v3.26.3
Loans Receivable and Allowance for Credit Losses (Tables)
 9 Months Ended
Sep. 30, 2026
Receivables [Abstract]  
Schedule of Loans Held for Investment
Loans held for investment as of September 30, 2026 and December 31, 2025 are summarized as follows (in thousands):
September 30, 2026December 31, 2025
Mortgage loans:
Commercial$7,604,830 7,398,792 
Multi-family3,841,754 3,667,337 
Construction694,807 662,112 
Residential1,911,472 1,974,324 
Total mortgage loans14,052,863 13,702,565 
Commercial loans (1)
5,520,560 5,200,517 
Consumer loans610,970 612,431 
Total gross loans20,184,393 19,515,513 
Premiums on purchased loans1,676 1,524 
Net deferred fees(15,999)(12,976)
Total loans$20,170,070 19,504,061 
(1) Commercial loans consist of owner-occupied real estate loans, commercial and industrial loans and mortgage warehouse lines.
Schedule of Aging Loans Held for Investment by Portfolio Segment and Class
The following tables summarize the aging of loans held for investment by portfolio segment and class of loans (in thousands):
September 30, 2026
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$1,561 190 21,034 — 22,785 7,582,045 7,604,830 745 
Multi-family— — 1,831 — 1,831 3,839,923 3,841,754 1,831 
Construction— — 1,781 — 1,781 693,026 694,807 1,781 
Residential9,926 5,731 5,947 — 21,604 1,889,868 1,911,472 5,947 
Total mortgage loans11,487 5,921 30,593 — 48,001 14,004,862 14,052,863 10,304 
Commercial loans187 477 107,691 — 108,355 5,412,205 5,520,560 80,800 
Consumer loans3,559 792 1,858 — 6,209 604,761 610,970 1,858 
Total gross loans$15,233 7,190 140,142 — 162,565 20,021,828 20,184,393 92,962 
December 31, 2025
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$15,652 — 26,856 — 42,508 7,356,284 7,398,792 22,506 
Multi-family— 932 2,268 — 3,200 3,664,137 3,667,337 2,268 
Construction— — 5,159 — 5,159 656,953 662,112 5,159 
Residential8,344 4,177 9,062 — 21,583 1,952,741 1,974,324 9,062 
Total mortgage loans23,996 5,109 43,345 — 72,450 13,630,115 13,702,565 38,995 
Commercial loans1,303 633 33,219 — 35,155 5,165,362 5,200,517 26,655 
Consumer loans2,209 781 1,856 — 4,846 607,585 612,431 1,856 
Total gross loans$27,508 6,523 78,420 — 112,451 19,403,062 19,515,513 67,506 
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 and nine months ended September 30, 2026 and 2025 was as follows (in thousands):
Three months ended September 30,Mortgage loansCommercial loansConsumer loansTotal
2026
Balance at beginning of period$129,003 50,456 5,197 184,656 
Provision charge (benefit) to operations3,856 2,588 756 7,200 
Recoveries of loans previously charged-off114 748 54 916 
Loans charged-off(210)(2,741)(352)(3,303)
Balance at end of period$132,763 51,051 5,655 189,469 
2025
Balance at beginning of period$131,447 51,228 5,196 187,871 
Provision charge (benefit) to operations3,251 1,257 (8)4,500 
Recoveries of loans previously charged-off77 60 181 318 
Loans charged-off(1,199)(4,368)(153)(5,720)
Balance at end of period$133,576 48,177 5,216 186,969 
Nine months ended September 30,Mortgage loansCommercial loansConsumer loansTotal
2026
Balance at beginning of period$128,601 51,127 5,039 184,767 
Provision (benefit) charge to operations5,133 5,976 1,016 12,125 
Recoveries of loans previously charged-off161 1,050 463 1,674 
Loans charged-off(1,132)(7,102)(863)(9,097)
Balance at end of period$132,763 51,051 5,655 189,469 
2025
Balance at beginning of period$144,587 43,642 5,203 193,432 
Provision charge to operations(8,803)11,015 (37)2,175 
Initial allowance on credit loans related to PCD loans— — — — 
Recoveries of loans previously charged-off924 414 485 1,823 
Loans charged-off(3,132)(6,894)(435)(10,461)
Balance at end of period$133,576 48,177 5,216 186,969 
Schedule of Loan Modifications
The following table summarizes the Company's gross charge-offs recorded during the three months ended September 30, 2026 by year of origination (in thousands):
20262025202420232022Prior to 2022Total Loans
Mortgage loans:
Commercial$— — — — — 134 134 
Residential— — — — — 76 76 
Total mortgage loans— — — — — 210 210 
Commercial loans— 2,727 — — — 14 2,741 
Consumer loans (1)
— 16 — — — 199 216 
Total gross loans$— 2,744 — — — 422 3,167 
(1) During the three months ended September 30, 2026, charge-offs on consumer overdraft accounts totaled 136,000, which are not included in the table above.
The following table summarizes the Company's gross charge-offs recorded during the nine months ended September 30, 2026 by year of origination (in thousands):
20262025202420232022Prior to 2022Total Loans
Mortgage loans:
Commercial$— — — — — 368 368 
Multi-family— 201 — — — 486 687 
Construction— — — — — — — 
Residential— — — — — 77 77 
Total mortgage loans— 201 — — — 932 1,132 
Commercial loans— 5,558 — 168 1,335 42 7,102 
Consumer loans (1)
12 17 1 15 — 350 394 
Total gross loans$12 5,775 1 183 1,335 1,324 8,628 
(1) During the nine months ended September 30, 2026, charge-offs on consumer overdraft accounts totaled 469,000, which are not included in the table above.
The following table summarizes the Company's gross charge-offs recorded during the three months ended September 30, 2025 by year of origination (in thousands):
20252024202320222021Prior to 2021Total Loans
Mortgage loans:
Commercial$— — — — — 540 540 
Multi-family— — 520 — — 139 659 
Total mortgage loans— — 520 — — 679 1,199 
Commercial loans— — — — — 4,368 4,368 
Consumer loans (1)
2 25 8 — — 2 37 
Total gross loans$2 25 529 — — 5,049 5,604 
(1) During the three months ended September 30, 2025, charge-offs on consumer overdraft accounts totaled $116,000, which are not included in the table above.
The following table summarizes the Company's gross charge-offs recorded during the nine months ended September 30, 2025 by year of origination (in thousands):
20252024202320222021Prior to 2021Total Loans
Mortgage loans:
Commercial$— — — 358 — 2,047 2,406 
Multi-family— — 520 — — 206 726 
Total mortgage loans— — 520 358 — 2,253 3,132 
Commercial loans— — 39 2,362 126 4,368 6,894 
Consumer loans (1)
20 38 20 3 — 39 120 
Total gross loans$20 38 580 2,723 126 6,660 10,146 
(1) During the nine months ended September 30, 2025, charge-offs on consumer overdraft accounts totaled $315,000, 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 tables present the amortized cost basis of loan modifications made to borrowers experiencing financial difficulty during the three and nine months ended September 30, 2026 (in thousands):
For the three months ended September 30, 2026
Term ExtensionInterest Rate ChangeInterest Rate Change and Term ExtensionChange in Payment TypeTotal of loan modifications% of Total Class of Loans
Mortgage loans:
Commercial$117 —6,372 — 6,489 0.09 %
Total mortgage loans117 —6,372 — 6,489 0.05 %
Commercial loans151 —26,837 — 26,988 0.49 %
Total gross loans$268 —33,209 — 33,477 0.17 %
For the nine months ended September 30, 2026
Term ExtensionInterest Rate ChangeInterest Rate Change and Term ExtensionChange in Payment TypeTotal of loan modifications% of Total Class of Loans
Mortgage loans:
Commercial$8,690 3,2336,491 — 18,414 0.24 %
Construction— —6,639 — 6,639 0.96 %
Total mortgage loans8,690 3,23313,130 — 25,053 0.18 %
Commercial loans6,991 —27,221 307 34,519 0.63 %
Total gross loans$15,681 3,23340,351 307 59,572 0.30 %
The following tables present the amortized cost basis of loan modifications made to borrowers experiencing financial difficulty during the three and nine months ended September 30, 2025 (in thousands):
For the three months ended September 30, 2025
Term ExtensionInterest Rate ReductionInterest Rate Reduction and Term Extension% of Total Class of Loans
Commercial loans— —7,0000.14 %
Total gross loans$— —7,0000.04 %
For the nine months ended September 30, 2025
Term ExtensionInterest Rate ReductionInterest Rate Reduction and Term Extension% of Total Class of Loans
Mortgage loans:
Commercial$2,984 —11,945 0.20 %
Total mortgage loans2,984 —11,945 0.11 %
Commercial loans1,302 —7,603 0.17 %
Total gross loans$4,286 —19,548 0.12 %
The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the three months ended September 30, 2026 (in thousands):
Weighted Average Months of Term ExtensionWeighted Average Rate Change
Mortgage loans:
Commercial40.98 %
Total mortgage loans40.98 %
Commercial loans91.00 %
Total gross loans60.99 %
The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the nine months ended September 30, 2026 (in thousands):
Weighted Average Months of Term ExtensionWeighted Average Rate Change
Mortgage loans:
Commercial40.67 %
Construction11.82 %
Total mortgage loans40.79 %
Commercial loans110.08 %
Total gross loans70.44 %
The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the three months ended September 30, 2025 (in thousands):
Weighted Average Months of Term ExtensionWeighted Average Rate Change
Mortgage loans:
Commercial0— %
Total mortgage loans0— %
Commercial loans110.25 %
Total gross loans110.25 %
The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the nine months ended September 30, 2025 (in thousands):
Weighted Average Months of Term ExtensionWeighted Average Rate Change
Mortgage loans:
Commercial180.44 %
Total mortgage loans180.44 %
Commercial loans12(0.21)%
Total gross loans140.05 %
The following table presents the aging analysis of loan modifications made to borrowers experiencing financial difficulty during the twelve months ended September 30, 2026 (in thousands):
Current30-59 Days Past Due60-89 Days Past Due90 days or more Past DueNon- AccrualTotal
Mortgage loans:
Commercial$21,895 — — — — 21,895 
Multi-family— — — — — — 
Construction6,639 — — — — 6,639 
Total mortgage loans28,534 — — — — 28,534 
Commercial loans44,617 — — — — 44,617 
Total gross loans$73,151 — — — — 73,151 
The following table presents the aging analysis of loan modifications made to borrowers experiencing financial difficulty during the twelve months ended September 30, 2025 (in thousands):
Current30-59 Days Past Due60-89 Days Past Due90 days or more Past DueNon- AccrualTotal
Mortgage loans:
Commercial$11,907 — 2,642 — — 14,549 
Multi-family281 — — 450 — 731 
Total mortgage loans12,188 — 2,642 450 — 15,280 
Commercial loans8,169 — — — 243 8,412 
Total gross loans$20,357 — 2,642 450 243 23,692 
Schedule of Loans Receivable by Credit Quality Risk Rating Indicator
The following table summarizes the Company's gross loans held for investment by year of origination and internally assigned credit grades as of September 30, 2026 and December 31, 2025 (in thousands):
Gross Loans Held for Investment by Year of Origination
as of September 30, 2026
20262025202420232022Prior to 2022Revolving LoansRevolving loans to term loansTotal Loans
Commercial Mortgage
Special mention$— 7,014 — 1,525 32,425 86,198 — — 127,162 
Substandard 3,773 5,773 — 14,931 8,023 60,177 1,409 — 94,086 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified3,773 12,787 — 16,456 40,448 146,375 1,409 — 221,248 
Pass/Watch860,908 913,459 431,748 741,500 1,271,170 2,994,379 161,733 8,685 7,383,582 
Total Commercial Mortgage$864,681 926,246 431,748 757,956 1,311,618 3,140,754 163,142 8,685 7,604,830 
Multi-family
Special mention$— — — 21,418 — — — — 21,418 
Substandard— — — 34 — 3,293 — — 3,327 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified— — — 21,452 — 3,293 — — 24,745 
Pass/Watch435,790 725,722 316,964 502,229 567,637 1,251,652 15,538 1,477 3,817,009 
Total Multi-Family$435,790 725,722 316,964 523,681 567,637 1,254,945 15,538 1,477 3,841,754 
Construction
Special mention$22,135 — — — — 1,078 — — 23,213 
Substandard— — — — 18,210 1,800 — — 20,010 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified22,135 — — — 18,210 2,878 — — 43,223 
Pass/Watch77,739 258,062 187,193 54,694 59,932 13,964 — — 651,584 
Total Construction$99,874 258,062 187,193 54,694 78,142 16,842 — — 694,807 
Residential (1)
Special mention$— 422 829 1,782 1,565 3,925 — — 8,523 
Substandard— — 1,213 4,485 1,500 2,590 — — 9,788 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified— 422 2,042 6,267 3,065 6,515 — — 18,311 
Pass/Watch65,756 148,942 115,472 282,997 343,714 936,280 — — 1,893,161 
Total Residential$65,756 149,364 117,514 289,264 346,779 942,795 — — 1,911,472 
Total Mortgage
Special mention$22,135 7,436 829 24,725 33,990 91,201 — — 180,316 
Substandard3,773 5,773 1,213 19,450 27,733 67,860 1,409 — 127,211 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified25,908 13,209 2,042 44,175 61,723 159,061 1,409 — 307,527 
Pass/Watch1,440,193 2,046,185 1,051,377 1,581,420 2,242,453 5,196,275 177,271 10,162 13,745,336 
Total Mortgage$1,466,101 2,059,394 1,053,419 1,625,595 2,304,176 5,355,336 178,680 10,162 14,052,863 
Commercial
Special mention$5,274 4,375 6,213 6,185 47,413 56,899 13,831 — 140,190 
Substandard5,367 9,712 4,000 27,754 99,897 42,297 12,802 2,011 203,840 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified10,641 14,087 10,213 33,939 147,310 99,196 26,633 2,011 344,030 
Pass/Watch624,323 793,706 593,894 268,548 424,382 1,037,366 1,389,200 45,111 5,176,530 
Total Commercial$634,964 807,793 604,107 302,487 571,692 1,136,562 1,415,833 47,122 5,520,560 
Consumer (1)
Special mention$— 208 167 53 34 144 204 49 859 
Substandard— — 53 733 — 456 — 168 1,410 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified— 208 220 786 34 600 204 217 2,269 
Pass/Watch8,481 23,454 22,695 29,813 44,847 92,807 368,384 18,220 608,701 
Total Consumer$8,481 23,662 22,915 30,599 44,881 93,407 368,588 18,437 610,970 
Total Loans
Special mention$27,409 12,019 7,209 30,963 81,437 148,244 14,035 49 321,365 
Substandard9,140 15,485 5,266 47,937 127,630 110,613 14,211 2,179 332,461 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified36,549 27,504 12,475 78,900 209,067 258,857 28,246 2,228 653,826 
Pass/Watch2,072,997 2,863,345 1,667,966 1,879,781 2,711,682 6,326,448 1,934,855 73,493 19,530,567 
Total Gross Loans$2,109,546 2,890,849 1,680,441 1,958,681 2,920,749 6,585,305 1,963,101 75,721 20,184,393 
(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, 2025
20252024202320222021Prior to 2021Revolving LoansRevolving loans to term loansTotal Loans
Commercial Mortgage
Special mention$6,013 — 1,549 39,287 47,805 33,971 503 — 129,128 
Substandard9,869 — 57 471 15,875 60,111 748 — 87,131 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified15,882 — 1,606 39,758 63,680 94,082 1,251 — 216,259 
Gross Loans Held for Investment by Year of Origination
as of December 31, 2025
20252024202320222021Prior to 2021Revolving LoansRevolving loans to term loansTotal Loans
Pass/Watch901,891 336,732 851,026 1,409,458 888,049 2,630,266 156,215 8,896 7,182,533 
Total Commercial Mortgage$917,773 336,732 852,632 1,449,216 951,729 2,724,348 157,466 8,896 7,398,792 
Multi-family
Special mention$— — — 2,946 — — — — 2,946 
Substandard— — — — — 41,593 — — 41,593 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified— — — 2,946 — 41,593 — — 44,539 
Pass/Watch744,514 316,398 522,511 622,238 350,499 1,049,876 15,250 1,512 3,622,798 
Total Multi-Family$744,514 316,398 522,511 625,184 350,499 1,091,469 15,250 1,512 3,667,337 
Construction
Special mention$— — 14,497 6,639 — — — — 21,136 
Substandard— — — — 5,177 — — — 5,177 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified— — 14,497 6,639 5,177 — — — 26,313 
Pass/Watch150,350 206,323 162,757 101,335 15,034 — — — 635,799 
Total Construction$150,350 206,323 177,254 107,974 20,211 — — — 662,112 
Residential (1)
Special mention$— — 946 582 264 1,845 — — 3,637 
Substandard— 1,746 2,263 1,410 1,024 1,795 — — 8,238 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified— 1,746 3,209 1,992 1,288 3,640 — — 11,875 
Pass/Watch145,286 124,273 303,120 365,323 287,067 737,380 — — 1,962,449 
Total Residential$145,286 126,019 306,329 367,315 288,355 741,020 — — 1,974,324 
Total Mortgage
Special mention$6,013 — 16,992 49,454 48,069 35,816 503 — 156,847 
Substandard9,869 1,746 2,320 1,881 22,076 103,499 748 — 142,139 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified15,882 1,746 19,312 51,335 70,145 139,315 1,251 — 298,986 
Pass/Watch1,942,041 983,726 1,839,414 2,498,354 1,540,649 4,417,522 171,465 10,408 13,403,579 
Total Mortgage$1,957,923 985,472 1,858,726 2,549,689 1,610,794 4,556,837 172,716 10,408 13,702,565 
Commercial
Gross Loans Held for Investment by Year of Origination
as of December 31, 2025
20252024202320222021Prior to 2021Revolving LoansRevolving loans to term loansTotal Loans
Special mention$1,005 423 17,930 63,499 26,067 34,829 20,217 1,916 165,886 
Substandard2,381 10,661 10,205 57,554 29,348 35,213 36,631 1,487 183,480 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified3,386 11,084 28,135 121,053 55,415 70,042 56,848 3,403 349,366 
Pass/Watch934,987 628,374 305,811 526,728 304,459 971,734 1,121,228 57,830 4,851,151 
Total Commercial$938,373 639,458 333,946 647,781 359,874 1,041,776 1,178,076 61,233 5,200,517 
Consumer (1)
Special mention$— — 20 — — 7 806 23 856 
Substandard— 125 81 219 — 310 828 46 1,609 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified— 125 101 219 — 317 1,634 69 2,465 
Pass/Watch31,702 26,282 32,156 45,444 31,271 87,759 338,858 16,494 609,966 
Total Consumer$31,702 26,407 32,257 45,663 31,271 88,076 340,492 16,563 612,431 
Total Loans
Special mention$7,018 423 34,942 112,953 74,136 70,652 21,526 1,939 323,589 
Substandard12,250 12,532 12,606 59,654 51,424 139,022 38,207 1,533 327,228 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified19,268 12,955 47,548 172,607 125,560 209,674 59,733 3,472 650,817 
Pass/Watch2,908,730 1,638,382 2,177,381 3,070,526 1,876,379 5,477,015 1,631,551 84,732 18,864,696 
Total Gross Loans $2,927,998 1,651,337 2,224,929 3,243,133 2,001,939 5,686,689 1,691,284 88,204 19,515,513 
(1) For residential and consumer loans, the Company assigns internal credit grades based on the delinquency status of each loan.