v3.26.1
Allowance for Credit Losses (Tables)
 6 Months Ended
Jun. 30, 2026
Credit Loss [Abstract]  
Schedule of Aging of the Company's Loan Portfolio
The tables below show the aging of the Company’s loan portfolio by the segmentation noted above at June 30, 2026, December 31, 2025 and June 30, 2025:
As of June 30, 202690+ days and still accruing60-89 days past due30-59 days past due
(In thousands)NonaccrualCurrentTotal Loans
Loan Balances (includes PCD):
Commercial$90,642 $— $14,851 $38,292 $18,137,526 $18,281,311 
Commercial real estate
Construction and development859 — 5,179 1,055 2,648,572 2,655,665 
Non-construction16,361 — 9,700 59,396 11,529,485 11,614,942 
Home equity1,177 — 690 878 489,037 491,782 
Residential real estate, excluding early buy-out loans25,910 — 3,310 — 4,382,137 4,411,357 
Premium finance receivables—property & casualty28,061 16,003 18,198 25,864 8,523,897 8,612,023 
Premium finance receivables—life insurance— — 2,908 8,606 9,301,007 9,312,521 
Consumer and other113 145 195 1,253 142,305 144,011 
Total loans, net of unearned income, excluding early buy-out loans$163,123 $16,148 $55,031 $135,344 $55,153,966 $55,523,612 
Early buy-out loans guaranteed by U.S. government agencies (1)
— 53,895 310 — 77,130 131,335 
Total loans, net of unearned income$163,123 $70,043 $55,341 $135,344 $55,231,096 $55,654,947 
(1)Early buy-out loans are insured or guaranteed by the Federal Housing Administration (FHA) or the U.S. Department of Veterans Affairs, subject to indemnifications and insurance limits for certain loans.

As of December 31, 202590+ days and still accruing60-89 days past due30-59 days past due
(In thousands)NonaccrualCurrentTotal Loans
Loan Balances (includes PCD):
Commercial$78,059 $— $22,952 $90,205 $16,853,470 $17,044,686 
Commercial real estate
Construction and development2,976 — 1,260 13,456 2,391,890 2,409,582 
Non-construction22,171 — 18,269 52,145 11,438,569 11,531,154 
Home equity1,221 — 1,112 2,818 475,374 480,525 
Residential real estate, excluding early buy-out loans32,862 — 7,562 24,908 4,106,107 4,171,439 
Premium finance receivables—property & casualty29,354 19,115 29,294 57,685 8,047,968 8,183,416 
Premium finance receivables—life insurance— — 13,887 22,806 8,986,949 9,023,642 
Consumer and other8 42 466 643 113,705 114,864 
Total loans, net of unearned income, excluding early buy-out loans$166,651 $19,157 $94,802 $264,666 $52,414,032 $52,959,308 
Early buy-out loans guaranteed by U.S. government agencies (1)
— 53,848 204 1,316 90,425 145,793 
Total loans, net of unearned income$166,651 $73,005 $95,006 $265,982 $52,504,457 $53,105,101 
(1)Early buy-out loans are insured or guaranteed by the Federal Housing Administration (FHA) or the U.S. Department of Veterans Affairs, subject to indemnifications and insurance limits for certain loans.
As of June 30, 202590+ days and still accruing60-89 days past due30-59 days past due
(In thousands)NonaccrualCurrentTotal Loans
Loan Balances (includes PCD):
Commercial$80,877 $— $34,855 $45,103 $16,226,596 $16,387,431 
Commercial real estate
Construction and development3,200 — 3,271 1,721 2,520,925 2,529,117 
Non-construction29,628 — 7,986 49,452 10,675,827 10,762,893 
Home equity1,780 — 138 2,971 461,926 466,815 
Residential real estate, excluding early buy-out loans28,047 — 8,954 38 3,777,676 3,814,715 
Premium finance receivables—property & casualty30,404 14,350 25,641 29,460 8,223,321 8,323,176 
Premium finance receivables—life insurance— 327 11,202 34,403 8,461,028 8,506,960 
Consumer and other41 184 61 175 116,044 116,505 
Total loans, net of unearned income, excluding early buy-out loans$173,977 $14,861 $92,108 $163,323 $50,463,343 $50,907,612 
Early buy-out loans guaranteed by U.S. government agencies (1)
— 50,639 — — 83,428 134,067 
Total loans, net of unearned income$173,977 $65,500 $92,108 $163,323 $50,546,771 $51,041,679 
(1)Early buy-out loans are insured or guaranteed by the Federal Housing Administration (FHA) or the U.S. Department of Veterans Affairs, subject to indemnifications and insurance limits for certain loans.
Schedule of Loan Portfolio by Credit Quality Indicator
The table below shows the Company’s loan portfolio by credit quality indicator and year of origination at June 30, 2026:
Year of OriginationRevolvingTotal
(In thousands)20262025202420232022PriorRevolvingto TermLoans
Loan Balances:
Commercial
Pass$2,152,472 $3,215,139 $2,295,924 $1,333,934 $882,274 $1,535,672 $6,090,869 $13,762 $17,520,046 
Special mention20,169 49,588 51,607 31,485 7,196 17,440 266,708 2,570 446,763 
Substandard accrual3,071 10,862 31,080 36,158 16,126 54,480 70,845 1,238 223,860 
Substandard nonaccrual/doubtful1,835 4,401 14,461 9,692 32,440 26,427 1,086 300 90,642 
Total commercial, industrial and other$2,177,547 $3,279,990 $2,393,072 $1,411,269 $938,036 $1,634,019 $6,429,508 $17,870 $18,281,311 
Construction and development
Pass$128,750 $539,684 $647,848 $408,452 $518,701 $111,359 $15,325 $— $2,370,119 
Special mention— — 38,846 68,902 99,672 1,441 — — 208,861 
Substandard accrual— — — 16,044 18,996 40,786 — — 75,826 
Substandard nonaccrual/doubtful— — — — — 859 — — 859 
Total construction and development$128,750 $539,684 $686,694 $493,398 $637,369 $154,445 $15,325 $— $2,655,665 
Non-construction
Pass$1,276,676 $2,191,251 $1,142,845 $1,017,381 $1,500,254 $3,855,632 $191,227 $627 $11,175,893 
Special mention89,190 10,198 2,338 27,355 53,163 73,766 — — 256,010 
Substandard accrual— — 21,050 44,971 49,375 51,282 — — 166,678 
Substandard nonaccrual/doubtful— — — 1,299 690 14,372 — — 16,361 
Total non-construction$1,365,866 $2,201,449 $1,166,233 $1,091,006 $1,603,482 $3,995,052 $191,227 $627 $11,614,942 
Home equity
Pass$— $99 $413 $191 $215 $21,567 $450,013 $4,627 $477,125 
Special mention— — 9 — 96 1,144 6,538 106 7,893 
Substandard accrual— — 10 14 100 3,666 1,700 97 5,587 
Substandard nonaccrual/doubtful— — — 101 110 966 — — 1,177 
Total home equity$— $99 $432 $306 $521 $27,343 $458,251 $4,830 $491,782 
Residential real estate
Early buy-out loans guaranteed by U.S. government agencies$— $665 $10,382 $9,994 $7,590 $102,704 $— $— $131,335 
Pass598,295 1,040,503 586,854 353,176 714,441 1,059,417 — — 4,352,686 
Special mention164 422 915 1,912 5,830 10,087 — — 19,330 
Substandard accrual— 296 230 1,013 6,012 5,880 — — 13,431 
Substandard nonaccrual/doubtful— 824 4,241 5,268 5,362 10,215 — — 25,910 
Total residential real estate$598,459 $1,042,710 $602,622 $371,363 $739,235 $1,188,303 $— $— $4,542,692 
Premium finance receivables - property and casualty
Pass$7,099,697 $1,372,618 $5,538 $2 $2 $— $— $— $8,477,857 
Special mention72,227 22,195 20 — — — — — 94,442 
Substandard accrual5,717 5,945 — — 1 — — — 11,663 
Substandard nonaccrual/doubtful5,285 22,168 607 — 1 — — — 28,061 
Total premium finance receivables - property and casualty$7,182,926 $1,422,926 $6,165 $2 $4 $— $— $— $8,612,023 
Premium finance receivables - life (1)
Pass$189,686 $718,134 $776,625 $591,784 $811,692 $6,224,600 $— $— $9,312,521 
Special mention— — — — — — — — 
Substandard accrual— — — — — — — — — 
Substandard nonaccrual/doubtful— — — — — — — — — 
Total premium finance receivables - life$189,686 $718,134 $776,625 $591,784 $811,692 $6,224,600 $— $— $9,312,521 
Consumer and other
Pass$3,192 $3,608 $1,237 $1,310 $120 $45,268 $88,902 $— $143,637 
Special mention12 89 10 29 77 — 11 — 228 
Substandard accrual— 14 — 6 — 8 5 — 33 
Substandard nonaccrual/doubtful— — 6 — — 107 — — 113 
Total consumer and other$3,204 $3,711 $1,253 $1,345 $197 $45,383 $88,918 $— $144,011 
Total loans
Early buy-out loans guaranteed by U.S. government agencies$— $665 $10,382 $9,994 $7,590 $102,704 $— $— $131,335 
Pass11,448,768 9,081,036 5,457,284 3,706,230 4,427,699 12,853,515 6,836,336 19,016 53,829,884 
Special mention181,762 82,492 93,745 129,683 166,034 103,878 273,257 2,676 1,033,527 
Substandard accrual8,788 17,117 52,370 98,206 90,610 156,102 72,550 1,335 497,078 
Substandard nonaccrual/doubtful7,120 27,393 19,315 16,360 38,603 52,946 1,086 300 163,123 
Total loans$11,646,438 $9,208,703 $5,633,096 $3,960,473 $4,730,536 $13,269,145 $7,183,229 $23,327 $55,654,947 
Gross write offs
Three months ended June 30, 2026$282 $6,546 $3,301 $3,898 $1,409 $1,846 $— $— $17,282 
Six months ended June 30, 2026$492 $14,819 $5,354 $7,024 $5,572 $7,670 $— $— $40,931 
(1)For premium finance receivables - life, the year of origination represents when the borrower’s master loan agreement was initially established.
Schedule of Held-to-Maturity Debt Securities by Credit Quality Indicator For purposes of the table below, the Company has converted any issuer rating from an NRSRO into the Company’s internal ratings based on Investment Policy and review by the Company’s management.
As of June 30, 2026Year of OriginationTotal
(In thousands)20262025202420232022PriorBalance
Amortized Cost Balances:
U.S. government agencies
1-4 internal grade$— $— $— $— $135,000 $178,542 $313,542 
5-7 internal grade— — — — — — — 
8-10 internal grade— — — — — — — 
Total U.S. government agencies$— $— $— $— $135,000 $178,542 $313,542 
Municipal
1-4 internal grade$— $— $— $3,912 $1,024 $127,411 $132,347 
5-7 internal grade— — — — — 1,887 1,887 
8-10 internal grade— — — — — — — 
Total municipal$— $— $— $3,912 $1,024 $129,298 $134,234 
Mortgage-backed securities
1-4 internal grade$— $— $— $231,861 $451,515 $2,039,538 $2,722,914 
5-7 internal grade— — — — — — — 
8-10 internal grade— — — — — — — 
Total mortgage-backed securities$— $— $— $231,861 $451,515 $2,039,538 $2,722,914 
Corporate notes
1-4 internal grade$— $— $— $— $4,975 $21,007 $25,982 
5-7 internal grade— — — — — — — 
8-10 internal grade— — — — — — — 
Total corporate notes$— $— $— $— $4,975 $21,007 $25,982 
Total held-to-maturity securities$3,196,672 
Less: Allowance for credit losses(220)
Held-to-maturity securities, net of allowance for credit losses$3,196,452 
Schedule of Allowance for Credit Losses As significant judgment is required, the review of the appropriateness of the allowance for credit losses is performed quarterly by various committees with participation by the Company's executive management.
June 30,December 31,June 30,
(In thousands)202620252025
Allowance for loan losses$402,952 $379,283 $391,654 
Allowance for unfunded lending-related commitments losses78,017 80,922 65,409 
Allowance for loan losses and unfunded lending-related commitments losses480,969 460,205 457,063 
Allowance for held-to-maturity securities losses220 260 398 
Allowance for credit losses$481,189 $460,465 $457,461 
Schedule of Activity in the Allowance for Credit Losses by Loan Portfolio
A summary of activity in the allowance for credit losses, specifically for the loan portfolio (i.e. allowance for loan losses and allowance for unfunded commitment losses), for the three and six months ended June 30, 2026 and June 30, 2025 is as follows:
Three months ended June 30, 2026Commercial Real EstateHome  EquityResidential Real EstatePremium Finance ReceivablesConsumer and OtherTotal Loans
(In thousands)Commercial
Allowance for credit losses at beginning of period$210,959 $224,870 $10,213 $13,081 $11,391 $820 $471,334 
Other adjustments— — — — (90)— (90)
Charge-offs(10,837)(707)— (163)(5,403)(172)(17,282)
Recoveries1,710 5 16 1 2,076 28 3,836 
Provision for credit losses 32,977 (14,220)(225)338 3,978 323 23,171 
Allowance for credit losses at period end$234,809 $209,948 $10,004 $13,257 $11,952 $999 $480,969 
By measurement method:
Individually measured$29,418 $2,111 $— $119 $— $6 $31,654 
Collectively measured205,391 207,837 10,004 13,138 11,952 993 449,315 
Loans at period end
Individually measured$90,642 $17,220 $1,177 $25,803 $— $113 $134,955 
Collectively measured18,190,669 14,253,387 490,605 4,379,216 17,924,544 143,898 55,382,319 
Loans held at fair value— — — 137,673 — — 137,673 
Three months ended June 30, 2025CommercialCommercial Real EstateHome  EquityResidential Real EstatePremium Finance ReceivablesConsumer and OtherTotal Loans
(In thousands)
Allowance for credit losses at beginning of period$201,183 $210,010 $9,139 $10,652 $16,039 $918 $447,941 
Other adjustments— — — — 180 — 180 
Charge-offs(6,148)(5,711)(111)— (6,346)(179)(18,495)
Recoveries1,746 10 30 2 3,335 32 5,155 
Provision for credit losses(2,213)20,049 163 801 3,404 78 22,282 
Allowance for credit losses at period end$194,568 $224,358 $9,221 $11,455 $16,612 $849 $457,063 
By measurement method:
Individually measured$35,129 $8,127 $— $103 $— $4 $43,363 
Collectively measured159,439 216,231 9,221 11,352 16,612 845 413,700 
Loans at period end
Individually measured$80,877 $32,828 $1,780 $27,960 $— $41 $143,486 
Collectively measured16,306,554 13,259,182 465,035 3,783,938 16,830,136 116,464 50,761,309 
Loans held at fair value— — — 136,884 — — 136,884 
Six months ended June 30, 2026Commercial Real EstateHome  EquityResidential Real EstatePremium Finance ReceivablesConsumer and OtherTotal Loans
(In thousands)Commercial
Allowance for credit losses at beginning of period$178,545 $246,933 $10,402 $12,519 $11,011 $795 $460,205 
Other adjustments— — — — (140)— (140)
Charge-offs(19,265)(7,967)— (513)(12,834)(352)(40,931)
Recoveries3,129 11 319 2 5,513 93 9,067 
Provision for credit losses72,400 (29,029)(717)1,249 8,402 463 52,768 
Allowance for credit losses at period end$234,809 $209,948 $10,004 $13,257 $11,952 $999 $480,969 
Six months ended June 30, 2025Commercial Real EstateHome  EquityResidential Real EstatePremium Finance ReceivablesConsumer and OtherTotal Loans
(In thousands)Commercial
Allowance for credit losses at beginning of period$175,837 $222,856 $8,943 $10,335 $17,820 $812 $436,603 
Other adjustments— — — — 184 — 184 
Charge-offs(15,870)(6,165)(111)— (13,472)(326)(35,944)
Recoveries2,675 22 246 138 6,822 61 9,964 
Provision for credit losses31,926 7,645 143 982 5,258 302 46,256 
Allowance for credit losses at period end$194,568 $224,358 $9,221 $11,455 $16,612 $849 $457,063 
Schedule of Modification of Loans
The tables below present a summary of the period-end balance of loans to borrowers experiencing financial difficulties during the three and six months ended June 30, 2026 and 2025:
Three Months Ended
June 30, 2026
(Dollars in thousands)
TotalPercentage of Total Class of LoanExtension of TermReduction of 
Interest
Rate		Interest Only
Payments		Delay in Contractual PaymentsExtension of Term and Reduction of Interest Rate
Commercial$4,9710.1 %$3,977 $— $— $964 $30 
Commercial real estate
Non-construction2,6660.0 1,950 — — 716 — 
Residential real estate7010.0 391 — — 254 56 
Premium finance receivables—property & casualty110.0 — 11 — — — 
Total loans$8,3490.0 %$6,318 $11 $— $1,934 $86 

Weighted Average Magnitude of Modifications:
 Three Months Ended June 30, 2026
 (Dollars in thousands)
TotalDuration of Extension of Term (months)Reduction of 
Interest
Rate (bps)		Duration of Delay in Contractual Payments (months)
Commercial$4,971 12234 42
Commercial real estate
Non-construction2,666 14— 37
Residential real estate701 70288 184
Premium finance receivables—property & casualty11 — 66 — 
Total loans$8,349 18240 58
Three Months Ended
June 30, 2025
(Dollars in thousands)
TotalPercentage of Total Class of LoanExtension of
Term		Reduction of 
Interest
Rate		Interest Only PaymentsDelay in Contractual PaymentsExtension of
Term and
Reduction of Interest Rate
Commercial$350.0 %$— $11 $— $— $24 
Residential real estate2820.0 — 282 — — — 
Premium finance receivables—property & casualty8850.0 885 — — — — 
Total loans$1,2020.0 %$885 $293 $— $— $24 

Weighted Average Magnitude of Modifications:
Three Months Ended June 30, 2025
(Dollars in thousands)
TotalDuration of Extension of Term (months)Reduction of 
Interest
Rate (bps)		Duration of Delay in Contractual Payments (months)
Commercial$35 5172 — 
Residential real estate282 — 123 —
Premium finance receivables—property & casualty885 12— —
Total loans$1,202 13117 — 

Six Months Ended
June 30, 2026
(Dollars in thousands)
TotalPercentage of Total Class of LoanExtension of TermReduction of 
Interest
Rate		Interest Only
Payments		Delay in Contractual PaymentsExtension of Term and Reduction of Interest Rate
Commercial$22,329 0.3 %$6,607 $36 $— $15,639 $47 
Commercial real estate
Construction and development594 0.0 594 — — — — 
Non-construction11,617 0.1 10,901 — — 716 — 
Residential real estate701 0.0 391 — — 254 56 
Premium finance receivables—property & casualty11 0.0 — 11 — — — 
Total loans$35,252 0.1 %$18,493 $47 $— $16,609 $103 

Weighted Average Magnitude of Modifications:
Six Months Ended June 30, 2026
(Dollars in thousands)
TotalDuration of Extension of Term (months)Reduction of 
Interest
Rate (bps)		Duration of Delay in Contractual Payments (months)
Commercial$22,329 28244 37
Commercial real estate
Construction and development594 11— 37
Non-construction11,617 5— — 
Residential real estate701 70288 184
Premium finance receivables—property & casualty11 — 66 — 
Total loans$35,252 21246 39
Six Months Ended
June 30, 2025
(Dollars in thousands)
TotalPercentage of Total Class of LoanExtension of
Term		Reduction of 
Interest
Rate		Interest Only PaymentsDelay in Contractual PaymentsExtension of
Term and
Reduction of Interest Rate
Commercial$12,732 0.2 %$12,465 $11 $31 $— $225 
Residential real estate1,144 0.0 162 282 — — 700 
Premium finance receivables—property & casualty885 0.0 885 — — — — 
Total loans$14,761 0.0 %$13,512 $293 $31 $— $925 

Weighted Average Magnitude of Modifications:
Six months ended June 30, 2025
(Dollars in thousands)
TotalDuration of Extension of Term (months)Reduction of 
Interest
Rate (bps)		Duration of Delay in Contractual Payments (months)
Commercial$12,732 1050— 
Residential real estate1,144 48152— 
Premium finance receivables—property & casualty885 12— — 
Total loans$14,761 12$138 — 
Schedule of Loans for Borrowers Experiencing Financial Difficulties Modified
The following table presents a summary of all modified loans for borrowers experiencing financial difficulties and such loans that were in payment default under the restructured terms during the respective periods below:
(Dollars in thousands)
For the Twelve Months Ended June 30, 2026
Three Months Ended
June 30, 2026
Six Months Ended
June 30, 2026
For the Twelve Months Ended June 30, 2025
Three Months Ended
June 30, 2025
Six Months Ended
June 30, 2025
Total
Payments in Default  (1)
Payments in 
Default  (1)
Total
Payments in 
Default  (1)
Payments in 
Default  (1)
Commercial$44,455 $3,497 $4,086 $20,731 $11 $123 
Commercial real estate
Construction and development594 — 594 — — — 
Non-construction22,345 3,489 12,440 752 — — 
Home equity85 — — — — — 
Residential real estate1,370 — — 1,144 — 700 
Premium finance receivables—property & casualty11 11 11 1,230 885 885 
Total loans$68,860 $6,997 $17,131 $23,857 $896 $1,708 
(1)Modified loans considered to be in payment default are over 30 days past due subsequent to the restructuring.