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LOANS AND CREDIT QUALITY | 3 Months Ended
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Mar. 31, 2026
Receivables [Abstract] |
LOANS AND CREDIT QUALITY | LOANS AND CREDIT QUALITY The loan receivables portfolio consisted of the following as of the dates indicated:
(in thousands) | March 31, 2026 |  | December 31, 2025
Commercial and industrial | $ | 460,081 |  |  | $ | 482,170 |
Commercial real estate |  |  |
Multifamily | 5,291,597 |  |  | 5,355,252 |
Non-owner occupied | 1,711,611 |  |  | 1,740,277 |
Owner occupied | 586,698 |  |  | 689,079 |
Construction and land development | 399,546 |  |  | 493,992 |
Residential real estate | 4,017,120 |  |  | 3,970,803 |
Auto | 639,825 |  |  | 791,012 |
Other consumer | 745,731 |  |  | 654,351 |
Total loan receivables before allowance for credit losses | 13,852,209 |  |  | 14,176,936 |
Allowance for credit losses on loans | (156,796) |  |  | (153,319) |
Net loan receivables | $ | 13,695,413 |  |  | $ | 14,023,617 |
At March 31, 2026, $10.3 billion of loans were pledged to secure borrowings from the FHLB, and $1.3 billion of loans were pledged to secure borrowings from the Federal Reserve. Credit Risk Concentrations The Company’s portfolio of non-owner occupied and owner occupied commercial real estate, multifamily and residential real estate loans are primarily to borrowers in California, or are secured by real estate collateral located in California. Such loans represented 76% of total loans in these segments as of March 31, 2026 and December 31, 2025. In addition, substantial portions of the Company’s loans are multifamily and residential real estate. At March 31, 2026, multifamily loans represented 38% of the loan portfolio and residential real estate loans represented 29% of the loan portfolio. At December 31, 2025, multifamily loans represented 38% of the loan portfolio and residential real estate loans represented 28% of the loan portfolio. Allowance for Credit Losses The following tables present the activity in the allowance for credit losses on loans by portfolio segment:
(in thousands) | Commercial and Industrial |  | Commercial Real Estate |  | Residential Real Estate |  | Auto |  | Other Consumer |  | Total
Quarter Ended March 31, 2026 |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses on loans |  |  |  |  |  |  |  |  |  |  |
Beginning balance | $ | 8,417 |  |  | $ | 114,326 |  |  | $ | 13,294 |  |  | $ | 15,003 |  |  | $ | 2,279 |  |  | $ | 153,319 |
Provision (reversal of provision) for credit losses | 408 |  |  | 6,321 |  |  | (26) |  |  | 565 |  |  | 325 |  |  | 7,593 |
Loans charged off | (131) |  |  | — |  |  | (1) |  |  | (6,420) |  |  | (653) |  |  | (7,205) |
Recoveries | 166 |  |  | 111 |  |  | 354 |  |  | 2,298 |  |  | 160 |  |  | 3,089 |
Ending balance | $ | 8,860 |  |  | $ | 120,758 |  |  | $ | 13,621 |  |  | $ | 11,446 |  |  | $ | 2,111 |  |  | $ | 156,796 |
(in thousands) | Commercial and Industrial |  | Commercial Real Estate |  | Residential Real Estate |  | Auto |  | Other Consumer |  | Total
Quarter Ended March 31, 2025 |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses on loans |  |  |  |  |  |  |  |  |  |  |
Beginning balance | $ | 4,869 |  |  | $ | 35,097 |  |  | $ | 4,656 |  |  | $ | 41,282 |  |  | $ | 2,654 |  |  | $ | 88,558 |
Provision (reversal of provision) for credit losses | (458) |  |  | (102) |  |  | 107 |  |  | (3,629) |  |  | 330 |  |  | (3,752) |
Loans charged off | (117) |  |  | — |  |  | — |  |  | (11,506) |  |  | (594) |  |  | (12,217) |
Recoveries | 3 |  |  | — |  |  | — |  |  | 2,788 |  |  | 135 |  |  | 2,926 |
Ending balance | $ | 4,297 |  |  | $ | 34,995 |  |  | $ | 4,763 |  |  | $ | 28,935 |  |  | $ | 2,525 |  |  | $ | 75,515 |
In addition to the ACL for LHFI, the Company maintains a separate allowance for unfunded loan commitments, which is included in interest payable and other liabilities on the consolidated balance sheets. The following table presents changes in the allowance for credit losses on unfunded lending commitments:
| Quarter Ended March 31, |  |
(in thousands) | 2026 |  | 2025 |  |  |  |
Allowance for credit losses on unfunded lending commitments |  |  |  |  |  |  |
Beginning balance | $ | 7,115 |  |  | $ | 4,366 |  |  |  |  |
Provision (reversal of provision) for credit losses | 174 |  |  | 94 |  |  |  |  |
Ending balance | $ | 7,289 |  |  | $ | 4,460 |  |  |  |  |
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 Company’s quantitative and qualitative expected losses for current and forecasted periods. As of March 31, 2026, the quantitative rates increased when compared to December 31, 2025 due to higher forecasted product risk metrics in certain geographically concentrated areas, partially offset by runoff of the auto, non-owner occupied commercial real estate, and construction and land development portfolios. During 2026, the qualitative factors increased due to economic uncertainty and the potential impact of higher energy prices stemming from the conflict in the Middle East. There were no material changes to the methodologies for estimating credit losses for the periods presented. Disclosures related to the amortized cost of loans excludes accrued interest receivable. The Company has elected to exclude accrued interest receivable from the evaluation of the allowance for credit losses. Accrued interest receivable on loans held for investment was $51.7 million and $53.1 million at March 31, 2026 and December 31, 2025, respectively, and is included in interest receivable and other assets on the consolidated balance sheets. Credit Quality Nonaccrual loans include both individually evaluated loans and smaller balance homogeneous loans that are collectively evaluated. Loans whose repayments are insured by the Federal Housing Administration, or guaranteed by the Department of Veterans’ Affairs or Ginnie Mae, are maintained on accrual status even if 90 days or more past due. The following table presents the amortized cost of nonaccrual loans and loans past due 90 days or more and still accruing by class of loans as of March 31, 2026 and December 31, 2025:
| March 31, 2026
(in thousands) | Nonaccrual With No Allowance for Credit Loss |  | Total Nonaccrual |  | Loans Past Due 90 Days or More Still Accruing
Commercial and industrial | $ | 5,490 |  |  | $ | 11,698 |  |  | $ | — |
Commercial real estate |  |  |  |  |
Multifamily | — |  |  | — |  |  | — |
Non-owner occupied | 5,438 |  |  | 17,024 |  |  | — |
Owner occupied | 722 |  |  | 722 |  |  | — |
Construction and land development | 428 |  |  | 3,225 |  |  | — |
Residential real estate | 4,397 |  |  | 8,177 |  |  | 4,098 |
Auto | — |  |  | 3,529 |  |  | — |
Other consumer | — |  |  | 4 |  |  | — |
Total | $ | 16,475 |  |  | $ | 44,379 |  |  | $ | 4,098 |
| December 31, 2025
(in thousands) | Nonaccrual With No Allowance for Credit Loss |  | Total Nonaccrual |  | Loans Past Due 90 Days or More Still Accruing
Commercial and industrial | $ | 5,310 |  |  | $ | 11,196 |  |  | $ | — |
Commercial real estate |  |  |  |  |
Multifamily | 3,387 |  |  | 3,387 |  |  | — |
Non-owner occupied | 953 |  |  | 12,539 |  |  | — |
Owner occupied | 1,644 |  |  | 1,870 |  |  | — |
Construction and land development | 140 |  |  | 2,962 |  |  | — |
Residential real estate | 3,766 |  |  | 6,765 |  |  | 3,943 |
Auto | — |  |  | 4,143 |  |  | — |
Other consumer | — |  |  | 1 |  |  | — |
Total | $ | 15,200 |  |  | $ | 42,863 |  |  | $ | 3,943 |
The following tables present the amortized cost of collateral-dependent loans by class and collateral type as of March 31, 2026 and December 31, 2025:
| March 31, 2026
(in thousands) | Auto |  | Equipment |  | Land |  | Multifamily |  | Retail Building |  | Single Family Residential |  | Other non-real estate |  | Total Loans
Commercial and industrial | $ | — |  |  | $ | 5,001 |  |  | $ | — |  |  | $ | 3,790 |  |  | $ | 958 |  |  | $ | 373 |  |  | $ | — |  |  | $ | 10,122 |
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Multifamily | — |  |  | — |  |  | — |  |  | 14,493 |  |  | — |  |  | — |  |  | — |  |  | 14,493 |
Non-owner occupied | — |  |  | — |  |  | — |  |  | — |  |  | 17,024 |  |  | — |  |  | — |  |  | 17,024 |
Owner occupied | — |  |  | — |  |  | — |  |  | — |  |  | 722 |  |  | — |  |  | — |  |  | 722 |
Construction and land development | — |  |  | — |  |  | 3,225 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,225 |
Residential real estate | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,397 |  |  | — |  |  | 4,397 |
Total | $ | — |  |  | $ | 5,001 |  |  | $ | 3,225 |  |  | $ | 18,283 |  |  | $ | 18,704 |  |  | $ | 4,770 |  |  | $ | — |  |  | $ | 49,983 |
| December 31, 2025
(in thousands) | Auto |  | Equipment |  | Land |  | Multifamily |  | Retail Building |  | Single Family Residential |  | Other non-real estate |  | Total Loans
Commercial and industrial | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,819 |  |  | $ | — |  |  | $ | 4,674 |  |  | $ | 8,493 |
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Multifamily | — |  |  | — |  |  | — |  |  | 17,869 |  |  | — |  |  | — |  |  | — |  |  | 17,869 |
Non-owner occupied | — |  |  | — |  |  | — |  |  | — |  |  | 12,539 |  |  | — |  |  | — |  |  | 12,539 |
Owner occupied | — |  |  | — |  |  | — |  |  | — |  |  | 742 |  |  | — |  |  | 1,128 |  |  | 1,870 |
Construction and land development | — |  |  | — |  |  | 2,962 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,962 |
Residential real estate | — |  |  | — |  |  | — |  |  | 157 |  |  | — |  |  | 4,121 |  |  | — |  |  | 4,278 |
Total | $ | — |  |  | $ | — |  |  | $ | 2,962 |  |  | $ | 18,026 |  |  | $ | 17,100 |  |  | $ | 4,121 |  |  | $ | 5,802 |  |  | $ | 48,011 |
The following tables present the aging of the amortized cost in past due loans as of March 31, 2026 and December 31, 2025 by class of loans:
| March 31, 2026
(in thousands) | 30-59 Days Past Due |  | 60-89 Days Past Due |  | Greater than 89 Days Past Due |  | Total Past Due |  | Loans Not Past Due |  | Total Loans
Commercial and industrial | $ | 1,861 |  |  | $ | 1,011 |  |  | $ | 8,490 |  |  | $ | 11,362 |  |  | $ | 448,719 |  | $ | 460,081
Commercial real estate |  |  |  |  |  |  |  |  |  |  |
Multifamily | — |  |  | — |  |  | — |  |  | — |  |  | 5,291,597 |  | 5,291,597
Non-owner occupied | — |  |  | — |  |  | 11,586 |  |  | 11,586 |  |  | 1,700,025 |  | 1,711,611
Owner occupied | — |  |  | — |  |  | 272 |  |  | 272 |  |  | 586,426 |  | 586,698
Construction and land development | — |  |  | — |  |  | 3,225 |  |  | 3,225 |  |  | 396,321 |  | 399,546
Residential real estate | 13,955 |  |  | 2,828 |  |  | 7,459 |  |  | 24,242 |  |  | 3,992,878 |  | 4,017,120
Auto | 19,122 |  |  | 4,356 |  |  | 2,412 |  |  | 25,890 |  |  | 613,935 |  | 639,825
Other consumer | 271 |  |  | 152 |  |  | 3 |  |  | 426 |  |  | 745,305 |  | 745,731
Total | $ | 35,209 |  |  | $ | 8,347 |  |  | $ | 33,447 |  |  | $ | 77,003 |  |  | $ | 13,775,206 |  |  | $ | 13,852,209 |
| December 31, 2025
(in thousands) | 30-59 Days Past Due |  | 60-89 Days Past Due |  | Greater than 89 Days Past Due |  | Total Past Due |  | Loans Not Past Due |  | Total Loans
Commercial and industrial | $ | 3,277 |  |  | $ | 1,066 |  |  | $ | 8,024 |  |  | $ | 12,367 |  |  | $ | 469,803 |  | $ | 482,170 |
Commercial real estate |  |  |  |  |  |  |  |  |  |  |
Multifamily | — |  |  | — |  |  | 1,614 |  |  | 1,614 |  |  | 5,353,638 |  | 5,355,252 |
Non-owner occupied | 50 |  |  | — |  |  | 11,586 |  |  | 11,636 |  |  | 1,728,641 |  | 1,740,277 |
Owner occupied | — |  |  | 1,349 |  |  | 226 |  |  | 1,575 |  |  | 687,504 |  | 689,079 |
Construction and land development | — |  |  | — |  |  | 2,962 |  |  | 2,962 |  |  | 491,030 |  | 493,992 |
Residential real estate | 14,274 |  |  | 4,944 |  |  | 7,187 |  |  | 26,405 |  |  | 3,944,398 |  | 3,970,803 |
Auto | 25,984 |  |  | 7,078 |  |  | 3,086 |  |  | 36,148 |  |  | 754,864 |  | 791,012 |
Other consumer | 288 |  |  | 149 |  |  | 1 |  |  | 438 |  |  | 653,913 |  | 654,351 |
Total | $ | 43,873 |  |  | $ | 14,586 |  |  | $ | 34,686 |  |  | $ | 93,145 |  |  | $ | 14,083,791 |  |  | $ | 14,176,936 |
The following tables present the amortized cost of loans at March 31, 2026 and 2025 that were both experiencing financial difficulty and modified during the quarter ended March 31, 2026 and 2025, by class and by type of modification. The percentage of the amortized cost of loans that were modified to borrowers in financial distress as compared to the amortized cost of each class of financing receivable is also presented below.
| Quarter Ended March 31, 2026
(in thousands) | Principal Forgiveness |  | Payment Delay |  | Term Extension |  | Interest Rate Reduction |  | Combined Term Extension and Principal Forgiveness |  | Combined Term Extension and Interest Rate Reduction |  | Combined Payment Delay and Term Extension |  | Total Class of Financing Receivable
Commercial and industrial | $ | — |  |  | $ | — |  |  | $ | 14 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5,677 |  |  | 1.24 | %
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction and land development | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,797 |  |  | 0.70 | %
Residential real estate | — |  |  | 242 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,154 |  |  | 0.06 | %
Total | $ | — |  |  | $ | 242 |  |  | $ | 14 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 10,628 |  |  | 0.08 | %
| Quarter Ended March 31, 2025
(in thousands) | Principal Forgiveness |  | Payment Delay |  | Term Extension |  | Interest Rate Reduction |  | Combined Term Extension and Principal Forgiveness |  | Combined Term Extension and Interest Rate Reduction |  | Combined Payment Delay and Term Extension |  | Total Class of Financing Receivable
Commercial and industrial | $ | — |  |  | $ | — |  |  | $ | 117 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | 0.03 | %
Total | $ | — |  |  | $ | — |  |  | $ | 117 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | 0.00 | %
The Company has committed to lend no additional amounts to the borrowers included in the previous tables. The following tables present the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty for the quarter ended March 31, 2026 and 2025:
| Quarter Ended March 31, 2026
(dollars in thousands) | Principal Forgiveness |  | Weighted-Average Payment Delay <months> |  | Weighted-Average Interest Rate Reduction |  | Weighted-Average Term Extension <months>
Commercial and industrial | $ | — |  |  | 27 |  | — | % |  | 27
Commercial real estate |  |  |  |  |  |  |
Construction and land development | — |  |  | 18 |  | — | % |  | 18
Residential real estate | — |  |  | 58 |  | — | % |  | 55
Total | $ | — |  |  | 32 |  | — | % |  | 30
| Quarter Ended March 31, 2025
(dollars in thousands) | Principal Forgiveness |  | Weighted-Average Payment Delay |  | Weighted-Average Interest Rate Reduction |  | Weighted-Average Term Extension <months>
Commercial and industrial | $ | — |  |  | — |  | — | % |  | 60
The Company closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. For loan modifications to borrowers experiencing financial difficulty for the quarter ended March 31, 2026 and 2025, the following tables present the payment status of loans that were modified in the last 12 months, with related amortized cost balances, as of the dates indicated:
| Payment Status (Amortized Cost)
| March 31, 2026
(in thousands) | Current |  | 30-59 Days Past Due |  | 60-89 Days Past Due |  | Greater than 89 Days Past Due |  | Total
Commercial and industrial | $ | 1,493 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,198 |  |  | $ | 5,691 |
Commercial real estate |  |  |  |  |  |  |  |  |
Construction and land development | — |  |  | — |  |  | — |  |  | 2,797 |  |  | 2,797 |
Residential real estate | 1,240 |  |  | 405 |  |  | — |  |  | 751 |  |  | 2,396 |
Total | $ | 2,733 |  |  | $ | 405 |  |  | $ | — |  |  | $ | 7,746 |  |  | $ | 10,884 |
| Payment Status (Amortized Cost)
| March 31, 2025
(in thousands) | Current |  | 30-59 Days Past Due |  | 60-89 Days Past Due |  | Greater than 89 Days Past Due |  | Total
Commercial and industrial | $ | 117 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 117 |
The following table presents the amortized cost of loans that had a payment default (e.g., borrower missed a regularly scheduled payment) and were past due for the quarter ended March 31, 2026 and that were modified in the last 12 months:
| Quarter Ended March 31, 2026
(in thousands) | Payment Delay |  | Term Extension |  | Combined Payment Delay and Term Extension |  | Total
Commercial and industrial | $ | — |  |  | $ | — |  |  | $ | 4,199 |  |  | $ | 4,199 |
Commercial real estate |  |  |  |  |  |  |
Construction and land development | — |  |  | — |  |  | 2,797 |  |  | 2,797 |
Residential real estate | — |  |  | — |  |  | 1,156 |  |  | 1,156 |
Total | $ | — |  |  | $ | — |  |  | $ | 8,152 |  |  | $ | 8,152 |
There were no loans that had a payment default and were past due for quarter ended March 31, 2025 and that were modified in the last 12 months. Upon the Company’s determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is written off. Therefore, the amortized cost of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount. Credit Quality Indicators: The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, current economic trends and other factors. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis includes all loans regardless of balances. This analysis is performed on a quarterly basis. The Company uses the following definitions for risk ratings: Special Mention. Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. Substandard. Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Loans not meeting the criteria above are considered to be pass rated loans. The following table presents the amortized cost by loan risk category and origination year for commercial and industrial and commercial real estate loan classes at March 31, 2026 and December 31, 2025. In addition, year-to-date charge-offs for 2026 and 2025 are presented by origination year.
(in thousands) | 2026 |  | 2025 |  | 2024 |  | 2023 |  | 2022 |  | Prior |  | Revolving Loans Amortized Cost Basis |  | Revolving Loans Converted to Term |  | Total
March 31, 2026 |  |  |  |  |  |  |  |
Commercial and industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 3,767 |  |  | $ | 22,096 |  |  | $ | 56,294 |  |  | $ | 51,301 |  |  | $ | 22,308 |  |  | $ | 105,591 |  |  | $ | 157,335 |  |  | $ | 661 |  |  | $ | 419,353 |
Special mention | — |  |  | — |  |  | 94 |  |  | — |  |  | 450 |  |  | 1,459 |  |  | — |  |  | — |  |  | 2,003 |
Substandard | — |  |  | 152 |  |  | 634 |  |  | 74 |  |  | 22,517 |  |  | 11,439 |  |  | 3,893 |  |  | 16 |  |  | 38,725 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 3,767 |  |  | $ | 22,248 |  |  | $ | 57,022 |  |  | $ | 51,375 |  |  | $ | 45,275 |  |  | $ | 118,489 |  |  | $ | 161,228 |  |  | $ | 677 |  |  | $ | 460,081 |
Year-to-date gross charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 6 |  |  | $ | 125 |  |  | $ | — |  |  | $ | 131 |
Commercial real estate - multifamily |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 18,046 |  |  | $ | 59,406 |  |  | $ | 171,314 |  |  | $ | 457,394 |  |  | $ | 2,199,195 |  |  | $ | 2,179,991 |  |  | $ | 20,151 |  |  | $ | — |  |  | $ | 5,105,497 |
Special mention | — |  |  | — |  |  | — |  |  | — |  |  | 18,312 |  |  | 45,657 |  |  | — |  |  | — |  |  | 63,969 |
Substandard | — |  |  | — |  |  | — |  |  | 6,561 |  |  | 77,981 |  |  | 37,589 |  |  | — |  |  | — |  |  | 122,131 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 18,046 |  |  | $ | 59,406 |  |  | $ | 171,314 |  |  | $ | 463,955 |  |  | $ | 2,295,488 |  |  | $ | 2,263,237 |  |  | $ | 20,151 |  |  | $ | — |  |  | $ | 5,291,597 |
Year-to-date gross charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Commercial real estate - non-owner occupied |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | — |  |  | $ | 11,036 |  |  | $ | 13,692 |  |  | $ | 32,879 |  |  | $ | 370,195 |  |  | $ | 1,149,482 |  |  | $ | 9,300 |  |  | $ | — |  |  | $ | 1,586,584 |
Special mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 37,148 |  |  | — |  |  | — |  |  | 37,148 |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 87,879 |  |  | — |  |  | — |  |  | 87,879 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | — |  |  | $ | 11,036 |  |  | $ | 13,692 |  |  | $ | 32,879 |  |  | $ | 370,195 |  |  | $ | 1,274,509 |  |  | $ | 9,300 |  |  | $ | — |  |  | $ | 1,711,611 |
Year-to-date gross charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Commercial real estate - owner occupied |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 1,279 |  |  | $ | 26,298 |  |  | $ | 12,330 |  |  | $ | 23,062 |  |  | $ | 97,984 |  |  | $ | 357,118 |  |  | $ | 11,493 |  |  | $ | — |  |  | $ | 529,564 |
Special mention | — |  |  | — |  |  | — |  |  | — |  |  | 7,362 |  |  | 34,267 |  |  | — |  |  | — |  |  | 41,629 |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | 8,798 |  |  | 6,707 |  |  | — |  |  | — |  |  | 15,505 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 1,279 |  |  | $ | 26,298 |  |  | $ | 12,330 |  |  | $ | 23,062 |  |  | $ | 114,144 |  |  | $ | 398,092 |  |  | $ | 11,493 |  |  | $ | — |  |  | $ | 586,698 |
Year-to-date gross charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Commercial real estate - construction and land development |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 20,992 |  |  | $ | 209,571 |  |  | $ | 86,476 |  |  | $ | 55,705 |  |  | $ | 8,724 |  |  | $ | 14,483 |  |  | $ | 370 |  |  | $ | — |  |  | $ | 396,321 |
Special mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,225 |  |  | — |  |  | — |  |  | 3,225 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 20,992 |  |  | $ | 209,571 |  |  | $ | 86,476 |  |  | $ | 55,705 |  |  | $ | 8,724 |  |  | $ | 17,708 |  |  | $ | 370 |  |  | $ | — |  |  | $ | 399,546 |
Year-to-date gross charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
(in thousands) | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  | Revolving Loans Amortized Cost Basis |  | Revolving Loans Converted to Term |  | Total |  |
December 31, 2025 |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 22,961 |  |  | $ | 40,427 |  |  | $ | 52,574 |  |  | $ | 24,657 |  |  | $ | 19,914 |  |  | $ | 78,344 |  |  | $ | 200,344 |  |  | $ | 225 |  |  | $ | 439,446 |  |  |
Special mention | — |  |  | 104 |  |  | — |  |  | 472 |  |  | 162 |  |  | 2,828 |  |  | — |  |  | — |  |  | 3,566 |  |  |
Substandard | 64 |  |  | 634 |  |  | 65 |  |  | 23,257 |  |  | 400 |  |  | 14,487 |  |  | 251 |  |  | — |  |  | 39,158 |  |  |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
Total | $ | 23,025 |  |  | $ | 41,165 |  |  | $ | 52,639 |  |  | $ | 48,386 |  |  | $ | 20,476 |  |  | $ | 95,659 |  |  | $ | 200,595 |  |  | $ | 225 |  |  | $ | 482,170 |  |  |
Year-to-date gross charge-offs | $ | 40 |  |  | $ | 75 |  |  | $ | 47 |  |  | $ | 6,772 |  |  | $ | 230 |  |  | $ | 19 |  |  | $ | 1,215 |  |  | $ | — |  |  | $ | 8,398 |  |  |
Commercial real estate - multifamily |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 59,536 |  |  | $ | 177,297 |  |  | $ | 458,411 |  |  | $ | 2,224,002 |  |  | $ | 1,177,242 |  |  | $ | 1,031,448 |  |  | $ | 18,160 |  |  | $ | 211 |  |  | $ | 5,146,307 |  |  |
Special mention | — |  |  | — |  |  | — |  |  | 32,156 |  |  | 22,062 |  |  | 35,772 |  |  | — |  |  | — |  |  | 89,990 |  |  |
Substandard | — |  |  | — |  |  | 6,558 |  |  | 68,486 |  |  | 24,403 |  |  | 19,508 |  |  | — |  |  | — |  |  | 118,955 |  |  |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
Total | $ | 59,536 |  |  | $ | 177,297 |  |  | $ | 464,969 |  |  | $ | 2,324,644 |  |  | $ | 1,223,707 |  |  | $ | 1,086,728 |  |  | $ | 18,160 |  |  | $ | 211 |  |  | $ | 5,355,252 |  |  |
Year-to-date gross charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |
Commercial real estate -non-owner occupied |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 7,032 |  |  | $ | 13,753 |  |  | $ | 31,688 |  |  | $ | 371,096 |  |  | $ | 138,150 |  |  | $ | 1,057,437 |  |  | $ | 6,659 |  |  | $ | 257 |  |  | $ | 1,626,072 |  |  |
Special mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 32,308 |  |  | — |  |  | — |  |  | 32,308 |  |  |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 81,897 |  |  | — |  |  | — |  |  | 81,897 |  |  |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
Total | $ | 7,032 |  |  | $ | 13,753 |  |  | $ | 31,688 |  |  | $ | 371,096 |  |  | $ | 138,150 |  |  | $ | 1,171,642 |  |  | $ | 6,659 |  |  | $ | 257 |  |  | $ | 1,740,277 |  |  |
Year-to-date gross charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 428 |  |  | $ | — |  |  | $ | — |  |  | $ | 428 |  |  |
Commercial real estate - owner-occupied |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 30,541 |  |  | $ | 12,420 |  |  | $ | 27,707 |  |  | $ | 108,047 |  |  | $ | 73,141 |  |  | $ | 371,660 |  |  | $ | 9,045 |  |  | $ | 243 |  |  | $ | 632,804 |  |  |
Special mention | — |  |  | — |  |  | — |  |  | 1,660 |  |  | 6,954 |  |  | 28,003 |  |  | — |  |  | — |  |  | 36,617 |  |  |
Substandard | — |  |  | — |  |  | — |  |  | 8,836 |  |  | 3,752 |  |  | 7,070 |  |  | — |  |  | — |  |  | 19,658 |  |  |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
Total | $ | 30,541 |  |  | $ | 12,420 |  |  | $ | 27,707 |  |  | $ | 118,543 |  |  | $ | 83,847 |  |  | $ | 406,733 |  |  | $ | 9,045 |  |  | $ | 243 |  |  | $ | 689,079 |  |  |
Year-to-date gross charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |
Commercial real estate - construction and land development |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 272,783 |  |  | $ | 128,650 |  |  | $ | 59,371 |  |  | $ | 13,377 |  |  | $ | 3,112 |  |  | $ | 12,937 |  |  | $ | 200 |  |  | $ | 600 |  |  | $ | 491,030 |  |  |
Special mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,962 |  |  | — |  |  | — |  |  | 2,962 |  |  |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
Total | $ | 272,783 |  |  | $ | 128,650 |  |  | $ | 59,371 |  |  | $ | 13,377 |  |  | $ | 3,112 |  |  | $ | 15,899 |  |  | $ | 200 |  |  | $ | 600 |  |  | $ | 493,992 |  |  |
Year-to-date gross charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |
The Company considers the performance of the loan portfolio and its impact on the allowance for credit losses. For residential and consumer loan classes, the Company also evaluates credit quality based on the aging status of the loan, which was previously presented, and by payment activity. The following table presents the amortized cost in residential and consumer loans based upon year of origination at March 31, 2026 and December 31, 2025. In addition, year-to-date charge-offs for 2026 and 2025 are presented by origination year.
(in thousands) | 2026 |  | 2025 |  | 2024 |  | 2023 |  | 2022 |  | Prior |  | Revolving Loans Amortized Cost Basis |  | Revolving Loans Converted to Term |  | Total
March 31, 2026 |  |  |  |  |  |  |  |
Residential real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing | $ | 130,475 |  |  | $ | 521,652 |  |  | $ | 145,956 |  |  | $ | 103,345 |  |  | $ | 760,796 |  |  | $ | 1,801,763 |  |  | $ | 510,414 |  |  | $ | 30,443 |  |  | $ | 4,004,844 |
Nonperforming | — |  |  | — |  |  | — |  |  | 409 |  |  | 745 |  |  | 7,207 |  |  | 3,343 |  |  | 572 |  |  | 12,276 |
Total | $ | 130,475 |  |  | $ | 521,652 |  |  | $ | 145,956 |  |  | $ | 103,754 |  |  | $ | 761,541 |  |  | $ | 1,808,970 |  |  | $ | 513,757 |  |  | $ | 31,015 |  |  | $ | 4,017,120 |
Year-to-date gross charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |
Auto |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing | $ | — |  |  | $ | 149 |  |  | $ | 203 |  |  | $ | 42,327 |  |  | $ | 392,402 |  |  | $ | 201,215 |  |  | $ | — |  |  | $ | — |  |  | $ | 636,296 |
Nonperforming | — |  |  | — |  |  | — |  |  | 133 |  |  | 2,309 |  |  | 1,087 |  |  | — |  |  | — |  |  | 3,529 |
Total | $ | — |  |  | $ | 149 |  |  | $ | 203 |  |  | $ | 42,460 |  |  | $ | 394,711 |  |  | $ | 202,302 |  |  | $ | — |  |  | $ | — |  |  | $ | 639,825 |
Year-to-date gross charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 283 |  |  | $ | 3,728 |  |  | $ | 2,409 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,420 |
Other consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing | $ | 116,388 |  |  | $ | 209,287 |  |  | $ | 166,456 |  |  | $ | 141,679 |  |  | $ | 68,528 |  |  | $ | 39,331 |  |  | $ | 4,058 |  |  | $ | — |  |  | $ | 745,727 |
Nonperforming | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4 |  |  | — |  |  | 4 |
Total | $ | 116,388 |  |  | $ | 209,287 |  |  | $ | 166,456 |  |  | $ | 141,679 |  |  | $ | 68,528 |  |  | $ | 39,331 |  |  | $ | 4,062 |  |  | $ | — |  |  | $ | 745,731 |
Year-to-date gross charge-offs | $ | 154 |  |  | $ | 6 |  |  | $ | 6 |  |  | $ | 150 |  |  | $ | — |  |  | $ | 328 |  |  | $ | 9 |  |  | $ | — |  |  | $ | 653 |
(in thousands) | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  | Revolving Loans Amortized Cost Basis |  | Revolving Loans Converted to Term |  | Total
December 31, 2025 |  |  |  |  |  |  |  |
Residential real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing | $ | 552,620 |  |  | $ | 155,815 |  |  | $ | 110,989 |  |  | $ | 767,915 |  |  | $ | 828,395 |  |  | $ | 1,041,378 |  |  | $ | 499,312 |  |  | $ | 3,671 |  |  | $ | 3,960,095 |
Nonperforming | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7,651 |  |  | 3,057 |  |  | — |  |  | 10,708 |
Total | $ | 552,620 |  |  | $ | 155,815 |  |  | $ | 110,989 |  |  | $ | 767,915 |  |  | $ | 828,395 |  |  | $ | 1,049,029 |  |  | $ | 502,369 |  |  | $ | 3,671 |  |  | $ | 3,970,803 |
Year-to-date gross charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 9 |  |  | $ | 96 |  |  | $ | — |  |  | $ | 105 |
Auto |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing | $ | 157 |  |  | $ | 218 |  |  | $ | 49,109 |  |  | $ | 467,560 |  |  | $ | 227,342 |  |  | $ | 41,638 |  |  | $ | — |  |  | $ | 845 |  |  | $ | 786,869 |
Nonperforming | — |  |  | — |  |  | 311 |  |  | 2,451 |  |  | 1,107 |  |  | 274 |  |  | — |  |  | — |  |  | 4,143 |
Total | $ | 157 |  |  | $ | 218 |  |  | $ | 49,420 |  |  | $ | 470,011 |  |  | $ | 228,449 |  |  | $ | 41,912 |  |  | $ | — |  |  | $ | 845 |  |  | $ | 791,012 |
Year-to-date gross charge-offs | $ | — |  |  | $ | — |  |  | $ | 1,690 |  |  | $ | 23,927 |  |  | $ | 12,077 |  |  | $ | 2,985 |  |  | $ | — |  |  | $ | — |  |  | $ | 40,679 |
Other consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing | $ | 216,135 |  |  | $ | 171,060 |  |  | $ | 145,091 |  |  | $ | 73,178 |  |  | $ | 15,624 |  |  | $ | 27,294 |  |  | $ | 5,825 |  |  | $ | 143 |  |  | $ | 654,350 |
Nonperforming | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |
Total | $ | 216,135 |  |  | $ | 171,061 |  |  | $ | 145,091 |  |  | $ | 73,178 |  |  | $ | 15,624 |  |  | $ | 27,294 |  |  | $ | 5,825 |  |  | $ | 143 |  |  | $ | 654,351 |
Year-to-date gross charge-offs | $ | 619 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | 607 |  |  | $ | 1,106 |  |  | $ | 78 |  |  | $ | — |  |  | $ | 2,411 |
Loan Purchases The following table presents loan receivables purchased by portfolio segment, excluding loans acquired in business combinations:
| Quarter Ended March 31, |  |
| 2026 |  | 2025 |  |  |  |
(in thousands) |  |  |  |  |  |  |
Residential real estate | $ | 3,478 |  |  | $ | 29,230 |  |  |  |  |
The Company purchased the above loan receivables at a premium of $20 thousand and $42 thousand for the quarter ended March 31, 2026 and 2025, respectively. For the purchased loan receivables disclosed above, the Company did not incur any specific allowances for credit losses during the periods indicated.

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