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Loans and Leases | 12 Months Ended
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Dec. 31, 2025
Loans and Leases Receivable Disclosure [Abstract] |
Loans and Leases | Loans and Leases The following table summarizes loans and leases by portfolio segment and class:
| December 31,
(In thousands) | 2025 |  | 2024
Commercial non-mortgage | $ | 20,405,237 |  |  | $ | 18,037,942 |
Asset-based | 1,231,231 |  |  | 1,404,007 |
Commercial real estate | 15,326,007 |  |  | 14,492,436 |
Multi-family | 7,008,839 |  |  | 6,898,600 |
Equipment financing | 1,258,882 |  |  | 1,235,016 |
Commercial portfolio | 45,230,196 |  |  | 42,068,001 |
Residential | 9,599,577 |  |  | 8,853,669 |
Home equity | 1,370,513 |  |  | 1,427,692 |
Other consumer | 396,824 |  |  | 155,806 |
Consumer portfolio | 11,366,914 |  |  | 10,437,167 |
Loans and leases | $ | 56,597,110 |  |  | $ | 52,505,168 |
The carrying amount of loans and leases at December 31, 2025, and 2024, includes net unamortized (discounts)/premiums and net unamortized deferred (fees)/costs, in aggregate, of $16.3 million and $(1.8) million, respectively. Accrued interest receivable of $282.5 million and $265.0 million at December 31, 2025, and 2024, respectively, is excluded from the carrying amount of loans and leases and included in Accrued interest receivable and other assets on the accompanying Consolidated Balance Sheets. At December 31, 2025, the Company had pledged $17.2 billion and $7.2 billion of eligible loans as collateral to support borrowing capacity at the FHLB of Boston and FRB of New York, 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:
| December 31, 2025
(In thousands) | 30-59 Days Past Due and Accruing | 60-89 Days Past Due and Accruing | 90 or More Days Past Due and Accruing | Non-accrual | Total Past Due and Non-accrual | Current | Total Loans and Leases
Commercial non-mortgage | $ | 12,397 |  | $ | 1,547 |  | $ | — |  | $ | 165,378 |  | $ | 179,322 |  | $ | 20,225,915 |  | $ | 20,405,237 |
Asset-based | — |  | — |  | — |  | 66,844 |  | 66,844 |  | 1,164,387 |  | 1,231,231 |
Commercial real estate | 23,702 |  | 838 |  | — |  | 182,968 |  | 207,508 |  | 15,118,499 |  | 15,326,007 |
Multi-family | 476 |  | — |  | — |  | 41,095 |  | 41,571 |  | 6,967,268 |  | 7,008,839 |
Equipment financing | 2,279 |  | 256 |  | — |  | 8,340 |  | 10,875 |  | 1,248,007 |  | 1,258,882 |
Commercial portfolio | 38,854 |  | 2,641 |  | — |  | 464,625 |  | 506,120 |  | 44,724,076 |  | 45,230,196 |
Residential | 12,163 |  | 3,074 |  | — |  | 18,187 |  | 33,424 |  | 9,566,153 |  | 9,599,577 |
Home equity | 5,602 |  | 2,126 |  | — |  | 16,743 |  | 24,471 |  | 1,346,042 |  | 1,370,513 |
Other consumer | 1,370 |  | 830 |  | — |  | 859 |  | 3,059 |  | 393,765 |  | 396,824 |
Consumer portfolio | 19,135 |  | 6,030 |  | — |  | 35,789 |  | 60,954 |  | 11,305,960 |  | 11,366,914 |
Total | $ | 57,989 |  | $ | 8,671 |  | $ | — |  | $ | 500,414 |  | $ | 567,074 |  | $ | 56,030,036 |  | $ | 56,597,110 |
| December 31, 2024
(In thousands) | 30-59 Days Past Due and Accruing | 60-89 Days Past Due and Accruing | 90 or More Days Past Due and Accruing | Non-accrual | Total Past Due and Non-accrual | Current (1) | Total Loans and Leases
Commercial non-mortgage | $ | 3,949 |  | $ | 3,318 |  | $ | — |  | $ | 248,078 |  | $ | 255,345 |  | $ | 17,782,597 |  | $ | 18,037,942 |
Asset-based | — |  | 21,997 |  | — |  | 20,787 |  | 42,784 |  | 1,361,223 |  | 1,404,007 |
Commercial real estate | 22,115 |  | 558 |  | — |  | 120,151 |  | 142,824 |  | 14,349,612 |  | 14,492,436 |
Multi-family | 2,508 |  | 26,377 |  | — |  | 18,043 |  | 46,928 |  | 6,851,672 |  | 6,898,600 |
Equipment financing | 6,096 |  | 3,300 |  | — |  | 19,367 |  | 28,763 |  | 1,206,253 |  | 1,235,016 |
Commercial portfolio | 34,668 |  | 55,550 |  | — |  | 426,426 |  | 516,644 |  | 41,551,357 |  | 42,068,001 |
Residential | 9,595 |  | 4,604 |  | — |  | 12,750 |  | 26,949 |  | 8,826,720 |  | 8,853,669 |
Home equity | 6,273 |  | 2,381 |  | — |  | 21,425 |  | 30,079 |  | 1,397,613 |  | 1,427,692 |
Other consumer | 349 |  | 162 |  | — |  | 124 |  | 635 |  | 155,171 |  | 155,806 |
Consumer portfolio | 16,217 |  | 7,147 |  | — |  | 34,299 |  | 57,663 |  | 10,379,504 |  | 10,437,167 |
Total | $ | 50,885 |  | $ | 62,697 |  | $ | — |  | $ | 460,725 |  | $ | 574,307 |  | $ | 51,930,861 |  | $ | 52,505,168 |
(1)At December 31, 2024, there were $32.7 million of commercial loans that had reached their contractual maturity but were actively in the process of being refinanced with the Company. Due to the status of these refinancings, these commercial loans have been reported as current in the table above. In January 2025, all of such commercial loans were approved and refinanced. The following table provides additional information on non-accrual loans and leases:
| December 31,
| 2025 |  | 2024
(In thousands) | Non-accrual | Non-accrual with No Allowance |  | Non-accrual | Non-accrual with No Allowance
Commercial non-mortgage | $ | 165,378 |  | $ | 52,284 |  |  | $ | 248,078 |  | $ | 50,943 |
Asset-based | 66,844 |  | 774 |  |  | 20,787 |  | 1,080 |
Commercial real estate | 182,968 |  | 53,385 |  |  | 120,151 |  | 26,666 |
Multi-family | 41,095 |  | 31,873 |  |  | 18,043 |  | 17,953 |
Equipment financing | 8,340 |  | 181 |  |  | 19,367 |  | 1,809 |
Commercial portfolio | 464,625 |  | 138,497 |  |  | 426,426 |  | 98,451 |
Residential | 18,187 |  | 8,284 |  |  | 12,750 |  | 6,923 |
Home equity | 16,743 |  | 8,688 |  |  | 21,425 |  | 12,225 |
Other consumer | 859 |  | — |  |  | 124 |  | 3 |
Consumer portfolio | 35,789 |  | 16,972 |  |  | 34,299 |  | 19,151 |
Total | $ | 500,414 |  | $ | 155,469 |  |  | $ | 460,725 |  | $ | 117,602 |
Allowance for Credit Losses on Loans and Leases The following table summarizes the change in the ACL on loans and leases by portfolio segment:
| Years ended December 31,
| 2025 |  | 2024 |  | 2023
(In thousands) | Commercial Portfolio | Consumer Portfolio | Total |  | Commercial Portfolio | Consumer Portfolio | Total |  | Commercial Portfolio | Consumer Portfolio | Total
ACL on loans and leases: |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period | $ | 635,871 |  | $ | 53,695 |  | $ | 689,566 |  |  | $ | 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) | 171,757 |  | 37,291 |  | 209,048 |  |  | 225,599 |  | (4,856) |  | 220,743 |  |  | 138,057 |  | 5,152 |  | 143,209 |
Charge-offs | (181,764) |  | (7,526) |  | (189,290) |  |  | (171,460) |  | (5,010) |  | (176,470) |  |  | (104,509) |  | (12,703) |  | (117,212) |
Recoveries | 5,513 |  | 4,574 |  | 10,087 |  |  | 4,069 |  | 5,487 |  | 9,556 |  |  | 3,286 |  | 5,840 |  | 9,126 |
Balance, end of period (1) | $ | 631,377 |  | $ | 88,034 |  | $ | 719,411 |  |  | $ | 635,871 |  | $ | 53,695 |  | $ | 689,566 |  |  | $ | 577,663 |  | $ | 58,074 |  | $ | 635,737 |
Individually evaluated for credit losses | 79,196 |  | 799 |  | 79,995 |  |  | 68,013 |  | 693 |  | 68,706 |  |  | 43,559 |  | 4,635 |  | 48,194 |
Collectively evaluated for credit losses | $ | 552,181 |  | $ | 87,235 |  | $ | 639,416 |  |  | $ | 567,858 |  | $ | 53,002 |  | $ | 620,860 |  |  | $ | 534,104 |  | $ | 53,439 |  | $ | 587,543 |
(1)The $29.8 million increase in the ACL on loans and leases from December 31, 2024, to December 31, 2025, is primarily due to additional reserves resulting from changes in the macroeconomic forecast, economic uncertainty, and loan growth, partially offset by net charge-offs, improvements in risk rating migration, and changes in commercial portfolio mix. Concentrations of Credit Risk Concentrations of credit risk may exist when a number of borrowers are engaged in similar activities, or activities in the same geographic region, and have similar economic characteristics that would cause them to be similarly impacted by changes in economic or other conditions. Concentrations of credit risk are controlled and monitored as part of the Company’s credit policies and procedures. The Company is a regional financial services holding company in the Northeast U.S. with a commercial concentration primarily in five geographic markets: New York City, Other New York Counties, Connecticut, New Jersey, and Massachusetts; and secondarily in the Southeast and Other states. At December 31, 2025, and 2024, the Company’s concentration of credit risk associated with commercial real estate and multi-family loans, in aggregate, represented 39.5% and 40.7% of total loans and leases, respectively. At December 31, 2025, and 2024, the Company’s concentration of credit risk associated with commercial non-mortage loans represented 36.0% and 34.4% of total loans and leases, respectively. 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. 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:
| December 31, 2025
(In thousands) | 2025 | 2024 | 2023 | 2022 | 2021 | Prior | Revolving Loans Amortized Cost Basis | Total
Commercial non-mortgage: |  |  |  |  |  |  |  |
Risk rating: |  |  |  |  |  |  |  |
Pass | $ | 3,378,004 |  | $ | 2,340,865 |  | $ | 1,463,952 |  | $ | 1,857,656 |  | $ | 853,239 |  | $ | 1,420,790 |  | $ | 7,929,719 |  | $ | 19,244,225 |
Special mention | 4,213 |  | 46,657 |  | 50,332 |  | 181,775 |  | 32,948 |  | 15,264 |  | 38,883 |  | 370,072 |
Substandard | 67,353 |  | 33,646 |  | 144,627 |  | 219,885 |  | 88,312 |  | 42,874 |  | 194,220 |  | 790,917 |
Doubtful | — |  | — |  | — |  | — |  | 1 |  | 22 |  | — |  | 23 |
Total commercial non-mortgage | 3,449,570 |  | 2,421,168 |  | 1,658,911 |  | 2,259,316 |  | 974,500 |  | 1,478,950 |  | 8,162,822 |  | 20,405,237 |
Current period gross write-offs | 6,716 |  | 3,550 |  | 7,817 |  | 13,774 |  | 721 |  | 17,166 |  | 26,157 |  | 75,901 |
Asset-based: |  |  |  |  |  |  |  |
Risk rating: |  |  |  |  |  |  |  |
Pass | 10,550 |  | 199 |  | 2,320 |  | — |  | — |  | 15,901 |  | 1,036,960 |  | 1,065,930 |
Special mention | — |  | — |  | 7,063 |  | — |  | — |  | — |  | 8,069 |  | 15,132 |
Substandard | 1,445 |  | — |  | 3,898 |  | — |  | — |  | 4,833 |  | 139,993 |  | 150,169 |
Total asset-based | 11,995 |  | 199 |  | 13,281 |  | — |  | — |  | 20,734 |  | 1,185,022 |  | 1,231,231 |
Current period gross write-offs | — |  | — |  | — |  | — |  | — |  | — |  | 37,870 |  | 37,870 |
Commercial real estate: |  |  |  |  |  |  |  |
Risk rating: |  |  |  |  |  |  |  |
Pass | 3,462,637 |  | 2,091,777 |  | 2,092,674 |  | 2,337,376 |  | 1,105,105 |  | 3,268,858 |  | 273,252 |  | 14,631,679 |
Special mention | — |  | — |  | 16,834 |  | 75,651 |  | — |  | 29,401 |  | — |  | 121,886 |
Substandard | — |  | 3,240 |  | 168,356 |  | 93,572 |  | 100,957 |  | 206,317 |  | — |  | 572,442 |
Total commercial real estate | 3,462,637 |  | 2,095,017 |  | 2,277,864 |  | 2,506,599 |  | 1,206,062 |  | 3,504,576 |  | 273,252 |  | 15,326,007 |
Current period gross write-offs | — |  | — |  | 31,057 |  | 256 |  | 1,283 |  | 27,514 |  | — |  | 60,110 |
Multi-family: |  |  |  |  |  |  |  |
Risk rating: |  |  |  |  |  |  |  |
Pass | 736,744 |  | 691,180 |  | 1,193,933 |  | 1,370,368 |  | 810,954 |  | 1,988,941 |  | — |  | 6,792,120 |
Special mention | — |  | — |  | — |  | — |  | 3,865 |  | 68,742 |  | — |  | 72,607 |
Substandard | — |  | — |  | 11,915 |  | 26,377 |  | 38,819 |  | 67,001 |  | — |  | 144,112 |
Total multi-family | 736,744 |  | 691,180 |  | 1,205,848 |  | 1,396,745 |  | 853,638 |  | 2,124,684 |  | — |  | 7,008,839 |
Current period gross write-offs | — |  | — |  | — |  | — |  | — |  | 990 |  | — |  | 990 |
Equipment financing: |  |  |  |  |  |  |  |
Risk rating: |  |  |  |  |  |  |  |
Pass | 454,313 |  | 305,538 |  | 141,372 |  | 120,382 |  | 59,566 |  | 96,161 |  | — |  | 1,177,332 |
Special mention | 4,931 |  | 5,700 |  | 2,573 |  | 2,430 |  | 1,087 |  | 1,663 |  | — |  | 18,384 |
Substandard | 3,145 |  | 696 |  | 17,898 |  | 24,897 |  | 9,501 |  | 7,029 |  | — |  | 63,166 |
Total equipment financing | 462,389 |  | 311,934 |  | 161,843 |  | 147,709 |  | 70,154 |  | 104,853 |  | — |  | 1,258,882 |
Current period gross write-offs | — |  | — |  | 1,356 |  | 4,614 |  | 174 |  | 749 |  | — |  | 6,893 |
Total commercial portfolio | 8,123,335 |  | 5,519,498 |  | 5,317,747 |  | 6,310,369 |  | 3,104,354 |  | 7,233,797 |  | 9,621,096 |  | 45,230,196 |
Current period gross write-offs | $ | 6,716 |  | $ | 3,550 |  | $ | 40,230 |  | $ | 18,644 |  | $ | 2,178 |  | $ | 46,419 |  | $ | 64,027 |  | $ | 181,764 |
| December 31, 2024
(In thousands) | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Revolving Loans Amortized Cost Basis | Total
Commercial non-mortgage: |  |  |  |  |  |  |  |
Risk rating: |  |  |  |  |  |  |  |
Pass | $ | 2,917,048 |  | $ | 1,916,905 |  | $ | 2,818,720 |  | $ | 1,100,575 |  | $ | 562,252 |  | $ | 1,211,312 |  | $ | 6,325,637 |  | $ | 16,852,449 |
Special mention | 31,587 |  | 66,770 |  | 156,555 |  | 51,055 |  | 30,669 |  | 4,203 |  | 44,017 |  | 384,856 |
Substandard | 56,307 |  | 125,735 |  | 237,362 |  | 92,134 |  | 16,466 |  | 63,998 |  | 208,608 |  | 800,610 |
Doubtful | — |  | — |  | — |  | 1 |  | — |  | 25 |  | 1 |  | 27 |
Total commercial non-mortgage | 3,004,942 |  | 2,109,410 |  | 3,212,637 |  | 1,243,765 |  | 609,387 |  | 1,279,538 |  | 6,578,263 |  | 18,037,942 |
Current period gross write-offs | — |  | 11,894 |  | 45,308 |  | 10,668 |  | 3,842 |  | 3,385 |  | 15,169 |  | 90,266 |
Asset-based: |  |  |  |  |  |  |  |
Risk rating: |  |  |  |  |  |  |  |
Pass | 1,250 |  | 11,684 |  | — |  | — |  | — |  | 20,255 |  | 1,132,901 |  | 1,166,090 |
Special mention | — |  | — |  | — |  | — |  | — |  | 5,226 |  | 90,372 |  | 95,598 |
Substandard | — |  | 2,562 |  | — |  | — |  | — |  | 1,239 |  | 138,518 |  | 142,319 |
Total asset-based | 1,250 |  | 14,246 |  | — |  | — |  | — |  | 26,720 |  | 1,361,791 |  | 1,404,007 |
Current period gross write-offs | — |  | — |  | — |  | — |  | — |  | — |  | 6,091 |  | 6,091 |
Commercial real estate: |  |  |  |  |  |  |  |
Risk rating: |  |  |  |  |  |  |  |
Pass | 1,867,468 |  | 2,334,965 |  | 3,186,098 |  | 1,462,814 |  | 944,367 |  | 3,465,817 |  | 197,998 |  | 13,459,527 |
Special mention | — |  | 12,809 |  | 175,252 |  | 37,307 |  | 37,469 |  | 64,483 |  | — |  | 327,320 |
Substandard | — |  | 131,108 |  | 69,829 |  | 121,139 |  | 112,582 |  | 262,079 |  | 8,852 |  | 705,589 |
Total commercial real estate | 1,867,468 |  | 2,478,882 |  | 3,431,179 |  | 1,621,260 |  | 1,094,418 |  | 3,792,379 |  | 206,850 |  | 14,492,436 |
Current period gross write-offs | — |  | 854 |  | 1,244 |  | 1,579 |  | 15,477 |  | 22,674 |  | — |  | 41,828 |
Multi-family: |  |  |  |  |  |  |  |
Risk rating: |  |  |  |  |  |  |  |
Pass | 582,363 |  | 1,394,855 |  | 1,314,395 |  | 862,273 |  | 245,802 |  | 2,179,207 |  | 16,991 |  | 6,595,886 |
Special mention | — |  | 14,365 |  | 93,396 |  | 18,790 |  | 70,908 |  | 8,588 |  | — |  | 206,047 |
Substandard | — |  | — |  | 16,761 |  | 27,102 |  | 26,720 |  | 26,084 |  | — |  | 96,667 |
Total multi-family | 582,363 |  | 1,409,220 |  | 1,424,552 |  | 908,165 |  | 343,430 |  | 2,213,879 |  | 16,991 |  | 6,898,600 |
Current period gross write-offs | — |  | — |  | — |  | 4,955 |  | 6,264 |  | 11,678 |  | — |  | 22,897 |
Equipment financing: |  |  |  |  |  |  |  |
Risk rating: |  |  |  |  |  |  |  |
Pass | 382,783 |  | 242,440 |  | 207,081 |  | 126,399 |  | 83,838 |  | 124,910 |  | — |  | 1,167,451 |
Special mention | 1,298 |  | 231 |  | — |  | 55 |  | — |  | — |  | — |  | 1,584 |
Substandard | 572 |  | 16,228 |  | 18,341 |  | 16,970 |  | 5,514 |  | 8,356 |  | — |  | 65,981 |
Total equipment financing | 384,653 |  | 258,899 |  | 225,422 |  | 143,424 |  | 89,352 |  | 133,266 |  | — |  | 1,235,016 |
Current period gross write-offs | — |  | 5,146 |  | 1,705 |  | 52 |  | — |  | 3,475 |  | — |  | 10,378 |
Total commercial portfolio | 5,840,676 |  | 6,270,657 |  | 8,293,790 |  | 3,916,614 |  | 2,136,587 |  | 7,445,782 |  | 8,163,895 |  | 42,068,001 |
Current period gross write-offs | $ | — |  | $ | 17,894 |  | $ | 48,257 |  | $ | 17,254 |  | $ | 25,583 |  | $ | 41,212 |  | $ | 21,260 |  | $ | 171,460 |
The following tables summarize the amortized cost basis of consumer loans by FICO score and origination year:
| December 31, 2025
(In thousands) | 2025 | 2024 | 2023 | 2022 | 2021 | Prior | Revolving Loans Amortized Cost Basis | Total
Residential: |  |  |  |  |  |  |  |
Risk rating: |  |  |  |  |  |  |  |
800+ | $ | 517,482 |  | $ | 551,613 |  | $ | 272,249 |  | $ | 918,256 |  | $ | 1,045,573 |  | $ | 1,258,654 |  | $ | — |  | $ | 4,563,827 |
740-799 | 687,120 |  | 419,019 |  | 212,246 |  | 480,885 |  | 598,172 |  | 748,825 |  | — |  | 3,146,267 |
670-739 | 185,620 |  | 118,104 |  | 84,332 |  | 294,954 |  | 241,266 |  | 604,881 |  | — |  | 1,529,157 |
580-669 | 16,852 |  | 19,346 |  | 23,602 |  | 51,886 |  | 45,714 |  | 100,593 |  | — |  | 257,993 |
579 and below | 648 |  | 2,377 |  | 3,952 |  | 21,911 |  | 21,966 |  | 51,479 |  | — |  | 102,333 |
Total residential | 1,407,722 |  | 1,110,459 |  | 596,381 |  | 1,767,892 |  | 1,952,691 |  | 2,764,432 |  | — |  | 9,599,577 |
Current period gross write-offs | — |  | — |  | — |  | — |  | — |  | 135 |  | — |  | 135 |
Home equity: |  |  |  |  |  |  |  |
Risk rating: |  |  |  |  |  |  |  |
800+ | 11,847 |  | 8,896 |  | 23,146 |  | 22,811 |  | 29,498 |  | 65,401 |  | 348,961 |  | 510,560 |
740-799 | 15,932 |  | 11,658 |  | 16,149 |  | 16,523 |  | 19,123 |  | 35,861 |  | 317,846 |  | 433,092 |
670-739 | 10,811 |  | 9,786 |  | 10,120 |  | 9,351 |  | 11,025 |  | 27,662 |  | 217,924 |  | 296,679 |
580-669 | 1,682 |  | 1,522 |  | 2,850 |  | 2,731 |  | 2,941 |  | 9,607 |  | 68,953 |  | 90,286 |
579 and below | 77 |  | 499 |  | 1,662 |  | 2,287 |  | 908 |  | 4,543 |  | 29,920 |  | 39,896 |
Total home equity | 40,349 |  | 32,361 |  | 53,927 |  | 53,703 |  | 63,495 |  | 143,074 |  | 983,604 |  | 1,370,513 |
Current period gross write-offs | — |  | 50 |  | — |  | 1 |  | — |  | 38 |  | 175 |  | 264 |
Other consumer: |  |  |  |  |  |  |  |
Risk rating: |  |  |  |  |  |  |  |
800+ | 11,131 |  | 4,799 |  | 254 |  | 74 |  | 1,677 |  | 171 |  | 16,597 |  | 34,703 |
740-799 | 88,171 |  | 46,222 |  | 368 |  | 145 |  | 30 |  | 136 |  | 3,273 |  | 138,345 |
670-739 | 133,564 |  | 68,381 |  | 282 |  | 231 |  | 130 |  | 133 |  | 14,439 |  | 217,160 |
580-669 | 2,651 |  | 1,962 |  | 74 |  | 60 |  | 27 |  | 59 |  | 1,136 |  | 5,969 |
579 and below | 34 |  | 36 |  | 65 |  | 53 |  | 19 |  | 2 |  | 438 |  | 647 |
Total other consumer | 235,551 |  | 121,400 |  | 1,043 |  | 563 |  | 1,883 |  | 501 |  | 35,883 |  | 396,824 |
Current period gross write-offs | 3,325 |  | 3,591 |  | 19 |  | 10 |  | 7 |  | 7 |  | 168 |  | 7,127 |
Total consumer portfolio | 1,683,622 |  | 1,264,220 |  | 651,351 |  | 1,822,158 |  | 2,018,069 |  | 2,908,007 |  | 1,019,487 |  | 11,366,914 |
Current period gross write-offs | $ | 3,325 |  | $ | 3,641 |  | $ | 19 |  | $ | 11 |  | $ | 7 |  | $ | 180 |  | $ | 343 |  | $ | 7,526 |
| December 31, 2024
(In thousands) | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Revolving Loans Amortized Cost Basis | Total
Residential: |  |  |  |  |  |  |  |
Risk rating: |  |  |  |  |  |  |  |
800+ | $ | 312,771 |  | $ | 299,006 |  | $ | 909,109 |  | $ | 1,097,807 |  | $ | 433,950 |  | $ | 956,478 |  | $ | — |  | $ | 4,009,121 |
740-799 | 649,118 |  | 258,699 |  | 567,545 |  | 656,599 |  | 235,749 |  | 623,989 |  | — |  | 2,991,699 |
670-739 | 172,886 |  | 123,354 |  | 317,373 |  | 271,247 |  | 80,318 |  | 550,252 |  | — |  | 1,515,430 |
580-669 | 16,643 |  | 13,382 |  | 55,507 |  | 35,292 |  | 16,738 |  | 109,240 |  | — |  | 246,802 |
579 and below | 237 |  | 2,680 |  | 12,617 |  | 21,387 |  | 3,791 |  | 49,905 |  | — |  | 90,617 |
Total residential | 1,151,655 |  | 697,121 |  | 1,862,151 |  | 2,082,332 |  | 770,546 |  | 2,289,864 |  | — |  | 8,853,669 |
Current period gross write-offs | — |  | — |  | — |  | — |  | — |  | 147 |  | — |  | 147 |
Home equity: |  |  |  |  |  |  |  |
Risk rating: |  |  |  |  |  |  |  |
800+ | 12,313 |  | 25,226 |  | 23,512 |  | 32,695 |  | 22,705 |  | 53,844 |  | 365,741 |  | 536,036 |
740-799 | 12,238 |  | 21,831 |  | 20,718 |  | 23,517 |  | 10,861 |  | 33,703 |  | 330,691 |  | 453,559 |
670-739 | 11,416 |  | 14,298 |  | 12,732 |  | 13,074 |  | 6,242 |  | 28,638 |  | 224,449 |  | 310,849 |
580-669 | 1,755 |  | 2,570 |  | 1,685 |  | 2,172 |  | 754 |  | 9,471 |  | 67,745 |  | 86,152 |
579 and below | 58 |  | 799 |  | 2,401 |  | 726 |  | 429 |  | 4,254 |  | 32,429 |  | 41,096 |
Total home equity | 37,780 |  | 64,724 |  | 61,048 |  | 72,184 |  | 40,991 |  | 129,910 |  | 1,021,055 |  | 1,427,692 |
Current period gross write-offs | — |  | — |  | — |  | — |  | 2 |  | 444 |  | 351 |  | 797 |
Other consumer: |  |  |  |  |  |  |  |
Risk rating: |  |  |  |  |  |  |  |
800+ | 4,920 |  | 312 |  | 218 |  | 1,765 |  | 50 |  | 284 |  | 31,549 |  | 39,098 |
740-799 | 45,001 |  | 721 |  | 301 |  | 165 |  | 124 |  | 266 |  | 3,550 |  | 50,128 |
670-739 | 57,952 |  | 432 |  | 372 |  | 313 |  | 220 |  | 188 |  | 3,349 |  | 62,826 |
580-669 | 1,417 |  | 116 |  | 105 |  | 69 |  | 25 |  | 81 |  | 1,150 |  | 2,963 |
579 and below | 29 |  | 93 |  | 63 |  | 28 |  | 9 |  | — |  | 569 |  | 791 |
Total other consumer | 109,319 |  | 1,674 |  | 1,059 |  | 2,340 |  | 428 |  | 819 |  | 40,167 |  | 155,806 |
Current period gross write-offs | 3,467 |  | 17 |  | 34 |  | 20 |  | 113 |  | 193 |  | 222 |  | 4,066 |
Total consumer portfolio | 1,298,754 |  | 763,519 |  | 1,924,258 |  | 2,156,856 |  | 811,965 |  | 2,420,593 |  | 1,061,222 |  | 10,437,167 |
Current period gross write-offs | $ | 3,467 |  | $ | 17 |  | $ | 34 |  | $ | 20 |  | $ | 115 |  | $ | 784 |  | $ | 573 |  | $ | 5,010 |
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, asset-based loans, and equipment financing loans and leases are generally secured by machinery and equipment, inventory, receivables, or other non-real estate assets, whereas commercial real estate, multi-family, residential, and home equity loans are secured by real estate. At December 31, 2025, and 2024, the carrying amount of collateral dependent loans was $308.3 million and $139.5 million, respectively, for commercial loans and leases, and $28.1 million and $29.1 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 December 31, 2025, and 2024, the aggregate collateral value associated with collateral dependent loans and leases was $364.3 million and $200.1 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 other-than-insignificant. •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 December 31, 2025, 2024, and 2023, of loans modified to borrowers experiencing financial difficulty, disaggregated by class and type of concession granted:
| Year ended December 31, 2025
|  |  |  |  |  |  | Combination |  |  |  |
(Dollars in thousands) | Interest Rate Reduction |  | Term Extension |  | Payment Delay |  | Term Extension & Interest Rate Reduction |  | Term Extension & Payment Delay |  | Interest Rate Reduction & Payment Delay |  |  |  | Term Extension, Interest Rate Reduction, & Payment Delay |  | Total |  | % of Total Class (2)
Commercial non-mortgage | $ | — |  |  | $ | 137,722 |  |  | $ | 49,427 |  |  | $ | 597 |  |  | $ | 18,599 |  |  | $ | 55 |  |  |  |  | $ | 66 |  |  | $ | 206,466 |  |  | 1.0 | %
Asset-based | — |  |  | 29,939 |  |  | 16,500 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 46,439 |  |  | 3.8 |
Commercial real estate | — |  |  | 115,829 |  |  | 2,275 |  |  | 71,958 |  |  | — |  |  | — |  |  |  |  | 199 |  |  | 190,261 |  |  | 1.2 |
Multi-family | 2,042 |  |  | 19,186 |  |  | 23,117 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 44,345 |  |  | 0.6 |
Equipment financing | 32 |  |  | 6,062 |  |  | 7 |  |  | — |  |  | 152 |  |  | — |  |  |  |  | — |  |  | 6,253 |  |  | 0.5 |
Residential | — |  |  | 418 |  |  | — |  |  | 1,834 |  |  | — |  |  | — |  |  |  |  | — |  |  | 2,252 |  |  | — |
Home equity | — |  |  | 599 |  |  | — |  |  | 215 |  |  | — |  |  | — |  |  |  |  | — |  |  | 814 |  |  | 0.1 |
Total (1) | $ | 2,074 |  |  | $ | 309,755 |  |  | $ | 91,326 |  |  | $ | 74,604 |  |  | $ | 18,751 |  |  | $ | 55 |  |  |  |  | $ | 265 |  |  | $ | 496,830 |  |  | 0.9 | %
| Year ended December 31, 2024
(Dollars in thousands) | Interest Rate Reduction |  | Term Extension |  | Payment Delay |  | Combination - Term Extension & Interest Rate Reduction |  |  |  |  |  |  |  | Total |  | % of Total Class (2)
Commercial non-mortgage | $ | 9 |  | $ | 189,026 |  | $ | 34,642 |  | $ | 886 |  |  |  |  |  |  |  | $ | 224,563 |  | 1.2 | %
Asset-based | — |  | 24,112 |  | — |  | — |  |  |  |  |  |  |  | 24,112 |  | 1.7 |
Commercial real estate | — |  | 122,088 |  | 1,347 |  | 8,112 |  |  |  |  |  |  |  | 131,547 |  | 0.9 |
Equipment financing | — |  | 289 |  | — |  | — |  |  |  |  |  |  |  | 289 |  | — |
Residential | 618 |  | 141 |  | — |  | 890 |  |  |  |  |  |  |  | 1,649 |  | — |
Home equity | 275 |  | 337 |  | — |  | 309 |  |  |  |  |  |  |  | 921 |  | 0.1 |
Total (1) | $ | 902 |  | $ | 335,993 |  | $ | 35,989 |  | $ | 10,197 |  |  |  |  |  |  |  | $ | 383,081 |  | 0.7 | %
| Year ended December 31, 2023
|  |  |  |  |  |  | Combination |  |  |  |
(Dollars in thousands) | Interest Rate Reduction |  | Term Extension |  | Payment Delay |  | Term Extension & Interest Rate Reduction |  | Term Extension & Payment Delay |  | Interest Rate Reduction & Payment Delay |  | Term Extension, Interest Rate Reduction, & Payment Delay |  | Total |  | % of Total Class (2)
Commercial non-mortgage | $ | — |  | $ | 96,895 |  | $ | 5,858 |  | $ | 1,062 |  | $ | 28,860 |  | $ | 35 |  | $ | 425 |  | $ | 133,135 |  | 0.8 | %
Asset-based | — |  | 45,042 |  | — |  | — |  | — |  | — |  | — |  | 45,042 |  | 2.9 |
Commercial real estate | — |  | 3,090 |  | 174 |  | 17,107 |  | 511 |  | — |  | — |  | 20,882 |  | 0.2 |
Equipment financing | — |  | 357 |  | 1,284 |  | — |  | — |  | — |  | — |  | 1,641 |  | 0.1 |
Residential | — |  | 186 |  | 804 |  | 136 |  | — |  | — |  | — |  | 1,126 |  | — |
Home equity | 62 |  | 76 |  | — |  | 513 |  | — |  | — |  | — |  | 651 |  | — |
Total (1) | $ | 62 |  | $ | 145,646 |  | $ | 8,120 |  | $ | 18,818 |  | $ | 29,371 |  | $ | 35 |  | $ | 425 |  | $ | 202,477 |  | 0.4 | %
(1)The total amortized cost excludes accrued interest receivable of $2.7 million, $0.9 million, and $0.7 million for the years ended December 31, 2025, 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:
| Year ended December 31, 2025
| Financial Effect (1)
Interest Rate Reduction: |
Multi-family | Reduced weighted average interest rate by 2.0%
Term Extension: |
Commercial non-mortgage | Extended term by a weighted average of 1.3 years
Asset-based | Extended term by a weighted average of 0.7 years
Commercial real estate | Extended term by a weighted average of 0.5 years
Multi-family | Extended term by a weighted average of 2.2 years
Equipment financing | Extended term by a weighted average of 1.5 years
Payment Delay: |
Commercial non-mortgage | Provided payment deferrals for a weighted average of 0.8 years
Asset-based | Provided payment deferrals for a weighted average of 0.3 years
Commercial real estate | Provided payment deferrals for a weighted average of 0.3 years
Multi-family | Provided payment deferrals for a weighted average of 0.8 years
Combination - Term Extension & Interest Rate Reduction:
Commercial real estate | Extended term by a weighted average of 1.6 years and reduced weighted average interest rate by 2.3%
Residential | Extended term by a weighted average of 1.6 years and reduced weighted average interest rate by 4.0%
Combination - Term Extension & Payment Delay:
Commercial non-mortgage | Extended term by a weighted average of 0.4 years and provided payment deferrals for a weighted average of 0.5 years
| Year ended December 31, 2024
| Financial Effect (1)
Term Extension: |
Commercial non-mortgage | Extended term by a weighted average of 0.8 years
Asset-based | Extended term by a weighted average of 2.9 years
Commercial real estate | 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
Commercial real estate | Provided payment deferrals for a weighted average of 0.3 years to be received at contractual maturity
Combination - Term Extension & Interest Rate Reduction:
Commercial real estate | Extended term by a weighted average of 0.3 years and reduced weighted average interest rate by 2.0%
(1)Certain disclosures related to financial effects of 2025 and 2024 modifications do not include those deemed to be immaterial.
| Year ended December 31, 2023
| Financial Effect
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 1.3 years
Asset-based | Extended term by a weighted average of 0.7 years
Commercial real estate | Extended term by a weighted average of 2.2 years
Equipment financing | Extended term by a weighted average of 4.5 years
Residential | Extended term by a weighted average of 2.8 years
Home equity | Extended term by a weighted average of 10.1 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 & Interest Rate Reduction:
Commercial non-mortgage | Extended term by a weighted average of 1.4 years and reduced weighted average interest rate by 1.8%
Commercial real estate | Extended term by a weighted average of 3.0 years and reduced weighted average interest rate by 2.4%
Residential | Extended term by a weighted average of 17.9 years and reduced weighted average interest rate by 0.3%
Home equity | Extended term by a weighted average of 16.8 years and reduced weighted average interest rate by 2.1%
Combination - Term Extension & Payment Delay:
Commercial non-mortgage | Extended term by a weighted average of 1.1 years and provided partial payment deferrals for a weighted average of 1.0 year
Commercial real estate | Extended term by a weighted average of 0.5 years and provided payment deferrals for a weighted average of 0.5 years
Combination - Interest Rate Reduction & Payment Delay:
Commercial non-mortgage | Reduced weighted average interest rate by 2.0% and provided payment deferrals for a weighted average of 0.5 years
Combination - Term Extension, Interest Rate Reduction, & Payment Delay:
Commercial non-mortgage | Extended term by a weighted average of 0.5 years, reduced weighted average interest rate by 2.0%, and provided payment deferrals for a weighted average of 0.5 years
The Company closely monitors the performance of loans that are modified with borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following tables summarize the aging of loans that had been modified during the years ended December 31, 2025, 2024, and 2023:
| December 31, 2025
(In thousands) | Current |  | 30-59 Days Past Due |  | 60-89 Days Past Due |  | 90+ Days Past Due |  | Non-Accrual |  | Total
Commercial non-mortgage | $ | 144,004 |  | $ | 386 |  | $ | — |  | $ | — |  | $ | 62,076 |  | $ | 206,466
Asset-based | 29,939 |  | — |  | — |  | — |  | 16,500 |  | 46,439
Commercial real estate | 144,715 |  | — |  | — |  | — |  | 45,546 |  | 190,261
Multi-family | 40,249 |  | — |  | — |  | — |  | 4,096 |  | 44,345
Equipment financing | 5,437 |  | — |  | — |  | — |  | 816 |  | 6,253
Residential | 1,623 |  | — |  | — |  | — |  | 629 |  | 2,252
Home equity | 39 |  | — |  | — |  | — |  | 775 |  | 814
Total | $ | 366,006 |  | $ | 386 |  | $ | — |  | $ | — |  | $ | 130,438 |  | $ | 496,830
| December 31, 2024
(In thousands) | Current |  | 30-59 Days Past Due |  | 60-89 Days Past Due |  | 90+ Days Past Due |  | Non-Accrual |  | Total
Commercial non-mortgage | $ | 64,081 |  | $ | 986 |  | $ | — |  | $ | — |  | $ | 159,498 |  | $ | 224,565
Asset-based | 24,112 |  | — |  | — |  | — |  | — |  | 24,112
Commercial real estate | 100,594 |  | — |  | — |  | — |  | 30,953 |  | 131,547
Equipment financing | 313 |  | 21 |  | — |  | — |  | — |  | 334
Residential | 1,426 |  | — |  | — |  | — |  | 223 |  | 1,649
Home equity | 319 |  | — |  | — |  | — |  | 602 |  | 921
Total | $ | 190,845 |  | $ | 1,007 |  | $ | — |  | $ | — |  | $ | 191,276 |  | $ | 383,128
| December 31, 2023
(In thousands) | Current |  | 30-59 Days Past Due |  | 60-89 Days Past Due |  | 90+ Days Past Due |  | Non-Accrual |  | Total
Commercial non-mortgage | $ | 107,852 |  | $ | — |  | $ | — |  | $ | — |  | $ | 25,283 |  | $ | 133,135
Asset-based | 45,042 |  | — |  | — |  | — |  | — |  | 45,042
Commercial real estate | 20,708 |  | — |  | — |  | — |  | 174 |  | 20,882
Equipment financing | 1,284 |  | — |  | — |  | — |  | 357 |  | 1,641
Residential | 990 |  | — |  | — |  | — |  | 136 |  | 1,126
Home equity | 547 |  | — |  | — |  | — |  | 104 |  | 651
Total | $ | 176,423 |  | $ | — |  | $ | — |  | $ | — |  | $ | 26,054 |  | $ | 202,477
There were $3.9 million of commercial non-mortgage loans and $16.5 million of asset-based loans that had been modified in the form of term extensions and payment delays, respectively, with borrowers experiencing financial difficulty during the year ended December 31, 2025, and that had a subsequent payment default in 2025. The $3.9 million of modified commercial non-mortgage loans were re-modified again in the form of term extensions as of December 31, 2025. There were $17.8 million of commercial non-mortgage loans that had been modified in the form of term extensions with borrowers experiencing financial difficulty during the year ended December 31, 2024, and that had a subsequent payment default in 2024. These loans were re-modified again in the form of term extensions as of December 31, 2024. Loans that had been modified with borrowers experiencing financial difficulty during the year ended December 31, 2023, and that had a subsequent payment default in 2023, were not significant. For the purpose of this disclosure, a payment default is defined as 90 or more days past due. 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.

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