Loans and Allowance for Credit Losses for Loans (Tables)

9 Months Ended

Sep. 30, 2025

Receivables [Abstract]

Schedule of Loan Portfolio

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

	September 30, 2025		December 31, 2024
	(in thousands)
Loans:
Commercial and industrial	$	10,757,857	$	9,931,400
Commercial real estate:
Commercial real estate	26,166,116		26,530,225
Construction	2,517,258		3,114,733
Total commercial real estate loans	28,683,374		29,644,958
Residential mortgage	5,795,395		5,632,516
Consumer:
Home equity	655,872		604,433
Automobile	2,191,976		1,901,065
Other consumer	1,188,349		1,085,339
Total consumer loans	4,036,197		3,590,837
Total loans	$	49,272,823	$	48,799,711

Past Due, Non-Accrual and Current Loans by Loan Portfolio Class

The following table presents past due, current, and non-accrual loans without an allowance for loan losses by loan portfolio class at September 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)
September 30, 2025
Commercial and industrial	$	912	$	1,061	$	—	$	92,214	$	94,187	$	10,663,670	$	10,757,857	$	18,785
Commercial real estate:
Commercial real estate	26,371		6,033		—		235,754		268,158		25,897,958		26,166,116		136,551
Construction	—		—		—		48,248		48,248		2,469,010		2,517,258		34,888
Total commercial real estate loans	26,371		6,033		—		284,002		316,406		28,366,968		28,683,374		171,439
Residential mortgage	23,556		5,040		3,911		38,949		71,456		5,723,939		5,795,395		29,646
Consumer loans:
Home equity	544		828		—		6,033		7,405		648,467		655,872		2,944
Automobile	8,983		1,548		679		279		11,489		2,180,487		2,191,976		—
Other consumer	3,201		1,647		446		12		5,306		1,183,043		1,188,349		—
Total consumer loans	12,728		4,023		1,125		6,324		24,200		4,011,997		4,036,197		2,944
Total	$	63,567	$	16,157	$	5,036	$	421,489	$	506,249	$	48,766,574	$	49,272,823	$	222,814

	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

The following table presents the aging analysis of loans that have been modified within the previous 12 months at September 30, 2025 and 2024.

	Current			30-89 Days Past Due		90 Days or More Past Due			Total
September 30, 2025	($ in thousands)
Commercial and industrial	$	111,231	*	$	—	$	—		$	111,231
Commercial real estate	167,906		*	15,043		—			182,949
Residential mortgage	1,525			134		—			1,659
Total	$	280,662		$	15,177	$	—		$	295,839
September 30, 2024
Commercial and industrial	$	91,411	*	$	—	$	—		$	91,411
Commercial real estate	210,565			180		2,153		*	212,898
Residential mortgage	869		*	—		—			869
Total	$	302,845		$	180	$	2,153		$	305,178

*    Includes non-accrual loans.

Risk Category of Loans

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

	Term Loans
	Amortized Cost Basis by Origination Year
September 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	$	1,152,491	$	1,458,777	$	720,721	$	555,773	$	352,012	$	577,220	$	5,242,931	$	9,715	$	10,069,640
Special Mention	1,065		25,208		5,127		8,122		10,176		6,908		161,230		7,425		225,261
Substandard	—		22,611		27,522		63,018		13,150		63,455		196,303		19,793		405,852
Doubtful	—		—		5,452		3		322		49,050		2,277		—		57,104
Total commercial and industrial	$	1,153,556	$	1,506,596	$	758,822	$	626,916	$	375,660	$	696,633	$	5,602,741	$	36,933	$	10,757,857
Commercial real estate
Risk Rating:
Pass	$	1,609,537	$	1,964,384	$	2,605,451	$	4,947,176	$	3,511,719	$	7,671,234	$	527,891	$	52,134	$	22,889,526
Special Mention	2,385		150,587		247,472		263,298		142,029		291,848		126,364		—		1,223,983
Substandard	—		89,703		216,663		369,918		379,021		830,924		123,377		66		2,009,672
Doubtful	—		—		3,060		—		29,300		10,575		—		—		42,935
Total commercial real estate	$	1,611,922	$	2,204,674	$	3,072,646	$	5,580,392	$	4,062,069	$	8,804,581	$	777,632	$	52,200	$	26,166,116
Construction
Risk Rating:
Pass	$	447,477	$	536,548	$	230,253	$	315,070	$	59,043	$	52,380	$	551,588	$	17,574	$	2,209,933
Special Mention	1,736		10,864		21,494		1,711		23,029		—		79,161		7,011		145,006
Substandard	—		20,158		33,533		8,947		5,688		8,533		52,504		32,956		162,319
Total construction	$	449,213	$	567,570	$	285,280	$	325,728	$	87,760	$	60,913	$	683,253	$	57,541	$	2,517,258
Gross loan charge-offs	$	—	$	6,848	$	3,679	$	9,746	$	14,812	$	22,627	$	23,450	$	15,591	$	96,753

	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

The following table presents the amortized cost in those loan classes based on payment activity by origination year as of September 30, 2025 and December 31, 2024, as well as the gross loan charge-offs by year of origination for the nine months ended September 30, 2025 and for the year ended December 31, 2024:

	Term Loans
	Amortized Cost Basis by Origination Year
September 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	$	411,987	$	392,962	$	401,736	$	1,252,483	$	1,368,109	$	1,860,235	$	83,791	$	—	$	5,771,303
90 days or more past due	—		315		982		4,691		1,169		16,254		—		681		24,092
Total residential mortgage	$	411,987	$	393,277	$	402,718	$	1,257,174	$	1,369,278	$	1,876,489	$	83,791	$	681	$	5,795,395
Consumer loans
Home equity
Performing	$	18,476	$	21,315	$	25,613	$	34,452	$	9,411	$	53,239	$	482,676	$	7,441	$	652,623
90 days or more past due	—		—		1,437		1,004		1		573		—		234		3,249
Total home equity	18,476		21,315		27,050		35,456		9,412		53,812		482,676		7,675		655,872
Automobile
Performing	$	861,672	$	646,121	$	245,030	$	244,518	$	123,004	$	70,676	$	—	$	—	$	2,191,021
90 days or more past due	191		214		245		147		44		114		—		—		955
Total automobile	861,863		646,335		245,275		244,665		123,048		70,790		—		—		2,191,976
Other consumer
Performing	$	7,242	$	10,736	$	18,133	$	12,942	$	4,598	$	62,862	$	1,055,386	$	16,247	$	1,188,146
90 days or more past due	—		—		29		36		—		—		—		138		203
Total other consumer	7,242		10,736		18,162		12,978		4,598		62,862		1,055,386		16,385		1,188,349
Total consumer	$	887,581	$	678,386	$	290,487	$	293,099	$	137,058	$	187,464	$	1,538,062	$	24,060	$	4,036,197
Gross loan charge-offs	$	71	$	1,578	$	788	$	751	$	320	$	2,285	$	—	$	110	$	5,903

	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

Financing Receivable, Troubled Debt Restructuring

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

	Interest rate reduction		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 September 30, 2025
Commercial and industrial	$	—	$	26,992	$	10,375	$	—	$	296	$	37,663	0.35	%
Commercial real estate	—		30,252		—		—		108,104		138,356		0.53
Residential mortgage	—		668		—		—		—		668		0.01
Total	$	—	$	57,912	$	10,375	$	—	$	108,400	$	176,687	0.36	%
Three Months Ended September 30, 2024
Commercial and industrial	$	924	$	7,556	$	—	$	—	$	—	$	8,480	0.09	%
Commercial real estate	—		36,800		—		—		111,204		148,004		0.55
Total	$	924	$	44,356	$	—	$	—	$	111,204	$	156,484	0.32	%
Nine Months Ended September 30, 2025
Commercial and industrial	$	—	$	37,134	$	10,375	$	—	$	4,866	$	52,375	0.49	%
Commercial real estate	—		34,949		991		20,573		108,497		165,010		0.63
Residential mortgage	—		668		—		—		—		668		0.01
Total	$	—	$	72,751	$	11,366	$	20,573	$	113,363	$	218,053	0.44	%
Nine Months Ended September 30, 2024
Commercial and industrial	$	924	$	87,427	$	133	$	—	$	—	$	88,484	0.90	%
Commercial real estate	—		37,006		16,221		—		111,204		164,431		0.61
Residential mortgage	—		869		—		—		—		869		0.02
Total	$	924	$	125,302	$	16,354	$	—	$	111,204	$	253,784	0.51	%

The following table describes the types of modifications made to borrowers experiencing financial difficulty during the three and nine months ended September 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 September 30, 2025
Commercial and industrial	0.13	%	13	$	—	11
Commercial real estate	—		3	—		2
Residential mortgage	—		83	—		—
Three Months Ended September 30, 2024
Commercial and industrial	3.41	%	18	$	—	—
Commercial real estate	—		20	—		12

Nine Months Ended September 30, 2025
Commercial and industrial	0.13	%	14	$	—		6
Commercial real estate	5.50		15	17,500		*	2
Residential mortgage	—		83	—			—
Nine Months Ended September 30, 2024
Commercial and industrial	3.10	%	9	$	—		—
Commercial real estate	1.06		18	—			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.

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

September 30, 2025	Term extension
Nine Months Ended September 30, 2024	(in thousands)
Commercial real estate	$	2,153
Total	$	2,153

Summary of Collateral Dependent Loans

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

	September 30, 2025		December 31, 2024
	(in thousands)
Collateral dependent loans:
Commercial and industrial *	$	109,903	$	131,898
Commercial real estate	233,967		156,825
Construction	34,888		15,841
Total commercial real estate loans	268,855		172,666
Residential mortgage	29,896		23,797
Home equity	2,945		1,341
Total	$	411,599	$	329,702

*    Includes non-accrual loans collateralized by taxi medallions totaling $48.2 million and $49.5 million at September 30, 2025 and December 31, 2024, respectively.

Summary of Allowance for Credit Losses

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

	September 30, 2025		December 31, 2024
	(in thousands)
Components of allowance for credit losses for loans:
Allowance for loan losses	$	585,000	$	558,850
Allowance for unfunded credit commitments	13,604		14,478
Total allowance for credit losses for loans	$	598,604	$	573,328

Summary of Provision for Credit Losses

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in thousands)
Components of provision for credit losses for loans:
Provision for loan losses	$	20,087	$	71,925	$	120,515	$	205,549
(Credit) provision for unfunded credit commitments	(916)		3,113		(874)		(3,126)
Total provision for credit losses for loans	$	19,171	$	75,038	$	119,641	$	202,423

Summary of Activity in Allowance for Loan Losses

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

	Commercial and Industrial		Commercial Real Estate		Residential Mortgage		Consumer		Total
	(in thousands)
Three Months Ended September 30, 2025
Allowance for loan losses:
Beginning balance	$	173,415	$	334,979	$	48,830	$	22,276	$	579,500
Loans charged-off	(2,745)		(12,317)		(26)		(1,478)		(16,566)
Charged-off loans recovered	1,169		206		56		548		1,979
Net (charge-offs) recoveries	(1,576)		(12,111)		30		(930)		(14,587)
(Credit) provision for loan losses	(9,991)		26,725		2,234		1,119		20,087
Ending balance	$	161,848	$	349,593	$	51,094	$	22,465	$	585,000
Three Months Ended September 30, 2024
Allowance for loan losses:
Beginning balance	$	149,243	$	301,093	$	47,697	$	21,277	$	519,310
Loans charged-off	(7,501)		(38,123)		—		(2,597)		(48,221)
Charged-off loans recovered	3,162		1,601		29		521		5,313
Net (charge-offs) recoveries	(4,339)		(36,522)		29		(2,076)		(42,908)
Provision for loan losses	21,461		44,457		3,819		2,188		71,925
Ending balance	$	166,365	$	309,028	$	51,545	$	21,389	$	548,327

Nine Months Ended September 30, 2025
Allowance for loan losses:
Beginning balance	$	173,002	$	304,148	$	58,895	$	22,805	$	558,850
Loans charged-off	(56,390)		(40,363)		(72)		(5,831)		(102,656)
Charged-off loans recovered	4,768		1,098		261		2,164		8,291
Net (charge-offs) recoveries	(51,622)		(39,265)		189		(3,667)		(94,365)
Provision (credit) for loan losses	40,468		84,710		(7,990)		3,327		120,515
Ending balance	$	161,848	$	349,593	$	51,094	$	22,465	$	585,000
Nine Months Ended September 30, 2024
Allowance for loan losses:
Beginning balance	$	133,359	$	249,598	$	42,957	$	20,166	$	446,080
Loans charged-off	(36,515)		(69,277)		—		(5,668)		(111,460)
Charged-off loans recovered	4,586		1,992		59		1,521		8,158
Net (charge-offs) recoveries	(31,929)		(67,285)		59		(4,147)		(103,302)
Provision for loan losses	64,935		126,715		8,529		5,370		205,549
Ending balance	$	166,365	$	309,028	$	51,545	$	21,389	$	548,327

Allocation Of Allowance For Loan Losses Disaggregated Based On Impairment Methodology

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 September 30, 2025 and December 31, 2024.

	Commercial and Industrial		Commercial Real Estate		Residential Mortgage		Consumer		Total
	(in thousands)
September 30, 2025
Allowance for loan losses:
Individually evaluated for credit losses	$	43,057	$	18,019	$	23	$	—	$	61,099
Collectively evaluated for credit losses	118,791		331,574		51,071		22,465		523,901
Total	$	161,848	$	349,593	$	51,094	$	22,465	$	585,000
Loans:
Individually evaluated for credit losses	$	109,903	$	268,855	$	29,896	$	2,945	$	411,599
Collectively evaluated for credit losses	10,647,954		28,414,519		5,765,499		4,033,252		48,861,224
Total	$	10,757,857	$	28,683,374	$	5,795,395	$	4,036,197	$	49,272,823
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