Loans Receivable, Net (Tables)

12 Months Ended

Dec. 31, 2024

Receivables [Abstract]

Summary of loans receivable

The following table presents loans receivable for each portfolio segment of loans:

(Dollars in thousands)	December 31, 2024		December 31, 2023
Residential real estate	$	1,858,929	1,704,544
Commercial real estate	10,963,713		10,303,306
Other commercial	3,119,535		2,901,863
Home equity	930,994		888,013
Other consumer	388,678		400,356
Loans receivable	17,261,849		16,198,082
Allowance for credit losses	(206,041)		(192,757)
Loans receivable, net	$	17,055,808	16,005,325
Net deferred origination (fees) costs included in loans receivable	$	(29,187)	(25,577)
Net purchase accounting (discounts) premiums included in loans receivable	$	(34,361)	(13,802)
Accrued interest receivable on loans	$	73,935	67,362

Financing receivable, allowance for credit loss

The following table presents the provision for credit losses on the loan portfolio and off-balance sheet exposures:

	Year ended
(Dollars in thousands)	December 31, 2024		December 31, 2023	December 31, 2022
Provision for credit loss loans	$	27,179	20,790	17,433
Provision for credit loss unfunded	1,127		(5,995)	2,530
Total provision for credit losses	$	28,306	14,795	19,963

The following tables summarize the activity in the ACL:

	Year ended December 31, 2024
(Dollars in thousands)	Total		Residential Real Estate	Commercial Real Estate	Other Commercial	Home Equity	Other Consumer
Balance at beginning of period	$	192,757	22,325	130,924	21,194	11,766	6,548
Acquisitions	3		—	3	—	—	—
Provision for credit losses	27,179		2,862	10,446	7,162	(369)	7,078
Charge-offs	(18,626)		(40)	(2,896)	(5,778)	(131)	(9,781)
Recoveries	4,728		34	68	1,822	136	2,668
Balance at end of period	$	206,041	25,181	138,545	24,400	11,402	6,513

	Year ended December 31, 2023
(Dollars in thousands)	Total		Residential Real Estate	Commercial Real Estate	Other Commercial	Home Equity	Other Consumer
Balance at beginning of period	$	182,283	19,683	125,816	21,454	10,759	4,571
Provision for credit losses	20,790		2,645	6,748	1,996	969	8,432
Charge-offs	(15,095)		(20)	(2,080)	(3,891)	(129)	(8,975)
Recoveries	4,779		17	440	1,635	167	2,520
Balance at end of period	$	192,757	22,325	130,924	21,194	11,766	6,548

	Year ended December 31, 2022
(Dollars in thousands)	Total		Residential Real Estate	Commercial Real Estate	Other Commercial	Home Equity	Other Consumer
Balance at beginning of period	$	172,665	16,458	117,901	24,703	8,566	5,037
Provision for credit losses	17,433		3,162	7,231	(704)	1,943	5,801
Charge-offs	(14,970)		(17)	(2,171)	(4,201)	(85)	(8,496)
Recoveries	7,155		80	2,855	1,656	335	2,229
Balance at end of period	$	182,283	19,683	125,816	21,454	10,759	4,571

Loan portfolio aging analysis

The following tables present an aging analysis of the recorded investment in loans:

	December 31, 2024
(Dollars in thousands)	Total		Residential Real Estate	Commercial Real Estate	Other Commercial	Home Equity	Other Consumer
Accruing loans 30-59 days past due	$	25,347	5,195	8,852	6,261	1,965	3,074
Accruing loans 60-89 days past due	6,881		404	2,792	1,180	1,699	806
Accruing loans 90 days or more past due	6,177		1,509	2,899	985	646	138
Non-accrual loans with no ACL	20,060		6,850	8,012	1,691	2,826	681
Non-accrual loans with ACL	385		75	—	167	—	143
Total past due and   non-accrual loans	58,850		14,033	22,555	10,284	7,136	4,842
Current loans receivable	17,202,999		1,844,896	10,941,158	3,109,251	923,858	383,836
Total loans receivable	$	17,261,849	1,858,929	10,963,713	3,119,535	930,994	388,678

 

	December 31, 2023
(Dollars in thousands)	Total		Residential Real Estate	Commercial Real Estate	Other Commercial	Home Equity	Other Consumer
Accruing loans 30-59 days past due	$	43,455	5,342	18,134	12,745	3,006	4,228
Accruing loans 60-89 days past due	6,512		729	2,439	774	1,527	1,043
Accruing loans 90 days or more past due	3,312		107	2,161	530	283	231
Non-accrual loans with no ACL	20,722		2,562	13,680	1,869	1,966	645
Non-accrual loans with ACL	94		—	—	7	—	87
Total past due and non-accrual loans	74,095		8,740	36,414	15,925	6,782	6,234
Current loans receivable	16,123,987		1,695,804	10,266,892	2,885,938	881,231	394,122
Total loans receivable	$	16,198,082	1,704,544	10,303,306	2,901,863	888,013	400,356

Summary of repayment through operation or sale of collateral

The following tables present the amortized cost basis of collateral-dependent loans by collateral type:

	December 31, 2024
(Dollars in thousands)	Total		Residential Real Estate	Commercial Real Estate	Other Commercial	Home Equity	Other Consumer
Business assets	$	11,483	—	—	11,480	—	3
Residential real estate	14,425		6,924	4,107	508	2,808	78
Other real estate	22,016		1	21,066	561	18	370
Other	1,055		—	—	383	—	672
Total	$	48,979	6,925	25,173	12,932	2,826	1,123

	December 31, 2023
(Dollars in thousands)	Total		Residential Real Estate	Commercial Real Estate	Other Commercial	Home Equity	Other Consumer
Business assets	$	3,236	—	6	3,230	—	—
Residential real estate	17,578		11,099	4,317	98	1,968	96
Other real estate	21,635		35	20,598	620	25	357
Other	595		—	—	15	—	580
Total	$	43,044	11,134	24,921	3,963	1,993	1,033

Summary of loan modifications

The following tables show the amortized cost basis at the end of the periods of the loans modified to borrowers experiencing financial difficulty by segment:

	At or for the Year ended December 31, 2024
	Term Extension and Payment Deferral				Combination - Term Extension and Interest Rate Reduction
(Dollars in thousands)	Amortized Cost Basis		% of Total Class of Financing Receivable		Amortized Cost Basis		% of Total Class of Financing Receivable		Total
Residential real estate	$	—	—	%	$	—	—	%	$	—
Commercial real estate	11,993		0.10	%	28,850		0.30	%	40,843
Other commercial	13,721		0.40	%	468		—	%	14,189
Home equity	—		—	%	—		—	%	—
Other consumer	—		—	%	—		—	%	—
Total	$	25,714			$	29,318			$	55,032

	At or for the Year ended December 31, 2023
	Term Extension and Payment Deferral				Combination - Term Extension and Interest Rate Reduction
(Dollars in thousands)	Amortized Cost Basis		% of Total Class of Financing Receivable		Amortized Cost Basis		% of Total Class of Financing Receivable		Total
Residential real estate	$	679	—	%	$	—	—	%	$	679
Commercial real estate	46,028		0.40	%	2,863		—	%	48,891
Other commercial	9,218		0.30	%	1,702		0.10	%	10,920
Home equity	49		—	%	—		—	%	49
Other consumer	20		—	%	—		—	%	20
Total	$	55,994			$	4,565			$	60,559

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

	At or for the Year ended December 31, 2024
(Dollars in thousands)	Weighted Average Interest Rate Reduction	Weighted Average Term Extension	Principal Forgiveness
Commercial real estate	1.91%	3 months	$—
Other commercial	0.10%	5 months	$—

	At or for the Year ended December 31, 2023
(Dollars in thousands)	Weighted Average Interest Rate Reduction	Weighted Average Term Extension	Principal Forgiveness
Residential real estate	—%	1 month	$—
Commercial real estate	0.88%	1.1 years	$—
Other commercial	0.24%	8 months	$—
Home equity	—%	7 months	$—
Other consumer	—%	10 months	$10

Loan portfolio modified aging analysis

The following tables depict the performance of loans that have been modified in the last twelve months by segment:

	December 31, 2024
(Dollars in thousands)	Total		Current	30-89 Days Past Due	90 Days or More Past Due	Non-Accrual
Commercial real estate	$	40,843	37,585	—	—	3,258
Other commercial	14,189		12,829	1,029	—	331
Total	$	55,032	50,414	1,029	—	3,589

	December 31, 2023
(Dollars in thousands)	Total		Current	30-89 Days Past Due	90 Days or More Past Due	Non-Accrual
Residential real estate	$	679	679	—	—	—
Commercial real estate	48,891		45,181	2,159	—	1,551
Other commercial	10,920		10,360	31	—	529
Home equity	49		—	—	—	49
Other consumer	20		20	—	—	—
Total	$	60,559	56,240	2,190	—	2,129

Credit quality indicators for commercial loans

The following tables present the amortized cost in commercial real estate and other commercial loans based on the Company’s internal risk rating. The date of a modification, renewal or extension of a loan is considered for the year of origination if the terms of the loan are as favorable to the Company as the terms are for a comparable loan to other borrowers with similar credit risk.

	December 31, 2024
(Dollars in thousands)	Gross Charge-Offs		Total	Pass	Special Mention	Substandard	Doubtful/ Loss
Commercial real estate loans
Term loans by origination year
2024	$	—	1,321,385	1,287,352	5,674	28,359	—
2023	—		1,334,689	1,311,808	18,151	4,730	—
2022	1,437		2,367,874	2,307,217	26,662	33,995	—
2021	1,128		2,043,830	1,988,629	30,965	24,236	—
2020	5		1,043,858	1,036,774	—	7,084	—
Prior	326		2,515,573	2,446,084	25,922	43,567	—
Revolving loans	—		336,504	331,130	1,199	4,175	—
Total	$	2,896	10,963,713	10,708,994	108,573	146,146	—
Other commercial loans
Term loans by origination year
2024	$	4,260	407,909	402,180	3,687	1,641	401
2023	83		315,890	312,154	533	3,203	—
2022	373		496,999	492,111	463	4,423	2
2021	525		462,173	452,731	743	8,680	19
2020	291		203,771	199,643	44	4,083	1
Prior	246		495,291	468,850	—	26,441	—
Revolving loans	—		737,502	706,991	17,612	12,886	13
Total	$	5,778	3,119,535	3,034,660	23,082	61,357	436

	December 31, 2023
(Dollars in thousands)	Gross Charge-Offs		Total	Pass	Special Mention	Substandard	Doubtful/ Loss
Commercial real estate loans
Term loans by origination year
2023	$	889	1,316,100	1,313,446	97	2,557	—
2022	430		2,547,939	2,520,484	12,855	14,600	—
2021	145		2,200,677	2,178,153	19,782	2,742	—
2020	—		1,130,117	1,124,525	—	5,592	—
2019	—		691,810	656,203	1,104	34,503	—
Prior	616		2,129,808	2,053,011	18,818	57,948	31
Revolving loans	—		286,855	285,432	1	1,421	1
Total	$	2,080	10,303,306	10,131,254	52,657	119,363	32
Other commercial loans
Term loans by origination year
2023	$	3,080	369,059	367,337	—	1,603	119
2022	406		566,295	561,567	3,319	1,408	1
2021	—		531,558	519,151	10,187	2,218	2
2020	92		245,962	240,613	—	5,347	2
2019	—		145,828	141,336	—	4,490	2
Prior	313		448,619	443,400	—	5,219	—
Revolving loans	—		594,542	577,953	11,977	4,612	—
Total	$	3,891	2,901,863	2,851,357	25,483	24,897	126

Credit quality indicators for RRE and consumer loans

The following tables present the amortized cost in residential real estate, home equity and other consumer loans based on payment performance:

	December 31, 2024
(Dollars in thousands)	Gross Charge-Offs		Total	Performing	30-89 Days Past Due	Non-Accrual and 90 Days or More Past Due
Residential real estate loans
Term loans by origination year
2024	$	40	211,519	210,806	—	713
2023	—		267,000	264,817	1,407	776
2022	—		655,918	652,993	2,566	359
2021	—		455,196	452,628	959	1,609
2020	—		90,752	90,649	—	103
Prior	—		178,544	173,003	667	4,874
Revolving loans	—		—	—	—	—
Total	$	40	1,858,929	1,844,896	5,599	8,434
Home equity loans
Term loans by origination year
2024	$	—	219	219	—	—
2023	17		1,072	1,045	—	27
2022	8		1,858	1,858	—	—
2021	—		780	780	—	—
2020	—		78	78	—	—
Prior	106		4,353	4,264	4	85
Revolving loans	—		922,634	915,614	3,660	3,360
Total	$	131	930,994	923,858	3,664	3,472
Other consumer loans
Term loans by origination year
2024	$	8,456	116,312	114,164	2,139	9
2023	431		89,684	89,218	262	204
2022	467		64,808	63,843	665	300
2021	238		36,755	36,233	261	261
2020	34		18,648	18,601	41	6
Prior	155		20,014	19,738	103	173
Revolving loans	—		42,457	42,039	409	9
Total	$	9,781	388,678	383,836	3,880	962

	December 31, 2023
(Dollars in thousands)	Gross Charge-Offs		Total	Performing	30-89 Days Past Due	Non-Accrual and 90 Days or More Past Due
Residential real estate loans
Term loans by origination year
2023	$	—	234,568	233,753	815	—
2022	5		673,782	671,196	2,586	—
2021	—		495,645	495,645	—	—
2020	—		99,199	99,199	—	—
2019	—		42,054	42,054	—	—
Prior	15		158,828	153,489	2,670	2,669
Revolving loans	—		468	468	—	—
Total	$	20	1,704,544	1,695,804	6,071	2,669
Home equity loans
Term loans by origination year
2023	$	—	—	—	—	—
2022	—		20	20	—	—
2021	48		—	—	—	—
2020	50		21	21	—	—
2019	—		178	178	—	—
Prior	31		5,492	5,277	11	204
Revolving loans	—		882,302	875,735	4,522	2,045
Total	$	129	888,013	881,231	4,533	2,249
Other consumer loans
Term loans by origination year
2023	$	7,801	139,295	137,035	2,079	181
2022	715		98,630	97,536	870	224
2021	170		62,961	62,107	805	49
2020	85		29,143	29,012	119	12
2019	73		12,335	12,279	43	13
Prior	131		17,314	16,664	173	477
Revolving loans	—		40,678	39,489	1,182	7
Total	$	8,975	400,356	394,122	5,271	963