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Loans and Allowance for Credit Losses (Tables)
9 Months Ended
Sep. 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)September 30, 2025December 31, 2024
Commercial real estate$2,950,110 $2,708,531 
Commercial and industrial1,275,985 1,351,637 
Commercial construction307,012 341,266 
Business banking1,316,346 1,303,258 
Consumer real estate2,028,954 1,933,509 
Other consumer102,600 104,757 
Total Loans(1)
$7,981,007 $7,742,958 
(1) Excludes interest receivable of $32.9 million at September 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 September 30, 2025
(dollars in thousands)Term ExtensionTotal% of Portfolio Segment
Commercial real estate$14,574 $14,574 0.49 %
Commercial and industrial14,320 14,320 1.12 %
Total
$28,894 $28,894 0.36 %
Three Months Ended September 30, 2024
(dollars in thousands)Term ExtensionTotal% of Portfolio Segment
Commercial real estate$12,482 $12,482 0.47 %
Consumer real estate223 223 0.01 %
Total
$12,705 $12,705 0.17 %
Nine Months Ended September 30, 2025
(dollars in thousands)Term ExtensionPayment Delays (Other Than Insignificant)Term Extension and Payment DelaysTotal% of Portfolio Segment
Commercial real estate$14,574 — $— $14,574 0.49 %
Commercial and industrial22,097 — 1,992 24,089 1.89 %
Consumer real estate273 — — 273 0.01 %
Total
$36,944 $ $1,992 $38,936 0.49 %
Nine Months Ended September 30, 2024
(dollars in thousands)Term ExtensionPayment Delays (Other Than Insignificant)Term Extension and Interest Rate ReductionTotal% of Portfolio Segment
Commercial real estate$12,482 $— $— $12,482 0.47 %
Commercial and industrial9,499 12,340 — 21,839 1.60 %
Consumer real estate330 — — 330 0.02 %
Total
$22,311 $12,340 $ $34,651 0.45 %
The following tables describe the effect of loan modifications made to borrowers experiencing financial difficulty during the periods presented:
Three Months Ended September 30, 2025Nine Months Ended September 30, 2025
Weighted-Average Term Extension (in months)Weighted-Average Payment Deferral
(in months)
Weighted-Average Term Extension (in months)Weighted-Average Payment Delays
(in months)
Commercial real estate33
Commercial and industrial181413
Consumer real estate121
Three Months Ended September 30, 2024Nine Months Ended September 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 estate33
Commercial and industrial116
Consumer real estate9989
Summary of Aging Analysis of Modifications The following tables present an aging analysis since the date of modification for loans to borrowers experiencing financial difficulty that were modified in the last 12 months as of the dates presented:
September 30, 2025
(dollars in thousands)Current30-59 Days Past Due60-89 Days Past Due90+ Days Past DueTotal
Commercial real estate$470 $14,574 $— $— $15,044 
Commercial and industrial20,607 3,482 — — 24,089 
Consumer real estate184 — — 246 430 
Total$21,261 $18,056 $ $246 $39,563 
September 30, 2024
(dollars in thousands)Current30-59 Days Past Due60-89 Days Past Due90+ Days Past DueTotal
Commercial real estate$12,482 $— $— $— $12,482 
Commercial and industrial14,364 7,475 — — 21,839 
Business banking107 — — — 107 
Consumer real estate223 — — 107 330 
Total$27,176 $7,475 $ $107 $34,758 
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:
September 30, 2025
Risk Rating by Year of Origination
(dollars in thousands)202520242023202220212020 and PriorRevolvingRevolving-TermTotal
Commercial Real Estate
Pass$357,915 $313,154 $342,656 $354,445 $362,198 $1,069,815 $41,678 $— $2,841,861 
Special mention— 305 50 4,856 1,801 54,348 255 — 61,615 
Substandard— — 3,914 12,880 7,027 20,148 — — 43,969 
Doubtful— — — 2,665 — — — — 2,665 
Total Commercial Real Estate357,915 313,459 346,620 374,846 371,026 1,144,311 41,933  2,950,110 
Year-to-date Gross Charge-offs         
Commercial and Industrial
Pass99,681 100,997 117,316 156,876 84,173 162,396 470,903 — 1,192,342 
Special mention— — 215 1,646 13,184 7,068 — 22,119 
Substandard— 515 3,529 — 18,771 6,006 32,703 — 61,524 
Doubtful— — — — — — — — — 
Total Commercial and Industrial99,681 101,512 121,060 158,522 102,950 181,586 510,674  1,275,985 
Year-to-date Gross Charge-offs256  76 172   1,895  2,399 
Commercial Construction
Pass117,262 107,854 51,523 18,783 2,535 1,315 6,871 — 306,143 
Special mention— — — — — — — — — 
Substandard— 869 — — — — — — 869 
Doubtful         
Total Commercial Construction117,262 108,723 51,523 18,783 2,535 1,315 6,871  307,012 
Year-to-date Gross Charge-offs   119     119 
Business Banking
Pass144,317 133,243 210,066 204,442 161,253 347,258 93,749 476 1,294,804 
Special mention— 382 — 950 142 3,476 32 161 5,143 
Substandard— — 2,513 1,415 4,292 7,553 158 468 16,399 
Doubtful— — — — — — — — — 
Total Business Banking144,317 133,625 212,579 206,807 165,687 358,287 93,939 1,105 1,316,346 
Year-to-date Gross Charge-offs 19 132 1 69 563   784 
Consumer Real Estate
Pass126,397 224,633 306,271 311,404 121,309 285,827 609,935 31,622 2,017,398 
Special mention— — — — — 88 — — 88 
Substandard— 264 1,315 419 188 4,729 1,794 2,759 11,468 
Doubtful— — — — — — — — — 
Total Consumer Real Estate126,397 224,897 307,586 311,823 121,497 290,644 611,729 34,381 2,028,954 
Year-to-date Gross Charge-offs 35 100 2  83 31 521 772 
Other Consumer
Pass5,703 5,870 4,517 4,597 1,501 1,183 71,403 7,628 102,402 
Special mention— — — — — — — — — 
Substandard— — 15 — 12 146 — 25 198 
Doubtful— — — — — — — — — 
Total Other Consumer5,703 5,870 4,532 4,597 1,513 1,329 71,403 7,653 102,600 
Year-to-date Gross Charge-offs696 8 28 60 19 55  653 1,519 
Pass851,275 885,751 1,032,349 1,050,547 732,969 1,867,794 1,294,539 39,726 7,754,950 
Special mention— 687 265 7,452 1,949 71,096 7,355 161 88,965 
Substandard— 1,648 11,286 14,714 30,290 38,582 34,655 3,252 134,427 
Doubtful— — — 2,665 — — — — 2,665 
Total Loan Balance$851,275 $888,086 $1,043,900 $1,075,378 $765,208 $1,977,472 $1,336,549 $43,139 $7,981,007 
Year-to-date Gross Charge-offs$952 $62 $336 $354 $88 $701 $1,926 $1,174 $5,593 
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 loans that are individually evaluated and collateral-dependent as of the dates presented:
September 30, 2025
Type of Collateral
(dollars in thousands)Real EstateBusiness
Assets
Other
Commercial real estate$25,388$$
Commercial and industrial3,8645,000
Total$25,388$3,864$5,000
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 aging analysis of past due loans segregated by class of loans as of the dates presented:
September 30, 2025
(dollars in thousands)Current30-59 Days
Past Due
60-89 Days
Past Due
NonaccrualTotal Past
Due Loans
Total Loans
Commercial real estate$2,915,311 $9,151 $— $25,648 $34,799 $2,950,110 
Commercial and industrial1,251,241 15,765 — 8,979 24,744 1,275,985 
Commercial construction306,143 — — 869 869 307,012 
Business banking1,309,315 2,358 527 4,146 7,031 1,316,346 
Consumer real estate2,013,275 2,763 3,104 9,812 15,679 2,028,954 
Other consumer101,957 120 359 164 643 102,600 
Total$7,897,242 $30,157 $3,990 $49,618 $83,765 $7,981,007 
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 September 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$30,335 $32,080 $6,468 $11,461 $15,527 $2,709 $98,580 
Provision for credit losses on loans(1)
3,053 376 (2,161)87 415 219 1,989 
Charge-offs— (1,971)— (462)(220)(400)(3,053)
Recoveries— 146 49 170 265 639 
Net (Charge-offs) Recoveries (1,825)9 (413)(50)(135)(2,414)
Balance at End of Period$33,388 $30,631 $4,316 $11,135 $15,892 $2,793 $98,155 
(1) Excludes the provision for credits losses for unfunded commitments.
Three Months Ended September 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$37,077 $34,735 $5,347 $10,883 $15,376 $2,732 $106,150 
Provision for credit losses on loans(1)
(1,441)2,184 (945)252 46 212 308 
Charge-offs— (1,308)— (179)(616)(337)(2,440)
Recoveries113 — 73 40 76 303 
Net (Charge-offs) Recoveries1 (1,195) (106)(576)(261)(2,137)
Balance at End of Period$35,637 $35,724 $4,402 $11,029 $14,846 $2,683 $104,321 
(1) Excludes the provision for credit losses for unfunded commitments.
Nine Months Ended September 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)
2,999 (4,424)(467)1,124 368 606 206 
Charge-offs— (2,399)(119)(784)(772)(1,519)(5,593)
Recoveries135 370 114 520 900 2,048 
Net (Charge-offs) Recoveries135 (2,029)(110)(670)(252)(619)(3,545)
Balance at End of Period$33,388 $30,631 $4,316 $11,135 $15,892 $2,793 $98,155 
(1) Excludes the provision for credits losses for unfunded commitments.
Nine Months Ended September 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)
2,498 2,715 (980)(1,610)1,136 934 4,693 
Charge-offs(5,205)(2,436)— (373)(1,087)(1,122)(10,223)
Recoveries458 907 — 154 134 232 1,885 
Net Charge-offs(4,747)(1,529) (219)(953)(890)(8,338)
Balance at End of Period$35,637 $35,724 $4,402 $11,029 $14,846 $2,683 $104,321 
(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:
September 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 $25,648 $10,814 $92 
Commercial and industrial11,173 8,979 8,864 115 
Commercial construction— 869 — 25 
Business banking2,988 4,146 — 146 
Consumer real estate10,318 9,812 — 443 
Other consumer230 164 — 
Total$27,937 $49,618 $19,678 $824 
(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.