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Loans and Allowance for Credit Losses (Tables)
9 Months Ended
Sep. 30, 2021
Receivables [Abstract]  
Summary of Gross Loans by Type
Net Loans are summarized as follows:
September 30,
2021
December 31, 2020
 (in thousands)
Real estate - commercial mortgage$7,145,115 $7,105,092 
Commercial and industrial (1)
4,454,059 5,670,828 
Real-estate - residential mortgage3,719,684 3,141,915 
Real-estate - home equity1,126,628 1,202,913 
Real-estate - construction1,111,487 1,047,218 
Consumer458,595 466,772 
Equipment lease financing and other266,489 284,377 
Overdrafts5,471 4,806 
Gross loans18,287,528 18,923,921 
Unearned income(18,121)(23,101)
Net Loans$18,269,407 $18,900,820 
(1) Includes PPP loans totaling $0.6 billion and $1.6 billion as of September 30, 2021 and December 31, 2020, respectively.
Schedule of Allowance for Credit Losses
The following table presents the components of the ACL:
September 30, 2021December 31, 2020
(in thousands)
ACL - loans $256,727 $277,567 
ACL - OBS credit exposure14,783 14,373 
        Total ACL$271,510 $291,940 
Activity in the Allowance for Credit Losses
The following table presents the activity in the ACL:
Three months ended September 30Nine months ended September 30
 2021202020212020
(in thousands)
Balance at beginning of period$269,805 $272,920 $291,940 $166,209 
Impact of adopting CECL on January 1, 2020 (1)
 —  58,348 
Loans charged off(2,234)(5,489)(19,958)(27,539)
Recoveries of loans previously charged off4,539 7,847 9,128 14,660 
Net loans recovered/(charged off)2,305 2,358 (10,830)(12,879)
Provision for credit losses (2)
(600)7,080 (9,600)70,680 
Balance at end of period$271,510 $282,358 $271,510 $282,358 
(1) Includes $12.6 million of reserves for OBS credit exposures as of January 1, 2020.
(2) Includes $10,000 and $850,000 related to OBS credit exposures for the three months ended September 30, 2021 and 2020, respectively, and includes $410,000 and $320,000 related to OBS credit exposure for the nine months ended September 30, 2021 and 2020, respectively.
The following table presents the activity in the ACL - loans by portfolio segment:
Real Estate -
Commercial
Mortgage
Commercial and
Industrial
Real Estate -
Home
Equity
Real Estate -
Residential
Mortgage
Real Estate
 -
Construction
ConsumerEquipment lease financing, other
and overdrafts
Total
 (in thousands)
Three months ended September 30, 2021
Balance at June 30, 2021$95,381 $65,404 $12,593 $54,188 $12,654 $9,401 $5,411 $255,032 
Loans charged off(14)(647)(58)(602)— (446)(467)(2,234)
Recoveries of loans previously charged off564 2,330 78 86 697 426 358 4,539 
Net loans recovered (charged off) 550 1,683 20 (516)697 (20)(109)2,305 
Provision for loan losses (1)
234 (4,196)(202)2,557 (930)(324)2,251 (610)
Balance at September 30, 2021$96,165 $62,891 $12,411 $56,229 $12,421 $9,057 $7,553 $256,727 
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)(5,490)
Recoveries of loans previously charged off100 2,103 44 95 4,873 447 185 7,847 
Net loans recovered (charged off)(646)(866)(349)(103)4,873 (254)(298)2,357 
Provision for loan and lease losses (1)
9,806 (1,743)256 2,013 (2,177)260 (484)7,931 
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, 2021
Balance at December 31, 2020$103,425 $74,771 $14,232 $51,995 $15,608 $10,905 $6,631 $277,567 
Loans charged off(8,357)(5,920)(482)(1,290)(39)(1,999)(1,871)(19,958)
Recoveries of loans previously charged off1,467 3,792 187 286 1,335 1,391 670 9,128 
Net loans recovered (charged off)(6,890)(2,128)(295)(1,004)1,296 (608)(1,201)(10,830)
Provision for loan losses (1)
(370)(9,752)(1,526)5,238 (4,483)(1,240)2,123 (10,010)
Balance at September 30, 2021$96,165 $62,891 $12,411 $56,229 $12,421 $9,057 $7,553 $256,727 
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, 202029,361 (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)(27,540)
Recoveries of loans previously charged off439 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)(12,880)
Provision for loan losses (1)
40,370 19,345 (548)7,675 1,626 1,881 11 70,360 
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.
Total Impaired Loans by Class Segment
The following table presents total non-accrual loans, by class segment:
September 30, 2021December 31, 2020
With a Related AllowanceWithout a Related AllowanceTotalWith a Related AllowanceWithout a Related AllowanceTotal
(in thousands)
Real estate - commercial mortgage$21,415 $26,719 $48,134 $19,909 $31,561 $51,470 
Commercial and industrial14,413 15,024 29,437 13,937 18,056 31,993 
Real estate - residential mortgage34,125 1,256 35,381 24,590 1,517 26,107 
Real estate - home equity8,785  8,785 9,398 190 9,588 
Real estate - construction173 786 959 437 958 1,395 
Consumer263  263 332 — 332 
Equipment lease financing and other6,462 9,412 15,874 — 16,313 16,313 
$85,636 $53,197 $138,833 $68,603 $68,595 $137,198 
Financing Receivable Credit Quality Indicators
The following table summarizes designated internal risk rating categories by portfolio segment and loan class, by origination year, in the current period:
September 30, 2021
Term Loans Amortized Cost Basis by Origination YearRevolving LoansRevolving Loans converted to Term Loans
(dollars in thousands)AmortizedAmortized
20212020201920182017PriorCost BasisCost BasisTotal
 Real estate - construction(1)
Pass$128,034 $293,806 $151,408 $144,492 $33,644 $125,191 $51,540 $— $928,115 
Special Mention4,995 — 5,588 — — 8,708 — — 19,291 
Substandard or Lower— — 153 — 1,928 1,145 235 — 3,461 
Total real estate - construction133,029 293,806 157,149 144,492 35,572 135,044 51,775 — 950,867 
Real estate - construction(1)
Current period gross charge-offs— — (39)— — — — — (39)
Current period recoveries— — 39 — — 1,296 — — 1,335 
Total net (charge-offs) recoveries— — — — — 1,296 — — 1,296 
Commercial and industrial
Pass944,250 593,100 440,777 241,747 169,970 621,558 1,134,355 — 4,145,757 
Special Mention1,334 12,204 30,505 16,791 7,933 42,241 49,972 95 161,075 
Substandard or Lower419 8,590 15,586 22,916 12,733 36,887 47,329 2,767 147,227 
Total commercial and industrial946,003 613,894 486,868 281,454 190,636 700,686 1,231,656 2,862 4,454,059 
Commercial and industrial
Current period gross charge-offs— (70)(128)(110)(155)(529)(4,928)— (5,920)
Current period recoveries— — 78 835 335 1,739 805 — 3,792 
Total net (charge-offs) recoveries— (70)(50)725 180 1,210 (4,123)— (2,128)
Real estate - commercial mortgage
Pass680,108 959,013 915,762 629,123 725,055 2,467,159 54,023 — 6,430,243 
Special Mention2,285 26,391 44,713 92,508 79,543 248,743 188 105 494,476 
Substandard or Lower— 8,197 25,745 14,884 37,701 131,514 2,319 36 220,396 
Total real estate - commercial mortgage682,393 993,601 986,220 736,515 842,299 2,847,416 56,530 141 7,145,115 
Real estate - commercial mortgage
Current period gross charge-offs— — (14)(25)(6,603)(1,517)(198)— (8,357)
Current period recoveries— — — — 27 1,440 — — 1,467 
Total net (charge-offs) recoveries— — (14)(25)(6,576)(77)(198)— (6,890)
Total
Pass$1,752,392 $1,845,919 $1,507,947 $1,015,362 $928,669 $3,213,908 $1,239,918 $— $11,504,115 
Special Mention8,614 38,595 80,806 109,299 87,476 299,692 50,160 200 674,842 
Substandard or Lower419 16,787 41,484 37,800 52,362 169,546 49,883 2,803 371,084 
Total$1,761,425 $1,901,301 $1,630,237 $1,162,461 $1,068,507 $3,683,146 $1,339,961 $3,003 $12,550,041 
(1) Excludes real estate - construction - other.

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, which bases the PD on this migration.
The following table summarizes designated internal risk rating categories by portfolio segment and loan class, by origination year, in the prior period:
December 31, 2020
Term Loans Amortized Cost Basis by Origination YearRevolving LoansRevolving Loans converted to Term Loans
(dollars in thousands)AmortizedAmortized
20202019201820172016PriorCost BasisCost BasisTotal
 Real estate - construction(1)
Pass$185,883 $229,097 $217,604 $81,086 $37,976 $110,470 $38,026 $— $900,142 
Special Mention— — — — 7,047 6,212 — — 13,259 
Substandard or Lower— 447 — 2,000 753 1,637 632 — 5,469 
Total real estate - construction185,883 229,544 217,604 83,086 45,776 118,319 38,658 — 918,870 
Real estate - construction(1)
Current period gross charge-offs— — — — — (17)— — (17)
Current period recoveries— — — — 68 5,054 — — 5,122 
Total net (charge-offs) recoveries— — — — 68 5,037 — — 5,105 
Commercial and industrial
Pass2,283,533 508,541 298,567 214,089 208,549 596,646 1,278,689 — 5,388,614 
Special Mention6,633 23,834 29,167 10,945 11,506 25,960 45,994 — 154,039 
Substandard or Lower3,221 5,947 8,434 11,251 11,192 23,852 64,278 — 128,175 
Total commercial and industrial2,293,387 538,322 336,168 236,285 231,247 646,458 1,388,961 — 5,670,828 
Commercial and industrial
Current period gross charge-offs— (114)(30)(488)(393)(520)(17,370)— (18,915)
Current period recoveries— 43 486 216 162 4,531 5,958 — 11,396 
Total net (charge-offs) recoveries— (71)456 (272)(231)4,011 (11,412)— (7,519)
Real estate - commercial mortgage
Pass973,664 917,510 708,946 794,955 783,094 2,213,343 53,041 404 6,444,957 
Special Mention13,639 40,874 84,047 80,705 89,112 167,424 2,364 — 478,165 
Substandard or Lower1,238 6,681 6,247 39,027 22,605 103,007 2,225 940 181,970 
Total real estate - commercial mortgage988,541 965,065 799,240 914,687 894,811 2,483,774 57,630 1,344 7,105,092 
Real estate - commercial mortgage
Current period gross charge-offs(60)(21)(36)(2,515)(29)(1,547)(17)— (4,225)
Current period recoveries— — — 1,020 — — 1,027 
Total net (charge-offs) recoveries(60)(15)(36)(2,515)(28)(527)(17)— (3,198)
Total
Pass$3,443,080 $1,655,148 $1,225,117 $1,090,130 $1,029,619 $2,920,459 $1,369,756 $404 $12,733,713 
Special Mention20,272 64,708 113,214 91,650 107,665 199,596 48,358 — 645,463 
Substandard or Lower4,459 13,075 14,681 52,278 34,550 128,496 67,135 940 315,614 
Total$3,467,811 $1,732,931 $1,353,012 $1,234,058 $1,171,834 $3,248,551 $1,485,249 $1,344 $13,694,790 
(1) Excludes real estate - construction - other.
The following tables present the amortized cost of these loans based on payment activity, by origination year, for the periods shown:
September 30, 2021
Term Loans Amortized Cost Basis by Origination YearRevolving LoansRevolving Loans converted to Term Loans
(dollars in thousands)AmortizedAmortized
20212020201920182017PriorCost BasisCost BasisTotal
Real estate - home equity
Performing$24,122 $25,743 $6,929 $10,265 $8,210 $100,740 $935,387 $4,161 $1,115,557 
Nonperforming— — — 16 233 2,124 8,698 — 11,071 
Total real estate - home equity24,122 25,743 6,929 10,281 8,443 102,864 944,085 4,161 1,126,628 
Real estate - home equity
Current period gross charge-offs— — (41)— — (171)(270)— (482)
Current period recoveries— — — — — 82 105 — 187 
Total net (charge-offs) recoveries— — (41)— — (89)(165)— (295)
Real estate - residential mortgage
Performing1,250,164 1,178,626 385,806 129,589 220,587 517,694 — — 3,682,466 
Nonperforming— 6,639 1,701 3,390 2,726 22,762 — — 37,218 
    Total real estate - residential mortgage1,250,164 1,185,265 387,507 132,979 223,313 540,456 — — 3,719,684 
Real estate - residential mortgage
Current period gross charge-offs— (626)(148)(125)(4)(387)— — (1,290)
Current period recoveries— — 15 — 178 92 — 286 
Total net (charge-offs) recoveries— (626)(147)(110)(4)(209)92 — (1,004)
Consumer
Performing102,573 87,668 73,606 67,172 29,069 46,371 51,696 — 458,155 
Nonperforming64 145 21 56 33 96 25 — 440 
Total consumer102,637 87,813 73,627 67,228 29,102 46,467 51,721 — 458,595 
Consumer
Current period gross charge-offs(12)(359)(239)(235)(219)(195)(740)— (1,999)
Current period recoveries— 122 103 86 129 704 247 — 1,391 
Total net (charge-offs) recoveries(12)(237)(136)(149)(90)509 (493)— (608)
Equipment lease financing and other
Performing71,134 64,931 50,952 35,124 22,960 10,985 — — 256,086 
Nonperforming— — — — 15,718 156 — — 15,874 
Total leasing and other71,134 64,931 50,952 35,124 38,678 11,141 — — 271,960 
Equipment lease financing and other
Current period gross charge-offs(595)(1,276)— — — — — — (1,871)
Current period recoveries215 320 83 14 30 — — 670 
Total net (charge-offs) recoveries(380)(956)83 14 30 — — (1,201)
Construction - other
Performing80,993 69,823 4,611 5,009 — 11 — — 160,447 
Nonperforming— — — — 173 — — — 173 
Total construction - other80,993 69,823 4,611 5,009 173 11 — — 160,620 
Construction - other
Current period gross charge-offs— — — — — — — — — 
Current period recoveries— — — — — — — — — 
Total net (charge-offs) recoveries— — — — — — — — — 
Total
Performing$1,528,986 $1,426,791 $521,904 $247,159 $280,826 $675,801 $987,083 $4,161 $5,672,711 
Nonperforming64 6,784 1,722 3,462 18,883 25,138 8,723 — 64,776 
Total$1,529,050 $1,433,575 $523,626 $250,621 $299,709 $700,939 $995,806 $4,161 $5,737,487 
December 31, 2020
Term Loans Amortized Cost Basis by Origination YearRevolving LoansRevolving Loans converted to Term Loans
(dollars in thousands)AmortizedAmortized
20202019201820172016PriorCost BasisCost BasisTotal
Real estate - home equity
Performing$31,445 $8,176 $13,906 $11,024 $11,667 $126,749 $982,285 $5,321 $1,190,573 
Nonperforming— 88 23 233 221 2,290 9,485 — 12,340 
Total real estate - home equity31,445 8,264 13,929 11,257 11,888 129,039 991,770 5,321 1,202,913 
Real estate - home equity
Current period gross charge-offs— — — — — (34)(1,159)— (1,193)
Current period recoveries— — — — — 138 366 — 504 
Total net (charge-offs) recoveries— — — — — 104 (793)— (689)
Real estate - residential mortgage
Performing1,255,532 585,878 228,398 341,563 264,990 434,889 — — 3,111,250 
Nonperforming217 2,483 3,177 2,483 722 21,583 — — 30,665 
    Total real estate - residential mortgage1,255,749 588,361 231,575 344,046 265,712 456,472 — — 3,141,915 
Real estate - residential mortgage
Current period gross charge-offs— (68)(101)(190)(7)(254)— — (620)
Current period recoveries— 68 16 405 — — 491 
Total net (charge-offs) recoveries— — (85)(189)(6)151 — — (129)
Consumer
Performing114,399 98,587 95,072 43,334 25,804 36,086 52,698 42 466,022 
Nonperforming168 19 124 141 114 150 34 — 750 
Total consumer114,567 98,606 95,196 43,475 25,918 36,236 52,732 42 466,772 
Consumer
Current period gross charge-offs(134)(542)(524)(444)(489)(769)(498)— (3,400)
Current period recoveries— 64 165 159 94 101 1,292 — 1,875 
Total net (charge-offs) recoveries(134)(478)(359)(285)(395)(668)794 — (1,525)
Equipment lease financing and other
Performing102,324 65,303 49,453 34,995 15,631 5,040 — — 272,746 
Nonperforming— — 30 15,983 142 282 — — 16,437 
Total leasing and other102,324 65,303 49,483 50,978 15,773 5,322 — — 289,183 
Equipment lease financing and other
Current period gross charge-offs(606)(1,581)— — — — — — (2,187)
Current period recoveries185 349 21 18 11 21 — — 605 
Total net (charge-offs) recoveries(421)(1,232)21 18 11 21 — — (1,582)
Construction - other
Performing96,444 24,888 6,822 — 16 — — — 128,170 
Nonperforming— — — 178 — — — — 178 
Total construction - other96,444 24,888 6,822 178 16 — — — 128,348 
Construction - other
Current period gross charge-offs— — — — — — — — — 
Current period recoveries— — — — — — — — — 
Total net (charge-offs) recoveries— — — — — — — — — 
Total
Performing$1,600,144 $782,832 $393,651 $430,916 $318,108 $602,764 $1,034,983 $5,363 $5,168,761 
Nonperforming385 2,590 3,354 19,018 1,199 24,305 9,519 — 60,370 
Total$1,600,529 $785,422 $397,005 $449,934 $319,307 $627,069 $1,044,502 $5,363 $5,229,131 
Non-Performing Assets
The following table presents non-performing assets:
September 30,
2021
December 31,
2020
 (in thousands)
Non-accrual loans$138,833 $137,198 
Loans 90 days or more past due and still accruing11,389 9,929 
Total non-performing loans150,222 147,127 
OREO (1)
1,896 4,178 
Total non-performing assets$152,118 $151,305 
(1) Excludes $7.1 million and $8.1 million of residential mortgage properties for which formal foreclosure proceedings were in process as of September 30, 2021 and December 31, 2020, respectively.
Past due Loan Status and Non-Accrual Loans by Portfolio Segment
The following tables present the aging of the amortized cost basis of loans, by class segment:
30-5960-89≥ 90 Days
Days PastDays PastPast DueNon-
DueDueand AccruingAccrualCurrentTotal
(in thousands)
September 30, 2021
Real estate – commercial mortgage$7,495 $240 $3,966 $48,134 $7,085,280 $7,145,115 
Commercial and industrial16,134 1,366 3,261 29,437 4,403,861 4,454,059 
Real estate – residential mortgage19,365 2,974 1,695 35,381 3,660,269 3,719,684 
Real estate – home equity3,245 1,194 2,286 8,785 1,111,118 1,126,628 
Real estate – construction360  5 959 1,110,163 1,111,487 
Consumer2,412 475 176 263 455,269 458,595 
Equipment lease financing and other306   15,874 237,659 253,839 
Total$49,317 $6,249 $11,389 $138,833 $18,063,619 $18,269,407 

30-59 Days Past
Due
60-89
Days Past
Due
≥ 90 Days
Past Due
and
Accruing
Non-
accrual
CurrentTotal
(in thousands)
December 31, 2020
Real estate – commercial mortgage$14,999 $9,273 $1,177 $51,470 $7,028,173 $7,105,092 
Commercial and industrial11,285 1,068 616 31,993 5,625,866 5,670,828 
Real estate – residential mortgage22,281 7,675 4,687 26,107 3,081,165 3,141,915 
Real estate – home equity5,622 1,654 2,753 9,588 1,183,296 1,202,913 
Real estate – construction1,938 — 155 1,395 1,043,730 1,047,218 
Consumer3,036 501 417 332 462,486 466,772 
Equipment lease financing and other838 150 124 16,313 248,657 266,082 
Total$59,999 $20,321 $9,929 $137,198 $18,673,373 $18,900,820 
Troubled Debt Restructurings on Financing Receivables
The following table presents TDRs, by class segment:
September 30,
2021
December 31,
2020
 (in thousands)
Real estate - commercial mortgage$14,546 $28,451 
Commercial and industrial6,577 6,982 
Real estate - residential mortgage13,694 18,602 
Real estate - home equity12,704 14,391 
Real estate - construction153 — 
Consumer5 — 
Total accruing TDRs47,679 68,426 
Non-accrual TDRs (1)
59,802 35,755 
Total TDRs$107,481 $104,181 
 
(1)Included in non-accrual loans in the preceding table detailing non-performing assets.
Loan Terms Modified Under Troubled Debt Restructurings
The following table presents TDRs, by class segment, for loans that were modified during the three and nine months ended September 30, 2021 and 2020:
Three months ended September 30Nine months ended September 30
2021202020212020
Number of LoansRecorded InvestmentNumber of LoansRecorded InvestmentNumber of LoansRecorded InvestmentNumber of LoansRecorded Investment
(dollars in thousands)
Commercial and industrial5 $852 $3,021 9 $2,745 18 $4,399 
Real estate - commercial mortgage4 9,129 8,394 9 16,020 12 24,868 
Real estate - residential mortgage5 1,703 1,351 42 12,431 48 10,516 
Real estate - home equity6 123 13 1,370 22 870 40 3,556 
Real estate - construction  — — 1 154 — — 
Consumer  53   11 238 
Total
20 $11,807 33 $14,189 83 $32,220 129 $43,577