Hanmi Financial Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Loans (Tables)

Loans (Tables)

9 Months Ended

Sep. 30, 2024

Loans consisted of the following as of the dates indicated:


	September 30, 2024			December 31, 2023
	(in thousands)
Real estate loans:
Commercial property
Retail	$	1,087,433		$	1,107,360
Hospitality		819,017			740,519
Office		571,580			574,981
Other (1)		1,369,294			1,366,534
Total commercial property loans		3,847,324			3,789,394
Construction		84,764			100,345
Residential (2)		939,285			962,661
Total real estate loans		4,871,373			4,852,400
Commercial and industrial loans (3)		879,092			747,819
Equipment financing agreements		507,279			582,215
Loans receivable		6,257,744			6,182,434
Allowance for credit losses		(69,163	)		(69,462	)
Loans receivable, net	$	6,188,581		$	6,112,972

(1)

Includes mixed-use, multifamily, industrial, gas stations, faith-based facilities, and medical; all other property types represent less than one percent of total loans receivable.

(2)

Includes $1.5 million and $1.9 million of home equity loans and lines, and $6.8 million and $4.5 million of personal loans at September 30, 2024 and December 31, 2023, respectively.

(3)

At September 30, 2024 and December 31, 2023, Paycheck Protection Program loans were $0.1 million and $0.2 million, respectively.

Activity for Loans Held for Sale

The following is the activity for loans held for sale for the following periods:


	Real Estate			Commercial and Industrial			Total
	(in thousands)
Three months ended September 30, 2024
Balance at beginning of period	$	7,149		$	3,318		$	10,467
Originations and transfers		58,433			8,457			66,890
Sales		(14,697	)		(8,320	)		(23,017	)
Principal paydowns and amortization		(1	)		(3	)		(4	)
Balance at end of period	$	50,884		$	3,452		$	54,336

Three months ended September 30, 2023
Balance at beginning of period	$	5,544		$	1,749		$	7,293
Originations and transfers		12,588			13,398			25,986
Sales		(11,520	)		(9,490	)		(21,010	)
Principal paydowns and amortization		(75	)		(427	)		(502	)
Balance at end of period	$	6,537		$	5,230		$	11,767


	Real Estate			Commercial and Industrial			Total
	(in thousands)
Nine months ended September 30, 2024
Balance at beginning of period	$	8,792		$	3,221		$	12,013
Originations and transfers		88,619			25,866			114,485
Sales		(46,473	)		(25,621	)		(72,094	)
Principal payoffs and amortization		(54	)		(14	)		(68	)
Balance at end of period	$	50,884		$	3,452		$	54,336

Nine months ended September 30, 2023
Balance at beginning of period	$	3,775		$	4,268		$	8,043
Originations and transfers		43,468			31,420			74,888
Sales		(40,630	)		(30,022	)		(70,652	)
Principal payoffs and amortization		(76	)		(436	)		(512	)
Balance at end of period	$	6,537		$	5,230		$	11,767

Loans Purchased by Portfolio Segment

The following table presents loans purchased by portfolio segment for the following periods:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
	(in thousands)
Commercial real estate	$	1,773	$	—	$	8,107	$	—
Commercial and industrial		11,935		—		30,257		—
Residential real estate		10,744		—		15,922		—
Total	$	24,452	$	—	$	54,286	$	—

Allowance for Credit Losses by Portfolio Segment

The following table details the information on the allowance for credit losses by portfolio segment for the following periods:


	Real Estate			Commercial and Industrial			Equipment Financing Agreements			Total
	(in thousands)
Three months ended September 30, 2024
Balance at beginning of period	$	42,152		$	10,563		$	15,014		$	67,729
Charge-offs		(1,133	)		(190	)		(2,477	)		(3,800	)
Recoveries		729			1,679			516			2,924
Credit loss expense (recovery)		1,946			(2,269	)		2,633			2,310
Ending balance	$	43,694		$	9,783		$	15,686		$	69,163

Three months ended September 30, 2023
Balance at beginning of period	$	43,054		$	16,028		$	11,942		$	71,024
Charge-offs		(216	)		(6,323	)		(2,831	)		(9,370	)
Recoveries		50			141			301			492
Credit loss expense		948			1,396			2,823			5,167
Ending balance	$	43,836		$	11,242		$	12,235		$	67,313


	Real Estate			Commercial and Industrial			Equipment Financing Agreements			Total
	(in thousands)
Nine months ended September 30, 2024
Balance at beginning of period	$	45,499		$	10,257		$	13,706		$	69,462
Charge-offs		(1,226	)		(438	)		(6,598	)		(8,262	)
Recoveries		840			1,903			1,256			3,999
Credit loss expense (recovery)		(1,419	)		(1,939	)		7,322			3,964
Ending balance	$	43,694		$	9,783		$	15,686		$	69,163

Nine months ended September 30, 2023
Balance at beginning of period	$	44,026		$	15,267		$	12,230		$	71,523
Charge-offs		(627	)		(6,635	)		(7,052	)		(14,314	)
Recoveries		180			931			1,131			2,242
Credit loss expense		257			1,679			5,926			7,862
Ending balance	$	43,836		$	11,242		$	12,235		$	67,313

The table below presents the allowance for credit losses by portfolio segment as a percentage of the total allowance for credit losses and loans by portfolio segment as a percentage of the aggregate investment of loans receivable as of:


	September 30, 2024										December 31, 2023
	Allowance Amount		Percentage of Total Allowance			Total Loans		Percentage of Total Loans			Allowance Amount		Percentage of Total Allowance			Total Loans		Percentage of Total Loans
	(dollars in thousands)
Real estate loans:
Commercial property
Retail	$	10,226		14.8	%	$	1,087,433		17.4	%	$	10,264		14.8	%	$	1,107,360		17.9	%
Hospitality		13,971		20.2			819,017		13.1			15,534		22.4			740,519		12.0
Office		3,879		5.6			571,580		9.1			3,024		4.4			574,981		9.3
Other		8,004		11.6			1,369,294		21.9			8,663		12.4			1,366,534		22.1
Total commercial property loans		36,080		52.2			3,847,324		61.5			37,485		54.0			3,789,394		61.3
Construction		1,698		2.5			84,764		1.4			2,756		4.0			100,345		1.6
Residential		5,916		8.6			939,285		15.0			5,258		7.5			962,661		15.6
Total real estate loans		43,694		63.3			4,871,373		77.9			45,499		65.5			4,852,400		78.5
Commercial and industrial loans		9,783		14.0			879,092		14.0			10,257		14.8			747,819		12.1
Equipment financing agreements		15,686		22.7			507,279		8.1			13,706		19.7			582,215		9.4
Total	$	69,163		100.0	%	$	6,257,744		100.0	%	$	69,462		100.0	%	$	6,182,434		100.0	%

Summary of Amortized Cost Basis of Collateral Dependent Loans By Class of Loans

The following table represents the amortized cost basis of collateral-dependent loans by class of loans, for which repayment is expected to be obtained through the sale of the underlying collateral, as of:


	September 30, 2024		December 31, 2023
	(in thousands)
Real estate loans:
Commercial property
Retail	$	1,683	$	1,530
Hospitality		266		338
Other		—		305
Total commercial property loans		1,949		2,173
Construction		1,194		—
Residential		1,873		1
Total real estate loans		5,016		2,174
Commercial and industrial loans		—		5,178
Total	$	5,016	$	7,352

Credit Quality of Loan Portfolio


	Term Loans
	Amortized Cost Basis by Origination Year (1)
	2024		2023		2022		2021			2020			Prior			Revolving Loans Amortized Cost Basis			Total
	(in thousands)
September 30, 2024
Real estate loans:
Commercial property
Risk Rating							`
Pass / Pass-Watch	$	433,413	$	558,091	$	941,253	$	821,086		$	559,560		$	343,178		$	62,712		$	3,719,293
Special Mention		—		32,950		—		—			1,302			76,970			—			111,222
Classified		523		—		6,999		3,192			71			6,024			—			16,809
Total commercial property		433,936		591,041		948,252		824,278			560,933			426,172			62,712			3,847,324
YTD gross charge-offs		—		—		—		—			—			93			—			93
YTD net charge-offs (recoveries)		—		—		—		—			(17	)		(728	)		—			(745	)

Construction
Risk Rating
Pass / Pass-Watch		56,092		27,478		—		—			—			—			—			83,570
Special Mention		—		—		—		—			—			—			—			—
Classified		1,194		—		—		—			—			—			—			1,194
Total construction		57,286		27,478		—		—			—			—			—			84,764
YTD gross charge-offs		—		—		—		—			1,133			—			—			1,133
YTD net charge-offs (recoveries)		—		—		—		—			1,133			—			—			1,133

Residential
Risk Rating
Pass / Pass-Watch		82,446		217,473		361,552		148,635			11,851			109,407			7,347			938,711
Special Mention		—		—		—		—			—			—			250			250
Classified		—		—		—		—			324			—			—			324
Total residential		82,446		217,473		361,552		148,635			12,175			109,407			7,597			939,285
YTD gross charge-offs		—		—		—		—			—			—			—			—
YTD net charge-offs (recoveries)		—		—		—		—			—			(2	)		—			(2	)

Total real estate loans
Risk Rating
Pass / Pass-Watch		571,951		803,042		1,302,805		969,721			571,411			452,585			70,059			4,741,574
Special Mention		—		32,950		—		—			1,302			76,970			250			111,472
Classified		1,717		—		6,999		3,192			395			6,024			—			18,327
Total real estate loans		573,668		835,992		1,309,804		972,913			573,108			535,579			70,309			4,871,373
YTD gross charge-offs		—		—		—		—			1,133			93			—			1,226
YTD net charge-offs (recoveries)		—		—		—		—			1,116			(730	)		—			386

Commercial and industrial loans:
Risk Rating
Pass / Pass-Watch		222,285		63,975		124,076		45,344			14,705			15,257			372,867			858,509
Special Mention		20,060		—		—		—			—			44			—			20,104
Classified		154		—		78		—			—			247			—			479
Total commercial and industrial loans		242,499		63,975		124,154		45,344			14,705			15,548			372,867			879,092
YTD gross charge-offs		—		82		168		—			11			175			2			438
YTD net charge-offs (recoveries)		—		82		163		(13	)		11			114			(1,822	)		(1,465	)

Equipment financing agreements:
Risk Rating
Pass / Pass-Watch		107,615		160,910		148,909		63,155			11,422			5,696			—			497,707
Special Mention		—		—		—		—			—			—			—			—
Classified		258		1,942		4,350		2,488			219			315			—			9,572
Total equipment financing agreements		107,873		162,852		153,259		65,643			11,641			6,011			—			507,279
YTD gross charge-offs		—		844		3,803		1,404			318			229			—			6,598
YTD net charge-offs (recoveries)		—		795		3,315		1,100			259			(127	)		—			5,342

Total loans receivable:
Risk Rating
Pass / Pass-Watch		901,851		1,027,927		1,575,790		1,078,220			597,538			473,538			442,926			6,097,790
Special Mention		20,060		32,950		—		—			1,302			77,014			250			131,576
Classified		2,129		1,942		11,427		5,680			614			6,586			—			28,378
Total loans receivable	$	924,040	$	1,062,819	$	1,587,217	$	1,083,900		$	599,454		$	557,138		$	443,176		$	6,257,744
YTD gross charge-offs		—		926		3,971		1,404			1,462			497			2			8,262
YTD net charge-offs (recoveries)		—		877		3,478		1,087			1,386			(743	)		(1,822	)		4,263

(1)

Includes extensions, renewals, or modifications of credit contracts, which consist of a new credit decision.


	Term Loans
	Amortized Cost Basis by Origination Year (1)
	2023		2022		2021			2020		2019		Prior			Revolving Loans Amortized Cost Basis			Total

December 31, 2023
Real estate loans:
Commercial property
Risk Rating
Pass / Pass-Watch	$	683,819	$	986,822	$	858,821		$	572,950	$	378,067	$	238,400		$	30,236		$	3,749,115
Special Mention		4,400		3,997		3,271			5,670		711		2,310			1,406			21,765
Classified		3,065		1,080		4,899			—		5,578		3,892			—			18,514
Total commercial property		691,284		991,899		866,991			578,620		384,356		244,602			31,642			3,789,394
YTD gross charge-offs		—		—		—			411		—		216			—			627
YTD net charge-offs (recoveries)		—		—		—			403		—		(81	)		—			322

Construction
Risk Rating
Pass / Pass-Watch		72,039		—		—			—		—		—			—			72,039
Special Mention		—		—		28,306			—		—		—			—			28,306
Classified		—		—		—			—		—		—			—			—
Total construction		72,039		—		28,306			—		—		—			—			100,345
YTD gross charge-offs		—		—		—			—		—		—			—			—
YTD net charge-offs (recoveries)		—		—		—			—		—		—			—			—

Residential
Risk Rating
Pass / Pass-Watch		290,196		375,712		158,618			12,656		217		119,736			5,025			962,160
Special Mention		—		—		—			—		—		—			500			500
Classified		—		—		—			—		—		1			—			1
Total residential		290,196		375,712		158,618			12,656		217		119,737			5,525			962,661
YTD gross charge-offs		—		—		—			—		—		—			—			—
YTD net charge-offs (recoveries)		—		—		—			—		—		(7	)		—			(7	)

Total real estate loans
Risk Rating
Pass / Pass-Watch		1,046,054		1,362,534		1,017,439			585,606		378,284		358,136			35,261			4,783,314
Special Mention		4,400		3,997		31,577			5,670		711		2,310			1,906			50,571
Classified		3,065		1,080		4,899			—		5,578		3,893			—			18,515
Total real estate loans		1,053,519		1,367,611		1,053,915			591,276		384,573		364,339			37,167			4,852,400
YTD gross charge-offs		—		—		—			411		—		216			—			627
YTD net charge-offs (recoveries)		—		—		—			403		—		(88	)		—			315

Commercial and industrial loans:
Risk Rating
Pass / Pass-Watch		177,864		169,209		84,198			31,348		9,971		12,920			242,044			727,554
Special Mention		—		14,578		—			102		—		65			(1	)		14,744
Classified		329		—		—			—		79		174			4,939			5,521
Total commercial and industrial loans		178,193		183,787		84,198			31,450		10,050		13,159			246,982			747,819
YTD gross charge-offs		—		17		—			—		110		410			6,120			6,657
YTD net charge-offs (recoveries)		—		5		(7	)		—		101		(6,621	)		6,090			(432	)

Equipment financing agreements:
Risk Rating
Pass / Pass-Watch		215,670		211,228		101,622			24,340		18,832		3,192			—			574,884
Special Mention		—		—		—			—		—		—			—			—
Classified		392		4,171		1,945			365		401		57			—			7,331
Total equipment financing agreements		216,062		215,399		103,567			24,705		19,233		3,249			—			582,215
YTD gross charge-offs		178		3,944		3,267			386		799		232			—			8,806
YTD net charge-offs (recoveries)		178		3,744		2,858			244		250		(114	)		—			7,160

Total loans receivable:
Risk Rating
Pass / Pass-Watch		1,439,588		1,742,971		1,203,259			641,294		407,087		374,248			277,305			6,085,752
Special Mention		4,400		18,575		31,577			5,772		711		2,375			1,905			65,315
Classified		3,786		5,251		6,844			365		6,058		4,124			4,939			31,367
Total loans receivable	$	1,447,774	$	1,766,797	$	1,241,680		$	647,431	$	413,856	$	380,747		$	284,149		$	6,182,434
YTD gross charge-offs		178		3,961		3,267			797		909		858			6,120			16,090
YTD net charge-offs (recoveries)		178		3,749		2,851			647		351		(6,823	)		6,090			7,043

(1)

Includes extensions, renewals, or modifications of credit contracts, which consist of a new credit decision.

Loans by Vintage Year and Payment Performance


	Term Loans
	Amortized Cost Basis by Origination Year (1)
	2024		2023		2022		2021			2020			Prior			Revolving Loans Amortized Cost Basis			Total
	(in thousands)
September 30, 2024
Real estate loans:
Commercial property
Payment performance
Performing	$	433,936	$	591,041	$	947,246	$	824,278		$	560,933		$	424,634		$	62,712		$	3,844,780
Nonperforming		—		—		1,006		—			—			1,538			—			2,544
Total commercial property		433,936		591,041		948,252		824,278			560,933			426,172			62,712			3,847,324
YTD gross charge-offs		—		—		—		—			—			93			—			93
YTD net charge-offs (recoveries)		—		—		—		—			(17	)		(728	)		—			(745	)

Construction
Payment performance
Performing		56,092		27,478		—		—			—			—			—			83,570
Nonperforming		1,194		—		—		—			—			—			—			1,194
Total construction		57,286		27,478		—		—			—			—			—			84,764
YTD gross charge-offs		—		—		—		—			1,133			—			—			1,133
YTD net charge-offs (recoveries)		—		—		—		—			1,133			—			—			1,133

Residential
Payment performance
Performing		82,446		217,473		360,970		148,635			11,849			108,444			7,597			937,414
Nonperforming		—		—		582		—			326			963			—			1,871
Total residential		82,446		217,473		361,552		148,635			12,175			109,407			7,597			939,285
YTD gross charge-offs		—		—		—		—			—			—			—			—
YTD net charge-offs (recoveries)		—		—		—		—			—			(2	)		—			(2	)

Total real estate loans
Payment performance
Performing		572,474		835,992		1,308,216		972,913			572,782			533,078			70,309			4,865,764
Nonperforming		1,194		—		1,588		—			326			2,501			—			5,609
Total real estate loans		573,668		835,992		1,309,804		972,913			573,108			535,579			70,309			4,871,373
YTD gross charge-offs		—		—		—		—			1,133			93			—			1,226
YTD net charge-offs (recoveries)		—		—		—		—			1,116			(730	)		—			386

Commercial and industrial loans:
Payment performance
Performing		242,499		63,733		124,154		45,344			14,705			15,548			372,867			878,850
Nonperforming		—		242		—		—			—			—			—			242
Total commercial and industrial loans		242,499		63,975		124,154		45,344			14,705			15,548			372,867			879,092
YTD gross charge-offs		—		82		168		—			11			175			2			438
YTD net charge-offs (recoveries)		—		82		163		(13	)		11			114			(1,822	)		(1,465	)

Equipment financing agreements:
Payment performance
Performing		107,615		160,910		148,875		63,122			11,422			5,696			—			497,640
Nonperforming		258		1,942		4,384		2,521			219			315			—			9,639
Total equipment financing agreements		107,873		162,852		153,259		65,643			11,641			6,011			—			507,279
YTD gross charge-offs		—		844		3,803		1,404			318			229			—			6,598
YTD net charge-offs (recoveries)		—		795		3,315		1,100			259			(127	)		—			5,342

Total loans receivable:
Payment performance
Performing		922,588		1,060,635		1,581,245		1,081,379			598,909			554,322			443,176			6,242,254
Nonperforming		1,452		2,184		5,972		2,521			545			2,816			—			15,490
Total loans receivable	$	924,040	$	1,062,819	$	1,587,217	$	1,083,900		$	599,454		$	557,138		$	443,176		$	6,257,744
YTD gross charge-offs		—		926		3,971		1,404			1,462			497			2			8,262
YTD net charge-offs (recoveries)		—		877		3,478		1,087			1,386			(743	)		(1,822	)		4,263

(1)

Includes extensions, renewals, or modifications of credit contracts, which consist of a new credit decision.


	Term Loans
	Amortized Cost Basis by Origination Year (1)
	2023		2022		2021			2020		2019		Prior			Revolving Loans Amortized Cost Basis		Total

December 31, 2023
Real estate loans:
Commercial property
Payment performance
Performing	$	689,449	$	991,899	$	866,841		$	578,620	$	384,275	$	243,819		$	31,642	$	3,786,545
Nonperforming		1,835		—		150			—		81		783			—		2,849
Total commercial property		691,284		991,899		866,991			578,620		384,356		244,602			31,642		3,789,394
YTD gross charge-offs		—		—		—			411		—		216			—		627
YTD net charge-offs (recoveries)		—		—		—			403		—		(81	)		—		322

Construction
Payment performance
Performing		72,039		—		28,306			—		—		—			—		100,345
Nonperforming		—		—		—			—		—		—			—		—
Total construction		72,039		—		28,306			—		—		—			—		100,345
YTD gross charge-offs		—		—		—			—		—		—			—		—
YTD net charge-offs (recoveries)		—		—		—			—		—		—			—		—

Residential
Payment performance
Performing		290,196		375,712		158,618			12,656		217		119,736			5,525		962,660
Nonperforming		—		—		—			—		—		1			—		1
Total residential		290,196		375,712		158,618			12,656		217		119,737			5,525		962,661
YTD gross charge-offs		—		—		—			—		—		—			—		—
YTD net charge-offs (recoveries)		—		—		—			—		—		(7	)		—		(7	)

Total real estate loans
Payment performance
Performing		1,051,684		1,367,611		1,053,765			591,276		384,492		363,555			37,167		4,849,550
Nonperforming		1,835		—		150			—		81		784			—		2,850
Total real estate loans		1,053,519		1,367,611		1,053,915			591,276		384,573		364,339			37,167		4,852,400
YTD gross charge-offs		—		—		—			411		—		216			—		627
YTD net charge-offs (recoveries)		—		—		—			403		—		(88	)		—		315

Commercial and industrial loans:
Payment performance
Performing		177,864		183,787		84,198			31,415		10,050		13,066			242,134		742,514
Nonperforming		329		—		—			35		—		93			4,848		5,305
Total commercial and industrial loans		178,193		183,787		84,198			31,450		10,050		13,159			246,982		747,819
YTD gross charge-offs		—		17		—			—		110		410			6,120		6,657
YTD net charge-offs (recoveries)		—		5		(7	)		—		101		(6,621	)		6,090		(432	)

Equipment financing agreements:
Payment performance
Performing		215,670		211,228		101,622			24,340		18,844		3,192			—		574,896
Nonperforming		392		4,171		1,945			365		389		57			—		7,319
Total equipment financing agreements		216,062		215,399		103,567			24,705		19,233		3,249			—		582,215
YTD gross charge-offs		178		3,944		3,267			386		799		232			—		8,806
YTD net charge-offs (recoveries)		178		3,744		2,858			244		250		(114	)		—		7,160

Total loans receivable:
Payment performance
Performing		1,445,218		1,762,626		1,239,585			647,031		413,386		379,813			279,301		6,166,960
Nonperforming		2,556		4,171		2,095			400		470		934			4,848		15,474
Total loans receivable	$	1,447,774	$	1,766,797	$	1,241,680		$	647,431	$	413,856	$	380,747		$	284,149	$	6,182,434
YTD gross charge-offs		178		3,961		3,267			797		909		858			6,120		16,090
YTD net charge-offs (recoveries)		178		3,749		2,851			647		351		(6,823	)		6,090		7,043

(1)

Includes extensions, renewals, or modifications of credit contracts, which consist of a new credit decision.

Analysis of Past Due Loans, Including Loans on Nonaccrual Status, Disaggregated by Loan Class

The following is an aging analysis of loans, including loans on nonaccrual status, disaggregated by loan class, as of:


	30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due		Total Past Due		Current		Total
	(in thousands)
September 30, 2024
Real estate loans:
Commercial property
Retail	$	870	$	262	$	—	$	1,132	$	1,086,301	$	1,087,433
Hospitality		775		—		—		775		818,242		819,017
Office		812		—		—		812		570,768		571,580
Other		253		350		—		603		1,368,691		1,369,294
Total commercial property loans		2,710		612		—		3,322		3,844,002		3,847,324
Construction		1,194		—		—		1,194		83,570		84,764
Residential		3,642		2,856				6,498		932,787		939,285
Total real estate loans		7,546		3,468		—		11,014		4,860,359		4,871,373
Commercial and industrial loans		627		206		242		1,075		878,017		879,092
Equipment financing agreements		6,287		2,751		5,734		14,772		492,507		507,279
Total loans receivable	$	14,460	$	6,425	$	5,976	$	26,861	$	6,230,883	$	6,257,744

December 31, 2023
Real estate loans:
Commercial property
Retail	$	632	$	—	$	—	$	632	$	1,106,728	$	1,107,360
Hospitality		—		150		22		172		740,347		740,519
Office		—		—		—		—		574,981		574,981
Other		592		—		—		592		1,365,942		1,366,534
Total commercial property loans		1,224		150		22		1,396		3,787,998		3,789,394
Construction		—		—		—		—		100,345		100,345
Residential		521		336		1		858		961,803		962,661
Total real estate loans		1,745		486		23		2,254		4,850,146		4,852,400
Commercial and industrial loans		76		120		5,178		5,374		742,445		747,819
Equipment financing agreements		7,138		2,134		4,551		13,823		568,392		582,215
Total loans receivable	$	8,959	$	2,740	$	9,752	$	21,451	$	6,160,983	$	6,182,434

Schedule of Amortized Cost Basis of Loans on Nonaccrual Status and Loans Past Due 90 Days and Still Accruing

The following tables represent the amortized cost basis of loans on nonaccrual status and loans past due 90 days and still accruing as of:


	September 30, 2024
	Nonaccrual Loans With No Allowance for Credit Losses		Nonaccrual Loans With Allowance for Credit Losses		Loans Past Due 90 Days Still Accruing		Total Nonperforming Loans
	(in thousands)
Real estate loans:
Commercial property
Retail	$	1,803	$	509	$	—	$	2,312
Hospitality		224		—		—		224
Office		—		—		—		—
Other		—		9		—		9
Total commercial property loans		2,027		518		—		2,545
Construction		1,194		—		—		1,194
Residential		1,871		—		—		1,871
Total real estate loans		5,092		518		—		5,610
Commercial and industrial loans		—		—		241		241
Equipment financing agreements		566		9,073		—		9,639
Total	$	5,658	$	9,591	$	241	$	15,490

	December 31, 2023
	Nonaccrual Loans With No Allowance for Credit Losses		Nonaccrual Loans With Allowance for Credit Losses		Loans Past Due 90 Days Still Accruing		Total Nonperforming Loans
	(in thousands)
Real estate loans:
Commercial property
Retail	$	1,717	$	321	$	—	$	2,038
Hospitality		338		150		—		488
Other		305		18		—		323
Total commercial property loans		2,360		489		—		2,849
Residential		1		—		—		1
Total real estate loans		2,361		489		—		2,850
Commercial and industrial loans		5,213		92		—		5,305
Equipment financing agreements		570		6,749		—		7,319
Total	$	8,144	$	7,330	$	—	$	15,474

Non-Performing Assets

The following table details nonperforming assets as of the dates indicated:


	September 30, 2024		December 31, 2023
	(in thousands)
Nonaccrual loans	$	15,249	$	15,474
Loans receivable 90 days or more past due and still accruing		241		—
Total nonperforming loans receivable*		15,490		15,474
Other real estate owned (“OREO”)		772		117
Total nonperforming assets**	$	16,262	$	15,591

* Excludes a $27.2 million nonperforming loan held-for-sale.
** Excludes repossessed personal property of $1.2 million and $1.3 million as of September 30, 2024 and December 31, 2023, respectively.

Schedule of Loan Modifications

The following table presents loan modifications made to borrowers experiencing financial difficulty, by type of modification, with related amortized cost balances, respective percentage shares of the total class of loans, and the related financial effect, for the periods indicated:

         
        Term Extension

         
        Amortized Cost Basis

        % of Total Class of Loans

        Financial Effect

         
        (in thousands)

        Three and nine months ended September 30, 2024

Commercial and industrial loans

20,060

2.0

1 loan with term extension of 6 years