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Loans and Allowance for Credit Losses on Loans (Tables)
 3 Months Ended
Mar. 31, 2024
Receivables [Abstract]  
Schedule of Accounts, Notes, Loans and Financing Receivable
Loans held for sale, at the lower of cost or fair value, consist of the following as of the dates indicated:
March 31, 2024December 31, 2023
One-to-four family$292 $— 
SBA19,902 30,650 
HELOCs200,505 167,783 
Total loans held for sale, at the lower of cost or fair value$220,699 $198,433 
Loans consist of the following at the dates indicated(1):
March 31, 2024December 31, 2023
Commercial real estate loans
Construction and land development$304,727 $305,269 
Commercial real estate – owner occupied532,547 536,545 
Commercial real estate – non-owner occupied881,143 875,694 
Multifamily89,692 88,623 
Total commercial real estate loans1,808,109 1,806,131 
Commercial loans
Commercial and industrial243,732 237,255 
Equipment finance462,649 465,573 
Municipal leases151,894 150,292 
Total commercial loans858,275 853,120 
Residential real estate loans
Construction and land development85,840 96,646 
One-to-four family605,570 584,405 
HELOCs184,274 185,878 
Total residential real estate loans875,684 866,929 
Consumer loans106,084 113,842 
Total loans, net of deferred loan fees and costs3,648,152 3,640,022 
ACL on loans(47,502)(48,641)
Loans, net$3,600,650 $3,591,381 
(1)    At March 31, 2024 and December 31, 2023 accrued interest receivable of $16,187 and $16,218, respectively, was accounted for separately from the amortized cost basis.
The following tables provide a breakdown between loans identified as CDAs and non-CDAs, by segment and class, as well as collateral coverage for those loans for the periods indicated below:
Type and Extent of Collateral Securing CDAsNon-CDAs
March 31, 2024Residential PropertyInvestment PropertyCommercial PropertyBusiness AssetsTotal
Commercial real estate
Construction and land development$— $— $— $— $304,727 $304,727 
Commercial real estate – owner occupied— — 1,519 — 531,028 532,547 
Commercial real estate – non-owner occupied— — 4,309 — 876,834 881,143 
Multifamily— — — — 89,692 89,692 
Total commercial real estate— — 5,828 — 1,802,281 1,808,109 
Commercial
Commercial and industrial— — — 1,588 242,144 243,732 
Equipment finance— — — 741 461,908 462,649 
Municipal leases— — — — 151,894 151,894 
Total commercial— — — 2,329 855,946 858,275 
Residential real estate
Construction and land development— — — — 85,840 85,840 
One-to-four family— — — — 605,570 605,570 
HELOCs510 — — — 183,764 184,274 
Total residential real estate510 — — — 875,174 875,684 
Consumer— — — — 106,084 106,084 
Total$510 $— $5,828 $2,329 $3,639,485 $3,648,152 
Total collateral value$733 $— $5,175 $796 
Type and Extent of Collateral Securing CDAsNon-CDAs
December 31, 2023Residential PropertyInvestment PropertyCommercial PropertyBusiness AssetsTotal
Commercial real estate
Construction and land development$— $— $— $— $305,269 $305,269 
Commercial real estate – owner occupied— — 1,821 — 534,724 536,545 
Commercial real estate – non-owner occupied— — 4,310 — 871,384 875,694 
Multifamily— — — — 88,623 88,623 
Total commercial real estate— — 6,131 — 1,800,000 1,806,131 
Commercial
Commercial and industrial— — — 1,322 235,933 237,255 
Equipment finance— — — 1,304 464,269 465,573 
Municipal leases— — — — 150,292 150,292 
Total commercial— — — 2,626 850,494 853,120 
Residential real estate
Construction and land development— — — — 96,646 96,646 
One-to-four family— — — — 584,405 584,405 
HELOCs510 — — — 185,368 185,878 
Total residential real estate510 — — — 866,419 866,929 
Consumer— — — — 113,842 113,842 
Total$510 $— $6,131 $2,626 $3,630,755 $3,640,022 
Total collateral value$733 $— $5,627 $686 
Financing Receivable Credit Quality Indicators
The following table presents the credit risk profile by risk grade for commercial real estate, commercial, residential real estate and consumer loans by origination year as of March 31, 2024:
Term Loans By Origination Fiscal Year
March 31, 20242024
2023-S(1)
202320222021PriorRevolvingTotal
Construction and land development
Risk rating
Pass$23,514 $73,342 $86,245 $70,988 $37,620 $7,021 $5,997 $304,727 
Special mention— — — — — — — — 
Substandard— — — — — — — — 
Doubtful
— — — — — — — — 
Loss— — — — — — — — 
Total construction and land development$23,514 $73,342 $86,245 $70,988 $37,620 $7,021 $5,997 $304,727 
Current period gross charge-offs$— $— $— $— $— $— $— $— 
Commercial real estate – owner occupied
Risk rating
Pass$7,811 $32,923 $68,532 $102,532 $89,585 $219,936 $4,420 $525,739 
Special mention— — 149 149 445 3,426 — 4,169 
Substandard— — 95 380 1 1,869 — 2,345 
Doubtful— — — — — 294 — 294 
Loss— — — — — — — — 
Total commercial real estate – owner occupied$7,811 $32,923 $68,776 $103,061 $90,031 $225,525 $4,420 $532,547 
Current period gross charge-offs$— $— $— $— $— $208 $— $208 
Commercial real estate – non-owner occupied
Risk rating
Pass$19,786 $12,183 $105,268 $159,449 $183,448 $372,497 $5,890 $858,521 
Special mention— — — — — 9,520 — 9,520 
Substandard— — 3,078 — — 10,024 — 13,102 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total commercial real estate – non-owner occupied$19,786 $12,183 $108,346 $159,449 $183,448 $392,041 $5,890 $881,143 
Current period gross charge-offs$— $— $— $— $— $— $— $— 
Multifamily
Risk rating
Pass$— $5,512 $6,627 $19,780 $21,174 $36,089 $151 $89,333 
Special mention— — — — — 88 — 88 
Substandard— — — — — 271 — 271 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total multifamily$— $5,512 $6,627 $19,780 $21,174 $36,448 $151 $89,692 
Current period gross charge-offs$— $— $— $— $— $— $— $— 
Total commercial real estate
Risk rating
Pass$51,111 $123,960 $266,672 $352,749 $331,827 $635,543 $16,458 $1,778,320 
Special mention— — 149 149 445 13,034 — 13,777 
Substandard— — 3,173 380 1 12,164 — 15,718 
Doubtful— — — — — 294 — 294 
Loss— — — — — — — — 
Total commercial real estate$51,111 $123,960 $269,994 $353,278 $332,273 $661,035 $16,458 $1,808,109 
Total current period gross charge-offs$— $— $— $— $— $208 $— $208 
(1)As previously announced, on July 24, 2023, the Board of Directors approved a change in the Company's fiscal year end from June 30 to December 31. "2023-S" represents the six-month transition period ended December 31, 2023.
Term Loans By Origination Fiscal Year
March 31, 20242024
2023-S(1)
202320222021PriorRevolvingTotal
Commercial and industrial
Risk rating
Pass$13,491 $18,866 $47,683 $43,500 $13,342 $30,684 $70,875 $238,441 
Special mention— — — 651 132 106 — 889 
Substandard— — 913 300 10 1,399 — 2,622 
Doubtful
— — 699 — 1 347 264 1,311 
Loss— — — 178 — 291 — 469 
Total commercial and industrial$13,491 $18,866 $49,295 $44,629 $13,485 $32,827 $71,139 $243,732 
Current period gross charge-offs$— $— $329 $102 $40 $253 $— $724 
Equipment finance
Risk rating
Pass$39,373 $79,525 $160,248 $101,153 $48,273 $23,964 $— $452,536 
Special mention— 103 767 1,693 723 396 — 3,682 
Substandard— — — — — 125 — 125 
Doubtful— 135 3,058 2,162 672 279 — 6,306 
Loss— — — — — — — — 
Total equipment finance$39,373 $79,763 $164,073 $105,008 $49,668 $24,764 $— $462,649 
Current period gross charge-offs$— $— $786 $619 $234 $22 $— $1,661 
Municipal leases
Risk rating
Pass$6,221 $17,579 $33,835 $26,490 $14,988 $52,781 $— $151,894 
Special mention— — — — — — — — 
Substandard— — — — — — — — 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total municipal leases$6,221 $17,579 $33,835 $26,490 $14,988 $52,781 $— $151,894 
Current period gross charge-offs$— $— $— $— $— $— $— $— 
Total commercial
Risk rating
Pass$59,085 $115,970 $241,766 $171,143 $76,603 $107,429 $70,875 $842,871 
Special mention— 103 767 2,344 855 502 — 4,571 
Substandard— — 913 300 10 1,524 — 2,747 
Doubtful— 135 3,757 2,162 673 626 264 7,617 
Loss— — — 178 — 291 — 469 
Total commercial$59,085 $116,208 $247,203 $176,127 $78,141 $110,372 $71,139 $858,275 
Total current period gross charge-offs$— $— $1,115 $721 $274 $275 $— $2,385 
Term Loans By Origination Fiscal Year
March 31, 20242024
2023-S(1)
202320222021PriorRevolvingTotal
Construction and land development
Risk rating
Pass$1,131 $13,289 $52,100 $15,098 $3,293 $792 $— $85,703 
Special mention— — — — — — — — 
Substandard— — — — — 137 — 137 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total construction and land development$1,131 $13,289 $52,100 $15,098 $3,293 $929 $— $85,840 
Current period gross charge-offs$— $— $— $— $— $— $— $— 
One-to-four family
Risk rating
Pass$8,992 $18,960 $123,796 $152,341 $108,309 $179,379 $8,638 $600,415 
Special mention— — — — — 360 — 360 
Substandard— — 382 256 — 4,138 — 4,776 
Doubtful— — — — — 19 — 19 
Loss— — — — — — — — 
Total one-to-four family$8,992 $18,960 $124,178 $152,597 $108,309 $183,896 $8,638 $605,570 
Current period gross charge-offs$— $— $— $— $— $— $— $— 
HELOCs
Risk rating
Pass$— $— $— $— $— $— $181,870 $181,870 
Special mention— — — — — — — — 
Substandard— — — — — — 2,404 2,404 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total HELOCs$— $— $— $— $— $— $184,274 $184,274 
Current period gross charge-offs$— $— $— $— $— $— $20 $20 
Total residential real estate
Risk rating
Pass$10,123 $32,249 $175,896 $167,439 $111,602 $180,171 $190,508 $867,988 
Special mention— — — — — 360 — 360 
Substandard— — 382 256 — 4,275 2,404 7,317 
Doubtful— — — — — 19 — 19 
Loss— — — — — — — — 
Total residential real estate$10,123 $32,249 $176,278 $167,695 $111,602 $184,825 $192,912 $875,684 
Total current period gross charge-offs$— $— $— $— $— $— $20 $20 
Term Loans By Origination Fiscal Year
March 31, 20242024
2023-S(1)
202320222021PriorRevolvingTotal
Total consumer
Risk rating
Pass$4,484 $24,641 $46,441 $12,824 $8,416 $7,763 $263 $104,832 
Special mention— — — — — — — — 
Substandard— 92 473 230 166 262 20 1,243 
Doubtful— — 5 — 4 — — 9 
Loss— — — — — — — — 
Total consumer$4,484 $24,733 $46,919 $13,054 $8,586 $8,025 $283 $106,084 
Total current period gross charge-offs$— $37 $166 $85 $35 $2 $8 $333 
The following table presents the credit risk profile by risk grade for commercial real estate, commercial, residential real estate and consumer loans by origination year as of December 31, 2023(2):
Term Loans By Origination Fiscal Year
December 31, 2023
2023-S(1)
2023202220212020PriorRevolvingTotal
Construction and land development
Risk rating
Pass$61,716 $105,170 $88,320 $37,197 $201 $7,581 $4,805 $304,990 
Special mention— — — — — — — — 
Substandard— — 279 — — — — 279 
Doubtful
— — — — — — — — 
Loss— — — — — — — — 
Total construction and land development$61,716 $105,170 $88,599 $37,197 $201 $7,581 $4,805 $305,269 
Current period gross charge-offs$— $— $— $— $— $— $— $— 
Commercial real estate – owner occupied
Risk rating
Pass$35,428 $61,090 $104,005 $90,506 $72,121 $159,328 $3,486 $525,964 
Special mention— 149 148 447 2,033 3,699 — 6,476 
Substandard— — 379 1 338 2,886 — 3,604 
Doubtful— — — — 289 212 — 501 
Loss— — — — — — — — 
Total commercial real estate – owner occupied$35,428 $61,239 $104,532 $90,954 $74,781 $166,125 $3,486 $536,545 
Current period gross charge-offs$— $— $— $— $— $290 $— $290 
Commercial real estate – non-owner occupied
Risk rating
Pass$11,716 $104,881 $155,782 $185,264 $95,749 $302,341 $6,460 $862,193 
Special mention— — — — — 294 — 294 
Substandard— 3,078 — — 6,180 3,949 — 13,207 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total commercial real estate – non-owner occupied$11,716 $107,959 $155,782 $185,264 $101,929 $306,584 $6,460 $875,694 
Current period gross charge-offs$— $— $— $— $— $— $— $— 
Multifamily
Risk rating
Pass$5,515 $4,184 $18,597 $21,411 $10,921 $25,400 $644 $86,672 
Special mention— — 1,583 — — 89 — 1,672 
Substandard— — — — — 279 — 279 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total multifamily$5,515 $4,184 $20,180 $21,411 $10,921 $25,768 $644 $88,623 
Current period gross charge-offs$— $— $— $— $— $— $— $— 
Total commercial real estate
Risk rating
Pass$114,375 $275,325 $366,704 $334,378 $178,992 $494,650 $15,395 $1,779,819 
Special mention— 149 1,731 447 2,033 4,082 — 8,442 
Substandard— 3,078 658 1 6,518 7,114 — 17,369 
Doubtful— — — — 289 212 — 501 
Loss— — — — — — — — 
Total commercial real estate$114,375 $278,552 $369,093 $334,826 $187,832 $506,058 $15,395 $1,806,131 
Total current period gross charge-offs$— $— $— $— $— $290 $— $290 
(1)As previously announced, on July 24, 2023, the Board of Directors approved a change in the Company's fiscal year end from June 30 to December 31. "2023-S" represents the six-month transition period ended December 31, 2023.
(2)This table reflects the correction of an immaterial error in the prior period disclosure. See "Note 1 – Summary of Significant Accounting Policies" for further information.
Term Loans By Origination Fiscal Year
December 31, 2023
2023-S(1)
2023202220212020PriorRevolvingTotal
Commercial and industrial
Risk rating
Pass$19,180 $51,742 $60,487 $14,146 $11,071 $22,352 $49,663 $228,641 
Special mention— 329 227 158 54 81 — 849 
Substandard— 671 341 29 1,380 307 3,707 6,435 
Doubtful
— 713 — — 222 — 264 1,199 
Loss— — — — — 131 — 131 
Total commercial and industrial$19,180 $53,455 $61,055 $14,333 $12,727 $22,871 $53,634 $237,255 
Current period gross charge-offs$— $1,337 $402 $184 $574 $618 $— $3,115 
Equipment finance
Risk rating
Pass$83,332 $172,704 $113,363 $57,295 $25,552 $4,854 $— $457,100 
Special mention— 338 666 383 341 252 — 1,980 
Substandard— 206 — — — 134 — 340 
Doubtful— 2,645 2,498 626 384 — — 6,153 
Loss— — — — — — — — 
Total equipment finance$83,332 $175,893 $116,527 $58,304 $26,277 $5,240 $— $465,573 
Current period gross charge-offs$— $550 $912 $539 $29 $14 $— $2,044 
Municipal leases
Risk rating
Pass$17,372 $34,203 $28,241 $15,742 $7,358 $47,376 $— $150,292 
Special mention— — — — — — — — 
Substandard— — — — — — — — 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total municipal leases$17,372 $34,203 $28,241 $15,742 $7,358 $47,376 $— $150,292 
Current period gross charge-offs$— $— $— $— $— $— $— $— 
Total commercial
Risk rating
Pass$119,884 $258,649 $202,091 $87,183 $43,981 $74,582 $49,663 $836,033 
Special mention— 667 893 541 395 333 — 2,829 
Substandard— 877 341 29 1,380 441 3,707 6,775 
Doubtful— 3,358 2,498 626 606 — 264 7,352 
Loss— — — — — 131 — 131 
Total commercial$119,884 $263,551 $205,823 $88,379 $46,362 $75,487 $53,634 $853,120 
Total current period gross charge-offs$— $1,887 $1,314 $723 $603 $632 $— $5,159 
Term Loans By Origination Fiscal Year
December 31, 2023
2023-S(1)
2023202220212020PriorRevolvingTotal
Construction and land development
Risk rating
Pass$7,669 $64,716 $18,841 $4,002 $44 $1,237 $— $96,509 
Special mention— — — — — — — — 
Substandard— — — — — 137 — 137 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total construction and land development$7,669 $64,716 $18,841 $4,002 $44 $1,374 $— $96,646 
Current period gross charge-offs$— $— $— $— $— $— $— $— 
One-to-four family
Risk rating
Pass$19,532 $102,902 $153,029 $109,870 $48,971 $139,061 $5,395 $578,760 
Special mention— — — — — 511 — 511 
Substandard— 383 258 — 202 4,268 — 5,111 
Doubtful— — — — — 23 — 23 
Loss— — — — — — — — 
Total one-to-four family$19,532 $103,285 $153,287 $109,870 $49,173 $143,863 $5,395 $584,405 
Current period gross charge-offs$— $— $13 $3 $12 $4 $— $32 
HELOCs
Risk rating
Pass$— $— $— $— $— $— $183,815 $183,815 
Special mention— — — — — — — — 
Substandard— — — — — — 2,034 2,034 
Doubtful— — — — — — 29 29 
Loss— — — — — — — — 
Total HELOCs$— $— $— $— $— $— $185,878 $185,878 
Current period gross charge-offs$— $— $— $— $— $— $— $— 
Total residential real estate
Risk rating
Pass$27,201 $167,618 $171,870 $113,872 $49,015 $140,298 $189,210 $859,084 
Special mention— — — — — 511 — 511 
Substandard— 383 258 — 202 4,405 2,034 7,282 
Doubtful— — — — — 23 29 52 
Loss— — — — — — — — 
Total residential real estate$27,201 $168,001 $172,128 $113,872 $49,217 $145,237 $191,273 $866,929 
Total current period gross charge-offs$— $— $13 $3 $12 $4 $— $32 
Term Loans By Origination Fiscal Year
December 31, 2023
2023-S(1)
2023202220212020PriorRevolvingTotal
Total consumer
Risk rating
Pass$26,569 $51,351 $14,408 $9,672 $6,313 $4,068 $309 $112,690 
Special mention— — — — — — — — 
Substandard— 329 265 210 172 141 24 1,141 
Doubtful— 7 — 3 — — — 10 
Loss— — — — — 1 — 1 
Total consumer$26,569 $51,687 $14,673 $9,885 $6,485 $4,210 $333 $113,842 
Total current period gross charge-offs$6 $401 $118 $34 $11 $9 $— $579 
Past Due Financing Receivables
The following tables present aging analyses of past due loans (including nonaccrual loans) by segment and class for the periods indicated:
Past DueTotal Loans
30-89 Days90 Days+TotalCurrent
March 31, 2024
Commercial real estate
Construction and land development$— $— $— $304,727 $304,727 
Commercial real estate – owner occupied164 674 838 531,709 532,547 
Commercial real estate – non-owner occupied— — — 881,143 881,143 
Multifamily— — — 89,692 89,692 
Total commercial real estate164 674 838 1,807,271 1,808,109 
Commercial
Commercial and industrial1,667 2,701 4,368 239,364 243,732 
Equipment finance1,963 4,301 6,264 456,385 462,649 
Municipal leases— — — 151,894 151,894 
Total commercial3,630 7,002 10,632 847,643 858,275 
Residential real estate
Construction and land development— 132 132 85,708 85,840 
One-to-four family880 990 1,870 603,700 605,570 
HELOCs724 1,973 2,697 181,577 184,274 
Total residential real estate1,604 3,095 4,699 870,985 875,684 
Consumer417 387 804 105,280 106,084 
Total loans$5,815 $11,158 $16,973 $3,631,179 $3,648,152 
Past DueTotal Loans
30-89 Days90 Days+TotalCurrent
December 31, 2023
Commercial real estate
Construction and land development$— $— $— $305,269 $305,269 
Commercial real estate – owner occupied657 501 1,158 535,387 536,545 
Commercial real estate – non-owner occupied4,032 — 4,032 871,662 875,694 
Multifamily— — — 88,623 88,623 
Total commercial real estate4,689 501 5,190 1,800,941 1,806,131 
Commercial
Commercial and industrial974 2,667 3,641 233,614 237,255 
Equipment finance5,411 4,019 9,430 456,143 465,573 
Municipal leases— — — 150,292 150,292 
Total commercial6,385 6,686 13,071 840,049 853,120 
Residential real estate
Construction and land development— 132 132 96,514 96,646 
One-to-four family958 1,068 2,026 582,379 584,405 
HELOCs1,240 1,622 2,862 183,016 185,878 
Total residential real estate2,198 2,822 5,020 861,909 866,929 
Consumer535 301 836 113,006 113,842 
Total loans$13,807 $10,310 $24,117 $3,615,905 $3,640,022 
Schedule of Past Due Loans Still Accruing and Nonaccruing Interest
The following table presents the recorded investment in loans on nonaccrual status, by segment and class, including restructured loans. It also includes interest income recognized on nonaccrual loans for the three months ended March 31, 2024.
March 31, 2024
December 31, 2023
90 Days+ &
Still Accruing as of March 31, 2024
Nonaccrual with No ACL as of March 31, 2024
Interest Income Recognized
Commercial real estate
Commercial real estate – owner occupied$1,071 $912 $— $— $5 
Commercial real estate – non-owner occupied4,033 4,032 — 956 17 
Multifamily69 74 — — 1 
Total commercial real estate5,173 5,018 — 956 23 
Commercial
Commercial and industrial3,544 2,774 — 166 19 
Equipment finance6,563 6,463 — — 26 
Total commercial10,107 9,237 — 166 45 
Residential real estate
Construction and land development132 132 — — — 
One-to-four family1,861 2,205 — — 22 
HELOCs2,323 2,173 — 510 12 
Total residential real estate4,316 4,510 — 510 34 
Consumer602 568 — — 5 
Total loans$20,198 $19,333 $— $1,632 $107 
Allowance for Credit Losses on Financing Receivables
The following tables present analyses of the ACL on loans by segment for the periods indicated. In addition to the provision (benefit) for credit losses on loans presented below, provisions of $20 and $400 for off-balance sheet credit exposures were recorded during the three months ended March 31, 2024 and 2023, respectively, while no provision for commercial paper was recorded for either period. For the three months ended March 31, 2023, $4,921 and $369 of the provision for credit losses was recognized to establish ACLs on Quantum's loan portfolio and off-balance-sheet credit exposure, respectively.
Three Months Ended March 31, 2024
Commercial Real EstateCommercialResidential Real EstateConsumerTotal
Balance at beginning of period$20,323 $17,025 $9,285 $2,008 $48,641 
Provision (benefit) for credit losses(162)1,435 (149)21 1,145 
Charge-offs(208)(2,385)(20)(331)(2,944)
Recoveries— 545 41 74 660 
Net (charge-offs) recoveries(208)(1,840)21 (257)(2,284)
Balance at end of period$19,953 $16,620 $9,157 $1,772 $47,502 
Three Months Ended March 31, 2023
Commercial Real EstateCommercialResidential Real EstateConsumerTotal
Balance at beginning of period$15,059 $12,382 $9,048 $2,370 $38,859 
Provision (benefit) for credit losses6,262 2,413 (100)(215)8,360 
Initial ACL on PCD loans292 72 5 — 369 
Charge-offs— (484)(3)(91)(578)
Recoveries— 275 172 46 493 
Net (charge-offs) recoveries— (209)169 (45)(85)
Balance at end of period$21,613 $14,658 $9,122 $2,110 $47,503 
Modified Financing Receivables
The following table presents the amortized cost basis of loans at March 31, 2024, that were both experiencing financial difficulty and modified during the three months ended March 31, 2024, by class and type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers in financial difficulty as compared to the amortized cost basis of each class of financing receivable is also presented.
Three Months Ended March 31, 2024
Principal ForgivenessPayment DelayTerm ExtensionInterest Rate AdjustmentCombination Term Extension & Principal ForgivenessCombination Term Extension & Interest Rate Reduction% of Total Class of Financing Receivable
Commercial real estate
Commercial real estate – non-owner-occupied$— $956 $— $— $— $— 0.18 %
Commercial loans
Commercial and industrial— 1,378 — — — — 0.57 
Total$— $2,334 $— $— $— $— 0.06 %