BERKSHIRE HILLS BANCORP INC, 10-Q filed on 5/12/2025
Quarterly Report
v3.25.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2025
May 07, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2025  
Document Transition Report false  
Entity File Number 001-15781  
Registrant Name BERKSHIRE HILLS BANCORP, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 04-3510455  
Entity Address, Address Line One 60 State Street  
Entity Address, City or Town Boston  
Entity Address, State or Province MA  
Entity Address, Postal Zip Code 02109  
City Area Code 800  
Local Phone Number 773-5601  
Title of 12(b) Security Common Stock, par value $0.01 per share  
Trading Symbol BHLB  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   46,311,960
Entity Central Index Key 0001108134  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
v3.25.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Assets    
Cash and due from banks $ 121,137 $ 182,776
Short-term investments 705,199 945,633
Total cash and cash equivalents 826,336 1,128,409
Trading securities, at fair value 5,010 5,258
Equity securities, at fair value 647 655
Securities available for sale, at fair value 669,182 655,723
Securities held to maturity (fair values of $422,151 and $433,382) 494,242 507,658
Federal Home Loan Bank stock 29,688 19,565
Total securities 1,198,769 1,188,859
Less: Allowance for credit losses on securities held to maturity (63) (64)
Net securities 1,198,706 1,188,795
Loans held for sale 1,322 3,076
Total loans 9,428,885 9,384,994
Less: Allowance for credit losses on loans (116,678) (114,700)
Net loans 9,312,207 9,270,294
Premises and equipment, net 57,680 56,609
Intangible assets 13,936 15,064
Cash surrender value of bank-owned life insurance policies 247,328 245,789
Other assets 348,754 358,442
Assets held for sale 6,930 6,930
Total assets 12,013,199 12,273,408
Liabilities    
Demand deposits 2,295,040 2,324,879
NOW and other deposits 789,418 841,406
Money market deposits 3,197,331 3,610,521
Savings deposits 1,065,530 1,021,716
Time deposits 2,532,558 2,576,682
Total deposits 9,879,877 10,375,204
Short-term debt 400,000 103,500
Long-term Federal Home Loan Bank advances 162,921 212,982
Subordinated borrowings 121,674 121,612
Total borrowings 684,595 438,094
Other liabilities 251,967 292,686
Total liabilities 10,816,439 11,105,984
Shareholders’ equity    
Common stock ($0.01 par value; 100,000,000 shares authorized and 51,903,190 shares issued and 46,376,672 shares outstanding in 2025; 51,903,190 shares issued and 46,424,016 shares outstanding in 2024) 562 562
Additional paid-in capital - common stock 1,430,561 1,430,532
Unearned compensation (8,123) (10,106)
Retained earnings/(deficit) 14,276 (3,080)
Accumulated other comprehensive (loss) (95,019) (106,343)
Treasury stock, at cost (5,526,518 shares in 2025 and 5,479,174 shares in 2024) (145,497) (144,141)
Total shareholders’ equity 1,196,760 1,167,424
Total liabilities and shareholders’ equity $ 12,013,199 $ 12,273,408
v3.25.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Securities held to maturity fair value $ 422,151 $ 433,382
Common stock, par value (in USD per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 100,000,000 100,000,000
Common stock, shares issued (in shares) 51,903,190 51,903,190
Common stock, shares outstanding (in shares) 46,376,672 46,424,016
Treasury stock, shares (in shares) 5,526,518 5,479,174
v3.25.1
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Interest and dividend income    
Loans $ 135,163 $ 136,560
Securities and other 13,167 15,446
Total interest and dividend income 148,330 152,006
Interest expense    
Deposits 52,888 56,862
Borrowings and subordinated notes 5,671 7,004
Total interest expense 58,559 63,866
Net interest income 89,771 88,140
Non-interest income    
Other, net 2,757 1,874
Fair value adjustments on securities (52) (115)
(Loss) on sale of AFS securities, net 0 (49,909)
Non-interest expense 20,672 (32,599)
Total net revenue 110,443 55,541
Provision expense for credit losses 5,500 6,000
Non-interest expense    
Compensation and benefits 40,635 40,735
Occupancy and equipment 7,666 8,698
Technology 10,065 9,904
Professional services 1,714 2,676
Regulatory expenses 1,627 1,845
Amortization of intangible assets 1,128 1,205
Marketing 1,267 1,116
Merger, restructuring and other non-operating expenses 2,454 3,617
Other 3,810 6,224
Total non-interest expense 70,366 76,020
Income/(loss) before income taxes 34,577 (26,479)
Income tax expense/(benefit) 8,858 (6,291)
Net income/(loss) $ 25,719 $ (20,188)
Basic earnings/(loss) per common share (in dollars per share) $ 0.56 $ (0.47)
Diluted earnings/(loss) per common share (in dollars per share) $ 0.56 $ (0.47)
Weighted average shares outstanding:    
Basic (in shares) 45,684 42,777
Diluted (in shares) 46,061 43,028
Total fee income    
Non-interest income    
Total fee income $ 17,967 $ 15,551
Deposit related fees    
Non-interest income    
Total fee income 7,949 8,305
Loan related fees    
Non-interest income    
Total fee income 3,787 2,663
Gain on SBA loan sales    
Non-interest income    
Total fee income 3,276 1,699
Wealth management fees    
Non-interest income    
Total fee income $ 2,955 $ 2,884
v3.25.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Net income $ 25,719 $ (20,188)
Other comprehensive income/(loss), before tax:    
Changes in unrealized gain on securities available-for-sale 13,959 44,287
Changes in unrealized gain/(loss) on cash flow hedges 1,463 (5,524)
Income taxes related to other comprehensive income/(loss):    
Changes in unrealized gain on securities available-for-sale (3,694) (11,664)
Changes in unrealized gain/(loss) on cash flow hedges (404) 1,502
Total other comprehensive income 11,324 28,601
Total comprehensive income $ 37,043 $ 8,413
v3.25.1
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Common stock
Additional paid-in capital
Unearned compensation
Retained earnings (deficit)
Accumulated other comprehensive (loss)
Treasury stock
Balance at beginning of period (in shares) at Dec. 31, 2023   43,501,000          
Beginning balance at Dec. 31, 2023 $ 1,012,221 $ 528 $ 1,423,273 $ (10,109) $ (33,136) $ (143,016) $ (225,319)
Comprehensive income:              
Net income (20,188)       (20,188)    
Other comprehensive income 28,601         28,601  
Total comprehensive income 8,413       (20,188) 28,601  
Cash dividends declared on common shares (7,823)       (7,823)    
Treasury shares repurchased (in shares)   (182,000)          
Treasury shares repurchased (4,045)           (4,045)
Forfeited shares (in shares)   (49,000)          
Forfeited shares 0   (195) 1,309     (1,114)
Restricted stock grants (in shares)   186,000          
Restricted stock grants 0   (369) (4,598)     4,967
Stock-based compensation 2,101     2,101      
Other, net (in shares)   (41,000)          
Other, net (944)           (944)
Balance at end of period (in shares) at Mar. 31, 2024   43,415,000          
Ending balance at Mar. 31, 2024 $ 1,009,923 $ 528 1,422,709 (11,297) (61,147) (114,415) (226,455)
Balance at beginning of period (in shares) at Dec. 31, 2024 46,424,016 46,424,000          
Beginning balance at Dec. 31, 2024 $ 1,167,424 $ 562 1,430,532 (10,106) (3,080) (106,343) (144,141)
Comprehensive income:              
Net income 25,719       25,719    
Other comprehensive income 11,324         11,324  
Total comprehensive income 37,043       25,719 11,324  
Cash dividends declared on common shares (8,363)       (8,363)    
Forfeited shares (in shares)   (26,000)          
Forfeited shares 0   30 699     (729)
Restricted stock grants (in shares)   1,000          
Restricted stock grants 0   (1) (5)     6
Stock-based compensation 1,289     1,289      
Other, net (in shares)   (22,000)          
Other, net $ (633)           (633)
Balance at end of period (in shares) at Mar. 31, 2025 46,376,672 46,377,000          
Ending balance at Mar. 31, 2025 $ 1,196,760 $ 562 $ 1,430,561 $ (8,123) $ 14,276 $ (95,019) $ (145,497)
v3.25.1
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Stockholders' Equity [Abstract]    
Cash dividends, declared on common stock (in dollars per share) $ 0.18 $ 0.18
v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net income/(loss) $ 25,719 $ (20,188)
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:    
Provision expense for credit losses 5,500 6,000
Net amortization of securities 161 568
Change in unamortized net loan origination costs and premiums (626) 799
Premises and equipment depreciation and amortization expense 1,499 1,939
Stock-based compensation expense 1,289 2,101
Accretion of purchase accounting entries, net (414) (221)
Amortization of other intangibles 1,128 1,205
Income from cash surrender value of bank-owned life insurance policies (1,539) (1,468)
(Gain) on SBA loan sales (3,276) (1,699)
Fair value adjustments on securities 52 115
Loss on sale of AFS securities, net 0 49,909
Net change in loans held-for-sale 1,514 (4,108)
Amortization of interest in tax-advantaged projects (623) 134
Net change in other (7,125) (28,225)
Net cash provided by operating activities 23,259 6,861
Cash flows from investing activities:    
Net decrease in trading security 235 222
Purchases of securities available for sale (21,151) (7,798)
Proceeds from sales of securities available for sale 0 361,871
Proceeds from maturities, calls, and prepayments of securities available for sale 21,565 36,344
Proceeds from maturities, calls, and prepayments of securities held to maturity 13,405 11,415
Net change in loans (47,858) (107,435)
Purchase of Federal Home Loan Bank stock (68,542) (22,610)
Proceeds from redemption of Federal Home Loan Bank stock 58,419 24,777
Net investment in limited partnership tax credits (4,834) (4,675)
Purchase of premises and equipment, net (3,379) (235)
Proceeds from sales of seasoned consumer loan portfolio 5,001 0
Net cash (used)/provided by investing activities (47,139) 291,876
Cash flows from financing activities:    
Net (decrease) in deposits (495,327) (265,882)
Proceeds from Federal Home Loan Bank advances and other borrowings 500,000 202,000
Repayments of Federal Home Loan Bank advances and other borrowings (253,561) (250,055)
Purchase of treasury stock 0 (4,045)
Common stock cash dividends paid (8,363) 0
Settlement of derivative contracts with financial institution counterparties (20,941) 9,696
Net cash (used) by financing activities (278,192) (308,286)
Net change in cash and cash equivalents (302,072) (9,549)
Cash and cash equivalents at beginning of period 1,128,409 1,203,244
Cash and cash equivalents at end of period 826,337 1,193,695
Supplemental cash flow information:    
Interest paid on deposits 53,160 57,719
Interest paid on borrowed funds 5,566 7,241
Income taxes paid, net 779 995
Other non-cash changes:    
Other net comprehensive income 11,324 28,601
Dividends declared not yet paid 0 7,823
Reclassification of New York branch assets to assets held-for-sale 0 13,936
Reclassification of New York branch deposits to liabilities held-for-sale, net 0 484,530
Reclassification of New York branch liabilities to liabilities held-for-sale 0 12,929
Reclassification of held-for-sale loans to held-for-investment, net 240 0
New York Branch Loans    
Other non-cash changes:    
Reclassification of New York branch loans from portfolio loans to assets held-for-sale, net $ 0 $ 58,455
v3.25.1
BASIS OF PRESENTATION
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BASIS OF PRESENTATION BASIS OF PRESENTATION
The Consolidated Financial Statements (the “financial statements”) of Berkshire Hills Bancorp, Inc. and its subsidiaries (the “Company” or “Berkshire”) have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Company is a Delaware corporation, headquartered in Boston, Massachusetts, and the holding company for Berkshire Bank (the “Bank”), a Massachusetts-chartered trust company headquartered in Pittsfield, Massachusetts. These financial statements include the accounts of the Company, its wholly-owned subsidiaries and the Bank’s consolidated subsidiaries. In consolidation, all significant intercompany accounts and transactions are eliminated. The results of operations of companies or assets acquired are included only from the dates of acquisition. All material wholly-owned and majority-owned subsidiaries are consolidated unless GAAP requires otherwise.

The Company has evaluated subsequent events for potential recognition and/or disclosure through the date these financial statements were issued.

These interim financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X, and accordingly, certain information and footnote disclosures normally included in financial statements prepared according to GAAP have been omitted.

The results for any interim period are not necessarily indicative of results for the full year. These consolidated financial statements should be read in conjunction with the audited financial statements and disclosures Berkshire Hills Bancorp, Inc. previously filed with the Securities and Exchange Commission in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. In management’s opinion, all adjustments necessary for a fair statement are reflected in the interim periods.

Reclassifications
Certain items in prior financial statements have been reclassified to conform to the current presentation.

Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements. Actual results could differ from those estimates.

Operating Segments
The Company's reportable segment is determined by the Chief Executive Officer, who is designated the chief operating decision maker ("CODM"), based upon information provided about the Company's products and services offered, primarily banking operations. Consolidated net income of the company is the primary performance metric utilized by the CODM. The segment is also distinguished by the level of information provided to the CODM, who uses such information to review performance of various components of the business, which are then aggregated if operating performance, products/services, and customers are similar. The CODM will evaluate the financial performance of the Company's business components such as by evaluating revenue streams, significant expenses, and budget to actual results in assessing the Company's segment and in the determination of allocating resources. The CODM uses revenue streams to evaluate product pricing and significant expenses to assess performance and evaluate return on assets. The CODM uses consolidated net income to benchmark the Company against its competitors. The benchmarking analysis coupled with monitoring of budget to actual results are used in assessment performance and in establishing compensation. Loans, investments, and deposits provide the revenues in the banking operation. Interest expense, provisions for credit losses, and payroll provide the significant expenses in the banking operation. No other expenses meet the threshold of significant. While the Company has assigned certain management responsibilities by business lines, the Company’s CODM monitors and evaluates financial performance on a Company-wide basis. The majority of the Company’s revenue is from the business of banking. Accordingly, all of the Company’s operations are considered by management to be aggregated in one reportable operating segment. All operations are domestic.
Future Application of Accounting Pronouncements
In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The ASU requires disclosure in the rate reconciliation table of additional categories of information and more details about the reconciling items in some categories if items meet a quantitative threshold. The ASU also requires all entities to disclose income taxes paid, net of refunds, disaggregated by federal, state and foreign taxes for annual periods and to disaggregate the information by jurisdiction based on a quantitative threshold, among other things. The amendments in this ASU are effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is still evaluating; however, the adoption is not expected to have a material impact on the Company’s Consolidated Financial Statements.

In November 2024, the FASB issued ASU No. 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses." The ASU requires additional interim and annual disclosures that further disaggregate certain expense captions into specified categories in a separate note to the financial statements, as well as certain qualitative information describing amounts not separately disaggregated. The ASU is effective in the annual period beginning on January 1, 2027 and interim periods beginning on January 1, 2028 and can be applied on either a prospective or retrospective basis, with early adoption permitted. The Company is evaluating the impact to the Company’s disclosures.
v3.25.1
TRADING SECURITIES
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
TRADING SECURITIES TRADING SECURITIES
The Company holds a tax-advantaged economic development bond accounted for at fair value. The security had an amortized cost of $5.1 million and $5.3 million, and a fair value of $5.0 million and $5.3 million, at March 31, 2025 and December 31, 2024, respectively. As discussed further in Note 7 - Derivative Financial Instruments and Hedging Activities, the Company entered into a swap contract to swap-out the fixed rate of the security in exchange for a variable rate. The Company does not purchase securities with the intent of selling them in the near term, and there were no other securities in the trading portfolio at March 31, 2025 or December 31, 2024.
v3.25.1
SECURITIES AVAILABLE FOR SALE, HELD TO MATURITY, AND EQUITY SECURITIES
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
SECURITIES AVAILABLE FOR SALE, HELD TO MATURITY, AND EQUITY SECURITIES SECURITIES AVAILABLE FOR SALE, HELD TO MATURITY, AND
        EQUITY SECURITIES

The following is a summary of securities available for sale, held to maturity, and equity securities:
(In thousands)Amortized  CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair ValueAllowance
March 31, 2025    
Securities available for sale    
U.S. Treasuries
$7,902 $— $(1)$7,901 
Municipal bonds and obligations
63,631 8 (3,622)60,017 — 
Agency collateralized mortgage obligations 330,167 432 (59,073)271,526 — 
Agency mortgage-backed securities
272,245 6 (46,396)225,855 — 
Agency commercial mortgage-backed securities
84,722 — (17,510)67,212 — 
Corporate bonds
38,684 27 (2,040)36,671 — 
Total securities available for sale797,351 473 (128,642)669,182 — 
Securities held to maturity    
Municipal bonds and obligations
234,188 66 (25,342)208,912 44 
Agency collateralized mortgage obligations 99,207 — (16,158)83,049 — 
Agency mortgage-backed securities
42,703 — (7,485)35,218 — 
Agency commercial mortgage-backed securities
116,824 — (23,133)93,691 — 
Tax advantaged economic development bonds
1,043 — (39)1,004 19 
Other bonds and obligations
277 — — 277 — 
Total securities held to maturity494,242 66 (72,157)422,151 63 
Equity securities647 75 (75)647 — 
Total$1,292,240 $614 $(200,874)$1,091,980 $63 
(In thousands)Amortized  CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair ValueAllowance
December 31, 2024    
Securities available for sale    
U.S. Treasuries
$6,986 $3 $— $6,989 $— 
Municipal bonds and obligations
63,952 10 (3,098)60,864 — 
Agency collateralized mortgage obligations 328,569 146 (64,153)264,562 — 
Agency mortgage-backed securities
273,969 4 (53,733)220,240 — 
Agency commercial mortgage-backed securities
85,686 — (18,975)66,711 — 
Corporate bonds
38,689 30 (2,362)36,357 — 
Total securities available for sale797,851 193 (142,321)655,723 — 
Securities held to maturity    
Municipal bonds and obligations
235,883 129 (22,619)213,393 44 
Agency collateralized mortgage obligations 101,163 — (17,884)83,279 — 
Agency mortgage-backed securities
43,644 — (8,707)34,937 — 
Agency commercial mortgage-backed securities
125,547 — (25,153)100,394 — 
Tax advantaged economic development bonds
1,144 — (42)1,102 20 
Other bonds and obligations
277 — — 277 — 
Total securities held to maturity507,658 129 (74,405)433,382 64 
Equity securities655 67 (67)655 — 
Total$1,306,164 $389 $(216,793)$1,089,760 $64 
The following table summarizes the activity in the allowance for credit losses for debt securities held to maturity by security type for the three months ended March 31, 2025 and 2024:
(In thousands)Municipal bonds and obligationsTax advantaged economic development bondsTotal
Balance at December 31, 2024$44 $20 $64 
Provision (benefit) for credit losses— (1)(1)
Balance at March 31, 2025$44 $19 $63 
(In thousands)Municipal bonds and obligationsTax advantaged economic development bondsTotal
Balance at December 31, 2023$48 $20 $68 
Provision (benefit) for credit losses(7)— (7)
Balance at March 31, 2024$41 $20 $61 

Credit Quality Information
The Company monitors the credit quality of held to maturity securities through credit ratings from various rating agencies. Credit ratings express opinions about the credit quality of a security and are utilized by the Company to make informed decisions. Investment grade securities are rated BBB-/Baa3 or higher and generally considered by the rating agencies and market participants to be of low credit risk. Conversely, securities rated below investment grade are considered to have distinctively higher credit risk than investment grade securities. For securities without credit ratings, the Company utilizes other financial information indicating the financial health of the underlying municipality, agency, or organization.

As of March 31, 2025, none of the Company's investment securities were delinquent or in non-accrual status.

The amortized cost and estimated fair value of available for sale (“AFS”) and held to maturity (“HTM”) securities segregated by contractual maturity at March 31, 2025 are presented below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Mortgage-backed securities are shown in total, as their maturities are highly variable.
 Available for saleHeld to maturity
 AmortizedFairAmortizedFair
(In thousands)CostValueCostValue
Within 1 year$8,561 $8,558 $597 $594 
Over 1 year to 5 years21,331 21,144 2,628 2,588 
Over 5 years to 10 years49,946 47,298 64,432 62,450 
Over 10 years30,379 27,589 167,851 144,561 
Total bonds and obligations110,217 104,589 235,508 210,193 
Mortgage-backed securities687,134 564,593 258,734 211,958 
Total$797,351 $669,182 $494,242 $422,151 

During the three months ended March 31, 2025, purchases of AFS securities totaled $21.2 million. During the three months ended March 31, 2025, there were no sales of AFS securities. During the three months ended March 31, 2024, purchases of AFS securities totaled $7.8 million. During the three months ended March 31, 2024, proceeds from sales of AFS securities totaled $361.9 million. During the three months ended March 31, 2025, there were no gross gains or losses. During the three months ended March 31, 2024, gross gains totaled $5.1 million and gross losses totaled $54.9 million.
Securities available for sale and held to maturity with unrealized losses, segregated by the duration of their continuous unrealized loss positions, are summarized as follows:
 Less Than Twelve MonthsOver Twelve MonthsTotal
 Gross Gross Gross 
 UnrealizedFairUnrealizedFairUnrealizedFair
(In thousands)LossesValueLossesValueLossesValue
March 31, 2025      
Securities available for sale      
U.S. Treasuries
$1 $7,901 $— $— $1 $7,901 
Municipal bonds and obligations
831 28,580 2,791 27,376 3,622 55,956 
Agency collateralized mortgage obligations
30 17,914 59,043 199,409 59,073 217,323 
Agency mortgage-backed securities
90 7,018 46,306 218,099 46,396 225,117 
Agency commercial mortgage-backed securities— — 17,510 67,212 17,510 67,212 
Corporate bonds
188 8,162 1,852 27,698 2,040 35,860 
Total securities available for sale$1,140 $69,575 $127,502 $539,794 $128,642 $609,369 
Securities held to maturity      
Municipal bonds and obligations$2,223 $69,953 $23,119 $114,554 $25,342 $184,507 
Agency collateralized mortgage obligations— — 16,158 83,049 16,158 83,049 
Agency mortgage-backed securities— — 7,485 35,218 7,485 35,218 
Agency commercial mortgage-backed securities— — 23,133 93,691 23,133 93,691 
Tax advantaged economic development bonds
— — 39 1,004 39 1,004 
Total securities held to maturity2,223 69,953 69,934 327,516 72,157 397,469 
Total$3,363 $139,528 $197,436 $867,310 $200,799 $1,006,838 
December 31, 2024      
Securities available for sale      
Municipal bonds and obligations
$773 $30,299 $2,325 $25,916 $3,098 $56,215 
Agency collateralized mortgage obligations
403 45,954 63,750 200,038 64,153 245,992 
Agency mortgage-backed securities
113 3,706 53,620 215,822 53,733 219,528 
Agency commercial mortgage-backed securities— — 18,975 66,711 18,975 66,711 
Corporate bonds
— — 2,362 32,538 2,362 32,538 
Total securities available for sale$1,289 $79,959 $141,032 $541,025 $142,321 $620,984 
Securities held to maturity      
Municipal bonds and obligations
1,614 73,453 21,005 111,228 22,619 184,681 
Agency collateralized mortgage obligations
— — 17,884 83,279 17,884 83,279 
Agency mortgage-backed securities
— — 8,707 34,937 8,707 34,937 
Agency commercial mortgage-backed securities
— — 25,153 100,394 25,153 100,394 
Tax advantaged economic development bonds
— — 42 1,102 42 1,102 
Total securities held to maturity1,614 73,453 72,791 330,940 74,405 404,393 
Total$2,903 $153,412 $213,823 $871,965 $216,726 $1,025,377 
Debt Securities
The Company expects to recover its amortized cost basis on all debt securities in its AFS and HTM portfolios. Furthermore, the Company does not intend to sell nor does it anticipate that it will be required to sell any of its securities in an unrealized loss position as of March 31, 2025, prior to this recovery. The Company’s ability and intent to hold these securities until recovery is supported by the Company’s strong capital and liquidity positions as well as its historically low portfolio turnover.

The following summarizes, by investment security type, the basis for the conclusion that the debt securities in an unrealized loss position within the Company’s AFS and HTM portfolios were not other-than-temporarily impaired at March 31, 2025:

AFS U.S Treasuries
At March 31, 2025, 1 of the 1 securities in the Company’s portfolio of AFS U.S Treasuries was in an unrealized loss position. Aggregate unrealized losses represents 0.0% of the amortized cost of the bond in an unrealized loss position. The Company reviews the financial strength of all of these bonds and has concluded that the amortized cost remains supported by the expected future cash flows of these securities. The security is performing.

AFS municipal bonds and obligations
At March 31, 2025, 76 of the 90 securities in the Company’s portfolio of AFS municipal bonds and obligations were in unrealized loss positions. Aggregate unrealized losses represented 6.1% of the amortized cost of securities in unrealized loss positions. The Company continually monitors the municipal bond sector of the market carefully and periodically evaluates the appropriate level of exposure to the market. At this time, the Company has determined that the bonds in this portfolio carry minimal risk of default and the Company is appropriately compensated for that risk. There were no material underlying credit downgrades during the quarter. All securities are performing.

AFS collateralized mortgage obligations
At March 31, 2025, 39 of the 44 securities in the Company’s portfolio of AFS collateralized mortgage obligations were in unrealized loss positions. Aggregate unrealized losses represented 21.4% of the amortized cost of securities in unrealized loss positions. The Federal National Mortgage Association (“FNMA”), Federal Home Loan Mortgage Corporation (“FHLMC”), and Government National Mortgage Association (“GNMA”) guarantee the contractual cash flows of all of the Company’s collateralized mortgage obligations. The securities are investment grade rated and there were no material underlying credit downgrades during the quarter. All securities are performing.

AFS commercial and residential mortgage-backed securities
At March 31, 2025, 28 of the 28 securities in the Company’s portfolio of AFS mortgage-backed securities were in unrealized loss positions. Aggregate unrealized losses represented 17.9% of the amortized cost of securities in unrealized loss positions. The FNMA, FHLMC, and GNMA guarantee the contractual cash flows of all of the Company’s mortgage-backed securities. The securities are investment grade rated and there were no material underlying credit downgrades during the quarter. All securities are performing.

AFS corporate bonds
At March 31, 2025, 13 of the 14 securities in the Company’s portfolio of AFS corporate bonds were in unrealized loss positions. Aggregate unrealized losses represents 5.4% of the amortized cost of the bonds in unrealized loss positions. The Company reviews the financial strength of all of these bonds and has concluded that the amortized cost remains supported by the expected future cash flows of these securities. All securities are performing.
HTM municipal bonds and obligations
At March 31, 2025, 140 of the 158 securities in the Company’s portfolio of HTM municipal bonds and obligations were in unrealized loss positions. Aggregate unrealized losses represented 12.1% of the amortized cost of securities in unrealized loss positions. The Company continually monitors the municipal bond sector of the market carefully and periodically evaluates the appropriate level of exposure to the market. At this time, the Company has determined that the bonds in this portfolio carry minimal risk of default and the Company is appropriately compensated for that risk. There were no material underlying credit downgrades during the quarter. All securities are performing.

HTM collateralized mortgage obligations
At March 31, 2025, 12 of the 12 securities in the Company’s portfolio of HTM collateralized mortgage obligations were in unrealized loss positions. Aggregate unrealized losses represented 16.3% of the amortized cost of the securities in unrealized loss positions. The FNMA, FHLMC, and GNMA guarantee the contractual cash flows of all of the Company's collateralized residential mortgage obligations. The securities are investment grade rated, and there were no material underlying credit downgrades during the quarter. All securities are performing.

HTM commercial and residential mortgage-backed securities
At March 31, 2025, 17 of the 17 securities in the Company’s portfolio of HTM mortgage-backed securities were in unrealized loss positions. Aggregate unrealized losses represented 19.2% of the amortized cost of securities in unrealized loss positions. The FNMA, FHLMC, and GNMA guarantee the contractual cash flows of the Company’s mortgage-backed securities. The securities are investment grade rated and there were no material underlying credit downgrades during the quarter. All securities are performing.

HTM tax-advantaged economic development bonds
At March 31, 2025, 2 of the 2 securities in the Company’s portfolio of tax-advantaged economic development bonds were in unrealized loss positions. Aggregate unrealized losses represented 3.8% of the amortized cost of securities in unrealized loss positions. The Company believes that more likely than not all the principal outstanding will be collected. All securities are performing.
v3.25.1
LOANS AND ALLOWANCE FOR CREDIT LOSSES
 3 Months Ended
Mar. 31, 2025
Credit Loss [Abstract]  
LOANS AND ALLOWANCE FOR CREDIT LOSSES LOANS AND ALLOWANCE FOR CREDIT LOSSES
The following is a summary of total loans by regulatory call report code with sub-segmentation based on underlying collateral for certain loan types:
(In thousands)March 31, 2025December 31, 2024
Construction$715,046 $726,344 
Commercial multifamily695,246 636,805 
Commercial real estate owner occupied690,493 695,330 
Commercial real estate non-owner occupied2,756,335 2,769,447 
Commercial and industrial1,438,555 1,439,175 
Residential real estate2,791,265 2,771,769 
Home equity239,113 230,365 
Consumer other102,832 115,759 
Total loans$9,428,885 $9,384,994 
Allowance for credit losses(116,678)(114,700)
Net loans$9,312,207 $9,270,294 

During the three months ended March 31, 2025, no loans were reclassified to loans held for sale on the Consolidated Balance Sheets. Held for sale loans are not contained in the balances within this note and are accounted for at the lower of carrying value or fair market value.

Risk characteristics relevant to each portfolio segment are as follows:
Construction - Loans in this segment primarily include real estate development loans for which payment is derived from sale of the property or long term financing at completion. Credit risk is affected by cost overruns, time to sell at an adequate price, and market conditions.

Commercial real estate multifamily, owner occupied and non-owner - Loans in these segments are primarily owner-occupied or income-producing properties throughout New England and Northeastern New York. The underlying cash flows generated by the properties are adversely impacted by a downturn in the economy, which in turn, will have an effect on the credit quality in this segment. Management monitors the cash flows of these loans.

Commercial and industrial loans - Loans in this segment are made to businesses and are generally secured by assets of the business such as accounts receivable, inventory, marketable securities, other liquid collateral, equipment and other business assets. Repayment is expected from the cash flows of the business. Loans in this segment include asset based loans which generally have no scheduled repayment and which are closely monitored against formula based collateral advance ratios. A weakened economy, and resultant decreased consumer spending, will have an effect on the credit quality in this segment.

Residential real estate - All loans in this segment are collateralized by residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this segment.

Home equity and other consumer loans - Loans in this segment are primarily home equity lines of credit, automobile loans and other consumer loans. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this segment.
Allowance for Credit Losses for Loans
The Allowance for Credit Losses for Loans (“ACLL”) is comprised of the allowance for credit losses, and the allowance for unfunded commitments is accounted for as a separate liability in other liabilities on the balance sheet. The level of the ACLL represents management’s estimate of expected credit losses over the expected life of the loans at the balance sheet date. The Company uses a static pool migration analysis method, applying expected historical loss trend and observed economic metrics. The level of the ACLL is based on management’s ongoing review of all relevant information, from internal and external sources, relating to past and current events, utilizing a 7 quarter reasonable and supportable forecast period with a 1 year reversion period. The ACLL reserve is overlaid with qualitative factors based upon:
•the existence and growth of concentrations of credit;
•the volume and severity of past due financial assets, including nonaccrual assets;
•the institutions lending and credit review as well as the experience and ability of relevant management and staff and;
•the effect of other external factors such as regulatory, competition, regional market conditions, legal and technological environment and other events such as natural disasters;

The allowance for unfunded commitments is maintained at a level by the Company to be sufficient to absorb expected lifetime losses related to unfunded credit facilities (including unfunded loan commitments and letters of credit) and is included in other liabilities on the Consolidated Balance Sheets.

The Company’s activity in the allowance for credit losses for loans for the three months ended March 31, 2025 and March 31, 2024 was as follows:
(In thousands)Balance at Beginning of PeriodCharge-offsRecoveries
Provision/(Benefit)
for Credit Losses
Balance at End of Period
Three months ended March 31, 2025
Construction$4,463 $— $— $1,259 $5,722 
Commercial multifamily4,084 (853)— 1,484 4,715 
Commercial real estate owner occupied11,303 (73)43 531 11,804 
Commercial real estate non-owner occupied38,520 (40)3 (2,303)36,180 
Commercial and industrial25,549 (2,821)1,219 1,830 25,777 
Residential real estate22,479 (25)186 5,601 28,241 
Home equity2,392 — 580 (197)2,775 
Consumer other5,910 (2,444)702 (2,704)1,464 
Total allowance for credit losses$114,700 $(6,256)$2,733 $5,501 $116,678 
(In thousands)Balance at Beginning of PeriodCharge-offsRecoveries
Provision/(Benefit) for Credit Losses
Balance at End of Period
Three months ended March 31, 2024
Construction$2,885 $— $— $(305)$2,580 
Commercial multifamily2,475 — — 174 2,649 
Commercial real estate owner occupied9,443 (107)14 548 9,898 
Commercial real estate non-owner occupied38,221 — 81 (4,047)34,255 
Commercial and industrial18,602 (2,442)657 3,199 20,016 
Residential real estate19,622 (41)186 2,644 22,411 
Home equity2,015 — 239 (262)1,992 
Consumer other12,094 (3,046)426 4,056 13,530 
Total allowance for credit losses$105,357 $(5,636)$1,603 $6,007 $107,331 
The Company’s allowance for credit losses on unfunded commitments is recognized as a liability (other liabilities on the consolidated balance sheets), with adjustments to the reserve recognized in other noninterest expense in the Consolidated Statements of Income. The Company’s activity in the allowance for credit losses on unfunded commitments for the three months ended March 31, 2025 and 2024 was as follows:

Three Months Ended
March 31,
(In thousands)20252024
Balance at beginning of period$9,821 $9,256 
Expense for credit losses(750)— 
Balance at end of period$9,071 $9,256 

Credit Quality Information
The Company monitors the credit quality of its portfolio by using internal risk ratings that are based on regulatory guidance. Loans that are given a Pass rating are not considered a problem credit. Loans that are classified as Special Mention loans are considered to have potential weaknesses and are evaluated closely by management. Substandard, including non-accruing loans, are loans for which a definitive weakness has been identified and which may make full collection of contractual cash flows questionable. Doubtful loans are those with identified weaknesses that make full collection of contractual cash flows, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.

For commercial credits, the Company assigns an internal risk rating at origination and reviews the rating annual, semiannually, or quarterly depending on the risk rating. The rating is also reassessed at any point in time when management becomes aware of information that may affect the borrower’s ability to fulfill their obligations.

The Company risk rates its residential mortgages, including 1-4 family and residential construction loans, based on a three rating system: Pass, Special Mention, and Substandard. Loans that are current within 59 days are rated Pass. Residential mortgages that are 60-89 days delinquent are rated Special Mention. Loans delinquent for 90 days or greater are rated Substandard and generally placed on non-accrual status. 
The following table presents the Company’s loans by risk category:
Term Loans Amortized Cost Basis by Origination Year
(In thousands)20252024202320222021PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
As of March 31, 2025
Construction
Current period gross write-offs$— $— $— $— $— $— $— $— $— 
Risk rating
Pass$32,684 $28,269 $147,114 $385,726 $59,223 $1,286 $— $— $654,302 
Special Mention— — — 21,790 — — — — 21,790 
Substandard— — — 20,121 18,833 — — — 38,954 
Total$32,684 $28,269 $147,114 $427,637 $78,056 $1,286 $— $— $715,046 
Commercial multifamily:
Current period gross write-offs$— $— $— $— $— $853 $— $— $853 
Risk rating
Pass$34,463 $85,120 $17,521 $231,665 $50,604 $268,462 $1,315 $— $689,150 
Special Mention— — — — — 407 — — 407 
Substandard— — — — — 5,689 — — 5,689 
Total$34,463 $85,120 $17,521 $231,665 $50,604 $274,558 $1,315 $— $695,246 
Commercial real estate owner occupied:
Current period gross write-offs$— $— $— $— $— $73 $— $— $73 
Risk rating
Pass$23,857 $123,931 $81,672 $100,659 $93,253 $217,610 $2,694 $— $643,676 
Special Mention— 1,844 9,496 10,032 7,204 6,243 — — 34,819 
Substandard— — 1,066 3,016 588 6,828 500 — 11,998 
Total$23,857 $125,775 $92,234 $113,707 $101,045 $230,681 $3,194 $— $690,493 
Commercial real estate non-owner occupied:
Current period gross write-offs$— $— $— $— $— $40 $— $— $40 
Risk rating
Pass$22,318 $248,488 $408,335 $589,949 $411,560 $1,002,749 $8,459 $— $2,691,858 
Special Mention— — — — 1,028 33,561 — — 34,589 
Substandard— — — 365 2,767 24,501 2,255 — 29,888 
Total$22,318 $248,488 $408,335 $590,314 $415,355 $1,060,811 $10,714 $— $2,756,335 
Commercial and industrial:
Current period gross write-offs$— $— $160 $329 $164 $1,486 $682 $— $2,821 
Risk rating
Pass$45,049 $195,278 $91,277 $115,920 $91,224 $123,499 $682,400 $1,853 $1,346,500 
Special Mention— 156 2,630 21,234 219 1,998 16,508 — 42,745 
Substandard— — 2,567 3,743 9,422 13,069 20,509 — 49,310 
Total$45,049 $195,434 $96,474 $140,897 $100,865 $138,566 $719,417 $1,853 $1,438,555 
Term Loans Amortized Cost Basis by Origination Year
(In thousands)20252024202320222021PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
Residential real estate
Current period gross write-offs$— $— $— $— $25 $— $— $— $25 
Risk rating
Pass$61,849 $289,016 $521,833 $894,092 $243,529 $770,454 $216 $— $2,780,989 
Special Mention— — — 829 — 498 — — 1,327 
Substandard— — — 1,176 214 7,559 — — 8,949 
Total$61,849 $289,016 $521,833 $896,097 $243,743 $778,511 $216 $— $2,791,265 
Term Loans Amortized Cost Basis by Origination Year
(In thousands)20242023202220212020PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
As of December 31, 2024
Construction
Current period gross write-offs$— $— $— $— $— $— $— $— $— 
Risk rating
Pass$40,549 $138,925 $436,850 $74,718 $— $1,336 $— $— $692,378 
Special Mention— — 15,374 — — — — — 15,374 
Substandard— — — 18,592 — — — — 18,592 
Total$40,549 $138,925 $452,224 $93,310 $— $1,336 $— $— $726,344 
Commercial multifamily:
Current period gross write-offs$— $— $— $— $— $1,164 $— $— $1,164 
Risk rating
Pass$85,160 $17,598 $203,001 $52,235 $38,211 $233,145 $428 $— $629,778 
Special Mention— — — — — 421 — — 421 
Substandard— — — — 2,477 4,129 — — 6,606 
Total$85,160 $17,598 $203,001 $52,235 $40,688 $237,695 $428 $— $636,805 
Commercial real estate owner occupied:
Current period gross write-offs$— $— $45 $232 $— $126 $— $— $403 
Risk rating
Pass$122,082 $83,269 $112,718 $94,937 $67,652 $177,684 $2,947 $— $661,289 
Special Mention1,852 9,637 1,839 7,215 221 5,207 — — 25,971 
Substandard— — 411 595 37 7,027 — — 8,070 
Total$123,934 $92,906 $114,968 $102,747 $67,910 $189,918 $2,947 $— $695,330 
Commercial real estate non-owner occupied:
Current period gross write-offs$— $— $— $— $— $36 $— $— $36 
Risk rating
Pass$246,619 $426,882 $591,563 $413,459 $142,739 $874,454 $5,961 $1,500 $2,703,177 
Special Mention— — — 1,038 223 40,763 — — 42,024 
Substandard— — 368 2,782 — 18,840 2,256 — 24,246 
Total$246,619 $426,882 $591,931 $417,279 $142,962 $934,057 $8,217 $1,500 $2,769,447 
Commercial and industrial:
Current period gross write-offs$324 $868 $1,564 $940 $816 $1,745 $1,563 $— $7,820 
Risk rating
Pass$205,831 $91,152 $126,327 $93,441 $18,613 $112,620 $689,036 $11,478 $1,348,498 
Special Mention164 1,122 22,091 1,305 1,705 2,957 16,723 100 46,167 
Substandard— 2,422 1,740 10,825 929 12,075 16,314 205 44,510 
Total$205,995 $94,696 $150,158 $105,571 $21,247 $127,652 $722,073 $11,783 $1,439,175 
Term Loans Amortized Cost Basis by Origination Year
(In thousands)20242023202220212020PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
Residential real estate
Current period gross write-offs$— $— $— $— $— $76 $— $— $76 
Risk rating
Pass$291,826 $531,873 $908,916 $247,551 $77,706 $703,572 $136 $— $2,761,580 
Special Mention— — 649 468 — 1,501 — — 2,618 
Substandard— — 124 188 374 6,885 — — 7,571 
Total$291,826 $531,873 $909,689 $248,207 $78,080 $711,958 $136 $— $2,771,769 
For home equity and consumer other loan portfolio segments, Berkshire evaluates credit quality based on the aging status of the loan and by payment activity. The performing or nonperforming status is updated on an ongoing basis dependent upon improvement and deterioration in credit quality. The following table presents the amortized cost based on payment activity:
Term Loans Amortized Cost Basis by Origination Year
(In thousands)20252024202320222021PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
As of March 31, 2025
Home equity:
Current period gross write-offs$— $— $— $— $— $— $— $— $— 
Payment performance
Performing$— $— $— $— $— $3,009 $235,632 $— $238,641 
Nonperforming— — — — — — 472 — 472 
Total$— $— $— $— $— $3,009 $236,104 $— $239,113 
Consumer other:
Current period gross write-offs$— $1 $18 $2,154 $240 $31 $— $— $2,444 
Payment performance
Performing$3,516 $28,621 $31,362 $15,282 $8,629 $5,747 $9,348 $— $102,505 
Nonperforming— 29 16 33 116 76 57 — 327 
Total$3,516 $28,650 $31,378 $15,315 $8,745 $5,823 $9,405 $— $102,832 

Term Loans Amortized Cost Basis by Origination Year
(In thousands)20242023202220212020PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
As of December 31, 2024
Home equity:
Current period gross write-offs$— $— $— $— $— $— $— $— $— 
Payment performance
Performing$— $— $— $— $423 $2,529 $226,822 $— $229,774 
Nonperforming— — — — — — 591 — 591 
Total$— $— $— $— $423 $2,529 $227,413 $— $230,365 
Consumer other:
Current period gross write-offs$— $214 $9,723 $760 $2 $113 $214 $— $11,026 
Payment performance
Performing$30,524 $33,849 $23,397 $10,072 $3,718 $3,825 $10,066 $— $115,451 
Nonperforming— 1 43 121 — 107 36 — 308 
Total$30,524 $33,850 $23,440 $10,193 $3,718 $3,932 $10,102 $— $115,759 
The following is a summary of loans by past due status at March 31, 2025 and December 31, 2024:
(In thousands)30-59 Days Past Due60-89 Days Past Due90 Days or Greater Past DueTotal Past DueCurrentTotal Loans
March 31, 2025
Construction$— $— $594 $594 $714,452 $715,046 
Commercial multifamily— — 3,232 3,232 692,014 695,246 
Commercial real estate owner occupied1,246 986 2,067 4,299 686,194 690,493 
Commercial real estate non-owner occupied89 2 3,590 3,681 2,752,654 2,756,335 
Commercial and industrial1,870 135 9,326 11,331 1,427,224 1,438,555 
Residential real estate4,178 684 8,949 13,811 2,777,454 2,791,265 
Home equity205 95 1,546 1,846 237,267 239,113 
Consumer other201 98 835 1,134 101,698 102,832 
Total$7,789 $2,000 $30,139 $39,928 $9,388,957 $9,428,885 
(In thousands)30-59 Days Past Due60-89 Days Past Due90 Days or Greater Past DueTotal Past DueCurrentTotal Loans
December 31, 2024
Construction$— $— $594 $594 $725,750 $726,344 
Commercial multifamily421 — 4,129 4,550 632,255 636,805 
Commercial real estate owner occupied484 456 2,330 3,270 692,060 695,330 
Commercial real estate non-owner occupied295 — 3,532 3,827 2,765,620 2,769,447 
Commercial and industrial2,613 1,116 9,823 13,552 1,425,623 1,439,175 
Residential real estate8,571 1,969 7,570 18,110 2,753,659 2,771,769 
Home equity629 519 1,491 2,639 227,726 230,365 
Consumer other884 327 1,395 2,606 113,153 115,759 
Total$13,897 $4,387 $30,864 $49,148 $9,335,846 $9,384,994 
The following is a summary of loans on nonaccrual status and loans past due 90 days or more and still accruing as of March 31, 2025 and December 31, 2024:
(In thousands)Nonaccrual Amortized CostNonaccrual With No Related AllowancePast Due 90 Days or Greater and AccruingInterest Income Recognized on Nonaccrual
March 31, 2025
Construction$594 $594 $— $— 
Commercial multifamily3,232 3,232 — — 
Commercial real estate owner occupied2,067 2,063 — — 
Commercial real estate non-owner occupied3,587 3,587 3 — 
Commercial and industrial9,260 9,260 66 — 
Residential real estate3,741 3,648 5,208 — 
Home equity472 472 1,074 — 
Consumer other327 327 508 — 
Total$23,280 $23,183 $6,859 $— 
The commercial and industrial loans nonaccrual amortized cost as of March 31, 2025 included medallion loans with a fair value of $0.3 million and a contractual balance of $6.5 million.
(In thousands)Nonaccrual Amortized CostNonaccrual With No Related AllowancePast Due 90 Days or Greater and AccruingInterest Income Recognized on Nonaccrual
December 31, 2024
Construction$594 $594 $— $— 
Commercial multifamily4,129 4,129 — — 
Commercial real estate owner occupied2,330 2,330 — — 
Commercial real estate non-owner occupied3,532 3,532 — — 
Commercial and industrial8,964 8,614 859 — 
Residential real estate3,999 3,999 3,571 — 
Home equity591 591 900 — 
Consumer other308 308 1,087 — 
Total$24,447 $24,097 $6,417 $— 
The commercial and industrial loans nonaccrual amortized cost as of December 31, 2024 included medallion loans with a fair value of $0.3 million and a contractual balance of $6.5 million.

The following table summarizes information about total loans rated Special Mention or lower at March 31, 2025 and December 31, 2024. The table below includes consumer loans that are Special Mention and Substandard accruing that are classified as performing based on payment activity.

(In thousands)March 31, 2025December 31, 2024
Non-Accrual$23,280 $24,447 
Substandard Accruing 123,860 88,009 
Total Classified147,140 112,456 
Special Mention 135,859 133,408 
Total Criticized$282,999 $245,864 
A financial asset is considered collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. Expected credit losses for collateral-dependent loans are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. Significant quarter over quarter changes are reflective of changes in nonaccrual status and not necessarily associated with credit quality indicators like appraisal value. The following table presents the amortized cost basis of individually analyzed collateral-dependent loans by loan portfolio segment:
Type of Collateral
(In thousands)Real EstateInvestment Securities/CashOther
March 31, 2025
Construction$594 $— $— 
Commercial multifamily3,232 — — 
Commercial real estate owner occupied1,272 — — 
Commercial real estate non-owner occupied288 — — 
Commercial and industrial961 — 5,355 
Residential real estate1,302 — — 
Home equity46 — — 
Consumer other— — — 
Total loans$7,695 $— $5,355 
December 31, 2024
Construction$594 $— $— 
Commercial multifamily4,129 — — 
Commercial real estate owner occupied1,562 — — 
Commercial real estate non-owner occupied294 — — 
Commercial and industrial4,828 — 700 
Residential real estate1,243 — — 
Home equity49 — — 
Consumer other— — — 
Total loans$12,699 $— $700 
Modified Loans
Occasionally, the Company modifies loans to borrowers in financial distress by providing principal forgiveness, term extension, an other-than-insignificant payment delay or interest rate reduction. When principal forgiveness is provided, the amount of forgiveness is charged-off against the allowance for credit losses.

In some cases, the Company provides multiple types of concessions on one loan. Typically, one type of concession, such as a term extension, is granted initially. If the borrower continues to experience financial difficulty, another concession, such as principal forgiveness, may be granted. For the loans included in the "combination" columns below, multiple types of modifications have been made on the same loan within the current reporting period. The combination is at least two of the following: a term extension and principal forgiveness, an other-than-insignificant payment delay and/or an interest rate reduction.

The following tables present the amortized cost basis of loans at March 31, 2025 and March 31, 2024 that were both experiencing financial difficulty and modified during the three months ended March 31, 2025 and March 31, 2024, by class and by type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financing receivable is also presented below:

(In thousands)Principal ForgivenessPayment DelayTerm ExtensionInterest Rate ReductionCombination Term Extension and Principal ForgivenessCombination Term Extension and Interest Rate ReductionTotal Class of Financing Receivable
Three months ended March 31, 2025
Construction$— $— $— $— $— $— — %
Commercial multifamily— — — — — — — 
Commercial real estate owner occupied— — — — — — — 
Commercial real estate non-owner occupied— — 12,102 — — — 0.44 
Commercial and industrial— — 1,893 — — — 0.13 
Residential real estate— — — — — — — 
Home equity— — — — — — — 
Consumer other— — — — — — — 
Total$— $— $13,995 $— $— $— 0.15 %
The Company has committed to lend additional amounts totaling $4.9 million to the commercial and industrial borrowers included in the previous table.
(In thousands)Principal ForgivenessPayment DelayTerm ExtensionInterest Rate ReductionCombination Term Extension and Principal ForgivenessCombination Term Extension and Interest Rate ReductionTotal Class of Financing Receivable
Three months ended March 31, 2024
Construction$— $— $— $— $— $— — %
Commercial multifamily— — — — — — — 
Commercial real estate owner occupied— — — — — — — 
Commercial real estate non-owner occupied— — — — — — — 
Commercial and industrial— 108 474 297 — — 0.06 
Residential real estate— — — — — — — 
Home equity— — — — — — — 
Consumer other— — — — — — — 
Total$— $108 $474 $297 $— $— 0.01 %
The Company has not committed to lend additional amounts to the borrowers included in the previous table.

The Company closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. As of March 31, 2025 and March 31, 2024, there were no loans that were modified to borrowers experiencing financial difficulty that were past due.

The following table presents the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty for the three months ended March 31, 2025 and March 31, 2024.
(In thousands)Principal ForgivenessWeighted Average Interest Rate ReductionWeighted Average Term Extension (months)
Three months ended March 31, 2025
Construction$— — %0
Commercial multifamily— — 0
Commercial real estate owner occupied— — 0
Commercial real estate non-owner occupied— — 11
Commercial and industrial— — 10
Residential real estate— — 0
Home equity— — 0
Consumer other— — 0
(In thousands)Principal ForgivenessWeighted Average Interest Rate ReductionWeighted Average Term Extension (months)
Three months ended March 31, 2024
Construction$— — %0
Commercial multifamily— — 0
Commercial real estate owner occupied— — 0
Commercial real estate non-owner occupied— — 0
Commercial and industrial— 10.75 56
Residential real estate— — 0
Home equity— — 0
Consumer other— — 0

The following table presents the amortized cost basis of loans that had a payment default during the three months ended March 31, 2025 and March 31, 2024 and were modified in the twelve months prior to that default to borrowers experiencing financial difficulty.
(in thousands)Principal ForgivenessPayment DelayTerm ExtensionInterest Rate Reduction
Three months ended March 31, 2025
Construction$— $— $— $— 
Commercial multifamily— — — — 
Commercial real estate owner occupied— — — — 
Commercial real estate non-owner occupied— — — — 
Commercial and industrial— — 50 — 
Residential real estate— — — — 
Home equity— — — — 
Consumer other— — — — 
Total$— $— $50 $— 
(in thousands)Principal ForgivenessPayment DelayTerm ExtensionInterest Rate Reduction
Three months ended March 31, 2024
Construction$— $— $— $— 
Commercial multifamily— — — — 
Commercial real estate owner occupied— — — — 
Commercial real estate non-owner occupied— — — — 
Commercial and industrial— — 202 — 
Residential real estate— — — — 
Home equity— — — — 
Consumer other— — — — 
Total$— $— $202 $— 
Upon the Company's determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or portion of the loan) is written off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount.
v3.25.1
DEPOSITS
 3 Months Ended
Mar. 31, 2025
Deposits [Abstract]  
DEPOSITS DEPOSITS
A summary of time deposits is as follows:
(In thousands)March 31,
2025		December 31,
2024
Time less than $100,000$700,000 $707,936 
Time $100,000 through $250,0001,127,665 1,157,227 
Time more than $250,000704,893 711,519 
Total time deposits$2,532,558 $2,576,682 
v3.25.1
BORROWED FUNDS
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
BORROWED FUNDS BORROWED FUNDS
Borrowed funds at March 31, 2025 and December 31, 2024 are summarized as follows:
 March 31, 2025December 31, 2024
  Weighted Weighted
  Average Average
(Dollars in thousands)PrincipalRatePrincipalRate
Short-term debt:
    
Advances from the FHLB $400,000 4.47 %$103,500 5.33 %
Total short-term borrowings:400,000 4.47 103,500 5.33 
Long-term debt:
    
Advances from the FHLB and other borrowings162,921 4.20 212,982 4.48 
Subordinated borrowings98,581 5.50 98,532 5.50 
Junior subordinated borrowing - Trust I15,464 6.44 15,464 6.63 
Junior subordinated borrowing - Trust II7,629 6.26 7,616 6.32 
Total long-term borrowings:284,595 4.83 334,594 4.92 
Total$684,595 4.62 %$438,094 5.02 %

Short-term debt includes Federal Home Loan Bank (“FHLB”) advances with an original maturity of less than one year. The Bank also maintains a $3.0 million secured line of credit with the FHLB that bears a daily adjustable rate calculated by the FHLB. There was no outstanding balance on the FHLB line of credit for the periods ended March 31, 2025 and December 31, 2024. The Bank's available borrowing capacity with the FHLB was $2.3 billion and $2.5 billion for the periods ended March 31, 2025 and December 31, 2024.

The Bank is approved to borrow on a short-term basis from the Federal Reserve Bank of Boston as a non-member bank. The Bank has pledged certain loans and securities to the Federal Reserve Bank to support this arrangement. The Bank had no borrowings with the Federal Reserve Bank under this arrangement during the periods ended March 31, 2025 and December 31, 2024, respectively. The Bank's available borrowing capacity with the Federal Reserve Bank was $1.6 billion for both the periods ended March 31, 2025 and December 31, 2024.

Long-term FHLB advances consist of advances with an original maturity of more than one year and are subject to prepayment penalties. There were no callable advances outstanding at March 31, 2025. The advances outstanding at March 31, 2025 included amortizing advances totaling $5.9 million. There were no callable advances outstanding at December 31, 2024. The advances outstanding at December 31, 2024 included amortizing advances totaling $6.0 million. All FHLB borrowings, including the line of credit, are secured by a blanket security agreement on certain qualified collateral, principally all residential first mortgage loans and certain securities.
A summary of maturities of FHLB advances as of March 31, 2025 is as follows:
 March 31, 2025
  Weighted Average
(In thousands, except rates)PrincipalRate
Fixed rate advances maturing:  
2025$505,000 4.52 %
202625,474 3.75 
202725,145 3.65 
2028779 — 
2028 and beyond6,523 0.68 
Total FHLB advances$562,921 4.39 %

The Company did not have variable-rate FHLB advances for the periods ended March 31, 2025 and December 31, 2024, respectively.

In June 2022, the Company issued ten year subordinated notes in the amount of $100.0 million. The interest rate is fixed at 5.50% for the first five years. After five years, the notes become callable and will bear interest at a floating rate per annum equal to a benchmark rate (which is expected to be Three-Month Term SOFR), plus 249 basis points. The subordinated note includes reduction to the note principal balance of $1.4 million for unamortized debt issuance costs as of March 31, 2025.
The Company holds 100% of the common stock of Berkshire Hills Capital Trust I (“Trust I”) which is included in other assets at a cost of $0.5 million. The sole asset of Trust I is $15.5 million of the Company’s junior subordinated debentures due in 2035. These debentures bear interest at a variable rate equal to 3-month CME Term SOFR plus 1.85% and had a rate of 6.44% and 6.63% at March 31, 2025 and December 31, 2024, respectively. The Company has the right to defer payments of interest for up to five years on the debentures at any time, or from time to time, with certain limitations, including a restriction on the payment of dividends to shareholders while such interest payments on the debentures have been deferred. The Company has not exercised this right to defer payments. The Company has the right to redeem the debentures at par value. Trust I is considered a variable interest entity for which the Company is not the primary beneficiary. Accordingly, Trust I is not consolidated into the Company’s financial statements.

The Company holds 100% of the common stock of SI Capital Trust II (“Trust II”) which is included in other assets at a cost of $0.2 million. The sole asset of Trust II is $8.2 million of the Company’s junior subordinated debentures due in 2036. These debentures bear interest at a variable rate equal to 3-month CME Term SOFR plus 1.70% and had a rate of 6.26% and 6.32% at March 31, 2025 and December 31, 2024, respectively. The Company has the right to defer payments of interest for up to five years on the debentures at any time, or from time to time, with certain limitations, including a restriction on the payment of dividends to shareholders while such interest payments on the debentures have been deferred. The Company has not exercised this right to defer payments. The Company has the right to redeem the debentures at par value. Trust II is considered a variable interest entity for which the Company is not the primary beneficiary. Accordingly, Trust II is not consolidated into the Company’s financial statements.
v3.25.1
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
As of March 31, 2025, the Company held derivatives with a total notional amount of $5.2 billion. That amount included $0.5 billion in interest rate swap derivatives and $0.2 billion in interest rate collars that were designated as cash flow hedges for accounting purposes. The Company also had economic hedges totaling $4.4 billion and $14.6 million of non-hedging derivatives, which are not designated as hedges for accounting purposes with changes in fair value recorded directly through earnings. Economic hedges included interest rate swaps totaling $4.0 billion, risk participation agreements with dealer banks of $0.4 billion, and $2.2 million in forward commitment contracts.

As of December 31, 2024, the Company held derivatives with a total notional amount of $4.9 billion. That amount included $0.6 billion in interest rate swap derivatives and $0.2 billion in interest rate collars that were designated as cash flow hedges for accounting purposes. The Company had economic hedges and non-hedging derivatives totaling $4.1 billion and $10.5 million, respectively, which are not designated as hedges for accounting purposes and are therefore recorded at fair value with changes in fair value recorded directly through earnings. Economic hedges included interest rate swaps totaling $3.7 billion, risk participation agreements with dealer banks of $0.3 billion, and $3.0 million in forward commitment contracts.

As part of the Company’s risk management strategy, the Company enters into interest rate swap agreements to mitigate the interest rate risk inherent in certain of the Company’s assets and liabilities. Interest rate swap agreements involve the risk of dealing with both Bank customers and institutional derivative counterparties and their ability to meet contractual terms. The agreements are entered into with counterparties that meet established credit standards and contain master netting and collateral provisions protecting the at-risk party. The derivatives program is overseen by the Risk Management and Capital Committee of the Company’s Board of Directors. Based on adherence to the Company’s credit standards and the presence of the netting and collateral provisions, the Company believes that the credit risk inherent in these contracts was not significant at March 31, 2025.

The Company had no pledged collateral to derivative counterparties in the form of cash as of March 31, 2025. The Company had pledged securities to derivative counterparties with an amortized cost of $10.0 million and a fair value of $9.6 million as of March 31, 2025. The Company does not typically require its commercial customers to post cash or securities as collateral on its program of back-to-back economic hedges. However certain language is written into the International Swaps Dealers Association, Inc. (“ISDA”) and loan documents where, in default situations, the Bank is allowed to access collateral supporting the loan relationship to recover any losses suffered on the derivative asset or liability. The Company may need to post additional collateral in the future in proportion to potential increases in unrealized loss positions.
Information about derivative assets and liabilities at March 31, 2025, follows:
  WeightedWeighted Average RateEstimated
 NotionalAverage ContractFair Value
 AmountMaturityReceivedpay rateAsset (Liability)
 (In thousands)(In years)  (In thousands)
Cash flow hedges:     
Interest rate swaps on commercial loans (1)
$525,000 0.73.68 %4.34 %$— 
Interest rate collars on commercial loans200,000 1.3332 
Total cash flow hedges$725,000    $332 
Economic hedges:     
Interest rate swap on tax advantaged economic development bond$5,063 4.74.82 %5.09 %$(114)
Interest rate swaps on loans with commercial loan customers2,015,201 4.54.68 %5.02 %(40,999)
Offsetting interest rate swaps on loans with commercial loan customers (1)
2,015,201 4.55.02 %4.68 %17,362 
Risk participation agreements with dealer banks383,923 5.2  274 
Forward sale commitments 2,205 0.2  8 
Total economic hedges$4,421,593    $(23,469)
Non-hedging derivatives:     
Commitments to lend $14,625 0.2  $93 
Total non-hedging derivatives$14,625    $93 
Total$5,161,218    $(23,044)
(1) Fair value estimates included the impact of $22.3 million settled to market contract agreements.
Information about derivative assets and liabilities at December 31, 2024, follows:
  WeightedWeighted Average RateEstimated
 NotionalAverage ContractFair Value
 AmountMaturityReceivedpay rateAsset (Liability)
 (In thousands)(In years)  (In thousands)
Cash flow hedges:     
Interest rate swaps on commercial loans$600,000 0.93.64 %4.53 %$— 
Interest rate collars on commercial loans200,000 1.5193 
$800,000    $193 
Economic hedges:     
Interest rate swap on tax advantaged economic development bond$5,297 4.95.03 %5.09 %$(79)
Interest rate swaps on loans with commercial loan customers1,859,480 4.54.65 %5.35 %(72,911)
Offsetting interest rate swaps on loans with commercial loan customers (1)
1,859,480 4.55.35 %4.65 %41,501 
Risk participation agreements with dealer banks345,367 5.1  56 
Forward sale commitments 2,991 0.2  34 
Total economic hedges$4,072,615    $(31,399)
Non-hedging derivatives:     
Commitments to lend $10,512 0.2  $90 
Total non-hedging derivatives $10,512    $90 
Total$4,883,127    $(31,116)
(1) Fair value estimates included the impact of $28.8 million settled to market contract agreements.
Cash flow hedges
The effective portion of unrealized changes in the fair value of derivatives accounted for as cash flow hedges is reported in other comprehensive income and subsequently reclassified to earnings in the same period or periods during which the hedged transaction is forecasted to affect earnings. Each quarter, the Company assesses the effectiveness of each hedging relationship by comparing the changes in cash flows of the derivative hedging instrument with the changes in cash flows of the designated hedged item or transaction. The ineffective portion of changes in the fair value of the derivatives is recognized directly in earnings. All cash flow hedges are considered
highly effective.

As of March 31, 2025, the Company had seven interest rate swap contracts with a notional value of $525.0 million. The interest rate swaps mature during 2025 and 2026. This hedge strategy converts commercial variable rate loans to fixed interest rates, thereby protecting the Company from floating interest rate variability.

As of March 31, 2025, the Company had two interest rate collars. The first interest rate collar has a 3.00% floor and a 5.75% cap with a notional value of $100.0 million. The second interest rate collar has a 3.25% floor and a 5.75% cap with a notional value of $100.0 million. The interest rate collars mature during 2026 and 2027. The structure of these instruments is such that the Company pays the counterparty an incremental amount if the collar index exceeds the cap rate. Conversely, the Company receives an incremental amount if the index falls below the floor rate. No payments are required if the collar index falls between the cap and floor rates.

Amounts included in the Consolidated Statements of Income and in the other comprehensive income section of the Consolidated Statements of Comprehensive Income (related to interest rate derivatives designated as hedges of cash flows), were as follows:
Three Months Ended
March 31,
(In thousands)20252024
Interest rate swaps on commercial loans:
Unrealized gain/(loss) recognized in accumulated other comprehensive loss$1,308 $(5,681)
Less: Reclassification of unrealized (loss) from accumulated other comprehensive loss to interest expense
(155)(157)
Net tax benefit on items recognized in accumulated other comprehensive income(404)1,502 
Other comprehensive gain/(loss) recorded in accumulated other comprehensive income, net of reclassification adjustments and tax effects
$1,059 $(4,022)
Net interest expense recognized on hedged commercial loans$1,144 $2,720 
Economic hedges
As of March 31, 2025, the Company had an interest rate swap with a $5.1 million notional amount to swap out the fixed rate of interest on an economic development bond bearing a fixed rate of 5.09%, currently within the Company’s trading portfolio under the fair value option, in exchange for a SOFR-based floating rate. The intent of the economic hedge is to improve the Company’s asset sensitivity to changing interest rates in anticipation of favorable average floating rates of interest over the 21-year life of the bond. The fair value changes of the economic development bond are mostly offset by fair value changes of the related interest rate swap.

The Company also offers certain derivative products directly to qualified commercial borrowers. The Company economically hedges derivative transactions executed with commercial borrowers by entering into mirror-image, offsetting derivatives with third-party financial institutions. The transaction allows the Company’s customer to convert a variable-rate loan to a fixed rate loan. Because the Company acts as an intermediary for its customer, changes in the fair value of the underlying derivative contracts mostly offset each other in earnings. There was no credit valuation loss adjustment arising from the difference in credit worthiness of the commercial loan and financial institution counterparties as of March 31, 2025. The interest income and expense on these mirror image swaps exactly offset each other.

The Company has risk participation agreements with dealer banks. Risk participation agreements occur when the Company participates on a loan and a swap where another bank is the lead. The Company gets paid a fee to take on the risk associated with having to make the lead bank whole on Berkshire’s portion of the pro-rated swap should the borrower default. Changes in fair value are recorded in current period earnings.

The Company utilizes forward sale commitments to hedge interest rate risk and the associated effects on the fair value of interest rate lock commitments and loans originated for sale. The forward sale commitments are accounted for as derivatives with changes in fair value recorded in current period earnings.

The Company uses the following types of forward sale commitments contracts:
•Best efforts loan sales,
•Mandatory delivery loan sales, and
•To Be Announced (“TBA”) mortgage-backed securities sales.

A best efforts contract refers to a loan sale agreement where the Company commits to deliver an individual mortgage loan of a specified principal amount and quality to an investor if the loan to the underlying borrower closes. The Company may enter into a best efforts contract once the price is known, which is shortly after the potential borrower’s interest rate is locked.

A mandatory delivery contract is a loan sale agreement where the Company commits to deliver a certain principal amount of mortgage loans to an investor at a specified price on or before a specified date. Generally, the Company may enter into mandatory delivery contracts shortly after the loan closes with a customer.

The Company may sell TBA mortgage-backed securities to hedge the changes in fair value of interest rate lock commitments and held for sale loans, which do not have corresponding best efforts or mandatory delivery contracts. These security sales transactions are closed once mandatory contracts are written. On the closing date the price of the security is locked-in, and the sale is paired-off with a purchase of the same security. Settlement of the security purchase/sale transaction is done with cash on a net-basis.
Non-hedging derivatives
The Company enters into interest rate lock commitments (“IRLCs”), or commitments to lend, for residential mortgage loans, which commit the Company to lend funds to a potential borrower at a specific interest rate and within a specified period of time. IRLCs that relate to the origination of mortgage loans that will be held for sale are considered derivative financial instruments under applicable accounting guidance. Outstanding IRLCs expose the Company to the risk that the price of the mortgage loans underlying the commitments may decline due to increases in mortgage interest rates from inception of the rate lock to the funding of the loan. The IRLCs are free-standing derivatives which are carried at fair value with changes recorded in non-interest income in the Company’s Consolidated Statements of Income. Changes in the fair value of IRLCs subsequent to inception are based on changes in the fair value of the underlying loan resulting from the fulfillment of the commitment and changes in the probability that the loan will fund within the terms of the commitment, which is affected primarily by changes in interest rates and the passage of time.

Amounts included in the Consolidated Statements of Income related to economic hedges and non-hedging derivatives were as follows:
 Three Months Ended
March 31,
(In thousands)20252024
Economic hedges  
Interest rate swap on industrial revenue bond:  
Unrealized (loss)/gain recognized in other non-interest income$(35)$88 
Interest rate swaps on loans with commercial loan customers:  
Unrealized gain/(loss) recognized in other non-interest income31,940 (23,649)
Favorable change in credit valuation adjustment recognized in other non-interest income— — 
Offsetting interest rate swaps on loans with commercial loan customers:  
Unrealized (loss)/gain recognized in other non-interest income(31,940)23,649 
Risk participation agreements:  
Unrealized gain recognized in other non-interest income218 10 
Forward commitments:  
Unrealized (loss)/gain recognized in other non-interest income(26)57 
Non-hedging derivatives  
Commitments to lend  
Unrealized gain recognized in other non-interest income$3 $113 
Realized gain in other non-interest income236 157 
Assets and Liabilities Subject to Enforceable Master Netting Arrangements
Interest Rate Swap Agreements (“Swap Agreements”)
The Company enters into swap agreements to facilitate the risk management strategies for commercial banking customers. The Company mitigates this risk by entering into equal and offsetting swap agreements with highly rated third party financial institutions. The swap agreements are free-standing derivatives and are recorded at fair value in the Company’s Consolidated Statements of Income. The Company is party to master netting arrangements with its financial institution counterparties; however, the Company does not offset assets and liabilities under these arrangements for financial statement presentation purposes. The master netting arrangements provide for a single net settlement of all swap agreements, as well as collateral, in the event of default on, or termination of, any one contract. Collateral generally in the form of marketable securities is received or posted by the counterparty with net liability positions, respectively, in accordance with contract thresholds.

The Company had net asset positions with its financial institution counterparties totaling $31.6 million and $44.8 million as of March 31, 2025 and December 31, 2024, respectively. The Company had net asset positions with its commercial banking counterparties totaling $14.1 million and $3.1 million as of March 31, 2025 and December 31, 2024, respectively. The Company had net liability positions with its financial institution counterparties totaling $14.0 million and $3.1 million as of March 31, 2025 and December 31, 2024, respectively. The Company had net liability positions with its commercial banking counterparties totaling $54.7 million and $76.0 million as of March 31, 2025 and December 31, 2024.

The following table presents the assets and liabilities subject to an enforceable master netting arrangement as of March 31, 2025 and December 31, 2024:

Offsetting of Financial Assets and Derivative Assets
Gross
Amounts of		Gross Amounts
Offset in the		Net Amounts
of Assets
Presented in the
Gross Amounts Not Offset in
the Consolidated Balance Sheets
 Recognized
Consolidated
Consolidated
FinancialCash 
(In thousands)Assets
Balance Sheets
Balance Sheets
InstrumentsCollateral ReceivedNet Amount
March 31, 2025      
Interest Rate Swap Agreements:      
Institutional counterparties$55,248 $(23,636)$31,612 $— $(18,000)$13,612 
Commercial counterparties14,137 — 14,137 — — 14,137 
Total$69,385 $(23,636)$45,749 $— $(18,000)$27,749 

Offsetting of Financial Liabilities and Derivative Liabilities
Gross
Amounts of		Gross Amounts
Offset in the		Net Amounts
of Liabilities
Presented in the
Gross Amounts Not Offset in
the Consolidated Balance Sheets
 Recognized
Consolidated
Consolidated
FinancialCash 
(In thousands)Liabilities
Balance Sheets
Balance Sheets
InstrumentsCollateral PledgedNet Amount
March 31, 2025      
Interest Rate Swap Agreements:      
Institutional counterparties$(15,370)$1,327 $(14,043)$9,592 $— $(4,451)
Commercial counterparties(54,738)— (54,738)— — (54,738)
Total$(70,108)$1,327 $(68,781)$9,592 $— $(59,189)
Offsetting of Financial Assets and Derivative Assets
Gross
Amounts of		Gross Amounts
Offset in the		Net Amounts
of Assets
Presented in the
Gross Amounts Not Offset in
the Consolidated Balance Sheets
 Recognized
Consolidated
Consolidated
FinancialCash 
(In thousands)Assets
Balance Sheets
Balance Sheets
InstrumentsCollateral ReceivedNet Amount
December 31, 2024      
Interest Rate Swap Agreements:      
Institutional counterparties$76,242 $(31,410)$44,832 $— $(32,500)$12,332 
Commercial counterparties3,092 — 3,092 — — 3,092 
Total$79,334 $(31,410)$47,924 $— $(32,500)$15,424 

Offsetting of Financial Liabilities and Derivative Liabilities
Gross
Amounts of		Gross Amounts
Offset in the		Net Amounts
of Liabilities
Presented in the
Gross Amounts Not Offset in
the Consolidated Balance Sheets
 Recognized
Consolidated
Consolidated
FinancialCash 
(In thousands)Liabilities
Balance Sheets
Balance Sheets
InstrumentsCollateral PledgedNet Amount
December 31, 2024      
Interest Rate Swap Agreements:      
Institutional counterparties$(5,741)$2,659 $(3,082)$9,078 $— $5,996 
Commercial counterparties(76,003)— (76,003)— — (76,003)
Total$(81,744)$2,659 $(79,085)$9,078 $— $(70,007)
v3.25.1
LEASES
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
LEASES LEASES
Substantially all of the leases in which the Company is the lessee are comprised of real estate property for branches, ATM locations, and office space. Most of the Company’s leases are classified as operating leases. At March 31, 2025, lease expiration dates ranged from 1 month to 15 years.

The following table represents the Consolidated Balance Sheets classification of the Company’s right-of-use (“ROU”) assets and lease liabilities:
(In thousands)March 31, 2025December 31, 2024
Lease Right-of-Use AssetsClassification
Operating lease right-of-use assets Other assets$49,057 $50,195 
Finance lease right-of-use assetsPremises and equipment, net616 629 
Total Lease Right-of-Use Assets$49,673 $50,824 
Lease Liabilities
Operating lease liabilitiesOther liabilities$54,720 $55,986 
Finance lease liabilitiesOther liabilities879 891 
Total Lease Liabilities$55,599 $56,877 

Supplemental information related to leases was as follows:
March 31, 2025December 31, 2024
Weighted-Average Remaining Lease Term (in years)
Operating leases7.98.1
Finance leases12.813.0
Weighted-Average Discount Rate
Operating leases3.53 %3.53 %
Finance leases5.00 %5.00 %

The Company has lease agreements with lease and non-lease components, which are generally accounted for separately. For real estate leases, non-lease components and other non-components, such as common area maintenance charges, real estate taxes, and insurance are not included in the measurement of the lease liability since they are generally able to be segregated.

The Company does not have any material sub-lease agreements.

Lease expense for operating leases for the three months ended March 31, 2025 was $2.3 million. Variable lease components, such as consumer price index adjustments, are expensed as incurred and not included in ROU assets and operating lease liabilities.

Lease expense for operating leases for the three months ended March 31, 2024 was $2.2 million. Variable lease components, such as consumer price index adjustments, are expensed as incurred and not included in ROU assets and operating lease liabilities.
Supplemental cash flow information related to leases was as follows:
Three Months Ended
(In thousands)March 31, 2025March 31, 2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$2,288 $2,194 
Operating cash flows from finance leases11 175 
Financing cash flows from finance leases12 149 

The following table presents a maturity analysis of the Company’s lease liability by lease classification at March 31, 2025:
(In thousands)Operating LeasesFinance Leases
2025$6,692 $70 
20269,308 93 
20278,672 93 
20287,620 93 
20296,618 93 
Thereafter23,362 744 
Total undiscounted lease payments 62,272 1,186 
Less amounts representing interest (7,552)(307)
Lease liability $54,720 $879 
LEASES LEASES
Substantially all of the leases in which the Company is the lessee are comprised of real estate property for branches, ATM locations, and office space. Most of the Company’s leases are classified as operating leases. At March 31, 2025, lease expiration dates ranged from 1 month to 15 years.

The following table represents the Consolidated Balance Sheets classification of the Company’s right-of-use (“ROU”) assets and lease liabilities:
(In thousands)March 31, 2025December 31, 2024
Lease Right-of-Use AssetsClassification
Operating lease right-of-use assets Other assets$49,057 $50,195 
Finance lease right-of-use assetsPremises and equipment, net616 629 
Total Lease Right-of-Use Assets$49,673 $50,824 
Lease Liabilities
Operating lease liabilitiesOther liabilities$54,720 $55,986 
Finance lease liabilitiesOther liabilities879 891 
Total Lease Liabilities$55,599 $56,877 

Supplemental information related to leases was as follows:
March 31, 2025December 31, 2024
Weighted-Average Remaining Lease Term (in years)
Operating leases7.98.1
Finance leases12.813.0
Weighted-Average Discount Rate
Operating leases3.53 %3.53 %
Finance leases5.00 %5.00 %

The Company has lease agreements with lease and non-lease components, which are generally accounted for separately. For real estate leases, non-lease components and other non-components, such as common area maintenance charges, real estate taxes, and insurance are not included in the measurement of the lease liability since they are generally able to be segregated.

The Company does not have any material sub-lease agreements.

Lease expense for operating leases for the three months ended March 31, 2025 was $2.3 million. Variable lease components, such as consumer price index adjustments, are expensed as incurred and not included in ROU assets and operating lease liabilities.

Lease expense for operating leases for the three months ended March 31, 2024 was $2.2 million. Variable lease components, such as consumer price index adjustments, are expensed as incurred and not included in ROU assets and operating lease liabilities.
Supplemental cash flow information related to leases was as follows:
Three Months Ended
(In thousands)March 31, 2025March 31, 2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$2,288 $2,194 
Operating cash flows from finance leases11 175 
Financing cash flows from finance leases12 149 

The following table presents a maturity analysis of the Company’s lease liability by lease classification at March 31, 2025:
(In thousands)Operating LeasesFinance Leases
2025$6,692 $70 
20269,308 93 
20278,672 93 
20287,620 93 
20296,618 93 
Thereafter23,362 744 
Total undiscounted lease payments 62,272 1,186 
Less amounts representing interest (7,552)(307)
Lease liability $54,720 $879 
v3.25.1
CAPITAL RATIOS AND SHAREHOLDERS' EQUITY
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
CAPITAL RATIOS AND SHAREHOLDERS' EQUITY CAPITAL RATIOS AND SHAREHOLDERS’ EQUITY
The actual and required capital ratios were as follows:
March 31,
2025		December 31,
2024
Minimum Capital Requirement
Company (consolidated)  
Total capital to risk-weighted assets15.8 %15.5 %8.0 %
Tier 1 capital to risk-weighted assets13.5 13.2 6.0 
Common equity tier 1 capital to risk-weighted assets13.2 13.0 4.5 
Tier 1 capital to average assets10.9 11.0 4.0 
March 31,
2025		December 31,
2024		Regulatory Minimum to be Adequately CapitalizedRegulatory
Minimum to be
Well Capitalized
Bank
Total capital to risk-weighted assets14.2 %13.8 %8.0 %10.0 %
Tier 1 capital to risk-weighted assets12.9 12.6 6.0 8.0 
Common equity tier 1 capital to risk-weighted assets12.9 12.6 4.5 6.5 
Tier 1 capital to average assets10.4 10.4 4.0 5.0 

The Company and the Bank are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance sheet items calculated under regulatory accounting practices. Failure to meet capital requirements can initiate regulatory action. At each date shown, the Company met the minimum capital requirements and the Bank met the conditions to be classified as “well capitalized” under the relevant regulatory framework. To be categorized as well capitalized, an institution must maintain minimum total risk-based, tier 1 risk-based, and tier 1 leverage ratios as set forth in the table above.

As of January 1, 2019, banking organizations must maintain a minimum common equity tier 1 risk-based capital ratio of 7.0%, a minimum Tier 1 risk-based capital ratio of 8.5%, and a minimum Total risk-based capital ratio of 10.5%, including a 2.5% capital conservation buffer. Capital rules impose restrictions on capital distributions and certain discretionary cash bonus payments if the capital conservation buffer is not met.

At March 31, 2025, the capital levels of both the Company and the Bank exceeded all regulatory capital requirements and the Bank's regulatory capital ratios were above the minimum levels required to be considered well capitalized for regulatory purposes. The capital levels of both the Company and the Bank at March 31, 2025 also exceeded the minimum capital requirements including the currently applicable capital conservation buffer of 2.5%.
Accumulated other comprehensive (loss)
Components of accumulated other comprehensive (loss) are as follows:
(In thousands)March 31,
2025		December 31,
2024
Other accumulated comprehensive income, before tax:  
Net unrealized holding (loss) on AFS securities$(128,168)$(142,127)
Net unrealized (loss) on cash flow hedging derivatives(1,574)(3,037)
Net unrealized holding gain on pension plans365 365 
Income taxes related to items of accumulated other comprehensive income:  
Net unrealized tax benefit on AFS securities34,022 37,716 
Net unrealized tax benefit on cash flow hedging derivatives434 838 
Net unrealized tax expense on pension plans(98)(98)
Accumulated other comprehensive loss$(95,019)$(106,343)

The following table presents the components of other comprehensive (loss) for the three months ended March 31, 2025 and 2024:
(In thousands)Before TaxTax EffectNet of Tax
Three Months Ended March 31, 2025   
Net unrealized holding gain on AFS securities:
 
Net unrealized gains arising during the period$13,959 $(3,694)$10,265 
Less: reclassification adjustment for (losses) realized in net income— — — 
Net unrealized holding gain on AFS securities
13,959 (3,694)10,265 
Net unrealized gain on cash flow hedging derivatives:
   
Net unrealized gain arising during the period1,308 (361)947 
Less: reclassification adjustment for (losses) realized in net income(155)43 (112)
Net unrealized gain on cash flow hedging derivatives1,463 (404)1,059 
Other comprehensive income$15,422 $(4,098)$11,324 
Three Months Ended March 31, 2024   
Net unrealized holding gain on AFS securities:  
Net unrealized (losses) arising during the period$(5,622)$1,891 $(3,731)
Less: reclassification adjustment for (losses) realized in net income(49,909)13,555 (36,354)
Net unrealized holding gain on AFS securities44,287 (11,664)32,623 
Net unrealized loss on cash flow hedging derivatives:  
Net unrealized (loss) arising during the period(5,681)1,545 (4,136)
Less: reclassification adjustment for (losses) realized in net income(157)43 (114)
Net unrealized (loss) on cash flow hedging derivatives(5,524)1,502 (4,022)
Other comprehensive income$38,763 $(10,162)$28,601 
The following table presents the changes in each component of accumulated other comprehensive income/(loss), for the three months ended March 31, 2025 and 2024:
(In thousands)Net unrealized
holding loss
on AFS Securities		Net loss on
effective cash
flow hedging derivatives		Net unrealized
holding loss
on pension plans		Total
Three Months Ended March 31, 2025    
Balance at Beginning of Period$(104,410)$(2,199)$266 $(106,343)
Other comprehensive income before reclassifications10,265 947 — 11,212 
Less: amounts reclassified from accumulated other comprehensive (loss)— (112)— (112)
Total other comprehensive income10,265 1,059 — 11,324 
Balance at End of Period$(94,145)$(1,140)$266 $(95,019)
Three Months Ended March 31, 2024    
Balance at Beginning of Period$(139,525)$(3,106)$(385)$(143,016)
Other comprehensive (loss) before reclassifications(3,731)(4,136)— (7,867)
Less: amounts reclassified from accumulated other comprehensive (loss) (36,354)(114)— (36,468)
Total other comprehensive income32,623 (4,022)— 28,601 
Balance at End of Period$(106,902)$(7,128)$(385)$(114,415)

The following table presents the amounts reclassified out of each component of accumulated other comprehensive
income for the three months ended March 31, 2025 and 2024:
   Affected Line Item in the
 Three Months Ended March 31,Statement where Net Income
(In thousands)20252024is Presented
Realized (losses) on AFS securities:  
 $— $(49,909)Non-interest income
 — 13,555 Tax benefit
 — (36,354)Net of tax
   
Realized (losses) on cash flow hedging derivatives:   
 (155)(157)Interest expense
— — Non-interest expense
 43 43 Tax benefit
 (112)(114)Net of tax
Total reclassifications for the period$(112)$(36,468)Net of tax
v3.25.1
EARNINGS/(LOSS) PER SHARE
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
EARNINGS/(LOSS) PER SHARE EARNINGS/(LOSS) PER SHARE
Earnings per share have been computed based on the following (average diluted shares outstanding are calculated using the treasury stock method):
 Three Months Ended March 31,
(In thousands, except per share data)20252024
Net income (loss)$25,719 $(20,188)
Average number of common shares issued51,903 51,903 
Less: average number of treasury shares5,508 8,356 
Less: average number of unvested stock award shares711 770 
Average number of basic shares outstanding45,684 42,777 
Plus: dilutive effect of unvested stock award shares376 251 
Plus: dilutive effect of stock options outstanding1 — 
Average number of diluted shares outstanding46,061 43,028 
Basic earnings/(loss) per common share:$0.56 $(0.47)
Diluted earnings/(loss) per common share:$0.56 $(0.47)
For the three months ended March 31, 2025, 335 thousand shares of unvested restricted stock and 43 thousand options outstanding were anti-dilutive and therefore excluded from the earnings per share calculation. For the three months ended March 31, 2024, 519 thousand shares of unvested restricted stock and 49 thousand options outstanding were anti-dilutive and therefore excluded from the earnings per share calculation.
v3.25.1
STOCK-BASED COMPENSATION PLANS
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION PLANS STOCK-BASED COMPENSATION PLANS
A combined summary of activity in the Company’s stock award and stock option plans for the three months ended March 31, 2025 is presented in the following table:
 Non-Vested Stock Awards OutstandingStock Options Outstanding
(Shares in thousands)Number of SharesWeighted-Average Grant Date Fair ValueNumber of SharesWeighted-Average Exercise Price
December 31, 2024796 $24.94 44 $26.65 
Granted1 29.13 — — 
Acquired— — — — 
Stock options exercised— — — — 
Stock awards vested(91)27.26 — — 
Forfeited(26)27.33 — — 
Expired— — — — 
March 31, 2025680 $24.54 44 $26.65 
During the three months ended March 31, 2025 and 2024, there were no stock option exercises. During the three months ended March 31, 2025 and 2024, there were 91 thousand and 167 thousand shares vested in connection with stock awards, respectively. All of these shares were issued from available treasury stock. Stock-based compensation expense totaled $1.3 million and $2.1 million during the three months ended March 31, 2025 and 2024, respectively. Stock-based compensation expense is recognized over the requisite service period for all awards.
v3.25.1
FAIR VALUE MEASUREMENTS
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
A description of the valuation methodologies used for assets and liabilities measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. These valuation methodologies were applied to all of the Company’s financial assets and financial liabilities that are carried at fair value.

Recurring Fair Value Measurements
The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value.
 March 31, 2025
 Level 1Level 2Level 3Total
(In thousands)InputsInputsInputsFair Value
Trading securities$— $— $5,010 $5,010 
Securities available for sale: 
U.S Treasuries7,901 — — 7,901 
Municipal bonds and obligations— 60,017 — 60,017 
Agency collateralized mortgage obligations— 271,526 — 271,526 
Agency residential mortgage-backed securities— 225,855 — 225,855 
Agency commercial mortgage-backed securities— 67,212 — 67,212 
Corporate bonds— 32,748 3,923 36,671 
Equity securities— 647 — 647 
Loans held for investment at fair value— — 318 318 
Loans held for sale — 1,322 — 1,322 
Derivative assets — 45,756 101 45,857 
Capitalized servicing rights — — 1,646 1,646 
Derivative liabilities — 68,902 — 68,902 
 December 31, 2024
 Level 1Level 2Level 3Total
(In thousands)InputsInputsInputsFair Value
Trading securities$— $— $5,258 $5,258 
Securities available for sale:
U.S Treasuries6,989 — — 6,989 
Municipal bonds and obligations— 60,864 — 60,864 
Agency collateralized mortgage obligations— 264,562 — 264,562 
Agency residential mortgage-backed securities— 220,240 — 220,240 
Agency commercial mortgage-backed securities— 66,711 — 66,711 
Corporate bonds— 32,456 3,901 36,357 
Equity securities— 655 — 655 
Loans held for investment at fair value— — 325 $325 
Loans held for sale — 3,076 — 3,076 
Derivative assets — 47,799 124 47,923 
Capitalized servicing rights — — 1,706 1,706 
Derivative liabilities — 79,039 — 79,039 


There were no transfers between levels during the three months ended March 31, 2025.
Trading Securities at Fair Value. The Company holds one security designated as a trading security. It is a tax-advantaged economic development bond issued to the Company by a local nonprofit which provides wellness and health programs. The fair value of this security is determined based on a discounted cash flow methodology. Certain inputs to the fair value calculation are unobservable and there is little to no market activity in the security; therefore, the security meets the definition of a Level 3 security. The discount rate used in the valuation of the security is sensitive to movements in the 3-month SOFR rate.

Securities Available for Sale and Equity Securities. Equity securities classified as Level 1 consist of publicly-traded equity securities for which the fair values can be obtained through quoted market prices in active exchange markets. Equity securities classified as Level 2 consist of securities with infrequent trades in active exchange markets, and pricing is primarily sourced from third party pricing services. AFS securities classified as Level 1 consist of U.S. Treasury securities. AFS securities classified as Level 2 include most of the Company’s debt securities. The pricing on Level 2 and Level 3 was primarily sourced from third party pricing services, overseen by management, and is based on models that consider standard input factors such as dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and condition, among other things. Level 3 pricing includes inputs unobservable to market participants.

Loans Held for Investment. The Company’s held for investment loan portfolio includes loans originated by Company and loans acquired through business combinations. The Company intends to hold these assets until maturity as a part of its business operations. For one acquired portfolio subset, the Company previously accounted for these purchased-credit impaired loans as a pool under ASC 310, as they were determined to have common risk characteristics. These loans were recorded at fair value on acquisition date and subsequently evaluated for impairment collectively. Upon adoption of ASC 326, the Company elected the fair value option on this portfolio, recognizing an $11.2 million fair value write-down charged to retained earnings, net of deferred tax impact, as of January 1, 2020. The fair value of this loan portfolio is determined based on a discounted cash flow methodology. Certain inputs to the fair value calculation are unobservable; therefore, the loans meet the definition of Level 3 assets. The discount rate used in the valuation is consistent with assets that have significant credit deterioration. The cash flow assumptions include payment schedules for loans with current payment histories and estimated collateral value for delinquent loans. All of these loans were nonperforming as of March 31, 2025.
   Aggregate Fair Value
March 31, 2025AggregateAggregateLess Aggregate
(In thousands)Fair ValueUnpaid PrincipalUnpaid Principal
Loans held for investment at fair value$318 $6,533 $(6,215)

   Aggregate Fair Value
December 31, 2024AggregateAggregateLess Aggregate
(In thousands)Fair ValueUnpaid PrincipalUnpaid Principal
Loans held for investment at fair value$325 $6,541 $(6,216)
Loans Held for Sale. The Company elected the fair value option for all loans held for sale (HFS) originated for sale on or after May 1, 2012. Loans HFS are classified as Level 2 as the fair value is based on input factors such as quoted prices for similar loans in active markets.
   Aggregate Fair Value
March 31, 2025AggregateAggregateLess Aggregate
(In thousands)Fair ValueUnpaid PrincipalUnpaid Principal
Loans held for sale$1,322 $1,297 $25 
   Aggregate Fair Value
December 31, 2024AggregateAggregateLess Aggregate
(In thousands)Fair ValueUnpaid PrincipalUnpaid Principal
Loans held for sale $3,076 $3,015 $61 

The changes in fair value of loans held for sale for the three months ended March 31, 2025, were losses of $36 thousand. During the three months ended March 31, 2025, originations of loans held for sale totaled $22.2 million. During the three months ended March 31, 2025, sales of loans originated for sale totaled $23.6 million.

The changes in fair value of loans held for sale for the three months ended March 31, 2024, were gains of $55 thousand. During the three months ended March 31, 2024, originations of loans held for sale totaled $27.8 million. During the three months ended March 31, 2024, sales of loans originated for sale totaled $24.3 million.

Interest Rate Swaps. The valuation of the Company’s interest rate swaps is obtained from a third-party pricing service and is determined using a discounted cash flow analysis on the expected cash flows of each derivative. The pricing analysis is based on observable inputs for the contractual terms of the derivatives, including the period to maturity and interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings.

Although the Company has determined that the majority of the inputs used to value its interest rate derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of March 31, 2025, the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.

Commitments to Lend. The Company enters into commitments to lend for residential mortgage loans intended for sale, which commit the Company to lend funds to a potential borrower at a specific interest rate and within a specified period of time. The estimated fair value of commitments to originate residential mortgage loans for sale is based on quoted prices for similar loans in active markets. However, this value is adjusted by a factor which considers the likelihood that the loan in a lock position will ultimately close, and by the non-refundable costs of originating the loan. The closing ratio is derived from the Bank’s internal data and is adjusted using significant management judgment. The costs to originate are primarily based on the Company’s internal commission rates that are not observable. As such, these commitments are classified as Level 3 measurements.
Forward Sale Commitments. The Company utilizes forward sale commitments as economic hedges against potential changes in the values of the commitments to lend and loans originated for sale. To Be Announced (“TBA”) mortgage-backed securities forward commitment sales are used as the hedging instrument, are classified as Level 1, and consist of publicly-traded debt securities for which identical fair values can be obtained through quoted market prices in active exchange markets. The fair values of the Company’s best efforts and mandatory delivery loan sale commitments are determined similarly to the commitments to lend using quoted prices in the market place that are observable. However, costs to originate and closing ratios included in the calculation are internally generated and are based on management’s judgment and prior experience, which are considered factors that are not observable. As such, best efforts and mandatory forward commitments are classified as Level 3 measurements.

Capitalized Servicing Rights. The Company accounts for certain capitalized servicing rights at fair value in its Consolidated Financial Statements, as the Company is permitted to elect the fair value option for each specific instrument. A loan servicing right asset represents the amount by which the present value of the estimated future net cash flows to be received from servicing loans exceed adequate compensation for performing the servicing. The fair value of servicing rights is estimated using a present value cash flow model. The most important assumptions used in the valuation model are the anticipated rate of the loan prepayments and discount rates. Although some assumptions in determining fair value are based on standards used by market participants, some are based on unobservable inputs and therefore are classified in Level 3 of the valuation hierarchy.

The table below presents the changes in Level 3 assets and liabilities that were measured at fair value on a recurring basis for the three months ended March 31, 2025 and 2024.
 Assets (Liabilities)
  SecuritiesLoans Capitalized
 TradingAvailableHeld for CommitmentsForwardServicing
(In thousands)Securitiesfor SaleInvestmentto LendCommitments Rights
Three Months Ended March 31, 2025
December 31, 2024$5,258 $3,901 $326 $90 $34 $1,706 
Unrealized gain/(loss), net recognized in other non-interest income(14)— 1 153 (26)(60)
Unrealized (loss) included in accumulated other comprehensive income— 22 — — — — 
Paydown of asset(234)— (9)— — — 
Transfers to held for sale loans— — — (150)— — 
March 31, 2025$5,010 $3,923 $318 $93 $8 $1,646 
Unrealized (loss)/gain relating to instruments still held at March 31, 2025$(53)$(77)$— $93 $8 $— 

 Assets (Liabilities)
  SecuritiesLoans Capitalized
 TradingAvailableHeld for CommitmentsForwardServicing
(In thousands)Securitiesfor SaleInvestmentto LendCommitments Rights
Three Months Ended March 31, 2024
December 31, 2023$6,142 $3,923 $374 $34 $21 $1,526 
Unrealized (loss)/gain, net recognized in other non-interest income(11)— 48 261 57 (180)
Unrealized gain included in accumulated other comprehensive income— 6 — — — — 
Paydown of asset(222)— (26)— — — 
Transfers to held for sale loans— — — (148)— — 
March 31, 2024$5,909 $3,929 $396 $147 $78 $1,346 
Unrealized (loss)/gain relating to instruments still held at March 31, 2024$(71)$(71)$— $147 $78 $— 
Quantitative information about the significant unobservable inputs within Level 3 recurring assets and liabilities is as follows:
 Fair Value  Significant
Unobservable Input
(In thousands)March 31, 2025Valuation TechniquesUnobservable InputsValue
Assets (Liabilities)    
Trading Securities$5,010 Discounted Cash FlowDiscount Rate3.31 %
AFS Securities3,923 Indication from Market MakerPrice
98.07%
Loans held for investment318 Discounted Cash FlowDiscount Rate25.00 %
Collateral Value
$0.0 - $20.1
Commitments to lend 93 Historical TrendClosing Ratio79.63 %
  Pricing ModelOrigination Costs, per loan$3 
Forward commitments 8 Historical TrendClosing Ratio79.63 %
  Pricing ModelOrigination Costs, per loan$3 
Capitalized servicing rights 1,646 Discounted cash flowConstant Prepayment Rate (CPR)7.41 %
Discount Rate10.09 %
Total$10,998    

 Fair Value  Significant
Unobservable Input
(In thousands)December 31, 2024Valuation TechniquesUnobservable InputsValue
Assets (Liabilities)    
Trading Securities$5,258 Discounted Cash FlowDiscount Rate3.36 %
AFS Securities3,901 Indication from Market MakerPrice97.53 %
Loans held for investment325 Discounted Cash FlowDiscount Rate25.00 %
Collateral Value
$0.0- $18.8
Commitments to lend 90 Historical TrendClosing Ratio83.21 %
  Pricing ModelOrigination Costs, per loan$3 
Forward commitments 34 Historical TrendClosing Ratio83.21 %
  Pricing ModelOrigination Costs, per loan$3 
Capitalized servicing rights1,706 Discounted Cash FlowConstant Prepayment Rate (CPR)7.21 %
Discount Rate10.09 %
Total$11,314    
Non-Recurring Fair Value Measurements
The Company is required, on a non-recurring basis, to adjust the carrying value or provide valuation allowances for certain assets using fair value measurements in accordance with GAAP. The following is a summary of applicable non-recurring fair value measurements. There are no liabilities measured at fair value on a non-recurring basis.
 March 31, 2025Fair Value Measurement Date December 31, 2024Fair Value Measurement Date
 Level 3Level 3Level 3Level 3
(In thousands)InputsInputsInputsInputs
Assets  
Individually evaluated$1,817 March 2025$2,195 December 2024
Capitalized servicing rights9,982 March 202510,084 December 2024
Total$11,799 $12,279 

Quantitative information about the significant unobservable inputs within Level 3 non-recurring assets is as follows:
 Fair Value   
(In thousands)March 31, 2025Valuation TechniquesUnobservable InputsRange (Weighted Average) (1)
Assets    
Individually evaluated$1,817 Fair Value of CollateralDiscounted Cash Flow - Loss Severity
(100.00)% to (0.02)% ((65.17)%)
   Appraised Value
$0 to $178 ($150)
Capitalized servicing rights9,982 Discounted Cash FlowConstant Prepayment Rate (CPR)
5.22% to 19.10% (13.90%)
   Discount Rate
10.47% to 12.31% (11.16%)
Total$11,799    
(1)     Where dollar amounts are disclosed, the amounts represent the lowest and highest fair value of the respective assets in the population except for adjustments for market/property conditions, which represents the range of adjustments to individuals properties.
 Fair Value   
(In thousands)December 31, 2024Valuation TechniquesUnobservable InputsRange (Weighted Average) (1)
Assets    
Individually evaluated$2,195 Fair Value of CollateralDiscounted Cash Flow - loss severity
(100.00)% to (0.03)% ((66.97)%)
   Appraised Value
$0 to $180 ($153)
Capitalized servicing rights10,084 Discounted Cash FlowConstant Prepayment Rate (CPR)
4.87% to 14.58% (13.33%)
   Discount Rate
10.47% to 12.97% (11.56%)
Total$12,279    
(1)     Where dollar amounts are disclosed, the amounts represent the lowest and highest fair value of the respective assets in the population except for adjustments for market/property conditions, which represents the range of adjustments to individuals properties.

There were no Level 1 or Level 2 nonrecurring fair value measurements for the periods ended March 31, 2025 and December 31, 2024.
Individually evaluated loans. Loans are generally not recorded at fair value on a recurring basis. Periodically, the Company records non-recurring adjustments to the carrying value of loans based on fair value measurements for partial charge-offs of the uncollectible portions of those loans. Non-recurring adjustments can also include certain impairment amounts for collateral-dependent loans calculated when establishing the allowance for credit losses. Such amounts are generally based on the fair value of the underlying collateral supporting the loan and, as a result, the carrying value of the loan less the calculated valuation amount does not necessarily represent the fair value of the loan. Real estate collateral is typically valued using appraisals or other indications of value based on recent comparable sales of similar properties or assumptions generally observable in the marketplace. However, the choice of observable data is subject to significant judgment, and there are often adjustments based on judgment in order to make observable data comparable and to consider the impact of time, the condition of properties, interest rates, and other market factors on current values. Additionally, commercial real estate appraisals frequently involve discounting of projected cash flows, which relies inherently on unobservable data. Therefore, nonrecurring fair value measurement adjustments that relate to real estate collateral have generally been classified as Level 3. Estimates of fair value for other collateral that supports commercial loans are generally based on assumptions not observable in the marketplace and therefore such valuations have been classified as Level 3. 

Loans Transferred to Held for Sale. Once a decision has been made to sell loans not previously classified as held for sale, these loans are transferred into the held for sale category and carried at the lower of cost or fair value. Real estate collateral is typically valued using appraisals or other indications of value based on recent comparable sales of similar properties or assumptions generally observable in the marketplace. The choice of observable data is subject to significant judgment, and there are often adjustments based on judgment in order to make observable data comparable and to consider the impact of time, the condition of properties, interest rates, and other market factors on current values. Nonrecurring fair value measurement adjustments that relate to real estate collateral have generally been classified as Level 3. Estimates of fair value for other collateral that supports commercial loans are generally based on assumptions not observable in the marketplace and therefore such valuations have been classified as Level 3. 

Capitalized loan servicing rights. A loan servicing right asset represents the amount by which the present value of the estimated future net cash flows to be received from servicing loans exceed adequate compensation for performing the servicing. The fair value of servicing rights is estimated using a present value cash flow model. The most important assumptions used in the valuation model are the anticipated rate of the loan prepayments and discount rates. Adjustments are only recorded when the discounted cash flows derived from the valuation model are less than the carrying value of the asset. Although some assumptions in determining fair value are based on standards used by market participants, some are based on unobservable inputs and therefore are classified in Level 3 of the valuation hierarchy.
Summary of Estimated Fair Values of Financial Instruments
The following tables summarize the estimated fair values (represents exit price), and related carrying amounts, of the Company’s financial instruments. Certain financial instruments and all non-financial instruments are excluded. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company.
 March 31, 2025
 CarryingFair   
(In thousands)AmountValueLevel 1Level 2Level 3
Financial Assets     
Cash and cash equivalents$826,336 $826,336 $826,336 $— $— 
Trading securities5,010 5,010 — — 5,010 
Equity securities647 647 — 647 — 
Securities available for sale 669,182 669,182 7,901 657,358 3,923 
Securities held to maturity494,242 422,151 — 421,147 1,004 
Federal Home Loan Bank stock29,688 N/AN/AN/AN/A
Net loans9,312,207 9,050,597 — — 9,050,597 
Loans held for sale 1,322 1,322 — 1,322 — 
Accrued interest receivable48,161 48,161 — 48,161 — 
Derivative assets 45,857 45,857 — 45,756 101 
Assets held for sale6,930 6,930 — 6,930 — 
Financial Liabilities     
Total deposits$9,879,877 $9,873,633 $— $9,873,633 $— 
Short-term debt400,000 400,070 — 400,070 — 
Long-term Federal Home Loan Bank advances and other162,921 160,268 — 160,268 — 
Subordinated borrowings121,674 110,919 — 110,919 — 
Accrued interest payable9,134 9,134 — 9,134 — 
Derivative liabilities 68,902 68,902 — 68,902 — 
 December 31, 2024
 CarryingFair   
(In thousands)AmountValueLevel 1Level 2Level 3
Financial Assets     
Cash and cash equivalents$1,128,409 $1,128,409 $1,128,409 $— $— 
Trading securities5,258 5,258 — — 5,258 
Equity securities655 655 — 655 — 
Securities available for sale and other655,723 655,723 6,989 644,833 3,901 
Securities held to maturity507,658 433,382 — 432,280 1,102 
Federal Home Loan Bank stock19,565 N/AN/AN/AN/A
Net loans9,270,294 8,984,103 — — 8,984,103 
Loans held for sale 3,076 3,076 — 3,076 — 
Accrued interest receivable49,410 49,410 — 49,410 — 
Derivative assets 47,923 47,923 — 47,799 124 
Financial Liabilities     
Total deposits$10,375,204 $10,367,636 $— $10,367,636 $— 
Short-term debt103,500 103,635 — 103,635 — 
Long-term Federal Home Loan Bank advances212,982 209,736 — 209,736 — 
Subordinated borrowings121,612 110,447 — 110,447 — 
Accrued interest payable9,005 9,005 — 9,005 — 
Derivative liabilities 79,039 79,039 — 79,039 — 
v3.25.1
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES
 3 Months Ended
Mar. 31, 2025
Banking and Thrift, Interest [Abstract]  
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES
Presented below is net interest income after provision for credit losses for the three months ended March 31, 2025 and 2024, respectively.
Three Months Ended March 31,
(In thousands)20252024
Net interest income$89,771 $88,140 
Provision for credit losses5,500 6,000 
Net interest after provision for credit losses$84,271 $82,140 
v3.25.1
TAX EQUITY INVESTMENTS
 3 Months Ended
Mar. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
TAX EQUITY INVESTMENTS TAX EQUITY INVESTMENTS
The Company typically accounts for tax equity investments using the proportional amortization method, if certain criteria are met. The election to account for tax equity investments using the proportional amortization method is done so on a tax credit program-by-tax credit program basis. Under the proportional amortization method, the Company amortizes the initial cost of the investment, which is inclusive of any delayed equity contributions, that are unconditional and legally binding or for equity contributions that are contingent on a future event, when that event becomes probable, in proportion to the income tax credits and other income tax benefits that are allocated to the Company over the period of the investment.

Under the proportional amortization method, the Company amortizes the initial cost of the investment, inclusive of delayed equity contributions, in proportion to the income tax credits and other income tax benefits that are allocated to the Company over the period of the investment. The net benefits of these investments, which are comprised of income tax credits and operating loss income tax benefits, net of investment amortization, are recognized in the Consolidated Statements of Income as a component of income tax expense. At March 31, 2025 and December 31, 2024 the carrying value of all tax equity investments was $44.9 million and $35.6 million, respectively, and were included in other assets on the Consolidated Balance Sheets.

The carrying value of the investments accounted for under the proportional amortization method (PAM) on March 31, 2025 included $24 million of delayed equity contributions described in the chart below.

As of March 31, 2025, the Company's delayed equity contributions were estimated to be paid as follows:

(In thousands)Delayed Equity Contributions
2025$11,782 
20267,294 
20274,277 
2028258 
Thereafter237 
Total delayed equity contributions$23,848 

The following table presents income tax credits and other income tax benefits, as well as amortization expense, associated with investments where the proportional amortization method of accounting has been applied for the periods indicated.
Three Months Ended March 31,
(In thousands)20252024
Provision for Income Taxes:
Amortization of tax credit investments$(951)$(639)
Tax credit and other tax benefit/(expense)854 573 
Total provision for income taxes$(97)$(66)

There was no material non-income tax related expense associated with these investments recorded outside of income tax expense for the three months ended March 31, 2025 and 2024. There were no impairment losses recorded on tax equity investments during the three months ended March 31, 2025 and 2024.
v3.25.1
PENDING MERGER
 3 Months Ended
Mar. 31, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
PENDING MERGER PENDING MERGER
On December 16, 2024, Berkshire Hills Bancorp, Inc., a Delaware corporation (“Berkshire”), Commerce Acquisition Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Berkshire (“Merger Sub”), and Brookline Bancorp, Inc., a Delaware corporation (“Brookline”), entered into an Agreement and Plan of Merger (the “Merger Agreement”). The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, Merger Sub will merge with and into Brookline, with Brookline as the surviving entity (the “Merger”), and immediately following the Merger, Brookline will merge with and into Berkshire, with Berkshire as the surviving entity (the “Holdco Merger”). The Merger Agreement further provides that immediately following the Merger, Berkshire Bank, a Massachusetts trust company and a wholly owned subsidiary of Berkshire, Bank Rhode Island, a Rhode Island-chartered bank and a wholly owned subsidiary of Brookline, and PCSB Bank, a New York-chartered bank and a wholly owned subsidiary of Brookline, each will merge with and into Brookline Bank, a Massachusetts trust company and a wholly owned subsidiary of Brookline, with Brookline Bank as the surviving bank (the “Bank Mergers” and, together with the Merger and the Holdco Merger, the “Proposed Transaction”).

Upon the terms and subject to the conditions of the Merger Agreement, at the effective time of the Merger (the “Effective Time”), each share of common stock, $0.01 par value, of Brookline (“Brookline Common Stock”) outstanding immediately prior to the Effective Time, other than certain shares held by Brookline or Berkshire, will be converted into the right to receive 0.42 of a share (the “Exchange Ratio”) of common stock, par value $0.01 per share, of Berkshire (“Berkshire Common Stock”). Holders of Brookline Common Stock will receive cash in lieu of fractional shares of Berkshire Common Stock.
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net income $ 25,719 $ (20,188)
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.1
BASIS OF PRESENTATION (Policies)
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of presentation BASIS OF PRESENTATION
The Consolidated Financial Statements (the “financial statements”) of Berkshire Hills Bancorp, Inc. and its subsidiaries (the “Company” or “Berkshire”) have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Company is a Delaware corporation, headquartered in Boston, Massachusetts, and the holding company for Berkshire Bank (the “Bank”), a Massachusetts-chartered trust company headquartered in Pittsfield, Massachusetts. These financial statements include the accounts of the Company, its wholly-owned subsidiaries and the Bank’s consolidated subsidiaries. In consolidation, all significant intercompany accounts and transactions are eliminated. The results of operations of companies or assets acquired are included only from the dates of acquisition. All material wholly-owned and majority-owned subsidiaries are consolidated unless GAAP requires otherwise.

The Company has evaluated subsequent events for potential recognition and/or disclosure through the date these financial statements were issued.

These interim financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X, and accordingly, certain information and footnote disclosures normally included in financial statements prepared according to GAAP have been omitted.

The results for any interim period are not necessarily indicative of results for the full year. These consolidated financial statements should be read in conjunction with the audited financial statements and disclosures Berkshire Hills Bancorp, Inc. previously filed with the Securities and Exchange Commission in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. In management’s opinion, all adjustments necessary for a fair statement are reflected in the interim periods.
Consolidation BASIS OF PRESENTATION
The Consolidated Financial Statements (the “financial statements”) of Berkshire Hills Bancorp, Inc. and its subsidiaries (the “Company” or “Berkshire”) have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Company is a Delaware corporation, headquartered in Boston, Massachusetts, and the holding company for Berkshire Bank (the “Bank”), a Massachusetts-chartered trust company headquartered in Pittsfield, Massachusetts. These financial statements include the accounts of the Company, its wholly-owned subsidiaries and the Bank’s consolidated subsidiaries. In consolidation, all significant intercompany accounts and transactions are eliminated. The results of operations of companies or assets acquired are included only from the dates of acquisition. All material wholly-owned and majority-owned subsidiaries are consolidated unless GAAP requires otherwise.

The Company has evaluated subsequent events for potential recognition and/or disclosure through the date these financial statements were issued.

These interim financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X, and accordingly, certain information and footnote disclosures normally included in financial statements prepared according to GAAP have been omitted.

The results for any interim period are not necessarily indicative of results for the full year. These consolidated financial statements should be read in conjunction with the audited financial statements and disclosures Berkshire Hills Bancorp, Inc. previously filed with the Securities and Exchange Commission in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. In management’s opinion, all adjustments necessary for a fair statement are reflected in the interim periods.
Reclassifications
Reclassifications
Certain items in prior financial statements have been reclassified to conform to the current presentation.
Use of Estimates
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements. Actual results could differ from those estimates.
Operating Segments
Operating Segments
The Company's reportable segment is determined by the Chief Executive Officer, who is designated the chief operating decision maker ("CODM"), based upon information provided about the Company's products and services offered, primarily banking operations. Consolidated net income of the company is the primary performance metric utilized by the CODM. The segment is also distinguished by the level of information provided to the CODM, who uses such information to review performance of various components of the business, which are then aggregated if operating performance, products/services, and customers are similar. The CODM will evaluate the financial performance of the Company's business components such as by evaluating revenue streams, significant expenses, and budget to actual results in assessing the Company's segment and in the determination of allocating resources. The CODM uses revenue streams to evaluate product pricing and significant expenses to assess performance and evaluate return on assets. The CODM uses consolidated net income to benchmark the Company against its competitors. The benchmarking analysis coupled with monitoring of budget to actual results are used in assessment performance and in establishing compensation. Loans, investments, and deposits provide the revenues in the banking operation. Interest expense, provisions for credit losses, and payroll provide the significant expenses in the banking operation. No other expenses meet the threshold of significant. While the Company has assigned certain management responsibilities by business lines, the Company’s CODM monitors and evaluates financial performance on a Company-wide basis. The majority of the Company’s revenue is from the business of banking. Accordingly, all of the Company’s operations are considered by management to be aggregated in one reportable operating segment. All operations are domestic.
Future Application of Accounting Pronouncements
Future Application of Accounting Pronouncements
In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The ASU requires disclosure in the rate reconciliation table of additional categories of information and more details about the reconciling items in some categories if items meet a quantitative threshold. The ASU also requires all entities to disclose income taxes paid, net of refunds, disaggregated by federal, state and foreign taxes for annual periods and to disaggregate the information by jurisdiction based on a quantitative threshold, among other things. The amendments in this ASU are effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is still evaluating; however, the adoption is not expected to have a material impact on the Company’s Consolidated Financial Statements.

In November 2024, the FASB issued ASU No. 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses." The ASU requires additional interim and annual disclosures that further disaggregate certain expense captions into specified categories in a separate note to the financial statements, as well as certain qualitative information describing amounts not separately disaggregated. The ASU is effective in the annual period beginning on January 1, 2027 and interim periods beginning on January 1, 2028 and can be applied on either a prospective or retrospective basis, with early adoption permitted. The Company is evaluating the impact to the Company’s disclosures.
Tax Equity Investments
The Company typically accounts for tax equity investments using the proportional amortization method, if certain criteria are met. The election to account for tax equity investments using the proportional amortization method is done so on a tax credit program-by-tax credit program basis. Under the proportional amortization method, the Company amortizes the initial cost of the investment, which is inclusive of any delayed equity contributions, that are unconditional and legally binding or for equity contributions that are contingent on a future event, when that event becomes probable, in proportion to the income tax credits and other income tax benefits that are allocated to the Company over the period of the investment.
Under the proportional amortization method, the Company amortizes the initial cost of the investment, inclusive of delayed equity contributions, in proportion to the income tax credits and other income tax benefits that are allocated to the Company over the period of the investment. The net benefits of these investments, which are comprised of income tax credits and operating loss income tax benefits, net of investment amortization, are recognized in the Consolidated Statements of Income as a component of income tax expense.
v3.25.1
SECURITIES AVAILABLE FOR SALE, HELD TO MATURITY, AND EQUITY SECURITIES (Tables)
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Securities Available for Sale, Held to Maturity, and Equity Securities
The following is a summary of securities available for sale, held to maturity, and equity securities:
(In thousands)Amortized  CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair ValueAllowance
March 31, 2025    
Securities available for sale    
U.S. Treasuries
$7,902 $— $(1)$7,901 
Municipal bonds and obligations
63,631 8 (3,622)60,017 — 
Agency collateralized mortgage obligations 330,167 432 (59,073)271,526 — 
Agency mortgage-backed securities
272,245 6 (46,396)225,855 — 
Agency commercial mortgage-backed securities
84,722 — (17,510)67,212 — 
Corporate bonds
38,684 27 (2,040)36,671 — 
Total securities available for sale797,351 473 (128,642)669,182 — 
Securities held to maturity    
Municipal bonds and obligations
234,188 66 (25,342)208,912 44 
Agency collateralized mortgage obligations 99,207 — (16,158)83,049 — 
Agency mortgage-backed securities
42,703 — (7,485)35,218 — 
Agency commercial mortgage-backed securities
116,824 — (23,133)93,691 — 
Tax advantaged economic development bonds
1,043 — (39)1,004 19 
Other bonds and obligations
277 — — 277 — 
Total securities held to maturity494,242 66 (72,157)422,151 63 
Equity securities647 75 (75)647 — 
Total$1,292,240 $614 $(200,874)$1,091,980 $63 
(In thousands)Amortized  CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair ValueAllowance
December 31, 2024    
Securities available for sale    
U.S. Treasuries
$6,986 $3 $— $6,989 $— 
Municipal bonds and obligations
63,952 10 (3,098)60,864 — 
Agency collateralized mortgage obligations 328,569 146 (64,153)264,562 — 
Agency mortgage-backed securities
273,969 4 (53,733)220,240 — 
Agency commercial mortgage-backed securities
85,686 — (18,975)66,711 — 
Corporate bonds
38,689 30 (2,362)36,357 — 
Total securities available for sale797,851 193 (142,321)655,723 — 
Securities held to maturity    
Municipal bonds and obligations
235,883 129 (22,619)213,393 44 
Agency collateralized mortgage obligations 101,163 — (17,884)83,279 — 
Agency mortgage-backed securities
43,644 — (8,707)34,937 — 
Agency commercial mortgage-backed securities
125,547 — (25,153)100,394 — 
Tax advantaged economic development bonds
1,144 — (42)1,102 20 
Other bonds and obligations
277 — — 277 — 
Total securities held to maturity507,658 129 (74,405)433,382 64 
Equity securities655 67 (67)655 — 
Total$1,306,164 $389 $(216,793)$1,089,760 $64 
Schedule of Debt Securities, Held to Maturity, Activity
The following table summarizes the activity in the allowance for credit losses for debt securities held to maturity by security type for the three months ended March 31, 2025 and 2024:
(In thousands)Municipal bonds and obligationsTax advantaged economic development bondsTotal
Balance at December 31, 2024$44 $20 $64 
Provision (benefit) for credit losses— (1)(1)
Balance at March 31, 2025$44 $19 $63 
(In thousands)Municipal bonds and obligationsTax advantaged economic development bondsTotal
Balance at December 31, 2023$48 $20 $68 
Provision (benefit) for credit losses(7)— (7)
Balance at March 31, 2024$41 $20 $61 
Schedule of Amortized Cost and Estimated Fair Value of Available for Sale (AFS) and Held to Maturity (HTM) Securities, Segregated by Contractual Maturity
The amortized cost and estimated fair value of available for sale (“AFS”) and held to maturity (“HTM”) securities segregated by contractual maturity at March 31, 2025 are presented below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Mortgage-backed securities are shown in total, as their maturities are highly variable.
 Available for saleHeld to maturity
 AmortizedFairAmortizedFair
(In thousands)CostValueCostValue
Within 1 year$8,561 $8,558 $597 $594 
Over 1 year to 5 years21,331 21,144 2,628 2,588 
Over 5 years to 10 years49,946 47,298 64,432 62,450 
Over 10 years30,379 27,589 167,851 144,561 
Total bonds and obligations110,217 104,589 235,508 210,193 
Mortgage-backed securities687,134 564,593 258,734 211,958 
Total$797,351 $669,182 $494,242 $422,151 
Schedule of Securities with Unrealized Losses, Segregated by the Duration of their Continuous Unrealized Loss Positions
Securities available for sale and held to maturity with unrealized losses, segregated by the duration of their continuous unrealized loss positions, are summarized as follows:
 Less Than Twelve MonthsOver Twelve MonthsTotal
 Gross Gross Gross 
 UnrealizedFairUnrealizedFairUnrealizedFair
(In thousands)LossesValueLossesValueLossesValue
March 31, 2025      
Securities available for sale      
U.S. Treasuries
$1 $7,901 $— $— $1 $7,901 
Municipal bonds and obligations
831 28,580 2,791 27,376 3,622 55,956 
Agency collateralized mortgage obligations
30 17,914 59,043 199,409 59,073 217,323 
Agency mortgage-backed securities
90 7,018 46,306 218,099 46,396 225,117 
Agency commercial mortgage-backed securities— — 17,510 67,212 17,510 67,212 
Corporate bonds
188 8,162 1,852 27,698 2,040 35,860 
Total securities available for sale$1,140 $69,575 $127,502 $539,794 $128,642 $609,369 
Securities held to maturity      
Municipal bonds and obligations$2,223 $69,953 $23,119 $114,554 $25,342 $184,507 
Agency collateralized mortgage obligations— — 16,158 83,049 16,158 83,049 
Agency mortgage-backed securities— — 7,485 35,218 7,485 35,218 
Agency commercial mortgage-backed securities— — 23,133 93,691 23,133 93,691 
Tax advantaged economic development bonds
— — 39 1,004 39 1,004 
Total securities held to maturity2,223 69,953 69,934 327,516 72,157 397,469 
Total$3,363 $139,528 $197,436 $867,310 $200,799 $1,006,838 
December 31, 2024      
Securities available for sale      
Municipal bonds and obligations
$773 $30,299 $2,325 $25,916 $3,098 $56,215 
Agency collateralized mortgage obligations
403 45,954 63,750 200,038 64,153 245,992 
Agency mortgage-backed securities
113 3,706 53,620 215,822 53,733 219,528 
Agency commercial mortgage-backed securities— — 18,975 66,711 18,975 66,711 
Corporate bonds
— — 2,362 32,538 2,362 32,538 
Total securities available for sale$1,289 $79,959 $141,032 $541,025 $142,321 $620,984 
Securities held to maturity      
Municipal bonds and obligations
1,614 73,453 21,005 111,228 22,619 184,681 
Agency collateralized mortgage obligations
— — 17,884 83,279 17,884 83,279 
Agency mortgage-backed securities
— — 8,707 34,937 8,707 34,937 
Agency commercial mortgage-backed securities
— — 25,153 100,394 25,153 100,394 
Tax advantaged economic development bonds
— — 42 1,102 42 1,102 
Total securities held to maturity1,614 73,453 72,791 330,940 74,405 404,393 
Total$2,903 $153,412 $213,823 $871,965 $216,726 $1,025,377 
v3.25.1
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Tables)
 3 Months Ended
Mar. 31, 2025
Credit Loss [Abstract]  
Schedule of Loans
The following is a summary of total loans by regulatory call report code with sub-segmentation based on underlying collateral for certain loan types:
(In thousands)March 31, 2025December 31, 2024
Construction$715,046 $726,344 
Commercial multifamily695,246 636,805 
Commercial real estate owner occupied690,493 695,330 
Commercial real estate non-owner occupied2,756,335 2,769,447 
Commercial and industrial1,438,555 1,439,175 
Residential real estate2,791,265 2,771,769 
Home equity239,113 230,365 
Consumer other102,832 115,759 
Total loans$9,428,885 $9,384,994 
Allowance for credit losses(116,678)(114,700)
Net loans$9,312,207 $9,270,294 
Schedule of Allowance for Credit Losses for Loans, Activity
The Company’s activity in the allowance for credit losses for loans for the three months ended March 31, 2025 and March 31, 2024 was as follows:
(In thousands)Balance at Beginning of PeriodCharge-offsRecoveries
Provision/(Benefit)
for Credit Losses
Balance at End of Period
Three months ended March 31, 2025
Construction$4,463 $— $— $1,259 $5,722 
Commercial multifamily4,084 (853)— 1,484 4,715 
Commercial real estate owner occupied11,303 (73)43 531 11,804 
Commercial real estate non-owner occupied38,520 (40)3 (2,303)36,180 
Commercial and industrial25,549 (2,821)1,219 1,830 25,777 
Residential real estate22,479 (25)186 5,601 28,241 
Home equity2,392 — 580 (197)2,775 
Consumer other5,910 (2,444)702 (2,704)1,464 
Total allowance for credit losses$114,700 $(6,256)$2,733 $5,501 $116,678 
(In thousands)Balance at Beginning of PeriodCharge-offsRecoveries
Provision/(Benefit) for Credit Losses
Balance at End of Period
Three months ended March 31, 2024
Construction$2,885 $— $— $(305)$2,580 
Commercial multifamily2,475 — — 174 2,649 
Commercial real estate owner occupied9,443 (107)14 548 9,898 
Commercial real estate non-owner occupied38,221 — 81 (4,047)34,255 
Commercial and industrial18,602 (2,442)657 3,199 20,016 
Residential real estate19,622 (41)186 2,644 22,411 
Home equity2,015 — 239 (262)1,992 
Consumer other12,094 (3,046)426 4,056 13,530 
Total allowance for credit losses$105,357 $(5,636)$1,603 $6,007 $107,331 
Schedule of Allowance for Credit Losses on Unfunded Loan Commitments, Activity The Company’s activity in the allowance for credit losses on unfunded commitments for the three months ended March 31, 2025 and 2024 was as follows:
Three Months Ended
March 31,
(In thousands)20252024
Balance at beginning of period$9,821 $9,256 
Expense for credit losses(750)— 
Balance at end of period$9,071 $9,256 
Schedule of Loans by Risk Rating
The following table presents the Company’s loans by risk category:
Term Loans Amortized Cost Basis by Origination Year
(In thousands)20252024202320222021PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
As of March 31, 2025
Construction
Current period gross write-offs$— $— $— $— $— $— $— $— $— 
Risk rating
Pass$32,684 $28,269 $147,114 $385,726 $59,223 $1,286 $— $— $654,302 
Special Mention— — — 21,790 — — — — 21,790 
Substandard— — — 20,121 18,833 — — — 38,954 
Total$32,684 $28,269 $147,114 $427,637 $78,056 $1,286 $— $— $715,046 
Commercial multifamily:
Current period gross write-offs$— $— $— $— $— $853 $— $— $853 
Risk rating
Pass$34,463 $85,120 $17,521 $231,665 $50,604 $268,462 $1,315 $— $689,150 
Special Mention— — — — — 407 — — 407 
Substandard— — — — — 5,689 — — 5,689 
Total$34,463 $85,120 $17,521 $231,665 $50,604 $274,558 $1,315 $— $695,246 
Commercial real estate owner occupied:
Current period gross write-offs$— $— $— $— $— $73 $— $— $73 
Risk rating
Pass$23,857 $123,931 $81,672 $100,659 $93,253 $217,610 $2,694 $— $643,676 
Special Mention— 1,844 9,496 10,032 7,204 6,243 — — 34,819 
Substandard— — 1,066 3,016 588 6,828 500 — 11,998 
Total$23,857 $125,775 $92,234 $113,707 $101,045 $230,681 $3,194 $— $690,493 
Commercial real estate non-owner occupied:
Current period gross write-offs$— $— $— $— $— $40 $— $— $40 
Risk rating
Pass$22,318 $248,488 $408,335 $589,949 $411,560 $1,002,749 $8,459 $— $2,691,858 
Special Mention— — — — 1,028 33,561 — — 34,589 
Substandard— — — 365 2,767 24,501 2,255 — 29,888 
Total$22,318 $248,488 $408,335 $590,314 $415,355 $1,060,811 $10,714 $— $2,756,335 
Commercial and industrial:
Current period gross write-offs$— $— $160 $329 $164 $1,486 $682 $— $2,821 
Risk rating
Pass$45,049 $195,278 $91,277 $115,920 $91,224 $123,499 $682,400 $1,853 $1,346,500 
Special Mention— 156 2,630 21,234 219 1,998 16,508 — 42,745 
Substandard— — 2,567 3,743 9,422 13,069 20,509 — 49,310 
Total$45,049 $195,434 $96,474 $140,897 $100,865 $138,566 $719,417 $1,853 $1,438,555 
Term Loans Amortized Cost Basis by Origination Year
(In thousands)20252024202320222021PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
Residential real estate
Current period gross write-offs$— $— $— $— $25 $— $— $— $25 
Risk rating
Pass$61,849 $289,016 $521,833 $894,092 $243,529 $770,454 $216 $— $2,780,989 
Special Mention— — — 829 — 498 — — 1,327 
Substandard— — — 1,176 214 7,559 — — 8,949 
Total$61,849 $289,016 $521,833 $896,097 $243,743 $778,511 $216 $— $2,791,265 
Term Loans Amortized Cost Basis by Origination Year
(In thousands)20242023202220212020PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
As of December 31, 2024
Construction
Current period gross write-offs$— $— $— $— $— $— $— $— $— 
Risk rating
Pass$40,549 $138,925 $436,850 $74,718 $— $1,336 $— $— $692,378 
Special Mention— — 15,374 — — — — — 15,374 
Substandard— — — 18,592 — — — — 18,592 
Total$40,549 $138,925 $452,224 $93,310 $— $1,336 $— $— $726,344 
Commercial multifamily:
Current period gross write-offs$— $— $— $— $— $1,164 $— $— $1,164 
Risk rating
Pass$85,160 $17,598 $203,001 $52,235 $38,211 $233,145 $428 $— $629,778 
Special Mention— — — — — 421 — — 421 
Substandard— — — — 2,477 4,129 — — 6,606 
Total$85,160 $17,598 $203,001 $52,235 $40,688 $237,695 $428 $— $636,805 
Commercial real estate owner occupied:
Current period gross write-offs$— $— $45 $232 $— $126 $— $— $403 
Risk rating
Pass$122,082 $83,269 $112,718 $94,937 $67,652 $177,684 $2,947 $— $661,289 
Special Mention1,852 9,637 1,839 7,215 221 5,207 — — 25,971 
Substandard— — 411 595 37 7,027 — — 8,070 
Total$123,934 $92,906 $114,968 $102,747 $67,910 $189,918 $2,947 $— $695,330 
Commercial real estate non-owner occupied:
Current period gross write-offs$— $— $— $— $— $36 $— $— $36 
Risk rating
Pass$246,619 $426,882 $591,563 $413,459 $142,739 $874,454 $5,961 $1,500 $2,703,177 
Special Mention— — — 1,038 223 40,763 — — 42,024 
Substandard— — 368 2,782 — 18,840 2,256 — 24,246 
Total$246,619 $426,882 $591,931 $417,279 $142,962 $934,057 $8,217 $1,500 $2,769,447 
Commercial and industrial:
Current period gross write-offs$324 $868 $1,564 $940 $816 $1,745 $1,563 $— $7,820 
Risk rating
Pass$205,831 $91,152 $126,327 $93,441 $18,613 $112,620 $689,036 $11,478 $1,348,498 
Special Mention164 1,122 22,091 1,305 1,705 2,957 16,723 100 46,167 
Substandard— 2,422 1,740 10,825 929 12,075 16,314 205 44,510 
Total$205,995 $94,696 $150,158 $105,571 $21,247 $127,652 $722,073 $11,783 $1,439,175 
Term Loans Amortized Cost Basis by Origination Year
(In thousands)20242023202220212020PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
Residential real estate
Current period gross write-offs$— $— $— $— $— $76 $— $— $76 
Risk rating
Pass$291,826 $531,873 $908,916 $247,551 $77,706 $703,572 $136 $— $2,761,580 
Special Mention— — 649 468 — 1,501 — — 2,618 
Substandard— — 124 188 374 6,885 — — 7,571 
Total$291,826 $531,873 $909,689 $248,207 $78,080 $711,958 $136 $— $2,771,769 
For home equity and consumer other loan portfolio segments, Berkshire evaluates credit quality based on the aging status of the loan and by payment activity. The performing or nonperforming status is updated on an ongoing basis dependent upon improvement and deterioration in credit quality. The following table presents the amortized cost based on payment activity:
Term Loans Amortized Cost Basis by Origination Year
(In thousands)20252024202320222021PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
As of March 31, 2025
Home equity:
Current period gross write-offs$— $— $— $— $— $— $— $— $— 
Payment performance
Performing$— $— $— $— $— $3,009 $235,632 $— $238,641 
Nonperforming— — — — — — 472 — 472 
Total$— $— $— $— $— $3,009 $236,104 $— $239,113 
Consumer other:
Current period gross write-offs$— $1 $18 $2,154 $240 $31 $— $— $2,444 
Payment performance
Performing$3,516 $28,621 $31,362 $15,282 $8,629 $5,747 $9,348 $— $102,505 
Nonperforming— 29 16 33 116 76 57 — 327 
Total$3,516 $28,650 $31,378 $15,315 $8,745 $5,823 $9,405 $— $102,832 

Term Loans Amortized Cost Basis by Origination Year
(In thousands)20242023202220212020PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
As of December 31, 2024
Home equity:
Current period gross write-offs$— $— $— $— $— $— $— $— $— 
Payment performance
Performing$— $— $— $— $423 $2,529 $226,822 $— $229,774 
Nonperforming— — — — — — 591 — 591 
Total$— $— $— $— $423 $2,529 $227,413 $— $230,365 
Consumer other:
Current period gross write-offs$— $214 $9,723 $760 $2 $113 $214 $— $11,026 
Payment performance
Performing$30,524 $33,849 $23,397 $10,072 $3,718 $3,825 $10,066 $— $115,451 
Nonperforming— 1 43 121 — 107 36 — 308 
Total$30,524 $33,850 $23,440 $10,193 $3,718 $3,932 $10,102 $— $115,759 
The following table summarizes information about total loans rated Special Mention or lower at March 31, 2025 and December 31, 2024. The table below includes consumer loans that are Special Mention and Substandard accruing that are classified as performing based on payment activity.

(In thousands)March 31, 2025December 31, 2024
Non-Accrual$23,280 $24,447 
Substandard Accruing 123,860 88,009 
Total Classified147,140 112,456 
Special Mention 135,859 133,408 
Total Criticized$282,999 $245,864 
Schedule of Past Due Loans
The following is a summary of loans by past due status at March 31, 2025 and December 31, 2024:
(In thousands)30-59 Days Past Due60-89 Days Past Due90 Days or Greater Past DueTotal Past DueCurrentTotal Loans
March 31, 2025
Construction$— $— $594 $594 $714,452 $715,046 
Commercial multifamily— — 3,232 3,232 692,014 695,246 
Commercial real estate owner occupied1,246 986 2,067 4,299 686,194 690,493 
Commercial real estate non-owner occupied89 2 3,590 3,681 2,752,654 2,756,335 
Commercial and industrial1,870 135 9,326 11,331 1,427,224 1,438,555 
Residential real estate4,178 684 8,949 13,811 2,777,454 2,791,265 
Home equity205 95 1,546 1,846 237,267 239,113 
Consumer other201 98 835 1,134 101,698 102,832 
Total$7,789 $2,000 $30,139 $39,928 $9,388,957 $9,428,885 
(In thousands)30-59 Days Past Due60-89 Days Past Due90 Days or Greater Past DueTotal Past DueCurrentTotal Loans
December 31, 2024
Construction$— $— $594 $594 $725,750 $726,344 
Commercial multifamily421 — 4,129 4,550 632,255 636,805 
Commercial real estate owner occupied484 456 2,330 3,270 692,060 695,330 
Commercial real estate non-owner occupied295 — 3,532 3,827 2,765,620 2,769,447 
Commercial and industrial2,613 1,116 9,823 13,552 1,425,623 1,439,175 
Residential real estate8,571 1,969 7,570 18,110 2,753,659 2,771,769 
Home equity629 519 1,491 2,639 227,726 230,365 
Consumer other884 327 1,395 2,606 113,153 115,759 
Total$13,897 $4,387 $30,864 $49,148 $9,335,846 $9,384,994 
Schedule of Loans on Nonaccrual Status and Loans Past Due
The following is a summary of loans on nonaccrual status and loans past due 90 days or more and still accruing as of March 31, 2025 and December 31, 2024:
(In thousands)Nonaccrual Amortized CostNonaccrual With No Related AllowancePast Due 90 Days or Greater and AccruingInterest Income Recognized on Nonaccrual
March 31, 2025
Construction$594 $594 $— $— 
Commercial multifamily3,232 3,232 — — 
Commercial real estate owner occupied2,067 2,063 — — 
Commercial real estate non-owner occupied3,587 3,587 3 — 
Commercial and industrial9,260 9,260 66 — 
Residential real estate3,741 3,648 5,208 — 
Home equity472 472 1,074 — 
Consumer other327 327 508 — 
Total$23,280 $23,183 $6,859 $— 
The commercial and industrial loans nonaccrual amortized cost as of March 31, 2025 included medallion loans with a fair value of $0.3 million and a contractual balance of $6.5 million.
(In thousands)Nonaccrual Amortized CostNonaccrual With No Related AllowancePast Due 90 Days or Greater and AccruingInterest Income Recognized on Nonaccrual
December 31, 2024
Construction$594 $594 $— $— 
Commercial multifamily4,129 4,129 — — 
Commercial real estate owner occupied2,330 2,330 — — 
Commercial real estate non-owner occupied3,532 3,532 — — 
Commercial and industrial8,964 8,614 859 — 
Residential real estate3,999 3,999 3,571 — 
Home equity591 591 900 — 
Consumer other308 308 1,087 — 
Total$24,447 $24,097 $6,417 $— 
Schedule of Collateral Dependent Loans The following table presents the amortized cost basis of individually analyzed collateral-dependent loans by loan portfolio segment:
Type of Collateral
(In thousands)Real EstateInvestment Securities/CashOther
March 31, 2025
Construction$594 $— $— 
Commercial multifamily3,232 — — 
Commercial real estate owner occupied1,272 — — 
Commercial real estate non-owner occupied288 — — 
Commercial and industrial961 — 5,355 
Residential real estate1,302 — — 
Home equity46 — — 
Consumer other— — — 
Total loans$7,695 $— $5,355 
December 31, 2024
Construction$594 $— $— 
Commercial multifamily4,129 — — 
Commercial real estate owner occupied1,562 — — 
Commercial real estate non-owner occupied294 — — 
Commercial and industrial4,828 — 700 
Residential real estate1,243 — — 
Home equity49 — — 
Consumer other— — — 
Total loans$12,699 $— $700 
Schedule of Amortized Cost Basis of Loans
The following tables present the amortized cost basis of loans at March 31, 2025 and March 31, 2024 that were both experiencing financial difficulty and modified during the three months ended March 31, 2025 and March 31, 2024, by class and by type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financing receivable is also presented below:

(In thousands)Principal ForgivenessPayment DelayTerm ExtensionInterest Rate ReductionCombination Term Extension and Principal ForgivenessCombination Term Extension and Interest Rate ReductionTotal Class of Financing Receivable
Three months ended March 31, 2025
Construction$— $— $— $— $— $— — %
Commercial multifamily— — — — — — — 
Commercial real estate owner occupied— — — — — — — 
Commercial real estate non-owner occupied— — 12,102 — — — 0.44 
Commercial and industrial— — 1,893 — — — 0.13 
Residential real estate— — — — — — — 
Home equity— — — — — — — 
Consumer other— — — — — — — 
Total$— $— $13,995 $— $— $— 0.15 %
The Company has committed to lend additional amounts totaling $4.9 million to the commercial and industrial borrowers included in the previous table.
(In thousands)Principal ForgivenessPayment DelayTerm ExtensionInterest Rate ReductionCombination Term Extension and Principal ForgivenessCombination Term Extension and Interest Rate ReductionTotal Class of Financing Receivable
Three months ended March 31, 2024
Construction$— $— $— $— $— $— — %
Commercial multifamily— — — — — — — 
Commercial real estate owner occupied— — — — — — — 
Commercial real estate non-owner occupied— — — — — — — 
Commercial and industrial— 108 474 297 — — 0.06 
Residential real estate— — — — — — — 
Home equity— — — — — — — 
Consumer other— — — — — — — 
Total$— $108 $474 $297 $— $— 0.01 %
The Company has not committed to lend additional amounts to the borrowers included in the previous table.
The following table presents the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty for the three months ended March 31, 2025 and March 31, 2024.
(In thousands)Principal ForgivenessWeighted Average Interest Rate ReductionWeighted Average Term Extension (months)
Three months ended March 31, 2025
Construction$— — %0
Commercial multifamily— — 0
Commercial real estate owner occupied— — 0
Commercial real estate non-owner occupied— — 11
Commercial and industrial— — 10
Residential real estate— — 0
Home equity— — 0
Consumer other— — 0
(In thousands)Principal ForgivenessWeighted Average Interest Rate ReductionWeighted Average Term Extension (months)
Three months ended March 31, 2024
Construction$— — %0
Commercial multifamily— — 0
Commercial real estate owner occupied— — 0
Commercial real estate non-owner occupied— — 0
Commercial and industrial— 10.75 56
Residential real estate— — 0
Home equity— — 0
Consumer other— — 0

The following table presents the amortized cost basis of loans that had a payment default during the three months ended March 31, 2025 and March 31, 2024 and were modified in the twelve months prior to that default to borrowers experiencing financial difficulty.
(in thousands)Principal ForgivenessPayment DelayTerm ExtensionInterest Rate Reduction
Three months ended March 31, 2025
Construction$— $— $— $— 
Commercial multifamily— — — — 
Commercial real estate owner occupied— — — — 
Commercial real estate non-owner occupied— — — — 
Commercial and industrial— — 50 — 
Residential real estate— — — — 
Home equity— — — — 
Consumer other— — — — 
Total$— $— $50 $— 
(in thousands)Principal ForgivenessPayment DelayTerm ExtensionInterest Rate Reduction
Three months ended March 31, 2024
Construction$— $— $— $— 
Commercial multifamily— — — — 
Commercial real estate owner occupied— — — — 
Commercial real estate non-owner occupied— — — — 
Commercial and industrial— — 202 — 
Residential real estate— — — — 
Home equity— — — — 
Consumer other— — — — 
Total$— $— $202 $— 
v3.25.1
DEPOSITS (Tables)
 3 Months Ended
Mar. 31, 2025
Deposits [Abstract]  
Schedule of Time Deposits
A summary of time deposits is as follows:
(In thousands)March 31,
2025		December 31,
2024
Time less than $100,000$700,000 $707,936 
Time $100,000 through $250,0001,127,665 1,157,227 
Time more than $250,000704,893 711,519 
Total time deposits$2,532,558 $2,576,682 
v3.25.1
BORROWED FUNDS (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Borrowed Funds
Borrowed funds at March 31, 2025 and December 31, 2024 are summarized as follows:
 March 31, 2025December 31, 2024
  Weighted Weighted
  Average Average
(Dollars in thousands)PrincipalRatePrincipalRate
Short-term debt:
    
Advances from the FHLB $400,000 4.47 %$103,500 5.33 %
Total short-term borrowings:400,000 4.47 103,500 5.33 
Long-term debt:
    
Advances from the FHLB and other borrowings162,921 4.20 212,982 4.48 
Subordinated borrowings98,581 5.50 98,532 5.50 
Junior subordinated borrowing - Trust I15,464 6.44 15,464 6.63 
Junior subordinated borrowing - Trust II7,629 6.26 7,616 6.32 
Total long-term borrowings:284,595 4.83 334,594 4.92 
Total$684,595 4.62 %$438,094 5.02 %
Schedule of Maturities of FHLBB Advances
A summary of maturities of FHLB advances as of March 31, 2025 is as follows:
 March 31, 2025
  Weighted Average
(In thousands, except rates)PrincipalRate
Fixed rate advances maturing:  
2025$505,000 4.52 %
202625,474 3.75 
202725,145 3.65 
2028779 — 
2028 and beyond6,523 0.68 
Total FHLB advances$562,921 4.39 %
v3.25.1
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Interest Rate Swap Agreements and Non-Hedging Derivative Assets and Liabilities
Information about derivative assets and liabilities at March 31, 2025, follows:
  WeightedWeighted Average RateEstimated
 NotionalAverage ContractFair Value
 AmountMaturityReceivedpay rateAsset (Liability)
 (In thousands)(In years)  (In thousands)
Cash flow hedges:     
Interest rate swaps on commercial loans (1)
$525,000 0.73.68 %4.34 %$— 
Interest rate collars on commercial loans200,000 1.3332 
Total cash flow hedges$725,000    $332 
Economic hedges:     
Interest rate swap on tax advantaged economic development bond$5,063 4.74.82 %5.09 %$(114)
Interest rate swaps on loans with commercial loan customers2,015,201 4.54.68 %5.02 %(40,999)
Offsetting interest rate swaps on loans with commercial loan customers (1)
2,015,201 4.55.02 %4.68 %17,362 
Risk participation agreements with dealer banks383,923 5.2  274 
Forward sale commitments 2,205 0.2  8 
Total economic hedges$4,421,593    $(23,469)
Non-hedging derivatives:     
Commitments to lend $14,625 0.2  $93 
Total non-hedging derivatives$14,625    $93 
Total$5,161,218    $(23,044)
(1) Fair value estimates included the impact of $22.3 million settled to market contract agreements.
Information about derivative assets and liabilities at December 31, 2024, follows:
  WeightedWeighted Average RateEstimated
 NotionalAverage ContractFair Value
 AmountMaturityReceivedpay rateAsset (Liability)
 (In thousands)(In years)  (In thousands)
Cash flow hedges:     
Interest rate swaps on commercial loans$600,000 0.93.64 %4.53 %$— 
Interest rate collars on commercial loans200,000 1.5193 
$800,000    $193 
Economic hedges:     
Interest rate swap on tax advantaged economic development bond$5,297 4.95.03 %5.09 %$(79)
Interest rate swaps on loans with commercial loan customers1,859,480 4.54.65 %5.35 %(72,911)
Offsetting interest rate swaps on loans with commercial loan customers (1)
1,859,480 4.55.35 %4.65 %41,501 
Risk participation agreements with dealer banks345,367 5.1  56 
Forward sale commitments 2,991 0.2  34 
Total economic hedges$4,072,615    $(31,399)
Non-hedging derivatives:     
Commitments to lend $10,512 0.2  $90 
Total non-hedging derivatives $10,512    $90 
Total$4,883,127    $(31,116)
(1) Fair value estimates included the impact of $28.8 million settled to market contract agreements.
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
Amounts included in the Consolidated Statements of Income and in the other comprehensive income section of the Consolidated Statements of Comprehensive Income (related to interest rate derivatives designated as hedges of cash flows), were as follows:
Three Months Ended
March 31,
(In thousands)20252024
Interest rate swaps on commercial loans:
Unrealized gain/(loss) recognized in accumulated other comprehensive loss$1,308 $(5,681)
Less: Reclassification of unrealized (loss) from accumulated other comprehensive loss to interest expense
(155)(157)
Net tax benefit on items recognized in accumulated other comprehensive income(404)1,502 
Other comprehensive gain/(loss) recorded in accumulated other comprehensive income, net of reclassification adjustments and tax effects
$1,059 $(4,022)
Net interest expense recognized on hedged commercial loans$1,144 $2,720 
Schedule of Amounts Included in the Consolidated Statements of Income Related to Economic Hedges and Non-Hedging Derivatives
Amounts included in the Consolidated Statements of Income related to economic hedges and non-hedging derivatives were as follows:
 Three Months Ended
March 31,
(In thousands)20252024
Economic hedges  
Interest rate swap on industrial revenue bond:  
Unrealized (loss)/gain recognized in other non-interest income$(35)$88 
Interest rate swaps on loans with commercial loan customers:  
Unrealized gain/(loss) recognized in other non-interest income31,940 (23,649)
Favorable change in credit valuation adjustment recognized in other non-interest income— — 
Offsetting interest rate swaps on loans with commercial loan customers:  
Unrealized (loss)/gain recognized in other non-interest income(31,940)23,649 
Risk participation agreements:  
Unrealized gain recognized in other non-interest income218 10 
Forward commitments:  
Unrealized (loss)/gain recognized in other non-interest income(26)57 
Non-hedging derivatives  
Commitments to lend  
Unrealized gain recognized in other non-interest income$3 $113 
Realized gain in other non-interest income236 157 
Schedule of Assets Subject to an Enforceable Master Netting Arrangement
Offsetting of Financial Assets and Derivative Assets
Gross
Amounts of		Gross Amounts
Offset in the		Net Amounts
of Assets
Presented in the
Gross Amounts Not Offset in
the Consolidated Balance Sheets
 Recognized
Consolidated
Consolidated
FinancialCash 
(In thousands)Assets
Balance Sheets
Balance Sheets
InstrumentsCollateral ReceivedNet Amount
March 31, 2025      
Interest Rate Swap Agreements:      
Institutional counterparties$55,248 $(23,636)$31,612 $— $(18,000)$13,612 
Commercial counterparties14,137 — 14,137 — — 14,137 
Total$69,385 $(23,636)$45,749 $— $(18,000)$27,749 
Offsetting of Financial Assets and Derivative Assets
Gross
Amounts of		Gross Amounts
Offset in the		Net Amounts
of Assets
Presented in the
Gross Amounts Not Offset in
the Consolidated Balance Sheets
 Recognized
Consolidated
Consolidated
FinancialCash 
(In thousands)Assets
Balance Sheets
Balance Sheets
InstrumentsCollateral ReceivedNet Amount
December 31, 2024      
Interest Rate Swap Agreements:      
Institutional counterparties$76,242 $(31,410)$44,832 $— $(32,500)$12,332 
Commercial counterparties3,092 — 3,092 — — 3,092 
Total$79,334 $(31,410)$47,924 $— $(32,500)$15,424 
Schedule of Liabilities Subject to an Enforceable Master Netting Arrangement
Offsetting of Financial Liabilities and Derivative Liabilities
Gross
Amounts of		Gross Amounts
Offset in the		Net Amounts
of Liabilities
Presented in the
Gross Amounts Not Offset in
the Consolidated Balance Sheets
 Recognized
Consolidated
Consolidated
FinancialCash 
(In thousands)Liabilities
Balance Sheets
Balance Sheets
InstrumentsCollateral PledgedNet Amount
March 31, 2025      
Interest Rate Swap Agreements:      
Institutional counterparties$(15,370)$1,327 $(14,043)$9,592 $— $(4,451)
Commercial counterparties(54,738)— (54,738)— — (54,738)
Total$(70,108)$1,327 $(68,781)$9,592 $— $(59,189)
Offsetting of Financial Liabilities and Derivative Liabilities
Gross
Amounts of		Gross Amounts
Offset in the		Net Amounts
of Liabilities
Presented in the
Gross Amounts Not Offset in
the Consolidated Balance Sheets
 Recognized
Consolidated
Consolidated
FinancialCash 
(In thousands)Liabilities
Balance Sheets
Balance Sheets
InstrumentsCollateral PledgedNet Amount
December 31, 2024      
Interest Rate Swap Agreements:      
Institutional counterparties$(5,741)$2,659 $(3,082)$9,078 $— $5,996 
Commercial counterparties(76,003)— (76,003)— — (76,003)
Total$(81,744)$2,659 $(79,085)$9,078 $— $(70,007)
v3.25.1
LEASES (Tables)
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Schedule of ROU Assets and Lease Liabilities
The following table represents the Consolidated Balance Sheets classification of the Company’s right-of-use (“ROU”) assets and lease liabilities:
(In thousands)March 31, 2025December 31, 2024
Lease Right-of-Use AssetsClassification
Operating lease right-of-use assets Other assets$49,057 $50,195 
Finance lease right-of-use assetsPremises and equipment, net616 629 
Total Lease Right-of-Use Assets$49,673 $50,824 
Lease Liabilities
Operating lease liabilitiesOther liabilities$54,720 $55,986 
Finance lease liabilitiesOther liabilities879 891 
Total Lease Liabilities$55,599 $56,877 
Schedule of Supplemental Cash Flow Information Related to Leases
Supplemental information related to leases was as follows:
March 31, 2025December 31, 2024
Weighted-Average Remaining Lease Term (in years)
Operating leases7.98.1
Finance leases12.813.0
Weighted-Average Discount Rate
Operating leases3.53 %3.53 %
Finance leases5.00 %5.00 %
Supplemental cash flow information related to leases was as follows:
Three Months Ended
(In thousands)March 31, 2025March 31, 2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$2,288 $2,194 
Operating cash flows from finance leases11 175 
Financing cash flows from finance leases12 149 
Schedule of Maturity Analysis of Operating Lease Liability
The following table presents a maturity analysis of the Company’s lease liability by lease classification at March 31, 2025:
(In thousands)Operating LeasesFinance Leases
2025$6,692 $70 
20269,308 93 
20278,672 93 
20287,620 93 
20296,618 93 
Thereafter23,362 744 
Total undiscounted lease payments 62,272 1,186 
Less amounts representing interest (7,552)(307)
Lease liability $54,720 $879 
Schedule of Maturity Analysis of Finance Lease Liability
The following table presents a maturity analysis of the Company’s lease liability by lease classification at March 31, 2025:
(In thousands)Operating LeasesFinance Leases
2025$6,692 $70 
20269,308 93 
20278,672 93 
20287,620 93 
20296,618 93 
Thereafter23,362 744 
Total undiscounted lease payments 62,272 1,186 
Less amounts representing interest (7,552)(307)
Lease liability $54,720 $879 
v3.25.1
CAPITAL RATIOS AND SHAREHOLDERS' EQUITY (Tables)
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Schedule of Actual and Required Capital Ratios
The actual and required capital ratios were as follows:
March 31,
2025		December 31,
2024
Minimum Capital Requirement
Company (consolidated)  
Total capital to risk-weighted assets15.8 %15.5 %8.0 %
Tier 1 capital to risk-weighted assets13.5 13.2 6.0 
Common equity tier 1 capital to risk-weighted assets13.2 13.0 4.5 
Tier 1 capital to average assets10.9 11.0 4.0 
March 31,
2025		December 31,
2024		Regulatory Minimum to be Adequately CapitalizedRegulatory
Minimum to be
Well Capitalized
Bank
Total capital to risk-weighted assets14.2 %13.8 %8.0 %10.0 %
Tier 1 capital to risk-weighted assets12.9 12.6 6.0 8.0 
Common equity tier 1 capital to risk-weighted assets12.9 12.6 4.5 6.5 
Tier 1 capital to average assets10.4 10.4 4.0 5.0 
Schedule of Components of Accumulated Other Comprehensive Income (Loss)
Components of accumulated other comprehensive (loss) are as follows:
(In thousands)March 31,
2025		December 31,
2024
Other accumulated comprehensive income, before tax:  
Net unrealized holding (loss) on AFS securities$(128,168)$(142,127)
Net unrealized (loss) on cash flow hedging derivatives(1,574)(3,037)
Net unrealized holding gain on pension plans365 365 
Income taxes related to items of accumulated other comprehensive income:  
Net unrealized tax benefit on AFS securities34,022 37,716 
Net unrealized tax benefit on cash flow hedging derivatives434 838 
Net unrealized tax expense on pension plans(98)(98)
Accumulated other comprehensive loss$(95,019)$(106,343)
Schedule of Components of Other Comprehensive Income (Loss)
The following table presents the components of other comprehensive (loss) for the three months ended March 31, 2025 and 2024:
(In thousands)Before TaxTax EffectNet of Tax
Three Months Ended March 31, 2025   
Net unrealized holding gain on AFS securities:
 
Net unrealized gains arising during the period$13,959 $(3,694)$10,265 
Less: reclassification adjustment for (losses) realized in net income— — — 
Net unrealized holding gain on AFS securities
13,959 (3,694)10,265 
Net unrealized gain on cash flow hedging derivatives:
   
Net unrealized gain arising during the period1,308 (361)947 
Less: reclassification adjustment for (losses) realized in net income(155)43 (112)
Net unrealized gain on cash flow hedging derivatives1,463 (404)1,059 
Other comprehensive income$15,422 $(4,098)$11,324 
Three Months Ended March 31, 2024   
Net unrealized holding gain on AFS securities:  
Net unrealized (losses) arising during the period$(5,622)$1,891 $(3,731)
Less: reclassification adjustment for (losses) realized in net income(49,909)13,555 (36,354)
Net unrealized holding gain on AFS securities44,287 (11,664)32,623 
Net unrealized loss on cash flow hedging derivatives:  
Net unrealized (loss) arising during the period(5,681)1,545 (4,136)
Less: reclassification adjustment for (losses) realized in net income(157)43 (114)
Net unrealized (loss) on cash flow hedging derivatives(5,524)1,502 (4,022)
Other comprehensive income$38,763 $(10,162)$28,601 
Schedule of Gross Changes in Each Component of Accumulated Other Comprehensive Income
The following table presents the changes in each component of accumulated other comprehensive income/(loss), for the three months ended March 31, 2025 and 2024:
(In thousands)Net unrealized
holding loss
on AFS Securities		Net loss on
effective cash
flow hedging derivatives		Net unrealized
holding loss
on pension plans		Total
Three Months Ended March 31, 2025    
Balance at Beginning of Period$(104,410)$(2,199)$266 $(106,343)
Other comprehensive income before reclassifications10,265 947 — 11,212 
Less: amounts reclassified from accumulated other comprehensive (loss)— (112)— (112)
Total other comprehensive income10,265 1,059 — 11,324 
Balance at End of Period$(94,145)$(1,140)$266 $(95,019)
Three Months Ended March 31, 2024    
Balance at Beginning of Period$(139,525)$(3,106)$(385)$(143,016)
Other comprehensive (loss) before reclassifications(3,731)(4,136)— (7,867)
Less: amounts reclassified from accumulated other comprehensive (loss) (36,354)(114)— (36,468)
Total other comprehensive income32,623 (4,022)— 28,601 
Balance at End of Period$(106,902)$(7,128)$(385)$(114,415)
Schedule of Amounts Reclassified Out of Each Component of Accumulated Other Comprehensive Income
The following table presents the amounts reclassified out of each component of accumulated other comprehensive
income for the three months ended March 31, 2025 and 2024:
   Affected Line Item in the
 Three Months Ended March 31,Statement where Net Income
(In thousands)20252024is Presented
Realized (losses) on AFS securities:  
 $— $(49,909)Non-interest income
 — 13,555 Tax benefit
 — (36,354)Net of tax
   
Realized (losses) on cash flow hedging derivatives:   
 (155)(157)Interest expense
— — Non-interest expense
 43 43 Tax benefit
 (112)(114)Net of tax
Total reclassifications for the period$(112)$(36,468)Net of tax
v3.25.1
EARNINGS/(LOSS) PER SHARE (Tables)
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share
Earnings per share have been computed based on the following (average diluted shares outstanding are calculated using the treasury stock method):
 Three Months Ended March 31,
(In thousands, except per share data)20252024
Net income (loss)$25,719 $(20,188)
Average number of common shares issued51,903 51,903 
Less: average number of treasury shares5,508 8,356 
Less: average number of unvested stock award shares711 770 
Average number of basic shares outstanding45,684 42,777 
Plus: dilutive effect of unvested stock award shares376 251 
Plus: dilutive effect of stock options outstanding1 — 
Average number of diluted shares outstanding46,061 43,028 
Basic earnings/(loss) per common share:$0.56 $(0.47)
Diluted earnings/(loss) per common share:$0.56 $(0.47)
v3.25.1
STOCK-BASED COMPENSATION PLANS (Tables)
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Activity in the Stock Award and Stock Option Plans
A combined summary of activity in the Company’s stock award and stock option plans for the three months ended March 31, 2025 is presented in the following table:
 Non-Vested Stock Awards OutstandingStock Options Outstanding
(Shares in thousands)Number of SharesWeighted-Average Grant Date Fair ValueNumber of SharesWeighted-Average Exercise Price
December 31, 2024796 $24.94 44 $26.65 
Granted1 29.13 — — 
Acquired— — — — 
Stock options exercised— — — — 
Stock awards vested(91)27.26 — — 
Forfeited(26)27.33 — — 
Expired— — — — 
March 31, 2025680 $24.54 44 $26.65 
v3.25.1
FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value.
 March 31, 2025
 Level 1Level 2Level 3Total
(In thousands)InputsInputsInputsFair Value
Trading securities$— $— $5,010 $5,010 
Securities available for sale: 
U.S Treasuries7,901 — — 7,901 
Municipal bonds and obligations— 60,017 — 60,017 
Agency collateralized mortgage obligations— 271,526 — 271,526 
Agency residential mortgage-backed securities— 225,855 — 225,855 
Agency commercial mortgage-backed securities— 67,212 — 67,212 
Corporate bonds— 32,748 3,923 36,671 
Equity securities— 647 — 647 
Loans held for investment at fair value— — 318 318 
Loans held for sale — 1,322 — 1,322 
Derivative assets — 45,756 101 45,857 
Capitalized servicing rights — — 1,646 1,646 
Derivative liabilities — 68,902 — 68,902 
 December 31, 2024
 Level 1Level 2Level 3Total
(In thousands)InputsInputsInputsFair Value
Trading securities$— $— $5,258 $5,258 
Securities available for sale:
U.S Treasuries6,989 — — 6,989 
Municipal bonds and obligations— 60,864 — 60,864 
Agency collateralized mortgage obligations— 264,562 — 264,562 
Agency residential mortgage-backed securities— 220,240 — 220,240 
Agency commercial mortgage-backed securities— 66,711 — 66,711 
Corporate bonds— 32,456 3,901 36,357 
Equity securities— 655 — 655 
Loans held for investment at fair value— — 325 $325 
Loans held for sale — 3,076 — 3,076 
Derivative assets — 47,799 124 47,923 
Capitalized servicing rights — — 1,706 1,706 
Derivative liabilities — 79,039 — 79,039 
Schedule of Loans Held for Investment and Loans Held for Sale
   Aggregate Fair Value
March 31, 2025AggregateAggregateLess Aggregate
(In thousands)Fair ValueUnpaid PrincipalUnpaid Principal
Loans held for investment at fair value$318 $6,533 $(6,215)

   Aggregate Fair Value
December 31, 2024AggregateAggregateLess Aggregate
(In thousands)Fair ValueUnpaid PrincipalUnpaid Principal
Loans held for investment at fair value$325 $6,541 $(6,216)
Loans Held for Sale. The Company elected the fair value option for all loans held for sale (HFS) originated for sale on or after May 1, 2012. Loans HFS are classified as Level 2 as the fair value is based on input factors such as quoted prices for similar loans in active markets.
   Aggregate Fair Value
March 31, 2025AggregateAggregateLess Aggregate
(In thousands)Fair ValueUnpaid PrincipalUnpaid Principal
Loans held for sale$1,322 $1,297 $25 
   Aggregate Fair Value
December 31, 2024AggregateAggregateLess Aggregate
(In thousands)Fair ValueUnpaid PrincipalUnpaid Principal
Loans held for sale $3,076 $3,015 $61 
Schedule of Changes in Level 3 Assets and Liabilities that were Measured at Fair Value on a Recurring Basis
The table below presents the changes in Level 3 assets and liabilities that were measured at fair value on a recurring basis for the three months ended March 31, 2025 and 2024.
 Assets (Liabilities)
  SecuritiesLoans Capitalized
 TradingAvailableHeld for CommitmentsForwardServicing
(In thousands)Securitiesfor SaleInvestmentto LendCommitments Rights
Three Months Ended March 31, 2025
December 31, 2024$5,258 $3,901 $326 $90 $34 $1,706 
Unrealized gain/(loss), net recognized in other non-interest income(14)— 1 153 (26)(60)
Unrealized (loss) included in accumulated other comprehensive income— 22 — — — — 
Paydown of asset(234)— (9)— — — 
Transfers to held for sale loans— — — (150)— — 
March 31, 2025$5,010 $3,923 $318 $93 $8 $1,646 
Unrealized (loss)/gain relating to instruments still held at March 31, 2025$(53)$(77)$— $93 $8 $— 

 Assets (Liabilities)
  SecuritiesLoans Capitalized
 TradingAvailableHeld for CommitmentsForwardServicing
(In thousands)Securitiesfor SaleInvestmentto LendCommitments Rights
Three Months Ended March 31, 2024
December 31, 2023$6,142 $3,923 $374 $34 $21 $1,526 
Unrealized (loss)/gain, net recognized in other non-interest income(11)— 48 261 57 (180)
Unrealized gain included in accumulated other comprehensive income— 6 — — — — 
Paydown of asset(222)— (26)— — — 
Transfers to held for sale loans— — — (148)— — 
March 31, 2024$5,909 $3,929 $396 $147 $78 $1,346 
Unrealized (loss)/gain relating to instruments still held at March 31, 2024$(71)$(71)$— $147 $78 $— 
Schedule of Quantitative Information About the Significant Unobservable Inputs Within Level 3
Quantitative information about the significant unobservable inputs within Level 3 recurring assets and liabilities is as follows:
 Fair Value  Significant
Unobservable Input
(In thousands)March 31, 2025Valuation TechniquesUnobservable InputsValue
Assets (Liabilities)    
Trading Securities$5,010 Discounted Cash FlowDiscount Rate3.31 %
AFS Securities3,923 Indication from Market MakerPrice
98.07%
Loans held for investment318 Discounted Cash FlowDiscount Rate25.00 %
Collateral Value
$0.0 - $20.1
Commitments to lend 93 Historical TrendClosing Ratio79.63 %
  Pricing ModelOrigination Costs, per loan$3 
Forward commitments 8 Historical TrendClosing Ratio79.63 %
  Pricing ModelOrigination Costs, per loan$3 
Capitalized servicing rights 1,646 Discounted cash flowConstant Prepayment Rate (CPR)7.41 %
Discount Rate10.09 %
Total$10,998    

 Fair Value  Significant
Unobservable Input
(In thousands)December 31, 2024Valuation TechniquesUnobservable InputsValue
Assets (Liabilities)    
Trading Securities$5,258 Discounted Cash FlowDiscount Rate3.36 %
AFS Securities3,901 Indication from Market MakerPrice97.53 %
Loans held for investment325 Discounted Cash FlowDiscount Rate25.00 %
Collateral Value
$0.0- $18.8
Commitments to lend 90 Historical TrendClosing Ratio83.21 %
  Pricing ModelOrigination Costs, per loan$3 
Forward commitments 34 Historical TrendClosing Ratio83.21 %
  Pricing ModelOrigination Costs, per loan$3 
Capitalized servicing rights1,706 Discounted Cash FlowConstant Prepayment Rate (CPR)7.21 %
Discount Rate10.09 %
Total$11,314    
The following is a summary of applicable non-recurring fair value measurements. There are no liabilities measured at fair value on a non-recurring basis.
 March 31, 2025Fair Value Measurement Date December 31, 2024Fair Value Measurement Date
 Level 3Level 3Level 3Level 3
(In thousands)InputsInputsInputsInputs
Assets  
Individually evaluated$1,817 March 2025$2,195 December 2024
Capitalized servicing rights9,982 March 202510,084 December 2024
Total$11,799 $12,279 

Quantitative information about the significant unobservable inputs within Level 3 non-recurring assets is as follows:
 Fair Value   
(In thousands)March 31, 2025Valuation TechniquesUnobservable InputsRange (Weighted Average) (1)
Assets    
Individually evaluated$1,817 Fair Value of CollateralDiscounted Cash Flow - Loss Severity
(100.00)% to (0.02)% ((65.17)%)
   Appraised Value
$0 to $178 ($150)
Capitalized servicing rights9,982 Discounted Cash FlowConstant Prepayment Rate (CPR)
5.22% to 19.10% (13.90%)
   Discount Rate
10.47% to 12.31% (11.16%)
Total$11,799    
(1)     Where dollar amounts are disclosed, the amounts represent the lowest and highest fair value of the respective assets in the population except for adjustments for market/property conditions, which represents the range of adjustments to individuals properties.
 Fair Value   
(In thousands)December 31, 2024Valuation TechniquesUnobservable InputsRange (Weighted Average) (1)
Assets    
Individually evaluated$2,195 Fair Value of CollateralDiscounted Cash Flow - loss severity
(100.00)% to (0.03)% ((66.97)%)
   Appraised Value
$0 to $180 ($153)
Capitalized servicing rights10,084 Discounted Cash FlowConstant Prepayment Rate (CPR)
4.87% to 14.58% (13.33%)
   Discount Rate
10.47% to 12.97% (11.56%)
Total$12,279    
(1)     Where dollar amounts are disclosed, the amounts represent the lowest and highest fair value of the respective assets in the population except for adjustments for market/property conditions, which represents the range of adjustments to individuals properties.
Schedule of Estimated Non-recurring Fair Value of Financial Instruments
The following tables summarize the estimated fair values (represents exit price), and related carrying amounts, of the Company’s financial instruments. Certain financial instruments and all non-financial instruments are excluded. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company.
 March 31, 2025
 CarryingFair   
(In thousands)AmountValueLevel 1Level 2Level 3
Financial Assets     
Cash and cash equivalents$826,336 $826,336 $826,336 $— $— 
Trading securities5,010 5,010 — — 5,010 
Equity securities647 647 — 647 — 
Securities available for sale 669,182 669,182 7,901 657,358 3,923 
Securities held to maturity494,242 422,151 — 421,147 1,004 
Federal Home Loan Bank stock29,688 N/AN/AN/AN/A
Net loans9,312,207 9,050,597 — — 9,050,597 
Loans held for sale 1,322 1,322 — 1,322 — 
Accrued interest receivable48,161 48,161 — 48,161 — 
Derivative assets 45,857 45,857 — 45,756 101 
Assets held for sale6,930 6,930 — 6,930 — 
Financial Liabilities     
Total deposits$9,879,877 $9,873,633 $— $9,873,633 $— 
Short-term debt400,000 400,070 — 400,070 — 
Long-term Federal Home Loan Bank advances and other162,921 160,268 — 160,268 — 
Subordinated borrowings121,674 110,919 — 110,919 — 
Accrued interest payable9,134 9,134 — 9,134 — 
Derivative liabilities 68,902 68,902 — 68,902 — 
 December 31, 2024
 CarryingFair   
(In thousands)AmountValueLevel 1Level 2Level 3
Financial Assets     
Cash and cash equivalents$1,128,409 $1,128,409 $1,128,409 $— $— 
Trading securities5,258 5,258 — — 5,258 
Equity securities655 655 — 655 — 
Securities available for sale and other655,723 655,723 6,989 644,833 3,901 
Securities held to maturity507,658 433,382 — 432,280 1,102 
Federal Home Loan Bank stock19,565 N/AN/AN/AN/A
Net loans9,270,294 8,984,103 — — 8,984,103 
Loans held for sale 3,076 3,076 — 3,076 — 
Accrued interest receivable49,410 49,410 — 49,410 — 
Derivative assets 47,923 47,923 — 47,799 124 
Financial Liabilities     
Total deposits$10,375,204 $10,367,636 $— $10,367,636 $— 
Short-term debt103,500 103,635 — 103,635 — 
Long-term Federal Home Loan Bank advances212,982 209,736 — 209,736 — 
Subordinated borrowings121,612 110,447 — 110,447 — 
Accrued interest payable9,005 9,005 — 9,005 — 
Derivative liabilities 79,039 79,039 — 79,039 — 
v3.25.1
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES (Tables)
 3 Months Ended
Mar. 31, 2025
Banking and Thrift, Interest [Abstract]  
Schedule of Net Interest Income After Provision for Loan Losses
Presented below is net interest income after provision for credit losses for the three months ended March 31, 2025 and 2024, respectively.
Three Months Ended March 31,
(In thousands)20252024
Net interest income$89,771 $88,140 
Provision for credit losses5,500 6,000 
Net interest after provision for credit losses$84,271 $82,140 
v3.25.1
TAX EQUITY INVESTMENTS (Tables)
 3 Months Ended
Mar. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Fiscal Year Maturity Commitment
As of March 31, 2025, the Company's delayed equity contributions were estimated to be paid as follows:

(In thousands)Delayed Equity Contributions
2025$11,782 
20267,294 
20274,277 
2028258 
Thereafter237 
Total delayed equity contributions$23,848 
Schedule Of Tax Credit And Benefits
The following table presents income tax credits and other income tax benefits, as well as amortization expense, associated with investments where the proportional amortization method of accounting has been applied for the periods indicated.
Three Months Ended March 31,
(In thousands)20252024
Provision for Income Taxes:
Amortization of tax credit investments$(951)$(639)
Tax credit and other tax benefit/(expense)854 573 
Total provision for income taxes$(97)$(66)
v3.25.1
BASIS OF PRESENTATION (Details)
 3 Months Ended
Mar. 31, 2025
segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of reportable segments 1
Number of operating segments 1
v3.25.1
TRADING SECURITIES (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]    
Amortized cost $ 5.1 $ 5.3
Fair value $ 5.0 $ 5.3
v3.25.1
SECURITIES AVAILABLE FOR SALE, HELD TO MATURITY, AND EQUITY SECURITIES - Schedule of Securities Available for Sale, Held to Maturity, and Equity Securities (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Securities available for sale        
Amortized  Cost $ 797,351 $ 797,851    
Gross Unrealized Gains 473 193    
Gross Unrealized Losses (128,642) (142,321)    
Fair Value 669,182 655,723    
Allowance 0 0    
Securities held to maturity        
Amortized  Cost 494,242 507,658    
Gross Unrealized Gains 66 129    
Gross Unrealized Losses (72,157) (74,405)    
Fair Value 422,151 433,382    
Allowance 63 64 $ 61 $ 68
Marketable equity securities, Amortized Cost 647 655    
Marketable equity securities, Gross Unrealized Gains 75 67    
Marketable equity securities, Gross Unrealized Losses (75) (67)    
Marketable equity securities, Fair Value 647 655    
Amortized  Cost 1,292,240 1,306,164    
Gross Unrealized Gains 614 389    
Gross Unrealized Losses (200,874) (216,793)    
Fair Value 1,091,980 1,089,760    
Allowance 63 64    
U.S. Treasuries        
Securities available for sale        
Amortized  Cost 7,902 6,986    
Gross Unrealized Gains 0 3    
Gross Unrealized Losses (1) 0    
Fair Value 7,901 6,989    
Allowance 0    
Municipal bonds and obligations        
Securities available for sale        
Amortized  Cost 63,631 63,952    
Gross Unrealized Gains 8 10    
Gross Unrealized Losses (3,622) (3,098)    
Fair Value 60,017 60,864    
Allowance 0 0    
Securities held to maturity        
Amortized  Cost 234,188 235,883    
Gross Unrealized Gains 66 129    
Gross Unrealized Losses (25,342) (22,619)    
Fair Value 208,912 213,393    
Allowance 44 44 41 48
Agency collateralized mortgage obligations        
Securities available for sale        
Amortized  Cost 330,167 328,569    
Gross Unrealized Gains 432 146    
Gross Unrealized Losses (59,073) (64,153)    
Fair Value 271,526 264,562    
Allowance 0 0    
Securities held to maturity        
Amortized  Cost 99,207 101,163    
Gross Unrealized Gains 0 0    
Gross Unrealized Losses (16,158) (17,884)    
Fair Value 83,049 83,279    
Allowance 0 0    
Agency mortgage-backed securities        
Securities available for sale        
Amortized  Cost 272,245 273,969    
Gross Unrealized Gains 6 4    
Gross Unrealized Losses (46,396) (53,733)    
Fair Value 225,855 220,240    
Allowance 0 0    
Securities held to maturity        
Amortized  Cost 42,703 43,644    
Gross Unrealized Gains 0 0    
Gross Unrealized Losses (7,485) (8,707)    
Fair Value 35,218 34,937    
Allowance 0 0    
Agency commercial mortgage-backed securities        
Securities available for sale        
Amortized  Cost 84,722 85,686    
Gross Unrealized Gains 0 0    
Gross Unrealized Losses (17,510) (18,975)    
Fair Value 67,212 66,711    
Allowance 0 0    
Securities held to maturity        
Amortized  Cost 116,824 125,547    
Gross Unrealized Gains 0 0    
Gross Unrealized Losses (23,133) (25,153)    
Fair Value 93,691 100,394    
Allowance 0 0    
Corporate bonds        
Securities available for sale        
Amortized  Cost 38,684 38,689    
Gross Unrealized Gains 27 30    
Gross Unrealized Losses (2,040) (2,362)    
Fair Value 36,671 36,357    
Allowance 0 0    
Tax advantaged economic development bonds        
Securities held to maturity        
Amortized  Cost 1,043 1,144    
Gross Unrealized Gains 0 0    
Gross Unrealized Losses (39) (42)    
Fair Value 1,004 1,102    
Allowance 19 20 $ 20 $ 20
Other bonds and obligations        
Securities held to maturity        
Amortized  Cost 277 277    
Gross Unrealized Gains 0 0    
Gross Unrealized Losses 0 0    
Fair Value 277 277    
Allowance $ 0 $ 0    
v3.25.1
SECURITIES AVAILABLE FOR SALE, HELD TO MATURITY, AND EQUITY SECURITIES - Schedule of Debt Securities, Held-to-maturity, Allowance for Credit Loss (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Roll Forward]    
Beginning balance $ 64 $ 68
Provision (benefit) for credit losses 1 7
Ending balance 63 61
Municipal bonds and obligations    
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Roll Forward]    
Beginning balance 44 48
Provision (benefit) for credit losses 0 7
Ending balance 44 41
Tax advantaged economic development bonds    
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Roll Forward]    
Beginning balance 20 20
Provision (benefit) for credit losses 1 0
Ending balance $ 19 $ 20
v3.25.1
SECURITIES AVAILABLE FOR SALE, HELD TO MATURITY, AND EQUITY SECURITIES - Schedule of Amortized Cost and Estimated Fair Value of Available for Sale (AFS) and Held to Maturity (HTM) Securities, Segregated by Contractual Maturity (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Available for sale, Amortized Cost    
Within 1 year $ 8,561  
Over 1 year to 5 years 21,331  
Over 5 years to 10 years 49,946  
Over 10 years 30,379  
Total bonds and obligations 110,217  
Mortgage-backed securities 687,134  
Amortized  Cost 797,351 $ 797,851
Available for sale, Fair Value    
Within 1 year 8,558  
Over 1 year to 5 years 21,144  
Over 5 years to 10 years 47,298  
Over 10 years 27,589  
Total bonds and obligations 104,589  
Mortgage-backed securities 564,593  
Fair Value 669,182 655,723
Held to maturity, Amortized Cost    
Within 1 year 597  
Over 1 year to 5 years 2,628  
Over 5 years to 10 years 64,432  
Over 10 years 167,851  
Total bonds and obligations 235,508  
Mortgage-backed securities 258,734  
Amortized  Cost 494,242 507,658
Held to maturity, Fair Value    
Within 1 year 594  
Over 1 year to 5 years 2,588  
Over 5 years to 10 years 62,450  
Over 10 years 144,561  
Total bonds and obligations 210,193  
Mortgage-backed securities 211,958  
Fair Value $ 422,151 $ 433,382
v3.25.1
SECURITIES AVAILABLE FOR SALE, HELD TO MATURITY, AND EQUITY SECURITIES - Narrative (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
security
Mar. 31, 2024
USD ($)
Investment Holdings [Line Items]    
Purchases of securities available-for-sale | $ $ 21,151 $ 7,798
Proceeds from sale of available-for-sale securities | $ 0 361,871
Debt securities, available-for-sale, realized gain | $ 0 5,100
Debt securities, available-for-sale, realized loss | $ $ 0 $ 54,900
Municipal bonds and obligations    
Investment Holdings [Line Items]    
Available-for-sale, securities in unrealized loss positions 76  
Number of securities 90  
Debt securities, continuous unrealized loss position, qualitative disclosure, aggregate losses percentage 6.10%  
Held-to-maturity, securities in unrealized loss positions 140  
Number of securities in the portfolio of HTM 158  
Aggregate unrealized losses as a percentage of the amortized cost of the securities in unrealized loss positions 12.10%  
Agency collateralized mortgage obligations    
Investment Holdings [Line Items]    
Available-for-sale, securities in unrealized loss positions 39  
Number of securities 44  
Debt securities, continuous unrealized loss position, qualitative disclosure, aggregate losses percentage 21.40%  
Held-to-maturity, securities in unrealized loss positions 12  
Number of securities in the portfolio of HTM 12  
Aggregate unrealized losses as a percentage of the amortized cost of the securities in unrealized loss positions 16.30%  
Agency commercial mortgage-backed securities    
Investment Holdings [Line Items]    
Available-for-sale, securities in unrealized loss positions 28  
Number of securities 28  
Debt securities, continuous unrealized loss position, qualitative disclosure, aggregate losses percentage 17.90%  
Held-to-maturity, securities in unrealized loss positions 17  
Number of securities in the portfolio of HTM 17  
Aggregate unrealized losses as a percentage of the amortized cost of the securities in unrealized loss positions 19.20%  
Corporate bonds    
Investment Holdings [Line Items]    
Available-for-sale, securities in unrealized loss positions 13  
Number of securities 14  
Debt securities, continuous unrealized loss position, qualitative disclosure, aggregate losses percentage 5.40%  
Tax advantaged economic development bonds    
Investment Holdings [Line Items]    
Held-to-maturity, securities in unrealized loss positions 2  
Number of securities in the portfolio of HTM 2  
Aggregate unrealized losses as a percentage of the amortized cost of the securities in unrealized loss positions 3.80%  
U.S. Treasuries    
Investment Holdings [Line Items]    
Available-for-sale, securities in unrealized loss positions 1  
Number of securities 1  
Debt securities, continuous unrealized loss position, qualitative disclosure, aggregate losses percentage 0.00%  
v3.25.1
SECURITIES AVAILABLE FOR SALE, HELD TO MATURITY, AND EQUITY SECURITIES - Schedule of Securities with Unrealized Losses, Segregated by the Duration of their Continuous Unrealized Loss Positions (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Securities available for sale    
Less Than Twelve Months, Gross Unrealized Losses $ 1,140 $ 1,289
Less Than Twelve Months, Fair Value 69,575 79,959
Over Twelve Months, Gross Unrealized Losses 127,502 141,032
Over Twelve Months, Fair Value 539,794 541,025
Total Gross Unrealized Losses 128,642 142,321
Total Fair Value 609,369 620,984
Securities held to maturity    
Less Than Twelve Months, Gross Unrealized Losses 2,223 1,614
Less Than Twelve Months, Fair Value 69,953 73,453
Over Twelve Months, Gross Unrealized Losses 69,934 72,791
Over Twelve Months, Fair Value 327,516 330,940
Total Gross Unrealized Losses 72,157 74,405
Total Fair Value 397,469 404,393
Securities available for sale and held to maturity    
Less Than Twelve Months, Gross Unrealized Losses 3,363 2,903
Less Than Twelve Months, Fair Value 139,528 153,412
Over Twelve Months, Gross Unrealized Losses 197,436 213,823
Over Twelve Months, Fair Value 867,310 871,965
Total Gross Unrealized Losses 200,799 216,726
Total Fair Value 1,006,838 1,025,377
U.S. Treasuries    
Securities available for sale    
Less Than Twelve Months, Gross Unrealized Losses 1  
Less Than Twelve Months, Fair Value 7,901  
Over Twelve Months, Gross Unrealized Losses 0  
Over Twelve Months, Fair Value 0  
Total Gross Unrealized Losses 1  
Total Fair Value 7,901  
Municipal bonds and obligations    
Securities available for sale    
Less Than Twelve Months, Gross Unrealized Losses 831 773
Less Than Twelve Months, Fair Value 28,580 30,299
Over Twelve Months, Gross Unrealized Losses 2,791 2,325
Over Twelve Months, Fair Value 27,376 25,916
Total Gross Unrealized Losses 3,622 3,098
Total Fair Value 55,956 56,215
Securities held to maturity    
Less Than Twelve Months, Gross Unrealized Losses 2,223 1,614
Less Than Twelve Months, Fair Value 69,953 73,453
Over Twelve Months, Gross Unrealized Losses 23,119 21,005
Over Twelve Months, Fair Value 114,554 111,228
Total Gross Unrealized Losses 25,342 22,619
Total Fair Value 184,507 184,681
Agency collateralized mortgage obligations    
Securities available for sale    
Less Than Twelve Months, Gross Unrealized Losses 30 403
Less Than Twelve Months, Fair Value 17,914 45,954
Over Twelve Months, Gross Unrealized Losses 59,043 63,750
Over Twelve Months, Fair Value 199,409 200,038
Total Gross Unrealized Losses 59,073 64,153
Total Fair Value 217,323 245,992
Securities held to maturity    
Less Than Twelve Months, Gross Unrealized Losses 0 0
Less Than Twelve Months, Fair Value 0 0
Over Twelve Months, Gross Unrealized Losses 16,158 17,884
Over Twelve Months, Fair Value 83,049 83,279
Total Gross Unrealized Losses 16,158 17,884
Total Fair Value 83,049 83,279
Agency mortgage-backed securities    
Securities available for sale    
Less Than Twelve Months, Gross Unrealized Losses 90 113
Less Than Twelve Months, Fair Value 7,018 3,706
Over Twelve Months, Gross Unrealized Losses 46,306 53,620
Over Twelve Months, Fair Value 218,099 215,822
Total Gross Unrealized Losses 46,396 53,733
Total Fair Value 225,117 219,528
Securities held to maturity    
Less Than Twelve Months, Gross Unrealized Losses 0 0
Less Than Twelve Months, Fair Value 0 0
Over Twelve Months, Gross Unrealized Losses 7,485 8,707
Over Twelve Months, Fair Value 35,218 34,937
Total Gross Unrealized Losses 7,485 8,707
Total Fair Value 35,218 34,937
Agency commercial mortgage-backed securities    
Securities available for sale    
Less Than Twelve Months, Gross Unrealized Losses 0 0
Less Than Twelve Months, Fair Value 0 0
Over Twelve Months, Gross Unrealized Losses 17,510 18,975
Over Twelve Months, Fair Value 67,212 66,711
Total Gross Unrealized Losses 17,510 18,975
Total Fair Value 67,212 66,711
Securities held to maturity    
Less Than Twelve Months, Gross Unrealized Losses 0 0
Less Than Twelve Months, Fair Value 0 0
Over Twelve Months, Gross Unrealized Losses 23,133 25,153
Over Twelve Months, Fair Value 93,691 100,394
Total Gross Unrealized Losses 23,133 25,153
Total Fair Value 93,691 100,394
Corporate bonds    
Securities available for sale    
Less Than Twelve Months, Gross Unrealized Losses 188 0
Less Than Twelve Months, Fair Value 8,162 0
Over Twelve Months, Gross Unrealized Losses 1,852 2,362
Over Twelve Months, Fair Value 27,698 32,538
Total Gross Unrealized Losses 2,040 2,362
Total Fair Value 35,860 32,538
Other bonds and obligations    
Securities held to maturity    
Total Gross Unrealized Losses 0 0
Tax advantaged economic development bonds    
Securities held to maturity    
Less Than Twelve Months, Gross Unrealized Losses 0 0
Less Than Twelve Months, Fair Value 0 0
Over Twelve Months, Gross Unrealized Losses 39 42
Over Twelve Months, Fair Value 1,004 1,102
Total Gross Unrealized Losses 39 42
Total Fair Value $ 1,004 $ 1,102
v3.25.1
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Schedule of Total Loans (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Allowance for loan losses        
Total loans $ 9,428,885 $ 9,384,994    
Allowance for credit losses (116,678) (114,700) $ (107,331) $ (105,357)
Net loans 9,312,207 9,270,294    
Construction and commercial multifamily | Construction        
Allowance for loan losses        
Total loans 715,046 726,344    
Allowance for credit losses (5,722) (4,463) (2,580) (2,885)
Construction and commercial multifamily | Commercial multifamily        
Allowance for loan losses        
Total loans 695,246 636,805    
Allowance for credit losses (4,715) (4,084) (2,649) (2,475)
Commercial real estate | Commercial real estate owner occupied        
Allowance for loan losses        
Total loans 690,493 695,330    
Allowance for credit losses (11,804) (11,303) (9,898) (9,443)
Commercial real estate | Commercial real estate non-owner occupied        
Allowance for loan losses        
Total loans 2,756,335 2,769,447    
Allowance for credit losses (36,180) (38,520) (34,255) (38,221)
Commercial and industrial        
Allowance for loan losses        
Total loans 1,438,555 1,439,175    
Allowance for credit losses (25,777) (25,549) (20,016) (18,602)
Residential real estate | Residential real estate        
Allowance for loan losses        
Total loans 2,791,265 2,771,769    
Allowance for credit losses (28,241) (22,479) (22,411) (19,622)
Consumer loans | Home equity        
Allowance for loan losses        
Total loans 239,113 230,365    
Allowance for credit losses (2,775) (2,392) (1,992) (2,015)
Consumer loans | Consumer other        
Allowance for loan losses        
Total loans 102,832 115,759    
Allowance for credit losses $ (1,464) $ (5,910) $ (13,530) $ (12,094)
v3.25.1
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Narrative (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
quarter
Dec. 31, 2024
USD ($)
Allowance for loan losses    
Valuation period | quarter 7  
Forecasting revision period 1 year  
Commitment to lend $ 4,900  
Commercial and industrial    
Allowance for loan losses    
Financing receivable, nonaccrual, medallion loans, fair value 300 $ 300
Financing receivable, nonaccrual, medallion loans, contractual balance 6,500 $ 6,500
Held For Sale | Consumer | Consumer other    
Allowance for loan losses    
Financing receivable, reclassification, held for sale $ 0  
v3.25.1
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Schedule of Allowance for Credit Loss Activity (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance at Beginning of Period $ 114,700 $ 105,357 $ 105,357
Charge-offs (6,256) (5,636)  
Recoveries 2,733 1,603  
Provision/(Benefit) for Credit Losses 5,501 6,007  
Balance at End of Period 116,678 107,331 114,700
Construction and commercial multifamily | Construction      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance at Beginning of Period 4,463 2,885 2,885
Charge-offs 0 0 0
Recoveries 0 0  
Provision/(Benefit) for Credit Losses 1,259 (305)  
Balance at End of Period 5,722 2,580 4,463
Construction and commercial multifamily | Commercial multifamily      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance at Beginning of Period 4,084 2,475 2,475
Charge-offs (853) 0 (1,164)
Recoveries 0 0  
Provision/(Benefit) for Credit Losses 1,484 174  
Balance at End of Period 4,715 2,649 4,084
Commercial real estate | Commercial real estate owner occupied      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance at Beginning of Period 11,303 9,443 9,443
Charge-offs (73) (107) (403)
Recoveries 43 14  
Provision/(Benefit) for Credit Losses 531 548  
Balance at End of Period 11,804 9,898 11,303
Commercial real estate | Commercial real estate non-owner occupied      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance at Beginning of Period 38,520 38,221 38,221
Charge-offs (40) 0 (36)
Recoveries 3 81  
Provision/(Benefit) for Credit Losses (2,303) (4,047)  
Balance at End of Period 36,180 34,255 38,520
Commercial and industrial      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance at Beginning of Period 25,549 18,602 18,602
Charge-offs (2,821) (2,442) (7,820)
Recoveries 1,219 657  
Provision/(Benefit) for Credit Losses 1,830 3,199  
Balance at End of Period 25,777 20,016 25,549
Residential real estate | Residential real estate      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance at Beginning of Period 22,479 19,622 19,622
Charge-offs (25) (41) (76)
Recoveries 186 186  
Provision/(Benefit) for Credit Losses 5,601 2,644  
Balance at End of Period 28,241 22,411 22,479
Consumer loans | Home equity      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance at Beginning of Period 2,392 2,015 2,015
Charge-offs 0 0 0
Recoveries 580 239  
Provision/(Benefit) for Credit Losses (197) (262)  
Balance at End of Period 2,775 1,992 2,392
Consumer loans | Consumer other      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance at Beginning of Period 5,910 12,094 12,094
Charge-offs (2,444) (3,046) (11,026)
Recoveries 702 426  
Provision/(Benefit) for Credit Losses (2,704) 4,056  
Balance at End of Period $ 1,464 $ 13,530 $ 5,910
v3.25.1
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Schedule of Allowance for Credit Losses Activity, Unfunded Loan Commitments (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]    
Balance at beginning of period $ 9,821 $ 9,256
Expense for credit losses (750) 0
Balance at end of period $ 9,071 $ 9,256
v3.25.1
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Loan Risk by Category (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Current period gross write-offs      
Total $ 6,256 $ 5,636  
Payment performance      
Total loans 9,428,885   $ 9,384,994
Special Mention | Performing      
Payment performance      
Total loans 135,859   133,408
Substandard | Performing      
Payment performance      
Total loans 123,860   88,009
Construction and commercial multifamily | Construction      
Current period gross write-offs      
Write-offs, originated in current year 0   0
Write-offs, originated in prior year 0   0
Write-offs, originated two years before current year 0   0
Write-offs, originated three years before current year 0   0
Write-offs, originated four years before current year 0   0
Write-offs, originated five years before current year 0   0
Write-offs, Revolving Loans Amortized Cost Basis 0   0
Write-offs, Revolving Loans Converted to Term 0   0
Total 0 0 0
Payment performance      
Loans originated in current fiscal year 32,684   40,549
Loans originated in fiscal year before current fiscal year 28,269   138,925
Loans originated two years before current fiscal year 147,114   452,224
Loans originated three years before current fiscal year 427,637   93,310
Loans originated four years before current fiscal year 78,056   0
Prior 1,286   1,336
Revolving Loans Amortized Cost Basis 0   0
Revolving Loans Converted to Term 0   0
Total loans 715,046   726,344
Construction and commercial multifamily | Commercial multifamily      
Current period gross write-offs      
Write-offs, originated in current year 0   0
Write-offs, originated in prior year 0   0
Write-offs, originated two years before current year 0   0
Write-offs, originated three years before current year 0   0
Write-offs, originated four years before current year 0   0
Write-offs, originated five years before current year 853   1,164
Write-offs, Revolving Loans Amortized Cost Basis 0   0
Write-offs, Revolving Loans Converted to Term 0   0
Total 853 0 1,164
Payment performance      
Loans originated in current fiscal year 34,463   85,160
Loans originated in fiscal year before current fiscal year 85,120   17,598
Loans originated two years before current fiscal year 17,521   203,001
Loans originated three years before current fiscal year 231,665   52,235
Loans originated four years before current fiscal year 50,604   40,688
Prior 274,558   237,695
Revolving Loans Amortized Cost Basis 1,315   428
Revolving Loans Converted to Term 0   0
Total loans 695,246   636,805
Construction and commercial multifamily | Pass | Construction      
Payment performance      
Loans originated in current fiscal year 32,684   40,549
Loans originated in fiscal year before current fiscal year 28,269   138,925
Loans originated two years before current fiscal year 147,114   436,850
Loans originated three years before current fiscal year 385,726   74,718
Loans originated four years before current fiscal year 59,223   0
Prior 1,286   1,336
Revolving Loans Amortized Cost Basis 0   0
Revolving Loans Converted to Term 0   0
Total loans 654,302   692,378
Construction and commercial multifamily | Pass | Commercial multifamily      
Payment performance      
Loans originated in current fiscal year 34,463   85,160
Loans originated in fiscal year before current fiscal year 85,120   17,598
Loans originated two years before current fiscal year 17,521   203,001
Loans originated three years before current fiscal year 231,665   52,235
Loans originated four years before current fiscal year 50,604   38,211
Prior 268,462   233,145
Revolving Loans Amortized Cost Basis 1,315   428
Revolving Loans Converted to Term 0   0
Total loans 689,150   629,778
Construction and commercial multifamily | Special Mention | Construction      
Payment performance      
Loans originated in current fiscal year 0   0
Loans originated in fiscal year before current fiscal year 0   0
Loans originated two years before current fiscal year 0   15,374
Loans originated three years before current fiscal year 21,790   0
Loans originated four years before current fiscal year 0   0
Prior 0   0
Revolving Loans Amortized Cost Basis 0   0
Revolving Loans Converted to Term 0   0
Total loans 21,790   15,374
Construction and commercial multifamily | Special Mention | Commercial multifamily      
Payment performance      
Loans originated in current fiscal year 0   0
Loans originated in fiscal year before current fiscal year 0   0
Loans originated two years before current fiscal year 0   0
Loans originated three years before current fiscal year 0   0
Loans originated four years before current fiscal year 0   0
Prior 407   421
Revolving Loans Amortized Cost Basis 0   0
Revolving Loans Converted to Term 0   0
Total loans 407   421
Construction and commercial multifamily | Substandard | Construction      
Payment performance      
Loans originated in current fiscal year 0   0
Loans originated in fiscal year before current fiscal year 0   0
Loans originated two years before current fiscal year 0   0
Loans originated three years before current fiscal year 20,121   18,592
Loans originated four years before current fiscal year 18,833   0
Prior 0   0
Revolving Loans Amortized Cost Basis 0   0
Revolving Loans Converted to Term 0   0
Total loans 38,954   18,592
Construction and commercial multifamily | Substandard | Commercial multifamily      
Payment performance      
Loans originated in current fiscal year 0   0
Loans originated in fiscal year before current fiscal year 0   0
Loans originated two years before current fiscal year 0   0
Loans originated three years before current fiscal year 0   0
Loans originated four years before current fiscal year 0   2,477
Prior 5,689   4,129
Revolving Loans Amortized Cost Basis 0   0
Revolving Loans Converted to Term 0   0
Total loans 5,689   6,606
Commercial real estate | Commercial real estate owner occupied      
Current period gross write-offs      
Write-offs, originated in current year 0   0
Write-offs, originated in prior year 0   0
Write-offs, originated two years before current year 0   45
Write-offs, originated three years before current year 0   232
Write-offs, originated four years before current year 0   0
Write-offs, originated five years before current year 73   126
Write-offs, Revolving Loans Amortized Cost Basis 0   0
Write-offs, Revolving Loans Converted to Term 0   0
Total 73 107 403
Payment performance      
Loans originated in current fiscal year 23,857   123,934
Loans originated in fiscal year before current fiscal year 125,775   92,906
Loans originated two years before current fiscal year 92,234   114,968
Loans originated three years before current fiscal year 113,707   102,747
Loans originated four years before current fiscal year 101,045   67,910
Prior 230,681   189,918
Revolving Loans Amortized Cost Basis 3,194   2,947
Revolving Loans Converted to Term 0   0
Total loans 690,493   695,330
Commercial real estate | Commercial real estate non-owner occupied      
Current period gross write-offs      
Write-offs, originated in current year 0   0
Write-offs, originated in prior year 0   0
Write-offs, originated two years before current year 0   0
Write-offs, originated three years before current year 0   0
Write-offs, originated four years before current year 0   0
Write-offs, originated five years before current year 40   36
Write-offs, Revolving Loans Amortized Cost Basis 0   0
Write-offs, Revolving Loans Converted to Term 0   0
Total 40 0 36
Payment performance      
Loans originated in current fiscal year 22,318   246,619
Loans originated in fiscal year before current fiscal year 248,488   426,882
Loans originated two years before current fiscal year 408,335   591,931
Loans originated three years before current fiscal year 590,314   417,279
Loans originated four years before current fiscal year 415,355   142,962
Prior 1,060,811   934,057
Revolving Loans Amortized Cost Basis 10,714   8,217
Revolving Loans Converted to Term 0   1,500
Total loans 2,756,335   2,769,447
Commercial real estate | Pass | Commercial real estate owner occupied      
Payment performance      
Loans originated in current fiscal year 23,857   122,082
Loans originated in fiscal year before current fiscal year 123,931   83,269
Loans originated two years before current fiscal year 81,672   112,718
Loans originated three years before current fiscal year 100,659   94,937
Loans originated four years before current fiscal year 93,253   67,652
Prior 217,610   177,684
Revolving Loans Amortized Cost Basis 2,694   2,947
Revolving Loans Converted to Term 0   0
Total loans 643,676   661,289
Commercial real estate | Pass | Commercial real estate non-owner occupied      
Payment performance      
Loans originated in current fiscal year 22,318   246,619
Loans originated in fiscal year before current fiscal year 248,488   426,882
Loans originated two years before current fiscal year 408,335   591,563
Loans originated three years before current fiscal year 589,949   413,459
Loans originated four years before current fiscal year 411,560   142,739
Prior 1,002,749   874,454
Revolving Loans Amortized Cost Basis 8,459   5,961
Revolving Loans Converted to Term 0   1,500
Total loans 2,691,858   2,703,177
Commercial real estate | Special Mention | Commercial real estate owner occupied      
Payment performance      
Loans originated in current fiscal year 0   1,852
Loans originated in fiscal year before current fiscal year 1,844   9,637
Loans originated two years before current fiscal year 9,496   1,839
Loans originated three years before current fiscal year 10,032   7,215
Loans originated four years before current fiscal year 7,204   221
Prior 6,243   5,207
Revolving Loans Amortized Cost Basis 0   0
Revolving Loans Converted to Term 0   0
Total loans 34,819   25,971
Commercial real estate | Special Mention | Commercial real estate non-owner occupied      
Payment performance      
Loans originated in current fiscal year 0   0
Loans originated in fiscal year before current fiscal year 0   0
Loans originated two years before current fiscal year 0   0
Loans originated three years before current fiscal year 0   1,038
Loans originated four years before current fiscal year 1,028   223
Prior 33,561   40,763
Revolving Loans Amortized Cost Basis 0   0
Revolving Loans Converted to Term 0   0
Total loans 34,589   42,024
Commercial real estate | Substandard | Commercial real estate owner occupied      
Payment performance      
Loans originated in current fiscal year 0   0
Loans originated in fiscal year before current fiscal year 0   0
Loans originated two years before current fiscal year 1,066   411
Loans originated three years before current fiscal year 3,016   595
Loans originated four years before current fiscal year 588   37
Prior 6,828   7,027
Revolving Loans Amortized Cost Basis 500   0
Revolving Loans Converted to Term 0   0
Total loans 11,998   8,070
Commercial real estate | Substandard | Commercial real estate non-owner occupied      
Payment performance      
Loans originated in current fiscal year 0   0
Loans originated in fiscal year before current fiscal year 0   0
Loans originated two years before current fiscal year 0   368
Loans originated three years before current fiscal year 365   2,782
Loans originated four years before current fiscal year 2,767   0
Prior 24,501   18,840
Revolving Loans Amortized Cost Basis 2,255   2,256
Revolving Loans Converted to Term 0   0
Total loans 29,888   24,246
Commercial and industrial      
Current period gross write-offs      
Write-offs, originated in current year 0   324
Write-offs, originated in prior year 0   868
Write-offs, originated two years before current year 160   1,564
Write-offs, originated three years before current year 329   940
Write-offs, originated four years before current year 164   816
Write-offs, originated five years before current year 1,486   1,745
Write-offs, Revolving Loans Amortized Cost Basis 682   1,563
Write-offs, Revolving Loans Converted to Term 0   0
Total 2,821 2,442 7,820
Payment performance      
Loans originated in current fiscal year 45,049   205,995
Loans originated in fiscal year before current fiscal year 195,434   94,696
Loans originated two years before current fiscal year 96,474   150,158
Loans originated three years before current fiscal year 140,897   105,571
Loans originated four years before current fiscal year 100,865   21,247
Prior 138,566   127,652
Revolving Loans Amortized Cost Basis 719,417   722,073
Revolving Loans Converted to Term 1,853   11,783
Total loans 1,438,555   1,439,175
Commercial and industrial | Pass      
Payment performance      
Loans originated in current fiscal year 45,049   205,831
Loans originated in fiscal year before current fiscal year 195,278   91,152
Loans originated two years before current fiscal year 91,277   126,327
Loans originated three years before current fiscal year 115,920   93,441
Loans originated four years before current fiscal year 91,224   18,613
Prior 123,499   112,620
Revolving Loans Amortized Cost Basis 682,400   689,036
Revolving Loans Converted to Term 1,853   11,478
Total loans 1,346,500   1,348,498
Commercial and industrial | Special Mention      
Payment performance      
Loans originated in current fiscal year 0   164
Loans originated in fiscal year before current fiscal year 156   1,122
Loans originated two years before current fiscal year 2,630   22,091
Loans originated three years before current fiscal year 21,234   1,305
Loans originated four years before current fiscal year 219   1,705
Prior 1,998   2,957
Revolving Loans Amortized Cost Basis 16,508   16,723
Revolving Loans Converted to Term 0   100
Total loans 42,745   46,167
Commercial and industrial | Substandard      
Payment performance      
Loans originated in current fiscal year 0   0
Loans originated in fiscal year before current fiscal year 0   2,422
Loans originated two years before current fiscal year 2,567   1,740
Loans originated three years before current fiscal year 3,743   10,825
Loans originated four years before current fiscal year 9,422   929
Prior 13,069   12,075
Revolving Loans Amortized Cost Basis 20,509   16,314
Revolving Loans Converted to Term 0   205
Total loans 49,310   44,510
Residential real estate | Residential real estate      
Current period gross write-offs      
Write-offs, originated in current year 0   0
Write-offs, originated in prior year 0   0
Write-offs, originated two years before current year 0   0
Write-offs, originated three years before current year 0   0
Write-offs, originated four years before current year 25   0
Write-offs, originated five years before current year 0   76
Write-offs, Revolving Loans Amortized Cost Basis 0   0
Write-offs, Revolving Loans Converted to Term 0   0
Total 25 41 76
Payment performance      
Loans originated in current fiscal year 61,849   291,826
Loans originated in fiscal year before current fiscal year 289,016   531,873
Loans originated two years before current fiscal year 521,833   909,689
Loans originated three years before current fiscal year 896,097   248,207
Loans originated four years before current fiscal year 243,743   78,080
Prior 778,511   711,958
Revolving Loans Amortized Cost Basis 216   136
Revolving Loans Converted to Term 0   0
Total loans 2,791,265   2,771,769
Residential real estate | Pass | Residential real estate      
Payment performance      
Loans originated in current fiscal year 61,849   291,826
Loans originated in fiscal year before current fiscal year 289,016   531,873
Loans originated two years before current fiscal year 521,833   908,916
Loans originated three years before current fiscal year 894,092   247,551
Loans originated four years before current fiscal year 243,529   77,706
Prior 770,454   703,572
Revolving Loans Amortized Cost Basis 216   136
Revolving Loans Converted to Term 0   0
Total loans 2,780,989   2,761,580
Residential real estate | Special Mention | Residential real estate      
Payment performance      
Loans originated in current fiscal year 0   0
Loans originated in fiscal year before current fiscal year 0   0
Loans originated two years before current fiscal year 0   649
Loans originated three years before current fiscal year 829   468
Loans originated four years before current fiscal year 0   0
Prior 498   1,501
Revolving Loans Amortized Cost Basis 0   0
Revolving Loans Converted to Term 0   0
Total loans 1,327   2,618
Residential real estate | Substandard | Residential real estate      
Payment performance      
Loans originated in current fiscal year 0   0
Loans originated in fiscal year before current fiscal year 0   0
Loans originated two years before current fiscal year 0   124
Loans originated three years before current fiscal year 1,176   188
Loans originated four years before current fiscal year 214   374
Prior 7,559   6,885
Revolving Loans Amortized Cost Basis 0   0
Revolving Loans Converted to Term 0   0
Total loans 8,949   7,571
Consumer | Home equity      
Current period gross write-offs      
Write-offs, originated in current year 0   0
Write-offs, originated in prior year 0   0
Write-offs, originated two years before current year 0   0
Write-offs, originated three years before current year 0   0
Write-offs, originated four years before current year 0   0
Write-offs, originated five years before current year 0   0
Write-offs, Revolving Loans Amortized Cost Basis 0   0
Write-offs, Revolving Loans Converted to Term 0   0
Total 0 0 0
Payment performance      
Loans originated in current fiscal year 0   0
Loans originated in fiscal year before current fiscal year 0   0
Loans originated two years before current fiscal year 0   0
Loans originated three years before current fiscal year 0   0
Loans originated four years before current fiscal year 0   423
Prior 3,009   2,529
Revolving Loans Amortized Cost Basis 236,104   227,413
Revolving Loans Converted to Term 0   0
Total loans 239,113   230,365
Consumer | Home equity | Performing      
Payment performance      
Loans originated in current fiscal year 0   0
Loans originated in fiscal year before current fiscal year 0   0
Loans originated two years before current fiscal year 0   0
Loans originated three years before current fiscal year 0   0
Loans originated four years before current fiscal year 0   423
Prior 3,009   2,529
Revolving Loans Amortized Cost Basis 235,632   226,822
Revolving Loans Converted to Term 0   0
Total loans 238,641   229,774
Consumer | Home equity | Nonperforming      
Payment performance      
Loans originated in current fiscal year 0   0
Loans originated in fiscal year before current fiscal year 0   0
Loans originated two years before current fiscal year 0   0
Loans originated three years before current fiscal year 0   0
Loans originated four years before current fiscal year 0   0
Prior 0   0
Revolving Loans Amortized Cost Basis 472   591
Revolving Loans Converted to Term 0   0
Total loans 472   591
Consumer | Consumer other      
Current period gross write-offs      
Write-offs, originated in current year 0   0
Write-offs, originated in prior year 1   214
Write-offs, originated two years before current year 18   9,723
Write-offs, originated three years before current year 2,154   760
Write-offs, originated four years before current year 240   2
Write-offs, originated five years before current year 31   113
Write-offs, Revolving Loans Amortized Cost Basis 0   214
Write-offs, Revolving Loans Converted to Term 0   0
Total 2,444 $ 3,046 11,026
Payment performance      
Loans originated in current fiscal year 3,516   30,524
Loans originated in fiscal year before current fiscal year 28,650   33,850
Loans originated two years before current fiscal year 31,378   23,440
Loans originated three years before current fiscal year 15,315   10,193
Loans originated four years before current fiscal year 8,745   3,718
Prior 5,823   3,932
Revolving Loans Amortized Cost Basis 9,405   10,102
Revolving Loans Converted to Term 0   0
Total loans 102,832   115,759
Consumer | Consumer other | Performing      
Payment performance      
Loans originated in current fiscal year 3,516   30,524
Loans originated in fiscal year before current fiscal year 28,621   33,849
Loans originated two years before current fiscal year 31,362   23,397
Loans originated three years before current fiscal year 15,282   10,072
Loans originated four years before current fiscal year 8,629   3,718
Prior 5,747   3,825
Revolving Loans Amortized Cost Basis 9,348   10,066
Revolving Loans Converted to Term 0   0
Total loans 102,505   115,451
Consumer | Consumer other | Nonperforming      
Payment performance      
Loans originated in current fiscal year 0   0
Loans originated in fiscal year before current fiscal year 29   1
Loans originated two years before current fiscal year 16   43
Loans originated three years before current fiscal year 33   121
Loans originated four years before current fiscal year 116   0
Prior 76   107
Revolving Loans Amortized Cost Basis 57   36
Revolving Loans Converted to Term 0   0
Total loans $ 327   $ 308
v3.25.1
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Loans Past Due (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Allowance for loan losses    
Total loans $ 9,428,885 $ 9,384,994
Construction and commercial multifamily | Construction    
Allowance for loan losses    
Total loans 715,046 726,344
Construction and commercial multifamily | Commercial multifamily    
Allowance for loan losses    
Total loans 695,246 636,805
Commercial real estate | Commercial real estate owner occupied    
Allowance for loan losses    
Total loans 690,493 695,330
Commercial real estate | Commercial real estate non-owner occupied    
Allowance for loan losses    
Total loans 2,756,335 2,769,447
Commercial and industrial    
Allowance for loan losses    
Total loans 1,438,555 1,439,175
Residential real estate | Residential real estate    
Allowance for loan losses    
Total loans 2,791,265 2,771,769
Consumer loans | Home equity    
Allowance for loan losses    
Total loans 239,113 230,365
Consumer loans | Consumer other    
Allowance for loan losses    
Total loans 102,832 115,759
Total Past Due    
Allowance for loan losses    
Total loans 39,928 49,148
Total Past Due | Construction and commercial multifamily | Construction    
Allowance for loan losses    
Total loans 594 594
Total Past Due | Construction and commercial multifamily | Commercial multifamily    
Allowance for loan losses    
Total loans 3,232 4,550
Total Past Due | Commercial real estate | Commercial real estate owner occupied    
Allowance for loan losses    
Total loans 4,299 3,270
Total Past Due | Commercial real estate | Commercial real estate non-owner occupied    
Allowance for loan losses    
Total loans 3,681 3,827
Total Past Due | Commercial and industrial    
Allowance for loan losses    
Total loans 11,331 13,552
Total Past Due | Residential real estate | Residential real estate    
Allowance for loan losses    
Total loans 13,811 18,110
Total Past Due | Consumer loans | Home equity    
Allowance for loan losses    
Total loans 1,846 2,639
Total Past Due | Consumer loans | Consumer other    
Allowance for loan losses    
Total loans 1,134 2,606
30-59 Days Past Due    
Allowance for loan losses    
Total loans 7,789 13,897
30-59 Days Past Due | Construction and commercial multifamily | Construction    
Allowance for loan losses    
Total loans 0 0
30-59 Days Past Due | Construction and commercial multifamily | Commercial multifamily    
Allowance for loan losses    
Total loans 0 421
30-59 Days Past Due | Commercial real estate | Commercial real estate owner occupied    
Allowance for loan losses    
Total loans 1,246 484
30-59 Days Past Due | Commercial real estate | Commercial real estate non-owner occupied    
Allowance for loan losses    
Total loans 89 295
30-59 Days Past Due | Commercial and industrial    
Allowance for loan losses    
Total loans 1,870 2,613
30-59 Days Past Due | Residential real estate | Residential real estate    
Allowance for loan losses    
Total loans 4,178 8,571
30-59 Days Past Due | Consumer loans | Home equity    
Allowance for loan losses    
Total loans 205 629
30-59 Days Past Due | Consumer loans | Consumer other    
Allowance for loan losses    
Total loans 201 884
60-89 Days Past Due    
Allowance for loan losses    
Total loans 2,000 4,387
60-89 Days Past Due | Construction and commercial multifamily | Construction    
Allowance for loan losses    
Total loans 0 0
60-89 Days Past Due | Construction and commercial multifamily | Commercial multifamily    
Allowance for loan losses    
Total loans 0 0
60-89 Days Past Due | Commercial real estate | Commercial real estate owner occupied    
Allowance for loan losses    
Total loans 986 456
60-89 Days Past Due | Commercial real estate | Commercial real estate non-owner occupied    
Allowance for loan losses    
Total loans 2 0
60-89 Days Past Due | Commercial and industrial    
Allowance for loan losses    
Total loans 135 1,116
60-89 Days Past Due | Residential real estate | Residential real estate    
Allowance for loan losses    
Total loans 684 1,969
60-89 Days Past Due | Consumer loans | Home equity    
Allowance for loan losses    
Total loans 95 519
60-89 Days Past Due | Consumer loans | Consumer other    
Allowance for loan losses    
Total loans 98 327
90 Days or Greater Past Due    
Allowance for loan losses    
Total loans 30,139 30,864
90 Days or Greater Past Due | Construction and commercial multifamily | Construction    
Allowance for loan losses    
Total loans 594 594
90 Days or Greater Past Due | Construction and commercial multifamily | Commercial multifamily    
Allowance for loan losses    
Total loans 3,232 4,129
90 Days or Greater Past Due | Commercial real estate | Commercial real estate owner occupied    
Allowance for loan losses    
Total loans 2,067 2,330
90 Days or Greater Past Due | Commercial real estate | Commercial real estate non-owner occupied    
Allowance for loan losses    
Total loans 3,590 3,532
90 Days or Greater Past Due | Commercial and industrial    
Allowance for loan losses    
Total loans 9,326 9,823
90 Days or Greater Past Due | Residential real estate | Residential real estate    
Allowance for loan losses    
Total loans 8,949 7,570
90 Days or Greater Past Due | Consumer loans | Home equity    
Allowance for loan losses    
Total loans 1,546 1,491
90 Days or Greater Past Due | Consumer loans | Consumer other    
Allowance for loan losses    
Total loans 835 1,395
Current    
Allowance for loan losses    
Total loans 9,388,957 9,335,846
Current | Construction and commercial multifamily | Construction    
Allowance for loan losses    
Total loans 714,452 725,750
Current | Construction and commercial multifamily | Commercial multifamily    
Allowance for loan losses    
Total loans 692,014 632,255
Current | Commercial real estate | Commercial real estate owner occupied    
Allowance for loan losses    
Total loans 686,194 692,060
Current | Commercial real estate | Commercial real estate non-owner occupied    
Allowance for loan losses    
Total loans 2,752,654 2,765,620
Current | Commercial and industrial    
Allowance for loan losses    
Total loans 1,427,224 1,425,623
Current | Residential real estate | Residential real estate    
Allowance for loan losses    
Total loans 2,777,454 2,753,659
Current | Consumer loans | Home equity    
Allowance for loan losses    
Total loans 237,267 227,726
Current | Consumer loans | Consumer other    
Allowance for loan losses    
Total loans $ 101,698 $ 113,153
v3.25.1
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Schedule of Nonaccrual Loans and Loans Past Due (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Allowance for loan losses    
Nonaccrual Amortized Cost $ 23,280 $ 24,447
Nonaccrual With No Related Allowance 23,183 24,097
Past Due 90 Days or Greater and Accruing 6,859 6,417
Interest Income Recognized on Nonaccrual 0 0
Construction and commercial multifamily | Construction    
Allowance for loan losses    
Nonaccrual Amortized Cost 594 594
Nonaccrual With No Related Allowance 594 594
Past Due 90 Days or Greater and Accruing 0 0
Interest Income Recognized on Nonaccrual 0 0
Construction and commercial multifamily | Commercial multifamily    
Allowance for loan losses    
Nonaccrual Amortized Cost 3,232 4,129
Nonaccrual With No Related Allowance 3,232 4,129
Past Due 90 Days or Greater and Accruing 0 0
Interest Income Recognized on Nonaccrual 0 0
Commercial real estate | Commercial real estate owner occupied    
Allowance for loan losses    
Nonaccrual Amortized Cost 2,067 2,330
Nonaccrual With No Related Allowance 2,063 2,330
Past Due 90 Days or Greater and Accruing 0 0
Interest Income Recognized on Nonaccrual 0 0
Commercial real estate | Commercial real estate non-owner occupied    
Allowance for loan losses    
Nonaccrual Amortized Cost 3,587 3,532
Nonaccrual With No Related Allowance 3,587 3,532
Past Due 90 Days or Greater and Accruing 3 0
Interest Income Recognized on Nonaccrual 0 0
Commercial and industrial    
Allowance for loan losses    
Nonaccrual Amortized Cost 9,260 8,964
Nonaccrual With No Related Allowance 9,260 8,614
Past Due 90 Days or Greater and Accruing 66 859
Interest Income Recognized on Nonaccrual 0 0
Residential real estate | Residential real estate    
Allowance for loan losses    
Nonaccrual Amortized Cost 3,741 3,999
Nonaccrual With No Related Allowance 3,648 3,999
Past Due 90 Days or Greater and Accruing 5,208 3,571
Interest Income Recognized on Nonaccrual 0 0
Consumer loans | Home equity    
Allowance for loan losses    
Nonaccrual Amortized Cost 472 591
Nonaccrual With No Related Allowance 472 591
Past Due 90 Days or Greater and Accruing 1,074 900
Interest Income Recognized on Nonaccrual 0 0
Consumer loans | Consumer other    
Allowance for loan losses    
Nonaccrual Amortized Cost 327 308
Nonaccrual With No Related Allowance 327 308
Past Due 90 Days or Greater and Accruing 508 1,087
Interest Income Recognized on Nonaccrual $ 0 $ 0
v3.25.1
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Schedule of Total Loans Rated Special Mention or Lower (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Allowance for loan losses    
Total loans $ 9,428,885 $ 9,384,994
Total Criticized | Performing    
Allowance for loan losses    
Total loans 282,999 245,864
Total Classified | Performing    
Allowance for loan losses    
Total loans 147,140 112,456
Non-Accrual | Performing    
Allowance for loan losses    
Total loans 23,280 24,447
Substandard Accruing | Performing    
Allowance for loan losses    
Total loans 123,860 88,009
Special Mention | Performing    
Allowance for loan losses    
Total loans $ 135,859 $ 133,408
v3.25.1
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Schedule of Collateral Dependent Loans (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Allowance for loan losses    
Total loans $ 23,280 $ 24,447
Real Estate    
Allowance for loan losses    
Total loans 7,695 12,699
Investment Securities/Cash    
Allowance for loan losses    
Total loans 0 0
Other    
Allowance for loan losses    
Total loans 5,355 700
Construction and commercial multifamily | Construction    
Allowance for loan losses    
Total loans 594 594
Construction and commercial multifamily | Construction | Real Estate    
Allowance for loan losses    
Total loans 594 594
Construction and commercial multifamily | Construction | Investment Securities/Cash    
Allowance for loan losses    
Total loans 0 0
Construction and commercial multifamily | Construction | Other    
Allowance for loan losses    
Total loans 0 0
Construction and commercial multifamily | Commercial multifamily    
Allowance for loan losses    
Total loans 3,232 4,129
Construction and commercial multifamily | Commercial multifamily | Real Estate    
Allowance for loan losses    
Total loans 3,232 4,129
Construction and commercial multifamily | Commercial multifamily | Investment Securities/Cash    
Allowance for loan losses    
Total loans 0 0
Construction and commercial multifamily | Commercial multifamily | Other    
Allowance for loan losses    
Total loans 0 0
Commercial real estate | Commercial real estate owner occupied    
Allowance for loan losses    
Total loans 2,067 2,330
Commercial real estate | Commercial real estate owner occupied | Real Estate    
Allowance for loan losses    
Total loans 1,272 1,562
Commercial real estate | Commercial real estate owner occupied | Investment Securities/Cash    
Allowance for loan losses    
Total loans 0 0
Commercial real estate | Commercial real estate owner occupied | Other    
Allowance for loan losses    
Total loans 0 0
Commercial real estate | Commercial real estate non-owner occupied    
Allowance for loan losses    
Total loans 3,587 3,532
Commercial real estate | Commercial real estate non-owner occupied | Real Estate    
Allowance for loan losses    
Total loans 288 294
Commercial real estate | Commercial real estate non-owner occupied | Investment Securities/Cash    
Allowance for loan losses    
Total loans 0 0
Commercial real estate | Commercial real estate non-owner occupied | Other    
Allowance for loan losses    
Total loans 0 0
Commercial and industrial    
Allowance for loan losses    
Total loans 9,260 8,964
Commercial and industrial | Real Estate    
Allowance for loan losses    
Total loans 961 4,828
Commercial and industrial | Investment Securities/Cash    
Allowance for loan losses    
Total loans 0 0
Commercial and industrial | Other    
Allowance for loan losses    
Total loans 5,355 700
Residential real estate | Residential real estate    
Allowance for loan losses    
Total loans 3,741 3,999
Residential real estate | Residential real estate | Real Estate    
Allowance for loan losses    
Total loans 1,302 1,243
Residential real estate | Residential real estate | Investment Securities/Cash    
Allowance for loan losses    
Total loans 0 0
Residential real estate | Residential real estate | Other    
Allowance for loan losses    
Total loans 0 0
Consumer loans | Home equity    
Allowance for loan losses    
Total loans 472 591
Consumer loans | Home equity | Real Estate    
Allowance for loan losses    
Total loans 46 49
Consumer loans | Home equity | Investment Securities/Cash    
Allowance for loan losses    
Total loans 0 0
Consumer loans | Home equity | Other    
Allowance for loan losses    
Total loans 0 0
Consumer loans | Consumer other    
Allowance for loan losses    
Total loans 327 308
Consumer loans | Consumer other | Real Estate    
Allowance for loan losses    
Total loans 0 0
Consumer loans | Consumer other | Investment Securities/Cash    
Allowance for loan losses    
Total loans 0 0
Consumer loans | Consumer other | Other    
Allowance for loan losses    
Total loans $ 0 $ 0
v3.25.1
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Schedule of Amortized Cost Basis of Loans (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Principal Forgiveness    
Allowance for loan losses    
Amortized cost basis $ 0 $ 0
Payment Delay    
Allowance for loan losses    
Amortized cost basis 0 108
Term Extension    
Allowance for loan losses    
Amortized cost basis 13,995 474
Interest Rate Reduction    
Allowance for loan losses    
Amortized cost basis 0 297
Combination Term Extension and Principal Forgiveness    
Allowance for loan losses    
Amortized cost basis 0 0
Combination Term Extension and Interest Rate Reduction    
Allowance for loan losses    
Amortized cost basis $ 0 $ 0
Total Class of Financing Receivable 0.15% 0.01%
Construction and commercial multifamily | Construction | Principal Forgiveness    
Allowance for loan losses    
Amortized cost basis $ 0 $ 0
Construction and commercial multifamily | Construction | Payment Delay    
Allowance for loan losses    
Amortized cost basis 0 0
Construction and commercial multifamily | Construction | Term Extension    
Allowance for loan losses    
Amortized cost basis 0 0
Construction and commercial multifamily | Construction | Interest Rate Reduction    
Allowance for loan losses    
Amortized cost basis 0 0
Construction and commercial multifamily | Construction | Combination Term Extension and Principal Forgiveness    
Allowance for loan losses    
Amortized cost basis 0 0
Construction and commercial multifamily | Construction | Combination Term Extension and Interest Rate Reduction    
Allowance for loan losses    
Amortized cost basis $ 0 $ 0
Total Class of Financing Receivable 0.00% 0.00%
Construction and commercial multifamily | Commercial multifamily | Principal Forgiveness    
Allowance for loan losses    
Amortized cost basis $ 0 $ 0
Construction and commercial multifamily | Commercial multifamily | Payment Delay    
Allowance for loan losses    
Amortized cost basis 0 0
Construction and commercial multifamily | Commercial multifamily | Term Extension    
Allowance for loan losses    
Amortized cost basis 0 0
Construction and commercial multifamily | Commercial multifamily | Interest Rate Reduction    
Allowance for loan losses    
Amortized cost basis 0 0
Construction and commercial multifamily | Commercial multifamily | Combination Term Extension and Principal Forgiveness    
Allowance for loan losses    
Amortized cost basis 0 0
Construction and commercial multifamily | Commercial multifamily | Combination Term Extension and Interest Rate Reduction    
Allowance for loan losses    
Amortized cost basis $ 0 $ 0
Total Class of Financing Receivable 0.00% 0.00%
Commercial real estate | Commercial real estate owner occupied | Principal Forgiveness    
Allowance for loan losses    
Amortized cost basis $ 0 $ 0
Commercial real estate | Commercial real estate owner occupied | Payment Delay    
Allowance for loan losses    
Amortized cost basis 0 0
Commercial real estate | Commercial real estate owner occupied | Term Extension    
Allowance for loan losses    
Amortized cost basis 0 0
Commercial real estate | Commercial real estate owner occupied | Interest Rate Reduction    
Allowance for loan losses    
Amortized cost basis 0 0
Commercial real estate | Commercial real estate owner occupied | Combination Term Extension and Principal Forgiveness    
Allowance for loan losses    
Amortized cost basis 0 0
Commercial real estate | Commercial real estate owner occupied | Combination Term Extension and Interest Rate Reduction    
Allowance for loan losses    
Amortized cost basis $ 0 $ 0
Total Class of Financing Receivable 0.00% 0.00%
Commercial real estate | Commercial real estate non-owner occupied | Principal Forgiveness    
Allowance for loan losses    
Amortized cost basis $ 0 $ 0
Commercial real estate | Commercial real estate non-owner occupied | Payment Delay    
Allowance for loan losses    
Amortized cost basis 0 0
Commercial real estate | Commercial real estate non-owner occupied | Term Extension    
Allowance for loan losses    
Amortized cost basis 12,102 0
Commercial real estate | Commercial real estate non-owner occupied | Interest Rate Reduction    
Allowance for loan losses    
Amortized cost basis 0 0
Commercial real estate | Commercial real estate non-owner occupied | Combination Term Extension and Principal Forgiveness    
Allowance for loan losses    
Amortized cost basis 0 0
Commercial real estate | Commercial real estate non-owner occupied | Combination Term Extension and Interest Rate Reduction    
Allowance for loan losses    
Amortized cost basis $ 0 $ 0
Total Class of Financing Receivable 0.44% 0.00%
Commercial and industrial | Principal Forgiveness    
Allowance for loan losses    
Amortized cost basis $ 0 $ 0
Commercial and industrial | Payment Delay    
Allowance for loan losses    
Amortized cost basis 0 108
Commercial and industrial | Term Extension    
Allowance for loan losses    
Amortized cost basis 1,893 474
Commercial and industrial | Interest Rate Reduction    
Allowance for loan losses    
Amortized cost basis 0 297
Commercial and industrial | Combination Term Extension and Principal Forgiveness    
Allowance for loan losses    
Amortized cost basis 0 0
Commercial and industrial | Combination Term Extension and Interest Rate Reduction    
Allowance for loan losses    
Amortized cost basis $ 0 $ 0
Total Class of Financing Receivable 0.13% 0.06%
Residential real estate | Residential real estate | Principal Forgiveness    
Allowance for loan losses    
Amortized cost basis $ 0 $ 0
Residential real estate | Residential real estate | Payment Delay    
Allowance for loan losses    
Amortized cost basis 0 0
Residential real estate | Residential real estate | Term Extension    
Allowance for loan losses    
Amortized cost basis 0 0
Residential real estate | Residential real estate | Interest Rate Reduction    
Allowance for loan losses    
Amortized cost basis 0 0
Residential real estate | Residential real estate | Combination Term Extension and Principal Forgiveness    
Allowance for loan losses    
Amortized cost basis 0 0
Residential real estate | Residential real estate | Combination Term Extension and Interest Rate Reduction    
Allowance for loan losses    
Amortized cost basis $ 0 $ 0
Total Class of Financing Receivable 0.00% 0.00%
Consumer loans | Home equity | Principal Forgiveness    
Allowance for loan losses    
Amortized cost basis $ 0 $ 0
Consumer loans | Home equity | Payment Delay    
Allowance for loan losses    
Amortized cost basis 0 0
Consumer loans | Home equity | Term Extension    
Allowance for loan losses    
Amortized cost basis 0 0
Consumer loans | Home equity | Interest Rate Reduction    
Allowance for loan losses    
Amortized cost basis 0 0
Consumer loans | Home equity | Combination Term Extension and Principal Forgiveness    
Allowance for loan losses    
Amortized cost basis 0 0
Consumer loans | Home equity | Combination Term Extension and Interest Rate Reduction    
Allowance for loan losses    
Amortized cost basis $ 0 $ 0
Total Class of Financing Receivable 0.00% 0.00%
Consumer loans | Consumer other | Principal Forgiveness    
Allowance for loan losses    
Amortized cost basis $ 0 $ 0
Consumer loans | Consumer other | Payment Delay    
Allowance for loan losses    
Amortized cost basis 0 0
Consumer loans | Consumer other | Term Extension    
Allowance for loan losses    
Amortized cost basis 0 0
Consumer loans | Consumer other | Interest Rate Reduction    
Allowance for loan losses    
Amortized cost basis 0 0
Consumer loans | Consumer other | Combination Term Extension and Principal Forgiveness    
Allowance for loan losses    
Amortized cost basis 0 0
Consumer loans | Consumer other | Combination Term Extension and Interest Rate Reduction    
Allowance for loan losses    
Amortized cost basis $ 0 $ 0
Total Class of Financing Receivable 0.00% 0.00%
v3.25.1
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Loans Modified (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Construction and commercial multifamily | Construction    
Allowance for loan losses    
Weighted Average Interest Rate Reduction 0.00% 0.00%
Weighted Average Term Extension (months) 0 months 0 months
Construction and commercial multifamily | Construction | Principal Forgiveness    
Allowance for loan losses    
Principal Forgiveness $ 0 $ 0
Construction and commercial multifamily | Commercial multifamily    
Allowance for loan losses    
Weighted Average Interest Rate Reduction 0.00% 0.00%
Weighted Average Term Extension (months) 0 months 0 months
Construction and commercial multifamily | Commercial multifamily | Principal Forgiveness    
Allowance for loan losses    
Principal Forgiveness $ 0 $ 0
Commercial real estate | Commercial real estate owner occupied    
Allowance for loan losses    
Weighted Average Interest Rate Reduction 0.00% 0.00%
Weighted Average Term Extension (months) 0 months 0 months
Commercial real estate | Commercial real estate owner occupied | Principal Forgiveness    
Allowance for loan losses    
Principal Forgiveness $ 0 $ 0
Commercial real estate | Commercial real estate non-owner occupied    
Allowance for loan losses    
Weighted Average Interest Rate Reduction 0.00% 0.00%
Weighted Average Term Extension (months) 11 months 0 months
Commercial real estate | Commercial real estate non-owner occupied | Principal Forgiveness    
Allowance for loan losses    
Principal Forgiveness $ 0 $ 0
Commercial and industrial    
Allowance for loan losses    
Weighted Average Interest Rate Reduction 0.00% 10.75%
Weighted Average Term Extension (months) 10 months 56 months
Commercial and industrial | Principal Forgiveness    
Allowance for loan losses    
Principal Forgiveness $ 0 $ 0
Residential real estate | Residential real estate    
Allowance for loan losses    
Weighted Average Interest Rate Reduction 0.00% 0.00%
Weighted Average Term Extension (months) 0 months 0 months
Residential real estate | Residential real estate | Principal Forgiveness    
Allowance for loan losses    
Principal Forgiveness $ 0 $ 0
Consumer | Home equity    
Allowance for loan losses    
Weighted Average Interest Rate Reduction 0.00% 0.00%
Weighted Average Term Extension (months) 0 months 0 months
Consumer | Home equity | Principal Forgiveness    
Allowance for loan losses    
Principal Forgiveness $ 0 $ 0
Consumer | Consumer other    
Allowance for loan losses    
Weighted Average Interest Rate Reduction 0.00% 0.00%
Weighted Average Term Extension (months) 0 months 0 months
Consumer | Consumer other | Principal Forgiveness    
Allowance for loan losses    
Principal Forgiveness $ 0 $ 0
v3.25.1
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Loans Modified Subsequently Defaulted (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Principal Forgiveness    
Allowance for loan losses    
Total $ 0 $ 0
Payment Delay    
Allowance for loan losses    
Total 0 0
Term Extension    
Allowance for loan losses    
Total 50 202
Interest Rate Reduction    
Allowance for loan losses    
Total 0 0
Construction and commercial multifamily | Construction | Principal Forgiveness    
Allowance for loan losses    
Total 0 0
Construction and commercial multifamily | Construction | Payment Delay    
Allowance for loan losses    
Total 0 0
Construction and commercial multifamily | Construction | Term Extension    
Allowance for loan losses    
Total 0 0
Construction and commercial multifamily | Construction | Interest Rate Reduction    
Allowance for loan losses    
Total 0 0
Construction and commercial multifamily | Commercial multifamily | Principal Forgiveness    
Allowance for loan losses    
Total 0 0
Construction and commercial multifamily | Commercial multifamily | Payment Delay    
Allowance for loan losses    
Total 0 0
Construction and commercial multifamily | Commercial multifamily | Term Extension    
Allowance for loan losses    
Total 0 0
Construction and commercial multifamily | Commercial multifamily | Interest Rate Reduction    
Allowance for loan losses    
Total 0 0
Commercial real estate | Commercial real estate owner occupied | Principal Forgiveness    
Allowance for loan losses    
Total 0 0
Commercial real estate | Commercial real estate owner occupied | Payment Delay    
Allowance for loan losses    
Total 0 0
Commercial real estate | Commercial real estate owner occupied | Term Extension    
Allowance for loan losses    
Total 0 0
Commercial real estate | Commercial real estate owner occupied | Interest Rate Reduction    
Allowance for loan losses    
Total 0 0
Commercial real estate | Commercial real estate non-owner occupied | Principal Forgiveness    
Allowance for loan losses    
Total 0 0
Commercial real estate | Commercial real estate non-owner occupied | Payment Delay    
Allowance for loan losses    
Total 0 0
Commercial real estate | Commercial real estate non-owner occupied | Term Extension    
Allowance for loan losses    
Total 0 0
Commercial real estate | Commercial real estate non-owner occupied | Interest Rate Reduction    
Allowance for loan losses    
Total 0 0
Commercial and industrial | Principal Forgiveness    
Allowance for loan losses    
Total 0 0
Commercial and industrial | Payment Delay    
Allowance for loan losses    
Total 0 0
Commercial and industrial | Term Extension    
Allowance for loan losses    
Total 50 202
Commercial and industrial | Interest Rate Reduction    
Allowance for loan losses    
Total 0 0
Residential real estate | Residential real estate | Principal Forgiveness    
Allowance for loan losses    
Total 0 0
Residential real estate | Residential real estate | Payment Delay    
Allowance for loan losses    
Total 0 0
Residential real estate | Residential real estate | Term Extension    
Allowance for loan losses    
Total 0 0
Residential real estate | Residential real estate | Interest Rate Reduction    
Allowance for loan losses    
Total 0 0
Consumer | Home equity | Principal Forgiveness    
Allowance for loan losses    
Total 0 0
Consumer | Home equity | Payment Delay    
Allowance for loan losses    
Total 0 0
Consumer | Home equity | Term Extension    
Allowance for loan losses    
Total 0 0
Consumer | Home equity | Interest Rate Reduction    
Allowance for loan losses    
Total 0 0
Consumer | Consumer other | Principal Forgiveness    
Allowance for loan losses    
Total 0 0
Consumer | Consumer other | Payment Delay    
Allowance for loan losses    
Total 0 0
Consumer | Consumer other | Term Extension    
Allowance for loan losses    
Total 0 0
Consumer | Consumer other | Interest Rate Reduction    
Allowance for loan losses    
Total $ 0 $ 0
v3.25.1
DEPOSITS (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Deposits [Abstract]    
Time less than $100,000 $ 700,000 $ 707,936
Time $100,000 through $250,000 1,127,665 1,157,227
Time more than $250,000 704,893 711,519
Total time deposits $ 2,532,558 $ 2,576,682
v3.25.1
BORROWED FUNDS - Schedule of Borrowed Funds (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Principal, Short-term debt $ 400,000 $ 103,500
Principal, Long-term debt 284,595 334,594
Total borrowings $ 684,595 $ 438,094
Weighted average rate on short-term borrowings (as percent) 4.47% 5.33%
Weighted average rate on long-term borrowings (as percent) 4.83% 4.92%
Weighted Average Rate 4.62% 5.02%
Advances from the FHLB    
Debt Instrument [Line Items]    
Principal, Short-term debt $ 400,000 $ 103,500
Principal, Long-term debt $ 162,921 $ 212,982
Weighted average rate on short-term borrowings (as percent) 4.47% 5.33%
Weighted average rate on long-term borrowings (as percent) 4.20% 4.48%
Subordinated borrowings    
Debt Instrument [Line Items]    
Principal, Long-term debt $ 98,581 $ 98,532
Weighted average rate on long-term borrowings (as percent) 5.50% 5.50%
Junior subordinated borrowing - Trust I    
Debt Instrument [Line Items]    
Principal, Long-term debt $ 15,464 $ 15,464
Weighted average rate on long-term borrowings (as percent) 6.44% 6.63%
Junior subordinated borrowing - Trust II    
Debt Instrument [Line Items]    
Principal, Long-term debt $ 7,629 $ 7,616
Weighted average rate on long-term borrowings (as percent) 6.26% 6.32%
v3.25.1
BORROWED FUNDS - Narrative (Details) - USD ($)
 1 Months Ended 3 Months Ended
Jun. 30, 2022
Mar. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]      
Short-term debt   $ 400,000,000 $ 103,500,000
Long-term borrowings   284,595,000 334,594,000
Variable-rate FHLB advances   0 0
Federal Reserve Bank Advances      
Debt Instrument [Line Items]      
Line of credit facility, remaining borrowing capacity   1,600,000,000 1,600,000,000
Advances from the FHLB      
Debt Instrument [Line Items]      
Line of credit, current   3,000,000.0  
Long-term line of credit   0 0
Line of credit facility, remaining borrowing capacity   2,300,000,000 2,500,000,000
Short-term debt   400,000,000 103,500,000
Long-term borrowings   162,921,000 212,982,000
Federal Reserve Bank Advances      
Debt Instrument [Line Items]      
Short-term debt   0 0
Federal Home Loan Bank Certificates And Obligations F H L B Callable Advances      
Debt Instrument [Line Items]      
Long-term borrowings   0 0
Federal Home Loan Bank Certificates And Obligations F H L B Amortizing Advances      
Debt Instrument [Line Items]      
Long-term borrowings   5,900,000 6,000,000.0
Subordinated borrowings      
Debt Instrument [Line Items]      
Long-term borrowings   98,581,000 $ 98,532,000
Subordinated borrowings | Subordinated Debt      
Debt Instrument [Line Items]      
Maturity period 10 years    
Principal amount of debt issued $ 100,000,000    
Fixed interest rate 5.50%    
Maturity period with fixed interest rate 5 years    
Non callable period 5 years    
Interest rate margin 2.49%    
Subordinated borrowings | Subordinated Debt | Debt Instrument Variable Rate Three Month SOFR      
Debt Instrument [Line Items]      
Unamortized debt issuance expense   $ 1,400,000  
Junior subordinated borrowing | Trust I      
Debt Instrument [Line Items]      
Common stock of trust   100.00%  
Common stock of trust included in other asset   $ 500,000  
Sole asset of trust in form of debt   $ 15,500,000  
Variable interest rate   6.44% 6.63%
Period up to which interest payments can be deferred   5 years  
Junior subordinated borrowing | Trust II      
Debt Instrument [Line Items]      
Common stock of trust   100.00%  
Common stock of trust included in other asset   $ 200,000  
Sole asset of trust in form of debt   $ 8,200,000  
Variable interest rate   6.26% 6.32%
Period up to which interest payments can be deferred   5 years  
Junior subordinated borrowing | LIBOR | Trust I      
Debt Instrument [Line Items]      
Interest rate margin   1.85%  
Junior subordinated borrowing | LIBOR | Trust II      
Debt Instrument [Line Items]      
Interest rate margin   1.70%  
v3.25.1
BORROWED FUNDS - Schedule of Maturities of FHLBB Advances (Details) - Fixed Rate Advances
$ in Thousands
Mar. 31, 2025
USD ($)
Principal  
2025 $ 505,000
2026 25,474
2027 25,145
2028 779
2028 and beyond 6,523
Total FHLB advances $ 562,921
Weighted Average  
Weighted Average Rate  
2025 0.0452
2026 3.75%
2027 3.65%
2028 0.00%
2028 and beyond 0.0068
Total FHLB advances 4.39%
v3.25.1
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Narrative (Details)
 3 Months Ended
Mar. 31, 2025
USD ($)
instrument
Dec. 31, 2024
USD ($)
Derivative [Line Items]    
Derivative, notional amount $ 5,161,218,000 $ 4,883,127,000
Cash collateral pledged 0  
Amortized cost of securities pledged as collateral to derivative counterparties 10,000,000.0  
Fair value of securities as pledged collateral to derivative counterparties 9,600,000  
Commercial counterparties    
Derivative [Line Items]    
Net asset position 31,600,000 44,800,000
Non-hedging derivatives    
Derivative [Line Items]    
Derivative, notional amount 14,625,000 10,512,000
Cash flow hedges | Hedging derivatives    
Derivative [Line Items]    
Derivative, notional amount 725,000,000 800,000,000
Economic hedging    
Derivative [Line Items]    
Credit valuation adjustments $ 0  
Economic hedging | Tax advantaged economic development bonds    
Derivative [Line Items]    
Fixed rate of interest (percent) 5.09%  
Maturity period 21 years  
Economic hedging | Hedging derivatives    
Derivative [Line Items]    
Derivative, notional amount $ 4,421,593,000 4,072,615,000
Interest rate swaps    
Derivative [Line Items]    
Cash collateral pledged 0 0
Interest rate swaps | Commercial counterparties    
Derivative [Line Items]    
Cash collateral pledged 0 0
Net asset position 14,100,000 3,100,000
Collateral already posted, aggregate fair value 54,700,000 76,000,000
Interest rate swaps | Institutional counterparties    
Derivative [Line Items]    
Cash collateral pledged 0 0
Collateral already posted, aggregate fair value $ 14,000,000.0 3,100,000
Interest rate swaps | Cash flow hedges    
Derivative [Line Items]    
Number of interest rate swap contracts (contract) | instrument 7  
Interest rate swaps | Cash flow hedges | Hedging derivatives    
Derivative [Line Items]    
Derivative, notional amount $ 500,000,000 600,000,000
Interest rate swaps | Economic hedging | Tax advantaged economic development bonds    
Derivative [Line Items]    
Derivative, notional amount 5,100,000  
Interest rate swaps | Economic hedging | Hedging derivatives    
Derivative [Line Items]    
Derivative, notional amount 4,000,000,000.0 3,700,000,000
Interest rate swaps | Economic hedging | Hedging derivatives | Tax advantaged economic development bonds    
Derivative [Line Items]    
Derivative, notional amount $ 5,063,000 5,297,000
Interest rate collars | Cash flow hedges    
Derivative [Line Items]    
Number of interest rate swap contracts (contract) | instrument 2  
Interest rate collars | Cash flow hedges | Hedging derivatives    
Derivative [Line Items]    
Derivative, notional amount $ 200,000,000 200,000,000
Risk participation agreements with dealer banks | Economic hedging | Hedging derivatives    
Derivative [Line Items]    
Derivative, notional amount 383,923,000 345,367,000
Forward sale commitments | Economic hedging | Hedging derivatives    
Derivative [Line Items]    
Derivative, notional amount 2,200,000 $ 3,000,000
Interest Rate Swap And Forward Starting Interest Rate Swap | Cash flow hedges    
Derivative [Line Items]    
Derivative, notional amount 525,000,000  
First Interest Rate Collars | Cash flow hedges    
Derivative [Line Items]    
Derivative, notional amount $ 100,000,000  
Derivative, floor interest rate 3.00%  
Derivative, cap interest rate 5.75%  
Second Interest Rate Collars | Cash flow hedges    
Derivative [Line Items]    
Derivative, notional amount $ 100,000,000  
Derivative, floor interest rate 3.25%  
Derivative, cap interest rate 5.75%  
v3.25.1
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Derivative Assets and Liabilities (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Interest rate swap agreements and non-hedging derivative assets and liabilities    
Notional Amount $ 5,161,218 $ 4,883,127
Estimated Fair Value Asset (Liability) (23,044) (31,116)
Impact of settled to market contracts 22,300 28,800
Non-hedging derivatives    
Interest rate swap agreements and non-hedging derivative assets and liabilities    
Notional Amount 14,625 10,512
Estimated Fair Value Asset (Liability) 93 90
Commitments to lend | Non-hedging derivatives    
Interest rate swap agreements and non-hedging derivative assets and liabilities    
Notional Amount $ 14,625 $ 10,512
Weighted Average Maturity (In years) 2 months 12 days 2 months 12 days
Estimated Fair Value Asset (Liability) $ 93 $ 90
Cash flow hedges | Hedging derivatives    
Interest rate swap agreements and non-hedging derivative assets and liabilities    
Notional Amount 725,000 800,000
Estimated Fair Value Asset (Liability) 332 193
Cash flow hedges | Interest rate swaps | Hedging derivatives    
Interest rate swap agreements and non-hedging derivative assets and liabilities    
Notional Amount 500,000 600,000
Cash flow hedges | Interest rate swaps | Hedging derivatives | Commercial loan    
Interest rate swap agreements and non-hedging derivative assets and liabilities    
Notional Amount $ 525,000 $ 600,000
Weighted Average Maturity (In years) 8 months 12 days 10 months 24 days
Weighted Average Rate, Received 3.68% 3.64%
Weighted Average Rate, Contract pay rate 4.34% 4.53%
Estimated Fair Value Asset (Liability) $ 0 $ 0
Cash flow hedges | Interest rate collars | Hedging derivatives    
Interest rate swap agreements and non-hedging derivative assets and liabilities    
Notional Amount 200,000 200,000
Cash flow hedges | Interest rate collars | Hedging derivatives | Commercial loan    
Interest rate swap agreements and non-hedging derivative assets and liabilities    
Notional Amount $ 200,000 $ 200,000
Weighted Average Maturity (In years) 1 year 3 months 18 days 1 year 6 months
Estimated Fair Value Asset (Liability) $ 332 $ 193
Economic hedges | Hedging derivatives    
Interest rate swap agreements and non-hedging derivative assets and liabilities    
Notional Amount 4,421,593 4,072,615
Estimated Fair Value Asset (Liability) (23,469) (31,399)
Economic hedges | Interest rate swaps | Tax advantaged economic development bonds    
Interest rate swap agreements and non-hedging derivative assets and liabilities    
Notional Amount 5,100  
Economic hedges | Interest rate swaps | Hedging derivatives    
Interest rate swap agreements and non-hedging derivative assets and liabilities    
Notional Amount 4,000,000 3,700,000
Economic hedges | Interest rate swaps | Hedging derivatives | Tax advantaged economic development bonds    
Interest rate swap agreements and non-hedging derivative assets and liabilities    
Notional Amount $ 5,063 $ 5,297
Weighted Average Maturity (In years) 4 years 8 months 12 days 4 years 10 months 24 days
Weighted Average Rate, Received 4.82% 5.03%
Weighted Average Rate, Contract pay rate 5.09% 5.09%
Estimated Fair Value Asset (Liability) $ (114) $ (79)
Economic hedges | Interest rate swaps | Hedging derivatives | Commercial loan    
Interest rate swap agreements and non-hedging derivative assets and liabilities    
Notional Amount $ 2,015,201 $ 1,859,480
Weighted Average Maturity (In years) 4 years 6 months 4 years 6 months
Weighted Average Rate, Received 4.68% 4.65%
Weighted Average Rate, Contract pay rate 5.02% 5.35%
Estimated Fair Value Asset (Liability) $ (40,999) $ (72,911)
Economic hedges | Offsetting interest rate swaps on loans with commercial loan customers | Hedging derivatives | Commercial loan    
Interest rate swap agreements and non-hedging derivative assets and liabilities    
Notional Amount $ 2,015,201 $ 1,859,480
Weighted Average Maturity (In years) 4 years 6 months 4 years 6 months
Weighted Average Rate, Received 5.02% 5.35%
Weighted Average Rate, Contract pay rate 4.68% 4.65%
Estimated Fair Value Asset (Liability) $ 17,362 $ 41,501
Economic hedges | Risk participation agreements with dealer banks | Hedging derivatives    
Interest rate swap agreements and non-hedging derivative assets and liabilities    
Notional Amount $ 383,923 $ 345,367
Weighted Average Maturity (In years) 5 years 2 months 12 days 5 years 1 month 6 days
Estimated Fair Value Asset (Liability) $ 274 $ 56
Economic hedges | Forward sale commitments | Hedging derivatives    
Interest rate swap agreements and non-hedging derivative assets and liabilities    
Notional Amount $ 2,205 $ 2,991
Weighted Average Maturity (In years) 2 months 12 days 2 months 12 days
Estimated Fair Value Asset (Liability) $ 8 $ 34
v3.25.1
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Schedule of Consolidated Statements of Income and Other Comprehensive Income (Details) - Interest rate swaps - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Interest Expense    
Derivative [Line Items]    
Net interest expense recognized on hedged commercial loans $ 1,144 $ 2,720
Commercial loan    
Derivative [Line Items]    
Unrealized gain/(loss) recognized in accumulated other comprehensive loss 1,308 (5,681)
Less: Reclassification of unrealized (loss) from accumulated other comprehensive loss to interest expense (155) (157)
Net tax benefit on items recognized in accumulated other comprehensive income (404) 1,502
Other comprehensive gain/(loss) recorded in accumulated other comprehensive income, net of reclassification adjustments and tax effects $ 1,059 $ (4,022)
v3.25.1
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Schedule of Economic Hedges and Non-hedging Derivatives (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Interest rate swaps | Economic hedges | Industrial revenue bond    
Derivative [Line Items]    
Unrealized gain/(loss) recognized in other non-interest income $ (35) $ 88
Interest rate swaps | Economic hedges | Loans with commercial loan customers    
Derivative [Line Items]    
Unrealized gain/(loss) recognized in other non-interest income 31,940 (23,649)
Favorable change in credit valuation adjustment recognized in other non-interest income 0 0
Offsetting interest rate swaps on loans with commercial loan customers | Economic hedges | Loans with commercial loan customers    
Derivative [Line Items]    
Unrealized gain/(loss) recognized in other non-interest income (31,940) 23,649
Risk participation agreements with dealer banks | Economic hedges | Hedging derivatives    
Derivative [Line Items]    
Unrealized gain/(loss) recognized in other non-interest income 218 10
Forward commitments | Economic hedges | Hedging derivatives | Noninterest Income    
Derivative [Line Items]    
Unrealized gain/(loss) recognized in other non-interest income (26) 57
Commitments to lend | Non-hedging derivatives    
Derivative [Line Items]    
Realized gain in other non-interest income 236 157
Commitments to lend | Non-hedging derivatives | Noninterest Income    
Derivative [Line Items]    
Unrealized gain/(loss) recognized in other non-interest income $ 3 $ 113
v3.25.1
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Schedule of Assets Subject to an Enforceable Master Netting Arrangement (Details) - Interest rate swaps - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Offsetting of Financial Assets and Derivative Assets    
Gross Amounts of Recognized Assets $ 69,385 $ 79,334
Gross Amounts Offset in the Consolidated Balance Sheets (23,636) (31,410)
Net Amounts of Assets Presented in the Consolidated Balance Sheets 45,749 47,924
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments 0 0
Gross Amounts Not Offset in the Consolidated Balance Sheets, Cash Collateral Received (18,000) (32,500)
Net Amount 27,749 15,424
Institutional counterparties    
Offsetting of Financial Assets and Derivative Assets    
Gross Amounts of Recognized Assets 55,248 76,242
Gross Amounts Offset in the Consolidated Balance Sheets (23,636) (31,410)
Net Amounts of Assets Presented in the Consolidated Balance Sheets 31,612 44,832
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments 0 0
Gross Amounts Not Offset in the Consolidated Balance Sheets, Cash Collateral Received (18,000) (32,500)
Net Amount 13,612 12,332
Commercial counterparties    
Offsetting of Financial Assets and Derivative Assets    
Gross Amounts of Recognized Assets 14,137 3,092
Gross Amounts Offset in the Consolidated Balance Sheets 0 0
Net Amounts of Assets Presented in the Consolidated Balance Sheets 14,137 3,092
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments 0 0
Gross Amounts Not Offset in the Consolidated Balance Sheets, Cash Collateral Received 0 0
Net Amount $ 14,137 $ 3,092
v3.25.1
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Schedule of Assets Subject to an Enforceable Master Netting Arrangement (Details) - USD ($)
Mar. 31, 2025
Dec. 31, 2024
Offsetting of Financial Liabilities and Derivative Liabilities    
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Pledged $ 0  
Interest rate swaps    
Offsetting of Financial Liabilities and Derivative Liabilities    
Derivative Liability, Subject to Master Netting Arrangement, before Offset (70,108,000) $ (81,744,000)
Gross Amounts Offset in the Consolidated Balance Sheet 1,327,000 2,659,000
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet (68,781,000) (79,085,000)
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 9,592,000 9,078,000
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Pledged 0 0
Net Amount (59,189,000) (70,007,000)
Interest rate swaps | Institutional counterparties    
Offsetting of Financial Liabilities and Derivative Liabilities    
Derivative Liability, Subject to Master Netting Arrangement, before Offset (15,370,000) (5,741,000)
Gross Amounts Offset in the Consolidated Balance Sheet 1,327,000 2,659,000
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet (14,043,000) (3,082,000)
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 9,592,000 9,078,000
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Pledged 0 0
Net Amount (4,451,000) 5,996,000
Interest rate swaps | Commercial counterparties    
Offsetting of Financial Liabilities and Derivative Liabilities    
Derivative Liability, Subject to Master Netting Arrangement, before Offset (54,738,000) (76,003,000)
Gross Amounts Offset in the Consolidated Balance Sheet 0 0
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet (54,738,000) (76,003,000)
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 0 0
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Pledged 0 0
Net Amount $ (54,738,000) $ (76,003,000)
v3.25.1
LEASES - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Lessee, Lease, Description [Line Items]    
Operating lease expense $ 2.3 $ 2.2
Minimum    
Lessee, Lease, Description [Line Items]    
Operating lease contract term 1 month  
Maximum    
Lessee, Lease, Description [Line Items]    
Operating lease contract term 15 years  
v3.25.1
LEASES - Schedule of ROU Assets and Lease Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Lease Right-of-Use Assets    
Operating lease right-of-use assets $ 49,057 $ 50,195
Finance lease right-of-use assets 616 629
Total Lease Right-of-Use Assets 49,673 50,824
Lease Liabilities    
Operating lease liabilities 54,720 55,986
Finance lease liabilities 879 891
Total Lease Liabilities $ 55,599 $ 56,877
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other assets Other assets
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Premises and equipment, net Premises and equipment, net
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] Other liabilities Other liabilities
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] Other liabilities Other liabilities
v3.25.1
LEASES - Schedule of Supplemental Information Related to Leases (Details)
Mar. 31, 2025
Dec. 31, 2024
Weighted-Average Remaining Lease Term (in years)    
Operating leases 7 years 10 months 24 days 8 years 1 month 6 days
Finance leases 12 years 9 months 18 days 13 years
Weighted-Average Discount Rate    
Operating leases 3.53% 3.53%
Finance leases 5.00% 5.00%
v3.25.1
LEASES - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash paid for amounts included in the measurement of lease liabilities:    
Operating cash flows from operating leases $ 2,288 $ 2,194
Operating cash flows from finance leases 11 175
Financing cash flows from finance leases $ 12 $ 149
v3.25.1
LEASES - Schedule of Maturity Analysis of Operating and Finance Lease Liability (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Operating Leases    
2025 $ 6,692  
2026 9,308  
2027 8,672  
2028 7,620  
2029 6,618  
Thereafter 23,362  
Total undiscounted lease payments 62,272  
Less amounts representing interest (7,552)  
Lease liability 54,720 $ 55,986
Finance Leases    
2025 70  
2026 93  
2027 93  
2028 93  
2029 93  
Thereafter 744  
Total undiscounted lease payments 1,186  
Less amounts representing interest (307)  
Lease liability $ 879 $ 891
v3.25.1
CAPITAL RATIOS AND SHAREHOLDERS' EQUITY - Schedule of Actual and Required Capital Ratios (Details)
Mar. 31, 2025
Dec. 31, 2024
Tier 1 capital to risk-weighted assets    
Total capital to risk-weighted assets 0.158 0.155
Tier 1 capital to risk-weighted assets 0.135 0.132
Common equity tier 1 capital to risk-weighted assets 13.20% 13.00%
Tier 1 capital to average assets 0.109 0.110
Total capital to risk-weighted assets, Minimum Capital Requirement, Ratio 0.080  
Tier 1 capital risk-weighted assets, Minimum Capital Requirement, Ratio 0.060  
Common equity tier 1 capital to risk weighted assets, Minimum Capital Requirement , Ratio 0.045  
Tier 1 capital to average assets, Minimum Capital Requirement, Ratio 0.040  
Bank    
Tier 1 capital to risk-weighted assets    
Total capital to risk-weighted assets 0.142 0.138
Tier 1 capital to risk-weighted assets 0.129 0.126
Common equity tier 1 capital to risk-weighted assets 12.90% 12.60%
Tier 1 capital to average assets 0.104 0.104
Total capital to risk-weighted assets, Minimum Capital Requirement, Ratio 0.080  
Tier 1 capital risk-weighted assets, Minimum Capital Requirement, Ratio 0.060  
Tier 1 capital to average assets, Minimum Capital Requirement, Ratio 0.040  
Tier 1 capital to average assets, Regulatory Minimum to be Well Capitalized, Ratio 0.100  
Tier 1 capital risk-weighted assets, Regulatory Minimum to be Well Capitalized, Ratio 0.080  
Common equity tier 1 capital to risk weighted assets, Regulatory Minimum to be Well Capitalized, Ratio 0.065  
Tier 1 capital to average assets, Regulatory Minimum to be Well Capitalized, Ratio 0.050  
v3.25.1
CAPITAL RATIOS AND SHAREHOLDERS' EQUITY - Schedule of Components of AOCI (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Total shareholders’ equity $ 1,196,760 $ 1,167,424 $ 1,009,923 $ 1,012,221
Accumulated other comprehensive loss        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Total shareholders’ equity (95,019) (106,343) (114,415) (143,016)
Net unrealized holding (loss) on AFS securities        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Other accumulated comprehensive income, before tax: (128,168) (142,127)    
Income taxes related to items of accumulated other comprehensive income: 34,022 37,716    
Total shareholders’ equity (94,145) (104,410) (106,902) (139,525)
Net unrealized (loss) on cash flow hedging derivatives        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Other accumulated comprehensive income, before tax: (1,574) (3,037)    
Income taxes related to items of accumulated other comprehensive income: 434 838    
Total shareholders’ equity (1,140) (2,199) (7,128) (3,106)
Net unrealized holding gain (expense) on pension plans        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Other accumulated comprehensive income, before tax: 365 365    
Income taxes related to items of accumulated other comprehensive income: (98) (98)    
Total shareholders’ equity $ 266 $ 266 $ (385) $ (385)
v3.25.1
CAPITAL RATIOS AND SHAREHOLDERS' EQUITY - Schedule of Components of OCI (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Net unrealized gains arising during the period    
Net of Tax $ 11,212 $ (7,867)
Less: reclassification adjustment for (losses) realized in net income    
Net of Tax (112) (36,468)
Net unrealized holding gain on AFS securities    
Before Tax 15,422 38,763
Tax Effect (4,098) (10,162)
Total other comprehensive income 11,324 28,601
Net unrealized holding gain on AFS securities:    
Net unrealized gains arising during the period    
Before Tax 13,959 (5,622)
Tax Effect (3,694) 1,891
Net of Tax 10,265 (3,731)
Less: reclassification adjustment for (losses) realized in net income    
Before Tax 0 (49,909)
Tax Effect 0 13,555
Net of Tax 0 (36,354)
Net unrealized holding gain on AFS securities    
Before Tax 13,959 44,287
Tax Effect (3,694) (11,664)
Total other comprehensive income 10,265 32,623
Net unrealized gain (loss) on cash flow hedging derivatives:    
Net unrealized gains arising during the period    
Before Tax 1,308 (5,681)
Tax Effect (361) 1,545
Net of Tax 947 (4,136)
Less: reclassification adjustment for (losses) realized in net income    
Before Tax (155) (157)
Tax Effect 43 43
Net of Tax (112) (114)
Net unrealized holding gain on AFS securities    
Before Tax 1,463 (5,524)
Tax Effect (404) 1,502
Total other comprehensive income $ 1,059 $ (4,022)
v3.25.1
CAPITAL RATIOS AND SHAREHOLDERS' EQUITY - Schedule of Reclassified of Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance $ 1,167,424 $ 1,012,221
Other comprehensive income (loss) before reclassifications 11,212 (7,867)
Less: amounts reclassified from accumulated other comprehensive (loss) (112) (36,468)
Total other comprehensive income 11,324 28,601
Ending balance 1,196,760 1,009,923
Accumulated other comprehensive loss    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance (106,343) (143,016)
Total other comprehensive income 11,324 28,601
Ending balance (95,019) (114,415)
Net unrealized holding gain on AFS securities:    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance (104,410) (139,525)
Other comprehensive income (loss) before reclassifications 10,265 (3,731)
Less: amounts reclassified from accumulated other comprehensive (loss) 0 (36,354)
Total other comprehensive income 10,265 32,623
Ending balance (94,145) (106,902)
Net loss on effective cash flow hedging derivatives    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance (2,199) (3,106)
Other comprehensive income (loss) before reclassifications 947 (4,136)
Less: amounts reclassified from accumulated other comprehensive (loss) (112) (114)
Total other comprehensive income 1,059 (4,022)
Ending balance (1,140) (7,128)
Net unrealized holding loss on pension plans    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance 266 (385)
Other comprehensive income (loss) before reclassifications 0 0
Less: amounts reclassified from accumulated other comprehensive (loss) 0 0
Total other comprehensive income 0 0
Ending balance $ 266 $ (385)
v3.25.1
CAPITAL RATIOS AND SHAREHOLDERS' EQUITY - Schedule of Amounts Reclassified Out of AOCI (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Amounts reclassified out of each component of accumulated other comprehensive income    
Interest expense $ (58,559) $ (63,866)
Non-interest expense 20,672 (32,599)
Tax benefit (8,858) 6,291
Amount Reclassified From Accumulated Other Comprehensive Income (loss)    
Amounts reclassified out of each component of accumulated other comprehensive income    
Net of tax (112) (36,468)
Realized (loss) on AFS securities | Amount Reclassified From Accumulated Other Comprehensive Income (loss)    
Amounts reclassified out of each component of accumulated other comprehensive income    
Non-interest expense 0 (49,909)
Tax benefit 0 13,555
Net of tax 0 (36,354)
Net unrealized (loss) on cash flow hedging derivatives | Amount Reclassified From Accumulated Other Comprehensive Income (loss)    
Amounts reclassified out of each component of accumulated other comprehensive income    
Interest expense (155) (157)
Non-interest expense 0 0
Tax benefit 43 43
Net of tax $ (112) $ (114)
v3.25.1
EARNINGS/(LOSS) PER SHARE - Schedule of Earnings per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Earnings per share    
Net income $ 25,719 $ (20,188)
Average number of common shares issued (in shares) 51,903 51,903
Less: average number of treasury shares (in shares) 5,508 8,356
Less: average number of unvested stock award shares (in shares) 711 770
Average number of basic shares outstanding (in shares) 45,684 42,777
Average number of diluted shares outstanding (in shares) 46,061 43,028
Basic earnings/(loss) per common share (in dollars per share) $ 0.56 $ (0.47)
Diluted earnings/(loss) per common share (in dollars per share) $ 0.56 $ (0.47)
Unvested stock award    
Earnings per share    
Plus: dilutive effect (in shares) 376 251
Stock options outstanding    
Earnings per share    
Plus: dilutive effect (in shares) 1 0
v3.25.1
EARNINGS/(LOSS) PER SHARE - Narrative (Details) - shares
shares in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Unvested stock award    
Anti-dilutive securities    
Antidilutive securities excluded from computation of earnings per share, amount (in shares) 335 519
Stock options outstanding    
Anti-dilutive securities    
Antidilutive securities excluded from computation of earnings per share, amount (in shares) 43 49
v3.25.1
STOCK-BASED COMPENSATION PLANS - Schedule of Activity (Details) - $ / shares
shares in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Non-Vested Stock Awards Outstanding    
Number of Shares    
Balance at the beginning of the period (in shares) 796  
Granted (in shares) 1  
Acquired (in shares) 0  
Stock awards vested (in shares) (91)  
Forfeited (in shares) (26)  
Expired (in shares) 0  
Balance at the end of the period (in shares) 680  
Weighted-Average Grant Date Fair Value    
Balance at the beginning of the period (in dollars per share) $ 24.94  
Granted (in dollars per share) 29.13  
Acquired (in dollars per share) 0  
Stock awards vested (in dollars per share) 27.26  
Forfeited (in dollars per share) 27.33  
Expired (in dollars per share) 0  
Balance at the end of the period (in dollars per share) $ 24.54  
Stock Options Outstanding    
Number of Shares    
Stock awards vested (in shares) (91) (167)
Number of Shares    
Balance at the beginning of the period (in shares) 44  
Granted (in shares) 0  
Acquired (in shares) 0  
Stock options exercised (in shares) 0  
Forfeited (in shares) 0  
Expired (in shares) 0  
Balance at the end of the period (in shares) 44  
Weighted-Average Exercise Price    
Balance at the beginning of the period (in dollars per share) $ 26.65  
Granted (in dollars per share) 0  
Acquired (in dollars per share) 0  
Stock options exercised (in dollars per share) 0  
Forfeited (in dollars per share) 0  
Expired (in dollars per share) 0  
Balance at the end of the period (in dollars per share) $ 26.65  
v3.25.1
STOCK-BASED COMPENSATION PLANS - Narrative (Details) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Stock options outstanding    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Exercise of stock options $ 0 $ 0
Stock awards vested (in shares) 91 167
Unvested stock award    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock awards vested (in shares) 91  
Total compensation cost $ 1,300 $ 2,100
v3.25.1
FAIR VALUE MEASUREMENTS - Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Trading securities $ 5,000 $ 5,300
Securities available for sale, at fair value 669,182 655,723
Equity securities 647 655
U.S Treasuries    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities available for sale, at fair value 7,901 6,989
Municipal bonds and obligations    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities available for sale, at fair value 60,017 60,864
Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities available for sale, at fair value 36,671 36,357
Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Trading securities 5,010 5,258
Securities available for sale, at fair value 669,182 655,723
Equity securities 647 655
Loans held for investment at fair value 9,050,597 8,984,103
Loans held for sale 1,322 3,076
Derivative assets 45,857 47,923
Derivative liabilities 68,902 79,039
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Trading securities 0 0
Securities available for sale, at fair value 7,901 6,989
Equity securities 0 0
Loans held for investment at fair value 0 0
Loans held for sale 0 0
Derivative assets 0 0
Derivative liabilities 0 0
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Trading securities 0 0
Securities available for sale, at fair value 657,358 644,833
Equity securities 647 655
Loans held for investment at fair value 0 0
Loans held for sale 1,322 3,076
Derivative assets 45,756 47,799
Derivative liabilities 68,902 79,039
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Trading securities 5,010 5,258
Securities available for sale, at fair value 3,923 3,901
Equity securities 0 0
Loans held for investment at fair value 9,050,597 8,984,103
Loans held for sale 0 0
Derivative assets 101 124
Derivative liabilities 0 0
Recurring | Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Trading securities 5,010 5,258
Equity securities 647 655
Loans held for investment at fair value 318 325
Loans held for sale 1,322 3,076
Derivative assets 45,857 47,923
Capitalized servicing rights 1,646 1,706
Derivative liabilities 68,902 79,039
Recurring | Fair Value | U.S Treasuries    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities available for sale, at fair value 7,901 6,989
Recurring | Fair Value | Municipal bonds and obligations    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities available for sale, at fair value 60,017 60,864
Recurring | Fair Value | Agency collateralized mortgage obligations    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities available for sale, at fair value 271,526 264,562
Recurring | Fair Value | Agency residential mortgage-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities available for sale, at fair value 225,855 220,240
Recurring | Fair Value | Agency commercial mortgage-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities available for sale, at fair value 67,212 66,711
Recurring | Fair Value | Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities available for sale, at fair value 36,671 36,357
Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Trading securities 0 0
Equity securities 0 0
Loans held for investment at fair value 0 0
Loans held for sale 0 0
Derivative assets 0 0
Capitalized servicing rights 0 0
Derivative liabilities 0 0
Recurring | Level 1 | U.S Treasuries    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities available for sale, at fair value 7,901 6,989
Recurring | Level 1 | Municipal bonds and obligations    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities available for sale, at fair value 0 0
Recurring | Level 1 | Agency collateralized mortgage obligations    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities available for sale, at fair value 0 0
Recurring | Level 1 | Agency residential mortgage-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities available for sale, at fair value 0 0
Recurring | Level 1 | Agency commercial mortgage-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities available for sale, at fair value 0 0
Recurring | Level 1 | Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities available for sale, at fair value 0 0
Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Trading securities 0 0
Equity securities 647 655
Loans held for investment at fair value 0 0
Loans held for sale 1,322 3,076
Derivative assets 45,756 47,799
Capitalized servicing rights 0 0
Derivative liabilities 68,902 79,039
Recurring | Level 2 | U.S Treasuries    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities available for sale, at fair value 0 0
Recurring | Level 2 | Municipal bonds and obligations    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities available for sale, at fair value 60,017 60,864
Recurring | Level 2 | Agency collateralized mortgage obligations    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities available for sale, at fair value 271,526 264,562
Recurring | Level 2 | Agency residential mortgage-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities available for sale, at fair value 225,855 220,240
Recurring | Level 2 | Agency commercial mortgage-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities available for sale, at fair value 67,212 66,711
Recurring | Level 2 | Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities available for sale, at fair value 32,748 32,456
Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Trading securities 5,010 5,258
Securities available for sale, at fair value 3,923 3,901
Equity securities 0 0
Loans held for investment at fair value 318 325
Loans held for sale 0 0
Derivative assets 101 124
Capitalized servicing rights 1,646 1,706
Derivative liabilities 0 0
Recurring | Level 3 | U.S Treasuries    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities available for sale, at fair value 0 0
Recurring | Level 3 | Municipal bonds and obligations    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities available for sale, at fair value 0 0
Recurring | Level 3 | Agency collateralized mortgage obligations    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities available for sale, at fair value 0 0
Recurring | Level 3 | Agency residential mortgage-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities available for sale, at fair value 0 0
Recurring | Level 3 | Agency commercial mortgage-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities available for sale, at fair value 0 0
Recurring | Level 3 | Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities available for sale, at fair value $ 3,923 $ 3,901
v3.25.1
FAIR VALUE MEASUREMENTS - Narrative (Details)
$ in Thousands
 3 Months Ended
Jan. 01, 2020
USD ($)
Mar. 31, 2025
USD ($)
security
Mar. 31, 2024
USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Write-off   $ 6,256 $ 5,636
Continuing Operations      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Payments for origination of mortgage loans held-for-sale   22,200 27,800
Proceeds from sale and collection of loans held-for-sale   23,600 24,300
Loans Held for Sale | Continuing Operations      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Gains (losses) in fair value of loans held for sale included in earnings   $ (36) $ 55
Impact of ASC 326 adoption | Loans Held for Investment      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Write-off $ (11,200)    
Trading Security      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Number of securities in the portfolio (security) | security   1  
v3.25.1
FAIR VALUE MEASUREMENTS - Schedule of Loans Held for Investment (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Aggregate Unpaid Principal $ 6,930 $ 6,930
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Aggregate Unpaid Principal 6,930  
Loans Held for Investment | Continuing Operations | Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Aggregate Fair Value 318 325
Aggregate Unpaid Principal 6,533 6,541
Aggregate Fair Value Less Aggregate Unpaid Principal $ (6,215) $ (6,216)
v3.25.1
FAIR VALUE MEASUREMENTS - Schedule of Loans Held for Sale (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Loans Held for Sale    
Aggregate Unpaid Principal $ 6,930 $ 6,930
Level 2    
Loans Held for Sale    
Aggregate Fair Value 1,322 3,076
Aggregate Unpaid Principal 6,930  
Recurring | Level 2    
Loans Held for Sale    
Aggregate Fair Value 1,322 3,076
Continuing Operations | Recurring | Loans Held for Sale | Level 2    
Loans Held for Sale    
Aggregate Fair Value 1,322 3,076
Aggregate Unpaid Principal 1,297 3,015
Aggregate Fair Value Less Aggregate Unpaid Principal $ 25 $ 61
v3.25.1
FAIR VALUE MEASUREMENTS - Schedule of Changes in Level 3 Assets and Liabilities that were Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Commitments to Lend    
Changes in Level 3 assets that were measured at fair value on a recurring basis    
Unrealized gain/(loss), net recognized in other non-interest income $ 153 $ 261
Unrealized (loss)/gain relating to instruments still held at the end of the period 93 147
Derivative Asset (Liability)    
Beginning balance 90 34
Unrealized gain/(loss), net recognized in other non-interest income 153 261
Transfers to held for sale loans (150) (148)
Ending balance 93 147
Forward Commitments    
Changes in Level 3 assets that were measured at fair value on a recurring basis    
Unrealized gain/(loss), net recognized in other non-interest income (26) 57
Unrealized (loss)/gain relating to instruments still held at the end of the period 8 78
Derivative Asset (Liability)    
Beginning balance 34 21
Unrealized gain/(loss), net recognized in other non-interest income (26) 57
Ending balance 8 78
Trading Security    
Changes in Level 3 assets that were measured at fair value on a recurring basis    
Balance at the beginning of the period 5,258 6,142
Unrealized gain/(loss), net recognized in other non-interest income (14) (11)
Paydown of asset (234) (222)
Balance at the end of the period 5,010 5,909
Unrealized (loss)/gain relating to instruments still held at the end of the period (53) (71)
Derivative Asset (Liability)    
Unrealized gain/(loss), net recognized in other non-interest income (14) (11)
Securities Available for Sale    
Changes in Level 3 assets that were measured at fair value on a recurring basis    
Balance at the beginning of the period 3,901 3,923
Unrealized (loss) included in accumulated other comprehensive income 22 6
Balance at the end of the period 3,923 3,929
Unrealized (loss)/gain relating to instruments still held at the end of the period (77) (71)
Loans Held for Investment    
Changes in Level 3 assets that were measured at fair value on a recurring basis    
Balance at the beginning of the period 326 374
Unrealized gain/(loss), net recognized in other non-interest income 1 48
Paydown of asset (9) (26)
Balance at the end of the period 318 396
Unrealized (loss)/gain relating to instruments still held at the end of the period 0 0
Derivative Asset (Liability)    
Unrealized gain/(loss), net recognized in other non-interest income 1 48
Capitalized Servicing Rights    
Changes in Level 3 assets that were measured at fair value on a recurring basis    
Balance at the beginning of the period 1,706 1,526
Unrealized gain/(loss), net recognized in other non-interest income (60) (180)
Balance at the end of the period 1,646 1,346
Unrealized (loss)/gain relating to instruments still held at the end of the period 0 0
Derivative Asset (Liability)    
Unrealized gain/(loss), net recognized in other non-interest income $ (60) $ (180)
v3.25.1
FAIR VALUE MEASUREMENTS - Schedule of Quantitative Information about the Significant Unobservable Inputs within Level 3 (Details)
$ in Thousands
Mar. 31, 2025
USD ($)
uSDPerLoan
Dec. 31, 2024
USD ($)
uSDPerLoan
Quantitative information about the significant unobservable inputs within Level 3    
Trading Securities $ 5,010 $ 5,258
Securities available for sale, at fair value 669,182 655,723
Level 3    
Quantitative information about the significant unobservable inputs within Level 3    
Securities available for sale, at fair value 3,923 3,901
Level 3 | Recurring    
Quantitative information about the significant unobservable inputs within Level 3    
Trading Securities 5,010 5,258
Securities available for sale, at fair value 3,923 3,901
Loans held for investment 318 325
Total 10,998 11,314
Level 3 | Recurring | Commitments to lend    
Quantitative information about the significant unobservable inputs within Level 3    
Derivative asset 93 90
Level 3 | Recurring | Forward commitments    
Quantitative information about the significant unobservable inputs within Level 3    
Derivative asset 8 34
Level 3 | Recurring | Capitalized servicing rights    
Quantitative information about the significant unobservable inputs within Level 3    
Capitalized servicing rights $ 1,646 $ 1,706
Level 3 | Recurring | Discount Rate | Discounted Cash Flow    
Quantitative information about the significant unobservable inputs within Level 3    
Trading security, significant unobservable input value 0.0331 0.0336
Loan held for investment, significant unobservable input value 0.2500 0.2500
Level 3 | Recurring | Discount Rate | Discounted Cash Flow | Capitalized servicing rights    
Quantitative information about the significant unobservable inputs within Level 3    
Capitalized servicing rights, significant unobservable input value 0.1009 0.1009
Level 3 | Recurring | Price | Indication from Market Maker    
Quantitative information about the significant unobservable inputs within Level 3    
AFS Securities, significant unobservable input value 0.9807 0.9753
Level 3 | Recurring | Collateral Value | Discounted Cash Flow | Minimum    
Quantitative information about the significant unobservable inputs within Level 3    
Loan held for investment, significant unobservable input value 0.0 0.0
Level 3 | Recurring | Collateral Value | Discounted Cash Flow | Maximum    
Quantitative information about the significant unobservable inputs within Level 3    
Loan held for investment, significant unobservable input value 20,100,000 18,800,000
Level 3 | Recurring | Closing Ratio | Historical Trend | Commitments to lend    
Quantitative information about the significant unobservable inputs within Level 3    
Commitments, significant unobservable input value 0.7963 0.8321
Level 3 | Recurring | Closing Ratio | Historical Trend | Forward commitments    
Quantitative information about the significant unobservable inputs within Level 3    
Commitments, significant unobservable input value 0.7963 0.8321
Level 3 | Recurring | Origination Costs, per loan | Pricing Model | Commitments to lend    
Quantitative information about the significant unobservable inputs within Level 3    
Commitments, significant unobservable input value | uSDPerLoan 3,000 3,000
Level 3 | Recurring | Origination Costs, per loan | Pricing Model | Forward commitments    
Quantitative information about the significant unobservable inputs within Level 3    
Commitments, significant unobservable input value | uSDPerLoan 3,000 3,000
Level 3 | Recurring | Constant Prepayment Rate (CPR) | Discounted Cash Flow | Capitalized servicing rights    
Quantitative information about the significant unobservable inputs within Level 3    
Capitalized servicing rights, significant unobservable input value 0.0741 0.0721
v3.25.1
FAIR VALUE MEASUREMENTS - Schedule of Non-recurring Fair Value Measurements (Details) - Non-recurring - Level 3 - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Quantitative information about the significant unobservable inputs within Level 3    
Individually evaluated $ 1,817 $ 2,195
Capitalized servicing rights 9,982 10,084
Total $ 11,799 $ 12,279
v3.25.1
FAIR VALUE MEASUREMENTS - Schedule of Significant Unobservable Inputs for Non-recurring Assets (Details) - Non-recurring - Level 3
$ in Thousands
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Quantitative information about the significant unobservable inputs within Level 3    
Individually evaluated $ 1,817 $ 2,195
Capitalized servicing rights 9,982 10,084
Total 11,799 12,279
Fair Value of Collateral    
Quantitative information about the significant unobservable inputs within Level 3    
Individually evaluated $ 1,817 $ 2,195
Minimum | Discounted Cash Flow - Loss Severity | Fair Value of Collateral    
Quantitative information about the significant unobservable inputs within Level 3    
Individually evaluated, measurement input 1.0000 1.0000
Minimum | Appraised Value | Fair Value of Collateral    
Quantitative information about the significant unobservable inputs within Level 3    
Individually evaluated, measurement input 0 0
Maximum | Discounted Cash Flow - Loss Severity | Fair Value of Collateral    
Quantitative information about the significant unobservable inputs within Level 3    
Individually evaluated, measurement input 0.0002 0.0003
Maximum | Appraised Value | Fair Value of Collateral    
Quantitative information about the significant unobservable inputs within Level 3    
Individually evaluated, measurement input 178,000 180,000
Weighted Average | Discounted Cash Flow - Loss Severity | Fair Value of Collateral    
Quantitative information about the significant unobservable inputs within Level 3    
Individually evaluated, measurement input 0.6517 0.6697
Weighted Average | Appraised Value | Fair Value of Collateral    
Quantitative information about the significant unobservable inputs within Level 3    
Individually evaluated, measurement input 150,000 153,000
Capitalized servicing rights | Discounted Cash Flow    
Quantitative information about the significant unobservable inputs within Level 3    
Capitalized servicing rights $ 9,982 $ 10,084
Capitalized servicing rights | Minimum | Constant Prepayment Rate (CPR) | Discounted Cash Flow    
Quantitative information about the significant unobservable inputs within Level 3    
Capitalized servicing rights, measurement input 0.0522 0.0487
Capitalized servicing rights | Minimum | Discount Rate | Discounted Cash Flow    
Quantitative information about the significant unobservable inputs within Level 3    
Capitalized servicing rights, measurement input 0.1047 0.1047
Capitalized servicing rights | Maximum | Constant Prepayment Rate (CPR) | Discounted Cash Flow    
Quantitative information about the significant unobservable inputs within Level 3    
Capitalized servicing rights, measurement input 0.1910 0.1458
Capitalized servicing rights | Maximum | Discount Rate | Discounted Cash Flow    
Quantitative information about the significant unobservable inputs within Level 3    
Capitalized servicing rights, measurement input 0.1231 0.1297
Capitalized servicing rights | Weighted Average | Constant Prepayment Rate (CPR) | Discounted Cash Flow    
Quantitative information about the significant unobservable inputs within Level 3    
Capitalized servicing rights, measurement input 0.1390 0.1333
Capitalized servicing rights | Weighted Average | Discount Rate | Discounted Cash Flow    
Quantitative information about the significant unobservable inputs within Level 3    
Capitalized servicing rights, measurement input 0.1116 0.1156
v3.25.1
FAIR VALUE MEASUREMENTS - Schedule of Estimated Non-recurring Fair Value of Financial Instruments (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Financial Assets    
Trading securities $ 5,000 $ 5,300
Equity securities 647 655
Securities available for sale, at fair value 669,182 655,723
Securities held to maturity 422,151 433,382
Assets held for sale 6,930 6,930
Carrying Amount    
Financial Assets    
Cash and cash equivalents 826,336 1,128,409
Trading securities 5,010 5,258
Equity securities 647 655
Securities available for sale, at fair value 669,182 655,723
Securities held to maturity 494,242 507,658
Federal Home Loan Bank stock 29,688 19,565
Net loans 9,312,207 9,270,294
Loans held for sale 1,322 3,076
Accrued interest receivable 48,161 49,410
Derivative assets 45,857 47,923
Assets held for sale 6,930  
Financial Liabilities    
Total deposits 9,879,877 10,375,204
Short-term debt 400,000 103,500
Long-term Federal Home Loan Bank advances and other 162,921 212,982
Subordinated borrowings 121,674 121,612
Accrued interest payable 9,134 9,005
Derivative liabilities 68,902 79,039
Fair Value    
Financial Assets    
Cash and cash equivalents 826,336 1,128,409
Trading securities 5,010 5,258
Equity securities 647 655
Securities available for sale, at fair value 669,182 655,723
Securities held to maturity 422,151 433,382
Net loans 9,050,597 8,984,103
Loans held for sale 1,322 3,076
Accrued interest receivable 48,161 49,410
Derivative assets 45,857 47,923
Assets held for sale 6,930  
Financial Liabilities    
Total deposits 9,873,633 10,367,636
Short-term debt 400,070 103,635
Long-term Federal Home Loan Bank advances and other 160,268 209,736
Subordinated borrowings 110,919 110,447
Accrued interest payable 9,134 9,005
Derivative liabilities 68,902 79,039
Level 1    
Financial Assets    
Cash and cash equivalents 826,336 1,128,409
Trading securities 0 0
Equity securities 0 0
Securities available for sale, at fair value 7,901 6,989
Securities held to maturity 0 0
Net loans 0 0
Loans held for sale 0 0
Accrued interest receivable 0 0
Derivative assets 0 0
Assets held for sale 0  
Financial Liabilities    
Total deposits 0 0
Short-term debt 0 0
Long-term Federal Home Loan Bank advances and other 0 0
Subordinated borrowings 0 0
Accrued interest payable 0 0
Derivative liabilities 0 0
Level 2    
Financial Assets    
Cash and cash equivalents 0 0
Trading securities 0 0
Equity securities 647 655
Securities available for sale, at fair value 657,358 644,833
Securities held to maturity 421,147 432,280
Net loans 0 0
Loans held for sale 1,322 3,076
Accrued interest receivable 48,161 49,410
Derivative assets 45,756 47,799
Assets held for sale 6,930  
Financial Liabilities    
Total deposits 9,873,633 10,367,636
Short-term debt 400,070 103,635
Long-term Federal Home Loan Bank advances and other 160,268 209,736
Subordinated borrowings 110,919 110,447
Accrued interest payable 9,134 9,005
Derivative liabilities 68,902 79,039
Level 3    
Financial Assets    
Cash and cash equivalents 0 0
Trading securities 5,010 5,258
Equity securities 0 0
Securities available for sale, at fair value 3,923 3,901
Securities held to maturity 1,004 1,102
Net loans 9,050,597 8,984,103
Loans held for sale 0 0
Accrued interest receivable 0 0
Derivative assets 101 124
Assets held for sale 0  
Financial Liabilities    
Total deposits 0 0
Short-term debt 0 0
Long-term Federal Home Loan Bank advances and other 0 0
Subordinated borrowings 0 0
Accrued interest payable 0 0
Derivative liabilities $ 0 $ 0
v3.25.1
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES - Schedule of Net Interest Income After Provision for Loan Losses (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Banking and Thrift, Interest [Abstract]    
Net interest income $ 89,771 $ 88,140
Provision for credit losses 5,500 6,000
Net interest after provision for credit losses $ 84,271 $ 82,140
v3.25.1
TAX EQUITY INVESTMENTS - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]      
Carrying value $ 44,900   $ 35,600
Total delayed equity contributions 23,848    
Non-income tax related activity 0    
Impairment loss $ 0 $ 0  
v3.25.1
TAX EQUITY INVESTMENTS - Schedule of Delayed Equity Contributions Associated Were Estimated To Be Paid (Details)
$ in Thousands
Mar. 31, 2025
USD ($)
Equity Method Investments and Joint Ventures [Abstract]  
2025 $ 11,782
2026 7,294
2027 4,277
2028 258
Thereafter 237
Total delayed equity contributions $ 23,848
v3.25.1
TAX EQUITY INVESTMENTS -Schedule of Income Tax Credits and Other Income Tax Benefits, Amortization Expense, Total Provision For Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]    
Amortization of tax credit investments $ (951) $ (639)
Tax credit and other tax benefit/(expense) 854 573
Total provision for income taxes $ (97) $ (66)
v3.25.1
PENDING MERGER - Narrative (Details)
Mar. 31, 2025
$ / shares
Dec. 31, 2024
$ / shares
Dec. 16, 2024
$ / shares
Business Acquisition [Line Items]      
Common stock, par value (in USD per share) $ 0.01 $ 0.01 $ 0.01
Brookline Bancorp, Inc.      
Business Acquisition [Line Items]      
Business combination, conversion ratio     0.42
Brookline Common Stock      
Business Acquisition [Line Items]      
Common stock, par value (in USD per share)     $ 0.01