XML 33 R14.htm IDEA: XBRL DOCUMENT v3.25.4
Loans Receivable and Allowance for Credit Losses
 12 Months Ended
Dec. 31, 2025
Receivables [Abstract]  
Loans Receivable and Allowance for Credit Losses Loans Receivable and Allowance for Credit Losses
Loans held for investment as of December 31, 2025 and 2024 are summarized as follows (in thousands):
20252024
Mortgage loans:
Commercial$7,398,792 7,228,078 
Multi-family3,667,337 3,382,933 
Construction662,112 823,503 
Residential1,974,324 2,010,637 
Total mortgage loans13,702,565 13,445,151 
Commercial loans5,200,517 4,608,600 
Consumer loans612,431 613,819 
Total gross loans19,515,513 18,667,570 
Premiums on purchased loans1,524 1,338 
Net deferred fees(12,976)(9,538)
Total loans$19,504,061 18,659,370 
As of December 31, 2025 and December 31, 2024, the Company had loans held for sale of $14.7 million and $162.5 million, respectively. In December of 2024, $151.3 million of the Bank's commercial loan portfolio was reclassified from loans held for investment into the held for sale portfolio as a result of a decision to exit the non-relationship equipment lease financing business.
Accrued interest on loans totaled $82.2 million and $78.5 million as of December 31, 2025 and December 31, 2024, respectively, and is presented within total accrued interest receivable on the consolidated statements of financial condition.
As of December 31, 2025, the Bank had aggregate loans and loan commitments of $66.1 million to its directors and their related interests. These loans and loan commitments were made on substantially the same terms, including interest rates and collateral, as those prevailing for comparable transactions with the general public and do not involve more than the normal risk of repayment or present other unfavorable features.
As of December 31, 2025, the Bank had aggregate loans and loan commitments totaling $3.1 million to its executive officers or their related entities. These loans and loan commitments were made on substantially the same terms, including interest rates and collateral, as those prevailing for comparable transactions with the general public and do not involve more than the normal risk of repayment or present other unfavorable features.
Premiums and discounts on purchased loans are amortized or accreted over the lives of the loans as an adjustment to yield. Required reductions due to loan prepayments are charged against or credited to interest income, as appropriate. For the years ended December 31, 2025, 2024 and 2023, as a result of prepayments and normal amortization, interest income decreased $275,000, $314,000 and $206,000, respectively.
The following tables summarize the aging of loans held for investment by portfolio segment and class of loans (in thousands):
 As of December 31, 2025
 30-59
 Days		60-89 
Days		Non-accrualRecorded Investment > 90 days accruingTotal 
Past Due		Current
Total Loans
Receivable
Non-accrual loans with no related allowance
Mortgage loans:
Commercial$15,652 — 26,856 — 42,508 7,356,284 7,398,792 22,506 
Multi-family— 932 2,268 — 3,200 3,664,137 3,667,337 2,268 
Construction— — 5,159 — 5,159 656,953 662,112 5,159 
Residential8,344 4,177 9,062 — 21,583 1,952,741 1,974,324 9,062 
Total mortgage loans23,996 5,109 43,345 — 72,450 13,630,115 13,702,565 38,995 
Commercial loans1,303 633 33,219 — 35,155 5,165,362 5,200,517 26,655 
Consumer loans2,209 781 1,856 — 4,846 607,585 612,431 1,856 
Total gross loans$27,508 6,523 78,420 112,451 19,403,062 19,515,513 67,506 
 As of December 31, 2024
 30-59 
Days		60-89 
Days		Non-accrualRecorded Investment > 90 days accruingTotal
Past Due		Current
Total Loans
Receivable
Non-accrual loans with no related allowance
Mortgage loans:
Commercial$8,538 3,954 20,883 — 33,375 7,194,703 7,228,078 13,575 
Multi-family— — 7,498 — 7,498 3,375,435 3,382,933 7,498 
Construction— — 13,246 — 13,246 810,257 823,503 13,246 
Residential6,388 5,049 4,535 — 15,972 1,994,665 2,010,637 4,535 
Total mortgage loans14,926 9,003 46,162 — 70,091 13,375,060 13,445,151 38,854 
Commercial loans3,026 1,117 24,243 — 30,868 4,577,732 4,608,600 15,164 
Consumer loans3,152 856 1,656 — 5,664 608,155 613,819 1,656 
Total gross loans$21,104 10,976 72,061 — 106,623 18,560,947 18,667,570 55,674 
Included in loans receivable are loans for which the accrual of interest income has been discontinued due to deterioration in the financial condition of the borrowers. Generally, accrued interest is written off by reversing interest income during the quarter the loan is moved from an accrual to a non-accrual status. The principal amount of non-accrual loans was $78.4 million and $72.1 million as of December 31, 2025 and 2024, respectively. There were no loans 90-days or greater past due and still accruing interest as of December 31, 2025 and 2024.
If the non-accrual loans had performed in accordance with their original terms, interest income would have increased by $2.1 million, $2.8 million and $1.6 million, for the years ended December 31, 2025, 2024 and 2023, respectively.
The activity in the allowance for credit losses for the years ended December 31, 2025, 2024 and 2023 is as follows (in thousands):
 Years Ended December 31,
 202520242023
Balance at beginning of period$193,432 107,200 88,023 
Initial allowance related to PCD loans— 17,188 — 
Provision charge for credit losses on loans (1)
4,125 83,604 27,900 
Cumulative effect of adopting ASU 2022-02— — (594)
Recoveries of loans previously charged off2,036 3,263 2,292 
Loans charged off(14,826)(17,823)(10,421)
Balance at end of period$184,767 193,432 107,200 
(1) The provision charge for credit losses on loans for the year ended December 31, 2024 includes a $60.1 million charge recorded as part of the Lakeland merger in accordance with GAAP requirements for accounting for business combinations.

The activity in the allowance for credit losses by portfolio segment for the years ended December 31, 2025 and 2024 are as follows (in thousands):
 For the Year Ended December 31, 2025
 
Mortgage
loans
Commercial
loans
Consumer
loans
Total
Portfolio
Segments
Balance at beginning of period$144,587 43,642 5,203 193,432 
Provision (benefit) charge for credit losses on loans(11,196)15,446 (125)4,125 
Recoveries of loans previously charged off932 527 577 2,036 
Loans charged off(5,722)(8,488)(616)(14,826)
Balance at end of period$128,601 51,127 5,039 184,767 

 For the Year Ended December 31, 2024
 
Mortgage
loans
Commercial
loans (1)
Consumer
loans
Total
Portfolio
Segments
Balance at beginning of period$73,407 31,475 2,318 107,200 
Initial allowance related to PCD loans10,628 6,070 490 17,188 
Provision charge for credit losses on loans61,274 20,011 2319 83,604 
Recoveries of loans previously charged off86 2,621 556 3,263 
Loans charged off(808)(16,535)(480)(17,823)
Balance at end of period$144,587 43,642 5,203 193,432 
(1) The provision charge for credit losses on loans for the year ended December 31, 2024 includes a $2.8 million benefit to the allowance as a result of the $151.3 million transfer from the commercial loans held for investment portfolio into the loans held for sale portfolio.
For the year ended December 31, 2025, the Company recorded a $4.1 million provision for credit losses on loans, compared with a provision for credit losses of $83.6 million for the year ended December 31, 2024. The decrease in the year-over-year provision for credit losses was primarily attributable to the prior year initial CECL provision for credit losses on loans of $60.1 million recorded as part of the Lakeland merger in accordance with GAAP requirements for accounting for business combinations, combined with some economic forecast strengthening over the current twelve-month period within our CECL model, compared to last year.
The following table summarizes the Company's gross charge-offs recorded for the year ended December 31, 2025 by year of origination (in thousands):
20252024202320222021Prior to 2021Total Loans
Mortgage loans:
Commercial$— — — 358 441 3,586 4,385 
Multi-family— — 520 — — 263 783 
Construction— 534 — — — — 534 
Residential— — — — — 20 20 
Total mortgage loans— 534 520 358 441 3,868 5,722 
Commercial loans— 44 81 2,959 776 4,628 8,488 
Consumer loans (1)
21 38 20 3 — 46 128 
Total gross loans$21 616 622 3,320 1,217 8,543 14,338 
(1) During the year ended December 31, 2025, charge-offs on consumer overdraft accounts totaled $488,000, which are not included in the table above.
The following table summarizes the Company's gross charge-offs recorded for the year ended December 31, 2024 by year of origination (in thousands):
20242023202220212020Prior to 2020Total Loans
Mortgage loans:
Commercial$— — — — — 801 801 
Residential— — 7 — — — 7 
Total mortgage loans— — 7 — — 801 808 
Commercial loans— 1,434 2,731 10,259 1,775 335 16,535 
Consumer loans (1)
25 8 9 4 — 35 81 
Total gross loans$25 1,442 2,746 10,263 1,775 1,172 17,425 
(1) During the year ended December 31, 2024, charge-offs on consumer overdraft accounts totaled $398,000, which are not included in the table above.
The following table summarizes the Company's gross charge-offs recorded for the year ended December 31, 2023 by year of origination (in thousands):
20232022202120202019Prior to 2019Total Loans
Mortgage loans:
Commercial$— — — — — 1,700 1,700 
Residential— — — — — 24 24 
Total mortgage loans— — — — — 1,724 1,724 
Commercial loans— — — 5,000 — 3,363 8,363 
Consumer loans (1)
24 — — — — 13 37 
Total gross loans$24 — — 5,000 — 5,100 10,124 
(1) During the year ended December 31, 2023, charge-offs on consumer overdraft accounts totaled $297,000, which are not included in the table above.
The Company defines an impaired loan as a non-accrual, non-homogeneous loan greater than $1.0 million, or which, based on current information, it is not expected to collect all amounts due under the contractual terms of the loan agreement. As of December 31, 2025, there were 28 impaired loans totaling $63.3 million, with related specific reserves of $5.9 million that were individually evaluated for impairment.
A financial asset is considered 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. For all classes of loans deemed collateral-dependent, the Company estimates expected credit losses based on the collateral’s fair value less any selling costs. A specific allocation of the allowance for credit losses is established for each collateral-dependent loan with a carrying balance greater than the collateral’s fair value, less estimated selling costs. In most cases, the Company records a partial charge-off to reduce the loan’s carrying value to the collateral’s fair value less estimated selling costs. The Company uses third-party appraisals to determine the fair value of the underlying collateral in its analysis of collateral-dependent loans. A third-party appraisal is generally ordered as soon as a loan is designated as a collateral-dependent loan and updated annually, or more frequently if required. At each fiscal quarter end, if a loan is designated as collateral-dependent and the third-party appraisal has not yet been received, an evaluation of all available collateral is made using the best information available at the time, including rent rolls, borrower financial statements and tax returns, prior appraisals, management’s knowledge of the market and collateral, and internally prepared collateral valuations based upon market assumptions regarding vacancy and capitalization rates, each as and where applicable. Once the appraisal is received and reviewed, the specific reserves are adjusted to reflect the appraised value and evaluated for charge offs. The Company believes there have not been any significant time lapses since the receipt of the most recent appraisals.
As of December 31, 2025, the Company had collateral-dependent impaired loans with a fair value of $54.5 million secured by commercial real estate. As of December 31, 2024, the Company had collateral-dependent impaired loans with a fair value of $11.0 million secured by commercial real estate.
Loan modifications to borrowers experiencing financial difficulty may include interest rate reductions, principal or interest forgiveness, forbearance, term extensions, and other actions intended to minimize economic loss and to avoid foreclosure or repossession of collateral. In addition, management attempts to obtain additional collateral or guarantor support when modifying such loans. If the borrower has demonstrated performance under the previous terms and our underwriting process shows the borrower has the capacity to continue to perform under the restructured terms, the loan will continue to accrue interest. Non-accruing restructured loans may be returned to accrual status when there has been a sustained period of repayment performance (generally six consecutive months of payments) and both principal and interest are deemed collectible.
The following illustrates the most common loan modifications by loan classes offered by the Company that are required to be disclosed pursuant to the requirements of ASU 2022-02:
Loan ClassesModification types
CommercialTerm extension, interest rate reductions, payment delay, or combination thereof. These modifications extend the term of the loan, lower the payment amount, or otherwise delay payments during a defined period for the purpose of providing borrowers additional time to return to compliance with the original loan term.
Residential Mortgage/ Home EquityForbearance period greater than six months. These modifications require reduced or no payments during the forbearance period for the purpose of providing borrowers additional time to return to compliance with the original loan term, as well as term extension and rate adjustment. These modifications extend the term of the loan and provides for an adjustment to the interest rate, which reduces the monthly payment requirement.
Automobile/ Direct InstallmentTerm extension greater than three months. These modifications extend the term of the loan, which reduces the monthly payment requirement.
Effective January 1, 2023, the Company adopted ASU 2022-02, “Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures” (“ASU 2022-02”), which eliminated the accounting guidance for TDRs while enhancing disclosure requirements for certain loan refinancing and restructurings by creditors when a borrower is experiencing financial difficulty. This guidance was applied on a modified retrospective basis. Upon adoption of this
guidance, the Company no longer establishes a specific reserve for loan modifications to borrowers experiencing financial difficulty. Instead, these loan modifications are included in their respective pool and a projected loss rate is applied to the current loan balance to arrive at the quantitative and qualitative baseline portion of the allowance for credit losses. As a result, the Company recorded a $594,000 reduction to the allowance for credit losses, which resulted in a $433,000 cumulative effect adjustment increase, net of tax, to retained earnings.
The following table presents the amortized cost basis of loan modifications made to borrowers experiencing financial difficulty for the year ended December 31, 2025 (in thousands):
Year Ended December 31, 2025
Term ExtensionInterest Rate ChangeInterest Rate Change and Term ExtensionTotal% of Total Class of Loans and Leases
Mortgage loans:
Commercial$3,949 — 11,945 15,894 0.21 %
Total mortgage loans3,949 — 11,945 15,894 0.12 
Commercial loans13,501 748 9,654 23,903 0.46 
Total gross loans$17,450 748 21,599 39,797 0.20 %
The following table presents the amortized cost basis of loan modifications made to borrowers experiencing financial difficulty for the year ended December 31, 2024 (in thousands):
Year Ended December 31, 2024
Term ExtensionInterest Rate ChangeInterest Rate Change and Term Extension
Change in Payment Type (1)
Total% of Total Class of Loans and Leases
Mortgage loans:
Commercial$— — 3,072 2,852 5,924 0.08 %
Multi-family— 1,297 — — 1,297 0.04 
Total mortgage loans— 1,297 3,072 2,852 7,221 0.05 
Commercial loans— 12,814 8,466 — 21,280 0.46 
Total gross loans$— 14,111 11,538 2,852 28,501 0.15 %
The following table presents the amortized cost basis of loan modifications made to borrowers experiencing financial difficulty for the year ended December 31, 2023 (in thousands):
Year Ended December 31, 2023
Term ExtensionInterest Rate ChangeInterest Rate Change and Term ExtensionTotal% of Total Class of Loans and Leases
Mortgage loans:
Multi-family$— — 1,508 1,508 0.08 %
Total mortgage loans— — 1,508 1,508 0.02 
Commercial loans3,771 — 1,250 5,021 0.21 
Total gross loans$3,771 — 2,758 6,529 0.06 %
The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty for the year ended December 31, 2025 (in thousands):
Weighted Average Months of Term ReductionWeighted Average Rate Increase (Decrease)
Mortgage loans:
Commercial150.35 %
Total mortgage loans150.35 
Commercial loans6(0.16)
Total gross loans8(0.05)%
The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty for the year ended December 31, 2024 (in thousands):
Weighted Average Months of Term ExtensionWeighted Average Rate Increase
Mortgage loans:
Commercial22.40 %
Multi-family05.00 
Total mortgage loans15.00 
Commercial loans22.22 
Total gross loans33.03 %
The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty for the year ended December 31, 2023 (in thousands):
Weighted Average Months of Term ExtensionWeighted Average Rate Increase
Mortgage loans:
Multi-family22.23 %
Total mortgage loans22.23 
Commercial loans100.20 
Total gross loans90.61 %
There were no loan modifications made to borrowers experiencing financial difficulty that subsequently defaulted during the years ended December 31, 2025, December 31, 2024 and December 31, 2023 , respectively.
The following table presents the aging analysis of loan modifications made to borrowers experiencing financial difficulty for the year ended December 31, 2025 (in thousands):
Current30-59 Days Past Due60-89 Days Past Due90 days or more Past DueNon- AccrualTotal
Mortgage loans:
Commercial$15,894 — — — — 15,894 
Total mortgage loans15,894 — — — — 15,894 
Commercial loans23,744 — — — 158 23,903 
Total gross loans$39,639 — — — 158 39,797 
The following table presents the aging analysis of loan modifications made to borrowers experiencing financial difficulty for the year ended December 31, 2024 (in thousands):
Current30-59 Days Past Due60-89 Days Past Due90 days or more Past DueNon- AccrualTotal
Mortgage loans:
Commercial$5,924 — — — — 5,924 
Multi-family481 94 — 320 402 1,297 
Total mortgage loans6,405 94 — 320 402 7,221 
Commercial loans15,340 — — 88 5,852 21,280 
Total gross loans$21,745 94 — 408 6,254 28,501 
The following table presents the aging analysis of loan modifications made to borrowers experiencing financial difficulty for the year ended December 31, 2023 (in thousands):
Current30-59 Days Past Due60-89 Days Past Due90 days or more Past DueNon- AccrualTotal
Mortgage loans:
Multi-family$1,508 — — — — 1,508 
Total mortgage loans1,508 — — — — 1,508 
Commercial loans5,021 — — — — 5,021 
Total gross loans$6,529 — — — — 6,529 
Loans acquired by the Company that experienced more-than-insignificant deterioration in credit quality after origination, are classified as PCD loans. As of December 31, 2025, the balance of PCD loans totaled $509.7 million with a related allowance for credit losses of $4.6 million. The balance of PCD loans as of December 31, 2024, was $620.4 million with a related allowance for credit losses of $15.2 million.
In connection with the Lakeland merger, the Company evaluated acquired loans for deterioration in credit quality based on any of, but not limited to, the following: (1) non-accrual status; (2) modifications for borrowers experiencing financial difficulty; (3) risk ratings of watch, special mention, substandard or doubtful; and (4) loans greater than 59 days past due. At the acquisition date, an estimate of expected credit losses is made for groups of PCD loans with similar risk characteristics and individual PCD loans without similar risk characteristics.
Additionally for PCD loans, an allowance for credit losses was calculated using management's best estimate of projected losses over the remaining life of the loans. This represents the portion of the loan balances that has been deemed uncollectible based on the Company’s expectations of future cash flows for each respective PCD loan pool, given the outlook and forecasts inclusive of related fiscal and regulatory interventions. The expected lifetime losses were calculated using historical losses observed at the Bank, Lakeland and peer banks. A $17.2 million allowance for credit losses was recorded on PCD loans acquired from Lakeland. The interest rate fair value adjustment related to PCD loans will be substantially recognized as interest income on a level yield or straight line method over the expected life of the loans.
The table below is a summary of the PCD loans that were acquired from Lakeland as of the closing date (in thousands):

Gross amortized cost basis as of May 16, 2024$564,147 
Charge-offs on PCD Loans at acquisition(4,364)
Interest component of expected cash flows (accretable difference)(33,365)
Allowance for credit losses on PCD loans(17,188)
Net PCD loans$509,230 
Management utilizes an internal nine-point risk rating system to summarize its loan portfolio into categories with similar risk characteristics. Loans deemed to be “acceptable quality” are rated 1 through 4, with a rating of 1 established for loans with minimal risk. Loans that are deemed to be of “questionable quality” are rated 5 (watch) or 6 (special mention). Loans with adverse classifications (substandard, doubtful or loss) are rated 7, 8 or 9, respectively. Commercial mortgage, commercial, multi-family and construction loans are rated individually, and each lending officer is responsible for risk rating loans in their portfolio. These risk ratings are then reviewed by the department manager and/or the Chief Lending Officer and by the Credit Department. The risk ratings are also reviewed periodically through loan review examinations which are currently performed by independent third-parties. Reports by the independent third-parties are presented to the Audit Committee of the Board of Directors.
The following table summarizes the Company's gross loans held for investment by year of origination and internally assigned credit grades (in thousands):
Gross Loans Held for Investment by Year of Origination
as of December 31, 2025
20252024202320222021Prior to 2021Revolving LoansRevolving loans to term loansTotal Loans
Commercial Mortgage
Special mention$6,013 — 1,549 39,287 47,805 33,971 503 — 129,128 
Substandard9,869 — 57 471 15,875 60,111 748 — 87,131 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified15,882 — 1,606 39,758 63,680 94,082 1,251 — 216,259 
Pass/Watch901,891 336,732 851,026 1,409,458 888,049 2,630,266 156,215 8,896 7,182,533 
Total Commercial Mortgage$917,773 336,732 852,632 1,449,216 951,729 2,724,348 157,466 8,896 7,398,792 
Multi-family
Special mention$— — — 2,946 — — — — 2,946 
Substandard — — — — — 41,593 — — 41,593 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified— — — 2,946 — 41,593 — — 44,539 
Pass/Watch744,514 316,398 522,511 622,238 350,499 1,049,876 15,250 1,512 3,622,798 
Total Multi-Family$744,514 316,398 522,511 625,184 350,499 1,091,469 15,250 1,512 3,667,337 
Construction
Special mention$— — 14,497 6,639 — — — — 21,136 
Substandard— — — — 5,177 — — — 5,177 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified— — 14,497 6,639 5,177 — — — 26,313 
Pass/Watch150,350 206,323 162,757 101,335 15,034 — — — 635,799 
Total Construction$150,350 206,323 177,254 107,974 20,211 — — — 662,112 
Residential (1)
Special mention$— — 946 582 264 1,845 — — 3,637 
Substandard— 1,746 2,263 1,410 1,024 1,795 — — 8,238 
Doubtful— — — — — — — — — 
Gross Loans Held for Investment by Year of Origination
as of December 31, 2025
20252024202320222021Prior to 2021Revolving LoansRevolving loans to term loansTotal Loans
Loss— — — — — — — — — 
Total criticized and classified— 1,746 3,209 1,992 1,288 3,640 — — 11,875 
Pass/Watch145,286 124,273 303,120 365,323 287,067 737,380 — — 1,962,449 
Total Residential$145,286 126,019 306,329 367,315 288,355 741,020 — — 1,974,324 
Total Mortgage
Special mention$6,013 — 16,992 49,454 48,069 35,816 503 — 156,847 
Substandard9,869 1,746 2,320 1,881 22,076 103,499 748 — 142,139 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified15,882 1,746 19,312 51,335 70,145 139,315 1,251 — 298,986 
Pass/Watch1,942,041 983,726 1,839,414 2,498,354 1,540,649 4,417,522 171,465 10,408 13,403,579 
Total Mortgage$1,957,923 985,472 1,858,726 2,549,689 1,610,794 4,556,837 172,716 10,408 13,702,565 
Commercial
Special mention$1,005 423 17,930 63,499 26,067 34,829 20,217 1,916 165,886 
Substandard2,381 10,661 10,205 57,554 29,348 35,213 36,631 1,487 183,480 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified3,386 11,084 28,135 121,053 55,415 70,042 56,848 3,403 349,366 
Pass/Watch934,987 628,374 305,811 526,728 304,459 971,734 1,121,228 57,830 4,851,151 
Total Commercial$938,373 639,458 333,946 647,781 359,874 1,041,776 1,178,076 61,233 5,200,517 
Consumer (1)
Special mention$— — 20 — — 7 806 23 856 
Substandard— 125 81 219 — 310 828 46 1,609 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified— 125 101 219 — 317 1,634 69 2,465 
Pass/Watch31,702 26,282 32,156 45,444 31,271 87,759 338,858 16,494 609,966 
Total Consumer$31,702 26,407 32,257 45,663 31,271 88,076 340,492 16,563 612,431 
Total Loans
Special mention$7,018 423 34,942 112,953 74,136 70,652 21,526 1,939 323,589 
Substandard12,250 12,532 12,606 59,654 51,424 139,022 38,207 1,533 327,228 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified19,268 12,955 47,548 172,607 125,560 209,674 59,733 3,472 650,817 
Pass/Watch2,908,730 1,638,382 2,177,381 3,070,526 1,876,379 5,477,015 1,631,551 84,732 18,864,696 
Total Loans$2,927,998 1,651,337 2,224,929 3,243,133 2,001,939 5,686,689 1,691,284 88,204 19,515,513 
(1) For residential and consumer loans, the Company assigns internal credit grades based on the delinquency status of each loan.
Gross Loans Held for Investment by Year of Origination
as of December 31, 2024
20242023202220212020Prior to 2020Revolving LoansRevolving loans to term loansTotal Loans
Commercial Mortgage
Special mention$262 4,377 10,150 9,127 14,569 69,525 4,461 — 112,471 
Substandard3,044 73 10,952 — 21,051 50,870 — — 85,990 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified3,306 4,450 21,102 9,127 35,620 120,395 4,461 — 198,461 
Pass/Watch417,991 904,924 1,623,911 997,658 884,295 2,063,646 126,297 10,895 7,029,617 
Total Commercial Mortgage$421,297 909,374 1,645,013 1,006,785 919,915 2,184,041 130,758 10,895 7,228,078 
Multi-family
Special mention$— — — — — 16,472 — — 16,472 
Substandard— 1,560 — 1,043 — 5,439 — — 8,042 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified— 1,560 — 1,043 — 21,911 — — 24,514 
Pass/Watch363,254 478,184 701,811 460,979 460,161 882,291 10,181 1,558 3,358,419 
Total Multi-Family$363,254 479,744 701,811 462,022 460,161 904,202 10,181 1,558 3,382,933 
Construction
Special mention$— 1,064 — — — — — — 1,064 
Substandard— — — 12,346 — — — — 12,346 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified— 1,064 — 12,346 — — — — 13,410 
Pass/Watch104,009 309,034 260,190 110,100 24,017 2,743 — — 810,093 
Total Construction$104,009 310,098 260,190 122,446 24,017 2,743 — — 823,503 
Residential (1)
Special mention$403 1,356 344 — — 2,836 — — 4,939 
Substandard— 764 689 1,119 — 1,963 — — 4,535 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified403 2,120 1,033 1,119 — 4,799 — — 9,474 
Pass/Watch140,382 348,493 428,269 333,150 276,703 474,166 — — 2,001,163 
Total Residential$140,785 350,613 429,302 334,269 276,703 478,965 — — 2,010,637 
Total Mortgage
Gross Loans Held for Investment by Year of Origination
as of December 31, 2024
20242023202220212020Prior to 2020Revolving LoansRevolving loans to term loansTotal Loans
Special mention$665 6,797 10,494 9,127 14,569 88,833 4,461 — 134,946 
Substandard3,044 2,397 11,641 14,508 21,051 58,272 — — 110,913 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified3,709 9,194 22,135 23,635 35,620 147,105 4,461 — 245,859 
Pass/Watch1,025,636 2,040,635 3,014,181 1,901,887 1,645,176 3,422,846 136,478 12,453 13,199,292 
Total Mortgage$1,029,345 2,049,829 3,036,316 1,925,522 1,680,796 3,569,951 140,939 12,453 13,445,151 
Commercial
Special mention$298 2,612 3,084 5,804 9,493 26,924 20,030 4,761 73,006 
Substandard6,887 5,023 62,028 28,208 23,130 21,170 31,787 1,746 179,979 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified7,185 7,635 65,112 34,012 32,623 48,094 51,817 6,507 252,985 
Pass/Watch747,299 427,445 697,899 390,770 256,421 678,154 1,089,408 68,219 4,355,615 
Total Commercial$754,484 435,080 763,011 424,782 289,044 726,248 1,141,225 74,726 4,608,600 
Consumer (1)
Special mention$— — 3 — 124 109 725 — 961 
Substandard— 95 — 9 — 321 950 — 1,375 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified— 95 3 9 124 430 1,675 — 2,336 
Pass/Watch31,975 45,605 59,669 40,080 9,433 83,728 327,107 13,886 611,483 
Total Consumer$31,975 45,700 59,672 40,089 9,557 84,158 328,782 13,886 613,819 
Total Loans
Special mention$963 9,409 13,581 14,931 24,186 115,866 25,216 4,761 208,913 
Substandard9,931 7,515 73,669 42,725 44,181 79,763 32,737 1,746 292,267 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified10,894 16,924 87,250 57,656 68,367 195,629 57,953 6,507 501,180 
Pass/Watch1,804,910 2,513,685 3,771,749 2,332,737 1,911,030 4,184,728 1,552,993 94,558 18,166,390 
Total Loans $1,815,804 2,530,609 3,858,999 2,390,393 1,979,397 4,380,357 1,610,946 101,065 18,667,570 
(1) For residential and consumer loans, the Company assigns internal credit grades based on the delinquency status of each loan.