v3.25.2
Loans and Allowance for Credit Losses on Loans (Tables)
 6 Months Ended
Jun. 30, 2025
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]  
Schedule of loans held for investments
Loans are summarized by portfolio segment as follows:
(in thousands)June 30, 2025December 31, 2024
Loans held for investment(1):
Commercial$11,930,668 $11,145,591 
Mortgage finance5,889,589 5,215,574 
Commercial real estate5,665,100 5,616,282 
Consumer540,837 565,376 
Gross loans held for investment24,026,194 22,542,823 
Unearned income (net of direct origination costs)(100,660)(92,757)
Total loans held for investment23,925,534 22,450,066 
Allowance for credit losses on loans(277,648)(271,709)
Total loans held for investment, net$23,647,886 $22,178,357 
(1)    Excludes accrued interest receivable of $101.9 million and $107.3 million at June 30, 2025 and December 31, 2024, respectively, that is recorded in accrued interest receivable and other assets on the consolidated balance sheets.
Schedule of the credit risk profile of loan portfolio by internally assigned grades and nonaccrual status
The following tables summarize gross loans held for investment by year of origination and internally assigned credit grades:
(in thousands)202520242023202220212020
and prior		Revolving lines of creditRevolving lines of credit converted to term loansTotal
June 30, 2025
Commercial
(1-7) Pass$750,086 $1,440,357 $1,018,302 $1,048,253 $263,885 $196,156 $6,689,345 $30,470 $11,436,854 
(8) Special mention1,380 32,844 19,174 112,767 6,576 5,120 41,666 — 219,527 
(9) Substandard - accruing188 9,531 59,314 14,722 37,158 7,437 55,580 — 183,930 
(9+) Non-accrual21,580 445 8,626 28,313 — 12,378 19,015 — 90,357 
Total commercial$773,234 $1,483,177 $1,105,416 $1,204,055 $307,619 $221,091 $6,805,606 $30,470 $11,930,668 
Mortgage finance
(1-7) Pass$— $— $— $— $— $— $5,889,589 $— $5,889,589 
(8) Special mention— — — — — — — — — 
(9) Substandard - accruing— — — — — — — — — 
(9+) Non-accrual— — — — — — — — — 
Total mortgage finance$— $— $— $— $— $— $5,889,589 $— $5,889,589 
Commercial real estate
(1-7) Pass$357,920 $662,180 $943,876 $1,836,390 $743,688 $714,679 $255,511 $12,625 $5,526,869 
(8) Special mention— 25,532 5,681 61,943 19,115 1,889 — 819 114,979 
(9) Substandard - accruing— — — — — — — — — 
(9+) Non-accrual— — 3,034 19,914 — 304 — — 23,252 
Total commercial real estate$357,920 $687,712 $952,591 $1,918,247 $762,803 $716,872 $255,511 $13,444 $5,665,100 
Consumer
(1-7) Pass$19,669 $39,075 $29,706 $53,121 $74,146 $118,149 $201,554 $— $535,420 
(8) Special mention— 2,717 — — — — 2,700 — 5,417 
(9) Substandard - accruing— — — — — — — — — 
(9+) Non-accrual— — — — — — — — — 
Total consumer$19,669 $41,792 $29,706 $53,121 $74,146 $118,149 $204,254 $— $540,837 
Total$1,150,823 $2,212,681 $2,087,713 $3,175,423 $1,144,568 $1,056,112 $13,154,960 $43,914 $24,026,194 
Gross charge-offs$— $259 $116 $4,451 $28 $858 $18,436 $— $24,148 
(in thousands)202420232022202120202019
and prior		Revolving lines of creditRevolving lines of credit converted to term loansTotal
December 31, 2024
Commercial
(1-7) Pass$1,612,695 $1,156,414 $1,256,539 $307,590 $76,821 $169,974 $6,027,177 $12,040 $10,619,250 
(8) Special mention22,953 28,354 134,092 21,626 30 6,369 91,423 — 304,847 
(9) Substandard - accruing623 44,901 51,536 7,855 301 3,309 37,405 — 145,930 
(9+) Non-accrual— 9,220 8,057 — 360 23,708 34,219 — 75,564 
Total commercial$1,636,271 $1,238,889 $1,450,224 $337,071 $77,512 $203,360 $6,190,224 $12,040 $11,145,591 
Mortgage finance
(1-7) Pass$— $— $— $— $— $— $5,215,574 $— $5,215,574 
(8) Special mention— — — — — — — — — 
(9) Substandard - accruing— — — — — — — — — 
(9+) Non-accrual— — — — — — — — — 
Total mortgage finance$— $— $— $— $— $— $5,215,574 $— $5,215,574 
Commercial real estate
(1-7) Pass$599,301 $889,603 $1,843,706 $885,913 $216,077 $704,288 $273,663 $18,085 $5,430,636 
(8) Special mention25,532 4,353 70,161 15,831 299 13,731 — 872 130,779 
(9) Substandard - accruing— — — — — 20,230 — — 20,230 
(9+) Non-accrual85 — 20,637 — — 13,915 — — 34,637 
Total commercial real estate$624,918 $893,956 $1,934,504 $901,744 $216,376 $752,164 $273,663 $18,957 $5,616,282 
Consumer
(1-7) Pass$44,352 $28,289 $54,148 $75,924 $40,667 $99,471 $220,561 $— $563,412 
(8) Special mention— — — — — — — — — 
(9) Substandard - accruing— — — — — — 1,000 — 1,000 
(9+) Non-accrual— — — — — 964 — — 964 
Total Consumer$44,352 $28,289 $54,148 $75,924 $40,667 $100,435 $221,561 $— $565,376 
Total$2,305,541 $2,161,134 $3,438,876 $1,314,739 $334,555 $1,055,959 $11,901,022 $30,997 $22,542,823 
Gross charge-offs$994 $7,543 $550 $4,037 $537 $8,784 $23,566 $44 $46,055 
Schedule of activity in the reserve for loan losses by portfolio segment
The following table details activity in the allowance for credit losses on loans. Allocation of a portion of the allowance to one category does not preclude its availability to absorb losses in other categories.
(in thousands)CommercialMortgage
Finance		Commercial Real EstateConsumerTotal
Six Months Ended June 30, 2025
Beginning balance$198,423 $2,755 $68,825 $1,706 $271,709 
Provision for credit losses on loans31,737 7,875 (11,011)100 28,701 
Charge-offs23,217 — 931 — 24,148 
Recoveries969 — 413 4 1,386 
Net charge-offs (recoveries)22,248 — 518 (4)22,762 
Ending balance$207,912 $10,630 $57,296 $1,810 $277,648 
Six Months Ended June 30, 2024
Beginning balance$171,437 $4,173 $71,829 $2,534 $249,973 
Provision for credit losses on loans26,200 1,445 12,245 153 40,043 
Charge-offs17,541 — 5,436 — 22,977 
Recoveries258 — — — 258 
Net charge-offs (recoveries)17,283 — 5,436 — 22,719 
Ending balance$180,354 $5,618 $78,638 $2,687 $267,297 
Schedule of an age analysis of accruing past due loans
The table below provides an age analysis of gross loans held for investment:
(in thousands)30-59 Days
Past Due		60-89 Days
Past Due		90 Days or More Past DueTotal Past
Due		Non-accrual(1)CurrentTotalNon-accrual With No Allowance
June 30, 2025
Commercial$2,418 $4,278 $1,775 $8,471 $90,357 $11,831,840 $11,930,668 $5,628 
Mortgage finance— — — — — 5,889,589 5,889,589 — 
Commercial real estate5,987 3,895 293 10,175 23,252 5,631,673 5,665,100 3,034 
Consumer1,651 — — 1,651 — 539,186 540,837 — 
Total$10,056 $8,173 $2,068 $20,297 $113,609 $23,892,288 $24,026,194 $8,662 
(1)As of June 30, 2025, $848,000 of non-accrual loans were earning interest income on a cash basis compared to $360,000 as of December 31, 2024. Additionally, $630,000 of interest income was recognized on non-accrual loans for the six months ended June 30, 2025 compared to $161,000 for the same period in 2024. Accrued interest of $919,000 and $668,000 was reversed during the six months ended June 30, 2025 and June 30, 2024, respectively.
Summary of loan modifications
The table below details gross loans held for investment made to borrowers experiencing financial difficulty that were modified during the three and six months ended June 30, 2025 and June 30, 2024, by type of modification granted and the financial effect of those modifications:
Financial Statement Impact
($ in thousands)Payment
Deferral		Term
Extension		Payment
Deferral
and Term
Extension		TotalPercentage of Loans Held for InvestmentInterest Rate ReductionTerm Extension (in months)Payment Deferrals
Three Months Ended June 30, 2025
Commercial$9,492 $11,002 $21,580 $42,074 0.18 %—%
10 to 26
$5,762 
Total$9,492 $11,002 $21,580 $42,074 0.18 %
Three Months Ended June 30, 2024
Commercial$16,147 $253 $7,439 $23,839 0.11 %—%
3 to 13
$1,176 
Commercial real estate— 15,831 — 15,831 0.07 %—%3— 
Total$16,147 $16,084 $7,439 $39,670 0.18 %
Six Months Ended June 30, 2025
Commercial$9,492 $12,819 $22,338 $44,649 0.19 %—%
6 to 26
$5,897 
Commercial real estate17,835 — — 17,835 0.07 %—%—369 
Total$27,327 $12,819 $22,338 $62,484 0.26 %
Six Months Ended June 30, 2024
Commercial$24,207 $703 $7,439 $32,349 0.15 %—%
3 to 13
$1,853 
Commercial real estate— 15,831 — 15,831 0.07 %—%
3
— 
Total$24,207 $16,534 $7,439 $48,180 0.22 %
The table below details gross loans held for investment that experienced a default during the periods presented subsequent to being granted a modification in the prior twelve months. Default is defined as movement to nonperforming status, foreclosure or charge-off, whichever occurs first.
(in thousands)
Payment
Deferral		Term
Extension
Payment Deferral
and Term Extension
Total
Three Months Ended June 30, 2025
Commercial$22,500 $6,537 $— $29,037 
Commercial real estate— — — — 
Total$22,500 $6,537 $— $29,037 
Three Months Ended June 30, 2024
Commercial$— $— $— $— 
Total
$— $— $— $— 
Six Months Ended June 30, 2025
Commercial$25,496 $6,537 $— $32,033 
Commercial real estate— — 13,500 13,500 
Total$25,496 $6,537 $13,500 $45,533 
Six Months Ended June 30, 2024
Commercial$3,129 $— $1,756 $4,885 
Total$3,129 $— $1,756 $4,885 
The table below provides an age analysis of gross loans held for investment as of June 30, 2025 and June 30, 2024 made to borrowers experiencing financial difficulty that were modified in the prior twelve months:
(in thousands)30-89 Days
Past Due		90+ Days
Past Due		Non-AccrualCurrentTotal
June 30, 2025
Commercial$758 $— $61,005 $15,100 $76,863 
Commercial real estate
— — 17,835 — 17,835 
Total$758 $— $78,840 $15,100 $94,698 
June 30, 2024
Commercial$— $— $11,297 $30,757 $42,054 
Commercial real estate
— — — 15,831 15,831 
Total$— $— $11,297 $46,588 $57,885