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Allowance for Credit Losses | 6 Months Ended
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Jun. 30, 2025
Credit Loss [Abstract] |
Allowance for Credit Losses | Allowance for Credit Losses In accordance with Accounting Standards Codification (“ASC”) 326, the Company is required to measure the allowance for credit losses of financial assets with similar risk characteristics on a collective or pooled basis. In considering the segmentation of financial assets measured at amortized cost into pools, the Company considered various risk characteristics in its analysis. Generally, the segmentation utilized represents the level at which the Company develops and documents its systematic methodology to determine the allowance for credit losses for the financial assets held at amortized cost, specifically the Company's loan portfolio and debt securities classified as held-to-maturity. Descriptions of the Company’s loan portfolio segments and major debt security types are included in Note (5) “Allowance for Credit Losses” of the 2024 Form 10-K. In accordance with ASC 326, the Company elected to not measure an allowance for credit losses on accrued interest. As such accrued interest is written off in a timely manner when deemed uncollectible. Any such write-off of accrued interest will reverse previously recognized interest income. In addition, the Company elected to not include accrued interest within presentation and disclosures of the carrying amount of financial assets held at amortized cost. This election is applicable to the various disclosures included within the Company's financial statements. Accrued interest related to financial assets held at amortized cost is included within accrued interest receivable and other assets within the Company's Consolidated Statements of Condition and totaled $341.3 million at June 30, 2025, $332.8 million at December 31, 2024, and $297.2 million at June 30, 2024. The tables below show the aging of the Company’s loan portfolio by the segmentation noted above at June 30, 2025, December 31, 2024 and June 30, 2024:
As of June 30, 2025 |  |  | 90+ days and still accruing |  | 60-89 days past due |  | 30-59 days past due |  |  |  |
(In thousands) | Nonaccrual |  |  |  |  | Current |  | Total Loans
Loan Balances (includes PCD): |  |  |  |  |  |  |  |  |  |  |
Commercial | $ | 80,877 |  |  | $ | — |  |  | $ | 34,855 |  |  | $ | 45,103 |  |  | $ | 16,226,596 |  |  | $ | 16,387,431 |
Commercial real estate |  |  |  |  |  |  |  |  |  |  |
Construction and development | 3,200 |  |  | — |  |  | 3,271 |  |  | 1,721 |  |  | 2,520,925 |  |  | 2,529,117 |
Non-construction | 29,628 |  |  | — |  |  | 7,986 |  |  | 49,452 |  |  | 10,675,827 |  |  | 10,762,893 |
Home equity | 1,780 |  |  | — |  |  | 138 |  |  | 2,971 |  |  | 461,926 |  |  | 466,815 |
Residential real estate, excluding early buy-out loans | 28,047 |  |  | — |  |  | 8,954 |  |  | 38 |  |  | 3,777,676 |  |  | 3,814,715 |
Premium finance receivables—property & casualty | 30,404 |  |  | 14,350 |  |  | 25,641 |  |  | 29,460 |  |  | 8,223,321 |  |  | 8,323,176 |
Premium finance receivables—life insurance | — |  |  | 327 |  |  | 11,202 |  |  | 34,403 |  |  | 8,461,028 |  |  | 8,506,960 |
Consumer and other | 41 |  |  | 184 |  |  | 61 |  |  | 175 |  |  | 116,044 |  |  | 116,505 |
Total loans, net of unearned income, excluding early buy-out loans | $ | 173,977 |  |  | $ | 14,861 |  |  | $ | 92,108 |  |  | $ | 163,323 |  |  | $ | 50,463,343 |  |  | $ | 50,907,612 |
Early buy-out loans guaranteed by U.S. government agencies (1) | — |  |  | 50,639 |  |  | — |  |  | — |  |  | 83,428 |  |  | 134,067 |
Total loans, net of unearned income | $ | 173,977 |  |  | $ | 65,500 |  |  | $ | 92,108 |  |  | $ | 163,323 |  |  | $ | 50,546,771 |  |  | $ | 51,041,679 |
As of December 31, 2024 |  |  | 90+ days and still accruing |  | 60-89 days past due |  | 30-59 days past due |  |  |  |  |  |
(In thousands) | Nonaccrual |  |  |  |  | Current |  | Total Loans |  |
Loan Balances (includes PCD): |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial | $ | 73,490 |  |  | $ | 104 |  |  | $ | 54,844 |  |  | $ | 92,551 |  |  | $ | 15,353,562 |  |  | $ | 15,574,551 |  |  |
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |
Construction and development | 2,282 |  |  | — |  |  | 1,339 |  |  | 4,634 |  |  | 2,425,826 |  |  | 2,434,081 |  |  |
Non-construction | 18,760 |  |  | — |  |  | 9,182 |  |  | 26,132 |  |  | 10,415,789 |  |  | 10,469,863 |  |  |
Home equity | 1,117 |  |  | — |  |  | 1,233 |  |  | 2,148 |  |  | 440,530 |  |  | 445,028 |  |  |
Residential real estate, excluding early buy-out loans | 23,762 |  |  | — |  |  | 5,708 |  |  | 18,917 |  |  | 3,407,622 |  |  | 3,456,009 |  |  |
Premium finance receivables—property & casualty | 28,797 |  |  | 16,031 |  |  | 19,042 |  |  | 68,219 |  |  | 7,139,953 |  |  | 7,272,042 |  |  |
Premium finance receivables—life insurance | 6,431 |  |  | — |  |  | 72,963 |  |  | 36,405 |  |  | 8,031,346 |  |  | 8,147,145 |  |  |
Consumer and other | 2 |  |  | 47 |  |  | 59 |  |  | 882 |  |  | 98,572 |  |  | 99,562 |  |  |
Total loans, net of unearned income, excluding early buy-out loans | $ | 154,641 |  |  | $ | 16,182 |  |  | $ | 164,370 |  |  | $ | 249,888 |  |  | $ | 47,313,200 |  |  | $ | 47,898,281 |  |  |
Early buy-out loans guaranteed by U.S. government agencies (1) | — |  |  | 33,952 |  |  | 618 |  |  | 2,335 |  |  | 119,851 |  |  | 156,756 |  |  |
Total loans, net of unearned income | $ | 154,641 |  |  | $ | 50,134 |  |  | $ | 164,988 |  |  | $ | 252,223 |  |  | $ | 47,433,051 |  |  | $ | 48,055,037 |  |  |
(1)Early buy-out loans are insured or guaranteed by the Federal Housing Administration (FHA) or the U.S. Department of Veterans Affairs, subject to indemnifications and insurance limits for certain loans.
As of June 30, 2024 |  |  | 90+ days and still accruing |  | 60-89 days past due |  | 30-59 days past due |  |  |  |
(In thousands) | Nonaccrual |  |  |  |  | Current |  | Total Loans
Loan Balances (includes PCD): |  |  |  |  |  |  |  |  |  |  |
Commercial | $ | 51,087 |  |  | $ | 304 |  |  | $ | 16,485 |  |  | $ | 36,358 |  |  | $ | 14,050,228 |  |  | $ | 14,154,462 |
Commercial real estate |  |  |  |  |  |  |  |  |  |  |
Construction and development | 2,528 |  |  | — |  |  | 1,699 |  |  | 6,539 |  |  | 2,249,785 |  |  | 2,260,551 |
Non-construction | 45,761 |  |  | — |  |  | 4,856 |  |  | 31,526 |  |  | 9,604,503 |  |  | 9,686,646 |
Home equity | 1,100 |  |  | — |  |  | 275 |  |  | 1,229 |  |  | 353,709 |  |  | 356,313 |
Residential real estate, excluding early buy-out loans | 18,198 |  |  | — |  |  | 1,977 |  |  | 130 |  |  | 2,912,852 |  |  | 2,933,157 |
Premium finance receivables—property & casualty | 32,722 |  |  | 22,427 |  |  | 29,925 |  |  | 45,927 |  |  | 6,969,752 |  |  | 7,100,753 |
Premium finance receivables—life insurance | — |  |  | — |  |  | 4,118 |  |  | 17,693 |  |  | 7,940,304 |  |  | 7,962,115 |
Consumer and other | 3 |  |  | 121 |  |  | 81 |  |  | 366 |  |  | 86,785 |  |  | 87,356 |
Total loans, net of unearned income, excluding early buy-out loans | $ | 151,399 |  |  | $ | 22,852 |  |  | $ | 59,416 |  |  | $ | 139,768 |  |  | $ | 44,167,918 |  |  | $ | 44,541,353 |
Early buy-out loans guaranteed by U.S. government agencies (1) | — |  |  | 45,788 |  |  | — |  |  | — |  |  | 88,390 |  |  | 134,178 |
Total loans, net of unearned income | $ | 151,399 |  |  | $ | 68,640 |  |  | $ | 59,416 |  |  | $ | 139,768 |  |  | $ | 44,256,308 |  |  | $ | 44,675,531 |
(1)Early buy-out loans are insured or guaranteed by the Federal Housing Administration (FHA) or the U.S. Department of Veterans Affairs, subject to indemnifications and insurance limits for certain loans. Credit Quality Indicators Credit quality indicators, specifically the Company's internal risk rating systems, reflect how the Company monitors credit losses and represents factors used by the Company when measuring the allowance for credit losses. Descriptions of the Company’s credit quality indicators by financial asset are included in Note (5) “Allowance for Credit Losses” of the 2024 Form 10-K. The table below shows the Company’s loan portfolio by credit quality indicator and year of origination at June 30, 2025:
| Year of Origination |  |  | Revolving |  | Total
(In thousands) | 2025 | 2024 | 2023 | 2022 | 2021 | Prior |  | Revolving | to Term |  | Loans
Loan Balances: |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 1,861,744 |  | $ | 2,991,867 |  | $ | 1,892,313 |  | $ | 1,365,222 |  | $ | 976,723 |  | $ | 1,209,968 |  |  | $ | 5,460,274 |  | $ | 22,740 |  |  | $ | 15,780,851 |
Special mention | 855 |  | 31,875 |  | 46,077 |  | 46,868 |  | 19,606 |  | 6,020 |  |  | 143,556 |  | 2,333 |  |  | 297,190 |
Substandard accrual | 2,331 |  | 16,092 |  | 27,411 |  | 58,712 |  | 41,344 |  | 15,366 |  |  | 65,095 |  | 2,162 |  |  | 228,513 |
Substandard nonaccrual/doubtful | 191 |  | 2,562 |  | 6,865 |  | 22,892 |  | 23,196 |  | 4,910 |  |  | 19,917 |  | 344 |  |  | 80,877 |
Total commercial, industrial and other | $ | 1,865,121 |  | $ | 3,042,396 |  | $ | 1,972,666 |  | $ | 1,493,694 |  | $ | 1,060,869 |  | $ | 1,236,264 |  |  | $ | 5,688,842 |  | $ | 27,579 |  |  | $ | 16,387,431 |
Construction and development |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 97,381 |  | $ | 594,804 |  | $ | 618,976 |  | $ | 656,080 |  | $ | 92,674 |  | $ | 138,854 |  |  | $ | 27,249 |  | $ | — |  |  | $ | 2,226,018 |
Special mention | — |  | — |  | 29,418 |  | 216,463 |  | 17,954 |  | 16,016 |  |  | — |  | — |  |  | 279,851 |
Substandard accrual | — |  | — |  | 750 |  | — |  | — |  | 15,507 |  |  | 3,791 |  | — |  |  | 20,048 |
Substandard nonaccrual/doubtful | — |  | — |  | 251 |  | 1,322 |  | — |  | 1,627 |  |  | — |  | — |  |  | 3,200 |
Total construction and development | $ | 97,381 |  | $ | 594,804 |  | $ | 649,395 |  | $ | 873,865 |  | $ | 110,628 |  | $ | 172,004 |  |  | $ | 31,040 |  | $ | — |  |  | $ | 2,529,117 |
Non-construction |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 917,625 |  | $ | 1,325,021 |  | $ | 1,393,425 |  | $ | 1,761,340 |  | $ | 1,338,836 |  | $ | 3,394,943 |  |  | $ | 251,779 |  | $ | 1,496 |  |  | $ | 10,384,465 |
Special mention | 95 |  | 851 |  | 42,162 |  | 21,645 |  | 36,419 |  | 41,316 |  |  | 2,316 |  | — |  |  | 144,804 |
Substandard accrual | — |  | 19,905 |  | 2,371 |  | 70,854 |  | 57,748 |  | 52,286 |  |  | 832 |  | — |  |  | 203,996 |
Substandard nonaccrual/doubtful | 1,257 |  | — |  | 1,363 |  | 305 |  | 151 |  | 26,552 |  |  | — |  | — |  |  | 29,628 |
Total non-construction | $ | 918,977 |  | $ | 1,345,777 |  | $ | 1,439,321 |  | $ | 1,854,144 |  | $ | 1,433,154 |  | $ | 3,515,097 |  |  | $ | 254,927 |  | $ | 1,496 |  |  | $ | 10,762,893 |
Home equity |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 4 |  | $ | 240 |  | $ | 48 |  | $ | 379 |  | $ | 306 |  | $ | 13,167 |  |  | $ | 432,865 |  | $ | 5,107 |  |  | $ | 452,116 |
Special mention | — |  | 10 |  | 51 |  | 217 |  | — |  | 2,471 |  |  | 5,021 |  | — |  |  | 7,770 |
Substandard accrual | — |  | — |  | 15 |  | 27 |  | 29 |  | 3,695 |  |  | 1,383 |  | — |  |  | 5,149 |
Substandard nonaccrual/doubtful | — |  | 711 |  | — |  | 88 |  | 202 |  | 779 |  |  | — |  | — |  |  | 1,780 |
Total home equity | $ | 4 |  | $ | 961 |  | $ | 114 |  | $ | 711 |  | $ | 537 |  | $ | 20,112 |  |  | $ | 439,269 |  | $ | 5,107 |  |  | $ | 466,815 |
Residential real estate |  |  |  |  |  |  |  |  |  |  |
Early buy-out loans guaranteed by U.S. government agencies | $ | — |  | $ | 3,819 |  | $ | 9,245 |  | $ | 5,931 |  | $ | 6,016 |  | $ | 109,056 |  |  | $ | — |  | $ | — |  |  | $ | 134,067 |
Pass | 543,216 |  | 817,417 |  | 450,707 |  | 779,797 |  | 733,763 |  | 428,540 |  |  | — |  | — |  |  | 3,753,440 |
Special mention | — |  | 426 |  | 5,908 |  | 5,601 |  | 2,019 |  | 9,538 |  |  | — |  | — |  |  | 23,492 |
Substandard accrual | 61 |  | 137 |  | 710 |  | 3,372 |  | 1,679 |  | 3,777 |  |  | — |  | — |  |  | 9,736 |
Substandard nonaccrual/doubtful | — |  | 971 |  | 5,031 |  | 6,941 |  | 7,000 |  | 8,104 |  |  | — |  | — |  |  | 28,047 |
Total residential real estate | $ | 543,277 |  | $ | 822,770 |  | $ | 471,601 |  | $ | 801,642 |  | $ | 750,477 |  | $ | 559,015 |  |  | $ | — |  | $ | — |  |  | $ | 3,948,782 |
Premium finance receivables - property and casualty |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 6,914,153 |  | $ | 1,255,016 |  | $ | 6,805 |  | $ | 2,107 |  | $ | 2,083 |  | $ | — |  |  | $ | — |  | $ | — |  |  | $ | 8,180,164 |
Special mention | 71,899 |  | 19,086 |  | 7 |  | — |  | — |  | — |  |  | — |  | — |  |  | 90,992 |
Substandard accrual | 10,739 |  | 10,871 |  | — |  | 4 |  | 2 |  | — |  |  | — |  | — |  |  | 21,616 |
Substandard nonaccrual/doubtful | 6,191 |  | 23,797 |  | 414 |  | — |  | 2 |  | — |  |  | — |  | — |  |  | 30,404 |
Total premium finance receivables - property and casualty | $ | 7,002,982 |  | $ | 1,308,770 |  | $ | 7,226 |  | $ | 2,111 |  | $ | 2,087 |  | $ | — |  |  | $ | — |  | $ | — |  |  | $ | 8,323,176 |
Premium finance receivables - life (1) |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 278,040 |  | $ | 670,927 |  | $ | 500,062 |  | $ | 700,495 |  | $ | 1,042,504 |  | $ | 5,314,605 |  |  | $ | — |  | $ | — |  |  | $ | 8,506,633 |
Special mention | — |  | — |  | — |  | — |  | — |  | — |  |  | — |  | — |  |  | — |
Substandard accrual | — |  | — |  | — |  | — |  | — |  | 327 |  |  | — |  | — |  |  | 327 |
Substandard nonaccrual/doubtful | — |  | — |  | — |  | — |  | — |  | — |  |  | — |  | — |  |  | — |
Total premium finance receivables - life | $ | 278,040 |  | $ | 670,927 |  | $ | 500,062 |  | $ | 700,495 |  | $ | 1,042,504 |  | $ | 5,314,932 |  |  | $ | — |  | $ | — |  |  | $ | 8,506,960 |
Consumer and other |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 3,702 |  | $ | 2,988 |  | $ | 2,129 |  | $ | 434 |  | $ | 672 |  | $ | 35,045 |  |  | $ | 71,211 |  | $ | — |  |  | $ | 116,181 |
Special mention | 15 |  | 39 |  | 2 |  | 3 |  | — |  | 109 |  |  | 6 |  | — |  |  | 174 |
Substandard accrual | — |  | 4 |  | 1 |  | 82 |  | — |  | 16 |  |  | 6 |  | — |  |  | 109 |
Substandard nonaccrual/doubtful | — |  | 3 |  | 1 |  | — |  | — |  | 37 |  |  | — |  | — |  |  | 41 |
Total consumer and other | $ | 3,717 |  | $ | 3,034 |  | $ | 2,133 |  | $ | 519 |  | $ | 672 |  | $ | 35,207 |  |  | $ | 71,223 |  | $ | — |  |  | $ | 116,505 |
Total loans |  |  |  |  |  |  |  |  |  |  |
Early buy-out loans guaranteed by U.S. government agencies | $ | — |  | $ | 3,819 |  | $ | 9,245 |  | $ | 5,931 |  | $ | 6,016 |  | $ | 109,056 |  |  | $ | — |  | $ | — |  |  | $ | 134,067 |
Pass | 10,615,865 |  | 7,658,280 |  | 4,864,465 |  | 5,265,854 |  | 4,187,561 |  | 10,535,122 |  |  | 6,243,378 |  | 29,343 |  |  | 49,399,868 |
Special mention | 72,864 |  | 52,287 |  | 123,625 |  | 290,797 |  | 75,998 |  | 75,470 |  |  | 150,899 |  | 2,333 |  |  | 844,273 |
Substandard accrual | 13,131 |  | 47,009 |  | 31,258 |  | 133,051 |  | 100,802 |  | 90,974 |  |  | 71,107 |  | 2,162 |  |  | 489,494 |
Substandard nonaccrual/doubtful | 7,639 |  | 28,044 |  | 13,925 |  | 31,548 |  | 30,551 |  | 42,009 |  |  | 19,917 |  | 344 |  |  | 173,977 |
Total loans | $ | 10,709,499 |  | $ | 7,789,439 |  | $ | 5,042,518 |  | $ | 5,727,181 |  | $ | 4,400,928 |  | $ | 10,852,631 |  |  | $ | 6,485,301 |  | $ | 34,182 |  |  | $ | 51,041,679 |
Gross write offs |  |  |  |  |  |  |  |  |  |  |
Three months ended June 30, 2025 | $ | 1,281 |  | $ | 7,117 |  | $ | 1,979 |  | $ | 1,291 |  | $ | 318 |  | $ | 6,509 |  |  | $ | — |  | $ | — |  |  | $ | 18,495 |
Six months ended June 30, 2025 | $ | 1,404 |  | $ | 14,803 |  | $ | 3,789 |  | $ | 3,381 |  | $ | 2,147 |  | $ | 10,420 |  |  | $ | — |  | $ | — |  |  | $ | 35,944 |
(1)For premium finance receivables - life, the year of origination represents when the borrower’s master loan agreement was initially established. Held-to-maturity debt securities The Company conducts an assessment of its investment securities, including those classified as held-to-maturity, at the time of purchase and on at least an annual basis to ensure such investment securities remain within appropriate levels of risk and continue to perform satisfactorily in fulfilling its obligations. The Company considers, among other factors, the nature of the securities and credit ratings or financial condition of the issuer. If available, the Company obtains a credit rating for issuers from a Nationally Recognized Statistical Rating Organization (“NRSRO”) for consideration. If no such rating is available for an issuer, the Company performs an internal rating based on the scale utilized within the loan portfolio. For purposes of the table below, the Company has converted any issuer rating from an NRSRO into the Company’s internal ratings based on Investment Policy and review by the Company’s management.
As of June 30, 2025 | Year of Origination |  | Total
(In thousands) | 2025 | 2024 | 2023 | 2022 | 2021 | Prior |  | Balance
Amortized Cost Balances: |  |  |  |  |  |  |  |
U.S. government agencies |  |  |  |  |  |  |  |
1-4 internal grade | $ | — |  | $ | — |  | $ | — |  | $ | 135,000 |  | $ | 147,825 |  | $ | 30,715 |  |  | $ | 313,540 |
5-7 internal grade | — |  | — |  | — |  | — |  | — |  | — |  |  | — |
8-10 internal grade | — |  | — |  | — |  | — |  | — |  | — |  |  | — |
Total U.S. government agencies | $ | — |  | $ | — |  | $ | — |  | $ | 135,000 |  | $ | 147,825 |  | $ | 30,715 |  |  | $ | 313,540 |
Municipal |  |  |  |  |  |  |  |
1-4 internal grade | $ | — |  | $ | — |  | $ | 4,091 |  | $ | 1,030 |  | $ | 6,767 |  | $ | 142,741 |  |  | $ | 154,629 |
5-7 internal grade | — |  | — |  | — |  | — |  | — |  | 2,124 |  |  | 2,124 |
8-10 internal grade | — |  | — |  | — |  | — |  | — |  | — |  |  | — |
Total municipal | $ | — |  | $ | — |  | $ | 4,091 |  | $ | 1,030 |  | $ | 6,767 |  | $ | 144,865 |  |  | $ | 156,753 |
Mortgage-backed securities |  |  |  |  |  |  |  |
1-4 internal grade | $ | — |  | $ | — |  | $ | 310,359 |  | $ | 508,750 |  | $ | 2,159,651 |  | $ | — |  |  | $ | 2,978,760 |
5-7 internal grade | — |  | — |  | — |  | — |  | — |  | — |  |  | — |
8-10 internal grade | — |  | — |  | — |  | — |  | — |  | — |  |  | — |
Total mortgage-backed securities | $ | — |  | $ | — |  | $ | 310,359 |  | $ | 508,750 |  | $ | 2,159,651 |  | $ | — |  |  | $ | 2,978,760 |
Corporate notes |  |  |  |  |  |  |  |
1-4 internal grade | $ | — |  | $ | — |  |  | $ | 14,971 |  | $ | — |  | $ | 38,560 |  |  | $ | 53,531 |
5-7 internal grade | — |  | — |  | — |  | — |  | — |  | — |  |  | — |
8-10 internal grade | — |  | — |  | — |  | — |  | — |  | — |  |  | — |
Total corporate notes | $ | — |  | $ | — |  | $ | — |  | $ | 14,971 |  | $ | — |  | $ | 38,560 |  |  | $ | 53,531 |
Total held-to-maturity securities |  |  |  |  |  |  |  | $ | 3,502,584 |
Less: Allowance for credit losses |  |  |  |  |  |  |  | (398) |
Held-to-maturity securities, net of allowance for credit losses |  |  |  |  |  |  |  | $ | 3,502,186 |
Measurement of Allowance for Credit Losses The Company's allowance for credit losses consists of the allowance for loan losses, the allowance for unfunded commitment losses and the allowance for held-to-maturity debt security losses. In accordance with ASC 326, the Company measures the allowance for credit losses at the time of origination or purchase of a financial asset, representing an estimate of lifetime expected credit losses on the related asset. When developing its estimate, the Company considers available information relevant to assessing the collectability of cash flows, from both internal and external sources. Historical credit loss experience is one input in the estimation process as well as inputs relevant to current conditions and reasonable and supportable forecasts. In considering past events, the Company considers the relevance, or lack thereof, of historical information due to changes in such things as financial asset underwriting or collection practices, and changes in portfolio mix due to changing business plans and strategies. In considering current conditions and forecasts, the Company considers both the current economic environment and the forecasted direction of the economic environment with emphasis on those factors deemed relevant to or driving changes in expected credit losses. As significant judgment is required, the review of the appropriateness of the allowance for credit losses is performed quarterly by various committees with participation by the Company's executive management.
|  | June 30, |  |  |  |  |  | December 31, |  | June 30,
(In thousands) |  | 2025 |  |  |  |  |  | 2024 |  | 2024
Allowance for loan losses |  | $ | 391,654 |  |  |  |  |  |  | $ | 364,017 |  |  | $ | 363,719 |
Allowance for unfunded lending-related commitments losses |  | 65,409 |  |  |  |  |  |  | 72,586 |  |  | 73,350 |
Allowance for loan losses and unfunded lending-related commitments losses |  | 457,063 |  |  |  |  |  |  | 436,603 |  |  | 437,069 |
Allowance for held-to-maturity securities losses |  | 398 |  |  |  |  |  |  | 457 |  |  | 491 |
Allowance for credit losses |  | $ | 457,461 |  |  |  |  |  |  | $ | 437,060 |  |  | $ | 437,560 |
The allowance for credit losses is measured on a collective or pooled basis when similar risk characteristics exist, based upon the segmentation discussed above. The Company utilizes modeling methodologies that estimate lifetime credit loss rates on each pool. These methodologies include estimating the probability of default and loss given default on the commercial and commercial real estate segments, using the weighted-average remaining maturity methodology for the residential real estate, home equity, and consumer segments, and utilizing an assumption-based approach focusing on historical loss rates for the premium finance receivables segments. Historical credit loss history is adjusted for reasonable and supportable forecasts developed by the Company on a quantitative or qualitative basis and incorporates third party economic forecasts. Reasonable and supportable forecasts consider the macroeconomic factors that are most relevant to evaluating and predicting expected credit losses in the Company's financial assets. Currently, the Company utilizes an eight quarter forecast period using a single macroeconomic scenario provided by a third party and reviewed within the Company's governance structure. For periods beyond the ability to develop reasonable and supportable forecasts, the Company reverts to historical loss rates at an input level, straight-line over a four quarter reversion period. Expected credit losses are measured over the contractual term of the financial asset with consideration of expected prepayments. Expected extensions, renewals or modifications of the financial asset are considered when the expected extension, renewal or modification is contained within the existing agreement and is not unconditionally cancelable. The methodologies discussed above are applied to both current asset balances on the Company's Consolidated Statements of Condition and off-balance sheet commitments (i.e. unfunded lending-related commitments). Assets that do not share similar risk characteristics with a pool are assessed for the allowance for credit losses on an individual basis. These typically include assets experiencing financial difficulties, including assets rated as substandard nonaccrual and doubtful. If foreclosure is probable or the asset is considered collateral-dependent, expected credit losses are measured based upon the fair value of the underlying collateral adjusted for selling costs, if appropriate. Underlying collateral across the Company's segments consist primarily of real estate, land and construction assets as well as general business assets of the borrower. As of June 30, 2025, excluding loans carried at fair value, substandard nonaccrual loans totaling $54.1 million in carrying balance had no related allowance for credit losses. The Company does not measure an allowance for credit losses on accrued interest receivable balances because these balances are written off in a timely manner as a reduction to interest income when assets are placed on nonaccrual status. Loan portfolios A summary of activity in the allowance for credit losses, specifically for the loan portfolio (i.e. allowance for loan losses and allowance for unfunded commitment losses), for the three and six months ended June 30, 2025 and June 30, 2024 is as follows:
Three months ended June 30, 2025 |  |  | Commercial Real Estate |  | Home Equity |  | Residential Real Estate |  | Premium Finance Receivables |  | Consumer and Other |  | Total Loans
(In thousands) | Commercial |  |  |  |  |  |
Allowance for credit losses at beginning of period | $ | 201,183 |  |  | $ | 210,010 |  |  | $ | 9,139 |  |  | $ | 10,652 |  |  | $ | 16,039 |  |  | $ | 918 |  |  | $ | 447,941 |
Other adjustments | — |  |  | — |  |  | — |  |  | — |  |  | 180 |  |  | — |  |  | 180 |
Charge-offs | (6,148) |  |  | (5,711) |  |  | (111) |  |  | — |  |  | (6,346) |  |  | (179) |  |  | (18,495) |
Recoveries | 1,746 |  |  | 10 |  |  | 30 |  |  | 2 |  |  | 3,335 |  |  | 32 |  |  | 5,155 |
Provision for credit losses - Other | (2,213) |  |  | 20,049 |  |  | 163 |  |  | 801 |  |  | 3,404 |  |  | 78 |  |  | 22,282 |
Allowance for credit losses at period end | $ | 194,568 |  |  | $ | 224,358 |  |  | $ | 9,221 |  |  | $ | 11,455 |  |  | $ | 16,612 |  |  | $ | 849 |  |  | $ | 457,063 |
By measurement method: |  |  |  |  |  |  |  |  |  |  |  |  |
Individually measured | $ | 35,129 |  |  | $ | 8,127 |  |  | $ | — |  |  | $ | 103 |  |  | $ | — |  |  | $ | 4 |  |  | $ | 43,363 |
Collectively measured | 159,439 |  |  | 216,231 |  |  | 9,221 |  |  | 11,352 |  |  | 16,612 |  |  | 845 |  |  | 413,700 |
Loans at period end |  |  |  |  |  |  |  |  |  |  |  |  |
Individually measured | $ | 80,877 |  |  | $ | 32,828 |  |  | $ | 1,780 |  |  | $ | 27,960 |  |  | $ | — |  |  | $ | 41 |  |  | $ | 143,486 |
Collectively measured | 16,306,554 |  |  | 13,259,182 |  |  | 465,035 |  |  | 3,783,938 |  |  | 16,830,136 |  |  | 116,464 |  |  | 50,761,309 |
Loans held at fair value | — |  |  | — |  |  | — |  |  | 136,884 |  |  | — |  |  |  |  | 136,884 |
Three months ended June 30, 2024 | Commercial |  | Commercial Real Estate |  | Home Equity |  | Residential Real Estate |  | Premium Finance Receivables |  | Consumer and Other |  | Total Loans
(In thousands) |  |  |  |  |  |
Allowance for credit losses at beginning of period | $ | 166,518 |  |  | $ | 226,052 |  |  | $ | 7,191 |  |  | $ | 13,701 |  |  | $ | 13,330 |  |  | $ | 383 |  |  | $ | 427,175 |
Other adjustments | — |  |  | — |  |  | — |  |  | — |  |  | (19) |  |  | — |  |  | (19) |
Charge-offs | (9,584) |  |  | (15,526) |  |  | — |  |  | (23) |  |  | (9,486) |  |  | (137) |  |  | (34,756) |
Recoveries | 950 |  |  | 90 |  |  | 35 |  |  | 8 |  |  | 3,663 |  |  | 24 |  |  | 4,770 |
Provision for credit losses | 24,107 |  |  | 13,112 |  |  | 16 |  |  | (4,913) |  |  | 7,258 |  |  | 319 |  |  | 39,899 |
Allowance for credit losses at period end | $ | 181,991 |  |  | $ | 223,728 |  |  | $ | 7,242 |  |  | $ | 8,773 |  |  | $ | 14,746 |  |  | $ | 589 |  |  | $ | 437,069 |
By measurement method: |  |  |  |  |  |  |  |  |  |  |  |  |
Individually measured | $ | 30,927 |  |  | $ | 6,330 |  |  | $ | — |  |  | $ | 32 |  |  | $ | — |  |  | $ | 1 |  |  | $ | 37,290 |
Collectively measured | 151,064 |  |  | 217,398 |  |  | 7,242 |  |  | 8,741 |  |  | 14,746 |  |  | 588 |  |  | 399,779 |
Loans at period end |  |  |  |  |  |  |  |  |  |  |  |  |
Individually measured | $ | 51,087 |  |  | $ | 48,289 |  |  | $ | 1,100 |  |  | $ | 17,807 |  |  | $ | — |  |  | $ | 3 |  |  | $ | 118,286 |
Collectively measured | 14,103,375 |  |  | 11,898,908 |  |  | 355,213 |  |  | 2,913,694 |  |  | 15,062,868 |  |  | 87,353 |  |  | 44,421,411 |
Loans held at fair value | — |  |  | — |  |  | — |  |  | 135,834 |  |  | — |  |  | — |  |  | 135,834 |
Six months ended June 30, 2025 |  |  | Commercial Real Estate |  | Home Equity |  | Residential Real Estate |  | Premium Finance Receivables |  | Consumer and Other |  | Total Loans
(In thousands) | Commercial |  |  |  |  |  |
Allowance for credit losses at beginning of period | $ | 175,837 |  |  | $ | 222,856 |  |  | $ | 8,943 |  |  | $ | 10,335 |  |  | $ | 17,820 |  |  | $ | 812 |  |  | $ | 436,603 |
Other adjustments | — |  |  | — |  |  | — |  |  | — |  |  | 184 |  |  | — |  |  | 184 |
Charge-offs | (15,870) |  |  | (6,165) |  |  | (111) |  |  | — |  |  | (13,472) |  |  | (326) |  |  | (35,944) |
Recoveries | 2,675 |  |  | 22 |  |  | 246 |  |  | 138 |  |  | 6,822 |  |  | 61 |  |  | 9,964 |
Provision for credit losses - Other | 31,926 |  |  | 7,645 |  |  | 143 |  |  | 982 |  |  | 5,258 |  |  | 302 |  |  | 46,256 |
Allowance for credit losses at period end | $ | 194,568 |  |  | $ | 224,358 |  |  | $ | 9,221 |  |  | $ | 11,455 |  |  | $ | 16,612 |  |  | $ | 849 |  |  | $ | 457,063 |
Six months ended June 30, 2024 |  |  | Commercial Real Estate |  | Home Equity |  | Residential Real Estate |  | Premium Finance Receivables |  | Consumer and Other |  | Total Loans
(In thousands) | Commercial |  |  |  |  |  |
Allowance for credit losses at beginning of period | $ | 169,604 |  |  | $ | 223,853 |  |  | $ | 7,116 |  |  | $ | 13,133 |  |  | $ | 13,069 |  |  | $ | 490 |  |  | $ | 427,265 |
Other adjustments | — |  |  | — |  |  | — |  |  | — |  |  | (50) |  |  | — |  |  | (50) |
Charge-offs | (20,799) |  |  | (20,995) |  |  | (74) |  |  | (61) |  |  | (16,424) |  |  | (244) |  |  | (58,597) |
Recoveries | 1,429 |  |  | 121 |  |  | 64 |  |  | 10 |  |  | 5,190 |  |  | 47 |  |  | 6,861 |
Provision for credit losses | 31,757 |  |  | 20,749 |  |  | 136 |  |  | (4,309) |  |  | 12,961 |  |  | 296 |  |  | 61,590 |
Allowance for credit losses at period end | $ | 181,991 |  |  | $ | 223,728 |  |  | $ | 7,242 |  |  | $ | 8,773 |  |  | $ | 14,746 |  |  | $ | 589 |  |  | $ | 437,069 |
For the three and six months ended June 30, 2025, the Company recognized approximately $22.3 million and $46.3 million of provision for credit losses, respectively, related to loans and lending agreements. The provision for each period was primarily the result of losses experienced in the Commercial, Commercial Real Estate and Premium Finance Receivables portfolios along with growth across various segments, which was offset by improved macroeconomic forecasts related to Baa credit spread and CRE Price Index. However, uncertainties remain regarding future economic performance and macroeconomic forecasts utilized in the measurement of the allowance for credit losses as of June 30, 2025, thus a macroeconomic uncertainty qualitative overlay continued to be applied in the second quarter of 2025, related to widening credit spreads. Net charge-offs in the three and six month periods ended June 30, 2025, totaled $13.3 million and $26.0 million, respectively. Held-to-maturity debt securities The allowance for credit losses on the Company’s held-to-maturity debt securities is presented as a reduction to the amortized cost basis of held-to-maturity securities on the Company's Consolidated Statements of Condition. For the three and six month periods ended June 30, 2025, the Company recognized approximately $(48,000) and $(59,000), respectively, of provision for credit losses related to held-to-maturity securities. At June 30, 2025, the Company did not identify any held-to-maturity debt securities within its portfolio that would require a charge-off. Loan Modifications to Borrowers Experiencing Financial Difficulties The Company’s approach to restructuring or modifying loans is built on its credit risk rating system, which requires credit management personnel to assign a credit risk rating to each loan. In each case, the loan officer is responsible for recommending a credit risk rating for each loan and ensuring the credit risk ratings are appropriate. These credit risk ratings are then reviewed and approved by the bank’s chief credit officer and/or concurrence credit officer. Credit risk ratings are determined by evaluating a number of factors, including a borrower’s financial strength, cash flow coverage, collateral protection and guarantees. The Company’s credit risk rating scale is one through ten with higher scores indicating higher risk. In the case of loans rated six or worse following modification, the Company’s Managed Assets Division evaluates the loan and the credit risk rating and determines that the loan has been restructured to be reasonably assured of repayment and of performance according to the modified terms and is supported by a current, well-documented credit assessment of the borrower’s financial condition and prospects for repayment under the revised terms. Based on the Company’s credit risk rating system, it considers that borrowers whose credit risk rating is 5 or better are not experiencing financial difficulties. Restructurings may arise when, due to financial difficulties experienced by the borrower, the Company obtains through physical possession one or more collateral assets in satisfaction of all or part of an existing credit. Once possession is obtained, the Company reclassifies the appropriate portion of the remaining balance of the credit from loans to other real estate owned (“OREO”), which is included within other assets in the Consolidated Statements of Condition. For any residential real estate property collateralizing a consumer mortgage loan, the Company is considered to possess the related collateral only if legal title is obtained upon completion of foreclosure, or the borrower conveys all interest in the residential real estate property to the Company through completion of a deed in lieu of foreclosure or similar legal agreement. At June 30, 2025, the Company had no foreclosed residential real estate properties included within OREO. Further, the recorded investment in residential mortgage loans secured by residential real estate properties for which foreclosure proceedings are in process totaled $58.2 million and $43.8 million at June 30, 2025 and 2024, respectively. The tables below presents a summary of the period-end balance of loans to borrowers experiencing financial difficulties during the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30, 2025 (Dollars in thousands) |  | Total |  | Percentage of Total Class of Loan |  | Extension of Term |  | Reduction of Interest Rate |  | Interest Only Payments |  | Delay in Contractual Payments |  | Extension of Term and Reduction of Interest Rate
Commercial |  | $ | 35 |  | 0.0 | % |  | $ | — |  |  | $ | 11 |  |  | $ | — |  |  | $ | — |  |  | $ | 24 |
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction and development |  | — |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Non-construction |  | — |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Home equity |  | — |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential real estate |  | 282 |  | 0.0 |  |  | — |  |  | 282 |  |  | — |  |  | — |  |  | — |
Premium finance receivables—property & casualty |  | 885 |  | 0.0 |  |  | 885 |  |  | — |  |  | — |  |  | — |  |  | — |
Total loans |  | $ | 1,202 |  | 0.0 | % |  | $ | 885 |  |  | $ | 293 |  |  | $ | — |  |  | $ | — |  |  | $ | 24 |
|  |  |  | Weighted Average Magnitude of Modifications:
Three Months Ended June 30, 2025 (Dollars in thousands) |  | Total |  | Duration of Extension of Term (months) |  | Reduction of Interest Rate (bps) |  | Duration of Delay in Contractual Payments (months)
Commercial |  | $ | 35 |  |  | 51 |  | 72 |  |  | — |
Commercial real estate |  |  |  |  |  |  |  |
Construction and development |  | — |  |  | — |  |  | — |  |  | — |
Non-construction |  | — |  |  | — |  |  | — |  |  | — |
Home equity |  | — |  |  | — |  |  | — |  |  | — |
Residential real estate |  | 282 |  |  | — |  | 123 |  |  | — |
Premium finance receivables—property & casualty |  | 885 |  |  | 12 |  | — |  |  | — |
Total loans |  | $ | 1,202 |  |  | 13 |  | 117 |  |  | — |
Three Months Ended June 30, 2024 (Dollars in thousands) |  | Total |  | Percentage of Total Class of Loan |  | Extension of Term |  | Reduction of Interest Rate |  | Interest Only Payments |  | Delay in Contractual Payments |  | Extension of Term and Reduction of Interest Rate
Commercial |  | $ | 2,161 |  | 0.0 | % |  | $ | 2,010 |  |  | $ | — |  |  | $ | — |  |  | $ | 97 |  |  | $ | 54 |
Commercial real estate - Non-construction |  | 340 |  | 0.0 |  |  | 21 |  |  | — |  |  | 319 |  |  | — |  |  | — |
Residential real estate |  | 81 |  | 0.0 |  |  | 81 |  |  | — |  |  | — |  |  | — |  |  | — |
Premium finance receivables—property & casualty |  | 6 |  | 0.0 |  |  | 3 |  |  | 3 |  |  | — |  |  | — |  |  | — |
Total loans |  | $ | 2,588 |  | 0.0 | % |  | $ | 2,115 |  |  | $ | 3 |  |  | $ | 319 |  |  | $ | 97 |  |  | $ | 54 |
|  |  |  | Weighted Average Magnitude of Modifications:
Three Months Ended June 30, 2024 (Dollars in thousands) |  | Total |  | Duration of Extension of Term (months) |  | Reduction of Interest Rate (bps) |  | Duration of Delay in Contractual Payments (months)
Commercial |  | $ | 2,161 |  |  | 5 |  | 143 |  |  | 34
Commercial real estate - Non-construction |  | 340 |  |  | 13 |  | — |  |  | 0
Residential real estate |  | 81 |  |  | 12 |  | — |  |  | —
Premium finance receivables—property & casualty |  | 6 |  |  | 2 |  | 86 |  |  | —
Total loans |  | $ | 2,588 |  |  | 7 |  | 140 |  |  | 34
Six Months Ended June 30, 2025 (Dollars in thousands) |  | Total |  | Percentage of Total Class of Loan |  | Extension of Term |  | Reduction of Interest Rate |  | Interest Only Payments |  | Delay in Contractual Payments |  | Extension of Term and Reduction of Interest Rate
Commercial |  | $ | 12,732 |  |  | 0.2 | % |  | $ | 12,465 |  |  | $ | 11 |  |  | $ | 31 |  |  | $ | — |  |  | $ | 225 |
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction and development |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Non-construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Home equity |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential real estate |  | 1,144 |  |  | 0.0 |  |  | 162 |  |  | 282 |  |  | — |  |  | — |  |  | 700 |
Premium finance receivables—property & casualty |  | 885 |  |  | 0.0 |  |  | 885 |  |  | — |  |  | — |  |  | — |  |  | — |
Total loans |  | $ | 14,761 |  |  | 0.0 |  |  | $ | 13,512 |  |  | $ | 293 |  |  | $ | 31 |  |  | $ | — |  |  | $ | 925 |
|  |  |  | Weighted Average Magnitude of Modifications:
Six Months Ended June 30, 2025 (Dollars in thousands) |  | Total |  | Duration of Extension of Term (months) |  | Reduction of Interest Rate (bps) |  | Duration of Delay in Contractual Payments (months)
Commercial |  | $ | 12,732 |  |  | 10 |  | 50 |  |  | — |
Commercial real estate |  |  |  |  |  |  |  |
Construction and development |  | — |  |  | — |  |  | — |  |  | — |
Non-construction |  | — |  |  | — |  |  | — |  |  | — |
Home equity |  | — |  |  | — |  |  | — |  |  | — |
Residential real estate |  | 1,144 |  |  | 48 |  | 152 |  |  | —
Premium finance receivables—property & casualty |  | 885 |  |  | 12 |  | — |  |  | — |
Total loans |  | $ | 14,761 |  |  | 12 |  | 138 |  |  | — |
Six Months Ended June 30, 2024 (Dollars in thousands) |  | Total |  | Percentage of Total Class of Loan |  | Extension of Term |  | Reduction of Interest Rate |  | Interest Only Payments |  | Delay in Contractual Payments |  | Extension of Term and Reduction of Interest Rate
Commercial |  | $ | 3,219 |  |  | 0.0 | % |  | $ | 2,956 |  |  | $ | — |  |  | $ | — |  |  | $ | 97 |  |  | $ | 166 |
Commercial real estate - Non-construction |  | 1,469 |  |  | 0.0 |  |  | 293 |  |  | — |  |  | 319 |  |  | 857 |  |  | — |
Home equity |  | 89 |  |  | 0.0 |  |  | 89 |  |  | — |  |  | — |  |  | — |  |  | — |
Residential real estate |  | 282 |  |  | 0.0 |  |  | 114 |  |  | 168 |  |  | — |  |  | — |  |  | — |
Premium finance receivables—property & casualty |  | 6 |  |  | 0.0 |  |  | 3 |  |  | 3 |  |  | — |  |  | — |  |  | — |
Total loans |  | $ | 5,065 |  |  | 0.0 | % |  | $ | 3,455 |  |  | $ | 171 |  |  | $ | 319 |  |  | $ | 954 |  |  | $ | 166 |
|  |  |  | Weighted Average Magnitude of Modifications: |  |  |
Six months ended June 30, 2024 (Dollars in thousands) |  | Total |  | Duration of Extension of Term (months) |  | Reduction of Interest Rate (bps) |  | Duration of Delay in Contractual Payments (months) |  |  |
Commercial |  | $ | 3,219 |  |  | 8 |  | 113 |  | 34 |  |  |
Commercial real estate - Non-construction |  | 1,469 |  |  | 29 |  | — |  |  | 16 |  |  |
Home equity |  | 89 |  |  | 12 |  | — |  |  | — |  |  |  |
Residential real estate |  | 282 |  |  | 19 |  | 201 |  | — |  |  |  |
Premium finance receivables—property & casualty |  | $ | 6 |  |  | 2 |  | 86 |  | $ | — |  |  |  |
Total loans |  | $ | 5,065 |  |  | 11 |  | $ | 156 |  |  | 18 |  |  |
The Company had commitments of $21.0 million and $5.1 million as of June 30, 2025 and June 30, 2024, respectively, to lend additional funds to borrowers experiencing financial difficulty and for whom the Company has modified the terms of loans in the form of principal forgiveness, an interest rate reduction, an other-than insignificant payment delay or a term extension during the periods presented. The following table presents a summary of all modified loans for borrowers experiencing financial difficulties and such loans that were in payment default under the restructured terms during the respective periods below:
(Dollars in thousands) |  |  | For the Twelve Months Ended June 30, 2025 |  |  |  | Three Months Ended June 30, 2025 |  | Six Months Ended June 30, 2025 |  |  | For the Twelve Months Ended June 30, 2024 |  | Three Months Ended June 30, 2024 |  | Six Months Ended June 30, 2024
|  | Total |  |  |  | Payments in Default (1) |  | Payments in Default (1) |  |  | Total |  | Payments in Default (1) |  | Payments in Default (1)
Commercial |  |  | $ | 20,731 |  |  |  |  | $ | 11 |  |  | $ | 123 |  |  |  | $ | 4,685 |  |  | $ | 1,784 |  |  | $ | 1,784 |
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction and development |  |  | — |  |  |  |  | — |  |  | — |  |  |  | 2,486 |  |  | — |  |  | — |
Non-construction |  |  | 752 |  |  |  |  | — |  |  | — |  |  |  | 2,644 |  |  | 639 |  |  | 2,443 |
Home equity |  |  | — |  |  |  |  | — |  |  | — |  |  |  | 586 |  |  | — |  |  | — |
Residential real estate |  |  | 1,144 |  |  |  |  | — |  |  | 700 |  |  |  | 417 |  |  | 384 |  |  | 384 |
Premium finance receivables—property & casualty |  |  | 1,230 |  |  |  |  | 885 |  |  | 885 |  |  |  | 18 |  |  | 14 |  |  | 14 |
Total loans |  |  | $ | 23,857 |  |  |  |  | $ | 896 |  |  | $ | 1,708 |  |  |  | $ | 10,836 |  |  | $ | 2,821 |  |  | $ | 4,625 |
(1)Modified loans considered to be in payment default are over 30 days past due subsequent to the restructuring.

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- Definition The entire disclosure for allowance for credit losses. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 310 -Publisher FASB -URI https://asc.fasb.org/310/tableOfContent + Details
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- References No definition available. + Details
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