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Loans and Allowance for Credit Losses | 12 Months Ended
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Dec. 31, 2023
Receivables [Abstract] |
Loans and Allowance for Credit Losses |
NOTE 5 - LOANS AND ALLOWANCE FOR CREDIT LOSSES
Loans and leases, net of unearned income Loans and leases, net of unearned income are summarized as follows as of December 31:
| 2023 |  | 2022
| (dollars in thousands)
Real estate - commercial mortgage | $ | 8,127,728 |  |  | $ | 7,693,835 |
Commercial and industrial(1) | 4,545,552 |  |  | 4,473,004 |
Real-estate - residential mortgage | 5,325,923 |  |  | 4,737,279 |
Real-estate - home equity | 1,047,184 |  |  | 1,102,838 |
Real-estate - construction | 1,239,075 |  |  | 1,269,925 |
Consumer | 729,318 |  |  | 699,179 |
Leases and other loans(2) | 336,314 |  |  | 303,487 |
Net loans | $ | 21,351,094 |  |  | $ | 20,279,547 |
(1) Includes unearned income of $41.0 thousand and $4.5 million at December 31, 2023 and December 31, 2022, respectively. (2) Includes unearned income of $38.0 million and $24.8 million at December 31, 2023 and December 31, 2022, respectively. The Corporation has extended credit to officers and directors of the Corporation and to their associates. These related-party loans are made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with unrelated persons and do not involve more than the normal risk of collection or present other unfavorable features. The aggregate dollar amount of these loans, including unadvanced commitments, was $162.5 million and $126.3 million as of December 31, 2023 and 2022, respectively. During 2023, additions totaled $45.4 million and repayments totaled $9.2 million for related-party loans. Allowance for Credit Losses The following table summarizes the ACL - loans balance and the reserve for OBS credit exposures balance as of December 31, 2023 and 2022:
| 2023 |  | 2022
| (dollars in thousands)
ACL - loans | $ | 293,404 |  |  | $ | 269,366 |
Reserve for OBS credit exposures(1) | $ | 17,254 |  |  | $ | 16,328 |
(1) Included in other liabilities on the consolidated balance sheets. The following table presents the activity in the ACL - loans balances for the years ended December 31:
| 2023 |  | 2022 |  | 2021
| (dollars in thousands)
Balance at beginning of period | $ | 269,366 |  |  | $ | 249,001 |  |  | $ | 277,567 |
CECL Day 1 Provision expense | — |  |  | 7,954 |  |  | — |
Initial purchased credit deteriorated loans | — |  |  | 1,135 |  |  | — |
Loans charged off | (39,201) |  |  | (21,472) |  |  | (30,952) |
Recoveries of loans previously charged off | 10,129 |  |  | 14,092 |  |  | 17,146 |
Net loans (charged off) recovered | (29,072) |  |  | (7,380) |  |  | (13,806) |
Provision for credit losses | 53,110 |  |  | 18,656 |  |  | (14,760) |
Balance at end of period | $ | 293,404 |  |  | $ | 269,366 |  |  | $ | 249,001 |
The following table presents the activity in the ACL - loans losses by portfolio segment for the years ended December 31, 2023 and 2022, by portfolio segment:
| Real Estate - Commercial Mortgage |  | Commercial and Industrial |  | Consumer and Real Estate - Home Equity |  | Real Estate - Residential Mortgage |  | Real Estate - Construction |  | Leases and other loans |  | Total
| (dollars in thousands)
Balance at December 31, 2021 | $ | 87,970 |  |  | $ | 67,056 |  |  | $ | 19,749 |  |  | $ | 54,236 |  |  | $ | 12,941 |  |  | $ | 7,049 |  |  | $ | 249,001 |
CECL Day 1 Provision expense | 4,107 |  |  | — |  |  | 131 |  |  | 3,716 |  |  | — |  |  | — |  |  | 7,954 |
Initial purchased credit deteriorated loans | 1,051 |  |  | — |  |  | 7 |  |  | 77 |  |  | — |  |  | — |  |  | 1,135 |
Loans charged off | (12,473) |  |  | (2,390) |  |  | (4,412) |  |  | (66) |  |  | — |  |  | (2,131) |  |  | (21,472) |
Recoveries of loans previously charged off | 3,860 |  |  | 5,893 |  |  | 2,581 |  |  | 425 |  |  | 574 |  |  | 759 |  |  | 14,092 |
Net loans (charged off) recovered | (8,613) |  |  | 3,503 |  |  | (1,831) |  |  | 359 |  |  | 574 |  |  | (1,372) |  |  | (7,380) |
Provision for loan losses(1) | (15,059) |  |  | (443) |  |  | 8,373 |  |  | 24,862 |  |  | (2,772) |  |  | 3,695 |  |  | 18,656 |
Balance at December 31, 2022 | 69,456 |  |  | 70,116 |  |  | 26,429 |  |  | 83,250 |  |  | 10,743 |  |  | 9,372 |  |  | 269,366 |
Loans charged off | (17,999) |  |  | (9,246) |  |  | (7,514) |  |  | (62) |  |  | — |  |  | (4,380) |  |  | (39,201) |
Recoveries of loans previously charged off | 1,076 |  |  | 3,473 |  |  | 3,198 |  |  | 421 |  |  | 858 |  |  | 1,103 |  |  | 10,129 |
Net loans (charged off) recovered | (16,923) |  |  | (5,773) |  |  | (4,316) |  |  | 359 |  |  | 858 |  |  | (3,277) |  |  | (29,072) |
Provision for loan losses(1) | 60,032 |  |  | 9,923 |  |  | (4,509) |  |  | (10,323) |  |  | 694 |  |  | (2,707) |  |  | 53,110 |
Balance at December 31, 2023 | $ | 112,565 |  |  | $ | 74,266 |  |  | $ | 17,604 |  |  | $ | 73,286 |  |  | $ | 12,295 |  |  | $ | 3,388 |  |  | $ | 293,404 |
(1) Provision included in the table only includes the portion related to net loans The ACL may include qualitative adjustments intended to capture the impact of uncertainties not reflected in the quantitative models. In determining qualitative adjustments, management considers changes in national, regional, and local economic and business conditions and their impact on the lending environment, including underwriting standards and other factors affecting credit losses over the remaining life of each loan. The increase in ACL - loans in 2023 was largely due to loan growth, changes to the macroeconomic outlook, net charge-offs and risk migration. The increase in ACL - loans in 2022 was primarily due to loan growth and changes to the macroeconomic outlook. In 2023, the Corporation made updates to its PD and LGD models and methodology to enhance base quantitative ACL models. The Corporation updated the PD models to utilize a linear regression methodology and implemented a discreet 24 month reasonable and supportable forecast period with a 12 month straight-line reversion methodology. The ACL model enhancements did not have a material effect on the ACL as the model updates reduced reliance on supplementary models and qualitative factors and increased reliance on the output of the Corporation’s base quantitative models. Collateral-Dependent Loans A loan or a lease 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 loans and leases 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 collateral-dependent loan or lease's carrying value to the collateral’s fair value less cost to sell. Substantially all of the collateral supporting collateral-dependent loans or leases consists of various types of real estate, including residential properties, commercial properties, such as retail centers, office buildings, and lodging, agricultural land, and vacant land. All loans individually evaluated for impairment are measured for losses on a quarterly basis. As of December 31, 2023 and 2022, 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 receivables or inventory, in the case of commercial and industrial loans. Commercial and industrial loans may also be secured by real estate. As of December 31, 2023 and 2022, approximately 78% and 91%, respectively, of loans evaluated individually for impairment with principal balances greater than or equal to $1.0 million, whose primary collateral consisted of real estate, were measured at estimated fair value using appraisals performed by certified third-party appraisers that had been updated in the preceding 12 months. Non-accrual Loans The following table presents total non-accrual loans, by class segment:
| 2023 |  | 2022
| With a Related Allowance |  | Without a Related Allowance |  | Total |  | With a Related Allowance |  | Without a Related Allowance |  | Total
| (dollars in thousands)
Real estate - commercial mortgage | $ | 23,338 |  |  | $ | 21,467 |  |  | $ | 44,805 |  |  | $ | 39,722 |  |  | $ | 30,439 |  |  | $ | 70,161 |
Commercial and industrial | 12,410 |  |  | 27,542 |  |  | 39,952 |  |  | 14,804 |  |  | 12,312 |  |  | 27,116 |
Real estate - residential mortgage | 18,806 |  |  | 2,018 |  |  | 20,824 |  |  | 25,315 |  |  | 979 |  |  | 26,294 |
Real estate - home equity | 4,649 |  |  | 104 |  |  | 4,753 |  |  | 5,975 |  |  | 130 |  |  | 6,105 |
Real estate - construction | 341 |  |  | 1,000 |  |  | 1,341 |  |  | 866 |  |  | 502 |  |  | 1,368 |
Consumer | 52 |  |  | — |  |  | 52 |  |  | 92 |  |  | — |  |  | 92 |
Leases and other loans | 9,255 |  |  | 638 |  |  | 9,893 |  |  | 4,052 |  |  | 9,255 |  |  | 13,307 |
Total | $ | 68,851 |  |  | $ | 52,769 |  |  | $ | 121,620 |  |  | $ | 90,826 |  |  | $ | 53,617 |  |  | $ | 144,443 |
As of December 31, 2023 and December 31, 2022, there were $52.8 million and $53.6 million, respectively, of non-accrual loans that did not have a specific valuation allowance within the ACL. 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. The amount of interest income on non-accrual loans that was recognized was approximately $1.5 million in 2023 and $2.2 million in 2022. Asset Quality Maintaining an appropriate ACL is dependent on various factors, including the ability to identify potential problem loans in a timely manner. For 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, 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 a loan. The following table summarizes designated internal risk rating categories by portfolio segment and loan class, by origination year, in the current period:
| December 31, 2023
| (dollars in thousands)
| Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Revolving Loans converted to Term Loans |
|  | Amortized | Amortized |
| 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Cost Basis | Cost Basis | Total
Real estate - commercial mortgage |  |  |  |  |  |  |
Pass | $ | 783,673 |  | $ | 993,017 |  | $ | 1,203,852 |  | $ | 984,958 |  | $ | 721,857 |  | $ | 2,822,155 |  | $ | 59,253 |  | $ | 31,636 |  | $ | 7,600,401 |
Special Mention | 2,767 |  | 43,904 |  | 105,185 |  | 7,862 |  | 35,289 |  | 105,786 |  | 1,760 |  | — |  | 302,553 |
Substandard or Lower | 366 |  | 20,958 |  | 31,304 |  | 49,142 |  | 26,579 |  | 95,621 |  | 804 |  | — |  | 224,774 |
Total real estate - commercial mortgage | 786,806 |  | 1,057,879 |  | 1,340,341 |  | 1,041,962 |  | 783,725 |  | 3,023,562 |  | 61,817 |  | 31,636 |  | 8,127,728 |
Real estate - commercial mortgage |  |  |  |  |  |  |
Current period gross charge-offs | — |  | — |  | — |  | — |  | — |  | (424) |  | — |  | (17,575) |  | (17,999) |
Commercial and industrial |  |  |  |  |  |  |
Pass | 626,386 |  | 590,132 |  | 330,576 |  | 341,218 |  | 272,126 |  | 598,838 |  | 1,443,203 |  | 10,736 |  | 4,213,215 |
Special Mention | 7,936 |  | 9,548 |  | 16,499 |  | 3,577 |  | 6,817 |  | 18,487 |  | 72,775 |  | 198 |  | 135,837 |
Substandard or Lower | 247 |  | 25,184 |  | 4,611 |  | 3,843 |  | 18,988 |  | 31,663 |  | 105,230 |  | 6,734 |  | 196,500 |
Total commercial and industrial | 634,569 |  | 624,864 |  | 351,686 |  | 348,638 |  | 297,931 |  | 648,988 |  | 1,621,208 |  | 17,668 |  | 4,545,552 |
Commercial and industrial |  |  |  |  |  |  |
Current period gross charge-offs | — |  | (299) |  | — |  | — |  | — |  | (249) |  | (682) |  | (8,016) |  | (9,246) |
Real estate - construction(1) |  |  |  |  |  |  |
Pass | 322,922 |  | 258,080 |  | 261,583 |  | 37,426 |  | 9,510 |  | 34,097 |  | 13,677 |  | — |  | 937,295 |
Special Mention | — |  | 12,622 |  | 25,898 |  | — |  | — |  | — |  | — |  | — |  | 38,520 |
Substandard or Lower | — |  | 521 |  | 2,229 |  | — |  | 340 |  | 21,284 |  | 168 |  | 2,229 |  | 26,771 |
Total real estate - construction | 322,922 |  | 271,223 |  | 289,710 |  | 37,426 |  | 9,850 |  | 55,381 |  | 13,845 |  | 2,229 |  | 1,002,586 |
Real estate - construction |  |  |  |  |  |  |
Current period gross charge-offs | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total |  |  |  |  |  |  |  |  |
Pass | $ | 1,732,981 |  | $ | 1,841,229 |  | $ | 1,796,011 |  | $ | 1,363,602 |  | $ | 1,003,493 |  | $ | 3,455,090 |  | $ | 1,516,133 |  | $ | 42,372 |  | $ | 12,750,911 |
Special Mention | 10,703 |  | 66,074 |  | 147,582 |  | 11,439 |  | 42,106 |  | 124,273 |  | 74,535 |  | 198 |  | 476,910 |
Substandard or Lower | 613 |  | 46,663 |  | 38,144 |  | 52,985 |  | 45,907 |  | 148,568 |  | 106,202 |  | 8,963 |  | 448,045 |
Total | $ | 1,744,297 |  | $ | 1,953,966 |  | $ | 1,981,737 |  | $ | 1,428,026 |  | $ | 1,091,506 |  | $ | 3,727,931 |  | $ | 1,696,870 |  | $ | 51,533 |  | $ | 13,675,866 |
(1) Excludes real estate - construction - other. Total loans risk- rated substandard or lower increased by $157.9 million, or 54.4%, compared to December 31, 2022, primarily due to borrower performance in both commercial and industrial loans and commercial real estate loans. The following table summarizes designated internal risk rating categories by portfolio segment and loan class, by origination year, in the prior period:
| December 31, 2022
| (dollars in thousands)
| Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Revolving Loans converted to Term Loans |
|  | Amortized | Amortized |
| 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Cost Basis | Cost Basis | Total
Real estate - commercial mortgage |  |  |  |  |  |  |
Pass | $ | 1,014,575 |  | $ | 1,095,725 |  | $ | 969,118 |  | $ | 810,850 |  | $ | 621,689 |  | $ | 2,610,511 |  | $ | 80,665 |  | $ | 307 |  | $ | 7,203,440 |
Special Mention | 95 |  | 50,367 |  | 23,296 |  | 33,735 |  | 16,205 |  | 181,736 |  | 947 |  | — |  | 306,381 |
Substandard or Lower | 1,032 |  | 3,039 |  | 31,042 |  | 38,378 |  | 23,112 |  | 87,168 |  | 243 |  | — |  | 184,014 |
Total real estate - commercial mortgage | 1,015,702 |  | 1,149,131 |  | 1,023,456 |  | 882,963 |  | 661,006 |  | 2,879,415 |  | 81,855 |  | 307 |  | 7,693,835 |
Real estate - commercial mortgage |  |  |  |  |  |  |
Current period gross charge-offs | — |  | — |  | — |  | — |  | — |  | (53) |  | — |  | (12,420) |  | (12,473) |
Commercial and industrial |  |  |  |  |  |  |
Pass | 907,390 |  | 449,145 |  | 397,881 |  | 315,605 |  | 185,096 |  | 604,352 |  | 1,387,961 |  | 618 |  | 4,248,048 |
Special Mention | 11,405 |  | 24,479 |  | 3,763 |  | 8,147 |  | 5,218 |  | 24,633 |  | 56,048 |  | 250 |  | 133,943 |
Substandard or Lower | 834 |  | 418 |  | 4,818 |  | 13,044 |  | 3,081 |  | 22,025 |  | 51,077 |  | 249 |  | 95,546 |
Total commercial and industrial | 919,629 |  | 474,042 |  | 406,462 |  | 336,796 |  | 193,395 |  | 651,010 |  | 1,495,086 |  | 1,117 |  | 4,477,537 |
Commercial and industrial |  |  |  |  |  |  |
Current period gross charge-offs | — |  | — |  | (36) |  | — |  | (21) |  | (365) |  | (1,192) |  | (776) |  | (2,390) |
Real estate - construction(1) |  |  |  |  |  |  |
Pass | 159,195 |  | 390,993 |  | 243,406 |  | 28,539 |  | 24,421 |  | 93,511 |  | 47,271 |  | — |  | 987,336 |
Special Mention | — |  | — |  | — |  | — |  | — |  | 21,603 |  | — |  | — |  | 21,603 |
Substandard or Lower | — |  | — |  | 3,852 |  | 2,274 |  | — |  | 4,272 |  | 203 |  | — |  | 10,601 |
Total real estate - construction | 159,195 |  | 390,993 |  | 247,258 |  | 30,813 |  | 24,421 |  | 119,386 |  | 47,474 |  | — |  | 1,019,540 |
Real estate - construction(1) |  |  |  |  |  |  |
Current period gross charge-offs | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total |  |  |  |  |  |  |  |  |
Pass | $ | 2,081,160 |  | $ | 1,935,863 |  | $ | 1,610,405 |  | $ | 1,154,994 |  | $ | 831,206 |  | $ | 3,308,374 |  | $ | 1,515,897 |  | $ | 925 |  | $ | 12,438,824 |
Special Mention | 11,500 |  | 74,846 |  | 27,059 |  | 41,882 |  | 21,423 |  | 227,972 |  | 56,995 |  | 250 |  | 461,927 |
Substandard or Lower | 1,866 |  | 3,457 |  | 39,712 |  | 53,696 |  | 26,193 |  | 113,465 |  | 51,523 |  | 249 |  | 290,161 |
Total | $ | 2,094,526 |  | $ | 2,014,166 |  | $ | 1,677,176 |  | $ | 1,250,572 |  | $ | 878,822 |  | $ | 3,649,811 |  | $ | 1,624,415 |  | $ | 1,424 |  | $ | 13,190,912 |
(1) Excludes real estate - construction - other. The Corporation considers the performance of the loan portfolio and its impact on the ACL. 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 other loans. For these loans, the most relevant credit quality indicator is delinquency status, and the Corporation evaluates credit quality based on the aging status of the loan. The following tables present the amortized cost of these loans based on payment activity, by origination year, for the periods shown:
| December 31, 2023
| (dollars in thousands)
| Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Revolving Loans converted to Term Loans |
|  | Amortized | Amortized |
| 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Cost Basis | Cost Basis | Total
Real estate - residential mortgage |  |  |  |  |  |  |
Performing | $ | 623,247 |  | $ | 1,126,656 |  | $ | 1,682,759 |  | $ | 984,050 |  | $ | 260,049 |  | $ | 607,133 |  | $ | — |  | $ | — |  | $ | 5,283,894 |
Nonperforming | — |  | 1,720 |  | 4,888 |  | 4,701 |  | 6,233 |  | 24,487 |  | — |  | — |  | 42,029 |
Total real estate - residential mortgage | 623,247 |  | 1,128,376 |  | 1,687,647 |  | 988,751 |  | 266,282 |  | 631,620 |  | — |  | — |  | 5,325,923 |
Real estate - residential mortgage |  |  |  |  |  |  |
Current period gross charge-offs | — |  | — |  | — |  | — |  | — |  | — |  | — |  | (62) |  | (62) |
Consumer and real estate - home equity |  |  |  |  |  |  |
Performing | 272,571 |  | 276,373 |  | 85,985 |  | 62,426 |  | 37,667 |  | 204,913 |  | 805,645 |  | 20,044 |  | 1,765,624 |
Nonperforming | 295 |  | 455 |  | 866 |  | 282 |  | 354 |  | 5,526 |  | 1,439 |  | 1,661 |  | 10,878 |
Total consumer and real estate - home equity | 272,866 |  | 276,828 |  | 86,851 |  | 62,708 |  | 38,021 |  | 210,439 |  | 807,084 |  | 21,705 |  | 1,776,502 |
Consumer and real estate - home equity |  |  |  |  |  |  |
Current period gross charge-offs | (119) |  | — |  | — |  | — |  | — |  | (525) |  | (283) |  | (6,587) |  | (7,514) |
Leases and other loans |  |  |  |  |  |  |
Performing | 166,490 |  | 83,641 |  | 27,755 |  | 22,304 |  | 16,246 |  | 9,867 |  | — |  | — |  | 326,303 |
Nonperforming | — |  | 118 |  | — |  | — |  | — |  | 9,893 |  | — |  | — |  | 10,011 |
Total leases and other loans | 166,490 |  | 83,759 |  | 27,755 |  | 22,304 |  | 16,246 |  | 19,760 |  | — |  | — |  | 336,314 |
Leases and other loans |  |  |  |  |  |  |
Current period gross charge-offs | (471) |  | (521) |  | (246) |  | (128) |  | (82) |  | (656) |  | (765) |  | (1,511) |  | (4,380) |
Construction - other |  |  |  |  |  |  |
Performing | 127,382 |  | 93,319 |  | 13,698 |  | 555 |  | — |  | — |  | — |  | — |  | 234,954 |
Nonperforming | — |  | 1,535 |  | — |  | — |  | — |  | — |  | — |  | — |  | 1,535 |
Total construction - other | 127,382 |  | 94,854 |  | 13,698 |  | 555 |  | — |  | — |  | — |  | — |  | 236,489 |
Construction - other |  |  |  |  |  |  |
Current period gross charge-offs | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total |  |  |  |  |  |  |  |  |
Performing | $ | 1,189,690 |  | $ | 1,579,989 |  | $ | 1,810,197 |  | $ | 1,069,335 |  | $ | 313,962 |  | $ | 821,913 |  | $ | 805,645 |  | $ | 20,044 |  | $ | 7,610,775 |
Nonperforming | 295 |  | 3,828 |  | 5,754 |  | 4,983 |  | 6,587 |  | 39,906 |  | 1,439 |  | 1,661 |  | 64,453 |
Total | $ | 1,189,985 |  | $ | 1,583,817 |  | $ | 1,815,951 |  | $ | 1,074,318 |  | $ | 320,549 |  | $ | 861,819 |  | $ | 807,084 |  | $ | 21,705 |  | $ | 7,675,228 |
| December 31, 2022
| (dollars in thousands)
| Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Revolving Loans converted to Term Loans |
|  | Amortized | Amortized |
| 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Cost Basis | Cost Basis | Total
Real estate - residential mortgage |  |  |  |  |  |  |
Performing | $ | 933,903 |  | $ | 1,708,703 |  | $ | 1,054,126 |  | $ | 286,167 |  | $ | 87,455 |  | $ | 620,416 |  | $ | — |  | $ | — |  | $ | 4,690,770 |
Nonperforming | 1,199 |  | 5,104 |  | 6,597 |  | 6,466 |  | 4,587 |  | 22,556 |  | — |  | — |  | 46,509 |
Total real estate - residential mortgage | 935,102 |  | 1,713,807 |  | 1,060,723 |  | 292,633 |  | 92,042 |  | 642,972 |  | — |  | — |  | 4,737,279 |
Real estate - residential mortgage |  |  |  |  |  |  |
Current period gross charge-offs | — |  | — |  | — |  | — |  | — |  | — |  | — |  | (66) |  | (66) |
Consumer and real estate - home equity |  |  |  |  |  |  |
Performing | 416,631 |  | 109,724 |  | 80,422 |  | 52,384 |  | 45,642 |  | 211,127 |  | 842,226 |  | 34,061 |  | 1,792,217 |
Nonperforming | 292 |  | 298 |  | 174 |  | 36 |  | 98 |  | 6,512 |  | 1,722 |  | 668 |  | 9,800 |
Total consumer and real estate - home equity | 416,923 |  | 110,022 |  | 80,596 |  | 52,420 |  | 45,740 |  | 217,639 |  | 843,948 |  | 34,729 |  | 1,802,017 |
Consumer and real estate - home equity loans |  |  |  |  |  |  |
Current period gross charge-offs | — |  | (587) |  | (70) |  | (108) |  | (16) |  | (442) |  | (178) |  | (3,011) |  | (4,412) |
Leases and other loans |  |  |  |  |  |  |
Performing | 146,198 |  | 39,427 |  | 40,024 |  | 29,309 |  | 15,019 |  | 15,670 |  | — |  | — |  | 285,647 |
Nonperforming | — |  | — |  | — |  | — |  | — |  | 13,307 |  | — |  | — |  | 13,307 |
Total leases and other | 146,198 |  | 39,427 |  | 40,024 |  | 29,309 |  | 15,019 |  | 28,977 |  | — |  | — |  | 298,954 |
Leases and other loans |  |  |  |  |  |  |
Current period gross charge-offs | (506) |  | (167) |  | (140) |  | (80) |  | (47) |  | (1,191) |  | — |  | — |  | (2,131) |
Construction - other |  |  |  |  |  |  |
Performing | 164,924 |  | 73,492 |  | 10,892 |  | — |  | 1,077 |  | — |  | — |  | — |  | 250,385 |
Nonperforming | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total construction - other | 164,924 |  | 73,492 |  | 10,892 |  | — |  | 1,077 |  | — |  | — |  | — |  | 250,385 |
Construction - other |  |  |  |  |  |  |
Current period gross charge-offs | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total |  |  |  |  |  |  |
Performing | $ | 1,661,656 |  | $ | 1,931,346 |  | $ | 1,185,464 |  | $ | 367,860 |  | $ | 149,193 |  | $ | 847,213 |  | $ | 842,226 |  | $ | 34,061 |  | $ | 7,019,019 |
Nonperforming | 1,491 |  | 5,402 |  | 6,771 |  | 6,502 |  | 4,685 |  | 42,375 |  | 1,722 |  | 668 |  | 69,616 |
Total | $ | 1,663,147 |  | $ | 1,936,748 |  | $ | 1,192,235 |  | $ | 374,362 |  | $ | 153,878 |  | $ | 889,588 |  | $ | 843,948 |  | $ | 34,729 |  | $ | 7,088,635 |
The following table presents non-performing assets:
| December 31, 2023 |  | December 31, 2022
| (dollars in thousands)
Non-accrual loans | $ | 121,620 |  |  | $ | 144,443 |
Loans 90 days or more past due and still accruing | 31,721 |  |  | 27,463 |
Total non-performing loans | 153,341 |  |  | 171,906 |
OREO(1) | 896 |  |  | 5,790 |
Total non-performing assets | $ | 154,237 |  |  | $ | 177,696 |
(1) Excludes $10.9 million and $6.0 million of residential mortgage properties for which formal foreclosure proceeding were in process as of December 31, 2023 and 2022, respectively. 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
| (dollars in thousands)
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |
Real estate - commercial mortgage | $ | 4,408 |  |  | $ | 1,341 |  |  | $ | 1,722 |  |  | $ | 44,805 |  |  | $ | 8,075,452 |  |  | $ | 8,127,728 |
Commercial and industrial(1) | 5,620 |  |  | 1,656 |  |  | 1,068 |  |  | 39,952 |  |  | 4,497,256 |  |  | 4,545,552 |
Real estate - residential mortgage | 49,145 |  |  | 10,838 |  |  | 21,205 |  |  | 20,824 |  |  | 5,223,911 |  |  | 5,325,923 |
Real estate - home equity | 8,142 |  |  | 2,075 |  |  | 5,326 |  |  | 4,753 |  |  | 1,026,888 |  |  | 1,047,184 |
Real estate - construction | 4,185 |  |  | 451 |  |  | 1,535 |  |  | 1,341 |  |  | 1,231,563 |  |  | 1,239,075 |
Consumer | 8,361 |  |  | 1,767 |  |  | 747 |  |  | 52 |  |  | 718,391 |  |  | 729,318 |
Leases and other loans(1) | 146 |  |  | 722 |  |  | 118 |  |  | 9,893 |  |  | 325,435 |  |  | 336,314 |
Total | $ | 80,007 |  |  | $ | 18,850 |  |  | $ | 31,721 |  |  | $ | 121,620 |  |  | $ | 21,098,896 |  |  | $ | 21,351,094 |
(1) Includes unearned income.
| 30-59 Days Past Due |  | 60-89 Days Past Due |  | ≥ 90 Days Past Due and Accruing |  | Non- accrual |  | Current |  | Total
| (dollars in thousands)
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
Real estate - commercial mortgage | $ | 10,753 |  |  | $ | 4,644 |  |  | $ | 2,473 |  |  | $ | 70,161 |  |  | $ | 7,605,804 |  |  | $ | 7,693,835 |
Commercial and industrial(1) | 6,067 |  |  | 2,289 |  |  | 1,172 |  |  | 27,116 |  |  | 4,436,360 |  |  | 4,473,004 |
Real estate - residential mortgage | 57,061 |  |  | 8,209 |  |  | 20,215 |  |  | 26,294 |  |  | 4,625,500 |  |  | 4,737,279 |
Real estate - home equity | 5,666 |  |  | 2,444 |  |  | 2,704 |  |  | 6,105 |  |  | 1,085,919 |  |  | 1,102,838 |
Real estate - construction | 1,762 |  |  | 1,758 |  |  | — |  |  | 1,368 |  |  | 1,265,037 |  |  | 1,269,925 |
Consumer | 6,692 |  |  | 1,339 |  |  | 899 |  |  | 92 |  |  | 690,157 |  |  | 699,179 |
Leases and other loans(1) | 348 |  |  | 122 |  |  | — |  |  | 13,307 |  |  | 289,710 |  |  | 303,487 |
Total | $ | 88,349 |  |  | $ | 20,805 |  |  | $ | 27,463 |  |  | $ | 144,443 |  |  | $ | 19,998,487 |  |  | $ | 20,279,547 |
(1) Includes unearned income. Loan Modifications to Borrowers Experiencing Financial Difficulty On January 1, 2023, the Corporation adopted ASU 2022-02. Loan modifications reported below do not include modifications with insignificant payment delays. ASU 2022-02 lists the following factors when considering if the loan modification has insignificant payment delays: (1) the amount of the restructured payments subject to the delay is insignificant relative to the unpaid principal or collateral value of the debt and will result in an insignificant shortfall in the contractual amount due, and (2) the delay in timing of the restructured payment period is insignificant relative to the frequency of payments due under the debt, the debt’s original contractual maturity or the debt’s original expected duration. The Corporation modifies loans by providing a concession when deemed appropriate. Depending on the circumstances, a term extension, interest rate reduction or principal forgiveness may be granted. In certain instances a combination of concessions may be provided to a customer. When principal forgiveness is provided, the amount of principal forgiven is deemed to be uncollectible and the amortized cost basis of the loan is reduced by the amount of the forgiven portion, with a corresponding reduction to the ACL. The following table presents the amortized cost basis for the year ended December 31, 2023 of the loans modified to borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of concession granted:
| Term Extension
| Amortized Cost Basis |  | % of Class of Financing Receivable |  |  |  |  |  |  |  |  |  |  |  |
| (dollars in thousands)
Real estate - commercial mortgage | $ | 2,944 |  |  | 0.04 | % |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial | 11,970 |  |  | 0.26 |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate - residential mortgage | 8,182 |  |  | 0.15 |  |  |  |  |  |  |  |  |  |  |  |  |
Total | $ | 23,096 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Interest Rate Reduction and Term Extension
| Amortized Cost Basis |  | % of Class of Financing Receivable |  |  |  |  |  |  |  |  |  |  |  |
| (dollars in thousands)
Real estate - residential mortgage | $ | 910 |  |  | 0.02 | % |  |  |  |  |  |  |  |  |  |  |  |
Total | $ | 910 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
The following table presents the financial effect of the modifications made to borrowers experiencing financial difficulty for the year ended December 31, 2023.
| Term Extension
| Financial Effect
Real estate - commercial mortgage | Added a weighted-average 1.22 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Commercial and industrial | Added a weighted-average 0.92 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - residential mortgage | Added a weighted-average 8.10 years to the life of loans, which reduced monthly payment amounts for the borrowers.
| Interest Rate Reduction |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Financial Effect |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate - residential mortgage | Reduced weighted-average interest rate from 3.76% to 2.30% |  |  |  |  |  |  |  |  |  |  |  |  |  |
During the year ended December 31, 2023, there were no loans modified due to financial difficulty where there was a principal balance forgiveness. During the year ended December 31, 2023, there were no loans modified due to financial difficulty during 2023 that defaulted subsequent to modification. The following table presents the performance of loans that have been modified in the year ended December 31, 2023.
|  |  | 30-89 |  | 90+ |  | Total
|  |  | Days Past |  | Past Due |  | Past
| Current |  | Due |  | and Accruing |  | Due
| (dollars in thousands)
Real estate - commercial mortgage | $ | 2,944 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Commercial and industrial | 11,970 |  |  | — |  |  | — |  |  | — |
Real estate - residential mortgage | 9,092 |  |  | — |  |  | — |  |  | — |
Total | $ | 24,006 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
There were no commitments to lend additional funds to borrowers with loan modifications as a result of financial difficulty as of December 31, 2023.

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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 -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//310-10/tableOfContent + Details
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