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Loans and Leases (Tables)
12 Months Ended
Dec. 31, 2024
Loans and Leases Receivable Disclosure [Abstract]  
Summary of Loans and Leases by Segment
The following table summarizes loans and leases by portfolio segment and class:
At December 31,
(In thousands)20242023
Commercial non-mortgage$18,037,942 $16,885,475 
Asset-based1,404,007 1,557,841 
Commercial real estate14,492,436 13,569,762 
Multi-family6,898,600 7,587,970 
Equipment financing1,235,016 1,328,786 
Commercial portfolio42,068,001 40,929,834 
Residential8,853,669 8,227,923 
Home equity1,427,692 1,516,955 
Other consumer155,806 51,340 
Consumer portfolio10,437,167 9,796,218 
Loans and leases$52,505,168 $50,726,052 
Summary of Loans and Leases
The following tables summarize the aging of accrual and non-accrual loans and leases by class:
 At December 31, 2024
(In thousands)30-59 Days
Past Due and
Accruing
60-89 Days
Past Due and
Accruing
90 or More Days Past Due
and Accruing
Non-accrualTotal 
Past Due and
Non-accrual
Current (1)
Total Loans
and Leases
Commercial non-mortgage$3,949 $3,318 $— $248,078 $255,345 $17,782,597 $18,037,942 
Asset-based— 21,997 — 20,787 42,784 1,361,223 1,404,007 
Commercial real estate22,115 558 — 120,151 142,824 14,349,612 14,492,436 
Multi-family2,508 26,377 — 18,043 46,928 6,851,672 6,898,600 
Equipment financing6,096 3,300 — 19,367 28,763 1,206,253 1,235,016 
Commercial portfolio34,668 55,550 — 426,426 516,644 41,551,357 42,068,001 
Residential 9,595 4,604 — 12,750 26,949 8,826,720 8,853,669 
Home equity 6,273 2,381 — 21,425 30,079 1,397,613 1,427,692 
Other consumer349 162 — 124 635 155,171 155,806 
Consumer portfolio16,217 7,147 — 34,299 57,663 10,379,504 10,437,167 
Total$50,885 $62,697 $— $460,725 $574,307 $51,930,861 $52,505,168 
(1)At December 31, 2024, there were $32.7 million commercial loans that had reached their contractual maturity but were actively in the process of being refinanced with the Company. Due to the status of the refinancing, these commercial loans have been reported as current in the table above. In January 2025, all of such commercial loans were approved and refinanced.
 At December 31, 2023
(In thousands)30-59 Days
Past Due and
Accruing
60-89 Days
Past Due and
Accruing
90 or More Days Past Due
and Accruing
Non-accrualTotal 
Past Due and
Non-accrual
CurrentTotal Loans
and Leases
Commercial non-mortgage$2,270 $890 $94 $122,855 $126,109 $16,759,366 $16,885,475 
Asset-based— — — 35,068 35,068 1,522,773 1,557,841 
Commercial real estate1,459 — 184 11,383 13,026 13,556,736 13,569,762 
Multi-family5,198 2,340 — — 7,538 7,580,432 7,587,970 
Equipment financing3,966 — 9,828 13,802 1,314,984 1,328,786 
Commercial portfolio12,893 3,238 278 179,134 195,543 40,734,291 40,929,834 
Residential14,894 6,218 — 5,704 26,816 8,201,107 8,227,923 
Home equity5,676 3,285 — 23,545 32,506 1,484,449 1,516,955 
Other consumer410 94 — 142 646 50,694 51,340 
Consumer portfolio20,980 9,597 — 29,391 59,968 9,736,250 9,796,218 
Total$33,873 $12,835 $278 $208,525 $255,511 $50,470,541 $50,726,052 
The following table provides additional information on non-accrual loans and leases:
At December 31,
20242023
(In thousands)Non-accrualNon-accrual With No AllowanceNon-accrualNon-accrual With No Allowance
Commercial non-mortgage$248,078 $50,943 $122,855 $20,066 
Asset-based20,787 1,080 35,068 1,330 
Commercial real estate120,151 26,666 11,383 2,681 
Multi-family18,043 17,953 — — 
Equipment financing19,367 1,809 9,828 1,584 
Commercial portfolio426,426 98,451 179,134 25,661 
Residential12,750 6,923 5,704 856 
Home equity21,425 12,225 23,545 12,471 
Other consumer124 142 49 
Consumer portfolio34,299 19,151 29,391 13,376 
Total $460,725 $117,602 $208,525 $39,037 
Summary of Activity on Loans and Leases
Allowance for Credit Losses on Loans and Leases
The following tables summarize the change in the ACL on loans and leases by portfolio segment:
 At or for the Years ended December 31,
202420232022
(In thousands)Commercial PortfolioConsumer PortfolioTotalCommercial PortfolioConsumer PortfolioTotalCommercial PortfolioConsumer PortfolioTotal
ACL on loans and leases:
Balance, beginning of period$577,663 $58,074 $635,737 $533,125 $61,616 $594,741 $257,877 $43,310 $301,187 
Adoption of ASU No. 2022-02— — — 7,704 (1,831)5,873 — — — 
Initial allowance for PCD loans
and leases (1)
— — — — — — 78,376 9,669 88,045 
Provision (benefit)225,599 (4,856)220,743 138,057 5,152 143,209 268,295 4,502 272,797 
Charge-offs(171,460)(5,010)(176,470)(104,509)(12,703)(117,212)(82,860)(4,662)(87,522)
Recoveries4,069 5,487 9,556 3,286 5,840 9,126 11,437 8,797 20,234 
Balance, end of period$635,871 $53,695 $689,566 $577,663 $58,074 $635,737 $533,125 $61,616 $594,741 
Individually evaluated for credit losses68,013 693 68,706 43,559 4,635 48,194 34,793 12,441 47,234 
Collectively evaluated for credit losses$567,858 $53,002 $620,860 $534,104 $53,439 $587,543 $498,332 $49,175 $547,507 
(1)Represents the establishment of the initial reserve for PCD loans and leases, which is reported net of $48.3 million of day one charge-offs recognized at the date of acquisition in accordance with GAAP.
Summary of Amortized Cost Basis of Loans and Leases
The following tables summarize the amortized cost basis of commercial loans and leases by Composite Credit Risk Profile grade and origination year:
At December 31, 2024
(In thousands)20242023202220212020PriorRevolving Loans Amortized Cost BasisTotal
Commercial non-mortgage:
Risk rating:
Pass$2,917,048 $1,916,905 $2,818,720 $1,100,575 $562,252 $1,211,312 $6,325,637 $16,852,449 
Special mention31,587 66,770 156,555 51,055 30,669 4,203 44,017 384,856 
Substandard56,307 125,735 237,362 92,134 16,466 63,998 208,608 800,610 
Doubtful— — — — 25 27 
Total commercial non-mortgage3,004,942 2,109,410 3,212,637 1,243,765 609,387 1,279,538 6,578,263 18,037,942 
Current period gross write-offs— 11,894 45,308 10,668 3,842 3,385 15,169 90,266 
Asset-based:
Risk rating:
Pass1,250 11,684 — — — 20,255 1,132,901 1,166,090 
Special mention— — — — — 5,226 90,372 95,598 
Substandard— 2,562 — — — 1,239 138,518 142,319 
Total asset-based1,250 14,246 — — — 26,720 1,361,791 1,404,007 
Current period gross write-offs— — — — — — 6,091 6,091 
Commercial real estate:
Risk rating:
Pass1,867,468 2,334,965 3,186,098 1,462,814 944,367 3,465,817 197,998 13,459,527 
Special mention— 12,809 175,252 37,307 37,469 64,483 — 327,320 
Substandard— 131,108 69,829 121,139 112,582 262,079 8,852 705,589 
Total commercial real estate1,867,468 2,478,882 3,431,179 1,621,260 1,094,418 3,792,379 206,850 14,492,436 
Current period gross write-offs— 854 1,244 1,579 15,477 22,674 — 41,828 
Multi-family:
Risk rating:
Pass582,363 1,394,855 1,314,395 862,273 245,802 2,179,207 16,991 6,595,886 
Special mention— 14,365 93,396 18,790 70,908 8,588 — 206,047 
Substandard— — 16,761 27,102 26,720 26,084 — 96,667 
Total multi-family582,363 1,409,220 1,424,552 908,165 343,430 2,213,879 16,991 6,898,600 
Current period gross write-offs— — — 4,955 6,264 11,678 — 22,897 
Equipment financing:
Risk rating:
Pass382,783 242,440 207,081 126,399 83,838 124,910 — 1,167,451 
Special mention1,298 231 — 55 — — — 1,584 
Substandard572 16,228 18,341 16,970 5,514 8,356 — 65,981 
Total equipment financing384,653 258,899 225,422 143,424 89,352 133,266 — 1,235,016 
Current period gross write-offs— 5,146 1,705 52 — 3,475 — 10,378 
Total commercial portfolio5,840,676 6,270,657 8,293,790 3,916,614 2,136,587 7,445,782 8,163,895 42,068,001 
Current period gross write-offs$— $17,894 $48,257 $17,254 $25,583 $41,212 $21,260 $171,460 
At December 31, 2023
(In thousands)20232022202120202019PriorRevolving Loans Amortized Cost BasisTotal
Commercial non-mortgage:
Pass$2,602,444 $4,089,327 $1,371,139 $711,362 $610,199 $952,097 $5,970,588 $16,307,156 
Special mention15,184 60,240 61,235 33,111 — 720 48,561 219,051 
Substandard48,849 104,087 23,258 28,222 44,612 30,426 79,778 359,232 
Doubtful— — — 25 — 36 
Total commercial non-mortgage2,666,477 4,253,662 1,455,632 772,695 654,814 983,268 6,098,927 16,885,475 
Current period gross write-offs325 7,637 1,775 512 969 4,391 — 15,609 
Asset-based:
Pass23,007 — — — 3,280 34,999 1,333,271 1,394,557 
Special mention651 763 — — 3,676 — 29,610 34,700 
Substandard— — — — 1,330 — 127,254 128,584 
Total asset-based23,658 763 — — 8,286 34,999 1,490,135 1,557,841 
Current period gross write-offs— — — — 13,189 3,900 — 17,089 
Commercial real estate:
Pass2,265,428 3,502,425 1,831,005 1,195,732 1,193,642 3,112,770 176,668 13,277,670 
Special mention850 4,675 14,463 31,405 23,443 37,688 1,210 113,734 
Substandard25,802 16,179 9,545 15,418 58,602 52,812 — 178,358 
Total commercial real estate2,292,080 3,523,279 1,855,013 1,242,555 1,275,687 3,203,270 177,878 13,569,762 
Current period gross write-offs4,632 — 12,617 3,813 2,754 38,569 — 62,385 
Multi-family:
Pass1,597,599 1,934,100 1,041,416 442,888 595,676 1,920,618 — 7,532,297 
Special mention— — — — 260 35,942 — 36,202 
Substandard— — — 364 11,563 7,544 — 19,471 
Total multi-family1,597,599 1,934,100 1,041,416 443,252 607,499 1,964,104 — 7,587,970 
Current period gross write-offs— — — — — 3,447 — 3,447 
Equipment financing:
Pass335,874 297,186 232,304 176,061 183,679 69,927 — 1,295,031 
Special mention— — 116 — 90 — — 206 
Substandard— 9,144 8,064 6,600 4,285 5,456 — 33,549 
Total equipment financing335,874 306,330 240,484 182,661 188,054 75,383 — 1,328,786 
Current period gross write-offs— — — 2,633 3,304 42 — 5,979 
Total commercial portfolio6,915,688 10,018,134 4,592,545 2,641,163 2,734,340 6,261,024 7,766,940 40,929,834 
Current period gross write-offs$4,957 $7,637 $14,392 $6,958 $20,216 $50,349 $— $104,509 
The following tables summarize the amortized cost basis of consumer loans by FICO score and origination year:
At December 31, 2024
(In thousands)20242023202220212020PriorRevolving Loans Amortized Cost BasisTotal
Residential:
Risk rating:
800+$312,771 $299,006 $909,109 $1,097,807 $433,950 $956,478 $— $4,009,121 
740-799649,118 258,699 567,545 656,599 235,749 623,989 — 2,991,699 
670-739172,886 123,354 317,373 271,247 80,318 550,252 — 1,515,430 
580-66916,643 13,382 55,507 35,292 16,738 109,240 — 246,802 
579 and below237 2,680 12,617 21,387 3,791 49,905 — 90,617 
Total residential1,151,655 697,121 1,862,151 2,082,332 770,546 2,289,864 — 8,853,669 
Current period gross write-offs— — — — — 147 — 147 
Home equity:
Risk rating:
800+12,313 25,226 23,512 32,695 22,705 53,844 365,741 536,036 
740-79912,238 21,831 20,718 23,517 10,861 33,703 330,691 453,559 
670-73911,416 14,298 12,732 13,074 6,242 28,638 224,449 310,849 
580-6691,755 2,570 1,685 2,172 754 9,471 67,745 86,152 
579 and below58 799 2,401 726 429 4,254 32,429 41,096 
Total home equity37,780 64,724 61,048 72,184 40,991 129,910 1,021,055 1,427,692 
Current period gross write-offs— — — — 444 351 797 
Other consumer:
Risk rating:
800+4,920 312 218 1,765 50 284 31,549 39,098 
740-79945,001 721 301 165 124 266 3,550 50,128 
670-73957,952 432 372 313 220 188 3,349 62,826 
580-6691,417 116 105 69 25 81 1,150 2,963 
579 and below29 93 63 28 — 569 791 
Total other consumer109,319 1,674 1,059 2,340 428 819 40,167 155,806 
Current period gross write-offs3,467 17 34 20 113 193 222 4,066 
Total consumer portfolio1,298,754 763,519 1,924,258 2,156,856 811,965 2,420,593 1,061,222 10,437,167 
Current period gross write-offs$3,467 $17 $34 $20 $115 $784 $573 $5,010 
At December 31, 2023
(In thousands)20232022202120202019PriorRevolving Loans Amortized Cost BasisTotal
Residential:
800+$214,446 $847,009 $1,096,109 $451,307 $141,919 $910,117 $— $3,660,907 
740-799363,696 703,568 755,750 279,946 112,303 633,578 — 2,848,841 
670-739137,460 293,699 292,255 95,838 48,412 346,663 — 1,214,327 
580-66920,208 52,962 45,770 14,840 10,492 106,497 — 250,769 
579 and below6,909 52,690 11,749 1,345 128,714 51,672 — 253,079 
Total residential742,719 1,949,928 2,201,633 843,276 441,840 2,048,527 — 8,227,923 
Current period gross write-offs— — 387 — 153 4,630 — 5,170 
Home equity:
800+27,047 27,439 35,927 25,586 8,110 56,062 391,616 571,787 
740-79924,772 20,069 27,147 13,888 5,158 34,190 355,926 481,150 
670-73915,857 15,655 15,389 5,992 3,189 29,454 242,189 327,725 
580-6693,080 3,786 1,991 1,658 1,115 9,988 70,102 91,720 
579 and below696 1,109 1,079 576 552 6,319 34,242 44,573 
Total home equity71,452 68,058 81,533 47,700 18,124 136,013 1,094,075 1,516,955 
Current period gross write-offs— 81 — 104 3,114 — 3,303 
Other consumer:
800+432 356 1,913 189 255 77 25,699 28,921 
740-7991,318 586 486 730 690 381 7,180 11,371 
670-739526 570 358 981 1,210 79 3,549 7,273 
580-66969 169 129 153 303 56 1,983 2,862 
579 and below125 97 61 11 28 590 913 
Total other consumer2,470 1,778 2,947 2,064 2,486 594 39,001 51,340 
Current period gross write-offs3,263 218 377 363 — 4,230 
Total consumer portfolio816,641 2,019,764 2,286,113 893,040 462,450 2,185,134 1,133,076 9,796,218 
Current period gross write-offs$3,263 $11 $470 $218 $634 $8,107 $— $12,703 
The following tables summarize the amortized cost basis at December 31, 2024, and 2023, of loans modified to borrowers experiencing financial difficulty, disaggregated by class and type of concession granted:
For the year ended December 31, 2024
(In thousands)Interest Rate ReductionTerm ExtensionPayment DelayCombination-Term Extension & Interest Rate ReductionTotal
% of Total Class (2)
Commercial non-mortgage$$189,026 $34,642 $886 $224,563 1.2  %
Asset-based— 24,112 — — 24,112 1.7 
Commercial real estate— 122,088 1,347 8,112 131,547 0.9 
Equipment financing— 289 — — 289 — 
Residential618 141 — 890 1,649 — 
Home equity275 337 — 309 921 0.1 
Total (1)
$902 $335,993 $35,989 $10,197 $383,081 0.7  %
For the year ended December 31, 2023
(In thousands)Interest Rate ReductionTerm ExtensionPayment DelayCombination- Term Extension and Interest Rate ReductionCombination- Term Extension & Payment DelayCombination- Term
Interest Rate Reduction & Payment Delay
Combination- Term Extension, Interest Rate Reduction, & Payment DelayTotal
% of Total Class (2)
Commercial non-mortgage$$96,895$5,858$1,062$28,860$35$425$133,1350.8  %
Asset-based45,04245,0422.9 
Commercial real estate3,09017417,10751120,8820.2 
Equipment financing3571,2841,6410.1 
Residential1868041361,126— 
Home equity6276513651— 
Total (1)
$62$145,646$8,120$18,818$29,371$35$425$202,4770.4  %
(1)The total amortized cost excludes accrued interest receivable of $0.9 million and $0.7 million for the years ended December 31, 2024, and 2023, respectively.
(2)Represents the total amortized cost of the loans modified as a percentage of the total period end loan balance by class.
The following tables describes the financial effect of the modifications made to borrowers experiencing financial difficulty:
For the year ended December 31, 2024
Financial Effect (1)
Term Extension:
Commercial non-mortgage
Extended term by a weighted average of 0.8 years
Asset-based
Extended term by a weighted average of 2.9 years
Commercial real estate
Extended term by a weighted average of 1.4 years
Payment Delay:
Commercial non-mortgage
Provided payment deferrals for a weighted average of 0.5 years
Commercial real estate
Provided payment deferrals for a weighted average of 0.3 years to be received at contractual maturity
Combination - Term Extension and Interest Rate Reduction:
Commercial real estate
Extended term by a weighted average of 0.3 years and reduced weighted average interest rate by 2.0%
(1)Certain disclosures related to financial effects of 2024 modifications do not include those deemed to be immaterial.
For the year ended December 31, 2023
Financial Effect
Interest Rate Reduction:
Home equity
Reduced weighted average interest rate by 0.5%
Term Extension:
Commercial non-mortgage
Extended term by a weighted average of 1.3 years
Asset-based
Extended term by a weighted average of 0.7 years
Commercial real estate
Extended term by a weighted average of 2.2 years
Equipment financing
Extended term by a weighted average of 4.5 years
Residential
Extended term by a weighted average of 2.8 years
Home equity
Extended term by a weighted average of 10.1 years
Payment Delay:
Commercial non-mortgage
Provided partial payment deferrals for a weighted average of 0.5 years
Commercial real estate
Provided payment deferrals for a weighted average of 0.3 years to be received at contractual maturity
Equipment financing
Provided partial payment deferrals for a weighted average of 0.5 years
Residential
Provided payment deferrals for a weighted average of 1.0 year
Combination - Term Extension & Interest Rate Reduction:
Commercial non-mortgage
Extended term by a weighted average of 1.4 years and reduced weighted average interest rate by 1.8%
Commercial real estate
Extended term by a weighted average of 3.0 years and reduced weighted average interest rate by 2.4%
Residential
Extended term by a weighted average of 17.9 years and reduced weighted average interest rate by 0.3%
Home equity
Extended term by a weighted average of 16.8 years and reduced weighted average interest rate by 2.1%
Combination - Term Extension & Payment Delay:
Commercial non-mortgage
Extended term by a weighted average of 1.1 years and provided partial payment deferrals for a weighted average of 1.0 year
Commercial real estate
Extended term by a weighted average of 0.5 years and provided payment deferrals for a weighted average of 0.5 years
Combination - Interest Rate Reduction & Payment Delay:
Commercial non-mortgage
Reduced weighted average interest rate by 2.0% and provided payment deferrals for a weighted average of 0.5 years
Combination - Term Extension, Interest Rate Reduction, & Payment Delay:
Commercial non-mortgage
Extended term by a weighted average of 0.5 years, reduced weighted average interest rate by 2.0%, and provided payment deferrals for a weighted average of 0.5 years
Summary of Aging of Loans Modified in Twelve Months Preceding The following tables summarize the aging of loans that have been modified in the twelve months preceding December 31, 2024 and 2023:
At December 31, 2024
(In thousands)Current30-59 Days
Past Due
60-89 Days
Past Due
90+ Days
Past Due
Non-AccrualTotal
Commercial non-mortgage$64,081$986$$$159,498$224,565
Asset-based24,11224,112
Commercial real estate100,59430,953131,547
Equipment financing31321334
Residential1,4262231,649
Home equity319602921
Total$190,845$1,007$$$191,276$383,128
At December 31, 2023
(In thousands)Current30-59 Days
Past Due
60-89 Days
Past Due
90+ Days
Past Due
Non-AccrualTotal
Commercial non-mortgage$107,852$$$$25,283$133,135
Asset-based45,04245,042
Commercial real estate20,70817420,882
Equipment financing1,2843571,641
Residential9901361,126
Home equity547104651
Total$176,423$$$$26,054$202,477
Summary of Loans and Leases Modified
The following table summarizes loans and leases modified as TDRs by class and modification type:
Year ended December 31, 2022
Number of
Contracts
Recorded
Investment (1)
(Dollars in thousands)
Commercial non-mortgage:
Extended maturity5$291
Maturity / rate combined8765
Other (2)
1952,070
Asset-based:
Other (2)
123,298
Equipment financing:
Other (2)
31,692
Residential:
Extended maturity21,185
Maturity / rate combined2133
Other (2)
83,158
Home equity:
Adjusted interest rate174
Maturity / rate combined212,623
Other (2)
372,134
Total TDRs107$87,423
(1)Post-modification balances approximate pre-modification balances. The aggregate amount of charge-offs due to restructurings was not significant.
(2)Other includes covenant modifications, forbearance, discharges under Chapter 7 bankruptcy, or other concessions.