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Loans and Allowance for Credit Losses (Tables)
6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
Schedule of Composition of Loans
The following table summarizes the composition of originated and acquired loans as of the dates presented:
(dollars in thousands)June 30, 2025December 31, 2024
Commercial real estate$2,824,473 $2,708,531 
Commercial and industrial1,320,652 1,351,637 
Commercial construction386,239 341,266 
Business banking1,319,410 1,303,258 
Consumer real estate1,983,483 1,933,509 
Other consumer100,177 104,757 
Total Loans(1)
$7,934,434 $7,742,958 
(1) Excludes interest receivable of $32.8 million at June 30, 2025 and $32.7 million at December 31, 2024. Interest receivable is included in other assets in the Consolidated Balance Sheets.
Summary of Restructured Loans for Periods Presented
The following tables present the amortized cost of loans to borrowers experiencing financial difficulty by portfolio segment and type of modification during the periods presented:
Three Months Ended June 30, 2025
(dollars in thousands)Term ExtensionPayment Delays (Other Than Insignificant)Term Extension and Payment DelaysTotal% of Portfolio Segment
Commercial and industrial$9,549 $— $— $9,549 0.72 %
Consumer real estate14 — 630 644 0.03 %
Total
$9,563 $ $630 $10,193 0.13 %
Three Months Ended June 30, 2024
(dollars in thousands)Term ExtensionPayment Delays (Other Than Insignificant)Term Extension and Payment DelaysTotal% of Portfolio Segment
Commercial real estate$3,358 $— $— $3,358 0.13 %
Commercial and industrial9,090 12,339 — 21,429 1.51 %
Consumer real estate107 — — 107 0.01 %
Total
$12,555 $12,339 $ $24,894 0.32 %
Six Months Ended June 30, 2025
(dollars in thousands)Term ExtensionPayment Delays (Other Than Insignificant)Term Extension and Payment DelaysTotal% of Portfolio Segment
Commercial and industrial$9,549 — $2,042 $11,591 0.88 %
Consumer real estate276 — 630 906 0.05 %
Total
$9,825 $ $2,672 $12,497 0.16 %
Six Months Ended June 30, 2024
(dollars in thousands)Term ExtensionPayment Delays (Other Than Insignificant)Term Extension and Interest Rate ReductionTotal% of Portfolio Segment
Commercial real estate$4,188 $— $— $4,188 0.16 %
Commercial and industrial9,090 12,339 — 21,429 1.51 %
Consumer real estate107 — — 107 0.01 %
Total
$13,385 $12,339 $ $25,724 0.33 %
The following tables describe the effect of loan modifications made to borrowers experiencing financial difficulty during the periods presented:
Three Months Ended June 30, 2025Six Months Ended June 30, 2025
Weighted-Average Term Extension (in months)Weighted-Average Term Extension and Payment Delays (in months)Weighted-Average Term Extension (in months)Weighted-Average Term Extension and Payment Delays (in months)
Commercial and industrial7713
Consumer real estate961312113
Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Weighted-Average Term Extension (in Months)Weighted-Average Payment Deferral
(in Months)
Weighted-Average Term Extension (in Months)Weighted-Average Payment Deferral
(in Months)
Commercial real estate88
Commercial and industrial106106
Consumer real estate6868
Summary of Aging Analysis of Modifications The following tables present the aging analysis of modifications in the last 12 months to borrowers experiencing financial difficulty as of the dates presented:
June 30, 2025
(dollars in thousands)Current30-59 Days Past Due60-89 Days Past Due90+ Days Past DueTotal
Commercial real estate$541 $— $— $— $541 
Commercial and industrial11,591 — — — 11,591 
Commercial construction— — — — — 
Consumer real estate995 117 98 75 1,285 
Total$13,127 $117 $98 $75 $13,417 
June 30, 2024
(dollars in thousands)Current30-59 Days Past Due60-89 Days Past Due90+ Days Past DueTotal
Commercial real estate$4,188 $— $— $— $4,188 
Commercial and industrial21,429 — — — 21,429 
Business banking110 — — — 110 
Consumer real estate107 — — — 107 
Total$25,834 $ $ $ $25,834 
Schedule of Loans Credit Quality Indicators
The following tables present loan balances by year of origination and internally assigned risk rating for our portfolio segments as of the dates presented:
June 30, 2025
Risk Rating by Year of Origination
(dollars in thousands)202520242023202220212020 and PriorRevolvingRevolving-TermTotal
Commercial Real Estate
Pass$256,433 $283,027 $291,889 $352,175 $386,657 $1,144,116 $42,783 $— $2,757,080 
Special mention— — 225 330 1,814 39,664 254 — 42,287 
Substandard— — 3,936 975 — 20,195 — — 25,106 
Doubtful— — — — — — — — — 
Total Commercial Real Estate256,433 283,027 296,050 353,480 388,471 1,203,975 43,037  2,824,473 
Year-to-date Gross Charge-offs         
Commercial and Industrial
Pass56,481 116,416 121,931 178,019 110,610 167,318 475,019 — 1,225,794 
Special mention— — 2,028 670 13,680 20,338 — 36,725 
Substandard— 531 1,759 — 19,373 5,729 30,741 — 58,133 
Doubtful— — — — — — — — — 
Total Commercial and Industrial56,481 116,947 125,718 178,689 129,992 186,727 526,098  1,320,652 
Year-to-date Gross Charge-offs256   172     428 
Commercial Construction
Pass79,460 127,168 101,433 41,765 12,273 1,358 7,284 — 370,741 
Special mention— — — 14,629 — — — — 14,629 
Substandard— 869 — — — — — — 869 
Doubtful         
Total Commercial Construction79,460 128,037 101,433 56,394 12,273 1,358 7,284  386,239 
Year-to-date Gross Charge-offs   119     119 
Business Banking
Pass95,474 142,007 216,736 212,660 165,531 367,966 95,412 388 1,296,174 
Special mention— 384 — 94 798 4,228 33 162 5,699 
Substandard— 19 2,839 1,557 3,773 8,532 254 563 17,537 
Doubtful— — — — — — — — — 
Total Business Banking95,474 142,410 219,575 214,311 170,102 380,726 95,699 1,113 1,319,410 
Year-to-date Gross Charge-offs  131 1 34 156   322 
Consumer Real Estate
Pass75,177 223,259 312,437 316,024 128,049 295,095 591,452 29,860 1,971,353 
Special mention— — — — — 91 — — 91 
Substandard— 157 1,322 299 189 5,406 1,803 2,863 12,039 
Doubtful— — — — — — — — — 
Total Consumer Real Estate75,177 223,416 313,759 316,323 128,238 300,592 593,255 32,723 1,983,483 
Year-to-date Gross Charge-offs 7 38   83 30 394 552 
Other Consumer
Pass4,160 6,437 5,229 5,524 2,005 1,431 69,417 5,775 99,978 
Special mention— — — — — — — — — 
Substandard— — 17 — 15 149 — 18 199 
Doubtful— — — — — — — — — 
Total Other Consumer4,160 6,437 5,246 5,524 2,020 1,580 69,417 5,793 100,177 
Year-to-date Gross Charge-offs338 6 28 51 19 55  622 1,119 
Pass567,185 898,314 1,049,655 1,106,167 805,125 1,977,284 1,281,367 36,023 7,721,120 
Special mention— 384 2,253 15,723 2,621 57,663 20,625 162 99,431 
Substandard— 1,576 9,873 2,831 23,350 40,011 32,798 3,444 113,883 
Doubtful— — — — — — — — — 
Total Loan Balance$567,185 $900,274 $1,061,781 $1,124,721 $831,096 $2,074,958 $1,334,790 $39,629 $7,934,434 
Year-to-date Gross Charge-offs$594 $13 $197 $343 $53 $294 $30 $1,016 $2,540 
December 31, 2024
Risk Rating by Year of Origination
(dollars in thousands)202420232022202120202019 and PriorRevolvingRevolving-TermTotal
Commercial Real Estate
Pass$278,187 $287,081 $362,174 $413,781 $213,384 $1,040,703 $35,737 $— $2,631,047 
Special mention— 2,000 370 1,840 — 46,104 254 — 50,568 
Substandard— — 985 — 1,834 23,683 — — 26,502 
Doubtful— — — — 414 — — — 414 
Total Commercial Real Estate278,187 289,081 363,529 415,621 215,632 1,110,490 35,991  2,708,531 
Year-to-date Gross Charge-offs     5,205   5,205 
Commercial and Industrial
Pass119,580 147,007 194,363 131,877 30,093 175,359 466,640 — 1,264,919 
Special mention— 20 1,221 142 10 14,896 11,033 — 27,322 
Substandard563 1,073 172 20,586 740 7,171 25,355 — 55,660 
Doubtful— — — 366 469 — 2,901 — 3,736 
Total Commercial and Industrial120,143 148,100 195,756 152,971 31,312 197,426 505,929  1,351,637 
Year-to-date Gross Charge-offs 78  1,235  91 1,032  2,436 
Commercial Construction
Pass119,355 121,816 57,853 14,911 884 2,139 8,310 — 325,268 
Special mention— — 15,998 — — — — — 15,998 
Substandard— — — — — — — — — 
Doubtful— — — — — — — — — 
Total Commercial Construction119,355 121,816 73,851 14,911 884 2,139 8,310  341,266 
Year-to-date Gross Charge-offs         
Business Banking
Pass149,603 230,784 225,318 173,763 76,087 332,707 92,756 597 1,281,615 
Special mention— — 49 130 147 4,302 35 268 4,931 
Substandard21 2,257 1,287 3,790 409 8,318 190 440 16,712 
Doubtful— — — — — — — — — 
Total Business Banking149,624 233,041 226,654 177,683 76,643 345,327 92,981 1,305 1,303,258 
Year-to-date Gross Charge-offs 79 124  56 1,486   1,745 
Consumer Real Estate
Pass217,250 334,532 324,346 133,155 95,301 223,799 569,386 24,940 1,922,709 
Special mention— — — — — 99 — — 99 
Substandard— 1,231 43 192 203 5,564 1,172 2,296 10,701 
Doubtful— — — — — — — — — 
Total Consumer Real Estate217,250 335,763 324,389 133,347 95,504 229,462 570,558 27,236 1,933,509 
Year-to-date Gross Charge-offs    9 37 86 1,216 1,348 
Other Consumer
Pass8,456 6,849 7,349 3,228 1,758 468 71,039 5,425 104,572 
Special mention— — — — — — — — — 
Substandard— — — 21 10 150 — 185 
Doubtful— — — — — — — — — 
Total Other Consumer8,456 6,849 7,349 3,249 1,768 618 71,039 5,429 104,757 
Year-to-date Gross Charge-offs839 34 164 103 26 18  270 1,454 
Pass892,431 1,128,069 1,171,403 870,715 417,507 1,775,175 1,243,868 30,962 7,530,130 
Special mention— 2,020 17,638 2,112 157 65,401 11,322 268 98,918 
Substandard584 4,561 2,487 24,589 3,196 44,886 26,717 2,740 109,760 
Doubtful— — — 366 883 — 2,901 — 4,150 
Total Loan Balance$893,015 $1,134,650 $1,191,528 $897,782 $421,743 $1,885,462 $1,284,808 $33,970 $7,742,958 
Year-to-date Gross Charge-offs$839 $191 $288 $1,338 $91 $6,837 $1,118 $1,486 $12,188 
The following tables present collateral-dependent loans as of the dates presented:
June 30, 2025
Type of Collateral
(dollars in thousands)Real EstateBusiness
Assets
Commercial real estate$1,972$
Commercial and industrial4,169
Total$1,972$4,169
December 31, 2024
Type of Collateral
(dollars in thousands)Real EstateBusiness
Assets
Commercial real estate$2,028$
Commercial and industrial9,937
Total$2,028$9,937
Schedule of Age Analysis of Past Due Loans Segregated by Class of Loans
The following tables present the age analysis of past due loans segregated by class of loans as of the dates presented:
June 30, 2025
(dollars in thousands)Current30-59 Days
Past Due
60-89 Days
Past Due
NonaccrualTotal Past
Due Loans
Total Loans
Commercial real estate$2,813,067 $2,147 $7,027 $2,232 $11,406 $2,824,473 
Commercial and industrial1,315,373 819 — 4,460 5,279 1,320,652 
Commercial construction385,370 — — 869 869 386,239 
Business banking1,313,288 1,281 1,190 3,651 6,122 1,319,410 
Consumer real estate1,969,296 1,731 2,540 9,916 14,187 1,983,483 
Other consumer99,637 330 26 184 540 100,177 
Total$7,896,031 $6,308 $10,783 $21,312 $38,403 $7,934,434 
December 31, 2024
(dollars in thousands)Current30-59 Days
Past Due
60-89 Days
Past Due
NonaccrualTotal Past
Due Loans
Total Loans
Commercial real estate$2,705,303 $— $— $3,228 $3,228 $2,708,531 
Commercial and industrial1,338,053 415 1,996 11,173 13,584 1,351,637 
Commercial construction340,230 — 1,036 — 1,036 341,266 
Business banking1,297,651 2,336 283 2,988 5,607 1,303,258 
Consumer real estate1,918,150 2,464 2,577 10,318 15,359 1,933,509 
Other consumer104,156 216 155 230 601 104,757 
Total$7,703,543 $5,431 $6,047 $27,937 $39,415 $7,742,958 
Schedule of Allowance for Credit Loss
The following tables present activity in the ACL for the periods presented:
Three Months Ended June 30, 2025
(dollars in thousands)Commercial
Real Estate
Commercial and
Industrial
Commercial
Construction
Business BankingConsumer
Real Estate
Other
Consumer
Total Loans
Allowance for credit losses on loans:
Balance at beginning of period$29,895 $33,414 $5,880 $11,213 $15,907 $2,701 $99,010 
Provision for credit losses on loans(1)
438 (1,157)677 387 (206)589 728 
Charge-offs— (256)(89)(179)(390)(742)(1,656)
Recoveries79 — 40 216 161 498 
Net Recoveries (Charge-offs)2 (177)(89)(139)(174)(581)(1,158)
Balance at End of Period$30,335 $32,080 $6,468 $11,461 $15,527 $2,709 $98,580 
(1) Excludes the provision for credits losses for unfunded commitments.
Three Months Ended June 30, 2024
(dollars in thousands)Commercial
Real Estate
Commercial and
Industrial
Commercial
Construction
Business BankingConsumer
Real Estate
Other
Consumer
Total Loans
Allowance for credit losses on loans:
Balance at beginning of period$35,612 $34,207 $5,149 $11,798 $15,410 $2,626 $104,802 
Provision for credit losses on loans(1)
1,101 (149)198 (868)231 447 960 
Charge-offs— — — (96)(332)(417)(845)
Recoveries364 677 — 49 67 76 1,233 
Net Recoveries (Charge-offs)364 677  (47)(265)(341)388 
Balance at End of Period$37,077 $34,735 $5,347 $10,883 $15,376 $2,732 $106,150 
(1) Excludes the provision for credit losses for unfunded commitments.
Six Months Ended June 30, 2025
(dollars in thousands)Commercial
Real Estate
Commercial and
Industrial
Commercial
Construction
Business BankingConsumer
Real Estate
Other
Consumer
Total Loans
Allowance for credit losses on loans:
Balance at beginning of period$30,254 $37,084 $4,893 $10,681 $15,776 $2,806 $101,494 
Provision for credit losses on loans(1)
(54)(4,800)1,694 1,037 (47)387 (1,783)
Charge-offs— (428)(119)(322)(552)(1,119)(2,540)
Recoveries135 224 — 65 350 635 1,409 
Net Recoveries (Charge-offs)135 (204)(119)(257)(202)(484)(1,131)
Balance at End of Period$30,335 $32,080 $6,468 $11,461 $15,527 $2,709 $98,580 
(1) Excludes the provision for credits losses for unfunded commitments.
Six Months Ended June 30, 2024
(dollars in thousands)Commercial
Real Estate
Commercial and
Industrial
Commercial
Construction
Business BankingConsumer
Real Estate
Other
Consumer
Total Loans
Allowance for credit losses on loans:
Balance at beginning of period$37,886 $34,538 $5,382 $12,858 $14,663 $2,639 $107,966 
Provision for credit losses on loans(1)
3,938 532 (35)(1,862)1,089 723 4,385 
Charge-offs(5,205)(1,128)— (194)(471)(786)(7,784)
Recoveries458 793 — 81 95 156 1,583 
Net Charge-offs(4,747)(335) (113)(376)(630)(6,201)
Balance at End of Period$37,077 $34,735 $5,347 $10,883 $15,376 $2,732 $106,150 
(1) Excludes the provision for credits losses for unfunded commitments.
Schedule of Loans on Nonaccrual Status and Loans Past Due 90 days Or More
The following tables present loans on nonaccrual status by class of loan for the year-to-date periods presented:
June 30, 2025
(dollars in thousands)Beginning of Period NonaccrualEnd of Period NonaccrualNonaccrual With No Related Allowance
Interest Income
Recognized
on Nonaccrual(1)
Commercial real estate$3,228 $2,232 $1,972 $70 
Commercial and industrial11,173 4,460 4,169 58 
Commercial construction— 869 — 25 
Business banking2,988 3,651 — 69 
Consumer real estate10,318 9,916 — 300 
Other consumer230 184 — 
Total$27,937 $21,312 $6,141 $523 
(1) Represents only cash payments received and applied to interest on nonaccrual loans.
December 31, 2024
(dollars in thousands)Beginning of Period NonaccrualEnd of Period NonaccrualNonaccrual With No Related Allowance
Interest Income
Recognized
on Nonaccrual(1)
Commercial real estate$6,320 $3,228 $984 $116 
Commercial and industrial878 11,173 311 85 
Commercial construction4,960 — — 700 
Business banking4,147 2,988 — 93 
Consumer real estate6,312 10,318 — 392 
Other consumer330 230 — 
Total$22,947 $27,937 $1,295 $1,389 
(1) Represents only cash payments received and applied to interest on nonaccrual loans.