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Allowance for Credit Losses | 9 Months Ended
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Sep. 30, 2025
Receivables [Abstract] |
Allowance for Credit Losses | Allowance for Credit Losses The following tables present the changes in the allowance for loan and lease losses by portfolio segment for the periods indicated:
| Three Months Ended September 30, 2025
| Commercial Real Estate |  | Commercial |  | Consumer |  |  |  | Total
| (In Thousands)
Balance at June 30, 2025 | $ | 73,115 |  |  | $ | 46,469 |  |  | $ | 7,141 |  |  |  |  | $ | 126,725 |
Charge-offs (1) | (926) |  |  | (15,694) |  |  | (42) |  |  |  |  | (16,662) |
Recoveries | 107 |  |  | 578 |  |  | 120 |  |  |  |  | 805 |
Merger Day 1 CECL provision | 31,820 |  |  | 17,891 |  |  | 19,776 |  |  |  |  | 69,487 |
Provision (credit) for loan and lease losses excluding unfunded commitments | 5,040 |  |  | 6,637 |  |  | (2,808) |  |  |  |  | 8,869 |
Provision (credit) for PCD loan and lease losses excluding unfunded commitments | 38,744 |  |  | 24,294 |  |  | 1,473 |  |  |  |  | 64,511 |
Balance at September 30, 2025 | $ | 147,900 |  |  | $ | 80,175 |  |  | $ | 25,660 |  |  |  |  | $ | 253,735 |
(1) Excludes the impact of Merger Day 1 purchase accounting that resulted in $15.8 million of charge-offs during the three months ended September 30, 2025.
| Three Months Ended September 30, 2024
| Commercial Real Estate |  | Commercial |  | Consumer |  |  |  | Total
| (In Thousands)
Balance at June 30, 2024 | $ | 82,152 |  |  | $ | 33,386 |  |  | $ | 6,212 |  |  |  |  | $ | 121,750 |
Charge-offs | — |  |  | (4,164) |  |  | (19) |  |  |  |  | (4,183) |
Recoveries | — |  |  | 367 |  |  | 8 |  |  |  |  | 375 |
Provision (credit) for loan and lease losses excluding unfunded commitments | (6,971) |  |  | 16,632 |  |  | (287) |  |  |  |  | 9,374 |
Balance at September 30, 2024 | $ | 75,181 |  |  | $ | 46,221 |  |  | $ | 5,914 |  |  |  |  | $ | 127,316 |
| Nine Months Ended September 30, 2025
| Commercial Real Estate |  | Commercial |  | Consumer |  |  |  | Total
| (In Thousands)
Balance at December 31, 2024 | $ | 74,171 |  |  | $ | 44,169 |  |  | $ | 6,743 |  |  |  |  | $ | 125,083 |
Charge-offs (1) | (4,449) |  |  | (26,830) |  |  | (55) |  |  |  |  | (31,334) |
Recoveries | 107 |  |  | 2,427 |  |  | 220 |  |  |  |  | 2,754 |
Merger Day 1 CECL provision | 31,820 |  |  | 17,891 |  |  | 19,776 |  |  |  |  | 69,487 |
Provision (credit) for loan and lease losses excluding unfunded commitments | 7,507 |  |  | 18,224 |  |  | (2,497) |  |  |  |  | 23,234 |
Provision (credit) for PCD loan and lease losses excluding unfunded commitments | 38,744 |  |  | 24,294 |  |  | 1,473 |  |  |  |  | 64,511 |
Balance at September 30, 2025 | $ | 147,900 |  |  | $ | 80,175 |  |  | $ | 25,660 |  |  |  |  | $ | 253,735 |
(1) Excludes the impact of Merger Day 1 purchase accounting that resulted in 15.8 million of charge-offs during the nine months ended September 30, 2025.
| Nine Months Ended September 30, 2024
| Commercial Real Estate |  | Commercial |  | Consumer |  |  |  | Total
| (In Thousands)
Balance at December 31, 2023 | $ | 81,410 |  |  | $ | 29,557 |  |  | $ | 6,555 |  |  |  |  | $ | 117,522 |
Charge-offs | (4,425) |  |  | (13,933) |  |  | (38) |  |  |  |  | (18,396) |
Recoveries | — |  |  | 1,086 |  |  | 34 |  |  |  |  | 1,120 |
Provision (credit) for loan and lease losses excluding unfunded commitments | (1,804) |  |  | 29,511 |  |  | (637) |  |  |  |  | 27,070 |
Balance at September 30, 2024 | $ | 75,181 |  |  | $ | 46,221 |  |  | $ | 5,914 |  |  |  |  | $ | 127,316 |
The allowance for credit losses for unfunded credit commitments was $13.7 million, and $6.0 million at September 30, 2025 and December 31, 2024, respectively and includes the provision of $8.4 million for credit losses on unfunded commitments during the three months ended September 30, 2025. Provision for Credit Losses The provision (credit) for credit losses are set forth below for the periods indicated:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (In Thousands)
Provision (credit) for loan and lease losses: |  |  |  |  |  |  |
Commercial real estate | $ | 5,040 |  |  | $ | (6,971) |  |  | $ | 7,507 |  |  | $ | (1,804) |
Commercial | 6,637 |  |  | 16,632 |  |  | 18,224 |  |  | 29,511 |
Consumer | (2,808) |  |  | (287) |  |  | (2,497) |  |  | (637) |
Total provision (credit) for loan and lease losses | 8,869 |  |  | 9,374 |  |  | 23,234 |  |  | 27,070 |
Merger Day 1 CECL provision |  |  |  |  |  |  |
Commercial real estate | 31,820 |  |  | — |  |  | 31,820 |  |  | — |
Commercial | 17,891 |  |  | — |  |  | 17,891 |  |  | — |
Consumer | 19,776 |  |  | — |  |  | 19,776 |  |  | — |
Total Merger Day 1 CECL provision | 69,487 |  |  | — |  |  | 69,487 |  |  | — |
Unfunded commitments |  |  |  |  |  |  |
Merger Day 1 unfunded commitments provision | 8,415 |  |  | — |  |  | 8,415 |  |  | — |
Provision (credit) for unfunded commitments | 725 |  |  | (4,542) |  |  | (669) |  |  | (9,208) |
Total provision (credit) for unfunded commitments | 9,140 |  |  | (4,542) |  |  | 7,746 |  |  | (9,208) |
Investment securities available-for-sale | 32 |  |  | (172) |  |  | 47 |  |  | (255) |
Total provision (credit) for credit losses | $ | 87,528 |  |  | $ | 4,660 |  |  | $ | 100,514 |  |  | $ | 17,607 |
Allowance for Credit Losses Methodology Management has established a methodology to determine the adequacy of the ACL that assesses the risks and losses expected on the loan and lease portfolio and unfunded commitments. Additions to the ACL are made by charges to the provision for credit losses. Losses on loans and leases are charged off against the allowance when all or a portion of a loan or lease is considered uncollectible. Subsequent recoveries on loans previously charged off, if any, are credited to the allowance when realized. To calculate the allowance for loans collectively evaluated, management uses models developed by a third party. The Bank’s core ACL process uses CRE, C&I, and retail lifetime loss rate models to calculate the expected losses over the life of the loan based on exposure at default loan attributes and reasonable, supportable economic forecasts. The exposure at default considers the current unpaid balance, prepayment assumptions and expected utilization assumptions. Key assumptions used in the models include portfolio segmentation, prepayments, and the expected utilization of unfunded commitments, among others. The portfolios are segmented by loan level attributes such as loan type, loan size, date of origination, and delinquency status to create homogenous loan pools. Pool level metrics are calculated and loss rates are subsequently applied to the pools as the loans have like characteristics. Prepayment assumptions are embedded within the models and are based on the same data used for model development and incorporate adjustments for reasonable and supportable forecasts. Model development data and developmental time periods vary by model, but all use at least ten years of historical data and capture at least one recessionary period. Expected utilization is based on current utilization and a LEQ factor. LEQ varies by current utilization and provides a reasonable estimate of expected draws and borrower behavior. Assumptions and model inputs are reviewed in accordance with model monitoring practices and as information becomes available. Loans acquired in connection with the Merger have losses estimated using historical loss rate models based on the historical performance of various loan segments, which is segmented primarily by FDIC code, estimates of each segment’s weighted average life, and statistical model to capture the impact of future economic conditions on the base loss rates. The ACL estimate for both the banks core model as well as the legacy Berkshire model incorporates reasonable and supportable forecasts of various macro-economic variables over the remaining life of loans and leases. The development of the reasonable and supportable forecast assumes each macro-economic variable will revert to long-term expectations, with reversion characteristics unique to specific economic indicators and forecasts. Reversion towards long-term expectations generally begins two to three years from the forecast start date and largely completes within the first five years. Management elected to use multiple economic forecasts in determining the reserve to account for economic uncertainty. The forecasts include various projections of gross domestic product, interest rates, property price indices, and employment measures. Scenario weighting and model parameters are updated to reflect facts and circumstances as of the financial statement date. As of September 30, 2025, management continued to apply qualitative adjustments to the Company’s models. These adjustments are designed to address model limitations and are generally targeted to specific risks within the certain portfolios (e.g., office and specialty vehicle) based on recent collateral valuations and performance trends. Additionally, portfolio level metrics such as delinquency, population of adversely graded loans, non-accruals, etc. are used to inform management’s evaluation of the credit risk in the portfolio and adjustments are made as appropriate. These adjustments included both positive and negative adjustments with a total impact to the provision of $22.6 million at September 30, 2025, of which $3.5 million is related to the legacy Berkshire portfolio. Management reviews these factors on a quarterly basis as market conditions and segment performance evolve. Specific reserves are established for loans individually evaluated for impairment when amortized cost basis is greater than the discounted present value of expected future cash flows or, in the case of collateral-dependent loans, when there is an excess of a loan's amortized cost basis over the fair value of its underlying collateral. When loans and leases do not share risk characteristics with other financial assets they are evaluated individually. Individually evaluated loans are reviewed quarterly with adjustments made to the calculated reserve as necessary. The general allowance for loan and lease losses was $184.3 million as of September 30, 2025 and $107.5 million as of December 31, 2024. The increase is primarily due to the merger with Berkshire Bank loans in the third quarter, which added $84.4 million to the allowance for loan and lease losses. The specific allowance for loan and lease losses was $69.4 million as of September 30, 2025, compared to $17.5 million as of December 31, 2024. The specific allowance increased $51.9 million during the nine months ended September 30, 2025, primarily due to the Merger, which added specific reserves totaling $46.6 million, $28.2 million for commercial real estate loans, $18.2 million for commercial and industrial loans, and $0.2 million for consumer loans. As of September 30, 2025, management believes the methodology for calculating the allowance is sound and the allowance provides a reasonable basis for determining and reporting on expected losses over the lifetime of the Company’s loan portfolios. Credit Quality Assessment At the time of loan origination, a rating is assigned based on the capacity to pay and general financial strength of the borrower, the value of assets pledged as collateral, and the evaluation of third party support such as a guarantor. The Company continually monitors the credit quality of the loan portfolio using all available information. The officer responsible for handling each loan is required to initiate changes to risk ratings when changes in facts and circumstances occur that warrant an upgrade or downgrade in a loan rating. Based on this information, loans demonstrating certain payment issues or other weaknesses may be categorized as delinquent, adversely risk-rated, nonperforming and/or put on nonaccrual status. Additionally, in the course of resolving such loans, the Company may choose to restructure the contractual terms of certain loans to match the borrower's ability to repay the loan based on their current financial condition. If a restructured loan meets certain criteria, it may be categorized as a modified loan. The Company reviews numerous credit quality indicators when assessing the risk in its loan portfolio. For all loans, the Company utilizes an eight-grade loan rating system, which assigns a risk rating to each borrower based on a number of quantitative and qualitative factors associated with a loan transaction. Factors considered include industry and market conditions; position within the industry; earnings trends; operating cash flow; asset/liability values; debt capacity; guarantor strength; management and controls; financial reporting; collateral; and other considerations. In addition, the Company's independent loan review group evaluates the credit quality and related risk ratings in all loan portfolios. The results of these reviews are reported to the Risk Committee of the Board of Directors on a periodic basis and annually to the Board of Directors. For the consumer loans, the Company heavily relies on payment status for calibrating credit risk. The ratings categories used for assessing credit risk in the commercial real estate, multi-family mortgage, construction, commercial, equipment financing, condominium association and other consumer loan and lease classes are defined as follows: 1 -4 Rating—Pass Loan rating grades "1" through "4" are classified as "Pass," which indicates borrowers are performing in accordance with the terms of the loan and are less likely to result in loss due to the capacity of the borrower to pay and the adequacy of the value of assets pledged as collateral. 5 Rating—OAEM Borrowers exhibit potential credit weaknesses or downward trends deserving management's attention. If not checked or corrected, these trends will weaken the Company's asset and position. While potentially weak, currently these borrowers are marginally acceptable; no loss of principal or interest is envisioned. 6 Rating—Substandard Borrowers exhibit well defined weaknesses that jeopardize the orderly liquidation of debt. Substandard loans may be inadequately protected by the current net worth and paying capacity of the obligors or by the collateral pledged, if any. Normal repayment from the borrower is in jeopardy. Although no immediate loss of principal is envisioned, there is a distinct possibility that a partial loss of interest and/or principal will occur if the deficiencies are not corrected. Collateral coverage may be inadequate to cover the principal obligation. 7 Rating—Doubtful Borrowers exhibit well-defined weaknesses that jeopardize the orderly liquidation of debt with the added provision that the weaknesses make collection of the debt in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Serious problems exist to the point where partial loss of principal is likely. 8 Rating—Definite Loss Borrowers deemed incapable of repayment. Loans to such borrowers are considered uncollectible and of such little value that continuation as active assets of the Company is not warranted. Assets rated as "OAEM," "substandard" or "doubtful" based on criteria established under banking regulations are collectively referred to as "criticized" assets. Credit Quality Information The following table presents the amortized cost basis of loans in each class by credit quality indicator and year of origination as of September 30, 2025.
| September 30, 2025
| 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  | Revolving Loans |  | Revolving Loans Converted to Term Loans |  | Total
|  |  | (In Thousands)
Commercial Real Estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 402,953 |  |  | $ | 523,525 |  |  | $ | 795,627 |  |  | $ | 1,355,173 |  |  | $ | 1,186,218 |  |  | $ | 2,653,248 |  |  | $ | 45,164 |  |  | $ | 15,057 |  |  | $ | 6,976,965 |
OAEM | — |  |  | 1,789 |  |  | 8,901 |  |  | 36,175 |  |  | 51,271 |  |  | 58,551 |  |  | 750 |  |  | 393 |  |  | 157,830 |
Substandard | — |  |  | 23,105 |  |  | 3,979 |  |  | 60,773 |  |  | 10,579 |  |  | 86,351 |  |  | 2,424 |  |  | — |  |  | 187,211 |
Total | 402,953 |  |  | 548,419 |  |  | 808,507 |  |  | 1,452,121 |  |  | 1,248,068 |  |  | 2,798,150 |  |  | 48,338 |  |  | 15,450 |  |  | 7,322,006 |
| September 30, 2025
| 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  | Revolving Loans |  | Revolving Loans Converted to Term Loans |  | Total
|  |  | (In Thousands)
Current-period gross writeoffs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,467 |  |  | — |  |  | — |  |  | 1,467 |
Multi-Family Mortgage |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 91,778 |  |  | 101,283 |  |  | 120,371 |  |  | 592,148 |  |  | 301,076 |  |  | 839,979 |  |  | 7,094 |  |  | 37,900 |  |  | 2,091,629 |
OAEM | — |  |  | — |  |  | — |  |  | 10,923 |  |  | — |  |  | 1,206 |  |  | — |  |  | — |  |  | 12,129 |
Substandard | — |  |  | — |  |  | — |  |  | 2,863 |  |  | 11,477 |  |  | 12,239 |  |  | — |  |  | — |  |  | 26,579 |
Total | 91,778 |  |  | 101,283 |  |  | 120,371 |  |  | 605,934 |  |  | 312,553 |  |  | 853,424 |  |  | 7,094 |  |  | 37,900 |  |  | 2,130,337 |
Current-period gross writeoffs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,220 |  |  | — |  |  | — |  |  | 2,220 |
Construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 114,889 |  |  | 118,783 |  |  | 189,288 |  |  | 225,096 |  |  | 15,949 |  |  | 1,159 |  |  | 4,014 |  |  | — |  |  | 669,178 |
OAEM | — |  |  | — |  |  | — |  |  | 44,539 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 44,539 |
Substandard | — |  |  | — |  |  | — |  |  | 27,217 |  |  | 18,795 |  |  | — |  |  | — |  |  | — |  |  | 46,012 |
Total | 114,889 |  |  | 118,783 |  |  | 189,288 |  |  | 296,852 |  |  | 34,744 |  |  | 1,159 |  |  | 4,014 |  |  | — |  |  | 759,729 |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 249,312 |  |  | 333,508 |  |  | 324,860 |  |  | 204,309 |  |  | 176,870 |  |  | 190,558 |  |  | 1,085,700 |  |  | 6,432 |  |  | 2,571,549 |
OAEM | — |  |  | 6,749 |  |  | — |  |  | 20,654 |  |  | 174 |  |  | 5,006 |  |  | 49,537 |  |  | 357 |  |  | 82,477 |
Substandard | — |  |  | 2,503 |  |  | 4,797 |  |  | 5,217 |  |  | 8,520 |  |  | 11,819 |  |  | 42,034 |  |  | 737 |  |  | 75,627 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 11 |  |  | 11 |
Total | 249,312 |  |  | 342,760 |  |  | 329,657 |  |  | 230,180 |  |  | 185,564 |  |  | 207,383 |  |  | 1,177,271 |  |  | 7,537 |  |  | 2,729,664 |
Current-period gross writeoffs | — |  |  | 405 |  |  | 210 |  |  | 5,145 |  |  | 72 |  |  | 20 |  |  | 967 |  |  | — |  |  | 6,819 |
Equipment Financing |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 153,241 |  |  | 258,341 |  |  | 287,346 |  |  | 232,495 |  |  | 105,490 |  |  | 114,360 |  |  | 2,900 |  |  | 4,436 |  |  | 1,158,609 |
OAEM | — |  |  | — |  |  | — |  |  | 1,140 |  |  | 672 |  |  | — |  |  | — |  |  | — |  |  | 1,812 |
Substandard | — |  |  | 3,168 |  |  | 12,224 |  |  | 7,704 |  |  | 2,876 |  |  | 4,235 |  |  | — |  |  | 11,546 |  |  | 41,753 |
Doubtful | — |  |  | — |  |  | — |  |  | 1,856 |  |  | — |  |  | 18 |  |  | — |  |  | — |  |  | 1,874 |
Total | 153,241 |  |  | 261,509 |  |  | 299,570 |  |  | 243,195 |  |  | 109,038 |  |  | 118,613 |  |  | 2,900 |  |  | 15,982 |  |  | 1,204,048 |
Current-period gross writeoffs | — |  |  | 550 |  |  | 4,976 |  |  | 4,538 |  |  | 896 |  |  | 1,888 |  |  | — |  |  | — |  |  | 12,848 |
| September 30, 2025
| 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  | Revolving Loans |  | Revolving Loans Converted to Term Loans |  | Total
|  |  | (In Thousands)
Other Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 10,009 |  |  | 22,311 |  |  | 24,639 |  |  | 11,378 |  |  | 6,397 |  |  | 12,201 |  |  | 79,931 |  |  | 17 |  |  | 166,883 |
OAEM | — |  |  | 5 |  |  | 3 |  |  | 28 |  |  | — |  |  | 2 |  |  | 10 |  |  | — |  |  | 48 |
Substandard | 5 |  |  | 68 |  |  | 59 |  |  | 46 |  |  | 51 |  |  | 84 |  |  | 85 |  |  | — |  |  | 398 |
Total | 10,014 |  |  | 22,384 |  |  | 24,701 |  |  | 11,452 |  |  | 6,448 |  |  | 12,287 |  |  | 80,026 |  |  | 17 |  |  | 167,329 |
Current-period gross writeoffs | 9 |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | 11 |  |  | — |  |  | — |  |  | 21 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 1,022,182 |  |  | 1,357,751 |  |  | 1,742,131 |  |  | 2,620,599 |  |  | 1,792,000 |  |  | 3,811,505 |  |  | 1,224,803 |  |  | 63,842 |  |  | 13,634,813 |
OAEM | — |  |  | 8,543 |  |  | 8,904 |  |  | 113,459 |  |  | 52,117 |  |  | 64,765 |  |  | 50,297 |  |  | 750 |  |  | 298,835 |
Substandard | 5 |  |  | 28,844 |  |  | 21,059 |  |  | 103,820 |  |  | 52,298 |  |  | 114,728 |  |  | 44,543 |  |  | 12,283 |  |  | 377,580 |
Doubtful | — |  |  | — |  |  | — |  |  | 1,856 |  |  | — |  |  | 18 |  |  | — |  |  | 11 |  |  | 1,885 |
Total | $ | 1,022,187 |  |  | $ | 1,395,138 |  |  | $ | 1,772,094 |  |  | $ | 2,839,734 |  |  | $ | 1,896,415 |  |  | $ | 3,991,016 |  |  | $ | 1,319,643 |  |  | $ | 76,886 |  |  | $ | 14,313,113 |
As of September 30, 2025, there were no loans categorized as definite loss. For residential mortgage and home equity loans, the borrowers' credit scores at origination contribute as a reserve metric in the retail loss rate model.
|  | At September 30, 2025
|  | 2025 | 2024 |  | 2023 |  | 2022 |  | 2021 |  |  | Prior |  | Revolving Loans |  | Revolving Loans Converted to Term Loans | Total
|  |  | (In Thousands)
Residential |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit Scores |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Over 700 |  | $ | 259,152 |  | $ | 349,012 |  |  | $ | 510,742 |  |  | $ | 548,127 |  |  | $ | 262,109 |  |  |  | $ | 783,493 |  |  | $ | 4,551 |  |  | $ | — |  | $ | 2,717,186 |
661 - 700 |  | 6,793 |  | 18,631 |  |  | 24,350 |  |  | 36,038 |  |  | 14,452 |  |  |  | 76,984 |  |  | 8 |  |  | — |  | 177,256 |
600 and below |  | 1,040 |  | 4,635 |  |  | 13,484 |  |  | 14,175 |  |  | 10,231 |  |  |  | 47,929 |  |  | — |  |  | — |  | 91,494 |
Data not available* |  | 17,314 |  | 6,970 |  |  | 5,849 |  |  | 105,540 |  |  | 6,091 |  |  |  | 149,724 |  |  | 624 |  |  | — |  | 292,112 |
Total |  | $ | 284,299 |  | $ | 379,248 |  |  | $ | 554,425 |  |  | $ | 703,880 |  |  | $ | 292,883 |  |  |  | $ | 1,058,130 |  |  | $ | 5,183 |  |  | $ | — |  | $ | 3,278,048 |
Current-period gross writeoffs |  | — |  | — |  |  | — |  |  | — |  |  | — |  |  |  | 1 |  |  | — |  |  | — |  | 1 |
Home Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit Scores |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Over 700 |  | $ | 1,920 |  | $ | 1,539 |  |  | $ | 3,857 |  |  | $ | 3,081 |  |  | $ | 864 |  |  |  | $ | 6,019 |  |  | $ | 537,977 |  |  | $ | 2,642 |  | $ | 557,899 |
661 - 700 |  | 87 |  | 25 |  |  | 162 |  |  | 187 |  |  | — |  |  |  | 557 |  |  | 57,437 |  |  | 1,195 |  | 59,650 |
600 and below |  | 55 |  | 90 |  |  | 676 |  |  | 76 |  |  | — |  |  |  | 318 |  |  | 26,461 |  |  | 2,736 |  | 30,412 |
Data not available* |  | 2 |  | — |  |  | 14 |  |  | — |  |  | — |  |  |  | 213 |  |  | 2,556 |  |  | — |  | 2,785 |
Total |  | $ | 2,064 |  | $ | 1,654 |  |  | $ | 4,709 |  |  | $ | 3,344 |  |  | $ | 864 |  |  |  | $ | 7,107 |  |  | $ | 624,431 |  |  | $ | 6,573 |  | $ | 650,746 |
Current-period gross writeoffs |  | — |  | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  | 10 |  |  | — |  | 10 |
_______________________________________________________________________________ * Primarily represents loans made to trusts and purchased mortgages. The following tables present the recorded investment in loans in each class as of December 31, 2024, by credit quality indicator.
| December 31, 2024
| 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Revolving Loans |  | Revolving Loans Converted to Term Loans |  | Total |
| (In Thousands) |
Commercial Real Estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 147,877 |  |  | $ | 395,770 |  |  | $ | 677,054 |  |  | $ | 740,805 |  |  | $ | 368,755 |  |  | $ | 1,493,198 |  |  | $ | 45,933 |  |  | $ | 16,620 |  |  | $ | 3,886,012 |  |
OAEM | 22,505 |  |  | — |  |  | 21,923 |  |  | 3,611 |  |  | 3,210 |  |  | 41,704 |  |  | — |  |  | 411 |  |  | 93,364 |  |
Substandard | — |  |  | — |  |  | 3,653 |  |  | 5,416 |  |  | — |  |  | 38,820 |  |  | — |  |  | — |  |  | 47,889 |  |
Total | 170,382 |  |  | 395,770 |  |  | 702,630 |  |  | 749,832 |  |  | 371,965 |  |  | 1,573,722 |  |  | 45,933 |  |  | 17,031 |  |  | 4,027,265 |  |
Current -period gross writeoffs | — |  |  | — |  |  | 552 |  |  | — |  |  | — |  |  | 3,874 |  |  | — |  |  | — |  |  | 4,426 |  |
Multi-Family Mortgage |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 16,197 |  |  | 67,890 |  |  | 244,419 |  |  | 243,977 |  |  | 153,294 |  |  | 572,534 |  |  | 5,937 |  |  | 38,001 |  |  | 1,342,249 |  |
OAEM | — |  |  | — |  |  | 11,606 |  |  | — |  |  | — |  |  | 3,855 |  |  | — |  |  | — |  |  | 15,461 |  |
| December 31, 2024
| 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Revolving Loans |  | Revolving Loans Converted to Term Loans |  | Total |
| (In Thousands) |
Substandard | — |  |  | — |  |  | 2,863 |  |  | 11,477 |  |  | — |  |  | 15,746 |  |  | — |  |  | — |  |  | 30,086 |  |
Total | 16,197 |  |  | 67,890 |  |  | 258,888 |  |  | 255,454 |  |  | 153,294 |  |  | 592,135 |  |  | 5,937 |  |  | 38,001 |  |  | 1,387,796 |  |
Construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 50,569 |  |  | 24,642 |  |  | 169,636 |  |  | 37,832 |  |  | 1,649 |  |  | 221 |  |  | 8,754 |  |  | — |  |  | 293,303 |  |
OAEM | — |  |  | — |  |  | 7,750 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7,750 |  |
Total | 50,569 |  |  | 24,642 |  |  | 177,386 |  |  | 37,832 |  |  | 1,649 |  |  | 221 |  |  | 8,754 |  |  | — |  |  | 301,053 |  |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 171,978 |  |  | 256,267 |  |  | 138,946 |  |  | 108,892 |  |  | 35,090 |  |  | 87,430 |  |  | 383,725 |  |  | 6,962 |  |  | 1,189,290 |  |
OAEM | — |  |  | — |  |  | — |  |  | 48 |  |  | — |  |  | 284 |  |  | 1,711 |  |  | — |  |  | 2,043 |  |
Substandard | — |  |  | 4 |  |  | — |  |  | 392 |  |  | 1,197 |  |  | 12,001 |  |  | 6,091 |  |  | 365 |  |  | 20,050 |  |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 329 |  |  | 331 |  |
Total | 171,978 |  |  | 256,271 |  |  | 138,946 |  |  | 109,332 |  |  | 36,287 |  |  | 99,717 |  |  | 391,527 |  |  | 7,656 |  |  | 1,211,714 |  |
Current-period gross writeoffs | 13 |  |  | 4 |  |  | 3,612 |  |  | 100 |  |  | 1,523 |  |  | 1,596 |  |  | — |  |  | — |  |  | 6,848 |  |
Equipment Financing |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 287,280 |  |  | 359,803 |  |  | 289,487 |  |  | 147,244 |  |  | 83,664 |  |  | 85,286 |  |  | 425 |  |  | 5,881 |  |  | 1,259,070 |  |
OAEM | — |  |  | — |  |  | 1,572 |  |  | 930 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,502 |  |
Substandard | — |  |  | 7,681 |  |  | 3,455 |  |  | 2,918 |  |  | 725 |  |  | 2,771 |  |  | — |  |  | 11,530 |  |  | 29,080 |  |
Doubtful | — |  |  | — |  |  | 4,283 |  |  | — |  |  | — |  |  | 15 |  |  | — |  |  | — |  |  | 4,298 |  |
Total | 287,280 |  |  | 367,484 |  |  | 298,797 |  |  | 151,092 |  |  | 84,389 |  |  | 88,072 |  |  | 425 |  |  | 17,411 |  |  | 1,294,950 |  |
Current-period gross writeoffs | 840 |  |  | 2,801 |  |  | 4,740 |  |  | 1,430 |  |  | 5,219 |  |  | 4,166 |  |  | — |  |  | — |  |  | 19,196 |  |
Other Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 373 |  |  | 176 |  |  | 84 |  |  | 873 |  |  | — |  |  | 2,057 |  |  | 60,789 |  |  | 15 |  |  | 64,367 |  |
Total | 373 |  |  | 176 |  |  | 84 |  |  | 873 |  |  | — |  |  | 2,057 |  |  | 60,789 |  |  | 15 |  |  | 64,367 |  |
Current-period gross writeoffs | 7 |  |  | — |  |  | 3 |  |  | — |  |  | 1 |  |  | 12 |  |  | — |  |  | — |  |  | 23 |  |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 674,274 |  |  | 1,104,548 |  |  | 1,519,626 |  |  | 1,279,623 |  |  | 642,452 |  |  | 2,240,726 |  |  | 505,563 |  |  | 67,479 |  |  | 8,034,291 |  |
OAEM | 22,505 |  |  | — |  |  | 42,851 |  |  | 4,589 |  |  | 3,210 |  |  | 45,843 |  |  | 1,711 |  |  | 411 |  |  | 121,120 |  |
Substandard | — |  |  | 7,685 |  |  | 9,971 |  |  | 20,203 |  |  | 1,922 |  |  | 69,338 |  |  | 6,091 |  |  | 11,895 |  |  | 127,105 |  |
Doubtful | — |  |  | — |  |  | 4,283 |  |  | — |  |  | — |  |  | 17 |  |  | — |  |  | 329 |  |  | 4,629 |  |
Total | $ | 696,779 |  |  | $ | 1,112,233 |  |  | $ | 1,576,731 |  |  | $ | 1,304,415 |  |  | $ | 647,584 |  |  | $ | 2,355,924 |  |  | $ | 513,365 |  |  | $ | 80,114 |  |  | $ | 8,287,145 |  |
As of December 31, 2024, there were no loans categorized as definite loss.
| At December 31, 2024
| 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Revolving Loans |  | Revolving Loans Converted to Term Loans |  | Total
| (In Thousands)
Residential |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit Scores |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Over 700 | $ | 119,843 |  |  | $ | 75,397 |  |  | $ | 167,352 |  |  | $ | 204,738 |  |  | $ | 110,663 |  | $ | 341,746 |  |  | $ | 7,936 |  |  | $ | — |  |  | $ | 1,027,675 |
661 - 700 | 6,444 |  |  | 7,330 |  |  | 7,734 |  | 6,915 |  |  | 4,622 |  | 12,583 |  |  | — |  |  | — |  |  | 45,628 |
600 and below | 2,040 |  |  | 1,111 |  |  | 7,711 |  | 4,976 |  |  | 5,016 |  | 13,024 |  |  | — |  |  | — |  |  | 33,878 |
Data not available* | 31 |  |  | 537 |  |  | 1,349 |  |  | 881 |  |  | — |  | 4,753 |  |  | — |  |  | — |  |  | 7,551 |
Total | $ | 128,358 |  |  | $ | 84,375 |  |  | $ | 184,146 |  |  | $ | 217,510 |  |  | $120,301 |  | $ | 372,106 |  |  | $ | 7,936 |  |  | $ | — |  |  | $ | 1,114,732 |
Home Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit Scores |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Over 700 | $ | 1,696 |  |  | $ | 4,686 |  |  | $ | 3,492 |  | $ | 1,402 |  |  | $ | 529 |  | $ | 7,003 |  |  | $ | 316,187 |  |  | $ | 5,446 |  |  | $ | 340,441 |
661 - 700 | 166 |  |  | 400 |  |  | 21 |  | 38 |  |  | — |  | 326 |  |  | 18,700 |  |  | 505 |  |  | 20,156 |
600 and below | — |  |  | 405 |  |  | 132 |  | — |  |  | 18 |  | 373 |  |  | 12,121 |  |  | 1,195 |  |  | 14,244 |
Data not available* | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4 |  |  | 2,566 |  |  | — |  |  | 2,570 |
Total | $ | 1,862 |  |  | $ | 5,491 |  |  | $ | 3,645 |  | $ | 1,440 |  |  | $ | 547 |  | $ | 7,706 |  |  | $ | 349,574 |  |  | $ | 7,146 |  |  | $ | 377,411 |
Current-period gross writeoffs | $ | — |  |  | $ | — |  |  | 16 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | 16 |
_______________________________________________________________________________ * Primarily represents loans made to trusts and purchased mortgages. Age Analysis of Past Due Loans and Leases The following table presents an age analysis of the amortized cost basis in loans and leases as of September 30, 2025.
| At September 30, 2025 |
| Past Due |  |  |  |  |  | Past Due Greater Than 90 Days and Accruing |  |  |
| 31-60 Days |  | 61-90 Days |  | Greater Than 90 Days |  | Total |  | Current |  | Total Loans and Leases |  |  | Non-accrual | Non-accrual with No Related Allowance
| (In Thousands) |
Commercial real estate loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate | $ | 10,856 |  |  | $ | 1,194 |  |  | $ | 14,103 |  |  | $ | 26,153 |  |  | $ | 7,295,853 |  |  | $ | 7,322,006 |  |  | $ | 3,612 |  |  | $ | 30,213 |  | $ | 1,487 |
Multi-family mortgage | 152 |  |  | 1,055 |  |  | 17,334 |  |  | 18,541 |  |  | 2,111,796 |  |  | 2,130,337 |  |  | 14,340 |  |  | 2,994 |  | — |
Construction | — |  |  | — |  |  | 535 |  |  | 535 |  |  | 759,194 |  |  | 759,729 |  |  | — |  |  | 535 |  | — |
Total commercial real estate loans | 11,008 |  |  | 2,249 |  |  | 31,972 |  |  | 45,229 |  |  | 10,166,843 |  |  | 10,212,072 |  |  | 17,952 |  |  | 33,742 |  | 1,487 |
Commercial loans and leases: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial | 5,003 |  |  | 2,386 |  |  | 15,249 |  |  | 22,638 |  |  | 2,707,026 |  |  | 2,729,664 |  |  | 1,629 |  |  | 14,035 |  | 3,659 |
Equipment financing | 13,567 |  |  | 4,415 |  |  | 36,084 |  |  | 54,066 |  |  | 1,149,982 |  |  | 1,204,048 |  |  | 200 |  |  | 41,793 |  | 4,387 |
Total commercial loans and leases | 18,570 |  |  | 6,801 |  |  | 51,333 |  |  | 76,704 |  |  | 3,857,008 |  |  | 3,933,712 |  |  | 1,829 |  |  | 55,828 |  | 8,046 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage | 5,352 |  |  | 1,929 |  |  | 8,229 |  |  | 15,510 |  |  | 3,262,538 |  |  | 3,278,048 |  |  | 3,238 |  |  | 6,597 |  | 520 |
Home equity | 1,732 |  |  | 720 |  |  | 1,238 |  |  | 3,690 |  |  | 647,056 |  |  | 650,746 |  |  | 380 |  |  | 2,220 |  | — |
Other consumer | 164 |  |  | 62 |  |  | 413 |  |  | 639 |  |  | 166,690 |  |  | 167,329 |  |  | 171 |  |  | 243 |  | — |
Total consumer loans | 7,248 |  |  | 2,711 |  |  | 9,880 |  |  | 19,839 |  |  | 4,076,284 |  |  | 4,096,123 |  |  | 3,789 |  |  | 9,060 |  | 520 |
Total loans and leases | $ | 36,826 |  |  | $ | 11,761 |  |  | $ | 93,185 |  |  | $ | 141,772 |  |  | $ | 18,100,135 |  |  | $ | 18,241,907 |  |  | $ | 23,570 |  |  | $ | 98,630 |  | $ | 10,053 |
The Company did not recognize any interest income on nonaccrual loans for the three and nine months ended September 30, 2025. The following tables present an age analysis of the recorded investment in originated and acquired loans and leases as of December 31, 2024.
| At December 31, 2024 |
| Past Due |  |  |  |  |  | Loans and Leases Past Due Greater Than 90 Days and Accruing |  |  | Non-accrual with No Related Allowance
| 31-60 Days |  | 61-90 Days |  | Greater Than 90 Days |  | Total |  | Current |  | Total Loans and Leases |  |  | Non-accrual
| (In Thousands) |
Commercial real estate loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate | $ | 6,570 |  |  | $ | 1,685 |  |  | $ | 12,153 |  |  | $ | 20,408 |  |  | $ | 4,006,857 |  |  | $ | 4,027,265 |  |  | $ | 629 |  |  | $ | 11,525 |  | $ | 683 |
Multi-family mortgage | 2,863 |  |  | — |  |  | 6,469 |  |  | 9,332 |  |  | 1,378,464 |  |  | 1,387,796 |  |  | — |  |  | 6,596 |  | 6,605 |
Construction | — |  |  | — |  |  | — |  |  | — |  |  | 301,053 |  |  | 301,053 |  |  | — |  |  | — |  | — |
Total commercial real estate loans | 9,433 |  |  | 1,685 |  |  | 18,622 |  |  | 29,740 |  |  | 5,686,374 |  |  | 5,716,114 |  |  | 629 |  |  | 18,121 |  | 7,288 |
Commercial loans and leases: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial | 783 |  |  | 1,693 |  |  | 695 |  |  | 3,171 |  |  | 1,208,543 |  |  | 1,211,714 |  |  | — |  |  | 14,676 |  | 326 |
Equipment financing | 6,140 |  |  | 2,508 |  |  | 27,070 |  |  | 35,718 |  |  | 1,259,232 |  |  | 1,294,950 |  |  | — |  |  | 31,509 |  | 2,180 |
Total commercial loans and leases | 6,923 |  |  | 4,201 |  |  | 27,765 |  |  | 38,889 |  |  | 2,467,775 |  |  | 2,506,664 |  |  | — |  |  | 46,185 |  | 2,506 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage | 2,015 |  |  | — |  |  | 2,057 |  |  | 4,072 |  |  | 1,110,660 |  |  | 1,114,732 |  |  | 130 |  |  | 3,999 |  | 2,359 |
Home equity | 818 |  |  | 233 |  |  | 135 |  |  | 1,186 |  |  | 376,225 |  |  | 377,411 |  |  | 52 |  |  | 1,043 |  | — |
Other consumer | 4 |  |  | — |  |  | 1 |  |  | 5 |  |  | 64,362 |  |  | 64,367 |  |  | — |  |  | 1 |  | — |
Total consumer loans | 2,837 |  |  | 233 |  |  | 2,193 |  |  | 5,263 |  |  | 1,551,247 |  |  | 1,556,510 |  |  | 182 |  |  | 5,043 |  | 2,359 |
Total loans and leases | $ | 19,193 |  |  | $ | 6,119 |  |  | $ | 48,580 |  |  | $ | 73,892 |  |  | $ | 9,705,396 |  |  | $ | 9,779,288 |  |  | $ | 811 |  |  | $ | 69,349 |  | $ | 12,153 |
Individually Evaluated Loans and Leases Loans and leases which do not share similar risk characteristics with other loans are individually evaluated for credit losses. A loan is individually evaluated when, based on current information and events, it is probable that the Company will be unable to collect all amounts due (both interest and principal) according to the contractual terms of the loan agreement. The loans and leases risk-rated "substandard" or worse are individually evaluated. Specific reserves are established for loans and leases with deterioration in the present value of expected future cash flows or, in the case of collateral-dependent loans and leases, any increase in the loan or lease amortized cost basis over the fair value of the underlying collateral discounted for estimated selling costs. In contrast, the loans and leases which share similar risk characteristics and are not included in the individually evaluated population are collectively evaluated for credit losses. The following tables present information regarding individually evaluated and collectively evaluated allowance for loan and lease losses for credit losses on loans and leases at the dates indicated.
| At September 30, 2025
| Commercial Real Estate |  | Commercial |  | Consumer |  |  |  | Total
| (In Thousands)
Allowance for Loan and Lease Losses: |  |  |  |  |  |  |  |  |
Individually evaluated | $ | 41,210 |  |  | $ | 28,049 |  |  | $ | 183 |  |  |  |  | $ | 69,442 |
Collectively evaluated | 106,690 |  |  | 52,126 |  |  | 25,477 |  |  |  |  | 184,293 |
Total | $ | 147,900 |  |  | $ | 80,175 |  |  | $ | 25,660 |  |  |  |  | $ | 253,735 |
Loans and Leases: |  |  |  |  |  |  |  |  |
Individually evaluated | $ | 265,178 |  |  | $ | 126,783 |  |  | $ | 2,150 |  |  |  |  | $ | 394,111 |
Collectively evaluated | 9,946,894 |  |  | 3,806,929 |  |  | 4,093,973 |  |  |  |  | 17,847,796 |
Total | $ | 10,212,072 |  |  | $ | 3,933,712 |  |  | $ | 4,096,123 |  |  |  |  | $ | 18,241,907 |
| At December 31, 2024
| Commercial Real Estate |  | Commercial |  | Consumer |  |  |  | Total
| (In Thousands)
Allowance for Loan and Lease Losses: |  |  |  |  |  |  |  |  |
Individually evaluated | $ | 3,566 |  |  | $ | 13,967 |  |  | $ | 13 |  |  |  |  | $ | 17,546 |
Collectively evaluated | 70,605 |  |  | 30,202 |  |  | 6,730 |  |  |  |  | 107,537 |
Total loans and leases | $ | 74,171 |  |  | $ | 44,169 |  |  | $ | 6,743 |  |  |  |  | $ | 125,083 |
Loans and Leases: |  |  |  |  |  |  |  |  |
Individually evaluated | $ | 77,983 |  |  | $ | 47,819 |  |  | $ | 2,626 |  |  |  |  | $ | 128,428 |
Collectively evaluated | 5,638,131 |  |  | 2,458,845 |  |  | 1,553,884 |  |  |  |  | 9,650,860 |
Total loans and leases | $ | 5,716,114 |  |  | $ | 2,506,664 |  |  | $ | 1,556,510 |  |  |  |  | $ | 9,779,288 |
Loan Modifications The following tables present the amortized cost basis of loan modifications made to borrowers experiencing financial difficulty during the periods indicated.
| Three Months Ended September 30, 2025 |  |
| Number of Loans |  | Amortized Cost |  | % of Total Class of Loans and Leases |  | Financial Effect |  |
|  |  | (In thousands) |  |  |  |  |  |
Maturity Extension: |  |  |  |  |  |  |  |  |
C&I | 2 |  | $ | 7,216 |  |  | 0.18 | % |  | One loan was given a 12 month maturity extension to assist the borrower and another loan was given a 5 month maturity extension. The financial effect was deemed "de minimis". |  |
Combination - Maturity Extension and Significant Payment Delays |  |  |  |  |  |  |  |  |
C&I | 4 |  | 2,246 |  | 0.06 | % |  | These loans were given 6 month maturity extension and 6 months of interest-only payments. |  |
Total | 6 |  | $ | 9,462 |  |  |  |  |  |  |
| Three Months Ended September 30, 2024 |  |
| Number of Loans |  | Amortized Cost |  | % of Total Class of Loans and Leases |  | Financial Effect |  |
|  |  | (In thousands) |  |  |  |  |  |
Significant Payment Delays: |  |  |  |  |  |  |  |  |
C&I | 2 |  | $ | 2,551 |  |  | 0.24 | % |  | These loans were given principal payment deferrals for one year. The financial effect was deemed "de minimis." |  |
Combination - Maturity Extension and Interest Rate Reduction: |  |  |  |  |  |  |  |  |
Commercial Real Estate | 1 |  | $ | 8,284 |  |  | 0.20 | % |  | This loan was given a 3 year maturity extension with a 5.0% pay rate and 7.0% accrue rate. The financial effect was deemed "de minimis." |  |
Home Equity | 1 |  | $ | 269 |  |  | 0.07 | % |  | This loan was reamortized over 30 years and extended the prior maturity date 20 years, with a reduction in rate to 6.8% fixed The financial effect was deemed "de minimis." |  |
Combination - Maturity Extension, Interest Rate Reduction, and Significant Payment Delay: |  |  |  |  |  |  |  |  |
C&I | 1 |  | $ | 604 |  |  | 0.06 | % |  | Line of credit renewed for one year, interest only, with a reduction in rate from 10.3% variable to 7.5% fixed. The financial effect was deemed "de minimis." |  |
Total | 5 |  | $ | 11,708 |  |  |  |  |  |  |
| Nine Months Ended September 30, 2025
| Number of Loans |  | Amortized Cost |  | % of Total Class of Loans and Leases |  | Financial Effect
|  |  | (In thousands) |  |  |  |
Maturity Extension: |  |  |  |  |  |  |
C&I | 6 |  | $ | 8,710 |  |  | 0.22 | % |  | Loans were given multi-month extensions up to 15 months to assist the borrowers. The financial effect was deemed "de minimis".
Significant Payment Delays: |  |  |  |  |  |  |
CRE | 1 |  | 3,827 |  |  | 0.04 | % |  | This loan was given principal payments deferrals for 12 months. The financial effect was deemed "de minimis."
Combination - Maturity Extension and Significant Payment Delays |  |  |  |  |  |  |
C&I | 4 |  | 2,246 |  |  | 0.06 | % |  | These loans were given 6 month maturity extension and 6 months of interest-only payments. The financial effect was deemed "de minimis."
Combination - Maturity Extension and Interest Rate Reduction: |  |  |  |  |  |  |
C&I | 2 |  | $ | 267 |  |  | 0.01 | % |  | These loans were given 36 month extensions, and reductions in their stated interest rates of 2.3%. The financial effect was deemed "de minimis."
Total | 13 |  | $ | 15,050 |  |  |  |  |
| Nine Months Ended September 30, 2024
| Number of Loans |  | Amortized Cost |  | % of Total Class of Loans and Leases |  | Financial Effect
|  |  | (In thousands) |  |  |  |
Maturity Extension: |  |  |  |  |  |  |
CRE |  |  |  |  |  |  |
C&I | 2 |  | $ | 123 |  |  | 0.01 | % |  | One loan was given 6 months of interest-only payments and 6 months added to the term of the loan and the other loan was given a 2 month deferment of payments along with 13 months added to the term of the loan. The financial effect was deemed "de minimis".
Significant Payment Delays |  |  |  |  |  |  |
C&I | 14 |  | 15,490 |  |  | 1.43 | % |  | Some of these loans and letters of credit were given a two quarter (6 month) payment forbearance, while one was given a 30 month term extension, and another was given one year of payment deferrals. The financial effect was deemed "de minimis".
Combination - Maturity Extension and Significant Payment Delays: |  |  |  |  |  |  |
C&I | 2 |  | 1,586 |  |  | 0.15 | % |  | These loans were given 6 months maturity extensions and 6 months of interest-only payments. The financial effect was deemed "de minimis".
Combination - Maturity Extension and Interest Rate Reduction: |  |  |  |  |  |  |
Commercial Real Estate | 1 |  | 8,284 |  |  | 0.20 | % |  | This loan was given a maturity extension of 3 years with a 5.0% pay rate and 7.0% accrue rate. The financial effect was deemed "de minimis."
C&I | 2 |  | 110 |  |  | 0.01 | % |  | These loans were given 25 month extensions, and reductions in their stated interest rates of 7.5%. The financial effect was deemed "de minimis."
Home Equity | 1 |  | 269 |  |  | 0.07 | % |  | This loan was reamortized over 30 years and extended the prior maturity date 20 years, with a reduction in rate to 6.8% fixed. The financial effect was deemed "de minimis."
Combination - Maturity Extension and Interest Rate Reduction, and Significant Payment Delay: |  |  |  |  |  |  |
C&I | 1 |  | 604 |  |  | 0.06 | % |  | Line of credit renewed for one year, interest only, with a reduction in rate from 10.3% variable to 7.5% fixed. The financial effect was deemed "de minimis."
Total | 23 |  | $ | 26,466 |  |  |  |  |
The following tables present the aging analysis of loan modifications made to borrowers experiencing financial difficulty during the periods indicated.
| Three Months Ended September 30, 2025
| Current |  | 30-60 Days Past Due |  | 61-90 Days Past Due |  | 90+ Days Past Due |  | Modified
| (In thousands)
Total Modifications | $ | 9,462 |  |  |  |  | — |  |  | — |  |  | — |
| Three Months Ended September 30, 2024
| Current |  | 30-60 Days Past Due |  | 61-90 Days Past Due |  | 90+ Days Past Due |  | Modified
| (In thousands)
Total Modifications | $ | 11,708 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
| Nine Months Ended September 30, 2025
| Current |  | 30-60 Days Past Due |  | 61-90 Days Past Due |  | 90+ Days Past Due |  | Modified |  |  |  |
| (In thousands)
Total Modifications | $ | 14,132 |  |  | 80 |  |  | — |  |  | 837 |  |  | — |  |  |  |  |
| Nine Months Ended September 30, 2024
| Current |  | 30-60 Days Past Due |  | 61-90 Days Past Due |  | 90+ Days Past Due |  | Modified |  |  |  |
| (In thousands)
Total Modifications | $ | 26,379 |  |  | $ | 60,862 |  |  | $ | 27,031 |  |  | $ | — |  |  | $ | — |  |  |  |  |

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