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LOANS AND CREDIT QUALITY
 3 Months Ended
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, 2025At December 31, 2024
CRE
Non-owner occupied CRE$545,313 $570,750 
Multifamily2,934,442 2,992,675 
Construction/land development436,610 472,740 
Total3,916,365 4,036,165 
Commercial and industrial loans
Owner occupied CRE340,106 361,997 
Commercial business299,001 312,004 
Total
639,107 674,001 
Consumer loans
Single family1,088,264 1,109,095 
Home equity and other419,480 412,535 
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)20252024
Beginning balance
$38,743 $40,500 
Provision for credit losses888242
Net (charge-offs) recoveries3 (1,065)
Ending balance$39,634 $39,677 
Allowance for unfunded commitments:
Beginning balance$1,146 $1,823 
Provision for credit losses112 (242)
Ending balance$1,258 $1,581 
Provision for credit losses:
Allowance for credit losses - loans$888 $242 
Allowance for unfunded commitments112 (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 balanceCharge-offsRecoveriesProvision Ending balance
CRE
Non-owner occupied CRE$1,739 $— $— $(81)$1,658 
Multifamily14,909 — — (1,622)13,287 
Construction/land development
Multifamily construction849 — — (381)468 
CRE construction66 — — 7 73 
Single family construction6,737 — — (1,033)5,704 
Single family construction to permanent184 — — (44)140 
Total24,484 — — (3,154)21,330 
Commercial and industrial loans
Owner occupied CRE576 — — 22 598 
Commercial business6,886 (21)25 3,758 10,648 
     Total 7,462 (21)25 3,780 11,246 
Consumer loans
Single family3,610 — 2 90 3,702 
Home equity and other3,187 (40)37 172 3,356 
Total6,797 (40)39 262 7,058 
Total ACL$38,743 $(61)$64 $888 $39,634 


Quarter Ended March 31, 2024
(in thousands)Beginning balanceCharge-offsRecoveriesProvision
Ending balance
CRE
Non-owner occupied CRE$2,610 $— $— $(479)$2,131 
Multifamily13,093 — — 5,854 18,947 
Construction/land development
Multifamily construction3,983 — — (2,362)1,621 
CRE construction189 — — (1)188 
Single family construction7,365 — — (1,787)5,578 
Single family construction to permanent672 — — (237)435 
Total27,912 — — 988 28,900 
Commercial and industrial loans
Owner occupied CRE899 — — (63)836 
Commercial business2,950 (1,081)1 776 2,646 
     Total 3,849 (1,081)1 713 3,482 
Consumer loans
Single family5,287 — 2 (1,016)4,273 
Home equity and other3,452 (24)37 (443)3,022 
Total8,739 (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)20252024202320222021
2020 and prior
RevolvingRevolving-termTotal
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 
Total3,986 — 1,426 69,279 71,021 399,634 (33)— 545,313 
Multifamily
Pass1,353 — 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 
Total1,353 — 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
Pass19,488 105,716 16,807 3,167 3,185 68 180,963 — 329,394 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total19,488 105,716 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
— — — — — — — — — 
Total493 5,830 4,231 13,198 6,520 600 — — 30,872 
Owner occupied CRE
Pass71 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 
Total71 3,972 9,025 64,084 40,520 222,421 — 13 340,106 
Commercial business
Pass184 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 
Total184 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)20252024202320222021
2020 and prior
RevolvingRevolving-termTotal
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 
Total935 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 $1.2 million of loans where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes in fair value recognized in the consolidated income statements.
The following table presents a vintage analysis of the commercial portfolio segment by loan sub-class and risk rating or delinquency status:
At December 31, 2024
(in thousands)20242023202220212020
2019 and prior
RevolvingRevolving-termTotal
COMMERCIAL PORTFOLIO
Non-owner occupied CRE
Pass$— $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 
Total19 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— — — — — — — — — 
Total121,305 22,412 5,346 7,252 — 69 164,442 — 320,826 
Single family construction to permanent
Current6,153 9,719 17,598 7,977 523 — — — 41,970 
Past due:
30-59 days — — — — — — — — — 
60-89 days — — — — — — — — — 
90+ days — — — — — — — — — 
Total6,153 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 
Total5,431 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 
Total26,949 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 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)20252024202320222021
2020 and prior
RevolvingRevolving-termTotal
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)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)$— $(3,141)
Collateral Dependent Loans
The following table presents the amortized cost basis of collateral-dependent loans by loan sub-class and collateral type:
At March 31, 2025
(in thousands)Land1-4 FamilyMultifamilyNon-residential real estateOther non-real estateTotal
CRE
Non-owner occupied CRE$— $— $— $16,089 $— $16,089 
Multifamily
— — 1,915 — — 1,915 
CRE construction3,796 — — — — 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 $33,153 
At December 31, 2024
(in thousands)Land1-4 FamilyMultifamilyNon-residential real estateOther non-real estateTotal
CRE
Non-owner occupied CRE$— $— $— $16,230 $— $16,230 
Multifamily
— — 1,915 — — 1,915 
Construction/land development
CRE construction3,821 — — — — 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, 2025At December 31, 2024
(in thousands)Nonaccrual with no related ACLTotal NonaccrualNonaccrual with no related ACLTotal 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 construction3,796 3,796 3,821 3,821 
   Total
21,800 21,800 21,966 21,966 
Commercial and industrial loans
Owner occupied CRE932 932 1,161 1,161 
        Commercial business10,506 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 days60-89 days90 days or
more		Nonaccrual
Total past
due and nonaccrual (1)
CurrentTotal
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 other834 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 $6,063,216 
%0.06 %0.04 %0.07 %0.92 %1.09 %98.91 %100.00 %
At December 31, 2024
Past Due and Still Accruing
(in thousands)30-59 days60-89 days90 days or
more		Nonaccrual
Total past
due and nonaccrual (1)
CurrentTotal
loans
CRE
Non-owner occupied CRE$— $— $— $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 
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,
20252024
(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
$1,915 0.07 %$— — %
Commercial business— — %103 0.03 %
Term Extension
Quarter Ended March 31,
20252024
(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$— — %$560 0.09 %
Commercial business251 0.08 %3,555 0.92 %
Significant Payment Delay and Term Extension
Quarter Ended March 31,
20252024
(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$1,160 0.39 %$— — %
Single family274 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,
20252024
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,
20252024
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)Current30-89 Days Past Due90+ Days Past Due
Non-owner occupied CRE$19,211 $— $— 
Multifamily— — 1,915 
Construction/land development— — 3,796 
Owner occupied CRE254 — — 
Commercial business2,835 — 5,541 
Single family2,773 177 567 
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)Current30-89 Days Past Due90+ Days Past Due
Non-owner occupied CRE$16,240 $— $— 
Construction/land development3,824 — — 
Commercial business8,663 — — 
Single family2,367 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 DelayTerm ExtensionInterest Rate Reduction and Term ExtensionSignificant Payment Delay and Term ExtensionInterest 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 DelayTerm ExtensionInterest Rate Reduction and Term ExtensionSignificant Payment Delay and Term ExtensionInterest Rate Reduction, Significant Payment Delay and Term Extension
Non-owner occupied CRE$— $— $— $16,240 $— 
Construction/land development— — — 3,824 — 
Commercial business— 4,420 — — — 
Single family241 — — 351 — 
Total$241 $4,420 $— $20,415 $—