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Loans and Leases and the Allowance for Credit Losses (Tables)

3 Months Ended

Mar. 31, 2024

Loans And Leases And Allowance For Loan And Lease Losses [Abstract]

Schedule of Loan and Lease Portfolio

The Company’s loan and lease portfolio was comprised of the following as of March 31, 2024, and December 31, 2023:


(dollars in thousands)		March 31, 2024				December 31, 2023
Commercial
Commercial and Industrial		$	1,669,482			$	1,652,699
Paycheck Protection Program			10,177				11,369
Commercial Mortgage			3,715,032				3,749,016
Construction			323,069				304,463
Lease Financing			57,817				59,939
Total Commercial			5,775,577				5,777,486
Consumer
Residential Mortgage			4,616,900				4,684,171
Home Equity			2,240,946				2,264,827
Automobile			825,854				837,830
Other1			394,560				400,712
Total Consumer			8,078,260				8,187,540
Total Loans and Leases		$	13,853,837			$	13,965,026

1.

Comprised of other revolving credit, installment, and lease financing.

Schedule of Activity in Allowance by Portfolio Segment

The following presents by portfolio segment, the activity in the Allowance for the three months ended March 31, 2024, and March 31, 2023.


(dollars in thousands)		Commercial				Consumer				Total
Three Months Ended March 31, 2024
Allowance for Credit Losses:
Balance at Beginning of Period		$	74,074			$	72,329			$	146,403
Loans and Leases Charged-Off			(360	)			(3,395	)			(3,755	)
Recoveries on Loans and Leases Previously Charged-Off			116				1,358				1,474
Net Loans and Leases Recovered (Charged-Off)			(244	)			(2,037	)			(2,281	)
Provision for Credit Losses			1,257				2,285				3,542
Balance at End of Period		$	75,087			$	72,577			$	147,664
Three Months Ended March 31, 2023
Allowance for Credit Losses:
Balance at Beginning of Period		$	63,900			$	80,539			$	144,439
Loans and Leases Charged-Off			(261	)			(4,048	)			(4,309	)
Recoveries on Loans and Leases Previously Charged-Off			50				1,591				1,641
Net Loans and Leases Recovered (Charged-Off)			(211	)			(2,457	)			(2,668	)
Provision for Credit Losses			(4,918	)			6,724				1,806
Balance at End of Period		$	58,771			$	84,806			$	143,577

Schedule of Recorded Investment in Loans and Leases by Class and Credit Quality Indicator

The following presents by credit quality indicator, loan class, and year of origination, the amortized cost basis of the Company’s loans and leases as of March 31, 2024.


		Term Loans by Origination Year
(dollars in thousands)	20242					2023				2022				2021				2020				Prior				Revolving Loans				Revolving Loans Converted to Term Loans				Total Loans and Leases
March 31, 2024
Commercial
Commercial and Industrial
Pass		$	117,709			$	324,140			$	277,302			$	202,960			$	142,257			$	99,409			$	397,661			$	360			$	1,561,798
Special Mention			-				58				-				-				-				-				45,184				-				45,242
Classified			13				11,395				6,595				8,791				6,611				8,978				20,048				11				62,442
Total Commercial and Industrial		$	117,722			$	335,593			$	283,897			$	211,751			$	148,868			$	108,387			$	462,893			$	371			$	1,669,482
Paycheck Protection Program
Pass		$	-			$	-			$	-			$	1,951			$	8,226			$	-			$	-			$	-			$	10,177
Total Paycheck Protection Program		$	-			$	-			$	-			$	1,951			$	8,226			$	-			$	-			$	-			$	10,177
Commercial Mortgage
Pass		$	117,064			$	683,702			$	1,001,935			$	661,193			$	424,648			$	630,355			$	41,647			$	-			$	3,560,544
Special Mention			-				65,190				1,950				13,684				-				11,066				-				-				91,890
Classified			468				5,168				18,746				5,922				18,979				13,315				-				-				62,598
Total Commercial Mortgage		$	117,532			$	754,060			$	1,022,631			$	680,799			$	443,627			$	654,736			$	41,647			$	-			$	3,715,032
Construction
Pass		$	43,335			$	84,894			$	127,090			$	30,921			$	-			$	15,915			$	17,166			$	-			$	319,321
Special Mention			-				-				-				-				1,324				-				-				-				1,324
Classified			-				-				2,424				-				-				-				-				-				2,424
Total Construction		$	43,335			$	84,894			$	129,514			$	30,921			$	1,324			$	15,915			$	17,166			$	-			$	323,069
Lease Financing
Pass		$	3,549			$	9,292			$	11,544			$	12,776			$	7,710			$	11,674			$	-			$	-			$	56,545
Classified			-				574				47				109				87				455				-				-				1,272
Total Lease Financing		$	3,549			$	9,866			$	11,591			$	12,885			$	7,797			$	12,129			$	-			$	-			$	57,817
Total Commercial		$	282,138			$	1,184,413			$	1,447,633			$	938,307			$	609,842			$	791,167			$	521,706			$	371			$	5,775,577
Consumer
Residential Mortgage
Pass		$	25,834			$	289,895			$	782,706			$	1,229,968			$	960,845			$	1,325,079			$	-			$	-			$	4,614,327
Classified			-				-				-				426				448				1,699				-				-				2,573
Total Residential Mortgage		$	25,834			$	289,895			$	782,706			$	1,230,394			$	961,293			$	1,326,778			$	-			$	-			$	4,616,900
Home Equity
Pass		$	-			$	-			$	-			$	-			$	-			$	42			$	2,190,048			$	49,092			$	2,239,182
Classified			-				-				-				-				-				-				1,060				704				1,764
Total Home Equity		$	-			$	-			$	-			$	-			$	-			$	42			$	2,191,108			$	49,796			$	2,240,946
Automobile
Pass		$	58,778			$	240,008			$	278,365			$	135,597			$	56,266			$	56,324			$	-			$	-			$	825,338
Classified			-				67				201				83				27				138				-				-				516
Total Automobile		$	58,778			$	240,075			$	278,566			$	135,680			$	56,293			$	56,462			$	-			$	-			$	825,854
Other1
Pass		$	33,148			$	93,435			$	130,583			$	81,064			$	10,593			$	44,101			$	763			$	-			$	393,687
Classified			-				134				288				232				39				180				-				-				873
Total Other		$	33,148			$	93,569			$	130,871			$	81,296			$	10,632			$	44,281			$	763			$	-			$	394,560
Total Consumer		$	117,760			$	623,539			$	1,192,143			$	1,447,370			$	1,028,218			$	1,427,563			$	2,191,871			$	49,796			$	8,078,260
Total Loans and Leases		$	399,898			$	1,807,952			$	2,639,776			$	2,385,677			$	1,638,060			$	2,218,730			$	2,713,577			$	50,167			$	13,853,837

1.

Comprised of other revolving credit, installment, and lease financing.

2.

Loans reported as Classified in the 2024 column represent renewal of loans that originated in an earlier period.

For the three months ended March 31, 2024, $3.4 million of revolving loans were converted to term loans.

The following presents by credit quality indicator, loan class, and year of origination, the amortized cost basis of the Company’s loans and leases as of December 31, 2023.


		Term Loans by Origination Year
(dollars in thousands)	20232					2022				2021				2020				2019				Prior				Revolving Loans				Revolving Loans Converted to Term Loans				Total Loans and Leases
December 31, 2023
Commercial
Commercial and Industrial
Pass		$	319,451			$	294,142			$	229,286			$	148,575			$	40,696			$	77,789			$	380,524			$	450			$	1,490,913
Special Mention			50,792				5,555				-				-				657				-				39,278				-				96,282
Classified			11,790				5,846				8,928				6,625				-				9,199				23,103				13				65,504
Total Commercial and Industrial		$	382,033			$	305,543			$	238,214			$	155,200			$	41,353			$	86,988			$	442,905			$	463			$	1,652,699
Paycheck Protection Program
Pass		$	-			$	-			$	2,199			$	9,170			$	-			$	-			$	-			$	-			$	11,369
Total Paycheck Protection Program		$	-			$	-			$	2,199			$	9,170			$	-			$	-			$	-			$	-			$	11,369
Commercial Mortgage
Pass		$	788,558			$	1,043,472			$	679,258			$	432,896			$	244,767			$	419,225			$	41,292			$	-			$	3,649,468
Special Mention			30,356				18,636				-				3,875				-				9,153				-				-				62,020
Classified			5,829				155				3,724				13,112				535				14,173				-				-				37,528
Total Commercial Mortgage		$	824,743			$	1,062,263			$	682,982			$	449,883			$	245,302			$	442,551			$	41,292			$	-			$	3,749,016
Construction
Pass		$	77,163			$	149,183			$	50,996			$	-			$	16,009			$	-			$	9,777			$	-			$	303,128
Special Mention			-				-				-				1,335				-				-				-				-				1,335
Total Construction		$	77,163			$	149,183			$	50,996			$	1,335			$	16,009			$	-			$	9,777			$	-			$	304,463
Lease Financing
Pass		$	9,867			$	13,409			$	13,795			$	8,493			$	5,385			$	7,650			$	-			$	-			$	58,599
Classified			600				51				117				94				-				478				-				-				1,340
Total Lease Financing		$	10,467			$	13,460			$	13,912			$	8,587			$	5,385			$	8,128			$	-			$	-			$	59,939
Total Commercial		$	1,294,406			$	1,530,449			$	988,303			$	624,175			$	308,049			$	537,667			$	493,974			$	463			$	5,777,486
Consumer
Residential Mortgage
Pass		$	297,532			$	796,979			$	1,249,917			$	977,377			$	303,098			$	1,057,267			$	-			$	-			$	4,682,170
Classified			-				-				426				-				-				1,575				-				-				2,001
Total Residential Mortgage		$	297,532			$	796,979			$	1,250,343			$	977,377			$	303,098			$	1,058,842			$	-			$	-			$	4,684,171
Home Equity
Pass		$	-			$	-			$	-			$	-			$	-			$	43			$	2,215,970			$	46,794			$	2,262,807
Classified			-				-				-				-				-				-				1,229				791				2,020
Total Home Equity		$	-			$	-			$	-			$	-			$	-			$	43			$	2,217,199			$	47,585			$	2,264,827
Automobile
Pass		$	250,380			$	301,968			$	149,915			$	64,734			$	46,396			$	24,038			$	-			$	-			$	837,431
Classified			84				108				11				46				72				78				-				-				399
Total Automobile		$	250,464			$	302,076			$	149,926			$	64,780			$	46,468			$	24,116			$	-			$	-			$	837,830
Other1
Pass		$	102,563			$	141,421			$	92,312			$	13,074			$	16,897			$	32,519			$	1,277			$	-			$	400,063
Classified			65				224				165				22				93				80				-				-				649
Total Other		$	102,628			$	141,645			$	92,477			$	13,096			$	16,990			$	32,599			$	1,277			$	-			$	400,712
Total Consumer		$	650,624			$	1,240,700			$	1,492,746			$	1,055,253			$	366,556			$	1,115,600			$	2,218,476			$	47,585			$	8,187,540
Total Loans and Leases		$	1,945,030			$	2,771,149			$	2,481,049			$	1,679,428			$	674,605			$	1,653,267			$	2,712,450			$	48,048			$	13,965,026

1.

Comprised of other revolving credit, installment, and lease financing.

2.

Loans reported as Special Mention or Classified in the 2023 column represent renewal of loans that originated in an earlier period.

Schedule of Aging Analysis by Class of Loan and Lease Portfolio

The following presents by class, an aging analysis of the Company’s loan and lease portfolio as of March 31, 2024, and December 31, 2023.


(dollars in thousands)		30 - 59 Days Past Due				60 - 89 Days Past Due				Past Due 90 Days or More				Non- Accrual				Total Past Due and Non- Accrual				Current				Total Loans and Leases				Non- Accrual Loans and Leases that are Current 2
As of March 31, 2024
Commercial
Commercial and Industrial		$	8,373			$	78			$	—			$	13				8,464				1,661,018			$	1,669,482			$	13
Paycheck Protection Program			—				—				—				—				—				10,177				10,177				—
Commercial Mortgage			230				—				—				2,714				2,944				3,712,088				3,715,032				2,714
Construction			—				—				—				—				—				323,069				323,069				—
Lease Financing			—				—				—				—				—				57,817				57,817				—
Total Commercial			8,603				78				—				2,727				11,408				5,764,169				5,775,577				2,727
Consumer
Residential Mortgage			3,110				3,828				3,378				3,199				13,515				4,603,385				4,616,900				691
Home Equity			5,063				1,751				1,580				3,240				11,634				2,229,312				2,240,946				1,490
Automobile			9,403				1,321				517				—				11,241				814,613				825,854				—
Other 1			2,055				1,097				872				—				4,024				390,536				394,560				—
Total Consumer			19,631				7,997				6,347				6,439				40,414				8,037,846				8,078,260				2,181
Total		$	28,234			$	8,075			$	6,347			$	9,166			$	51,822			$	13,802,015			$	13,853,837			$	4,908

As of December 31, 2023
Commercial
Commercial and Industrial		$	6,748			$	514			$	—			$	39			$	7,301			$	1,645,398			$	1,652,699			$	36
Paycheck Protection Program			—				—				—				—				—				11,369				11,369				—
Commercial Mortgage			—				—				—				2,884				2,884				3,746,132				3,749,016				2,884
Construction			—				—				—				—				—				304,463				304,463				—
Lease Financing			—				—				—				—				—				59,939				59,939				—
Total Commercial			6,748				514				—				2,923				10,185				5,767,301				5,777,486				2,920
Consumer
Residential Mortgage			4,547				317				3,814				2,935				11,613				4,672,558				4,684,171				867
Home Equity			4,210				1,967				1,734				3,791				11,702				2,253,125				2,264,827				1,101
Automobile			13,242				1,478				399				—				15,119				822,711				837,830				—
Other 1			1,968				1,019				648				—				3,635				397,077				400,712				—
Total Consumer			23,967				4,781				6,595				6,726				42,069				8,145,471				8,187,540				1,968
Total		$	30,715			$	5,295			$	6,595			$	9,649			$	52,254			$	13,912,772			$	13,965,026			$	4,888

1.

Comprised of other revolving credit, installment, and lease financing.

2.

Represents non-accrual loans that are not past due 30 days or more; however, full payment of principal and interest is still not expected.

Schedule of Non-Accrual Loans and Leases

The following presents the non-accrual loans and leases as of March 31, 2024, and December 31, 2023.


		March 31, 2024												December 31, 2023
(dollars in thousands)		Non-accrual loans with a related ACL				Non-accrual loans without a related ACL				Total Non- accrual loans				Non-accrual loans with a related ACL				Non-accrual loans without a related ACL				Total Non- accrual loans
Commercial
Commercial and Industrial		$	13			$	—			$	13			$	39			$	—			$	39
Commercial Mortgage			—				2,714				2,714				—				2,884				2,884
Total Commercial			13				2,714				2,727				39				2,884				2,923
Consumer
Residential Mortgage			3,199				—				3,199				2,935				—				2,935
Home Equity			3,240				—				3,240				3,791				—				3,791
Total Consumer			6,439				—				6,439				6,726				—				6,726
Total		$	6,452			$	2,714			$	9,166			$	6,765			$	2,884			$	9,649

Schedule of Amortized Cost Basis and Financial Effect of Loan Modifications to Borrowers Experiencing Financial Difficulty

The following table presents the amortized cost basis of loan modifications made to borrowers experiencing financial difficulty during three months ended March 31, 2024 and March 31, 2023.


				Payment										% of
				Delay										Total
				and										Class of
	Term			Term			Payment							Loans and
(dollars in thousands)	Extension			Extension			Delay			Total				Leases
Three Months Ended March 31, 2024
Commercial
Commercial and Industrial	$	25		$	4,841		$	—		$	4,866				0.29	%
Total Commercial		25			4,841			—			4,866				0.08	%
Consumer
Residential Mortgage		—			—			15,261			15,261				0.33	%
Home Equity		—			—			610			610				0.03	%
Automobile		4,314			875			—			5,189				0.63	%
Other1		455			116			—			571				0.14	%
Total Consumer		4,769			991			15,871			21,631				0.27	%
Total Loans and Leases	$	4,794		$	5,832		$	15,871		$	26,497				0.19	%

Three Months Ended March 31, 2023
Commercial
Commercial and Industrial	$	—		$	7,091		$	—		$	7,091				0.50	%
Total Commercial		—			7,091			—			7,091				0.13	%
Consumer
Residential Mortgage		137			—			—			137				0.00	%
Home Equity		141			—			—			141				0.01	%
Automobile		1,815			—			—			1,815				0.21	%
Other1		175			—			—			175				0.04	%
Total Consumer		2,268			—			—			2,268				0.03	%
Total Loans and Leases	$	2,268		$	7,091		$	—		$	9,359				0.07	%

1.

Comprised of other revolving credit, installment, and lease financing.

The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the three months ended March 31, 2024 and March 31, 2023.


		Weighted-Average				Weighted-Average
		Months of				Payment
(dollars in thousands)		Term Extension				Deferral
Three Months Ended March 31, 2024
Commercial
Commercial and Industrial		$	12			$	593
Consumer
Residential Mortgage			—				17
Home Equity			—				3
Automobile			22				2
Other1			18				1

Three Months Ended March 31, 2023
Commercial
Commercial and Industrial		$	6			$	1,159
Consumer
Residential Mortgage			58				—
Home Equity			64				—
Automobile			23				—
Other1			23				—

1 Comprised of other revolving credit, installment and lease financing.

The following table presents the loan modifications made to borrowers experiencing financial difficulty that defaulted during the three months ended March 31, 2024. There were no loan modifications made to borrowers experiencing financial difficulty during the three months ended March 31, 2023, that subsequently defaulted.


	Term
(dollars in thousands)	Extension				Total
Three Months Ended March 31, 2024
Consumer
Automobile	$	514			$	514
Other1		253				253
Total Consumer		767				767
Total Loans and Leases	$	767			$	767

1.

Comprised of other revolving credit, installment, and lease financing.

Schedule of Aging Analysis of Loan Modifications Made to Borrowers Experiencing Financial Difficulty

The following table presents the aging analysis of loan modifications made to borrowers experiencing financial difficulty as of March 31, 2024 and March 31, 2023.


(dollars in thousands)		Current				30 - 59 Days Past Due				60 - 89 Days Past Due				Past Due 90 Days or More				Non- Accrual			Total
As of March 31, 2024
Commercial
Commercial and Industrial		$	4,841			$	24			$	—			$	—			$	—		$	4,865
Total Commercial			4,841				24				—				—				—			4,865
Consumer
Residential Mortgage			15,261				—				—				—				—			15,261
Home Equity			610				—				—				—				—			610
Automobile			5,055				134				—				—				—			5,189
Other1			517				9				46				—				—			572
Total Consumer			21,443				143				46				—				—			21,632
Total Loans and Leases			26,284			$	167			$	46			$	—			$	—		$	26,497

As of March 31, 2023
Commercial
Commercial and Industrial		$	7,091			$	—			$	—			$	—			$	—		$	7,091
Total Commercial			7,091				—				—				—				—			7,091
Consumer
Residential Mortgage			—				—				—				—				137			137
Home Equity			141				—				—				—				—			141
Automobile			1,815				—				—				—				—			1,815
Other1			175				—				—				—				—			175
Total Consumer			2,131				—				—				—				137			2,268
Total Loans and Leases			9,222			$	—			$	—			$	—			$	137		$	9,359

1.

Comprised of other revolving credit, installment, and lease financing.

Schedule of Loan Class and Year of Origination, Gross Charge-offs Recorded

The following table presents by loan class and year of origination, the gross charge-offs recorded during the three months ended March 31, 2024 and March 31, 2023.


(dollars in thousands)	2024				2023				2022				2021				2020				Prior				Total Loans and Leases
As of March 31, 2024
Commercial
Commercial and Industrial	$	—			$	282			$	—			$	—			$	—			$	78			$	360
Total Commercial		—				282				—				—				—				78				360
Consumer
Home Equity		—				—				35				—				—				—				35
Automobile		—				264				363				119				54				248				1,048
Other1		—				668				653				448				117				426				2,312
Total Consumer		—				932				1,051				567				171				674				3,395
Total	$	—			$	1,214			$	1,051			$	567			$	171			$	752			$	3,755

(dollars in thousands)	2023				2022				2021				2020				2019				Prior				Total Loans and Leases
As of March 31, 2023 2
Commercial
Commercial and Industrial	$	—			$	189			$	—			$	—			$	—			$	72			$	261
Total Commercial		—				189				—				—				—				72				261
Consumer
Home Equity		—				—				—				—				—				50				50
Automobile		—				314				507				228				191				423				1,663
Other1		—				820				565				120				395				435				2,335
Total Consumer		—				1,134				1,072				348				586				908				4,048
Total	$	—			$	1,323			$	1,072			$	348			$	586			$	980			$	4,309

1.

Comprised of other revolving credit, installment, and lease financing.

2.

Certain prior period information has been reclassified to conform to current presentation.