,200	$	34,153,657

* Represents SBA Paycheck Protection Program (PPP) loans, net of unearned fees totaling $667 thousand and $12.1 million at December 31, 2022 and 2021, respectively.

Changes in Amounts of Loans and Advances to Related Parties

The following table summarizes the changes in the total amounts of loans and advances to the related parties during the year ended December 31, 2022:


	2022
	(in thousands)
Outstanding at beginning of year	$	233,439
New loans and advances	41,987
Repayments	(67,328)
Outstanding at end of year	$	208,098

Past Due, Current, and Non-Accrual Loans Without an Allowance for Credit Losses by Loan Portfolio Class

The following table presents past due, current and non-accrual loans without an allowance for loan losses by loan portfolio class at December 31, 2022 and 2021:


	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 Loan Losses
	(in thousands)
December 31, 2022
Commercial and industrial	$	11,664	$	12,705	$	18,392	$	98,881	$	141,642	$	8,663,188	$	8,804,830	$	5,659
Commercial real estate:
Commercial real estate	6,638		3,167		2,292		68,316		80,413		25,651,620		25,732,033		66,066
Construction	—		—		3,990		74,230		78,220		3,622,615		3,700,835		16,120
Total commercial real estate loans	6,638		3,167		6,282		142,546		158,633		29,274,235		29,432,868		82,186
Residential mortgage	16,146		3,315		1,866		25,160		46,487		5,318,063		5,364,550		14,224
Consumer loans:
Home equity	955		254		—		2,810		4,019		499,865		503,884		117
Automobile	5,974		630		1		271		6,876		1,739,349		1,746,225		—
Other consumer	2,158		695		46		93		2,992		1,061,851		1,064,843		—
Total consumer loans	9,087		1,579		47		3,174		13,887		3,301,065		3,314,952		117
Total	$	43,535	$	20,766	$	26,587	$	269,761	$	360,649	$	46,556,551	$	46,917,200	$	102,186


	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 Loan Losses
	(in thousands)
December 31, 2021
Commercial and industrial	$	6,717	$	7,870	$	1,273	$	99,918	$	115,778	$	5,731,773	$	5,847,551	$	9,066
Commercial real estate:
Commercial real estate	14,421		—		32		83,592		98,045		18,837,441		18,935,486		70,719
Construction	1,941		—		—		17,641		19,582		1,834,998		1,854,580		—
Total commercial real estate loans	16,362		—		32		101,233		117,627		20,672,439		20,790,066		70,719
Residential mortgage	10,999		3,314		677		35,207		50,197		4,494,867		4,545,064		20,401
Consumer loans:
Home equity	242		98		—		3,517		3,857		396,922		400,779		4
Automobile	6,391		656		271		240		7,558		1,562,478		1,570,036		—
Other consumer	178		266		518		101		1,063		999,098		1,000,161		—
Total consumer loans	6,811		1,020		789		3,858		12,478		2,958,498		2,970,976		4
Total	$	40,889	$	12,204	$	2,771	$	240,216	$	296,080	$	33,857,577	$	34,153,657	$	100,190

Internal Loan Classification Risk by Loan Portfolio Class by Origination Year and Amortized Cost per Loan Class Based on Payment Activity by Origination Year

The following table presents the internal loan classification risk by loan portfolio class by origination year based on the most recent analysis performed at December 31, 2022 and 2021:


	Term Loans
	Amortized Cost Basis by Origination Year
December 31, 2022	2022		2021		2020		2019		2018		Prior to 2018		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans		Total
	(in thousands)
Commercial and industrial
Risk Rating:
Pass	$	1,600,747	$	1,089,386	$	590,406	$	322,564	$	250,031	$	386,085	$	4,307,163	$	144	$	8,546,526
Special Mention	31,557		3,367		19,492		4,732		4,369		3,558		51,021		7		118,103
Substandard	288		1,734		4,121		1,412		4,256		4,879		31,698		—		48,388
Doubtful	886		20,844		—		2,692		—		64,158		3,233		—		91,813

Total commercial and industrial	$	1,633,478	$	1,115,331	$	614,019	$	331,400	$	258,656	$	458,680	$	4,393,115	$	151	$	8,804,830
Commercial real estate
Risk Rating:
Pass	$	6,815,115	$	5,168,127	$	3,246,885	$	2,672,223	$	1,536,327	$	5,027,128	$	452,461	$	3,504	$	24,921,770
Special Mention	93,286		48,007		60,169		45,447		62,111		125,414		8,188		—		442,622
Substandard	15,088		34,475		32,630		34,622		59,337		183,341		7,986		—		367,479
Doubtful	—		—		—		—		—		162		—		—		162

Total commercial real estate	$	6,923,489	$	5,250,609	$	3,339,684	$	2,752,292	$	1,657,775	$	5,336,045	$	468,635	$	3,504	$	25,732,033
Construction
Risk Rating:
Pass	$	942,380	$	512,046	$	61,131	$	22,845	$	8,676	$	20,599	$	2,040,866	$	—	$	3,608,543
Special Mention	—		—		—		—		—		—		14,268		—		14,268
Substandard	12,969		12,601		—		974		—		17,599		20,138		—		64,281
Doubtful	—		—		—		—		—		13,743		—		—		13,743
Total construction	$	955,349	$	524,647	$	61,131	$	23,819	$	8,676	$	51,941	$	2,075,272	$	—	$	3,700,835


	Term Loans
	Amortized Cost Basis by Origination Year
December 31, 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	$	1,563,050	$	743,165	$	461,022	$	362,748	$	143,753	$	337,713	$	1,968,513	$	247	$	5,580,211
Special Mention	4,182		1,195		3,217		14,143		1,726		9,869		102,145		40		136,517
Substandard	8,248		4,823		3,139		7,077		910		408		19,642		109		44,356
Doubtful	—		—		2,733		—		16,355		67,379		—		—		86,467

Total commercial and industrial	$	1,575,480	$	749,183	$	470,111	$	383,968	$	162,744	$	415,369	$	2,090,300	$	396	$	5,847,551
Commercial real estate
Risk Rating:
Pass	$	4,517,917	$	2,983,140	$	2,702,580	$	1,734,922	$	1,474,770	$	4,557,011	$	195,851	$	13,380	$	18,179,571
Special Mention	7,700		50,019		46,911		44,187		65,623		143,540		50,168		—		408,148
Substandard	735		34,655		29,029		41,231		70,941		169,041		1,949		—		347,581
Doubtful	—		—		—		—		—		186		—		—		186

Total commercial real estate	$	4,526,352	$	3,067,814	$	2,778,520	$	1,820,340	$	1,611,334	$	4,869,778	$	247,968	$	13,380	$	18,935,486
Construction
Risk Rating:
Pass	$	274,097	$	98,609	$	48,555	$	32,781	$	6,061	$	28,419	$	1,313,555	$	—	$	1,802,077
Special Mention	4,131		—		1,009		—		—		—		18,449		—		23,589
Substandard	199		19		6		246		—		17,842		10,602		—		28,914

Total construction	$	278,427	$	98,628	$	49,570	$	33,027	$	6,061	$	46,261	$	1,342,606	$	—	$	1,854,580

The following table presents the amortized cost in those loan classes based on payment activity by origination year as of December 31, 2022 and 2021:


	Term Loans
	Amortized Cost Basis by Origination Year
December 31, 2022	2022		2021		2020		2019		2018		Prior to 2018		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans		Total
	(in thousands)
Residential mortgage
Performing	$	1,302,279	$	1,502,622	$	571,390	$	500,197	$	338,062	$	1,073,995	$	66,706	$	—	$	5,355,251
90 days or more past due	—		197		217		1,835		2,876		4,174		—		—		9,299
Total residential mortgage	$	1,302,279	$	1,502,819	$	571,607	$	502,032	$	340,938	$	1,078,169	$	66,706	$	—	$	5,364,550
Consumer loans
Home equity
Performing	$	47,084	$	12,432	$	4,592	$	5,024	$	5,581	$	13,007	$	376,608	$	38,570	$	502,898
90 days or more past due	—		—		—		—		—		—		276		710		986
Total home equity	47,084		12,432		4,592		5,024		5,581		13,007		376,884		39,280		503,884
Automobile
Performing	724,557		525,017		204,578		166,103		80,012		45,415		—		—		1,745,682
90 days or more past due	38		116		36		180		101		72		—		—		543
Total automobile	724,595		525,133		204,614		166,283		80,113		45,487		—		—		1,746,225
Other consumer
Performing	24,140		10,144		8,206		7,435		7,406		15,736		991,737		—		1,064,804
90 days or more past due	—		—		—		—		—		38		1		—		39
Total other consumer	24,140		10,144		8,206		7,435		7,406		15,774		991,738		—		1,064,843
Total consumer	$	795,819	$	547,709	$	217,412	$	178,742	$	93,100	$	74,268	$	1,368,622	$	39,280	$	3,314,952


	Term Loans
	Amortized Cost Basis by Origination Year
December 31, 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	$	1,448,602	$	635,531	$	572,911	$	425,152	$	368,164	$	1,014,190	$	70,342	$	—	$	4,534,892
90 days or more past due	—		357		2,627		2,056		2,794		2,338		—		—		10,172
Total residential mortgage	$	1,448,602	$	635,888	$	575,538	$	427,208	$	370,958	$	1,016,528	$	70,342	$	—	$	4,545,064
Consumer loans
Home equity
Performing	$	13,847	$	5,723	$	6,994	$	7,384	$	5,359	$	13,597	$	303,888	$	42,822	$	399,614
90 days or more past due	—		—		—		—		—		35		536		594		1,165
Total home equity	13,847		5,723		6,994		7,384		5,359		13,632		304,424		43,416		400,779
Automobile
Performing	735,446		309,856		278,828		157,450		72,753		15,171		—		—		1,569,504
90 days or more past due	129		—		78		163		81		81		—		—		532
Total automobile	735,575		309,856		278,906		157,613		72,834		15,252		—		—		1,570,036
Other consumer
Performing	2,949		6,717		6,468		7,017		1,009		14,483		961,027		—		999,670
90 days or more past due	—		—		—		—		—		—		491		—		491
Total other consumer	2,949		6,717		6,468		7,017		1,009		14,483		961,518		—		1,000,161
Total consumer	$	752,371	$	322,296	$	292,368	$	172,014	$	79,202	$	43,367	$	1,265,942	$	43,416	$	2,970,976

Pre- and Post-Modification Amortized Cost of Loans by Loan Class Modified as TDRs and Loans Modified as TDRs that Subsequently Defaulted

The following table presents pre- and post-modification amortized cost of loans by loan class modified as TDRs during the years ended December 31, 2022 and 2021. Post-modification amounts are presented as of December 31, 2022 and 2021, respectively.


Troubled Debt Restructurings	Number of Contracts	Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment
		($ in thousands)
December 31, 2022
Commercial and industrial	95	$	117,429	$	90,259
Commercial real estate:
Commercial real estate	5	26,375		25,608
Construction	2	11,025		9,077
Total commercial real estate	7	37,400		34,685
Residential mortgage	9	3,206		3,209
Consumer	1	125		116
Total	112	$	158,160	$	128,269
December 31, 2021
Commercial and industrial	70	$	52,790	$	48,764
Commercial real estate:
Commercial real estate	12	29,480		29,313
Construction	3	22,049		18,418
Total commercial real estate	15	51,529		47,731
Residential mortgage	14	9,663		9,578
Consumer	1	170		161
Total	100	$	114,152	$	106,234

Loans modified as TDRs within the previous 12 months and for which there was a payment default (90 or more days past due) in the years ended December 31, 2022 and 2021 were as follows:


	Years Ended December 31,
	2022			2021
Troubled Debt Restructurings Subsequently Defaulted	Number of Contracts	Recorded Investment		Number of Contracts	Recorded Investment
	($ in thousands)
Commercial and industrial	1	$	20,844	—	$	—
Commercial real estate:
Commercial real estate	2	5,207		1	10,261
Construction	—	—		2	17,599
Total commercial real estate	2	5,207		3	27,860
Residential mortgage	1	1,071		—	—

Total	4	$	27,122	3	$	27,860

Summary of Collateral Dependent Loans

The following table presents collateral dependent loans by class as of December 31, 2022 and 2021:


	2022		2021
	(in thousands)
Collateral dependent loans:
Commercial and industrial *	$	94,433	$	95,335
Commercial real estate	130,199		110,174


Residential mortgage	33,865		35,745
Home equity	195		4
Total	$	258,692	$	241,258

* Commercial and industrial loans presented in the table above are primarily collateralized by taxi medallions.

Summary of Allowance for Credit Losses

The following table summarizes the allowance for credit losses for loans at December 31, 2022 and 2021:


	2022		2021
	(in thousands)
Components of allowance for credit losses for loans:
Allowance for loan losses	$	458,655	$	359,202
Allowance for unfunded credit commitments	24,600		16,500
Total allowance for credit losses for loans	$	483,255	$	375,702

Summary of Provision for Credit Losses

The following table summarizes the provision for credit losses for loans for the years ended December 31, 2022, 2021 and 2020:


	2022		2021		2020
	(in thousands)
Components of provision for credit losses for loans:
Provision for loan losses	$	48,236	$	27,507	$	123,922
Provision for unfunded credit commitments	8,100		5,389		1,165
Total provision for credit losses for loans	$	56,336	$	32,896	$	125,087

Summary of Activity in Allowance for Loan Losses

The following table details the activity in the allowance for loan losses by portfolio segment for the years ended December 31, 2022 and 2021:


	Commercial and Industrial		Commercial Real Estate		Residential Mortgage		Consumer		Total
	(in thousands)
December 31, 2022
Allowance for loan losses:
Beginning balance	$	103,090	$	217,490	$	25,120	$	13,502	$	359,202
Allowance for PCD loans (1)	33,452		36,618		206		43		70,319
Loans charged-off	(33,250)		(4,561)		(28)		(4,057)		(41,896)
Charged-off loans recovered	17,081		2,073		711		2,929		22,794
Net (charge-offs) recoveries	(16,169)		(2,488)		683		(1,128)		(19,102)
Provision for loan losses	19,568		7,788		13,011		7,869		48,236
Ending balance	$	139,941	$	259,408	$	39,020	$	20,286	$	458,655
December 31, 2021
Allowance for loan losses:
Beginning balance	$	131,070	$	164,113	$	28,873	$	16,187	$	340,243
Allowance for PCD loans (2)	3,528		2,953		57		4		6,542

Loans charged-off	(21,507)		(382)		(140)		(4,303)		(26,332)
Charged-off loans recovered	3,934		2,557		676		4,075		11,242
Net (charge-offs) recoveries	(17,573)		2,175		536		(228)		(15,090)
(Credit) provision for loan losses	(13,935)		48,249		(4,346)		(2,461)		27,507
Ending balance	$	103,090	$	217,490	$	25,120	$	13,502	$	359,202

(1) The allowance for PCD loans is presented net of PCD loan charge-offs totaling $62.4 million in the second quarter 2022 related to the Bank Leumi USA acquisition.

(2) The allowance for PCD loans related to the Westchester acquisition during the fourth quarter 2021.

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 for the years ended December 31, 2022 and 2021.


	Commercial and Industrial		Commercial Real Estate		Residential Mortgage		Consumer		Total
	(in thousands)
December 31, 2022
Allowance for loan losses:
Individually evaluated for credit losses	$	68,745	$	13,174	$	337	$	4,338	$	86,594
Collectively evaluated for credit losses	71,196		246,234		38,683		15,948		372,061

Total	$	139,941	$	259,408	$	39,020	$	20,286	$	458,655
Loans:
Individually evaluated for credit losses	$	117,644	$	213,522	$	28,869	$	14,058	$	374,093
Collectively evaluated for credit losses	8,687,186		29,219,346		5,335,681		3,300,894		46,543,107
Total	$	8,804,830	$	29,432,868	$	5,364,550	$	3,314,952	$	46,917,200
December 31, 2021
Allowance for loan losses:
Individually evaluated for credit losses	$	64,359	$	6,277	$	470	$	390	$	71,496
Collectively evaluated for credit losses	38,731		211,213		24,650		13,112		287,706
Total	$	103,090	$	217,490	$	25,120	$	13,502	$	359,202
Loans:
Individually evaluated for credit losses	$	119,760	$	134,135	$	42,469	$	2,431	$	298,795
Collectively evaluated for credit losses	5,727,791		20,655,931		4,502,595		2,968,545		33,854,862
Total	$	5,847,551	$	20,790,066	$	4,545,064	$	2,970,976	$	34,153,657