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Loans and Allowance for Credit Losses
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
Loans and Allowance for Credit Losses
Note 4    Loans and Allowance for Credit Losses
Loans consisted of the following at the dates indicated (dollars in thousands):
 June 30, 2025December 31, 2024
 
Amortized Cost
Percent of Total Loans
Amortized Cost
Percent of Total Loans
Commercial:
Non-owner occupied commercial real estate$5,829,835 24.4 %$5,652,203 23.3 %
Construction and land643,630 2.7 %561,989 2.3 %
Owner occupied commercial real estate1,942,076 8.1 %1,941,004 8.0 %
Commercial and industrial6,743,739 28.2 %7,042,222 28.9 %
Pinnacle - municipal finance694,639 2.9 %720,661 3.0 %
Franchise and equipment finance
149,022 0.6 %213,477 0.9 %
Mortgage warehouse lending 626,589 2.6 %585,610 2.4 %
 16,629,530 69.5 %16,717,166 68.8 %
Residential:
1-4 single family residential6,310,932 26.4 %6,508,922 26.8 %
Government insured residential993,065 4.1 %1,071,892 4.4 %
7,303,997 30.5 %7,580,814 31.2 %
Total loans23,933,527 100.0 %24,297,980 100.0 %
Allowance for credit losses(222,730)(223,153)
Loans, net$23,710,797 $24,074,827 
Premiums, discounts and deferred fees and costs, excluding the non-credit related discount on PCD loans, totaled $30 million and $33 million at June 30, 2025 and December 31, 2024, respectively. The amortized cost of PCD loans totaled $35 million and $38 million at June 30, 2025 and December 31, 2024, respectively.
Included in loans, net are direct or sales type finance leases totaling $436 million and $459 million at June 30, 2025 and December 31, 2024, respectively. The amount of income recognized from direct or sales type finance leases for the three and six months ended June 30, 2025 and 2024 totaled $2.9 million, $5.7 million, $3.8 million and $7.9 million, respectively, and is included in interest income on loans in the consolidated statements of income.
During the three and six months ended June 30, 2025 and 2024, the Company purchased residential loans totaling $89 million, $185 million, $60 million and $127 million, respectively.
At June 30, 2025 and December 31, 2024, the Company had pledged loans with a carrying value of approximately $15.5 billion and $15.8 billion, respectively, as security for FHLB advances and Federal Reserve discount window capacity.
Accrued interest receivable on loans totaled $117 million and $120 million at June 30, 2025 and December 31, 2024, respectively, and is included in other assets in the accompanying consolidated balance sheets. The amount of interest income reversed on non-accrual loans was not material for the three and six months ended June 30, 2025 and 2024.
Allowance for credit losses
Activity in the ACL is summarized below for the periods indicated (in thousands):
Three Months Ended June 30,
 20252024
 CommercialResidentialTotalCommercialResidentialTotal
Beginning balance$204,180 $15,567 $219,747 $210,929 $6,627 $217,556 
Provision (recovery)17,292 (1,598)15,694 22,224 (401)21,823 
Charge-offs(14,051)(208)(14,259)(16,100)— (16,100)
Recoveries1,540 8 1,548 2,419 — 2,419 
Ending balance$208,961 $13,769 $222,730 $219,472 $6,226 $225,698 
Six Months Ended June 30,
 20252024
 CommercialResidentialTotalCommercialResidentialTotal
Beginning balance$211,203 $11,950 $223,153 $195,058 $7,631 $202,689 
Provision (recovery)29,638 2,019 31,657 39,003 (1,375)37,628 
Charge-offs(36,808)(208)(37,016)(21,452)(34)(21,486)
Recoveries4,928 8 4,936 6,863 4 6,867 
Ending balance$208,961 $13,769 $222,730 $219,472 $6,226 $225,698 
The ACL was determined utilizing a 2-year reasonable and supportable forecast period. The quantitative portion of the ACL was determined by weighting three third-party provided economic scenarios.
The ACL increased to 0.93% of total loans, compared to 0.92% at December 31, 2024. The two most significant factors impacting the ACL for the six months ended June 30, 2025 were increases in specific reserves, partially offset by net charge offs. The ACL was also impacted, although to a lesser extent, by increases related to (i) deterioration in the economic forecast and (ii) a net increase in qualitative factors and decreases related to (iii) upgrades and payoffs of criticized and classified commercial loans, (iv) shifts in portfolio composition, (v) improved borrower financials in some portfolio sub-segments, and (vi) routine modeling and assumption updates.
The following table presents gross charge-offs during the six months ended June 30, 2025 by year of origination (in thousands):
Gross Charge-offs By Loan Origination Year
 2025
2024
2023
2022
2021
Prior to 2021
Revolving LoansTotal
CRE$— $— $— $— $2,983 $10,736 $— $13,719 
C&I83 193 3,734 9,460 5 722 8,892 23,089 
Residential
— — — 208 — — — 208 
$83 $193 $3,734 $9,668 $2,988 $11,458 $8,892 $37,016 
The following table presents the components of the provision for credit losses for the periods indicated (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Amount related to funded portion of loans$15,694 $21,823 $31,657 $37,628 
Amount related to off-balance sheet credit exposures4 (2,285)(848)(2,805)
Total provision for credit losses$15,698 $19,538 $30,809 $34,823 
Credit quality information
Credit quality of loans held for investment is continuously monitored by dedicated commercial portfolio management and residential credit risk management functions. The Company also has a workout and recovery department that monitors the credit quality of criticized and classified loans and an independent internal credit review function.
Credit quality indicators for commercial loans
Factors that impact risk inherent in commercial portfolio segments include but are not limited to levels of economic activity or potential disruptions in economic activity, health of the national, regional and to a lesser extent global economies, interest rates, industry trends, demographic trends, inflationary trends, including particularly for commercial real estate loans the cost of insurance, patterns of and trends in customer behavior that influence demand for our borrowers' products and services, and commercial real estate values and related market dynamics. Particularly for the office sector, the evolving impact of hybrid and remote work on vacancies and valuations is a factor. Internal risk ratings are considered the most meaningful indicator of credit quality for commercial loans. Internal risk ratings are one indicator of the likelihood that a borrower will default, are a key factor influencing the level and nature of ongoing monitoring of loans and may impact the estimation of the ACL. Internal risk ratings are updated on a continuous basis. Generally, relationships with balances greater than $3 million are re-evaluated at least annually and more frequently if circumstances indicate that a change in risk rating may be warranted. The special mention rating is considered a transitional rating for loans exhibiting potential credit weaknesses that could result in deterioration of repayment prospects at some future date if not checked or corrected and that deserve management’s close attention. These borrowers may exhibit declining cash flows or revenues or increasing leverage. Loans with well-defined credit weaknesses that may result in a loss if the deficiencies are not corrected are assigned a risk rating of substandard. These borrowers may exhibit payment defaults, inadequate cash flows from current operations, operating losses, increasing balance sheet leverage, project cost overruns, unreasonable construction delays, exhausted interest reserves, declining collateral values, frequent overdrafts or past due real estate taxes. Loans with weaknesses so severe that collection in full is highly questionable or improbable, but because of certain reasonably specific pending factors have not been charged off, are assigned an internal risk rating of doubtful. 
Commercial credit exposure based on internal risk rating (in thousands):
June 30, 2025
Amortized Cost By Origination YearRevolving Loans
20252024202320222021PriorTotal
CRE
Pass$563,575 $968,557 $872,218 $969,938 $522,771 $1,687,978 $125,880 $5,710,917 
Special mention— — — 21,565 45,315 22,079 — 88,959 
Substandard— — 21,845 155,262 66,604 429,878 — 673,589 
Total CRE$563,575 $968,557 $894,063 $1,146,765 $634,690 $2,139,935 $125,880 $6,473,465 
C&I
Pass$734,851 $1,297,656 $1,066,081 $825,410 $382,815 $1,175,968 $2,756,193 $8,238,974 
Special mention— — 3,008 — 5,329 1,350 32,233 41,920 
Substandard— 15,902 38,795 96,805 21,510 121,031 76,350 370,393 
Doubtful— — 796 9,375 14,954 — 9,403 34,528 
Total C&I$734,851 $1,313,558 $1,108,680 $931,590 $424,608 $1,298,349 $2,874,179 $8,685,815 
Pinnacle - municipal finance
Pass$43,647 $54,653 $89,415 $78,757 $47,265 $380,902 $— $694,639 
Total Pinnacle - municipal finance$43,647 $54,653 $89,415 $78,757 $47,265 $380,902 $— $694,639 
Franchise and equipment finance
Pass$— $— $1,898 $4,241 $29,076 $72,717 $21,192 $129,124 
Substandard— — — — — 19,787 — 19,787 
Doubtful— — — — — 111 — 111 
Total Franchise and equipment finance
$— $— $1,898 $4,241 $29,076 $92,615 $21,192 $149,022 
Mortgage warehouse lending
Pass$— $— $— $— $— $— $626,589 $626,589 
Total Mortgage warehouse lending$— $— $— $— $— $— $626,589 $626,589 
December 31, 2024
Amortized Cost By Origination YearRevolving Loans
20242023202220212020PriorTotal
CRE
Pass$921,888 $783,342 $1,119,032 $609,452 $399,806 $1,478,261 $114,648 $5,426,429 
Special mention— — — — 39,714 19,057 — 58,771 
Substandard— 21,853 131,816 121,005 76,590 377,728 — 728,992 
Total CRE$921,888 $805,195 $1,250,848 $730,457 $516,110 $1,875,046 $114,648 $6,214,192 
C&I
Pass$1,514,746 $1,182,701 $962,478 $470,041 $269,508 $1,085,412 $2,931,044 $8,415,930 
Special mention45,092 8,231 73,226 35,581 — — 41,486 203,616 
Substandard— 49,681 74,001 40,108 10,529 101,028 81,798 357,145 
Doubtful— — — — — — 6,535 6,535 
Total C&I$1,559,838 $1,240,613 $1,109,705 $545,730 $280,037 $1,186,440 $3,060,863 $8,983,226 
Pinnacle - municipal finance
Pass$60,317 $108,440 $93,800 $51,034 $24,010 $383,060 $— $720,661 
Total Pinnacle - municipal finance$60,317 $108,440 $93,800 $51,034 $24,010 $383,060 $— $720,661 
Franchise and equipment finance
Pass$— $2,014 $26,408 $54,871 $16,435 $84,879 $174 $184,781 
Substandard— — — 1,486 275 26,614 — 28,375 
Doubtful— — — — — 321 — 321 
Total Franchise and equipment finance
$— $2,014 $26,408 $56,357 $16,710 $111,814 $174 $213,477 
Mortgage warehouse lending
Pass$— $— $— $— $— $— $585,610 $585,610 
Total Mortgage warehouse lending$— $— $— $— $— $— $585,610 $585,610 
At June 30, 2025 and December 31, 2024, the balance of revolving loans converted to term loans was immaterial.
The following table presents criticized and classified commercial loans in aggregate by risk rating category at the dates indicated (in thousands):
June 30, 2025December 31, 2024
Special mention$130,879 $262,387 
Substandard - accruing745,811 894,754 
Substandard - non-accruing317,958 219,758 
Doubtful34,639 6,856 
Total $1,229,287 $1,383,755 
Credit quality indicators for residential loans
Management considers delinquency status to be the most meaningful indicator of the credit quality of residential loans, other than government insured residential loans. Delinquency status is updated at least monthly. LTV and FICO scores are also important indicators of credit quality for 1-4 single family residential loans other than government insured loans. FICO scores are generally updated semi-annually, and were most recently updated in the first quarter of 2025. LTVs are typically at origination. Substantially all of the government insured residential loans are government insured Buyout Loans, which the Company buys out of GNMA securitizations upon default. For these loans, traditional measures of credit quality are not particularly relevant considering the guaranteed nature of the loans and the underlying business model. Factors that impact risk inherent in the residential portfolio segment include national and regional economic conditions such as levels of unemployment, wages and interest rates, as well as residential property values.
1-4 Single Family Residential credit exposure, excluding government insured residential loans, based on delinquency status (in thousands):
June 30, 2025
Amortized Cost By Origination Year
Days Past Due
20252024202320222021PriorTotal
Current $117,681 $229,137 $277,952 $971,632 $2,649,818 $2,016,622 $6,262,842 
30 - 59 Days Past Due1,800 369 404 8,279 6,723 8,317 25,892 
60 - 89 Days Past Due— 1,606 — — 1,153 1,701 4,460 
90 Days or More Past Due— — — 143 6,086 11,509 17,738 
$119,481 $231,112 $278,356 $980,054 $2,663,780 $2,038,149 $6,310,932 
December 31, 2024
Amortized Cost By Origination Year
Days Past Due
20242023202220212020PriorTotal
Current $251,767 $304,595 $1,012,777 $2,744,941 $798,346 $1,340,402 $6,452,828 
30 - 59 Days Past Due— 3,045 4,948 15,368 474 9,140 32,975 
60 - 89 Days Past Due156 — 1,445 4,007 — 547 6,155 
90 Days or More Past Due— — 2,486 3,457 — 11,021 16,964 
$251,923 $307,640 $1,021,656 $2,767,773 $798,820 $1,361,110 $6,508,922 
1-4 Single Family Residential credit exposure, excluding government insured residential loans, based on LTV (in thousands): 
June 30, 2025
Amortized Cost By Origination Year
LTV20252024202320222021PriorTotal
Less than 61%$23,043 $26,952 $48,360 $225,455 $1,075,889 $689,723 $2,089,422 
61% - 70% 17,866 30,351 37,798 253,701 739,046 483,914 1,562,676 
71% - 80%50,865 139,918 159,090 497,418 817,540 829,562 2,494,393 
More than 80%27,707 33,891 33,108 3,480 31,305 34,950 164,441 
$119,481 $231,112 $278,356 $980,054 $2,663,780 $2,038,149 $6,310,932 
December 31, 2024
Amortized Cost By Origination Year
LTV20242023202220212020PriorTotal
Less than 61%$27,646 $51,565 $236,020 $1,124,532 $304,755 $425,814 $2,170,332 
61% - 70% 33,033 42,636 263,959 759,931 203,423 307,052 1,610,034 
71% - 80% 156,942 175,651 518,164 851,427 290,573 590,130 2,582,887 
More than 80%34,302 37,788 3,513 31,883 69 38,114 145,669 
$251,923 $307,640 $1,021,656 $2,767,773 $798,820 $1,361,110 $6,508,922 
1-4 Single Family Residential credit exposure, excluding government insured residential loans, based on FICO score (in thousands):
June 30, 2025
Amortized Cost By Origination Year
FICO20252024202320222021PriorTotal
760 or greater$78,873 $166,169 $207,607 $703,941 $2,097,309 $1,480,664 $4,734,563 
720 - 75931,996 42,903 40,971 156,609 352,321 292,525 917,325 
719 or less or not available
8,612 22,040 29,778 119,504 214,150 264,960 659,044 
$119,481 $231,112 $278,356 $980,054 $2,663,780 $2,038,149 $6,310,932 
December 31, 2024
Amortized Cost By Origination Year
FICO20242023202220212020PriorTotal
760 or greater$179,256 $215,486 $725,399 $2,202,004 $642,572 $952,136 $4,916,853 
720 - 75958,642 59,356 173,309 365,198 95,495 192,943 944,943 
719 or less or not available
14,025 32,798 122,948 200,571 60,753 216,031 647,126 
$251,923 $307,640 $1,021,656 $2,767,773 $798,820 $1,361,110 $6,508,922 
Past Due and Non-Accrual Loans:
The following table presents an aging of loans at the dates indicated (in thousands):
 June 30, 2025December 31, 2024
 Current30 - 59
Days Past
Due		60 - 89
Days Past
Due		90 Days or
More Past
Due		TotalCurrent30 - 59
Days Past
Due		60 - 89
Days Past
Due		90 Days or
More Past
Due		Total
CRE$6,447,178 $— $— $26,287 $6,473,465 $6,145,386 $35,000 $— $33,806 $6,214,192 
C&I8,635,670 4,727 1,253 44,165 8,685,815 8,911,057 16,137 25,645 30,387 8,983,226 
Pinnacle - municipal finance694,639 — — — 694,639 720,661 — — — 720,661 
Franchise and equipment finance
149,022 — — — 149,022 213,477 — — — 213,477 
Mortgage warehouse lending 626,589 — — — 626,589 585,610 — — — 585,610 
1-4 single family residential6,262,842 25,892 4,460 17,738 6,310,932 6,452,828 32,975 6,155 16,964 6,508,922 
Government insured residential669,188 100,045 30,398 193,434 993,065 691,111 108,287 46,681 225,813 1,071,892 
 $23,485,128 $130,664 $36,111 $281,624 $23,933,527 $23,720,130 $192,399 $78,481 $306,970 $24,297,980 
Included in the table above is the guaranteed portion of SBA loans past due by 90 days or more totaling $34 million ($25 million of C&I and $9 million of CRE) and $33 million at June 30, 2025 and December 31, 2024, respectively.
Loans contractually delinquent by 90 days or more and still accruing totaled $194 million and $227 million at June 30, 2025 and December 31, 2024, respectively, substantially all of which were government insured residential loans. These loans are Buyout Loans, which the Company buys out of GNMA securitizations upon default.
The following table presents information about loans on non-accrual status at the dates indicated (in thousands):
June 30, 2025December 31, 2024
Amortized CostAmortized Cost With No Related AllowanceAmortized CostAmortized Cost With No Related Allowance
CRE$152,634 $112,599 $95,378 $65,004 
C&I195,897 53,452 125,226 41,929 
Franchise and equipment finance
4,066 2,611 6,010 4,345 
1-4 single family residential23,151 — 23,500 — 
$375,748 $168,662 $250,114 $111,278 
Included in the table above is the guaranteed portion of non-accrual SBA loans totaling $35.9 million and $34.3 million at June 30, 2025 and December 31, 2024, respectively. The amount of interest income recognized on non-accrual loans was insignificant for the three and six months ended June 30, 2025 and 2024. The amount of additional interest income that would have been recognized on non-accrual loans had they performed in accordance with their contractual terms was not material for the three and six months ended June 30, 2025 and 2024.
Collateral dependent loans:
The following table presents the amortized cost basis of collateral dependent loans at the dates indicated (in thousands):
June 30, 2025December 31, 2024
Amortized CostExtent to Which Secured by CollateralAmortized CostExtent to Which Secured by Collateral
CRE$152,041 $152,041 $94,283 $91,050 
C&I79,864 76,866 87,565 78,150 
Franchise and equipment finance 4,066 3,955 6,010 5,689 
 $235,971 $232,862 $187,858 $174,889 
Collateral for the CRE loan class generally consists of commercial real estate, or for certain construction loans, residential real estate. Collateral for C&I loans generally consists of equipment, accounts receivable, inventory and other business assets and for owner-occupied commercial real estate loans, may also include commercial real estate. Franchise and equipment finance loans may be collateralized by franchise value or by equipment. Residential loans are collateralized by residential real estate. There were no significant changes to the extent to which collateral secured collateral dependent loans during the six months ended June 30, 2025.
Foreclosure of residential real estate
The recorded investment in residential loans in the process of foreclosure was $71 million, of which $63 million was government insured at June 30, 2025, and $167 million, of which $157 million was government insured at December 31, 2024. The carrying amount of foreclosed residential real estate included in other assets in the accompanying consolidated balance sheet was insignificant at June 30, 2025 and December 31, 2024
Loan Modifications
The following tables summarize loans that were modified for borrowers experiencing financial difficulty, by type of modification, during the periods indicated (dollars in thousands):
Three Months Ended June 30, 2025
Interest Rate ReductionTerm ExtensionOther than Insignificant Payment DelaysCombination - Interest Rate Reduction and Term ExtensionCombination - Interest Rate Reduction and Other than Insignificant Payment DelaysCombination - Term Extension and Other than Insignificant Payment Delays
Amortized Cost
% (1)
Amortized Cost
% (1)
Amortized Cost
% (1)
Amortized Cost
% (1)
Amortized Cost
% (1)
Amortized Cost
% (1)
Total
CRE$— — %$91,833 1 %$— — %$— — %$— — %$— — %$91,833 
C&I— — %10,451 — %29,816 — %— — %— — %— — %40,267 
1-4 single family residential36 — %— — %— — %— — %— — %— — %36 
Government insured residential— — %12,713 1 %— — %7,145 1 %— — %— — %19,858 
$36 $114,997 $29,816 $7,145 $— $— $151,994 
Six Months Ended June 30, 2025
Interest Rate Reduction Term ExtensionOther than Insignificant Payment Delays Combination - Interest Rate Reduction and Term Extension Combination - Interest Rate Reduction and Other than Insignificant Payment Delays Combination - Term Extension and Other than Insignificant Payment Delays
Amortized Cost
% (1)
Amortized Cost
% (1)
Amortized Cost
% (1)
Amortized Cost
% (1)
Amortized Cost
% (1)
Amortized Cost
% (1)
Total
CRE$— — %$91,833 1 %$— — %$— — %$8,912 — %$— — %$100,745 
C&I— — %10,451 — %50,395 1 %— — %— — %6,587 — %67,433 
1-4 single family residential36 — %— — %— — %— — %— — %— — %36 
Government insured residential— — %17,653 2 %— — %8,668 1 %— — %— — %26,321 
$36 $119,937 $50,395 $8,668 $8,912 $6,587 $194,535 
Three Months Ended June 30, 2024
Interest Rate Reduction Term ExtensionOther than Insignificant Payment Delays Combination - Interest Rate Reduction and Term Extension Combination - Interest Rate Reduction and Other than Insignificant Payment Delays Combination - Term Extension and Other than Insignificant Payment Delays
Amortized Cost
% (1)
Amortized Cost
% (1)
Amortized Cost
% (1)
Amortized Cost
% (1)
Amortized Cost
% (1)
Amortized Cost
% (1)
Total
CRE$— — %$1,293 — %$— — %$— — %$— — %$— — %$1,293 
C&I— — %95,694 1 %— — %— — %— — %— — %95,694 
Government insured residential— — %13,248 1 %— — %866 — %— — %— — %14,114 
$— $110,235 $— $866 $— $— $111,101 
Six Months Ended June 30, 2024
Interest Rate Reduction Term ExtensionOther than Insignificant Payment Delays Combination - Interest Rate Reduction and Term Extension Combination - Interest Rate Reduction and Other than Insignificant Payment Delays Combination - Term Extension and Other than Insignificant Payment Delays
Amortized Cost
% (1)
Amortized Cost
% (1)
Amortized Cost
% (1)
Amortized Cost
% (1)
Amortized Cost
% (1)
Amortized Cost
% (1)
Total
CRE$— — %$1,293 — %$— — %$— — %$— — %$— — %$1,293 
C&I— — %95,694 1 %— — %29 — %— — %— — %95,723 
Government insured residential— — %21,434 2 %— — %2,353 — %— — %— — %23,787 
$— $118,421 $— $2,382 $— $— $120,803 
(1)Represents percentage of loans receivable in each category.
The following tables summarize the financial effect of the modifications made to borrowers experiencing difficulty, during the periods indicated:
Three Months Ended June 30, 2025
Financial Effect
Interest Rate Reduction:
1-4 single family residential
Reduced weighted average contractual interest rate from 8.3% to 7.0%.
Term Extension:
CRE
Added a weighted average 0.9 year to the term of the modified loans.
C&I
Added a weighted average 0.6 year to the term of the modified loans.
Government insured residential
Added a weighted average 12.5 years to the term of the modified loans.
Other than Insignificant Payment Delays:
C&I
Provided 0.9 year of payment deferral.
Combination - Interest Rate Reduction and Term Extension:
Government insured residential
Reduced weighted average contractual interest rate from 7.3% to 7.1% and added a weighted average 3.5 years to the term of the modified loans.
Six Months Ended June 30, 2025
Financial Effect
Interest Rate Reduction:
1-4 single family residential
Reduced weighted average contractual interest rate from 8.3% to 7.0%.
Term Extension:
CRE
Added a weighted average 0.9 year to the term of the modified loans.
C&I
Added a weighted average 0.9 year to the term of the modified loans.
Government insured residential
Added a weighted average 12.1 years to the term of the modified loans.
Other than Insignificant Payment Delays:
C&I
Provided 0.7 year of payment deferral.
Combination - Interest Rate Reduction and Term Extension:
Government insured residential
Reduced weighted average contractual interest rate from 7.3% to 7.1% and added a weighted average 3.1 years to the term of the modified loans.
Combination - Interest Rate Reduction and Other than Insignificant Payment Delays:
CRE
Reduced weighted average contractual interest rate from 4.3% to 3.5% and provided 0.7 year of payment deferral.
Combination - Term Extension and Other than Insignificant Payment Delays:
C&I
Added a weighted average 0.6 years to the term of the modified loans and provided 1.3 years of payment deferral.
Three Months Ended June 30, 2024
Financial Effect
Term Extension:
CRE
Added a weighted average 1.0 year to the term of the modified loans.
C&I
Added a weighted average 1.6 years to the term of the modified loans.
Government insured residential
Added a weighted average 9.5 years to the term of the modified loans.
Combination - Interest Rate Reduction and Term Extension:
Government insured residential
Reduced weighted average contractual interest rate from 7.4% to 7.2% and added a weighted average 2.1 years to the term of the modified loans.
Six Months Ended June 30, 2024
Financial Effect
Term Extension:
CRE
Added a weighted average 1.0 year to the term of the modified loans.
C&I
Added a weighted average 1.6 years to the term of the modified loans.
Government insured residential
Added a weighted average 9.8 years to the term of the modified loans.
Combination - Interest Rate Reduction and Term Extension:
C&I
Reduced weighted average contractual interest rate from 21.2% to 5.0% and added a weighted average 2.2 years to the term of the modified loans.
Government insured residential
Reduced weighted average contractual interest rate from 6.8% to 6.3% and added a weighted average 4.6 years to the term of the modified loans.
The following tables present the aging at the dates indicated, of loans that were modified within the previous 12 months (in thousands):
June 30, 2025
Current 30-59 Days Past Due60-89 Days Past Due 90 Days or More Past DueTotal
CRE$163,759 $— $— $16,450 $180,209 
C&I94,846 2,148 — 826 97,820 
Franchise and equipment finance 1,455 — — — 1,455 
1-4 single family residential 36 169 — — 205 
Government insured residential 17,514 6,847 4,029 9,102 37,492 
$277,610 $9,164 $4,029 $26,378 $317,181 
June 30, 2024
Current 30-59 Days Past Due60-89 Days Past Due 90 Days or More Past DueTotal
CRE$1,293 $— $— $— $1,293 
C&I97,558 1,504 — — 99,062 
Franchise and equipment finance 9,402 — — — 9,402 
1-4 single family residential 73 — — — 73 
Government insured residential 14,577 7,047 6,712 17,126 45,462 
$122,903 $8,551 $6,712 $17,126 $155,292 
The following tables summarize loans that were modified within the previous 12 months and defaulted during the periods indicated (in thousands):
Three Months Ended June 30,
20252024
Term ExtensionOther than Insignificant Payment DelaysCombination - Interest Rate Reduction and Term ExtensionTotalTerm ExtensionOther than Insignificant Payment DelaysCombination - Interest Rate Reduction and Term ExtensionTotal
C&I$— $826 $— $826 $— $— $— $— 
Government insured residential2,685 — 2,529 5,214 8,060 — 1,084 9,144 
$2,685 $826 $2,529 $6,040 $8,060 $— $1,084 $9,144 
Six Months Ended June 30,
20252024
Term ExtensionOther than Insignificant Payment Delays Combination - Interest Rate Reduction and Term Extension TotalTerm ExtensionOther than Insignificant Payment DelaysCombination - Interest Rate Reduction and Term ExtensionTotal
C&I$— $1,007 $— $1,007 $— $— $— $— 
Government insured residential 5,859 — 3,901 9,760 16,231 — 1,956 18,187 
$5,859 $1,007 $3,901 $10,767 $16,231 $— $1,956 $18,187