Loans and Leases

6 Months Ended

Jun. 30, 2025

Loans and Leases Receivable Disclosure [Abstract]

Loans and Leases

Loans and Leases

The following table summarizes loans and leases by portfolio segment and class:

(In thousands)	June 30, 2025		December 31, 2024
Commercial non-mortgage	$	18,724,821	$	18,037,942
Asset-based	1,350,006		1,404,007
Commercial real estate	14,539,706		14,492,436
Multi-family	6,819,069		6,898,600
Equipment financing	1,218,276		1,235,016
Commercial portfolio	42,651,878		42,068,001
Residential	9,332,413		8,853,669
Home equity	1,385,746		1,427,692
Other consumer	301,922		155,806
Consumer portfolio	11,020,081		10,437,167
Loans and leases	$	53,671,959	$	52,505,168

The carrying amount of loans and leases at June 30, 2025, and December 31, 2024, includes net unamortized
(discounts)/premiums and net unamortized deferred (fees)/costs, in aggregate, of $16.7 million and $(1.8) million, respectively. Accrued interest receivable of $268.8 million and $265.0 million at June 30, 2025, and December 31, 2024, respectively, is excluded from the carrying amount of loans and leases and included in Accrued interest receivable and other assets on the accompanying Condensed Consolidated Balance Sheets. At June 30, 2025, the Company had pledged $17.6 billion and $6.2 billion of eligible loans as collateral to support borrowing capacity at the FHLB and FRB, respectively.

Non-Accrual and Past Due Loans and Leases

The following tables summarize the aging of accrual and non-accrual loans and leases by class:

	June 30, 2025
(In thousands)	30-59 Days Past Due and Accruing		60-89 Days Past Due and Accruing		90 or More Days Past Due and Accruing		Non-accrual		Total Past Due and Non-accrual		Current		Total Loans and Leases
Commercial non-mortgage	$	14,902	$	580	$	—	$	216,003	$	231,485	$	18,493,336	$	18,724,821
Asset-based	—		—		—		44,353		44,353		1,305,653		1,350,006
Commercial real estate	6,267		345		—		200,947		207,559		14,332,147		14,539,706
Multi-family	9,745		—		—		23,009		32,754		6,786,315		6,819,069
Equipment financing	683		231		—		14,989		15,903		1,202,373		1,218,276
Commercial portfolio	31,597		1,156		—		499,301		532,054		42,119,824		42,651,878
Residential	8,884		3,769		—		16,024		28,677		9,303,736		9,332,413
Home equity	6,077		2,339		—		18,421		26,837		1,358,909		1,385,746
Other consumer	743		387		—		409		1,539		300,383		301,922
Consumer portfolio	15,704		6,495		—		34,854		57,053		10,963,028		11,020,081
Total	$	47,301	$	7,651	$	—	$	534,155	$	589,107	$	53,082,852	$	53,671,959

	December 31, 2024
(In thousands)	30-59 Days Past Due and Accruing		60-89 Days Past Due and Accruing		90 or More Days Past Due and Accruing		Non-accrual		Total Past Due and Non-accrual		Current (1)		Total Loans and Leases
Commercial non-mortgage	$	3,949	$	3,318	$	—	$	248,078	$	255,345	$	17,782,597	$	18,037,942
Asset-based	—		21,997		—		20,787		42,784		1,361,223		1,404,007
Commercial real estate	22,115		558		—		120,151		142,824		14,349,612		14,492,436
Multi-family	2,508		26,377		—		18,043		46,928		6,851,672		6,898,600
Equipment financing	6,096		3,300		—		19,367		28,763		1,206,253		1,235,016
Commercial portfolio	34,668		55,550		—		426,426		516,644		41,551,357		42,068,001
Residential	9,595		4,604		—		12,750		26,949		8,826,720		8,853,669
Home equity	6,273		2,381		—		21,425		30,079		1,397,613		1,427,692
Other consumer	349		162		—		124		635		155,171		155,806
Consumer portfolio	16,217		7,147		—		34,299		57,663		10,379,504		10,437,167
Total	$	50,885	$	62,697	$	—	$	460,725	$	574,307	$	51,930,861	$	52,505,168

(1)At December 31, 2024, there were $32.7 million of commercial loans that had reached their contractual maturity but were actively in the process of being refinanced with the Company. Due to the status of the refinancing, these commercial loans have been reported as current in the table above.

The following table provides additional information on non-accrual loans and leases:

	June 30, 2025				December 31, 2024
(In thousands)	Non-accrual		Non-accrual with No Allowance		Non-accrual		Non-accrual with No Allowance
Commercial non-mortgage	$	216,003	$	42,997	$	248,078	$	50,943
Asset-based	44,353		18,262		20,787		1,080
Commercial real estate	200,947		37,160		120,151		26,666
Multi-family	23,009		22,877		18,043		17,953
Equipment financing	14,989		1,039		19,367		1,809
Commercial portfolio	499,301		122,335		426,426		98,451
Residential	16,024		7,223		12,750		6,923
Home equity	18,421		9,914		21,425		12,225
Other consumer	409		2		124		3
Consumer portfolio	34,854		17,139		34,299		19,151
Total	$	534,155	$	139,474	$	460,725	$	117,602

Allowance for Credit Losses on Loans and Leases

The following table summarizes the change in the ACL on loans and leases by portfolio segment:

	Three months ended June 30,
	2025						2024
(In thousands)	Commercial Portfolio		Consumer Portfolio		Total		Commercial Portfolio		Consumer Portfolio		Total
ACL on loans and leases:
Balance, beginning of period	$	649,450	$	63,871	$	713,321	$	589,109	$	52,333	$	641,442
Provision (benefit)	45,635		(509)		45,126		65,607		(4,566)		61,041
Charge-offs	(39,792)		(1,446)		(41,238)		(33,356)		(1,418)		(34,774)
Recoveries	3,250		1,587		4,837		360		1,286		1,646
Balance, end of period	$	658,543	$	63,503	$	722,046	$	621,720	$	47,635	$	669,355

	Six months ended June 30,
	2025						2024
(In thousands)	Commercial Portfolio		Consumer Portfolio		Total		Commercial Portfolio		Consumer Portfolio		Total
ACL on loans and leases:
Balance, beginning of period	$	635,871	$	53,695	$	689,566	$	577,663	$	58,074	$	635,737
Provision (benefit)	113,838		10,000		123,838		114,961		(10,726)		104,235
Charge-offs	(95,358)		(2,498)		(97,856)		(71,817)		(2,748)		(74,565)
Recoveries	4,192		2,306		6,498		913		3,035		3,948
Balance, end of period (1)	$	658,543	$	63,503	$	722,046	$	621,720	$	47,635	$	669,355
Individually evaluated for credit losses	95,323		811		96,134		66,943		649		67,592
Collectively evaluated for credit losses	$	563,220	$	62,692	$	625,912	$	554,777	$	46,986	$	601,763

(1)The $32.4 million increase in the ACL on loans and leases from December 31, 2024, to June 30, 2025, is primarily due to additional reserves resulting from uncertainty in the current macroeconomic environment and organic loan growth, partially offset by net charge-offs and improvements in risk rating migration.

Concentrations of Credit Risk

Concentrations of credit risk may exist when a number of borrowers are engaged in similar activities, or activities in the same geographic region, and have similar economic characteristics that would cause them to be similarly impacted by changes in economic or other conditions. Concentrations of credit risk are controlled and monitored as part of the Company’s credit policies and procedures. The Company is a regional financial services holding company in the Northeast U.S. with a commercial concentration primarily in five geographic markets: New York City, Other New York Counties, Connecticut, New Jersey, and Massachusetts; and secondarily in the Southeast and Other states. At June 30, 2025, and December 31, 2024, the Company’s concentration of credit risk associated with commercial real estate and multi-family loans, in aggregate, represented 39.8% and 40.7% of total loans and leases, respectively. At June 30, 2025, and December 31, 2024, the Company’s concentration of credit risk associated with commercial non-mortgage loans represented 34.9% and 34.4% of total loans and leases, respectively.

Credit Quality Indicators

To measure credit risk for the commercial portfolio, the Company employs a dual grade credit risk grading system for estimating the PD and LGD. The credit risk grade system assigns a rating to each borrower and to the facility, which together form a Composite Credit Risk Profile. The credit risk grade system categorizes borrowers by common financial characteristics that measure the credit strength of borrowers and facilities by common structural characteristics. The Composite Credit Risk Profile has ten grades, with each grade corresponding to a progressively greater risk of loss. Grades (1) to (6) are considered pass ratings, and grades (7) to (10) are considered criticized, as defined by the regulatory agencies. A (7) “Special Mention” rating has a potential weakness that, if left uncorrected, may result in deterioration of the repayment prospects for the asset. An (8) “Substandard” rating has a well-defined weakness that jeopardizes the full repayment of the debt. A (9) “Doubtful” rating has all of the same weaknesses as a substandard asset with the added characteristic that the weakness makes collection or liquidation in full, given current facts, conditions, and values, improbable. Assets classified as a (10) “Loss” rating are considered uncollectible and charged-off. Risk ratings, which are assigned to differentiate risk within the portfolio, are reviewed on an ongoing basis and revised to reflect changes in a borrower’s current financial position and outlook, risk profile, and the related collateral and structural position. Loan officers review updated financial information or other loan factors on at least an annual basis for all pass rated loans to assess the accuracy of the risk grade. Criticized loans undergo more frequent reviews and enhanced monitoring.

To measure credit risk for the consumer portfolio, the most relevant credit characteristic is the FICO score, which is a widely used credit scoring system that ranges from 300 to 850. A lower FICO score is indicative of higher credit risk and a higher FICO score is indicative of lower credit risk. FICO scores are updated at least quarterly. Factors such as past due status, employment status, collateral, geography, loans discharged in bankruptcy, and the status of first lien position loans on second lien position loans, are also considered to be consumer portfolio credit quality indicators. For portfolio monitoring purposes, the Company estimates the current value of property secured as collateral for home equity and residential first mortgage lending products on an ongoing basis. The estimate is based on home price indices compiled by the S&P/Case-Shiller Home Price Indices. Real estate price data is applied to the loan portfolios taking into account the age of the most recent valuation and geographic area.

The following tables summarize the amortized cost basis of commercial loans and leases by Composite Credit Risk Profile grade and origination year:

	June 30, 2025
(In thousands)	2025		2024		2023		2022		2021		Prior		Revolving Loans Amortized Cost Basis		Total
Commercial non-mortgage:
Risk rating:
Pass	$	1,426,513	$	2,647,354	$	1,654,046	$	2,464,246	$	1,161,443	$	1,581,608	$	6,721,873	$	17,657,083
Special mention	—		36,433		59,114		126,804		91		—		34,158		256,600
Substandard	44,829		46,676		156,110		207,319		90,287		92,189		173,378		810,788
Doubtful	—		—		—		—		43		306		1		350
Total commercial non-mortgage	1,471,342		2,730,463		1,869,270		2,798,369		1,251,864		1,674,103		6,929,410		18,724,821
Current period gross write-offs	1,317		1,242		7,673		5,780		489		8,960		18,291		43,752
Asset-based:
Risk rating:
Pass	2,850		225		10,311		—		—		18,246		1,078,602		1,110,234
Special mention	1,562		—		—		—		—		4,818		40,524		46,904
Substandard	—		—		2,508		—		—		6		190,354		192,868
Total asset-based	4,412		225		12,819		—		—		23,070		1,309,480		1,350,006
Current period gross write-offs	—		—		—		—		—		—		15,975		15,975
Commercial real estate:
Risk rating:
Pass	1,260,773		1,991,259		2,114,596		2,801,954		1,277,393		3,970,260		209,486		13,625,721
Special mention	—		—		32,092		148,656		—		82,073		—		262,821
Substandard	—		3,301		134,861		64,746		82,636		364,408		1,212		651,164
Total commercial real estate	1,260,773		1,994,560		2,281,549		3,015,356		1,360,029		4,416,741		210,698		14,539,706
Current period gross write-offs	—		—		13,986		255		1,283		18,216		—		33,740
Multi-family:
Risk rating:
Pass	112,060		594,573		1,349,648		1,354,503		855,885		2,164,313		16,997		6,447,979
Special mention	153		—		—		114,867		22,725		105,713		—		243,458
Substandard	—		—		14,294		16,634		26,950		69,754		—		127,632
Total multi-family	112,213		594,573		1,363,942		1,486,004		905,560		2,339,780		16,997		6,819,069
Current period gross write-offs	—		—		—		—		—		247		—		247
Equipment financing:
Risk rating:
Pass	207,586		349,272		202,534		160,138		88,827		140,480		—		1,148,837
Special mention	—		—		4,711		13,511		464		1,350		—		20,036
Substandard	3,612		831		10,959		15,718		10,716		7,567		—		49,403
Total equipment financing	211,198		350,103		218,204		189,367		100,007		149,397		—		1,218,276
Current period gross write-offs	1,568		—		67		—		9		—		—		1,644
Total commercial portfolio	3,059,938		5,669,924		5,745,784		7,489,096		3,617,460		8,603,091		8,466,585		42,651,878
Current period gross write-offs	$	2,885	$	1,242	$	21,726	$	6,035	$	1,781	$	27,423	$	34,266	$	95,358

	December 31, 2024
(In thousands)	2024		2023		2022		2021		2020		Prior		Revolving Loans Amortized Cost Basis		Total
Commercial non-mortgage:
Risk rating:
Pass	$	2,917,048	$	1,916,905	$	2,818,720	$	1,100,575	$	562,252	$	1,211,312	$	6,325,637	$	16,852,449
Special mention	31,587		66,770		156,555		51,055		30,669		4,203		44,017		384,856
Substandard	56,307		125,735		237,362		92,134		16,466		63,998		208,608		800,610
Doubtful	—		—		—		1		—		25		1		27
Total commercial non-mortgage	3,004,942		2,109,410		3,212,637		1,243,765		609,387		1,279,538		6,578,263		18,037,942
Current period gross write-offs	—		11,894		45,308		10,668		3,842		3,385		15,169		90,266
Asset-based:
Risk rating:
Pass	1,250		11,684		—		—		—		20,255		1,132,901		1,166,090
Special mention	—		—		—		—		—		5,226		90,372		95,598
Substandard	—		2,562		—		—		—		1,239		138,518		142,319
Total asset-based	1,250		14,246		—		—		—		26,720		1,361,791		1,404,007
Current period gross write-offs	—		—		—		—		—		—		6,091		6,091
Commercial real estate:
Risk rating:
Pass	1,867,468		2,334,965		3,186,098		1,462,814		944,367		3,465,817		197,998		13,459,527
Special mention	—		12,809		175,252		37,307		37,469		64,483		—		327,320
Substandard	—		131,108		69,829		121,139		112,582		262,079		8,852		705,589
Total commercial real estate	1,867,468		2,478,882		3,431,179		1,621,260		1,094,418		3,792,379		206,850		14,492,436
Current period gross write-offs	—		854		1,244		1,579		15,477		22,674		—		41,828
Multi-family:
Risk rating:
Pass	582,363		1,394,855		1,314,395		862,273		245,802		2,179,207		16,991		6,595,886
Special mention	—		14,365		93,396		18,790		70,908		8,588		—		206,047
Substandard	—		—		16,761		27,102		26,720		26,084		—		96,667
Total multi-family	582,363		1,409,220		1,424,552		908,165		343,430		2,213,879		16,991		6,898,600
Current period gross write-offs	—		—		—		4,955		6,264		11,678		—		22,897
Equipment financing:
Risk rating:
Pass	382,783		242,440		207,081		126,399		83,838		124,910		—		1,167,451
Special mention	1,298		231		—		55		—		—		—		1,584
Substandard	572		16,228		18,341		16,970		5,514		8,356		—		65,981
Total equipment financing	384,653		258,899		225,422		143,424		89,352		133,266		—		1,235,016
Current period gross write-offs	—		5,146		1,705		52		—		3,475		—		10,378
Total commercial portfolio	5,840,676		6,270,657		8,293,790		3,916,614		2,136,587		7,445,782		8,163,895		42,068,001
Current period gross write-offs	$	—	$	17,894	$	48,257	$	17,254	$	25,583	$	41,212	$	21,260	$	171,460

The following tables summarize the amortized cost basis of consumer loans by FICO score and origination year:

	June 30, 2025
(In thousands)	2025		2024		2023		2022		2021		Prior		Revolving Loans Amortized Cost Basis		Total
Residential:
Risk rating:
800+	$	191,796	$	501,827	$	298,943	$	919,014	$	1,087,229	$	1,311,324	$	—	$	4,310,133
740-799	401,252		546,890		227,983		531,523		629,765		812,135		—		3,149,548
670-739	97,051		162,365		100,743		297,619		237,615		625,265		—		1,520,658
580-669	6,680		20,747		22,924		53,824		43,214		111,958		—		259,347
579 and below	—		915		3,393		15,653		22,914		49,852		—		92,727
Total residential	696,779		1,232,744		653,986		1,817,633		2,020,737		2,910,534		—		9,332,413
Current period gross write-offs	—		—		—		—		—		15		—		15
Home equity:
Risk rating:
800+	5,930		11,151		25,589		25,595		30,833		70,449		349,518		519,065
740-799	7,838		12,907		18,702		16,799		22,594		40,189		317,213		436,242
670-739	5,352		10,143		12,131		9,648		11,091		32,121		228,224		308,710
580-669	469		1,555		1,898		2,864		2,927		9,883		60,667		80,263
579 and below	152		215		1,457		2,319		573		4,908		31,842		41,466
Total home equity	19,741		35,971		59,777		57,225		68,018		157,550		987,464		1,385,746
Current period gross write-offs	—		50		—		—		—		29		161		240
Other consumer:
Risk rating:
800+	3,318		7,264		317		141		1,725		148		14,477		27,390
740-799	34,320		66,461		466		241		214		231		4,287		106,220
670-739	50,326		93,010		408		236		97		162		18,444		162,683
580-669	1,261		2,242		93		115		31		96		1,093		4,931
579 and below	2		55		77		46		28		36		454		698
Total other consumer	89,227		169,032		1,361		779		2,095		673		38,755		301,922
Current period gross write-offs	1,198		901		8		4		8		27		97		2,243
Total consumer portfolio	805,747		1,437,747		715,124		1,875,637		2,090,850		3,068,757		1,026,219		11,020,081
Current period gross write-offs	$	1,198	$	951	$	8	$	4	$	8	$	71	$	258	$	2,498

	December 31, 2024
(In thousands)	2024		2023		2022		2021		2020		Prior		Revolving Loans Amortized Cost Basis		Total
Residential:
Risk rating:
800+	$	312,771	$	299,006	$	909,109	$	1,097,807	$	433,950	$	956,478	$	—	$	4,009,121
740-799	649,118		258,699		567,545		656,599		235,749		623,989		—		2,991,699
670-739	172,886		123,354		317,373		271,247		80,318		550,252		—		1,515,430
580-669	16,643		13,382		55,507		35,292		16,738		109,240		—		246,802
579 and below	237		2,680		12,617		21,387		3,791		49,905		—		90,617
Total residential	1,151,655		697,121		1,862,151		2,082,332		770,546		2,289,864		—		8,853,669
Current period gross write-offs	—		—		—		—		—		147		—		147
Home equity:
Risk rating:
800+	12,313		25,226		23,512		32,695		22,705		53,844		365,741		536,036
740-799	12,238		21,831		20,718		23,517		10,861		33,703		330,691		453,559
670-739	11,416		14,298		12,732		13,074		6,242		28,638		224,449		310,849
580-669	1,755		2,570		1,685		2,172		754		9,471		67,745		86,152
579 and below	58		799		2,401		726		429		4,254		32,429		41,096
Total home equity	37,780		64,724		61,048		72,184		40,991		129,910		1,021,055		1,427,692
Current period gross write-offs	—		—		—		—		2		444		351		797
Other consumer:
Risk rating:
800+	4,920		312		218		1,765		50		284		31,549		39,098
740-799	45,001		721		301		165		124		266		3,550		50,128
670-739	57,952		432		372		313		220		188		3,349		62,826
580-669	1,417		116		105		69		25		81		1,150		2,963
579 and below	29		93		63		28		9		—		569		791
Total other consumer	109,319		1,674		1,059		2,340		428		819		40,167		155,806
Current period gross write-offs	3,467		17		34		20		113		193		222		4,066
Total consumer portfolio	1,298,754		763,519		1,924,258		2,156,856		811,965		2,420,593		1,061,222		10,437,167
Current period gross write-offs	$	3,467	$	17	$	34	$	20	$	115	$	784	$	573	$	5,010

Collateral Dependent Loans and Leases

A non-accrual loan or lease is considered collateral dependent when the borrower is experiencing financial difficulty and when repayment is substantially expected to be provided through the operation or sale of collateral. Commercial non-mortgage loans,
asset-based loans, and equipment financing loans and leases are generally secured by machinery and equipment, inventory, receivables, or other non-real estate assets, whereas commercial real estate, multi-family, residential, and home equity loans are secured by real estate.

At June 30, 2025, and December 31, 2024, the carrying amount of collateral dependent loans was $244.8 million and $139.5 million, respectively, for commercial loans and leases, and $28.3 million and $29.1 million, respectively, for consumer loans. The ACL for collateral dependent loans and leases is individually assessed based on the fair value of the collateral less costs to sell at the reporting date. At June 30, 2025, and December 31, 2024, the collateral value associated with collateral dependent loans and leases was $278.6 million and $200.1 million, respectively.

Modifications to Borrowers Experiencing Financial Difficulty

In certain circumstances, the Company enters into agreements to modify the terms of loans to borrowers experiencing financial difficulty. A variety of solutions are offered to borrowers experiencing financial difficulty, including loan modifications that may result in principal forgiveness, interest rate reductions, payment delays, term extensions, or a combination thereof. The following is a description of each of these types of modifications:

•Principal forgiveness – The outstanding principal balance of a loan may be reduced by a specified amount. Principal forgiveness may occur voluntarily as part of a negotiated agreement with a borrower, or involuntarily through a bankruptcy proceeding.

•Interest rate reductions – Includes modifications where the contractual interest rate of the loan has been reduced.

•Payment delays – Deferral arrangements that allow borrowers to delay a scheduled loan payment to a later date. Deferred loan payments do not affect the original contractual maturity terms of the loan. Modifications that result in only an insignificant payment delay are not disclosed. The Company generally considers a payment delay of three months or less to be insignificant.

•Term extensions – Extensions of the original contractual maturity date of the loan.

•Combination – Combination includes loans that have undergone more than one of the above loan modification types.

Significant judgment is required to determine if a borrower is experiencing financial difficulty. These considerations vary by portfolio class. The Company has identified modifications to borrowers experiencing financial difficulty that are included in its disclosures as follows:

•Commercial: The Company evaluates modifications of loans to commercial borrowers that are rated substandard or worse, and includes the modifications in its disclosures to the extent that the modification is considered
other-than-insignificant.

•Consumer: The Company generally evaluates all modifications of loans to consumer borrowers subject to its loss mitigation program and includes them in its disclosures to the extent that the modification is considered other-than-insignificant.

The following tables summarize the amortized cost basis at June 30, 2025, and 2024, of loans modified to borrowers experiencing financial difficulty, disaggregated by class and type of concession granted:

	Three months ended June 30, 2025
							Combination
(Dollars in thousands)	Interest Rate Reduction		Term Extension		Payment Delay		Term Extension & Interest Rate Reduction		Term Extension & Payment Delay		Interest Rate Reduction & Payment Delay		Term Extension, Interest Rate Reduction, & Payment Delay		Total		% of Total Class (2)
Commercial non-mortgage	$	—	$	43,425	$	13,161	$	399	$	51,313	$	—	$	77	$	108,375	0.6	%
Asset-based	—		11,487		—		—		—		—		—		11,487		0.9
Commercial real estate	—		18,978		—		—		—		—		—		18,978		0.1
Multi-family	1,981		6,340		—		—		—		13,241		—		21,562		0.3
Equipment financing	—		3,842		—		—		—		—		—		3,842		0.3
Home equity	—		—		—		26		—		—		—		26		—
Total (1)	$	1,981	$	84,072	$	13,161	$	425	$	51,313	$	13,241	$	77	$	164,270	0.3	%

	Six months ended June 30, 2025
							Combination
(Dollars in thousands)	Interest Rate Reduction		Term Extension		Payment Delay		Term Extension & Interest Rate Reduction		Term Extension & Payment Delay		Interest Rate Reduction & Payment Delay		Term Extension, Interest Rate Reduction, & Payment Delay		Total		% of Total Class (2)
Commercial non-mortgage	$	—	$	84,290	$	13,161	$	506	$	51,313	$	—	$	77	$	149,347	0.8	%
Asset-based	—		11,487		—		—		—		—		—		11,487		0.9
Commercial real estate	—		39,607		512		—		—		—		—		40,119		0.3
Multi-family	1,981		8,034		—		—		—		13,241		—		23,256		0.3
Equipment financing	—		4,032		—		—		—		—		—		4,032		0.3
Residential	—		—		—		891		—		—		—		891		—
Home equity	—		—		—		66		—		—		—		66		—
Total (1)	$	1,981	$	147,450	$	13,673	$	1,463	$	51,313	$	13,241	$	77	$	229,198	0.4	%

	Three months ended June 30, 2024
(Dollars in thousands)		Term Extension		Payment Delay		Combination - Term Extension & Interest Rate Reduction		Total		% of Total Class (2)
Commercial non-mortgage		$	69,182	$	61	$	189	$	69,432	0.4	%
Asset-based		6,150		—		—		6,150		0.4
Commercial real estate		43,974		359		—		44,333		0.3
Home equity		45		—		56		101		—
Total (1)		$	119,351	$	420	$	245	$	120,016	0.2	%

	Six months ended June 30, 2024
(Dollars in thousands)	Interest Rate Reduction		Term Extension		Payment Delay		Combination - Term Extension & Interest Rate Reduction		Total		% of Total Class (2)
Commercial non-mortgage	$	11	$	86,150	$	42,825	$	1,267	$	130,253	0.8	%
Asset-based	—		7,817		—		—		7,817		0.5
Commercial real estate	—		44,474		359		—		44,833		0.3
Multi-family	—		9,481		—		—		9,481		0.1
Equipment financing	—		490		—		—		490		—
Residential	626		—		—		133		759		—
Home equity	—		45		—		121		166		—
Total (1)	$	637	$	148,457	$	43,184	$	1,521	$	193,799	0.4	%

(1)The total amortized cost excludes accrued interest receivable of $0.5 million and $0.3 million for the three months ended June 30, 2025, and 2024, respectively, and $0.6 million and $0.4 million for the six months ended June 30, 2025, and 2024, respectively.

(2)Represents the total amortized cost of the loans modified as a percentage of the total period end loan balance by class.

The following tables describe the financial effect of the modifications made to borrowers experiencing financial difficulty:

	Three months ended June 30, 2025
	Financial Effect (1)
Interest Rate Reduction:
Multi-family	Reduced weighted average interset rate by 2.0%
Term Extension:
Commercial non-mortgage	Extended term by a weighted average of 1.4 years
Asset-based	Extended term by a weighted average of 1.0 year
Commercial real estate	Extended term by a weighted average of 0.4 years
Multi-family	Extended term by a weighted average of 3.0 years
Equipment financing	Extended term by a weighted average of 1.8 years
Payment Delay:
Commercial non-mortgage	Provided payment deferrals for a weighted average of 2.4 years
Combination - Term Extension & Payment Delay:
Commercial non-mortgage	Extended term by a weighted average of 0.3 years and provided payment deferrals for a weighted average of 0.5 years
Combination - Interest Rate Reduction & Payment Delay
Multi-family	Reduced weighted average interest rate by 2.0% and provided payment deferrals for a weighted average of 0.8 years

	Six months ended June 30, 2025
	Financial Effect (1)
Interest Rate Reduction:
Multi-family	Reduced weighted average interest rate by 2.0%
Term Extension:
Commercial non-mortgage	Extended term by a weighted average of 1.3 years
Asset-based	Extended term by a weighted average of 1.0 year
Commercial real estate	Extended term by a weighted average of 0.7 years
Multi-family	Extended term by a weighted average of 2.5 years
Equipment financing	Extended term by a weighted average of 1.8 years
Payment Delay:
Commercial non-mortgage	Provided payment deferrals for a weighted average of 2.4 years
Combination - Term Extension & Payment Delay:
Commercial non-mortgage	Extended term by a weighted average of 0.3 years and provided payment deferrals for a weighted average of 0.5 years
Combination - Interest Rate Reduction & Payment Delay:
Multi-family	Reduced weighted average interest rate by 2.0% and provided payment deferrals for a weighted average of 0.8 years

	Three months ended June 30, 2024
	Financial Effect (1)
Term Extension:
Commercial non-mortgage	Extended term by a weighted average of 0.6 years
Asset-based	Extended term by a weighted average of 0.5 years
Commercial real estate	Extended term by a weighted average of 1.1 years

	Six months ended June 30, 2024
	Financial Effect (1)
Term Extension:
Commercial non-mortgage	Extended term by a weighted average of 0.6 years
Asset-based	Extended term by a weighted average of 0.5 years
Commercial real estate	Extended term by a weighted average of 1.1 years
Multi-family	Extended term by a weighted average of 1.4 years
Payment Delay:
Commercial non-mortgage	Provided partial payment deferrals for a weighted average of 0.5 years

(1)Certain disclosures related to financial effects of modifications do not include those deemed to be immaterial.

The Company closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following tables summarize the aging of loans that had been modified in the 12 months preceding June 30, 2025 and June 30, 2024:

	June 30, 2025
(In thousands)	Current		30-59 Days Past Due		60-89 Days Past Due		90 or More Days Past Due		Non-Accrual		Total
Commercial non-mortgage	$	77,346	$	3,819	$	—	$	—	$	144,026	$	225,191
Asset-based	11,487		—		—		—		15,000		26,487
Commercial real estate	85,027		—		—		—		7,771		92,798
Multi-family	21,275		—		—		—		1,981		23,256
Equipment financing	4,032		—		99		—		—		4,131
Residential	776		—		—		—		998		1,774
Home equity	583		—		—		—		215		798
Total	$	200,526	$	3,819	$	99	$	—	$	169,991	$	374,435
	June 30, 2024
(In thousands)	Current		30-59 Days Past Due		60-89 Days Past Due		90 or More Days Past Due		Non-Accrual		Total
Commercial non-mortgage	$	53,156	$	1,375	$	—	$	—	$	120,775	$	175,306
Asset-based	12,817		—		—		—		—		12,817
Commercial real estate	38,327		—		—		—		23,613		61,940
Multi-family	—		—		—		—		9,481		9,481
Equipment financing	196		—		—		—		581		777
Residential	268		—		—		—		626		894
Home equity	350		—		—		—		120		470
Total	$	105,114	$	1,375	$	—	$	—	$	155,196	$	261,685

There were $15.0 million of asset-based loans that had been modified in the form of term extensions with borrowers experiencing financial difficulty in the 12 months preceding June 30, 2025, that had a payment default during the three and six months ended June 30, 2025.

Loans that had been modified with borrowers experiencing financial difficulty in the 12 months preceding June 30, 2024, that had a payment default during the three months ended June 30, 2024, were not significant. There were $17.8 million of commercial non-mortgage loans that had been modified in the form of term extensions with borrowers experiencing financial difficulty in the 12 months preceding June 30, 2024, that had a payment default during the six months ended June 30, 2024. These loans were re-modified again in the form of term extensions during the three months ended June 30, 2024.

For the purposes of this disclosure, a payment default is defined as 90 or more days past due. Non-accrual loans that are modified to borrowers experiencing financial difficulty remain on non-accrual status until the borrower has demonstrated performance under the modified terms. Commitments to lend additional funds to borrowers experiencing financial difficulty whose loans had been modified were not significant.