Loans and the Allowance for Credit Losses

3 Months Ended

Mar. 31, 2025

Loans and the Allowance for Credit Losses

NOTE 5. LOANS AND THE ALLOWANCE FOR CREDIT LOSSES

The recorded investment in loans is presented in the Consolidated Balance Sheets net of deferred loan fees and costs, and discounts on purchased loans. Net deferred loan costs were $12.6 million and $11.9 million at March 31, 2025 and December 31, 2024, respectively. The unaccreted discount on purchased loans from acquisitions was $351.6 million at March 31, 2025 and $10.5 million at December 31, 2024.


	March 31,		December 31,
(unaudited, in thousands)	2025		2024
Commercial real estate:
Land and construction	$	1,779,108	$	1,352,083
Improved property		8,722,738		5,974,598
Total commercial real estate		10,501,846		7,326,681
Commercial and industrial		2,781,728		1,787,277
Residential real estate		3,930,667		2,520,086
Home equity		1,020,929		821,110
Consumer		438,578		201,275
Total portfolio loans		18,673,748		12,656,429
Loans held for sale		243,281		18,695
Total loans	$	18,917,029	$	12,675,124

Allowance for Credit Losses

The allowance for credit losses under the current expected credit losses methodology ("CECL") is calculated on non-PCD loans utilizing the probability of default ("PD") divided by the loss given default ("LGD"), which is then discounted to net present value. PD is the probability the asset will default within a given time frame and LGD is the percentage of the asset not expected to be collected due to default. The primary macroeconomic drivers of the quantitative model include forecasts of national unemployment and interest rates, as well as modeling adjustments for changes in prepayment speeds, portfolio mix, concentrations and loan growth. At March 31, 2025, the primary driver of the change in the allowance model calculation from December 31, 2024 was the initial allowance on the loans acquired in the PFC transaction. At March 31, 2025, the total provision for credit losses on loans and loan commitments for non-PCD loans from the PFC acquisition was $59.4 million and is included in the following table. Also impacting the allowance were adjustments in regional macroeconomic factors and loan concentrations, increases to specific reserves on individually-evaluated loans and an increase in net charge-offs. The forecast was based upon a probability weighted approach which is designed to incorporate loss projections from a baseline, upside and downside economy. Due to the nonlinearity of credit losses to the economy, the asymmetry is best captured by evaluating multiple economic scenarios through a probability weighted approach. At quarter-end, national unemployment was projected to be 4.4%, and subsequently increase to an average of 5.0% over the remainder of the forecast period. In addition to the quantitative and qualitative changes noted above, the allowance is reflective of $2.8 million in net charge-offs recorded during the first three months of 2025. Accrued interest receivable for loans was $86.8 million and $62.2 million at March 31, 2025 and December 31, 2024, respectively. Wesbanco made an accounting policy election to exclude accrued interest from the measurement of the allowance for credit losses because the Company has a policy in place to reverse or write-off accrued interest when loans are placed on non-accrual. However, due to their unique nature, Wesbanco does have a $0.2 million reserve on the accrued interest related to individually-evaluated loans. In addition, Wesbanco also has a $0.1 million reserve on the accrued interest related to loan modifications allowed under the Coronavirus Aid, Relief and Economic Security ("CARES") Act due to the timing and nature of these modifications. Accrued interest related to COVID-19 loan modifications as permitted under the CARES Act was $14.1 million and $13.9 million at March 31, 2025 and December 31, 2024, respectively.

The following tables summarize changes in the allowance for credit losses applicable to each category of the loan portfolio:


	Allowance for Credit Losses By Category
	For the Three Months Ended March 31, 2025 and 2024
(unaudited, in thousands)	Commercial Real Estate - Land and Construction			Commercial Real Estate- Improved Property			Commercial & Industrial			Residential Real Estate			Home Equity			Consumer			Deposit Overdrafts (1)			Total
Balance at December 31, 2024
Allowance for credit losses - loans	$	8,411		$	59,828		$	42,398		$	21,790		$	1,235		$	3,391		$	1,713		$	138,766
Allowance for credit losses - loan commitments		5,105			—			—			1,015			—			—			—			6,120
Total beginning allowance for credit losses - loans and loan commitments		13,516			59,828			42,398			22,805			1,235			3,391			1,713			144,886
Initial allowance for credit losses on acquired PCD loans		177			5,369			16,632			3,192			604			3,095			—			29,069
Provision for credit losses:
Provision for loan losses		2,747			29,364			20,316			7,739			663			7,386			338			68,553
Provision for loan commitments		511			—			—			(183	)		—			11			—			339
Total provision for credit losses - loans and loan commitments (2)		3,258			29,364			20,316			7,556			663			7,397			338			68,892
Charge-offs		—			(33	)		(1,020	)		(221	)		(493	)		(1,822	)		(416	)		(4,005	)
Recoveries		—			15			437			125			156			386			115			1,234
Net (charge-offs) recoveries (3)		—			(18	)		(583	)		(96	)		(337	)		(1,436	)		(301	)		(2,771	)
Balance at March 31, 2025
Allowance for credit losses - loans		11,335			94,543			78,763			32,625			2,165			12,436			1,750			233,617
Allowance for credit losses - loan commitments		5,616			—			—			832			—			11			—			6,459
Total ending allowance for credit losses - loans and loan commitments	$	16,951		$	94,543		$	78,763		$	33,457		$	2,165		$	12,447		$	1,750		$	240,076

Balance at December 31, 2023
Allowance for credit losses - loans	$	7,123		$	59,351		$	36,644		$	21,218		$	1,017		$	3,956		$	1,366		$	130,675
Allowance for credit losses - loan commitments		6,894			—			429			1,276			5			—			—			8,604
Total beginning allowance for credit losses - loans and loan commitments		14,017			59,351			37,073			22,494			1,022			3,956			1,366			139,279
Provision for credit losses:
Provision for loan losses		858			(3,621	)		5,806			650			25			538			194			4,450
Provision for loan commitments		(568	)		—			124			9			6			—			—			(429	)
Total provision for credit losses - loans and loan commitments (2)		290			(3,621	)		5,930			659			31			538			194			4,021
Charge-offs		(813	)		(58	)		(4,810	)		(135	)		(216	)		(1,098	)		(453	)		(7,583	)
Recoveries		—			432			401			34			198			455			128			1,648
Net (charge-offs) recoveries		(813	)		374			(4,409	)		(101	)		(18	)		(643	)		(325	)		(5,935	)
Balance at March 31, 2024
Allowance for credit losses - loans		7,168			56,104			38,041			21,767			1,024			3,851			1,235			129,190
Allowance for credit losses - loan commitments		6,326			—			553			1,285			11			—			—			8,175
Total ending allowance for credit losses - loans and loan commitments	$	13,494		$	56,104		$	38,594		$	23,052		$	1,035		$	3,851		$	1,235		$	137,365

(1) Deposit overdrafts of $3.9 million and $4.1 million are included in total portfolio loans for the periods ending March 31, 2025 and March 31, 2024, respectively.

(2) The total provision for credit losses - loans and loan commitments is reported in the consolidated statements of income in the provision for credit losses line item, which also includes the provision for credit losses on held-to-maturity securities. For more information on the provision relating to held-to-maturity securities, please see Note 4, "Securities."

(3) The charge-offs on the acquired PFC loan portfolio prior to the acquisition were $21.8 million.

The following tables present the allowance for credit losses and recorded investments in loans by category, as of each period-end:


	Allowance for Credit Losses and Recorded Investment in Loans
(unaudited, in thousands)	Commercial Real Estate- Land and Construction		Commercial Real Estate- Improved Property		Commercial and Industrial		Residential Real Estate		Home Equity		Consumer		Deposit Overdrafts (1)		Total
March 31, 2025
Allowance for credit losses:
Loans individually-evaluated	$	—	$	18,095	$	6,014	$	—	$	—	$	—	$	—	$	24,109
Loans collectively-evaluated		11,335		76,448		72,749		32,625		2,165		12,436		1,750		209,508
Loan commitments (2)		5,616		—		—		832		—		11		—		6,459
Total allowance for credit losses - loans and commitments	$	16,951	$	94,543	$	78,763	$	33,457	$	2,165	$	12,447	$	1,750	$	240,076

Portfolio loans:
Individually-evaluated for credit losses	$	—	$	41,090	$	6,965	$	—	$	—	$	—	$	—	$	48,055
Collectively-evaluated for credit losses		1,779,108		8,681,648		2,774,763		3,930,667		1,020,929		438,578		—		18,625,693
Total portfolio loans	$	1,779,108	$	8,722,738	$	2,781,728	$	3,930,667	$	1,020,929	$	438,578	$	—	$	18,673,748

December 31, 2024
Allowance for credit losses:
Loans individually-evaluated	$	—	$	12,461	$	5,353	$	—	$	—	$	—	$	—	$	17,814
Loans collectively-evaluated		8,411		47,367		37,045		21,790		1,235		3,391		1,713		120,952
Loan commitments (2)		5,105		—		—		1,015		—		—		—		6,120
Total allowance for credit losses - loans and commitments	$	13,516	$	59,828	$	42,398	$	22,805	$	1,235	$	3,391	$	1,713	$	144,886

Portfolio loans:
Individually-evaluated for credit losses	$	—	$	45,224	$	7,116	$	—	$	—	$	—	$	—	$	52,340
Collectively-evaluated for credit losses		1,352,083		5,929,374		1,780,161		2,520,086		821,110		201,275		—		12,604,089
Total portfolio loans	$	1,352,083	$	5,974,598	$	1,787,277	$	2,520,086	$	821,110	$	201,275	$	—	$	12,656,429

(1) Deposit overdrafts of $3.9 million and $13.8 million are included in total portfolio loans for the periods ending March 31, 2025 and December 31, 2024, respectively.

(2) For additional detail relating to loan commitments, see Note 13, "Commitments and Contingent Liabilities."

Commercial Loan Risk Grades

Commercial loan risk grades are determined based on an evaluation of the relevant characteristics of each loan, assigned at inception and adjusted thereafter at any time to reflect changes in the risk profile throughout the life of each loan. The primary factors used to determine the risk grade are the sufficiency, reliability and sustainability of the primary source of repayment and overall financial strength of the borrower. The rating system more heavily weights the debt service coverage, leverage and loan to value factors to derive the risk grade. Other factors that are considered at a lesser weighting include management, industry or property type risks, payment history, collateral or guarantees.

Commercial real estate – land and construction consists of loans to finance investments in vacant land, land development, construction of residential housing, and construction of commercial buildings. Commercial real estate – improved property consists of loans for the purchase or refinance of all types of improved owner-occupied and investment properties. Factors that are considered in assigning the risk grade vary depending on the type of property financed. The risk grade assigned to construction and development loans is based on the overall viability of the project, the experience and financial capacity of the developer or builder to successfully complete the project, project specific and market absorption rates and comparable property values, and the amount of pre-sales for residential housing construction or pre-leases for commercial investment property. The risk grade assigned to commercial investment property loans is based primarily on the adequacy of the net operating income generated by the property to service the debt (“debt service coverage”), the loan to appraised value, the type, quality, industry and mix of tenants, and the terms of leases. The risk grade assigned to owner-occupied commercial real estate is based primarily on global debt service coverage and the leverage of the business, but may also consider the industry in which the business operates, the business’ specific competitive advantages or disadvantages, collateral margins and the quality and experience of management.

Commercial and industrial (“C&I”) loans consist of revolving lines of credit to finance accounts receivable, inventory and other general business purposes; term loans to finance fixed assets other than real estate, and letters of credit to support trade, insurance or governmental requirements for a variety of businesses. Most C&I borrowers are privately-held companies with annual sales up to $100 million. Primary factors that are considered in risk rating C&I loans include debt service coverage and leverage. Other factors including operating trends, collateral coverage along with management experience are also considered.

Pass loans are those that exhibit a history of positive financial results that are at least comparable to the average for their industry or type of real estate. The primary source of repayment is acceptable and these loans are expected to perform satisfactorily during most economic cycles. Pass loans typically have no significant external factors that are expected to adversely affect these borrowers more than others in the same industry or property type. Any minor unfavorable characteristics of these loans are outweighed or mitigated by other positive factors including but not limited to adequate secondary or tertiary sources of repayment, including guarantees.

Criticized loans, considered as compromised, have potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the bank's credit position at some future date. Criticized loans are not adversely classified by the banking regulators and do not expose the bank to sufficient risk to warrant adverse classification.

Classified loans, considered as substandard and doubtful, are equivalent to the classifications used by banking regulators. Substandard loans are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the bank will sustain some loss if the deficiencies are not corrected. These loans may or may not be reported as non-accrual. Doubtful loans have all the weaknesses inherent in those classified substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions, and values, highly questionable and improbable. These loans are reported as non-accrual.

The following tables summarize commercial loans by their assigned risk grade:


	Commercial Loans by Internally Assigned Risk Grade
(unaudited, in thousands)	Commercial Real Estate- Land and Construction		Commercial Real Estate- Improved Property		Commercial & Industrial		Total Commercial Loans
As of March 31, 2025
Pass	$	1,732,773	$	8,296,034	$	2,634,696	$	12,663,503
Criticized - compromised		44,847		309,529		116,243		470,619
Classified - substandard		1,488		117,175		30,789		149,452
Classified - doubtful		—		—		—		—
Total	$	1,779,108	$	8,722,738	$	2,781,728	$	13,283,574

As of December 31, 2024
Pass	$	1,347,374	$	5,690,606	$	1,721,309	$	8,759,289
Criticized - compromised		3,873		189,322		48,805		242,000
Classified - substandard		836		94,670		17,163		112,669
Classified - doubtful		—		—		—		—
Total	$	1,352,083	$	5,974,598	$	1,787,277	$	9,113,958

Residential real estate, home equity and consumer loans are not assigned internal risk grades other than as required by regulatory guidelines that are based primarily on the age of past due loans. Wesbanco primarily evaluates the credit quality of residential real estate, home equity and consumer loans based on repayment performance and historical loss rates. The aggregate amount of residential real estate, home equity and consumer loans classified as substandard in accordance with regulatory guidelines was $42.3 million at March 31, 2025 and $23.3 million at December 31, 2024, of which $5.2 million and $4.5 million were accruing, for each period, respectively. These loans are not included in the tables above. In addition, $39.1 million and $36.1 million of unfunded commercial loan commitments are also not included in the tables above at March 31, 2025 and December 31, 2024, respectively.

Past Due and Nonperforming Loans

The following tables summarize the age analysis of all categories of loans:


	Age Analysis of Loans
(unaudited, in thousands)	Current		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due		Total Past Due		Total Loans		90 Days or More Past Due and Accruing (1)
As of March 31, 2025
Commercial real estate:
Land and construction	$	1,772,867	$	4,832	$	1,376	$	33	$	6,241	$	1,779,108	$	33
Improved property		8,663,107		30,841		4,057		24,733		59,631		8,722,738		4,897
Total commercial real estate		10,435,974		35,673		5,433		24,766		65,872		10,501,846		4,930
Commercial and industrial		2,759,808		6,560		3,958		11,402		21,920		2,781,728		587
Residential real estate		3,896,052		6,984		9,319		18,312		34,615		3,930,667		2,813
Home equity		1,006,045		6,422		2,332		6,130		14,884		1,020,929		1,803
Consumer		427,484		5,963		1,849		3,282		11,094		438,578		601
Total portfolio loans		18,525,363		61,602		22,891		63,892		148,385		18,673,748		10,734
Loans held for sale		243,281		—		—		—		—		243,281		—
Total loans	$	18,768,644	$	61,602	$	22,891	$	63,892	$	148,385	$	18,917,029	$	10,734

Nonperforming loans included above are as follows:
Non-accrual loans	$	13,593	$	10,533	$	4,205	$	53,158	$	67,896	$	81,489

As of December 31, 2024
Commercial real estate:
Land and construction	$	1,351,251	$	832	$	—	$	—	$	832	$	1,352,083	$	—
Improved property		5,935,163		7,646		8,148		23,641		39,435		5,974,598		5,561
Total commercial real estate		7,286,414		8,478		8,148		23,641		40,267		7,326,681		5,561
Commercial and industrial		1,772,832		957		8,872		4,616		14,445		1,787,277		3,498
Residential real estate		2,506,959		1,483		3,523		8,121		13,127		2,520,086		2,489
Home equity		806,025		7,420		3,043		4,622		15,085		821,110		1,150
Consumer		195,082		3,916		1,384		893		6,193		201,275		857
Total portfolio loans		12,567,312		22,254		24,970		41,893		89,117		12,656,429		13,555
Loans held for sale		18,695		—		—		—		—		18,695		—
Total loans	$	12,586,007	$	22,254	$	24,970	$	41,893	$	89,117	$	12,675,124	$	13,555

Nonperforming loans included above are as follows:
Non-accrual loans	$	10,117	$	684	$	613	$	28,338	$	29,635	$	39,752

The following tables summarize nonperforming loans:


	Nonperforming Loans
	March 31, 2025						December 31, 2024
	Unpaid						Unpaid
	Principal		Recorded		Related		Principal		Recorded		Related
(unaudited, in thousands)	Balance (1)		Investment		Allowance		Balance (1)		Investment		Allowance
With no related specific allowance recorded:
Commercial real estate:
Land and construction	$	—	$	—	$	—	$	—	$	—	$	—
Improved property		27,029		24,065		—		17,489		15,918		—
Commercial and industrial		11,318		10,244		—		2,896		1,897		—
Residential real estate		32,857		26,002		—		17,200		12,524		—
Home equity		10,408		7,756		—		8,284		6,208		—
Consumer		3,935		3,345		—		140		87		—
Total nonperforming loans without a specific allowance		85,547		71,412		—		46,009		36,634		—
With a specific allowance recorded:
Commercial real estate:
Land and construction		—		—		—		—		—		—
Improved property		3,118		3,118		2,107		3,118		3,118		516
Commercial and industrial		6,959		6,959		6,014		—		—		—
Residential real estate		—		—		—		—		—		—
Home equity		—		—		—		—		—		—
Consumer		—		—		—		—		—		—
Total nonperforming loans with a specific allowance		10,077		10,077		8,121		3,118		3,118		516
Total nonperforming loans	$	95,624	$	81,489	$	8,121	$	49,127	$	39,752	$	516

(1) The difference between the unpaid principal balance and the recorded investment generally reflects amounts that have been previously charged-off and fair market value adjustments on acquired nonperforming loans.


	Nonperforming Loans
	For the Three Months Ended
	March 31, 2025				March 31, 2024
	Average		Interest		Average		Interest
	Recorded		Income		Recorded		Income
(unaudited, in thousands)	Investment		Recognized		Investment		Recognized
With no related specific allowance recorded:
Commercial real estate:
Land and construction	$	—	$	—	$	105	$	—
Improved property		19,992		—		11,540		—
Commercial and industrial		6,071		—		2,303		—
Residential real estate		19,263		—		11,131		—
Home equity		6,982		—		4,723		—
Consumer		1,716		—		62		—
Total nonperforming loans without a specific allowance		54,024		—		29,864		—
With a specific allowance recorded:
Commercial real estate:
Land and construction		—		—		—		—
Improved property		3,118		—		—		—
Commercial and industrial		3,480		—		—		—
Total nonperforming loans with a specific allowance		6,598		—		—		—
Total nonperforming loans	$	60,622	$	—	$	29,864	$	—

The following table presents the recorded investment in non-accrual loans:


	Non-accrual Loans (1)
	March 31,		December 31,
(unaudited, in thousands)	2025		2024
Commercial real estate:
Land and construction	$	—	$	—
Improved property		27,183		19,036
Total commercial real estate		27,183		19,036
Commercial and industrial		17,203		1,897
Residential real estate		26,002		12,524
Home equity		7,756		6,208
Consumer		3,345		87
Total	$	81,489	$	39,752

(1) At March 31, 2025, there were twelve borrowers with a loan balance greater than $1.0 million, which totaled $34.7 million, as compared to six borrowers with a loan balance greater than $1.0 million totaling $13.1 million at December 31, 2024. At March 31, 2025, total non-accrual loans included approximately $26.9 million from the PFC acquisition. Total non-accrual loans may include loans that are also restructured for borrowers experiencing financial difficulty. Such loans are also set forth in the following tables.

Modifications for Borrowers Experiencing Financial Difficulty

Tables in the following section exclude the financial effects of modifications for loans that were paid off or are otherwise no longer in the loan portfolio as of period end. The following table displays the details of portfolio loans that were modified during the three months ended March 31, 2025 and 2024 presented by loan category:


	For the Three Months Ended March 31, 2025
(unaudited, in thousands)	Term Extension		Payment Delay		Term Extension and Rate Reduction		Total		% of Total by Loan Category
Commercial real estate - land and construction	$	24,217	$	—	$	—	$	24,217		1.4
Commercial real estate - improved property		16,887		1,507		250		18,644		0.2
Commercial and industrial		5,258		106		—		5,364		0.2
Residential real estate		—		496		—		496		—
Home equity		—		435		—		435		—
Consumer		—		144		—		144		—
Total	$	46,362	$	2,688	$	250	$	49,300		0.3

	For the Three Months Ended March 31, 2024
(unaudited, in thousands)	Term Extension		Payment Delay		Term Extension and Rate Reduction		Total		Percent of Total by Loan Category
Commercial real estate - land and construction	$	—	$	—	$	—	$	—		—
Commercial real estate - improved property		24,989		—		—		24,989		0.4
Commercial and industrial		—		41		—		41		—
Residential real estate		—		579		—		579		—
Home equity		—		350		—		350		—
Consumer		—		124		—		124		0.1
Total	$	24,989	$	1,094	$	—	$	26,083		0.2

Unfunded loan commitments on modifications for borrowers experiencing financial difficulty ("MBEFDs") totaled $1.0 million for loans modified during the three months ended March 31, 2025 and $0.5 million for loans modified during the twelve months ended December 31, 2024. These commitments are not included in the tables above.

The following table summarizes the financial impacts of loan modifications and payment deferrals made to portfolio loans during the three months ended March 31, 2025 and 2024, presented by loan category:


	For the Three Months Ended		For the Three Months Ended
	March 31, 2025		March 31, 2024
(unaudited, in thousands)	Weighted-Average Term Extension (in months)		Weighted-Average Term Extension (in months)
Commercial real estate - land and construction		6		—
Commercial real estate - improved property		9		9
Commercial and industrial		14		—
Residential real estate		—		—
Home equity		—		—
Consumer		—		—

The following table summarizes loans with MBEFDs which defaulted (defined as 90 days past due) within 12 months of the loan being modified during the three months ended March 31, 2025 and 2024. Modified loans, including those that have defaulted, are already included in the allowance for credit losses through the various methodologies used to estimate the allowance. As such, no modification to the allowance is recorded specifically due to a modified loan subsequently defaulting.


	For the Three Months Ended						For the Three Months Ended
	March 31, 2025						March 31, 2024
(unaudited, in thousands)	Term Extension		Payment Delay		Total		Term Extension		Payment Delay		Total
Commercial real estate - land and construction	$	—	$	—	$	—	$	—	$	—	$	—
Commercial real estate - improved property		3,469		—		3,469		—		—		—
Commercial and industrial		—		—		—		—		—		—
Residential real estate		—		—		—		—		—		—
Home equity		—		9		9		—		—		—
Consumer		—		38		38		—		—		—
Total loans that subsequently defaulted (1)	$	3,469	$	47	$	3,516	$	—	$	—	$	—

The following table presents an aging analysis of portfolio loans by loan category that were modified during the twelve months prior to March 31, 2025 and March 31, 2024.


	March 31, 2025
(unaudited, in thousands)	30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due		Total Past Due		Current		Total
Commercial real estate - land and construction	$	—	$	832	$	—	$	832	$	24,218	$	25,050
Commercial real estate - improved property		4,436		3,468		7,997		15,901		77,101		93,002
Commercial and industrial		7		31		6,995		7,033		5,749		12,782
Residential real estate		834		—		520		1,354		2,015		3,369
Home equity		248		131		242		621		862		1,483
Consumer		—		16		80		96		216		312
Total modified loans (1)	$	5,525	$	4,478	$	15,834	$	25,837	$	110,161	$	135,998

	March 31, 2024
(unaudited, in thousands)	30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due		Total Past Due		Current		Total
Commercial real estate - land and construction	$	—	$	—	$	—	$	—	$	—	$	—
Commercial real estate - improved property		—		—		—		—		29,041		29,041
Commercial and industrial		—		—		41		41		8,531		8,572
Residential real estate		37		68		170		275		1,200		1,475
Home equity		14		—		233		247		1,016		1,263
Consumer		39		33		9		81		380		461
Total modified loans (1)	$	90	$	101	$	453	$	644	$	40,168	$	40,812

(1) Represents balance at period end.

The following tables summarize amortized cost basis loan balances by year of origination and credit quality indicator:


	Loans As of March 31, 2025
	Amortized Cost Basis by Origination Year
(unaudited, in thousands)	2025		2024		2023		2022		2021		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term		Total
Commercial real estate: land and construction
Risk rating:
Pass	$	24,892	$	373,474	$	493,485	$	410,229	$	81,416	$	118,871	$	125,322	$	105,084	$	1,732,773
Criticized - compromised		—		1,771		2,434		25,287		12,625		1,039		157		1,534		44,847
Classified - substandard		—		—		—		—		—		656		—		832		1,488
Classified - doubtful		—		—		—		—		—		—		—		—		—
Total	$	24,892	$	375,245	$	495,919	$	435,516	$	94,041	$	120,566	$	125,479	$	107,450	$	1,779,108
Current-period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Commercial real estate: improved property
Risk rating:
Pass	$	170,601	$	653,220	$	587,412	$	1,633,209	$	977,864	$	3,342,086	$	275,900	$	655,742	$	8,296,034
Criticized - compromised		—		8,059		21,021		38,561		29,305		135,051		482		77,050		309,529
Classified - substandard		250		19,673		6,409		30,279		4,465		48,900		1,576		5,623		117,175
Classified - doubtful		—		—		—		—		—		—		—		—		—
Total	$	170,851	$	680,952	$	614,842	$	1,702,049	$	1,011,634	$	3,526,037	$	277,958	$	738,415	$	8,722,738
Current-period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	15	$	—	$	18	$	33

Commercial and industrial
Risk rating:
Pass	$	70,478	$	306,508	$	216,220	$	394,267	$	223,356	$	378,733	$	918,531	$	126,603	$	2,634,696
Criticized - compromised		249		9,598		9,593		9,406		8,920		13,879		57,597		7,001		116,243
Classified - substandard		—		1,819		254		4,530		2,908		4,123		9,300		7,855		30,789
Classified - doubtful		—		—		—		—		—		—		—		—		—
Total	$	70,727	$	317,925	$	226,067	$	408,203	$	235,184	$	396,735	$	985,428	$	141,459	$	2,781,728
Current-period gross charge-offs	$	—	$	—	$	461	$	84	$	314	$	54	$	—	$	107	$	1,020

Residential real estate
Loan delinquency:
Current	$	36,970	$	245,025	$	289,426	$	772,299	$	665,505	$	1,107,935	$	—	$	778,892	$	3,896,052
30-59 days past due		—		67		—		—		1,391		4,796		—		730		6,984
60-89 days past due		—		579		430		1,675		1,198		5,437		—		—		9,319
90 days or more past due		—		586		1,849		3,057		1,976		9,042		—		1,802		18,312
Total	$	36,970	$	246,257	$	291,705	$	777,031	$	670,070	$	1,127,210	$	—	$	781,424	$	3,930,667
Current-period gross charge-offs	$	—	$	11	$	50	$	17	$	2	$	70	$	—	$	71	$	221

Home equity
Loan delinquency:
Current	$	11,847	$	1,524	$	1,985	$	2,827	$	1,472	$	39,175	$	945,852	$	1,363	$	1,006,045
30-59 days past due		154		289		256		628		287		1,627		3,166		15		6,422
60-89 days past due		—		264		240		723		185		790		101		29		2,332
90 days or more past due		—		402		894		919		388		2,993		340		194		6,130
Total	$	12,001	$	2,479	$	3,375	$	5,097	$	2,332	$	44,585	$	949,459	$	1,601	$	1,020,929
Current-period gross charge-offs	$	—	$	—	$	221	$	89	$	8	$	172	$	3	$	—	$	493

Consumer
Loan delinquency:
Current	$	26,981	$	101,819	$	91,213	$	107,448	$	34,857	$	37,006	$	28,160	$	—	$	427,484
30-59 days past due		47		846		1,290		1,978		685		1,110		7		—		5,963
60-89 days past due		—		439		432		601		268		109		—		—		1,849
90 days or more past due		—		512		753		1,201		457		359		—		—		3,282
Total	$	27,028	$	103,616	$	93,688	$	111,228	$	36,267	$	38,584	$	28,167	$	—	$	438,578
Current-period gross charge-offs	$	—	$	532	$	341	$	540	$	283	$	126	$	—	$	—	$	1,822


	Loans As of December 31, 2024
	Amortized Cost Basis by Origination Year
(in thousands)	2024		2023		2022		2021		2020		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term		Total
Commercial real estate: land and construction
Risk rating:
Pass	$	245,699	$	403,923	$	249,690	$	84,527	$	21,316	$	52,485	$	145,032	$	144,702	$	1,347,374
Criticized - compromised		1,746		—		1,096		—		—		10		376		645		3,873
Classified - substandard		—		—		—		—		—		4		—		832		836
Classified - doubtful		—		—		—		—		—		—		—		—		—
Total	$	247,445	$	403,923	$	250,786	$	84,527	$	21,316	$	52,499	$	145,408	$	146,179	$	1,352,083
Current-period gross charge-offs	$	—	$	813	$	—	$	—	$	—	$	—	$	—	$	—	$	813

Commercial real estate: improved property
Risk rating:
Pass	$	542,333	$	472,746	$	1,038,745	$	543,212	$	512,916	$	1,897,950	$	200,572	$	482,132	$	5,690,606
Criticized - compromised		365		28,204		5,188		13,590		6,733		39,845		825		94,572		189,322
Classified - substandard		19,746		1,836		23,393		1,186		9,952		36,142		623		1,792		94,670
Classified - doubtful		—		—		—		—		—		—		—		—		—
Total	$	562,444	$	502,786	$	1,067,326	$	557,988	$	529,601	$	1,973,937	$	202,020	$	578,496	$	5,974,598
Current-period gross charge-offs	$	—	$	—	$	75	$	7	$	—	$	855	$	—	$	—	$	937

Commercial and industrial
Risk rating:
Pass	$	225,344	$	139,460	$	206,252	$	106,446	$	48,285	$	250,438	$	616,831	$	128,253	$	1,721,309
Criticized - compromised		217		7,335		3,337		921		1,597		7,660		20,464		7,274		48,805
Classified - substandard		1,494		382		1,158		1,225		65		2,639		2,460		7,740		17,163
Classified - doubtful		—		—		—		—		—		—		—		—		—
Total	$	227,055	$	147,177	$	210,747	$	108,592	$	49,947	$	260,737	$	639,755	$	143,267	$	1,787,277
Current-period gross charge-offs	$	48	$	648	$	1,048	$	228	$	162	$	1,029	$	1	$	7,369	$	10,533

Residential real estate
Loan delinquency:
Current	$	201,454	$	195,121	$	323,588	$	397,596	$	168,526	$	471,081	$	—	$	749,593	$	2,506,959
30-59 days past due		—		—		—		—		—		1,483		—		—		1,483
60-89 days past due		—		—		—		319		37		2,763		—		404		3,523
90 days or more past due		—		219		838		128		204		5,237		—		1,495		8,121
Total	$	201,454	$	195,340	$	324,426	$	398,043	$	168,767	$	480,564	$	—	$	751,492	$	2,520,086
Current-period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	250	$	—	$	58	$	308

Home equity
Loan delinquency:
Current	$	11,504	$	1,857	$	2,220	$	969	$	2,623	$	22,444	$	763,157	$	1,251	$	806,025
30-59 days past due		—		167		530		65		88		1,226		5,166		178		7,420
60-89 days past due		—		656		1,170		346		—		636		91		144		3,043
90 days or more past due		—		927		795		235		363		2,045		112		145		4,622
Total	$	11,504	$	3,607	$	4,715	$	1,615	$	3,074	$	26,351	$	768,526	$	1,718	$	821,110
Current-period gross charge-offs	$	—	$	355	$	132	$	65	$	35	$	260	$	28	$	119	$	994

Consumer
Loan delinquency:
Current	$	51,073	$	55,821	$	36,994	$	11,744	$	5,640	$	9,270	$	24,540	$	—	$	195,082
30-59 days past due		774		1,225		765		602		205		197		148		—		3,916
60-89 days past due		271		327		517		161		51		57		—		—		1,384
90 days or more past due		320		235		123		116		34		65		—		—		893
Total	$	52,438	$	57,608	$	38,399	$	12,623	$	5,930	$	9,589	$	24,688	$	—	$	201,275
Current-period gross charge-offs	$	382	$	1,578	$	1,466	$	497	$	166	$	313	$	—	$	—	$	4,402

The following table summarizes other real estate owned and repossessed assets included in other assets:


	March 31,		December 31,
(unaudited, in thousands)	2025		2024
Other real estate owned	$	1,310	$	649
Repossessed assets		544		203
Total other real estate owned and repossessed assets	$	1,854	$	852

Residential real estate loans included in other real estate totaled $0.7 million and $0 million at March 31, 2025 and December 31, 2024, respectively. At March 31, 2025 and December 31, 2024, formal foreclosure proceedings were in process on residential real estate loans totaling $16.8 million and $4.0 million, respectively.