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Loans and Leases
 12 Months Ended
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)20252024
Commercial non-mortgage$20,405,237 $18,037,942 
Asset-based1,231,231 1,404,007 
Commercial real estate15,326,007 14,492,436 
Multi-family7,008,839 6,898,600 
Equipment financing1,258,882 1,235,016 
Commercial portfolio45,230,196 42,068,001 
Residential9,599,577 8,853,669 
Home equity1,370,513 1,427,692 
Other consumer396,824 155,806 
Consumer portfolio11,366,914 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-accrualTotal 
Past Due and
Non-accrual		CurrentTotal 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 estate23,702 838 — 182,968 207,508 15,118,499 15,326,007 
Multi-family476 — — 41,095 41,571 6,967,268 7,008,839 
Equipment financing2,279 256 — 8,340 10,875 1,248,007 1,258,882 
Commercial portfolio38,854 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 consumer1,370 830 — 859 3,059 393,765 396,824 
Consumer portfolio19,135 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-accrualTotal 
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 estate22,115 558 — 120,151 142,824 14,349,612 14,492,436 
Multi-family2,508 26,377 — 18,043 46,928 6,851,672 6,898,600 
Equipment financing6,096 3,300 — 19,367 28,763 1,206,253 1,235,016 
Commercial portfolio34,668 55,550 — 426,426 516,644 41,551,357 42,068,001 
Residential9,595 4,604 — 12,750 26,949 8,826,720 8,853,669 
Home equity6,273 2,381 — 21,425 30,079 1,397,613 1,427,692 
Other consumer349 162 — 124 635 155,171 155,806 
Consumer portfolio16,217 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,
20252024
(In thousands)Non-accrualNon-accrual with No AllowanceNon-accrualNon-accrual with No Allowance
Commercial non-mortgage$165,378 $52,284 $248,078 $50,943 
Asset-based66,844 774 20,787 1,080 
Commercial real estate182,968 53,385 120,151 26,666 
Multi-family41,095 31,873 18,043 17,953 
Equipment financing8,340 181 19,367 1,809 
Commercial portfolio464,625 138,497 426,426 98,451 
Residential18,187 8,284 12,750 6,923 
Home equity16,743 8,688 21,425 12,225 
Other consumer859 — 124 3 
Consumer portfolio35,789 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,
202520242023
(In thousands)Commercial PortfolioConsumer PortfolioTotalCommercial PortfolioConsumer PortfolioTotalCommercial PortfolioConsumer PortfolioTotal
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)
Recoveries5,513 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 losses79,196 799 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)20252024202320222021PriorRevolving Loans Amortized Cost BasisTotal
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 mention4,213 46,657 50,332 181,775 32,948 15,264 38,883 370,072 
Substandard67,353 33,646 144,627 219,885 88,312 42,874 194,220 790,917 
Doubtful— — — — 1 22 — 23 
Total commercial non-mortgage3,449,570 2,421,168 1,658,911 2,259,316 974,500 1,478,950 8,162,822 20,405,237 
Current period gross write-offs6,716 3,550 7,817 13,774 721 17,166 26,157 75,901 
Asset-based:
Risk rating:
Pass10,550 199 2,320 — — 15,901 1,036,960 1,065,930 
Special mention— — 7,063 — — — 8,069 15,132 
Substandard1,445 — 3,898 — — 4,833 139,993 150,169 
Total asset-based11,995 199 13,281 — — 20,734 1,185,022 1,231,231 
Current period gross write-offs— — — — — — 37,870 37,870 
Commercial real estate:
Risk rating:
Pass3,462,637 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 estate3,462,637 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:
Pass736,744 691,180 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-family736,744 691,180 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:
Pass454,313 305,538 141,372 120,382 59,566 96,161 — 1,177,332 
Special mention4,931 5,700 2,573 2,430 1,087 1,663 — 18,384 
Substandard3,145 696 17,898 24,897 9,501 7,029 — 63,166 
Total equipment financing462,389 311,934 161,843 147,709 70,154 104,853 — 1,258,882 
Current period gross write-offs— — 1,356 4,614 174 749 — 6,893 
Total commercial portfolio8,123,335 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)20242023202220212020PriorRevolving Loans Amortized Cost BasisTotal
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 $16,852,449 
Special mention31,587 66,770 156,555 51,055 30,669 4,203 44,017 384,856 
Substandard56,307 125,735 237,362 92,134 16,466 63,998 208,608 800,610 
Doubtful— — — 1 — 25 1 27 
Total commercial non-mortgage3,004,942 2,109,410 3,212,637 1,243,765 609,387 1,279,538 6,578,263 18,037,942 
Current period gross write-offs— 11,894 45,308 10,668 3,842 3,385 15,169 90,266 
Asset-based:
Risk rating:
Pass1,250 11,684 — — — 20,255 1,132,901 1,166,090 
Special mention— — — — — 5,226 90,372 95,598 
Substandard— 2,562 — — — 1,239 138,518 142,319 
Total asset-based1,250 14,246 — — — 26,720 1,361,791 1,404,007 
Current period gross write-offs— — — — — — 6,091 6,091 
Commercial real estate:
Risk rating:
Pass1,867,468 2,334,965 3,186,098 1,462,814 944,367 3,465,817 197,998 13,459,527 
Special mention— 12,809 175,252 37,307 37,469 64,483 — 327,320 
Substandard— 131,108 69,829 121,139 112,582 262,079 8,852 705,589 
Total commercial real estate1,867,468 2,478,882 3,431,179 1,621,260 1,094,418 3,792,379 206,850 14,492,436 
Current period gross write-offs— 854 1,244 1,579 15,477 22,674 — 41,828 
Multi-family:
Risk rating:
Pass582,363 1,394,855 1,314,395 862,273 245,802 2,179,207 16,991 6,595,886 
Special mention— 14,365 93,396 18,790 70,908 8,588 — 206,047 
Substandard— — 16,761 27,102 26,720 26,084 — 96,667 
Total multi-family582,363 1,409,220 1,424,552 908,165 343,430 2,213,879 16,991 6,898,600 
Current period gross write-offs— — — 4,955 6,264 11,678 — 22,897 
Equipment financing:
Risk rating:
Pass382,783 242,440 207,081 126,399 83,838 124,910 — 1,167,451 
Special mention1,298 231 — 55 — — — 1,584 
Substandard572 16,228 18,341 16,970 5,514 8,356 — 65,981 
Total equipment financing384,653 258,899 225,422 143,424 89,352 133,266 — 1,235,016 
Current period gross write-offs— 5,146 1,705 52 — 3,475 — 10,378 
Total commercial portfolio5,840,676 6,270,657 8,293,790 3,916,614 2,136,587 7,445,782 8,163,895 42,068,001 
Current period gross write-offs$— $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)20252024202320222021PriorRevolving Loans Amortized Cost BasisTotal
Residential:
Risk rating:
800+$517,482 $551,613 $272,249 $918,256 $1,045,573 $1,258,654 $— $4,563,827 
740-799687,120 419,019 212,246 480,885 598,172 748,825 — 3,146,267 
670-739185,620 118,104 84,332 294,954 241,266 604,881 — 1,529,157 
580-66916,852 19,346 23,602 51,886 45,714 100,593 — 257,993 
579 and below648 2,377 3,952 21,911 21,966 51,479 — 102,333 
Total residential1,407,722 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 
740-79915,932 11,658 16,149 16,523 19,123 35,861 317,846 433,092 
670-73910,811 9,786 10,120 9,351 11,025 27,662 217,924 296,679 
580-6691,682 1,522 2,850 2,731 2,941 9,607 68,953 90,286 
579 and below77 499 1,662 2,287 908 4,543 29,920 39,896 
Total home equity40,349 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 
740-79988,171 46,222 368 145 30 136 3,273 138,345 
670-739133,564 68,381 282 231 130 133 14,439 217,160 
580-6692,651 1,962 74 60 27 59 1,136 5,969 
579 and below34 36 65 53 19 2 438 647 
Total other consumer235,551 121,400 1,043 563 1,883 501 35,883 396,824 
Current period gross write-offs3,325 3,591 19 10 7 7 168 7,127 
Total consumer portfolio1,683,622 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)20242023202220212020PriorRevolving Loans Amortized Cost BasisTotal
Residential:
Risk rating:
800+$312,771 $299,006 $909,109 $1,097,807 $433,950 $956,478 $— $4,009,121 
740-799649,118 258,699 567,545 656,599 235,749 623,989 — 2,991,699 
670-739172,886 123,354 317,373 271,247 80,318 550,252 — 1,515,430 
580-66916,643 13,382 55,507 35,292 16,738 109,240 — 246,802 
579 and below237 2,680 12,617 21,387 3,791 49,905 — 90,617 
Total residential1,151,655 697,121 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 
740-79912,238 21,831 20,718 23,517 10,861 33,703 330,691 453,559 
670-73911,416 14,298 12,732 13,074 6,242 28,638 224,449 310,849 
580-6691,755 2,570 1,685 2,172 754 9,471 67,745 86,152 
579 and below58 799 2,401 726 429 4,254 32,429 41,096 
Total home equity37,780 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 
740-79945,001 721 301 165 124 266 3,550 50,128 
670-73957,952 432 372 313 220 188 3,349 62,826 
580-6691,417 116 105 69 25 81 1,150 2,963 
579 and below29 93 63 28 9 — 569 791 
Total other consumer109,319 1,674 1,059 2,340 428 819 40,167 155,806 
Current period gross write-offs3,467 17 34 20 113 193 222 4,066 
Total consumer portfolio1,298,754 763,519 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 ReductionTerm ExtensionPayment DelayTerm Extension & Interest Rate ReductionTerm Extension & Payment DelayInterest Rate Reduction & Payment DelayTerm Extension, Interest Rate Reduction, & Payment DelayTotal
% 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-family2,042 19,186 23,117 — — — — 44,345 0.6 
Equipment financing32 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 ReductionTerm ExtensionPayment
Delay		Combination - Term Extension & Interest Rate ReductionTotal
% of Total Class (2)
Commercial non-mortgage$9$189,026$34,642$886$224,5631.2  %
Asset-based—24,112——24,1121.7 
Commercial real estate—122,0881,3478,112131,5470.9 
Equipment financing—289——289— 
Residential618141—8901,649— 
Home equity275337—3099210.1 
Total (1)
$902$335,993$35,989$10,197$383,0810.7  %
Year ended December 31, 2023
Combination
(Dollars in thousands)Interest Rate ReductionTerm ExtensionPayment DelayTerm Extension & Interest Rate ReductionTerm Extension & Payment DelayInterest Rate Reduction & Payment DelayTerm Extension, Interest Rate Reduction, & Payment DelayTotal
% of Total Class (2)
Commercial non-mortgage$—$96,895$5,858$1,062$28,860$35$425$133,1350.8  %
Asset-based—45,042—————45,0422.9 
Commercial real estate—3,09017417,107511——20,8820.2 
Equipment financing—3571,284————1,6410.1 
Residential—186804136———1,126— 
Home equity6276—513———651— 
Total (1)
$62$145,646$8,120$18,818$29,371$35$425$202,4770.4  %
(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)Current30-59 Days
Past Due		60-89 Days
Past Due		90+ Days
Past Due		Non-AccrualTotal
Commercial non-mortgage$144,004$386$—$—$62,076$206,466
Asset-based29,939———16,50046,439
Commercial real estate144,715———45,546190,261
Multi-family40,249———4,09644,345
Equipment financing5,437———8166,253
Residential1,623———6292,252
Home equity39———775814
Total$366,006$386$—$—$130,438$496,830
December 31, 2024
(In thousands)Current30-59 Days
Past Due		60-89 Days
Past Due		90+ Days
Past Due		Non-AccrualTotal
Commercial non-mortgage$64,081$986$—$—$159,498$224,565
Asset-based24,112————24,112
Commercial real estate100,594———30,953131,547
Equipment financing31321———334
Residential1,426———2231,649
Home equity319———602921
Total$190,845$1,007$—$—$191,276$383,128
December 31, 2023
(In thousands)Current30-59 Days
Past Due		60-89 Days
Past Due		90+ Days
Past Due		Non-AccrualTotal
Commercial non-mortgage$107,852$—$—$—$25,283$133,135
Asset-based45,042————45,042
Commercial real estate20,708———17420,882
Equipment financing1,284———3571,641
Residential990———1361,126
Home equity547———104651
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.