This report does not constitute a rating action. ALAC--Additional loss-absorbing capacity. CRA--Comparable ratings analysis. GRE--Government-related entity. ICR--Issuer credit rating. SACP--Stand-alone credit profile. Overview Key strengths Key risks Strong market position in the Northeast and Mid-Atlantic regions Relatively high levels of criticized and classified loans, though they have declined in the past two years Strong profitability, high pretax preprovision income, and a high net interest margin relative to other large regional banks Some geographic concentration, including in New York City which has weighed on asset quality metrics in recent years Historically low loan losses, despite substantial commercial real estate loan exposures and elevated criticized loan balances in recent years Although certain capital ratios are somewhat higher than peers, elevated capital returns
