v3.25.2
Allowance for Credit Losses (Tables)
 6 Months Ended
Jun. 30, 2025
Credit Loss [Abstract]  
Schedule of Aging of the Company's Loan Portfolio
The tables below show the aging of the Company’s loan portfolio by the segmentation noted above at June 30, 2025, December 31, 2024 and June 30, 2024:
As of June 30, 202590+ days and still accruing60-89 days past due30-59 days past due
(In thousands)NonaccrualCurrentTotal Loans
Loan Balances (includes PCD):
Commercial$80,877 $— $34,855 $45,103 $16,226,596 $16,387,431 
Commercial real estate
Construction and development3,200 — 3,271 1,721 2,520,925 2,529,117 
Non-construction29,628 — 7,986 49,452 10,675,827 10,762,893 
Home equity1,780 — 138 2,971 461,926 466,815 
Residential real estate, excluding early buy-out loans28,047 — 8,954 38 3,777,676 3,814,715 
Premium finance receivables—property & casualty30,404 14,350 25,641 29,460 8,223,321 8,323,176 
Premium finance receivables—life insurance— 327 11,202 34,403 8,461,028 8,506,960 
Consumer and other41 184 61 175 116,044 116,505 
Total loans, net of unearned income, excluding early buy-out loans$173,977 $14,861 $92,108 $163,323 $50,463,343 $50,907,612 
Early buy-out loans guaranteed by U.S. government agencies (1)
— 50,639 — — 83,428 134,067 
Total loans, net of unearned income$173,977 $65,500 $92,108 $163,323 $50,546,771 $51,041,679 

As of December 31, 202490+ days and still accruing60-89 days past due30-59 days past due
(In thousands)NonaccrualCurrentTotal Loans
Loan Balances (includes PCD):
Commercial$73,490 $104 $54,844 $92,551 $15,353,562 $15,574,551 
Commercial real estate
Construction and development2,282 — 1,339 4,634 2,425,826 2,434,081 
Non-construction18,760 — 9,182 26,132 10,415,789 10,469,863 
Home equity1,117 — 1,233 2,148 440,530 445,028 
Residential real estate, excluding early buy-out loans23,762 — 5,708 18,917 3,407,622 3,456,009 
Premium finance receivables—property & casualty28,797 16,031 19,042 68,219 7,139,953 7,272,042 
Premium finance receivables—life insurance6,431 — 72,963 36,405 8,031,346 8,147,145 
Consumer and other2 47 59 882 98,572 99,562 
Total loans, net of unearned income, excluding early buy-out loans$154,641 $16,182 $164,370 $249,888 $47,313,200 $47,898,281 
Early buy-out loans guaranteed by U.S. government agencies (1)
— 33,952 618 2,335 119,851 156,756 
Total loans, net of unearned income$154,641 $50,134 $164,988 $252,223 $47,433,051 $48,055,037 
(1)Early buy-out loans are insured or guaranteed by the Federal Housing Administration (FHA) or the U.S. Department of Veterans Affairs, subject to indemnifications and insurance limits for certain loans.
As of June 30, 202490+ days and still accruing60-89 days past due30-59 days past due
(In thousands)NonaccrualCurrentTotal Loans
Loan Balances (includes PCD):
Commercial$51,087 $304 $16,485 $36,358 $14,050,228 $14,154,462 
Commercial real estate
Construction and development2,528 — 1,699 6,539 2,249,785 2,260,551 
Non-construction45,761 — 4,856 31,526 9,604,503 9,686,646 
Home equity1,100 — 275 1,229 353,709 356,313 
Residential real estate, excluding early buy-out loans18,198 — 1,977 130 2,912,852 2,933,157 
Premium finance receivables—property & casualty32,722 22,427 29,925 45,927 6,969,752 7,100,753 
Premium finance receivables—life insurance— — 4,118 17,693 7,940,304 7,962,115 
Consumer and other3 121 81 366 86,785 87,356 
Total loans, net of unearned income, excluding early buy-out loans$151,399 $22,852 $59,416 $139,768 $44,167,918 $44,541,353 
Early buy-out loans guaranteed by U.S. government agencies (1)
— 45,788 — — 88,390 134,178 
Total loans, net of unearned income$151,399 $68,640 $59,416 $139,768 $44,256,308 $44,675,531 
(1)Early buy-out loans are insured or guaranteed by the Federal Housing Administration (FHA) or the U.S. Department of Veterans Affairs, subject to indemnifications and insurance limits for certain loans.
Schedule of Loan Portfolio by Credit Quality Indicator
The table below shows the Company’s loan portfolio by credit quality indicator and year of origination at June 30, 2025:
Year of OriginationRevolvingTotal
(In thousands)20252024202320222021PriorRevolvingto TermLoans
Loan Balances:
Commercial
Pass$1,861,744 $2,991,867 $1,892,313 $1,365,222 $976,723 $1,209,968 $5,460,274 $22,740 $15,780,851 
Special mention855 31,875 46,077 46,868 19,606 6,020 143,556 2,333 297,190 
Substandard accrual2,331 16,092 27,411 58,712 41,344 15,366 65,095 2,162 228,513 
Substandard nonaccrual/doubtful191 2,562 6,865 22,892 23,196 4,910 19,917 344 80,877 
Total commercial, industrial and other$1,865,121 $3,042,396 $1,972,666 $1,493,694 $1,060,869 $1,236,264 $5,688,842 $27,579 $16,387,431 
Construction and development
Pass$97,381 $594,804 $618,976 $656,080 $92,674 $138,854 $27,249 $— $2,226,018 
Special mention— — 29,418 216,463 17,954 16,016 — — 279,851 
Substandard accrual— — 750 — — 15,507 3,791 — 20,048 
Substandard nonaccrual/doubtful— — 251 1,322 — 1,627 — — 3,200 
Total construction and development$97,381 $594,804 $649,395 $873,865 $110,628 $172,004 $31,040 $— $2,529,117 
Non-construction
Pass$917,625 $1,325,021 $1,393,425 $1,761,340 $1,338,836 $3,394,943 $251,779 $1,496 $10,384,465 
Special mention95 851 42,162 21,645 36,419 41,316 2,316 — 144,804 
Substandard accrual— 19,905 2,371 70,854 57,748 52,286 832 — 203,996 
Substandard nonaccrual/doubtful1,257 — 1,363 305 151 26,552 — — 29,628 
Total non-construction$918,977 $1,345,777 $1,439,321 $1,854,144 $1,433,154 $3,515,097 $254,927 $1,496 $10,762,893 
Home equity
Pass$4 $240 $48 $379 $306 $13,167 $432,865 $5,107 $452,116 
Special mention— 10 51 217 — 2,471 5,021 — 7,770 
Substandard accrual— — 15 27 29 3,695 1,383 — 5,149 
Substandard nonaccrual/doubtful— 711 — 88 202 779 — — 1,780 
Total home equity$4 $961 $114 $711 $537 $20,112 $439,269 $5,107 $466,815 
Residential real estate
Early buy-out loans guaranteed by U.S. government agencies$— $3,819 $9,245 $5,931 $6,016 $109,056 $— $— $134,067 
Pass543,216 817,417 450,707 779,797 733,763 428,540 — — 3,753,440 
Special mention— 426 5,908 5,601 2,019 9,538 — — 23,492 
Substandard accrual61 137 710 3,372 1,679 3,777 — — 9,736 
Substandard nonaccrual/doubtful— 971 5,031 6,941 7,000 8,104 — — 28,047 
Total residential real estate$543,277 $822,770 $471,601 $801,642 $750,477 $559,015 $— $— $3,948,782 
Premium finance receivables - property and casualty
Pass$6,914,153 $1,255,016 $6,805 $2,107 $2,083 $— $— $— $8,180,164 
Special mention71,899 19,086 7 — — — — — 90,992 
Substandard accrual10,739 10,871 — 4 2 — — — 21,616 
Substandard nonaccrual/doubtful6,191 23,797 414 — 2 — — — 30,404 
Total premium finance receivables - property and casualty$7,002,982 $1,308,770 $7,226 $2,111 $2,087 $— $— $— $8,323,176 
Premium finance receivables - life (1)
Pass$278,040 $670,927 $500,062 $700,495 $1,042,504 $5,314,605 $— $— $8,506,633 
Special mention— — — — — — — — — 
Substandard accrual— — — — — 327 — — 327 
Substandard nonaccrual/doubtful— — — — — — — — — 
Total premium finance receivables - life$278,040 $670,927 $500,062 $700,495 $1,042,504 $5,314,932 $— $— $8,506,960 
Consumer and other
Pass$3,702 $2,988 $2,129 $434 $672 $35,045 $71,211 $— $116,181 
Special mention15 39 2 3 — 109 6 — 174 
Substandard accrual— 4 1 82 — 16 6 — 109 
Substandard nonaccrual/doubtful— 3 1 — — 37 — — 41 
Total consumer and other$3,717 $3,034 $2,133 $519 $672 $35,207 $71,223 $— $116,505 
Total loans
Early buy-out loans guaranteed by U.S. government agencies$— $3,819 $9,245 $5,931 $6,016 $109,056 $— $— $134,067 
Pass10,615,865 7,658,280 4,864,465 5,265,854 4,187,561 10,535,122 6,243,378 29,343 49,399,868 
Special mention72,864 52,287 123,625 290,797 75,998 75,470 150,899 2,333 844,273 
Substandard accrual13,131 47,009 31,258 133,051 100,802 90,974 71,107 2,162 489,494 
Substandard nonaccrual/doubtful7,639 28,044 13,925 31,548 30,551 42,009 19,917 344 173,977 
Total loans$10,709,499 $7,789,439 $5,042,518 $5,727,181 $4,400,928 $10,852,631 $6,485,301 $34,182 $51,041,679 
Gross write offs
Three months ended June 30, 2025$1,281 $7,117 $1,979 $1,291 $318 $6,509 $— $— $18,495 
Six months ended June 30, 2025$1,404 $14,803 $3,789 $3,381 $2,147 $10,420 $— $— $35,944 
(1)For premium finance receivables - life, the year of origination represents when the borrower’s master loan agreement was initially established.
Schedule of Held-to-Maturity Debt Securities by Credit Quality Indicator For purposes of the table below, the Company has converted any issuer rating from an NRSRO into the Company’s internal ratings based on Investment Policy and review by the Company’s management.
As of June 30, 2025Year of OriginationTotal
(In thousands)20252024202320222021PriorBalance
Amortized Cost Balances:
U.S. government agencies
1-4 internal grade$— $— $— $135,000 $147,825 $30,715 $313,540 
5-7 internal grade— — — — — — — 
8-10 internal grade— — — — — — — 
Total U.S. government agencies$— $— $— $135,000 $147,825 $30,715 $313,540 
Municipal
1-4 internal grade$— $— $4,091 $1,030 $6,767 $142,741 $154,629 
5-7 internal grade— — — — — 2,124 2,124 
8-10 internal grade— — — — — — — 
Total municipal$— $— $4,091 $1,030 $6,767 $144,865 $156,753 
Mortgage-backed securities
1-4 internal grade$— $— $310,359 $508,750 $2,159,651 $— $2,978,760 
5-7 internal grade— — — — — — — 
8-10 internal grade— — — — — — — 
Total mortgage-backed securities$— $— $310,359 $508,750 $2,159,651 $— $2,978,760 
Corporate notes
1-4 internal grade$— $— $14,971 $— $38,560 $53,531 
5-7 internal grade— — — — — — — 
8-10 internal grade— — — — — — — 
Total corporate notes$— $— $— $14,971 $— $38,560 $53,531 
Total held-to-maturity securities$3,502,584 
Less: Allowance for credit losses(398)
Held-to-maturity securities, net of allowance for credit losses$3,502,186 
Schedule of Allowance for Credit Losses As significant judgment is required, the review of the appropriateness of the allowance for credit losses is performed quarterly by various committees with participation by the Company's executive management.
June 30,December 31,June 30,
(In thousands)202520242024
Allowance for loan losses$391,654 $364,017 $363,719 
Allowance for unfunded lending-related commitments losses65,409 72,586 73,350 
Allowance for loan losses and unfunded lending-related commitments losses457,063 436,603 437,069 
Allowance for held-to-maturity securities losses398 457 491 
Allowance for credit losses$457,461 $437,060 $437,560 
Schedule of Activity in the Allowance for Credit Losses by Loan Portfolio
A summary of activity in the allowance for credit losses, specifically for the loan portfolio (i.e. allowance for loan losses and allowance for unfunded commitment losses), for the three and six months ended June 30, 2025 and June 30, 2024 is as follows:
Three months ended June 30, 2025Commercial Real EstateHome  EquityResidential Real EstatePremium Finance ReceivablesConsumer and OtherTotal Loans
(In thousands)Commercial
Allowance for credit losses at beginning of period$201,183 $210,010 $9,139 $10,652 $16,039 $918 $447,941 
Other adjustments— — — — 180 — 180 
Charge-offs(6,148)(5,711)(111)— (6,346)(179)(18,495)
Recoveries1,746 10 30 2 3,335 32 5,155 
Provision for credit losses - Other(2,213)20,049 163 801 3,404 78 22,282 
Allowance for credit losses at period end$194,568 $224,358 $9,221 $11,455 $16,612 $849 $457,063 
By measurement method:
Individually measured$35,129 $8,127 $— $103 $— $4 $43,363 
Collectively measured159,439 216,231 9,221 11,352 16,612 845 413,700 
Loans at period end
Individually measured$80,877 $32,828 $1,780 $27,960 $— $41 $143,486 
Collectively measured16,306,554 13,259,182 465,035 3,783,938 16,830,136 116,464 50,761,309 
Loans held at fair value— — — 136,884 — 136,884 
Three months ended June 30, 2024CommercialCommercial Real EstateHome  EquityResidential Real EstatePremium Finance ReceivablesConsumer and OtherTotal Loans
(In thousands)
Allowance for credit losses at beginning of period$166,518 $226,052 $7,191 $13,701 $13,330 $383 $427,175 
Other adjustments— — — — (19)— (19)
Charge-offs(9,584)(15,526)— (23)(9,486)(137)(34,756)
Recoveries950 90 35 8 3,663 24 4,770 
Provision for credit losses24,107 13,112 16 (4,913)7,258 319 39,899 
Allowance for credit losses at period end$181,991 $223,728 $7,242 $8,773 $14,746 $589 $437,069 
By measurement method:
Individually measured$30,927 $6,330 $— $32 $— $1 $37,290 
Collectively measured151,064 217,398 7,242 8,741 14,746 588 399,779 
Loans at period end
Individually measured$51,087 $48,289 $1,100 $17,807 $— $3 $118,286 
Collectively measured14,103,375 11,898,908 355,213 2,913,694 15,062,868 87,353 44,421,411 
Loans held at fair value— — — 135,834 — — 135,834 

Six months ended June 30, 2025Commercial Real EstateHome  EquityResidential Real EstatePremium Finance ReceivablesConsumer and OtherTotal Loans
(In thousands)Commercial
Allowance for credit losses at beginning of period$175,837 $222,856 $8,943 $10,335 $17,820 $812 $436,603 
Other adjustments— — — — 184 — 184 
Charge-offs(15,870)(6,165)(111)— (13,472)(326)(35,944)
Recoveries2,675 22 246 138 6,822 61 9,964 
Provision for credit losses - Other31,926 7,645 143 982 5,258 302 46,256 
Allowance for credit losses at period end$194,568 $224,358 $9,221 $11,455 $16,612 $849 $457,063 
Six months ended June 30, 2024Commercial Real EstateHome  EquityResidential Real EstatePremium Finance ReceivablesConsumer and OtherTotal Loans
(In thousands)Commercial
Allowance for credit losses at beginning of period$169,604 $223,853 $7,116 $13,133 $13,069 $490 $427,265 
Other adjustments— — — — (50)— (50)
Charge-offs(20,799)(20,995)(74)(61)(16,424)(244)(58,597)
Recoveries1,429 121 64 10 5,190 47 6,861 
Provision for credit losses31,757 20,749 136 (4,309)12,961 296 61,590 
Allowance for credit losses at period end$181,991 $223,728 $7,242 $8,773 $14,746 $589 $437,069 
Schedule of Modification of Loans
The tables below presents a summary of the period-end balance of loans to borrowers experiencing financial difficulties during the three and six months ended June 30, 2025 and 2024:
Three Months Ended
June 30, 2025
 (Dollars in thousands)
TotalPercentage of Total Class of LoanExtension of TermReduction of 
Interest
Rate		Interest Only
Payments		Delay in Contractual PaymentsExtension of Term and Reduction of Interest Rate
Commercial$350.0 %$— $11 $— $— $24 
Commercial real estate
Construction and development—— — — — — — 
Non-construction—— — — — — — 
Home equity—— — — — — — 
Residential real estate2820.0 — 282 — — — 
Premium finance receivables—property & casualty8850.0 885 — — — — 
Total loans$1,2020.0 %$885 $293 $— $— $24 

Weighted Average Magnitude of Modifications:
 Three Months Ended June 30, 2025
 (Dollars in thousands)
TotalDuration of Extension of Term (months)Reduction of 
Interest
Rate (bps)		Duration of Delay in Contractual Payments (months)
Commercial$35 5172 — 
Commercial real estate
Construction and development— — — — 
Non-construction— — — — 
Home equity— — — — 
Residential real estate282 —123 — 
Premium finance receivables—property & casualty885 12— — 
Total loans$1,202 13117 — 
Three Months Ended
June 30, 2024
(Dollars in thousands)
TotalPercentage of Total Class of LoanExtension of
Term		Reduction of 
Interest
Rate		Interest Only PaymentsDelay in Contractual PaymentsExtension of
Term and
Reduction of Interest Rate
Commercial$2,1610.0 %$2,010 $— $— $97 $54 
Commercial real estate - Non-construction3400.0 21 — 319 — — 
Residential real estate810.0 81 — — — — 
Premium finance receivables—property & casualty60.0 3 3 — — — 
Total loans$2,5880.0 %$2,115 $3 $319 $97 $54 

Weighted Average Magnitude of Modifications:
Three Months Ended June 30, 2024
(Dollars in thousands)
TotalDuration of Extension of Term (months)Reduction of 
Interest
Rate (bps)		Duration of Delay in Contractual Payments (months)
Commercial$2,161 5143 34
Commercial real estate - Non-construction340 13— 0
Residential real estate81 12— —
Premium finance receivables—property & casualty6 286 —
Total loans$2,588 7140 34
Six Months Ended
June 30, 2025
(Dollars in thousands)
TotalPercentage of Total Class of LoanExtension of TermReduction of 
Interest
Rate		Interest Only
Payments		Delay in Contractual PaymentsExtension of Term and Reduction of Interest Rate
Commercial$12,732 0.2 %$12,465 $11 $31 $— $225 
Commercial real estate
Construction and development— — — — — — — 
Non-construction— — — — — — — 
Home equity— — — — — — — 
Residential real estate1,144 0.0 162 282 — — 700 
Premium finance receivables—property & casualty885 0.0 885 — — — — 
Total loans$14,761 0.0 $13,512 $293 $31 $— $925 

Weighted Average Magnitude of Modifications:
Six Months Ended June 30, 2025
(Dollars in thousands)
TotalDuration of Extension of Term (months)Reduction of 
Interest
Rate (bps)		Duration of Delay in Contractual Payments (months)
Commercial$12,732 1050 — 
Commercial real estate
Construction and development— — — — 
Non-construction— — — — 
Home equity— — — — 
Residential real estate1,144 48152 —
Premium finance receivables—property & casualty885 12— — 
Total loans$14,761 12138 — 
Six Months Ended
June 30, 2024
(Dollars in thousands)
TotalPercentage of Total Class of LoanExtension of
Term		Reduction of 
Interest
Rate		Interest Only PaymentsDelay in Contractual PaymentsExtension of
Term and
Reduction of Interest Rate
Commercial$3,219 0.0 %$2,956 $— $— $97 $166 
Commercial real estate - Non-construction1,469 0.0 293 — 319 857 — 
Home equity89 0.0 89 — — — — 
Residential real estate282 0.0 114 168 — — — 
Premium finance receivables—property & casualty6 0.0 3 3 — — — 
Total loans$5,065 0.0 %$3,455 $171 $319 $954 $166 

Weighted Average Magnitude of Modifications:
Six months ended June 30, 2024
(Dollars in thousands)
TotalDuration of Extension of Term (months)Reduction of 
Interest
Rate (bps)		Duration of Delay in Contractual Payments (months)
Commercial$3,219 811334
Commercial real estate - Non-construction1,469 29— 16
Home equity89 12— — 
Residential real estate282 19201— 
Premium finance receivables—property & casualty$6 286$— 
Total loans$5,065 11$156 18
Schedule of Loans for Borrowers Experiencing Financial Difficulties Modified
The following table presents a summary of all modified loans for borrowers experiencing financial difficulties and such loans that were in payment default under the restructured terms during the respective periods below:
(Dollars in thousands)
For the Twelve Months Ended June 30, 2025
Three Months Ended
June 30, 2025
Six Months Ended
June 30, 2025
For the Twelve Months Ended June 30, 2024
Three Months Ended
June 30, 2024
Six Months Ended
June 30, 2024
Total
Payments in Default  (1)
Payments in 
Default  (1)
Total
Payments in 
Default  (1)
Payments in 
Default  (1)
Commercial$20,731 $11 $123 $4,685 $1,784 $1,784 
Commercial real estate
Construction and development— — — 2,486 — — 
Non-construction752 — — 2,644 639 2,443 
Home equity— — — 586 — — 
Residential real estate1,144 — 700 417 384 384 
Premium finance receivables—property & casualty1,230 885 885 18 14 14 
Total loans$23,857 $896 $1,708 $10,836 $2,821 $4,625 
(1)Modified loans considered to be in payment default are over 30 days past due subsequent to the restructuring.