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Loans Receivable, Net
 9 Months Ended
Sep. 30, 2025
Receivables [Abstract]  
Loans Receivable, Net Loans Receivable, Net
Loans receivable, net at September 30, 2025 and December 31, 2024 consisted of the following (in thousands):
September 30,December 31,
20252024
Commercial:
Commercial real estate – investor$5,211,220 $5,287,683 
Commercial and industrial:
Commercial and industrial – real estate997,122 902,219 
Commercial and industrial – non-real estate998,860 647,945 
Total commercial and industrial1,995,982 1,550,164 
Total commercial7,207,202 6,837,847 
Consumer:
Residential real estate3,135,200 3,049,763 
Home equity loans and lines and other consumer (“other consumer”)215,581 230,462 
Total consumer3,350,781 3,280,225 
Total loans receivable10,557,983 10,118,072 
Deferred origination costs, net of fees13,105 10,964 
Allowance for loan credit losses(81,236)(73,607)
Total loans receivable, net$10,489,852 $10,055,429 
The Company categorizes all loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, and current economic trends, among other factors. The Company evaluates risk ratings on an ongoing basis. The Company uses the following definitions for risk ratings:
    Pass: Loans classified as Pass are well protected by the paying capacity and net worth of the borrower.
    Special Mention: Loans classified as Special Mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the Company’s credit position at some future date.
    Substandard: Loans classified as Substandard are inadequately protected by the current net worth and paying capacity of the borrower or of the collateral pledged, if any. These loans have a well-defined weakness or weaknesses that
jeopardize the collection or the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected.
    Doubtful: Loans classified as Doubtful have all the weaknesses inherent in those classified as Substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable.

The following tables summarize total loans by year of origination, internally assigned credit grades and risk characteristics (in thousands):
202520242023202220212020 and priorRevolving lines of creditTotal
September 30, 2025
Commercial real estate - investor
Pass$327,577 $65,391 $167,114 $1,161,036 $1,259,394 $1,511,048 $632,889 $5,124,449 
Special Mention167 — — 2,945 — 8,769 2,536 14,417 
Substandard— 85 — 20,916 298 42,108 8,947 72,354 
Total commercial real estate - investor327,744 65,476 167,114 1,184,897 1,259,692 1,561,925 644,372 5,211,220 
Commercial and industrial:
Commercial and industrial - real estate
Pass164,415 77,001 59,831 130,265 81,689 424,945 46,448 984,594 
Special Mention— — — — — 753 — 753 
Substandard— — — — — 11,766 9 11,775 
Total commercial and industrial - real estate164,415 77,001 59,831 130,265 81,689 437,464 46,457 997,122 
Commercial and industrial - non-real estate
Pass217,889 191,599 43,435 31,625 9,110 53,456 436,298 983,412 
Special Mention43 85 — — — — — 128 
Substandard— 245 573 838 676 1,765 11,223 15,320 
Total commercial and industrial - non-real estate217,932 191,929 44,008 32,463 9,786 55,221 447,521 998,860 
Total commercial and industrial382,347 268,930 103,839 162,728 91,475 492,685 493,978 1,995,982 
Residential real estate (1)
Pass308,198 255,431 226,780 516,548 759,508 1,061,702 — 3,128,167 
Special Mention511 204 — — 870 1,536 — 3,121 
Substandard— 1,032 1,278 341 445 816 — 3,912 
Total residential real estate308,709 256,667 228,058 516,889 760,823 1,064,054 — 3,135,200 
Other consumer (1)
Pass20,398 24,914 23,795 15,075 15,416 99,413 14,605 213,616 
Special Mention— 193 — 152 — 208 — 553 
Substandard— — 95 36 — 1,281 — 1,412 
Total other consumer20,398 25,107 23,890 15,263 15,416 100,902 14,605 215,581 
Total loans$1,039,198 $616,180 $522,901 $1,879,777 $2,127,406 $3,219,566 $1,152,955 $10,557,983 
(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.
202420232022202120202019 and priorRevolving lines of creditTotal
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 Mention15 — 21,285 — — 18,225 4,477 44,002 
Substandard95 8 3,784 — 6,111 44,636 14,073 68,707 
Total commercial real estate - investor75,335 140,871 1,167,859 1,290,047 517,017 1,327,397 769,157 5,287,683 
Commercial and industrial:
Commercial and industrial - real estate
Pass82,104 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 estate82,104 62,799 140,578 90,720 41,002 453,106 31,910 902,219 
Commercial and industrial - non-real estate
Pass81,867 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 estate81,867 39,145 36,488 15,025 4,108 180,967 290,345 647,945 
Total commercial and industrial163,971 101,944 177,066 105,745 45,110 634,073 322,255 1,550,164 
Residential real estate (1)
Pass277,009 270,225 547,093 796,790 366,649 783,204 — 3,040,970 
Special Mention— 92 224 449 — 1,476 — 2,241 
Substandard215 415 1,583 445 — 3,894 — 6,552 
Total residential real estate277,224 270,732 548,900 797,684 366,649 788,574 — 3,049,763 
Other consumer (1)
Pass27,316 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 consumer27,316 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.
An analysis of the allowance for credit losses on loans for the three and nine months ended September 30, 2025 and 2024 was as follows (in thousands):
Commercial and Industrial
 Commercial
Real Estate –
Investor		Commercial and Industrial - Real EstateCommercial
and 
Industrial - Non-Real Estate		Residential
Real Estate		Other ConsumerTotal
For the three months ended September 30, 2025
Allowance for credit losses on loans
Balance at beginning of period$32,926 $3,934 $14,822 $26,570 $1,014 $79,266 
(Benefit) provision for credit losses(1,652)375 4,084 (341)121 2,587 
Charge-offs (369)— (347)(27)(107)(850)
Recoveries— 3 191 3 36 233 
Balance at end of period$30,905 $4,312 $18,750 $26,205 $1,064 $81,236 
For the three months ended September 30, 2024
Allowance for credit losses on loans
Balance at beginning of period$27,853 $3,931 $7,915 $27,833 $1,307 $68,839 
Provision (benefit) for credit losses3,074 (220)1,767 (4,564)82 139 
Charge-offs — — — (35)(89)(124)
Recoveries123 4 2 29 54 212 
Balance at end of period$31,050 $3,715 $9,684 $23,263 $1,354 $69,066 
For the nine months ended September 30, 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 losses2,184 478 8,400 (290)328 11,100 
Charge-offs (2,214)— (347)(1,119)(383)(4,063)
Recoveries155 17 226 27 167 592 
Balance at end of period$30,905 $4,312 $18,750 $26,205 $1,064 $81,236 
For the nine months ended September 30, 2024
Allowance for credit losses on loans
Balance at beginning of period$27,899 $4,354 $6,867 $27,029 $988 $67,137 
Provision (benefit) for credit losses4,671 (668)2,808 (3,913)744 3,642 
Charge-offs
(1,646)— — (35)(484)(2,165)
Recoveries126 29 9 182 106 452 
Balance at end of period$31,050 $3,715 $9,684 $23,263 $1,354 $69,066 

The following tables summarize gross charge-offs by vintage (in thousands):
20242023202220212020 and priorTotal
For the three months ended September 30, 2025
Commercial real estate – investor$(72)$(297)$— $— $— $(369)
Commercial and industrial – non-real estate(347)— — — — (347)
Residential real estate(23)(4)— — — (27)
Other consumer— — — — (107)(107)
Total charge-offs$(442)$(301)$— $— $(107)$(850)
For the nine months ended September 30, 2025
Commercial real estate – investor $(250)$(1,862)$(30)$(24)$(48)$(2,214)
Commercial and industrial – non-real estate(347)— — — — (347)
Residential real estate(91)(59)(255)(344)(370)(1,119)
Other consumer— — — — (383)(383)
Total charge-offs$(688)$(1,921)$(285)$(368)$(801)$(4,063)
202320212019 and priorTotal
For the three months ended September 30, 2024
Residential real estate$(33)$— $(2)$(35)
Other consumer— — (89)(89)
Total charge-offs$(33)$— $(91)$(124)
For the nine months ended September 30, 2024
Commercial real estate – investor$— $(46)$(1,600)$(1,646)
Residential real estate(33)— (2)(35)
Other consumer— — (484)(484)
Total charge-offs$(33)$(46)$(2,086)$(2,165)
A loan is considered collateral dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral and, therefore, is classified as non-accruing. At September 30, 2025 and December 31, 2024, the Company had collateral dependent loans with an amortized cost balance as follows: commercial real estate - investor of $18.6 million and $11.8 million, respectively, commercial and industrial - real estate of $7.2 million and $4.8 million, respectively, and commercial and industrial - non-real estate of $326,000 and $32,000, respectively. In addition, the Company had collateral dependent residential and consumer loans with an amortized cost balance of $5.3 million and $8.6 million at September 30, 2025 and December 31, 2024, respectively. 
The following table presents the recorded investment in non-accrual loans, by loan portfolio segment as of September 30, 2025 and December 31, 2024 (in thousands):
September 30,December 31,
20252024
Commercial real estate – investor$23,570 $17,000 
Commercial and industrial:
Commercial and industrial - real estate7,469 4,787 
Commercial and industrial - non-real estate394 32 
Total commercial and industrial7,863 4,819 
Residential real estate (1)
7,334 10,644 
Other consumer (1)
2,496 3,064 
Total non-performing loans$41,263 $35,527 
(1) The nine months ended September 30, 2025 included the sale of non-performing residential and consumer loans of $7.3 million.

At September 30, 2025 and December 31, 2024, non-accrual loans were included in the allowance for credit loss calculation and the Company did not recognize or accrue interest income on these loans. At September 30, 2025 and December 31, 2024, there were no loans greater than 90 days past due that were accruing interest.
The following table presents the aging of the recorded investment in past due loans as of September 30, 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
September 30, 2025
Commercial real estate – investor $4,126 $2,161 $18,513 $24,800 $5,186,420 $5,211,220 
Commercial and industrial:
Commercial and industrial - real estate925 — 3,935 4,860 992,262 997,122 
Commercial and industrial - non-real estate5,273 89 326 5,688 993,172 998,860 
Total commercial and industrial6,198 89 4,261 10,548 1,985,434 1,995,982 
Residential real estate2,100 2,994 3,912 9,006 3,126,194 3,135,200 
Other consumer1,616 533 1,410 3,559 212,022 215,581 
Total loans$14,040 $5,777 $28,096 $47,913 $10,510,070 $10,557,983 
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 estate941 — 1,392 2,333 899,886 902,219 
Commercial and industrial - non-real estate3 — 16 19 647,926 647,945 
Total commercial and industrial944 — 1,408 2,352 1,547,812 1,550,164 
Residential real estate18,518 2,242 6,551 27,311 3,022,452 3,049,763 
Other consumer1,060 282 1,999 3,341 227,121 230,462 
Total loans$25,146 $11,404 $20,835 $57,385 $10,060,687 $10,118,072 

Loan Modifications to Borrowers Experiencing Financial Difficulty
In accordance with Accounting Standards Update (“ASU”) 2022-02, the Company has modified and may modify in the future certain loans to borrowers experiencing financial difficulty. These modifications may include a reduction in interest rate, an extension in term, principal forgiveness and/or other than insignificant payment delay. Upon the Company’s determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is charged off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount, and the allowance for credit losses is subsequently adjusted by an amount equal to the total loss rate as applied to the reduced amortized cost basis. As of September 30, 2025 and December 31, 2024, loans with modifications to borrowers experiencing financial difficulty totaled $31.6 million and $30.9 million, respectively. There were no outstanding commitments to lend additional funds to such borrowers with loan modifications as of September 30, 2025 or December 31, 2024.
The following table presents loan modifications made to borrowers experiencing financial difficulty during the three and nine months ended September 30, 2025 and 2024 (in thousands):
Term ExtensionCombination of Term Extension and Other Than Insignificant Payment DelayTotal% of Total by Loan Portfolio Segment
For the three months ended September 30, 2025
Residential real estate$246 $— $246 0.01 %
$246 $— $246 — %
For the nine months ended September 30, 2025
Commercial real estate – investor$4,972 $4,423 $9,395 0.18 %
Residential real estate246 — 246 0.01 
$5,218 $4,423 $9,641 0.09 %
Term ExtensionInterest Rate ReductionCombination of Term Extension and Interest Rate ReductionOther Than Insignificant Payment DelayTotal% of Total by Loan Portfolio Segment
For the three months ended September 30, 2024
$— $— $— $— $— — %
For the nine months ended September 30, 2024
Commercial real estate – investor$— $4,878 $7,000 $— $11,878 0.23 %
Commercial and industrial – real estate— — — 2,994 2,994 0.36 
Residential real estate129 — — — 129 — 
Other consumer— — 148 — 148 0.06 
$129 $4,878 $7,148 $2,994 $15,149 0.15 %
The modifications during the periods presented had an insignificant financial effect on the Company.
The Company closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table provides the performance of loans modified to borrowers experiencing financial difficulty during the twelve months ended September 30, 2025 and 2024 (in thousands):
Current60 - 89 Days past dueTotal
September 30, 2025
Commercial real estate – investor$16,684 $— $16,684 
Residential real estate246 — 246 
$16,930 $— $16,930 
September 30, 2024
Commercial real estate – investor$19,645 $— $19,645 
Commercial and industrial – real estate2,896 — 2,896 
Residential real estate128 — 128 
Other consumer47 147 194 
$22,716 $147 $22,863 
At September 30, 2025 and 2024, there were no loans to borrowers experiencing financial difficulty that were 90 days or greater past due.