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, 2026

Loans, Net of Allowance for Credit Losses

Loans, net of allowance for credit losses, consisted of the following as of the dates indicated:


	March 31, 2026			December 31, 2025
	(in thousands)
Real estate loans:
Commercial property
Retail	$	1,167,739		$	1,132,439
Hospitality		865,202			847,989
Office		486,537			503,268
Other (1)		1,464,915			1,532,667
Total commercial property loans		3,984,393			4,016,363
Construction		13,751			13,742
Residential (2)		1,002,223			1,049,872
Total real estate loans		5,000,367			5,079,977
Commercial and industrial loans		1,152,544			1,074,908
Equipment financing agreements		392,555			408,483
Total loans		6,545,466			6,563,368
Allowance for credit losses		(70,468	)		(69,903	)
Total loans, net of allowance for credit losses	$	6,474,998		$	6,493,465

(1)

Includes, among other property types, mixed-use, gas station, multifamily, industrial, and faith-based facilities; the remaining real estate categories represent less than 1% of the Bank's total loans.

(2)

Includes $0.9 million and $1.0 million of home equity loans and lines, and $5.6 million and $3.8 million of personal loans at March 31, 2026 and December 31, 2025, respectively.

Activity in Loans Held for Sale

Activity in loans held for sale is presented below for the following periods:


	Real Estate			Commercial and Industrial			Total
	(in thousands)
Three months ended March 31, 2026
Balance at beginning of period	$	4,985		$	2,418		$	7,403
Originations and transfers		51,624			10,918			62,542
Sales		(53,127	)		(11,117	)		(64,244	)
Principal paydowns and amortization		(768	)		(1	)		(769	)
Balance at end of period	$	2,714		$	2,218		$	4,932

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

Loans Purchased by Portfolio Segment

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


	Three Months Ended
	March 31,
	2026		2025
	(in thousands)
Commercial real estate	$	—	$	15,113
Commercial and industrial		—		9,203
Residential real estate		—		9,985
Total	$	—	$	34,301

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, 2026
Balance at beginning of period	$	51,670		$	7,792		$	10,441		$	69,903
Charge-offs		(132	)		(127	)		(2,912	)		(3,171	)
Recoveries		45			39			489			573
Credit loss expense (recovery)		(1,475	)		1,107			3,531			3,163
Ending balance	$	50,108		$	8,811		$	11,549		$	70,468

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

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 total investment in loans as of:


	March 31, 2026										December 31, 2025
	Allowance					Loans					Allowance					Loans
	Amount		%			Amount		%			Amount		%			Amount		%
	(dollars in thousands)
Real estate loans:
Commercial property
Retail	$	9,623		13.7	%	$	1,167,739		17.8	%	$	9,999		14.3	%	$	1,132,439		17.3	%
Hospitality		8,098		11.5			865,202		13.2			8,737		12.5			847,989		12.9
Office		5,253		7.5			486,537		7.4			5,700		8.2			503,268		7.7
Other		13,629		19.4			1,464,915		22.4			14,078		20.1			1,532,667		23.4
Total commercial property loans		36,603		51.9			3,984,393		60.9			38,514		55.1			4,016,363		61.3
Construction		201		0.3			13,751		0.2			208		0.3			13,742		0.2
Residential		13,304		18.9			1,002,223		15.3			12,948		18.5			1,049,872		16.0
Total real estate loans		50,108		71.2			5,000,367		76.5			51,670		73.9			5,079,977		77.5
Commercial and industrial loans		8,811		12.4			1,152,544		17.6			7,792		11.1			1,074,908		16.4
Equipment financing agreements		11,549		16.4			392,555		6.0			10,441		15.0			408,483		6.1
Total	$	70,468		100.0	%	$	6,545,466		100.0	%	$	69,903		100.0	%	$	6,563,368		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, for which repayment is expected to be obtained through the sale or operation of the underlying collateral, as of:


	March 31, 2026		December 31, 2025
	(in thousands)
Real estate loans:
Commercial property
Retail	$	436	$	596
Hospitality		3,175		—
Office		337		10,159
Other		1,156		671
Total commercial property loans		5,104		11,426
Residential		2,005		1,113
Total real estate loans		7,109		12,539
Total	$	7,109	$	12,539

Credit Quality of Loan Portfolio

Loans by Vintage Year and Risk Rating


	Term Loans
	Amortized Cost Basis by Origination Year (1)
	2026		2025			2024		2023		2022			Prior			Revolving Loans Amortized Cost Basis			Total
	(in thousands)
March 31, 2026
Real estate loans:
Commercial property
Risk Rating
Pass / Pass-Watch	$	393,929	$	935,164		$	382,505	$	404,811	$	799,378		$	924,146		$	55,860		$	3,895,793
Special Mention		811		54,758			—		21,762		596			1,650			—			79,577
Classified		—		3,771			—		—		1,347			3,905			—			9,023
Total commercial property		394,740		993,693			382,505		426,573		801,321			929,701			55,860			3,984,393
YTD gross charge-offs		—		—			—		—		40			92			—			132
YTD net charge-offs (recoveries)		—		(2	)		—		—		41			50			—			89

Construction
Risk Rating
Pass / Pass-Watch		—		9,753			3,998		—		—			—			—			13,751
Special Mention		—		—			—		—		—			—			—			—
Classified		—		—			—		—		—			—			—			—
Total construction		—		9,753			3,998		—		—			—			—			13,751
YTD gross charge-offs		—		—			—		—		—			—			—			—
YTD net charge-offs (recoveries)		—		—			—		—		—			—			—			—

Residential
Risk Rating
Pass / Pass-Watch		29,143		225,155			68,357		132,608		313,940			221,289			6,180			996,672
Special Mention		—		—			—		—		2,416			—			—			2,416
Classified		—		—			682		892		1,114			447			—			3,135
Total residential		29,143		225,155			69,039		133,500		317,470			221,736			6,180			1,002,223
YTD gross charge-offs		—		—			—		—		—			—			—			—
YTD net charge-offs (recoveries)		—		—			—		—		—			(2	)		—			(2	)

Total real estate loans
Risk Rating
Pass / Pass-Watch		423,072		1,170,072			454,860		537,419		1,113,318			1,145,435			62,040			4,906,216
Special Mention		811		54,758			—		21,762		3,012			1,650			—			81,993
Classified		—		3,771			682		892		2,461			4,352			—			12,158
Total real estate loans		423,883		1,228,601			455,542		560,073		1,118,791			1,151,437			62,040			5,000,367
YTD gross charge-offs		—		—			—		—		40			92			—			132
YTD net charge-offs (recoveries)		—		(2	)		—		—		41			48			—			87

Commercial and industrial loans:
Risk Rating
Pass / Pass-Watch		211,962		318,176			147,703		37,688		32,825			25,923			360,845			1,135,122
Special Mention		253		—			36		—		11,399			—			—			11,688
Classified		—		19			5,105		43		136			31			400			5,734
Total commercial and industrial loans		212,215		318,195			152,844		37,731		44,360			25,954			361,245			1,152,544
YTD gross charge-offs		—		—			76		—		—			51			—			127
YTD net charge-offs (recoveries)		—		—			76		—		(24	)		37			(1	)		88

Equipment financing agreements:
Risk Rating
Pass / Pass-Watch		41,008		129,519			77,544		72,870		52,847			13,922			—			387,710
Special Mention		—		—			—		—		—			—			—			—
Classified		—		945			772		1,062		1,415			651			—			4,845
Total equipment financing agreements		41,008		130,464			78,316		73,932		54,262			14,573			—			392,555
YTD gross charge-offs		—		1,124			301		512		799			176			—			2,912
YTD net charge-offs (recoveries)		—		1,124			259		461		678			(99	)		—			2,423

Total loans:
Risk Rating
Pass / Pass-Watch		676,042		1,617,767			680,107		647,977		1,198,990			1,185,280			422,885			6,429,048
Special Mention		1,064		54,758			36		21,762		14,411			1,650			—			93,681
Classified		—		4,735			6,559		1,997		4,012			5,034			400			22,737
Total loans	$	677,106	$	1,677,260		$	686,702	$	671,736	$	1,217,413		$	1,191,964		$	423,285		$	6,545,466
YTD gross charge-offs		—		1,124			377		512		839			319			—			3,171
YTD net charge-offs (recoveries)		—		1,122			335		461		695			(14	)		(1	)		2,598

(1)

Origination year includes extensions, renewals, or modifications of credit contracts, which consist of a new credit decision.


	Term Loans
	Amortized Cost Basis by Origination Year (1)
	2025			2024		2023		2022		2021		Prior			Revolving Loans Amortized Cost Basis			Total

December 31, 2025
Real estate loans:
Commercial property
Risk Rating
Pass / Pass-Watch	$	1,181,833		$	402,354	$	472,027	$	808,330	$	735,411	$	285,598		$	54,824		$	3,940,377
Special Mention		55,029			—		—		148		1,371		298			—			56,846
Classified		3,846			—		—		11,225		—		4,069			—			19,140
Total commercial property		1,240,708			402,354		472,027		819,703		736,782		289,965			54,824			4,016,363
YTD gross charge-offs		—			—		—		8,820		—		392			—			9,212
YTD net charge-offs (recoveries)		(8	)		—		—		8,547		—		(24	)		—			8,515

Construction
Risk Rating
Pass / Pass-Watch		9,745			3,997		—		—		—		—			—			13,742
Special Mention		—			—		—		—		—		—			—			—
Classified		—			—		—		—		—		—			—			—
Total construction		9,745			3,997		—		—		—		—			—			13,742
YTD gross charge-offs		—			—		—		—		—		—			—			—
YTD net charge-offs (recoveries)		—			—		—		—		—		—			—			—

Residential
Risk Rating
Pass / Pass-Watch		258,847			84,457		142,926		326,126		132,510		97,076			4,154			1,046,096
Special Mention		—			—		—		2,417		—		—			250			2,667
Classified		—			—		—		1,113		—		(4	)		—			1,109
Total residential		258,847			84,457		142,926		329,656		132,510		97,072			4,404			1,049,872
YTD gross charge-offs		—			—		—		—		—		—			—			—
YTD net charge-offs (recoveries)		—			—		—		—		—		(4	)		—			(4	)

Total real estate loans
Risk Rating
Pass / Pass-Watch		1,450,425			490,808		614,953		1,134,456		867,921		382,674			58,978			5,000,215
Special Mention		55,029			—		—		2,565		1,371		298			250			59,513
Classified		3,846			—		—		12,338		—		4,065			—			20,249
Total real estate loans		1,509,300			490,808		614,953		1,149,359		869,292		387,037			59,228			5,079,977
YTD gross charge-offs		—			—		—		8,820		—		392			—			9,212
YTD net charge-offs (recoveries)		(8	)		—		—		8,547		—		(28	)		—			8,511

Commercial and industrial loans:
Risk Rating
Pass / Pass-Watch		426,520			168,307		40,485		44,797		19,772		16,931			345,975			1,062,787
Special Mention		—			—		—		11,600		—		—			—			11,600
Classified		—			—		—		148		—		21			352			521
Total commercial and industrial loans		426,520			168,307		40,485		56,545		19,772		16,952			346,327			1,074,908
YTD gross charge-offs		19			373		59		853		82		322			—			1,708
YTD net charge-offs (recoveries)		19			366		54		750		82		46			(2,723	)		(1,406	)

Equipment financing agreements:
Risk Rating
Pass / Pass-Watch		144,142			87,819		85,652		65,042		19,188		1,529			—			403,372
Special Mention		—			—		—		—		—		—			—			—
Classified		506			726		1,202		1,962		583		132			—			5,111
Total equipment financing agreements		144,648			88,545		86,854		67,004		19,771		1,661			—			408,483
YTD gross charge-offs		—			875		2,728		4,658		1,706		159			—			10,126
YTD net charge-offs (recoveries)		—			831		2,297		3,579		831		(234	)		(2	)		7,302

Total loans:
Risk Rating
Pass / Pass-Watch		2,021,087			746,934		741,090		1,244,295		906,881		401,134			404,953			6,466,374
Special Mention		55,029			—		—		14,165		1,371		298			250			71,113
Classified		4,352			726		1,202		14,448		583		4,218			352			25,881
Total loans	$	2,080,468		$	747,660	$	742,292	$	1,272,908	$	908,835	$	405,650		$	405,555		$	6,563,368
YTD gross charge-offs		19			1,248		2,787		14,331		1,788		873			—			21,046
YTD net charge-offs (recoveries)		11			1,197		2,351		12,876		913		(216	)		(2,725	)		14,407

(1)

Origination year 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)
	2026		2025			2024		2023		2022			Prior			Revolving Loans Amortized Cost Basis			Total
	(in thousands)
March 31, 2026
Real estate loans:
Commercial property
Payment performance
Performing	$	394,740	$	989,922		$	382,505	$	426,573	$	800,880		$	928,336		$	55,860		$	3,978,816
Nonperforming		—		3,771			—		—		441			1,365			—			5,577
Total commercial property		394,740		993,693			382,505		426,573		801,321			929,701			55,860			3,984,393
YTD gross charge-offs		—		—			—		—		40			92			—			132
YTD net charge-offs (recoveries)		—		(2	)		—		—		41			50			—			89

Construction
Payment performance
Performing		—		9,753			3,998		—		—			—			—			13,751
Nonperforming		—		—			—		—		—			—			—			—
Total construction		—		9,753			3,998		—		—			—			—			13,751
YTD gross charge-offs		—		—			—		—		—			—			—			—
YTD net charge-offs (recoveries)		—		—			—		—		—			—			—			—

Residential
Payment performance
Performing		29,143		225,155			69,039		132,608		316,357			221,740			6,180			1,000,222
Nonperforming		—		—			—		892		1,113			(4	)		—			2,001
Total residential		29,143		225,155			69,039		133,500		317,470			221,736			6,180			1,002,223
YTD gross charge-offs		—		—			—		—		—			—			—			—
YTD net charge-offs (recoveries)		—		—			—		—		—			(2	)		—			(2	)

Total real estate loans
Payment performance
Performing		423,883		1,224,830			455,542		559,181		1,117,237			1,150,076			62,040			4,992,789
Nonperforming		—		3,771			—		892		1,554			1,361			—			7,578
Total real estate loans		423,883		1,228,601			455,542		560,073		1,118,791			1,151,437			62,040			5,000,367
YTD gross charge-offs		—		—			—		—		40			92			—			132
YTD net charge-offs (recoveries)		—		(2	)		—		—		41			48			—			87

Commercial and industrial loans:
Payment performance
Performing		212,215		318,195			152,753		37,731		44,323			25,954			361,245			1,152,416
Nonperforming		—		—			91		—		37			—						128
Total commercial and industrial loans		212,215		318,195			152,844		37,731		44,360			25,954			361,245			1,152,544
YTD gross charge-offs		—		—			76		—		—			51			—			127
YTD net charge-offs (recoveries)		—		—			76		—		(24	)		37			(1	)		88

Equipment financing agreements:
Payment performance
Performing		41,008		129,571			77,544		72,870		52,886			13,963						387,842
Nonperforming		—		893			772		1,062		1,376			610						4,713
Total equipment financing agreements		41,008		130,464			78,316		73,932		54,262			14,573			—			392,555
YTD gross charge-offs		—		1,124			301		512		799			176			—			2,912
YTD net charge-offs (recoveries)		—		1,124			259		461		678			(99	)		—			2,423

Total loans:
Payment performance
Performing		677,106		1,672,596			685,839		669,782		1,214,446			1,189,993			423,285			6,533,047
Nonperforming		—		4,664			863		1,954		2,967			1,971			—			12,419
Total loans	$	677,106	$	1,677,260		$	686,702	$	671,736	$	1,217,413		$	1,191,964		$	423,285		$	6,545,466
YTD gross charge-offs		—		1,124			377		512		839			319			—			3,171
YTD net charge-offs (recoveries)		—		1,122			335		461		695			(14	)		(1	)		2,598

(1)

Origination year includes extensions, renewals, or modifications of credit contracts, which consist of a new credit decision.


	Term Loans
	Amortized Cost Basis by Origination Year (1)
	2025			2024		2023		2022		2021		Prior			Revolving Loans Amortized Cost Basis			Total

December 31, 2025
Real estate loans:
Commercial property
Payment performance
Performing	$	1,240,037		$	402,354	$	472,027	$	809,391	$	736,782	$	289,102		$	54,824		$	4,004,517
Nonperforming		671			—		—		10,312		—		863			—			11,846
Total commercial property		1,240,708			402,354		472,027		819,703		736,782		289,965			54,824			4,016,363
YTD gross charge-offs		—			—		—		8,820		—		392			—			9,212
YTD net charge-offs (recoveries)		(8	)		—		—		8,547		—		(24	)		—			8,515

Construction
Payment performance
Performing		9,745			3,997		—		—		—		—			—			13,742
Nonperforming		—			—		—		—		—		—			—			—
Total construction		9,745			3,997		—		—		—		—			—			13,742
YTD gross charge-offs		—			—		—		—		—		—			—			—
YTD net charge-offs (recoveries)		—			—		—		—		—		—			—			—

Residential
Payment performance
Performing		258,847			84,457		142,926		328,543		132,510		97,076			4,404			1,048,763
Nonperforming		—			—		—		1,113		—		(4	)		—			1,109
Total residential		258,847			84,457		142,926		329,656		132,510		97,072			4,404			1,049,872
YTD gross charge-offs		—			—		—		—		—		—			—			—
YTD net charge-offs (recoveries)		—			—		—		—		—		(4	)		—			(4	)

Total real estate loans
Payment performance
Performing		1,508,629			490,808		614,953		1,137,934		869,292		386,178			59,228			5,067,022
Nonperforming		671			—		—		11,425		—		859			—			12,955
Total real estate loans		1,509,300			490,808		614,953		1,149,359		869,292		387,037			59,228			5,079,977
YTD gross charge-offs		—			—		—		8,820		—		392			—			9,212
YTD net charge-offs (recoveries)		(8	)		—		—		8,547		—		(28	)		—			8,511

Commercial and industrial loans:
Payment performance
Performing		426,520			168,307		40,485		56,499		19,772		16,952			346,327			1,074,862
Nonperforming		—			—		—		46		—		—			—			46
Total commercial and industrial loans		426,520			168,307		40,485		56,545		19,772		16,952			346,327			1,074,908
YTD gross charge-offs		19			373		59		853		82		322			—			1,708
YTD net charge-offs (recoveries)		19			366		54		750		82		46			(2,723	)		(1,406	)

Equipment financing agreements:
Payment performance
Performing		144,142			87,819		85,652		65,042		19,188		1,529			—			403,372
Nonperforming		506			726		1,202		1,962		583		132			—			5,111
Total equipment financing agreements		144,648			88,545		86,854		67,004		19,771		1,661			—			408,483
YTD gross charge-offs		—			875		2,728		4,658		1,706		159			—			10,126
YTD net charge-offs (recoveries)		—			831		2,297		3,579		831		(234	)		(2	)		7,302

Total loans:
Payment performance
Performing		2,079,291			746,934		741,090		1,259,475		908,252		404,659			405,555			6,545,256
Nonperforming		1,177			726		1,202		13,433		583		991			—			18,112
Total loans	$	2,080,468		$	747,660	$	742,292	$	1,272,908	$	908,835	$	405,650		$	405,555		$	6,563,368
YTD gross charge-offs		19			1,248		2,787		14,331		1,788		873			—			21,046
YTD net charge-offs (recoveries)		11			1,197		2,351		12,876		913		(216	)		(2,725	)		14,407

(1)

Origination year 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, 2026
Real estate loans:
Commercial property
Retail	$	1,524	$	—	$	436	$	1,960	$	1,165,779	$	1,167,739
Hospitality		190		—		3,175		3,365		861,837		865,202
Office		—		—		337		337		486,200		486,537
Other		1,050		—		540		1,590		1,463,325		1,464,915
Total commercial property loans		2,764		—		4,488		7,252		3,977,141		3,984,393
Construction		—		—		—		—		13,751		13,751
Residential		4,743		1,082		2,001		7,826		994,397		1,002,223
Total real estate loans		7,507		1,082		6,489		15,078		4,985,289		5,000,367
Commercial and industrial loans		627		—		—		627		1,151,917		1,152,544
Equipment financing agreements		3,541		1,442		2,907		7,890		384,665		392,555
Total loans	$	11,675	$	2,524	$	9,396	$	23,595	$	6,521,871	$	6,545,466

December 31, 2025
Real estate loans:
Commercial property
Retail	$	2,002	$	590	$	154	$	2,746	$	1,129,693	$	1,132,439
Hospitality		3,135		—		—		3,135		844,854		847,989
Office		—		—		10,159		10,159		493,109		503,268
Other		325		657		—		982		1,531,685		1,532,667
Total commercial property loans		5,462		1,247		10,313		17,022		3,999,341		4,016,363
Construction		—		—		—		—		13,742		13,742
Residential		4,311		1,259		1,109		6,679		1,043,193		1,049,872
Total real estate loans		9,773		2,506		11,422		23,701		5,056,276		5,079,977
Commercial and industrial loans		788		—		—		788		1,074,120		1,074,908
Equipment financing agreements		4,604		1,788		2,956		9,348		399,135		408,483
Total loans	$	15,165	$	4,294	$	14,378	$	33,837	$	6,529,531	$	6,563,368

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, 2026
	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	$	436		$	466	$	—	$	902
Hospitality		3,133			68		—		3,201
Office		337			—		—		337
Other		1,136			—		—		1,136
Total commercial property loans		5,042			534		—		5,576
Construction		—			—		—		—
Residential		888			1,113		—		2,001
Total real estate loans		5,930			1,647		—		7,577
Commercial and industrial loans		—			128		—		128
Equipment financing agreements		—			4,715		—		4,715
Total	$	5,930		$	6,490	$	—	$	12,420

	December 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	$	589		$	376	$	—	$	965
Hospitality		(39	)		83		—		44
Office		10,159			—		—		10,159
Other		671			7		—		678
Total commercial property loans		11,380			466		—		11,846
Residential		1,109			—		—		1,109
Total real estate loans		12,489			466		—		12,955
Commercial and industrial loans		—			46		—		46
Equipment financing agreements		(6	)		5,117		—		5,111
Total	$	12,483		$	5,629	$	—	$	18,112

Non-Performing Assets

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


	March 31, 2026		December 31, 2025
	(in thousands)
Nonaccrual loans	$	12,420	$	18,112
Loans 90 days or more past due and still accruing		—		—
Total nonperforming loans		12,420		18,112
Other real estate owned (“OREO”)		—		1,980
Total nonperforming assets*	$	12,420	$	20,092

* Excludes repossessed personal property of $0.3 million and $0.6 million as of March 31, 2026 and December 31, 2025, respectively.

Schedule of Loan Modifications

The following table presents the amortized cost of loans that were modified to borrowers experiencing financial difficulty during the period indicated:


	Interest Only/Principal Deferment
	Amortized Cost Basis		% of Total Class of Loans			Financial Effect
	(in thousands)
March 31, 2026
Commercial and industrial loans	$	4,998		0.4	%	One loan with 12-month interest-only modification