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Loans and Leases
 3 Months Ended
Mar. 31, 2020
Receivables [Abstract]  
Loans and Leases LOANS AND LEASES
The following is the amortized cost of loans and leases as of March 31, 2020 and December 31, 2019, excluding accrued interest of $65.9 million and $65.7 million, which is included in other assets in the unaudited consolidated balance sheets:
(in thousands)
March 31, 2020
 
December 31, 2019
Commercial loans and leases:
 
 
 
Real estate - construction
$
1,322,627

 
$
1,321,663

Real estate - owner-occupied
2,424,139

 
2,475,326

Real estate - non-owner-occupied
6,484,257

 
6,267,106

Commercial and industrial (C&I) (1)
6,909,841

 
6,547,538


17,140,864

 
16,611,633

Consumer and other loans:
 
 
 
Residential mortgage
4,849,119

 
4,739,075

Home equity
1,926,753

 
1,987,336

Other
624,896

 
683,455


7,400,768

 
7,409,866

Total loans and leases
$
24,541,632

 
$
24,021,499

(1) 
Includes equipment financing leases
Net deferred loan and lease origination fees were $36.4 million and $36.8 million at March 31, 2020 and December 31, 2019, respectively. Total net discount on the Company's loans and leases was $88.3 million and $89.3 million at March 31, 2020 and December 31, 2019, respectively, of which $53.7 million and $56.4 million was related to non-impaired loans and leases.
In addition to loans issued in the normal course of business, the Company considers overdrafts on customer deposit accounts to be loans and reclassifies these overdrafts as loans in its consolidated balance sheets. At March 31, 2020 and December 31, 2019, overdrafts of $5.5 million and $7.7 million, respectively, had been reclassified to loans.
Loans and leases with carrying values of $8.7 billion and $8.6 billion were pledged as collateral for borrowings at March 31, 2020 and December 31, 2019, respectively.
Certain acquired loans are to customers with addresses outside of the United States. Foreign loans, denominated in U.S. dollars, totaled $181.0 million and $182.4 million at March 31, 2020 and December 31, 2019, respectively.


Past Due Status
Loans and leases are generally considered past due when contractual payments of principal and interest have not been received within 30 days after the contractual due date. Residential mortgage loans are considered past due when contractual payments have not been received for two consecutive payment dates. The following tables provide an analysis of the aging of loans and leases as of March 31, 2020 and December 31, 2019.
 
March 31, 2020
 
Age Analysis of Past Due Loans and Leases
 
 
 
 
 
 
(in thousands)
30-59 Days Past Due
 
60-89 Days Past Due
 
Greater than 90 Days Past Due
 
Total Past Due
 
Current
 
Total
 
Accruing Loans Greater Than 90 Days Past Due
Real estate- construction
$
5,466

 
$
—

 
$
69

 
$
5,535

 
$
1,317,092

 
$
1,322,627

 
$
—

Real estate- owner-occupied
5,714

 
6,302

 
12,810

 
24,826

 
2,399,313

 
2,424,139

 
1,328

Real estate- non-owner-occupied
4,525

 
8,318

 
14,451

 
27,294

 
6,456,963

 
6,484,257

 
1,679

Commercial and industrial
16,505

 
10,357

 
7,811

 
34,673

 
6,875,168

 
6,909,841

 
169

Residential mortgage
23,664

 
1,131

 
34,748

 
59,543

 
4,789,576

 
4,849,119

 
7,787

Home equity
20,719

 
3,014

 
18,254

 
41,987

 
1,884,766

 
1,926,753

 
—

Other
5,195

 
2,751

 
2,572

 
10,518

 
614,378

 
624,896

 
—

Total
$
81,788

 
$
31,873

 
$
90,715

 
$
204,376

 
$
24,337,256

 
$
24,541,632

 
$
10,963

 
December 31, 2019
 
Age Analysis of Past Due Loans and Leases
 
 
 
 
 
 
(in thousands)
30-59 Days Past Due
 
60-89 Days Past Due
 
Greater than 90 Days Past Due
 
Total Past Due
 
Current
 
Total
 
Accruing Loans Greater Than 90 Days Past Due
Real estate- construction
$
244

 
$
—

 
$
1,377

 
$
1,621

 
$
1,320,042

 
$
1,321,663

 
$
—

Real estate- owner-occupied
18,387

 
2,770

 
9,175

 
30,332

 
2,444,994

 
2,475,326

 
1,035

Real estate- non-owner-occupied
5,418

 
2,459

 
10,450

 
18,327

 
6,248,779

 
6,267,106

 
58

Commercial and industrial
6,805

 
1,523

 
15,601

 
23,929

 
6,523,609

 
6,547,538

 
887

Residential mortgage
4,008

 
17,297

 
23,055

 
44,360

 
4,694,715

 
4,739,075

 
1,277

Home equity
14,001

 
3,113

 
14,332

 
31,446

 
1,955,890

 
1,987,336

 
—

Other
3,935

 
1,267

 
2,500

 
7,702

 
675,753

 
683,455

 
—

Total
$
52,798

 
$
28,429

 
$
76,490

 
$
157,717

 
$
23,863,782

 
$
24,021,499

 
$
3,257


Additional information on non-accrual loans and leases as of March 31, 2020 and December 31, 2019 is presented in the following table.
 
Amortized Cost of Non-accrual Loans and Leases
 
Non-accrual Loans and Leases With No Related Allowance for Expected Credit Losses
 
Interest Income Recognized on Non-accrual Loans and Leases
(in thousands)
March 31, 2020
 
December 31, 2019
 
December 31, 2018
 
March 31, 2020
 
December 31, 2019
 
Three Months Ended
March 31, 2020
 
Three Months Ended
March 31, 2019
Real estate- construction
$
133

 
$
1,394

 
$
1,094

 
$
4

 
$
929

 
$
—

 
$
—

Real estate- owner-occupied
23,428

 
17,817

 
10,260

 
19,968

 
11,469

 
135

 
70

Real estate- non-owner-occupied
20,383

 
15,440

 
15,898

 
18,120

 
8,610

 
159

 
54

Commercial and industrial
40,768

 
41,636

 
57,860

 
34,432

 
9,590

 
122

 
352

Residential mortgage
48,067

 
34,833

 
30,396

 
26,013

 
19,500

 
49

 
60

Home equity
30,319

 
24,404

 
18,830

 
5,915

 
3,200

 
64

 
67

Other
3,465

 
3,381

 
2,846

 
1,190

 
—

 
13

 
2

Total
$
166,563

 
$
138,905

 
$
137,184

 
$
105,642

 
$
53,298

 
$
542

 
$
605



When a loan or lease is placed on non-accrual status, accrued but uncollected interest is reversed through interest income. During the three months ended March 31, 2020, the Company reversed an immaterial amount of uncollectible accrued interest on both commercial loans and leases and consumer loans.

Collateral-Dependent Loans

Collateral-dependent loans are defined as loans for which repayment is expected to be derived substantially through the operation or sale of the collateral and where the borrower is experiencing financial difficulty. Collateral-dependent commercial loans are primarily secured by commercial real estate and to a lesser extent other business assets and residential real estate. The loan-to-value ratio, taking into consideration cost to sell the collateral for commercial collateral-dependent loans is approximately 75% at March 31, 2020. Collateral-dependent consumer loans are secured by residential real estate with a loan-to-value ratio of 70%, taking into consideration the cost to sell the collateral at March 31, 2020. As of March 31, 2020, the Company did not have any collateral-dependent leases.
Acquired Loans
The Company did not acquire any loans during the three months ended March 31, 2020. Prior to January 1, 2020, the Company accounted for acquired impaired loans in accordance with ASC 310-30. The following is a summary of changes in the accretable difference for all loans accounted for under ASC 310-30 during the three months ended March 31, 2019:
(in thousands)
2019
Balance at beginning of period
$
133,342

Transfers from non-accretable difference to accretable yield
(3,640
)
Accretion
(10,086
)
Changes in expected cash flows not affecting non-accretable differences (1)
(272
)
Balance at end of period
$
119,344


(1) 
Includes changes in cash flows expected to be collected due to the impact of changes in actual or expected timing of liquidation events, modifications, changes in interest rates and changes in prepayment assumptions.

Troubled Debt Restructurings
After the adoption of ASC 326, all loans, including acquired loans, meeting the criteria for classification as a TDR since January 1, 2020 are included in the disclosures below. Prior to January 1, 2020, modifications of loans that were accounted for within a pool under ASC Topic 310-30 were not classified or reported as TDRs. As a result, all such acquired loans that would otherwise meet the criteria for classification as a TDR prior to January 1, 2020 were excluded from the disclosures below, which impacts comparability between periods. As of March 31, 2020 and December 31, 2019, there were no leases which met the criteria to be classified as a TDR.
TDRs totaling $9.8 million and $31.4 million occurred during the three months ended March 31, 2020 and 2019, respectively, through modification of the original loan terms.
The following table provides information on how the TDRs were modified during the periods indicated:
 
Three Months Ended March 31,
(in thousands)
2020
 
2019
Extended maturities
$
2,450

 
$
9,014

Maturity and interest rate adjustment
706

 
468

Movement to or extension of interest-rate only payments
46

 
12

Interest rate adjustment
3,878

 
—

Forbearance
1,111

 
6,510

Other concession(s) (1)
1,604

 
15,425

Total
$
9,795

 
$
31,429

(1) 
Other concessions may include covenant waivers, forgiveness of principal or interest associated with a customer bankruptcy, or a combination of any of the above concessions.






Of the $9.8 million of TDRs occurring during the three months ended March 31, 2020, $6.8 million were on accrual status and $3.0 million were on non-accrual status. Of the $31.4 million of TDRs occurring during the three months ended March 31 2019, $16.5 million were on accrual status and $14.9 million were on non-accrual status. The following table presents the end of period balance for loans modified in a TDR during the periods indicated:
 
Three Months Ended March 31,
 
2020
 
2019
(in thousands, except number of loans)
Number of Loans
 
Pre-Modification Outstanding Recorded Investment
 
Post-Modification Outstanding Recorded Investment
 
Number of Loans
 
Pre-Modification Outstanding Recorded Investment
 
Post-Modification Outstanding Recorded Investment
Real estate- construction
1

 
$
154

 
$
86

 
1

 
$
39

 
$
39

Real estate- owner-occupied
4

 
2,520

 
2,558

 
4

 
6,904

 
4,661

Real estate- non-owner-occupied
5

 
3,944

 
3,820

 
7

 
2,990

 
2,968

Commercial and industrial
14

 
1,844

 
1,367

 
23

 
17,382

 
17,040

Residential mortgage
6

 
750

 
413

 
10

 
1,741

 
1,738

Home equity
16

 
1,507

 
1,482

 
33

 
4,277

 
4,233

Other
5

 
71

 
69

 
38

 
787

 
750

Total
51

 
$
10,790

 
$
9,795

 
116

 
$
34,120

 
$
31,429

Information detailing TDRs that defaulted during the three-month periods ended March 31, 2020 and 2019, and were modified in the previous twelve months (i.e., the twelve months prior to the default) is presented in the following tables. The Company has defined a default as any loan with a payment that is currently past due greater than 30 days, or was past due greater than 30 days at any point during the respective periods, or since the date of modification, whichever is shorter.
 
Three Months Ended March 31,
 
2020
 
2019
(in thousands, except number of loans)
Number of Loans
 
Recorded Investment
 
Number of Loans
 
Recorded Investment
Real estate- construction
1

 
$
9,212

 
1

 
$
939

Real estate- owner-occupied
5

 
1,898

 
3

 
640

Real estate- non-owner-occupied
11

 
5,287

 
7

 
825

Commercial and industrial
33

 
7,862

 
10

 
3,933

Residential mortgage
15

 
1,190

 
13

 
1,108

Home equity
23

 
2,189

 
16

 
2,891

Other
20

 
208

 
20

 
261

Total
108

 
$
27,846

 
70

 
$
10,597