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Subsequent Events (Tables) | 12 Months Ended
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Dec. 31, 2024
Subsequent Events [Abstract] |
Schedule of Losses Recognized on Assets Measured on a Non-recurring Basis | The following table presents losses recognized on assets measured on a nonrecurring basis for the years ended December 31, 2024, 2023 and 2022:
|  |  | Years Ended December 31,
(dollars in thousands) |  |  |  |  | 2024 |  | 2023 |  | 2022
Commercial mortgage servicing rights |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 1,263 |
Loan servicing rights held for sale |  |  |  |  | — |  |  | — |  |  | 3,250 |
Nonperforming loans |  |  |  |  | 21,317 |  |  | 19,421 |  |  | 8,892 |
Other real estate owned |  |  |  |  | 4,866 |  |  | — |  |  | 4,276 |
Total losses on assets measured on a nonrecurring basis |  |  |  |  | $ | 26,183 |  |  | $ | 19,421 |  |  | $ | 17,681 |
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 Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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