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SUBSEQUENT EVENTS | 12 Months Ended
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Dec. 31, 2024
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS During the first quarter of 2025, Management determined that a triggering event had occurred at its Banking reporting unit as a result of further deteriorated credit quality coupled with the trends in the stock price. The Company performed a quantitative impairment test on its Banking reporting unit as of March 31, 2025, and engaged a third-party service provider to assist Management with the determination of the fair value. The resulting calculation indicated that the carrying amount exceeded the fair value of the Company's Banking reporting unit. As a result of the assessment, the Company expects to recognize goodwill impairment expense between $135.0 million and $154.0 million in the first quarter of 2025. Impairment will not impact our regulatory capital ratios, tangible common equity ratio nor our liquidity position. The Company continues to take steps in 2025 to resolve nonperforming assets and improve its overall credit profile. These steps include foreclosures, short sales, pursuit of guarantors and sales of notes. The Company has continued to monitor credit actions and subsequent losses in order to determining the appropriate time period for recognition. Notable credit actions and subsequent losses are presented in the table below, in thousands.
|  |  |  |  |  |  |  | Losses taken by period |  |  |  |
Asset |  | Type of property |  | Action taken |  | Balance December 31, 2024 |  | 2024 |  | First quarter 2025 |  | Second quarter 2025 |  | Total Losses taken |  | Reduction in nonperforming assets
OREO |  | Assisted living |  | Property sold May 2025 |  | $ | 5,434 |  |  | $ | (1,472) |  |  | $ | — |  |  | $ | — |  |  | $ | (1,472) |  | $ | (1,472) |  | $ | (5,434) |
Loans |  | Multi-Family |  | Collateral sold May 2025 |  | 3,722 |  |  | (337) |  |  | (1,113) |  |  | — |  |  | (1,450) |  |  | (3,722) |
Loans |  | Memory care |  | Note sale June 2025 |  | 7,737 |  |  | — |  |  | — |  |  | (3,675) |  |  | (3,675) |  |  | (7,737) |
Loans |  | Assisted living |  | Charge off May 2025 |  | 7,798 |  |  | (7,798) |  |  | — |  |  | — |  |  | (7,798) |  |  | (7,798) |
Loans |  | Multi-Family |  | Note sale agreement June 2025 Expected close third quarter 2025 |  | 27,354 |  |  | (2,354) |  |  | — |  |  | — |  |  | (2,354) |  |  | (2,354) |
Loans |  | C&I Operating |  | Charge off May 2025 |  | 11,292 |  |  | — |  |  | — |  |  | (5,847) |  |  | (5,847) |  |  | (5,847) |
Total |  |  |  |  |  | $ | 63,337 |  |  | $ | (11,961) |  |  | $ | (1,113) |  |  | $ | (9,522) |  |  | $ | (22,596) |  |  | $ | (32,892) |

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
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