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Loans and Allowance for Credit Losses
 3 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
Loans and Allowance for Credit Losses Loans and Allowance for Credit Losses
Loans and leases, net of unearned income

Loans and leases, net of unearned income, are summarized as follows:
March 31,
2025		December 31,
2024
 (dollars in thousands)
Real estate - commercial mortgage$9,676,517 $9,601,858 
Commercial and industrial(1)
4,531,266 4,605,589 
Real-estate - residential mortgage6,409,657 6,349,643 
Real-estate - home equity1,170,470 1,160,616 
Real-estate - construction1,175,445 1,394,899 
Consumer597,305 616,856 
Leases and other loans(2)
301,914 315,458 
Net loans$23,862,574 $24,044,919 
(1) Includes no unearned income at March 31, 2025 and December 31, 2024.
(2) Includes unearned income of $35.9 million and $35.6 million as of March 31, 2025 and December 31, 2024, respectively.

Allowance for Credit Losses

The ACL consists of reserves against loans that have been evaluated collectively and individually for expected credit losses. The ACL 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 is increased by charges to expense, through the provision for credit losses, and decreased by charge-offs, net of recoveries. The reserve for OBS credit exposures includes estimated losses on unfunded loan commitments, letters of credit and other OBS credit exposures.

The following table summarizes the ACL - loans balance and the reserve for OBS credit exposures balance:

March 31,
2025		December 31,
2024
(dollars in thousands)
ACL - loans $379,677 $379,156 
Reserve for OBS credit exposures(1)
$14,947 $14,161 
(1) Included in other liabilities on the Consolidated Balance Sheets.
















The following table presents the activity in the ACL - loans balances:
Three months ended March 31
 20252024
(dollars in thousands)
Balance at beginning of period$379,156 $293,404 
Loans charged off(20,034)(10,952)
Recoveries of loans previously charged off7,443 2,354 
Net loans (charged off) recovered(12,591)(8,598)
Provision for credit losses(1) (2)
13,112 13,082 
Balance at end of period$379,677 $297,888 
Provision for OBS credit exposures(1)
$786 $(2,157)
Reserve for OBS credit exposures$14,947 $15,097 
(1) The sum of these amounts is reflected in the provision for credit losses in the Consolidated Statements of Income.
(2) Provision only includes the portion related to net loans.

The following table presents the activity in the ACL by portfolio segment:
Real Estate 
Commercial
Mortgage		Commercial and
Industrial		Real Estate Residential
Mortgage		Consumer and Real Estate - Home
Equity		Real Estate
Construction		Leases and other loansTotal
 (dollars in thousands)
Three months ended March 31, 2025
Balance at December 31, 2024$158,181 $92,212 $81,331 $19,397 $25,140 $2,895 $379,156 
Loans charged off(12,106)(3,865)(343)(2,193)— (1,527)(20,034)
Recoveries of loans previously charged off374 5,952 174 660 82 201 7,443 
Net loans (charged off) recovered(11,732)2,087 (169)(1,533)82 (1,326)(12,591)
Provision for loan losses(1) (2)
15,697 2,552 1,254 1,430 (9,322)1,501 13,112 
Balance at March 31, 2025$162,146 $96,851 $82,416 $19,294 $15,900 $3,070 $379,677 
Three months ended March 31, 2024
Balance at December 31, 2023$112,565 $74,266 $73,286 $17,604 $12,295 $3,388 $293,404 
Loans charged off(26)(7,632)(251)(2,238)— (805)(10,952)
Recoveries of loans previously charged off152 1,248 116 676 — 162 2,354 
Net loans (charged off) recovered126 (6,384)(135)(1,562)— (643)(8,598)
Provision for loan and lease losses(1) (2)
1,801 9,001 65 646 671 898 13,082 
Balance at March 31, 2024$114,492 $76,883 $73,216 $16,688 $12,966 $3,643 $297,888 
(1) These amounts are reflected in the provision for credit loss in the Consolidated Statements of Income.
(2) 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.

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. 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. Commercial and industrial loans may also be secured by real estate.

All loans individually evaluated for impairment are measured for losses on a quarterly basis. As of March 31, 2025 and December 31, 2024, 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.

As of March 31, 2025 and December 31, 2024, approximately 97% and 90%, 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 state 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:
March 31, 2025December 31, 2024
With a Related AllowanceWithout a Related AllowanceTotalWith a Related AllowanceWithout a Related AllowanceTotal
(dollars in thousands)
Real estate - commercial mortgage$41,134 $45,394 $86,528 $31,654 $67,843 $99,497 
Commercial and industrial16,005 18,564 34,569 17,011 25,206 42,217 
Real estate - residential mortgage25,223 2,003 27,226 23,387 2,013 25,400 
Real estate - home equity8,051 73 8,124 8,513 78 8,591 
Real estate - construction3,666 — 3,666 1,746 — 1,746 
Consumer7 — 7 8 — 8 
Leases and other loans186 2,120 2,306 1,801 10,033 11,834 
$94,272 $68,154 $162,426 $84,120 $105,173 $189,293 

As of March 31, 2025 and December 31, 2024, there were $68.2 million and $105.2 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.

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 loans, commercial and industrial loans, and commercial real estate loans, 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 PD 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:
March 31, 2025
(dollars in thousands)
Term Loans Amortized Cost Basis by Origination YearRevolving LoansRevolving Loans converted to Term Loans
AmortizedAmortized
20252024202320222021PriorCost BasisCost BasisTotal
Real estate - commercial mortgage
Pass$112,253 $632,213 $1,038,464 $1,200,259 $1,275,597 $4,297,847 $67,023 $249 $8,623,905 
Special Mention— 9,329 59,490 132,421 189,465 140,269 1,830 — 532,804 
Substandard or Lower— 7,923 66,689 88,510 82,154 273,285 1,247 — 519,808 
Total real estate - commercial mortgage112,253 649,465 1,164,643 1,421,190 1,547,216 4,711,401 70,100 249 9,676,517 
Real estate - commercial mortgage
Current period gross charge-offs— — — (6,654)(4,052)(1,400)— — (12,106)
Commercial and industrial
Pass130,095 404,571 460,061 488,461 242,892 933,896 1,300,171 3,233 3,963,380 
Special Mention282 15,502 23,680 15,677 10,993 28,846 117,361 2,579 214,920 
Substandard or Lower200 11,665 21,861 26,596 11,445 89,598 182,597 9,004 352,966 
Total commercial and industrial130,577 431,738 505,602 530,734 265,330 1,052,340 1,600,129 14,816 4,531,266 
Commercial and industrial
Current period gross charge-offs— (88)(473)(2,000)(557)(502)(245)— (3,865)
 Real estate - construction(1)
Pass4,001 228,789 360,022 88,125 37,139 41,753 33,131 — 792,960 
Special Mention— — 10,615 57,540 26,426 1,189 — — 95,770 
Substandard or Lower— — — 29,993 2,909 21,865 101 — 54,868 
Total real estate - construction4,001 228,789 370,637 175,658 66,474 64,807 33,232 — 943,598 
Real estate - construction(1)
Current period gross charge-offs— — — — — — — — — 
Total
Pass246,349 1,265,573 1,858,547 1,776,845 1,555,628 5,273,496 1,400,325 3,482 13,380,245 
Special Mention282 24,831 93,785 205,638 226,884 170,304 119,191 2,579 843,494 
Substandard or Lower200 19,588 88,550 145,099 96,508 384,748 183,945 9,004 927,642 
Total$246,831 $1,309,992 $2,040,882 $2,127,582 $1,879,020 $5,828,548 $1,703,461 $15,065 $15,151,381 
(1) Excludes non-commercial real estate - construction.

For a description of the Corporation's internal risk rating categories, see "Note 1 - Summary of Significant Accounting Policies" under the heading "Allowance for Credit Losses" in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2024.












The following table summarizes designated internal risk rating categories by portfolio segment and loan class, by origination year, in the prior period:
December 31, 2024
(dollars in thousands)
Term Loans Amortized Cost Basis by Origination YearRevolving LoansRevolving Loans converted to Term Loans
AmortizedAmortized
20242023202220212020PriorCost BasisCost BasisTotal
Real estate - commercial mortgage
Pass$623,742 $898,296 $1,138,669 $1,316,000 $1,077,625 $3,414,138 $69,942 $9,646 $8,548,058 
Special Mention4,441 73,348 149,280 157,543 28,734 107,099 10,978 — 531,423 
Substandard or Lower4,831 44,665 102,952 95,617 75,097 193,922 1,380 3,913 522,377 
Total real estate - commercial mortgage633,014 1,016,309 1,390,901 1,569,160 1,181,456 3,715,159 82,300 13,559 9,601,858 
Real estate - commercial mortgage
Current period gross charge-offs— (126)(84)— — (12,950)— (26)(13,186)
Commercial and industrial
Pass435,917 486,720 512,622 261,603 268,194 684,931 1,375,201 6,346 4,031,534 
Special Mention9,928 8,333 19,931 18,888 4,844 58,632 117,940 313 238,809 
Substandard or Lower10,795 16,593 34,748 10,183 12,496 49,439 176,755 24,237 335,246 
Total commercial and industrial456,640 511,646 567,301 290,674 285,534 793,002 1,669,896 30,896 4,605,589 
Commercial and industrial
Current period gross charge-offs(612)(3,709)(2,560)(4,587)(317)(7,612)(3,553)(3,635)(26,585)
Real estate - construction(1)
Pass197,206 494,072 157,296 37,438 8,784 41,480 30,608 619 967,503 
Special Mention— 10,612 80,651 69,109 938 — — — 161,310 
Substandard or Lower— — 14,407 10,399 — 20,350 121 1,906 47,183 
Total real estate - construction197,206 504,684 252,354 116,946 9,722 61,830 30,729 2,525 1,175,996 
Real estate - construction(1)
Current period gross charge-offs— — — — — — — — — 
Total
Pass1,256,865 1,879,088 1,808,587 1,615,041 1,354,603 4,140,549 1,475,751 16,611 13,547,095 
Special Mention14,369 92,293 249,862 245,540 34,516 165,731 128,918 313 931,542 
Substandard or Lower15,626 61,258 152,107 116,199 87,593 263,711 178,256 30,056 904,806 
Total$1,286,860 $2,032,639 $2,210,556 $1,976,780 $1,476,712 $4,569,991 $1,782,925 $46,980 $15,383,443 
(1) Excludes non-commercial real estate - construction.















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 loans, residential mortgage loans, 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:

March 31, 2025
(dollars in thousands)
Term Loans Amortized Cost Basis by Origination YearRevolving LoansRevolving Loans converted to Term Loans
AmortizedAmortized
20252024202320222021PriorCost BasisCost BasisTotal
Real estate - residential mortgage
Performing$111,293 $482,878 $736,896 $1,499,902 $1,704,694 $1,827,116 $— $— $6,362,779 
Non-performing— 91 1,941 9,133 2,889 32,824 — — 46,878 
    Total real estate - residential mortgage111,293 482,969 738,837 1,509,035 1,707,583 1,859,940 — — 6,409,657 
Real estate - residential mortgage
Current period gross charge-offs— (19)(7)(121)— (196)— — (343)
Consumer and real estate - home equity
Performing158,049 32,957 95,148 157,474 41,167 205,800 1,055,160 9,337 1,755,092 
Non-performing— 241 239 982 772 6,552 2,751 1,146 12,683 
Total consumer and real estate - home equity158,049 33,198 95,387 158,456 41,939 212,352 1,057,911 10,483 1,767,775 
Consumer and real estate - home equity
Current period gross charge-offs— (96)(537)(536)(333)(836)145 — (2,193)
Leases and other loans
Performing74,672 66,439 84,668 41,516 14,776 17,270 — — 299,341 
Non-performing— — 162 1,760 605 46 — — 2,573 
Leases and other loans74,672 66,439 84,830 43,276 15,381 17,316 — — 301,914 
Leases and other loans
Current period gross charge-offs(404)(428)(172)(100)(53)(370)— — (1,527)
Construction - residential
Performing28,443 164,310 29,708 7,980 — — — — 230,441 
Non-performing— — — 1,406 — — — — 1,406 
Total construction - residential28,443 164,310 29,708 9,386 — — — — 231,847 
Construction - residential
Current period gross charge-offs— — — — — — — — — 
Total
Performing372,457 746,584 946,420 1,706,872 1,760,637 2,050,186 1,055,160 9,337 8,647,653 
Non-performing— 332 2,342 13,281 4,266 39,422 2,751 1,146 63,540 
Total$372,457 $746,916 $948,762 $1,720,153 $1,764,903 $2,089,608 $1,057,911 $10,483 $8,711,193 
December 31, 2024
(dollars in thousands)
Term Loans Amortized Cost Basis by Origination YearRevolving LoansRevolving Loans converted to Term Loans
AmortizedAmortized
20242023202220212020PriorCost BasisCost BasisTotal
Real estate - residential mortgage
Performing$470,918 $728,630 $1,515,521 $1,726,991 $1,022,116 $839,566 $— $— $6,303,742 
Non-performing87 1,358 5,118 3,232 5,523 30,583 — — 45,901 
    Total real estate - residential mortgage471,005 729,988 1,520,639 1,730,223 1,027,639 870,149 — — 6,349,643 
Real estate - residential mortgage
Current period gross charge-offs— (172)(106)(12)(43)(888)— (251)(1,472)
Consumer and Real estate - home equity
Performing178,722 116,370 211,647 65,412 48,201 188,442 913,920 40,384 1,763,098 
Non-performing236 848 918 963 753 4,571 2,893 3,192 14,374 
Total consumer and real estate - home equity178,958 117,218 212,565 66,375 48,954 193,013 916,813 43,576 1,777,472 
Consumer and Real estate - home equity
Current period gross charge-offs(118)(1,016)(1,552)(790)(398)(2,704)(75)(1,837)(8,490)
Leases and other loans
Performing123,991 89,006 52,724 16,894 10,830 9,996 — — 303,441 
Non-performing— — 1,922 744 23 9,328 — — 12,017 
Leases and other loans123,991 89,006 54,646 17,638 10,853 19,324 — — 315,458 
Leases and other loans
Current period gross charge-offs(1,977)(913)(335)(334)(192)(770)— (175)(4,696)
Construction - residential
Performing138,440 61,848 15,710 1,499 — — — — 217,497 
Non-performing— — 1,406 — — — — — 1,406 
Total construction - residential138,440 61,848 17,116 1,499 — — — — 218,903 
Construction - residential
Current period gross charge-offs— — — — — — — — — 
Total
Performing912,071 995,854 1,795,602 1,810,796 1,081,147 1,038,004 913,920 40,384 8,587,778 
Non-performing323 2,206 9,364 4,939 6,299 44,482 2,893 3,192 73,698 
Total$912,394 $998,060 $1,804,966 $1,815,735 $1,087,446 $1,082,486 $916,813 $43,576 $8,661,476 






















The following table presents non-performing assets:
March 31,
2025		December 31,
2024
 (dollars in thousands)
Non-accrual loans$162,426 $189,293 
Loans 90 days or more past due and still accruing34,367 30,781 
Total non-performing loans196,793 220,074 
OREO(1)
2,193 2,621 
Total non-performing assets$198,986 $222,695 
(1) Excludes $16.5 million and $17.5 million of residential mortgage properties for which formal foreclosure proceedings were in process as of March 31,
2025 and December 31, 2024, respectively.

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
(dollars in thousands)
March 31, 2025
Real estate - commercial mortgage$37,443 $20,827 $1,553 $86,528 $9,530,166 $9,676,517 
Commercial and industrial(1)
10,622 8,747 8,344 34,569 4,468,984 4,531,266 
Real estate - residential mortgage38,253 6,369 19,652 27,226 6,318,157 6,409,657 
Real estate - home equity7,905 916 3,461 8,124 1,150,064 1,170,470 
Real estate - construction25,891 499 — 3,666 1,145,389 1,175,445 
Consumer5,537 1,977 1,090 7 588,694 597,305 
Leases and other loans(1)
361 142 267 2,306 298,838 301,914 
Total$126,012 $39,477 $34,367 $162,426 $23,500,292 $23,862,574 
(1) Includes unearned income.

30-59 Days Past
Due		60-89
Days Past
Due		≥ 90 Days
Past Due
and
Accruing		Non-
accrual		CurrentTotal
(dollars in thousands)
December 31, 2024
Real estate - commercial mortgage$32,715 $16,684 $2,862 $99,497 $9,450,100 $9,601,858 
Commercial and industrial(1)
6,031 3,636 1,460 42,217 4,552,245 4,605,589 
Real estate - residential mortgage59,593 5,946 20,501 25,400 6,238,203 6,349,643 
Real estate - home equity6,778 1,057 4,758 8,591 1,139,432 1,160,616 
Real estate - construction3,549 5,163 — 1,746 1,384,441 1,394,899 
Consumer6,779 1,627 1,017 8 607,425 616,856 
Leases and other loans(1)
269 105 183 11,834 303,067 315,458 
Total$115,714 $34,218 $30,781 $189,293 $23,674,913 $24,044,919 
(1) Includes unearned income.

Loan Modifications to Borrowers Experiencing Financial Difficulty

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 borrower.

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 of the loans modified to borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of concession granted:

Term Extension
Three months ended March 31, 2025Three months ended March 31, 2024
Amortized Cost Basis% of Class of Financing ReceivableAmortized Cost Basis% of Class of Financing Receivable
(dollars in thousands)
Three months ended March 31
Real estate - commercial mortgage$111 — %$— — %
Commercial and industrial3,937 0.09 — — 
Real estate - residential mortgage2,400 0.04 2,717 0.05 
Real estate - home equity467 0.04 — — 
Real estate - construction— — 455 0.04 
Total$6,915 $3,172 

Interest Rate Reduction and Term Extension
Three months ended March 31, 2025Three months ended March 31, 2024
Amortized Cost Basis% of Class of Financing ReceivableAmortized Cost Basis% of Class of Financing Receivable
(dollars in thousands)
Three months ended March 31
Real estate - residential mortgage$1,389 0.02 %$465 0.01 %
Total$1,389 $465 

The following table presents the financial effect of the modifications made to borrowers experiencing financial difficulty:

Term Extension
Financial Effect
Three months ended March 31, 2025
Real estate - commercial mortgage
Added a weighted-average 1.00 year 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 8.78 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - home equity
Added a weighted-average 9.27 years to the life of loans, which reduced monthly payment amounts for borrowers.
Three months ended March 31, 2024
Real estate - residential mortgage
Added a weighted-average 6.27 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - constructionAdded a weighted-average 0.67 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Interest Rate Reduction
Financial Effect
Three months ended March 31, 2025
Real estate - residential mortgage
Reduced weighted-average interest rate from 4.27% to 2.27%
Three months ended March 31, 2024
Real estate - residential mortgage
Reduced weighted-average interest rate from 4.37% to 2.71%

During the three months ended March 31, 2025 and 2024, there were no loans modified due to financial difficulty where there was a principal balance forgiveness.

The following table presents the performance of loans that have been modified due to financial difficulty in the previous 12 months:

30-8990+Total
Days PastPast DuePast
CurrentDueand AccruingDue
March 31, 2025(dollars in thousands)
Real estate - commercial mortgage$20,495 $— $— $— 
Commercial and industrial3,937 3,000 — 3,000 
Real estate - residential mortgage10,573 2,493 1,266 3,759 
Real estate - home equity821 — — — 
Total$35,826 $5,493 $1,266 $6,759 
There were no commitments to lend additional funds to borrowers with loan modifications as a result of financial difficulty as of March 31, 2025.