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LOANS AND CREDIT QUALITY
 6 Months Ended
Jun. 30, 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 June 30, 2025At December 31, 2024
CRE
Non-owner occupied CRE$508,781 $570,750 
Multifamily2,895,342 2,992,675 
Construction/land development425,718 472,740 
Total3,829,841 4,036,165 
Commercial and industrial loans
Owner occupied CRE324,299 361,997 
Commercial business285,612 312,004 
Total
609,911 674,001 
Consumer loans
Single family1,060,566 1,109,095 
Home equity and other432,821 412,535 
Total (1)
1,493,387 1,521,630 
Total LHFI 5,933,139 6,231,796 
Allowance for credit losses ("ACL")(45,806)(38,743)
Total LHFI less ACL
$5,887,333 $6,193,053 
(1)    Includes $1.0 million and $1.3 million of loans at June 30, 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 $3.2 billion and $4.0 billion at June 30, 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 June 30, 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 June 30, 2025, and December 31, 2024 single family loans in the state of Washington represented 13% of the total LHFI portfolio. At June 30, 2025 and December 31, 2024, multifamily loans in California represented 30% of the total LHFI portfolio.

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 June 30, 2025, the historical expected loss rates increased when compared to December 31, 2024 due to adverse risk migration. During the six months ended June 30, 2025, the qualitative factors decreased primarily due to improved collateral conditions. 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 $1.1 million at both June 30, 2025 and December 31, 2024.
The Bank has elected to exclude accrued interest receivable from the evaluation of the ACL. Accrued interest on LHFI was $23.5 million and $25.1 million at June 30, 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 June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Beginning balance
$39,634 $39,677 $38,743 $40,500 
Provision for credit losses6,1601287,048 370 
Net (charge-offs) recoveries12 (64)15 (1,129)
Ending balance$45,806 $39,741 $45,806 $39,741 
Allowance for unfunded commitments:
Beginning balance$1,258 $1,581 $1,146 $1,823 
Provision for credit losses(160)(128)(48)(370)
Ending balance$1,098 $1,453 $1,098 $1,453 
Provision for credit losses:
Allowance for credit losses - loans$6,160 $128 $7,048 $370 
Allowance for unfunded commitments(160)(128)(48)(370)
Total$6,000 $— $7,000 $— 
Activity in the ACL for LHFI by loan portfolio and loan sub-class was as follows:

Quarter Ended June 30, 2025
(in thousands)Beginning balanceCharge-offsRecoveriesProvision Ending balance
CRE
Non-owner occupied CRE$1,658 $— $— $133 $1,791 
Multifamily13,287 — — 5,661 18,948 
Construction/land development
Multifamily construction468 — — 691 1,159 
CRE construction73 — — (2)71 
Single family construction5,704 — — (504)5,200 
Single family construction to permanent140 — — 10 150 
Total21,330 — — 5,989 27,319 
Commercial and industrial loans
Owner occupied CRE598 — — 12 610 
Commercial business10,648 (20)25 497 11,150 
     Total 11,246 (20)25 509 11,760 
Consumer loans
Single family3,702 — 1 (101)3,602 
Home equity and other3,356 (27)33 (237)3,125 
Total7,058 (27)34 (338)6,727 
Total ACL$39,634 $(47)$59 $6,160 $45,806 

Quarter Ended June 30, 2024
(in thousands)Beginning balanceCharge-offsRecoveriesProvision
Ending balance
CRE
Non-owner occupied CRE$2,131 $— $— $(354)$1,777 
Multifamily18,947 — — (1,877)17,070 
Construction/land development
Multifamily construction1,621 — — 350 1,971 
CRE construction188 — — (153)35 
Single family construction5,578 — — (133)5,445 
Single family construction to permanent435 — — (135)300 
Total28,900 — — (2,302)26,598 
Commercial and industrial loans
Owner occupied CRE836 — — (105)731 
Commercial business2,646 (39)39 2,949 5,595 
     Total 3,482 (39)— 39 — 2,844 — 6,326 
Consumer loans
Single family4,273 — 1 (430)3,844 
Home equity and other3,022 (87)22 16 2,973 
Total7,295 (87)23 (414)6,817 
Total ACL$39,677 $(126)$62 $128 $39,741 
Six Months Ended June 30, 2025
(in thousands)Beginning balanceCharge-offsRecoveriesProvisionEnding balance
CRE
Non-owner occupied CRE$1,739 $— $— $52 $1,791 
Multifamily14,909 — — 4,039 18,948 
Construction/land development
Multifamily construction849 — — 310 1,159 
CRE construction66 — — 5 71 
Single family construction6,737 — — (1,537)5,200 
Single family construction to permanent184 — — (34)150 
Total24,484 — — 2,835 27,319 
Commercial and industrial loans
Owner occupied CRE576 — — 34 610 
Commercial business6,886 (41)50 4,255 11,150 
Total7,462 (41)50 4,289 11,760 
Consumer loans
Single family3,610 — 3 (11)3,602 
Home equity and other3,187 (67)70 (65)3,125 
Total6,797 (67)73 (76)6,727 
Total ACL$38,743 $(108)$123 $7,048 $45,806 



Six Months Ended June 30, 2024
(in thousands)Beginning balanceCharge-offsRecoveriesProvisionEnding balance
CRE
Non-owner occupied CRE$2,610 $— $— $(833)$1,777 
Multifamily13,093 — — 3,977 17,070 
Construction/land development
Multifamily construction3,983 — — (2,012)1,971 
CRE construction189 — — (154)35 
Single family construction7,365 — — (1,920)5,445 
Single family construction to permanent672 — — (372)300 
Total27,912 — — (1,314)26,598 
Commercial and industrial loans
Owner occupied CRE899 — — (168)731 
Commercial business2,950 (1,120)40 3,725 5,595 
Total3,849 (1,120)40 3,557 6,326 
Consumer loans
Single family5,287 — 3 (1,446)3,844 
Home equity and other3,452 (111)59 (427)2,973 
Total8,739 (111)62 (1,873)6,817 
Total ACL$40,500 $(1,231)$102 $370 $39,741 
The following table presents a vintage analysis of the commercial portfolio segment by loan sub-class and risk rating or delinquency status.
At June 30, 2025
(in thousands)20252024202320222021
2020 and prior
RevolvingRevolving-termTotal
COMMERCIAL PORTFOLIO
Non-owner occupied CRE
Pass$3,958 $— $1,411 $69,104 $70,716 $325,125 $(30)$— $470,284 
Special Mention— — — — — 22,483 — — 22,483 
Substandard— — — — — 16,014 — — 16,014 
Total3,958 — 1,411 69,104 70,716 363,622 (30)— 508,781 
Multifamily
Pass6,748 — 76,265 1,506,962 614,383 417,712 — — 2,622,070 
Special Mention— — 15,571 50,387 28,052 61,785 — — 155,795 
Substandard— — 14,504 75,040 1,989 25,944 — — 117,477 
Total6,748 — 106,340 1,632,389 644,424 505,441 — — 2,895,342 
Multifamily construction
Pass— — 34,709 — — — — — 34,709 
Special Mention— — — 10,460 — — — — 10,460 
Substandard— — — — — — — — — 
Total— — 34,709 10,460 — — — — 45,169 
CRE construction
Pass— 737 7,465 — — — — — 8,202 
Special Mention— — — — — — — — — 
Substandard— — — — — 3,771 — — 3,771 
Total— 737 7,465 — — 3,771 — — 11,973 
Single family construction
Pass52,198 86,539 4,487 253 1,489 67 189,625 — 334,658 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total52,198 86,539 4,487 253 1,489 67 189,625 — 334,658 
Single family construction to permanent
Current
1,805 8,318 3,835 12,694 6,667 599 — — 33,918 
Past due:
30-59 days
— — — — — — — — — 
60-89 days
— — — — — — — — — 
90+ days
— — — — — — — — — 
Total1,805 8,318 3,835 12,694 6,667 599 — — 33,918 
Owner occupied CRE
Pass1,746 3,938 8,882 56,735 33,754 177,364 — — 282,419 
Special Mention— — — 6,053 4,442 28,230 — — 38,725 
Substandard— — — 320 1,577 1,258 — — 3,155 
Total1,746 3,938 8,882 63,108 39,773 206,852 — — 324,299 
Commercial business
Pass484 25,311 14,305 18,507 18,593 41,806 120,928 797 240,731 
Special Mention— 364 93 1,035 1,733 2,359 996 — 6,580 
Substandard— 729 361 23,059 — 11,374 2,778 — 38,301 
Total484 26,404 14,759 42,601 20,326 55,539 124,702 797 285,612 
Total commercial portfolio
$66,939 $125,936 $181,888 $1,830,609 $783,395 $1,135,891 $314,297 $797 $4,439,752 
The following table presents a vintage analysis of the consumer portfolio segment by loan sub-class and delinquency status:
At June 30, 2025
(in thousands)20252024202320222021
2020 and prior
RevolvingRevolving-termTotal
CONSUMER PORTFOLIO
Single family
Current
$571 $91 $29,553 $370,811 $296,464 $357,673 $— $— $1,055,163 
Past due:
30-59 days
— — 414 791 — 1,266 — — 2,471 
60-89 days
— — — — — — — — — 
90+ days
— — — 452 103 2,377 — — 2,932 
Total571 91 29,967 372,054 296,567 361,316 — — 1,060,566 
Home equity and other
Current
967 851 735 1,133 84 1,781 420,778 4,614 430,943 
Past due:
30-59 days
— 3 1 — — 38 418 60 520 
60-89 days
— 5 — — — — 305 — 310 
90+ days
— 2 — — — 5 1,041 — 1,048 
Total967 861 736 1,133 84 1,824 422,542 4,674 432,821 
Total consumer portfolio (1)
$1,538 $952 $30,703 $373,187 $296,651 $363,140 $422,542 $4,674 $1,493,387 
Total LHFI$68,477 $126,888 $212,591 $2,203,796 $1,080,046 $1,499,031 $736,839 $5,471 $5,933,139 

(1)    Includes $1.0 million of loans where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes in fair value recognized in the consolidated income statements.
The following table presents a vintage analysis of the commercial portfolio segment by loan sub-class and risk rating or delinquency status:
At December 31, 2024
(in thousands)20242023202220212020
2019 and prior
RevolvingRevolving-termTotal
COMMERCIAL PORTFOLIO
Non-owner occupied CRE
Pass$— $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 June 30, 2025
(in thousands)20252024202320222021
2020 and prior
RevolvingRevolving-termTotal
COMMERCIAL PORTFOLIO
Commercial business
Gross charge-offs$— $— $— $(21)$— $(20)$— $— $(41)
CONSUMER PORTFOLIO
Home equity and other
Gross charge-offs— (7)(3)— — (1)(56)— (67)
Total LHFI$— $(7)$(3)$(21)$— $(21)$(56)$— $(108)

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)$— $(3,141)
Collateral Dependent Loans
The following table presents the amortized cost basis of collateral-dependent loans by loan sub-class and collateral type:
At June 30, 2025
(in thousands)Land1-4 FamilyMultifamilyNon-residential real estateOther non-real estateTotal
CRE
Non-owner occupied CRE$— $— $— $16,014 $— $16,014 
Multifamily
— — 1,915 — — 1,915 
Construction/land development
CRE construction3,771 — — — — 3,771 
   Total
3,771 — 1,915 16,014 — 21,700 
Commercial and industrial loans
Commercial business
4,362 2,882 — — 2,529 9,773 
Consumer loans
Single family
— 832 — — — 832 
  Total collateral-dependent loans$8,133 $3,714 $1,915 $16,014 $2,529 $32,305 
At December 31, 2024
(in thousands)Land1-4 FamilyMultifamilyNon-residential real estateOther non-real estateTotal
CRE
Non-owner occupied CRE$— $— $— $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 June 30, 2025At December 31, 2024
(in thousands)Nonaccrual with no related ACLTotal NonaccrualNonaccrual with no related ACLTotal Nonaccrual
CRE
Non-owner occupied CRE$16,014 $16,014 $16,230 $16,230 
Multifamily
1,915 1,915 1,915 1,915 
Construction/land development
CRE construction3,771 3,771 3,821 3,821 
   Total
21,700 21,700 21,966 21,966 
Commercial and industrial loans
Owner occupied CRE905 905 1,161 1,161 
        Commercial business9,250 25,214 8,509 25,740 
   Total
10,155 26,119 9,670 26,901 
Consumer loans
Single family
832 3,850 1,106 2,990 
Home equity and other— 3,563 — 3,137 
   Total
832 7,413 1,106 6,127 
Total nonaccrual loans$32,687 $55,232 $32,742 $54,994 

The following tables present an aging analysis of past due loans by loan portfolio segment and loan sub-class:
At June 30, 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$— $— $— $16,014 $16,014 $492,767 $508,781 
Multifamily— — — 1,915 1,915 2,893,427 2,895,342 
Construction/land development
Multifamily construction— — — — — 45,169 45,169 
CRE construction— — — 3,771 3,771 8,202 11,973 
Single family construction— — — — — 334,658 334,658 
Single family construction to permanent— — — — — 33,918 33,918 
Total
— — — 21,700 21,700 3,808,141 3,829,841 
Commercial and industrial loans
Owner occupied CRE254 — — 905 1,159 323,140 324,299 
Commercial business26 — — 25,214 25,240 260,372 285,612 
Total
280 — — 26,119 26,399 583,512 609,911 
Consumer loans
Single family
4,060 2,085 3,737 (2)3,850 13,732 1,046,834 1,060,566 
Home equity and other260 29 — 3,563 3,852 428,969 432,821 
Total
4,320 2,114 3,737 7,413 17,584 1,475,803 1,493,387 (3)
Total loans$4,600 $2,114 $3,737 $55,232 $65,683 $5,867,456 $5,933,139 
%0.08 %0.04 %0.06 %0.93 %1.11 %98.89 %100.00 %
At December 31, 2024
Past Due and Still Accruing
(in thousands)30-59 days60-89 days90 days or
more		Nonaccrual
Total past
due and nonaccrual (1)
CurrentTotal
loans
CRE
Non-owner occupied CRE$— $— $— $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 $11.4 million and $11.3 million at June 30, 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 $1.0 million and $1.3 million of loans at June 30, 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 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 and six months ended June 30, 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 six months ended June 30, 2025 and 2024 to borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of concession granted:
Significant Payment Delay
Quarter Ended June 30,Six Months Ended June 30,
2025202420252024
(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 ReceivableAmortized Cost Basis at Period End% of Total Class of Financing ReceivableAmortized Cost Basis at Period End% of Total Class of Financing Receivable
Multifamily
$1,915 0.07 %$— — %$1,915 0.07 %$— — %
Commercial business— — %— — %— — %97 0.03 %
Term Extension
Quarter Ended June 30,Six Months Ended June 30,
2025202420252024
(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 ReceivableAmortized Cost Basis at Period End% of Total Class of Financing ReceivableAmortized Cost Basis at Period End% of Total Class of Financing Receivable
Commercial business$996 0.35 %$— — %$996 0.35 %$3,455 0.92 %
Significant Payment Delay and Term Extension
Quarter Ended June 30,Six Months Ended June 30,
2025202420252024
(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 ReceivableAmortized Cost Basis at Period End% of Total Class of Financing ReceivableAmortized Cost Basis at Period End% of Total Class of Financing Receivable
Commercial business$729 0.26 %$— — %$1,840 0.64 %$— — %
Single family318 0.03 %804 0.07 %590 0.06 %1,177 0.03 %
The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty:

Significant Payment Delay
Quarter Ended June 30,Six Months Ended June 30,
2025202420252024
Multifamily
The weighted average duration of loan payments deferred is 0.3 years
—
The weighted average duration of loan payments deferred is 2.0 years
—
Commercial business
The weighted average duration of loan payments deferred is 1.8 years
—
The weighted average duration of loan payments deferred is 3.8 years.
The weighted average duration of loan payments deferred is 2.8 years
Single Family
Provided payment deferrals to borrowers. A weighted average 2.34% of loan balances were capitalized and added to the remaining term of the loan.
Provided payment deferrals to borrowers. A weighted average 1.06% of loan balances were capitalized and added to the remaining term of the loan.
Provided payment deferrals to borrowers. A weighted average 1.67% of loan balances were capitalized and added to the remaining term of the loan.
Provided payment deferrals to borrowers. A weighted average 1.00% of loan balances were capitalized and added to the remaining term of the loan.
Term Extension
Quarter Ended June 30,Six Months Ended June 30,
2025202420252024
Commercial business
Added a weighted average 1.1 years to the life of loans, which reduced the monthly payment amounts to the borrowers.
—
Added a weighted average 2.4 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 5.6 years to the life of loans, which reduced the monthly payment amounts to the borrowers.
Added a weighted average 2.8 years to the life of loans, which reduced the monthly payment amounts to the borrowers.
Added a weighted average 6.4 years to the life of loans, which reduced the monthly payment amounts to the borrowers.
Added a weighted average 3.0 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 April 1, 2024 through March 31, 2025:
Payment Status (Amortized Cost Basis) at June 30, 2025
(in thousands)Current30-89 Days Past Due90+ Days Past Due
Non-owner occupied CRE$18,447 $— $— 
Multifamily— — 1,915 
Construction/land development— — 3,771 
Owner occupied CRE254 — — 
Commercial business2,852 — 4,362 
Single family2,585 176 418 
Total$24,138 $176 $10,466 


The following table depicts the payment status of loans that were classified as MBFDs on or after April 1, 2023 through March 31, 2024:

Payment Status (Amortized Cost Basis) at June 30, 2024
(in thousands)Current30-89 Days Past Due90+ Days Past Due
Non-owner occupied CRE$— $— $16,230 
Construction/land development— — 3,821 
Commercial business1,597 2,708 4,420 
Single family1,155 833 1,417 
Total$2,752 $3,541 $25,888 


The following table provides the amortized cost basis as of June 30, 2025 of MBFDs on or after April 1, 2024 through March 31, 2025 and subsequently had a payment default:

Amortized Cost Basis of Modified Loans That Subsequently Defaulted
Quarter Ended June 30, 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
Owner occupied CRE$— $— $— $254 $— 
Single family— — — 203 — 
Total$— $— $— $457 $— 
The following table provides the amortized cost basis as of June 30, 2024 of MBFDs on or after April 1, 2023 through March 31, 2024 and subsequently had a payment default:
Amortized Cost Basis of Modified Loans That Subsequently Defaulted
Quarter Ended June 30, 2024
(in thousands)Significant Payment DelayTerm ExtensionInterest Rate Reduction and Term ExtensionSignificant Payment Delay and Term ExtensionInterest Rate Reduction, Significant Payment Delay and Term Extension
Commercial business$— $2,708 $— $— $— 
Single family833 — — — — 
Total$833 $2,708 $— $— $— 


The following table provides the amortized cost basis as of June 30, 2025 of MBFDs on or after April 1, 2024 through March 31, 2025 and subsequently had a payment default:

Amortized Cost Basis of Modified Loans That Subsequently Defaulted
Six Months Ended June 30, 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
Owner occupied CRE$— $— $— $254 $— 
Single family— — — 378 — 
Total$— $— $— $632 $— 

The following table provides the amortized cost basis as of June 30, 2024 of MBFDs on or after April 1, 2023 through March 31, 2024 and subsequently had a payment default:
Amortized Cost Basis of Modified Loans That Subsequently Defaulted
Six Months Ended June 30, 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— 7,128 — — — 
Single family1,074 — — 351 — 
Total$1,074 $7,128 $— $20,415 $—