Loans

3 Months Ended

Mar. 31, 2025

The following table shows the Company’s loan portfolio by category as of the dates shown:


	March 31,			December 31,			March 31,
(Dollars in thousands)	2025			2024			2024
Balance:
Commercial	$	15,931,326		$	15,574,551		$	13,503,481
Commercial real estate	12,914,901			12,903,944			11,633,437
Home equity	455,683			445,028			340,349
Residential real estate	3,685,159			3,612,765			2,890,266

Premium finance receivables—property & casualty	7,239,862			7,272,042			6,940,019
Premium finance receivables—life insurance	8,365,140			8,147,145			7,872,033
Consumer and other	116,319			99,562			51,121
Total loans, net of unearned income	$	48,708,390		$	48,055,037		$	43,230,706
Mix:
Commercial	33		%	32		%	31		%
Commercial real estate	26			27			27
Home equity	1			1			1
Residential real estate	8			8			7

Premium finance receivables—property & casualty	15			15			16
Premium finance receivables—life insurance	17			17			18
Consumer and other	0			0			0
Total loans, net of unearned income	100		%	100		%	100		%

The Company’s loan portfolio is generally comprised of loans to consumers and small to medium-sized businesses, which, for the commercial and commercial real estate portfolios, are located primarily within the geographic market areas that the banks serve. Various niche lending businesses, including franchise lending and insurance agency lending, operate on a national level. The premium finance receivables portfolios are made to customers throughout the United States and Canada. The Company strives to maintain a loan portfolio that is diverse in terms of loan type, industry, borrower, and geographic concentrations. Such diversification reduces the exposure to economic downturns that may occur in different segments of the economy or in different industries.

Certain premium finance receivables are recorded net of unearned income. The unearned income portions of such premium finance receivables were $261.1 million at March 31, 2025, $267.7 million at December 31, 2024 and $260.2 million at March 31, 2024.

Total loans, excluding purchased credit deteriorated (“PCD”) loans, include net deferred loan fees and costs and fair value purchase accounting adjustments totaling $80.1 million at March 31, 2025, $78.2 million at December 31, 2024 and $84.9 million at March 31, 2024.

It is the policy of the Company to review each prospective credit in order to determine the appropriateness and, when required, the adequacy of security or collateral necessary to obtain when making a loan. The type of collateral, when required, will vary from liquid assets to real estate. The Company seeks to ensure access to collateral, in the event of default, through adherence to state lending laws and the Company’s credit monitoring procedures.