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Loans (Tables)

12 Months Ended

Dec. 31, 2024

Loans [Abstract]

Major Classifications Of Loans

	December 31,			December 31,
	2024			2023
SBL non-real estate	$	190,322		$	137,752
SBL commercial mortgage		662,091			606,986
SBL construction		34,685			22,627
SBLs		887,098			767,365
Direct lease financing		700,553			685,657
SBLOC / IBLOC(1)		1,564,018			1,627,285
Advisor financing(2)		273,896			221,612
Real estate bridge lending		2,109,041			1,999,782
Consumer fintech(3)		454,357			—
Other loans(4)		111,328			50,638
		6,100,291			5,352,339
Unamortized loan fees and costs		13,337			8,800
Total loans, net of unamortized loan fees and costs	$	6,113,628		$	5,361,139

	December 31,			December 31,
	2024			2023
SBLs, including costs net of deferred fees of $9,979 and $9,502 for December 31, 2024 and December 31, 2023, respectively	$	897,077		$	776,867
SBLs included in commercial loans, at fair value		89,902			119,287
Total SBLs(5)	$	986,979		$	896,154

^{(1 )} SBLOC are collateralized by marketable securities, while IBLOC are collateralized by the cash surrender value of insurance policies. At December 31, 2024 and December 31, 2023, IBLOC loans amounted to $548.1 million and $646.9 million, respectively.

⁽²⁾ In 2020, the Bank began originating loans to investment advisors for purposes of debt refinancing, acquisition of another firm or internal succession. Maximum loan amounts are subject to loan-to-value ratios of 70% of the business enterprise value based on a third-party valuation but may be increased depending upon the debt service coverage ratio. Personal guarantees and blanket business liens are obtained as appropriate.

⁽³⁾ Consumer fintech loans included $201.1 million of secured credit card loans, with the balance consisting of other short-term extensions of credit.

⁽⁴⁾ Includes demand deposit overdrafts reclassified as loan balances totaling $1.2 million and $1.7 million at December 31, 2024 and December 31, 2023, respectively. Estimated overdraft charge-offs and recoveries are reflected in the ACL and have been immaterial.

⁽⁵⁾ The SBLs held at fair value are comprised of the government guaranteed portion of 7(a) Program (as defined below) loans at the dates indicated.

 

Summary Of Non-Accrual Loans With And Without Allowance For Credit Losses

		December 31, 2024												December 31, 2023
		Non-accrual loans with a related ACL			Related ACL			Non-accrual loans without a related ACL			Total non-accrual loans			Non-accrual loans with a related ACL			Related ACL			Non-accrual loans without a related ACL			Total non-accrual loans
SBL non-real estate		$	1,308		$	351		$	1,327		$	2,635		$	1,320		$	598		$	522		$	1,842
SBL commercial mortgage			1,922			1,039			2,963			4,885			834			343			1,547			2,381
SBL construction			1,585			118			—			1,585			3,385			44			—			3,385
Direct leasing			5,561			2,377			465			6,026			3,618			1,827			167			3,785
IBLOC			503			413			—			503			—			—			—			—
Real estate bridge loans(1)			—			—			12,300			12,300			—			—			—			—
Other loans			—			—			—			—			132			4			—			132
		$	10,879		$	4,298		$	17,055		$	27,934		$	9,289		$	2,816		$	2,236		$	11,525

⁽¹⁾ The $12.3 million REBL shown for 2023 was repaid on January 2, 2025 without loss of principal.

Non-accrual Loans, Loans Past Due 90 Days And Other Real Estate Owned And Delinquent Loans By Loan Category

		December 31,
		2024			2023
			(Dollars in thousands)
Non-accrual loans
SBL non-real estate		$	2,635		$	1,842
SBL commercial mortgage			4,885			2,381
SBL construction			1,585			3,385
Direct leasing			6,026			3,785
IBLOC			503			—
Real estate bridge loans(1)			12,300			—
Other loans			—			132
Total non-accrual loans			27,934			11,525
Loans past due 90 days or more and still accruing(2)			5,830			1,744
Total non-performing loans			33,764			13,269
OREO(3)			62,025			16,949
Total non-performing assets		$	95,789		$	30,218

⁽¹⁾ The $12.3 million REBL shown for 2023 was repaid on January 2, 2025 without loss of principal.

⁽²⁾ The majority of the increase in Loans past due 90 days or more in 2024 compared to the prior year resulted from a $3.3 million IBLOC loan secured by the cash value of insurance, the payoff of which was subject to an administrative delay by the related insurance company.

⁽³⁾ In the first quarter of 2024, a $39.4 million apartment building rehabilitation bridge loan was transferred to nonaccrual status. On April 2, 2024, the same loan was transferred from nonaccrual status to OREO, and comprised the majority of our OREO at December 31, 2024, with a balance at that date of $41.1 million. We intend to continue to manage the capital improvements on the underlying apartment complex. As the units become available for lease, the property manager will be tasked with leasing these units at market rents. That property is under agreement of sale with a sales price that is expected to cover the Company’s current balance plus the forecasted cost of improvements to the property. The purchaser has increased the total of earnest money deposits to $1.6 million, from $500,000, in consideration of extending the closing date to March 21, 2025. The Company believes that the purpose for the extension is to allow time for this sale to be included in a larger transaction. There can be no assurance that the purchaser will consummate the sale of the property, but if not consummated, the earnest money deposits of $1.6 million would accrue to the Company. The nonaccrual balances in this table as of December 31, 2024, are also reflected in the substandard loan totals.

Summary Of Loans Modified And Related Information

	Year ended December 31, 2024															Year ended December 31, 2023
	Payment delay as a result of a payment deferral			Interest rate reduction and payment deferral			Term extension			Total			Percent of total loan category			Payment delay as a result of a payment deferral			Payment delay and term extension			Total			Percent of total loan category
SBL non-real estate	$	2,421		$	—		$	—		$	2,421			1.27%		$	651		$	—		$	651			0.47%
SBL commercial mortgage		3,255			—			—			3,255			0.49%			—			—			—			—
Direct lease financing		—			—			2,477			2,477			0.35%			—			127			127			0.02%
Real estate bridge lending(1)		—			67,575			—			67,575			3.20%			—			12,300			12,300			0.62%
Total	$	5,676		$	67,575		$	2,477		$	75,728			1.24%		$	651		$	12,427		$	13,078			0.24%

⁽¹⁾ For the year ended December 31, 2024, the “as is” weighted average LTV of the real estate bridge lending balances was less than 73%, and the “as stabilized” LTV was approximately 63% based upon recent appraisals. “As stabilized” LTVs reflect the third-party appraiser’s estimated value after the rehabilitation is complete. The balances for both periods were also classified as either special mention or substandard as of December 31, 2024. The $12.3 million REBL shown for 2023 was repaid on January 2, 2025 without loss of principal.

Summary Of Restructured Loans During Twelve Months

	Year ended December 31, 2024
	Payment Status (Amortized Cost Basis)
	30-59 days			60-89 days			90+ days						Total
	past due			past due			still accruing			Non-accrual			delinquent			Current			Total
SBL non-real estate	$	—		$	—		$	—		$	1,022		$	1,022		$	1,399		$	2,421
SBL commercial mortgage		—			—			—			—			—			3,255			3,255
Direct lease financing		—			2,477			—			—			2,477			—			2,477
Real estate bridge lending(1)		—			—			—			—			—			67,575			67,575
	$	—		$	2,477		$	—		$	1,022		$	3,499		$	72,229		$	75,728
	Year ended December 31, 2023
	Payment Status (Amortized Cost Basis)
	30-59 days			60-89 days			90+ days						Total
	past due			past due			still accruing			Non-accrual			delinquent			Current			Total
SBL non-real estate	$	—		$	—		$	—		$	156		$	156		$	495		$	651
SBL commercial mortgage		—			—			—			—			—			—			—
Direct lease financing		—			—			—			127			127			—			127
Real estate bridge lending(1)		—			—			—			—			—			12,300			12,300
	$	—		$	—		$	—		$	283		$	283		$	12,795		$	13,078

⁽¹⁾ For the year ended December 31, 2024, the “as is” weighted average LTV of the real estate bridge lending balances was less than 73%, and the “as stabilized” LTV was approximately 63% based upon recent appraisals. “As stabilized” LTVs reflect the third-party appraiser’s estimated value after the rehabilitation is complete. The balances for both periods were also classified as either special mention or substandard as of December 31, 2024. While the borrower for the $12.3 million REBL shown for 2023 ceased making payments in 2024, the loan was repaid on January 2, 2025 without loss of principal.

Summary of Financial Effect of Modifications to Troubled Borrowers

		Year ended December 31, 2024									Year ended December 31, 2023
		Combined Rate and Maturity									Combined Rate and Maturity
		Weighted average interest rate reduction			Weighted average term extension (in months)			More-than-insignificant-payment delay(2)			Weighted average interest rate reduction			Weighted average term extension (in months)			More-than-insignificant-payment delay(2)
SBL non-real estate		—			—			1.27%			—			—			0.47%
SBL commercial mortgage		—			—			0.49%			—			—			—
Direct lease financing		—			12.0			—			—			3.0			—
Real estate bridge lending(1)		1.08%			—			1.28%			—			12.0			—

⁽¹⁾ For the year ended December 31, 2024, the “as is” weighted average LTV of the real estate bridge lending balances was less than 73%, and the “as stabilized” LTV was approximately 63% based upon recent appraisals. “As stabilized” LTVs reflect the third-party appraiser’s estimated value after the rehabilitation is complete. The balances for both periods were also classified as either special mention or substandard as of December 31, 2024.

⁽²⁾ Percentage represents the principal of loans deferred divided by the principal of the total loan portfolio.

Summary Of Gross Loans Held For Investment By Year Of Origination And Internally Assigned Credit Grade

As of December 31, 2024		2024			2023			2022			2021			2020			Prior			Revolving loans at amortized cost			Total
SBL non real estate
Pass		$	46,766		$	74,772		$	27,794		$	18,103		$	5,321		$	5,353		$	—		$	178,109
Special mention			—			—			—			—			—			130			—			130
Substandard			—			2,437			2,480			1,234			573			1,097			—			7,821
Total SBL non-real estate			46,766			77,209			30,274			19,337			5,894			6,580			—			186,060
SBL commercial mortgage
Pass			140,314			84,538			130,233			84,026			58,524			140,165			—			637,800
Special mention			—			—			528			1,104			—			7,690			—			9,322
Substandard			—			—			1,380			4,942			163			4,104			—			10,589
Total SBL commercial mortgage			140,314			84,538			132,141			90,072			58,687			151,959			—			657,711
SBL construction
Pass			12,392			13,846			2,899			3,609			—			—			—			32,746
Substandard			—			—			—			1,229			—			710			—			1,939
Total SBL construction			12,392			13,846			2,899			4,838			—			710			—			34,685
Direct lease financing
Non-rated			5,184			—			—			—			—			—			—			5,184
Pass			271,791			193,663			136,601			45,594			15,846			4,269			—			667,764
Special mention			1,866			2,294			2,618			1,783			73			83			—			8,717
Substandard			3,892			6,657			6,462			1,733			92			52			—			18,888
Total direct lease financing			282,733			202,614			145,681			49,110			16,011			4,404			—			700,553
SBLOC
Non-rated			—			—			—			—			—			—			3,466			3,466
Pass			—			—			—			—			—			—			1,012,418			1,012,418
Total SBLOC			—			—			—			—			—			—			1,015,884			1,015,884
IBLOC
Pass			—			—			—			—			—			—			547,196			547,196
Substandard			—			—			—			—			—			—			938			938
Total IBLOC			—			—			—			—			—			—			548,134			548,134
Advisor financing
Pass			84,414			84,908			54,064			22,560			18,588			—			—			264,534
Special mention			—			—			1,021			8,341			—			—			—			9,362
Total advisor financing			84,414			84,908			55,085			30,901			18,588			—			—			273,896
Real estate bridge loans
Pass			432,609			418,326			761,331			278,031			—			—			—			1,890,297
Special mention(1)			16,913			—			36,318			31,153			—			—			—			84,384
Substandard(1)			54,485			—			55,947			23,928			—			—			—			134,360
Total real estate bridge lending			504,007			418,326			853,596			333,112			—			—			—			2,109,041
Other loans
Non-rated			455,331			—			—			—			—			10,394			—			465,725
Pass			66,267			163			256			351			2,606			37,133			1,381			108,157
Special mention			—			—			—			—			—			232			—			232
Substandard			213			—			—			—			—			—			—			213
Total other loans(2)			521,811			163			256			351			2,606			47,759			1,381			574,327
		$	1,592,437		$	881,604		$	1,219,932		$	527,721		$	101,786		$	211,412		$	1,565,399		$	6,100,291
Unamortized loan fees and costs			—			—			—			—			—			—			—			13,337
Total																							$	6,113,628

⁽¹⁾ For the special mention and substandard real estate bridge loans, recent appraisals reflect a respective weighted average “as is” LTV of 77% and a further estimated 68% “as stabilized” LTV. The “as stabilized” LTV reflects the third-party appraiser’s estimate of value after rehabilitation is complete. The special mention and

substandard real estate bridge loans shown in 2024 reflected loans to new borrowers with greater financial capacity, with their original financing in the 2021 and 2022 vintages.

⁽²⁾ Included in Other loans are $8.6 million of SBA loans purchased for Community Reinvestment Act (“CRA”) purposes as of December 31, 2024. These loans are classified as SBL in the Company’s loan table, which classifies loans by type, as opposed to risk characteristics.

As of December 31, 2023		2023			2022			2021			2020			2019			Prior			Revolving loans at amortized cost			Total
SBL non real estate
Non-rated		$	507		$	—		$	—		$	—		$	—		$	—		$	—		$	507
Pass			47,066			32,512			26,919			9,662			4,334			5,357			—			125,850
Special mention			460			—			258			1,101			119			337			—			2,275
Substandard			—			495			632			564			250			562			—			2,503
Total SBL non-real estate			48,033			33,007			27,809			11,327			4,703			6,256			—			131,135
SBL commercial mortgage
Pass			128,375			138,281			93,399			67,635			58,550			98,704			—			584,944
Special mention			375			—			10,764			—			595			1,363			—			13,097
Substandard			—			—			—			452			1,853			1,928			—			4,233
Total SBL commercial mortgage			128,750			138,281			104,163			68,087			60,998			101,995			—			602,274
SBL construction
Pass			2,848			5,966			1,877			927			4,534			—			—			16,152
Special mention			—			—			3,090			—			—			—			—			3,090
Substandard			—			—			2,675			—			—			710			—			3,385
Total SBL construction			2,848			5,966			7,642			927			4,534			710			—			22,627
			.
Direct lease financing
Non-rated			1,273			—			—			—			—			—			—			1,273
Pass			302,362			221,768			92,945			37,664			17,469			4,349			—			676,557
Special mention			—			666			202			125			146			—			—			1,139
Substandard			135			3,898			1,998			372			184			101			—			6,688
Total direct lease financing			303,770			226,332			95,145			38,161			17,799			4,450			—			685,657
SBLOC
Non-rated			—			—			—			—			—			—			3,261			3,261
Pass			—			—			—			—			—			—			977,158			977,158
Total SBLOC			—			—			—			—			—			—			980,419			980,419
IBLOC
Pass			—			—			—			—			—			—			646,230			646,230
Substandard			—			—			—			—			—			—			636			636
Total IBLOC			—			—			—			—			—			—			646,866			646,866
Advisor financing
Pass			92,273			63,083			40,994			24,321			—			—			—			220,671
Special mention			—			—			—			941			—			—			—			941
Total advisor financing			92,273			63,083			40,994			25,262			—			—			—			221,612
Real estate bridge loans
Pass			397,073			1,013,199			461,474			—			—			—			—			1,871,746
Special mention			—			59,423			16,913			—			—			—			—			76,336
Substandard			—			—			51,700			—			—			—			—			51,700
Total real estate bridge lending			397,073			1,072,622			530,087			—			—			—			—			1,999,782
Other loans
Non-rated			2,555			—			—			—			—			11,513			—			14,068
Pass			165			260			363			2,609			2,314			40,101			1,593			47,405
Special mention			—			—			—			—			—			362			—			362
Substandard			—			—			—			—			—			132			—			132
Total other loans(1)			2,720			260			363			2,609			2,314			52,108			1,593			61,967
Total		$	975,467		$	1,539,551		$	806,203		$	146,373		$	90,348		$	165,519		$	1,628,878		$	5,352,339
Unamortized loan fees and costs			—			—			—			—			—			—			—			8,800
Total																							$	5,361,139

⁽¹⁾ Included in Other loans are $11.3 million of SBA loans purchased for CRA purposes as of December 31, 2023. These loans are classified as SBL in the Company’s loan table, which classifies loans by type, as opposed to risk characteristics.

Changes In Allowance For Loan And Lease Losses By Loan Category

		December 31, 2024
		SBL non-real estate			SBL commercial mortgage			SBL construction			Direct lease financing			SBLOC / IBLOC			Advisor financing			Real estate bridge lending			Consumer fintech			Other loans			Deferred fees and costs			Total
Beginning balance 1/1/2024		$	6,059		$	2,820		$	285		$	10,454		$	813		$	1,662		$	4,740		$	—		$	545		$	—		$	27,378
Charge-offs(1)			(708)			—			—			(4,575)			—			—			—			(19,619)			(18)			—			(24,920)
Recoveries			229			—			—			318			—			—			—			—			1			—			548
Provision (credit)(1)			(608)			383			57			6,928			382			392			1,863			19,619			(78)			—			28,938
Ending balance		$	4,972		$	3,203		$	342		$	13,125		$	1,195		$	2,054		$	6,603		$	—		$	450		$	—		$	31,944
Ending balance: Individually evaluated for expected credit loss		$	403		$	1,039		$	118		$	2,377		$	413		$	—		$	—		$	—		$	—		$	—		$	4,350
Ending balance: Collectively evaluated for expected credit loss		$	4,569		$	2,164		$	224		$	10,748		$	782		$	2,054		$	6,603		$	—		$	450		$	—		$	27,594
Loans:
Ending balance		$	190,322		$	662,091		$	34,685		$	700,553		$	1,564,018		$	273,896		$	2,109,041		$	454,357		$	111,328		$	13,337		$	6,113,628
Ending balance: Individually evaluated for expected credit loss		$	2,693		$	4,885		$	1,585		$	6,026		$	503		$	—		$	12,300		$	—		$	219		$	—		$	28,211
Ending balance: Collectively evaluated for expected credit loss		$	187,629		$	657,206		$	33,100		$	694,527		$	1,563,515		$	273,896		$	2,096,741		$	454,357		$	111,109		$	13,337		$	6,085,417

⁽¹⁾ Lending agreements related to consumer fintech loans had certain provisions accounted for as freestanding credit enhancements which resulted in the company recording a $19.6 million provision for credit losses and a correlated amount in non-interest income resulting in no impact to net income.

		December 31, 2023
		SBL non-real estate			SBL commercial mortgage			SBL construction			Direct lease financing			SBLOC / IBLOC			Advisor financing			Real estate bridge lending			Other loans			Deferred fees and costs			Total
Beginning balance 1/1/2023		$	5,028		$	2,585		$	565		$	7,972		$	1,167		$	1,293		$	3,121		$	643		$	—		$	22,374
Charge-offs			(871)			(76)			—			(3,666)			(24)			—			—			(3)			—			(4,640)
Recoveries			475			75			—			330			—			—			—			299			—			1,179
Provision (credit)			1,427			236			(280)			5,818			(330)			369			1,619			(394)			—			8,465
Ending balance		$	6,059		$	2,820		$	285		$	10,454		$	813		$	1,662		$	4,740		$	545		$	—		$	27,378
Ending balance: Individually evaluated for expected credit loss		$	670		$	343		$	44		$	1,827		$	—		$	—		$	—		$	4		$	—		$	2,888
Ending balance: Collectively evaluated for expected credit loss		$	5,389		$	2,477		$	241		$	8,627		$	813		$	1,662		$	4,740		$	541		$	—		$	24,490
Loans:
Ending balance		$	137,752		$	606,986		$	22,627		$	685,657		$	1,627,285		$	221,612		$	1,999,782		$	50,638		$	8,800		$	5,361,139
Ending balance: Individually evaluated for expected credit loss		$	1,919		$	2,381		$	3,385		$	3,785		$	—		$	—		$	—		$	362		$	—		$	11,832
Ending balance: Collectively evaluated for expected credit loss		$	135,833		$	604,605		$	19,242		$	681,872		$	1,627,285		$	221,612		$	1,999,782		$	50,276		$	8,800		$	5,349,307

		December 31, 2022
		SBL non-real estate			SBL commercial mortgage			SBL construction			Direct lease financing			SBLOC / IBLOC			Advisor financing			Real estate bridge lending			Other loans			Deferred fees and costs			Total
Beginning balance 1/1/2022		$	5,415		$	2,952		$	432		$	5,817		$	964		$	868		$	1,181		$	177		$	—		$	17,806
Charge-offs			(885)			—			—			(576)			—			—			—			—			—			(1,461)
Recoveries			140			—			—			124			—			—			—			24			—			288
Provision (credit)			358			(367)			133			2,607			203			425			1,940			442			—			5,741
Ending balance		$	5,028		$	2,585		$	565		$	7,972		$	1,167		$	1,293		$	3,121		$	643		$	—		$	22,374
Ending balance: Individually evaluated for expected credit loss		$	525		$	441		$	153		$	933		$	—		$	—		$	—		$	15		$	—		$	2,067
Ending balance: Collectively evaluated for expected credit loss		$	4,503		$	2,144		$	412		$	7,039		$	1,167		$	1,293		$	3,121		$	628		$	—		$	20,307
Loans:
Ending balance		$	108,954		$	474,496		$	30,864		$	632,160		$	2,332,469		$	172,468		$	1,669,031		$	61,679		$	4,732		$	5,486,853
Ending balance: Individually evaluated for expected credit loss		$	1,374		$	1,423		$	3,386		$	3,550		$	—		$	—		$	—		$	4,539		$	—		$	14,272
Ending balance: Collectively evaluated for expected credit loss		$	107,580		$	473,073		$	27,478		$	628,610		$	2,332,469		$	172,468		$	1,669,031		$	57,140		$	4,732		$	5,472,581

Schedule Of Net Charge-offs, Classified By Year Of The Loan Origination

A summary of the Company’s 2024 net charge-offs, classified by the year of the related loan origination, is as follows (dollars in thousands):

As of December 31, 2024			2024			2023			2022			2021			2020			Prior			Total
SBL non-real estate
Current period charge-offs		$	(14)		$	(53)		$	(149)		$	(101)		$	(320)		$	(71)		$	(708)
Current period recoveries			—			7			—			7			63			152			229
Current period SBL non-real estate net charge-offs			(14)			(46)			(149)			(94)			(257)			81			(479)
SBL commercial mortgage
Current period charge-offs			—			—			—			—			—			—			—
Current period recoveries			—			—			—			—			—			—			—
Current period SBL commercial mortgage net charge-offs			—			—			—			—			—			—			—
SBL construction
Current period charge-offs			—			—			—			—			—			—			—
Current period recoveries			—			—			—			—			—			—			—
Current period SBL construction net charge-offs			—			—			—			—			—			—			—
Direct lease financing
Current period charge-offs			(3)			(744)			(2,739)			(1,015)			(61)			(13)			(4,575)
Current period recoveries			—			39			177			85			8			9			318
Current period direct lease financing net charge-offs			(3)			(705)			(2,562)			(930)			(53)			(4)			(4,257)
SBLOC
Current period charge-offs			—			—			—			—			—			—			—
Current period recoveries			—			—			—			—			—			—			—
Current period SBLOC net charge-offs			—			—			—			—			—			—			—
IBLOC
Current period charge-offs			—			—			—			—			—			—			—
Current period recoveries			—			—			—			—			—			—			—
Current period IBLOC net charge-offs			—			—			—			—			—			—			—
Advisor financing
Current period charge-offs			—			—			—			—			—			—			—
Current period recoveries			—			—			—			—			—			—			—
Current period advisor financing net charge-offs			—			—			—			—			—			—			—
Real estate bridge loans
Current period charge-offs			—			—			—			—			—			—			—
Current period recoveries			—			—			—			—			—			—			—
Current period real estate bridge loans net charge-offs			—			—			—			—			—			—			—
Other loans
Current period charge-offs			(19,619)			(6)			—			—			—			(12)			(19,637)
Current period recoveries			—			—			—			—			—			1			1
Current period other loans net charge-offs			(19,619)			(6)			—			—			—			(11)			(19,636)
Total
Current period charge-offs			(19,636)			(803)			(2,888)			(1,116)			(381)			(96)			(24,920)
Current period recoveries			—			46			177			92			71			162			548
Current period net charge-offs		$	(19,636)		$	(757)		$	(2,711)		$	(1,024)		$	(310)		$	66		$	(24,372)

A summary of the Company’s 2023 net charge-offs, classified by the year of the related loan origination, is as follows (dollars in thousands):

As of December 31, 2023			2023			2022			2021			2020			2019			Prior			Total
SBL non-real estate
Current period charge-offs		$	—		$	—		$	—		$	—		$	—		$	(871)		$	(871)
Current period recoveries			—			—			—			—			—			475			475
Current period SBL non-real estate net charge-offs			—			—			—			—			—			(396)			(396)
SBL commercial mortgage
Current period charge-offs			—			—			—			—			—			(76)			(76)
Current period recoveries			—			—			—			—			—			75			75
Current period SBL commercial mortgage net charge-offs			—			—			—			—			—			(1)			(1)
SBL construction
Current period charge-offs			—			—			—			—			—			—			—
Current period recoveries			—			—			—			—			—			—			—
Current period SBL construction net charge-offs			—			—			—			—			—			—			—
Direct lease financing
Current period charge-offs			(138)			(2,138)			(1,117)			(234)			(39)			—			(3,666)
Current period recoveries			—			48			168			96			—			18			330
Current period direct lease financing net charge-offs			(138)			(2,090)			(949)			(138)			(39)			18			(3,336)
SBLOC
Current period charge-offs			—			—			—			—			—			—			—
Current period recoveries			—			—			—			—			—			—			—
Current period SBLOC net charge-offs			—			—			—			—			—			—			—
IBLOC
Current period charge-offs			—			(12)			(12)			—			—			—			(24)
Current period recoveries			—			—			—			—			—			—			—
Current period IBLOC net charge-offs			—			(12)			(12)			—			—			—			(24)
Advisor financing
Current period charge-offs			—			—			—			—			—			—			—
Current period recoveries			—			—			—			—			—			—			—
Current period advisor financing net charge-offs			—			—			—			—			—			—			—
Real estate bridge loans
Current period charge-offs			—			—			—			—			—			—			—
Current period recoveries			—			—			—			—			—			—			—
Current period real estate bridge loans net charge-offs			—			—			—			—			—			—			—
Other loans
Current period charge-offs			—			—			—			—			—			(3)			(3)
Current period recoveries			—			—			—			—			—			299			299
Current period other loans net charge-offs			—			—			—			—			—			296			296
Total
Current period charge-offs			(138)			(2,150)			(1,129)			(234)			(39)			(950)			(4,640)
Current period recoveries			—			48			168			96			—			867			1,179
Current period net charge-offs		$	(138)		$	(2,102)		$	(961)		$	(138)		$	(39)		$	(83)		$	(3,461)

Scheduled Undiscounted Cash Flows Of Direct Financing Leases

2025		$	216,481
2026			160,674
2027			125,350
2028			56,851
2029			18,977
2030 and thereafter			3,006
Total undiscounted cash flows			581,339
Residual value(1)			220,342
Difference between undiscounted cash flows and discounted cash flows			(101,128)
Present value of lease payments recorded as lease receivables		$	700,553

⁽¹⁾ Of the $220,342,000, $48,295,000 is not guaranteed by the lessee or other guarantors.

Delinquent Loans By Loan Category

		December 31, 2024
		30-59 days			60-89 days			90+ days						Total past due						Total
		past due			past due			still accruing			Non-accrual			and non-accrual			Current			loans
SBL non-real estate		$	229		$	—		$	871		$	2,635		$	3,735		$	186,587		$	190,322
SBL commercial mortgage			—			—			336			4,885			5,221			656,870			662,091
SBL construction			—			—			—			1,585			1,585			33,100			34,685
Direct lease financing			7,069			1,923			1,088			6,026			16,106			684,447			700,553
SBLOC / IBLOC			20,991			1,808			3,322			503			26,624			1,537,394			1,564,018
Advisor financing			—			—			—			—			—			273,896			273,896
Real estate bridge lending(1)			—			—			—			12,300			12,300			2,096,741			2,109,041
Consumer fintech			13,419			681			213			—			14,313			440,044			454,357
Other loans			49			—			—			—			49			111,279			111,328
Unamortized loan fees and costs			—			—			—			—			—			13,337			13,337
		$	41,757		$	4,412		$	5,830		$	27,934		$	79,933		$	6,033,695		$	6,113,628
		December 31, 2023
		30-59 days			60-89 days			90+ days						Total past due						Total
		past due			past due			still accruing			Non-accrual			and non-accrual			Current			loans
SBL non-real estate		$	84		$	333		$	336		$	1,842		$	2,595		$	135,157		$	137,752
SBL commercial mortgage			2,183			—			—			2,381			4,564			602,422			606,986
SBL construction			—			—			—			3,385			3,385			19,242			22,627
Direct lease financing			5,163			1,209			485			3,785			10,642			675,015			685,657
SBLOC / IBLOC			21,934			3,607			745			—			26,286			1,600,999			1,627,285
Advisor financing			—			—			—			—			—			221,612			221,612
Real estate bridge lending			—			—			—			—			—			1,999,782			1,999,782
Consumer fintech			—			—			—			—			—			—			—
Other loans			853			76			178			132			1,239			49,399			50,638
Unamortized loan fees and costs			—			—			—			—			—			8,800			8,800
		$	30,217		$	5,225		$	1,744		$	11,525		$	48,711		$	5,312,428		$	5,361,139
(1) The $12.3 million shown in the non-accrual column for real estate bridge loans was repaid on January 2, 2025 without loss of principal. The table above does not include an $11.2 million loan accounted for at fair value, and, as such, not reflected in delinquency tables. In third quarter 2024, the borrower notified the Company that he would no longer be making payments on the loan, which is collateralized by a vacant retail property. Based upon a July 2024 appraisal, the “as is” LTV is 84% and the “as stabilized” LTV is 62%. Since 2021, real estate bridge lending originations have consisted of apartment buildings, while this loan was originated previously. In January 2025, two loans totaling $9.8 million were transferred to non-accrual and were accordingly classified as substandard.

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