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Loans and Allowance for Credit Losses for Loans
 12 Months Ended
Dec. 31, 2025
Receivables [Abstract]  
Loans and Allowance for Credit Losses for Loans
LOANS AND ALLOWANCE FOR CREDIT LOSSES FOR LOANS (Note 4)
The details of the loan portfolio as of December 31, 2025 and 2024 were as follows:
 20252024
 (in thousands)
Loans:
Commercial and industrial$10,961,519 $9,931,400 
Commercial real estate:
Commercial real estate26,772,749 26,530,225 
Construction2,471,233 3,114,733 
Total commercial real estate loans29,243,982 29,644,958 
Residential mortgage5,826,192 5,632,516 
Consumer:
Home equity687,680 604,433 
Automobile2,184,600 1,901,065 
Other consumer1,232,755 1,085,339 
Total consumer loans4,105,035 3,590,837 
Total loans$50,136,728 $48,799,711 
Total loans include net unearned discounts and deferred loan fees of $17.4 million and $45.3 million at December 31, 2025 and 2024, respectively.
Accrued interest on loans, which is excluded from the amortized cost of loans held for investment, totaled $209.5 million and $208.9 million at December 31, 2025 and 2024, respectively, and is presented within total accrued interest receivable on the consolidated statements of financial condition.
Loans Portfolio Sales and Transfers to Loans Held for Sale
Valley sells residential mortgage loans originated for sale (at fair value) primarily to Fannie Mae and Freddie Mac in the normal course of business. Under certain circumstances, Valley may decide to sell loans that were not originated with the intent to sell. During 2024, Valley sold $75.5 million of performing residential mortgage loans not originated for sale resulting in a modest net gain.
During 2025, Valley transferred non-performing construction and commercial real estate loan relationships totaling $14.1 million and $10.2 million, respectively, from the held for investment loan portfolio to loans held for sale. The construction loans sales resulted in a $1.3 million loss for the year ended December 31, 2025.
In February 2024, Valley completed the sale of its commercial premium finance lending business for $96.8 million. This asset sale included $95.5 million of assets, mainly consisting of $93.6 million of loans, and $2.8 million of related liabilities. The transaction generated a $3.6 million net gain for the year ended December 31, 2024.
During 2024, Valley transferred from the held for investment portfolio $151.0 million and $79.7 million of performing commercial real estate and construction loans, respectively, and sold them at par value through loan participation agreements with a related party, Bank Leumi Le-Israel B.M. Valley also transferred another pool of performing commercial real estate loans totaling $933.0 million, net of unearned fees, to loans held for sale in 2024. These performing loans were sold to an unrelated party during the fourth quarter 2024 and resulted in a $13.7 million net loss (due to transaction costs and a net market discount) for the year ended December 31, 2024.
Related Party Loans
In the ordinary course of business, Valley has granted loans to certain directors, executive officers, and their affiliates (collectively referred to as “related parties”). These loans were made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other unaffiliated people and do not involve more than normal risk of collectibility. All loans to related parties are performing as of December 31, 2025.
The following table summarizes the changes in the total outstanding balances of loans and advances to the related parties during the year ended December 31, 2025:
 2025
 (in thousands)
December 31, 2024$224,694 
New loans and advances11,983 
Repayments(2,523)
Effect of changes in status of related parties *(130,935)
December 31, 2025$103,219 
_________
*Changes in status represent individuals who were either added as related parties or ceased to be related parties during the year.
Loan Portfolio Risk Elements and Credit Risk Management
Credit risk management. Valley adheres to a credit policy designed to minimize credit risk while generating the maximum income given the level of risk appetite. Management reviews and approves these policies and procedures on a regular basis with subsequent approval by the Board annually. Credit authority relating to a significant dollar percentage of the overall portfolio is centralized and controlled by the Credit Risk Management Division and by the Credit Committee. Loan portfolio diversification is an important factor utilized by Valley to manage its risk across business sectors and through cyclical economic circumstances. Additionally, Valley does not accept crypto assets as loan collateral for any of its loan portfolio classes discussed further below.
Commercial and industrial loans. While a focused area for growth in the percentage mix of our total loan portfolio, a significant portion of Valley’s commercial and industrial loan portfolio consists of loans to long standing customers of proven ability and strong repayment performance. Underwriting standards for both existing and new customers are based on cash flow from the operations of the business. While such recurring cash flow serves as the primary source of repayment, a significant number of the loans are secured by collateral such as business equipment, inventory, and real estate. Short-term loans may be made on an unsecured basis based on a borrower’s financial strength and past performance. Whenever possible, Valley will obtain the personal guarantee of the borrower’s principals to potentially help mitigate the risk.
Commercial real estate loans. Commercial real estate loans are subject to underwriting standards and processes similar to commercial and industrial loans but generally they involve larger principal balances and longer repayment periods as compared to commercial and industrial loans. Commercial real estate loans are viewed primarily as cash flow loans and secondarily as loans secured by real property. Repayment of most loans is dependent upon the cash flow generated from the property securing the loan or the business that occupies the property. Commercial real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy and accordingly, conservative loan to value ratios are required at origination, as well as stress tested to evaluate the impact of market changes relating to key underwriting elements. The properties securing the commercial real estate portfolio represent diverse types, with most properties located within Valley’s primary markets.
Construction loans. Valley originates and manages construction loans to developers and builders structured on either a revolving or non-revolving basis, depending on the nature of the underlying development project. These loans are generally secured by the real estate to be developed and may also be secured by additional real estate to mitigate the risk. Non-revolving construction loans often involve the disbursement of substantially all committed funds with repayment substantially dependent on the successful completion and sale, or lease, of the project. Sources of repayment for these types of loans may be from pre-committed permanent loans from other lenders, sales of developed property, or an interim loan commitment from Valley until permanent financing is obtained elsewhere. Revolving construction loans (generally relating to single-family residential construction) are controlled with loan advances dependent upon the presale of housing units financed. These loans are closely monitored by on-site inspections and are considered to have higher risks than other real estate loans due to their ultimate repayment being sensitive to interest rate changes, governmental regulation of real property, general economic conditions, and the availability of long-term financing.
Residential mortgages. Valley originates residential, first mortgage loans based on underwriting standards that generally comply with Fannie Mae and/or Freddie Mac requirements. In deciding whether to originate each residential mortgage, Valley considers the qualifications of the borrower as well as the value of the underlying property. Appraisals and valuations of real estate collateral are contracted directly with independent appraisers or from valuation services and not through appraisal management companies. Credit scoring, using FICO® and other proprietary credit scoring models are employed in the ultimate,
judgmental credit decision by Valley’s underwriting staff. Residential mortgage loans include fixed and variable interest rate loans secured by one to four family homes.
Consumer loans. The consumer loan portfolio consists of a home equity, automobile, and other consumer loans. Home equity lending consists of both fixed and variable interest rate products. Valley mainly provides home equity loans to its residential mortgage customers within the footprint of its primary lending territory. Valley generally will not exceed a combined (i.e., first and second mortgage) loan-to-value ratio of 80 percent when originating a home equity loan. Automobile originations (including light truck and sport utility vehicles) are largely produced via indirect channels, originated through approved automobile dealers. Automotive collateral is generally a depreciating asset and there are times in the life of an automobile loan where the amount owed on a vehicle may exceed its collateral value. Additionally, automobile charge-offs will vary based on the strength or weakness of the used vehicle market, original advance rate, when in the life cycle of a loan a default occurs, and the condition of the collateral being liquidated. Where permitted by law, and subject to the limitations of the bankruptcy code, deficiency judgments are sought and acted upon to ultimately collect all money owed, even when a default resulted in a loss at collateral liquidation. Valley uses a third party to actively track collision and comprehensive risk insurance required of the borrower on the automobile and this third party provides coverage to Valley in the event of an uninsured collateral loss. Valley’s other consumer loan portfolio includes direct consumer term loans, both secured and unsecured. The other consumer loan portfolio includes exposures in personal lines of credit (mainly those secured by cash surrender value of life insurance), credit card loans and personal loans.
Credit Quality
The following table presents past due, current, and non-accrual loans without an allowance for loan losses by loan portfolio class at December 31, 2025 and 2024:
 Past Due and Non-Accrual Loans  
 30-59 Days
Past Due
Loans		60-89 Days
Past Due
Loans		90 Days or More
Past Due Loans		Non-Accrual
Loans		Total
Past Due
Loans		Current
Loans		Total
Loans		Non-Accrual Loans Without Allowance for Loan Losses
 (in thousands)
December 31, 2025
Commercial and industrial$11,177 $1,274 $— $138,321 $150,772 $10,810,747 $10,961,519 $21,132 
Commercial real estate:
Commercial real estate 72,810 — 212 236,221 309,243 26,463,506 26,772,749 177,372 
Construction— — — 9,140 9,140 2,462,093 2,471,233 — 
Total commercial real estate loans72,810 — 212 245,361 318,383 28,925,599 29,243,982 177,372 
Residential mortgage21,615 10,181 3,300 44,424 79,520 5,746,672 5,826,192 28,320 
Consumer loans:
Home equity1,813 620 — 5,530 7,963 679,717 687,680 2,008 
Automobile10,827 1,328 611 279 13,045 2,171,555 2,184,600 — 
Other consumer1,780 3,321 459 23 5,583 1,227,172 1,232,755 — 
Total consumer loans14,420 5,269 1,070 5,832 26,591 4,078,444 4,105,035 2,008 
Total$120,022 $16,724 $4,582 $433,938 $575,266 $49,561,462 $50,136,728 $228,832 
 Past Due and Non-Accrual Loans  
 30-59 Days
Past Due
Loans		60-89 Days
Past Due
Loans		90 Days or More
Past Due Loans		Non-Accrual
Loans		Total
Past Due
Loans		Current LoansTotal LoansNon-Accrual Loans Without Allowance for Loan Losses
 (in thousands)
December 31, 2024
Commercial and industrial$2,389 $1,007 $1,307 $136,675 $141,378 $9,790,022 $9,931,400 $15,947 
Commercial real estate:
Commercial real estate20,902 24,903 — 157,231 203,036 26,327,189 26,530,225 91,095 
Construction— — — 24,591 24,591 3,090,142 3,114,733 5,002 
Total commercial real estate loans20,902 24,903 — 181,822 227,627 29,417,331 29,644,958 96,097 
Residential mortgage21,295 5,773 3,533 36,786 67,387 5,565,129 5,632,516 23,543 
Consumer loans:
Home equity1,651 181 — 3,961 5,793 598,640 604,433 1,341 
Automobile8,583 1,346 407 230 10,566 1,890,499 1,901,065 — 
Other consumer2,318 2,957 642 24 5,941 1,079,398 1,085,339 — 
Total consumer loans12,552 4,484 1,049 4,215 22,300 3,568,537 3,590,837 1,341 
Total$57,138 $36,167 $5,889 $359,498 $458,692 $48,341,019 $48,799,711 $136,928 
If interest on non-accrual loans had been accrued in accordance with the original contractual terms, such interest income would have amounted to approximately $42.6 million, $32.5 million, and $28.8 million for the years ended December 31, 2025, 2024 and 2023, respectively; none of these amounts were included in interest income during these periods.
Credit quality indicators. Valley utilizes an internal loan classification system as a means of reporting problem loans within commercial and industrial, commercial real estate, and construction loan portfolio classes. Under Valley’s internal risk rating system, loan relationships could be classified as “Pass,” “Special Mention,” “Substandard,” “Doubtful,” or “Loss.” Substandard loans include loans that exhibit well-defined weakness and are characterized by the distinct possibility that Valley will sustain some loss if the deficiencies are not corrected. Loans classified as Doubtful have all the weaknesses inherent in those classified as Substandard with the added characteristic that the weaknesses present make collection or liquidation in full, based on currently existing facts, conditions and values, highly questionable and improbable. Loans classified as Loss are those considered uncollectible with insignificant value and are charged-off immediately to the allowance for loan losses and, therefore, not presented in the table below. Loans that do not currently pose a sufficient risk to warrant classification in one of the aforementioned categories but pose weaknesses that deserve management’s close attention are deemed Special Mention. Pass rated loans do not currently pose any identified risk and can range from the highest to average quality, depending on the degree of potential risk. Risk ratings are updated any time the situation warrants.
The following table presents the internal loan classification risk by loan portfolio class by origination year based on the most recent analysis performed at December 31, 2025 and 2024, as well as the gross loan charge-offs by year of origination for the years ended December 31, 2025 and 2024:
 Term Loans  
Amortized Cost Basis by Origination Year
December 31, 202520252024202320222021
Prior to 2021
Revolving Loans Amortized Cost BasisRevolving Loans Converted to Term LoansTotal
 (in thousands)
Commercial and industrial
Risk Rating:
Pass$1,501,570 $1,333,581 $676,608 $511,649 $343,565 $500,972 $5,438,418 $8,600 $10,314,963 
Special Mention1,475 13,426 4,767 18,941 10,050 13,064 151,511 6,964 220,198 
Substandard3,071 4,735 26,196 60,885 3,327 78,607 172,627 23,988 373,436 
Doubtful— — 4,717 — — 46,631 1,574 — 52,922 
Total commercial and industrial$1,506,116 $1,351,742 $712,288 $591,475 $356,942 $639,274 $5,764,130 $39,552 $10,961,519 
Commercial real estate
Risk Rating:
Pass$3,179,469 $1,802,585 $2,501,008 $4,926,062 $3,406,631 $7,387,804 $576,394 $20,952 $23,800,905 
Special Mention4,617 90,876 218,532 154,578 112,038 305,609 116,595 30,943 1,033,788 
Substandard— 98,560 175,780 312,117 365,371 818,034 125,261 — 1,895,123 
Doubtful— — 3,060 — 29,133 10,740 — — 42,933 
Total commercial real estate$3,184,086 $1,992,021 $2,898,380 $5,392,757 $3,913,173 $8,522,187 $818,250 $51,895 $26,772,749 
Construction
Risk Rating:
Pass$712,797 $494,598 $215,960 $266,072 $50,397 $50,442 $368,005 $17,474 $2,175,745 
Special Mention4,261 31,142 9,329 2,859 28,205 — 78,494 6,973 161,263 
Substandard— 390 — 39,077 1,638 8,535 51,620 32,965 134,225 
Total construction$717,058 $526,130 $225,289 $308,008 $80,240 $58,977 $498,119 $57,412 $2,471,233 
Gross loan charge-offs$1,979 $7,048 $4,031 $21,122 $15,471 $29,715 $23,458 $15,921 $118,745 
 Term Loans  
Amortized Cost Basis by Origination Year
December 31, 202420242023202220212020
Prior to 2020
Revolving Loans Amortized Cost BasisRevolving Loans Converted to Term LoansTotal
 (in thousands)
Commercial and industrial
Risk Rating:
Pass$1,769,585 $828,087 $703,962 $476,091 $246,992 $392,834 $4,804,095 $6,006 $9,227,652 
Special Mention30,755 3,553 59,434 11,646 270 72,514 147,254 10,762 336,188 
Substandard24,613 13,479 9,415 4,296 2,813 7,382 201,053 39,011 302,062 
Doubtful— 8,911 4 928 — 52,064 3,591 — 65,498 
Total commercial and industrial$1,824,953 $854,030 $772,815 $492,961 $250,075 $524,794 $5,155,993 $55,779 $9,931,400 
Commercial real estate
Risk Rating:
Pass$2,097,314 $2,941,270 $5,310,807 $3,883,333 $2,302,480 $6,086,608 $597,266 $78,621 $23,297,699 
Special Mention156,394 380,852 289,669 192,614 55,739 327,732 141,164 — 1,544,164 
Substandard84,410 107,944 387,638 288,906 236,927 520,858 11,167 — 1,637,850 
Doubtful— 3,060 — 35,756 9,813 1,883 — — 50,512 
Total commercial real estate$2,338,118 $3,433,126 $5,988,114 $4,400,609 $2,604,959 $6,937,081 $749,597 $78,621 $26,530,225 
Construction
Risk Rating:
Pass$545,597 $680,260 $334,899 $92,765 $17,955 $45,161 $1,224,698 $58,644 $2,999,979 
Special Mention13,278 — 664 5,069 — 2,504 16,691 — 38,206 
Substandard9,835 — 8,950 4,942 — — 43,474 — 67,201 
Doubtful— — 2,074 — 7,273 — — — 9,347 
Total construction$568,710 $680,260 $346,587 $102,776 $25,228 $47,665 $1,284,863 $58,644 $3,114,733 
Gross loan charge-offs$706 $31,809 $7,523 $44,610 $66,632 $49,436 $3,930 $2,148 $206,794 
For residential mortgage, home equity, automobile and other consumer loan portfolio classes, Valley evaluates credit quality based on the aging status of the loan and by payment activity. The following table presents the amortized cost in those loan classes based on payment activity by origination year as of December 31, 2025 and 2024, as well as the gross loan charge-offs by year of origination for the years ended December 31, 2025 and 2024:
 Term Loans  
Amortized Cost Basis by Origination Year
December 31, 202520252024202320222021
Prior to 2021
Revolving Loans Amortized Cost BasisRevolving Loans Converted to Term LoansTotal
 (in thousands)
Residential mortgage
Performing$604,433 $373,656 $384,909 $1,222,224 $1,339,378 $1,792,530 $83,562 $— $5,800,692 
90 days or more past due— 3,829 1,053 1,956 4,435 13,546 — 681 25,500 
Total residential mortgage $604,433 $377,485 $385,962 $1,224,180 $1,343,813 $1,806,076 $83,562 $681 $5,826,192 
Consumer loans
Home equity
Performing$23,659 $18,041 $23,970 $33,368 $9,142 $51,005 $518,208 $7,566 $684,959 
90 days or more past due— 98 498 1,004 — 558 — 563 2,721 
Total home equity23,659 18,139 24,468 34,372 9,142 51,563 518,208 8,129 687,680 
Automobile
Performing$1,036,932 $594,866 $219,316 $209,781 $98,805 $24,078 $— $— $2,183,778 
90 days or more past due170 184 137 85 79 167 — — 822 
Total automobile1,037,102 595,050 219,453 209,866 98,884 24,245 — — 2,184,600 
Other consumer
Performing$5,327 $10,098 $17,242 $12,441 $4,563 $62,516 $1,100,473 $19,962 $1,232,622 
90 days or more past due— — 5 2 — 17 — 109 133 
Total other consumer5,327 10,098 17,247 12,443 4,563 62,533 1,100,473 20,071 1,232,755 
Total consumer$1,066,088 $623,287 $261,168 $256,681 $112,589 $138,341 $1,618,681 $28,200 $4,105,035 
Gross loan charge-offs$760 $2,181 $1,163 $1,041 $466 $2,727 $— $625 $8,963 
 Term Loans  
Amortized Cost Basis by Origination Year
December 31, 202420242023202220212020
Prior to 2020
Revolving Loans Amortized Cost BasisRevolving Loans Converted to Term LoansTotal
 (in thousands)
Residential mortgage
Performing$428,138 $413,528 $1,282,524 $1,420,835 $494,430 $1,490,512 $75,479 $954 $5,606,400 
90 days or more past due530 771 1,030 1,533 5,286 16,285 — 681 26,116 
Total residential mortgage $428,668 $414,299 $1,283,554 $1,422,368 $499,716 $1,506,797 $75,479 $1,635 $5,632,516 
Consumer loans
Home equity
Performing$22,947 $29,445 $38,774 $10,302 $3,340 $50,613 $438,817 $9,061 $603,299 
90 days or more past due— 48 51 1 — 855 — 179 1,134 
Total home equity22,947 29,493 38,825 10,303 3,340 51,468 438,817 9,240 604,433 
Automobile
Performing$863,281 $343,203 $363,901 $211,294 $59,288 $59,512 $— $— $1,900,479 
90 days or more past due71 122 140 70 2 181 — — 586 
Total automobile863,352 343,325 364,041 211,364 59,290 59,693 — — 1,901,065 
Other consumer
Performing$15,164 $25,884 $15,787 $1,588 $337 $53,917 $956,339 $15,917 $1,084,933 
90 days or more past due— 59 61 — — 38 — 248 406 
Total other consumer15,164 25,943 15,848 1,588 337 53,955 956,339 16,165 1,085,339 
Total consumer$901,463 $398,761 $418,714 $223,255 $62,967 $165,116 $1,395,156 $25,405 $3,590,837 
Gross loan charge-offs$1,014 $1,883 $1,511 $1,015 $519 $2,245 $— $131 $8,318 
Loan modifications to borrowers experiencing financial difficulty. From time to time, Valley may extend, restructure, or otherwise modify the terms of existing loans, on a case-by-case basis, to remain competitive and retain certain customers, as well as assist other customers who may be experiencing financial difficulties.
The following table shows the amortized cost basis of loans to borrowers experiencing financial difficulty at December 31, 2025 and 2024 that were modified during the years ended December 31, 2025 and 2024, disaggregated by class of financing receivable and type of modification.
Interest Rate ReductionTerm ExtensionTerm Extension and Interest Rate ReductionTerm Extension and Principal ForgivenessOther Than Insignificant Payment DelayTotal% of Total Loan Class
($ in thousands)
2025
Commercial and industrial$— $34,553 $10,165 $— $19,017 $63,735 0.58 %
Commercial real estate— 38,337 985 20,388 108,520 168,230 0.63 
Residential mortgage— 1,843 — — — 1,843 0.03 
Total$— $74,733 $11,150 $20,388 $127,537 $233,808 0.47 
2024
Commercial and industrial$825 $111,998 $— $— $— $112,823 1.14 %
Commercial real estate3,223 82,206 16,198 — 173,780 275,407 1.04 
Construction— — — — 2,505 2,505 0.08 
Residential mortgage— 1,041 — — 1,136 2,177 0.04 
Home equity— — — — 44 44 0.01 
Total$4,048 $195,245 $16,198 $— $177,465 $392,956 0.81 
The following table describes the types of modifications made to borrowers experiencing financial difficulty during the years ended December 31, 2025 and 2024:
Weighted Average Interest Rate Reduction Weighted Average Term Extension (in months)Principal Forgiveness (in thousands)Weighted Average Payment Deferral (in months)
2025
Commercial and industrial0.13 %14$— 28
Commercial real estate5.50 1417,500 *3
Residential mortgage— 62— — 
2024
Commercial and industrial3.10 %10$— — 
Commercial real estate0.91 12— 10
Construction— — — 43
Residential mortgage— 145— 7
Home equity— 120— 5
*    Relates to one loan that was partially charged off during the fourth quarter 2024 with the subsequent execution of the corresponding principal forgiveness completed in the first quarter 2025.
Valley closely monitors the performance of modified loans to borrowers experiencing financial difficulty to understand the effectiveness of modification efforts. The following table presents the aging analysis of loans that have been modified within the previous 12 months at December 31, 2025 and 2024.
Current30-89 Days Past Due90 Days Or More Past Due Total
(in thousands)
December 31, 2025
Commercial and industrial$63,735 *$— $— $63,735 
Commercial real estate168,230 *— — 168,230 
Residential mortgage1,710 — 133 1,843 
Total$233,675 $— $133 $233,808 
December 31, 2024
Commercial and industrial$110,761 $2,062 $— $112,823 
Commercial real estate275,361 — 46 275,407 
Construction2,505 — — 2,505 
Residential mortgage1,898 184 95 *2,177 
Home equity— 44 — 44 
Total$390,525 $2,290 $141 $392,956 
*    Includes non-accrual loans.
The following table provides the amortized cost basis of financing receivables that had a payment default during the years ended December 31, 2025 and 2024 and were modified in the 12 months before default to borrowers experiencing financial difficulty.
Term ExtensionOther than Insignificant Payment Delay
(in thousands)
2025
Residential mortgage$133 $— 
Total$133 $— 
2024
Commercial real estate$46 $— 
Residential mortgage868 95 
Total$914 $95 
Valley did not extend any commitments to lend additional funds to borrowers experiencing financial difficulty whose loans had been modified during the years ended December 31, 2025 and 2024.
Collateral dependent loans. Loans are collateral dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. When Valley determines that repayment or satisfaction of the loan depends on the sale of the collateral, the collateral dependent loan balances are written down to the estimated current fair value (less estimated selling costs) resulting in an immediate charge-off to the allowance, excluding any consideration for personal guarantees that may be pursued in the Bank’s collection process.
The following table presents collateral dependent loans by class as of December 31, 2025 and 2024:
 20252024
 (in thousands)
Collateral dependent loans:
Commercial and industrial *$159,594 $131,898 
Commercial real estate225,982 156,825 
Construction— 15,841 
Total commercial real estate loans225,982 172,666 
Residential mortgage28,569 23,797 
Home equity2,008 1,341 
Total $416,153 $329,702 
* Includes non-accrual loans collateralized by taxi medallions totaling $47.1 million and $49.5 million at December 31, 2025 and 2024, respectively.
Allowance for Credit Losses for Loans
The following table summarizes the allowance for credit losses for loans at December 31, 2025 and 2024:
20252024
 (in thousands)
Components of allowance for credit losses for loans:
Allowance for loan losses$583,400 $558,850 
Allowance for unfunded credit commitments12,700 14,478 
Total allowance for credit losses for loans$596,100 $573,328 
The following table summarizes the provision for credit losses for loans for the years ended December 31, 2025, 2024 and 2023:
202520242023
 (in thousands)
Components of provision for credit losses for loans:
Provision for loan losses$141,465 $314,380 $50,755 
(Credit) provision for unfunded credit commitments(1,778)(4,992)(5,130)
Total provision for credit losses for loans$139,687 $309,388 $45,625 
The following table details the activity in the allowance for loan losses by portfolio segment for the years ended December 31, 2025 and 2024:
Commercial
and Industrial		Commercial
Real Estate		Residential
Mortgage		ConsumerTotal
 (in thousands)
December 31, 2025
Allowance for loan losses:
Beginning balance$173,002 $304,148 $58,895 $22,805 $558,850 
Loans charged-off(62,348)(56,397)(72)(8,891)(127,708)
Charged-off loans recovered 5,404 2,387 441 2,561 10,793 
Net (charge-offs) recoveries(56,944)(54,010)369 (6,330)(116,915)
Provision (credit) for loan losses64,807 77,288 (5,735)5,105 141,465 
Ending balance$180,865 $327,426 $53,529 $21,580 $583,400 
December 31, 2024
Allowance for loan losses:
Beginning balance$133,359 $249,598 $42,957 $20,166 $446,080 
Loans charged-off (68,299)(138,495)(29)(8,289)(215,112)
Charged-off loans recovered 6,038 5,130 140 2,194 13,502 
Net (charge-offs) recoveries(62,261)(133,365)111 (6,095)(201,610)
Provision for loan losses101,904 187,915 15,827 8,734 314,380 
Ending balance$173,002 $304,148 $58,895 $22,805 $558,850 
The following table represents the allocation of the allowance for loan losses and the related loans by loan portfolio segment disaggregated based on the allowance measurement methodology for the years ended December 31, 2025 and 2024.
Commercial
and Industrial		Commercial
Real Estate		Residential
Mortgage		ConsumerTotal
 (in thousands)
December 31, 2025
Allowance for loan losses:
Individually evaluated for credit losses$71,188 $10,777 $22 $— $81,987 
Collectively evaluated for credit losses109,677 316,649 53,507 21,580 501,413 
Total$180,865 $327,426 $53,529 $21,580 $583,400 
Loans:
Individually evaluated for credit losses$159,594 $225,982 $28,569 $2,008 $416,153 
Collectively evaluated for credit losses10,801,925 29,018,000 5,797,623 4,103,027 49,720,575 
Total$10,961,519 $29,243,982 $5,826,192 $4,105,035 $50,136,728 
December 31, 2024
Allowance for loan losses:
Individually evaluated for credit losses$59,603 $16,225 $27 $— $75,855 
Collectively evaluated for credit losses113,399 287,923 58,868 22,805 482,995 
Total$173,002 $304,148 $58,895 $22,805 $558,850 
Loans:
Individually evaluated for credit losses$131,898 $172,666 $23,797 $1,341 $329,702 
Collectively evaluated for credit losses9,799,502 29,472,292 5,608,719 3,589,496 48,470,009 
Total$9,931,400 $29,644,958 $5,632,516 $3,590,837 $48,799,711