v3.25.1
Loans and Allowance for Credit Losses (Tables)
 3 Months Ended
Mar. 31, 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)March 31, 2025December 31, 2024
Commercial real estate$2,776,065 $2,708,531 
Commercial and industrial1,331,091 1,351,637 
Commercial construction367,869 341,266 
Business banking1,314,482 1,303,258 
Consumer real estate1,948,677 1,933,509 
Other consumer98,165 104,757 
Total Loans(1)
$7,836,349 $7,742,958 
(1) Excludes interest receivable of $32.9 million at March 31, 2025 and $32.7 million at December 31, 2024. Interest receivable is included in other assets in the Consolidated Balance Sheets.
Summary of Restructured Loans for Periods Presented
The following tables present the amortized cost of loans to borrowers experiencing financial difficulty by portfolio segment and type of modification during the periods presented:
Three Months Ended March 31, 2025
(dollars in thousands)Term ExtensionTerm Extension and Payment DelaysTotal% of Portfolio Segment
Commercial and industrial$— $2,092 $2,092 0.16 %
Commercial construction— 1,006 1,006 0.27 %
Consumer real estate265 640 905 0.05 %
Total
$265 $3,738 $4,003 0.05 %
Three Months Ended March 31, 2024
(dollars in thousands)Term ExtensionTerm Extension and Interest Rate ReductionTotal% of Portfolio Segment
Commercial real estate$833 $— $833 0.03 %
Total
$833 $— $833 0.01 %
The following tables describe the effect of loan modifications made to borrowers experiencing financial difficulty during the periods presented:
Three Months Ended March 31, 2025Three Months Ended March 31, 2024
Weighted-Average Term Extension (in months)Weighted-Average Term Extension and Payment Delays (in months)Weighted-Average Term Extension (in Months)
Commercial real estate——6
Commercial and industrial—13—
Commercial construction—13—
Consumer real estate12215—
The following table is a summary of nonperforming assets as of the dates presented:
Nonperforming Assets
(dollars in thousands)March 31, 2025December 31, 2024
Nonperforming Assets
Nonaccrual Loans$22,339 $27,937 
OREO29 8 
Total Nonperforming Assets$22,368 $27,945 
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:
March 31, 2025
(dollars in thousands)Current30-59 Days Past Due60-89 Days Past Due90+ Days Past DueTotal
Commercial real estate$616 $— $— $— $616 
Commercial and industrial16,536 — — 3,778 20,314 
Commercial construction— 1,006 — — 1,006 
Consumer real estate1,128 224 40 — 1,392 
Total$18,280 $1,230 $40 $3,778 $23,328 
March 31, 2024
(dollars in thousands)Current30-59 Days Past Due60-89 Days Past Due90+ Days Past DueTotal
Commercial real estate$8,579 $— $— $— $8,579 
Commercial and industrial— 2,105 7,998 — 10,103 
Business banking115 — — — 115 
Total$8,694 $2,105 $7,998 $— $18,797 
Summary of Nonperforming Assets
The following table is a summary of nonperforming assets as of the dates presented:
Nonperforming Assets
(dollars in thousands)March 31, 2025December 31, 2024
Nonperforming Assets
Nonaccrual Loans$22,339 $27,937 
OREO29 8 
Total Nonperforming Assets$22,368 $27,945 
The following tables present loans on nonaccrual status by class of loan for the year-to-date periods presented:
March 31, 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 $2,264 $2,004 $47 
Commercial and industrial11,173 5,385 4,447 43 
Commercial construction— 1,006 1,006 25 
Business banking2,988 3,172 — 17 
Consumer real estate10,318 10,294 — 149 
Other consumer230 218 — — 
Total$27,937 $22,339 $7,457 $281 
(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 — 3 
Total$22,947 $27,937 $1,295 $1,389 
(1) Represents only cash payments received and applied to interest on nonaccrual loans.
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:
March 31, 2025
Risk Rating by Year of Origination
(dollars in thousands)202520242023202220212020 and PriorRevolvingRevolving-TermTotal
Commercial Real Estate
Pass$146,775 $270,301 $290,555 $349,795 $410,355 $1,190,080 $44,262 $— $2,702,123 
Special mention— — 2,000 350 1,827 44,064 254 — 48,495 
Substandard— — 3,967 979 — 20,501 — — 25,447 
Doubtful— — — — — — — — — 
Total Commercial Real Estate146,775 270,301 296,522 351,124 412,182 1,254,645 44,516 — 2,776,065 
Year-to-date Gross Charge-offs— — — — — — — — — 
Commercial and Industrial
Pass27,389 122,961 132,157 192,211 125,781 188,982 454,870 — 1,244,351 
Special mention— — 2,077 691 12 14,558 7,696 — 25,034 
Substandard— 547 1,874 — 19,951 6,341 32,993 — 61,706 
Doubtful— — — — — — — — — 
Total Commercial and Industrial27,389 123,508 136,108 192,902 145,744 209,881 495,559 — 1,331,091 
Year-to-date Gross Charge-offs— — — 172 — — — — 172 
Commercial Construction
Pass36,944 131,040 104,310 56,662 13,054 2,111 6,910 — 351,031 
Special mention— 869 — 14,963 — — — — 15,832 
Substandard— — — 1,006 — — — — 1,006 
Doubtful— — — — — — — — — 
Total Commercial Construction36,944 131,909 104,310 72,631 13,054 2,111 6,910 — 367,869 
Year-to-date Gross Charge-offs— — — 30 — — — — 30 
Business Banking
Pass46,684 146,837 222,869 219,286 168,159 391,390 95,632 354 1,291,211 
Special mention— 390 76 99 886 4,657 34 264 6,406 
Substandard— 20 2,307 1,534 3,581 8,774 209 440 16,865 
Doubtful— — — — — — — — — 
Total Business Banking46,684 147,247 225,252 220,919 172,626 404,821 95,875 1,058 1,314,482 
Year-to-date Gross Charge-offs— — 106 — 34 3 — — 143 
Consumer Real Estate
Pass38,600 221,466 318,280 321,289 129,619 309,314 572,232 26,317 1,937,117 
Special mention— — — — — 94 — — 94 
Substandard— — 1,199 241 191 5,395 1,762 2,678 11,466 
Doubtful— — — — — — — — — 
Total Consumer Real Estate38,600 221,466 319,479 321,530 129,810 314,803 573,994 28,995 1,948,677 
Year-to-date Gross Charge-offs— — 38 — — 5 23 96 162 
Other Consumer
Pass2,498 7,083 5,941 6,322 2,578 1,776 65,189 6,578 97,965 
Special mention— — — — — — — — 
Substandard— — — — 20 154 — 26 200 
Doubtful— — — — — — — — — 
Total Other Consumer2,498 7,083 5,941 6,322 2,598 1,930 65,189 6,604 98,165 
Year-to-date Gross Charge-offs198 — 16 29 7 4 — 123 377 
Pass298,890 899,688 1,074,112 1,145,565 849,546 2,083,653 1,239,095 33,249 7,623,798 
Special mention— 1,259 4,153 16,103 2,725 63,373 7,984 264 95,861 
Substandard— 567 9,347 3,760 23,743 41,165 34,964 3,144 116,690 
Doubtful— — — — — — — — — 
Total Loan Balance$298,890 $901,514 $1,087,612 $1,165,428 $876,014 $2,188,191 $1,282,043 $36,657 $7,836,349 
Year-to-date Gross Charge-offs$198 $— $160 $231 $41 $12 $23 $219 $884 
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 — 4 185 
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:
March 31, 2025
Type of Collateral
(dollars in thousands)Real EstateBusiness
Assets
Commercial real estate$2,004$—
Commercial and industrial—4,447
Commercial construction1,006—
Total$3,010$4,447
December 31, 2024
Type of Collateral
(dollars in thousands)Real EstateBusiness
Assets
Commercial real estate$2,028$—
Commercial and industrial—9,937
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:
March 31, 2025
(dollars in thousands)Current30-59 Days
Past Due		60-89 Days
Past Due		NonaccrualTotal Past
Due Loans		Total Loans
Commercial real estate$2,762,834 $10,967 $— $2,264 $13,231 $2,776,065 
Commercial and industrial1,325,706 — — 5,385 5,385 1,331,091 
Commercial construction365,994 869 — 1,006 1,875 367,869 
Business banking1,308,969 1,596 745 3,172 5,513 1,314,482 
Consumer real estate1,931,861 5,681 841 10,294 16,816 1,948,677 
Other consumer96,749 912 286 218 1,416 98,165 
Total$7,792,113 $20,025 $1,872 $22,339 $44,236 $7,836,349 
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
Three Months Ended March 31, 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)
(493)(3,643)1,017 650 160 (202)(2,511)
Charge-offs— (172)(30)(143)(162)(377)(884)
Recoveries134 145 — 25 133 474 911 
Net Recoveries (Charge-offs)134 (27)(30)(118)(29)97 27 
Balance at End of Period$29,895 $33,414 $5,880 $11,213 $15,907 $2,701 $99,010 
(1) Excludes the provision for credits losses for unfunded commitments.
Three Months Ended March 31, 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)
2,838 680 (233)(995)859 276 3,425 
Charge-offs(5,205)(1,128)— (98)(139)(369)(6,939)
Recoveries93 117 — 33 27 80 350 
Net Charge-offs(5,112)(1,011)— (65)(112)(289)(6,589)
Balance at End of Period$35,612 $34,207 $5,149 $11,798 $15,410 $2,626 $104,802 
(1) Excludes the provision for credits losses for unfunded commitments.