Hanmi Financial Corporation Quarterly report [Sections 13 or 15(d)]

Quarterly report [Sections 13 or 15(d)]

Loans (Tables)

Loans (Tables)

3 Months Ended

Mar. 31, 2025

Loans consisted of the following as of the dates indicated:


	March 31, 2025			December 31, 2024
	(in thousands)
Real estate loans:
Commercial property
Retail	$	1,109,097		$	1,068,978
Hospitality		845,275			848,134
Office		563,957			568,861
Other (1)		1,378,746			1,385,051
Total commercial property loans		3,897,075			3,871,024
Construction		78,576			78,598
Residential (2)		979,536			951,302
Total real estate loans		4,955,187			4,900,924
Commercial and industrial loans		854,406			863,431
Equipment financing agreements		472,596			487,022
Loans receivable		6,282,189			6,251,377
Allowance for credit losses		(70,597	)		(70,147	)
Loans receivable, net	$	6,211,592		$	6,181,230

(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 $1.2 million and $1.3 million of home equity loans and lines, and $6.2 million and $4.1 million of personal loans at March 31, 2025 and December 31, 2024, 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 March 31, 2025
Balance at beginning of period	$	3,994		$	4,585		$	8,579
Originations and transfers		18,615			16,805			35,420
Sales		(17,594	)		(14,570	)		(32,164	)
Principal paydowns and amortization		—			(4	)		(4	)
Balance at end of period	$	5,015		$	6,816		$	11,831

Three months ended March 31, 2024
Balance at beginning of period	$	8,792		$	3,221		$	12,013
Originations and transfers		9,614			8,018			17,632
Sales		(16,900	)		(8,687	)		(25,587	)
Principal paydowns and amortization		(52	)		(7	)		(59	)
Balance at end of period	$	1,454		$	2,545		$	3,999

Loans Purchased by Portfolio Segment

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


	Three Months Ended
	March 31,
	2025		2024
	(in thousands)
Commercial real estate	$	15,113	$	274
Commercial and industrial		9,203		9,924
Residential real estate		9,985		—
Total	$	34,301	$	10,198

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 March 31, 2025
Balance at beginning of period	$	45,099		$	10,006		$	15,042		$	70,147
Charge-offs		(169	)		(222	)		(2,798	)		(3,189	)
Recoveries		424			36			783			1,243
Credit loss expense (recovery)		5,948			(3,578	)		26			2,396
Ending balance	$	51,302		$	6,242		$	13,053		$	70,597

Three months ended March 31, 2024
Balance at beginning of period	$	45,499		$	10,257		$	13,706		$	69,462
Charge-offs		—			(155	)		(1,968	)		(2,123	)
Recoveries		46			58			423			527
Credit loss expense (recovery)		(2,961	)		1,676			1,689			404
Ending balance	$	42,584		$	11,836		$	13,850		$	68,270

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:


	March 31, 2025										December 31, 2024
	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	$	9,404		13.3	%	$	1,109,097		17.7	%	$	10,171		14.5	%	$	1,068,978		17.1	%
Hospitality		7,128		10.1			845,275		13.5			15,302		21.8			848,134		13.6
Office		11,536		16.3			563,957		9.0			3,935		5.6			568,861		9.1
Other		12,278		17.5			1,378,746		21.8			8,243		11.8			1,385,051		22.2
Total commercial property loans		40,346		57.2			3,897,075		62.0			37,651		53.7			3,871,024		62.0
Construction		1,021		1.4			78,576		1.3			1,664		2.4			78,598		1.3
Residential		9,936		14.2			979,536		15.7			5,784		8.2			951,302		15.2
Total real estate loans		51,303		72.8			4,955,187		79.0			45,099		64.3			4,900,924		78.5
Commercial and industrial loans		6,242		8.7			854,406		13.5			10,006		14.3			863,431		13.8
Equipment financing agreements		13,052		18.5			472,596		7.5			15,042		21.4			487,022		7.7
Total	$	70,597		100.0	%	$	6,282,189		100.0	%	$	70,147		100.0	%	$	6,251,377		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:


	March 31, 2025		December 31, 2024
	(in thousands)
Real estate loans:
Commercial property
Retail	$	576	$	1,377
Hospitality		2,037		215
Office		20,000		—
Total commercial property loans		22,613		1,592
Residential		2,819		1,875
Total real estate loans		25,432		3,467
Total	$	25,432	$	3,499

Credit Quality of Loan Portfolio

Loans by Vintage Year and Risk Rating


	Term Loans
	Amortized Cost Basis by Origination Year (1)
	2025			2024		2023			2022			2021		Prior			Revolving Loans Amortized Cost Basis			Total
	(in thousands)
March 31, 2025
Real estate loans:
Commercial property
Risk Rating									`
Pass / Pass-Watch	$	324,165		$	440,685	$	526,730		$	903,055		$	780,169	$	687,369		$	93,960		$	3,756,133
Special Mention		—			29,820		—			148			—		75,959			—			105,927
Classified		111			361		—			24,914			3,131		6,498			—			35,015
Total commercial property		324,276			470,866		526,730			928,117			783,300		769,826			93,960			3,897,075
YTD gross charge-offs		—			—		—			—			—		169			—			169
YTD net charge-offs (recoveries)		(1	)		—		—			(274	)		—		21			—			(254	)

Construction
Risk Rating
Pass / Pass-Watch		15,014			55,564		7,998			—			—		—			—			78,576
Special Mention		—			—		—			—			—		—			—			—
Classified		—			—		—			—			—		—			—			—
Total construction		15,014			55,564		7,998			—			—		—			—			78,576
YTD gross charge-offs		—			—		—			—			—		—			—			—
YTD net charge-offs (recoveries)		—			—		—			—			—		—			—			—

Residential
Risk Rating
Pass / Pass-Watch		53,928			125,045		185,407			349,962			143,387		113,205			6,583			977,517
Special Mention		—			—		—			—			—		—			251			251
Classified		—			—		—			966			—		802			—			1,768
Total residential		53,928			125,045		185,407			350,928			143,387		114,007			6,834			979,536
YTD gross charge-offs		—			—		—			—			—		—			—			—
YTD net charge-offs (recoveries)		—			—		—			—			—		(1	)		—			(1	)

Total real estate loans
Risk Rating
Pass / Pass-Watch		393,107			621,294		720,135			1,253,017			923,556		800,574			100,542			4,812,225
Special Mention		—			29,820		—			148			—		75,959			252			106,179
Classified		111			361		—			25,880			3,131		7,300			—			36,783
Total real estate loans		393,218			651,475		720,135			1,279,045			926,687		883,833			100,794			4,955,187
YTD gross charge-offs		—			—		—			—			—		169			—			169
YTD net charge-offs (recoveries)		(1	)		—		—			(274	)		—		20			—			(255	)

Commercial and industrial loans:
Risk Rating
Pass / Pass-Watch		138,971			211,289		48,519			72,953			31,519		23,118			314,381			840,750
Special Mention		—			—		—			12,201			—		—			—			12,201
Classified		—			131		—			118			82		113			1,011			1,455
Total commercial and industrial loans		138,971			211,420		48,519			85,272			31,601		23,231			315,392			854,406
YTD gross charge-offs		—			—		—			88			—		134			—			222
YTD net charge-offs (recoveries)		—			—		(5	)		80			—		111			—			186

Equipment financing agreements:
Risk Rating
Pass / Pass-Watch		47,857			126,273		128,890			111,146			42,505		7,644			—			464,315
Special Mention		—			—		—			—			—		—			—			—
Classified		—			271		2,155			3,934			1,681		240			—			8,281
Total equipment financing agreements		47,857			126,544		131,045			115,080			44,186		7,884			—			472,596
YTD gross charge-offs		—			220		760			1,234			506		78			—			2,798
YTD net charge-offs (recoveries)		—			220		604			927			275		(9	)		(2	)		2,015

Total loans receivable:
Risk Rating
Pass / Pass-Watch		579,935			958,856		897,544			1,437,116			997,580		831,336			414,923			6,117,290
Special Mention		—			29,820		—			12,349			—		75,959			252			118,380
Classified		111			763		2,155			29,932			4,894		7,653			1,011			46,519
Total loans receivable	$	580,046		$	989,439	$	899,699		$	1,479,397		$	1,002,474	$	914,948		$	416,186		$	6,282,189
YTD gross charge-offs		—			220		760			1,322			506		381			—			3,189
YTD net charge-offs (recoveries)		(1	)		220		599			733			275		122			(2	)		1,946

(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)
	2024		2023			2022		2021			2020			Prior			Revolving Loans Amortized Cost Basis			Total

December 31, 2024
Real estate loans:
Commercial property
Risk Rating
Pass / Pass-Watch	$	533,989	$	558,271		$	930,190	$	800,938		$	553,490		$	271,209		$	101,277		$	3,749,364
Special Mention		29,935		—			1,009		—			—			76,524			—			107,468
Classified		541		—			5,658		3,151			72			4,770			—			14,192
Total commercial property		564,465		558,271			936,857		804,089			553,562			352,503			101,277			3,871,024
YTD gross charge-offs		—		—			274		—			—			136			—			410
YTD net charge-offs (recoveries)		—		—			274		—			(21	)		(704	)		—			(451	)

Construction
Risk Rating
Pass / Pass-Watch		70,601		7,997			—		—			—			—			—			78,598
Special Mention		—		—			—		—			—			—			—			—
Classified		—		—			—		—			—			—			—			—
Total construction		70,601		7,997			—		—			—			—			—			78,598
YTD gross charge-offs		—		—			—		—			1,133			—			—			1,133
YTD net charge-offs (recoveries)		—		—			—		—			1,132			(1,358	)		—			(226	)

Residential
Risk Rating
Pass / Pass-Watch		127,986		200,316			355,134		145,310			11,164			105,406			4,436			949,752
Special Mention		—		—			—		—			—			—			251			251
Classified		—		—			983		—			316			—			—			1,299
Total residential		127,986		200,316			356,117		145,310			11,480			105,406			4,687			951,302
YTD gross charge-offs		—		—			—		—			—			—			—			—
YTD net charge-offs (recoveries)		—		—			—		—			—			(3	)		—			(3	)

Total real estate loans
Risk Rating
Pass / Pass-Watch		732,576		766,584			1,285,324		946,248			564,654			376,615			105,713			4,777,714
Special Mention		29,935		—			1,009		—			—			76,524			251			107,719
Classified		541		—			6,641		3,151			388			4,770			—			15,491
Total real estate loans		763,052		766,584			1,292,974		949,399			565,042			457,909			105,964			4,900,924
YTD gross charge-offs		—		—			274		—			1,133			136			—			1,543
YTD net charge-offs (recoveries)		—		—			274		—			1,111			(2,065	)		—			(680	)

Commercial and industrial loans:
Risk Rating
Pass / Pass-Watch		271,655		59,453			94,385		32,226			12,761			13,360			346,001			829,841
Special Mention		19,473		—			12,401		—			—			20			—			31,894
Classified		—		(5	)		196		102			—			215			1,188			1,696
Total commercial and industrial loans		291,128		59,448			106,982		32,328			12,761			13,595			347,189			863,431
YTD gross charge-offs		19		169			168		—			11			207			2			576
YTD net charge-offs (recoveries)		19		169			160		(13	)		11			123			(3,375	)		(2,906	)

Equipment financing agreements:
Risk Rating
Pass / Pass-Watch		140,143		144,617			129,764		52,354			8,085			3,563			—			478,526
Special Mention		—		—			—		—			—			—			—			—
Classified		431		1,945			3,851		1,934			129			206			—			8,496
Total equipment financing agreements		140,574		146,562			133,615		54,288			8,214			3,769			—			487,022
YTD gross charge-offs		30		1,456			5,128		2,206			354			325			—			9,499
YTD net charge-offs (recoveries)		30		1,299			4,488		1,826			287			(211	)		—			7,719

Total loans receivable:
Risk Rating
Pass / Pass-Watch		1,144,374		970,654			1,509,473		1,030,828			585,500			393,538			451,714			6,086,081
Special Mention		49,408		—			13,410		—			—			76,544			251			139,613
Classified		972		1,940			10,688		5,187			517			5,191			1,188			25,683
Total loans receivable	$	1,194,754	$	972,594		$	1,533,571	$	1,036,015		$	586,017		$	475,273		$	453,153		$	6,251,377
YTD gross charge-offs		49		1,625			5,570		2,206			1,498			668			2			11,618
YTD net charge-offs (recoveries)		49		1,468			4,922		1,813			1,409			(2,153	)		(3,375	)		4,133

(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)
	2025			2024		2023			2022			2021		Prior			Revolving Loans Amortized Cost Basis			Total
	(in thousands)
March 31, 2025
Real estate loans:
Commercial property
Payment performance
Performing	$	324,276		$	470,866	$	526,730		$	908,008		$	783,300	$	766,701		$	93,960		$	3,873,841
Nonperforming		—			—		—			20,109			—		3,125			—			23,234
Total commercial property		324,276			470,866		526,730			928,117			783,300		769,826			93,960			3,897,075
YTD gross charge-offs		—			—		—			—			—		169			—			169
YTD net charge-offs (recoveries)		(1	)		—		—			(274	)		—		21			—			(254	)

Construction
Payment performance
Performing		15,014			55,564		7,998			—			—		—			—			78,576
Nonperforming		—			—		—			—			—		—			—			—
Total construction		15,014			55,564		7,998			—			—		—			—			78,576
YTD gross charge-offs		—			—		—			—			—		—			—			—
YTD net charge-offs (recoveries)		—			—		—			—			—		—			—			—

Residential
Payment performance
Performing		53,928			125,045		185,407			349,399			143,387		112,721			6,834			976,721
Nonperforming		—			—		—			1,529			—		1,286			—			2,815
Total residential		53,928			125,045		185,407			350,928			143,387		114,007			6,834			979,536
YTD gross charge-offs		—			—		—			—			—		—			—			—
YTD net charge-offs (recoveries)		—			—		—			—			—		(1	)		—			(1	)

Total real estate loans
Payment performance
Performing		393,218			651,475		720,135			1,257,407			926,687		879,422			100,794			4,929,138
Nonperforming		—			—		—			21,638			—		4,411			—			26,049
Total real estate loans		393,218			651,475		720,135			1,279,045			926,687		883,833			100,794			4,955,187
YTD gross charge-offs		—			—		—			—			—		169			—			169
YTD net charge-offs (recoveries)		(1	)		—		—			(274	)		—		20			—			(255	)

Commercial and industrial loans:
Payment performance
Performing		138,971			211,289		48,519			85,154			31,601		23,231			314,381			853,146
Nonperforming		—			131		—			118			—		—			1,011			1,260
Total commercial and industrial loans		138,971			211,420		48,519			85,272			31,601		23,231			315,392			854,406
YTD gross charge-offs		—			—		—			88			—		134			—			222
YTD net charge-offs (recoveries)		—			—		(5	)		80			—		111			—			186

Equipment financing agreements:
Payment performance
Performing		47,857			126,273		128,890			111,166			42,505		7,644			—			464,335
Nonperforming		—			271		2,155			3,914			1,681		240			—			8,261
Total equipment financing agreements		47,857			126,544		131,045			115,080			44,186		7,884			—			472,596
YTD gross charge-offs		—			220		760			1,234			506		78			—			2,798
YTD net charge-offs (recoveries)		—			220		604			927			275		(9	)		(2	)		2,015

Total loans receivable:
Payment performance
Performing		580,046			989,037		897,544			1,453,727			1,000,793		910,297			415,175			6,246,619
Nonperforming		—			402		2,155			25,670			1,681		4,651			1,011			35,570
Total loans receivable	$	580,046		$	989,439	$	899,699		$	1,479,397		$	1,002,474	$	914,948		$	416,186		$	6,282,189
YTD gross charge-offs		—			220		760			1,322			506		381			—			3,189
YTD net charge-offs (recoveries)		(1	)		220		599			733			275		122			(2	)		1,946

(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)
	2024		2023			2022		2021			2020			Prior			Revolving Loans Amortized Cost Basis			Total

December 31, 2024
Real estate loans:
Commercial property
Payment performance
Performing	$	564,465	$	558,271		$	936,140	$	804,089		$	553,562		$	351,042		$	101,277		$	3,868,846
Nonperforming		—		—			717		—			—			1,461			—			2,178
Total commercial property		564,465		558,271			936,857		804,089			553,562			352,503			101,277			3,871,024
YTD gross charge-offs		—		—			274		—			—			136			—			410
YTD net charge-offs (recoveries)		—		—			274		—			(21	)		(704	)		—			(451	)

Construction
Payment performance
Performing		70,601		7,997			—		—			—			—			—			78,598
Nonperforming		—		—			—		—			—			—			—			—
Total construction		70,601		7,997			—		—			—			—			—			78,598
YTD gross charge-offs		—		—			—		—			1,133			—			—			1,133
YTD net charge-offs (recoveries)		—		—			—		—			1,132			(1,358	)		—			(226	)

Residential
Payment performance
Performing		127,986		200,316			354,562		145,310			11,164			105,406			4,687			949,431
Nonperforming		—		—			1,555		—			316			—			—			1,871
Total residential		127,986		200,316			356,117		145,310			11,480			105,406			4,687			951,302
YTD gross charge-offs		—		—			—		—			—			—			—			—
YTD net charge-offs (recoveries)		—		—			—		—			—			(3	)		—			(3	)

Total real estate loans
Payment performance
Performing		763,052		766,584			1,290,702		949,399			564,726			456,448			105,964			4,896,875
Nonperforming		—		—			2,272		—			316			1,461			—			4,049
Total real estate loans		763,052		766,584			1,292,974		949,399			565,042			457,909			105,964			4,900,924
YTD gross charge-offs		—		—			274		—			1,133			136			—			1,543
YTD net charge-offs (recoveries)		—		—			274		—			1,111			(2,065	)		—			(680	)

Commercial and industrial loans:
Payment performance
Performing		291,128		59,453			106,863		32,328			12,761			13,498			346,001			862,032
Nonperforming		—		(5	)		119		—			—			97			1,188			1,399
Total commercial and industrial loans		291,128		59,448			106,982		32,328			12,761			13,595			347,189			863,431
YTD gross charge-offs		19		169			168		—			11			207			2			576
YTD net charge-offs (recoveries)		19		169			160		(13	)		11			123			(3,375	)		(2,906	)

Equipment financing agreements:
Payment performance
Performing		140,143		144,617			129,442		52,354			8,079			3,563			—			478,198
Nonperforming		431		1,945			4,173		1,934			135			206			—			8,824
Total equipment financing agreements		140,574		146,562			133,615		54,288			8,214			3,769			—			487,022
YTD gross charge-offs		30		1,456			5,128		2,206			354			325			—			9,499
YTD net charge-offs (recoveries)		30		1,299			4,488		1,826			287			(211	)		—			7,719

Total loans receivable:
Payment performance
Performing		1,194,323		970,654			1,527,007		1,034,081			585,566			473,509			451,965			6,237,105
Nonperforming		431		1,940			6,564		1,934			451			1,764			1,188			14,272
Total loans receivable	$	1,194,754	$	972,594		$	1,533,571	$	1,036,015		$	586,017		$	475,273		$	453,153		$	6,251,377
YTD gross charge-offs		49		1,625			5,570		2,206			1,498			668			2			11,618
YTD net charge-offs (recoveries)		49		1,468			4,922		1,813			1,409			(2,153	)		(3,375	)		4,133

(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)
March 31, 2025
Real estate loans:
Commercial property
Retail	$	1,647	$	—		$	83	$	1,730	$	1,107,367	$	1,109,097
Hospitality		471		1,821			215		2,507		842,768		845,275
Office		—		20,000			—		20,000		543,957		563,957
Other		657		—			—		657		1,378,089		1,378,746
Total commercial property loans		2,775		21,821			298		24,894		3,872,181		3,897,075
Construction		—		—			—		—		78,576		78,576
Residential		5,192		—			1,238		6,430		973,106		979,536
Total real estate loans		7,967		21,821			1,536		31,324		4,923,863		4,955,187
Commercial and industrial loans		2,038		—			1,142		3,180		851,226		854,406
Equipment financing agreements		6,959		2,995			5,300		15,254		457,342		472,596
Total loans receivable	$	16,964	$	24,816		$	7,978	$	49,758	$	6,232,431	$	6,282,189

December 31, 2024
Real estate loans:
Commercial property
Retail	$	975	$	855		$	254	$	2,084	$	1,066,894	$	1,068,978
Hospitality		516		(50	)		216		682		847,452		848,134
Office		—		212			—		212		568,649		568,861
Other		1,288		—			—		1,288		1,383,763		1,385,051
Total commercial property loans		2,779		1,017			470		4,266		3,866,758		3,871,024
Construction		—		—			—		—		78,598		78,598
Residential		5,129		2,975			980		9,084		942,218		951,302
Total real estate loans		7,908		3,992			1,450		13,350		4,887,574		4,900,924
Commercial and industrial loans		236		132			1,278		1,646		861,785		863,431
Equipment financing agreements		6,154		2,866			5,760		14,780		472,242		487,022
Total loans receivable	$	14,298	$	6,990		$	8,488	$	29,776	$	6,221,601	$	6,251,377

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:


	March 31, 2025
	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	$	576	$	420	$	—	$	996
Hospitality		1,782		449		—		2,231
Office		—		20,000		—		20,000
Other		—		7		—		7
Total commercial property loans		2,358		20,876		—		23,234
Construction		—		—		—		—
Residential		2,815		—		—		2,815
Total real estate loans		5,173		20,876		—		26,049
Commercial and industrial loans		—		1,260		—		1,260
Equipment financing agreements		404		7,745		112		8,261
Total	$	5,577	$	29,881	$	112	$	35,570

	December 31, 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	$	1,480	$	277	$	—	$	1,757
Hospitality		165		249		—		414
Other		—		7		—		7
Total commercial property loans		1,645		533		—		2,178
Residential		1,871		—		—		1,871
Total real estate loans		3,516		533		—		4,049
Commercial and industrial loans		—		1,399		—		1,399
Equipment financing agreements		513		8,311		—		8,824
Total	$	4,029	$	10,243	$	—	$	14,272

Non-Performing Assets

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


	March 31, 2025		December 31, 2024
	(in thousands)
Nonaccrual loans	$	35,458	$	14,272
Loans receivable 90 days or more past due and still accruing		112		—
Total nonperforming loans receivable		35,570		14,272
Other real estate owned (“OREO”)		117		117
Total nonperforming assets*	$	35,687	$	14,389

* Excludes repossessed personal property of $0.7 million and $0.6 million as of March 31, 2025 and December 31, 2024, 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, as of the periods indicated:


	Term Extension
	Amortized Cost Basis		% of Total Class of Loans			Financial Effect
	(in thousands)
March 31, 2025
Commercial and industrial loans	$	22,863		2.7	%	One loan with term extension of six years; one loan with term extension of six months


	Interest Only/Principal Deferment
	Amortized Cost Basis		% of Total Class of Loans			Financial Effect
	(in thousands)
March 31, 2025
Commercial property loans: Retail	$	13,531		1.2	%	Two loans with three month principal and interest deferral
Commercial and industrial loans		19,748		2.3	%	One loan with six month interest only; one loan with 12 month interest only


	Term Extension
	Amortized Cost Basis		% of Total Class of Loans			Financial Effect
	(in thousands)
December 31, 2024
Commercial and industrial loans	$	24,474		2.8	%	One loan with term extension of six years; one loan with term extension of six months


	Interest Only/Principal Deferment
	Amortized Cost Basis		% of Total Class of Loans			Financial Effect
	(in thousands)
December 31, 2024
Commercial and industrial loans	$	19,748		2.3	%	One loan with six month interest only; one loan with 12 month interest only