Loans and Allowance for Credit Losses for Loans (Tables)

3 Months Ended

Mar. 31, 2023

Receivables [Abstract]

Schedule of Loan Portfolio

The detail of the loan portfolio as of March 31, 2023 and December 31, 2022 was as follows: 

	March 31, 2023		December 31, 2022
	(in thousands)
Loans:
Commercial and industrial	$	9,043,946	$	8,804,830
Commercial real estate:
Commercial real estate	27,051,111		25,732,033
Construction	3,725,967		3,700,835
Total commercial real estate loans	30,777,078		29,432,868
Residential mortgage	5,486,280		5,364,550
Consumer:
Home equity	516,592		503,884
Automobile	1,717,141		1,746,225
Other consumer	1,118,929		1,064,843
Total consumer loans	3,352,662		3,314,952
Total loans	$	48,659,966	$	46,917,200

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 loan losses by loan portfolio class at March 31, 2023 and December 31, 2022:

	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)
March 31, 2023
Commercial and industrial	$	20,716	$	24,118	$	8,927	$	78,606	$	132,367	$	8,911,579	$	9,043,946	$	6,675
Commercial real estate:
Commercial real estate	13,580		—		—		67,938		81,518		26,969,593		27,051,111		66,587
Construction	—		—		6,450		68,649		75,099		3,650,868		3,725,967		15,791
Total commercial real estate loans	13,580		—		6,450		136,587		156,617		30,620,461		30,777,078		82,378
Residential mortgage	12,599		2,133		1,668		23,483		39,883		5,446,397		5,486,280		18,694
Consumer loans:
Home equity	412		287		48		2,965		3,712		512,880		516,592		—
Automobile	4,598		502		282		262		5,644		1,711,497		1,717,141		—
Other consumer	2,835		730		417		91		4,073		1,114,856		1,118,929		—
Total consumer loans	7,845		1,519		747		3,318		13,429		3,339,233		3,352,662		—
Total	$	54,740	$	27,770	$	17,792	$	241,994	$	342,296	$	48,317,670	$	48,659,966	$	107,747

	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

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 March 31, 2023 and December 31, 2022, as well as the gross loan charge-offs by year of origination for the three months ended March 31, 2023:

	Term Loans
	Amortized Cost Basis by Origination Year
March 31, 2023	2023		2022		2021		2020		2019		Prior to 2019		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans		Total
	(in thousands)
Commercial and industrial
Risk Rating:
Pass	$	435,733	$	1,418,804	$	1,021,874	$	549,408	$	304,137	$	628,117	$	4,450,850	$	130	$	8,809,053
Special Mention	1,573		27,386		2,591		19,260		3,658		7,443		61,455		7		123,373
Substandard	10		517		2,832		2,617		1,203		6,904		25,847		—		39,930
Doubtful	—		777		1,552		—		2,683		63,707		2,871		—		71,590
Total commercial and industrial	$	437,316	$	1,447,484	$	1,028,849	$	571,285	$	311,681	$	706,171	$	4,541,023	$	137	$	9,043,946
Commercial real estate
Risk Rating:
Pass	$	1,607,961	$	6,740,087	$	5,201,027	$	3,287,689	$	2,520,271	$	6,316,475	$	490,136	$	3,407	$	26,167,053
Special Mention	26,512		55,889		46,317		63,647		71,474		251,353		6,720		—		521,912
Substandard	—		33,613		35,924		30,090		34,765		219,838		7,916		—		362,146
Total commercial real estate	$	1,634,473	$	6,829,589	$	5,283,268	$	3,381,426	$	2,626,510	$	6,787,666	$	504,772	$	3,407	$	27,051,111
Construction
Risk Rating:
Pass	$	120,282	$	928,489	$	415,212	$	70,371	$	15,502	$	36,863	$	2,079,911	$	—	$	3,666,630
Substandard	—		13		12,290		—		964		17,600		7,351		—		38,218
Doubtful	447		8,341		670		11,661		—		—		—		—		21,119
Total construction	$	120,729	$	936,843	$	428,172	$	82,032	$	16,466	$	54,463	$	2,087,262	$	—	$	3,725,967
Gross loan charge-offs	$	—	$	6,035	$	20,286	$	123	$	72	$	1,636	$	3,593	$	—	$	31,745

	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

The following table presents the amortized cost in those loan classes based on payment activity, by origination year as of March 31, 2023 and December 31, 2022, as well as the gross loan charge-offs by year of origination for the three months ended March 31, 2023:

	Term Loans
	Amortized Cost Basis by Origination Year
March 31, 2023	2023		2022		2021		2020		2019		Prior to 2019		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans		Total
	(in thousands)
Residential mortgage
Performing	$	222,494	$	1,317,372	$	1,521,543	$	572,064	$	478,014	$	1,300,107	$	66,947	$	—	$	5,478,541
90 days or more past due	—		1,473		1,754		—		499		4,013		—		—		7,739
Total residential mortgage	$	222,494	$	1,318,845	$	1,523,297	$	572,064	$	478,513	$	1,304,120	$	66,947	$	—	$	5,486,280
Consumer loans
Home equity
Performing	$	7,251	$	46,566	$	12,085	$	4,448	$	4,891	$	18,499	$	383,948	$	37,984	$	515,672
90 days or more past due	—		—		—		—		—		—		285		635		920
Total home equity	7,251		46,566		12,085		4,448		4,891		18,499		384,233		38,619		516,592
Automobile
Performing	141,743		687,328		480,634		181,994		144,130		80,995		—		—		1,716,824
90 days or more past due	—		1		51		19		105		141		—		—		317
Total automobile	141,743		687,329		480,685		182,013		144,235		81,136		—		—		1,717,141
Other consumer
Performing	4,898		23,313		9,056		8,020		7,374		2,615		1,063,356		—		1,118,632
90 days or more past due	—		28		—		2		—		38		229		—		297
Total other consumer	4,898		23,341		9,056		8,022		7,374		2,653		1,063,585		—		1,118,929
Total consumer	$	153,892	$	757,236	$	501,826	$	194,483	$	156,500	$	102,288	$	1,447,818	$	38,619	$	3,352,662
Gross loan charge-offs	$	—	$	146	$	109	$	4	$	170	$	388	$	11	$	—	$	828

	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

Financing Receivable, Troubled Debt Restructuring

The following table shows the amortized cost basis of loans to borrowers experiencing financial difficulty at March 31, 2023 that were modified during the three months ended March 31, 2023, disaggregated by class of financing receivable and type of modification. Each of the types of modifications was less than one percent of their respective loan categories.

	Three Months Ended March 31,
	Term extension		Term extension and interest rate reduction		Total
	($ in thousands)
Commercial and industrial	$	1,281	$	523	$	1,804
Commercial real estate	46,328		—		46,328
Residential mortgage	213		—		213
Consumer	60		—		60
Total	$	47,882	$	523	$	48,405

The following table describes the types of modifications made to borrowers experiencing financial difficulty during the three months ended March 31, 2023:

	Types of Modifications
Commercial and industrial	12 month term extensions; and 12 month term extensions combined with interest rate reductions from 2.11 percent to 1 percent
Commercial real estate	6 - 36 month term extensions
Residential mortgage	12 month term extensions
Consumer	60 month term extensions

The following tables present the pre- and post-modification amortized cost of TDR loans by loan class during the three months ended March 31, 2022. Post-modification amounts are presented as of March 31, 2022 using the allowance methodology for TDRs prior to the adoption of ASU 2022-02.

	Three Months Ended March 31, 2022
Troubled Debt Restructurings	Number of Contracts	Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment
	($ in thousands)
Commercial and industrial	11	$	9,684	$	9,662
Commercial real estate	2	5,260		5,251
Residential mortgage	1	121		117
Total	14	$	15,065	$	15,030

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 months ended March 31, 2022 were as follows:

	Three Months Ended March 31, 2022
Troubled Debt Restructurings Subsequently Defaulted	Number of Contracts	Recorded Investment
	($ in thousands)
Commercial and industrial	2	$	1,850
Construction	2	17,599
Total	4	$	19,449

Summary of Collateral Dependent Loans

The following table presents collateral dependent loans by class as of March 31, 2023 and December 31, 2022:

	March 31, 2023		December 31, 2022
	(in thousands)
Collateral dependent loans:
Commercial and industrial *	$	74,481	$	94,433
Commercial real estate	144,892		130,199
Residential mortgage	18,694		33,865
Home equity	—		195
Total	$	238,067	$	258,692

* 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 ACL for loans at March 31, 2023 and December 31, 2022: 

	March 31, 2023		December 31, 2022
	(in thousands)
Components of allowance for credit losses for loans:
Allowance for loan losses	$	436,898	$	458,655
Allowance for unfunded credit commitments	24,071		24,600
Total allowance for credit losses for loans	$	460,969	$	483,255

Summary of Provision for Credit Losses

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

	Three Months Ended March 31,
	2023		2022
	(in thousands)
Components of provision for credit losses for loans:
Provision for loan losses	$	9,979	$	3,258
(Credit) provision for unfunded credit commitments	(529)		242
Total provision for credit losses for loans	$	9,450	$	3,500

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 months ended March 31, 2023 and 2022: 

	Commercial and Industrial		Commercial Real Estate		Residential Mortgage		Consumer		Total
	(in thousands)
Three Months Ended March 31, 2023
Allowance for loan losses:
Beginning balance	$	139,941	$	259,408	$	39,020	$	20,286	$	458,655
Impact of the adoption of ASU No. 2022-02 *	(739)		(589)		(12)		(28)		(1,368)
Beginning balance, adjusted	$	139,202	$	258,819	$	39,008	$	20,258	$	457,287
Loans charged-off	(26,047)		(5,698)		—		(828)		(32,573)
Charged-off loans recovered	1,399		24		21		761		2,205
Net (charge-offs) recoveries	(24,648)		(5,674)		21		(67)		(30,368)
Provision (credit) for loan losses	13,438		(9,813)		2,679		3,675		9,979
Ending balance	$	127,992	$	243,332	$	41,708	$	23,866	$	436,898
Three Months Ended March 31, 2022
Allowance for loan losses:
Beginning balance	$	103,090	$	217,490	$	25,120	$	13,502	$	359,202
Loans charged-off	(1,571)		(173)		(26)		(825)		(2,595)
Charged-off loans recovered	824		107		457		1,257		2,645
Net (charge-offs) recoveries	(747)		(66)		431		432		50
(Credit) provision for loan losses	(1,140)		2,525		2,638		(765)		3,258
Ending balance	$	101,203	$	219,949	$	28,189	$	13,169	$	362,510

Allocation Of Allowance For Loan Losses Disaggregated Based On Impairment 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 March 31, 2023 and December 31, 2022.

	Commercial and Industrial		Commercial Real Estate		Residential Mortgage		Consumer		Total
	(in thousands)
March 31, 2023
Allowance for loan losses:
Individually evaluated for credit losses	$	46,151	$	13,445	$	34	$	—	$	59,630
Collectively evaluated for credit losses	81,841		229,887		41,674		23,866		377,268
Total	$	127,992	$	243,332	$	41,708	$	23,866	$	436,898
Loans:
Individually evaluated for credit losses	$	74,625	$	144,892	$	12,028	$	6,929	$	238,474
Collectively evaluated for credit losses	8,969,321		30,632,186		5,474,252		3,345,733		48,421,492
Total	$	9,043,946	$	30,777,078	$	5,486,280	$	3,352,662	$	48,659,966
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