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Loans and Allowance for Credit Losses | 9 Months Ended
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Sep. 30, 2020
Receivables [Abstract] |
Loans and Allowance for Credit Losses | Allowance for Credit Losses and Asset Quality Net Loans are summarized as follows:
| September 30, 2020 |  | December 31, 2019
| (in thousands)
Real estate - commercial mortgage | $ | 7,046,330 |  |  | $ | 6,700,776 |
Commercial and industrial | 5,968,154 |  |  | 4,446,701 |
Real-estate - residential mortgage | 3,061,835 |  |  | 2,641,465 |
Real-estate - home equity | 1,222,709 |  |  | 1,314,944 |
Real-estate - construction | 1,007,534 |  |  | 971,079 |
Consumer | 469,551 |  |  | 463,164 |
Equipment lease financing and other | 274,570 |  |  | 322,625 |
Overdrafts | 1,694 |  |  | 3,582 |
Gross loans | 19,052,377 |  |  | 16,864,336 |
Unearned income | (23,756) |  |  | (26,810) |
Net Loans | $ | 19,028,621 |  |  | $ | 16,837,526 |
The Corporation segments its loan portfolio by "portfolio segments," as presented in the table above. Certain portfolio segments are further disaggregated by "class segment" for the purpose of estimating credit losses. See "Allowance for Credit Losses" below for further discussion regarding portfolio and class segments and their impact on the determination of the ACL. Allowance for Credit Losses, effective January 1, 2020 As discussed in Note 1, "Basis of Presentation," the Corporation adopted CECL effective January 1, 2020. CECL requires estimated credit losses on loans to be determined based on an expected life of loan model, as compared to an incurred loss model (in effect for periods prior to 2020). Accordingly, ACL disclosures subsequent to January 1, 2020 are not always comparable to prior periods. In addition, certain new disclosures required under CECL are not applicable to prior periods. As a result, the following tables present disclosures separately for each period, where appropriate. New disclosures required under CECL are only shown for the current period and are noted. See Note 1, "Basis of Presentation", for a summary of the impact of adopting CECL on January 1, 2020. Under CECL, loans evaluated individually for impairment consist of non-accrual loans and TDRs. Under the incurred loss model in effect prior to the adoption of CECL, loans evaluated individually for impairment were referred to as impaired loans. The ACL related to loans consists of loans evaluated collectively and individually for expected credit losses. The ACL related to loans represents an estimate of expected credit losses over the expected life of the loans as of the balance sheet date and is recorded as a reduction to Net Loans. The ACL for OBS credit exposures includes estimated losses on unfunded loan commitments, letters of credit and other OBS credit exposures. The total ACL is increased by charges to expense, through the provision for credit losses, and decreased by charge-offs, net of recoveries. The following table presents the components of the ACL under CECL:
| September 30, 2020 |  |
| (in thousands) |  |
ACL - loans | $ | 266,825 |  |  |
ACL - OBS credit exposure | 15,533 |  |  |
Total ACL | $ | 282,358 |  |  |
The following table presents the activity in the ACL in 2020:
| Three months ended September 30, 2020 |  | Nine months ended September 30, 2020 |  |  |  |  |  |
| (in thousands) |  |  |  |  |  |
Balance at beginning of period | $ | 272,920 |  |  | $ | 166,209 |  |  |  |  |  |  |
Impact of adopting CECL on January 1, 2020 (1) | — |  |  | 58,348 |  |  |  |  |  |  |
Loans charged off | (5,489) |  |  | (27,539) |  |  |  |  |  |  |
Recoveries of loans previously charged off | 7,847 |  |  | 14,660 |  |  |  |  |  |  |
Net loans recovered (charged off) | 2,358 |  |  | (12,879) |  |  |  |  |  |  |
Provision for credit losses (2) | 7,080 |  |  | 70,680 |  |  |  |  |  |  |
Balance at end of period | $ | 282,358 |  |  | $ | 282,358 |  |  |  |  |  |  |
(1) Includes $12.6 million of reserves for OBS credit exposures as of January 1, 2020. (2) Includes $850,000 and $320,000 related to OBS credit exposures for the three and nine months ended September 30, 2020, respectively. The following table presents the activity in the ACL - loans by portfolio segment, for the three and nine months ended September 30, 2020:
| Real Estate - Commercial Mortgage |  | Commercial and Industrial |  | Real Estate - Home Equity |  | Real Estate - Residential Mortgage |  | Real Estate - Construction |  | Consumer |  | Equipment lease financing, other and overdrafts |  |  |  | Total
| (in thousands)
Three months ended September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at June 30, 2020 | $ | 102,695 |  |  | $ | 61,447 |  |  | $ | 16,391 |  |  | $ | 46,443 |  |  | $ | 12,314 |  |  | $ | 10,299 |  |  | $ | 6,948 |  |  |  |  | $ | 256,537 |
Loans charged off | (746) |  |  | (2,969) |  |  | (393) |  |  | (198) |  |  | — |  |  | (701) |  |  | (483) |  |  |  |  | (5,489) |
Recoveries of loans previously charged off | 100 |  |  | 2,103 |  |  | 44 |  |  | 95 |  |  | 4,873 |  |  | 447 |  |  | 185 |  |  |  |  | 7,847 |
Net loans recovered (charged off) | (646) |  |  | (866) |  |  | (349) |  |  | (103) |  |  | 4,873 |  |  | (254) |  |  | (298) |  |  |  |  | 2,358 |
Provision for loan losses (1) | 9,806 |  |  | (1,743) |  |  | 256 |  |  | 2,013 |  |  | (2,177) |  |  | 260 |  |  | (484) |  |  |  |  | 7,930 |
Balance at September 30, 2020 | $ | 111,855 |  |  | $ | 58,838 |  |  | $ | 16,298 |  |  | $ | 48,353 |  |  | $ | 15,010 |  |  | $ | 10,305 |  |  | $ | 6,166 |  |  |  |  | $ | 266,825 |
Nine months ended September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2019 | $ | 45,610 |  |  | $ | 68,602 |  |  | $ | 17,744 |  |  | $ | 19,771 |  |  | $ | 4,443 |  |  | $ | 3,762 |  |  | $ | 3,690 |  |  |  |  | $ | 163,622 |
Impact of adopting CECL on January 1, 2020 | 29,361 |  |  | (18,576) |  |  | (65) |  |  | 21,235 |  |  | 4,015 |  |  | 5,969 |  |  | 3,784 |  |  |  |  | 45,723 |
Loans charged off | (3,925) |  |  | (17,348) |  |  | (1,138) |  |  | (620) |  |  | (17) |  |  | (2,788) |  |  | (1,704) |  |  |  |  | (27,539) |
Recoveries of loans previously charged off | 439 |  |  | 6,815 |  |  | 305 |  |  | 292 |  |  | 4,943 |  |  | 1,481 |  |  | 385 |  |  |  |  | 14,660 |
Net loans recovered (charged off) | (3,486) |  |  | (10,533) |  |  | (833) |  |  | (328) |  |  | 4,926 |  |  | (1,307) |  |  | (1,319) |  |  |  |  | (12,879) |
Provision for loan losses (1) | 40,370 |  |  | 19,345 |  |  | (548) |  |  | 7,675 |  |  | 1,626 |  |  | 1,881 |  |  | 11 |  |  |  |  | 70,359 |
Balance at September 30, 2020 | $ | 111,855 |  |  | $ | 58,838 |  |  | $ | 16,298 |  |  | $ | 48,353 |  |  | $ | 15,010 |  |  | $ | 10,305 |  |  | $ | 6,166 |  |  |  |  | $ | 266,825 |
(1) Provision included in the table only includes the portion related to Net Loans. The higher provision during the first nine months of 2020 was largely driven by the overall downturn in economic forecasts due to COVID-19, resulting in higher expected future credit losses under CECL. The ACL includes qualitative adjustments, as appropriate, intended to capture the impact of uncertainties not reflected in the quantitative models. Qualitative adjustments include and consider changes in international, national, regional and local economic and business conditions, an assessment of the lending environment, including underwriting standards and other factors affecting credit quality. Qualitative adjustments used in determining the ACL increased compared to those at the time of adoption of CECL on January 1, 2020 primarily as a result of uncertainties related to forecasted economic variables due to the economic impact of COVID-19 and the future performance of loans that received deferrals or forbearances due to COVID-19. Allowance for Credit Losses, prior to January 1, 2020 Prior to January 1, 2020, the ACL consisted of the allowance for loan losses and the reserve for unfunded lending commitments. The allowance for loan losses represented management’s estimate of incurred losses in the loan portfolio as of the balance sheet date and is recorded as a reduction to Net Loans. The reserve for unfunded lending commitments represented management’s estimate of incurred losses in unfunded loan commitments and letters of credit, and was recorded in other liabilities on the consolidated balance sheets. The ACL was increased by charges to expense, through the provision for credit losses, and decreased by charge-offs, net of recoveries. The following table presents the components of the ACL:
| December 31, 2019
| (in thousands)
Allowance for loan losses | $ | 163,622 |
Reserve for unfunded lending commitments | 2,587 |
ACL | $ | 166,209 |
The following table presents the activity in the ACL for the periods indicated in 2019:
| Three months ended September 30, 2019 |  | Nine months ended September 30, 2019
| (in thousands)
Balance at beginning of period | $ | 176,941 |  |  | $ | 169,410 |
Loans charged off | (10,128) |  |  | (20,208) |
Recoveries of loans previously charged off | 3,814 |  |  | 11,300 |
Net loans charged off | (6,314) |  |  | (8,908) |
Provision for credit losses(1) | 2,170 |  |  | 12,295 |
Balance at end of period | $ | 172,797 |  |  | $ | 172,797 |
(1) Includes ($46,000) and ($2.2 million) related to reserve for unfunded lending commitments for the three and nine months ended September 30, 2019, respectively. The following table presents the activity in the allowance for loan losses, by portfolio segment, for the three and nine months ended September 30, 2019:
| Real Estate - Commercial Mortgage |  | Commercial & Industrial |  | Real Estate - Home Equity |  | Real Estate - Residential Mortgage |  | Real Estate - Construction |  | Consumer |  | Equipment lease financing, other and overdrafts |  | Total
| (in thousands)
Three months ended September 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at June 30, 2019 | $ | 54,859 |  |  | $ | 66,341 |  |  | $ | 18,981 |  |  | $ | 18,892 |  |  | $ | 4,928 |  |  | $ | 3,363 |  |  | $ | 2,869 |  |  | $ | 170,233 |
Loans charged off | (394) |  |  | (7,181) |  |  | (498) |  |  | (533) |  |  | (45) |  |  | (877) |  |  | (600) |  |  | (10,128) |
Recoveries of loans previously charged off | 444 |  |  | 2,311 |  |  | 132 |  |  | 440 |  |  | 164 |  |  | 216 |  |  | 107 |  |  | 3,814 |
Net loans recovered (charged off) | 50 |  |  | (4,870) |  |  | (366) |  |  | (93) |  |  | 119 |  |  | (661) |  |  | (493) |  |  | (6,314) |
Provision for loan losses(1) | (5,529) |  |  | 7,710 |  |  | (662) |  |  | (109) |  |  | (664) |  |  | 798 |  |  | 672 |  |  | 2,216 |
Balance at September 30, 2019 | $ | 49,380 |  |  | $ | 69,181 |  |  | $ | 17,953 |  |  | $ | 18,690 |  |  | $ | 4,383 |  |  | $ | 3,500 |  |  | $ | 3,048 |  |  | $ | 166,135 |
Nine months ended September 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2018 | $ | 52,889 |  |  | $ | 58,868 |  |  | $ | 18,911 |  |  | $ | 18,921 |  |  | $ | 5,061 |  |  | $ | 3,217 |  |  | $ | 2,670 |  |  | $ | 160,537 |
Loans charged off | (1,769) |  |  | (11,863) |  |  | (923) |  |  | (1,322) |  |  | (143) |  |  | (2,355) |  |  | (1,833) |  |  | (20,208) |
Recoveries of loans previously charged off | 749 |  |  | 6,234 |  |  | 552 |  |  | 783 |  |  | 1,493 |  |  | 1,005 |  |  | 484 |  |  | 11,300 |
Net loans recovered (charged off) | (1,020) |  |  | (5,629) |  |  | (371) |  |  | (539) |  |  | 1,350 |  |  | (1,350) |  |  | (1,349) |  |  | (8,908) |
Provision for loan losses(1) | (2,489) |  |  | 15,942 |  |  | (587) |  |  | 308 |  |  | (2,028) |  |  | 1,633 |  |  | 1,727 |  |  | 14,506 |
Balance at September 30, 2019 | $ | 49,380 |  |  | $ | 69,181 |  |  | $ | 17,953 |  |  | $ | 18,690 |  |  | $ | 4,383 |  |  | $ | 3,500 |  |  | $ | 3,048 |  |  | $ | 166,135 |
(1) The provision in the table only includes the portion related to Net Loans. Non-accrual Loans All loans individually evaluated for impairment are measured for losses on a quarterly basis. As of September 30, 2020 and December 31, 2019, substantially all of the Corporation’s individually evaluated loans with total commitments greater than or equal to $1.0 million were measured based on the estimated fair value of each loan’s collateral, if any. Collateral could be in the form of real estate, in the case of commercial mortgages and construction loans, or business assets, such as accounts receivable or inventory, in the case of commercial and industrial loans. Commercial and industrial loans may also be secured by real estate. As of both September 30, 2020 and December 31, 2019, approximately 93% of loans evaluated individually for impairment with principal balances greater than or equal to $1.0 million, whose primary collateral is real estate, were measured at estimated fair value using appraisals performed by state certified third-party appraisers that had been updated in the preceding 12 months. The following table presents total non-accrual loans, by class segment:
| September 30, 2020 |  | December 31, 2019
| Non-accrual Loans |  | Non-accrual Loans
| With a Related Allowance |  | Without a Related Allowance |  | Total |  | Total
| (in thousands)
Real estate - commercial mortgage | $ | 15,145 |  |  | $ | 25,781 |  |  | $ | 40,926 |  |  | $ | 33,166 |
Commercial and industrial | 14,326 |  |  | 20,948 |  |  | 35,274 |  |  | 48,106 |
Real estate - residential mortgage | 23,637 |  |  | 1,256 |  |  | 24,893 |  |  | 16,676 |
Real estate - home equity | 8,682 |  |  | — |  |  | 8,682 |  |  | 7,004 |
Real estate - construction | 607 |  |  | 1,014 |  |  | 1,621 |  |  | 3,618 |
Consumer | 235 |  |  | — |  |  | 235 |  |  | — |
Equipment lease financing and other | — |  |  | 16,690 |  |  | 16,690 |  |  | 16,528 |
| $ | 62,632 |  |  | $ | 65,689 |  |  | $ | 128,321 |  |  | $ | 125,098 |
As of September 30, 2020, there were $65.7 million of non-accrual loans that did not have a related allowance for credit losses. The estimated fair values of the collateral securing these loans exceeded their carrying amount, or the loans were previously charged down to realizable collateral values. Accordingly, no specific valuation allowance was considered to be necessary. Asset Quality Maintaining an appropriate ACL is dependent on various factors, including the ability to identify potential problem loans in a timely manner. For commercial construction, residential construction, commercial and industrial, and commercial real estate, an internal risk rating process is used. The Corporation believes that internal risk ratings are the most relevant credit quality indicator for these types of loans. The migration of loans through the various internal risk categories is a significant component of the ACL methodology for these loans, under both the CECL and incurred loss models, which bases the probability of default on this migration. Assigning risk ratings involves judgment. The Corporation's loan review officers provide a separate assessment of risk rating accuracy. Risk ratings may be changed based on the ongoing monitoring procedures performed by loan officers or credit administration staff, or if specific loan review assessments identify a deterioration or an improvement in the loans. The following table summarizes designated internal risk categories by portfolio segment and loan class, by origination year, in the current period :
|  | September 30, 2020
|  | Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Revolving Loans converted to Term Loans |
|  | (dollars in thousands) | Amortized | Amortized |
| 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Cost Basis | Cost Basis | Total
Real estate - construction(1) |  |  |  |  |  |  |  |  |
| Pass | $ | 94,758 |  | $ | 243,614 |  | $ | 196,393 |  | $ | 138,308 |  | $ | 44,315 |  | $ | 114,228 |  | $ | 47,594 |  | $ | — |  | $ | 879,210 |
| Special Mention | — |  | 241 |  | — |  | — |  | 7,103 |  | 6,106 |  | — |  | — |  | 13,450 |
| Substandard or Lower | — |  | 448 |  | — |  | — |  | 760 |  | 5,822 |  | 943 |  | — |  | 7,973 |
| Total real estate - construction | 94,758 |  | 244,303 |  | 196,393 |  | 138,308 |  | 52,178 |  | 126,156 |  | 48,537 |  | — |  | 900,633 |
Real estate - construction(1) |  |  |  |  |  |  |  |
| Current period gross charge-offs | — |  | — |  | — |  | — |  | — |  | (17) |  | — |  | — |  | (17) |
| Current period recoveries | — |  | — |  | — |  | — |  | 68 |  | 4,875 |  | — |  | — |  | 4,943 |
| Total net (charge-offs) recoveries | — |  | — |  | — |  | — |  | 68 |  | 4,858 |  | — |  | — |  | 4,926 |
Commercial and industrial |  |  |  |  |  |  |  |
| Pass | 2,409,273 |  | 540,493 |  | 330,516 |  | 229,184 |  | 216,228 |  | 635,782 |  | 1,256,763 |  | — |  | 5,618,239 |
| Special Mention | 52,203 |  | 13,653 |  | 7,618 |  | 10,886 |  | 13,693 |  | 29,919 |  | 50,673 |  | — |  | 178,645 |
| Substandard or Lower | 38,983 |  | 1,125 |  | 15,819 |  | 11,797 |  | 13,422 |  | 25,081 |  | 64,089 |  | 954 |  | 171,270 |
| Total commercial and industrial | 2,500,459 |  | 555,271 |  | 353,953 |  | 251,867 |  | 243,343 |  | 690,782 |  | 1,371,525 |  | 954 |  | 5,968,154 |
Commercial and industrial |  |  |  |  |  |  |  |
| Current period gross charge-offs | — |  | (106) |  | (10) |  | (102) |  | (388) |  | (117) |  | (16,625) |  | — |  | (17,348) |
| Current period recoveries |  | 39 |  | 364 |  | 207 |  | 91 |  | 1,704 |  | 4,410 |  | — |  | 6,815 |
| Total net (charge-offs) recoveries | — |  | (67) |  | 354 |  | 105 |  | (297) |  | 1,587 |  | (12,215) |  | — |  | (10,533) |
Real estate - commercial mortgage |  |  |  |  |  |  |  |
| Pass | 702,768 |  | 933,999 |  | 792,029 |  | 850,926 |  | 871,759 |  | 2,381,373 |  | 88,116 |  | 327 |  | 6,621,297 |
| Special Mention | 13,247 |  | 13,505 |  | 19,298 |  | 33,245 |  | 46,354 |  | 139,832 |  | 3,502 |  | — |  | 268,983 |
| Substandard or Lower | 1,119 |  | 2,409 |  | 13,665 |  | 39,467 |  | 9,375 |  | 88,671 |  | 1,344 |  | — |  | 156,050 |
| Total real estate - commercial mortgage | 717,134 |  | 949,913 |  | 824,992 |  | 923,638 |  | 927,488 |  | 2,609,876 |  | 92,962 |  | 327 |  | 7,046,330 |
Real estate - commercial mortgage |  |  |  |  |  |  |  |
| Current period gross charge-offs | — |  | (16) |  | (36) |  | (2,515) |  | (29) |  | (1,312) |  | (17) |  | — |  | (3,925) |
| Current period recoveries | — |  | — |  | — |  | — |  | 1 |  | 438 |  | — |  | — |  | 439 |
| Total net (charge-offs) recoveries | — |  | (16) |  | (36) |  | (2,515) |  | (28) |  | (874) |  | (17) |  | — |  | (3,486) |
Total |  |  |  |  |  |  |  |
| Pass | $ | 3,206,799 |  | $ | 1,718,106 |  | $ | 1,318,938 |  | $ | 1,218,418 |  | $ | 1,132,302 |  | $ | 3,131,383 |  | $ | 1,392,473 |  | $ | 327 |  | $ | 13,118,746 |
| Special Mention | 65,450 |  | 27,399 |  | 26,916 |  | 44,131 |  | 67,150 |  | 175,857 |  | 54,175 |  | — |  | 461,078 |
| Substandard or Lower | 40,102 |  | 3,982 |  | 29,484 |  | 51,264 |  | 23,557 |  | 119,574 |  | 66,376 |  | 954 |  | 335,293 |
| Total | $ | 3,312,351 |  | $ | 1,749,487 |  | $ | 1,375,338 |  | $ | 1,313,813 |  | $ | 1,223,009 |  | $ | 3,426,814 |  | $ | 1,513,024 |  | $ | 1,281 |  | $ | 13,915,117 |
(1) Excludes real estate - construction - other. The information presented in the table above is not required for periods prior to the adoption of CECL. The following table presents the most comparable required information for the prior period, internal credit risk ratings for the indicated loan class segments:
| December 31, 2019
| Pass |  | Special Mention |  | Substandard or Lower |  | Total
| (dollars in thousands)
Real estate - commercial mortgage | $ | 6,429,407 |  |  | $ | 137,163 |  |  | $ | 134,206 |  |  | $ | 6,700,776 |
Commercial and industrial - secured | 3,830,847 |  |  | 171,442 |  |  | 195,884 |  |  | 4,198,173 |
Commercial and industrial - unsecured | 234,987 |  |  | 9,665 |  |  | 3,876 |  |  | 248,528 |
Total commercial and industrial | 4,065,834 |  |  | 181,107 |  |  | 199,760 |  |  | 4,446,701 |
Construction - commercial residential | 100,808 |  |  | 2,897 |  |  | 3,461 |  |  | 107,166 |
Construction - commercial | 765,562 |  |  | 1,322 |  |  | 2,676 |  |  | 769,560 |
Total construction (excluding construction - other) | 866,370 |  |  | 4,219 |  |  | 6,137 |  |  | 876,726 |
| $ | 11,361,611 |  |  | $ | 322,489 |  |  | $ | 340,103 |  |  | $ | 12,024,203 |
% of Total | 94.5 | % |  | 2.7 | % |  | 2.8 | % |  | 100.0 | %
The Corporation does not assign internal risk ratings to smaller balance, homogeneous loans, such as home equity, residential mortgage, construction loans to individuals secured by residential real estate, consumer and equipment lease financing. For these loans, the most relevant credit quality indicator is delinquency status. The migration of loans through the various delinquency status categories is a significant component of the ACL methodology for those loans, under both the CECL and incurred loss models, which base the PD on this migration. The Corporation considers the performance of the loan portfolio and its impact on the ACL. For certain loans classes, the Corporation evaluates credit quality based on the aging status of the loan. The following table presents the amortized cost of these loans based on payment activity, by origination year, for the current period:
|  | September 30, 2020
|  | Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Revolving Loans converted to Term Loans |
|  | (dollars in thousands) | Amortized | Amortized |
|  | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Cost Basis | Cost Basis | Total
Real estate - home equity |  |  |  |  |  |  |  |  |
| Performing | $ | 21,247 |  | $ | 8,297 |  | $ | 14,573 |  | $ | 12,064 |  | $ | 13,006 |  | $ | 140,145 |  | $ | 995,811 |  | $ | 5,485 |  | $ | 1,210,628 |
| Nonperforming | — |  | — |  | 153 |  | 256 |  | 225 |  | 2,354 |  | 8,764 |  | 329 |  | 12,081 |
| Total real estate - home equity | 21,247 |  | 8,297 |  | 14,726 |  | 12,320 |  | 13,231 |  | 142,499 |  | 1,004,575 |  | 5,814 |  | 1,222,709 |
Real estate - home equity |  |  |  |  |  |  |  |  |
| Current period gross charge-offs | — |  | — |  | — |  | — |  | — |  | — |  | (1,137) |  | — |  | (1,137) |
| Current period recoveries | — |  | — |  | — |  | — |  | — |  | 123 |  | 182 |  | — |  | 305 |
| Total net (charge-offs) recoveries | — |  | — |  | — |  | — |  | — |  | 123 |  | (955) |  | — |  | (832) |
Real estate - residential mortgage |  |  |  |  |  |  |  |
| Performing | 953,063 |  | 649,475 |  | 268,809 |  | 383,345 |  | 294,005 |  | 484,717 |  | — |  | — |  | 3,033,414 |
| Nonperforming | — |  | 832 |  | 2,437 |  | 2,611 |  | 723 |  | 21,818 |  | — |  | — |  | 28,421 |
| Total real estate - residential mortgage | 953,063 |  | 650,307 |  | 271,246 |  | 385,956 |  | 294,728 |  | 506,535 |  | — |  | — |  | 3,061,835 |
Real estate - residential mortgage |  |  |  |  |  |  |  |
| Current period gross charge-offs | — |  | (68) |  | (101) |  | (190) |  | (7) |  | (254) |  | — |  | — |  | (620) |
| Current period recoveries | — |  | — |  | 13 |  | 1 |  | — |  | 278 |  | — |  | — |  | 292 |
| Total net (charge-offs) recoveries | — |  | (68) |  | (88) |  | (189) |  | (7) |  | 24 |  | — |  | — |  | (328) |
Consumer |  |  |  |  |  |  |  |
| Performing | 93,208 |  | 106,797 |  | 104,984 |  | 48,281 |  | 27,828 |  | 38,319 |  | 49,594 |  | — |  | 469,011 |
| Nonperforming | 123 |  | 68 |  | 56 |  | 62 |  | 47 |  | 162 |  | 22 |  | — |  | 540 |
| Total consumer | 93,331 |  | 106,865 |  | 105,040 |  | 48,343 |  | 27,875 |  | 38,481 |  | 49,616 |  | — |  | 469,551 |
Consumer |  |  |  |  |  |  |  |
| Current period gross charge-offs | — |  | (500) |  | (425) |  | (346) |  | (433) |  | (642) |  | (442) |  | — |  | (2,788) |
| Current period recoveries | — |  | 48 |  | 148 |  | 116 |  | 177 |  | 891 |  | 101 |  | — |  | 1,481 |
| Total net (charge-offs) recoveries | — |  | (452) |  | (277) |  | (230) |  | (256) |  | 249 |  | (341) |  | — |  | (1,307) |
Equipment lease financing and other |  |  |  |  |  |  |  |
| Performing | 69,512 |  | 71,629 |  | 53,733 |  | 39,888 |  | 18,481 |  | 6,219 |  | — |  | — |  | 259,462 |
| Nonperforming | — |  | — |  | 190 |  | 16,054 |  | 272 |  | 286 |  | — |  | — |  | 16,802 |
| Total leasing and other | 69,512 |  | 71,629 |  | 53,923 |  | 55,942 |  | 18,753 |  | 6,505 |  | — |  | — |  | 276,264 |
Equipment lease financing and other |  |  |  |  |  |  |  |
| Current period gross charge-offs | (1,463) |  | (241) |  | — |  | — |  | — |  | — |  | — |  | — |  | (1,704) |
| Current period recoveries | 187 |  | 136 |  | 17 |  | 16 |  | 9 |  | 20 |  | — |  | — |  | 385 |
| Total net (charge-offs) recoveries | (1,276) |  | (105) |  | 17 |  | 16 |  | 9 |  | 20 |  | — |  | — |  | (1,319) |
Construction - other |  |  |  |  |  |  |  |  |
| Performing | 45,386 |  | 36,764 |  | 6,614 |  | — |  | 16 |  | — |  | 17,940 |  | — |  | 106,720 |
| Nonperforming | — |  | — |  | — |  | 181 |  | — |  | — |  | — |  | — |  | 181 |
| Total construction - other | 45,386 |  | 36,764 |  | 6,614 |  | 181 |  | 16 |  | — |  | 17,940 |  | — |  | 106,901 |
Construction - other |  |  |  |  |  |  |  |  |
| Current period gross charge-offs | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
| Current period recoveries | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
| Total net (charge-offs) recoveries | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total |  |  |  |  |  |  |  |  |
| Performing | $ | 1,182,416 |  | $ | 872,962 |  | $ | 448,713 |  | $ | 483,578 |  | $ | 353,336 |  | $ | 669,400 |  | $ | 1,063,345 |  | $ | 5,485 |  | $ | 5,079,235 |
| Nonperforming | 123 |  | 900 |  | 2,836 |  | 19,164 |  | 1,267 |  | 24,620 |  | 8,786 |  | 329 |  | 58,025 |
| Total | $ | 1,182,539 |  | $ | 873,862 |  | $ | 451,549 |  | $ | 502,742 |  | $ | 354,603 |  | $ | 694,020 |  | $ | 1,072,131 |  | $ | 5,814 |  | $ | 5,137,260 |
The information presented in the table above is not required for periods prior to the adoption of CECL. The following table presents the most comparable required information for the prior period, a summary of performing, delinquent and non-performing loans for the indicated class segments:
| December 31, 2019
| Performing |  | Delinquent (1) |  | Non-performing (2) |  | Total
| (dollars in thousands)
Real estate - home equity | $ | 1,292,035 |  |  | $ | 12,341 |  |  | $ | 10,568 |  |  | $ | 1,314,944 |
Real estate - residential mortgage | 2,584,763 |  |  | 34,291 |  |  | 22,411 |  |  | 2,641,465 |
Construction - other | 92,649 |  |  | 895 |  |  | 809 |  |  | 94,353 |
Consumer - direct | 63,582 |  |  | 465 |  |  | 190 |  |  | 64,237 |
Consumer - indirect | 393,974 |  |  | 4,685 |  |  | 268 |  |  | 398,927 |
Total consumer | 457,556 |  |  | 5,150 |  |  | 458 |  |  | 463,164 |
Equipment lease financing and other | 278,743 |  |  | 4,012 |  |  | 16,642 |  |  | 299,397 |
| $ | 4,705,746 |  |  | $ | 56,689 |  |  | $ | 50,888 |  |  | $ | 4,813,323 |
% of Total | 97.8 | % |  | 1.2 | % |  | 1.0 | % |  | 100 | %
(1)Includes all accruing loans 30 days to 89 days past due. (2)Includes all accruing loans 90 days or more past due and all non-accrual loans. The following table presents non-performing assets:
| September 30, 2020 |  | December 31, 2019
| (in thousands)
Non-accrual loans | $ | 128,321 |  |  | $ | 125,098 |
Loans 90 days or more past due and still accruing | 13,761 |  |  | 16,057 |
Total non-performing loans | 142,082 |  |  | 141,155 |
OREO (1) | 4,565 |  |  | 6,831 |
Total non-performing assets | $ | 146,647 |  |  | $ | 147,986 |
(1) Excludes $9.6 million of residential mortgage properties for which formal foreclosure proceedings were in process as of September 30, 2020. The following tables present the aging of the amortized cost basis of loans, by class segment:
| 30-59 |  | 60-89 |  | ≥ 90 Days |  |  |  |  |  |  |  |
| Days Past |  | Days Past |  | Past Due |  |  |  | Non- |  |  |  |
| Due |  | Due |  | and Accruing |  |  |  | Accrual |  | Current |  | Total
| (in thousands)
September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate – commercial mortgage | $ | 11,867 |  |  | $ | 3,702 |  |  | $ | 2,499 |  |  |  |  | $ | 40,926 |  |  | $ | 6,987,336 |  |  | $ | 7,046,330 |
Commercial and industrial | 5,326 |  |  | 1,228 |  |  | 1,950 |  |  |  |  | 35,274 |  |  | 5,924,376 |  |  | 5,968,154 |
Real estate – residential mortgage | 10,686 |  |  | 1,180 |  |  | 3,394 |  |  |  |  | 24,893 |  |  | 3,021,682 |  |  | 3,061,835 |
Real estate – home equity | 3,966 |  |  | 902 |  |  | 3,070 |  |  |  |  | 8,682 |  |  | 1,206,089 |  |  | 1,222,709 |
Real estate – construction | — |  |  | — |  |  | 2,430 |  |  |  |  | 1,621 |  |  | 1,003,483 |  |  | 1,007,534 |
Consumer | 1,648 |  |  | 436 |  |  | 306 |  |  |  |  | 235 |  |  | 466,926 |  |  | 469,551 |
Equipment lease financing and other | 250 |  |  | 110 |  |  | 112 |  |  |  |  | 16,690 |  |  | 235,346 |  |  | 252,508 |
Total | $ | 33,743 |  |  | $ | 7,558 |  |  | $ | 13,761 |  |  |  |  | $ | 128,321 |  |  | $ | 18,845,238 |  |  | $ | 19,028,621 |
| 30-59 Days Past Due |  | 60-89 Days Past Due |  | ≥ 90 Days Past Due and Accruing |  | Non- accrual |  | Current |  | Total
| (in thousands)
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |
Real estate – commercial mortgage | $ | 10,912 |  |  | $ | 1,543 |  |  | $ | 4,113 |  |  | $ | 33,166 |  |  | $ | 6,651,042 |  |  | $ | 6,700,776 |
Commercial and industrial | 2,302 |  |  | 2,630 |  |  | 1,385 |  |  | 48,106 |  |  | 4,392,278 |  |  | 4,446,701 |
Real estate – residential mortgage | 26,982 |  |  | 7,309 |  |  | 5,735 |  |  | 16,676 |  |  | 2,584,763 |  |  | 2,641,465 |
Real estate – home equity | 9,635 |  |  | 2,706 |  |  | 3,564 |  |  | 7,004 |  |  | 1,292,035 |  |  | 1,314,944 |
Real estate – construction | 1,715 |  |  | 900 |  |  | 688 |  |  | 3,618 |  |  | 964,158 |  |  | 971,079 |
Consumer | 4,228 |  |  | 922 |  |  | 458 |  |  | — |  |  | 457,556 |  |  | 463,164 |
Equipment lease financing and other | 552 |  |  | 3,460 |  |  | 114 |  |  | 16,528 |  |  | 278,743 |  |  | 299,397 |
Total | $ | 56,326 |  |  | $ | 19,470 |  |  | $ | 16,057 |  |  | $ | 125,098 |  |  | $ | 16,620,575 |  |  | $ | 16,837,526 |
Collateral-Dependent Loans A financial asset is considered to be collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. For all classes of financial assets deemed collateral-dependent, the Corporation elected the practical expedient to estimate expected credit losses based on the collateral’s fair value less cost to sell. In most cases, the Corporation records a partial charge-off to reduce the loan’s carrying value to the collateral’s fair value less cost to sell. Substantially all of the collateral supporting collateral-dependent financial assets consists of various types of real estate including residential properties; commercial properties such as retail centers, office buildings, and lodging; agriculture land; and vacant land. Troubled Debt Restructurings The following table presents TDRs, by class segment:
| September 30, 2020 |  | December 31, 2019
| (in thousands)
Real estate - residential mortgage | $ | 19,427 |  |  | $ | 21,551 |
Real estate - commercial mortgage | 28,558 |  |  | 13,330 |
Real estate - home equity | 14,875 |  |  | 15,068 |
Commercial and industrial | 7,328 |  |  | 5,193 |
Consumer | — |  |  | 8 |
Total accruing TDRs | 70,188 |  |  | 55,150 |
Non-accrual TDRs (1) | 37,025 |  |  | 20,825 |
Total TDRs | $ | 107,213 |  |  | $ | 75,975 |
(1)Included in non-accrual loans in the preceding table detailing non-performing assets. The following table presents TDRs, by class segment, for loans that were modified during the three and nine months ended September 30, 2020 and 2019:
| Three months ended September 30 |  | Nine months ended September 30
| 2020 |  | 2019 |  | 2020 |  | 2019
| Number of Loans |  | Recorded Investment |  | Number of Loans |  | Recorded Investment |  | Number of Loans |  | Recorded Investment |  | Number of Loans |  | Recorded Investment
| (dollars in thousands)
Real estate - residential mortgage | 8 |  |  | $ | 1,351 |  |  | 1 |  |  | $ | 830 |  |  | 48 |  |  | $ | 10,516 |  |  | 6 |  |  | $ | 2,263 |
Real estate - commercial mortgage | 5 |  |  | 8,394 |  |  | 1 |  |  | 81 |  |  | 12 |  |  | 24,868 |  |  | 1 |  |  | 81 |
Real estate - home equity | 13 |  |  | 1,370 |  |  | 12 |  |  | 327 |  |  | 40 |  |  | 3,556 |  |  | 46 |  |  | 2,281 |
Commercial and industrial | 4 |  |  | 3,021 |  |  | 3 |  |  | 97 |  |  | 18 |  |  | 4,399 |  |  | 13 |  |  | 4,928 |
Consumer | 3 |  |  | 53 |  |  | — |  |  | — |  |  | 11 |  |  | 238 |  |  | — |  |  | — |
Total | 33 |  |  | $ | 14,189 |  |  | 17 |  |  | $ | 1,335 |  |  | 129 |  |  | $ | 43,577 |  |  | 66 |  |  | $ | 9,553 |
Restructured loan modifications may include payment schedule modifications, interest rate concessions, bankruptcies, principal reduction or some combination of these concessions. The restructured loan modifications primarily included maturity date extensions, rate modifications and payment schedule modifications. In accordance with regulatory guidance, payment schedule modifications granted after March 13, 2020 to borrowers impacted by the effects of the COVID-19 pandemic and who were not delinquent at the time of the payment schedule modifications have been excluded from TDRs. For the nine months ended September 30, 2020, payment schedule modifications having a recorded investment of $3.8 billion were excluded from TDRs based on this regulatory guidance.

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 + Details
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