| Loans |
Note 3 — Loans
Loans Receivable
Loans consisted of the following as of the dates indicated:
|
|
|
|
|
|
|
|
|
|
|
June 30, 2025 |
|
|
December 31, 2024 |
|
|
|
(in thousands) |
|
Real estate loans: |
|
|
|
|
|
|
Commercial property |
|
|
|
|
|
|
Retail |
|
$ |
1,116,540 |
|
|
$ |
1,068,978 |
|
Hospitality |
|
|
822,021 |
|
|
|
848,134 |
|
Office |
|
|
556,453 |
|
|
|
568,861 |
|
Other (1) |
|
|
1,373,836 |
|
|
|
1,385,051 |
|
Total commercial property loans |
|
|
3,868,850 |
|
|
|
3,871,024 |
|
Construction |
|
|
80,072 |
|
|
|
78,598 |
|
Residential (2) |
|
|
993,869 |
|
|
|
951,302 |
|
Total real estate loans |
|
|
4,942,791 |
|
|
|
4,900,924 |
|
Commercial and industrial loans |
|
|
917,995 |
|
|
|
863,431 |
|
Equipment financing agreements |
|
|
445,171 |
|
|
|
487,022 |
|
Loans receivable |
|
|
6,305,957 |
|
|
|
6,251,377 |
|
Allowance for credit losses |
|
|
(66,756 |
) |
|
|
(70,147 |
) |
Loans receivable, net |
|
$ |
6,239,201 |
|
|
$ |
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 $8.3 million and $1.3 million of home equity loans and lines, and $7.1 million and $4.1 million of personal loans at June 30, 2025 and December 31, 2024, respectively.
Accrued interest on loans was $19.8 million and $19.1 million at June 30, 2025 and December 31, 2024, respectively.
At June 30, 2025 and December 31, 2024, loans with carrying values of $2.40 billion and $2.46 billion, respectively, were pledged to secure advances from the FHLB.
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 June 30, 2025 |
|
|
|
|
|
|
|
|
|
Balance at beginning of period |
|
$ |
5,015 |
|
|
$ |
6,816 |
|
|
$ |
11,831 |
|
Originations and transfers |
|
|
56,000 |
|
|
|
17,190 |
|
|
|
73,190 |
|
Sales |
|
|
(15,601 |
) |
|
|
(19,787 |
) |
|
|
(35,388 |
) |
Principal paydowns and amortization |
|
|
(2 |
) |
|
|
(20 |
) |
|
|
(22 |
) |
Balance at end of period |
|
$ |
45,412 |
|
|
$ |
4,199 |
|
|
$ |
49,611 |
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2024 |
|
|
|
|
|
|
|
|
|
Balance at beginning of period |
|
$ |
1,454 |
|
|
$ |
2,545 |
|
|
$ |
3,999 |
|
Originations and transfers |
|
|
20,572 |
|
|
|
9,391 |
|
|
|
29,963 |
|
Sales |
|
|
(14,877 |
) |
|
|
(8,613 |
) |
|
|
(23,490 |
) |
Principal paydowns and amortization |
|
|
— |
|
|
|
(5 |
) |
|
|
(5 |
) |
Balance at end of period |
|
$ |
7,149 |
|
|
$ |
3,318 |
|
|
$ |
10,467 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate |
|
|
Commercial and Industrial |
|
|
Total |
|
|
|
(in thousands) |
|
Six months ended June 30, 2025 |
|
|
|
|
|
|
|
|
|
Balance at beginning of period |
|
$ |
3,994 |
|
|
$ |
4,585 |
|
|
$ |
8,579 |
|
Originations and transfers |
|
|
74,615 |
|
|
|
33,995 |
|
|
|
108,610 |
|
Sales |
|
|
(33,195 |
) |
|
|
(34,358 |
) |
|
|
(67,553 |
) |
Principal payoffs and amortization |
|
|
(2 |
) |
|
|
(23 |
) |
|
|
(25 |
) |
Balance at end of period |
|
$ |
45,412 |
|
|
$ |
4,199 |
|
|
$ |
49,611 |
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2024 |
|
|
|
|
|
|
|
|
|
Balance at beginning of period |
|
$ |
8,792 |
|
|
$ |
3,221 |
|
|
$ |
12,013 |
|
Originations and transfers |
|
|
30,186 |
|
|
|
17,409 |
|
|
|
47,595 |
|
Sales |
|
|
(31,775 |
) |
|
|
(17,301 |
) |
|
|
(49,076 |
) |
Principal payoffs and amortization |
|
|
(54 |
) |
|
|
(11 |
) |
|
|
(65 |
) |
Balance at end of period |
|
$ |
7,149 |
|
|
$ |
3,318 |
|
|
$ |
10,467 |
|
The following table presents loans purchased by portfolio segment for the following periods:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
|
|
(in thousands) |
|
|
(in thousands) |
|
Commercial real estate |
|
$ |
— |
|
|
$ |
6,060 |
|
|
$ |
15,113 |
|
|
$ |
6,334 |
|
Commercial and industrial |
|
|
— |
|
|
|
8,398 |
|
|
|
9,203 |
|
|
|
18,322 |
|
Residential real estate |
|
|
10,330 |
|
|
|
5,178 |
|
|
|
20,315 |
|
|
|
5,178 |
|
Total |
|
$ |
10,330 |
|
|
$ |
19,636 |
|
|
$ |
44,631 |
|
|
$ |
29,834 |
|
Allowance for Credit Losses
Effective January 1, 2025, we transitioned to a new allowance for credit losses (“ACL”) model to perform our ACL analysis. Part of the transition to the new model, in addition to the factors previously mentioned, includes a change in our methodology on commercial and industrial, commercial real estate, and residential loans. The change in models did not result in a material change in our ACL as of January 1, 2025. The table below includes in credit loss expense for the six months ended June 30, 2025 the effect of the ACL model change of $1.4 million.
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 June 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period |
|
$ |
51,302 |
|
|
$ |
6,242 |
|
|
$ |
13,053 |
|
|
$ |
70,597 |
|
Charge-offs |
|
|
(8,615 |
) |
|
|
(811 |
) |
|
|
(2,951 |
) |
|
|
(12,377 |
) |
Recoveries |
|
|
194 |
|
|
|
198 |
|
|
|
621 |
|
|
|
1,013 |
|
Credit loss expense |
|
|
5,140 |
|
|
|
1,306 |
|
|
|
1,077 |
|
|
|
7,523 |
|
Ending balance |
|
$ |
48,021 |
|
|
$ |
6,935 |
|
|
$ |
11,800 |
|
|
$ |
66,756 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period |
|
$ |
42,584 |
|
|
$ |
11,836 |
|
|
$ |
13,850 |
|
|
$ |
68,270 |
|
Charge-offs |
|
|
(93 |
) |
|
|
(93 |
) |
|
|
(2,152 |
) |
|
|
(2,338 |
) |
Recoveries |
|
|
64 |
|
|
|
166 |
|
|
|
318 |
|
|
|
548 |
|
Credit loss expense (recovery) |
|
|
(403 |
) |
|
|
(1,346 |
) |
|
|
2,998 |
|
|
|
1,249 |
|
Ending balance |
|
$ |
42,152 |
|
|
$ |
10,563 |
|
|
$ |
15,014 |
|
|
$ |
67,729 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate |
|
|
Commercial and Industrial |
|
|
Equipment Financing Agreements |
|
|
Total |
|
|
|
(in thousands) |
|
Six months ended June 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period |
|
$ |
45,099 |
|
|
$ |
10,006 |
|
|
$ |
15,042 |
|
|
$ |
70,147 |
|
Charge-offs |
|
|
(8,785 |
) |
|
|
(1,033 |
) |
|
|
(5,749 |
) |
|
|
(15,567 |
) |
Recoveries |
|
|
618 |
|
|
|
234 |
|
|
|
1,404 |
|
|
|
2,256 |
|
Credit loss expense (recovery) |
|
|
11,089 |
|
|
|
(2,272 |
) |
|
|
1,103 |
|
|
|
9,920 |
|
Ending balance |
|
$ |
48,021 |
|
|
$ |
6,935 |
|
|
$ |
11,800 |
|
|
$ |
66,756 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period |
|
$ |
45,499 |
|
|
$ |
10,257 |
|
|
$ |
13,706 |
|
|
$ |
69,462 |
|
Charge-offs |
|
|
(93 |
) |
|
|
(248 |
) |
|
|
(4,120 |
) |
|
|
(4,461 |
) |
Recoveries |
|
|
111 |
|
|
|
224 |
|
|
|
741 |
|
|
|
1,076 |
|
Credit loss expense (recovery) |
|
|
(3,365 |
) |
|
|
330 |
|
|
|
4,687 |
|
|
|
1,652 |
|
Ending balance |
|
$ |
42,152 |
|
|
$ |
10,563 |
|
|
$ |
15,014 |
|
|
$ |
67,729 |
|
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 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 |
|
$ |
9,886 |
|
|
|
14.8 |
% |
|
$ |
1,116,540 |
|
|
|
17.7 |
% |
|
$ |
10,171 |
|
|
|
14.5 |
% |
|
$ |
1,068,978 |
|
|
|
17.1 |
% |
Hospitality |
|
|
7,579 |
|
|
|
11.3 |
|
|
|
822,021 |
|
|
|
13.1 |
|
|
|
15,302 |
|
|
|
21.8 |
|
|
|
848,134 |
|
|
|
13.6 |
|
Office |
|
|
5,603 |
|
|
|
8.4 |
|
|
|
556,453 |
|
|
|
8.8 |
|
|
|
3,935 |
|
|
|
5.6 |
|
|
|
568,861 |
|
|
|
9.1 |
|
Other |
|
|
13,268 |
|
|
|
19.9 |
|
|
|
1,373,836 |
|
|
|
21.8 |
|
|
|
8,243 |
|
|
|
11.8 |
|
|
|
1,385,051 |
|
|
|
22.2 |
|
Total commercial property loans |
|
|
36,336 |
|
|
|
54.4 |
|
|
|
3,868,850 |
|
|
|
61.4 |
|
|
|
37,651 |
|
|
|
53.7 |
|
|
|
3,871,024 |
|
|
|
62.0 |
|
Construction |
|
|
1,107 |
|
|
|
1.7 |
|
|
|
80,072 |
|
|
|
1.3 |
|
|
|
1,664 |
|
|
|
2.4 |
|
|
|
78,598 |
|
|
|
1.3 |
|
Residential |
|
|
10,578 |
|
|
|
15.8 |
|
|
|
993,869 |
|
|
|
15.8 |
|
|
|
5,784 |
|
|
|
8.2 |
|
|
|
951,302 |
|
|
|
15.2 |
|
Total real estate loans |
|
|
48,021 |
|
|
|
71.9 |
|
|
|
4,942,791 |
|
|
|
78.5 |
|
|
|
45,099 |
|
|
|
64.3 |
|
|
|
4,900,924 |
|
|
|
78.5 |
|
Commercial and industrial loans |
|
|
6,935 |
|
|
|
10.4 |
|
|
|
917,995 |
|
|
|
14.5 |
|
|
|
10,006 |
|
|
|
14.3 |
|
|
|
863,431 |
|
|
|
13.8 |
|
Equipment financing agreements |
|
|
11,800 |
|
|
|
17.7 |
|
|
|
445,171 |
|
|
|
7.0 |
|
|
|
15,042 |
|
|
|
21.4 |
|
|
|
487,022 |
|
|
|
7.7 |
|
Total |
|
$ |
66,756 |
|
|
|
100.0 |
% |
|
$ |
6,305,957 |
|
|
|
100.0 |
% |
|
$ |
70,147 |
|
|
|
100.0 |
% |
|
$ |
6,251,377 |
|
|
|
100.0 |
% |
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:
|
|
|
|
|
|
|
|
|
|
|
June 30, 2025 |
|
|
December 31, 2024 |
|
|
|
(in thousands) |
|
Real estate loans: |
|
|
|
|
|
|
Commercial property |
|
|
|
|
|
|
Retail |
|
$ |
874 |
|
|
$ |
1,377 |
|
Hospitality |
|
|
2,514 |
|
|
|
215 |
|
Office |
|
|
10,990 |
|
|
|
— |
|
Total commercial property loans |
|
|
14,378 |
|
|
|
1,592 |
|
Residential |
|
|
3,997 |
|
|
|
1,875 |
|
Total real estate loans |
|
|
18,375 |
|
|
|
3,467 |
|
Total |
|
$ |
18,375 |
|
|
$ |
3,499 |
|
Loan Quality Indicators
As part of the on-going monitoring of the quality of our loans portfolio, we utilize an internal loan grading system to identify credit risk and assign an appropriate grade (from 1 to 8) for each loan in our portfolio. Third-party loan reviews are conducted annually on a sample basis. Additional adjustments are made when determined to be necessary. The loan grade definitions are as follows:
Pass and Pass-Watch: Pass and Pass-Watch loans, grades (1-4), are in compliance with the Bank’s credit policy and regulatory requirements, and do not exhibit any potential or defined weaknesses as defined under “Special Mention”, “Substandard” or “Doubtful.” This category is the strongest level of the Bank’s loan grading system. It consists of all performing loans with no identified credit weaknesses. It includes cash and stock/security secured loans or other investment grade loans.
Special Mention: A Special Mention loan, grade (5), has potential weaknesses that deserve management’s close attention. If not corrected, these potential weaknesses may result in deterioration of the repayment of the debt and result in a Substandard classification. Loans that have significant actual, not potential, weaknesses are considered more severely classified.
Substandard: A Substandard loan, grade (6), has a well-defined weakness that jeopardizes the liquidation of the debt. A loan graded Substandard is not protected by the sound worth and paying capacity of the borrower, or of the value and type of collateral pledged. With a Substandard loan, there is a distinct possibility that the Bank will sustain some loss if the weaknesses or deficiencies are not corrected.
Doubtful: A Doubtful loan, grade (7), is one that has critical weaknesses that would make the collection or liquidation of the full amount due improbable. However, there may be pending events which may work to strengthen the loan, and therefore the amount or timing of a possible loss cannot be determined at the current time.
Loss: A loan classified as Loss, grade (8), is considered uncollectible and of such little value that their continuance as active bank assets is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this asset even though partial recovery may be possible in the future. Loans classified as Loss will be charged off in a timely manner.
Under regulatory guidance, loans graded special mention or worse are considered criticized loans, and loans graded substandard or worse are considered classified loans.
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) |
|
June 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial property |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk Rating |
|
|
|
|
|
|
|
|
|
|
` |
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass / Pass-Watch |
|
$ |
572,829 |
|
|
$ |
425,598 |
|
|
$ |
519,482 |
|
|
$ |
883,296 |
|
|
$ |
762,889 |
|
|
$ |
592,258 |
|
|
$ |
87,965 |
|
|
$ |
3,844,317 |
|
Special Mention |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
148 |
|
|
|
— |
|
|
|
301 |
|
|
|
— |
|
|
|
449 |
|
Classified |
|
|
834 |
|
|
|
678 |
|
|
|
— |
|
|
|
12,534 |
|
|
|
3,089 |
|
|
|
6,949 |
|
|
|
— |
|
|
|
24,084 |
|
Total commercial property |
|
|
573,663 |
|
|
|
426,276 |
|
|
|
519,482 |
|
|
|
895,978 |
|
|
|
765,978 |
|
|
|
599,508 |
|
|
|
87,965 |
|
|
|
3,868,850 |
|
YTD gross charge-offs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8,585 |
|
|
|
— |
|
|
|
200 |
|
|
|
— |
|
|
|
8,785 |
|
YTD net charge-offs (recoveries) |
|
|
(3 |
) |
|
|
— |
|
|
|
— |
|
|
|
8,311 |
|
|
|
— |
|
|
|
(139 |
) |
|
|
— |
|
|
|
8,169 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk Rating |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass / Pass-Watch |
|
|
19,071 |
|
|
|
53,002 |
|
|
|
7,999 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
80,072 |
|
Special Mention |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Classified |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total construction |
|
|
19,071 |
|
|
|
53,002 |
|
|
|
7,999 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
80,072 |
|
YTD gross charge-offs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
YTD net charge-offs (recoveries) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk Rating |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass / Pass-Watch |
|
|
128,556 |
|
|
|
97,446 |
|
|
|
167,830 |
|
|
|
343,344 |
|
|
|
137,640 |
|
|
|
109,026 |
|
|
|
7,562 |
|
|
|
991,404 |
|
Special Mention |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
250 |
|
|
|
250 |
|
Classified |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
946 |
|
|
|
— |
|
|
|
1,269 |
|
|
|
— |
|
|
|
2,215 |
|
Total residential |
|
|
128,556 |
|
|
|
97,446 |
|
|
|
167,830 |
|
|
|
344,290 |
|
|
|
137,640 |
|
|
|
110,295 |
|
|
|
7,812 |
|
|
|
993,869 |
|
YTD gross charge-offs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
YTD net charge-offs (recoveries) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2 |
) |
|
|
— |
|
|
|
(2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total real estate loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk Rating |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass / Pass-Watch |
|
|
720,456 |
|
|
|
576,046 |
|
|
|
695,311 |
|
|
|
1,226,640 |
|
|
|
900,529 |
|
|
|
701,284 |
|
|
|
95,527 |
|
|
|
4,915,793 |
|
Special Mention |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
148 |
|
|
|
— |
|
|
|
301 |
|
|
|
250 |
|
|
|
699 |
|
Classified |
|
|
834 |
|
|
|
678 |
|
|
|
— |
|
|
|
13,480 |
|
|
|
3,089 |
|
|
|
8,218 |
|
|
|
— |
|
|
|
26,299 |
|
Total real estate loans |
|
|
721,290 |
|
|
|
576,724 |
|
|
|
695,311 |
|
|
|
1,240,268 |
|
|
|
903,618 |
|
|
|
709,803 |
|
|
|
95,777 |
|
|
|
4,942,791 |
|
YTD gross charge-offs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8,585 |
|
|
|
— |
|
|
|
200 |
|
|
|
— |
|
|
|
8,785 |
|
YTD net charge-offs (recoveries) |
|
|
(3 |
) |
|
|
— |
|
|
|
— |
|
|
|
8,311 |
|
|
|
— |
|
|
|
(141 |
) |
|
|
— |
|
|
|
8,167 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk Rating |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass / Pass-Watch |
|
|
216,947 |
|
|
|
194,113 |
|
|
|
45,908 |
|
|
|
68,389 |
|
|
|
27,439 |
|
|
|
20,422 |
|
|
|
332,135 |
|
|
|
905,353 |
|
Special Mention |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
12,001 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
12,001 |
|
Classified |
|
|
— |
|
|
|
(2 |
) |
|
|
— |
|
|
|
110 |
|
|
|
82 |
|
|
|
47 |
|
|
|
404 |
|
|
|
641 |
|
Total commercial and industrial loans |
|
|
216,947 |
|
|
|
194,111 |
|
|
|
45,908 |
|
|
|
80,500 |
|
|
|
27,521 |
|
|
|
20,469 |
|
|
|
332,539 |
|
|
|
917,995 |
|
YTD gross charge-offs |
|
|
— |
|
|
|
373 |
|
|
|
— |
|
|
|
362 |
|
|
|
— |
|
|
|
298 |
|
|
|
— |
|
|
|
1,033 |
|
YTD net charge-offs (recoveries) |
|
|
— |
|
|
|
373 |
|
|
|
(5 |
) |
|
|
346 |
|
|
|
— |
|
|
|
85 |
|
|
|
— |
|
|
|
799 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equipment financing agreements: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk Rating |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass / Pass-Watch |
|
|
77,045 |
|
|
|
113,036 |
|
|
|
114,946 |
|
|
|
94,254 |
|
|
|
34,222 |
|
|
|
4,751 |
|
|
|
— |
|
|
|
438,254 |
|
Special Mention |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Classified |
|
|
— |
|
|
|
493 |
|
|
|
1,442 |
|
|
|
3,693 |
|
|
|
1,089 |
|
|
|
200 |
|
|
|
— |
|
|
|
6,917 |
|
Total equipment financing agreements |
|
|
77,045 |
|
|
|
113,529 |
|
|
|
116,388 |
|
|
|
97,947 |
|
|
|
35,311 |
|
|
|
4,951 |
|
|
|
— |
|
|
|
445,171 |
|
YTD gross charge-offs |
|
|
— |
|
|
|
258 |
|
|
|
1,826 |
|
|
|
2,453 |
|
|
|
1,081 |
|
|
|
131 |
|
|
|
— |
|
|
|
5,749 |
|
YTD net charge-offs (recoveries) |
|
|
— |
|
|
|
229 |
|
|
|
1,634 |
|
|
|
1,924 |
|
|
|
600 |
|
|
|
(40 |
) |
|
|
(2 |
) |
|
|
4,345 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans receivable: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk Rating |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass / Pass-Watch |
|
|
1,014,448 |
|
|
|
883,195 |
|
|
|
856,165 |
|
|
|
1,389,283 |
|
|
|
962,190 |
|
|
|
726,457 |
|
|
|
427,662 |
|
|
|
6,259,400 |
|
Special Mention |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
12,149 |
|
|
|
— |
|
|
|
301 |
|
|
|
250 |
|
|
|
12,700 |
|
Classified |
|
|
834 |
|
|
|
1,169 |
|
|
|
1,442 |
|
|
|
17,283 |
|
|
|
4,260 |
|
|
|
8,465 |
|
|
|
404 |
|
|
|
33,857 |
|
Total loans receivable |
|
$ |
1,015,282 |
|
|
$ |
884,364 |
|
|
$ |
857,607 |
|
|
$ |
1,418,715 |
|
|
$ |
966,450 |
|
|
$ |
735,223 |
|
|
$ |
428,316 |
|
|
$ |
6,305,957 |
|
YTD gross charge-offs |
|
|
— |
|
|
|
631 |
|
|
|
1,826 |
|
|
|
11,400 |
|
|
|
1,081 |
|
|
|
629 |
|
|
|
— |
|
|
|
15,567 |
|
YTD net charge-offs (recoveries) |
|
|
(3 |
) |
|
|
602 |
|
|
|
1,629 |
|
|
|
10,581 |
|
|
|
600 |
|
|
|
(96 |
) |
|
|
(2 |
) |
|
|
13,311 |
|
(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 |
|
|
|
(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.
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) |
|
June 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial property |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing |
|
$ |
573,663 |
|
|
$ |
425,956 |
|
|
$ |
519,482 |
|
|
$ |
884,371 |
|
|
$ |
765,978 |
|
|
$ |
596,574 |
|
|
$ |
87,965 |
|
|
$ |
3,853,989 |
|
Nonperforming |
|
|
— |
|
|
|
320 |
|
|
|
— |
|
|
|
11,607 |
|
|
|
— |
|
|
|
2,934 |
|
|
|
— |
|
|
|
14,861 |
|
Total commercial property |
|
|
573,663 |
|
|
|
426,276 |
|
|
|
519,482 |
|
|
|
895,978 |
|
|
|
765,978 |
|
|
|
599,508 |
|
|
|
87,965 |
|
|
|
3,868,850 |
|
YTD gross charge-offs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8,585 |
|
|
|
— |
|
|
|
200 |
|
|
|
— |
|
|
|
8,785 |
|
YTD net charge-offs (recoveries) |
|
|
(3 |
) |
|
|
— |
|
|
|
— |
|
|
|
8,311 |
|
|
|
— |
|
|
|
(139 |
) |
|
|
— |
|
|
|
8,169 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing |
|
|
19,071 |
|
|
|
53,002 |
|
|
|
7,999 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
80,072 |
|
Nonperforming |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total construction |
|
|
19,071 |
|
|
|
53,002 |
|
|
|
7,999 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
80,072 |
|
YTD gross charge-offs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
YTD net charge-offs (recoveries) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing |
|
|
128,556 |
|
|
|
97,446 |
|
|
|
167,830 |
|
|
|
341,566 |
|
|
|
137,640 |
|
|
|
109,026 |
|
|
|
7,812 |
|
|
|
989,876 |
|
Nonperforming |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,724 |
|
|
|
— |
|
|
|
1,269 |
|
|
|
— |
|
|
|
3,993 |
|
Total residential |
|
|
128,556 |
|
|
|
97,446 |
|
|
|
167,830 |
|
|
|
344,290 |
|
|
|
137,640 |
|
|
|
110,295 |
|
|
|
7,812 |
|
|
|
993,869 |
|
YTD gross charge-offs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
YTD net charge-offs (recoveries) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2 |
) |
|
|
— |
|
|
|
(2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total real estate loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing |
|
|
721,290 |
|
|
|
576,404 |
|
|
|
695,311 |
|
|
|
1,225,937 |
|
|
|
903,618 |
|
|
|
705,600 |
|
|
|
95,777 |
|
|
|
4,923,937 |
|
Nonperforming |
|
|
— |
|
|
|
320 |
|
|
|
— |
|
|
|
14,331 |
|
|
|
— |
|
|
|
4,203 |
|
|
|
— |
|
|
|
18,854 |
|
Total real estate loans |
|
|
721,290 |
|
|
|
576,724 |
|
|
|
695,311 |
|
|
|
1,240,268 |
|
|
|
903,618 |
|
|
|
709,803 |
|
|
|
95,777 |
|
|
|
4,942,791 |
|
YTD gross charge-offs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8,585 |
|
|
|
— |
|
|
|
200 |
|
|
|
— |
|
|
|
8,785 |
|
YTD net charge-offs (recoveries) |
|
|
(3 |
) |
|
|
— |
|
|
|
— |
|
|
|
8,311 |
|
|
|
— |
|
|
|
(141 |
) |
|
|
— |
|
|
|
8,167 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing |
|
|
216,947 |
|
|
|
194,113 |
|
|
|
45,908 |
|
|
|
80,390 |
|
|
|
27,521 |
|
|
|
20,447 |
|
|
|
332,539 |
|
|
|
917,865 |
|
Nonperforming |
|
|
— |
|
|
|
(2 |
) |
|
|
— |
|
|
|
110 |
|
|
|
— |
|
|
|
22 |
|
|
|
— |
|
|
|
130 |
|
Total commercial and industrial loans |
|
|
216,947 |
|
|
|
194,111 |
|
|
|
45,908 |
|
|
|
80,500 |
|
|
|
27,521 |
|
|
|
20,469 |
|
|
|
332,539 |
|
|
|
917,995 |
|
YTD gross charge-offs |
|
|
— |
|
|
|
373 |
|
|
|
— |
|
|
|
362 |
|
|
|
— |
|
|
|
298 |
|
|
|
— |
|
|
|
1,033 |
|
YTD net charge-offs (recoveries) |
|
|
— |
|
|
|
373 |
|
|
|
(5 |
) |
|
|
346 |
|
|
|
— |
|
|
|
85 |
|
|
|
— |
|
|
|
799 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equipment financing agreements: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing |
|
|
77,045 |
|
|
|
113,036 |
|
|
|
114,946 |
|
|
|
94,188 |
|
|
|
34,222 |
|
|
|
4,751 |
|
|
|
— |
|
|
|
438,188 |
|
Nonperforming |
|
|
— |
|
|
|
493 |
|
|
|
1,442 |
|
|
|
3,759 |
|
|
|
1,089 |
|
|
|
200 |
|
|
|
— |
|
|
|
6,983 |
|
Total equipment financing agreements |
|
|
77,045 |
|
|
|
113,529 |
|
|
|
116,388 |
|
|
|
97,947 |
|
|
|
35,311 |
|
|
|
4,951 |
|
|
|
— |
|
|
|
445,171 |
|
YTD gross charge-offs |
|
|
— |
|
|
|
258 |
|
|
|
1,826 |
|
|
|
2,453 |
|
|
|
1,081 |
|
|
|
131 |
|
|
|
— |
|
|
|
5,749 |
|
YTD net charge-offs (recoveries) |
|
|
— |
|
|
|
229 |
|
|
|
1,634 |
|
|
|
1,924 |
|
|
|
600 |
|
|
|
(40 |
) |
|
|
(2 |
) |
|
|
4,345 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans receivable: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing |
|
|
1,015,282 |
|
|
|
883,553 |
|
|
|
856,165 |
|
|
|
1,400,515 |
|
|
|
965,361 |
|
|
|
730,798 |
|
|
|
428,316 |
|
|
|
6,279,990 |
|
Nonperforming |
|
|
— |
|
|
|
811 |
|
|
|
1,442 |
|
|
|
18,200 |
|
|
|
1,089 |
|
|
|
4,425 |
|
|
|
— |
|
|
|
25,967 |
|
Total loans receivable |
|
$ |
1,015,282 |
|
|
$ |
884,364 |
|
|
$ |
857,607 |
|
|
$ |
1,418,715 |
|
|
$ |
966,450 |
|
|
$ |
735,223 |
|
|
$ |
428,316 |
|
|
$ |
6,305,957 |
|
YTD gross charge-offs |
|
|
— |
|
|
|
631 |
|
|
|
1,826 |
|
|
|
11,400 |
|
|
|
1,081 |
|
|
|
629 |
|
|
|
— |
|
|
|
15,567 |
|
YTD net charge-offs (recoveries) |
|
|
(3 |
) |
|
|
602 |
|
|
|
1,629 |
|
|
|
10,581 |
|
|
|
600 |
|
|
|
(96 |
) |
|
|
(2 |
) |
|
|
13,311 |
|
(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 |
|
|
|
(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.
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) |
|
June 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial property |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail |
|
$ |
1,599 |
|
|
$ |
— |
|
|
$ |
401 |
|
|
$ |
2,000 |
|
|
$ |
1,114,540 |
|
|
$ |
1,116,540 |
|
Hospitality |
|
|
1,021 |
|
|
|
— |
|
|
|
2,003 |
|
|
|
3,024 |
|
|
|
818,997 |
|
|
|
822,021 |
|
Office |
|
|
— |
|
|
|
— |
|
|
|
10,990 |
|
|
|
10,990 |
|
|
|
545,463 |
|
|
|
556,453 |
|
Other |
|
|
662 |
|
|
|
— |
|
|
|
— |
|
|
|
662 |
|
|
|
1,373,174 |
|
|
|
1,373,836 |
|
Total commercial property loans |
|
|
3,282 |
|
|
|
— |
|
|
|
13,394 |
|
|
|
16,676 |
|
|
|
3,852,174 |
|
|
|
3,868,850 |
|
Construction |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
80,072 |
|
|
|
80,072 |
|
Residential |
|
|
1,928 |
|
|
|
2,005 |
|
|
|
487 |
|
|
|
4,421 |
|
|
|
989,448 |
|
|
|
993,869 |
|
Total real estate loans |
|
|
5,210 |
|
|
|
2,005 |
|
|
|
13,881 |
|
|
|
21,097 |
|
|
|
4,921,694 |
|
|
|
4,942,791 |
|
Commercial and industrial loans |
|
|
575 |
|
|
|
209 |
|
|
|
— |
|
|
|
784 |
|
|
|
917,211 |
|
|
|
917,995 |
|
Equipment financing agreements |
|
|
5,895 |
|
|
|
2,145 |
|
|
|
4,287 |
|
|
|
12,327 |
|
|
|
432,844 |
|
|
|
445,171 |
|
Total loans receivable |
|
$ |
11,680 |
|
|
$ |
4,359 |
|
|
$ |
18,168 |
|
|
$ |
34,208 |
|
|
$ |
6,271,749 |
|
|
$ |
6,305,957 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
Nonaccrual Loans and Nonperforming Assets
The following tables represent the amortized cost basis of loans on nonaccrual status and loans past due 90 days and still accruing as of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 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 |
|
$ |
918 |
|
|
$ |
255 |
|
|
$ |
— |
|
|
$ |
1,173 |
|
Hospitality |
|
|
1,747 |
|
|
|
944 |
|
|
|
— |
|
|
|
2,691 |
|
Office |
|
|
10,990 |
|
|
|
— |
|
|
|
— |
|
|
|
10,990 |
|
Other |
|
|
— |
|
|
|
7 |
|
|
|
— |
|
|
|
7 |
|
Total commercial property loans |
|
|
13,655 |
|
|
|
1,206 |
|
|
|
— |
|
|
|
14,861 |
|
Residential |
|
|
3,993 |
|
|
|
— |
|
|
|
— |
|
|
|
3,993 |
|
Total real estate loans |
|
|
17,648 |
|
|
|
1,206 |
|
|
|
— |
|
|
|
18,854 |
|
Commercial and industrial loans |
|
|
— |
|
|
|
130 |
|
|
|
— |
|
|
|
130 |
|
Equipment financing agreements |
|
|
114 |
|
|
|
6,869 |
|
|
|
— |
|
|
|
6,983 |
|
Total |
|
$ |
17,762 |
|
|
$ |
8,205 |
|
|
$ |
— |
|
|
$ |
25,967 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
1,866 |
|
|
|
— |
|
|
|
— |
|
|
|
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 |
|
Prior to designating loans nonaccrual, the Company collected and recognized interest income of $15,000 and $361,000 for the three and six months ended June 30, 2025, respectively.
The following table details nonperforming assets as of the dates indicated:
|
|
|
|
|
|
|
|
|
|
|
June 30, 2025 |
|
|
December 31, 2024 |
|
|
|
(in thousands) |
|
Nonaccrual loans |
|
$ |
25,967 |
|
|
$ |
14,272 |
|
Loans past due 90 days and still accruing |
|
|
— |
|
|
|
— |
|
Total nonperforming loans receivable |
|
|
25,967 |
|
|
|
14,272 |
|
Other real estate owned (“OREO”) |
|
|
— |
|
|
|
117 |
|
Total nonperforming assets* |
|
$ |
25,967 |
|
|
$ |
14,389 |
|
|
|
|
|
|
|
|
* Excludes repossessed personal property of $0.6 million and $0.6 million as of June 30, 2025 and December 31, 2024, respectively. |
|
OREO of $0.1 million is included in prepaid expenses and other assets in the accompanying Consolidated Balance Sheets as of December 31, 2024. The Company did not have any OREO at June 30, 2025.
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal and Interest Deferment |
|
|
Amortized Cost Basis |
|
|
% of Total Class of Loans |
|
|
Financial Effect |
|
|
(in thousands) |
|
|
|
|
|
|
Six months ended June 30, 2025 |
|
|
|
|
|
|
|
|
Commercial property loans: Retail |
|
$ |
13,533 |
|
|
|
1.2 |
% |
|
Two loans with three-month principal and interest deferment |
The table above includes two retail commercial loans with an amortized cost of $13.5 million that were modified during the six months ended June 30, 2025.
|
|
|
|
|
|
|
|
|
|
|
|
|
Term Extension |
|
|
Amortized Cost Basis |
|
|
% of Total Class of Loans |
|
|
Financial Effect |
|
|
(in thousands) |
|
|
|
|
|
|
Six months ended June 30, 2025 |
|
|
|
|
|
|
|
|
Commercial and industrial loans |
|
$ |
20,620 |
|
|
|
2.6 |
% |
|
One loan with term extension of six years |
The modified loans above were current at June 30, 2025. No loans were modified during the three months ended June 30, 2025.
During the three and six months ended June 30, 2025 and 2024, there were no payment defaults on loans modified within the preceding 12 months.
|