v3.26.3
Allowance for Credit Losses (Tables)
 9 Months Ended
Sep. 30, 2026
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 September 30, 2026, December 31, 2025 and September 30, 2025:
As of September 30, 202690+ days and still accruing60-89 days past due30-59 days past due
(In thousands)Non-accrualCurrentTotal Loans
Loan Balances (includes PCD):
Commercial$85,670 $— $21,825 $39,132 $18,195,138 $18,341,765 
Commercial real estate
Construction and development834 — 8,333 14,278 2,655,444 2,678,889 
Non-construction12,179 — 9,494 60,267 12,199,782 12,281,722 
Home equity1,149 — 1,085 1,427 504,170 507,831 
Residential real estate, excluding early buy-out loans26,218 — 5,390 114 4,521,155 4,552,877 
Premium finance receivables—property & casualty23,341 17,093 19,238 33,757 8,530,893 8,624,322 
Premium finance receivables—life insurance— 10,380 536 3,515 9,524,432 9,538,863 
Consumer and other27 13 42 251 134,831 135,164 
Total loans, net of unearned income, excluding early buy-out loans$149,418 $27,486 $65,943 $152,741 $56,265,845 $56,661,433 
Early buy-out loans guaranteed by U.S. government agencies (1)
— 54,408 — — 88,730 143,138 
Total loans, net of unearned income$149,418 $81,894 $65,943 $152,741 $56,354,575 $56,804,571 
(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 December 31, 202590+ days and still accruing60-89 days past due30-59 days past due
(In thousands)Non-accrualCurrentTotal Loans
Loan Balances (includes PCD):
Commercial$78,059 $— $22,952 $90,205 $16,853,470 $17,044,686 
Commercial real estate
Construction and development2,976 — 1,260 13,456 2,391,890 2,409,582 
Non-construction22,171 — 18,269 52,145 11,438,569 11,531,154 
Home equity1,221 — 1,112 2,818 475,374 480,525 
Residential real estate, excluding early buy-out loans32,862 — 7,562 24,908 4,106,107 4,171,439 
Premium finance receivables—property & casualty29,354 19,115 29,294 57,685 8,047,968 8,183,416 
Premium finance receivables—life insurance— — 13,887 22,806 8,986,949 9,023,642 
Consumer and other8 42 466 643 113,705 114,864 
Total loans, net of unearned income, excluding early buy-out loans$166,651 $19,157 $94,802 $264,666 $52,414,032 $52,959,308 
Early buy-out loans guaranteed by U.S. government agencies (1)
— 53,848 204 1,316 90,425 145,793 
Total loans, net of unearned income$166,651 $73,005 $95,006 $265,982 $52,504,457 $53,105,101 
(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 September 30, 202590+ days and still accruing60-89 days past due30-59 days past due
(In thousands)Non-accrualCurrentTotal Loans
Loan Balances (includes PCD):
Commercial$66,577 $— $12,190 $36,136 $16,429,439 $16,544,342 
Commercial real estate
Construction and development3,227 — 630 40,276 2,614,020 2,658,153 
Non-construction24,975 — 13,489 42,779 10,879,811 10,961,054 
Home equity1,295 — 246 2,294 480,367 484,202 
Residential real estate, excluding early buy-out loans28,942 — 8,829 95 3,981,180 4,019,046 
Premium finance receivables—property & casualty24,512 13,006 23,527 38,133 8,267,114 8,366,292 
Premium finance receivables—life insurance— — 34,016 34,506 8,690,031 8,758,553 
Consumer and other38 60 49 159 146,710 147,016 
Total loans, net of unearned income, excluding early buy-out loans$149,566 $13,066 $92,976 $194,378 $51,488,672 $51,938,658 
Early buy-out loans guaranteed by U.S. government agencies (1)
— 47,374 — — 77,450 124,824 
Total loans, net of unearned income$149,566 $60,440 $92,976 $194,378 $51,566,122 $52,063,482 
(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 September 30, 2026:
Year of OriginationRevolvingTotal
(In thousands)20262025202420232022PriorRevolvingto TermLoans
Loan Balances:
Commercial
Pass$2,971,051 $2,962,402 $2,111,289 $1,232,190 $796,861 $1,422,808 $6,120,810 $22,512 $17,639,923 
Special mention27,967 19,693 48,251 28,875 9,922 10,700 226,790 19,503 391,701 
Substandard accrual1,211 52,365 38,472 34,939 14,124 55,443 25,761 2,156 224,471 
Substandard non-accrual/doubtful4,346 10,058 7,993 5,715 31,675 18,032 7,304 547 85,670 
Total commercial, industrial and other$3,004,575 $3,044,518 $2,206,005 $1,301,719 $852,582 $1,506,983 $6,380,665 $44,718 $18,341,765 
Construction and development
Pass$305,357 $643,695 $633,432 $374,720 $405,309 $97,462 $16,111 $— $2,476,086 
Special mention— 5,030 42,230 16,363 62,045 2,255 — — 127,923 
Substandard accrual— — — 33,295 — 40,751 — — 74,046 
Substandard non-accrual/doubtful— — — — — 834 — — 834 
Total construction and development$305,357 $648,725 $675,662 $424,378 $467,354 $141,302 $16,111 $— $2,678,889 
Non-construction
Pass$2,305,130 $2,115,291 $1,052,536 $971,119 $1,532,813 $3,646,392 $222,938 $1,072 $11,847,291 
Special mention102,786 26,581 851 30,297 54,081 37,933 — — 252,529 
Substandard accrual— 203 20,765 41,765 44,346 62,644 — — 169,723 
Substandard non-accrual/doubtful— — — 1,271 682 10,226 — — 12,179 
Total non-construction$2,407,916 $2,142,075 $1,074,152 $1,044,452 $1,631,922 $3,757,195 $222,938 $1,072 $12,281,722 
Home equity
Pass$336 $99 $210 $155 $239 $21,041 $464,397 $7,022 $493,499 
Special mention— — 292 106 97 840 5,962 103 7,400 
Substandard accrual— — 35 240 70 3,611 1,690 137 5,783 
Substandard non-accrual/doubtful— — — 99 140 910 — — 1,149 
Total home equity$336 $99 $537 $600 $546 $26,402 $472,049 $7,262 $507,831 
Residential real estate
Early buy-out loans guaranteed by U.S. government agencies$— $1,265 $12,971 $10,116 $8,127 $110,659 $— $— $143,138 
Pass846,610 1,015,239 563,158 335,846 696,483 1,035,455 — — 4,492,791 
Special mention319 1,059 988 1,660 6,775 8,594 — — 19,395 
Substandard accrual153 26 2,172 824 5,869 5,429 — — 14,473 
Substandard non-accrual/doubtful14 997 2,681 5,785 5,759 10,982 — — 26,218 
Total residential real estate$847,096 $1,018,586 $581,970 $354,231 $723,013 $1,171,119 $— $— $4,696,015 
Premium finance receivables - property and casualty
Pass$8,290,104 $204,365 $2,434 $— $— $— $— $— $8,496,903 
Special mention88,320 4,665 20 — — — — — 93,005 
Substandard accrual8,673 2,400 — — — — — — 11,073 
Substandard non-accrual/doubtful11,945 11,395 1 — — — — — 23,341 
Total premium finance receivables - property and casualty$8,399,042 $222,825 $2,455 $— $— $— $— $— $8,624,322 
Premium finance receivables - life (1)
Pass$346,023 $755,875 $824,429 $595,389 $787,138 $6,199,163 $— $— $9,508,017 
Special mention— — — — — — — — 
Substandard accrual— — — — — 30,846 — — 30,846 
Substandard non-accrual/doubtful— — — — — — — — — 
Total premium finance receivables - life$346,023 $755,875 $824,429 $595,389 $787,138 $6,230,009 $— $— $9,538,863 
Consumer and other
Pass$4,251 $2,906 $941 $325 $77 $29,229 $96,312 $— $134,041 
Special mention20 77 8 862 76 1 8 — 1,052 
Substandard accrual6 16 9 3 — 6 4 — 44 
Substandard non-accrual/doubtful— 1 — — — 26 — — 27 
Total consumer and other$4,277 $3,000 $958 $1,190 $153 $29,262 $96,324 $— $135,164 
Total loans
Early buy-out loans guaranteed by U.S. government agencies$— $1,265 $12,971 $10,116 $8,127 $110,659 $— $— $143,138 
Pass15,068,862 7,699,872 5,188,429 3,509,744 4,218,920 12,451,550 6,920,568 30,606 55,088,551 
Special mention219,412 57,105 92,640 78,163 132,996 60,323 232,760 19,606 893,005 
Substandard accrual10,043 55,010 61,453 111,066 64,409 198,730 27,455 2,293 530,459 
Substandard non-accrual/doubtful16,305 22,451 10,675 12,870 38,256 41,010 7,304 547 149,418 
Total loans$15,314,622 $7,835,703 $5,366,168 $3,721,959 $4,462,708 $12,862,272 $7,188,087 $53,052 $56,804,571 
Gross write offs
Three months ended September 30, 2026$7,820 $1,806 $8,202 $1,372 $424 $7,550 $— $— $27,174 
Nine months ended September 30, 2026$8,312 $16,625 $13,556 $8,396 $5,996 $15,220 $— $— $68,105 
(1)For premium finance receivables - life, the year of origination represents when the borrower’s master loan agreement was initially established.
Schedule of Held-to-Maturity Debt Securities by Credit Quality Indicator For purposes of the table below, the Company has converted any issuer rating from an NRSRO into the Company’s internal ratings based on Investment Policy and review by the Company’s management.
As of September 30, 2026Year of OriginationTotal
(In thousands)20262025202420232022PriorBalance
Amortized Cost Balances:
U.S. government agencies
1-4 internal grade$— $— $— $— $135,000 $178,542 $313,542 
5-7 internal grade— — — — — — — 
8-10 internal grade— — — — — — — 
Total U.S. government agencies$— $— $— $— $135,000 $178,542 $313,542 
Municipal
1-4 internal grade$— $— $— $3,583 $1,022 $126,916 $131,521 
5-7 internal grade— — — — — 1,887 1,887 
8-10 internal grade— — — — — — — 
Total municipal$— $— $— $3,583 $1,022 $128,803 $133,408 
Mortgage-backed securities
1-4 internal grade$— $— $— $220,721 $439,347 $2,005,723 $2,665,791 
5-7 internal grade— — — — — — — 
8-10 internal grade— — — — — — — 
Total mortgage-backed securities$— $— $— $220,721 $439,347 $2,005,723 $2,665,791 
Corporate notes
1-4 internal grade$— $— $— $— $4,975 $3,000 $7,975 
5-7 internal grade— — — — — — — 
8-10 internal grade— — — — — — — 
Total corporate notes$— $— $— $— $4,975 $3,000 $7,975 
Total held-to-maturity securities$3,120,716 
Less: Allowance for credit losses(213)
Held-to-maturity securities, net of allowance for credit losses$3,120,503 
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.
September 30,December 31,September 30,
(In thousands)202620252025
Allowance for loan losses$401,729 $379,283 $386,622 
Allowance for unfunded lending-related commitments losses84,111 80,922 67,569 
Allowance for loan losses and unfunded lending-related commitments losses485,840 460,205 454,191 
Allowance for held-to-maturity securities losses213 260 395 
Allowance for credit losses$486,053 $460,465 $454,586 
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 nine months ended September 30, 2026 and September 30, 2025 is as follows:
Three months ended September 30, 2026Commercial Real EstateHome  EquityResidential Real EstatePremium Finance ReceivablesConsumer and OtherTotal Loans
(In thousands)Commercial
Allowance for credit losses at beginning of period$234,809 $209,948 $10,004 $13,257 $11,952 $999 $480,969 
Other adjustments— — — — (18)— (18)
Charge-offs(19,075)(414)— (107)(7,361)(217)(27,174)
Recoveries1,577 2,103 12 24 2,435 26 6,177 
Provision for credit losses 22,823 (2,564)(179)445 5,321 40 25,886 
Allowance for credit losses at period end$240,134 $209,073 $9,837 $13,619 $12,329 $848 $485,840 
By measurement method:
Individually measured$23,091 $81 $— $47 $— $1 $23,220 
Collectively measured217,043 208,992 9,837 13,572 12,329 847 462,620 
Loans at period end
Individually measured$85,670 $13,013 $1,149 $26,111 $— $27 $125,970 
Collectively measured18,256,095 14,947,598 506,682 4,524,154 18,163,185 135,137 56,532,851 
Loans held at fair value— — — 145,750 — — 145,750 
Three months ended September 30, 2025CommercialCommercial Real EstateHome  EquityResidential Real EstatePremium Finance ReceivablesConsumer and OtherTotal Loans
(In thousands)
Allowance for credit losses at beginning of period$194,568 $224,358 $9,221 $11,455 $16,612 $849 $457,063 
Other adjustments— — — — (88)— (88)
Charge-offs(21,597)(144)(27)(26)(6,878)(174)(28,846)
Recoveries1,449 241 104 1 2,459 37 4,291 
Provision for credit losses15,056 6,022 (69)583 (156)335 21,771 
Allowance for credit losses at period end$189,476 $230,477 $9,229 $12,013 $11,949 $1,047 $454,191 
By measurement method:
Individually measured$29,747 $9,688 $— $60 $— $3 $39,498 
Collectively measured159,729 220,789 9,229 11,953 11,949 1,044 414,693 
Loans at period end
Individually measured$66,576 $28,203 $1,295 $28,854 $— $38 $124,966 
Collectively measured16,477,766 13,591,004 482,907 3,985,423 17,124,845 146,978 51,808,923 
Loans held at fair value— — — 129,593 — — 129,593 
Nine months ended September 30, 2026Commercial Real EstateHome  EquityResidential Real EstatePremium Finance ReceivablesConsumer and OtherTotal Loans
(In thousands)Commercial
Allowance for credit losses at beginning of period$178,545 $246,933 $10,402 $12,519 $11,011 $795 $460,205 
Other adjustments— — — — (158)— (158)
Charge-offs(38,340)(8,381)— (620)(20,195)(569)(68,105)
Recoveries4,706 2,114 331 26 7,948 119 15,244 
Provision for credit losses95,223 (31,593)(896)1,694 13,723 503 78,654 
Allowance for credit losses at period end$240,134 $209,073 $9,837 $13,619 $12,329 $848 $485,840 
Nine months ended September 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— — — — 96 — 96 
Charge-offs(37,467)(6,309)(138)(26)(20,350)(500)(64,790)
Recoveries4,124 263 350 139 9,281 98 14,255 
Provision for credit losses46,982 13,667 74 1,565 5,102 637 68,027 
Allowance for credit losses at period end$189,476 $230,477 $9,229 $12,013 $11,949 $1,047 $454,191 
Schedule of Modification of Loans
The tables below present a summary of the period-end balance of loans to borrowers experiencing financial difficulties during the three and nine months ended September 30, 2026 and 2025:
Three Months Ended
September 30, 2026
(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$10,1520.1 %$9,923 $47 $— $182 $— 
Commercial real estate
Construction and development5680.0 568 — — — — 
Non-construction7340.0 734 — — — — 
Residential real estate1,1910.0 915 219 — 57 — 
Premium finance receivables—property & casualty130.0 13 — — — — 
Total loans$12,6580.0 %$12,153 $266 $— $239 $— 

Weighted Average Magnitude of Modifications:
 Three Months Ended September 30, 2026
 (Dollars in thousands)
TotalDuration of Extension of Term (months)Reduction of 
Interest
Rate (bps)		Duration of Delay in Contractual Payments (months)
Commercial$10,152 5325 30
Commercial real estate
Construction and development568 7— — 
Non-construction734 3— — 
Residential real estate1,191 9104 73
Premium finance receivables—property & casualty13 274 — 
Total loans$12,658 3143 40
Three Months Ended
September 30, 2025
(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$4,7910.1 %$4,464 $— $— $— $327 
Commercial real estate
Non-construction1960.0 196 — — — — 
Residential real estate3920.0 287 — — — 105 
Total loans$5,3790.0 %$4,947 $— $— $— $432 

Weighted Average Magnitude of Modifications:
Three Months Ended September 30, 2025
(Dollars in thousands)
TotalDuration of Extension of Term (months)Reduction of 
Interest
Rate (bps)		Duration of Delay in Contractual Payments (months)
Commercial$4,791 6190 — 
Commercial real estate
Non-construction196 6— — 
Residential real estate392 1190 —
Total loans$5,379 7166 — 

Nine Months Ended
September 30, 2026
(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$30,672 0.4 %$15,015 $83 $— $15,530 $44 
Commercial real estate
Construction and development1,137 0.0 1,137 — — — — 
Non-construction12,233 0.1 11,540 — — 693 — 
Residential real estate1,873 0.0 1,299 219 — 300 55 
Premium finance receivables—property & casualty16 0.0 13 3 — — — 
Total loans$45,931 0.1 %$29,004 $305 $— $16,523 $99 

Weighted Average Magnitude of Modifications:
Nine Months Ended September 30, 2026
(Dollars in thousands)
TotalDuration of Extension of Term (months)Reduction of 
Interest
Rate (bps)		Duration of Delay in Contractual Payments (months)
Commercial$30,672 20264 37
Commercial real estate
Construction and development1,137 9— — 
Non-construction12,233 5— 37
Residential real estate1,873 34141 163
Premium finance receivables—property & casualty16 267 — 
Total loans$45,931 16193 39
Nine Months Ended
September 30, 2025
(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$15,370 0.2 %$14,917 $9 $— $— $444 
Commercial real estate
Non-construction196 0.0 196 — — — — 
Residential real estate1,524 0.0 447 276 — — 801 
Premium finance receivables—property & casualty865 0.0 865 — — — — 
Total loans$17,955 0.0 %$16,425 $285 $— $— $1,245 

Weighted Average Magnitude of Modifications:
Nine months ended September 30, 2025
(Dollars in thousands)
TotalDuration of Extension of Term (months)Reduction of 
Interest
Rate (bps)		Duration of Delay in Contractual Payments (months)
Commercial$15,370 7155— 
Commercial real estate
Non-construction196 6— — 
Residential real estate1,524 11148— 
Premium finance receivables—property & casualty865 12— — 
Total loans$17,955 8$150 — 
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 September 30, 2026
Three Months Ended
September 30, 2026
Nine Months Ended
September 30, 2026
For the Twelve Months Ended September 30, 2025
Three Months Ended
September 30, 2025
Nine Months Ended
September 30, 2025
Total
Payments in Default  (1)
Payments in 
Default  (1)
Total
Payments in 
Default  (1)
Payments in 
Default  (1)
Commercial$43,695 $302 $3,101 $20,725 $28 $142 
Commercial real estate
Construction and development1,137 — 568 — — — 
Non-construction22,915 1,169 13,491 243 196 196 
Residential real estate2,538 312 312 1,524 224 920 
Premium finance receivables—property & casualty15 13 15 865 — 865 
Total loans$70,300 $1,796 $17,487 $23,357 $448 $2,123 
(1)Modified loans considered to be in payment default are over 30 days past due subsequent to the restructuring.