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Loans, Net | 12 Months Ended
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Dec. 31, 2025
Loans, Net [Abstract] |
Loans, Net | Note 5—Loans, net The Company’s loans originate from several lending lines of business, including: SBL s, or small business loans, are comprised primarily of Small Business Administration “SBA” loans. Direct lease financing includes lease financing for commercial and government vehicle fleets and, to a lesser extent, provides lease financing for other equipment. SBLOCs, or securities-backed lines of credit, are made to individuals, trusts and other entities and are secured by a pledge of marketable securities maintained in one or more accounts for which the Company obtains a securities account control agreement. IBLOCs, or insurance policy cash value-backed lines of credit, are collateralized by the cash surrender value of eligible insurance policies. Advisor financing are loans to investment advisors for purposes of debt refinancing, acquisition of another firm or internal succession. REBL, or real estate bridge lending, are transitional commercial mortgage loans which are made to improve and rehabilitate existing properties which already have cash flow, and which are collateralized by those properties. Fintech loans consist of short-term extensions of credit including secured credit card loans made in conjunction with marketers and servicers. Other loans include warehouse financing related to loan sales to third-party purchasers of REBL loans, and commercial and HELOC which the Company generally no longer offers. Major classifications of loans, excluding commercial loans, at fair value, are as follows (dollars in thousands):
| December 31, |  | December 31,
| 2025 |  | 2024
Loans recorded at amortized cost: |  |  |  |  |
SBL non-real estate | $ | 235,282 |  | $ | 190,322
SBL commercial mortgage |  | 749,234 |  |  | 662,091
SBL construction |  | 22,382 |  |  | 34,685
SBLs |  | 1,006,898 |  |  | 887,098
Direct lease financing |  | 685,422 |  |  | 700,553
SBLOC / IBLOC(1) |  | 1,669,985 |  |  | 1,564,018
Advisor financing |  | 294,236 |  |  | 273,896
Real estate bridge lending |  | 2,188,952 |  |  | 2,109,041
Fintech |  | 1,097,998 |  |  | 454,357
Other loans(2) |  | 157,416 |  |  | 111,328
|  | 7,100,907 |  |  | 6,100,291
Unamortized loan fees and costs |  | 15,769 |  |  | 13,337
Total loans, net of deferred loan fees and costs | $ | 7,116,676 |  | $ | 6,113,628
(1)SBLOC are collateralized by marketable securities, while IBLOC are collateralized by the cash surrender value of insurance policies. At December 31, 2025 and December 31, 2024, IBLOC loans amounted to $467.5 million and $548.1 million, respectively. (2)Includes warehouse financing related to loan sales to third-party purchasers of real estate bridge loans of $110.7 million and $65.5 million at December 31, 2025 and December 31, 2024, respectively. In addition, for December 31, 2025 includes CRA loans of $3.0 million and $3.7 million that were presented in SBL non-real estate and SBL commercial mortgage, respectively, at December 31, 2024. The Company did no t have loans acquired with deteriorated credit quality at either December 31, 2025, or December 31, 2024. During the years ended December 31, 2025 and 2024, the Company purchased $23.1 million and $46.7 million of SBLs, respectively, none of which were credit deteriorated. On December 31, 2024 the Company sold $82.0 million of REBL loans. Generally, a bank may not make a loan or extend credit to a single or related group of borrowers in excess of 15% of its unimpaired capital and surplus. At December 31, 2025, the Bank’s limit on loans to one borrower was $138.9 million, and our highest concentration of lending with any individual sponsor was $103.7 million of REBL loans. ‎ Non-Accrual and Delinquency A detail of the Company’s delinquent loans by loan category is as follows (dollars in thousands):
|  | December 31, 2025
|  | 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 |  | $ | 1,515 |  | $ | 344 |  | $ | — |  | $ | 8,639 |  | $ | 10,498 |  | $ | 224,784 |  | $ | 235,282
SBL commercial mortgage |  |  | 224 |  |  | — |  |  | — |  |  | 21,977 |  |  | 22,201 |  |  | 727,033 |  |  | 749,234
SBL construction |  |  | — |  |  | — |  |  | — |  |  | 2,660 |  |  | 2,660 |  |  | 19,722 |  |  | 22,382
Direct lease financing |  |  | 2,461 |  |  | 894 |  |  | 1,457 |  |  | 12,066 |  |  | 16,878 |  |  | 668,544 |  |  | 685,422
SBLOC / IBLOC |  |  | 5,328 |  |  | 65 |  |  | 251 |  |  | 446 |  |  | 6,090 |  |  | 1,663,895 |  |  | 1,669,985
Advisor financing |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 294,236 |  |  | 294,236
Real estate bridge lending |  |  | — |  |  | — |  |  | 14,459 |  |  | 9,755 |  |  | 24,214 |  |  | 2,164,738 |  |  | 2,188,952
Fintech |  |  | 24,701 |  |  | 3,791 |  |  | 2,030 |  |  | — |  |  | 30,522 |  |  | 1,067,476 |  |  | 1,097,998
Other loans |  |  | 209 |  |  | 111 |  |  | 2 |  |  | 142 |  |  | 464 |  |  | 156,952 |  |  | 157,416
Unamortized loan fees and costs |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 15,769 |  |  | 15,769
|  | $ | 34,438 |  | $ | 5,205 |  | $ | 18,199 |  | $ | 55,685 |  | $ | 113,527 |  | $ | 7,003,149 |  | $ | 7,116,676
|  | 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 |  |  | — |  |  | — |  |  | — |  |  | 12,300 |  |  | 12,300 |  |  | 2,096,741 |  |  | 2,109,041
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
The following table summarizes non-accrual loans with and without an ACL as of the periods indicated (dollars in thousands):
|  | December 31, 2025 |  | December 31, 2024
|  | 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 |  | $ | 5,361 |  | $ | 963 |  | $ | 3,278 |  | $ | 8,639 |  | $ | 1,308 |  | $ | 351 |  | $ | 1,327 |  | $ | 2,635
SBL commercial mortgage |  |  | 3,009 |  |  | 801 |  |  | 18,968 |  |  | 21,977 |  |  | 1,922 |  |  | 1,039 |  |  | 2,963 |  |  | 4,885
SBL construction |  |  | 710 |  |  | 35 |  |  | 1,950 |  |  | 2,660 |  |  | 1,585 |  |  | 118 |  |  | — |  |  | 1,585
Direct leasing |  |  | 11,881 |  |  | 4,211 |  |  | 185 |  |  | 12,066 |  |  | 5,561 |  |  | 2,377 |  |  | 465 |  |  | 6,026
IBLOC |  |  | 446 |  |  | 207 |  |  | — |  |  | 446 |  |  | 503 |  |  | 413 |  |  | — |  |  | 503
Real estate bridge lending |  |  | — |  |  | — |  |  | 9,755 |  |  | 9,755 |  |  | — |  |  | — |  |  | 12,300 |  |  | 12,300
Other loans |  |  | — |  |  | — |  |  | 142 |  |  | 142 |  |  | — |  |  | — |  |  | — |  |  | —
|  | $ | 21,407 |  | $ | 6,217 |  | $ | 34,278 |  | $ | 55,685 |  | $ | 10,879 |  | $ | 4,298 |  | $ | 17,055 |  | $ | 27,934
Interest which would have been earned on loans classified as non-accrual at December 31, 2025 and 2024, was $2.5 million and $1.1 million, respectively. No income on non-accrual loans was recognized during 2025 or 2024. In 2025 amounts reversed from interest income totaled $2.1 million, and primarily consist of $1.2 million of REBL and $0.6 million of SBL commercial real estate. In 2024 amounts reversed from interest income totaled $1.3 million, and primarily consist of $1.0 million of REBL. In 2023 amounts reversed from interest income totaled $0.3 million, and primarily consist of $0.1 million of direct leasing. The interest reversals represent interest receivable balance on loans at the time of transfer into non-accrual status. Loan Modifications L oans modified to borrowers experiencing financial difficulty, and related information are as follows (dollars in thousands):
| Year ended December 31, 2025 |  | Year ended December 31, 2024
| Payment delay as a result of a payment deferral |  | Interest rate reduction and payment deferral |  | Term extension and interest rate reduction |  | Total |  | Percent of total loan category |  | Payment delay as a result of a payment deferral |  | Interest rate reduction and payment deferral |  | Term extension |  | Total |  | Percent of total loan category
SBL non-real estate | $ | 4,480 |  | $ | 1,288 |  | $ | — |  | $ | 5,768 |  |  | 2.45% |  | $ | 2,421 |  | $ | — |  | $ | — |  | $ | 2,421 |  |  | 1.27%
SBL commercial mortgage |  | 3,330 |  |  | — |  |  | — |  |  | 3,330 |  |  | 0.44% |  |  | 3,255 |  |  | — |  |  | — |  |  | 3,255 |  |  | 0.49%
Direct lease financing |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,477 |  |  | 2,477 |  |  | 0.35%
Real estate bridge lending |  | — |  |  | — |  |  | 9,576 |  |  | 9,576 |  |  | 0.44% |  |  | — |  |  | 67,575 |  |  | — |  |  | 67,575 |  |  | 3.20%
Total | $ | 7,810 |  | $ | 1,288 |  | $ | 9,576 |  | $ | 18,674 |  |  | 0.26% |  | $ | 5,676 |  | $ | 67,575 |  | $ | 2,477 |  | $ | 75,728 |  |  | 1.24%
The following table shows an analysis of loans that were modified during the year-to-date periods ended December 31, 2025, and December 31, 2024 presented by loan classification (dollars in thousands):
| Year ended December 31, 2025
| 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 | $ | — |  | $ | — |  | $ | — |  | $ | 1,288 |  | $ | 1,288 |  | $ | 4,480 |  | $ | 5,768
SBL commercial mortgage |  | — |  |  | — |  |  | — |  |  | 3,330 |  |  | 3,330 |  |  | — |  |  | 3,330
Direct lease financing |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Real estate bridge lending |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9,576 |  |  | 9,576
| $ | — |  | $ | — |  | $ | — |  | $ | 4,618 |  | $ | 4,618 |  | $ | 14,056 |  | $ | 18,674
| 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 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 67,575 |  |  | 67,575
| $ | — |  | $ | 2,477 |  | $ | — |  | $ | 1,022 |  | $ | 3,499 |  | $ | 72,229 |  | $ | 75,728
The following table describes the financial effect of modifications made:
|  | Year ended December 31, 2025 |  |  | Year ended December 31, 2024
|  | Combined Rate and Maturity |  |  |  |  |  | Combined Rate and Maturity |  |  |
|  | Weighted average interest rate reduction |  |  | Weighted average term extension (in months) |  |  | More-than-insignificant-payment delay(1) |  |  | Weighted average interest rate reduction |  |  | Weighted average term extension (in months) |  |  | More-than-insignificant-payment delay(1)
SBL non-real estate |  | 1.00% |  |  | — |  |  | 2.45% |  |  | — |  |  | — |  |  | 1.27%
SBL commercial mortgage |  | — |  |  | — |  |  | 0.44% |  |  | — |  |  | — |  |  | 0.49%
Direct lease financing |  | — |  |  | — |  |  | — |  |  | — |  |  | 12.0 |  |  | —
Real estate bridge lending |  | 0.25% |  |  | 12.0 |  |  | — |  |  | 1.08% |  |  | — |  |  | 1.28%
(1)Percentage represents the principal of loans deferred divided by the principal of the total loan portfolio. There were no loans that received a term extension modification which had a payment default during the period and were modified in the twelve months before default. The Company had no commitments to extend additional credit to loans classified as modified as of either December 31, 2025 or 2024. As of December 31, 2025, there were $18.7 million of loans classified as modified with no specific reserves, while there were $75.7 million of loans classified as modified as of December 31, 2024 with specific reserves of $768,000. Allowance for Credit Loss A summary of the Company’s accounting policy and quantitative and qualitative methodology used in measuring the allowance for credit losses is presented in Note 2, “Summary of Significant Accounting Policies”. The Company’s estimate of credit loss for each portfolio segment includes consideration of different portfolio segments and qualitative factors, as follows: Real estate bridge loans. Real estate bridge loans are primarily collateralized by apartment buildings, or other commercial real estate. As charge-offs have generally not been experienced for multifamily (apartment building loans) which comprise the REBL portfolio, the ACL is determined by qualitative factors. Qualitative factors focus on historical industry losses, changes in classified loan balances, changes in economic conditions and underlying collateral and portfolio performance. In the third quarter of 2024, as a result of increased levels of loans classified as special mention or substandard, a new qualitative factor related to the level of such classified loans was added. Fintech loans. Fintech loans included $729.1 million and $201.1 million of secured credit card accounts as of December 31, 2025 and 2024, respectively, which are backed dollar for dollar by cash collateral by each individual cardholder and are required to be repaid in-full monthly. The remaining fintech loans consist of cashflow underwritten short-term liquidity products to individual borrowers ranging in maturities from 30 to 365 days. In addition, all fintech loans are covered by credit enhancement agreements. The Company has an agreement with a partner to originate and service fintech loans, which includes credit enhancement provisions through which incurred losses on fintech loans are covered by the partner. The Company recognizes an estimate of loss on this portfolio through its allowance for credit losses on its fintech loans on the Consolidated Balance Sheets, with provision for credit losses on fintech loans recognized on the Consolidated Statements of Operations. In addition, the Company recognizes a corresponding amount of credit enhancement asset on the Consolidated Balance Sheets and non-interest income — fintech loan credit enhancement in the Consolidated Statements of Operations. The measurement of the expected loan losses and the related credit enhancement are based on the same estimate and are equal and correlate to like amounts in the Consolidated Statements of Operations. The Company has recognized a credit enhancement asset on the Consolidated Balance Sheets related to the estimated recovery of its realized losses on fintech loans of $31.1 million and $12.9 million as of December 31, 2025 and December 31, 2024, respectively. All fintech loans are covered by credit enhancement agreements as of December 31, 2025. SBL. The Company segments the SBL portfolio into pools to capture the risk characteristics including: non-real estate, commercial mortgage and construction. The qualitative factors for SBL loans focus on pool loan performance, underlying collateral for collateral dependent loans and changes in economic conditions. Additionally, the construction segment adds a qualitative factor for general construction risk, such as construction delays resulting from labor shortages or availability/pricing of construction materials. Direct lease financing. The qualitative factors for direct lease financing focus on underlying collateral for collateral dependent loans, portfolio loan performance, loan concentrations and changes in economic conditions. SBLOC. The maximum SBLOC line amounts are determined based on the underlying securities collateral, which is monitored on a daily basis to confirm the composition of the client portfolio and its daily market value. The primary qualitative factor in the SBLOC analysis is the ratio of loans outstanding to market value. Significant losses have not been incurred since inception of this line of business, as the advance rates were established to provide the Company with protection from declines in market conditions from the origination date of the lines of credit. IBLOC. Significant losses have not been incurred since inception of the IBLOC line of business. The qualitative factors for IBLOC primarily focus on the concentration risk with insurance companies. Advisor financing. The Bank originates loans to investment advisors for purposes of debt refinancing, acquisition of another firm or internal succession. As credit losses have not been experienced, the ACL is determined by qualitative factors. The qualitative factors for investment advisor financing focus on historical industry losses, changes in lending policies and procedures, portfolio performance and economic conditions. Other loans. Other loans include warehouse financing related to REBL loan sales to third-party purchasers, and commercial and home equity lines of credit which the Company generally no longer offers. Qualitative factors focus on changes in the underlying collateral for collateral dependent loans, portfolio loan performance, loan concentrations and changes in economic conditions. A summary of the Company’s primary portfolio pools and loans accordingly classified, by year of origination, at December 31, 2025 and December 31, 2024 is as follows (dollars in thousands):
As of December 31, 2025 |  | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  | Revolving loans at amortized cost |  | Total
SBL non real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 70,191 |  | $ | 50,083 |  | $ | 60,331 |  | $ | 17,797 |  | $ | 12,295 |  | $ | 6,765 |  | $ | — |  | $ | 217,462
Special mention |  |  | — |  |  | 262 |  |  | 992 |  |  | 1,480 |  |  | — |  |  | 71 |  |  | — |  |  | 2,805
Substandard |  |  | — |  |  | 1,171 |  |  | 6,635 |  |  | 4,276 |  |  | 1,360 |  |  | 1,573 |  |  | — |  |  | 15,015
Total SBL non-real estate |  |  | 70,191 |  |  | 51,516 |  |  | 67,958 |  |  | 23,553 |  |  | 13,655 |  |  | 8,409 |  |  | — |  |  | 235,282
SBL commercial mortgage |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  |  | 107,357 |  |  | 156,610 |  |  | 83,047 |  |  | 105,359 |  |  | 69,554 |  |  | 166,921 |  |  | — |  |  | 688,848
Special mention |  |  | — |  |  | 2,749 |  |  | 2,708 |  |  | 4,406 |  |  | 4,275 |  |  | 7,459 |  |  | — |  |  | 21,597
Substandard |  |  | — |  |  | 706 |  |  | 9,622 |  |  | 14,656 |  |  | 8,579 |  |  | 5,226 |  |  | — |  |  | 38,789
Total SBL commercial mortgage |  |  | 107,357 |  |  | 160,065 |  |  | 95,377 |  |  | 124,421 |  |  | 82,408 |  |  | 179,606 |  |  | — |  |  | 749,234
SBL construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  |  | 4,769 |  |  | 10,449 |  |  | 4,504 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 19,722
Substandard |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,950 |  |  | 710 |  |  | — |  |  | 2,660
Total SBL construction |  |  | 4,769 |  |  | 10,449 |  |  | 4,504 |  |  | — |  |  | 1,950 |  |  | 710 |  |  | — |  |  | 22,382
Direct lease financing |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-rated |  |  | 1,777 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,777
Pass |  |  | 253,367 |  |  | 177,838 |  |  | 121,969 |  |  | 87,456 |  |  | 20,241 |  |  | 4,269 |  |  | — |  |  | 665,140
Special mention |  |  | 719 |  |  | 410 |  |  | 759 |  |  | 295 |  |  | 3 |  |  | — |  |  | — |  |  | 2,186
Substandard |  |  | 16 |  |  | 2,741 |  |  | 7,321 |  |  | 4,335 |  |  | 1,839 |  |  | 67 |  |  | — |  |  | 16,319
Total direct lease financing |  |  | 255,879 |  |  | 180,989 |  |  | 130,049 |  |  | 92,086 |  |  | 22,083 |  |  | 4,336 |  |  | — |  |  | 685,422
SBLOC/IBLOC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-rated |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6,882 |  |  | 6,882
Pass |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,662,616 |  |  | 1,662,616
Substandard |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 487 |  |  | 487
Total SBLOC/IBLOC |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,669,985 |  |  | 1,669,985
Advisor financing |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  |  | 68,249 |  |  | 69,705 |  |  | 70,411 |  |  | 48,197 |  |  | 16,471 |  |  | 12,253 |  |  | — |  |  | 285,286
Special mention |  |  | — |  |  | — |  |  | — |  |  | 979 |  |  | 7,971 |  |  | — |  |  | — |  |  | 8,950
Total advisor financing |  |  | 68,249 |  |  | 69,705 |  |  | 70,411 |  |  | 49,176 |  |  | 24,442 |  |  | 12,253 |  |  | — |  |  | 294,236
Real estate bridge lending |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  |  | 689,651 |  |  | 453,603 |  |  | 271,554 |  |  | 569,730 |  |  | 120,938 |  |  | — |  |  | — |  |  | 2,105,476
Special mention |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9,576 |  |  | — |  |  | — |  |  | 9,576
Substandard |  |  | — |  |  | 42,735 |  |  | — |  |  | 21,411 |  |  | 9,754 |  |  | — |  |  | — |  |  | 73,900
Total real estate bridge lending |  |  | 689,651 |  |  | 496,338 |  |  | 271,554 |  |  | 591,141 |  |  | 140,268 |  |  | — |  |  | — |  |  | 2,188,952
Fintech |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-rated |  |  | 141,605 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 954,364 |  |  | 1,095,969
Substandard |  |  | 2,029 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,029
Total fintech |  |  | 143,634 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 954,364 |  |  | 1,097,998
Other loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-rated |  |  | 494 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8,852 |  |  | — |  |  | 9,346
Pass |  |  | 56,998 |  |  | 54,458 |  |  | 160 |  |  | 252 |  |  | 343 |  |  | 34,621 |  |  | 1,096 |  |  | 147,928
Special mention |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Substandard |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 142 |  |  | — |  |  | 142
Total other loans |  |  | 57,492 |  |  | 54,458 |  |  | 160 |  |  | 252 |  |  | 343 |  |  | 43,615 |  |  | 1,096 |  |  | 157,416
|  | $ | 1,397,222 |  | $ | 1,023,520 |  | $ | 640,013 |  | $ | 880,629 |  | $ | 285,149 |  | $ | 248,929 |  | $ | 2,625,445 |  | $ | 7,100,907
Unamortized loan fees and costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 15,769
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 7,116,676
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/IBLOC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-rated |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,466 |  |  | 3,466
Pass |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,559,614 |  |  | 1,559,614
Substandard |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 938 |  |  | 938
Total SBLOC/IBLOC |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,564,018 |  |  | 1,564,018
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 lending |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  |  | 432,609 |  |  | 418,326 |  |  | 761,331 |  |  | 278,031 |  |  | — |  |  | — |  |  | — |  |  | 1,890,297
Special mention |  |  | 16,913 |  |  | — |  |  | 36,318 |  |  | 31,153 |  |  | — |  |  | — |  |  | — |  |  | 84,384
Substandard |  |  | 54,485 |  |  | — |  |  | 55,947 |  |  | 23,928 |  |  | — |  |  | — |  |  | — |  |  | 134,360
Total real estate bridge lending |  |  | 504,007 |  |  | 418,326 |  |  | 853,596 |  |  | 333,112 |  |  | — |  |  | — |  |  | — |  |  | 2,109,041
Fintech |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-rated |  |  | 18,119 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 436,025 |  |  | 454,144
Substandard |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 213 |  |  | 213
Total fintech |  |  | 18,119 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 436,238 |  |  | 454,357
Other loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-rated |  |  | 1,187 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 10,394 |  |  | — |  |  | 11,581
Pass |  |  | 66,267 |  |  | 163 |  |  | 256 |  |  | 351 |  |  | 2,606 |  |  | 37,133 |  |  | 1,381 |  |  | 108,157
Special mention |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 232 |  |  | — |  |  | 232
Total other loans(1) |  |  | 67,454 |  |  | 163 |  |  | 256 |  |  | 351 |  |  | 2,606 |  |  | 47,759 |  |  | 1,381 |  |  | 119,970
Total |  | $ | 1,156,199 |  | $ | 881,604 |  | $ | 1,219,932 |  | $ | 527,721 |  | $ | 101,786 |  | $ | 211,412 |  | $ | 2,001,637 |  | $ | 6,100,291
Unamortized loan fees and costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 13,337
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 6,113,628
(1)Included in Other loans are $8.6 million of SBA loans purchased for 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. In the above tables, the special mention classification indicates weaknesses that may, if not cured, threaten the borrower’s future repayment ability. A substandard classification reflects an existing weakness indicating the possible inadequacy of net worth and other repayment sources. These classifications are used both by regulators and peers, as they have been correlated with an increased probability of credit losses. A detail of the changes in the ACL by loan category and summary of loans evaluated individually and collectively for credit deterioration is as follows (dollars in thousands):
|  | December 31, 2025
|  | SBL non-real estate |  | SBL commercial mortgage |  | SBL construction |  | Direct lease financing |  | SBLOC / IBLOC |  | Advisor financing |  | Real estate bridge lending |  | Fintech |  | Other loans |  | Deferred fees and costs |  | Total
Beginning 1/1/2025 |  | $ | 4,972 |  | $ | 3,203 |  | $ | 342 |  | $ | 13,125 |  | $ | 1,195 |  | $ | 2,054 |  | $ | 6,603 |  | $ | 12,909 |  | $ | 450 |  | $ | — |  | $ | 44,853
Charge-offs(1) |  |  | (785) |  |  | — |  |  | (221) |  |  | (4,750) |  |  | — |  |  | — |  |  | — |  |  | (195,644) |  |  | (1,008) |  |  | — |  |  | (202,408)
Recoveries |  |  | 85 |  |  | — |  |  | 4 |  |  | 793 |  |  | — |  |  | — |  |  | — |  |  | 44,578 |  |  | 20 |  |  | — |  |  | 45,480
Provision (credit)(1) |  |  | 2,065 |  |  | (85) |  |  | 110 |  |  | 6,507 |  |  | (154) |  |  | 153 |  |  | (654) |  |  | 169,294 |  |  | 1,039 |  |  | — |  |  | 178,275
Ending balance |  | $ | 6,337 |  | $ | 3,118 |  | $ | 235 |  | $ | 15,675 |  | $ | 1,041 |  | $ | 2,207 |  | $ | 5,949 |  | $ | 31,137 |  | $ | 501 |  | $ | — |  | $ | 66,200
Allowance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated |  | $ | 963 |  | $ | 801 |  | $ | 35 |  | $ | 4,211 |  | $ | 207 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 6,217
Collectively evaluated |  |  | 5,374 |  |  | 2,317 |  |  | 200 |  |  | 11,464 |  |  | 834 |  |  | 2,207 |  |  | 5,949 |  |  | 31,137 |  |  | 501 |  |  | — |  |  | 59,983
Total allowance |  | $ | 6,337 |  | $ | 3,118 |  | $ | 235 |  | $ | 15,675 |  | $ | 1,041 |  | $ | 2,207 |  | $ | 5,949 |  | $ | 31,137 |  | $ | 501 |  | $ | — |  | $ | 66,200
Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated |  | $ | 8,639 |  | $ | 21,977 |  | $ | 2,660 |  | $ | 12,066 |  | $ | 446 |  | $ | — |  | $ | 9,755 |  | $ | — |  | $ | 142 |  | $ | — |  | $ | 55,685
Collectively evaluated |  |  | 226,643 |  |  | 727,257 |  |  | 19,722 |  |  | 673,356 |  |  | 1,669,539 |  |  | 294,236 |  |  | 2,179,197 |  |  | 1,097,998 |  |  | 157,274 |  |  | 15,769 |  |  | 7,060,991
Total loans, net of deferred loan fees and costs |  | $ | 235,282 |  | $ | 749,234 |  | $ | 22,382 |  | $ | 685,422 |  | $ | 1,669,985 |  | $ | 294,236 |  | $ | 2,188,952 |  | $ | 1,097,998 |  | $ | 157,416 |  | $ | 15,769 |  | $ | 7,116,676
(1)Lending agreements related to fintech loans resulted in the Company recording a $169.3 million provision for credit losses and a correlated amount of increases to the credit enhancement asset in non-interest income, resulting in no impact to net income.
|  | December 31, 2024
|  | SBL non-real estate |  | SBL commercial mortgage |  | SBL construction |  | Direct lease financing |  | SBLOC / IBLOC |  | Advisor financing |  | Real estate bridge lending |  | Fintech |  | Other loans |  | Deferred fees and costs |  | Total
Beginning 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 |  |  | — |  |  | — |  |  | — |  |  | 1,877 |  |  | 1 |  |  | — |  |  | 2,425
Provision (credit)(1) |  |  | (608) |  |  | 383 |  |  | 57 |  |  | 6,928 |  |  | 382 |  |  | 392 |  |  | 1,863 |  |  | 30,651 |  |  | (78) |  |  | — |  |  | 39,970
Ending balance |  | $ | 4,972 |  | $ | 3,203 |  | $ | 342 |  | $ | 13,125 |  | $ | 1,195 |  | $ | 2,054 |  | $ | 6,603 |  | $ | 12,909 |  | $ | 450 |  | $ | — |  | $ | 44,853
Allowance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated |  | $ | 403 |  | $ | 1,039 |  | $ | 118 |  | $ | 2,377 |  | $ | 413 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 4,350
Collectively evaluated |  |  | 4,569 |  |  | 2,164 |  |  | 224 |  |  | 10,748 |  |  | 782 |  |  | 2,054 |  |  | 6,603 |  |  | 12,909 |  |  | 450 |  |  | — |  |  | 40,503
Total allowance |  | $ | 4,972 |  | $ | 3,203 |  | $ | 342 |  | $ | 13,125 |  | $ | 1,195 |  | $ | 2,054 |  | $ | 6,603 |  | $ | 12,909 |  | $ | 450 |  | $ | — |  | $ | 44,853
Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated |  | $ | 2,693 |  | $ | 4,885 |  | $ | 1,585 |  | $ | 6,026 |  | $ | 503 |  | $ | — |  | $ | 12,300 |  | $ | — |  | $ | 219 |  | $ | — |  | $ | 28,211
Collectively evaluated |  |  | 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
Total loans, net of deferred loan fees and costs |  | $ | 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
(1)Lending agreements related to fintech loans resulted in the Company recording a $30.7 million provision for credit losses and a correlated amount of increases to the credit enhancement asset 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 |  | Fintech |  | Other loans |  | Deferred fees and costs |  | Total
Beginning 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
Allowance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated |  | $ | 670 |  | $ | 343 |  | $ | 44 |  | $ | 1,827 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 4 |  | $ | — |  | $ | 2,888
Collectively evaluated |  |  | 5,389 |  |  | 2,477 |  |  | 241 |  |  | 8,627 |  |  | 813 |  |  | 1,662 |  |  | 4,740 |  |  | — |  |  | 541 |  |  | — |  |  | 24,490
Total allowance |  | $ | 6,059 |  | $ | 2,820 |  | $ | 285 |  | $ | 10,454 |  | $ | 813 |  | $ | 1,662 |  | $ | 4,740 |  | $ | — |  | $ | 545 |  | $ | — |  | $ | 27,378
Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated |  | $ | 1,919 |  | $ | 2,381 |  | $ | 3,385 |  | $ | 3,785 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 362 |  | $ | — |  | $ | 11,832
Collectively evaluated |  |  | 135,833 |  |  | 604,605 |  |  | 19,242 |  |  | 681,872 |  |  | 1,627,285 |  |  | 221,612 |  |  | 1,999,782 |  |  | 311 |  |  | 49,965 |  |  | 8,800 |  |  | 5,349,307
Total loans, net of deferred loan fees and costs |  | $ | 137,752 |  | $ | 606,986 |  | $ | 22,627 |  | $ | 685,657 |  | $ | 1,627,285 |  | $ | 221,612 |  | $ | 1,999,782 |  | $ | 311 |  | $ | 50,327 |  | $ | 8,800 |  | $ | 5,361,139
Total net charge-offs increased $134.4 million, to $156.9 million for the year ended December 31, 2025, from $22.5 million for 2024. The increase in charge-offs is driven by growth in consumer fintech, which have a $133.3 million increase in net-charge offs. Fintech lending started significant activity in the fourth quarter of 2024, and such loans have a higher expected loss rate then the remainder of our loan portfolio. Losses on consumer fintech loans are covered by credit enhancement agreements as discussed further above under “Allowance for credit loss—Consumer fintech loans”. Excluding consumer fintech, net charge-offs on the remaining portfolio were $5.9 million for the year ended December 31, 2025 and $4.8 million for the year ended December 31, 2024. ‎ A summary of the Company’s net charge-offs for the years ended December 31, 2025 and December 31, 2024, classified by portfolio segment and year of origination are as follows (dollars in thousands):
|  | Year ended December 31, 2025
|  |  | 2025 |  |  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | Prior |  | Revolving loans at amortized cost |  |  | Total
SBL non-real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Charge-offs |  | $ | — |  | $ | (137) |  | $ | — |  | $ | (294) |  | $ | — |  | $ | (354) |  | $ | — |  | $ | (785)
Recoveries |  |  | — |  |  | 14 |  |  | 1 |  |  | 13 |  |  | 7 |  |  | 50 |  |  | — |  |  | 85
Net charge-offs |  |  | — |  |  | (123) |  |  | 1 |  |  | (281) |  |  | 7 |  |  | (304) |  |  | — |  |  | (700)
SBL construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Charge-offs |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (221) |  |  | — |  |  | — |  |  | (221)
Recoveries |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4 |  |  | — |  |  | — |  |  | 4
Net charge-offs |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (217) |  |  | — |  |  | — |  |  | (217)
Direct lease financing |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Charge-offs |  |  | (25) |  |  | (279) |  |  | (2,352) |  |  | (1,626) |  |  | (454) |  |  | (14) |  |  | — |  |  | (4,750)
Recoveries |  |  | — |  |  | 23 |  |  | 163 |  |  | 446 |  |  | 158 |  |  | 3 |  |  | — |  |  | 793
Net charge-offs |  |  | (25) |  |  | (256) |  |  | (2,189) |  |  | (1,180) |  |  | (296) |  |  | (11) |  |  | — |  |  | (3,957)
Fintech |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Charge-offs |  |  | (9,474) |  |  | (2,263) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (183,907) |  |  | (195,644)
Recoveries |  |  | 590 |  |  | 334 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 43,654 |  |  | 44,578
Net charge-offs |  |  | (8,884) |  |  | (1,929) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (140,253) |  |  | (151,066)
Other loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Charge-offs |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,008) |  |  | — |  |  | (1,008)
Recoveries |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 15 |  |  | 5 |  |  | 20
Net charge-offs |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (993) |  |  | 5 |  |  | (988)
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Charge-offs |  |  | (9,499) |  |  | (2,679) |  |  | (2,352) |  |  | (1,920) |  |  | (675) |  |  | (1,376) |  |  | (183,907) |  |  | (202,408)
Recoveries |  |  | 590 |  |  | 371 |  |  | 164 |  |  | 459 |  |  | 169 |  |  | 68 |  |  | 43,659 |  |  | 45,480
Net charge-offs |  | $ | (8,909) |  | $ | (2,308) |  | $ | (2,188) |  | $ | (1,461) |  | $ | (506) |  | $ | (1,308) |  | $ | (140,248) |  | $ | (156,928)
|  | Year ended December 31, 2024
|  |  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | Prior |  | Revolving loans at amortized cost |  |  | Total
SBL non-real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Charge-offs |  | $ | (14) |  | $ | (53) |  | $ | (149) |  | $ | (101) |  | $ | (320) |  | $ | (71) |  | $ | — |  | $ | (708)
Recoveries |  |  | — |  |  | 7 |  |  | — |  |  | 7 |  |  | 63 |  |  | 152 |  |  | — |  |  | 229
Net charge-offs |  |  | (14) |  |  | (46) |  |  | (149) |  |  | (94) |  |  | (257) |  |  | 81 |  |  | — |  |  | (479)
Direct lease financing |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Charge-offs |  |  | (3) |  |  | (744) |  |  | (2,739) |  |  | (1,015) |  |  | (61) |  |  | (13) |  |  | — |  |  | (4,575)
Recoveries |  |  | — |  |  | 39 |  |  | 177 |  |  | 85 |  |  | 8 |  |  | 9 |  |  | — |  |  | 318
Net charge-offs |  |  | (3) |  |  | (705) |  |  | (2,562) |  |  | (930) |  |  | (53) |  |  | (4) |  |  | — |  |  | (4,257)
Fintech |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Charge-offs |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (19,619) |  |  | (19,619)
Recoveries |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,877 |  |  | 1,877
Net charge-offs |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (17,742) |  |  | (17,742)
Other loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Charge-offs |  |  | — |  |  | (6) |  |  | — |  |  | — |  |  | — |  |  | (12) |  |  | — |  |  | (18)
Recoveries |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 1
Net charge-offs |  |  | — |  |  | (6) |  |  | — |  |  | — |  |  | — |  |  | (11) |  |  | — |  |  | (17)
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Charge-offs |  |  | (17) |  |  | (803) |  |  | (2,888) |  |  | (1,116) |  |  | (381) |  |  | (96) |  |  | (19,619) |  |  | (24,920)
Recoveries |  |  | — |  |  | 46 |  |  | 177 |  |  | 92 |  |  | 71 |  |  | 162 |  |  | 1,877 |  |  | 2,425
Net charge-offs |  | $ | (17) |  | $ | (757) |  | $ | (2,711) |  | $ | (1,024) |  | $ | (310) |  | $ | 66 |  | $ | (17,742) |  | $ | (22,495)
Direct lease financing The Company provides lease financing for commercial and government vehicle fleets and, to a lesser extent, provides lease financing for other equipment. Leases are either open-end or closed-end. An open-end lease is one in which, at the end of the lease term, the lessee must pay the difference between the amount at which the Company sells the leased asset and the stated termination value. Termination value is a contractual value agreed to by the parties at the inception of a lease as to the value of the leased asset at the end of the lease term. A closed-end lease is one for which no such payment is due on lease termination. In a closed-end lease, the risk that the amount received on a sale of the leased asset will be less than the residual value is assumed by the Bank, as lessor. The scheduled undiscounted cash flows of the direct financing leases reconciled to the total lease receivables as of December 31, 2025 are as follows (dollars in thousands):
2026 |  | $ | 238,574
2027 |  |  | 160,408
2028 |  |  | 87,947
2029 |  |  | 47,154
2030 |  |  | 16,775
2031 and thereafter |  |  | 3,836
Total undiscounted cash flows |  |  | 554,694
Residual value(1) |  |  | 220,231
Difference between undiscounted cash flows and discounted cash flows |  |  | (89,503)
Present value of lease payments recorded as lease receivables |  | $ | 685,422
(1)Of the total residual value, $45.1 million is not guaranteed by the lessee or other guarantors. ‎

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- Definition The entire disclosure for claims held for amounts due to entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/310-10/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2 + Details
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- References No definition available. + Details
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