Loans and Allowance for Credit Losses for Loans

6 Months Ended

Jun. 30, 2025

Receivables [Abstract]

Loans and Allowance for Credit Losses for Loans

Loans and Allowance for Credit Losses for Loans

The details of the loan portfolio as of June 30, 2025 and December 31, 2024 were as follows: 

	June 30, 2025		December 31, 2024
	(in thousands)
Loans:
Commercial and industrial	$	10,870,036	$	9,931,400
Commercial real estate:
Commercial real estate	25,971,061		26,530,225
Construction	2,854,859		3,114,733
Total commercial real estate loans	28,825,920		29,644,958
Residential mortgage	5,709,971		5,632,516
Consumer:
Home equity	634,553		604,433
Automobile	2,178,841		1,901,065
Other consumer	1,172,099		1,085,339
Total consumer loans	3,985,493		3,590,837
Total loans	$	49,391,420	$	48,799,711

Total loans include net unearned discounts and deferred loan fees of $21.5 million and $45.3 million at June 30, 2025 and December 31, 2024, respectively.

Accrued interest on loans, which is excluded from the amortized cost of loans held for investment, totaled $206.2 million and $208.9 million at June 30, 2025 and December 31, 2024, respectively, and is presented within total accrued interest receivable on the consolidated statements of financial condition.

Loans Portfolio Sales and Transfers to Loans Held for Sale

Valley sells residential mortgage loans originated for sale (at fair value) primarily to Fannie Mae and Freddie Mac in the normal course of business. Under certain circumstances, Valley may decide to sell loans that were not originated with the intent to sell.

During the six months ended June 30, 2025, Valley transferred a non-performing construction loan totaling $10.2 million, net of $638 thousand charge-offs, from the held for investment loan portfolio to loans held for sale. See Note 5 for further details. During the six months ended June 30, 2024, Valley completed the sale of its commercial premium finance lending business for $96.8 million. This asset sale included $95.5 million of assets, mainly consisting of $93.6 million of loans, and $2.8 million of related liabilities. The transaction generated a $3.6 million net gain for the six months ended June 30, 2024.

There were no other transfers or sales of loans from the held for investment portfolio during the three and six months ended June 30, 2025 and 2024.

Credit Risk Management

Valley adheres to a credit policy designed to minimize credit risk while generating the maximum income given the level of risk appetite. Management reviews and approves these policies and procedures on a regular basis with subsequent approval by the Board annually. Credit authority relating to a significant dollar percentage of the overall portfolio is centralized and controlled by the Credit Risk Management Division and by the Credit Committee. Loan portfolio diversification is an important factor utilized by Valley to manage its risk across business sectors and through cyclical economic circumstances. Additionally, Valley does not accept crypto assets as loan collateral for any of its loan portfolio classes. See Valley’s Annual Report for further details.

Credit Quality

The following table presents past due, current, and non-accrual loans without an allowance for loan losses by loan portfolio class at June 30, 2025 and December 31, 2024:

	Past Due and Non-Accrual Loans
	30-59  Days  Past Due Loans		60-89  Days  Past Due Loans		90 Days or More Past Due Loans		Non-Accrual Loans		Total Past Due Loans		Current Loans		Total Loans		Non-Accrual Loans Without Allowance for Loan Losses
	(in thousands)
June 30, 2025
Commercial and industrial	$	10,451	$	1,095	$	—	$	90,973	$	102,519	$	10,767,517	$	10,870,036	$	19,512
Commercial real estate:
Commercial real estate	42,884		60,601		—		193,604		297,089		25,673,972		25,971,061		107,756
Construction	35,000		—		—		24,068		59,068		2,795,791		2,854,859		—
Total commercial real estate loans	77,884		60,601		—		217,672		356,157		28,469,763		28,825,920		107,756
Residential mortgage	21,744		7,627		2,062		41,099		72,532		5,637,439		5,709,971		29,064
Consumer loans:
Home equity	1,893		2,499		—		4,391		8,783		625,770		634,553		1,323
Automobile	9,710		1,113		439		209		11,471		2,167,370		2,178,841		—
Other consumer	1,275		389		420		15		2,099		1,170,000		1,172,099		—
Total consumer loans	12,878		4,001		859		4,615		22,353		3,963,140		3,985,493		1,323
Total	$	122,957	$	73,324	$	2,921	$	354,359	$	553,561	$	48,837,859	$	49,391,420	$	157,655

	Past Due and Non-Accrual Loans
	30-59 Days Past Due Loans		60-89  Days Past Due Loans		90 Days or More Past Due Loans		Non-Accrual Loans		Total Past Due Loans		Current Loans		Total Loans		Non-Accrual Loans Without Allowance for Loan Losses
	(in thousands)
December 31, 2024
Commercial and industrial	$	2,389	$	1,007	$	1,307	$	136,675	$	141,378	$	9,790,022	$	9,931,400	$	15,947
Commercial real estate:
Commercial real estate	20,902		24,903		—		157,231		203,036		26,327,189		26,530,225		91,095
Construction	—		—		—		24,591		24,591		3,090,142		3,114,733		5,002
Total commercial real estate loans	20,902		24,903		—		181,822		227,627		29,417,331		29,644,958		96,097
Residential mortgage	21,295		5,773		3,533		36,786		67,387		5,565,129		5,632,516		23,543
Consumer loans:
Home equity	1,651		181		—		3,961		5,793		598,640		604,433		1,341
Automobile	8,583		1,346		407		230		10,566		1,890,499		1,901,065		—
Other consumer	2,318		2,957		642		24		5,941		1,079,398		1,085,339		—
Total consumer loans	12,552		4,484		1,049		4,215		22,300		3,568,537		3,590,837		1,341
Total	$	57,138	$	36,167	$	5,889	$	359,498	$	458,692	$	48,341,019	$	48,799,711	$	136,928

Credit quality indicators. Valley utilizes an internal loan classification system as a means of reporting problem loans within commercial and industrial, commercial real estate, and construction loan portfolio classes. Under Valley’s internal risk rating system, loan relationships could be classified as “Pass,” “Special Mention,” “Substandard,” “Doubtful,” and “Loss.” Substandard loans include loans that exhibit well-defined weakness and are characterized by the distinct possibility that Valley will sustain some loss if the deficiencies are not corrected. Loans classified as Doubtful have all the weaknesses inherent in those classified as Substandard with the added characteristic that the weaknesses present make collection or liquidation in full, based on currently existing facts, conditions and values, highly questionable and improbable. Loans classified as Loss are those considered uncollectible with insignificant value and are charged-off immediately to the allowance for loan losses and, therefore, not presented in the table below. Loans that do not currently pose a sufficient risk to warrant classification in one of the aforementioned categories but pose weaknesses that deserve management’s close attention are deemed Special Mention. Pass rated loans do not currently pose any identified risk and can range from the highest to average quality, depending on the degree of potential risk. Risk ratings are updated any time the situation warrants.

The following table presents the internal loan classification risk by loan portfolio class by origination year based on the most recent analysis performed at June 30, 2025 and December 31, 2024, as well as the gross loan charge-offs by year of origination for the six months ended June 30, 2025 and for the year ended December 31, 2024:

	Term Loans
	Amortized Cost Basis by Origination Year
June 30, 2025	2025		2024		2023		2022		2021		Prior to 2021		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans		Total
	(in thousands)
Commercial and industrial
Risk Rating:
Pass	$	899,962	$	1,579,211	$	784,023	$	594,156	$	378,487	$	602,119	$	5,322,292	$	8,655	$	10,168,905
Special Mention	1,116		1,566		12,373		8,970		20,015		5,316		169,498		4,699		223,553
Substandard	—		26,363		23,749		62,235		3,787		63,259		218,750		20,761		418,904
Doubtful	—		—		6,253		2		321		49,460		2,638		—		58,674
Total commercial and industrial	$	901,078	$	1,607,140	$	826,398	$	665,363	$	402,610	$	720,154	$	5,713,178	$	34,115	$	10,870,036
Commercial real estate
Risk Rating:
Pass	$	906,097	$	2,046,206	$	2,631,836	$	5,034,673	$	3,508,472	$	7,948,426	$	493,466	$	53,795	$	22,622,971
Special Mention	1,783		131,233		262,912		291,603		149,396		251,288		150,586		—		1,238,801
Substandard	—		66,645		203,098		413,659		399,249		906,389		77,073		67		2,066,180
Doubtful	—		—		3,060		—		29,483		10,566		—		—		43,109
Total commercial real estate	$	907,880	$	2,244,084	$	3,100,906	$	5,739,935	$	4,086,600	$	9,116,669	$	721,125	$	53,862	$	25,971,061
Construction
Risk Rating:
Pass	$	283,613	$	565,391	$	447,756	$	322,573	$	64,401	$	53,919	$	775,127	$	17,671	$	2,530,451
Special Mention	—		10,895		21,510		1,742		23,047		1,969		96,667		7,048		162,878
Substandard	—		571		33,539		8,950		6,228		8,529		70,770		32,943		161,530
Total construction	$	283,613	$	576,857	$	502,805	$	333,265	$	93,676	$	64,417	$	942,564	$	57,662	$	2,854,859
Gross loan charge-offs	$	—	$	6,503	$	3,328	$	4,109	$	13,657	$	15,654	$	23,450	$	14,990	$	81,691

	Term Loans
	Amortized Cost Basis by Origination Year
December 31, 2024	2024		2023		2022		2021		2020		Prior to 2020		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans		Total
	(in thousands)
Commercial and industrial
Risk Rating:
Pass	$	1,769,585	$	828,087	$	703,962	$	476,091	$	246,992	$	392,834	$	4,804,095	$	6,006	$	9,227,652
Special Mention	30,755		3,553		59,434		11,646		270		72,514		147,254		10,762		336,188
Substandard	24,613		13,479		9,415		4,296		2,813		7,382		201,053		39,011		302,062
Doubtful	—		8,911		4		928		—		52,064		3,591		—		65,498
Total commercial and industrial	$	1,824,953	$	854,030	$	772,815	$	492,961	$	250,075	$	524,794	$	5,155,993	$	55,779	$	9,931,400
Commercial real estate
Risk Rating:
Pass	$	2,097,314	$	2,941,270	$	5,310,807	$	3,883,333	$	2,302,480	$	6,086,608	$	597,266	$	78,621	$	23,297,699
Special Mention	156,394		380,852		289,669		192,614		55,739		327,732		141,164		—		1,544,164
Substandard	84,410		107,944		387,638		288,906		236,927		520,858		11,167		—		1,637,850
Doubtful	—		3,060		—		35,756		9,813		1,883		—		—		50,512
Total commercial real estate	$	2,338,118	$	3,433,126	$	5,988,114	$	4,400,609	$	2,604,959	$	6,937,081	$	749,597	$	78,621	$	26,530,225
Construction
Risk Rating:
Pass	$	545,597	$	680,260	$	334,899	$	92,765	$	17,955	$	45,161	$	1,224,698	$	58,644	$	2,999,979
Special Mention	13,278		—		664		5,069		—		2,504		16,691		—		38,206
Substandard	9,835		—		8,950		4,942		—		—		43,474		—		67,201
Doubtful	—		—		2,074		—		7,273		—		—		—		9,347
Total construction	$	568,710	$	680,260	$	346,587	$	102,776	$	25,228	$	47,665	$	1,284,863	$	58,644	$	3,114,733
Gross loan charge-offs	$	706	$	31,809	$	7,523	$	44,610	$	66,632	$	49,436	$	3,930	$	2,148	$	206,794

For residential mortgages, home equity, automobile and other consumer loan portfolio classes, Valley evaluates credit quality based on the aging status of the loan and by payment activity. The following table presents the amortized cost in those loan classes based on payment activity by origination year as of June 30, 2025 and December 31, 2024, as well as the gross loan charge-offs by year of origination for the six months ended June 30, 2025 and for the year ended December 31, 2024:

	Term Loans
	Amortized Cost Basis by Origination Year
June 30, 2025	2025		2024		2023		2022		2021		Prior to 2021		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans		Total
	(in thousands)
Residential mortgage
Performing	$	248,495	$	404,738	$	405,835	$	1,264,594	$	1,385,458	$	1,899,165	$	78,028	$	—	$	5,686,313
90 days or more past due	—		316		778		5,731		730		15,422		—		681		23,658
Total residential mortgage	$	248,495	$	405,054	$	406,613	$	1,270,325	$	1,386,188	$	1,914,587	$	78,028	$	681	$	5,709,971
Consumer loans
Home equity
Performing	$	14,196	$	22,375	$	27,170	$	37,519	$	9,579	$	52,232	$	462,203	$	7,758	$	633,032
90 days or more past due	—		—		3		133		1		1,098		—		286		1,521
Total home equity	14,196		22,375		27,173		37,652		9,580		53,330		462,203		8,044		634,553
Automobile
Performing	$	673,088	$	713,485	$	275,710	$	281,523	$	150,135	$	84,287	$	—	$	—	$	2,178,228
90 days or more past due	—		161		162		96		47		147		—		—		613
Total automobile	673,088		713,646		275,872		281,619		150,182		84,434		—		—		2,178,841
Other consumer
Performing	$	5,634	$	11,650	$	19,464	$	14,006	$	4,954	$	60,437	$	1,037,349	$	18,225	$	1,171,719
90 days or more past due	5		—		25		1		—		—		—		349		380
Total other consumer	5,639		11,650		19,489		14,007		4,954		60,437		1,037,349		18,574		1,172,099
Total consumer	$	692,923	$	747,671	$	322,534	$	333,278	$	164,716	$	198,201	$	1,499,552	$	26,618	$	3,985,493
Gross loan charge-offs	$	—	$	1,161	$	626	$	570	$	273	$	1,686	$	—	$	83	$	4,399

	Term Loans
	Amortized Cost Basis by Origination Year
December 31, 2024	2024		2023		2022		2021		2020		Prior to 2020		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans		Total
	(in thousands)
Residential mortgage
Performing	$	428,138	$	413,528	$	1,282,524	$	1,420,835	$	494,430	$	1,490,512	$	75,479	$	954	$	5,606,400
90 days or more past due	530		771		1,030		1,533		5,286		16,285		—		681		26,116
Total residential mortgage	$	428,668	$	414,299	$	1,283,554	$	1,422,368	$	499,716	$	1,506,797	$	75,479	$	1,635	$	5,632,516
Consumer loans
Home equity
Performing	$	22,947	$	29,445	$	38,774	$	10,302	$	3,340	$	50,613	$	438,817	$	9,061	$	603,299
90 days or more past due	—		48		51		1		—		855		—		179		1,134
Total home equity	22,947		29,493		38,825		10,303		3,340		51,468		438,817		9,240		604,433
Automobile
Performing	$	863,281	$	343,203	$	363,901	$	211,294	$	59,288	$	59,512	$	—	$	—	$	1,900,479
90 days or more past due	71		122		140		70		2		181		—		—		586
Total automobile	863,352		343,325		364,041		211,364		59,290		59,693		—		—		1,901,065
Other consumer
Performing	$	15,164	$	25,884	$	15,787	$	1,588	$	337	$	53,917	$	956,339	$	15,917	$	1,084,933
90 days or more past due	—		59		61		—		—		38		—		248		406
Total other consumer	15,164		25,943		15,848		1,588		337		53,955		956,339		16,165		1,085,339
Total consumer	$	901,463	$	398,761	$	418,714	$	223,255	$	62,967	$	165,116	$	1,395,156	$	25,405	$	3,590,837
Gross loan charge-offs	$	1,014	$	1,883	$	1,511	$	1,015	$	519	$	2,245	$	—	$	131	$	8,318

Loan modifications to borrowers experiencing financial difficulty. From time to time, Valley may extend, restructure, or otherwise modify the terms of existing loans, on a case-by-case basis, to remain competitive and retain certain customers, as well as assist other customers who may be experiencing financial difficulties.

The following tables present the amortized cost basis of loans to borrowers experiencing financial difficulty at June 30, 2025 that were modified during the three and six months ended June 30, 2025 and 2024, disaggregated by class of financing receivable and type of modification.

	Term extension		Term extension and interest rate reduction		Term extension and principal forgiveness		Other than Insignificant Payment Delay		Total		% of Total Loan Class
	($ in thousands)
Three Months Ended June 30, 2025
Commercial and industrial	$	8,306	$	—	$	—	$	—	$	8,306	0.08	%
Commercial real estate	3,020		4,008		—		—		7,028		0.03
Total	$	11,326	$	4,008	$	—	$	—	$	15,334	0.03	%
Three Months Ended June 30, 2024
Commercial and industrial	$	45,807	$	—	$	—	$	—	$	45,807	0.48	%
Commercial real estate	180		—		—		—		180		—
Residential mortgage	898		—		—		—		898		0.02
Total	$	46,885	$	—	$	—	$	—	$	46,885	0.10	%
Six Months Ended June 30, 2025
Commercial and industrial	$	10,304	$	—	$	—	$	5,610	$	15,914	0.15	%
Commercial real estate	10,413		4,008		20,760		396		35,577		0.14
Total	$	20,717	$	4,008	$	20,760	$	6,006	$	51,491	0.10	%
Six Months Ended June 30, 2024
Commercial and industrial	$	79,953	$	138	$	—	$	—	$	80,091	0.84	%
Commercial real estate	224		16,221		—		—		16,445		0.06
Residential mortgage	898		—		—		—		898		0.02
Total	$	81,075	$	16,359	$	—	$	—	$	97,434	0.19	%

The following table describes the types of modifications made to borrowers experiencing financial difficulty during the three and six months ended June 30, 2025 and 2024:

	Weighted Average Interest Rate Reduction		Weighted Average Term Extension (in months)	Principal Forgiveness (in thousands)		Weighted Average Payment Deferral (in months)
Three Months Ended June 30, 2025
Commercial and industrial	—	%	18	$	—	—
Commercial real estate	5.50		3	—		—
Three Months Ended June 30, 2024
Commercial and industrial	—	%	11	$	—	—
Commercial real estate	—		2	—		—
Residential mortgage	—		50	—		—

Six Months Ended June 30, 2025
Commercial and industrial	—	%	17	$	—		6
Commercial real estate	5.50		26	17,500		*	6
Six Months Ended June 30, 2024
Commercial and industrial	1.11	%	8	$	—		—
Commercial real estate	1.06		12	—			—
Residential mortgage	—		50	—			—
Home equity	—		120	—			—

*    Relates to one loan that was partially charged off during the fourth quarter 2024 with the subsequent execution of the corresponding principal forgiveness completed in the first quarter 2025.

Valley closely monitors the performance of modified loans to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table presents the aging analysis of loans that have been modified within the previous 12 months at June 30, 2025 and 2024.

	Current			30-89 Days Past Due		90 Days or More Past Due			Total
June 30, 2025	($ in thousands)
Commercial and industrial	$	75,699	*	$	—	$	—		$	75,699
Commercial real estate	250,109		*	—		—			250,109
Residential mortgage	1,187		*	—		95		*	1,282
Home equity	40			—		—			40
Total	$	327,035		$	—	$	95		$	327,130
June 30, 2024
Commercial and industrial	$	92,728	*	$	96	$	—		$	92,824
Commercial real estate	99,970			—		2,153		*	102,123
Residential mortgage	—			—		898		*	898
Home equity	30			—		—			30
Total	$	192,728		$	96	$	3,051		$	195,875

*    Includes non-accrual loans.

The following table provides the amortized cost basis of financing receivables that had a payment default and were modified in the 12 months before default to borrowers experiencing financial difficulty.

June 30, 2025	Term extension
Six Months Ended June 30, 2024	(in thousands)
Residential mortgage	$	898
Total	$	898

Loans in process of foreclosure. OREO balance totaled $4.8 million and $12.2 million at June 30, 2025 and December 31, 2024, respectively. Residential mortgage and consumer loans secured by residential real estate properties for which formal foreclosure proceedings are in process totaled $3.7 million and $4.6 million at June 30, 2025 and December 31, 2024, respectively.

Collateral dependent loans. Loans are collateral dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. When Valley determines that repayment or satisfaction of the loan depends on the sale of the collateral, the collateral dependent loan balances are written down to the estimated current fair value (less estimated selling costs) resulting in an immediate charge-off to the allowance, excluding any consideration for personal guarantees that may be pursued in the Bank’s collection process.

The following table presents collateral dependent loans by class as of June 30, 2025 and December 31, 2024:

	June 30, 2025		December 31, 2024
	(in thousands)
Collateral dependent loans:
Commercial and industrial *	$	114,302	$	131,898
Commercial real estate	177,569		156,825
Construction	4,477		15,841
Total commercial real estate loans	182,046		172,666
Residential mortgage	29,317		23,797
Home equity	1,323		1,341
Total	$	326,988	$	329,702

*    Includes non-accrual loans collateralized by taxi medallions totaling $48.6 million and $49.2 million at June 30, 2025 and December 31, 2024, respectively.

Allowance for Credit Losses for Loans

The allowance for credit losses for loans consists of the allowance for loan losses and the allowance for unfunded credit commitments.

The following table summarizes the ACL for loans at June 30, 2025 and December 31, 2024: 

	June 30, 2025		December 31, 2024
	(in thousands)
Components of allowance for credit losses for loans:
Allowance for loan losses	$	579,500	$	558,850
Allowance for unfunded credit commitments	14,520		14,478
Total allowance for credit losses for loans	$	594,020	$	573,328

The following table summarizes the provision for credit losses for loans for the periods indicated:

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in thousands)
Components of provision for credit losses for loans:
Provision for loan losses	$	39,129	$	86,901	$	100,428	$	133,624
(Credit) provision for unfunded credit commitments	(1,334)		(4,790)		42		(6,239)
Total provision for credit losses for loans	$	37,795	$	82,111	$	100,470	$	127,385

The following table details the activity in the allowance for loan losses by portfolio segment for the three and six months ended June 30, 2025 and 2024: 

	Commercial and Industrial		Commercial Real Estate		Residential Mortgage		Consumer		Total
	(in thousands)
Three Months Ended June 30, 2025
Allowance for loan losses:
Beginning balance	$	184,700	$	321,662	$	48,906	$	22,932	$	578,200
Loans charged-off	(25,189)		(14,623)		(46)		(2,213)		(42,071)
Charged-off loans recovered	2,789		643		37		773		4,242
Net charge-offs	(22,400)		(13,980)		(9)		(1,440)		(37,829)
Provision (credit) for loan losses	11,115		27,297		(67)		784		39,129
Ending balance	$	173,415	$	334,979	$	48,830	$	22,276	$	579,500
Three Months Ended June 30, 2024
Allowance for loan losses:
Beginning balance	$	138,593	$	265,847	$	44,377	$	20,431	$	469,248
Loans charged-off	(14,721)		(22,356)		—		(1,262)		(38,339)
Charged-off loans recovered	742		150		5		603		1,500
Net (charge-offs) recoveries	(13,979)		(22,206)		5		(659)		(36,839)
Provision for loan losses	24,629		57,452		3,315		1,505		86,901
Ending balance	$	149,243	$	301,093	$	47,697	$	21,277	$	519,310

Six Months Ended June 30, 2025
Allowance for loan losses:
Beginning balance	$	173,002	$	304,148	$	58,895	$	22,805	$	558,850
Loans charged-off	(53,645)		(28,046)		(46)		(4,353)		(86,090)
Charged-off loans recovered	3,599		892		205		1,616		6,312
Net (charge-offs) recoveries	(50,046)		(27,154)		159		(2,737)		(79,778)
Provision (credit) for loan losses	50,459		57,985		(10,224)		2,208		100,428
Ending balance	$	173,415	$	334,979	$	48,830	$	22,276	$	579,500
Six Months Ended June 30, 2024
Allowance for loan losses:
Beginning balance	$	133,359	$	249,598	$	42,957	$	20,166	$	446,080
Loans charged-off	(29,014)		(31,154)		—		(3,071)		(63,239)
Charged-off loans recovered	1,424		391		30		1,000		2,845
Net (charge-offs) recoveries	(27,590)		(30,763)		30		(2,071)		(60,394)
Provision for loan losses	43,474		82,258		4,710		3,182		133,624
Ending balance	$	149,243	$	301,093	$	47,697	$	21,277	$	519,310

The following table represents the allocation of the allowance for loan losses and the related loans by loan portfolio segment disaggregated based on the allowance measurement methodology at June 30, 2025 and December 31, 2024.

	Commercial and Industrial		Commercial Real Estate		Residential Mortgage		Consumer		Total
	(in thousands)
June 30, 2025
Allowance for loan losses:
Individually evaluated for credit losses	$	46,395	$	9,023	$	25	$	—	$	55,443
Collectively evaluated for credit losses	127,020		325,956		48,805		22,276		524,057
Total	$	173,415	$	334,979	$	48,830	$	22,276	$	579,500
Loans:
Individually evaluated for credit losses	$	114,302	$	182,046	$	29,317	$	1,323	$	326,988
Collectively evaluated for credit losses	10,755,734		28,643,874		5,680,654		3,984,170		49,064,432
Total	$	10,870,036	$	28,825,920	$	5,709,971	$	3,985,493	$	49,391,420
December 31, 2024
Allowance for loan losses:
Individually evaluated for credit losses	$	59,603	$	16,225	$	27	$	—	$	75,855
Collectively evaluated for credit losses	113,399		287,923		58,868		22,805		482,995
Total	$	173,002	$	304,148	$	58,895	$	22,805	$	558,850
Loans:
Individually evaluated for credit losses	$	131,898	$	172,666	$	23,797	$	1,341	$	329,702
Collectively evaluated for credit losses	9,799,502		29,472,292		5,608,719		3,589,496		48,470,009
Total	$	9,931,400	$	29,644,958	$	5,632,516	$	3,590,837	$	48,799,711