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Loans and Allowance for Credit Losses (Tables) | 6 Months Ended
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Jun. 30, 2025
Receivables [Abstract] |
Summary of Gross Loans by Type | Loans and leases, net of unearned income, are summarized as follows:
| June 30, 2025 |  | December 31, 2024
| (dollars in thousands)
Real estate - commercial mortgage | $ | 9,678,038 |  |  | $ | 9,601,858 |
Commercial and industrial | 4,541,765 |  |  | 4,605,589 |
Real-estate - residential mortgage | 6,511,687 |  |  | 6,349,643 |
Real-estate - home equity | 1,193,410 |  |  | 1,160,616 |
Real-estate - construction | 1,155,099 |  |  | 1,394,899 |
Consumer | 583,949 |  |  | 616,856 |
Leases and other loans(1) | 348,591 |  |  | 315,458 |
Net loans | $ | 24,012,539 |  |  | $ | 24,044,919 |
(1) Includes unearned income of $38.7 million and $35.6 million as of June 30, 2025 and December 31, 2024, respectively.
Schedule of Allowance for Credit Losses | The following table summarizes the ACL - loans balance and the reserve for OBS credit exposures balance:
| June 30, 2025 |  | December 31, 2024
| (dollars in thousands)
ACL - loans | $ | 377,337 |  |  | $ | 379,156 |
Reserve for OBS credit exposures(1) | $ | 14,180 |  |  | $ | 14,161 |
(1) Included in other liabilities on the Consolidated Balance Sheets.
Activity in the Allowance for Credit Losses | The following table presents the activity in the ACL - loans balances:
| Three months ended June 30 | Six months ended June 30 |
| 2025 |  | 2024 |  | 2025 |  | 2024 |
| (dollars in thousands) |
Balance at beginning of period | $ | 379,677 |  |  | $ | 297,888 |  |  | $ | 379,156 |  |  | 293,404 |  |
CECL Day 1 Provision(1) | — |  |  | 23,444 |  |  | — |  |  | 23,444 |  |
Initial PCD allowance for credit losses | — |  |  | 55,906 |  |  | — |  |  | 55,906 |  |
Loans charged off | (15,916) |  |  | (14,007) |  |  | (35,950) |  |  | (24,959) |  |
Recoveries of loans previously charged off | 4,202 |  |  | 2,705 |  |  | 11,645 |  |  | 5,059 |  |
Net loans (charged off) recovered | (11,714) |  |  | (11,302) |  |  | (24,305) |  |  | (19,900) |  |
Provision for credit losses(1) (2) | 9,374 |  |  | 10,005 |  |  | 22,486 |  |  | 23,087 |  |
Balance at end of period | $ | 377,337 |  |  | $ | 375,941 |  |  | $ | 377,337 |  |  | $ | 375,941 |  |
Provision for OBS credit exposures(1) | $ | (767) |  |  | $ | (1,393) |  |  | $ | 19 |  |  | $ | (3,550) |  |
Reserve for OBS credit exposures | $ | 14,180 |  |  | $ | 14,540 |  |  | $ | 14,180 |  |  | $ | 14,540 |  |
(1) The sum of these amounts is reflected in the provision for credit losses in the Consolidated Statements of Income. (2) Provision only includes the portion related to net loans. The following table presents the activity in the ACL by portfolio segment:
| Real Estate Commercial Mortgage |  | Commercial and Industrial |  | Real Estate Residential Mortgage |  | Consumer and Real Estate - Home Equity |  | Real Estate Construction |  | Leases and other loans |  | Total
| (dollars in thousands)
Three months ended June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at March 31, 2025 | $ | 162,146 |  |  | $ | 96,851 |  |  | $ | 82,416 |  |  | $ | 19,294 |  |  | $ | 15,900 |  |  | $ | 3,070 |  |  | $ | 379,677 |
Loans charged off | (6,402) |  |  | (5,780) |  |  | (258) |  |  | (1,885) |  |  | (100) |  |  | (1,491) |  |  | (15,916) |
Recoveries of loans previously charged off | 133 |  |  | 2,628 |  |  | 203 |  |  | 899 |  |  | 99 |  |  | 240 |  |  | 4,202 |
Net loans (charged off) recovered | (6,269) |  |  | (3,152) |  |  | (55) |  |  | (986) |  |  | (1) |  |  | (1,251) |  |  | (11,714) |
Provision for loan losses(1) (2) | (2,494) |  |  | 3,821 |  |  | (5) |  |  | 1,173 |  |  | 4,837 |  |  | 2,042 |  |  | 9,374 |
Balance at June 30, 2025 | $ | 153,383 |  |  | $ | 97,520 |  |  | $ | 82,356 |  |  | $ | 19,481 |  |  | $ | 20,736 |  |  | $ | 3,861 |  |  | $ | 377,337 |
Three months ended June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at March 31, 2024 | $ | 114,492 |  |  | $ | 76,883 |  |  | $ | 73,216 |  |  | $ | 16,688 |  |  | $ | 12,966 |  |  | $ | 3,643 |  |  | $ | 297,888 |
CECL Day 1 Provision(1) | 6,108 |  |  | 1,484 |  |  | 14,922 |  |  | 444 |  |  | 486 |  |  | — |  |  | 23,444 |
Initial PCD allowance for credit losses | 32,157 |  |  | 20,869 |  |  | 565 |  |  | 357 |  |  | 1,958 |  |  | — |  |  | 55,906 |
Loans charged off | (7,853) |  |  | (2,955) |  |  | (35) |  |  | (1,766) |  |  | — |  |  | (1,398) |  |  | (14,007) |
Recoveries of loans previously charged off | 146 |  |  | 796 |  |  | 122 |  |  | 1,161 |  |  | 233 |  |  | 247 |  |  | 2,705 |
Net loans (charged off) recovered | (7,707) |  |  | (2,159) |  |  | 87 |  |  | (605) |  |  | 233 |  |  | (1,151) |  |  | (11,302) |
Provision for loan and lease losses(1) (2) | 11,115 |  |  | (2,454) |  |  | 924 |  |  | 649 |  |  | (1,033) |  |  | 804 |  |  | 10,005 |
Balance at June 30, 2024 | $ | 156,165 |  |  | $ | 94,623 |  |  | $ | 89,714 |  |  | $ | 17,533 |  |  | $ | 14,610 |  |  | $ | 3,296 |  |  | $ | 375,941 |
Six months ended June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2024 | $ | 158,181 |  |  | $ | 92,212 |  |  | $ | 81,331 |  |  | $ | 19,397 |  |  | $ | 25,140 |  |  | $ | 2,895 |  |  | $ | 379,156 |
Loans charged off | (18,508) |  |  | (9,645) |  |  | (601) |  |  | (4,078) |  |  | (100) |  |  | (3,018) |  |  | (35,950) |
Recoveries of loans previously charged off | 507 |  |  | 8,580 |  |  | 377 |  |  | 1,559 |  |  | 181 |  |  | 441 |  |  | 11,645 |
Net loans (charged off) recovered | (18,001) |  |  | (1,065) |  |  | (224) |  |  | (2,519) |  |  | 81 |  |  | (2,577) |  |  | (24,305) |
Provision for loan losses(1) (2) | 13,203 |  |  | 6,373 |  |  | 1,249 |  |  | 2,603 |  |  | (4,485) |  |  | 3,543 |  |  | 22,486 |
Balance at June 30, 2025 | $ | 153,383 |  |  | $ | 97,520 |  |  | $ | 82,356 |  |  | $ | 19,481 |  |  | $ | 20,736 |  |  | $ | 3,861 |  |  | $ | 377,337 |
Six months ended June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2023 | $ | 112,565 |  |  | $ | 74,266 |  |  | $ | 73,286 |  |  | $ | 17,604 |  |  | $ | 12,295 |  |  | $ | 3,388 |  |  | $ | 293,404 |
CECL Day 1 Provision(1) | 6,108 |  |  | 1,484 |  |  | 14,922 |  |  | 444 |  |  | 486 |  |  | — |  |  | 23,444 |
Initial PCD allowance for credit losses | 32,157 |  |  | 20,869 |  |  | 565 |  |  | 357 |  |  | 1,958 |  |  | — |  |  | 55,906 |
Loans charged off | (7,879) |  |  | (10,587) |  |  | (286) |  |  | (4,004) |  |  | — |  |  | (2,203) |  |  | (24,959) |
Recoveries of loans previously charged off | 298 |  |  | 2,044 |  |  | 238 |  |  | 1,837 |  |  | 233 |  |  | 409 |  |  | 5,059 |
Net loans (charged off) recovered | (7,581) |  |  | (8,543) |  |  | (48) |  |  | (2,167) |  |  | 233 |  |  | (1,794) |  |  | (19,900) |
Provision for loan losses(1)(2) | 12,916 |  |  | 6,547 |  |  | 989 |  |  | 1,295 |  |  | (362) |  |  | 1,702 |  |  | 23,087 |
Balance at June 30, 2024 | $ | 156,165 |  |  | $ | 94,623 |  |  | $ | 89,714 |  |  | $ | 17,533 |  |  | $ | 14,610 |  |  | $ | 3,296 |  |  | $ | 375,941 |
(1) These amounts are reflected in the provision for credit loss in the Consolidated Statements of Income. (2) Provision included in the table only includes the portion related to net loans. The following table presents total non-accrual loans, by class segment:
| June 30, 2025 |  | December 31, 2024
| With a Related Allowance |  | Without a Related Allowance |  | Total |  | With a Related Allowance |  | Without a Related Allowance |  | Total
| (dollars in thousands)
Real estate - commercial mortgage | $ | 27,931 |  |  | $ | 56,104 |  |  | $ | 84,035 |  |  | $ | 31,654 |  |  | $ | 67,843 |  |  | $ | 99,497 |
Commercial and industrial | 17,452 |  |  | 21,663 |  |  | 39,115 |  |  | 17,011 |  |  | 25,206 |  |  | 42,217 |
Real estate - residential mortgage | 24,785 |  |  | 1,032 |  |  | 25,817 |  |  | 23,387 |  |  | 2,013 |  |  | 25,400 |
Real estate - home equity | 7,079 |  |  | — |  |  | 7,079 |  |  | 8,513 |  |  | 78 |  |  | 8,591 |
Real estate - construction | 22,692 |  |  | 2,160 |  |  | 24,852 |  |  | 1,746 |  |  | — |  |  | 1,746 |
Consumer | 6 |  |  | — |  |  | 6 |  |  | 8 |  |  | — |  |  | 8 |
Leases and other loans | 181 |  |  | 1,857 |  |  | 2,038 |  |  | 1,801 |  |  | 10,033 |  |  | 11,834 |
| $ | 100,126 |  |  | $ | 82,816 |  |  | $ | 182,942 |  |  | $ | 84,120 |  |  | $ | 105,173 |  |  | $ | 189,293 |
Financing Receivable Credit Quality Indicators | The following table summarizes designated internal risk rating categories by portfolio segment and loan class, by origination year, in the current period:
|  | June 30, 2025
|  | (dollars in thousands)
|  | Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Revolving Loans converted to Term Loans |
|  |  | Amortized | Amortized |
| 2025 | 2024 | 2023 | 2022 | 2021 | Prior | Cost Basis | Cost Basis | Total
Real estate - commercial mortgage |  |  |  |  |  |  |  |
| Pass | $ | 292,672 |  | $ | 653,936 |  | $ | 1,058,157 |  | $ | 1,173,880 |  | $ | 1,258,685 |  | $ | 4,131,150 |  | $ | 71,916 |  | $ | 600 |  | $ | 8,640,996 |
| Special Mention | — |  | 2,320 |  | 79,027 |  | 85,562 |  | 176,162 |  | 144,806 |  | 555 |  | — |  | 488,432 |
| Substandard or Lower | 351 |  | 12,972 |  | 67,451 |  | 113,263 |  | 94,341 |  | 259,036 |  | 1,196 |  | — |  | 548,610 |
| Total real estate - commercial mortgage | 293,023 |  | 669,228 |  | 1,204,635 |  | 1,372,705 |  | 1,529,188 |  | 4,534,992 |  | 73,667 |  | 600 |  | 9,678,038 |
Real estate - commercial mortgage |  |  |  |  |  |  |  |
| Current period gross charge-offs | — |  | — |  | — |  | (11,149) |  | (4,052) |  | (3,307) |  | — |  | — |  | (18,508) |
Commercial and industrial |  |  |  |  |  |  |  |
| Pass | 251,132 |  | 393,178 |  | 447,226 |  | 475,498 |  | 228,029 |  | 889,983 |  | 1,312,944 |  | 9,975 |  | 4,007,965 |
| Special Mention | 1,081 |  | 17,172 |  | 22,739 |  | 11,334 |  | 12,507 |  | 22,040 |  | 110,713 |  | 10,393 |  | 207,979 |
| Substandard or Lower | 412 |  | 4,403 |  | 20,366 |  | 30,352 |  | 11,181 |  | 91,098 |  | 158,755 |  | 9,254 |  | 325,821 |
| Total commercial and industrial | 252,625 |  | 414,753 |  | 490,331 |  | 517,184 |  | 251,717 |  | 1,003,121 |  | 1,582,412 |  | 29,622 |  | 4,541,765 |
Commercial and industrial |  |  |  |  |  |  |  |
| Current period gross charge-offs | — |  | (525) |  | (4,417) |  | (2,548) |  | (578) |  | (1,351) |  | (226) |  | — |  | (9,645) |
Real estate - construction(1) |  |  |  |  |  |  |  |  |
| Pass | 28,284 |  | 276,486 |  | 308,355 |  | 91,472 |  | 36,324 |  | 39,947 |  | 33,979 |  | — |  | 814,847 |
| Special Mention | — |  | — |  | 3,195 |  | 15,093 |  | 21,990 |  | 236 |  | — |  | — |  | 40,514 |
| Substandard or Lower | — |  | — |  | 2,894 |  | 43,861 |  | 2,909 |  | 14,512 |  | 87 |  | — |  | 64,263 |
| Total real estate - construction | 28,284 |  | 276,486 |  | 314,444 |  | 150,426 |  | 61,223 |  | 54,695 |  | 34,066 |  | — |  | 919,624 |
Real estate - construction(1) |  |  |  |  |  |  |  |
| Current period gross charge-offs | — |  | — |  | — |  | — |  | — |  | (100) |  | — |  | — |  | (100) |
Leases and other loans |  |  |  |  |  |  |  |
| Pass | 137,330 |  | 58,700 |  | 78,777 |  | 36,829 |  | 12,418 |  | 12,955 |  | — |  | — |  | 337,009 |
| Special Mention | 365 |  | 1,599 |  | 501 |  | 498 |  | 303 |  | 1,248 |  | — |  | — |  | 4,514 |
| Substandard or Lower | 200 |  | 2,282 |  | 1,093 |  | 2,856 |  | 528 |  | 109 |  | — |  | — |  | 7,068 |
| Total leases and other loans | 137,895 |  | 62,581 |  | 80,371 |  | 40,183 |  | 13,249 |  | 14,312 |  | — |  | — |  | 348,591 |
Leases and other loans |  |  |  |  |  |  |  |
| Current period gross charge-offs | (1,009) |  | (787) |  | (304) |  | (164) |  | (107) |  | (647) |  | — |  | — |  | (3,018) |
Total |  |  |  |  |  |  |  |
| Pass | 709,418 |  | 1,382,300 |  | 1,892,515 |  | 1,777,679 |  | 1,535,456 |  | 5,074,035 |  | 1,418,839 |  | 10,575 |  | 13,800,817 |
| Special Mention | 1,446 |  | 21,091 |  | 105,462 |  | 112,487 |  | 210,962 |  | 168,330 |  | 111,268 |  | 10,393 |  | 741,439 |
| Substandard or Lower | 963 |  | 19,657 |  | 91,804 |  | 190,332 |  | 108,959 |  | 364,755 |  | 160,038 |  | 9,254 |  | 945,762 |
| Total | $ | 711,827 |  | $ | 1,423,048 |  | $ | 2,089,781 |  | $ | 2,080,498 |  | $ | 1,855,377 |  | $ | 5,607,120 |  | $ | 1,690,145 |  | $ | 30,222 |  | $ | 15,488,018 |
(1) Excludes non-commercial real estate - construction. For a description of the Corporation's internal risk rating categories, see "Note 1 - Summary of Significant Accounting Policies" under the heading "Allowance for Credit Losses" in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2024. The following table summarizes designated internal risk rating categories by portfolio segment and loan class, by origination year, in the prior period:
|  | December 31, 2024
|  | (dollars in thousands)
|  | Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Revolving Loans converted to Term Loans |
|  |  | Amortized | Amortized |
| 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Cost Basis | Cost Basis | Total
Real estate - commercial mortgage |  |  |  |  |  |  |  |
| Pass | $ | 623,742 |  | $ | 898,296 |  | $ | 1,138,669 |  | $ | 1,316,000 |  | $ | 1,077,625 |  | $ | 3,414,138 |  | $ | 69,942 |  | $ | 9,646 |  | $ | 8,548,058 |
| Special Mention | 4,441 |  | 73,348 |  | 149,280 |  | 157,543 |  | 28,734 |  | 107,099 |  | 10,978 |  | — |  | 531,423 |
| Substandard or Lower | 4,831 |  | 44,665 |  | 102,952 |  | 95,617 |  | 75,097 |  | 193,922 |  | 1,380 |  | 3,913 |  | 522,377 |
| Total real estate - commercial mortgage | 633,014 |  | 1,016,309 |  | 1,390,901 |  | 1,569,160 |  | 1,181,456 |  | 3,715,159 |  | 82,300 |  | 13,559 |  | 9,601,858 |
Real estate - commercial mortgage |  |  |  |  |  |  |  |
| Current period gross charge-offs | — |  | (126) |  | (84) |  | — |  | — |  | (12,950) |  | — |  | (26) |  | (13,186) |
Commercial and industrial |  |  |  |  |  |  |  |
| Pass | 435,917 |  | 486,720 |  | 512,622 |  | 261,603 |  | 268,194 |  | 684,931 |  | 1,375,201 |  | 6,346 |  | 4,031,534 |
| Special Mention | 9,928 |  | 8,333 |  | 19,931 |  | 18,888 |  | 4,844 |  | 58,632 |  | 117,940 |  | 313 |  | 238,809 |
| Substandard or Lower | 10,795 |  | 16,593 |  | 34,748 |  | 10,183 |  | 12,496 |  | 49,439 |  | 176,755 |  | 24,237 |  | 335,246 |
| Total commercial and industrial | 456,640 |  | 511,646 |  | 567,301 |  | 290,674 |  | 285,534 |  | 793,002 |  | 1,669,896 |  | 30,896 |  | 4,605,589 |
Commercial and industrial |  |  |  |  |  |  |  |
| Current period gross charge-offs | (612) |  | (3,709) |  | (2,560) |  | (4,587) |  | (317) |  | (7,612) |  | (3,553) |  | (3,635) |  | (26,585) |
Real estate - construction(1) |  |  |  |  |  |  |  |
| Pass | 197,206 |  | 494,072 |  | 157,296 |  | 37,438 |  | 8,784 |  | 41,480 |  | 30,608 |  | 619 |  | 967,503 |
| Special Mention | — |  | 10,612 |  | 80,651 |  | 69,109 |  | 938 |  | — |  | — |  | — |  | 161,310 |
| Substandard or Lower | — |  | — |  | 14,407 |  | 10,399 |  | — |  | 20,350 |  | 121 |  | 1,906 |  | 47,183 |
| Total real estate - construction | 197,206 |  | 504,684 |  | 252,354 |  | 116,946 |  | 9,722 |  | 61,830 |  | 30,729 |  | 2,525 |  | 1,175,996 |
Real estate - construction(1) |  |  |  |  |  |  |  |
| Current period gross charge-offs | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total |  |  |  |  |  |  |  |
| Pass | 1,256,865 |  | 1,879,088 |  | 1,808,587 |  | 1,615,041 |  | 1,354,603 |  | 4,140,549 |  | 1,475,751 |  | 16,611 |  | 13,547,095 |
| Special Mention | 14,369 |  | 92,293 |  | 249,862 |  | 245,540 |  | 34,516 |  | 165,731 |  | 128,918 |  | 313 |  | 931,542 |
| Substandard or Lower | 15,626 |  | 61,258 |  | 152,107 |  | 116,199 |  | 87,593 |  | 263,711 |  | 178,256 |  | 30,056 |  | 904,806 |
| Total | $ | 1,286,860 |  | $ | 2,032,639 |  | $ | 2,210,556 |  | $ | 1,976,780 |  | $ | 1,476,712 |  | $ | 4,569,991 |  | $ | 1,782,925 |  | $ | 46,980 |  | $ | 15,383,443 |
(1) Excludes non-commercial real estate - construction. The following tables present the amortized cost of these loans based on payment activity, by origination year, for the periods shown:
|  | June 30, 2025
|  | (dollars in thousands)
|  | Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Revolving Loans converted to Term Loans |
|  |  | Amortized | Amortized |
|  | 2025 | 2024 | 2023 | 2022 | 2021 | Prior | Cost Basis | Cost Basis | Total
Real estate - residential mortgage |  |  |  |  |  |  |  |
| Performing | $ | 326,209 |  | $ | 508,495 |  | $ | 715,245 |  | $ | 1,473,677 |  | $ | 1,669,747 |  | $ | 1,780,611 |  | $ | — |  | $ | — |  | $ | 6,473,984 |
| Non-performing | — |  | 67 |  | 2,103 |  | 5,229 |  | 3,681 |  | 26,623 |  | — |  | — |  | 37,703 |
| Total real estate - residential mortgage | 326,209 |  | 508,562 |  | 717,348 |  | 1,478,906 |  | 1,673,428 |  | 1,807,234 |  | — |  | — |  | 6,511,687 |
Real estate - residential mortgage |  |  |  |  |  |  |  |
| Current period gross charge-offs | — |  | (19) |  | (59) |  | (130) |  | (150) |  | (243) |  | — |  | — |  | (601) |
Consumer and real estate - home equity |  |  |  |  |  |  |  |
| Performing | 179,860 |  | 30,976 |  | 92,965 |  | 173,654 |  | 52,838 |  | 231,110 |  | 984,036 |  | 20,811 |  | 1,766,250 |
| Non-performing | 221 |  | 100 |  | 211 |  | 605 |  | 746 |  | 5,873 |  | 2,886 |  | 467 |  | 11,109 |
| Total consumer and real estate - home equity | 180,081 |  | 31,076 |  | 93,176 |  | 174,259 |  | 53,584 |  | 236,983 |  | 986,922 |  | 21,278 |  | 1,777,359 |
Consumer and real estate - home equity |  |  |  |  |  |  |  |
| Current period gross charge-offs | (6) |  | (140) |  | (545) |  | (820) |  | (304) |  | (2,002) |  | (261) |  | — |  | (4,078) |
Construction - residential |  |  |  |  |  |  |  |  |
| Performing | 61,350 |  | 149,156 |  | 16,844 |  | 6,719 |  | — |  | — |  | — |  | — |  | 234,069 |
| Non-performing | — |  | — |  | — |  | 1,406 |  | — |  | — |  | — |  | — |  | 1,406 |
| Total construction - residential | 61,350 |  | 149,156 |  | 16,844 |  | 8,125 |  | — |  | — |  | — |  | — |  | 235,475 |
Construction - residential |  |  |  |  |  |  |  |  |
| Current period gross charge-offs | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total |  |  |  |  |  |  |  |  |
| Performing | 567,419 |  | 688,627 |  | 825,054 |  | 1,654,050 |  | 1,722,585 |  | 2,011,721 |  | 984,036 |  | 20,811 |  | 8,474,303 |
| Non-performing | 221 |  | 167 |  | 2,314 |  | 7,240 |  | 4,427 |  | 32,496 |  | 2,886 |  | 467 |  | 50,218 |
| Total | $ | 567,640 |  | $ | 688,794 |  | $ | 827,368 |  | $ | 1,661,290 |  | $ | 1,727,012 |  | $ | 2,044,217 |  | $ | 986,922 |  | $ | 21,278 |  | $ | 8,524,521 |
|  | December 31, 2024
|  | (dollars in thousands)
|  | Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Revolving Loans converted to Term Loans |
|  |  | Amortized | Amortized |
|  | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Cost Basis | Cost Basis | Total
Real estate - residential mortgage |  |  |  |  |  |  |  |
| Performing | $ | 470,918 |  | $ | 728,630 |  | $ | 1,515,521 |  | $ | 1,726,991 |  | $ | 1,022,116 |  | $ | 839,566 |  | $ | — |  | $ | — |  | $ | 6,303,742 |
| Non-performing | 87 |  | 1,358 |  | 5,118 |  | 3,232 |  | 5,523 |  | 30,583 |  | — |  | — |  | 45,901 |
| Total real estate - residential mortgage | 471,005 |  | 729,988 |  | 1,520,639 |  | 1,730,223 |  | 1,027,639 |  | 870,149 |  | — |  | — |  | 6,349,643 |
Real estate - residential mortgage |  |  |  |  |  |  |  |
| Current period gross charge-offs | — |  | (172) |  | (106) |  | (12) |  | (43) |  | (888) |  | — |  | (251) |  | (1,472) |
Consumer and real estate - home equity |  |  |  |  |  |  |  |
| Performing | 178,722 |  | 116,370 |  | 211,647 |  | 65,412 |  | 48,201 |  | 188,442 |  | 913,920 |  | 40,384 |  | 1,763,098 |
| Non-performing | 236 |  | 848 |  | 918 |  | 963 |  | 753 |  | 4,571 |  | 2,893 |  | 3,192 |  | 14,374 |
| Total consumer and real estate - home equity | 178,958 |  | 117,218 |  | 212,565 |  | 66,375 |  | 48,954 |  | 193,013 |  | 916,813 |  | 43,576 |  | 1,777,472 |
Consumer and real estate - home equity |  |  |  |  |  |  |  |
| Current period gross charge-offs | (118) |  | (1,016) |  | (1,552) |  | (790) |  | (398) |  | (2,704) |  | (75) |  | (1,837) |  | (8,490) |
Leases and other loans |  |  |  |  |  |  |  |
| Performing | 123,991 |  | 89,006 |  | 52,724 |  | 16,894 |  | 10,830 |  | 9,996 |  | — |  | — |  | 303,441 |
| Non-performing | — |  | — |  | 1,922 |  | 744 |  | 23 |  | 9,328 |  | — |  | — |  | 12,017 |
| Total leases and other loans | 123,991 |  | 89,006 |  | 54,646 |  | 17,638 |  | 10,853 |  | 19,324 |  | — |  | — |  | 315,458 |
Leases and other loans |  |  |  |  |  |  |  |
| Current period gross charge-offs | (1,977) |  | (913) |  | (335) |  | (334) |  | (192) |  | (770) |  | — |  | (175) |  | (4,696) |
Construction - residential |  |  |  |  |  |  |  |  |
| Performing | 138,440 |  | 61,848 |  | 15,710 |  | 1,499 |  | — |  | — |  | — |  | — |  | 217,497 |
| Non-performing | — |  | — |  | 1,406 |  | — |  | — |  | — |  | — |  | — |  | 1,406 |
| Total construction - residential | 138,440 |  | 61,848 |  | 17,116 |  | 1,499 |  | — |  | — |  | — |  | — |  | 218,903 |
Construction - residential |  |  |  |  |  |  |  |  |
| Current period gross charge-offs | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total |  |  |  |  |  |  |  |  |
| Performing | 912,071 |  | 995,854 |  | 1,795,602 |  | 1,810,796 |  | 1,081,147 |  | 1,038,004 |  | 913,920 |  | 40,384 |  | 8,587,778 |
| Non-performing | 323 |  | 2,206 |  | 9,364 |  | 4,939 |  | 6,299 |  | 44,482 |  | 2,893 |  | 3,192 |  | 73,698 |
| Total | $ | 912,394 |  | $ | 998,060 |  | $ | 1,804,966 |  | $ | 1,815,735 |  | $ | 1,087,446 |  | $ | 1,082,486 |  | $ | 916,813 |  | $ | 43,576 |  | $ | 8,661,476 |
Non-Performing Assets | The following table presents non-performing assets:
| June 30, 2025 |  | December 31, 2024
| (dollars in thousands)
Non-accrual loans | $ | 182,942 |  |  | $ | 189,293 |
Loans 90 days or more past due and still accruing | 29,949 |  |  | 30,781 |
Total non-performing loans | 212,891 |  |  | 220,074 |
OREO(1) | 2,706 |  |  | 2,621 |
Total non-performing assets | $ | 215,597 |  |  | $ | 222,695 |
(1) Excludes $13.9 million and $17.5 million of residential mortgage properties for which formal foreclosure proceedings were in process as of June 30, 2025 and December 31, 2024, respectively.
Past due Loan Status and Non-Accrual Loans by Portfolio Segment | The following tables present the aging of the amortized cost basis of loans, by class segment:
| 30-59 Days Past Due |  | 60-89 Days Past Due |  | ≥ 90 Days Past Due and Accruing |  |  |  | Non- accrual |  | Current |  | Total
| (dollars in thousands)
June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate - commercial mortgage | $ | 43,317 |  |  | $ | 25,366 |  |  | $ | 6,817 |  |  |  |  | $ | 84,035 |  |  | $ | 9,518,503 |  |  | $ | 9,678,038 |
Commercial and industrial(1) | 22,938 |  |  | 17,219 |  |  | 6,450 |  |  |  |  | 39,115 |  |  | 4,456,043 |  |  | 4,541,765 |
Real estate - residential mortgage | 57,073 |  |  | 8,997 |  |  | 11,886 |  |  |  |  | 25,817 |  |  | 6,407,914 |  |  | 6,511,687 |
Real estate - home equity | 5,463 |  |  | 843 |  |  | 3,036 |  |  |  |  | 7,079 |  |  | 1,176,989 |  |  | 1,193,410 |
Real estate - construction | 6,261 |  |  | 1,855 |  |  | 750 |  |  |  |  | 24,852 |  |  | 1,121,381 |  |  | 1,155,099 |
Consumer | 6,505 |  |  | 1,982 |  |  | 988 |  |  |  |  | 6 |  |  | 574,468 |  |  | 583,949 |
Leases and other loans(1) | 361 |  |  | 212 |  |  | 22 |  |  |  |  | 2,038 |  |  | 345,958 |  |  | 348,591 |
Total | $ | 141,918 |  |  | $ | 56,474 |  |  | $ | 29,949 |  |  |  |  | $ | 182,942 |  |  | $ | 23,601,256 |  |  | $ | 24,012,539 |
(1) Includes unearned income.
| 30-59 Days Past Due |  | 60-89 Days Past Due |  | ≥ 90 Days Past Due and Accruing |  | Non- accrual |  | Current |  | Total
| (dollars in thousands)
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |
Real estate - commercial mortgage | $ | 32,715 |  |  | $ | 16,684 |  |  | $ | 2,862 |  |  | $ | 99,497 |  |  | $ | 9,450,100 |  |  | $ | 9,601,858 |
Commercial and industrial(1) | 6,031 |  |  | 3,636 |  |  | 1,460 |  |  | 42,217 |  |  | 4,552,245 |  |  | 4,605,589 |
Real estate - residential mortgage | 59,593 |  |  | 5,946 |  |  | 20,501 |  |  | 25,400 |  |  | 6,238,203 |  |  | 6,349,643 |
Real estate - home equity | 6,778 |  |  | 1,057 |  |  | 4,758 |  |  | 8,591 |  |  | 1,139,432 |  |  | 1,160,616 |
Real estate - construction | 3,549 |  |  | 5,163 |  |  | — |  |  | 1,746 |  |  | 1,384,441 |  |  | 1,394,899 |
Consumer | 6,779 |  |  | 1,627 |  |  | 1,017 |  |  | 8 |  |  | 607,425 |  |  | 616,856 |
Leases and other loans(1) | 269 |  |  | 105 |  |  | 183 |  |  | 11,834 |  |  | 303,067 |  |  | 315,458 |
Total | $ | 115,714 |  |  | $ | 34,218 |  |  | $ | 30,781 |  |  | $ | 189,293 |  |  | $ | 23,674,913 |  |  | $ | 24,044,919 |
(1) Includes unearned income.
Financing Receivables, Loan Modifications | The following table presents the amortized cost basis of the loans modified to borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of concession granted:
| Term Extension
| 2025 | 2024
| Amortized Cost Basis |  | % of Class of Financing Receivable | Amortized Cost Basis |  | % of Class of Financing Receivable
| (dollars in thousands)
Three months ended June 30 |  |  |  |  |  |
Real estate - commercial mortgage | $ | 29,085 |  |  | 0.30 | % | $ | 20,603 |  |  | 0.22 | %
Commercial and industrial | 18,267 |  |  | 0.40 |  | — |  |  | — |
Real estate - residential mortgage | 1,677 |  |  | 0.03 |  | 2,966 |  |  | 0.05 |
Real estate - home equity | 41 |  |  | — |  | 129 |  |  | 0.01 |
Real estate - construction | 20,769 |  |  | 1.80 |  | — |  |  | — |
Total | $ | 69,839 |  |  |  | $ | 23,698 |  |  |
Six months ended June 30 |  |  |  |  |  |
Real estate - commercial mortgage | $ | 29,196 |  |  | 0.30 | % | $ | 20,603 |  |  | 0.22 | %
Commercial and industrial | 21,964 |  |  | 0.48 |  | — |  |  | — |
Real estate - residential mortgage | 4,085 |  |  | 0.06 |  | 5,651 |  |  | 0.09 |
Real estate - home equity | 352 |  |  | 0.03 |  | 129 |  |  | 0.01 |
Real estate - construction | 20,769 |  |  | 1.80 |  | 541 |  |  | 0.04 |
Total | $ | 76,366 |  |  |  | $ | 26,924 |  |  |
| Interest Rate Reduction and Term Extension
| 2025 | 2024
| Amortized Cost Basis |  | % of Class of Financing Receivable | Amortized Cost Basis |  | % of Class of Financing Receivable
| (dollars in thousands)
Three months ended June 30 |  |  |  |  |  |
Real estate - residential mortgage | $ | 601 |  |  | 0.01 | % | $ | 884 |  |  | 0.01 | %
Total | $ | 601 |  |  |  | $ | 884 |  |  |
Six months ended June 30 |  |  |  |  |  |
Real estate - residential mortgage | $ | 2,027 |  |  | 0.03 | % | $ | 1,348 |  |  | 0.02 | %
Total | $ | 2,027 |  |  |  | $ | 1,348 |  |  |
The following table presents the financial effect of the modifications made to borrowers experiencing financial difficulty:
| Term Extension
| Financial Effect
Three months ended June 30, 2025 |
Real estate - commercial mortgage | Added a weighted-average 0.68 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Commercial and industrial | Added a weighted-average 0.74 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - residential mortgage | Added a weighted-average 8.15 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - home equity | Added a weighted-average 21.75 years to the life of loans, which reduced monthly payment amounts for borrowers.
Real estate - construction | Added a weighted-average 0.89 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Three months ended June 30, 2024 |
Real estate - commercial mortgage | Added a weighted-average 2.00 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - residential mortgage | Added a weighted-average 8.51 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - home equity | Added a weighted-average 17.92 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Six months ended June 30, 2025 |
Real estate - commercial mortgage | Added a weighted-average 0.69 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Commercial and industrial | Added a weighted-average 0.77 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - residential mortgage | Added a weighted-average 8.55 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - home equity | Added a weighted-average 13.22 years to the life of loans, which reduced monthly payment amounts for borrowers.
Real estate - construction | Added a weighted-average 0.89 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Six months ended June 30, 2024 |
Real estate - commercial mortgage | Added a weighted-average 2.00 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - residential mortgage | Added a weighted-average 7.44 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - home equity | Added a weighted-average 17.92 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - construction | Added a weighted-average 0.67 years to the life of loans, which reduced monthly payment amounts for the borrowers.
| Interest Rate Reduction
| Financial Effect
Three months ended June 30, 2025 |
Real estate - residential mortgage | Reduced weighted-average interest rate from 4.68% to 3.25%
Three months ended June 30, 2024 |
Real estate - residential mortgage | Reduced weighted-average interest rate from 3.00% to 1.00%
Six months ended June 30, 2025 |
Real estate - residential mortgage | Reduced weighted-average interest rate from 4.38% to 2.55%
Six months ended June 30, 2024 |
Real estate - residential mortgage | Reduced weighted-average interest rate from 2.36% to 1.37%
The following table presents the performance of loans that have been modified due to financial difficulty in the previous 12 months:
|  |  | 30-89 |  | 90+ |  | Total
|  |  | Days Past |  | Past Due |  | Past
| Current |  | Due |  | and Accruing |  | Due
June 30, 2025 | (dollars in thousands)
Real estate - commercial mortgage | $ | 12,575 |  |  | $ | 16,790 |  |  | $ | — |  |  | $ | 16,790 |
Commercial and industrial | 23,764 |  |  | — |  |  | — |  |  | — |
Real estate - residential mortgage | 11,030 |  |  | 1,110 |  |  | 507 |  |  | 1,617 |
Real estate - home equity | 569 |  |  | — |  |  | — |  |  | — |
Real estate - construction | 20,769 |  |  | — |  |  | — |  |  | — |
Total | $ | 68,707 |  |  | $ | 17,900 |  |  | $ | 507 |  |  | $ | 18,407 |

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