Hanmi Financial Corporation Annual report [Section 13 and 15(d), not S-K Item 405]

Annual report [Section 13 and 15(d), not S-K Item 405]

Loans Receivable (Tables)

Loans Receivable (Tables)

12 Months Ended

Dec. 31, 2024

Loans receivable consisted of the following as of the dates indicated:


	December 31,
	2024			2023
	(in thousands)
Real estate loans:
Commercial property
Retail	$	1,068,978		$	1,107,360
Hospitality		848,134			740,519
Office		568,861			574,981
Other (1)		1,385,051			1,366,534
Total commercial property loans		3,871,024			3,789,394
Construction		78,598			100,345
Residential (2)		951,302			962,661
Total real estate loans		4,900,924			4,852,400
Commercial and industrial loans		863,431			747,819
Equipment financing agreements		487,022			582,215
Loans receivable		6,251,377			6,182,434
Allowance for credit losses		(70,147	)		(69,462	)
Loans receivable, net	$	6,181,230		$	6,112,972

(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 receivable.

(2)

Includes $1.3 million and $1.9 million of home equity loans and lines, and $4.1 million and $4.5 million of personal loans at December 31, 2024 and 2023, respectively.

Information on SBA Loans Held for Sale

The following table details the information on loans held for sale by portfolio segment for the years ended December 31, 2024 and 2023:


	Real Estate & Construction			Commercial and Industrial			Total
	(in thousands)
December 31, 2024
Balance at beginning of period	$	8,792		$	3,221		$	12,013
Originations and transfers		97,085			38,721			135,806
Sales		(101,830	)		(37,342	)		(139,172	)
Principal paydowns and amortization		(53	)		(15	)		(68	)
Balance at end of period	$	3,994		$	4,585		$	8,579

December 31, 2023
Balance at beginning of period	$	3,775		$	4,268		$	8,043
Originations and transfers		65,705			39,293			104,998
Sales		(60,611	)		(39,903	)		(100,514	)
Principal paydowns and amortization		(77	)		(437	)		(514	)
Balance at end of period	$	8,792		$	3,221		$	12,013

Loans Purchased by Portfolio Segment

The following table presents loans purchased by portfolio segment for the years ended December 31, 2024 and 2023:


	Commercial Real Estate		Commercial and Industrial		Residential Real Estate		Total
	(in thousands)
2024	$	13,931	$	45,306	$	15,922	$	75,159
2023	$	—	$	9,657	$	—	$	9,657

Allowance for Credit Losses by Portfolio Segment

The following table details the information on the allowance for credit losses by portfolio segment for the years ended December 31, 2024, 2023 and 2022:


	Real Estate			Commercial and Industrial			Equipment Financing Agreements			Total
	(in thousands)
December 31, 2024
Allowance for credit losses:
Beginning balance	$	45,499		$	10,257		$	13,706		$	69,462
Charge-offs		(1,543	)		(576	)		(9,499	)		(11,618	)
Recoveries		2,223			3,482			1,780			7,485
Provision (recovery) for credit losses		(1,080	)		(3,157	)		9,055			4,818
Ending balance	$	45,099		$	10,006		$	15,042		$	70,147
December 31, 2023
Allowance for credit losses:
Beginning balance	$	44,026		$	15,267		$	12,230		$	71,523
Charge-offs		(627	)		(6,657	)		(8,806	)		(16,090	)
Recoveries		312			7,089			1,646			9,047
Provision (recovery) for credit losses		1,788			(5,442	)		8,636			4,982
Ending balance	$	45,499		$	10,257		$	13,706		$	69,462
December 31, 2022
Allowance for credit losses:
Beginning balance	$	48,890		$	12,418		$	11,249		$	72,557
Charge-offs		(1,886	)		(524	)		(2,312	)		(4,722	)
Recoveries		848			1,178			1,322			3,348
Provision (recovery) for credit losses		(3,826	)		2,195			1,971			340
Ending balance	$	44,026		$	15,267		$	12,230		$	71,523

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 for the years ended December 31, 2024 and 2023:


	December 31, 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	$	10,171		14.5	%	$	1,068,978		17.1	%	$	10,264		14.8	%	$	1,107,360		17.9	%
Hospitality		15,302		21.8			848,134		13.6			15,534		22.4			740,519		12.0
Office		3,935		5.6			568,861		9.1			3,024		4.4			574,981		9.3
Other		8,243		11.8			1,385,051		22.2			8,663		12.4			1,366,534		22.1
Total commercial property loans		37,651		53.7			3,871,024		62.0			37,485		54.0			3,789,394		61.3
Construction		1,664		2.4			78,598		1.3			2,756		4.0			100,345		1.6
Residential		5,784		8.2			951,302		15.2			5,258		7.5			962,661		15.6
Total real estate loans		45,099		64.3			4,900,924		78.5			45,499		65.5			4,852,400		78.5
Commercial and industrial loans		10,006		14.3			863,431		13.8			10,257		14.8			747,819		12.1
Equipment financing agreements		15,042		21.4			487,022		7.7			13,706		19.7			582,215		9.4
Total	$	70,147		100.0	%	$	6,251,377		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 as of December 31, 2024 and 2023, for which repayment is expected to be obtained through the sale of the underlying collateral and any collateral dependent loans that are still accruing but are considered nonperforming.


	December 31,
	2024		2023
	(in thousands)
Real estate loans:
Commercial property
Retail	$	1,377	$	1,530
Hospitality		215		338
Other		—		305
Total commercial property loans		1,592		2,173
Residential		1,875		1
Total real estate loans		3,467		2,174
Commercial and industrial loans		32		5,178
Total	$	3,499	$	7,352

Credit Quality of Loan Portfolio

Loans by Vintage Year and Risk Rating


	Term Loans
	Amortized Cost Basis by Origination Year (1)
	2024		2023			2022		2021			2020			Prior			Revolving Loans Amortized Cost Basis			Total
	(in thousands)
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


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


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

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 December 31, 2024 and 2023.


	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
Construction		—		—		—		—
Residential		1,866		—		—		1,866
Total real estate loans		3,511		533		—		4,044
Commercial and industrial loans		—		1,404		—		1,404
Equipment financing agreements		513		8,311		—		8,824
Total	$	4,024	$	10,248	$	—	$	14,272

	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

The Company recognized $0.1 million, $0.2 million and less than $0.1 million of interest income on nonaccrual loans for the twelve months ended December 31, 2024, 2023 and 2022, respectively.

Analysis of Past Due Loans, Disaggregated by Loan Class and Inclusive of Nonaccrual Loans

The following is an aging analysis of loans, disaggregated by loan class, and inclusive of nonaccrual loans, as of the dates indicated:


	30-59 Days Past Due		60-89 Days Past Due			90 Days or More Past Due		Total Past Due		Current		Total
	(in thousands)
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

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

Non-Performing Assets

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


	As of December 31,
	2024		2023
	(in thousands)
Nonaccrual loans	$	14,272	$	15,474
Loans receivable 90 days or more past due and still accruing		—		—
Total nonperforming loans receivable		14,272		15,474
Other real estate owned ("OREO")		117		117
Total nonperforming assets	$	14,389	$	15,591

Schedule of Loan Modifications

The following tables represent loan modifications at December 31, 2024 made to borrowers experiencing financial difficulty, by type of modification with related amortized cost balances, respective percentage share of the total class of loans, and the related financial effect:


	Term Extension
	Amortized Cost Basis		% of Total Class of Loans			Financial Effect
	(in thousands)
Year ended 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)
Year ended December 31, 2024
Commercial and industrial loans	$	19,748		2.3	%	One loan with interest only for six months; one loan with interest only for 12 months