Loans and Leases | Loans and Leases The following table summarizes loans and leases by portfolio segment and class: (In thousands) At June 30, At December 31, 2023 Commercial non-mortgage $ 16,740,182 $ 16,885,475 Asset-based 1,470,675 1,557,841 Commercial real estate 14,201,265 13,569,762 Multi-family 8,076,548 7,587,970 Equipment financing 1,281,576 1,328,786 Commercial portfolio 41,770,246 40,929,834 Residential 8,284,297 8,227,923 Home equity 1,463,936 1,516,955 Other consumer 54,986 51,340 Consumer portfolio 9,803,219 9,796,218 Loans and leases $ 51,573,465 $ 50,726,052 The carrying amount of loans and leases at June 30, 2024, and December 31, 2023, includes net unamortized At June 30, 2024, the Company had pledged $18.0 billion and $1.5 billion of eligible loans as collateral to support borrowing capacity at the FHLB and FRB, respectively. Non-Accrual and Past Due Loans and Leases The following tables summarize the aging of accrual and non-accrual loans and leases by class: At June 30, 2024 (In thousands) 30-59 Days 60-89 Days 90 or More Days Past Due Non-accrual Total Past Due and Current Total Loans Commercial non-mortgage (1) $ 129,716 $ 562 $ 8 $ 197,931 $ 328,217 $ 16,411,965 $ 16,740,182 Asset-based — — — 29,763 29,763 1,440,912 1,470,675 Commercial real estate 8,155 397 — 86,669 95,221 14,106,044 14,201,265 Multi-family 1,716 — — 9,481 11,197 8,065,351 8,076,548 Equipment financing 3,622 774 1 11,606 16,003 1,265,573 1,281,576 Commercial portfolio 143,209 1,733 9 335,450 480,401 41,289,845 41,770,246 Residential 7,758 5,245 — 11,617 24,620 8,259,677 8,284,297 Home equity 5,499 2,565 — 20,977 29,041 1,434,895 1,463,936 Other consumer 123 55 — 95 273 54,713 54,986 Consumer portfolio 13,380 7,865 — 32,689 53,934 9,749,285 9,803,219 Total $ 156,589 $ 9,598 $ 9 $ 368,139 $ 534,335 $ 51,039,130 $ 51,573,465 (1) In July 2024, $117.9 million of the commercial non-mortgage loans and leases past due 30-59 days were paid current. At December 31, 2023 (In thousands) 30-59 Days 60-89 Days 90 or More Days Past Due Non-accrual Total Past Due and Current Total Loans Commercial non-mortgage $ 2,270 $ 890 $ 94 $ 122,855 $ 126,109 $ 16,759,366 $ 16,885,475 Asset-based — — — 35,068 35,068 1,522,773 1,557,841 Commercial real estate 1,459 — 184 11,383 13,026 13,556,736 13,569,762 Multi-family 5,198 2,340 — — 7,538 7,580,432 7,587,970 Equipment financing 3,966 8 — 9,828 13,802 1,314,984 1,328,786 Commercial portfolio 12,893 3,238 278 179,134 195,543 40,734,291 40,929,834 Residential 14,894 6,218 — 5,704 26,816 8,201,107 8,227,923 Home equity 5,676 3,285 — 23,545 32,506 1,484,449 1,516,955 Other consumer 410 94 — 142 646 50,694 51,340 Consumer portfolio 20,980 9,597 — 29,391 59,968 9,736,250 9,796,218 Total $ 33,873 $ 12,835 $ 278 $ 208,525 $ 255,511 $ 50,470,541 $ 50,726,052 The following table provides additional information on non-accrual loans and leases: At June 30, 2024 At December 31, 2023 (In thousands) Non-accrual Non-accrual with No Allowance Non-accrual Non-accrual with No Allowance Commercial non-mortgage $ 197,931 $ 11,209 $ 122,855 $ 20,066 Asset-based 29,763 1,080 35,068 1,330 Commercial real estate 86,669 28,540 11,383 2,681 Multi-family 9,481 — — — Equipment financing 11,606 994 9,828 1,584 Commercial portfolio 335,450 41,823 179,134 25,661 Residential 11,617 4,238 5,704 856 Home equity 20,977 13,507 23,545 12,471 Other consumer 95 2 142 49 Consumer portfolio 32,689 17,747 29,391 13,376 Total $ 368,139 $ 59,570 $ 208,525 $ 39,037 Additional interest income on non-accrual loans and leases that would have been recognized in the Condensed Consolidated Statements of Income had such loans and leases been current in accordance with their contractual terms was $10.1 million and $6.9 million for the three months ended June 30, 2024, and 2023, respectively, and $20.1 million and $12.4 million for the six months ended June 30, 2024, and 2023, respectively. Allowance for Credit Losses on Loans and Leases The following table summarizes the change in the ACL on loans and leases by portfolio segment: At or for the three months ended June 30, 2024 2023 (In thousands) Commercial Portfolio Consumer Portfolio Total Commercial Portfolio Consumer Portfolio Total ACL on loans and leases: Balance, beginning of period $ 589,109 $ 52,333 $ 641,442 $ 554,750 $ 59,164 $ 613,914 Provision (benefit) 65,607 (4,566) 61,041 38,824 (3,575) 35,249 Charge-offs (33,356) (1,418) (34,774) (21,945) (1,085) (23,030) Recoveries 360 1,286 1,646 1,024 1,754 2,778 Balance, end of period $ 621,720 $ 47,635 $ 669,355 $ 572,653 $ 56,258 $ 628,911 At or for the six months ended June 30, 2024 2023 (In thousands) Commercial Portfolio Consumer Portfolio Total Commercial Portfolio Consumer Portfolio Total ACL on loans and leases: Balance, beginning of period $ 577,663 $ 58,074 $ 635,737 $ 533,125 $ 61,616 $ 594,741 Adoption of ASU No. 2022-02 — — — 7,704 (1,831) 5,873 Provision (benefit) 114,961 (10,726) 104,235 77,581 (4,511) 73,070 Charge-offs (71,817) (2,748) (74,565) (48,355) (2,183) (50,538) Recoveries 913 3,035 3,948 2,598 3,167 5,765 Balance, end of period $ 621,720 $ 47,635 $ 669,355 $ 572,653 $ 56,258 $ 628,911 Individually evaluated for credit losses 66,943 649 67,592 46,215 7,513 53,728 Collectively evaluated for credit losses $ 554,777 $ 46,986 $ 601,763 $ 526,438 $ 48,745 $ 575,183 Credit Quality Indicators To measure credit risk for the commercial portfolio, the Company employs a dual grade credit risk grading system for estimating the PD and LGD. The credit risk grade system assigns a rating to each borrower and to the facility, which together form a Composite Credit Risk Profile. The credit risk grade system categorizes borrowers by common financial characteristics that measure the credit strength of borrowers and facilities by common structural characteristics. The Composite Credit Risk Profile has ten grades, with each grade corresponding to a progressively greater risk of loss. Grades (1) to (6) are considered pass ratings, and grades (7) to (10) are considered criticized, as defined by the regulatory agencies. A (7) “Special Mention” rating has a potential weakness that, if left uncorrected, may result in deterioration of the repayment prospects for the asset. An (8) “Substandard” rating has a well-defined weakness that jeopardizes the full repayment of the debt. A (9) “Doubtful” rating has all of the same weaknesses as a substandard asset with the added characteristic that the weakness makes collection or liquidation in full, given current facts, conditions, and values, improbable. Assets classified as a (10) “Loss” rating are considered uncollectible and charged-off. Risk ratings, which are assigned to differentiate risk within the portfolio, are reviewed on an ongoing basis and revised to reflect changes in a borrower’s current financial position and outlook, risk profile, and the related collateral and structural position. Loan officers review updated financial information or other loan factors on at least an annual basis for all pass rated loans to assess the accuracy of the risk grade. Criticized loans undergo more frequent reviews and enhanced monitoring. To measure credit risk for the consumer portfolio, the most relevant credit characteristic is the FICO score, which is a widely used credit scoring system that ranges from 300 to 850. A lower FICO score is indicative of higher credit risk and a higher FICO score is indicative of lower credit risk. FICO scores are updated at least quarterly. The factors such as past due status, employment status, collateral, geography, loans discharged in bankruptcy, and the status of first lien position loans on second lien position loans, are also considered to be consumer portfolio credit quality indicators. For portfolio monitoring purposes, the Company estimates the current value of property secured as collateral for home equity and residential first mortgage lending products on an ongoing basis. The estimate is based on home price indices compiled by the S&P/Case-Shiller Home Price Indices. Real estate price data is applied to the loan portfolios taking into account the age of the most recent valuation and geographic area. The following tables summarize the amortized cost basis of commercial loans and leases by Composite Credit Risk Profile grade and origination year: At June 30, 2024 (In thousands) 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Total Commercial non-mortgage: Risk rating: Pass $ 1,373,307 $ 2,256,596 $ 3,526,284 $ 1,177,093 $ 657,238 $ 1,348,327 $ 5,471,253 $ 15,810,098 Special mention 16,701 69,316 66,948 76,548 36,719 27,886 70,067 364,185 Substandard 1,334 149,174 155,268 54,922 25,146 50,148 129,889 565,881 Doubtful — — — 1 — 17 — 18 Total commercial non-mortgage 1,391,342 2,475,086 3,748,500 1,308,564 719,103 1,426,378 5,671,209 16,740,182 Current period gross write-offs — 5,072 23,729 10,543 1,610 2,662 752 44,368 Asset-based: Risk rating: Pass 7,457 21,050 — — — 4,728 1,256,151 1,289,386 Special mention — 275 — — — 5,634 42,381 48,290 Substandard — — — — — 1,740 131,259 132,999 Total asset-based 7,457 21,325 — — — 12,102 1,429,791 1,470,675 Current period gross write-offs — — — — — — 5,048 5,048 Commercial real estate: Risk rating: Pass 1,101,675 2,342,504 3,438,935 1,679,249 1,055,474 3,749,271 158,143 13,525,251 Special mention — 13,527 40,407 35,838 59,723 118,753 6,322 274,570 Substandard — 31,038 10,464 25,158 80,813 252,760 1,211 401,444 Total commercial real estate 1,101,675 2,387,069 3,489,806 1,740,245 1,196,010 4,120,784 165,676 14,201,265 Current period gross write-offs — 855 — 1,399 190 9,243 — 11,687 Multi-family: Risk rating: Pass 701,071 1,656,298 1,852,679 1,028,294 338,713 2,386,887 — 7,963,942 Special mention — — — 20,539 37,592 795 — 58,926 Substandard — — 20,500 9,314 6,550 17,316 — 53,680 Total multi-family 701,071 1,656,298 1,873,179 1,058,147 382,855 2,404,998 — 8,076,548 Current period gross write-offs — — — — — 7,345 — 7,345 Equipment financing: Risk rating: Pass 187,114 275,935 252,061 176,232 142,323 176,912 — 1,210,577 Special mention 49 12,079 6,478 8,692 445 971 — 28,714 Substandard 73 13,075 6,477 6,790 5,877 9,993 — 42,285 Total equipment financing 187,236 301,089 265,016 191,714 148,645 187,876 — 1,281,576 Current period gross write-offs — — — — — 3,369 — 3,369 Total commercial portfolio 3,388,781 6,840,867 9,376,501 4,298,670 2,446,613 8,152,138 7,266,676 41,770,246 Current period gross write-offs $ — $ 5,927 $ 23,729 $ 11,942 $ 1,800 $ 22,619 $ 5,800 $ 71,817 At December 31, 2023 (In thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total Commercial non-mortgage: Pass $ 2,602,444 $ 4,089,327 $ 1,371,139 $ 711,362 $ 610,199 $ 952,097 $ 5,970,588 $ 16,307,156 Special mention 15,184 60,240 61,235 33,111 — 720 48,561 219,051 Substandard 48,849 104,087 23,258 28,222 44,612 30,426 79,778 359,232 Doubtful — 8 — — 3 25 — 36 Total commercial non-mortgage 2,666,477 4,253,662 1,455,632 772,695 654,814 983,268 6,098,927 16,885,475 Current period gross write-offs 325 7,637 1,775 512 969 4,391 — 15,609 Asset-based: Pass 23,007 — — — 3,280 34,999 1,333,271 1,394,557 Special mention 651 763 — — 3,676 — 29,610 34,700 Substandard — — — — 1,330 — 127,254 128,584 Total asset-based 23,658 763 — — 8,286 34,999 1,490,135 1,557,841 Current period gross write-offs — — — — 13,189 3,900 — 17,089 Commercial real estate: Pass 2,265,428 3,502,425 1,831,005 1,195,732 1,193,642 3,112,770 176,668 13,277,670 Special mention 850 4,675 14,463 31,405 23,443 37,688 1,210 113,734 Substandard 25,802 16,179 9,545 15,418 58,602 52,812 — 178,358 Total commercial real estate 2,292,080 3,523,279 1,855,013 1,242,555 1,275,687 3,203,270 177,878 13,569,762 Current period gross write-offs 4,632 — 12,617 3,813 2,754 38,569 — 62,385 Multi-family: Pass 1,597,599 1,934,100 1,041,416 442,888 595,676 1,920,618 — 7,532,297 Special mention — — — — 260 35,942 — 36,202 Substandard — — — 364 11,563 7,544 — 19,471 Total multi-family 1,597,599 1,934,100 1,041,416 443,252 607,499 1,964,104 — 7,587,970 Current period gross write-offs — — — — — 3,447 — 3,447 Equipment financing: Pass 335,874 297,186 232,304 176,061 183,679 69,927 — 1,295,031 Special mention — — 116 — 90 — — 206 Substandard — 9,144 8,064 6,600 4,285 5,456 — 33,549 Total equipment financing 335,874 306,330 240,484 182,661 188,054 75,383 — 1,328,786 Current period gross write-offs — — — 2,633 3,304 42 — 5,979 Total commercial portfolio 6,915,688 10,018,134 4,592,545 2,641,163 2,734,340 6,261,024 7,766,940 40,929,834 Current period gross write-offs $ 4,957 $ 7,637 $ 14,392 $ 6,958 $ 20,216 $ 50,349 $ — $ 104,509 The following tables summarize the amortized cost basis of consumer loans by FICO score and origination year: At June 30, 2024 (In thousands) 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Total Residential: Risk rating: 800+ $ 87,264 $ 308,217 $ 882,024 $ 1,120,587 $ 442,939 $ 1,009,541 $ — $ 3,850,572 740-799 205,096 291,057 650,342 713,949 269,241 671,035 — 2,800,720 670-739 52,881 134,278 314,638 248,822 78,493 500,155 — 1,329,267 580-669 2,711 12,011 46,490 46,386 14,674 101,053 — 223,325 579 and below 28 1,569 9,212 15,067 774 53,763 — 80,413 Total residential 347,980 747,132 1,902,706 2,144,811 806,121 2,335,547 — 8,284,297 Current period gross write-offs — — — — — 106 — 106 Home equity: Risk rating: 800+ 4,418 28,287 26,158 33,907 24,423 59,882 380,335 557,410 740-799 7,183 21,680 19,373 26,419 12,664 35,238 331,358 453,915 670-739 4,521 14,946 15,332 13,061 5,675 32,112 241,929 327,576 580-669 596 2,828 2,234 2,660 1,479 10,523 67,145 87,465 579 and below — 463 1,967 801 227 4,519 29,593 37,570 Total home equity 16,718 68,204 65,064 76,848 44,468 142,274 1,050,360 1,463,936 Current period gross write-offs — — — — — 143 163 306 Other consumer: Risk rating: 800+ 130 410 287 1,829 140 390 32,406 35,592 740-799 107 872 446 428 395 605 7,131 9,984 670-739 720 556 515 272 545 476 3,818 6,902 580-669 60 106 97 84 71 149 1,053 1,620 579 and below — 118 101 40 17 34 578 888 Total other consumer 1,017 2,062 1,446 2,653 1,168 1,654 44,986 54,986 Current period gross write-offs 1,976 — 15 18 64 134 129 2,336 Total consumer portfolio 365,715 817,398 1,969,216 2,224,312 851,757 2,479,475 1,095,346 9,803,219 Current period gross write-offs $ 1,976 $ — $ 15 $ 18 $ 64 $ 383 $ 292 $ 2,748 At December 31, 2023 (In thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total Residential: Risk rating: 800+ $ 214,446 $ 847,009 $ 1,096,109 $ 451,307 $ 141,919 $ 910,117 $ — $ 3,660,907 740-799 363,696 703,568 755,750 279,946 112,303 633,578 — 2,848,841 670-739 137,460 293,699 292,255 95,838 48,412 346,663 — 1,214,327 580-669 20,208 52,962 45,770 14,840 10,492 106,497 — 250,769 579 and below 6,909 52,690 11,749 1,345 128,714 51,672 — 253,079 Total residential 742,719 1,949,928 2,201,633 843,276 441,840 2,048,527 — 8,227,923 Current period gross write-offs — — 387 — 153 4,630 — 5,170 Home equity: Risk rating: 800+ 27,047 27,439 35,927 25,586 8,110 56,062 391,616 571,787 740-799 24,772 20,069 27,147 13,888 5,158 34,190 355,926 481,150 670-739 15,857 15,655 15,389 5,992 3,189 29,454 242,189 327,725 580-669 3,080 3,786 1,991 1,658 1,115 9,988 70,102 91,720 579 and below 696 1,109 1,079 576 552 6,319 34,242 44,573 Total home equity 71,452 68,058 81,533 47,700 18,124 136,013 1,094,075 1,516,955 Current period gross write-offs — 4 81 — 104 3,114 — 3,303 Other consumer: Risk rating: 800+ 432 356 1,913 189 255 77 25,699 28,921 740-799 1,318 586 486 730 690 381 7,180 11,371 670-739 526 570 358 981 1,210 79 3,549 7,273 580-669 69 169 129 153 303 56 1,983 2,862 579 and below 125 97 61 11 28 1 590 913 Total other consumer 2,470 1,778 2,947 2,064 2,486 594 39,001 51,340 Current period gross write-offs 3,263 7 2 218 377 363 — 4,230 Total consumer portfolio 816,641 2,019,764 2,286,113 893,040 462,450 2,185,134 1,133,076 9,796,218 Current period gross write-offs $ 3,263 $ 11 $ 470 $ 218 $ 634 $ 8,107 $ — $ 12,703 Collateral Dependent Loans and Leases A non-accrual loan or lease is considered collateral dependent when the borrower is experiencing financial difficulty and when repayment is substantially expected to be provided through the operation or sale of collateral. Commercial non-mortgage loans, At June 30, 2024, and December 31, 2023, the carrying amount of collateral dependent loans was $77.5 million and $66.1 million, respectively, for commercial loans and leases, and $27.1 million and $22.7 million, respectively, for consumer loans. The ACL for collateral dependent loans and leases is individually assessed based on the fair value of the collateral less costs to sell at the reporting date. At June 30, 2024, and December 31, 2023, the collateral value associated with collateral dependent loans and leases was $111.7 million and $93.7 million, respectively. Modifications to Borrowers Experiencing Financial Difficulty In certain circumstances, the Company enters into agreements to modify the terms of loans to borrowers experiencing financial difficulty. A variety of solutions are offered to borrowers experiencing financial difficulty, including loan modifications that may result in principal forgiveness, interest rate reductions, payment delays, term extensions, or a combination thereof. The following is a description of each of these types of modifications: • Principal forgiveness – The outstanding principal balance of a loan may be reduced by a specified amount. Principal forgiveness may occur voluntarily as part of a negotiated agreement with a borrower, or involuntarily through a bankruptcy proceeding. • Interest rate reductions – Includes modifications where the contractual interest rate of the loan has been reduced. • Payment delays – Deferral arrangements that allow borrowers to delay a scheduled loan payment to a later date. Deferred loan payments do not affect the original contractual maturity terms of the loan. Modifications that result in only an insignificant payment delay are not disclosed. The Company generally considers a payment delay of three months or less to be insignificant. • Term extensions – Extensions of the original contractual maturity date of the loan. • Combination – Combination includes loans that have undergone more than one of the above loan modification types. Significant judgment is required to determine if a borrower is experiencing financial difficulty. These considerations vary by portfolio class. The Company has identified modifications to borrowers experiencing financial difficulty that are included in its disclosures as follows: • Commercial: The Company evaluates modifications of loans to commercial borrowers that are rated substandard or worse, and includes the modifications in its disclosures to the extent that the modification is considered • Consumer: The Company generally evaluates all modifications of loans to consumer borrowers subject to its loss mitigation program and includes them in its disclosures to the extent that the modification is considered other-than-insignificant. The following tables summarize the amortized cost basis at June 30, 2024, and 2023, of loans modified to borrowers experiencing financial difficulty, disaggregated by class and type of concession granted: For the three months ended June 30, 2024 (In thousands) Interest Rate Reduction Term Extension Payment Delay Combination - Term Extension and Interest Rate Reduction Total % of Total Class (2) Commercial non-mortgage $ — $ 69,182 $ 61 $ 189 $ 69,432 0.4 % Asset-based — 6,150 — — 6,150 0.4 Commercial real estate — 43,974 359 — 44,333 0.3 Home equity — 45 — 56 101 — Total (1) $ — $ 119,351 $ 420 $ 245 $ 120,016 0.2 % For the six months ended June 30, 2024 (In thousands) Interest Rate Reduction Term Extension Payment Delay Combination - Term Extension and Interest Rate Reduction Total % of Total Class (2) Commercial non-mortgage $ 11 $ 86,150 $ 42,825 $ 1,267 $ 130,253 0.8 % Asset-based — 7,817 — — 7,817 0.5 Commercial real estate — 44,474 359 — 44,833 0.3 Multi-family — 9,481 — — 9,481 0.1 Equipment financing — 490 — — 490 — Residential 626 — — 133 759 — Home equity — 45 — 121 166 — Total (1) $ 637 $ 148,457 $ 43,184 $ 1,521 $ 193,799 0.4 % For the three months ended June 30, 2023 (In thousands) Interest Rate Reduction Term Extension Payment Delay Combination - Combination -Term Extension and Payment Delay Total % of Total Class (2) Commercial non-mortgage $ — $ 13,025 $ 9,548 $ 336 $ 11,520 $ 34,429 0.2 % Commercial real estate — 11,522 171 — — 11,693 0.1 Equipment financing — — 1,408 — — 1,408 0.1 Residential — 1,159 1,606 — — 2,765 — Home equity 64 52 — 145 — 261 — Total (1) $ 64 $ 25,758 $ 12,733 $ 481 $ 11,520 $ 50,556 0.1 % For the six months ended June 30, 2023 (In thousands) Interest Rate Reduction Term Extension Payment Delay Combination - Combination -Term Extension and Payment Delay Total % of Total Class (2) Commercial non-mortgage $ — $ 39,502 $ 9,548 $ 336 $ 11,520 $ 60,906 0.4 % Commercial real estate — 14,762 171 — — 14,933 0.1 Equipment financing — — 1,408 — — 1,408 0.1 Residential — 1,159 1,606 — — 2,765 — Home equity 64 108 — 209 — 381 — Total (1) $ 64 $ 55,531 $ 12,733 $ 545 $ 11,520 $ 80,393 0.2 % (1) The total amortized cost excludes accrued interest receivable of $0.3 million and $0.2 million for the three months ended June 30, 2024, and 2023, respectively, and $0.4 million and $0.2 million for the six months ended June 30, 2024, and 2023, respectively. (2) Represents the total amortized cost of the loans modified as a percentage of the total period end loan balance by class. The following tables describe the financial effect of the modifications made to borrowers experiencing financial difficulty: For the three months ended June 30, 2024 Financial Effect (1) Term Extension: Commercial non-mortgage Extended term by a weighted average of 0.6 years Asset-based Extended term by a weighted average of 0.5 years Commercial real estate Extended term by a weighted average of 1.1 years For the six months ended June 30, 2024 Financial Effect (1) Term Extension: Commercial non-mortgage Extended term by a weighted average of 0.6 years Asset-based Extended term by a weighted average of 0.5 years Commercial real estate Extended term by a weighted average of 1.1 years Multi-family Extended term by a weighted average of 1.4 years Payment Delay: Commercial non-mortgage Provided payment deferrals for a weighted average of 0.5 years For the three months ended June 30, 2023 Financial Effect (1) Interest Rate Reduction: Home equity Reduced weighted average interest rate by 0.5% Term Extension: Commercial non-mortgage Extended term by a weighted average of 1.8 years Commercial real estate Extended term by a weighted average of 1.0 year Residential Extended term by a weighted average of 1.4 years Home equity Extended term by a weighted average of 14.4 years Payment Delay: Commercial non-mortgage Provided partial payment deferrals for a weighted average of 0.5 years Commercial real estate Provided payment deferrals for a weighted average of 0.3 years to be received at contractual maturity Equipment financing Provided partial payment deferrals for a weighted average of 0.5 years Residential Provided payment deferrals for a weighted average of 1.0 year Combination - Term Extension and Interest Rate Reduction: Commercial non-mortgage Extended term by a weighted average of 3.7 years and reduced weighted average interest rate by 1.3% Home equity Extended term by a weighted average of 16.0 years and reduced weighted average interest rate by 1.4% Combination - Term Extension and Payment Delay: Commercial non-mortgage Extended term by a weighted average of 1.0 year and provided partial payment deferrals for a weighted average of 1.3 years For the six months ended June 30, 2023 Financial Effect (1) Interest Rate Reduction: Home equity Reduced weighted average interest rate by 0.5% Term Extension: Commercial non-mortgage Extended term by a weighted average of 0.9 years Commercial real estate Extended term by a weighted average of 1.3 years Residential Extended term by a weighted average of 1.4 years Home equity Extended term by a weighted average of 11.5 years Payment Delay: Commercial non-mortgage Provided partial payment deferrals for a weighted average of 0.5 years Commercial real estate Provided payment deferrals for a weighted average of 0.3 years to be received at contractual maturity Equipment financing Provided partial payment deferrals for a weighted average of 0.5 years Residential Provided payment deferrals for a weighted average of 1.0 year Combination - Term Extension and Interest Rate Reduction: Commercial non-mortgage Extended term by a weighted average of 3.7 years and reduced weighted average interest rate by 1.3% Home equity Extended term by a weighted average of 12.7 years and reduced weighted average interest rate by 1.4% Combination - Term Extension and Interest Rate Reduction: Commercial non-mortgage Extended term by a weighted average of 1.0 year and provided payment deferrals for a weighted average of 1.3 years (1) Certain disclosures related to financial effects of 2024 modifications do not include those deemed to be immaterial. The Company closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following tables summarize the aging of loans that had been modified in the twelve months preceding June 30, 2024, and in the six months ended June 30, 2023: At June 30, 2024 (In thousands) Current 30-59 Days 60-89 Days 90 or More Non-Accrual Total Commercial non-mortgage $ 53,156 $ 1,375 $ — $ 120,775 $ 175,306 Asset-based 12,817 — — — — 12,817 Commercial real estate 38,327 — — — 23,613 61,940 Multi-family — — — 9,481 9,481 Equipment financing 196 — — — 581 777 Residential 268 — — — 626 894 Home equity 350 — — — 120 470 Total $ 105,114 $ 1,375 $ — $ — $ 155,196 $ 261,685 At June 30, 2023 (In thousands) Current 30-59 Days 60-89 Days 90 or More Non-Accrual Total Commercial non-mortgage $ 25,006 $ — $ — $ — $ 35,900 $ 60,906 Commercial real estate 14,762 171 — — — 14,933 Equipment financing 1,408 — — — — 1,408 Residential — — — — 2,765 2,765 Home equity 116 — — — 265 381 Total $ 41,292 $ 171 $ — $ — $ 38,930 $ 80,393 Loans made to borrowers experiencing financial difficulty that were modified in the preceding twelve months and that had a payment default during the three months ended June 30, 2024, were not significant. There were $17.8 million of commercial non-mortgage loans made to borrowers experiencing financial difficulty that were modified in the form of term extensions in the preceding twelve months and that had a payment default during the six months ended June 30, 2024. These loans were re-modified during the three months ended June 30, 2024, again in the form of term extensions. Loans made to borrowers experiencing financial difficulty that were both modified and had a payment default during the three and six months ended June 30, 2023, were not significant. For the purposes of this disclosure, a payment default is defined as 90 or more days past due and accruing. Non-accrual loans that are modified to borrowers experiencing financial difficulty remain on non-accrual status until the borrower has demonstrated performance under the modified terms. Commitments to lend additional funds to borrowers experiencing financial difficulty whose loans had been modified were not significant. |