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Loans And Allowance For Credit Losses | 9 Months Ended
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Sep. 30, 2022
Receivables [Abstract] |
Financing Receivables | Loans and Allowance for Credit Losses Major classifications within the Company’s held for investment loan portfolio at September 30, 2022 and December 31, 2021 are as follows:
(In thousands) | September 30, 2022 |  | December 31, 2021
Commercial: |  |  |
Business | $ | 5,528,895 |  |  | $ | 5,303,535 |
Real estate – construction and land | 1,206,955 |  |  | 1,118,266 |
Real estate – business | 3,331,627 |  |  | 3,058,837 |
Personal Banking: |  |  |
Real estate – personal | 2,862,519 |  |  | 2,805,401 |
Consumer | 2,116,371 |  |  | 2,032,225 |
Revolving home equity | 286,026 |  |  | 275,945 |
Consumer credit card | 563,349 |  |  | 575,410 |
Overdrafts | 3,216 |  |  | 6,740 |
Total loans | $ | 15,898,958 |  |  | $ | 15,176,359 |
Accrued interest receivable totaled $46.2 million and $25.9 million at September 30, 2022 and December 31, 2021, respectively, and was included within other assets on the consolidated balance sheets. For the three months ended September 30, 2022, the Company wrote-off accrued interest by reversing interest income of $48 thousand and $699 thousand in the Commercial and Personal Banking portfolios, respectively. Similarly, for the nine months ended September 30, 2022, the Company wrote-off accrued interest of $103 thousand and $2.4 million in the Commercial and Personal Banking portfolios, respectively. At September 30, 2022, loans of $3.1 billion were pledged at the Federal Home Loan Bank as collateral for borrowings and letters of credit obtained to secure public deposits. Additional loans of $1.3 billion were pledged at the Federal Reserve Bank as collateral for discount window borrowings. Allowance for credit losses The allowance for credit losses is measured using an average historical loss model which incorporates relevant information about past events (including historical credit loss experience on loans with similar risk characteristics), current conditions, and reasonable and supportable forecasts that affect the collectability of the remaining cash flows over the contractual term of the loans. The allowance for credit losses is measured on a collective (pool) basis. Loans are aggregated into pools based on similar risk characteristics including borrower type, collateral type and expected credit loss patterns. Loans that do not share similar risk characteristics, primarily large loans on non-accrual status, are evaluated on an individual basis. For loans evaluated for credit losses on a collective basis, average historical loss rates are calculated for each pool using the Company’s historical net charge-offs (combined charge-offs and recoveries by observable historical reporting period) and outstanding loan balances during a lookback period. Lookback periods can be different based on the individual pool and represent management’s credit expectations for the pool of loans over the remaining contractual life. In certain loan pools, if the Company’s own historical loss rate is not reflective of the loss expectations, the historical loss rate is augmented by industry and peer data. The calculated average net charge-off rate is then adjusted for current conditions and reasonable and supportable forecasts. These adjustments increase or decrease the average historical loss rate to reflect expectations of future losses given a single path economic forecast of key macroeconomic variables including GDP, disposable income, various interest rates, unemployment rate, consumer price index (CPI) inflation rate, housing price index (HPI), commercial real estate price index (CREPI) and market volatility. The adjustments are based on results from various regression models projecting the impact of the macroeconomic variables to loss rates. The forecast is used for a reasonable and supportable period before reverting back to historical averages using a straight-line method. The forecast adjusted loss rate is applied to the amortized cost of loans over the remaining contractual lives, adjusted for expected prepayments. The contractual term excludes expected extensions (except for contractual extensions at the option of the customer), renewals and modifications unless there is a reasonable expectation that a troubled debt restructuring will be executed. Credit cards and certain similar consumer lines of credit do not have stated maturities and therefore, for these loan classes, remaining contractual lives are determined by estimating future cash flows expected to be received from customers until payments have been fully allocated to outstanding balances. Additionally, the allowance for credit losses considers other qualitative factors not included in historical loss rates or macroeconomic forecast such as changes in portfolio composition, underwriting practices, or significant unique events or conditions. Key assumptions in the Company’s allowance for credit loss model include the economic forecast, the reasonable and supportable period, forecasted macro-economic variables, prepayment assumptions and qualitative factors applied for portfolio composition changes, underwriting practices, or significant unique events or conditions. The assumptions utilized in estimating the Company’s allowance for credit losses at September 30, 2022 and June 30, 2022 are discussed below.
Key Assumption | September 30, 2022 | June 30, 2022
Overall economic forecast | •High inflation, rising interest rates, supply chain difficulties and a weaker job market create an expectation of a mild recession in 2023 •Continued monetary policy tightening to rein in inflation | •Positive economic momentum faced with continued COVID challenges, supply constraints and high inflation •Continued monetary policy tightening to rein in inflation •Uncertainties related to supply chain issues and the timing and likelihood of a recession
Reasonable and supportable period and related reversion period | •One year for commercial and personal banking loans •Reversion to historical average loss rates within two quarters using straight-line method | •One year for commercial and personal banking loans •Reversion to historical average loss rates within two quarters using straight-line method
Forecasted macro-economic variables | •Unemployment rate ranging from 3.7% to 4.6% during the supportable forecast period •Real GDP growth ranging from (.3)% to .2% •Prime rate from 6.6% to 7.0% •BBB corporate yield from 5.03% to 5.7% | •Unemployment rate ranging from 3.5% to 3.7% during the supportable forecast period •Real GDP growth ranging from 1.5% to 2.7% •Prime rate from 4.9% to 6.2%
Prepayment assumptions | Commercial loans •5% for most loan pools Personal banking loans •Ranging from 16.5% to 28.1% for most loan pools •67.7% for consumer credit cards | Commercial loans •5% for most loan pools Personal banking loans •Ranging from 16.5% to 28.5% for most loan pools •67.0% for consumer credit cards
Qualitative factors | Added qualitative factors related to: •Certain portfolios sensitive to pandemic economic uncertainties •Changes in the composition of the loan portfolios •Uncertainty related to unusually high rate of inflation, geopolitical environment, and supply chain issues •Loans downgraded to special mention, substandard, or non-accrual status | Added qualitative factors related to: •Certain portfolios sensitive to pandemic economic uncertainties •Changes in the composition of the loan portfolios •Uncertainty related to unusually high rate of inflation, geopolitical environment, and supply chain issues •Loans downgraded to special mention, substandard, or non-accrual status
The liability for unfunded lending commitments utilizes the same model as the allowance for credit losses on loans, however, the liability for unfunded lending commitments incorporates an assumption for the portion of unfunded commitments that are expected to be funded. Sensitivity in the Allowance for Credit Loss model The allowance for credit losses is an estimate that requires significant judgment including projections of the macro-economic environment. The forecasted macro-economic environment continuously changes which can cause fluctuations in estimated expected credit losses. The current forecast projects a mild recession in 2023 due to high inflation, rising interest rates, supply chain difficulties and a weaker job market. The Russian invasion of Ukraine created additional uncertainty as the world responds to the economic impact. The geopolitical environment, trends in health conditions and impacted supply constraints could significantly modify economic projections used in the estimation of the allowance for credit losses and liability for unfunded lending commitments. A summary of the activity in the allowance for credit losses on loans and the liability for unfunded lending commitments during the three and nine months ended September 30, 2022 and 2021, respectively, follows:
| For the Three Months Ended September 30, 2022 |  | For the Nine Months Ended September 30, 2022
(In thousands) | Commercial | Personal Banking | Total |  | Commercial | Personal Banking | Total
ALLOWANCE FOR CREDIT LOSSES ON LOANS |  |  |  |  |  |  |
Balance at beginning of period | $ | 99,525 |  | $ | 38,514 |  | $ | 138,039 |  |  | $ | 97,776 |  | $ | 52,268 |  | $ | 150,044 |
Provision for credit losses on loans | 4,014 |  | 6,136 |  | 10,150 |  |  | 5,851 |  | 900 |  | 6,751 |
Deductions: |  |  |  |  |  |  |
Loans charged off | 509 |  | 6,721 |  | 7,230 |  |  | 893 |  | 20,539 |  | 21,432 |
Less recoveries on loans | 56 |  | 2,362 |  | 2,418 |  |  | 352 |  | 7,662 |  | 8,014 |
Net loan charge-offs | 453 |  | 4,359 |  | 4,812 |  |  | 541 |  | 12,877 |  | 13,418 |
Balance September 30, 2022 | $ | 103,086 |  | $ | 40,291 |  | $ | 143,377 |  |  | $ | 103,086 |  | $ | 40,291 |  | $ | 143,377 |
LIABILITY FOR UNFUNDED LENDING COMMITMENTS |  |  |  |  |  |  |
Balance at beginning of period | $ | 23,617 |  | $ | 1,290 |  | $ | 24,907 |  |  | $ | 23,271 |  | $ | 933 |  | $ | 24,204 |
Provision for credit losses on unfunded lending commitments | 5,182 |  | (42) |  | 5,140 |  |  | 5,528 |  | 315 |  | 5,843 |
Balance September 30, 2022 | $ | 28,799 |  | $ | 1,248 |  | $ | 30,047 |  |  | $ | 28,799 |  | $ | 1,248 |  | $ | 30,047 |
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LIABILITY FOR UNFUNDED LENDING COMMITMENTS | $ | 131,885 |  | $ | 41,539 |  | $ | 173,424 |  |  | $ | 131,885 |  | $ | 41,539 |  | $ | 173,424 |
| For the Three Months Ended September 30, 2021 |  | For the Nine Months Ended September 30, 2021
(In thousands) | Commercial | Personal Banking | Total |  | Commercial | Personal Banking | Total
ALLOWANCE FOR CREDIT LOSSES ON LOANS |  |  |  |  |  |  |
Balance at beginning of period | $ | 98,038 |  | $ | 74,357 |  | $ | 172,395 |  |  | $ | 121,549 |  | $ | 99,285 |  | $ | 220,834 |
Provision for credit losses on loans | 186 |  | (6,147) |  | (5,961) |  |  | (28,302) |  | (15,447) |  | (43,749) |
Deductions: |  |  |  |  |  |  |
Loans charged off | 190 |  | 6,387 |  | 6,577 |  |  | 692 |  | 27,694 |  | 28,386 |
Less recoveries on loans | 130 |  | 2,788 |  | 2,918 |  |  | 5,609 |  | 8,467 |  | 14,076 |
Net loan charge-offs (recoveries) | 60 |  | 3,599 |  | 3,659 |  |  | (4,917) |  | 19,227 |  | 14,310 |
Balance September 30, 2021 | $ | 98,164 |  | $ | 64,611 |  | $ | 162,775 |  |  | $ | 98,164 |  | $ | 64,611 |  | $ | 162,775 |
LIABILITY FOR UNFUNDED LENDING COMMITMENTS |  |  |  |  |  |  |
Balance at beginning of period | $ | 23,350 |  | $ | 858 |  | $ | 24,208 |  |  | $ | 37,259 |  | $ | 1,048 |  | $ | 38,307 |
Provision for credit losses on unfunded lending commitments | (1,564) |  | 140 |  | (1,424) |  |  | (15,473) |  | (50) |  | (15,523) |
Balance September 30, 2021 | $ | 21,786 |  | $ | 998 |  | $ | 22,784 |  |  | $ | 21,786 |  | $ | 998 |  | $ | 22,784 |
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LIABILITY FOR UNFUNDED LENDING COMMITMENTS | $ | 119,950 |  | $ | 65,609 |  | $ | 185,559 |  |  | $ | 119,950 |  | $ | 65,609 |  | $ | 185,559 |
Delinquent and non-accrual loans The Company considers loans past due on the day following the contractual repayment date, if the contractual repayment was not received by the Company as of the end of the business day. The following table provides aging information on the Company’s past due and accruing loans, in addition to the balances of loans on non-accrual status, at September 30, 2022 and December 31, 2021.
(In thousands) | Current or Less Than 30 Days Past Due | 30 – 89 Days Past Due | 90 Days Past Due and Still Accruing | Non-accrual | Total
September 30, 2022 |  |  |  |  |
Commercial: |  |  |  |  |
Business | $ | 5,513,234 |  | $ | 9,480 |  | $ | 536 |  | $ | 5,645 |  | $ | 5,528,895 |
Real estate – construction and land | 1,206,395 |  | 560 |  | — |  | — |  | 1,206,955 |
Real estate – business | 3,307,921 |  | 23,557 |  | — |  | 149 |  | 3,331,627 |
Personal Banking: |  |  |  |  |
Real estate – personal | 2,847,665 |  | 10,506 |  | 2,958 |  | 1,390 |  | 2,862,519 |
Consumer | 2,091,670 |  | 21,135 |  | 3,566 |  | — |  | 2,116,371 |
Revolving home equity | 284,595 |  | 541 |  | 890 |  | — |  | 286,026 |
Consumer credit card | 553,815 |  | 4,989 |  | 4,545 |  | — |  | 563,349 |
Overdrafts | 2,830 |  | 343 |  | 43 |  | — |  | 3,216 |
Total | $ | 15,808,125 |  | $ | 71,111 |  | $ | 12,538 |  | $ | 7,184 |  | $ | 15,898,958 |
December 31, 2021 |  |  |  |  |
Commercial: |  |  |  |  |
Business | $ | 5,292,125 |  | $ | 3,621 |  | $ | 477 |  | $ | 7,312 |  | $ | 5,303,535 |
Real estate – construction and land | 1,117,434 |  | 832 |  | — |  | — |  | 1,118,266 |
Real estate – business | 3,058,566 |  | 57 |  | — |  | 214 |  | 3,058,837 |
Personal Banking: |  |  |  |  |
Real estate – personal | 2,796,662 |  | 4,125 |  | 2,983 |  | 1,631 |  | 2,805,401 |
Consumer | 2,005,556 |  | 24,458 |  | 2,211 |  | — |  | 2,032,225 |
Revolving home equity | 274,372 |  | 772 |  | 801 |  | — |  | 275,945 |
Consumer credit card | 565,335 |  | 4,821 |  | 5,254 |  | — |  | 575,410 |
Overdrafts | 6,425 |  | 315 |  | — |  | — |  | 6,740 |
Total | $ | 15,116,475 |  | $ | 39,001 |  | $ | 11,726 |  | $ | 9,157 |  | $ | 15,176,359 |
At September 30, 2022, the Company had $4.1 million in non-accrual business loans that had no allowance for credit loss. At December 31, 2021, the Company had $5.3 million in non-accrual business loans that had no allowance for credit loss. The Company did not record any interest income on non-accrual loans during the three and nine months ended September 30, 2022 and 2021, respectively. Credit quality indicators The following table provides information about the credit quality of the Commercial loan portfolio. The Company utilizes an internal risk rating system comprised of a series of grades to categorize loans according to perceived risk associated with the expectation of debt repayment based on borrower specific information including, but not limited to, current financial information, historical payment experience, industry information, collateral levels and collateral types. The “pass” category consists of a range of loan grades that reflect increasing, though still acceptable, risk. A loan is assigned the risk rating at origination and then monitored throughout the contractual term for possible risk rating changes. Movement of risk through the various grade levels in the “pass” category is monitored for early identification of credit deterioration. The “special mention” rating is applied to loans where the borrower exhibits negative financial trends due to borrower specific or systemic conditions that, if left uncorrected, threaten its capacity to meet its debt obligations. The borrower is believed to have sufficient financial flexibility to react to and resolve its negative financial situation. It is a transitional grade that is closely monitored for improvement or deterioration. The “substandard” rating is applied to loans where the borrower exhibits well-defined weaknesses that jeopardize its continued performance and are of a severity that the distinct possibility of default exists. Loans are placed on “non-accrual” when management does not expect to collect payments consistent with acceptable and agreed upon terms of repayment. All loans are analyzed for risk rating updates annually. For larger loans, rating assessments may be more frequent if relevant information is obtained earlier through debt covenant monitoring or overall relationship management. Smaller loans are monitored as identified by the loan officer based on the risk profile of the individual borrower or if the loan becomes past due related to credit issues. Loans rated Special Mention, Substandard or Non-accrual are subject to quarterly review and monitoring processes. In addition to the regular monitoring performed by the lending personnel and credit committees, loans are subject to review by a credit review department which verifies the appropriateness of the risk ratings for the loans chosen as part of its risk-based review plan. The risk category of loans in the Commercial portfolio as of September 30, 2022 and December 31, 2021 are as follows:
| Term Loans Amortized Cost Basis by Origination Year |  |
(In thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans Amortized Cost Basis | Total
September 30, 2022 |  |  |  |  |  |  |  |
Business |  |  |  |  |  |  |  |
Risk Rating: |  |  |  |  |  |  |  |
Pass | $ | 1,167,741 |  | $ | 902,680 |  | $ | 519,179 |  | $ | 396,052 |  | $ | 188,319 |  | $ | 255,455 |  | $ | 2,041,998 |  | $ | 5,471,424 |
Special mention | 2,205 |  | 5,535 |  | 224 |  | 635 |  | 70 |  | 7,994 |  | 1,923 |  | 18,586 |
Substandard | 6,600 |  | 5,409 |  | 794 |  | 3,690 |  | 2,817 |  | 10,064 |  | 3,866 |  | 33,240 |
Non-accrual | 430 |  | 55 |  | 60 |  | 51 |  | 956 |  | 4,093 |  | — |  | 5,645 |
Total Business: | $ | 1,176,976 |  | $ | 913,679 |  | $ | 520,257 |  | $ | 400,428 |  | $ | 192,162 |  | $ | 277,606 |  | $ | 2,047,787 |  | $ | 5,528,895 |
Real estate-construction |  |  |  |  |  |  |  |
Risk Rating: |  |  |  |  |  |  |  |
Pass | $ | 399,880 |  | $ | 560,930 |  | $ | 140,643 |  | $ | 26,840 |  | $ | 1,362 |  | $ | 2,208 |  | $ | 17,474 |  | $ | 1,149,337 |
Special mention | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Substandard | — |  | 19,500 |  | 9,999 |  | — |  | 14,926 |  | 13,193 |  | — |  | 57,618 |
Total Real estate-construction: | $ | 399,880 |  | $ | 580,430 |  | $ | 150,642 |  | $ | 26,840 |  | $ | 16,288 |  | $ | 15,401 |  | $ | 17,474 |  | $ | 1,206,955 |
Real estate-business |  |  |  |  |  |  |  |
Risk Rating: |  |  |  |  |  |  |  |
Pass | $ | 876,470 |  | $ | 641,482 |  | $ | 576,752 |  | $ | 468,588 |  | $ | 167,190 |  | $ | 292,556 |  | $ | 90,112 |  | $ | 3,113,150 |
Special mention | 2,854 |  | 3,447 |  | 632 |  | 9,854 |  | 985 |  | 526 |  | — |  | 18,298 |
Substandard | — |  | 30,992 |  | 61,356 |  | 11,437 |  | 33,977 |  | 62,268 |  | — |  | 200,030 |
Non-accrual | — |  | — |  | — |  | — |  | 140 |  | 9 |  | — |  | 149 |
Total Real estate-business: | $ | 879,324 |  | $ | 675,921 |  | $ | 638,740 |  | $ | 489,879 |  | $ | 202,292 |  | $ | 355,359 |  | $ | 90,112 |  | $ | 3,331,627 |
Commercial loans |  |  |  |  |  |  |  |
Risk Rating: |  |  |  |  |  |  |  |
Pass | $ | 2,444,091 |  | $ | 2,105,092 |  | $ | 1,236,574 |  | $ | 891,480 |  | $ | 356,871 |  | $ | 550,219 |  | $ | 2,149,584 |  | $ | 9,733,911 |
Special mention | 5,059 |  | 8,982 |  | 856 |  | 10,489 |  | 1,055 |  | 8,520 |  | 1,923 |  | 36,884 |
Substandard | 6,600 |  | 55,901 |  | 72,149 |  | 15,127 |  | 51,720 |  | 85,525 |  | 3,866 |  | 290,888 |
Non-accrual | 430 |  | 55 |  | 60 |  | 51 |  | 1,096 |  | 4,102 |  | — |  | 5,794 |
Total Commercial loans: | $ | 2,456,180 |  | $ | 2,170,030 |  | $ | 1,309,639 |  | $ | 917,147 |  | $ | 410,742 |  | $ | 648,366 |  | $ | 2,155,373 |  | $ | 10,067,477 |
| Term Loans Amortized Cost Basis by Origination Year |  |
(In thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Loans Amortized Cost Basis | Total
December 31, 2021 |  |  |  |  |  |  |  |
Business |  |  |  |  |  |  |  |
Risk Rating: |  |  |  |  |  |  |  |
Pass | $ | 1,473,869 |  | $ | 704,157 |  | $ | 554,759 |  | $ | 248,739 |  | $ | 159,238 |  | $ | 270,454 |  | $ | 1,795,073 |  | $ | 5,206,289 |
Special mention | 1,785 |  | 126 |  | 17,576 |  | 12,050 |  | 1,490 |  | 3,232 |  | 16,545 |  | 52,804 |
Substandard | 836 |  | 1,191 |  | 8,855 |  | 4,936 |  | 1 |  | 10,775 |  | 10,536 |  | 37,130 |
Non-accrual | 430 |  | — |  | 1 |  | 1,549 |  | — |  | 5,332 |  | — |  | 7,312 |
Total Business: | $ | 1,476,920 |  | $ | 705,474 |  | $ | 581,191 |  | $ | 267,274 |  | $ | 160,729 |  | $ | 289,793 |  | $ | 1,822,154 |  | $ | 5,303,535 |
Real estate-construction |  |  |  |  |  |  |  |
Risk Rating: |  |  |  |  |  |  |  |
Pass | $ | 598,734 |  | $ | 346,507 |  | $ | 66,985 |  | $ | 2,110 |  | $ | 2,655 |  | $ | 2,252 |  | $ | 13,230 |  | $ | 1,032,473 |
Special mention | 44,649 |  | — |  | — |  | 985 |  | — |  | — |  | — |  | 45,634 |
Substandard | 485 |  | 11,620 |  | — |  | 14,896 |  | 13,158 |  | — |  | — |  | 40,159 |
Total Real estate-construction: | $ | 643,868 |  | $ | 358,127 |  | $ | 66,985 |  | $ | 17,991 |  | $ | 15,813 |  | $ | 2,252 |  | $ | 13,230 |  | $ | 1,118,266 |
Real estate- business |  |  |  |  |  |  |  |
Risk Rating: |  |  |  |  |  |  |  |
Pass | $ | 775,561 |  | $ | 712,173 |  | $ | 551,697 |  | $ | 230,138 |  | $ | 170,888 |  | $ | 254,489 |  | $ | 76,641 |  | $ | 2,771,587 |
Special mention | 4,011 |  | 30,322 |  | 10,500 |  | 37,576 |  | 2,068 |  | 2,103 |  | 1 |  | 86,581 |
Substandard | 17,079 |  | 62,939 |  | 12,930 |  | 2,326 |  | 58,934 |  | 45,265 |  | 982 |  | 200,455 |
Non-accrual | — |  | — |  | — |  | 189 |  | — |  | 25 |  | — |  | 214 |
Total Real-estate business: | $ | 796,651 |  | $ | 805,434 |  | $ | 575,127 |  | $ | 270,229 |  | $ | 231,890 |  | $ | 301,882 |  | $ | 77,624 |  | $ | 3,058,837 |
Commercial loans |  |  |  |  |  |  |  |
Risk Rating: |  |  |  |  |  |  |  |
Pass | $ | 2,848,164 |  | $ | 1,762,837 |  | $ | 1,173,441 |  | $ | 480,987 |  | $ | 332,781 |  | $ | 527,195 |  | $ | 1,884,944 |  | $ | 9,010,349 |
Special mention | 50,445 |  | 30,448 |  | 28,076 |  | 50,611 |  | 3,558 |  | 5,335 |  | 16,546 |  | 185,019 |
Substandard | 18,400 |  | 75,750 |  | 21,785 |  | 22,158 |  | 72,093 |  | 56,040 |  | 11,518 |  | 277,744 |
Non-accrual | 430 |  | — |  | 1 |  | 1,738 |  | — |  | 5,357 |  | — |  | 7,526 |
Total Commercial loans: | $ | 2,917,439 |  | $ | 1,869,035 |  | $ | 1,223,303 |  | $ | 555,494 |  | $ | 408,432 |  | $ | 593,927 |  | $ | 1,913,008 |  | $ | 9,480,638 |
The credit quality of Personal Banking loans is monitored primarily on the basis of aging/delinquency, and this information is provided as of September 30, 2022 and December 31, 2021 below:
| Term Loans Amortized Cost Basis by Origination Year |  |
(In thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans Amortized Cost Basis | Total
September 30, 2022 |  |  |  |  |  |  |  |
Real estate-personal |  |  |  |  |  |  |  |
Current to 90 days past due | $ | 422,198 |  | $ | 602,071 |  | $ | 795,233 |  | $ | 299,702 |  | $ | 138,681 |  | $ | 590,278 |  | $ | 10,008 |  | $ | 2,858,171 |
Over 90 days past due | 198 |  | 617 |  | 907 |  | 71 |  | 114 |  | 1,051 |  | — |  | 2,958 |
Non-accrual | — |  | — |  | — |  | 172 |  | 104 |  | 1,114 |  | — |  | 1,390 |
Total Real estate-personal: | $ | 422,396 |  | $ | 602,688 |  | $ | 796,140 |  | $ | 299,945 |  | $ | 138,899 |  | $ | 592,443 |  | $ | 10,008 |  | $ | 2,862,519 |
Consumer |  |  |  |  |  |  |  |
Current to 90 days past due | $ | 449,631 |  | $ | 409,063 |  | $ | 228,612 |  | $ | 122,966 |  | $ | 44,230 |  | $ | 71,452 |  | $ | 786,851 |  | $ | 2,112,805 |
Over 90 days past due | 50 |  | 344 |  | 784 |  | 183 |  | 325 |  | 274 |  | 1,606 |  | 3,566 |
Total Consumer: | $ | 449,681 |  | $ | 409,407 |  | $ | 229,396 |  | $ | 123,149 |  | $ | 44,555 |  | $ | 71,726 |  | $ | 788,457 |  | $ | 2,116,371 |
Revolving home equity |  |  |  |  |  |  |  |
Current to 90 days past due | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 285,136 |  | $ | 285,136 |
Over 90 days past due | — |  | — |  | — |  | — |  | — |  | — |  | 890 |  | 890 |
Total Revolving home equity: | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 286,026 |  | $ | 286,026 |
Consumer credit card |  |  |  |  |  |  |  |
Current to 90 days past due | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 558,804 |  | $ | 558,804 |
Over 90 days past due | — |  | — |  | — |  | — |  | — |  | — |  | 4,545 |  | 4,545 |
Total Consumer credit card: | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 563,349 |  | $ | 563,349 |
Overdrafts |  |  |  |  |  |  |  |
Current to 90 days past due | $ | 3,173 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 3,173 |
Over 90 days past due | 43 |  | — |  | — |  | — |  | — |  | — |  | — |  | 43 |
Total Overdrafts: | $ | 3,216 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 3,216 |
Personal banking loans |  |  |  |  |  |  |  |
Current to 90 days past due | $ | 875,002 |  | $ | 1,011,134 |  | $ | 1,023,845 |  | $ | 422,668 |  | $ | 182,911 |  | $ | 661,730 |  | $ | 1,640,799 |  | $ | 5,818,089 |
Over 90 days past due | 291 |  | 961 |  | 1,691 |  | 254 |  | 439 |  | 1,325 |  | 7,041 |  | 12,002 |
Non-accrual | — |  | — |  | — |  | 172 |  | 104 |  | 1,114 |  | — |  | 1,390 |
Total Personal banking loans: | $ | 875,293 |  | $ | 1,012,095 |  | $ | 1,025,536 |  | $ | 423,094 |  | $ | 183,454 |  | $ | 664,169 |  | $ | 1,647,840 |  | $ | 5,831,481 |
| Term Loans Amortized Cost Basis by Origination Year |  |
(In thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Loans Amortized Cost Basis | Total
December 31, 2021 |  |  |  |  |  |  |  |
Real estate-personal |  |  |  |  |  |  |  |
Current to 90 days past due | $ | 690,058 |  | $ | 888,631 |  | $ | 354,292 |  | $ | 157,485 |  | $ | 149,391 |  | $ | 551,460 |  | $ | 9,470 |  | $ | 2,800,787 |
Over 90 days past due | 133 |  | 1,150 |  | 298 |  | 124 |  | 97 |  | 1,181 |  | — |  | 2,983 |
Non-accrual | 115 |  | — |  | 251 |  | 109 |  | — |  | 1,156 |  | — |  | 1,631 |
Total Real estate-personal: | $ | 690,306 |  | $ | 889,781 |  | $ | 354,841 |  | $ | 157,718 |  | $ | 149,488 |  | $ | 553,797 |  | $ | 9,470 |  | $ | 2,805,401 |
Consumer |  |  |  |  |  |  |  |
Current to 90 days past due | $ | 571,455 |  | $ | 348,774 |  | $ | 192,076 |  | $ | 79,887 |  | $ | 47,401 |  | $ | 78,088 |  | $ | 712,333 |  | $ | 2,030,014 |
Over 90 days past due | 283 |  | 335 |  | 257 |  | 250 |  | 74 |  | 351 |  | 661 |  | 2,211 |
Total Consumer: | $ | 571,738 |  | $ | 349,109 |  | $ | 192,333 |  | $ | 80,137 |  | $ | 47,475 |  | $ | 78,439 |  | $ | 712,994 |  | $ | 2,032,225 |
Revolving home equity |  |  |  |  |  |  |  |
Current to 90 days past due | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 275,144 |  | $ | 275,144 |
Over 90 days past due | — |  | — |  | — |  | — |  | — |  | — |  | 801 |  | 801 |
Total Revolving home equity: | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 275,945 |  | $ | 275,945 |
Consumer credit card |  |  |  |  |  |  |  |
Current to 90 days past due | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 570,156 |  | $ | 570,156 |
Over 90 days past due | — |  | — |  | — |  | — |  | — |  | — |  | 5,254 |  | 5,254 |
Total Consumer credit card: | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 575,410 |  | $ | 575,410 |
Overdrafts |  |  |  |  |  |  |  |
Current to 90 days past due | $ | 6,740 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 6,740 |
Total Overdrafts: | $ | 6,740 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 6,740 |
Personal banking loans |  |  |  |  |  |  |  |
Current to 90 days past due | $ | 1,268,253 |  | $ | 1,237,405 |  | $ | 546,368 |  | $ | 237,372 |  | $ | 196,792 |  | $ | 629,548 |  | $ | 1,567,103 |  | $ | 5,682,841 |
Over 90 days past due | 416 |  | 1,485 |  | 555 |  | 374 |  | 171 |  | 1,532 |  | 6,716 |  | 11,249 |
Non-accrual | 115 |  | — |  | 251 |  | 109 |  | — |  | 1,156 |  | — |  | 1,631 |
Total Personal banking loans: | $ | 1,268,784 |  | $ | 1,238,890 |  | $ | 547,174 |  | $ | 237,855 |  | $ | 196,963 |  | $ | 632,236 |  | $ | 1,573,819 |  | $ | 5,695,721 |
Collateral-dependent loans The Company's collateral-dependent loans are comprised of large loans on non-accrual status. The Company requires that collateral-dependent loans are either over-collateralized or carry collateral equal to the amortized cost of the loan. The following table presents the amortized cost basis of collateral-dependent loans as of September 30, 2022 and December 31, 2021.
(In thousands) | Business Assets |  |  | Oil & Gas Assets | Total
September 30, 2022 |  |  |  |  |
Commercial: |  |  |  |  |
Business | $ | 1,156 |  |  |  | $ | 1,966 |  | $ | 3,122 |
Total | $ | 1,156 |  |  |  | $ | 1,966 |  | $ | 3,122 |
December 31, 2021 |  |  |  |  |
Commercial: |  |  |  |  |
Business | $ | 1,604 |  |  |  | $ | 2,459 |  | $ | 4,063 |
Total | $ | 1,604 |  |  |  | $ | 2,459 |  | $ | 4,063 |
Other Personal Banking loan information As noted above, the credit quality of Personal Banking loans is monitored primarily on the basis of aging/delinquency, and this information is provided in the table in the above section on "Credit quality indicators." In addition, FICO scores are obtained and updated on a quarterly basis for most of the loans in the Personal Banking portfolio. This is a published credit score designed to measure the risk of default by taking into account various factors from a borrower's financial history and is considered supplementary information utilized by the Company, as management does not consider this information in evaluating the allowance for credit losses on loans. The Bank normally obtains a FICO score at the loan's origination and renewal dates, and updates are obtained on a quarterly basis. Excluded from the table below are certain personal real estate loans for which FICO scores are not obtained because the loans generally pertain to commercial customer activities and are often underwritten with other collateral considerations. These loans totaled $186.8 million at September 30, 2022 and $185.6 million at December 31, 2021. The table also excludes consumer loans related to the Company's patient healthcare loan program, which totaled $197.7 million at September 30, 2022 and $186.6 million at December 31, 2021. As the healthcare loans are guaranteed by the hospital, customer FICO scores are not obtained for these loans. The personal real estate loans and consumer loans excluded below totaled less than 7% of the Personal Banking portfolio. For the remainder of loans in the Personal Banking portfolio, the table below shows the percentage of balances outstanding at September 30, 2022 and December 31, 2021 by FICO score.
Personal Banking Loans
| % of Loan Category
| Real Estate - Personal | Consumer | Revolving Home Equity | Consumer Credit Card
September 30, 2022 |  |  |  |
FICO score: |  |  |  |
Under 600 | 1.3 | % | 1.8 | % | 1.5 | % | 3.6 | %
600 - 659 | 2.5 |  | 3.9 |  | 3.4 |  | 11.8 |
660 - 719 | 8.1 |  | 13.2 |  | 9.1 |  | 30.2 |
720 - 779 | 23.5 |  | 23.8 |  | 22.4 |  | 27.9 |
780 and over | 64.6 |  | 57.3 |  | 63.6 |  | 26.5 |
Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | %
December 31, 2021 |  |  |  |
FICO score: |  |  |  |
Under 600 | 1.0 | % | 1.9 | % | 0.9 | % | 3.4 | %
600 - 659 | 2.4 |  | 3.9 |  | 2.6 |  | 11.3 |
660 - 719 | 7.4 |  | 13.8 |  | 9.4 |  | 29.9 |
720 - 779 | 25.2 |  | 25.3 |  | 20.4 |  | 28.2 |
780 and over | 64.0 |  | 55.1 |  | 66.7 |  | 27.2 |
Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | %
Troubled debt restructurings Restructured loans are those extended to borrowers who are experiencing financial difficulty and who have been granted a concession. Restructured loans are placed on non-accrual status if the Company does not believe it probable that amounts due under the contractual terms will be collected. Commercial performing restructured loans are primarily comprised of certain business, construction and business real estate loans classified as substandard but renewed at rates judged to be non-market. These loans are performing in accordance with their modified terms, and because the Company believes it probable that all amounts due under the modified terms of the agreements will be collected, interest on these loans is being recognized on an accrual basis. Troubled debt restructurings also include certain credit card and other small consumer loans under various debt management and assistance programs. Modifications to these loans generally involve removing the available line of credit, placing loans on amortizing status, and lowering the contractual interest rate. Certain personal real estate, revolving home equity, and consumer loans were classified as consumer bankruptcy troubled debt restructurings because they were not reaffirmed by the borrower in bankruptcy proceedings. Interest on these loans is being recognized on an accrual basis, as the borrowers are continuing to make payments. Other consumer loans classified as troubled debt restructurings consist of various other workout arrangements with consumer customers.
(In thousands) | September 30, 2022 | December 31, 2021
Accruing restructured loans: |  |
| Commercial | $ | 140,564 |  | $ | 46,867 |
| Assistance programs | 5,218 |  | 6,146 |
| Other consumer | 4,289 |  | 4,787 |
Non-accrual loans | 5,510 |  | 7,087 |
Total troubled debt restructurings | $ | 155,581 |  | $ | 64,887 |
Section 4013 of the CARES Act was signed into law on March 27, 2020, and included a provision that short-term modifications are not troubled debt restructurings, if made on a good-faith basis in response to COVID-19 to borrowers who were current prior to December 31, 2019. The Company elected such option under the CARES Act when determining if a customer’s modification is subject to troubled debt restructuring classification. The initial guidance issued under the CARES Act was due to expire on December 31, 2020. During January 2021, the Consolidated Appropriations Act, 2021 was enacted and extended through the end of 2021 the relief offered under the CARES Act related to the accounting and disclosure requirements for troubled debt restructurings as a result of COVID-19. The Company elected to extend its application of this guidance through December 31, 2021. During the period covered by the CARES Act, if it was deemed that the loan modification was not short-term, not COVID-19 related or the customer does not meet the criteria under the guidance to be scoped out of troubled debt restructuring classification, the Company evaluated the loan modifications under its existing framework and accounted for the modification as a troubled debt restructuring. The table below shows the balance of troubled debt restructurings by loan classification at September 30, 2022, in addition to the outstanding balances of these restructured loans which the Company considers to have been in default at any time during the past twelve months. For purposes of this disclosure, the Company considers "default" to mean 90 days or more past due as to interest or principal.
(In thousands) | September 30, 2022 | Balance 90 days past due at any time during previous 12 months
Commercial: |  |
Business | $ | 10,958 |  | $ | — |
Real estate - construction and land | 10,054 |  | — |
Real estate - business | 124,046 |  | — |
Personal Banking: |  |
Real estate - personal | 2,894 |  | 653 |
Consumer | 18 |  | — |
Revolving home equity | 2,394 |  | 270 |
Consumer credit card | 5,217 |  | 364 |
Total troubled debt restructurings | $ | 155,581 |  | $ | 1,287 |
For those loans on non-accrual status also classified as restructured, the modification did not create any further financial effect on the Company as those loans were already recorded at net realizable value. For those performing commercial loans classified as restructured, there were no concessions involving forgiveness of principal or interest and, therefore, there was no financial impact to the Company as a result of modification to these loans. However, the effects of modifications to loans under various debt management and assistance programs were estimated to decrease interest income by approximately $663 thousand on an annual, pre-tax basis, compared to amounts contractually owed. Other modifications to consumer loans mainly involve extensions and other small modifications that did not include the forgiveness of principal or interest. The allowance for credit losses related to troubled debt restructurings on non-accrual status is determined by individual evaluation, including collateral adequacy, using the same process as loans on non-accrual status which are not classified as troubled debt restructurings. Those performing loans classified as troubled debt restructurings are accruing loans which management expects to collect under contractual terms. Performing commercial loans having no other concessions granted other than being renewed at non-market interest rates are judged to have similar risk characteristics as non-troubled debt commercial loans and are collectively evaluated based on internal risk rating, loan type, delinquency, historical experience and current economic factors. Performing personal banking loans classified as troubled debt restructurings resulted from the borrower not reaffirming the debt during bankruptcy and have had no other concession granted, other than the Bank's future limitations on collecting payment deficiencies or in pursuing foreclosure actions. As such, they have similar risk characteristics as non-troubled debt personal banking loans and are evaluated collectively based on loan type, delinquency, historical experience and current economic factors. If a troubled debt restructuring defaults and is already on non-accrual status, the allowance for credit losses continues to be based on individual evaluation, using discounted expected cash flows or the fair value of collateral. If an accruing troubled debt restructuring defaults, the loan's risk rating is downgraded to non-accrual status and the loan's related allowance for credit losses is determined based on individual evaluation, or if necessary, the loan is charged off and collection efforts begin. The Company had commitments of $22.0 million at September 30, 2022 to lend additional funds to borrowers with restructured loans. Additionally, the Company had commitments at September 30, 2022 of $24.0 million related to letters of credit with an internal risk rating below substandard. Loans held for sale The Company designates certain long-term fixed rate personal real estate loans as held for sale, and the Company has elected the fair value option for these loans. The election of the fair value option aligns the accounting for these loans with the related economic hedges discussed in Note 11. The loans are primarily sold to Federal Home Loan Mortgage Corporation (FHLMC) and Federal National Mortgage Association (FNMA). At September 30, 2022, the fair value of these loans was $1.4 million, and the unpaid principal balance was $1.5 million. The Company also designates certain student loan originations as held for sale. The borrowers are credit-worthy students who are attending colleges and universities. The loans are intended to be sold in the secondary market, and the Company maintains contracts with Sallie Mae to sell the loans within 210 days after the last disbursement to the student. These loans are carried at lower of cost or fair value, which at September 30, 2022 totaled $6.6 million. At September 30, 2022, none of the loans held for sale were on non-accrual status or 90 days past due and still accruing interest. Foreclosed real estate/repossessed assets The Company’s holdings of foreclosed real estate totaled $354 thousand and $115 thousand at September 30, 2022 and December 31, 2021, respectively. Personal property acquired in repossession, generally autos, totaled $1.7 million and $1.1 million at September 30, 2022 and December 31, 2021, respectively. Upon acquisition, these assets are recorded at fair value less estimated selling costs at the date of foreclosure, establishing a new cost basis. They are subsequently carried at the lower of this cost basis or fair value less estimated selling costs.

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