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Loans and Allowance for Credit Losses (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Accounts, Notes, Loans and Financing Receivable

The following table provides a summary of the Company’s loan portfolio as of the dates indicated:


	March 31, 2025		December 31, 2024
	(In thousands)
Commercial and industrial	$	3,442,691	$	3,296,068
Commercial real estate	7,176,744		7,119,523
Commercial construction	461,269		494,842
Business banking	1,419,943		1,448,176
Residential real estate	4,038,712		4,063,659
Consumer home equity	1,405,261		1,385,394
Other consumer	259,865		271,422
Gross loans before unearned discounts and deferred fees, net	18,204,485		18,079,084
Allowance for loan losses (1)	(224,310)		(228,952)
Unearned discounts and deferred fees, net	(288,790)		(300,730)
Loans after the allowance for loan losses and net unearned discounts and deferred fees	$	17,691,385	$	17,549,402

(1)The balance of accrued interest receivable excluded from amortized cost and the calculation of the allowance for loan losses amounted to $64.1 million and $66.7 million as of March 31, 2025 and December 31, 2024, respectively, and is included within other assets on the Consolidated Balance Sheets.

Schedule of Financing Receivable, Allowance for Credit Loss

The following tables summarize the changes in the allowance for loan losses by loan category for the periods indicated:


	For the Three Months Ended March 31, 2025
	Commercial and Industrial		Commercial Real Estate		Commercial Construction		Business Banking		Residential Real Estate		Consumer Home Equity		Other Consumer		Total
	(In thousands)
Allowance for loan losses:
Beginning balance	$	41,090	$	116,175	$	8,462	$	19,899	$	32,291	$	7,472	$	3,563	$	228,952
Charge-offs	—		(11,587)		—		(342)		—		—		(558)		(12,487)
Recoveries	11		694		—		322		39		—		179		1,245
Provision (release)	5,389		1,352		52		436		(1,234)		(581)		1,186		6,600
Ending balance	$	46,490	$	106,634	$	8,514	$	20,315	$	31,096	$	6,891	$	4,370	$	224,310


	For the Three Months Ended March 31, 2024
	Commercial and Industrial		Commercial Real Estate		Commercial Construction		Business Banking		Residential Real Estate		Consumer Home Equity		Other Consumer		Total
	(In thousands)
Allowance for loan losses:
Beginning balance	$	26,959	$	65,475	$	6,666	$	14,913	$	25,954	$	5,595	$	3,431	$	148,993
Charge-offs	—		(7,250)		—		(102)		(10)		(2)		(651)		(8,015)
Recoveries	25		132		—		410		31		—		163		761
Provision (release)	1,879		6,272		(462)		(590)		(40)		91		301		7,451
Ending balance	$	28,863	$	64,629	$	6,204	$	14,631	$	25,935	$	5,684	$	3,244	$	149,190

Schedule of details the internal risk-rating categories for the Company's commercial and industrial, commercial real estate, commercial construction and business banking portfolios

The following table details the amortized cost balances of the Company’s loan portfolios, presented by credit quality indicator and origination year as of March 31, 2025, and gross charge-offs for the three month period then ended:


	2025		2024		2023		2022		2021		Prior		Revolving Loans		Revolving Loans Converted to Term Loans (1)		Total
	(In thousands)
Commercial and industrial
Pass	$	162,327	$	327,147	$	319,330	$	418,022	$	349,770	$	1,091,112	$	560,008	$	342	$	3,228,058
Special Mention	447		21,288		26,397		6,776		22,611		3,616		17,407		—		98,542
Substandard	—		2,125		20,549		34,283		897		4,674		19,762		—		82,290
Doubtful	—		—		—		3,795		—		8		—		—		3,803
Loss	—		—		—		—		—		—		—		—		—
Total commercial and industrial	162,774		350,560		366,276		462,876		373,278		1,099,410		597,177		342		3,412,693
Current period gross charge-offs	—		—		—		—		—		—		—		—		—

Commercial real estate
Pass	136,073		489,986		601,770		1,779,400		996,888		2,625,087		92,600		—		6,721,804
Special Mention	—		8,956		67,813		36,046		30,716		73,443		2,531		—		219,505
Substandard	—		—		44,571		12,841		5,473		44,317		1		—		107,203
Doubtful	—		3,380		13,312		—		—		41,405		—		—		58,097
Loss	—		—		—		—		—		—		—		—		—
Total commercial real estate	136,073		502,322		727,466		1,828,287		1,033,077		2,784,252		95,132		—		7,106,609
Current period gross charge-offs	—		—		3,492		—		—		8,095		—		—		11,587

Commercial construction
Pass	19,571		127,355		216,205		91,534		969		—		1,563		—		457,197
Special Mention	—		1,283		640		—		—		—		—		—		1,923
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—		—
Total commercial construction	19,571		128,638		216,845		91,534		969		—		1,563		—		459,120
Current period gross charge-offs	—		—		—		—		—		—		—		—		—

Business banking
Pass	33,446		168,586		136,110		171,679		202,551		568,677		97,715		3,686		1,382,450
Special Mention	—		1,306		246		1,156		1,994		4,560		—		—		9,262
Substandard	—		305		1,481		2,848		1,898		7,468		207		—		14,207
Doubtful	—		—		398		1,098		14		303		—		—		1,813
Loss	—		—		—		—		—		—		—		—		—
Total business banking	33,446		170,197		138,235		176,781		206,457		581,008		97,922		3,686		1,407,732
Current period gross charge-offs	—		—		114		17		2		187		—		22		342

Residential real estate
Current and accruing	39,513		212,226		316,169		959,703		1,020,729		1,326,354		—		—		3,874,694


30-89 days past due and accruing	—		882		1,578		4,356		4,866		7,392		—		—		19,074
Loans 90 days or more past due and still accruing	—		—		—		—		—		—		—		—		—
Non-accrual	—		—		—		4,320		334		7,750		—		—		12,404
Total residential real estate	39,513		213,108		317,747		968,379		1,025,929		1,341,496		—		—		3,906,172
Current period gross charge-offs	—		—		—		—		—		—		—		—		—

Consumer home equity
Current and accruing	496		10,177		31,243		71,259		7,753		89,717		1,169,012		5,797		1,385,454
30-89 days past due and accruing	—		—		133		451		—		924		9,604		249		11,361
Loans 90 days or more past due and still accruing	—		—		—		—		—		—		—		—		—
Non-accrual	—		—		—		—		—		2,218		5,980		231		8,429
Total consumer home equity	496		10,177		31,376		71,710		7,753		92,859		1,184,596		6,277		1,405,244
Current period gross charge-offs	—		—		—		—		—		—		—		—		—

Other consumer
Current and accruing	14,452		54,181		58,361		24,907		15,400		22,112		27,518		34		216,965
30-89 days past due and accruing	15		44		130		55		84		631		54		—		1,013
Loans 90 days or more past due and still accruing	—		—		—		—		—		—		—		—		—
Non-accrual	—		31		1		37		24		14		40		—		147
Total other consumer	14,467		54,256		58,492		24,999		15,508		22,757		27,612		34		218,125
Current period gross charge-offs	266		68		50		68		25		38		43		—		558

Total	$	406,340	$	1,429,258	$	1,856,437	$	3,624,566	$	2,662,971	$	5,921,782	$	2,004,002	$	10,339	$	17,915,695

(1)The amounts presented represent the amortized cost as of March 31, 2025 of revolving loans that were converted to term loans during the three months ended March 31, 2025.

The following table details the amortized cost balances of the Company’s loan portfolios, presented by credit quality indicator and origination year as of December 31, 2024:


	2024		2023		2022		2021		2020		Prior		Revolving Loans		Revolving Loans Converted to Term Loans (1)		Total
	(In thousands)
Commercial and industrial
Pass	$	358,054	$	365,372	$	407,129	$	310,250	$	341,049	$	745,815	$	522,236	$	22,800	$	3,072,705
Special Mention	19,721		25,719		5,963		24,199		43		4,563		26,522		508		107,238
Substandard	996		21,858		30,731		1,019		2,124		1,366		22,525		710		81,329
Doubtful	—		—		5,295		—		—		8		—		—		5,303
Loss	—		—		—		—		—		—		—		—		—
Total commercial and industrial	378,771		412,949		449,118		335,468		343,216		751,752		571,283		24,018		3,266,575

Commercial real estate
Pass	531,193		575,929		1,740,688		1,020,015		722,669		1,988,069		82,661		10,595		6,671,819
Special Mention	9,457		45,188		26,551		14,613		8,855		35,952		2,976		—		143,592
Substandard	—		45,762		17,404		18,051		293		44,713		1		—		126,224
Doubtful	3,450		17,081		—		—		4,237		77,675		—		—		102,443
Loss	—		—		—		—		—		—		—		—		—
Total commercial real estate	544,100		683,960		1,784,643		1,052,679		736,054		2,146,409		85,638		10,595		7,044,078

Commercial construction
Pass	96,423		228,979		132,389		16,836		—		—		15,616		—		490,243
Special Mention	—		621		—		—		—		—		—		—		621
Substandard	785		—		—		—		—		—		—		—		785


Doubtful	—		—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—		—
Total commercial construction	97,208		229,600		132,389		16,836		—		—		15,616		—		491,649

Business banking
Pass	173,110		141,000		178,696		208,835		156,366		441,532		103,222		5,040		1,407,801
Special Mention	533		60		1,409		1,929		—		6,203		20		262		10,416
Substandard	314		1,102		1,000		911		1,516		9,402		197		297		14,739
Doubtful	—		49		1,098		16		—		366		—		718		2,247
Loss	—		—		—		—		—		—		—		—		—
Total business banking	173,957		142,211		182,203		211,691		157,882		457,503		103,439		6,317		1,435,203

Residential real estate
Current and accruing	213,244		321,097		970,831		1,032,297		548,987		800,995		—		—		3,887,451
30-89 days past due and accruing	944		2,300		6,480		5,437		3,209		9,606		—		—		27,976
Loans 90 days or more past due and still accruing	—		—		—		—		—		—		—		—		—
Non-accrual	884		103		3,721		1,092		575		6,580		—		—		12,955
Total residential real estate	215,072		323,500		981,032		1,038,826		552,771		817,181		—		—		3,928,382

Consumer home equity
Current and accruing	10,425		32,573		74,385		7,954		4,293		76,953		1,143,767		15,629		1,365,979
30-89 days past due and accruing	—		275		103		—		—		1,179		6,965		574		9,096
Loans 90 days or more past due and still accruing	—		—		—		—		—		—		—		—		—
Non-accrual	—		63		61		—		—		1,223		8,151		715		10,213
Total consumer home equity	10,425		32,911		74,549		7,954		4,293		79,355		1,158,883		16,918		1,385,288

Other consumer
Current and accruing	61,430		62,170		26,869		16,970		8,453		16,914		32,914		19		225,739
30-89 days past due and accruing	116		146		143		75		25		646		135		15		1,301
Loans 90 days or more past due and still accruing	—		—		—		—		—		—		—		—		—
Non-accrual	—		11		31		17		7		4		44		25		139
Total other consumer	61,546		62,327		27,043		17,062		8,485		17,564		33,093		59		227,179

Total	$	1,481,079	$	1,887,458	$	3,630,977	$	2,680,516	$	1,802,701	$	4,269,764	$	1,967,952	$	57,907	$	17,778,354

(1)The amounts presented represent the amortized cost as of December 31, 2024 of revolving loans that were converted to term loans during the year ended December 31, 2024.

Schedule of age analysis of past due loans

The following tables show the age analysis of past due loans as of the dates indicated:


	As of March 31, 2025
	30-59 Days Past Due		60-89 Days Past Due		90 or More Days Past Due		Total Past Due		Current		Total Loans
	(In thousands)
Commercial and industrial	$	5,984	$	—	$	90	$	6,074	$	3,406,619	$	3,412,693
Commercial real estate	12,400		—		22,378		34,778		7,071,831		7,106,609
Commercial construction	—		—		—		—		459,120		459,120
Business banking	8,605		3,506		6,729		18,840		1,388,892		1,407,732
Residential real estate	13,074		6,340		11,920		31,334		3,874,838		3,906,172
Consumer home equity	8,865		2,784		7,190		18,839		1,386,405		1,405,244
Other consumer	870		146		116		1,132		216,993		218,125
Total	$	49,798	$	12,776	$	48,423	$	110,997	$	17,804,698	$	17,915,695


	As of December 31, 2024
	30-59 Days Past Due		60-89 Days Past Due		90 or More Days Past Due		Total Past Due		Current		Total Loans
	(In thousands)
Commercial and industrial	$	28	$	—	$	90	$	118	$	3,266,457	$	3,266,575
Commercial real estate	17,081		6,432		9,180		32,693		7,011,385		7,044,078
Commercial construction	—		—		—		—		491,649		491,649
Business banking	13,680		1,605		1,826		17,111		1,418,092		1,435,203
Residential real estate	21,037		6,947		12,786		40,770		3,887,612		3,928,382
Consumer home equity	7,254		2,195		8,449		17,898		1,367,390		1,385,288
Other consumer	1,130		171		109		1,410		225,769		227,179
Total	$	60,210	$	17,350	$	32,440	$	110,000	$	17,668,354	$	17,778,354

Schedule of pertaining to the breakdown of the Company's nonaccrual loans

The following table presents information regarding non-accrual loans as of the dates indicated:


	As of March 31, 2025						As of December 31, 2024
	Non-Accrual Loans With ACL		Non-Accrual Loans Without ACL (1)		Total Nonaccrual Loans		Non-Accrual Loans With ACL		Non-Accrual Loans Without ACL (1)		Total Nonaccrual Loans
	(In thousands)
Commercial and industrial	$	3,887	$	8	$	3,895	$	5,395	$	8	$	5,403
Commercial real estate	56,930		1,169		58,099		90,003		12,555		102,558
Commercial construction	—		—		—		—		—		—
Business banking	8,062		590		8,652		4,551		1		4,552
Residential real estate	12,404		—		12,404		12,955		—		12,955
Consumer home equity	8,429		—		8,429		10,213		—		10,213
Other consumer	147		—		147		139		—		139
Total non-accrual loans	$	89,859	$	1,767	$	91,626	$	123,256	$	12,564	$	135,820

(1)The loans on non-accrual status and without an ACL as of both March 31, 2025 and December 31, 2024, were primarily comprised of collateral dependent loans for which the fair value of the underlying loan collateral exceeded the loan carrying value.

Schedule of the modifications which occurred during the periods and the change in the recorded investment subsequent to the modifications occurring

The following table shows the amortized cost balance as of March 31, 2025 and 2024 of loans modified during the three month periods then ended to borrowers experiencing financial difficulty by the type of concession granted:


	During the Three Months Ended March 31,
	2025				2024
	Amortized Cost Balance		% of Total Portfolio		Amortized Cost Balance		% of Total Portfolio
	(Dollars in thousands)
Interest Rate Reduction:
Business banking	$	39	0.00	%	$	—	—	%
Consumer home equity	80		0.01	%	542		0.04	%
Total interest rate reduction	$	119	0.00	%	$	542	0.00	%
Other-than-Insignificant Delay in Repayment:
Business banking	$	125	0.01	%	$	—	—	%
Total other-than-insignificant delay in repayment	$	125	0.00	%	$	—	—	%
Term Extension:
Commercial and industrial	$	3,795	0.11	%	$	—	—	%
Business banking	—		—	%	165		0.01	%
Residential real estate	—		—	%	238		0.01	%
Total term extension	$	3,795	0.02	%	$	403	0.00	%
Combination—Interest Rate Reduction & Other-than-Insignificant Delay in Repayment:
Consumer home equity	$	—	—	%	$	129	0.01	%
Total combination—interest rate reduction & other-than-insignificant delay in repayment	$	—	—	%	$	129	0.00	%
Combination—Term Extension & Other-than-Insignificant Delay in Repayment:
Business banking	$	316	0.02	%	$	—	—	%
Total combination—term extension & other-than-insignificant delay in repayment	$	316	0.00	%	$	—	—	%
Total by portfolio segment
Commercial and industrial	$	3,795	0.11	%	$	—	—	%
Business banking	480		0.03	%	165		0.01	%
Residential real estate	—		—	%	238		0.01	%
Consumer home equity	80		0.01	%	671		0.06	%
Total	$	4,355	0.02	%	$	1,074	0.01	%

The following tables describe the financial effect of the modifications made during the periods indicated to borrowers experiencing financial difficulty. Loans that were modified in more than one manner are included in each modification type corresponding to the types of modifications performed.

Three Months Ended March 31, 2025

Loan Type

Financial Effect (1)

Interest Rate Reduction

Business banking

Reduced contractual interest rate of one loan from 7.8% to 6.0%.

Consumer home equity

Reduced contractual interest rate of one loan from 7.0% to 5.0%.

Other-than-Insignificant Delay in Repayment

Business banking

Deferred a weighted average of 7 payments. For principal and interest deferrals, the loans were re-amortized over an extended payment period resulting in reduced monthly payment amounts for the borrowers. For interest-only deferrals, interest accrued at the time of the modification was added to the end of the loan life.

Term Extension

Commercial and industrial

Added 1.1 years to the life of one loan, which reduced the monthly payment amount for the borrower.

Business banking

Added a weighted-average 8 months to the life of loans, which reduced monthly payment amounts for the borrowers.

(1)Loans that were modified in more than one manner are included in each modification type corresponding to the type of modifications performed.

Three Months Ended March 31, 2024

Loan Type

Financial Effect (1)

Interest Rate Reduction

Consumer home equity

Reduced weighted-average contractual interest rate from 8.0% to 4.4%.

Other-than-Insignificant Delay in Repayment

Consumer home equity

Deferred a weighted average of 7 principal and interest payments which were added to the end of the loan life.

Term Extension

Business banking

Added a weighted-average 1.6 years to the life of loans, which reduced monthly payment amounts for the borrowers.

Residential real estate

Added a weighted-average 2.0 years to the life of loans, which reduced monthly payment amounts for the borrowers.

(1)Loans that were modified in more than one manner are included in each modification type corresponding to the type of modifications performed.

Schedule of the age analysis of past due loans to borrowers experiencing financial difficulty

The following table shows the age analysis of past due loans to borrowers experiencing financial difficulty that were modified during the prior twelve months as of March 31, 2025:


	As of March 31, 2025
	30-59 Days Past Due		60-89 Days Past Due		90 or More Days Past Due		Total Past Due		Current		Total
	(In thousands)
Commercial and industrial	$	—	$	—	$	—	$	—	$	3,795	$	3,795
Commercial real estate	—		—		—		—		9,981		9,981
Business banking	53		—		—		53		1,209		1,262
Residential real estate	450		115		—		565		745		1,310
Consumer home equity	1		—		—		1		1,663		1,664
Total	$	504	$	115	$	—	$	619	$	17,393	$	18,012

The following table shows the age analysis of past due loans to borrowers experiencing financial difficulty that were modified during the prior twelve months as of March 31, 2024:


	As of March 31, 2024
	30-59 Days Past Due		60-89 Days Past Due		90 or More Days Past Due		Total Past Due		Current		Total
	(In thousands)

Commercial real estate	$	—	$	—	$	—	$	—	$	10,506	$	10,506
Business banking	34		—		—		34		700		734
Residential real estate	774		—		36		810		2,778		3,588
Consumer home equity	—		—		400		400		2,527		2,927
Total	$	808	$	—	$	436	$	1,244	$	16,511	$	17,755

Schedule of the Company's loan participations

The following table summarizes the Company’s loan participations:


	As of and for the Three Months Ended March 31, 2025						As of and for the Year Ended December 31, 2024
	Balance		Non-performing Loan Rate (%)		Gross Charge-offs		Balance		Non-performing Loan Rate (%)		Gross Charge-offs
	(Dollars in thousands)
Commercial and industrial	$	1,090,187	—	%	$	—	$	1,031,237	0.00	%	$	—
Commercial real estate	946,567		3.46	%	3,492		944,371		3.87	%	10,290
Commercial construction	145,851		—	%	—		159,237		0.00	%	—
Business banking	1,069		—	%	15		1,612		0.00	%	—
Total loan participations	$	2,183,674	1.50	%	$	3,507	$	2,136,457	1.71	%	$	10,290