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Loans and Allowance for Credit Losses on Loans (Tables)
 3 Months Ended
Mar. 31, 2025
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, 2025December 31, 2024
One-to-four family$2,778 $408 
SBA26,940 22,867 
HELOCs121,446 178,743 
Total loans held for sale, at the lower of cost or fair value$151,164 $202,018 
Loans consist of the following at the dates indicated(1):
March 31, 2025December 31, 2024
Commercial real estate
Construction and land development$247,539 $274,356 
Commercial real estate – owner occupied570,150 545,490 
Commercial real estate – non-owner occupied867,711 866,094 
Multifamily118,094 120,425 
Total commercial real estate1,803,494 1,806,365 
Commercial
Commercial and industrial349,085 316,159 
Equipment finance380,166 406,400 
Municipal leases163,554 165,984 
Total commercial892,805 888,543 
Residential real estate
Construction and land development56,858 53,683 
One-to-four family631,537 630,391 
HELOCs199,747 195,288 
Total residential real estate888,142 879,362 
Consumer64,168 74,029 
Total loans, net of deferred loan fees and costs3,648,609 3,648,299 
Allowance for credit losses - loans(44,742)(45,285)
Loans, net$3,603,867 $3,603,014 
(1)    At March 31, 2025 and December 31, 2024 accrued interest receivable of $17,450 and $17,569, respectively, was accounted for separately from the amortized cost basis.
The following tables provide a breakdown between loans identified as CDAs and non-CDAs, by segment and class, as well as collateral coverage for those loans as of the dates indicated below:
Type and Extent of Collateral Securing CDAsNon-CDAs
March 31, 2025Residential PropertyInvestment PropertyCommercial PropertyBusiness AssetsTotal
Commercial real estate
Construction and land development$— $— $— $— $247,539 $247,539 
Commercial real estate – owner occupied— — 6,904 — 563,246 570,150 
Commercial real estate – non-owner occupied— — 3,822 — 863,889 867,711 
Multifamily— — — — 118,094 118,094 
Total commercial real estate— — 10,726 — 1,792,768 1,803,494 
Commercial
Commercial and industrial— — — 1,152 347,933 349,085 
Equipment finance— — — 1,194 378,972 380,166 
Municipal leases— — — — 163,554 163,554 
Total commercial— — — 2,346 890,459 892,805 
Residential real estate
Construction and land development— — — — 56,858 56,858 
One-to-four family712 — — — 630,825 631,537 
HELOCs1,013 — — — 198,734 199,747 
Total residential real estate1,725 — — — 886,417 888,142 
Consumer— — — — 64,168 64,168 
Total$1,725 $— $10,726 $2,346 $3,633,812 $3,648,609 
Total collateral value$1,481 $— $14,682 $992 
Type and Extent of Collateral Securing CDAsNon-CDAs
December 31, 2024Residential PropertyInvestment PropertyCommercial PropertyBusiness AssetsTotal
Commercial real estate
Construction and land development$— $— $— $— $274,356 $274,356 
Commercial real estate – owner occupied— — 6,376 — 539,114 545,490 
Commercial real estate – non-owner occupied— — 3,820 — 862,274 866,094 
Multifamily— — — — 120,425 120,425 
Total commercial real estate— — 10,196 — 1,796,169 1,806,365 
Commercial
Commercial and industrial— — — 585 315,574 316,159 
Equipment finance— — — 717 405,683 406,400 
Municipal leases— — — — 165,984 165,984 
Total commercial— — — 1,302 887,241 888,543 
Residential real estate
Construction and land development— — — — 53,683 53,683 
One-to-four family— — — — 630,391 630,391 
HELOCs— — — — 195,288 195,288 
Total residential real estate— — — — 879,362 879,362 
Consumer— — — — 74,029 74,029 
Total$— $— $10,196 $1,302 $3,636,801 $3,648,299 
Total collateral value$— $— $13,938 $748 
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, 2025. Also included in the table detailing loan balances are gross charge-offs for the three months ended March 31, 2025.
Term Loans By Origination Fiscal Year
March 31, 202520252024
2023-S(1)
20232022PriorRevolvingTotal
Construction and land development
Risk rating
Pass$20,637 $121,951 $37,272 $28,395 $22,032 $13,684 $3,568 $247,539 
Special mention— — — — — — — — 
Substandard— — — — — — — — 
Doubtful
— — — — — — — — 
Loss— — — — — — — — 
Total construction and land development$20,637 $121,951 $37,272 $28,395 $22,032 $13,684 $3,568 $247,539 
Current period gross charge-offs$— $— $— $— $— $— $— $— 
Commercial real estate – owner occupied
Risk rating
Pass$16,028 $55,368 $37,766 $67,159 $109,482 $262,196 $4,962 $552,961 
Special mention— — — 169 376 3,718 — 4,263 
Substandard— — 271 580 4,981 6,713 — 12,545 
Doubtful— — — — 371 10 — 381 
Loss— — — — — — — — 
Total commercial real estate – owner occupied$16,028 $55,368 $38,037 $67,908 $115,210 $272,637 $4,962 $570,150 
Current period gross charge-offs$— $— $— $— $— $— $— $— 
Commercial real estate – non-owner occupied
Risk rating
Pass$9,594 $71,198 $13,097 $105,764 $149,899 $479,501 $9,762 $838,815 
Special mention— — — — — 25,074 — 25,074 
Substandard— — — 2,591 — 1,231 — 3,822 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total commercial real estate – non-owner occupied$9,594 $71,198 $13,097 $108,355 $149,899 $505,806 $9,762 $867,711 
Current period gross charge-offs$— $— $— $— $— $— $— $— 
Multifamily
Risk rating
Pass$102 $15,118 $5,497 $6,524 $17,387 $73,115 $44 $117,787 
Special mention— — — — — 86 — 86 
Substandard— — — — — 221 — 221 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total multifamily$102 $15,118 $5,497 $6,524 $17,387 $73,422 $44 $118,094 
Current period gross charge-offs$— $— $— $— $— $— $— $— 
Total commercial real estate
Risk rating
Pass$46,361 $263,635 $93,632 $207,842 $298,800 $828,496 $18,336 $1,757,102 
Special mention— — — 169 376 28,878 — 29,423 
Substandard— — 271 3,171 4,981 8,165 — 16,588 
Doubtful— — — — 371 10 — 381 
Loss— — — — — — — — 
Total commercial real estate$46,361 $263,635 $93,903 $211,182 $304,528 $865,549 $18,336 $1,803,494 
Total current period gross charge-offs$— $— $— $— $— $— $— $— 
(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. All subsequent periods are based on a calendar year end.
Term Loans By Origination Fiscal Year
March 31, 202520252024
2023-S(1)
20232022PriorRevolvingTotal
Commercial and industrial
Risk rating
Pass$19,662 $66,167 $37,511 $34,947 $32,224 $29,252 $120,728 $340,491 
Special mention— — — 408 385 3,429 134 4,356 
Substandard— — 279 174 1,477 1,674 124 3,728 
Doubtful
— — — 117 — 370 23 510 
Loss— — — — — — — — 
Total commercial and industrial$19,662 $66,167 $37,790 $35,646 $34,086 $34,725 $121,009 $349,085 
Current period gross charge-offs$— $— $— $17 $319 $— $— $336 
Equipment finance
Risk rating
Pass$14,655 $101,293 $58,117 $109,094 $57,640 $30,749 $— $371,548 
Special mention— 149 91 1,272 1,247 498 — 3,257 
Substandard— — — 100 332 336 — 768 
Doubtful— — 339 2,227 1,469 558 — 4,593 
Loss— — — — — — — — 
Total equipment finance$14,655 $101,442 $58,547 $112,693 $60,688 $32,141 $— $380,166 
Current period gross charge-offs$— $— $139 $387 $532 $216 $— $1,274 
Municipal leases
Risk rating
Pass$2,113 $31,357 $17,360 $22,969 $20,928 $68,827 $— $163,554 
Special mention— — — — — — — — 
Substandard— — — — — — — — 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total municipal leases$2,113 $31,357 $17,360 $22,969 $20,928 $68,827 $— $163,554 
Current period gross charge-offs$— $— $— $— $— $— $— $— 
Total commercial
Risk rating
Pass$36,430 $198,817 $112,988 $167,010 $110,792 $128,828 $120,728 $875,593 
Special mention— 149 91 1,680 1,632 3,927 134 7,613 
Substandard— — 279 274 1,809 2,010 124 4,496 
Doubtful— — 339 2,344 1,469 928 23 5,103 
Loss— — — — — — — — 
Total commercial$36,430 $198,966 $113,697 $171,308 $115,702 $135,693 $121,009 $892,805 
Total current period gross charge-offs$— $— $139 $404 $851 $216 $— $1,610 
Term Loans By Origination Fiscal Year
March 31, 202520252024
2023-S(1)
20232022PriorRevolvingTotal
Construction and land development
Risk rating
Pass$2,361 $19,584 $6,613 $18,650 $6,288 $3,230 $— $56,726 
Special mention— — — — — — — — 
Substandard— — — — — 132 — 132 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total construction and land development$2,361 $19,584 $6,613 $18,650 $6,288 $3,362 $— $56,858 
Current period gross charge-offs$— $— $— $— $— $— $— $— 
One-to-four family
Risk rating
Pass$13,940 $39,025 $24,159 $152,252 $148,326 $241,130 $5,762 $624,594 
Special mention— — — — — 322 — 322 
Substandard— 669 850 587 662 3,839 — 6,607 
Doubtful— — — — — 14 — 14 
Loss— — — — — — — — 
Total one-to-four family$13,940 $39,694 $25,009 $152,839 $148,988 $245,305 $5,762 $631,537 
Current period gross charge-offs$— $— $— $— $— $10 $— $10 
HELOCs
Risk rating
Pass$— $— $— $— $— $— $194,677 $194,677 
Special mention— — — — — — — — 
Substandard— — — — — — 5,070 5,070 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total HELOCs$— $— $— $— $— $— $199,747 $199,747 
Current period gross charge-offs$— $— $— $— $— $— $— $— 
Total residential real estate
Risk rating
Pass$16,301 $58,609 $30,772 $170,902 $154,614 $244,360 $200,439 $875,997 
Special mention— — — — — 322 — 322 
Substandard— 669 850 587 662 3,971 5,070 11,809 
Doubtful— — — — — 14 — 14 
Loss— — — — — — — — 
Total residential real estate$16,301 $59,278 $31,622 $171,489 $155,276 $248,667 $205,509 $888,142 
Total current period gross charge-offs$— $— $— $— $— $10 $— $10 
Term Loans By Origination Fiscal Year
March 31, 202520252024
2023-S(1)
20232022PriorRevolvingTotal
Total consumer
Risk rating
Pass$524 $3,816 $15,989 $28,796 $7,327 $6,256 $233 $62,941 
Special mention— — — — — — — — 
Substandard— 59 132 626 145 242 19 1,223 
Doubtful— — — 3 — 1 — 4 
Loss— — — — — — — — 
Total consumer$524 $3,875 $16,121 $29,425 $7,472 $6,499 $252 $64,168 
Total current period gross charge-offs$— $2 $45 $62 $37 $30 $— $176 
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, 2024. Also included in the table detailing loan balances are gross charge-offs for the year ended December 31, 2024.
Term Loans By Origination Fiscal Year
December 31, 20242024
2023-S(1)
202320222021PriorRevolvingTotal
Construction and land development
Risk rating
Pass$121,992 $42,548 $47,045 $43,534 $9,705 $6,501 $3,031 $274,356 
Special mention— — — — — — — — 
Substandard— — — — — — — — 
Doubtful
— — — — — — — — 
Loss— — — — — — — — 
Total construction and land development$121,992 $42,548 $47,045 $43,534 $9,705 $6,501 $3,031 $274,356 
Current period gross charge-offs$— $— $— $— $— $— $— $— 
Commercial real estate – owner occupied
Risk rating
Pass$54,032 $35,808 $64,558 $100,827 $78,902 $193,446 $5,131 $532,704 
Special mention— — 168 136 439 2,203 — 2,946 
Substandard— 273 683 1,337 465 6,531 — 9,289 
Doubtful— — — 526 — 25 — 551 
Loss— — — — — — — — 
Total commercial real estate – owner occupied$54,032 $36,081 $65,409 $102,826 $79,806 $202,205 $5,131 $545,490 
Current period gross charge-offs$— $— $77 $72 $— $208 $— $357 
Commercial real estate – non-owner occupied
Risk rating
Pass$71,321 $13,255 $97,479 $142,325 $173,674 $323,707 $9,482 $831,243 
Special mention— — 3,665 3,813 — 14,897 — 22,375 
Substandard— — 2,591 — — 9,885 — 12,476 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total commercial real estate – non-owner occupied$71,321 $13,255 $103,735 $146,138 $173,674 $348,489 $9,482 $866,094 
Current period gross charge-offs$— $— $— $— $— $— $— $— 
Multifamily
Risk rating
Pass$15,098 $5,501 $6,560 $19,010 $48,866 $25,071 $— $120,106 
Special mention— — — — — 87 — 87 
Substandard— — — — — 232 — 232 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total multifamily$15,098 $5,501 $6,560 $19,010 $48,866 $25,390 $— $120,425 
Current period gross charge-offs$— $— $— $— $— $10 $— $10 
Total commercial real estate
Risk rating
Pass$262,443 $97,112 $215,642 $305,696 $311,147 $548,725 $17,644 $1,758,409 
Special mention— — 3,833 3,949 439 17,187 — 25,408 
Substandard— 273 3,274 1,337 465 16,648 — 21,997 
Doubtful— — — 526 — 25 — 551 
Loss— — — — — — — — 
Total commercial real estate$262,443 $97,385 $222,749 $311,508 $312,051 $582,585 $17,644 $1,806,365 
Total current period gross charge-offs$— $— $77 $72 $— $218 $— $367 
(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. All subsequent periods are based on a calendar year end.
Term Loans By Origination Fiscal Year
December 31, 20242024
2023-S(1)
202320222021PriorRevolvingTotal
Commercial and industrial
Risk rating
Pass$81,746 $27,568 $41,728 $34,692 $10,773 $21,995 $89,095 $307,597 
Special mention— — 129 380 82 2,925 145 3,661 
Substandard— 279 794 1,570 509 1,046 124 4,322 
Doubtful
— — 116 — — 440 23 579 
Loss— — — — — — — — 
Total commercial and industrial$81,746 $27,847 $42,767 $36,642 $11,364 $26,406 $89,387 $316,159 
Current period gross charge-offs$— $— $1,783 $704 $52 $1,089 $21 $3,649 
Equipment finance
Risk rating
Pass$106,904 $62,236 $121,131 $67,636 $29,043 $10,342 $— $397,292 
Special mention— 78 467 586 293 197 — 1,621 
Substandard— — — 2,919 — — — 2,919 
Doubtful— 430 1,967 1,520 487 108 — 4,512 
Loss— — — — — 56 — 56 
Total equipment finance$106,904 $62,744 $123,565 $72,661 $29,823 $10,703 $— $406,400 
Current period gross charge-offs$106 $177 $2,366 $3,435 $549 $379 $— $7,012 
Municipal leases
Risk rating
Pass$28,903 $18,181 $24,404 $22,402 $24,376 $47,718 $— $165,984 
Special mention— — — — — — — — 
Substandard— — — — — — — — 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total municipal leases$28,903 $18,181 $24,404 $22,402 $24,376 $47,718 $— $165,984 
Current period gross charge-offs$— $— $— $— $— $— $— $— 
Total commercial
Risk rating
Pass$217,553 $107,985 $187,263 $124,730 $64,192 $80,055 $89,095 $870,873 
Special mention— 78 596 966 375 3,122 145 5,282 
Substandard— 279 794 4,489 509 1,046 124 7,241 
Doubtful— 430 2,083 1,520 487 548 23 5,091 
Loss— — — — — 56 — 56 
Total commercial$217,553 $108,772 $190,736 $131,705 $65,563 $84,827 $89,387 $888,543 
Total current period gross charge-offs$106 $177 $4,149 $4,139 $601 $1,468 $21 $10,661 
Term Loans By Origination Fiscal Year
December 31, 20242024
2023-S(1)
202320222021PriorRevolvingTotal
Construction and land development
Risk rating
Pass$13,559 $7,200 $21,370 $8,217 $2,694 $510 $— $53,550 
Special mention— — — — — — — — 
Substandard— — — — — 133 — 133 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total construction and land development$13,559 $7,200 $21,370 $8,217 $2,694 $643 $— $53,683 
Current period gross charge-offs$— $— $— $— $— $— $— $— 
One-to-four family
Risk rating
Pass$39,669 $23,510 $153,504 $148,777 $96,103 $152,940 $8,840 $623,343 
Special mention— — — — — 332 — 332 
Substandard407 747 591 667 — 4,244 45 6,701 
Doubtful— — — — — 15 — 15 
Loss— — — — — — — — 
Total one-to-four family$40,076 $24,257 $154,095 $149,444 $96,103 $157,531 $8,885 $630,391 
Current period gross charge-offs$— $— $— $— $— $3 $— $3 
HELOCs
Risk rating
Pass$— $— $— $— $— $— $190,573 $190,573 
Special mention— — — — — — — — 
Substandard— — — — — — 4,715 4,715 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total HELOCs$— $— $— $— $— $— $195,288 $195,288 
Current period gross charge-offs$— $— $— $— $— $— $30 $30 
Total residential real estate
Risk rating
Pass$53,228 $30,710 $174,874 $156,994 $98,797 $153,450 $199,413 $867,466 
Special mention— — — — — 332 — 332 
Substandard407 747 591 667 — 4,377 4,760 11,549 
Doubtful— — — — — 15 — 15 
Loss— — — — — — — — 
Total residential real estate$53,635 $31,457 $175,465 $157,661 $98,797 $158,174 $204,173 $879,362 
Total current period gross charge-offs$— $— $— $— $— $3 $30 $33 
Term Loans By Origination Fiscal Year
December 31, 20242024
2023-S(1)
202320222021PriorRevolvingTotal
Total consumer
Risk rating
Pass$4,873 $18,123 $32,889 $8,597 $5,186 $2,944 $255 $72,867 
Special mention— — — — — — — — 
Substandard54 97 595 83 178 131 18 1,156 
Doubtful— — 4 — 2 — — 6 
Loss— — — — — — — — 
Total consumer$4,927 $18,220 $33,488 $8,680 $5,366 $3,075 $273 $74,029 
Total current period gross charge-offs$39 $173 $510 $255 $95 $57 $22 $1,151 
Past Due Financing Receivables
The following tables present aging analyses of past due loans (including nonaccrual loans) by segment and class as of the dates indicated:
Past DueTotal Loans
30-89 Days90 Days+TotalCurrent
March 31, 2025
Commercial real estate
Construction and land development$— $— $— $247,539 $247,539 
Commercial real estate – owner occupied7,659 2,219 9,878 560,272 570,150 
Commercial real estate – non-owner occupied3,822 — 3,822 863,889 867,711 
Multifamily— — — 118,094 118,094 
Total commercial real estate11,481 2,219 13,700 1,789,794 1,803,494 
Commercial
Commercial and industrial1,533 2,220 3,753 345,332 349,085 
Equipment finance7,692 1,376 9,068 371,098 380,166 
Municipal leases— — — 163,554 163,554 
Total commercial9,225 3,596 12,821 879,984 892,805 
Residential real estate
Construction and land development— 132 132 56,726 56,858 
One-to-four family1,015 1,026 2,041 629,496 631,537 
HELOCs613 3,424 4,037 195,710 199,747 
Total residential real estate1,628 4,582 6,210 881,932 888,142 
Consumer418 259 677 63,491 64,168 
Total loans$22,752 $10,656 $33,408 $3,615,201 $3,648,609 
Past DueTotal Loans
30-89 Days90 Days+TotalCurrent
December 31, 2024
Commercial real estate
Construction and land development$— $— $— $274,356 $274,356 
Commercial real estate – owner occupied654 1,432 2,086 543,404 545,490 
Commercial real estate – non-owner occupied— 959 959 865,135 866,094 
Multifamily— — — 120,425 120,425 
Total commercial real estate654 2,391 3,045 1,803,320 1,806,365 
Commercial
Commercial and industrial1,160 3,056 4,216 311,943 316,159 
Equipment finance4,714 4,140 8,854 397,546 406,400 
Municipal leases— — — 165,984 165,984 
Total commercial5,874 7,196 13,070 875,473 888,543 
Residential real estate
Construction and land development419 132 551 53,132 53,683 
One-to-four family3,429 1,633 5,062 625,329 630,391 
HELOCs1,935 2,754 4,689 190,599 195,288 
Total residential real estate5,783 4,519 10,302 869,060 879,362 
Consumer391 260 651 73,378 74,029 
Total loans$12,702 $14,366 $27,068 $3,621,231 $3,648,299 
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, 2025.
March 31, 2025
December 31, 2024
90 Days+ &
Still Accruing as of March 31, 2025
Nonaccrual with No ACL as of March 31, 2025
Interest Income Recognized
Commercial real estate
Commercial real estate – owner occupied$8,583 $8,471 $— $7,429 $88 
Commercial real estate – non-owner occupied3,552 3,551 — 2,591 65 
Multifamily38 47 — — 1 
Total commercial real estate12,173 12,069 — 10,020 154 
Commercial
Commercial and industrial2,965 3,487 — 981 9 
Equipment finance5,065 4,666 — 113 46 
Total commercial8,030 8,153 — 1,094 55 
Residential real estate
Construction and land development132 132 — — — 
One-to-four family2,203 2,916 — — 30 
HELOCs4,033 3,990 — — 9 
Total residential real estate6,368 7,038 — — 39 
Consumer388 407 — — 7 
Total loans$26,959 $27,667 $— $11,114 $255 
Allowance for Credit Losses on Financing Receivables
The following tables present analyses of the ACL on loans by segment for the periods indicated below. In addition to the provision for credit losses on loans presented below, provisions of $740 and $20 for off-balance sheet credit exposures were recorded during the three months ended March 31, 2025 and 2024, respectively.
Three Months Ended March 31, 2025
Commercial Real EstateCommercialResidential Real EstateConsumerTotal
Balance at beginning of period$19,284 $15,267 $9,664 $1,070 $45,285 
Provision (benefit) for credit losses243 890 (338)5 800 
Charge-offs— (1,610)(10)(176)(1,796)
Recoveries38 316 14 85 453 
Net (charge-offs) recoveries38 (1,294)4 (91)(1,343)
Balance at end of period$19,565 $14,863 $9,330 $984 $44,742 
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 $47,502 
Modified Financing Receivables
The following tables present the amortized cost basis of loans that were both experiencing financial difficulty and modified during the periods indicated, by class and type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers in financial difficulty as compared to the amortized cost basis of each class of financing receivable is also presented. The Hurricane Helene-related deferrals previously referenced did not meet this definition and, therefore, were not included.
Three Months Ended March 31, 2025
Principal ForgivenessPayment DelayTerm ExtensionInterest Rate AdjustmentCombination Term Extension & Principal ForgivenessCombination Term Extension & Interest Rate Reduction% of Total Class of Financing Receivable
Commercial real estate
Commercial real estate – owner-occupied$— $774 $— $— $— $— 0.14 %
Commercial loans
Commercial and industrial— 908 374 115 — — 0.40 %
Total$— $1,682 $374 $115 $— $— 0.06 %
Three Months Ended March 31, 2024
Principal ForgivenessPayment DelayTerm ExtensionInterest Rate AdjustmentCombination Term Extension & Principal ForgivenessCombination Term Extension & Interest Rate Reduction% of Total Class of Financing Receivable
Commercial real estate
Commercial real estate – non-owner-occupied$— $956 $— $— $— $— 0.18 %
Commercial loans
Commercial and industrial— 1,378 — — — — 0.57 %
Total$— $2,334 $— $— $— $— 0.06 %
The following table presents the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty for the period indicated below:
Three Months Ended March 31, 2025
Principal ForgivenessWeighted-Average Interest Rate ReductionWeighted-Average Term Extension (Years)
Commercial loans
Commercial and industrial$— 7.0 %10
The following table presents loans that had a payment default during the period indicated that had previously been modified within the prior twelve months. For purposes of this table, a loan is considered to be in default when it becomes 30 days contractually past due under the modified terms.
Three Months Ended March 31, 2025
Principal ForgivenessPayment DelayTerm ExtensionInterest Rate Adjustment
Commercial real estate
Commercial real estate – owner-occupied$— $675 $— $161 
Commercial loans
Commercial and industrial— — 132 — 
Total$— $675 $132 $161 
There were no loans that had a payment default during the three months ended March 31, 2024 that had previously been modified within the prior twelve months.