v3.25.1
Loans Receivable and Allowance for Credit Losses (Tables)
 3 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
Schedule of Summarized Loans Receivable
Loans held for investment as of March 31, 2025 and December 31, 2024 are summarized as follows (in thousands):
March 31, 2025December 31, 2024
Mortgage loans:
Commercial$7,295,651 7,228,078 
Multi-family3,458,190 3,382,933 
Construction756,356 823,503 
Residential1,994,404 2,010,637 
Total mortgage loans13,504,601 13,445,151 
Commercial loans4,682,902 4,608,600 
Consumer loans613,453 613,819 
Total gross loans18,800,956 18,667,570 
Premiums on purchased loans1,337 1,338 
Net deferred fees(10,922)(9,538)
Total loans held for investment$18,791,371 18,659,370 
Schedule of Aging Loans Receivable by Portfolio Segment and Class
The following tables summarize the aging of loans by portfolio segment and class of loans (in thousands):
March 31, 2025
30-59 Days60-89 DaysNon-accrualRecorded
Investment
> 90 days
accruing		Total Past
Due 		CurrentTotal Loans
Receivable		Non-accrual loans with no related allowance
Mortgage loans:
Commercial$13,696 196 42,931 — 56,823 7,238,828 7,295,651 35,753 
Multi-family7,433 — 7,294 — 14,727 3,443,463 3,458,190 7,294 
Construction— — 18,929 — 18,929 737,427 756,356 18,930 
Residential6,905 5,009 5,246 — 17,160 1,977,244 1,994,404 5,246 
Total mortgage loans28,034 5,205 74,400 — 107,639 13,396,962 13,504,601 67,223 
Commercial loans12,422 2,849 23,580 — 38,851 4,644,051 4,682,902 18,570 
Consumer loans1,604 854 1,352 — 3,810 609,643 613,453 1,352 
Total gross loans$42,060 8,908 99,332 — 150,300 18,650,656 18,800,956 87,145 
December 31, 2024
30-59 Days60-89 DaysNon-accrualRecorded
Investment
> 90 days
accruing		Total Past
Due 		CurrentTotal Loans ReceivableNon-accrual loans with no related allowance
Mortgage loans:
Commercial$8,538 3,954 20,883 — 33,375 7,194,703 7,228,078 13,575 
Multi-family— — 7,498 — 7,498 3,375,435 3,382,933 7,498 
Construction— — 13,246 — 13,246 810,257 823,503 13,246 
Residential6,388 5,049 4,535 — 15,972 1,994,665 2,010,637 4,535 
Total mortgage loans14,926 9,003 46,162 — 70,091 13,375,060 13,445,151 38,854 
Commercial loans4,248 2,377 24,243 — 30,868 4,577,732 4,608,600 15,164 
Consumer loans3,152 856 1,656 — 5,664 608,155 613,819 1,656 
Total gross loans$22,326 12,236 72,061 — 106,623 18,560,947 18,667,570 55,674 
Schedule of Allowance for Loan Losses by Portfolio Segment and Impairment Classification
The activity in the allowance for credit losses by portfolio segment for the three months ended March 31, 2025 and 2024 was as follows (in thousands):
Three months ended March 31,Mortgage loansCommercial loansConsumer loansTotal
2025
Balance at beginning of period$144,587 43,642 5,203 193,432 
Provision (benefit) charge to operations(3,820)4,175 (30)325 
Recoveries of loans previously charged-off806 279 191 1,276 
Loans charged-off(890)(2,195)(178)(3,263)
Balance at end of period$140,683 45,901 5,186 191,770 
2024
Balance at beginning of period$73,407 31,475 2,318 107,200 
Provision (benefit) charge to operations(7,580)7,924 (144)200 
Recoveries of loans previously charged-off63 687 145 895 
Loans charged-off— (1,794)(72)(1,866)
Balance at end of period$65,890 38,292 2,247 106,429 
Schedule of Loan Modifications
The following table summarizes the Company's gross charge-offs recorded during the three months ended March 31, 2025 by year of origination (in thousands):
20252024202320222021Prior to 2021Total Loans
Mortgage loans:
Commercial$— — — 358 — 532 890 
Total mortgage loans— — — 358 — 532 890 
Commercial loans— — — 2,130 65 — 2,195 
Consumer loans (1)
12 10 12 3 — 26 63 
Total gross loans$12 10 12 2,491 65 558 3,148 
(1) During the three months ended March 31, 2025, charge-offs on consumer overdraft accounts totaled $115,000, which are not included in the table above.
The following illustrates the most common loan modifications by loan classes offered by the Company that are required to be disclosed pursuant to the requirements of ASU 2022-02:
Loan ClassesModification types
CommercialTerm extension, interest rate reductions, payment delay, or combination thereof. These modifications extend the term of the loan, lower the payment amount, or otherwise delay payments during a defined period for the purpose of providing borrowers additional time to return to compliance with the original loan term.
Residential Mortgage/ Home EquityForbearance period greater than six months. These modifications require reduced or no payments during the forbearance period for the purpose of providing borrowers additional time to return to compliance with the original loan term, as well as term extension and rate adjustment. These modifications extend the term of the loan and provides for an adjustment to the interest rate, which reduces the monthly payment requirement.
Direct InstallmentTerm extension greater than three months. These modifications extend the term of the loan, which reduces the monthly payment requirement.
The following table presents the amortized cost basis of loan modifications made to borrowers experiencing financial difficulty during the three months ended March 31, 2025 (in thousands):
For the three months ended March 31, 2025
Term ExtensionInterest Rate IncreaseInterest Rate Reduction and Term ExtensionTotal of loan modifications% of Total Class of Loans and Leases
Mortgage loans:
Commercial$2,984 — 1,027 4,011 0.05 %
Total mortgage loans2,984 — 1,027 4,011 0.03 %
Commercial loans1,144 — 603 1,747 0.04 %
Total gross loans$4,128 — 1,630 5,758 0.03 %

The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the three months ended March 31, 2025 (in thousands):
Weighted-Average Months of Term ExtensionWeighted-Average Rate Increase (Decrease)
Mortgage loans:
Commercial30.75 %
Total mortgage loans30.75 %
Commercial loans20(0.25)%
Total gross loans140.08 %
The following table presents the aging analysis of loan modifications made to borrowers experiencing financial difficulty during the twelve months ended March 31, 2025 (in thousands):
Current30-59 Days Past Due60-89 Days Past Due90 days or more Past DueNon- AccrualTotal
Mortgage loans:
Commercial$9,847 — — — — 9,847 
Multi-family747 — — 89 402 1,238 
Total mortgage loans10,594 — — 89 402 11,085 
Commercial loans1,747 313 — — 1,153 3,213 
Total gross loans$12,341 313 — 89 1,555 14,298 
Schedule of Fair Value of Loans Acquired in Acquisition
The table below is a summary of the PCD loans that were acquired from Lakeland as of the closing date (in thousands):

Gross amortized cost basis as of May 16, 2024$564,147 
Charge-offs on PCD Loans at acquisition(4,364)
Interest component of expected cash flows (accretable difference)(33,365)
Allowance for credit losses on PCD loans(17,188)
Net PCD loans$509,230 
Schedule of Loans Receivable by Credit Quality Risk Rating Indicator
The following table summarizes the Company's gross loans held for investment by year of origination and internally assigned credit grades as of March 31, 2025 and December 31, 2024 (in thousands):
Gross Loans Held for Investment by Year of Origination
as of March 31, 2025
20252024202320222021Prior to 2021Revolving LoansRevolving loans to term loansTotal Loans
Commercial Mortgage
Special mention$— — 3,185 20,698 48,125 56,524 4,436 — 132,968 
Substandard 2,984 — 67 7,844 8,620 84,408 — — 103,923 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified2,984 — 3,252 28,542 56,745 140,932 4,436 — 236,891 
Pass/Watch202,526 349,529 918,995 1,596,950 948,395 2,905,300 126,351 10,714 7,058,760 
Total Commercial Mortgage$205,510 349,529 922,247 1,625,492 1,005,140 3,046,232 130,787 10,714 7,295,651 
Multi-family
Special mention$— — 1,425 — — 16,022 — — 17,447 
Substandard— — 1,520 — 1,043 6,631 — — 9,194 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified— — 2,945 — 1,043 22,653 — — 26,641 
Pass/Watch78,299 329,224 489,380 752,254 415,477 1,354,589 10,778 1,548 3,431,549 
Total Multi-Family$78,299 329,224 492,325 752,254 416,520 1,377,242 10,778 1,548 3,458,190 
Construction
Special mention$— — 1,154 6,639 — — — — 7,793 
Substandard— — 12,158 — 6,772 — — — 18,930 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified— — 13,312 6,639 6,772 — — — 26,723 
Pass/Watch10,446 136,029 296,508 193,387 91,561 1,702 — — 729,633 
Total Construction$10,446 136,029 309,820 200,026 98,333 1,702 — — 756,356 
Residential (1)
Special mention$— 553 1,196 722 — 2,690 — — 5,161 
Substandard— — 1,234 686 1,115 2,059 — — 5,094 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified— 553 2,430 1,408 1,115 4,749 — — 10,255 
Pass/Watch23,199 132,180 342,672 421,182 328,738 736,178 — — 1,984,149 
Total Residential$23,199 132,733 345,102 422,590 329,853 740,927 — — 1,994,404 
Total Mortgage
Special mention$— 553 6,960 28,059 48,125 75,236 4,436 — 163,369 
Substandard2,984 — 14,979 8,530 17,550 93,098 — — 137,141 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Gross Loans Held for Investment by Year of Origination
as of March 31, 2025
20252024202320222021Prior to 2021Revolving LoansRevolving loans to term loansTotal Loans
Total criticized and classified2,984 553 21,939 36,589 65,675 168,334 4,436 — 300,510 
Pass/Watch314,470 946,962 2,047,555 2,963,773 1,784,171 4,997,769 137,129 12,262 13,204,091 
Total Mortgage$317,454 947,515 2,069,494 3,000,362 1,849,846 5,166,103 141,565 12,262 13,504,601 
Commercial
Special mention$179 2,298 7,096 11,296 20,247 44,172 16,016 3,385 104,689 
Substandard— 5,141 2,163 71,960 30,118 54,072 28,062 2,943 194,459 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified179 7,439 9,259 83,256 50,365 98,244 44,078 6,328 299,148 
Pass/Watch216,232 668,944 442,195 674,072 378,063 916,130 1,023,122 64,996 4,383,754 
Total Commercial$216,411 676,383 451,454 757,328 428,428 1,014,374 1,067,200 71,324 4,682,902 
Consumer (1)
Special mention$— — — — — 204 600 146 950 
Substandard— — — — 9 245 854 1 1,109 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified— — — — 9 449 1,454 147 2,059 
Pass/Watch11,171 35,468 42,655 56,512 39,132 84,960 326,954 14,542 611,394 
Total Consumer$11,171 35,468 42,655 56,512 39,141 85,409 328,408 14,689 613,453 
Total Loans
Special mention$179 2,851 14,056 39,355 68,372 119,612 21,052 3,531 269,008 
Substandard2,984 5,141 17,142 80,490 47,677 147,415 28,916 2,944 332,709 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified3,163 7,992 31,198 119,845 116,049 267,027 49,968 6,475 601,717 
Pass/Watch541,873 1,651,374 2,532,405 3,694,357 2,201,366 5,998,859 1,487,205 91,800 18,199,239 
Total Gross Loans$545,036 1,659,366 2,563,603 3,814,202 2,317,415 6,265,886 1,537,173 98,275 18,800,956 
(1) For residential and consumer loans, the Company assigns internal credit grades based on the delinquency status of each loan.

Gross Loans Held for Investment by Year of Origination
as of December 31, 2024
20242023202220212020Prior to 2020Revolving LoansRevolving loans to term loansTotal Loans
Commercial Mortgage
Special mention$262 4,377 10,150 9,127 14,569 69,525 4,461 — 112,471 
Substandard3,044 73 10,952 — 21,051 50,870 — — 85,990 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Gross Loans Held for Investment by Year of Origination
as of December 31, 2024
20242023202220212020Prior to 2020Revolving LoansRevolving loans to term loansTotal Loans
Total criticized and classified3,306 4,450 21,102 9,127 35,620 120,395 4,461 — 198,461 
Pass/Watch417,991 904,924 1,623,911 997,658 884,295 2,063,646 126,297 10,895 7,029,617 
Total Commercial Mortgage$421,297 909,374 1,645,013 1,006,785 919,915 2,184,041 130,758 10,895 7,228,078 
Multi-family
Special mention$— — — — — 16,472 — — 16,472 
Substandard— 1,560 — 1,043 — 5,439 — — 8,042 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified— 1,560 — 1,043 — 21,911 — — 24,514 
Pass/Watch363,254 478,184 701,811 460,979 460,161 882,291 10,181 1,558 3,358,419 
Total Multi-Family$363,254 479,744 701,811 462,022 460,161 904,202 10,181 1,558 3,382,933 
Construction
Special mention$— 1,064 — — — — — — 1,064 
Substandard— — — 12,346 — — — — 12,346 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified— 1,064 — 12,346 — — — — 13,410 
Pass/Watch104,009 309,034 260,190 110,100 24,017 2,743 — — 810,093 
Total Construction$104,009 310,098 260,190 122,446 24,017 2,743 — — 823,503 
Residential (1)
Special mention$403 1,356 344 — — 2,836 — — 4,939 
Substandard— 764 689 1,119 — 1,963 — — 4,535 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified403 2,120 1,033 1,119 — 4,799 — — 9,474 
Pass/Watch140,382 348,493 428,269 333,150 276,703 474,166 — — 2,001,163 
Total Residential$140,785 350,613 429,302 334,269 276,703 478,965 — — 2,010,637 
Total Mortgage
Special mention$665 6,797 10,494 9,127 14,569 88,833 4,461 — 134,946 
Substandard3,044 2,397 11,641 14,508 21,051 58,272 — — 110,913 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified3,709 9,194 22,135 23,635 35,620 147,105 4,461 — 245,859 
Pass/Watch1,025,636 2,040,635 3,014,181 1,901,887 1,645,176 3,422,846 136,478 12,453 13,199,292 
Total Mortgage$1,029,345 2,049,829 3,036,316 1,925,522 1,680,796 3,569,951 140,939 12,453 13,445,151 
Gross Loans Held for Investment by Year of Origination
as of December 31, 2024
20242023202220212020Prior to 2020Revolving LoansRevolving loans to term loansTotal Loans
Commercial
Special mention$298 2,612 3,084 5,804 9,493 26,924 20,030 4,761 73,006 
Substandard6,887 5,023 62,028 28,208 23,130 21,170 31,787 1,746 179,979 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified7,185 7,635 65,112 34,012 32,623 48,094 51,817 6,507 252,985 
Pass/Watch747,299 427,445 697,899 390,770 256,421 678,154 1,089,408 68,219 4,355,615 
Total Commercial$754,484 435,080 763,011 424,782 289,044 726,248 1,141,225 74,726 4,608,600 
Consumer (1)
Special mention$— — 3 — 124 109 725 — 961 
Substandard— 95 — 9 — 321 950 — 1,375 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified— 95 3 9 124 430 1,675 — 2,336 
Pass/Watch31,975 45,605 59,669 40,080 9,433 83,728 327,107 13,886 611,483 
Total Consumer$31,975 45,700 59,672 40,089 9,557 84,158 328,782 13,886 613,819 
Total Loans
Special mention$963 9,409 13,581 14,931 24,186 115,866 25,216 4,761 208,913 
Substandard9,931 7,515 73,669 42,725 44,181 79,763 32,737 1,746 292,267 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified10,894 16,924 87,250 57,656 68,367 195,629 57,953 6,507 501,180 
Pass/Watch1,804,910 2,513,685 3,771,749 2,332,737 1,911,030 4,184,728 1,552,993 94,558 18,166,390 
Total Gross Loans $1,815,804 2,530,609 3,858,999 2,390,393 1,979,397 4,380,357 1,610,946 101,065 18,667,570 
(1) For residential and consumer loans, the Company assigns internal credit grades based on the delinquency status of each loan.