v3.25.3
Loans and Allowance for Credit Losses on Loans (Tables)
 9 Months Ended
Sep. 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)September 30, 2025December 31, 2024
Loans held for investment(1):
Commercial$11,999,025 $11,145,591 
Mortgage finance6,057,804 5,215,574 
Commercial real estate5,696,720 5,616,282 
Consumer540,126 565,376 
Gross loans held for investment24,293,675 22,542,823 
Unearned income (net of direct origination costs)(101,812)(92,757)
Total loans held for investment24,191,863 22,450,066 
Allowance for credit losses on loans(274,026)(271,709)
Total loans held for investment, net$23,917,837 $22,178,357 
(1)    Excludes accrued interest receivable of $107.6 million and $107.3 million at September 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
September 30, 2025
Commercial
(1-7) Pass$1,515,522 $1,304,446 $786,716 $905,138 $205,979 $158,114 $6,708,635 $30,271 $11,614,821 
(8) Special mention972 25,126 7,624 55,824 2,620 10,778 25,298 300 128,542 
(9) Substandard - accruing793 9,423 60,075 14,400 35,910 758 62,337 — 183,696 
(9+) Non-accrual14,613 — 4,140 27,072 — 12,575 13,566 — 71,966 
Total commercial$1,531,900 $1,338,995 $858,555 $1,002,434 $244,509 $182,225 $6,809,836 $30,571 $11,999,025 
Mortgage finance
(1-7) Pass$— $— $— $— $— $— $6,057,804 $— $6,057,804 
(8) Special mention— — — — — — — — — 
(9) Substandard - accruing— — — — — — — — — 
(9+) Non-accrual— — — — — — — — — 
Total mortgage finance$— $— $— $— $— $— $6,057,804 $— $6,057,804 
Commercial real estate
(1-7) Pass$653,167 $608,176 $951,334 $1,690,702 $694,803 $692,056 $255,206 $7,448 $5,552,892 
(8) Special mention— 25,532 — 87,907 3,263 1,856 — 792 119,350 
(9) Substandard - accruing12 348 — — — — — — 360 
(9+) Non-accrual— — 3,034 21,084 — — — — 24,118 
Total commercial real estate$653,179 $634,056 $954,368 $1,799,693 $698,066 $693,912 $255,206 $8,240 $5,696,720 
Consumer
(1-7) Pass$28,850 $41,970 $29,979 $53,067 $74,023 $116,102 $194,435 $— $538,426 
(8) Special mention— — — — — — 1,700 — 1,700 
(9) Substandard - accruing— — — — — — — — — 
(9+) Non-accrual— — — — — — — — — 
Total consumer$28,850 $41,970 $29,979 $53,067 $74,023 $116,102 $196,135 $— $540,126 
Total$2,213,929 $2,015,021 $1,842,902 $2,855,194 $1,016,598 $992,239 $13,318,981 $38,811 $24,293,675 
Gross charge-offs$7,061 $704 $2,371 $5,692 $28 $858 $21,228 $— $37,942 
(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
Nine Months Ended September 30, 2025
Beginning balance$198,423 $2,755 $68,825 $1,706 $271,709 
Provision for credit losses on loans35,106 5,944 (2,306)75 38,819 
Charge-offs37,011 — 931 — 37,942 
Recoveries1,019 — 413 8 1,440 
Net charge-offs (recoveries)35,992 — 518 (8)36,502 
Ending balance$197,537 $8,699 $66,001 $1,789 $274,026 
Nine Months Ended September 30, 2024
Beginning balance$171,437 $4,173 $71,829 $2,534 $249,973 
Allowance established for acquired PCD loans2,579 — — — 2,579 
Provision for credit losses on loans54,529 1,290 (6,840)414 49,393 
Charge-offs23,661 — 5,698 30 29,389 
Recoveries587 — — — 587 
Net charge-offs (recoveries)23,074 — 5,698 30 28,802 
Ending balance$205,471 $5,463 $59,291 $2,918 $273,143 
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
September 30, 2025
Commercial$5,202 $1,340 $126 $6,668 $71,966 $11,920,391 $11,999,025 $3,073 
Mortgage finance— — — — — 6,057,804 6,057,804 — 
Commercial real estate296 2,096 — 2,392 24,118 5,670,210 5,696,720 4,568 
Consumer— — — — — 540,126 540,126 — 
Total$5,498 $3,436 $126 $9,060 $96,084 $24,188,531 $24,293,675 $7,641 
(1)As of September 30, 2025, $556,000 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 nine months ended September 30, 2025 compared to $272,000 for the same period in 2024. Accrued interest of $1.5 million and $917,000 was reversed during the nine months ended September 30, 2025 and September 30, 2024, respectively.
Summary of loan modifications
The table below details gross loans held for investment made to borrowers experiencing financial difficulty that were modified during the three and nine months ended September 30, 2025 and September 30, 2024, by type of modification granted and the financial effect of those modifications:
Financial Statement Impact
($ 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 September 30, 2025
Commercial$791 $8,948 $758 $10,497 0.04 %—%
3 to 6
$814 
Commercial real estate— — 17,505 17,505 0.07 %—%
6
737 
Total$791 $8,948 $18,263 $28,002 0.12 %
Three Months Ended September 30, 2024
Commercial$360 $— $— $360 — %—%
0
$42 
Total$360 $— $— $360 — %
Nine Months Ended September 30, 2025
Commercial$12,100 $19,950 $23,126 $55,176 0.23 %—%
3 to 26
$6,711 
Commercial real estate18,163 — 17,505 35,668 0.15 %—%61,106 
Total$30,263 $19,950 $40,631 $90,844 0.37 %
Nine Months Ended September 30, 2024
Commercial$28,082 $553 $7,439 $36,074 0.16 %—%
3 to 13
$4,868 
Commercial real estate— 15,831 — 15,831 0.07 %—%
3
— 
Total$28,082 $16,384 $7,439 $51,905 0.23 %
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 September 30, 2025
Commercial$179 $3,000 $14,613 $17,792 
Total$179 $3,000 $14,613 $17,792 
Three Months Ended September 30, 2024
Commercial$2,902 $— $— $2,902 
Total
$2,902 $— $— $2,902 
Nine Months Ended September 30, 2025
Commercial$25,675 $9,537 $14,613 $49,825 
Commercial real estate— — 13,500 13,500 
Total$25,675 $9,537 $28,113 $63,325 
Nine Months Ended September 30, 2024
Commercial$6,031 $— $1,756 $7,787 
Total$6,031 $— $1,756 $7,787 
The table below provides an age analysis of gross loans held for investment as of September 30, 2025 and September 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
September 30, 2025
Commercial$758 $— $47,849 $18,157 $66,764 
Commercial real estate
— — 17,506 — 17,506 
Total$758 $— $65,355 $18,157 $84,270 
September 30, 2024
Commercial$— $— $10,191 $4,474 $14,665 
Commercial real estate
— — — 15,831 15,831 
Total$— $— $10,191 $20,305 $30,496