Loans and Leases

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Loans and Leases

NOTE 5.  LOANS AND LEASES

Our loans are carried at the principal amount outstanding, net of deferred fees and costs, and in the case of acquired and purchased loans, net of purchase discounts and premiums. Deferred fees and costs and purchase discounts and premiums on acquired loans are recognized as an adjustment to interest income over the contractual life of the loans primarily using the effective interest method or taken into income when the related loans are paid off or included in the carrying amount of loans that are sold.

Loans and Leases Held for Investment

The following table summarizes the composition of our loans and leases HFI as of the dates indicated:

	December 31,
	2025		2024
	(In thousands)
Real estate mortgage	$	13,846,097	$	13,605,595
Real estate construction and land (1)	1,959,591		3,187,146
Commercial	8,994,466		6,788,923
Consumer	355,333		402,254
Total gross loans and leases HFI	25,155,487		23,983,918
Unearned discounts, net (2)	(86,061)		(175,713)
Deferred fees, net	(36,747)		(26,542)
Total loans and leases HFI	25,032,679		23,781,663
Allowance for loan and lease losses	(245,612)		(239,360)
Total loans and leases held for investment, net (3)	$	24,787,067	$	23,542,303

____________________

(1)    Includes land and acquisition and development loans of $214.5 million and $223.9 million at December 31, 2025 and 2024.

(2)    Represents net acquisition discounts of $158.5 million and net purchase premiums of $72.4 million at December 31, 2025, and net acquisition discounts of $235.2 million and purchase premiums of $59.5 million at December 31, 2024.

(3)    Excludes accrued interest receivable of $104.3 million and $96.8 million at December 31, 2025 and 2024, which is recorded in "Other assets" on the consolidated balance sheets.

The following tables present an aging analysis of our loans and leases HFI by loan portfolio segment and class as of the dates indicated:

	December 31, 2025
	30 - 89		90 or More
	Days		Days		Total
	Past Due		Past Due		Past Due		Current		Total
	(In thousands)
Real estate mortgage:
Commercial	$	10,498	$	46,506	$	57,004	$	4,257,633	$	4,314,637
Multi-family	32,887		2,536		35,423		6,053,994		6,089,417
Other residential	34,319		42,780		77,099		3,269,634		3,346,733
Total real estate mortgage	77,704		91,822		169,526		13,581,261		13,750,787
Real estate construction and land:
Commercial	—		—		—		379,387		379,387
Residential	26,540		—		26,540		1,541,700		1,568,240
Total real estate construction and land	26,540		—		26,540		1,921,087		1,947,627
Commercial:
Asset-based	1,142		—		1,142		2,949,868		2,951,010
Venture capital	—		—		—		2,222,097		2,222,097
Other commercial	984		104		1,088		3,803,011		3,804,099
Total commercial	2,126		104		2,230		8,974,976		8,977,206
Consumer	1,933		729		2,662		354,397		357,059
Total	$	108,303	$	92,655	$	200,958	$	24,831,721	$	25,032,679

	December 31, 2024
	30 - 89		90 or More
	Days		Days		Total
	Past Due		Past Due		Past Due		Current		Total
	(In thousands)
Real estate mortgage:
Commercial	$	27,700	$	22,561	$	50,261	$	4,528,511	$	4,578,772
Multi-family	10,346		21,860		32,206		6,009,507		6,041,713
Other residential	39,873		36,976		76,849		2,730,325		2,807,174
Total real estate mortgage	77,919		81,397		159,316		13,268,343		13,427,659
Real estate construction and land:
Commercial	—		—		—		799,131		799,131
Residential	—		—		—		2,373,162		2,373,162
Total real estate construction and land	—		—		—		3,172,293		3,172,293
Commercial:
Asset-based	1,795		—		1,795		2,086,174		2,087,969
Venture capital	5,534		—		5,534		1,532,242		1,537,776
Other commercial	3,295		6,956		10,251		3,142,833		3,153,084
Total commercial	10,624		6,956		17,580		6,761,249		6,778,829
Consumer	2,804		493		3,297		399,585		402,882
Total	$	91,347	$	88,846	$	180,193	$	23,601,470	$	23,781,663

The following table presents our nonaccrual and performing loans and leases HFI by loan portfolio segment and class as of the dates indicated:  

	December 31,
	2025						2024
	Nonaccrual		Performing		Total		Nonaccrual		Performing		Total
	(In thousands)
Real estate mortgage:
Commercial	$	93,334	$	4,221,303	$	4,314,637	$	97,655	$	4,481,117	$	4,578,772
Multi-family	3,358		6,086,059		6,089,417		22,763		6,018,950		6,041,713
Other residential	57,984		3,288,749		3,346,733		46,788		2,760,386		2,807,174
Total real estate mortgage	154,676		13,596,111		13,750,787		167,206		13,260,453		13,427,659
Real estate construction and land:
Commercial	—		379,387		379,387		—		799,131		799,131
Residential	—		1,568,240		1,568,240		—		2,373,162		2,373,162
Total real estate construction and land	—		1,947,627		1,947,627		—		3,172,293		3,172,293
Commercial:
Asset-based	—		2,951,010		2,951,010		1,940		2,086,029		2,087,969
Venture capital	625		2,221,472		2,222,097		6,291		1,531,485		1,537,776
Other commercial	2,510		3,801,589		3,804,099		13,544		3,139,540		3,153,084
Total commercial	3,135		8,974,071		8,977,206		21,775		6,757,054		6,778,829
Consumer	1,357		355,702		357,059		624		402,258		402,882
Total	$	159,168	$	24,873,511	$	25,032,679	$	189,605	$	23,592,058	$	23,781,663

At December 31, 2025, nonaccrual loans and leases included $92.7 million of loans and leases 90 or more days past due, $15.3 million of loans 30 to 89 days past due and $51.2 million of current loans that were placed on nonaccrual status based on management’s judgment regarding their collectability. At December 31, 2024, nonaccrual loans and leases included $88.8 million of loans and leases 90 or more days past due, $40.6 million of loans 30 to 89 days past due and $60.2 million of current loans that were placed on nonaccrual status based on management’s judgment regarding their collectability.

As of December 31, 2025, our three largest loan relationships on nonaccrual status had an aggregate carrying value of $43.5 million and represented 27% of total nonaccrual loans and leases.

The following tables present the credit risk rating categories for loans and leases HFI by loan portfolio segment and class as of the dates indicated. Classified loans and leases are those with a credit risk rating of either substandard or doubtful.

	December 31, 2025
	Classified		Special Mention		Pass		Total
	(In thousands)
Real estate mortgage:
Commercial	$	297,606	$	126,998	$	3,890,033	$	4,314,637
Multi-family	166,385		216,286		5,706,746		6,089,417
Other residential	58,202		—		3,288,531		3,346,733
Total real estate mortgage	522,193		343,284		12,885,310		13,750,787
Real estate construction and land:
Commercial	52,828		—		326,559		379,387
Residential	2,982		10,714		1,554,544		1,568,240
Total real estate construction and land	55,810		10,714		1,881,103		1,947,627
Commercial:
Asset-based	36,732		7,180		2,907,098		2,951,010
Venture capital	171,847		64,577		1,985,673		2,222,097
Other commercial	12,143		27,689		3,764,267		3,804,099
Total commercial	220,722		99,446		8,657,038		8,977,206
Consumer	1,605		5,239		350,215		357,059
Total	$	800,330	$	458,683	$	23,773,666	$	25,032,679

	December 31, 2024
	Classified		Special Mention		Pass		Total
	(In thousands)
Real estate mortgage:
Commercial	$	301,278	$	348,014	$	3,929,480	$	4,578,772
Multi-family	113,164		202,690		5,725,859		6,041,713
Other residential	47,993		14,351		2,744,830		2,807,174
Total real estate mortgage	462,435		565,055		12,400,169		13,427,659
Real estate construction and land:
Commercial	—		148,024		651,107		799,131
Residential	—		203,220		2,169,942		2,373,162
Total real estate construction and land	—		351,244		2,821,049		3,172,293
Commercial:
Asset-based	5,003		9,547		2,073,419		2,087,969
Venture capital	75,406		125,320		1,337,050		1,537,776
Other commercial	19,949		38,741		3,094,394		3,153,084
Total commercial	100,358		173,608		6,504,863		6,778,829
Consumer	709		7,408		394,765		402,882
Total	$	563,502	$	1,097,315	$	22,120,846	$	23,781,663

The following table presents our nonaccrual loans and leases by loan portfolio segment and class and by with and without an allowance recorded as of the date indicated and interest income recognized on nonaccrual loans and leases for the year indicated:

	At and For the Year Ended
	December 31, 2025				December 31, 2024
	Nonaccrual		Interest		Nonaccrual		Interest
	Recorded		Income		Recorded		Income
	Investment		Recognized		Investment		Recognized
	(In thousands)
With An Allowance Recorded:
Real estate mortgage:
Commercial	$	26,594	$	—	$	9,864	$	—
Multi-family	—		—		—		—
Other residential	153		—		223		—
Commercial:
Venture capital	—		—		757		—
Other commercial	1,264		—		8,885		—
Consumer	1,358		—		624		—
With No Related Allowance Recorded:
Real estate mortgage:
Commercial	$	66,740	$	64	$	87,791	$	13
Multi-family	3,358		—		22,763		—
Other residential	57,831		—		46,565		—
Commercial:
Asset based	—		—		1,940		—
Venture capital	625		—		5,534		—
Other commercial	1,246		1,179		4,659		—
Consumer	(1)		—		—		—
Total Loans and Leases With and
Without an Allowance Recorded:
Real estate mortgage	$	154,676	$	64	$	167,206	$	13
Real estate construction and land	—		—		—		—
Commercial	3,135		1,179		21,775		—
Consumer	1,357		—		624		—
Total	$	159,168	$	1,243	$	189,605	$	13

The following tables present our loans HFI by loan portfolio segment and class, by credit quality indicator (internal risk ratings), and by year of origination (vintage year) as of the date indicated:

															Revolving
															Converted
Amortized Cost Basis	Term Loans by Origination Year												Revolving		to Term
December 31, 2025	2025		2024		2023		2022		2021		Prior		Loans		Loans		Total
	(In thousands)
Real Estate Mortgage:
Commercial
Internal risk rating:
1-2 High pass	$	14,708	$	3,470	$	2,787	$	23,377	$	33,027	$	77,427	$	—	$	—	$	154,796
3-4.5 Pass	430,807		181,597		121,685		781,194		608,067		1,544,708		61,764		5,415		3,735,237
5 Special mention	—		—		—		23,072		43,724		37,155		—		23,047		126,998
6-8 Classified	—		23,880		27,514		57,759		53,699		134,754		—		—		297,606
Total	$	445,515	$	208,947	$	151,986	$	885,402	$	738,517	$	1,794,044	$	61,764	$	28,462	$	4,314,637
Current YTD period:
Gross charge-offs	$	—	$	—	$	51	$	2,416	$	613	$	16,650	$	—	$	—	$	19,730
Real Estate Mortgage:
Multi-Family
Internal risk rating:
1-2 High pass	$	—	$	—	$	—	$	53,190	$	175,257	$	155,222	$	—	$	—	$	383,669
3-4.5 Pass	429,017		131,377		54,475		2,126,937		1,120,759		1,459,061		1,451		—		5,323,077
5 Special mention	10,472		28,948		5,412		97,980		28,727		44,747		—		—		216,286
6-8 Classified	—		19,989		—		64,972		28,372		53,052		—		—		166,385
Total	$	439,489	$	180,314	$	59,887	$	2,343,079	$	1,353,115	$	1,712,082	$	1,451	$	—	$	6,089,417
Current YTD period:
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	3,275	$	—	$	—	$	3,275
Real Estate Mortgage:
Other Residential
Internal risk rating:
1-2 High pass	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
3-4.5 Pass	752,817		40,271		22,332		263,745		2,015,936		91,935		101,495		—		3,288,531
5 Special mention	—		—		—		—		—		—		—		—		—
6-8 Classified	1,122		—		543		28,599		26,712		228		998		—		58,202
Total	$	753,939	$	40,271	$	22,875	$	292,344	$	2,042,648	$	92,163	$	102,493	$	—	$	3,346,733
Current YTD period:
Gross charge-offs	$	—	$	—	$	145	$	2,624	$	733	$	—	$	—	$	—	$	3,502

															Revolving
															Converted
Amortized Cost Basis	Term Loans by Origination Year												Revolving		to Term
December 31, 2025	2025		2024		2023		2022		2021		Prior		Loans		Loans		Total
	(In thousands)
Real Estate Construction
and Land: Commercial
Internal risk rating:
1-2 High pass	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
3-4.5 Pass	123,586		51,969		64,663		44,365		40,315		1,661		—		—		326,559
5 Special mention	—		—		—		—		—		—		—		—		—
6-8 Classified	—		—		—		52,828		—		—		—		—		52,828
Total	$	123,586	$	51,969	$	64,663	$	97,193	$	40,315	$	1,661	$	—	$	—	$	379,387
Current YTD period:
Gross charge-offs	$	—	$	—	$	—	$	20,196	$	1,340	$	—	$	—	$	—	$	21,536
Real Estate Construction
and Land: Residential
Internal risk rating:
1-2 High pass	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
3-4.5 Pass	100,284		189,207		196,046		705,647		188,284		80,625		94,451		—		1,554,544
5 Special mention	—		—		—		4,308		6,406		—		—		—		10,714
6-8 Classified	—		—		—		—		2,982		—		—		—		2,982
Total	$	100,284	$	189,207	$	196,046	$	709,955	$	197,672	$	80,625	$	94,451	$	—	$	1,568,240
Current YTD period:
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial: Asset-Based
Internal risk rating:
1-2 High pass	$	41,364	$	29,359	$	23,020	$	122,112	$	185,978	$	197,800	$	204,041	$	—	$	803,674
3-4.5 Pass	355,855		40,478		77,608		144,338		72,205		8,625		1,404,315		—		2,103,424
5 Special mention	—		—		—		—		—		—		7,180		—		7,180
6-8 Classified	5,650		—		194		5,564		—		—		25,324		—		36,732
Total	$	402,869	$	69,837	$	100,822	$	272,014	$	258,183	$	206,425	$	1,640,860	$	—	$	2,951,010
Current YTD period:
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

															Revolving
															Converted
Amortized Cost Basis (1)	Term Loans by Origination Year												Revolving		to Term
December 31, 2025	2025		2024		2023		2022		2021		Prior		Loans		Loans		Total
	(In thousands)
Commercial: Venture Capital
Internal risk rating:
1-2 High pass	$	(279)	$	(75)	$	(67)	$	—	$	—	$	—	$	138,159	$	22,167	$	159,905
3-4.5 Pass	113,608		93,269		60,589		25,483		47,321		16,979		1,437,845		30,674		1,825,768
5 Special mention	19,964		(4)		21,986		—		—		—		22,044		587		64,577
6-8 Classified	625		33,631		33,431		46,535		12,484		—		45,141		—		171,847
Total	$	133,918	$	126,821	$	115,939	$	72,018	$	59,805	$	16,979	$	1,643,189	$	53,428	$	2,222,097
Current YTD period:
Gross charge-offs	$	993	$	—	$	—	$	—	$	5,257	$	—	$	—	$	—	$	6,250
Commercial: Other Commercial
Internal risk rating:
1-2 High pass	$	2,929	$	903	$	172	$	20,124	$	611	$	(61)	$	53,892	$	(1)	$	78,569
3-4.5 Pass	226,226		51,373		61,827		44,555		167,436		135,630		2,969,078		29,573		3,685,698
5 Special mention	—		—		9,022		5,062		779		85		12,147		594		27,689
6-8 Classified	—		2,447		—		2,918		44		1,271		4,414		1,049		12,143
Total	$	229,155	$	54,723	$	71,021	$	72,659	$	168,870	$	136,925	$	3,039,531	$	31,215	$	3,804,099
Current YTD period:
Gross charge-offs	$	—	$	—	$	1,393	$	727	$	228	$	2,039	$	11,596	$	744	$	16,727
Consumer
Internal risk rating:
1-2 High pass	$	66	$	—	$	—	$	14	$	7	$	—	$	489	$	—	$	576
3-4.5 Pass	28,736		24,251		13,618		51,008		149,047		79,026		3,809		144		349,639
5 Special mention	—		—		—		1,029		2,964		1,246		—		—		5,239
6-8 Classified	—		—		—		151		349		853		—		252		1,605
Total	$	28,802	$	24,251	$	13,618	$	52,202	$	152,367	$	81,125	$	4,298	$	396	$	357,059
Current YTD period:
Gross charge-offs	$	—	$	—	$	92	$	1,104	$	1,892	$	1,395	$	1	$	1	$	4,485
Total Loans and Leases
Internal risk rating:
1-2 High pass	$	58,788	$	33,657	$	25,912	$	218,817	$	394,880	$	430,388	$	396,581	$	22,166	$	1,581,189
3-4.5 Pass	2,560,936		803,792		672,843		4,187,272		4,409,370		3,418,250		6,074,208		65,806		22,192,477
5 Special mention	30,436		28,944		36,420		131,451		82,600		83,233		41,371		24,228		458,683
6-8 Classified	7,397		79,947		61,682		259,326		124,642		190,158		75,877		1,301		800,330
Total	$	2,657,557	$	946,340	$	796,857	$	4,796,866	$	5,011,492	$	4,122,029	$	6,588,037	$	113,501	$	25,032,679
Current YTD period:
Gross charge-offs	$	993	$	—	$	1,681	$	27,067	$	10,063	$	23,359	$	11,597	$	745	$	75,505

____________________

(1)    Amounts with negative balances are loans with zero principal balances and deferred loan origination fees.

															Revolving
															Converted
Amortized Cost Basis (1)	Term Loans by Origination Year												Revolving		to Term
December 31, 2024	2024		2023		2022		2021		2020		Prior		Loans		Loans		Total
	(In thousands)
Real Estate Mortgage:
Commercial
Internal risk rating:
1-3 High pass	$	1,694	$	—	$	26,166	$	22,821	$	8,089	$	78,588	$	1	$	—	$	137,359
4-6 Pass	232,808		132,389		800,877		682,806		450,822		1,407,314		56,481		28,624		3,792,121
7 Special mention	—		23,844		123,589		24,364		—		176,217		—		—		348,014
8-9 Classified	13,587		1,765		27,579		68,488		20,853		169,006		—		—		301,278
Total	$	248,089	$	157,998	$	978,211	$	798,479	$	479,764	$	1,831,125	$	56,482	$	28,624	$	4,578,772
Current YTD period:
Gross charge-offs	$	—	$	—	$	175	$	12,217	$	9,714	$	1,481	$	—	$	—	$	23,587
Real Estate Mortgage:
Multi-Family
Internal risk rating:
1-3 High pass	$	—	$	—	$	55,847	$	214,583	$	62,942	$	129,163	$	—	$	—	$	462,535
4-6 Pass	223,333		60,137		2,037,864		1,154,452		451,602		1,324,816		11,120		—		5,263,324
7 Special mention	—		—		112,963		35,065		—		40,262		—		14,400		202,690
8-9 Classified	—		—		40,018		33,877		4,751		34,518		—		—		113,164
Total	$	223,333	$	60,137	$	2,246,692	$	1,437,977	$	519,295	$	1,528,759	$	11,120	$	14,400	$	6,041,713
Current YTD period:
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Real Estate Mortgage:
Other Residential
Internal risk rating:
1-3 High pass	$	—	$	—	$	—	$	—	$	—	$	—	$	3,510	$	—	$	3,510
4-6 Pass	(562)		31,318		336,719		2,235,006		53,094		43,510		42,158		77		2,741,320
7 Special mention	—		310		8,121		5,644		—		276		—		—		14,351
8-9 Classified	—		3,571		25,616		17,189		—		1,448		169		—		47,993
Total	$	(562)	$	35,199	$	370,456	$	2,257,839	$	53,094	$	45,234	$	45,837	$	77	$	2,807,174
Current YTD period:
Gross charge-offs	$	—	$	3,445	$	29,099	$	6,394	$	350	$	67	$	175	$	—	$	39,530

____________________

(1)    Amounts with negative balances are loans with zero principal balances and deferred loan origination fees.

															Revolving
															Converted
Amortized Cost Basis	Term Loans by Origination Year												Revolving		to Term
December 31, 2024	2024		2023		2022		2021		2020		Prior		Loans		Loans		Total
	(In thousands)
Real Estate Construction
and Land: Commercial
Internal risk rating:
1-3 High pass	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
4-6 Pass	29,674		47,183		404,732		115,729		45,576		8,213		—		—		651,107
7 Special mention	10,501		—		—		111,933		—		—		25,590		—		148,024
8-9 Classified	—		—		—		—		—		—		—		—		—
Total	$	40,175	$	47,183	$	404,732	$	227,662	$	45,576	$	8,213	$	25,590	$	—	$	799,131
Current YTD period:
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Real Estate Construction
and Land: Residential
Internal risk rating:
1-3 High pass	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
4-6 Pass	97,488		194,405		1,113,955		436,335		224,511		—		103,248		—		2,169,942
7 Special mention	—		—		143,136		60,084		—		—		—		—		203,220
8-9 Classified	—		—		—		—		—		—		—		—		—
Total	$	97,488	$	194,405	$	1,257,091	$	496,419	$	224,511	$	—	$	103,248	$	—	$	2,373,162
Current YTD period:
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial: Asset-Based
Internal risk rating:
1-3 High pass	$	39,542	$	37,081	$	163,918	$	222,942	$	15,730	$	251,167	$	195,994	$	—	$	926,374
4-6 Pass	100,098		88,514		180,433		68,372		9,653		34,331		618,036		47,608		1,147,045
7 Special mention	—		194		5,569		—		—		—		3,784		—		9,547
8-9 Classified	—		—		—		—		—		—		5,003		—		5,003
Total	$	139,640	$	125,789	$	349,920	$	291,314	$	25,383	$	285,498	$	822,817	$	47,608	$	2,087,969
Current YTD period:
Gross charge-offs	$	—	$	—	$	—	$	—	$	92	$	—	$	—	$	—	$	92

															Revolving
															Converted
Amortized Cost Basis (1)	Term Loans by Origination Year												Revolving		to Term
December 31, 2024	2024		2023		2022		2021		2020		Prior		Loans		Loans		Total
	(In thousands)
Commercial: Venture Capital
Internal risk rating:
1-3 High pass	$	(92)	$	(100)	$	—	$	414	$	2,101	$	—	$	72,745	$	23,426	$	98,494
4-6 Pass	100,854		104,022		79,659		76,224		3,784		17,749		777,199		79,065		1,238,556
7 Special mention	1,396		56,973		(1)		29,973		—		—		36,979		—		125,320
8-9 Classified	14,895		—		12,821		20,182		—		—		27,508		—		75,406
Total	$	117,053	$	160,895	$	92,479	$	126,793	$	5,885	$	17,749	$	914,431	$	102,491	$	1,537,776
Current YTD period:
Gross charge-offs	$	—	$	2,272	$	—	$	14,000	$	—	$	2	$	140	$	—	$	16,414
Commercial: Other Commercial
Internal risk rating:
1-3 High pass	$	685	$	241	$	20,873	$	3,360	$	10	$	(83)	$	73,596	$	—	$	98,682
4-6 Pass	66,097		98,878		117,846		199,252		39,244		160,030		2,252,507		61,858		2,995,712
7 Special mention	6,462		8,912		2,880		144		—		127		20,073		143		38,741
8-9 Classified	—		1,397		1,243		2,365		—		5,836		8,234		874		19,949
Total	$	73,244	$	109,428	$	142,842	$	205,121	$	39,254	$	165,910	$	2,354,410	$	62,875	$	3,153,084
Current YTD period:
Gross charge-offs	$	—	$	—	$	1,144	$	500	$	1,696	$	3,159	$	2,712	$	605	$	9,816
Consumer
Internal risk rating:
1-3 High pass	$	—	$	—	$	20	$	15	$	1	$	—	$	932	$	—	$	968
4-6 Pass	31,034		19,181		59,594		176,189		18,658		82,678		6,231		232		393,797
7 Special mention	—		—		1,327		4,179		142		1,760		—		—		7,408
8-9 Classified	—		—		32		283		34		350		—		10		709
Total	$	31,034	$	19,181	$	60,973	$	180,666	$	18,835	$	84,788	$	7,163	$	242	$	402,882
Current YTD period:
Gross charge-offs	$	—	$	198	$	790	$	2,733	$	352	$	1,427	$	4	$	—	$	5,504
Total Loans and Leases
Internal risk rating:
1-3 High pass	$	41,829	$	37,222	$	266,824	$	464,135	$	88,873	$	458,835	$	346,778	$	23,426	$	1,727,922
4-6 Pass	880,824		776,027		5,131,679		5,144,365		1,296,944		3,078,641		3,866,980		217,464		20,392,924
7 Special mention	18,359		90,233		397,584		271,386		142		218,642		86,426		14,543		1,097,315
8-9 Classified	28,482		6,733		107,309		142,384		25,638		211,158		40,914		884		563,502
Total	$	969,494	$	910,215	$	5,903,396	$	6,022,270	$	1,411,597	$	3,967,276	$	4,341,098	$	256,317	$	23,781,663
Current YTD period:
Gross charge-offs	$	—	$	5,915	$	31,208	$	35,844	$	12,204	$	6,136	$	3,031	$	605	$	94,943

______________________

(1)    Amounts with negative balances are loans with zero principal balances and deferred loan origination fees.

Loan Modifications

The following table presents our loan modifications to our HFI loans and leases granted to borrowers experiencing financial difficulty by type of modification for the year indicated with balances as of the dates indicated:

	Amortized Cost Basis at December 31, 2025
											Term Extension,
							Term Extension		Term Extension		Payment Delay,				% of
					Interest		and		and Interest		and Interest				Total
	Term Extension		Payment Delay		Rate Reduction		Payment Delays		Rate Reduction		Rate Reduction		Total		Loans
	(Dollars in thousands)
Real estate mortgage:
Commercial	$	108,639	$	4,484	$	5,803	$	—	$	—	$	—	$	118,926	2.8	%
Multi-family	48,641		—		—		—		—		—		48,641		0.8	%
Other residential	1,455		2,197		—		—		—		—		3,652		0.1	%
Real estate construction and land:
Residential	2,982		—		—		—		—		—		2,982		0.2	%
Commercial:
Asset-based	30,974		—		—		—		—		—		30,974		1.0	%
Venture capital	45,697		—		—		25,076		—		—		70,773		3.2	%
Other commercial	747		—		—		—		614		126		1,487		—	%
Consumer	252		—		—		—		—		—		252		0.1	%
Total	$	239,387	$	6,681	$	5,803	$	25,076	$	614	$	126	$	277,687

	Amortized Cost Basis at December 31, 2024
					Term Extension		Term Extension				% of
					and		and Interest				Total
	Term Extension		Payment Delay		Payment Delays		Rate Reduction		Total		Loans
	(Dollars in thousands)
Real estate mortgage:
Commercial	$	125,027	$	45,957	$	13,899	$	13,587	$	198,470	4.3	%
Other residential	4,218		—		—		—		4,218		0.2	%
Commercial:
Asset-based	1,940		—		—		—		1,940		0.1	%
Venture capital	5,722		758		12,064		—		18,544		1.2	%
Other commercial	3,428		—		36		—		3,464		0.1	%
Consumer	9		—		—		—		9		—	%
Total	$	140,344	$	46,715	$	25,999	$	13,587	$	226,645

	Amortized Cost Basis at December 31, 2023
					Term Extension		Term Extension				% of
					and		and Interest				Total
	Term Extension		Payment Delay		Payment Delays		Rate Reduction		Total		Loans
	(Dollars in thousands)
Real estate mortgage:
Other residential	$	9,068	$	—	$	—	$	—	$	9,068	0.2	%
Commercial:
Venture capital	—		—		324		—		324		—	%
Other commercial	4,410		37		—		5		4,452		0.2	%
Consumer	14		—		—		2		16		—	%
Total	$	13,492	$	37	$	324	$	7	$	13,860

The following tables present the financial effect of our loan modifications made to borrowers experiencing financial difficulty by type of modification for the year indicated:

	Weighted Average for the Year Ended December 31, 2025
			Interest	Interest
	Term Extension	Payment Delay	Rate Reduction	Rate Reduction
	(in months)	(in months)	(in months)	(in % points)
Real estate mortgage:
Commercial	16	4	17	3.22%
Multi-family	15	—	—	—
Other residential	15	3	—	—
Real estate construction and land:
Residential	12	—	—	—
Commercial:
Asset-based	34	—	—	—
Venture capital	9	—	—	—
Other commercial	46	—	—	—
Consumer	12	—	—	—

	Weighted Average for the Year Ended December 31, 2024
			Combination -
			Principal Forgiveness
	Term Extension	Payment Delay	and Term Extension
	(in months)	(in months)	(in months)	(In millions)
Real estate mortgage:
Commercial	13	24	36	$	4.0
Other residential	84	—	—	—
Commercial:
Asset-based	7	—	—	—
Venture capital	36	3	—	—
Other commercial	13	—	—	—
Consumer	12	—	—	—

	Weighted Average for the Year Ended December 31, 2023
			Combination -
			Term Extension
	Term Extension	Payment Delay	and Payment Delay
	(in months)	(in months)	(in months)
Real estate mortgage:
Other residential	7	—	—
Commercial:
Venture capital	—	—	18
Other commercial	19	18	—
Consumer	12	—	—

The following outlines the weighted average financial effects of our combination loan modifications for borrowers experiencing financial difficulties.

Combination - term extension and payment delays. Regarding the combination of both term extensions and payment delays, venture capital loans for the year ending December 31, 2025, saw the weighted average maturity extended by 13 months and payment delays granted of six months. In 2024, the commercial segment experienced a weighted average maturity extension of 60 months and payment deferrals lasting 8 months, while venture capital loans received weighted average maturity extensions and deferrals of 3 months each. Other commercial loans in 2024 were extended by 120 months, with payment delays of 4 months. For the year ended 2023, the venture capital loans had both weighted average maturity and payment deferral periods of 18 months.

Combination - term extension and interest rate reduction. Loan modifications that included a combination of both term extensions and interest rate reductions for the year ending December 31, 2025, other commercial loans weighted averaged maturity extended 60 months and interest rate decreased by 1.9%. In 2023, other commercial loans maturity extended by 36 months and interest rates decreased by 4.3%. Consumer loans during the same period experienced maturity extensions of 24 months, and interest rates decreased by 7.5%.

Combination - term extension and principal forgiveness. As for term extensions paired with principal forgiveness, in 2024, commercial loans saw weighted average maturity extended by 36 months and principal forgiveness totaling $4 million.

Combination - term extension, payment delay, and interest rate reduction. Regarding the combination of term extensions, payment delays, and interest rate reductions, the weighted average financial effect in 2025 for other commercial loans included a 60 months maturity extension, a reduced rate of 5.75%, and payment deferrals of 3 months.

The following tables present the payment status of loans that were modified during the preceding 12-month period with related amortized cost balances as of the dates indicated:

	Payment Status (Amortized Cost Basis) at December 31, 2025
			30-89 Days		90 or More Days
	Current		Past Due		Past Due		Total
	(In thousands)
Real estate mortgage:
Commercial	$	116,929	$	1,997	$	—	$	118,926
Multi-family	48,641		—		—		48,641
Other residential	1,455		—		2,197		3,652
Real estate construction and land:
Residential	2,982		—		—		2,982
Commercial:
Asset-based	30,974		—		—		30,974
Venture capital	70,773		—		—		70,773
Other commercial	1,418		69		—		1,487
Consumer	252		—		—		252
Total	$	273,424	$	2,066	$	2,197	$	277,687

	Payment Status (Amortized Cost Basis) at December 31, 2024
			30-89 Days		90 or More Days
	Current		Past Due		Past Due		Total
	(In thousands)
Real estate mortgage:
Commercial	$	188,799	$	9,671	$	—	$	198,470
Other residential	679		—		3,539		4,218
Commercial:
Asset-based	1,940		—		—		1,940
Venture capital	18,544		—		—		18,544
Other commercial	3,464		—		—		3,464
Consumer	9		—		—		9
Total	$	213,435	$	9,671	$	3,539	$	226,645

The following tables present information on loans that defaulted during the years indicated, which had been modified during the preceding 12-month period, with related amortized cost balances as of the date indicated:

	Loan Modifications That Subsequently Defaulted Year Ended December 31, 2025
	Amortized Cost Basis at December 31, 2025
					Combination
	Term		Payment		Term Extension
	Extension		Delay		and Rate Reduction		Total
	(In thousands)
Real estate mortgage:
Multi-family	$	9,132	$	—	$	—	$	9,132
Other residential	—		2,197		—		2,197
Commercial:
Other commercial	74		—		68		142
Total	$	9,206	$	2,197	$	68	$	11,471

	Loan Modifications That Subsequently Defaulted Year Ended December 31, 2024
	Amortized Cost Basis at December 31, 2024
			Combination
	Term		Term Extension
	Extension		and Payment Delay		Total
	(In thousands)
Real estate mortgage:
Commercial	$	9,671	$	13,899	$	23,570
Other residential	3,539		—		3,539
Total	$	13,210	$	13,899	$	27,109

For the year ended December 31, 2023, other residential loans with an amortized cost basis totaling $735 thousand defaulted within 12 months of their term extensions.

Leases Receivable

We provide equipment financing to our customers primarily with operating and direct financing leases. For direct financing leases, lease receivables are recorded on the balance sheet, but the leased equipment is not, although we generally retain legal title to the leased equipment until the end of each lease. Direct financing leases are stated at the net amount of minimum lease payments receivable, plus any unguaranteed residual value, less the amount of unearned income and net acquisition discount at the reporting date. Direct lease origination costs are amortized using the effective interest method over the life of the leases. Direct financing leases are subject to our accounting for ALLL. See "Note 9. Leases" for information regarding operating leases where we are the lessor.

The following table provides the components of leases receivable income for the period indicated:

	Year Ended December 31,
	2025		2024		2023
	(In thousands)
Component of leases receivable income:
Interest income on net investments in leases	$	14,534	$	18,714	$	16,671

The following table presents the components of leases receivable as of the date indicated:

	December 31,
	2025		2024
	(In thousands)
Net Investment in Direct Financing Leases:
Lease payments receivable	$	151,719	$	202,815
Unguaranteed residual assets	19,921		22,489
Deferred costs and other	1,793		1,955
Aggregate net investment in leases	$	173,433	$	227,259

The following table presents maturities of leases receivable as of the date indicated:

	December 31, 2025
	(In thousands)
Year Ending December 31,
2026	$	59,303
2027	45,389
2028	32,192
2029	25,182
2030	5,127
Thereafter	1,454
Total undiscounted cash flows	168,647
Less: Unearned income	(16,928)
Present value of lease payments	$	151,719

Allowance for Loan and Lease Losses

The following tables present a summary of the activity in the ALLL on loans and leases HFI by loan portfolio segment for the years indicated:

	Year Ended December 31, 2025
			Real Estate
	Real Estate		Construction
	Mortgage		and Land		Commercial		Consumer		Total
	(In thousands)
Allowance for Loan and Lease Losses:
Balance, beginning of year	$	145,754	$	10,940	$	67,833	$	14,833	$	239,360
Charge-offs	(26,507)		(21,536)		(22,977)		(4,485)		(75,505)
Recoveries	2,786		1,370		12,264		557		16,977
Net charge-offs	(23,721)		(20,166)		(10,713)		(3,928)		(58,528)
Provision	15,368		18,075		28,967		2,370		64,780
Balance, end of year	$	137,401	$	8,849	$	86,087	$	13,275	$	245,612
Ending Allowance by
Evaluation Methodology:
Individually evaluated	$	2,357	$	—	$	—	$	—	$	2,357
Collectively evaluated	$	135,044	$	8,849	$	86,087	$	13,275	$	243,255
Ending Loans and Leases by
Evaluation Methodology:
Individually evaluated	$	154,402	$	—	$	1,871	$	—	$	156,273
Collectively evaluated	13,596,385		1,947,627		8,975,335		357,059		24,876,406
Ending balance	$	13,750,787	$	1,947,627	$	8,977,206	$	357,059	$	25,032,679

	Year Ended December 31, 2024
			Real Estate
	Real Estate		Construction
	Mortgage		and Land		Commercial		Consumer		Total
	(In thousands)
Allowance for Loan and Lease Losses:
Balance, beginning of year	$	186,827	$	33,830	$	45,156	$	15,874	$	281,687
Charge-offs	(63,117)		—		(26,322)		(5,504)		(94,943)
Recoveries	2,766		—		5,711		639		9,116
Net charge-offs	(60,351)		—		(20,611)		(4,865)		(85,827)
Provision	19,278		(22,890)		43,288		3,824		43,500
Balance, end of year	$	145,754	$	10,940	$	67,833	$	14,833	$	239,360
Ending Allowance by
Evaluation Methodology:
Individually evaluated	$	1,702	$	—	$	3,706	$	—	$	5,408
Collectively evaluated	$	144,052	$	10,940	$	64,127	$	14,833	$	233,952
Ending Loans and Leases by
Evaluation Methodology:
Individually evaluated	$	167,060	$	—	$	19,831	$	—	$	186,891
Collectively evaluated	13,260,599		3,172,293		6,758,998		402,882		23,594,772
Ending balance	$	13,427,659	$	3,172,293	$	6,778,829	$	402,882	$	23,781,663

The allowance for loan and lease losses increased by $6.3 million in 2025 due primarily to $64.8 million of provision for loan and lease losses, offset partially by net charge-offs of $58.5 million. For additional information regarding the calculation of the ALLL using the CECL methodology, including discussion of forecasts used to estimate the allowance, please see "Note 1. Nature of Operations and Summary of Significant Accounting Policies - Allowance for Credit Losses on Loans and Leases Held for Investment."

A loan is considered collateral-dependent, and is individually evaluated for reserve purposes, when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. The following table summarizes collateral-dependent loans HFI by collateral type as of the dates indicated:

	December 31,
	2025						2024
	Real		Business				Real		Business
	Property		Assets		Total		Property		Assets		Total
	(In thousands)
Real estate mortgage	$	155,233	$	—	$	155,233	$	167,060	$	—	$	167,060
Commercial	—		625		625		—		10,870		10,870
Total	$	155,233	$	625	$	155,858	$	167,060	$	10,870	$	177,930

Allowance for Credit Losses

The ACL is the combination of the ALLL and the reserve for unfunded loan commitments. The reserve for unfunded loan commitments is included within "Accrued interest payable and other liabilities" on the consolidated balance sheets.

The following tables present a summary of the activity in the ALLL and reserve for unfunded loan commitments for the years indicated:

	Year Ended December 31, 2025
	Allowance for		Reserve for		Total
	Loan and		Unfunded Loan		Allowance for
	Lease Losses		Commitments		Credit Losses
	(In thousands)
Balance, beginning of year	$	239,360	$	29,071	$	268,431
Charge-offs	(75,505)		—		(75,505)
Recoveries	16,977		—		16,977
Net charge-offs	(58,528)		—		(58,528)
Provision	64,780		5,850		70,630
Balance, end of year	$	245,612	$	34,921	$	280,533

	Year Ended December 31, 2024
	Allowance for		Reserve for		Total
	Loan and		Unfunded Loan		Allowance for
	Lease Losses		Commitments		Credit Losses
	(In thousands)
Balance, beginning of year	$	281,687	$	29,571	$	311,258
Charge-offs	(94,943)		—		(94,943)
Recoveries	9,116		—		9,116
Net charge-offs	(85,827)		—		(85,827)
Provision	43,500		(500)		43,000
Balance, end of year	$	239,360	$	29,071	$	268,431