v3.26.1
Loans and Allowance for Credit Losses on Loans (Tables)
 3 Months Ended
Mar. 31, 2026
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]  
Schedule of loans held for investments
Loans are summarized by portfolio segment as follows:
(in thousands)March 31, 2026December 31, 2025
Loans held for investment(1)(2):
Commercial$12,499,262 $12,163,545 
Mortgage finance6,961,686 6,064,019 
Commercial real estate5,287,272 5,378,712 
Consumer431,442 433,926 
Loans held for investment25,179,662 24,040,202 
Allowance for credit losses on loans(270,441)(270,557)
Total loans held for investment, net$24,909,221 $23,769,645 
(1)    Excludes accrued interest receivable of $104.4 million and $107.3 million at March 31, 2026 and December 31, 2025, respectively, that is recorded in accrued interest receivable and other assets on the consolidated balance sheets.
(2)    Loans are presented net of deferred loan fees and costs totaling $104.8 million and $106.8 million at March 31, 2026 and December 31, 2025, respectively.
Schedule of the credit risk profile of loan portfolio by internally assigned grades and nonaccrual status
The following tables summarize loans held for investment by year of origination and internally assigned credit grades:
(in thousands)202620252024202320222021
and prior		Revolving lines of creditRevolving lines of credit converted to term loansTotal
March 31, 2026
Commercial
(1-7) Pass$540,210 $1,898,487 $1,093,995 $605,811 $634,839 $220,996 $7,193,115 $9,331 $12,196,784 
(8) Special mention40 7,709 27,346 10,872 15,399 14,284 28,101 708 104,459 
(9) Substandard - accruing— 25,083 8,756 11,892 — 37,997 15,281 — 99,009 
(9+) Non-accrual161 12,440 219 32,554 24,804 11,458 17,374 — 99,010 
Total commercial$540,411 $1,943,719 $1,130,316 $661,129 $675,042 $284,735 $7,253,871 $10,039 $12,499,262 
Mortgage finance
(1-7) Pass$— $— $— $— $— $— $6,961,686 $— $6,961,686 
(8) Special mention— — — — — — — — — 
(9) Substandard - accruing— — — — — — — — — 
(9+) Non-accrual— — — — — — — — — 
Total mortgage finance$— $— $— $— $— $— $6,961,686 $— $6,961,686 
Commercial real estate
(1-7) Pass$309,009 $821,246 $595,484 $875,749 $1,267,974 $934,525 $129,491 $5,956 $4,939,434 
(8) Special mention— 818 45,444 70,778 70,125 67,499 7,000 — 261,664 
(9) Substandard - accruing— 11 348 — 39,776 102 — — 40,237 
(9+) Non-accrual— — 25,532 — 20,405 — — — 45,937 
Total commercial real estate$309,009 $822,075 $666,808 $946,527 $1,398,280 $1,002,126 $136,491 $5,956 $5,287,272 
Consumer
(1-7) Pass$9,654 $33,375 $35,645 $26,978 $45,306 $183,101 $97,084 $— $431,143 
(8) Special mention— — — — — 299 — — 299 
(9) Substandard - accruing— — — — — — — — — 
(9+) Non-accrual— — — — — — — — — 
Total consumer$9,654 $33,375 $35,645 $26,978 $45,306 $183,400 $97,084 $— $431,442 
Total$859,074 $2,799,169 $1,832,769 $1,634,634 $2,118,628 $1,470,261 $14,449,132 $15,995 $25,179,662 
Gross charge-offs$— $2,760 $— $914 $7,164 $— $6,651 $— $17,489 
(in thousands)202520242023202220212020
and prior		Revolving lines of creditRevolving lines of credit converted to term loansTotal
December 31, 2025
Commercial
(1-7) Pass$2,038,311 $1,164,863 $671,070 $670,995 $107,970 $143,631 $6,977,639 $9,359 $11,783,838 
(8) Special mention7,659 16,204 16,093 42,441 15,346 1,239 39,073 — 138,055 
(9) Substandard - accruing25,513 8,824 44,506 — 34,641 4,192 27,830 — 145,506 
(9+) Non-accrual11,293 — 2,959 36,390 — 11,639 33,865 — 96,146 
Total commercial$2,082,776 $1,189,891 $734,628 $749,826 $157,957 $160,701 $7,078,407 $9,359 $12,163,545 
Mortgage finance
(1-7) Pass$— $— $— $— $— $— $6,064,019 $— $6,064,019 
(8) Special mention— — — — — — — — — 
(9) Substandard - accruing— — — — — — — — — 
(9+) Non-accrual— — — — — — — — — 
Total mortgage finance$— $— $— $— $— $— $6,064,019 $— $6,064,019 
Commercial real estate
(1-7) Pass$781,062 $565,727 $941,760 $1,543,106 $423,708 $608,352 $254,480 $5,305 $5,123,500 
(8) Special mention743 45,137 728 90,752 61,132 1,530 7,800 766 208,588 
(9) Substandard - accruing10 25,880 — — — — — — 25,890 
(9+) Non-accrual— — — 20,734 — — — — 20,734 
Total commercial real estate$781,815 $636,744 $942,488 $1,654,592 $484,840 $609,882 $262,280 $6,071 $5,378,712 
Consumer
(1-7) Pass$36,507 $37,851 $28,181 $50,765 $72,924 $113,440 $94,258 $— $433,926 
(8) Special mention— — — — — — — — — 
(9) Substandard - accruing— — — — — — — — — 
(9+) Non-accrual— — — — — — — — — 
Total Consumer$36,507 $37,851 $28,181 $50,765 $72,924 $113,440 $94,258 $— $433,926 
Total$2,901,098 $1,864,486 $1,705,297 $2,455,183 $715,721 $884,023 $13,498,964 $15,430 $24,040,202 
Gross charge-offs$11,233 $704 $4,234 $8,958 $28 $2,011 $25,715 $— $52,883 
Schedule of activity in the reserve for loan losses by portfolio segment
The following table details activity in the allowance for credit losses on loans. Allocation of a portion of the allowance to one category does not preclude its availability to absorb losses in other categories.
(in thousands)CommercialMortgage
Finance		Commercial Real EstateConsumerTotal
Three Months Ended March 31, 2026
Beginning balance$202,029 $6,221 $60,559 $1,748 $270,557 
Provision for credit losses on loans29,111 (3,694)(8,267)92 17,242 
Charge-offs17,489 — — — 17,489 
Recoveries131 — — — 131 
Net charge-offs (recoveries)17,358 — — — 17,358 
Ending balance$213,782 $2,527 $52,292 $1,840 $270,441 
Three Months Ended March 31, 2025
Beginning balance$198,423 $2,755 $68,825 $1,706 $271,709 
Provision for credit losses on loans9,167 2,701 4,641 (42)16,467 
Charge-offs10,197 — 500 — 10,697 
Recoveries483 — 413 4 900 
Net charge-offs (recoveries)9,714 — 87 (4)9,797 
Ending balance$197,876 $5,456 $73,379 $1,668 $278,379 
Schedule of an age analysis of accruing past due loans
The table below provides an age analysis of loans held for investment:
(in thousands)30-59 Days
Past Due		60-89 Days
Past Due		90 Days or More Past DueTotal Past
Due		Non-accrual(1)CurrentTotalNon-accrual With No Allowance
March 31, 2026
Commercial$15,907 $332 $18,030 $34,269 $99,010 $12,365,983 $12,499,262 $3,430 
Mortgage finance— — — — — 6,961,686 6,961,686 — 
Commercial real estate63 548 — 611 45,937 5,240,724 5,287,272 1,534 
Consumer1,627 — — 1,627 — 429,815 431,442 — 
Total$17,597 $880 $18,030 $36,507 $144,947 $24,998,208 $25,179,662 $4,964 
(1)As of March 31, 2026, $463,000 of non-accrual loans were earning interest income on a cash basis compared to $470,000 as of December 31, 2025. Additionally, no interest income was recognized on non-accrual loans for the three months ended March 31, 2026 compared to $64,000 recognized for the same period in 2025. Accrued interest of $4.8 million and $7,000 was reversed during the three months ended March 31, 2026 and March 31, 2025, respectively.
Summary of loan modifications
The table below details loans held for investment made to borrowers experiencing financial difficulty that were modified during the three months March 31, 2026 and March 31, 2025, by type of modification granted and the financial effect of those modifications:
Financial Statement Impact
($ in thousands)Payment
Deferral		Term
Extension		Payment
Deferral
and Term
Extension		TotalPercentage of Loans Held for InvestmentInterest Rate ReductionTerm Extension (in months)Payment Deferrals
Three Months Ended March 31, 2026
Commercial$25,520 $1,365 $— $26,885 0.11 %—%
4
$1,901 
Commercial real estate— — 16,895 16,895 0.07 %—%6737 
Total$25,520 $1,365 $16,895 $43,780 0.17 %
Three Months Ended March 31, 2025
Commercial$1,817 $— $788 $2,605 0.01 %—%
6 to 12
$135 
Commercial real estate18,163 — — 18,163 0.08 %—%—$369 
Total$19,980 $— $788 $20,768 0.09 %
The table below details loans held for investment that experienced a default during the periods presented subsequent to being granted a modification in the prior twelve months. Default is defined as movement to nonperforming status, foreclosure or charge-off, whichever occurs first.
(in thousands)
Payment
Deferral
Payment Deferral
and Term Extension
Total
Three Months Ended March 31, 2026
Commercial$166 $— $166 
Commercial real estate— — — 
Total$166 $— $166 
Three Months Ended March 31, 2025
Commercial$2,996 $— $2,996 
Commercial real estate— 13,500 13,500 
Total$2,996 $13,500 $16,496 
The table below provides an age analysis of loans held for investment as of March 31, 2026 and March 31, 2025 made to borrowers experiencing financial difficulty that were modified in the prior twelve months:
(in thousands)30-89 Days
Past Due		90+ Days
Past Due		Non-AccrualCurrentTotal
March 31, 2026
Commercial$— $— $59,015 $17,139 $76,154 
Commercial real estate
— — 16,895 — 16,895 
Total$— $— $75,910 $17,139 $93,049 
March 31, 2025
Commercial$— $— $9,567 $33,825 $43,392 
Commercial real estate
— — 31,663 15,831 47,494 
Total$— $— $41,230 $49,656 $90,886