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LOANS AND CREDIT QUALITY
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
LOANS AND CREDIT QUALITY LOANS AND CREDIT QUALITY:
The Company's LHFI is divided into two portfolio segments, commercial loans and consumer loans. Within each portfolio segment, the Company monitors and assesses credit risk based on the risk characteristics of each of the following loan classes: non-owner occupied commercial real estate ("CRE"), multifamily, construction and land development, owner occupied CRE and commercial business loans within the commercial loan portfolio segment and single family and home equity and other loans within the consumer loan portfolio segment. LHFI consists of the following:
At December 31,
(in thousands)20242023
CRE
Non-owner occupied CRE$570,750 $641,885 
Multifamily2,992,675 3,940,189 
Construction/land development472,740 565,916 
Total4,036,165 5,147,990 
Commercial and industrial loans
Owner occupied CRE361,997 391,285 
Commercial business312,004 359,049 
Total
674,001 750,334 
Consumer loans
Single family 1,109,095 1,140,279 
Home equity and other412,535 384,301 
Total (1)
1,521,630 1,524,580 
                  Total LHFI6,231,796 7,422,904 
ACL
(38,743)(40,500)
Total LHFI less ACL
$6,193,053 $7,382,404 
(1)    Includes $1.3 million at December 31, 2024 and 2023, of loans where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes recognized in the consolidated income statements.

Loans totaling $4.0 billion and $5.1 billion at December 31, 2024 and 2023, respectively, were pledged to secure existing or potential borrowings from the FHLB and loans totaling $1.4 billion and $1.2 billion at December 31, 2024 and 2023, respectively, were pledged to secure existing or potential borrowings from the FRBSF.

It is the Company's policy to make loans to officers, directors and their associates in the ordinary course of business on substantially the same terms as those prevailing at the time for comparable transactions with other persons. The following is a summary of activity during the years ended December 31, 2024 and 2023 with respect to such aggregate loans to these related parties and their associates:

Years Ended December 31,
(in thousands)20242023
Beginning balance$1,932 $1,978 
New loans and advances, net of principal repayments(73)(46)
Ending balance$1,859 $1,932 

Credit Risk Concentrations

Concentrations of credit risk arise when a number of customers are engaged in similar business activities or activities in the same geographic region, or when they have similar economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic conditions.

LHFI are primarily secured by real estate located in the Pacific Northwest and California. At December 31, 2024 and 2023, single family loans in the state of Washington represented 13% and 11% of the total LHFI portfolio, respectively. At December 31, 2024 and 2023, multifamily loans in the state of California represented 30% and 36% of the total LHFI portfolio, respectively.
Credit Quality
Management considers the level of ACL to be appropriate to cover credit losses expected over the life of the loans for the LHFI portfolio. The cumulative loss rate used as the basis for the estimate of credit losses is comprised of the Bank’s historical loss experience and eight qualitative factors for current and forecasted periods.

As of December 31, 2024, the historical expected loss rates increased when compared to December 31, 2023. During 2024, expected loss rates increased primarily due to product mix and risk level composition changes and specific reserves on commercial loans, which were partially offset by a reduction in loan balances resulting from our $990 million loan sale. As of December 31, 2024, the Bank expects slight near-term deterioration in commercial collateral values offset by improvement in commercial and single family collateral values in later periods of the two-year forecast period in the markets in which it operates. Additionally, over the near term and two-year forecast period in the markets in which it operates, the Bank expects neutral economic conditions.

The Company maintains a separate allowance for unfunded loan commitments which is included in accounts payable and other liabilities on our consolidated balance sheets. The allowance for unfunded commitments was $1.1 million and $1.8 million at December 31, 2024 and 2023, respectively.
The Bank has elected to exclude accrued interest receivable from the evaluation of the ACL. Accrued interest on LHFI was $25.1 million and $28.9 million at December 31, 2024 and 2023, respectively, and was reported in other assets on the consolidated balance sheets.
Activity in the ACL for LHFI and the allowance for unfunded commitments was as follows:
 Years Ended December 31,
(in thousands)20242023
Beginning balance$40,500 $41,500 
Provision for credit losses677 (67)
Net (charge-offs) recoveries(2,434)(933)
Ending balance$38,743 $40,500 
Allowance for unfunded commitments
Beginning balance$1,823 $2,197 
Provision for credit losses(677)(374)
Ending balance$1,146 $1,823 
Provision for credit losses:
Allowance for credit losses-loans$677 $(67)
Allowance for unfunded commitments(677)(374)
Total$— $(441)

Activity in the ACL by loan portfolio and loan sub-class was as follows:

Year Ended December 31, 2024
(in thousands)Beginning
balance		Charge-offsRecoveriesProvisionEnding
balance
CRE
Non-owner occupied CRE$2,610 $— $— $(871)$1,739 
Multifamily13,093 — — 1,816 14,909 
Construction/land development
Multifamily construction3,983 — — (3,134)849 
CRE construction189 — — (123)66 
Single family construction7,365 — — (628)6,737 
Single family construction to permanent672 — — (488)184 
Total27,912 — — (3,428)24,484 
Commercial and industrial loans
Owner occupied CRE899 — — (323)576 
Commercial business2,950 (2,963)522 6,377 6,886 
Total3,849 (2,963)522 6,054 7,462 
Consumer loans
Single family5,287 — 7 (1,684)3,610 
Home equity and other3,452 (178)178 (265)3,187 
Total8,739 (178)185 (1,949)6,797 
Total ACL$40,500 $(3,141)$707 $677 $38,743 
Year Ended December 31, 2023
(in thousands)Beginning balanceCharge-offsRecoveriesProvisionEnding
balance
CRE
Non-owner occupied CRE$2,102 $— $— $508 $2,610 
Multifamily10,974 — — 2,119 13,093 
Construction/land development
Multifamily construction998 — — 2,985 3,983 
CRE construction196 — — (7)189 
Single family construction12,418 — — (5,053)7,365 
Single family construction to permanent1,171 — — (499)672 
Total27,859 — — 53 27,912 
Commercial and industrial loans
Owner occupied CRE1,030 — — (131)899 
Commercial business3,247 (1,062)87 678 2,950 
Total4,277 (1,062)87 547 3,849 
Consumer loans
Single family5,610 — 23 (346)5,287 
Home equity and other3,754 (319)338 (321)3,452 
Total9,364 (319)361 (667)8,739 
Total ACL$41,500 $(1,381)$448 $(67)$40,500 


Credit Quality Indicators
Management regularly reviews loans in the portfolio to assess credit quality indicators and to determine appropriate loan classification and grading in accordance with applicable bank regulations. The Company's risk rating methodology assigns risk ratings ranging from 1 to 10, where a higher rating represents higher risk. The risk rating of 9 is not used.
Per the Company's policies, most commercial loans pools are non-homogenous and are regularly assessed for credit quality. The rating categories can be generally described by the following groupings for non-homogeneous loans:
•1-6: These loans meet the definition of "Pass" assets. They are well protected by the current net worth and paying capacity of the obligor (or guarantors, if any) or by the fair value, less costs to acquire and sell in a timely manner, of any underlying collateral.
•7: These loans meet the regulatory definition of "Special Mention." They contain potential weaknesses, that if uncorrected may result in deterioration of the likelihood of repayment or in the Bank’s credit position.
•8: These loans meet the regulatory definition of "Substandard." They are inadequately protected by the current sound worth and paying capacity of the borrower or of the collateral pledged, if any. They have well-defined weaknesses and have unsatisfactory characteristics causing unacceptable levels of risk.
•10: A loan, or the portion of a loan determined to meet the regulatory definition of “Loss.” The amounts classified as loss have been charged-off.

The risk rating categories can be generally described by the following groupings for homogeneous loans:
•1-6: These loans meet the definition of "Pass" assets. A homogenous "Pass" loan is typically risk rated based on payment performance.
•7: These loans meet the regulatory definition of “Special Mention.” A homogeneous special mention loan, risk rated 7, is less than 90 days past due from the required payment date at month-end.
•8: These loans meet the regulatory definition of “Substandard.” A homogeneous substandard loan, risk rated 8, is 90 days or more past due from the required payment date at month-end.
•10: These loans meet the regulatory definition of "Loss." A closed-end homogeneous loan not secured by real estate is risk rated 10 when past due 120 cumulative days or more from the contractual due date. Closed-end homogenous loans secured by real estate and all open-end homogenous loans are risk rated 10 when past due 180 cumulative days or more
from the contractual due date. These loans, or the portion of these loans classified as loss, are generally charged-off in the month in which the applicable past due period elapses.

Small balance commercial loans are generally considered homogenous unless 30 days or more past due. The risk rating classification for such loans are based on the non-homogenous definitions noted above.
The following table presents a vintage analysis of the commercial portfolio segment by loan sub-class and risk rating or delinquency status:
At December 31, 2024
(in thousands)20242023202220212020
2019 and prior
RevolvingRevolving-termTotal
COMMERCIAL PORTFOLIO
Non-owner occupied CRE
Pass$— $1,441 $70,128 $71,493 $39,885 $347,058 $(36)$— $529,969 
Special Mention— — — — — 24,551 — — 24,551 
Substandard— — — — — 16,230 — — 16,230 
Total — 1,441 70,128 71,493 39,885 387,839 (36)— 570,750 
Multifamily
Pass1,650 106,415 1,538,855 643,044 257,110 255,643 — — 2,802,717 
Special Mention— — 66,217 4,789 73,308 23,835 — — 168,149 
Substandard— — 15,602 — — 6,207 — — 21,809 
Total1,650 106,415 1,620,674 647,833 330,418 285,685 — — 2,992,675 
Multifamily construction
Pass— 31,349 67,557 — — — — — 98,906 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total— 31,349 67,557 — — — — — 98,906 
CRE construction
Pass19 7,198 — — — — — — 7,217 
Special Mention— — — — — — — — — 
Substandard— — — — 3,821 — — — 3,821 
Total 19 7,198 — — 3,821 — — — 11,038 
Single family construction
Pass121,305 22,412 5,346 7,252 — 69 164,442 — 320,826 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total 121,305 22,412 5,346 7,252 — 69 164,442 — 320,826 
Single family construction to permanent
Current
6,153 9,719 17,598 7,977 523 — — — 41,970 
Past due:
30-59 days
— — — — — — — — — 
60-89 days
— — — — — — — — — 
90+ days
— — — — — — — — — 
Total 6,153 9,719 17,598 7,977 523 — — — 41,970 
Owner occupied CRE
Pass5,431 10,501 58,423 33,371 41,533 168,082 3 43 317,387 
Special Mention— 1,789 6,129 7,602 317 26,203 — — 42,040 
Substandard— — 331 — — 2,239 — — 2,570 
Total 5,431 12,290 64,883 40,973 41,850 196,524 3 43 361,997 
Commercial business
Pass26,706 15,721 36,209 20,347 28,207 28,836 123,003 700 279,729 
Special Mention— — 959 2,380 638 615 386 — 4,978 
Substandard243 406 11,885 — 7,192 4,628 2,920 23 27,297 
Total 26,949 16,127 49,053 22,727 36,037 34,079 126,309 723 312,004 
Total commercial portfolio$161,507 $206,951 $1,895,239 $798,255 $452,534 $904,196 $290,718 $766 $4,710,166 
The following table presents a vintage analysis of the consumer portfolio segment by loan sub-class and delinquency status:

At December 31, 2024
(in thousands)20242023202220212020
2019 and prior
RevolvingRevolving-termTotal
CONSUMER PORTFOLIO
Single family
Current
$566 $30,940 $378,613 $303,920 $139,159 $251,322 $— $— $1,104,520 
Past due:
30-59 days
— — 452 — — 1,673 — — 2,125 
60-89 days
— — — — — 440 — — 440 
90+ days
— — — — — 2,010 — — 2,010 
Total
566 30,940 379,065 303,920 139,159 255,445 — — 1,109,095 
Home equity and other
Current
1,606 936 1,528 126 85 1,932 399,531 4,449 410,193 
Past due:
30-59 days
25 4 1 — — — 474 62 566 
60-89 days
— 3 4 — — — 626 — 633 
90+ days
— — — — — 10 1,127 6 1,143 
Total1,631 943 1,533 126 85 1,942 401,758 4,517 412,535 
Total consumer portfolio (1)
$2,197 $31,883 $380,598 $304,046 $139,244 $257,387 $401,758 $4,517 $1,521,630 
Total LHFI$163,704 $238,834 $2,275,837 $1,102,301 $591,778 $1,161,583 $692,476 $5,283 $6,231,796 
(1)    Includes $1.3 million of loans where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes in fair value recognized in the consolidated income statements.
The following table presents a vintage analysis of the commercial portfolio segment by loan sub-class and risk rating or delinquency status:
At December 31, 2023
(in thousands)20232022202120202019
2018 and prior
RevolvingRevolving-termTotal
COMMERCIAL PORTFOLIO
Non-owner occupied CRE
Pass$1,499 $70,388 $71,217 $41,235 $118,900 $286,379 $601 $— $590,219 
Special Mention— — — — 686 34,177 — — 34,863 
Substandard— — — — 16,230 — 573 — 16,803 
Total1,499 70,388 71,217 41,235 135,816 320,556 1,174 — 641,885 
Multifamily
Pass108,274 1,813,647 1,151,677 475,708 189,567 177,712 — — 3,916,585 
Special Mention— — 3,942 12,887 2,368 1,344 — — 20,541 
Substandard— — — — — 3,063 — — 3,063 
Total108,274 1,813,647 1,155,619 488,595 191,935 182,119 — — 3,940,189 
Multifamily construction
Pass(198)56,013 112,234 — — — — — 168,049 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total(198)56,013 112,234 — — — — — 168,049 
CRE construction
Pass7 — 14,685 — — — — — 14,692 
Special Mention— — — — — — — — — 
Substandard— — — 3,821 — — — — 3,821 
Total7 — 14,685 3,821 — — — — 18,513 
Single family construction
Pass75,305 39,621 12,294 — — 72 146,758 — 274,050 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total75,305 39,621 12,294 — — 72 146,758 — 274,050 
Single family construction to permanent
Current
27,114 56,469 19,871 1,850 — — — — 105,304 
Past due:
30-59 days
— — — — — — — — — 
60-89 days
— — — — — — — — — 
90+ days
— — — — — — — — — 
Total27,114 56,469 19,871 1,850 — — — — 105,304 
Owner occupied CRE
Pass12,459 68,399 39,629 43,399 65,392 111,199 2 1,122 341,601 
Special Mention1,871 1,478 9,290 — 2,956 28,784 — — 44,379 
Substandard1 — — — 253 5,051 — — 5,305 
Total14,331 69,877 48,919 43,399 68,601 145,034 2 1,122 391,285 
Commercial business
Pass17,970 45,892 27,227 33,404 16,198 24,903 157,656 973 324,223 
Special Mention— 11,465 2,891 — 452 38 3,485 — 18,331 
Substandard— — 2,134 7,601 3,788 1,886 1,021 65 16,495 
Total17,970 57,357 32,252 41,005 20,438 26,827 162,162 1,038 359,049 
Total commercial portfolio$244,302 $2,163,372 $1,467,091 $619,905 $416,790 $674,608 $310,096 $2,160 $5,898,324 
The following table presents a vintage analysis of the consumer portfolio segment by loan sub-class and delinquency status:

At December 31, 2023
(in thousands)20232022202120202019
2018 and prior
RevolvingRevolving-termTotal
CONSUMER PORTFOLIO
Single family
Current
$27,011 $354,691 $313,866 $147,183 $49,126 $245,574 $— $— $1,137,451 
Past due:
30-59 days
— — — — — 781 — — 781 
60-89 days
— — — — — 1,374 — — 1,374 
90+ days
— — — — — 673 — — 673 
Total
27,011 354,691 313,866 147,183 49,126 248,402 — — 1,140,279 
Home equity and other
Current
2,165 2,493 311 121 46 1,631 370,462 5,483 382,712 
Past due:
30-59 days
8 2 — — — — 802 162 974 
60-89 days
1 3 — — — — 419 — 423 
90+ days— — — — — 24 162 6 192 
Total2,174 2,498 311 121 46 1,655 371,845 5,651 384,301 
Total consumer portfolio (1)
$29,185 $357,189 $314,177 $147,304 $49,172 $250,057 $371,845 $5,651 $1,524,580 
Total LHFI$273,487 $2,520,561 $1,781,268 $767,209 $465,962 $924,665 $681,941 $7,811 $7,422,904 
(1)    Includes $1.3 million of loans where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes in fair value recognized in the consolidated income statements.

The following table presents a vintage analysis of the commercial and consumer portfolio segment by loan sub-class and gross charge-offs:
At December 31, 2024
(in thousands)20242023202220212020
2019 and prior
RevolvingRevolving-termTotal
COMMERCIAL PORTFOLIO
Commercial business
Gross charge-offs$— $— $(276)$(473)$(1,077)$(1,098)$(39)$— $(2,963)
CONSUMER PORTFOLIO
Home equity and other
Gross charge-offs— (24)(16)(1)— — (137)— (178)
Total LHFI$— $(24)$(292)$(474)$(1,077)$(1,098)$(176)$— $(3,141)

At December 31, 2023
(in thousands)20232022202120202019
2018 and prior
RevolvingRevolving-termTotal
COMMERCIAL PORTFOLIO
Commercial business
Gross charge-offs$— $— $(184)$— $(1,136)$295 $13 $(50)$(1,062)
CONSUMER PORTFOLIO
Home equity and other
Gross charge-offs— (106)(22)— — (4)(187)— (319)
Total LHFI$— $(106)$(206)$— $(1,136)$291 $(174)$(50)$(1,381)
Collateral Dependent Loans
The following table presents the amortized cost basis of collateral-dependent loans by loan sub-class and collateral type:
At December 31, 2024
(in thousands)Land1-4 FamilyMultifamilyNon-residential real estateOther non-real estateTotal
CRE
Non-owner occupied CRE
$— $— $— $16,230 $— $16,230 
Multifamily
— — 1,915 — — 1,915 
Construction/land development
CRE construction
3,821 — — — — 3,821 
   Total
3,821 — 1,915 16,230 — 21,966 
Commercial and industrial loans
Owner occupied CRE— — — 205 — 205 
Commercial business
4,420 2,927 — — 3,269 10,616 
   Total
4,420 2,927 — 205 3,269 10,821 
Consumer loans
Single family
— 832 — — — 832 
 Total collateral-dependent loans$8,241 $3,759 $1,915 $16,435 $3,269 $33,619 

At December 31, 2023
(in thousands)1-4 FamilyNon-residential real estateOther non-real estateTotal
CRE
Non-owner occupied CRE
$573 $16,230 $— $16,803 
Construction/land development
CRE construction
— 3,821 — 3,821 
   Total
573 20,051 — 20,624 
Commercial and industrial loans
Commercial business2,788 5,471 4,587 12,846 
   Total 2,788 5,471 4,587 12,846 
Consumer loans
Single family
773 — — 773 
 Total collateral-dependent loans$4,134 $25,522 $4,587 $34,243 
Nonaccrual and Past Due Loans
The following table presents nonaccrual status for loans:

At December 31, 2024At December 31, 2023
(in thousands)Nonaccrual with no related ACLTotal NonaccrualNonaccrual with no related ACLTotal Nonaccrual
CRE
Non-owner occupied CRE$16,230 $16,230 $16,803 $16,803 
Multifamily1,915 1,915 — — 
Construction/land development
CRE construction
3,821 3,821 3,821 3,821 
Total
21,966 21,966 20,624 20,624 
Commercial and industrial loans
 Owner occupied CRE1,161 1,161 706 706 
 Commercial business8,509 25,740 13,151 13,686 
Total
9,670 26,901 13,857 14,392 
Consumer loans
Single family1,106 2,990 773 2,650 
Home equity and other— 3,137 — 1,310 
Total1,106 6,127 773 3,960 
Total nonaccrual loans$32,742 $54,994 $35,254 $38,976 
The following tables present an aging analysis of past due loans by loan portfolio segment and loan sub-class:
At December 31, 2024
Past Due and Still Accruing
(in thousands)
30-59 days
60-89 days
90 days or more		Nonaccrual
Total past
due and nonaccrual (1)
CurrentTotal
loans
CRE
Non-owner occupied CRE$— $— $— $16,230 $16,230 $554,520 $570,750 
Multifamily— — — 1,915 1,915 2,990,760 2,992,675 
Construction/land development
Multifamily construction— — — — — 98,906 98,906 
CRE construction— — — 3,821 3,821 7,217 11,038 
Single family construction— — — — — 320,826 320,826 
Single family construction to permanent— — — — — 41,970 41,970 
Total
— — — 21,966 21,966 4,014,199 4,036,165 
Commercial and industrial loans
Owner occupied CRE— — — 1,161 1,161 360,836 361,997 
Commercial business— — — 25,740 25,740 286,264 312,004 
Total— — — 26,901 26,901 647,100 674,001 
Consumer loans
Single family
4,601 1,096 4,354 (2)2,990 13,041 1,096,054 1,109,095 
Home equity and other344 631 — 3,137 4,112 408,423 412,535 
Total4,945 1,727 4,354 6,127 17,153 1,504,477 1,521,630 (3)
Total loans$4,945 $1,727 $4,354 $54,994 $66,020 $6,165,776 $6,231,796 
%0.08 %0.03 %0.07 %0.88 %1.06 %98.94 %100.00 %
At December 31, 2023
Past Due and Still Accruing
(in thousands)30-59 days60-89 days90 days or moreNonaccrual
Total past
due and nonaccrual (1)
CurrentTotal
loans
CRE
Non-owner occupied CRE$— $— $— $16,803 $16,803 $625,082 $641,885 
Multifamily— 1,915 — — 1,915 3,938,274 3,940,189 
Construction/land development
Multifamily construction— — — — — 168,049 168,049 
CRE construction— — — 3,821 3,821 14,692 18,513 
Single family construction— — — — — 274,050 274,050 
Single family construction to permanent— — — — — 105,304 105,304 
Total
— 1,915 — 20,624 22,539 5,125,451 5,147,990 
Commercial and industrial loans
Owner occupied CRE— — — 706 706 390,579 391,285 
Commercial business— — — 13,686 13,686 345,363 359,049 
Total
— — — 14,392 14,392 735,942 750,334 
Consumer loans
Single family
5,174 1,993 4,261 (2)2,650 14,078 1,126,201 1,140,279 
Home equity and other974 225 — 1,310 2,509 381,792 384,301 
Total6,148 2,218 4,261 3,960 16,587 1,507,993 1,524,580 (3)
Total loans$6,148 $4,133 $4,261 $38,976 $53,518 $7,369,386 $7,422,904 
%0.08 %0.05 %0.06 %0.53 %0.72 %99.28 %100.00 %
(1)Includes loans whose repayments are insured by the FHA or guaranteed by the VA or SBA of $11.3 million and $12.4 million at December 31, 2024 and 2023, respectively.
(2)FHA-insured and VA-guaranteed single family loans that are 90 days or more past due are maintained on accrual status if they are determined to have little to no risk of loss.
(3)Includes $1.3 million of loans at December 31, 2024 and 2023, where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes in fair value recognized in our consolidated income statements.
Loan Modifications

The Company provides MBFDs which may include delays in payment of amounts due, extension of the terms of the notes or reduction in the interest rates on the notes. In certain instances, the Company may grant more than one type of modification. The granting of modifications for the years ended December 31, 2024 and 2023 did not have a material impact on the ACL. The following tables provide information related to MBFDs for years ended December 31, 2024 and 2023 disaggregated by class of financing receivable and type of concession granted:
Significant Payment Delay
Years Ended December 31,
20242023
(in thousands, except percentages)Amortized Cost Basis at Period End% of Total Class of Financing ReceivableAmortized Cost Basis at Period End% of Total Class of Financing Receivable
Multifamily$1,915 0.06 %$— — %
Commercial business1,446 0.46 %839 0.23 %
Single family85 0.01 %1,082 0.09 %

Term Extension
Years Ended December 31,
20242023
(in thousands, except percentages)Amortized Cost Basis at Period End% of Total Class of Financing ReceivableAmortized Cost Basis at Period End% of Total Class of Financing Receivable
Commercial business$1,536 0.49 %$9,850 2.74 %
Single family— — %273 0.02 %

Interest Rate Reduction and Significant Payment Delay
Years Ended December 31,
20242023
(in thousands, except percentages)Amortized Cost Basis at Period End% of Total Class of Financing ReceivableAmortized Cost Basis at Period End% of Total Class of Financing Receivable
Commercial business$4,420 1.42 %$— — %


Significant Payment Delay and Term Extension
Years Ended December 31,
20242023
(in thousands, except percentages)Amortized Cost Basis at Period End% of Total Class of Financing ReceivableAmortized Cost Basis at Period End% of Total Class of Financing Receivable
Non-owner occupied CRE$19,331 3.39 %$16,230 2.53 %
Construction/land development— — %3,821 0.68 %
Owner occupied CRE254 0.07 %— — %
Commercial business410 0.13 %— — %
Single family3,668 0.33 %2,526 0.22 %
Interest Rate Reduction, Significant Payment Delay and Term Extension
Years Ended December 31,
20242023
(in thousands, except percentages)Amortized Cost Basis at Period End% of Total Class of Financing ReceivableAmortized Cost Basis at Period End% of Total Class of Financing Receivable
Construction/land development$3,821 0.81 %$— — %
Single family— — %191 0.02 %
The following tables describes the financial effect of the MBFDs:
Interest Rate Reduction
Years Ended December 31,
20242023
Construction/land development
Reduced weighted-average contractual interest rate from 7.75% to 5.00%.
—
Commercial business
Reduced weighted-average contractual interest rate from 7.75% to 5.00%.
—
Single family—
Reduced weighted-average contractual interest rate from 5.25% to 5.00%.
Significant Payment Delay
Years Ended December 31,
20242023
Non-owner occupied CRE
The weighted average duration of loan payments deferred is 0.8 years.
The weighted average duration of loan payments deferred is 3.7 years.
Multifamily
The weighted average duration of loan payments deferred is 1.5 years.
—
Construction/land development
The weighted average duration of loan payments deferred is 0.6 years.
The weighted average duration of loan payments deferred is 2.7 years.
Owner occupied CRE
The weighted average duration of loan payments deferred is 3.0 years.
—
Commercial business
The weighted average duration of loan payments deferred is 0.6 years.
The weighted average duration of loan payments deferred is 5.2 years.
Single family
Provided payment deferrals to borrowers. A weighted average 0.41% of loan balances were capitalized and added to the remaining term of the loan.
Provided payment deferrals to borrowers. A weighted average 0.37% of loan balances were capitalized and added to the remaining term of the loan.
Term Extension
Years Ended December 31,
20242023
Non-owner occupied CRE
Added a weighted average 0.8 years to the life of loans, which reduced the monthly payment amounts to the borrowers.
Added a weighted average 2.1 years to the life of loans, which reduced the monthly payment amounts to the borrowers.
Construction/land development
Added a weighted average 0.6 years to the life of loans, which reduced the monthly payment amounts to the borrowers.
Added a weighted average 1.6 years to the life of loans, which reduced the monthly payment amounts to the borrowers.
Owner occupied CRE
Added a weighted average 3.0 years to the life of loans, which reduced the monthly payment amounts to the borrowers.
—
Commercial business
Added a weighted average 0.8 years to the life of loans, which reduced the monthly payment amounts to the borrowers.
Added a weighted average 1.2 years to the life of loans, which reduced the monthly payment amounts to the borrowers.
Single family
Added a weighted average 3.9 years to the life of loans, which reduced the monthly payment amounts to the borrowers.
Added a weighted average 4.9 years to the life of loans, which reduced the monthly payment amounts to the borrowers.

Upon determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or portion of the loan) is written off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount.
The following table depicts the payment status of loans that were modified to borrowers experiencing financial difficulties on or after October 1, 2023 through September 30, 2024:
Payment Status (Amortized Cost Basis) at December 31, 2024
(in thousands)Current30-89 Days Past Due90+ Days Past Due
Multifamily$— $— $1,915 
Commercial business1,157 — 1,150 
Single family1,690 — 875 
Total$2,847 $— $3,940 

The following table depicts the payment status of loans that were modified to borrowers experiencing financial difficulties on or after October 1, 2022 through September 30, 2023:
Payment Status (Amortized Cost Basis) at December 31, 2023
(in thousands)Current30-89 Days Past Due90+ Days Past Due
Non-owner occupied CRE$16,230 $— $— 
Construction/land development3,821 — — 
Commercial business8,873 976 — 
Single family2,627 1,285 324 
Total$31,551 $2,261 $324 

The following tables provide the amortized cost basis as of December 31, 2024 of MBFDs, on or after October 1, 2023 through September 30, 2024 and that subsequently had a payment default:
Amortized Cost Basis of Modified Loans That Subsequently Defaulted Year Ended December 31, 2024
(in thousands)Significant Payment DelayTerm ExtensionInterest Rate Reduction and Term ExtensionSignificant Payment Delay and Term ExtensionInterest Rate Reduction, Significant Payment Delay and Term Extension
Commercial business$— $1,150 $— $— $— 
Single family238 — — 637 — 
Total$238 $1,150 $— $637 $— 

The following tables provide the amortized cost basis as of December 31, 2023 of MBFDs, on or after October 1, 2022 through September 30, 2023 and subsequently had a payment default:

Amortized Cost Basis of Modified Loans That Subsequently Defaulted Year Ended December 31, 2023
(in thousands)Significant Payment DelayTerm ExtensionInterest Rate Reduction and Term ExtensionSignificant Payment Delay and Term ExtensionInterest Rate Reduction, Significant Payment Delay and Term Extension
Commercial business$— $976 $— $— $— 
Single family— — — 1,354 — 
Total$— $976 $— $1,354 $—