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Allowance for Credit Losses
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
Allowance for Credit Losses Allowance for Credit Losses
The ACL represents management's estimate of lifetime credit losses for assets within its scope, specifically loans and leases and unfunded commitments. Refer to Note 1 – Summary of Significant Accounting Policies, for a description of the ACL methodology.

At December 31, 2024, the ACL was $440.8 million, a decrease of $23.3 million from the December 31, 2023 balance of $464.1 million. The change in the total ACL reflects credit migration trends, changes in the economic assumptions, and a recalibration of the commercial CECL model in the first quarter of 2024. To calculate the ACL, management uses models to estimate PD and LGD for loans and leases, incorporating forecasted economic conditions and macroeconomic variables. The Bank considers the current financial environment and various economic scenarios, selecting the most probable scenario at each measurement date. Forecasts for each variable are updated and incorporated into the ACL calculation. Projected macroeconomic variables over the forecast period can materially impact the ACL, with projections becoming less certain over time.

The Bank opted to use the Moody's Analytics' November 2024 consensus economic forecast for estimating the ACL as of December 31, 2024. In the consensus scenario, the probability that the economy will perform better than this consensus is equal to the probability that it will perform worse and included the following variables:
2025202620272028
U.S. real GDP average annualized growth2.0 %2.0 %2.0 %2.0 %
U.S. unemployment rate average4.4 %4.2 %4.2 %4.1 %
Forecasted average federal funds rate4.0 %3.5 %3.2 %3.1 %
The Bank also uses an additional scenario with varying severity to assess ACL sensitivity and inform qualitative adjustments, keeping economic variables consistent. For this analysis, the Bank selected Moody's Analytics' November 2024 S2 scenario, which predicts a 75% probability of better economic performance and a 25% probability of worse performance. The scenario includes the following variables:
2025202620272028
U.S. real GDP average annualized growth0.3 %1.7 %2.8 %2.7 %
U.S. unemployment rate average6.3 %5.6 %4.0 %4.0 %
Forecasted average federal funds rate3.2 %2.0 %2.3 %3.0 %

The 2024 forecast is projecting higher GDP growth and unemployment rates with average federal funds rates trending lower. This is compared to the December 31, 2023 ACL calculation which used Moody's Analytics' November 2023 baseline economic forecast to forecast the variables used in the models. Management reviewed the results derived from the economic scenarios and subsequent changes to macroeconomic variables for sensitivity analysis, considering these factors when evaluating qualitative adjustments.

Along with the quantitative factors produced by the above models, management also considers prepayment speeds and qualitative factors when determining the ACL. As of December 31, 2024, the Company evaluated qualitative factors and applied upward adjustments to the quantitative results for the ACL, compared to the downward adjustments made as of December 31, 2023. The majority of the qualitative overlays in this period are focused on the commercial loan portfolio. This adjustment is designed to more closely align the portfolio with the S2 scenario, as previously discussed. These overlays account for potential economic uncertainties and sector-specific risks, ensuring that the portfolio remains resilient. Additionally, we have implemented further overlays specifically for the transportation segment of the lease portfolio. This measure is aimed at addressing the unique risks and challenges faced by this industry, such as fluctuating fuel prices, regulatory changes, and market demand variability. By incorporating these targeted overlays, we aim to enhance the accuracy and robustness of our risk management strategy, providing a more comprehensive and adaptive approach to potential economic shifts. While qualitative overlays are applied, approximately 91% of the allowance is driven by modeled results, as management determined that the models adequately reflect the significant changes in credit conditions and overall portfolio risk.

Management believes that the ACL was adequate as of December 31, 2024. There is, however, no assurance that future loan losses will not exceed the levels provided for in the ACL and could possibly result in additional charges to the provision for credit losses.
The following tables summarize activity related to the ACL by portfolio segment for the periods indicated:
Year Ended December 31, 2024
 (in thousands)Commercial Real EstateCommercialResidentialConsumer & OtherTotal
Allowance for credit losses on loans and leases
Balance, beginning of period$125,888 $244,821 $62,004 $8,158 $440,871 
Provision (recapture) for credit losses for loans and leases31,250 94,773 (16,235)3,176 112,964 
Charge-offs(3,681)(139,218)(1,956)(6,339)(151,194)
Recoveries956 18,292 887 1,853 21,988 
Net recoveries (charge-offs)(2,725)(120,926)(1,069)(4,486)(129,206)
Balance, end of period$154,413 $218,668 $44,700 $6,848 $424,629 
Reserve for unfunded commitments
Balance, beginning of period$11,170 $7,841 $2,940 $1,257 $23,208 
Recapture for credit losses on unfunded commitments(5,238)(906)(856)(40)(7,040)
Balance, end of period5,932 6,935 2,084 1,217 16,168 
Total allowance for credit losses$160,345 $225,603 $46,784 $8,065 $440,797 
Year Ended December 31, 2023
(in thousands)Commercial Real EstateCommercialResidentialConsumer & OtherTotal
Allowance for credit losses on loans and leases
Balance, beginning of period$77,813 $167,135 $50,329 $5,858 $301,135 
Initial ACL on PCD loans acquired during the period8,736 17,204 454 98 26,492 
Provision for credit losses for loans and leases (1)
39,809 153,460 10,645 6,065 209,979 
Charge-offs(803)(109,862)(547)(5,762)(116,974)
Recoveries333 16,884 1,123 1,899 20,239 
Net recoveries (charge-offs)(470)(92,978)576 (3,863)(96,735)
Balance, end of period$125,888 $244,821 $62,004 $8,158 $440,871 
Reserve for unfunded commitments
Balance, beginning of period$7,207 $3,049 $3,196 $769 $14,221 
Initial ACL recorded for unfunded commitments acquired during the period2,257 3,066 268 176 5,767 
Provision (recapture) for credit losses on unfunded commitments1,706 1,726 (524)312 3,220 
Balance, end of period11,170 7,841 2,940 1,257 23,208 
Total allowance for credit losses$137,058 $252,662 $64,944 $9,415 $464,079 
(1) Includes $88.4 million initial provision related to non-PCD loans acquired during the first quarter of 2023.
Asset Quality and Non-Performing Loans and Leases

The Bank manages asset quality and controls credit risk through diversification of the loan and lease portfolio and the application of policies designed to promote sound underwriting and loan and lease monitoring practices. The Bank's Credit Quality Administration department is charged with monitoring asset quality, establishing credit policies and procedures, and enforcing the consistent application of these policies and procedures across the Bank. Reviews of non-performing, past due loans and leases and larger credits, designed to identify potential charges to the allowance for credit losses, and to determine the adequacy of the allowance, are conducted on an ongoing basis. These reviews consider such factors as the financial strength of borrowers, the value of the applicable collateral, loan and lease loss experience, estimated loan and lease losses, growth in the loan and lease portfolio, prevailing economic conditions, and other factors.
Loans and Leases Past Due and Non-Accrual Loans and Leases

Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Loans are placed on non-accrual status when, in management’s opinion, the borrower may be unable to meet payment obligations as they become due, as well as when required by regulatory provisions. As of December 31, 2024 and 2023, loans and leases on non-accrual status with no related allowance was $3.6 million and $4.9 million, respectively, excluding collateral dependent loans and leases that have been written down to net realizable value without an associated ACL of $59.4 million and $36.7 million, respectively. The remaining balance of non-accrual loans are substantially covered by government guarantees. The Company recognized no interest income on non-accrual loans and leases during the years ended December 31, 2024 and 2023.
The following tables present the carrying value of the loans and leases past due, by loan and lease class, as of the dates presented:
December 31, 2024
(in thousands)Greater than 30 to 59 Days Past Due60 to 89 Days Past Due
 90 Days or More and Accruing (2)
Total Past Due
Non-Accrual (2)
Current and OtherTotal Loans and Leases
Commercial real estate
Non-owner occupied term, net$27,954 $— $— $27,954 $14,577 $6,235,623 $6,278,154 
Owner occupied term, net1,411 169 — 1,580 24,755 5,243,959 5,270,294 
Multifamily, net— — — — — 5,804,364 5,804,364 
Construction & development, net— — — — — 1,983,213 1,983,213 
Residential development, net— — — — — 231,647 231,647 
Commercial
Term, net1,711 893 — 2,604 29,483 5,505,531 5,537,618 
Lines of credit & other, net5,345 5,523 206 11,074 6,666 2,751,903 2,769,643 
Leases & equipment finance, net15,318 17,117 4,478 36,913 20,997 1,602,925 1,660,835 
Residential
Mortgage, net (1)
— 17,844 61,228 79,072 — 5,854,280 5,933,352 
Home equity loans & lines, net5,348 5,369 6,691 17,408 — 2,014,245 2,031,653 
Consumer & other, net808 389 179 1,376 — 178,752 180,128 
Total, net of deferred fees and costs$57,895 $47,304 $72,782 $177,981 $96,478 $37,406,442 $37,680,901 
(1) Includes government guaranteed mortgage loans that the Bank has the right but not the obligation to repurchase that are past due 90 days or more, totaling $2.4 million at December 31, 2024.
(2) Includes government guaranteed portion of $32.1 million and $41.5 million for 90 days or greater and non-accrual loans, respectively.
December 31, 2023
 (in thousands)Greater than 30 to 59 Days Past Due60 to 89 Days Past Due
90 Days or More and Accruing (2)
Total Past Due
Non-Accrual (2)
Current and OtherTotal Loans and Leases
Commercial real estate
Non-owner occupied term, net$1,270 $3,312 $437 $5,019 $4,359 $6,473,562 $6,482,940 
Owner occupied term, net3,078 2,191 433 5,702 24,330 5,165,573 5,195,605 
Multifamily, net— — — — — 5,704,734 5,704,734 
Construction & development, net— — — — — 1,747,302 1,747,302 
Residential development, net— — — — — 323,899 323,899 
Commercial
Term, net6,341 2,101 202 8,644 14,519 5,513,602 5,536,765 
Lines of credit & other, net1,647 1,137 66 2,850 2,760 2,424,517 2,430,127 
Leases & equipment finance, net22,217 24,178 7,965 54,360 28,403 1,646,749 1,729,512 
Residential
Mortgage, net (1)
282 9,410 26,331 36,023 — 6,121,143 6,157,166 
Home equity loans & lines, net4,401 2,373 3,782 10,556 — 1,927,610 1,938,166 
Consumer & other, net778 519 326 1,623 — 194,112 195,735 
Total, net of deferred fees and costs$40,014 $45,221 $39,542 $124,777 $74,371 $37,242,803 $37,441,951 
(1) Includes government guaranteed mortgage loans the Bank has the right but not the obligation to repurchase that are past due 90 days or more, totaling $1.0 million at December 31, 2023.
(2) Includes government guaranteed portion of $12.3 million and $19.3 million for 90 days or greater and non-accrual loans, respectively.
Collateral-Dependent Loans and Leases

Loans and leases are classified as collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. The following tables summarize the amortized cost basis of the collateral-dependent loans and leases by the type of collateral securing the assets as of the periods indicated:
December 31, 2024
(in thousands)Residential Real EstateCommercial Real Estate General Business AssetsOtherTotal
Commercial real estate
  Non-owner occupied term, net$— $13,116 $— $— $13,116 
  Owner occupied term, net— 20,198 — — 20,198 
Commercial
   Term, net2,273 2,856 15,220 580 20,929 
   Line of credit & other, net— 1,501 3,645 — 5,146 
   Leases & equipment finance, net— — 20,997 — 20,997 
Residential
   Mortgage, net79,440 — — — 79,440 
   Home equity loans & lines, net2,391 — — — 2,391 
Total, net of deferred fees and costs$84,104 $37,671 $39,862 $580 $162,217 
December 31, 2023
(in thousands)Residential Real EstateCommercial Real Estate General Business AssetsOtherTotal
Commercial real estate
  Non-owner occupied term, net$— $4,250 $— $— $4,250 
  Owner occupied term, net— 22,076 — — 22,076 
Commercial
   Term, net— 271 8,602 301 9,174 
   Line of credit & other, net— 1,566 — — 1,566 
   Leases & equipment finance, net— — 28,403 — 28,403 
Residential
   Mortgage, net55,381 — — — 55,381 
   Home equity loans & lines, net2,740 — — — 2,740 
Total, net of deferred fees and costs$58,121 $28,163 $37,005 $301 $123,590 
Loan and Lease Modifications Made to Borrowers Experiencing Financial Difficulty

The ACL on modified loans or leases is measured using the same credit loss estimation methods used to determine the ACL for all other loans and leases held for investment. These methods incorporate the post-modification loan or lease terms, as well as defaults and charge-offs associated with historical modified loans and leases.

The following tables present the amortized cost basis of loans and leases that were both experiencing financial difficulty and modified during the years ended December 31, 2024 and 2023, by class and type of modification. The percentage of the amortized cost basis of loans and leases that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financing receivable is also presented below.
Year Ended December 31, 2024
(in thousands)Interest Rate ReductionTerm ExtensionOther -Than-Insignificant Payment DelayCombo - Interest Rate Reduction and Term ExtensionCombo - Term Extension and Other than Insignificant Payment DelayCombo - Interest Rate Reduction and Other -Than-Insignificant Payment DelayTotal% of total class of financing receivable
Commercial real estate
  Non-owner occupied term, net$— $94 $7,293 $— $— $— $7,387 0.12 %
  Owner occupied term, net3,708 215 734 — — — 4,657 0.09 %
  Construction & development, net— — — 1,989 — — 1,989 0.10 %
Commercial
  Term, net— 4,210 3,913 370 — 2,572 11,065 0.20 %
  Lines of credit & other, net983 23,040 157 31,227 — — 55,407 2.00 %
  Leases & equipment finance, net— 2,273 — — — — 2,273 0.14 %
Residential
  Mortgage, net— 7,606 18,981 1,011 340 — 27,938 0.47 %
Total modified loans and leases experiencing financial difficulty$4,691 $37,438 $31,078 $34,597 $340 $2,572 $110,716 0.29 %
Year Ended December 31, 2023
(in thousands)Interest Rate ReductionTerm ExtensionOther -Than-Insignificant Payment DelayCombo - Term Extension and Other-than-Insignificant Payment DelayTotal% of total class of financing receivable
Commercial real estate
Non-owner occupied term, net$— $32,461 $— $— $32,461 0.50 %
Owner occupied term, net666 507 568 — 1,741 0.03 %
Commercial
Term, net377 4,409 — — 4,786 0.09 %
Lines of credit & other, net— 13,152 30,804 — 43,956 1.81 %
Leases & equipment finance, net— 1,495 — — 1,495 0.09 %
Residential
Mortgage, net— 562 46,012 7,101 53,675 0.87 %
Total modified loans and leases experiencing financial difficulty$1,043 $52,586 $77,384 $7,101 $138,114 0.37 %
The following tables present the financial effect of loan modifications made to borrowers experiencing financial difficulty during the periods presented:
Year Ended December 31, 2024
Interest Rate ModificationTerm ExtensionOther-Than-Insignificant Payment Delay
(dollars in thousands)Weighted-Average Interest Rate ReductionWeighted-Average Term ExtensionDeferral Amount
Commercial real estate
Non-owner occupied term, net— 6 months$2,048 
Owner occupied term, net3.71 %2.9 years$51 
Construction & development, net1.00 %7 months— 
Commercial
Term, net2.52 %11 months$535 
Lines of credit & other, net7.59 %9 months$32 
Leases & equipment finance, net— 11 months— 
Residential
Mortgage, net
7.54 %7.0 years$1,545 
Year Ended December 31, 2023
Interest Rate ModificationTerm ExtensionOther-Than-Insignificant Payment Delay
(dollars in thousands)Weighted-Average Interest Rate ReductionWeighted-Average Term ExtensionDeferral Amount
Commercial real estate
Non-owner occupied term, net— 1.4 years— 
Owner occupied term, net4.00 %2 months$22 
Commercial
Term, net4.15 %3 months— 
Lines of credit & other, net— 11 months$30,080 
Leases & equipment finance, net— 8 months— 
Residential
Mortgage, net
— 11.9 years$3,391 
The Company closely monitors the performance of loans and leases that are modified for borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. Loans and leases are considered to be in payment default at 90 or more days past due. The following tables present the amortized cost basis of modified loans that, within twelve months of the modification date, experienced a subsequent default during the periods presented:
Year Ended December 31, 2024
(in thousands)Interest Rate ReductionTerm ExtensionOther-Than-Insignificant Payment DelayCombination - Interest Rate Reduction and Term ExtensionCombination - Term Extension and Other-than-Insignificant Payment DelayCombination - Rate Reduction and Other-than-Insignificant Payment DelayTotal
Commercial real estate
Non-owner occupied term, net$— $— $— $1,305 $— $— $1,305 
Owner occupied term, net2,752 — — — — — 2,752 
Commercial
Term, net— — — — — 1,459 1,459 
Lines of credit & other, net — 162 — — — — 162 
Leases & equipment finance, net— 387 — — — — 387 
Residential
Mortgage, net— 1,396 9,903 — 1,805 — 13,104 
Total loans and leases experiencing financial difficulty with a subsequent default$2,752 $1,945 $9,903 $1,305 $1,805 $1,459 $19,169 
Year Ended December 31, 2023
(in thousands)Term ExtensionOther-Than-Insignificant Payment DelayCombination - Term Extension and Other-than-Insignificant Payment DelayTotal
Commercial
Lines of credit & other, net $1,422 $— $— $1,422 
Leases & equipment finance, net280 — — 280 
Residential
Mortgage, net— 977 1,033 2,010 
Total loans and leases experiencing financial difficulty with a subsequent default$1,702 $977 $1,033 $3,712 
The following tables present an age analysis of loans and leases as of December 31, 2024 and December 31, 2023 that have been modified within the prior twelve months:
 December 31, 2024
 (in thousands)CurrentGreater than 30 to 59 Days Past Due60 to 89 Days Past Due90 Days or Greater Past DueNonaccrualTotal
Commercial real estate
Non-owner occupied term, net$7,387 $— $— $— $— $7,387 
Owner occupied term, net1,377 — — — 3,280 4,657 
Construction & development, net1,989 — — — — 1,989 
Commercial
Term, net6,197 — — — 4,868 11,065 
Lines of credit & other, net51,811 2,048 967 — 581 55,407 
Leases & equipment finance, net1,567 250 207 — 249 2,273 
Residential
Mortgage, net21,688 — 1,782 4,468 — 27,938 
Total loans and leases, net of deferred fees and costs$92,016 $2,298 $2,956 $4,468 $8,978 $110,716 

 December 31, 2023
(in thousands)CurrentGreater than 30 to 59 Days Past Due60 to 89 Days Past Due90 Days or Greater Past DueNonaccrualTotal
Commercial real estate
Non-owner occupied term, net$30,338 $— $2,123 $— $— $32,461 
Owner occupied term, net1,075 — — — 666 1,741 
Commercial
Term, net3,784 — — — 1,002 4,786 
Lines of credit & other, net42,263 — — — 1,693 43,956 
Leases & equipment finance, net915 181 119 179 101 1,495 
Residential
Mortgage, net50,540 — 1,125 2,010 — 53,675 
Total loans and leases, net of deferred fees and costs$128,915 $181 $3,367 $2,189 $3,462 $138,114 
Credit Quality Indicators

Management regularly reviews loans and leases in the portfolio to assess credit quality indicators and to determine appropriate loan classification and grading. The Bank differentiates its lending portfolios into homogeneous and non-homogeneous loans and leases. Homogeneous loans and leases are initially risk rated on a single risk rating scale based on the past due status of the loan or lease. Homogeneous loans and leases that have risk-based modifications or forbearances enter into an alternative elevated risk rating scale that freezes the elevated risk rating and requires six consecutive months of scheduled payments without delinquency before the loan or lease can return to the delinquency-based risk rating scale.

The Bank's risk rating methodology for its non-homogeneous loans and leases uses a dual risk rating approach to assess the credit risk. This approach uses two scales to provide a comprehensive assessment of credit default risk and recovery risk. The PD scale measures a borrower's credit default risk using risk ratings ranging from 1 to 16, where a higher rating represents higher risk. For non-homogeneous loans and leases, PD ratings of 1 through 9 are "pass" grades, while PD ratings of 10 and 11 are "watch" grades. PD ratings of 12-16 correspond to the regulatory-defined categories of special mention (12), substandard (13-14), doubtful (15), and loss (16). The loss given default scale measures the amount of loss that may not be recovered in the event of a default, using six alphabetic ratings from A-F, where a higher rating represents higher risk. The LGD scale quantifies recovery risk associated with an event of default and predicts the amount of loss that would be incurred on a loan or lease if a borrower were to experience a major default and includes variables that may be external to the borrower, such as industry, geographic location, and credit cycle stage. It could also include variables specific to the loan or lease, including collateral valuation, covenant structure and debt type. The product of the borrower's PD and a loan or lease LGD is the loan or lease expected loss, expressed as a percentage. This provides a common language of credit risk across different loans.

The PD scale estimates the likelihood that a borrower will experience a major default on any of its debt obligations within a specified time period. Examples of major defaults include payments 90 days or more past due, non-accrual classification, bankruptcy filing, or a full or partial charge-off of a loan or lease. As such, the PD scale represents the credit quality indicator for non-homogeneous loans and leases.

The credit quality indicator rating categories follow regulatory classification and can be generally described by the following groupings for loans and leases:

Pass/Watch—A pass loan or lease is a loan or lease with a credit risk level acceptable to the Bank for extending credit and maintaining normal credit monitoring. A watch loan or lease is considered pass rated but has a heightened level of unacceptable default risk due to an emerging risk element or declining performance trend. Watch ratings are expected to be temporary, with issues resolved or manifested to the extent that a higher or lower risk rating would be appropriate within a short period of time.

Special Mention—A special mention loan or lease has potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the institution's credit position at some future date. These borrowers have an elevated probability of default but not to the point of a substandard classification.

Substandard—A substandard loan or lease is inadequately protected by the current net worth and paying capacity of the borrower or of the collateral pledged, if any. Loans and leases classified as substandard have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected.

Doubtful—Loans or leases classified as doubtful have all the weaknesses inherent in those classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full, based on currently existing facts, conditions, and values, highly questionable and improbable.

Loss—Loans or leases classified as loss are considered uncollectible and of such little value that their continuance as bankable assets is not warranted.
The following tables present the amortized cost basis of the loans and leases by credit classification and vintage year by loan and lease class of financing receivable as of the dates presented:
(in thousands)Term Loans Amortized Cost Basis by Origination YearRevolving Loans Amortized Cost BasisRevolving to Non-Revolving Loans Amortized Cost
December 31, 202420242023202220212020PriorTotal
Commercial real estate:
Non-owner occupied term, net
Credit quality indicator:
Pass/Watch$289,721 $564,176 $1,245,868 $1,132,014 $569,014 $2,289,045 $25,716 $12,497 $6,128,051 
Special mention— — 9,346 600 463 21,191 — — 31,600 
Substandard7,293 30,926 20,843 — — 56,216 — — 115,278 
Doubtful— — 1,777 659 — 789 — — 3,225 
Total non-owner occupied term, net$297,014 $595,102 $1,277,834 $1,133,273 $569,477 $2,367,241 $25,716 $12,497 $6,278,154 
Current YTD period:
Gross charge-offs$— $— $148 $— $— $2,485 $— $— $2,633 
Owner occupied term, net
Credit quality indicator:
Pass/Watch$525,513 $499,386 $1,015,154 $867,081 $398,200 $1,639,484 $79,180 $5,262 $5,029,260 
Special mention271 957 23,245 80,611 17,748 38,637 1,920 — 163,389 
Substandard3,892 7,501 7,918 4,147 19,677 25,436 — — 68,571 
Doubtful2,752 — 2,924 — — 1,070 — — 6,746 
Loss— — 963 — 381 984 — — 2,328 
Total owner occupied term, net$532,428 $507,844 $1,050,204 $951,839 $436,006 $1,705,611 $81,100 $5,262 $5,270,294 
Current YTD period:
Gross charge-offs$365 $— $569 $— $22 $92 $— $— $1,048 
Multifamily, net
Credit quality indicator:
Pass/Watch$168,595 $253,543 $1,995,175 $1,634,388 $406,616 $1,224,660 $92,757 $— $5,775,734 
Special mention— — 4,545 6,748 — 11,566 — — 22,859 
Substandard— — 2,738 1,613 — 1,420 — — 5,771 
Total multifamily, net$168,595 $253,543 $2,002,458 $1,642,749 $406,616 $1,237,646 $92,757 $— $5,804,364 
Current YTD period:
Gross charge-offs$— $— $— $— $— $— $— $— $— 
Construction & development, net
Credit quality indicator:
Pass/Watch$473,092 $503,923 $746,567 $129,065 $79,262 $18,988 $13,634 $— $1,964,531 
Special mention1,989 — 1,446 15,247 — — — — 18,682 
Total construction & development, net$475,081 $503,923 $748,013 $144,312 $79,262 $18,988 $13,634 $— $1,983,213 
Current YTD period:
Gross charge-offs$— $— $— $— $— $— $— $— $— 
(in thousands)Term Loans Amortized Cost Basis by Origination YearRevolving Loans Amortized Cost BasisRevolving to Non-Revolving Loans Amortized Cost
December 31, 202420242023202220212020PriorTotal
Residential development, net
Credit quality indicator:
Pass/Watch$61,656 $6,327 $5,038 $493 $465 $594 $153,631 $3,443 $231,647 
Total residential development, net$61,656 $6,327 $5,038 $493 $465 $594 $153,631 $3,443 $231,647 
Current YTD period:
Gross charge-offs$— $— $— $— $— $— $— $— $— 
Total commercial real estate$1,534,774 $1,866,739 $5,083,547 $3,872,666 $1,491,826 $5,330,080 $366,838 $21,202 $19,567,672 
Commercial:
Term, net
Credit quality indicator:
Pass/Watch$827,497 $650,426 $1,047,231 $789,076 $296,953 $618,886 $1,080,293 $20,922 $5,331,284 
Special mention1,505 48,317 25,893 7,942 — 13,527 36,978 — 134,162 
Substandard25,103 1,792 9,834 5,329 3,067 9,585 — — 54,710 
Doubtful1,460 1,160 3,771 3,533 683 2,128 — — 12,735 
Loss— 10 648 1,478 884 1,707 — — 4,727 
Total term, net$855,565 $701,705 $1,087,377 $807,358 $301,587 $645,833 $1,117,271 $20,922 $5,537,618 
Current YTD period:
Gross charge-offs$649 $2,976 $1,783 $876 $1,324 $1,138 $4,171 $— $12,917 
Lines of credit & other, net
Credit quality indicator:
Pass/Watch$99,104 $42,240 $54,923 $18,467 $8,841 $10,202 $2,381,689 $16,177 $2,631,643 
Special mention79 1,697 675 25 100 175 30,603 4,006 37,360 
Substandard34,404 1,789 1,248 — — 101 53,491 8,607 99,640 
Doubtful162 — — — — — 204 290 656 
Loss— — 191 — — — — 153 344 
Total lines of credit & other, net$133,749 $45,726 $57,037 $18,492 $8,941 $10,478 $2,465,987 $29,233 $2,769,643 
Current YTD period:
Gross charge-offs$— $758 $309 $241 $59 $563 $20,015 $3,512 $25,457 
Leases & equipment finance, net
Credit quality indicator:
Pass/Watch$603,191 $457,094 $295,712 $102,259 $32,338 $45,761 $— $— $1,536,355 
Special mention10,193 39,259 9,419 2,468 478 122 — — 61,939 
Substandard4,738 8,518 9,044 3,104 875 523 — — 26,802 
Doubtful3,878 10,055 13,532 4,659 1,289 338 — — 33,751 
Loss463 795 571 111 24 24 — — 1,988 
Total leases & equipment finance, net$622,463 $515,721 $328,278 $112,601 $35,004 $46,768 $— $— $1,660,835 
Current YTD period:
Gross charge-offs$1,573 $22,851 $49,518 $18,771 $4,993 $3,138 $— $— $100,844 
Total commercial$1,611,777 $1,263,152 $1,472,692 $938,451 $345,532 $703,079 $3,583,258 $50,155 $9,968,096 
(in thousands)Term Loans Amortized Cost Basis by Origination YearRevolving Loans Amortized Cost BasisRevolving to Non-Revolving Loans Amortized Cost
December 31, 202420242023202220212020PriorTotal
Residential:
Mortgage, net
Credit quality indicator:
Pass/Watch$236,004 $231,936 $1,776,736 $2,097,433 $472,883 $1,041,655 $— $— $5,856,647 
Special mention1,782 2,536 2,245 2,838 910 7,534 — — 17,845 
Substandard3,243 5,399 5,120 11,059 2,183 16,446 — — 43,450 
Loss1,225 2,393 4,037 4,105 779 2,871 — — 15,410 
Total mortgage, net$242,254 $242,264 $1,788,138 $2,115,435 $476,755 $1,068,506 $— $— $5,933,352 
Current YTD period:
Gross charge-offs$— $— $491 $292 $314 $368 $— $— $1,465 
Home equity loans & lines, net
Credit quality indicator:
Pass/Watch$756 $870 $2,072 $1,374 $578 $37,625 $1,940,517 $30,453 $2,014,245 
Special mention— — 136 — — 838 8,261 1,483 10,718 
Substandard— — 445 — — 270 1,230 549 2,494 
Loss— 28 — 175 8 631 1,678 1,676 4,196 
Total home equity loans & lines, net$756 $898 $2,653 $1,549 $586 $39,364 $1,951,686 $34,161 $2,031,653 
Current YTD period:
Gross charge-offs$— $— $— $— $— $239 $252 $— $491 
Total residential$243,010 $243,162 $1,790,791 $2,116,984 $477,341 $1,107,870 $1,951,686 $34,161 $7,965,005 
Consumer & other, net:
Credit quality indicator:
Pass/Watch$21,691 $16,491 $10,122 $4,515 $3,041 $5,036 $117,045 $810 $178,751 
Special mention17 193 24 12 5 75 722 150 1,198 
Substandard11 12 10 — — 25 87 34 179 
Total consumer & other, net$21,719 $16,696 $10,156 $4,527 $3,046 $5,136 $117,854 $994 $180,128 
Current YTD period:
Gross charge-offs$87 $2,851 $104 $35 $1 $305 $2,060 $896 $6,339 
Grand total$3,411,280 $3,389,749 $8,357,186 $6,932,628 $2,317,745 $7,146,165 $6,019,636 $106,512 $37,680,901 
(in thousands)Term Loans Amortized Cost Basis by Origination YearRevolving Loans Amortized Cost BasisRevolving to Non-Revolving Loans Amortized Cost
December 31, 202320232022202120202019PriorTotal
Commercial real estate:
Non-owner occupied term, net
Credit quality indicator:
Pass/Watch$582,178 $1,307,143 $1,182,485 $615,021 $764,821 $1,832,231 $41,194 $— $6,325,073 
Special mention— 317 3,478 1,337 2,480 16,352 — — 23,964 
Substandard32,461 749 — 1,090 35,214 64,304 — — 133,818 
Loss— — — — — 85 — — 85 
Total non-owner occupied term, net$614,639 $1,308,209 $1,185,963 $617,448 $802,515 $1,912,972 $41,194 $— $6,482,940 
Prior Year End period:
Gross charge-offs$— $— $— $— $— $— $— $— $— 
Owner occupied term, net
Credit quality indicator:
Pass/Watch$532,482 $1,067,388 $972,130 $448,569 $581,616 $1,351,172 $67,063 $— $5,020,420 
Special mention1,575 5,950 6,175 4,945 14,610 15,513 1,932 — 50,700 
Substandard4,034 7,707 48,281 17,275 10,513 35,216 — — 123,026 
Doubtful— — — — — 90 — — 90 
Loss— 963 — 404 — 2 — — 1,369 
Total owner occupied term, net$538,091 $1,082,008 $1,026,586 $471,193 $606,739 $1,401,993 $68,995 $— $5,195,605 
Prior Year End period:
Gross charge-offs$— $16 $— $— $— $787 $— $— $803 
Multifamily, net
Credit quality indicator:
Pass/Watch$272,084 $1,982,075 $1,660,492 $400,280 $590,379 $745,705 $51,480 $— $5,702,495 
Special mention— — 1,278 — 961 — — — 2,239 
Total multifamily, net$272,084 $1,982,075 $1,661,770 $400,280 $591,340 $745,705 $51,480 $— $5,704,734 
Prior Year End period:
Gross charge-offs$— $— $— $— $— $— $— $— $— 
Construction & development, net
Credit quality indicator:
Pass/Watch$248,623 $716,207 $530,305 $186,680 $21,990 $10,738 $31,289 $— $1,745,832 
Special mention— 1,470 — — — — — — 1,470 
Total construction & development, net$248,623 $717,677 $530,305 $186,680 $21,990 $10,738 $31,289 $— $1,747,302 
Prior Year End period:
Gross charge-offs$— $— $— $— $— $— $— $— $— 
Residential development, net
Credit quality indicator:
Pass/Watch$90,241 $86,078 $22,271 $— $— $1,329 $116,490 $6,149 $322,558 
Special mention— — — — — — 1,341 — 1,341 
Total residential development, net$90,241 $86,078 $22,271 $— $— $1,329 $117,831 $6,149 $323,899 
Prior Year End period:
Gross charge-offs$— $— $— $— $— $— $— $— $— 
Total commercial real estate$1,763,678 $5,176,047 $4,426,895 $1,675,601 $2,022,584 $4,072,737 $310,789 $6,149 $19,454,480 
(in thousands)Term Loans Amortized Cost Basis by Origination YearRevolving Loans Amortized Cost BasisRevolving to Non-Revolving Loans Amortized Cost
December 31, 202320232022202120202019PriorTotal
Commercial:
Term, net
Credit quality indicator:
Pass/Watch$835,662 $1,215,539 $933,970 $391,735 $271,974 $560,595 $1,097,630 $50,874 $5,357,979 
Special mention23,250 14,875 29,128 109 3,340 16,476 — — 87,178 
Substandard2,911 13,862 13,981 3,068 7,385 7,859 31,399 4,139 84,604 
Doubtful— 1,329 335 796 197 699 — — 3,356 
Loss— 415 — 648 51 2,534 — — 3,648 
Total term, net$861,823 $1,246,020 $977,414 $396,356 $282,947 $588,163 $1,129,029 $55,013 $5,536,765 
Prior Year End period:
Gross charge-offs$3,000 $1,418 $— $415 $389 $886 $44 $808 $6,960 
Lines of credit & other, net
Credit quality indicator:
Pass/Watch$105,360 $105,791 $58,441 $12,266 $10,927 $16,108 $1,922,115 $5,676 $2,236,684 
Special mention476 635 394 — — 80 61,927 403 63,915 
Substandard7,807 4,161 — — — 593 83,304 32,509 128,374 
Doubtful— — — — — — 48 211 259 
Loss— 693 200 — 1 1 — — 895 
Total lines of credit & other, net$113,643 $111,280 $59,035 $12,266 $10,928 $16,782 $2,067,394 $38,799 $2,430,127 
Prior Year End period:
Gross charge-offs$30 $168 $— $47 $144 $45 $1,058 $1,809 $3,301 
Leases & equipment finance, net
Credit quality indicator:
Pass/Watch$682,866 $501,867 $200,499 $92,402 $61,065 $33,908 $— $— $1,572,607 
Special mention46,806 15,962 6,182 1,688 7,224 77 — — 77,939 
Substandard7,094 15,274 6,704 2,163 1,246 1,161 — — 33,642 
Doubtful5,833 22,566 9,036 3,161 1,700 208 — — 42,504 
Loss395 1,485 581 292 58 9 — — 2,820 
Total leases & equipment finance, net$742,994 $557,154 $223,002 $99,706 $71,293 $35,363 $— $— $1,729,512 
Prior Year End period:
Gross charge-offs$2,324 $47,116 $31,569 $9,111 $6,394 $3,087 $— $— $99,601 
Total commercial$1,718,460 $1,914,454 $1,259,451 $508,328 $365,168 $640,308 $3,196,423 $93,812 $9,696,404 
Residential:
Mortgage, net
Credit quality indicator:
Pass/Watch$221,207 $1,845,395 $2,355,420 $521,177 $443,152 $735,801 $— $— $6,122,152 
Special mention1,125 916 1,737 651 1,156 4,109 — — 9,694 
Substandard1,851 2,617 2,826 787 1,759 8,746 — — 18,586 
Loss159 2,724 970 851 220 1,810 — — 6,734 
Total mortgage, net$224,342 $1,851,652 $2,360,953 $523,466 $446,287 $750,466 $— $— $6,157,166 
Prior Year End period:
Gross charge-offs$— $— $— $— $— $6 $— $— $6 
(in thousands)Term Loans Amortized Cost Basis by Origination YearRevolving Loans Amortized Cost BasisRevolving to Non-Revolving Loans Amortized Cost
December 31, 202320232022202120202019PriorTotal
Home equity loans & lines, net
Credit quality indicator:
Pass/Watch$562 $1,242 $1,056 $100 $896 $35,677 $1,870,270 $17,807 $1,927,610 
Special mention— — — — 114 378 5,052 1,230 6,774 
Substandard— — — — 137 190 1,278 174 1,779 
Loss14 — — — — 85 1,286 618 2,003 
Total home equity loans & lines, net$576 $1,242 $1,056 $100 $1,147 $36,330 $1,877,886 $19,829 $1,938,166 
Prior Year End period:
Gross charge-offs$— $— $12 $29 $— $52 $448 $— $541 
Total residential$224,918 $1,852,894 $2,362,009 $523,566 $447,434 $786,796 $1,877,886 $19,829 $8,095,332 
Consumer & other, net:
Credit quality indicator:
Pass/Watch$39,977 $14,919 $7,132 $4,953 $3,441 $5,022 $118,125 $543 $194,112 
Special mention138 52 5 13 52 122 779 135 1,296 
Substandard— — — — 3 1 251 63 318 
Loss— — — — — 7 2 — 9 
Total consumer & other, net$40,115 $14,971 $7,137 $4,966 $3,496 $5,152 $119,157 $741 $195,735 
Prior Year End period:
Gross charge-offs$3,313 $132 $23 $20 $29 $288 $1,485 $472 $5,762 
Grand total$3,747,171 $8,958,366 $8,055,492 $2,712,461 $2,838,682 $5,504,993 $5,504,255 $120,531 $37,441,951