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LOANS AND ALLOWANCE FOR CREDIT LOSSES (Tables) | 6 Months Ended
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Jun. 30, 2023
Credit Loss [Abstract] |
Schedule of Loans | The following is a summary of total loans by regulatory call report code with sub-segmentation based on underlying collateral for certain loan types:
(In thousands) |  | June 30, 2023 |  | December 31, 2022
Construction |  | $ | 443,856 |  |  | $ | 319,452 |
Commercial multifamily |  | 597,472 |  |  | 620,088 |
Commercial real estate owner occupied |  | 696,771 |  |  | 640,489 |
Commercial real estate non-owner occupied |  | 2,557,036 |  |  | 2,496,237 |
Commercial and industrial |  | 1,438,062 |  |  | 1,445,236 |
Residential real estate |  | 2,677,053 |  |  | 2,312,447 |
Home equity |  | 225,434 |  |  | 227,450 |
Consumer other |  | 246,718 |  |  | 273,910 |
Total loans |  | $ | 8,882,402 |  |  | $ | 8,335,309 |
Allowance for credit losses |  | 100,219 |  |  | 96,270 |
Net loans |  | $ | 8,782,183 |  |  | $ | 8,239,039 |
Schedule of Allowance for Credit Losses for Loans, Activity | The Company’s activity in the allowance for credit losses for loans for the three and six months ended June 30, 2023 and June 30, 2022 was as follows:
(In thousands) |  | Balance at Beginning of Period |  |  |  |  |  | Adoption of ASU No. 2022-02 |  | Charge-offs |  | Recoveries |  | Provision for Credit Losses |  | Balance at End of Period
Three months ended June 30, 2023
Construction |  | $ | 1,536 |  |  |  |  |  |  | $ | — |  |  | $ | (1) |  |  | $ | — |  |  | $ | 18 |  |  | $ | 1,553 |
Commercial multifamily |  | 1,698 |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | 368 |  |  | 2,066 |
Commercial real estate owner occupied |  | 10,278 |  |  |  |  |  |  | — |  |  | (394) |  |  | 596 |  |  | (137) |  |  | 10,343 |
Commercial real estate non-owner occupied |  | 33,408 |  |  |  |  |  |  | — |  |  | — |  |  | 81 |  |  | 2,833 |  |  | 36,322 |
Commercial and industrial |  | 20,164 |  |  |  |  |  |  | — |  |  | (4,595) |  |  | 815 |  |  | 2,357 |  |  | 18,741 |
Residential real estate |  | 17,590 |  |  |  |  |  |  | — |  |  | (210) |  |  | 76 |  |  | 762 |  |  | 18,218 |
Home equity |  | 2,320 |  |  |  |  |  |  | — |  |  | (7) |  |  | 132 |  |  | 127 |  |  | 2,572 |
Consumer other |  | 10,997 |  |  |  |  |  |  | — |  |  | (2,478) |  |  | 213 |  |  | 1,672 |  |  | 10,404 |
Total allowance for credit losses |  | $ | 97,991 |  |  |  |  |  |  | $ | — |  |  | $ | (7,685) |  |  | $ | 1,913 |  |  | $ | 8,000 |  |  | $ | 100,219 |
(In thousands) |  | Balance at Beginning of Period |  |  |  |  |  | Charge-offs |  | Recoveries |  | Provision for Credit Losses |  | Balance at End of Period
Three months ended June 30, 2022
Construction |  | $ | 2,505 |  |  |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | (795) |  |  | $ | 1,710 |
Commercial multifamily |  | 5,771 |  |  |  |  |  |  | — |  |  | — |  |  | (1,150) |  |  | 4,621 |
Commercial real estate owner occupied |  | 11,498 |  |  |  |  |  |  | (298) |  |  | 97 |  |  | (609) |  |  | 10,688 |
Commercial real estate non-owner occupied |  | 25,814 |  |  |  |  |  |  | — |  |  | 46 |  |  | 305 |  |  | 26,165 |
Commercial and industrial |  | 22,949 |  |  |  |  |  |  | (752) |  |  | 584 |  |  | 133 |  |  | 22,914 |
Residential real estate |  | 17,816 |  |  |  |  |  |  | (216) |  |  | 199 |  |  | (1,389) |  |  | 16,410 |
Home equity |  | 3,303 |  |  |  |  |  |  | — |  |  | 112 |  |  | (587) |  |  | 2,828 |
|  | 9,819 |  |  |  |  |  |  | (332) |  |  | 101 |  |  | 4,097 |  |  | 13,685 |
Total allowance for credit losses |  | $ | 99,475 |  |  |  |  |  |  | $ | (1,598) |  |  | $ | 1,139 |  |  | $ | 5 |  |  | $ | 99,021 |
(In thousands) |  | Balance at Beginning of Period |  | Adoption of ASU No. 2022-02 |  |  |  | Charge-offs |  | Recoveries |  | Provision for Credit Losses |  | Balance at End of Period
Six months ended June 30, 2023
Construction |  | $ | 1,227 |  |  | $ | — |  |  |  |  | $ | (1) |  |  | $ | — |  |  | $ | 327 |  |  | $ | 1,553 |
Commercial multifamily |  | 1,810 |  |  | — |  |  |  |  | — |  |  | 6 |  |  | 250 |  |  | 2,066 |
Commercial real estate owner occupied |  | 10,739 |  |  | 24 |  |  |  |  | (464) |  |  | 641 |  |  | (597) |  |  | 10,343 |
Commercial real estate non-owner occupied |  | 30,724 |  |  | — |  |  |  |  | — |  |  | 175 |  |  | 5,423 |  |  | 36,322 |
Commercial and industrial |  | 18,743 |  |  | (23) |  |  |  |  | (10,627) |  |  | 1,119 |  |  | 9,529 |  |  | 18,741 |
Residential real estate |  | 18,666 |  |  | 2 |  |  |  |  | (240) |  |  | 463 |  |  | (673) |  |  | 18,218 |
Home equity |  | 2,173 |  |  | — |  |  |  |  | (18) |  |  | 159 |  |  | 258 |  |  | 2,572 |
Consumer other |  | 12,188 |  |  | (404) |  |  |  |  | (4,271) |  |  | 389 |  |  | 2,502 |  |  | 10,404 |
Total allowance for credit losses |  | $ | 96,270 |  |  | $ | (401) |  |  |  |  | $ | (15,621) |  |  | $ | 2,952 |  |  | $ | 17,019 |  |  | $ | 100,219 |
(In thousands) |  | Balance at Beginning of Period |  |  |  |  |  | Charge-offs |  | Recoveries |  | Provision for Credit Losses |  | Balance at End of Period
Six months ended June 30, 2022
Construction |  | $ | 3,206 |  |  |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | (1,496) |  |  | $ | 1,710 |
Commercial multifamily |  | 6,120 |  |  |  |  |  |  | — |  |  | — |  |  | (1,499) |  |  | 4,621 |
Commercial real estate owner occupied |  | 12,752 |  |  |  |  |  |  | (428) |  |  | 306 |  |  | (1,942) |  |  | 10,688 |
Commercial real estate non-owner occupied |  | 32,106 |  |  |  |  |  |  | (4,884) |  |  | 1,312 |  |  | (2,369) |  |  | 26,165 |
Commercial and industrial |  | 22,584 |  |  |  |  |  |  | (1,405) |  |  | 1,872 |  |  | (137) |  |  | 22,914 |
Residential real estate |  | 22,406 |  |  |  |  |  |  | (380) |  |  | 587 |  |  | (6,203) |  |  | 16,410 |
Home equity |  | 4,006 |  |  |  |  |  |  | — |  |  | 246 |  |  | (1,424) |  |  | 2,828 |
Consumer other |  | 2,914 |  |  |  |  |  |  | (548) |  |  | 238 |  |  | 11,081 |  |  | 13,685 |
Total allowance for credit losses |  | $ | 106,094 |  |  |  |  |  |  | $ | (7,645) |  |  | $ | 4,561 |  |  | $ | (3,989) |  |  | $ | 99,021 |
Schedule of Allowance for Credit Losses on Unfunded Loan Commitments, Activity | The Company’s activity in the allowance for credit losses on unfunded commitments for the three and six months ended June 30, 2023 and 2022 was as follows:
|  | Three Months Ended June 30,
(In thousands) |  | 2023 |  | 2022 |
Balance at beginning of period |  | $ | 8,687 |  |  | $ | 7,043 |  |
Expense for credit losses |  | — |  |  | — |  |
Balance at end of period |  | $ | 8,687 |  |  | $ | 7,043 |  |
|  | Six Months Ended June 30,
(In thousands) |  | 2023 |  | 2022 |
Balance at beginning of period |  | $ | 8,588 |  |  | $ | 7,043 |  |
Expense for credit losses |  | 99 |  |  | — |  |
Balance at end of period |  | $ | 8,687 |  |  | $ | 7,043 |  |
Schedule of Loans by Risk Rating | The following table presents the Company’s loans by risk category:
| Term Loans Amortized Cost Basis by Origination Year |  |  |
(In thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total
As of June 30, 2023
Construction |  |  |  |  |  |  |  |  |
Current period gross write-offs | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 1 |  | $ | — |  | $ | — |  | $ | 1 |
Risk rating |  |  |  |  |  |  |  |  |
Pass | $ | 39,770 |  | $ | 220,919 |  | $ | 136,426 |  | $ | 26,884 |  | $ | 2,961 |  | $ | 498 |  | $ | — |  | $ | — |  | $ | 427,458 |
Special Mention | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Substandard | — |  | — |  | 16,398 |  | — |  | — |  | — |  | — |  | — |  | 16,398 |
Total | $ | 39,770 |  | $ | 220,919 |  | $ | 152,824 |  | $ | 26,884 |  | $ | 2,961 |  | $ | 498 |  | $ | — |  | $ | — |  | $ | 443,856 |
Commercial multifamily:
Current period gross write-offs | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
Risk rating |  |  |  |  |  |  |  |  |
Pass | $ | 9,125 |  | $ | 204,033 |  | $ | 52,630 |  | $ | 27,276 |  | $ | 96,568 |  | $ | 198,555 |  | $ | 974 |  | $ | — |  | $ | 589,161 |
Special Mention | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Substandard | — |  | — |  | 246 |  | 2,591 |  | — |  | 5,474 |  | — |  | — |  | 8,311 |
Total | $ | 9,125 |  | $ | 204,033 |  | $ | 52,876 |  | $ | 29,867 |  | $ | 96,568 |  | $ | 204,029 |  | $ | 974 |  | $ | — |  | $ | 597,472 |
Commercial real estate owner occupied:
Current period gross write-offs | $ | — |  | $ | — |  | $ | — |  | $ | 380 |  | $ | — |  | $ | 84 |  | $ | — |  | $ | — |  | $ | 464 |
Risk rating |  |  |  |  |  |  |  |  |
Pass | $ | 51,966 |  | $ | 128,185 |  | $ | 131,822 |  | $ | 50,248 |  | $ | 98,040 |  | $ | 223,794 |  | $ | 1,538 |  | $ | — |  | $ | 685,593 |
Special Mention | — |  | 11 |  | — |  | 387 |  | 4,412 |  | 200 |  | — |  | — |  | 5,010 |
Substandard | — |  | — |  | 82 |  | 107 |  | 369 |  | 5,610 |  | — |  | — |  | 6,168 |
Total | $ | 51,966 |  | $ | 128,196 |  | $ | 131,904 |  | $ | 50,742 |  | $ | 102,821 |  | $ | 229,604 |  | $ | 1,538 |  | $ | — |  | $ | 696,771 |
Commercial real estate non-owner occupied:
Current period gross write-offs | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
Risk rating |  |  |  |  |  |  |  |  |
Pass | $ | 208,347 |  | $ | 630,930 |  | $ | 391,646 |  | $ | 172,266 |  | $ | 248,566 |  | $ | 792,740 |  | $ | 17,388 |  | $ | — |  | $ | 2,461,883 |
Special Mention | — |  | — |  | — |  | — |  | 47,261 |  | 9,966 |  | — |  | — |  | 57,227 |
Substandard | — |  | — |  | — |  | 6,994 |  | 5,944 |  | 24,988 |  | — |  | — |  | 37,926 |
Total | $ | 208,347 |  | $ | 630,930 |  | $ | 391,646 |  | $ | 179,260 |  | $ | 301,771 |  | $ | 827,694 |  | $ | 17,388 |  | $ | — |  | $ | 2,557,036 |
Commercial and industrial:
Current period gross write-offs | $ | — |  | $ | — |  | $ | 395 |  | $ | 1,656 |  | $ | 733 |  | $ | 5,531 |  | $ | 2,312 |  | $ | — |  | $ | 10,627 |
Risk rating |  |  |  |  |  |  |  |  |
Pass | $ | 95,442 |  | $ | 240,907 |  | $ | 132,980 |  | $ | 43,719 |  | $ | 48,622 |  | $ | 178,417 |  | $ | 619,184 |  | $ | — |  | $ | 1,359,271 |
Special Mention | 175 |  | 3,369 |  | 1,830 |  | 2,257 |  | 1,986 |  | 1,854 |  | 21,159 |  | — |  | 32,630 |
Substandard | 487 |  | 1,002 |  | 9,503 |  | 3,157 |  | 6,285 |  | 13,414 |  | 9,272 |  | — |  | 43,120 |
Doubtful | — |  | — |  | — |  | — |  | — |  | 47 |  | 2,994 |  | — |  | 3,041 |
Total | $ | 96,104 |  | $ | 245,278 |  | $ | 144,313 |  | $ | 49,133 |  | $ | 56,893 |  | $ | 193,732 |  | $ | 652,609 |  | $ | — |  | $ | 1,438,062 |
| Term Loans Amortized Cost Basis by Origination Year |  |  |
(In thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total
Residential real estate
Current period gross write-offs | $ | — |  | $ | 50 |  | $ | — |  | $ | — |  | $ | 174 |  | $ | 16 |  | $ | — |  | $ | — |  | $ | 240 |
Risk rating |  |  |  |  |  |  |  |  |
Pass | $ | 419,626 |  | $ | 997,566 |  | $ | 271,542 |  | $ | 92,781 |  | $ | 69,856 |  | $ | 810,003 |  | $ | 201 |  | $ | — |  | $ | 2,661,575 |
Special Mention | — |  | — |  | 1,378 |  | — |  | 237 |  | 910 |  | — |  | — |  | 2,525 |
Substandard | — |  | 134 |  | 581 |  | 432 |  | 1,194 |  | 10,612 |  | — |  | — |  | 12,953 |
Total | $ | 419,626 |  | $ | 997,700 |  | $ | 273,501 |  | $ | 93,213 |  | $ | 71,287 |  | $ | 821,525 |  | $ | 201 |  | $ | — |  | $ | 2,677,053 |
| Term Loans Amortized Cost Basis by Origination Year |  |  |
(In thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total
As of December 31, 2022
Construction |  |  |  |  |  |  |  |  |
Risk rating |  |  |  |  |  |  |  |  |
Pass | $ | 153,393 |  | $ | 133,708 |  | $ | 25,634 |  | $ | 3,432 |  | $ | 1,361 |  | $ | 1,924 |  | $ | — |  | $ | — |  | $ | 319,452 |
Special Mention | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Substandard | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total | $ | 153,393 |  | $ | 133,708 |  | $ | 25,634 |  | $ | 3,432 |  | $ | 1,361 |  | $ | 1,924 |  | $ | — |  | $ | — |  | $ | 319,452 |
Commercial multifamily:
Risk rating |  |  |  |  |  |  |  |  |
Pass | $ | 205,124 |  | $ | 61,032 |  | $ | 27,583 |  | $ | 100,696 |  | $ | 67,675 |  | $ | 149,633 |  | $ | 205 |  | $ | — |  | $ | 611,948 |
Special Mention | — |  | — |  | 2,628 |  | — |  | — |  | — |  | — |  | — |  | 2,628 |
Substandard | — |  | — |  | — |  | — |  | 5,512 |  | — |  | — |  | — |  | 5,512 |
Total | $ | 205,124 |  | $ | 61,032 |  | $ | 30,211 |  | $ | 100,696 |  | $ | 73,187 |  | $ | 149,633 |  | $ | 205 |  | $ | — |  | $ | 620,088 |
Commercial real estate owner occupied:
Risk rating |  |  |  |  |  |  |  |  |
Pass | $ | 131,096 |  | $ | 127,270 |  | $ | 58,835 |  | $ | 82,576 |  | $ | 75,322 |  | $ | 154,056 |  | $ | 3,464 |  | $ | — |  | $ | 632,619 |
Special Mention | — |  | — |  | 387 |  | — |  | — |  | — |  | — |  | — |  | 387 |
Substandard | 1,003 |  | 122 |  | 31 |  | 282 |  | 1,056 |  | 4,989 |  | — |  | — |  | 7,483 |
Total | $ | 132,099 |  | $ | 127,392 |  | $ | 59,253 |  | $ | 82,858 |  | $ | 76,378 |  | $ | 159,045 |  | $ | 3,464 |  | $ | — |  | $ | 640,489 |
Commercial real estate non-owner occupied:
Risk rating |  |  |  |  |  |  |  |  |
Pass | $ | 621,685 |  | $ | 410,359 |  | $ | 175,456 |  | $ | 333,783 |  | $ | 313,124 |  | $ | 530,322 |  | $ | 17,846 |  | $ | — |  | $ | 2,402,575 |
Special Mention | — |  | — |  | — |  | — |  | 20,000 |  | 18,462 |  | — |  | — |  | 38,462 |
Substandard | — |  | — |  | 7,237 |  | 13,623 |  | 15,610 |  | 18,730 |  | — |  | — |  | 55,200 |
Total | $ | 621,685 |  | $ | 410,359 |  | $ | 182,693 |  | $ | 347,406 |  | $ | 348,734 |  | $ | 567,514 |  | $ | 17,846 |  | $ | — |  | $ | 2,496,237 |
Commercial and industrial:
Risk rating |  |  |  |  |  |  |  |  |
Pass | $ | 282,781 |  | $ | 147,070 |  | $ | 56,880 |  | $ | 67,975 |  | $ | 83,223 |  | $ | 99,367 |  | $ | 648,956 |  | $ | — |  | $ | 1,386,252 |
Special Mention | — |  | 5,811 |  | 1,290 |  | 1,332 |  | 11,502 |  | 912 |  | 2,632 |  | — |  | 23,479 |
Substandard | 204 |  | 496 |  | 3,640 |  | 8,139 |  | 1,981 |  | 2,799 |  | 10,581 |  | — |  | 27,840 |
Doubtful | — |  | — |  | — |  | — |  | — |  | 56 |  | 7,609 |  | — |  | 7,665 |
Total | $ | 282,985 |  | $ | 153,377 |  | $ | 61,810 |  | $ | 77,446 |  | $ | 96,706 |  | $ | 103,134 |  | $ | 669,778 |  | $ | — |  | $ | 1,445,236 |
Residential real estate
Risk rating |  |  |  |  |  |  |  |  |
Pass | $ | 997,981 |  | $ | 280,308 |  | $ | 96,548 |  | $ | 70,845 |  | $ | 138,894 |  | $ | 713,744 |  | $ | 165 |  | $ | — |  | $ | 2,298,485 |
Special Mention | — |  | 364 |  | — |  | 861 |  | 202 |  | 707 |  | — |  | — |  | 2,134 |
Substandard | — |  | 284 |  | 448 |  | 267 |  | 1,857 |  | 8,972 |  | — |  | — |  | 11,828 |
Total | $ | 997,981 |  | $ | 280,956 |  | $ | 96,996 |  | $ | 71,973 |  | $ | 140,953 |  | $ | 723,423 |  | $ | 165 |  | $ | — |  | $ | 2,312,447 |
For home equity and consumer other loan portfolio segments, Berkshire evaluates credit quality based on the aging status of the loan and by payment activity. The performing or nonperforming status is updated on an ongoing basis dependent upon improvement and deterioration in credit quality. The following table presents the amortized cost based on payment activity:
| Term Loans Amortized Cost Basis by Origination Year |  |  |
(In thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total
As of June 30, 2023
Home equity: |  |  |  |  |  |  |  |  |
Current period gross write-offs | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 18 |  | $ | — |  | $ | 18 |
Payment performance |  |  |  |  |  |  |  |  |
Performing | $ | — |  | $ | — |  | $ | 108 |  | $ | 446 |  | $ | — |  | $ | 2,523 |  | $ | 220,260 |  | $ | — |  | $ | 223,337 |
Nonperforming | — |  | — |  | — |  | — |  | — |  | — |  | 2,097 |  | — |  | 2,097 |
Total | $ | — |  | $ | — |  | $ | 108 |  | $ | 446 |  | $ | — |  | $ | 2,523 |  | $ | 222,357 |  | $ | — |  | $ | 225,434 |
Consumer other: |  |  |  |  |  |  |  |  |
Current period gross write-offs | $ | 1 |  | $ | 3,622 |  | $ | 466 |  | $ | 7 |  | $ | 33 |  | $ | 142 |  | $ | — |  | $ | — |  | $ | 4,271 |
Payment performance |  |  |  |  |  |  |  |  |
Performing | $ | 26,460 |  | $ | 134,609 |  | $ | 23,959 |  | $ | 7,082 |  | $ | 9,591 |  | $ | 33,090 |  | $ | 10,208 |  | $ | — |  | $ | 244,999 |
Nonperforming | 7 |  | 583 |  | 139 |  | 35 |  | 148 |  | 805 |  | 2 |  | — |  | 1,719 |
Total | $ | 26,467 |  | $ | 135,192 |  | $ | 24,098 |  | $ | 7,117 |  | $ | 9,739 |  | $ | 33,895 |  | $ | 10,210 |  | $ | — |  | $ | 246,718 |
| Term Loans Amortized Cost Basis by Origination Year |  |  |
(In thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total
As of December 31, 2022
Home equity: |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |
Performing | $ | — |  | $ | 114 |  | $ | 454 |  | $ | — |  | $ | — |  | $ | 17 |  | $ | 224,746 |  | $ | — |  | $ | 225,331 |
Nonperforming | — |  | — |  | — |  | — |  | — |  | — |  | 2,119 |  | — |  | 2,119 |
Total | $ | — |  | $ | 114 |  | $ | 454 |  | $ | — |  | $ | — |  | $ | 17 |  | $ | 226,865 |  | $ | — |  | $ | 227,450 |
Consumer other: |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |
Performing | $ | 161,157 |  | $ | 28,279 |  | $ | 8,312 |  | $ | 12,670 |  | $ | 27,608 |  | $ | 24,682 |  | $ | 9,070 |  | $ | — |  | $ | 271,778 |
Nonperforming | 588 |  | 137 |  | 44 |  | 280 |  | 477 |  | 567 |  | 39 |  | — |  | 2,132 |
Total | $ | 161,745 |  | $ | 28,416 |  | $ | 8,356 |  | $ | 12,950 |  | $ | 28,085 |  | $ | 25,249 |  | $ | 9,109 |  | $ | — |  | $ | 273,910 |
The following table summarizes information about total loans rated Special Mention or lower at June 30, 2023 and December 31, 2022. The table below includes consumer loans that are Special Mention and Substandard accruing that are classified as performing based on payment activity.
(In thousands) |  | June 30, 2023 |  | December 31, 2022 |  |
Non-Accrual |  | $ | 28,388 |  |  | $ | 31,114 |  |  |
Substandard Accruing |  | 103,327 |  |  | 88,665 |  |  |
Total Classified |  | 131,715 |  |  | 119,779 |  |  |
Special Mention |  | 99,318 |  |  | 68,127 |  |  |
Total Criticized |  | $ | 231,033 |  |  | $ | 187,906 |  |  |
Schedule of Past Due Loans | The following is a summary of loans by past due status at June 30, 2023 and December 31, 2022:
(In thousands) |  | 30-59 Days Past Due |  | 60-89 Days Past Due |  | 90 Days or Greater Past Due |  | Total Past Due |  | Current |  | Total Loans
June 30, 2023
Construction |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 443,856 |  |  | $ | 443,856 |
Commercial multifamily |  | — |  |  | — |  |  | — |  |  | — |  |  | 597,472 |  |  | 597,472 |
Commercial real estate owner occupied |  | 959 |  |  | 650 |  |  | 2,207 |  |  | 3,816 |  |  | 692,955 |  |  | 696,771 |
Commercial real estate non-owner occupied |  | 151 |  |  | 117 |  |  | 162 |  |  | 430 |  |  | 2,556,606 |  |  | 2,557,036 |
Commercial and industrial |  | 1,316 |  |  | 679 |  |  | 17,156 |  |  | 19,151 |  |  | 1,418,911 |  |  | 1,438,062 |
Residential real estate |  | 4,328 |  |  | 2,526 |  |  | 12,859 |  |  | 19,713 |  |  | 2,657,340 |  |  | 2,677,053 |
Home equity |  | 547 |  |  | 327 |  |  | 2,097 |  |  | 2,971 |  |  | 222,463 |  |  | 225,434 |
Consumer other |  | 1,918 |  |  | 1,629 |  |  | 1,719 |  |  | 5,266 |  |  | 241,452 |  |  | 246,718 |
Total |  | $ | 9,219 |  |  | $ | 5,928 |  |  | $ | 36,200 |  |  | $ | 51,347 |  |  | $ | 8,831,055 |  |  | $ | 8,882,402 |
(In thousands) |  | 30-59 Days Past Due |  | 60-89 Days Past Due |  | 90 Days or Greater Past Due |  | Total Past Due |  | Current |  | Total Loans
December 31, 2022
Construction |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 319,452 |  |  | $ | 319,452 |
Commercial multifamily |  | — |  |  | 214 |  |  | — |  |  | 214 |  |  | 619,874 |  |  | 620,088 |
Commercial real estate owner occupied |  | 122 |  |  | — |  |  | 3,302 |  |  | 3,424 |  |  | 637,065 |  |  | 640,489 |
Commercial real estate non-owner occupied |  | 143 |  |  | — |  |  | 191 |  |  | 334 |  |  | 2,495,903 |  |  | 2,496,237 |
Commercial and industrial |  | 1,173 |  |  | 1,438 |  |  | 18,658 |  |  | 21,269 |  |  | 1,423,967 |  |  | 1,445,236 |
Residential real estate |  | 3,694 |  |  | 2,134 |  |  | 11,724 |  |  | 17,552 |  |  | 2,294,895 |  |  | 2,312,447 |
Home equity |  | 168 |  |  | 57 |  |  | 2,119 |  |  | 2,344 |  |  | 225,106 |  |  | 227,450 |
Consumer other |  | 1,990 |  |  | 1,028 |  |  | 2,158 |  |  | 5,176 |  |  | 268,734 |  |  | 273,910 |
Total |  | $ | 7,290 |  |  | $ | 4,871 |  |  | $ | 38,152 |  |  | $ | 50,313 |  |  | $ | 8,284,996 |  |  | $ | 8,335,309 |
Schedule of Loans on Nonaccrual Status and Loans Past Due | The following is a summary of loans on nonaccrual status and loans past due 90 days or more and still accruing as of June 30, 2023 and December 31, 2022:
(In thousands) |  |  |  | Nonaccrual Amortized Cost |  |  |  | Nonaccrual With No Related Allowance |  | Past Due 90 Days or Greater and Accruing |  | Interest Income Recognized on Nonaccrual
At or for the three months ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Construction |  |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Commercial multifamily |  |  |  | — |  |  |  |  | — |  |  | — |  |  | — |
Commercial real estate owner occupied |  |  |  | 1,399 |  |  |  |  | 421 |  |  | 808 |  |  | — |
Commercial real estate non-owner occupied |  |  |  | 162 |  |  |  |  | 59 |  |  | — |  |  | — |
Commercial and industrial |  |  |  | 15,489 |  |  |  |  | 8,503 |  |  | 1,667 |  |  | — |
Residential real estate |  |  |  | 8,971 |  |  |  |  | 5,668 |  |  | 3,888 |  |  | — |
Home equity |  |  |  | 1,491 |  |  |  |  | 452 |  |  | 606 |  |  | — |
Consumer other |  |  |  | 876 |  |  |  |  | — |  |  | 843 |  |  | — |
Total |  |  |  | $ | 28,388 |  |  |  |  | $ | 15,103 |  |  | $ | 7,812 |  |  | $ | — |
The commercial and industrial loans nonaccrual amortized cost as of June 30, 2023 included medallion loans with a fair value of $0.4 million and a contractual balance of $9.3 million.
(In thousands) |  |  |  | Nonaccrual Amortized Cost |  |  |  | Nonaccrual With No Related Allowance |  | Past Due 90 Days or Greater and Accruing |  | Interest Income Recognized on Nonaccrual
At or for the three months ended December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Construction |  |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Commercial multifamily |  |  |  | — |  |  |  |  | — |  |  | — |  |  | — |
Commercial real estate owner occupied |  |  |  | 2,202 |  |  |  |  | 1,411 |  |  | 1,100 |  |  | — |
Commercial real estate non-owner occupied |  |  |  | 191 |  |  |  |  | 73 |  |  | — |  |  | — |
Commercial and industrial |  |  |  | 16,992 |  |  |  |  | 14,223 |  |  | 1,666 |  |  | — |
Residential real estate |  |  |  | 8,901 |  |  |  |  | 5,307 |  |  | 2,823 |  |  | — |
Home equity |  |  |  | 1,568 |  |  |  |  | 388 |  |  | 551 |  |  | — |
Consumer other |  |  |  | 1,260 |  |  |  |  | 2 |  |  | 898 |  |  | — |
Total |  |  |  | $ | 31,114 |  |  |  |  | $ | 21,404 |  |  | $ | 7,038 |  |  | $ | — |
Schedule of Collateral Dependent Loans | The following table presents the amortized cost basis of individually analyzed collateral-dependent loans by loan portfolio segment:
|  | Type of Collateral
(In thousands) |  | Real Estate |  |  |  | Investment Securities/Cash |  |  |  | Other
June 30, 2023 |  |  |  |  |  |  |  |  |  |
Construction |  | $ | — |  |  |  |  | $ | — |  |  |  |  | $ | — |
Commercial multifamily |  |  |  |  |  | — |  |  |  |  | — |
Commercial real estate owner occupied |  | 798 |  |  |  |  | — |  |  |  |  | — |
Commercial real estate non-owner occupied |  | 666 |  |  |  |  | — |  |  |  |  | — |
Commercial and industrial |  | 5,022 |  |  |  |  | — |  |  |  |  | 7,320 |
Residential real estate |  | 7,514 |  |  |  |  | — |  |  |  |  | — |
Home equity |  | 471 |  |  |  |  | — |  |  |  |  | — |
Consumer other |  | — |  |  |  |  | — |  |  |  |  | — |
Total loans |  | $ | 14,471 |  |  |  |  | $ | — |  |  |  |  | $ | 7,320 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |
Construction |  | $ | — |  |  |  |  | $ | — |  |  |  |  | $ | — |
Commercial multifamily |  | — |  |  |  |  | — |  |  |  |  | — |
Commercial real estate owner occupied |  | 2,793 |  |  |  |  | — |  |  |  |  | — |
Commercial real estate non-owner occupied |  | 384 |  |  |  |  | — |  |  |  |  | — |
Commercial and industrial |  | 288 |  |  |  |  | — |  |  |  |  | 16,931 |
Residential real estate |  | 3,910 |  |  |  |  | — |  |  |  |  | — |
Home equity |  | 501 |  |  |  |  | — |  |  |  |  | — |
Consumer other |  | 2 |  |  |  |  | — |  |  |  |  | — |
Total loans |  | $ | 7,878 |  |  |  |  | $ | — |  |  |  |  | $ | 16,931 |
Financing Receivable, Modified | The following table presents the amortized cost basis of loans at June 30, 2023 that were both experiencing financial difficulty and modified during the three and six months ended June 30, 2023, by class and by type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financing receivable is also presented below:
(In thousands) |  | Principal Forgiveness |  | Payment Delay |  | Term Extension |  | Interest Rate Reduction |  | Combination Term Extension and Principal Forgiveness |  | Combination Term Extension and Interest Rate Reduction |  | Total Class of Financing Receivable
Three months ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | — | %
Commercial multifamily |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial real estate owner occupied |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial real estate non-owner occupied |  | — |  |  | — |  |  | 11,733 |  |  | — |  |  | — |  |  | — |  |  | 0.46 |
Commercial and industrial |  | — |  |  | — |  |  | 1,291 |  |  | — |  |  | — |  |  | — |  |  | 0.09 |
Residential real estate |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Home equity |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Consumer other |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | — |  |  | $ | — |  |  | $ | 13,024 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | — | %
(In thousands) |  | Principal Forgiveness |  | Payment Delay |  | Term Extension |  | Interest Rate Reduction |  | Combination Term Extension and Principal Forgiveness |  | Combination Term Extension and Interest Rate Reduction |  | Total Class of Financing Receivable
Six months ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | — | %
Commercial multifamily |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial real estate owner occupied |  | — |  |  | 387 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.06 |
Commercial real estate non-owner occupied |  | — |  |  | — |  |  | 11,733 |  |  | — |  |  | — |  |  | — |  |  | 0.46 |
Commercial and industrial |  | — |  |  | — |  |  | 1,291 |  |  | — |  |  | 10 |  |  | — |  |  | 0.09 |
Residential real estate |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Home equity |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Consumer other |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | — |  |  | $ | 387 |  |  | $ | 13,024 |  |  | $ | — |  |  | $ | 10 |  |  | $ | — |  |  | — | %
The Company has not committed to lend additional amounts to the borrowers included in the previous table. The Company closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table presents the performance of such loans that have been modified in the last twelve months.
(In thousands) | 30 - 59 Days Past Due |  | 60 - 89 Days Past Due |  | Greater Than 89 Days Past Due |  | Total Past Due
Three months ended June 30, 2023 |  |  |  |  |  |  |
Construction | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Commercial multifamily | — |  |  | — |  |  | — |  |  | — |
Commercial real estate owner occupied | — |  |  | — |  |  | — |  |  | — |
Commercial real estate non-owner occupied | — |  |  | — |  |  | — |  |  | — |
Commercial and industrial | — |  |  | — |  |  | — |  |  | — |
Residential real estate | — |  |  | — |  |  | — |  |  | — |
Home equity | — |  |  | — |  |  | — |  |  | — |
Consumer other | — |  |  | — |  |  | — |  |  | — |
Total | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
(In thousands) | 30 - 59 Days Past Due |  | 60 - 89 Days Past Due |  | Greater Than 89 Days Past Due |  | Total Past Due
Six months ended June 30, 2023 |  |  |  |  |  |  |
Construction | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Commercial multifamily | — |  |  | — |  |  | — |  |  | — |
Commercial real estate owner occupied | — |  |  | — |  |  | — |  |  | — |
Commercial real estate non-owner occupied | — |  |  | — |  |  | — |  |  | — |
Commercial and industrial | — |  |  | — |  |  | — |  |  | — |
Residential real estate | — |  |  | — |  |  | — |  |  | — |
Home equity | — |  |  | — |  |  | — |  |  | — |
Consumer other | — |  |  | — |  |  | — |  |  | — |
Total | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
The following table presents the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty for the three and six months ended June 30, 2023:
(In thousands) | Principal Forgiveness |  | Weighted Average Interest Rate Reduction |  | Weighted Average Term Extension (months)
Three months ended June 30, 2023 |  |  |  |  |
Construction | $ | — |  |  | — | % |  | 0
Commercial multifamily | — |  |  | — |  |  | 0
Commercial real estate owner occupied | — |  |  | — |  |  | 0
Commercial real estate non-owner occupied | — |  |  | — |  |  | 12
Commercial and industrial | — |  |  | — |  |  | 119
Residential real estate | — |  |  | — |  |  | 0
Home equity | — |  |  | — |  |  | 0
Consumer other | — |  |  | — |  |  | 0
(In thousands) | Principal Forgiveness |  | Weighted Average Interest Rate Reduction |  | Weighted Average Term Extension (months)
Six months ended June 30, 2023 |  |  |  |  |
Construction | $ | — |  |  | — | % |  | 0
Commercial multifamily | — |  |  | — |  |  | 0
Commercial real estate owner occupied | — |  |  | — |  |  | 120
Commercial real estate non-owner occupied | — |  |  | — |  |  | 0
Commercial and industrial | — |  |  | 1.25 |  |  | 118
Residential real estate | — |  |  | — |  |  | 0
Home equity | — |  |  | — |  |  | 0
Consumer other | — |  |  | — |  |  | 0

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