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Loans Receivable, Net (Tables)

3 Months Ended

Mar. 31, 2025

Receivables [Abstract]

Schedule of Loans Receivable, Net

Loans receivable, net at March 31, 2025 and December 31, 2024 consisted of the following (in thousands):

			March 31,						December 31,
			2025						2024
Commercial:
Commercial real estate – investor			$	5,200,137					$	5,287,683
Commercial and industrial:
Commercial and industrial – real estate			896,647						902,219
Commercial and industrial – non-real estate			748,575						647,945
Total commercial and industrial			1,645,222						1,550,164
Total commercial			6,845,359						6,837,847
Consumer:
Residential real estate			3,053,318						3,049,763
Home equity loans and lines and other consumer (“other consumer”)			226,633						230,462
Total consumer			3,279,951						3,280,225
Total loans receivable			10,125,310						10,118,072
Deferred origination costs, net of fees			11,560						10,964
Allowance for loan credit losses			(78,798)						(73,607)
Total loans receivable, net			$	10,058,072					$	10,055,429

Schedule of Total Loans by Year of Origination, Internally Assigned Credit Grades and Risk Characteristics, Gross Charge-Offs

The following tables summarize total loans by year of origination, internally assigned credit grades and risk characteristics (in thousands):

						2025						2024						2023						2022						2021						2020 and prior						Revolving lines of credit												Total
March 31, 2025
Commercial real estate - investor
Pass						$	16,454					$	72,598					$	139,400					$	1,137,844					$	1,288,202					$	1,742,756					$	688,979											$	5,086,233
Special Mention						—						—						—						—						—						13,570						7,906												21,476
Substandard						15						110						—						24,945						408						52,745						14,205												92,428
Total commercial real estate - investor						16,469						72,708						139,400						1,162,789						1,288,610						1,809,071						711,090												5,200,137
Commercial and industrial:
Commercial and industrial - real estate
Pass						27,406						78,471						59,858						138,914						83,526						462,769						36,409												887,353
Special Mention						—						—						—						—						—						659						—												659
Substandard						—						—						—						—						—						8,501						134												8,635
Total commercial and industrial - real estate						27,406						78,471						59,858						138,914						83,526						471,929						36,543												896,647
Commercial and industrial - non-real estate
Pass						41,811						174,013						32,316						33,912						10,540						104,992						331,149												728,733
Special Mention						—						—						—						—						—						214						—												214
Substandard						—						—						4,218						960						731						1,963						11,756												19,628
Total commercial and industrial - non-real estate						41,811						174,013						36,534						34,872						11,271						107,169						342,905												748,575
Total commercial and industrial						69,217						252,484						96,392						173,786						94,797						579,098						379,448												1,645,222
Residential real estate (1)
Pass						62,619						278,446						262,441						540,969						784,768						1,120,139						—												3,049,382
Special Mention						—						—						—						123						—						1,012						—												1,135
Substandard						—						—						62						270						804						1,665						—												2,801
Total residential real estate						62,619						278,446						262,503						541,362						785,572						1,122,816						—												3,053,318
Other consumer (1)
Pass						6,475						26,327						26,317						16,314						15,865						111,803						21,243												224,344
Special Mention						—						—						—						33						—						294						—												327
Substandard						—						—						194						162						110						1,496						—												1,962
Total other consumer						6,475						26,327						26,511						16,509						15,975						113,593						21,243												226,633
Total loans						$	154,780					$	629,965					$	524,806					$	1,894,446					$	2,184,954					$	3,624,578					$	1,111,781											$	10,125,310

(1)For residential real estate and other consumer loans, the Company evaluates credit quality based on the aging status of the loan and by payment activity.

						2024						2023						2022						2021						2020						2019 and prior						Revolving lines of credit						Total
December 31, 2024
Commercial real estate - investor
Pass						$	75,225					$	140,863					$	1,142,790					$	1,290,047					$	510,906					$	1,264,536					$	750,607					$	5,174,974
Special Mention						15						—						21,285						—						—						18,225						4,477						44,002
Substandard						95						8						3,784						—						6,111						44,636						14,073						68,707
Total commercial real estate - investor						75,335						140,871						1,167,859						1,290,047						517,017						1,327,397						769,157						5,287,683
Commercial and industrial:
Commercial and industrial - real estate
Pass						82,104						62,799						140,578						90,720						40,746						442,685						31,776						891,408
Special Mention						—						—						—						—						—						2,918						—						2,918
Substandard						—						—						—						—						256						7,503						134						7,893
Total commercial and industrial - real estate						82,104						62,799						140,578						90,720						41,002						453,106						31,910						902,219
Commercial and industrial - non-real estate
Pass						81,867						30,084						35,469						14,276						3,873						180,695						278,217						624,481
Special Mention						—						4,735						—						—						235						16						96						5,082
Substandard						—						4,326						1,019						749						—						256						12,032						18,382
Total commercial and industrial - non-real estate						81,867						39,145						36,488						15,025						4,108						180,967						290,345						647,945
Total commercial and industrial						163,971						101,944						177,066						105,745						45,110						634,073						322,255						1,550,164
Residential real estate (1)
Pass						277,009						270,225						547,093						796,790						366,649						783,204						—						3,040,970
Special Mention						—						92						224						449						—						1,476						—						2,241
Substandard						215						415						1,583						445						—						3,894						—						6,552
Total residential real estate						277,224						270,732						548,900						797,684						366,649						788,574						—						3,049,763
Other consumer (1)
Pass						27,316						27,596						17,029						16,511						10,694						107,045						21,991						228,182
Special Mention						—						—						—						62						—						219						—						281
Substandard						—						97						18						343						—						1,541						—						1,999
Total other consumer						27,316						27,693						17,047						16,916						10,694						108,805						21,991						230,462
Total loans						$	543,846					$	541,240					$	1,910,872					$	2,210,392					$	939,470					$	2,858,849					$	1,113,403					$	10,118,072

(1)For residential real estate and other consumer loans, the Company evaluates credit quality based on the aging status of the loan and by payment activity.

The following tables summarize gross charge-offs by vintage (in thousands):

						2024						2023						2022						2021												2020 and prior						Total
For the three months ended March 31, 2025
Commercial real estate – investor						$	—					$	—					$	(31)					$	(24)											$	—					$	(55)
Residential real estate						(68)						(55)						(110)						(291)												(198)						(722)
Other consumer						—						—						—						—												(21)						(21)
Total charge-offs						$	(68)					$	(55)					$	(141)					$	(315)											$	(219)					$	(798)

																		2021																		2019 and prior						Total
For the three months ended March 31, 2024
Commercial real estate – investor																		$	(46)																	$	—					$	(46)
Other consumer																		—																		(395)						(395)
Total charge-offs																		$	(46)																	$	(395)					$	(441)

Schedule of Analysis of Allowance for Credit Losses on Loans

An analysis of the allowance for credit losses on loans for the three months ended March 31, 2025 and 2024 was as follows (in thousands):

												Commercial and Industrial
						Commercial Real Estate – Investor						Commercial and Industrial - Real Estate						Commercial and  Industrial - Non-Real Estate						Residential Real Estate						Other Consumer												Total
For the three months ended March 31, 2025
Allowance for credit losses on loans
Balance at beginning of period						$	30,780					$	3,817					$	10,471					$	27,587					$	952											$	73,607
Provision (benefit) for credit losses						3,147						282						2,364						(57)						91												5,827
Charge-offs						(55)						—						—						(722)						(21)												(798)
Recoveries						75						3						2						2						80												162
Balance at end of period						$	33,947					$	4,102					$	12,837					$	26,810					$	1,102											$	78,798
For the three months ended March 31, 2024
Allowance for credit losses on loans
Balance at beginning of period						$	27,899					$	4,354					$	6,867					$	27,029					$	988											$	67,137
(Benefit) provision for credit losses						(865)						(107)						769						9						579												385
Charge-offs						(46)						—						—						—						(395)												(441)
Recoveries						2						4						5						66						15												92
Balance at end of period						$	26,990					$	4,251					$	7,641					$	27,104					$	1,187											$	67,173

Schedule of Recorded Investment in Non-Accrual Loans, by Loan Portfolio Segment

The following table presents the recorded investment in non-accrual loans, by loan portfolio segment as of March 31, 2025 and December 31, 2024 (in thousands):

			March 31,						December 31,
			2025						2024
Commercial real estate – investor			$	23,595					$	17,000
Commercial and industrial:
Commercial and industrial - real estate			4,690						4,787
Commercial and industrial - non-real estate			22						32
Total commercial and industrial			4,712						4,819
Residential real estate (1)			5,709						10,644
Other consumer (1)			2,954						3,064
Total non-performing loans			$	36,970					$	35,527

(1) The quarter ended March 31, 2025 included the sale of non-performing residential and consumer loans of $5.1 million.

Schedule of Aging of Recorded Investment in Past Due Loans by Loan Portfolio Segment

The following table presents the aging of the recorded investment in past due loans as of March 31, 2025 and December 31, 2024 by loan portfolio segment (in thousands):

			30-59 Days Past Due						60-89 Days Past Due						90 Days or Greater Past Due						Total Past Due						Loans Not Past Due						Total
March 31, 2025
Commercial real estate – investor			$	9,175					$	13,196					$	11,019					$	33,390					$	5,166,747					$	5,200,137
Commercial and industrial:
Commercial and industrial - real estate			1,695						622						598						2,915						893,732						896,647
Commercial and industrial - non-real estate			515						15						—						530						748,045						748,575
Total commercial and industrial			2,210						637						598						3,445						1,641,777						1,645,222
Residential real estate			19,580						569						2,802						22,951						3,030,367						3,053,318
Other consumer			655						224						1,962						2,841						223,792						226,633
Total loans			$	31,620					$	14,626					$	16,381					$	62,627					$	10,062,683					$	10,125,310
December 31, 2024
Commercial real estate – investor			$	4,624					$	8,880					$	10,877					$	24,381					$	5,263,302					$	5,287,683
Commercial and industrial:
Commercial and industrial - real estate			941						—						1,392						2,333						899,886						902,219
Commercial and industrial - non-real estate			3						—						16						19						647,926						647,945
Total commercial and industrial			944						—						1,408						2,352						1,547,812						1,550,164
Residential real estate			18,518						2,242						6,551						27,311						3,022,452						3,049,763
Other consumer			1,060						282						1,999						3,341						227,121						230,462
Total loans			$	25,146					$	11,404					$	20,835					$	57,385					$	10,060,687					$	10,118,072

Schedule of Modified and Troubled Debt Restructuring Loans

The following table presents loans modifications made to borrowers experiencing financial difficulty during the three months ended March 31, 2025 and 2024 (in thousands):

						Term Extension												Combination of Term Extension and Interest Rate Reduction						Other Than Insignificant Payment Delay						Total						% of Total by Loan Portfolio Segment
For the three months ended March 31, 2025
Commercial real estate – investor						$	5,160											$	—					$	—					$	5,160					0.10		%
						$	5,160											$	—					$	—					$	5,160					0.05		%
For the three months ended March 31, 2024
Commercial and industrial - real estate						$	—											$	—					$	2,994					$	2,994					0.33		%
Residential real estate						129												—						—						129						—
Other consumer						—												148						—						148						0.06
						$	129											$	148					$	2,994					$	3,271					—		%

The following table provides the performance of loans modified to borrowers experiencing financial difficulty during the twelve months ended March 31, 2025 and 2024 (in thousands):

						Current												90 Days or Greater past due						Total
March 31, 2025
Commercial real estate – investor						$	24,275											$	—					$	24,275
						$	24,275											$	—					$	24,275
March 31, 2024
Commercial real estate – investor						$	7,758											$	—					$	7,758
Commercial and industrial - real estate						2,994												—						2,994
Residential real estate						258												153			(1)			411
Other consumer						419												—						419
						$	11,429											$	153					$	11,582

(1) Represents one residential loan that defaulted during the period and had been modified within the previous 12 months.

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