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LOANS AND CREDIT QUALITY | 3 Months Ended
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Mar. 31, 2025
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:
(in thousands) | At March 31, 2025 |  | At December 31, 2024
CRE |  |  |
Non-owner occupied CRE | $ | 545,313 |  |  | $ | 570,750 |
Multifamily | 2,934,442 |  |  | 2,992,675 |
Construction/land development | 436,610 |  |  | 472,740 |
Total | 3,916,365 |  |  | 4,036,165 |
Commercial and industrial loans |  |  |
Owner occupied CRE | 340,106 |  |  | 361,997 |
Commercial business | 299,001 |  |  | 312,004 |
Total | 639,107 |  |  | 674,001 |
Consumer loans |  |  |
Single family | 1,088,264 |  |  | 1,109,095 |
Home equity and other | 419,480 |  |  | 412,535 |
Total (1) | 1,507,744 |  |  | 1,521,630 |
Total LHFI | 6,063,216 |  |  | 6,231,796 |
Allowance for credit losses ("ACL") | (39,634) |  |  | (38,743) |
Total LHFI less ACL | $ | 6,023,582 |  |  | $ | 6,193,053 |
(1) Includes $1.2 million and $1.3 million of loans at March 31, 2025 and December 31, 2024, respectively, 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. Loans totaling $3.3 billion and $4.0 billion at March 31, 2025 and December 31, 2024, respectively, were pledged to secure borrowings from the Federal Home Loan Bank ("FHLB") and loans totaling $1.9 billion and $1.4 billion at March 31, 2025 and December 31, 2024, respectively, were pledged to secure borrowings from the Federal Reserve Bank of San Francisco ("FRBSF"). Credit Risk Concentrations LHFI are primarily secured by real estate located in the Pacific Northwest, California and Hawaii. At March 31, 2025, and December 31, 2024 single family loans in the state of Washington represented 13% of the total LHFI portfolio, respectively. At March 31, 2025 and December 31, 2024, multifamily loans in California represented 30% 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 March 31, 2025, the historical expected loss rates decreased when compared to December 31, 2024 due to product mix risk and composition changes. During the quarter ended March 31, 2025, the qualitative factors decreased due to improved collateral conditions, offset by increases related to the uncertainty of the business environment and specific reserves for one syndicated relationship. Additionally, over the two-year forecast period in the markets in which it operates, the Bank expects neutral economic forecasts and neutral to improving collateral forecasts. In addition to the ACL for LHFI, 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 $1.3 million and $1.1 million at March 31, 2025 and December 31, 2024, respectively. The Bank has elected to exclude accrued interest receivable from the evaluation of the ACL. Accrued interest on LHFI was $24.2 million and $25.1 million at March 31, 2025 and December 31, 2024, respectively, and was reported in other assets in the consolidated balance sheets. Activity in the ACL for LHFI and the allowance for unfunded commitments was as follows:
| Quarter Ended March 31, |  |
(in thousands) | 2025 |  | 2024 |  |  |  |
Beginning balance | $ | 38,743 |  |  | $ | 40,500 |  |  |  |  |
Provision for credit losses | 888 |  | 242 |  |  |  |
Net (charge-offs) recoveries | 3 |  |  | (1,065) |  |  |  |  |
Ending balance | $ | 39,634 |  |  | $ | 39,677 |  |  |  |  |
Allowance for unfunded commitments: |  |  |  |  |  |  |
Beginning balance | $ | 1,146 |  |  | $ | 1,823 |  |  |  |  |
Provision for credit losses | 112 |  |  | (242) |  |  |  |  |
Ending balance | $ | 1,258 |  |  | $ | 1,581 |  |  |  |  |
Provision for credit losses: |  |  |  |  |  |  |
Allowance for credit losses - loans | $ | 888 |  |  | $ | 242 |  |  |  |  |
Allowance for unfunded commitments | 112 |  |  | (242) |  |  |  |  |
Total | $ | 1,000 |  |  | $ | — |  |  |  |  |
Activity in the ACL for LHFI by loan portfolio and loan sub-class was as follows:
| Quarter Ended March 31, 2025
(in thousands) | Beginning balance |  | Charge-offs |  | Recoveries |  | Provision |  | Ending balance
CRE |  |  |  |  |  |  |  |  |
Non-owner occupied CRE | $ | 1,739 |  |  | $ | — |  |  | $ | — |  |  | $ | (81) |  |  | $ | 1,658 |
Multifamily | 14,909 |  |  | — |  |  | — |  |  | (1,622) |  |  | 13,287 |
Construction/land development |  |  |  |  |  |  |  |  |
Multifamily construction | 849 |  |  | — |  |  | — |  |  | (381) |  |  | 468 |
CRE construction | 66 |  |  | — |  |  | — |  |  | 7 |  |  | 73 |
Single family construction | 6,737 |  |  | — |  |  | — |  |  | (1,033) |  |  | 5,704 |
Single family construction to permanent | 184 |  |  | — |  |  | — |  |  | (44) |  |  | 140 |
Total | 24,484 |  |  | — |  |  | — |  |  | (3,154) |  |  | 21,330 |
Commercial and industrial loans |  |  |  |  |  |  |  |  |
Owner occupied CRE | 576 |  |  | — |  |  | — |  |  | 22 |  |  | 598 |
Commercial business | 6,886 |  |  | (21) |  |  | 25 |  |  | 3,758 |  |  | 10,648 |
Total | 7,462 |  |  | (21) |  |  | 25 |  |  | 3,780 |  |  | 11,246 |
Consumer loans |  |  |  |  |  |  |  |  |
Single family | 3,610 |  |  | — |  |  | 2 |  |  | 90 |  |  | 3,702 |
Home equity and other | 3,187 |  |  | (40) |  |  | 37 |  |  | 172 |  |  | 3,356 |
Total | 6,797 |  |  | (40) |  |  | 39 |  |  | 262 |  |  | 7,058 |
Total ACL | $ | 38,743 |  |  | $ | (61) |  |  | $ | 64 |  |  | $ | 888 |  |  | $ | 39,634 |
| Quarter Ended March 31, 2024
(in thousands) | Beginning balance |  | Charge-offs |  | Recoveries |  | Provision |  | Ending balance
CRE |  |  |  |  |  |  |  |  |
Non-owner occupied CRE | $ | 2,610 |  |  | $ | — |  |  | $ | — |  |  | $ | (479) |  |  | $ | 2,131 |
Multifamily | 13,093 |  |  | — |  |  | — |  |  | 5,854 |  |  | 18,947 |
Construction/land development |  |  |  |  |  |  |  |  |
Multifamily construction | 3,983 |  |  | — |  |  | — |  |  | (2,362) |  |  | 1,621 |
CRE construction | 189 |  |  | — |  |  | — |  |  | (1) |  |  | 188 |
Single family construction | 7,365 |  |  | — |  |  | — |  |  | (1,787) |  |  | 5,578 |
Single family construction to permanent | 672 |  |  | — |  |  | — |  |  | (237) |  |  | 435 |
Total | 27,912 |  |  | — |  |  | — |  |  | 988 |  |  | 28,900 |
Commercial and industrial loans |  |  |  |  |  |  |  |  |
Owner occupied CRE | 899 |  |  | — |  |  | — |  |  | (63) |  |  | 836 |
Commercial business | 2,950 |  |  | (1,081) |  |  | 1 |  |  | 776 |  |  | 2,646 |
Total | 3,849 |  |  | (1,081) |  |  | 1 |  |  | 713 |  |  | 3,482 |
Consumer loans |  |  |  |  |  |  |  |  |
Single family | 5,287 |  |  | — |  |  | 2 |  |  | (1,016) |  |  | 4,273 |
Home equity and other | 3,452 |  |  | (24) |  |  | 37 |  |  | (443) |  |  | 3,022 |
Total | 8,739 |  |  | (24) |  |  | 39 |  |  | (1,459) |  |  | 7,295 |
Total ACL | $ | 40,500 |  |  | $ | (1,105) |  |  | $ | 40 |  |  | $ | 242 |  |  | $ | 39,677 |
The following table presents a vintage analysis of the commercial portfolio segment by loan sub-class and risk rating or delinquency status.
| At March 31, 2025
(in thousands) | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 and prior |  | Revolving |  | Revolving-term |  | Total
COMMERCIAL PORTFOLIO |  |  |  |  |  |  |  |  |  |  |  |
Non-owner occupied CRE |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 3,986 |  |  | $ | — |  |  | $ | 1,426 |  |  | $ | 69,279 |  |  | $ | 71,021 |  |  | $ | 360,281 |  |  | $ | (33) |  |  | $ | — |  |  | $ | 505,960 |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 23,264 |  |  | — |  |  | — |  |  | 23,264 |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 16,089 |  |  | — |  |  | — |  |  | 16,089 |
Total | 3,986 |  |  | — |  |  | 1,426 |  |  | 69,279 |  |  | 71,021 |  |  | 399,634 |  |  | (33) |  |  | — |  |  | 545,313 |
Multifamily |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 1,353 |  |  | — |  |  | 106,376 |  |  | 1,533,209 |  |  | 635,673 |  |  | 468,289 |  |  | — |  |  | — |  |  | 2,744,900 |
Special Mention | — |  |  | — |  |  | — |  |  | 61,593 |  |  | 11,049 |  |  | 83,829 |  |  | — |  |  | — |  |  | 156,471 |
Substandard | — |  |  | — |  |  | — |  |  | 19,910 |  |  | 888 |  |  | 12,273 |  |  | — |  |  | — |  |  | 33,071 |
Total | 1,353 |  |  | — |  |  | 106,376 |  |  | 1,614,712 |  |  | 647,610 |  |  | 564,391 |  |  | — |  |  | — |  |  | 2,934,442 |
Multifamily construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | — |  |  | — |  |  | 34,462 |  |  | 30,739 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 65,201 |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | — |  |  | — |  |  | 34,462 |  |  | 30,739 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 65,201 |
CRE construction |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | — |  |  | 18 |  |  | 7,329 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7,347 |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,796 |  |  | — |  |  | — |  |  | 3,796 |
Total | — |  |  | 18 |  |  | 7,329 |  |  | — |  |  | — |  |  | 3,796 |  |  | — |  |  | — |  |  | 11,143 |
Single family construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 19,488 |  |  | 105,716 |  |  | 16,807 |  |  | 3,167 |  |  | 3,185 |  |  | 68 |  |  | 180,963 |  |  | — |  |  | 329,394 |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | 19,488 |  |  | 105,716 |  |  | 16,807 |  |  | 3,167 |  |  | 3,185 |  |  | 68 |  |  | 180,963 |  |  | — |  |  | 329,394 |
Single family construction to permanent |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current | 493 |  |  | 5,830 |  |  | 4,231 |  |  | 13,198 |  |  | 6,520 |  |  | 600 |  |  | — |  |  | — |  |  | 30,872 |
Past due: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
30-59 days | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
60-89 days | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
90+ days | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | 493 |  |  | 5,830 |  |  | 4,231 |  |  | 13,198 |  |  | 6,520 |  |  | 600 |  |  | — |  |  | — |  |  | 30,872 |
Owner occupied CRE |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 71 |  |  | 3,972 |  |  | 9,025 |  |  | 57,667 |  |  | 36,046 |  |  | 190,595 |  |  | — |  |  | 13 |  |  | 297,389 |
Special Mention | — |  |  | — |  |  | — |  |  | 6,090 |  |  | 4,474 |  |  | 30,543 |  |  | — |  |  | — |  |  | 41,107 |
Substandard | — |  |  | — |  |  | — |  |  | 327 |  |  | — |  |  | 1,283 |  |  | — |  |  | — |  |  | 1,610 |
Total | 71 |  |  | 3,972 |  |  | 9,025 |  |  | 64,084 |  |  | 40,520 |  |  | 222,421 |  |  | — |  |  | 13 |  |  | 340,106 |
Commercial business |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 184 |  |  | 26,473 |  |  | 15,290 |  |  | 19,531 |  |  | 19,478 |  |  | 46,220 |  |  | 126,636 |  |  | 818 |  |  | 254,630 |
Special Mention | — |  |  | — |  |  | — |  |  | 13,075 |  |  | 2,058 |  |  | 1,036 |  |  | 1,172 |  |  | — |  |  | 17,341 |
Substandard | — |  |  | 231 |  |  | 384 |  |  | 11,590 |  |  | — |  |  | 11,715 |  |  | 3,098 |  |  | 12 |  |  | 27,030 |
Total | 184 |  |  | 26,704 |  |  | 15,674 |  |  | 44,196 |  |  | 21,536 |  |  | 58,971 |  |  | 130,906 |  |  | 830 |  |  | 299,001 |
Total commercial portfolio | $ | 25,575 |  |  | $ | 142,240 |  |  | $ | 195,330 |  |  | $ | 1,839,375 |  |  | $ | 790,392 |  |  | $ | 1,249,881 |  |  | $ | 311,836 |  |  | $ | 843 |  |  | $ | 4,555,472 |
The following table presents a vintage analysis of the consumer portfolio segment by loan sub-class and delinquency status:
| At March 31, 2025
(in thousands) | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 and prior |  | Revolving |  | Revolving-term |  | Total
CONSUMER PORTFOLIO |  |  |  |  |  |  |  |  |  |  |  |
Single family |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current | $ | — |  |  | $ | — |  |  | $ | 31,711 |  |  | $ | 376,821 |  |  | $ | 300,525 |  |  | $ | 374,970 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,084,027 |
Past due: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
30-59 days | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,285 |  |  | — |  |  | — |  |  | 1,285 |
60-89 days | — |  |  | — |  |  | — |  |  | — |  |  | 103 |  |  | 796 |  |  | — |  |  | — |  |  | 899 |
90+ days | — |  |  | — |  |  | — |  |  | 452 |  |  | — |  |  | 1,601 |  |  | — |  |  | — |  |  | 2,053 |
Total | — |  |  | — |  |  | 31,711 |  |  | 377,273 |  |  | 300,628 |  |  | 378,652 |  |  | — |  |  | — |  |  | 1,088,264 |
Home equity and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current | 935 |  |  | 1,141 |  |  | 835 |  |  | 1,290 |  |  | 105 |  |  | 1,867 |  |  | 406,020 |  |  | 4,368 |  |  | 416,561 |
Past due: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
30-59 days | — |  |  | 7 |  |  | — |  |  | 4 |  |  | — |  |  | — |  |  | 976 |  |  | 4 |  |  | 991 |
60-89 days | — |  |  | 3 |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | 480 |  |  | — |  |  | 487 |
90+ days | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | 1,433 |  |  | 6 |  |  | 1,441 |
Total | 935 |  |  | 1,151 |  |  | 839 |  |  | 1,294 |  |  | 105 |  |  | 1,869 |  |  | 408,909 |  |  | 4,378 |  |  | 419,480 |
Total consumer portfolio (1) | $ | 935 |  |  | $ | 1,151 |  |  | $ | 32,550 |  |  | $ | 378,567 |  |  | $ | 300,733 |  |  | $ | 380,521 |  |  | $ | 408,909 |  |  | $ | 4,378 |  |  | $ | 1,507,744 |
Total LHFI | $ | 26,510 |  |  | $ | 143,391 |  |  | $ | 227,880 |  |  | $ | 2,217,942 |  |  | $ | 1,091,125 |  |  | $ | 1,630,402 |  |  | $ | 720,745 |  |  | $ | 5,221 |  |  | $ | 6,063,216 |
(1) Includes $1.2 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, 2024
(in thousands) | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 and prior |  | Revolving |  | Revolving-term |  | Total
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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 1,650 |  |  | 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 |
Total | 1,650 |  |  | 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 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 19 |  |  | 7,198 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7,217 |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | 3,821 |  |  | — |  |  | — |  |  | — |  |  | 3,821 |
Total | 19 |  |  | 7,198 |  |  | — |  |  | — |  |  | 3,821 |  |  | — |  |  | — |  |  | — |  |  | 11,038 |
Single family construction |  |  |  |  |  |  |  |  |  |  |  |
Pass | 121,305 |  |  | 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 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 5,431 |  |  | 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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 26,706 |  |  | 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 |
Substandard | 243 |  |  | 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) | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 and prior |  | Revolving |  | Revolving-term |  | Total
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 |
Total | 1,631 |  |  | 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 tables present a vintage analysis of the commercial and consumer portfolio segment by loan sub-class and gross charge-offs:
| At March 31, 2025
(in thousands) | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 and prior |  | Revolving |  | Revolving-term |  | Total
COMMERCIAL PORTFOLIO |  |  |  |  |  |  |  |  |  |  |  |
Commercial business |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (21) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (21) |
CONSUMER PORTFOLIO |  |  |  |  |  |  |  |  |  |  |  |
Home equity and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross charge-offs | — |  |  | — |  |  | (3) |  |  | — |  |  | — |  |  | — |  |  | (37) |  |  | — |  |  | (40) |
Total LHFI | $ | — |  |  | $ | — |  |  | $ | (3) |  |  | $ | (21) |  |  | $ | — |  |  | $ | — |  |  | $ | (37) |  |  | $ | — |  |  | $ | (61) |
| At December 31, 2024
(in thousands) | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 and prior |  | Revolving |  | Revolving-term |  | Total
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) |
Collateral Dependent Loans The following table presents the amortized cost basis of collateral-dependent loans by loan sub-class and collateral type:
| At March 31, 2025
(in thousands) | Land |  | 1-4 Family |  | Multifamily |  | Non-residential real estate |  | Other non-real estate |  | Total |  |
CRE |  |  |  |  |  |  |  |  |  |  |  |  |
Non-owner occupied CRE | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 16,089 |  |  | $ | — |  |  | $ | 16,089 |  |  |
Multifamily | — |  |  | — |  |  | 1,915 |  |  | — |  |  | — |  |  | 1,915 |  |  |
CRE construction | 3,796 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,796 |  |  |
Total | 3,796 |  |  | — |  |  | 1,915 |  |  | 16,089 |  |  | — |  |  | 21,800 |  |  |
Commercial and industrial loans |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial business | 4,391 |  |  | 2,904 |  |  | — |  |  | — |  |  | 3,226 |  |  | 10,521 |  |  |
Consumer loans |  |  |  |  |  |  |  |  |  |  |  |  |
Single family | — |  |  | 832 |  |  | — |  |  | — |  |  | — |  |  | 832 |  |  |
Total collateral-dependent loans | $ | 8,187 |  |  | $ | 3,736 |  |  | $ | 1,915 |  |  | $ | 16,089 |  |  | $ | 3,226 |  |  | $ | 33,153 |  |  |
| At December 31, 2024
(in thousands) | Land |  | 1-4 Family |  | Multifamily |  | Non-residential real estate |  | Other non-real estate |  | Total
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 |
Nonaccrual and Past Due Loans The following table presents nonaccrual status for loans:
| At March 31, 2025 |  | At December 31, 2024
(in thousands) | Nonaccrual with no related ACL |  | Total Nonaccrual |  | Nonaccrual with no related ACL |  | Total Nonaccrual
CRE |  |  |  |  |  |  |
Non-owner occupied CRE | $ | 16,089 |  |  | $ | 16,089 |  |  | $ | 16,230 |  |  | $ | 16,230 |
Multifamily | 1,915 |  |  | 1,915 |  |  | 1,915 |  |  | 1,915 |
Construction/land development |  |  |  |  |  |  |
CRE construction | 3,796 |  |  | 3,796 |  |  | 3,821 |  |  | 3,821 |
Total | 21,800 |  |  | 21,800 |  |  | 21,966 |  |  | 21,966 |
Commercial and industrial loans |  |  |  |  |  |  |
Owner occupied CRE | 932 |  |  | 932 |  |  | 1,161 |  |  | 1,161 |
Commercial business | 10,506 |  |  | 26,035 |  |  | 8,509 |  |  | 25,740 |
Total | 11,438 |  |  | 26,967 |  |  | 9,670 |  |  | 26,901 |
Consumer loans |  |  |  |  |  |  |
Single family | 831 |  |  | 3,348 |  |  | 1,106 |  |  | 2,990 |
Home equity and other | — |  |  | 3,676 |  |  | — |  |  | 3,137 |
Total | 831 |  |  | 7,024 |  |  | 1,106 |  |  | 6,127 |
Total nonaccrual loans | $ | 34,069 |  |  | $ | 55,791 |  |  | $ | 32,742 |  |  | $ | 54,994 |
The following tables present an aging analysis of past due loans by loan portfolio segment and loan sub-class:
| At March 31, 2025 |
| Past Due and Still Accruing |  |  |  |  |  |  |  |  |
(in thousands) | 30-59 days |  | 60-89 days |  | 90 days or more |  | Nonaccrual |  | Total past due and nonaccrual (1) |  | Current |  | Total loans |
CRE |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-owner occupied CRE | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 16,089 |  |  | $ | 16,089 |  |  | $ | 529,224 |  |  | $ | 545,313 |  |
Multifamily | — |  |  | — |  |  | — |  |  | 1,915 |  |  | 1,915 |  |  | 2,932,527 |  |  | 2,934,442 |  |
Construction/land development |  |  |  |  |  |  |  |  |  |  |  |  |  |
Multifamily construction | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 65,201 |  |  | 65,201 |  |
CRE construction | — |  |  | — |  |  | — |  |  | 3,796 |  |  | 3,796 |  |  | 7,347 |  |  | 11,143 |  |
Single family construction | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 329,394 |  |  | 329,394 |  |
Single family construction to permanent | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 30,872 |  |  | 30,872 |  |
Total | — |  |  | — |  |  | — |  |  | 21,800 |  |  | 21,800 |  |  | 3,894,565 |  |  | 3,916,365 |  |
Commercial and industrial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner occupied CRE | — |  |  | — |  |  | — |  |  | 932 |  |  | 932 |  |  | 339,174 |  |  | 340,106 |  |
Commercial business | — |  |  | — |  |  | — |  |  | 26,035 |  |  | 26,035 |  |  | 272,966 |  |  | 299,001 |  |
Total | — |  |  | — |  |  | — |  |  | 26,967 |  |  | 26,967 |  |  | 612,140 |  |  | 639,107 |  |
Consumer loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single family | 2,875 |  |  | 1,941 |  |  | 4,182 |  | (2) | 3,348 |  |  | 12,346 |  |  | 1,075,918 |  |  | 1,088,264 |  |
Home equity and other | 834 |  |  | 263 |  |  | — |  |  | 3,676 |  |  | 4,773 |  |  | 414,707 |  |  | 419,480 |  |
Total | 3,709 |  |  | 2,204 |  |  | 4,182 |  |  | 7,024 |  |  | 17,119 |  |  | 1,490,625 |  |  | 1,507,744 |  | (3)
Total loans | $ | 3,709 |  |  | $ | 2,204 |  |  | $ | 4,182 |  |  | $ | 55,791 |  |  | $ | 65,886 |  |  | $ | 5,997,330 |  |  | $ | 6,063,216 |  |
% | 0.06 | % |  | 0.04 | % |  | 0.07 | % |  | 0.92 | % |  | 1.09 | % |  | 98.91 | % |  | 100.00 | % |
| 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) |  | Current |  | Total 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 other | 344 |  |  | 631 |  |  | — |  |  | 3,137 |  |  | 4,112 |  |  | 408,423 |  |  | 412,535 |  |  |
Total | 4,945 |  |  | 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 | % |  |
(1) Includes loans whose repayments are insured by the FHA or guaranteed by the VA or Small Business Administration ("SBA") of $10.4 million and $11.3 million at March 31, 2025 and December 31, 2024, 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 $1.2 million and $1.3 million of loans at March 31, 2025 and December 31, 2024, 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 modifications to borrowers experiencing financial difficulty ("MBFD"), 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 quarters ended March 31, 2025 and 2024 did not have a material impact on the ACL. The following tables provide information related to loans modified for the quarters and ended March 31, 2025 and 2024 to borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of concession granted:
| Significant Payment Delay
| Quarter Ended March 31, |  |  |
| 2025 |  | 2024 |  |  |  |  |  |  |  |  |  |  |
(in thousands, except percentages) | Amortized Cost Basis at Period End |  | % of Total Class of Financing Receivable |  | Amortized Cost Basis at Period End |  | % of Total Class of Financing Receivable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Multifamily | $ | 1,915 |  |  | 0.07 | % |  | $ | — |  |  | — | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial business | — |  |  | — | % |  | 103 |  |  | 0.03 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Term Extension
| Quarter Ended March 31, |  |  |
| 2025 |  | 2024 |  |  |  |  |  |  |
(in thousands, except percentages) | Amortized Cost Basis at Period End |  | % of Total Class of Financing Receivable |  | Amortized Cost Basis at Period End |  | % of Total Class of Financing Receivable |  |  |  |  |  |  |  |  |  |  |
Non-owner occupied CRE | $ | — |  |  | — | % |  | $ | 560 |  |  | 0.09 | % |  |  |  |  |  |  |  |  |  |  |
Commercial business | 251 |  |  | 0.08 | % |  | 3,555 |  |  | 0.92 | % |  |  |  |  |  |  |  |  |  |  |
| Significant Payment Delay and Term Extension
| Quarter Ended March 31, |  |  |
| 2025 |  | 2024 |  |  |  |  |  |  |
(in thousands, except percentages) | Amortized Cost Basis at Period End |  | % of Total Class of Financing Receivable |  | Amortized Cost Basis at Period End |  | % of Total Class of Financing Receivable |  |  |  |  |  |  |  |  |  |  |
Commercial business | $ | 1,160 |  |  | 0.39 | % |  | $ | — |  |  | — | % |  |  |  |  |  |  |  |  |  |  |
Single family | 274 |  |  | 0.03 | % |  | 1,156 |  |  | 0.10 | % |  |  |  |  |  |  |  |  |  |  |
The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty:
| Significant Payment Delay |  |  |  |  |  |  |  |
| Quarter Ended March 31, |  |  |  |  |  |  |  |  |  |
| 2025 |  | 2024 |  |  |  |  |  |  |  |  |  |  |  |
Multifamily | The weighted average duration of loan payments deferred is 1.8 years |  | — |  |  |  |  |  |  |  |  |  |  |  |
Commercial business | The weighted average duration of loan payments deferred is 5.1 years |  | The weighted average duration of loan payments deferred is 2.8 years. |  |  |  |  |  |  |  |  |  |  |  |
Single Family | Provided payment deferrals to borrowers. A weighted average 4.7% of loan balances were capitalized and added to the remaining term of the loan. |  | Provided payment deferrals to borrowers. A weighted average 2.5% of loan balances were capitalized and added to the remaining term of the loan. |  |  |  |  |  |  |  |  |  |  |  |
| Term Extension |  |  |  |  |  |  |  |
| Quarter Ended March 31, |  |  |  |  |  |  |  |  |  |
| 2025 |  | 2024 |  |  |  |  |  |  |  |  |  |  |  |
Non-owner occupied CRE | — |  | Added a weighted average 0.25 years to the life of loans, which reduced the monthly payment amounts to the borrowers. |  |  |  |  |  |  |  |  |  |  |  |
Commercial business | Added a weighted average 3.8 years to the life of loans, which reduced the monthly payment amounts to the borrowers. |  | Added a weighted average 0.4 years to the life of loans, which reduced the monthly payment amounts to the borrowers. |  |  |  |  |  |  |  |  |  |  |  |
Single family | Added a weighted average 7.3 years to the life of loans, which reduced the monthly payment amounts to the borrowers. |  | Added a weighted average 1.9 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 classified as MBFDs on or after January 1, 2024 through December 31, 2024:
| Payment Status (Amortized Cost Basis) at March 31, 2025
(in thousands) | Current |  | 30-89 Days Past Due |  | 90+ Days Past Due
Non-owner occupied CRE | $ | 19,211 |  |  | $ | — |  |  | $ | — |
Multifamily | — |  |  | — |  |  | 1,915 |
Construction/land development | — |  |  | — |  |  | 3,796 |
Owner occupied CRE | 254 |  |  | — |  |  | — |
Commercial business | 2,835 |  |  | — |  |  | 5,541 |
Single family | 2,773 |  |  | 177 |  |  | 567 |
Total | $ | 25,073 |  |  | $ | 177 |  |  | $ | 11,819 |
The following table depicts the payment status of loans that were classified as MBFDs on or after January 1, 2023 through December 31, 2023:
| Payment Status (Amortized Cost Basis) at March 31, 2024
(in thousands) | Current |  | 30-89 Days Past Due |  | 90+ Days Past Due
Non-owner occupied CRE | $ | 16,240 |  |  | $ | — |  |  | $ | — |
Construction/land development | 3,824 |  |  | — |  |  | — |
Commercial business | 8,663 |  |  | — |  |  | — |
Single family | 2,367 |  |  | 1,109 |  |  | 342 |
Total | $ | 31,094 |  |  | $ | 1,109 |  |  | $ | 342 |
The following table provides the amortized cost basis as of March 31, 2025 of MBFDs on or after January 1, 2024 through December 31, 2024 and subsequently had a payment default:
| Amortized Cost Basis of Modified Loans That Subsequently Defaulted
| Quarter Ended March 31, 2025
(in thousands) | Significant Payment Delay |  | Term Extension |  | Interest Rate Reduction and Term Extension |  | Significant Payment Delay and Term Extension |  | Interest Rate Reduction, Significant Payment Delay and Term Extension
Single family | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 325 |  |  | $ | — |
The following table provides the amortized cost basis as of March 31, 2024 of MBFDs on or after January 1, 2023 through December 31, 2023 and subsequently had a payment default:
| Amortized Cost Basis of Modified Loans That Subsequently Defaulted
| Quarter Ended March 31, 2024
(in thousands) | Significant Payment Delay |  | Term Extension |  | Interest Rate Reduction and Term Extension |  | Significant Payment Delay and Term Extension |  | Interest Rate Reduction, Significant Payment Delay and Term Extension
Non-owner occupied CRE | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 16,240 |  |  | $ | — |
Construction/land development | — |  |  | — |  |  | — |  |  | 3,824 |  |  | — |
Commercial business | — |  |  | 4,420 |  |  | — |  |  | — |  |  | — |
Single family | 241 |  |  | — |  |  | — |  |  | 351 |  |  | — |
Total | $ | 241 |  |  | $ | 4,420 |  |  | $ | — |  |  | $ | 20,415 |  |  | $ | — |

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