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LOANS | 3 Months Ended
--- | ---
Mar. 31, 2025
Receivables [Abstract] |
LOANS | LOANS The following table presents total loans outstanding by portfolio class, as of March 31, 2025 and December 31, 2024:
(dollars in thousands) | March 31, 2025 |  | December 31, 2024
Commercial: |  |  |
Commercial | $ | 772,876 |  |  | $ | 818,496 |
Commercial other | 496,686 |  |  | 541,324 |
Commercial real estate: |  |  |
Commercial real estate non-owner occupied | 1,597,251 |  |  | 1,628,961 |
Commercial real estate owner occupied | 441,910 |  |  | 440,806 |
Multi-family | 486,141 |  |  | 454,249 |
Farmland | 67,023 |  |  | 67,648 |
Construction and land development | 264,966 |  |  | 299,842 |
Total commercial loans | 4,126,853 |  |  | 4,251,326 |
Residential real estate: |  |  |
Residential first lien | 312,367 |  |  | 315,775 |
Other residential | 60,728 |  |  | 64,782 |
Consumer: |  |  |
Consumer | 91,371 |  |  | 96,202 |
Consumer other | 53,566 |  |  | 48,099 |
Lease financing | 373,168 |  |  | 391,390 |
Total loans | $ | 5,018,053 |  |  | $ | 5,167,574 |
Total loans include net deferred loan costs of $0.6 million and $1.4 million at March 31, 2025 and December 31, 2024, respectively, and unearned discounts of $53.3 million and $56.7 million within the lease financing portfolio at March 31, 2025 and December 31, 2024, respectively. Classifications of Loan Portfolio The Company monitors and assesses the credit risk of its loan portfolio using the classes set forth below. These classes also represent the segments by which the Company monitors the performance of its loan portfolio and estimates its allowance for credit losses on loans. Commercial—Loans to varying types of businesses, including municipalities, school districts and nonprofit organizations, for the purpose of supporting working capital, operational needs and term financing of equipment. Repayment of such loans is generally provided through operating cash flows of the business. Commercial loans are predominately secured by equipment, inventory, accounts receivable, and other sources of repayment. Commercial real estate—Loans secured by real estate occupied by the borrower for ongoing operations, including loans to borrowers engaged in agricultural production, and non-owner occupied real estate leased to one or more tenants, including commercial office, industrial, special purpose, retail and multi-family residential real estate loans. Construction and land development—Secured loans for the construction of business and residential properties. Real estate construction loans often convert to a real estate commercial loan at the completion of the construction period. Secured development loans are made to borrowers for the purpose of infrastructure improvements to vacant land to create finished marketable residential and commercial lots/land. Most land development loans are originated with the intention that the loans will be paid through the sale of developed lots/land by the developers within twelve months of the completion date. Interest reserves may be established on real estate construction loans. Residential real estate—Loans, secured by residential properties, that generally do not qualify for secondary market sale; however, the risk to return and/or overall relationship are considered acceptable to the Company. This category also includes loans whereby consumers utilize equity in their personal residence, generally through a second mortgage, as collateral to secure the loan. Consumer—Loans to consumers primarily for the purpose of home improvements or acquiring automobiles, recreational vehicles and boats. Consumer loans consist of relatively small amounts that are spread across many individual borrowers. Lease financing—Our leasing business provides financing leases to varying types of businesses, nationwide, for purchases of business equipment. The financing is secured by a first priority interest in the financed assets and generally requires monthly payments. Commercial, commercial real estate, and construction and land development loans are collectively referred to as the Company’s commercial loan portfolio, while residential real estate, consumer loans and lease financing receivables are collectively referred to as the Company’s other loan portfolio. We have extended loans to certain of our directors, executive officers, principal shareholders and their affiliates. These loans were made in the ordinary course of business upon substantially the same terms as comparable transactions with non-insiders, including collateralization and interest rates prevailing at the time. The new loans, other additions, repayments and other reductions for the three months ended March 31, 2025 and 2024, are summarized as follows:
| Three Months Ended March 31, |  |
(dollars in thousands) | 2025 |  | 2024 |  |  |  |
Beginning balance | $ | 40,410 |  |  | $ | 20,990 |  |  |  |  |
New loans and other additions | 2,358 |  |  | — |  |  |  |  |
Repayments and other reductions | (740) |  |  | (264) |  |  |  |  |
Ending balance | $ | 42,028 |  |  | $ | 20,726 |  |  |  |  |
The following table represents, by loan portfolio segment, a summary of changes in the allowance for credit losses on loans for the three months ended March 31, 2025 and 2024:
|  | Commercial Loan Portfolio |  | Other Loan Portfolio |  |
(dollars in thousands) |  | Commercial |  | Commercial real estate |  | Construction and land development |  | Residential real estate |  | Consumer |  | Lease financing |  | Total
Changes in allowance for credit losses on loans for the three months ended March 31, 2025:
Balance, beginning of period |  | $ | 42,776 |  |  | $ | 36,837 |  |  | $ | 3,550 |  |  | $ | 8,002 |  |  | $ | 5,400 |  |  | $ | 14,639 |  |  | $ | 111,204 |
Provision for credit losses on loans |  | 3,580 |  |  | 2,954 |  |  | (529) |  |  | (74) |  |  | 940 |  |  | 3,979 |  |  | 10,850 |
Charge-offs |  | (13,300) |  |  | (723) |  |  | — |  |  | (72) |  |  | (453) |  |  | (3,448) |  |  | (17,996) |
Recoveries |  | 498 |  |  | 1 |  |  | — |  |  | 18 |  |  | 48 |  |  | 553 |  |  | 1,118 |
Balance, end of period |  | $ | 33,554 |  |  | $ | 39,069 |  |  | $ | 3,021 |  |  | $ | 7,874 |  |  | $ | 5,935 |  |  | $ | 15,723 |  |  | $ | 105,176 |
Changes in allowance for credit losses on loans for the three months ended March 31, 2024:
Balance, beginning of period |  | $ | 29,672 |  |  | $ | 20,229 |  |  | $ | 4,163 |  |  | $ | 5,553 |  |  | $ | 86,762 |  |  | $ | 12,940 |  |  | $ | 159,319 |
Provision for credit losses on loans |  | 1,776 |  |  | 1,677 |  |  | 8,466 |  |  | 82 |  |  | 5,931 |  |  | 2,010 |  |  | 19,942 |
Charge-offs |  | (4,860) |  |  | (691) |  |  | — |  |  | (35) |  |  | (11,757) |  |  | (1,665) |  |  | (19,008) |
Recoveries |  | 116 |  |  | 152 |  |  | — |  |  | 55 |  |  | 87 |  |  | 181 |  |  | 591 |
Balance, end of period |  | $ | 26,704 |  |  | $ | 21,367 |  |  | $ | 12,629 |  |  | $ | 5,655 |  |  | $ | 81,023 |  |  | $ | 13,466 |  |  | $ | 160,844 |
The Company utilizes a combination of models which measure probability of default and loss given default in determining expected future credit losses. The probability of default is the risk that the borrower will be unable or unwilling to repay its debt in full or on time. The risk of default is derived by analyzing the obligor’s capacity to repay the debt in accordance with contractual terms. Probability of default is generally associated with financial characteristics such as inadequate cash flow to service debt, declining revenues or operating margins, high leverage, declining or marginal liquidity, and the inability to successfully implement a business plan. In addition to these quantifiable factors, the borrower’s willingness to repay also must be evaluated. The probability of default is forecasted, for most commercial and retail loans, using a regression model that determines the likelihood of default within the twelve month time horizon. The regression model uses forward-looking economic forecasts including variables such as gross domestic product, housing price index, and real disposable income to predict default rates. The loss given default component is the percentage of defaulted loan balance that is ultimately charged off. As a method for estimating the allowance, a form of migration analysis is used that combines the estimated probability of loans experiencing default events and the losses ultimately associated with the loans experiencing those defaults. Multiplying one by the other gives the Company its loss rate, which is then applied to the loan portfolio balance to determine expected future losses. Within the model, the loss given default approach produces segmented loss given default estimates using a loss curve methodology, which is based on historical net losses from charge-off and recovery information. The main principle of a loss curve model is that the loss follows a steady timing schedule based on how long the defaulted loan has been on the books. The Company’s expected loss estimate is anchored in historical credit loss experience, with an emphasis on all available portfolio data. The Company’s historical look-back period includes January 2012 through the current period on a monthly basis. When historical credit loss experience is not sufficient for a specific portfolio, the Company may supplement its own portfolio data with external models or data. Historical data is evaluated in multiple components of the expected credit loss, including the reasonable and supportable forecast and the post-reversion period of each loan segment. The historical experience is used to infer probability of default and loss given default in the reasonable and supportable forecast period. In the post-reversion period, long-term average loss rates are segmented by loan pool. Qualitative reserves reflect management’s overall estimate of the extent to which current expected credit losses on collectively evaluated loans will differ from historical loss experience. The analysis takes into consideration other analytics performed within the organization, such as enterprise and concentration management, along with other credit-related analytics as deemed appropriate. Management attempts to quantify qualitative reserves whenever possible. The Company segments the loan portfolio into pools based on the following risk characteristics: financial asset type, collateral type, loan characteristics, credit characteristics, outstanding loan balances, contractual terms and prepayment assumptions, industry of borrower and concentrations, historical or expected credit loss patterns, and reasonable and supportable forecast periods. Within the probability of default segmentation, credit metrics are identified to further segment the financial assets. The Company utilizes risk ratings for the commercial portfolios and days past due for the consumer and the lease financing portfolios. The Company has defined five transitioning risk states for each asset pool within the expected credit loss model. The below table illustrates the transition matrix:
Risk state |  | Commercial loans risk rating |  | Consumer loans and equipment finance loans and leases days past due
1 |  | 0-5 |  | 0-14
2 |  | 6 |  | 15-29
3 |  | 7 |  | 30-59
4 |  | 8 |  | 60-89
Default |  | 9+ and nonaccrual |  | 90+ and nonaccrual
Expected Credit Losses In calculating expected credit losses, the Company individually evaluates loans on nonaccrual status, loans past due 90 days or more and still accruing interest, and loans that do not share similar risk characteristics with other loans in the pool. The following table presents the amortized cost basis of individually evaluated loans on nonaccrual status as of March 31, 2025 and December 31, 2024:
| March 31, 2025 |  | December 31, 2024
(dollars in thousands) | Nonaccrual with allowance |  | Nonaccrual with no allowance |  | Total nonaccrual |  | Nonaccrual with allowance |  | Nonaccrual with no allowance |  | Total nonaccrual
Commercial: |  |  |  |  |  |  |  |  |  |  |
Commercial | $ | 9,705 |  |  | $ | — |  |  | $ | 9,705 |  |  | $ | 2,678 |  |  | $ | 7,074 |  |  | $ | 9,752 |
Commercial other | 4,120 |  |  | — |  |  | 4,120 |  |  | 3,439 |  |  | — |  |  | 3,439 |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |
Commercial real estate non-owner occupied | 19,669 |  |  | 13,867 |  |  | 33,536 |  |  | 9,173 |  |  | 24,187 |  |  | 33,360 |
Commercial real estate owner occupied | 9,317 |  |  | 9,285 |  |  | 18,602 |  |  | 1,407 |  |  | 16,871 |  |  | 18,278 |
Multi-family | 44,476 |  |  | 8,140 |  |  | 52,616 |  |  | 2,363 |  |  | 51,770 |  |  | 54,133 |
Farmland | 1,492 |  |  | — |  |  | 1,492 |  |  | 1,148 |  |  | — |  |  | 1,148 |
Construction and land development | 39 |  |  | 8,399 |  |  | 8,438 |  |  | 39 |  |  | 8,399 |  |  | 8,438 |
Total commercial loans | 88,818 |  |  | 39,691 |  |  | 128,509 |  |  | 20,247 |  |  | 108,301 |  |  | 128,548 |
Residential real estate: |  |  |  |  |  |  |  |  |  |  |
Residential first lien | 2,960 |  |  | 481 |  |  | 3,441 |  |  | 2,501 |  |  | 491 |  |  | 2,992 |
Other residential | 468 |  |  | — |  |  | 468 |  |  | 446 |  |  | — |  |  | 446 |
Consumer: |  |  |  |  |  |  |  |  |  |  |
Consumer | 67 |  |  | — |  |  | 67 |  |  | 20 |  |  | — |  |  | 20 |
Lease financing | 7,004 |  |  | — |  |  | 7,004 |  |  | 8,132 |  |  | — |  |  | 8,132 |
Total loans | $ | 99,317 |  |  | $ | 40,172 |  |  | $ | 139,489 |  |  | $ | 31,346 |  |  | $ | 108,792 |  |  | $ | 140,138 |
There was no interest income recognized on nonaccrual loans during the three months ended March 31, 2025 and 2024 while the loans were in nonaccrual status. Additional interest income that would have been recorded on nonaccrual loans had they been current in accordance with their original terms was $3.4 million and $1.3 million for the three months ended March 31, 2025 and 2024, respectively. Collateral Dependent Financial Assets A collateral dependent financial asset is a loan that relies solely on the operation or sale of the collateral for repayment. In evaluating the overall risk associated with a loan, the Company considers character, overall financial condition and resources, and payment record of the borrower; the prospects for support from any financially responsible guarantors; and the nature and degree of protection provided by the cash flow and value of any underlying collateral. However, as other sources of repayment become inadequate over time, the significance of the collateral’s value increases and the loan may become collateral dependent. The table below presents the amortized cost basis of individually evaluated, collateral dependent loans by loan class, for borrowers experiencing financial difficulty, as of March 31, 2025 and December 31, 2024:
| Type of Collateral |  |
(dollars in thousands) | Real Estate |  | Blanket Lien |  | Equipment |  |  |  | Total
March 31, 2025 |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |
Commercial | $ | — |  |  | $ | 6,693 |  |  | $ | 575 |  |  |  |  | $ | 7,268 |
Commercial real estate: |  |  |  |  |  |  |  |  |
Non-owner occupied | 24,424 |  |  | — |  |  | — |  |  |  |  | 24,424 |
Owner occupied | 9,542 |  |  | 7,491 |  |  | — |  |  |  |  | 17,033 |
Multi-family | 52,616 |  |  | — |  |  | — |  |  |  |  | 52,616 |
Construction and land development | 8,399 |  |  | — |  |  | — |  |  |  |  | 8,399 |
Lease financing | — |  |  | — |  |  | 274 |  |  |  |  | 274 |
Total collateral dependent loans | $ | 94,981 |  |  | $ | 14,184 |  |  | $ | 849 |  |  |  |  | $ | 110,014 |
December 31, 2024 |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |
Commercial | $ | — |  |  | $ | 7,074 |  |  | $ | — |  |  |  |  | $ | 7,074 |
Commercial real estate: |  |  |  |  |  |  |  |  |
Non-owner occupied | 24,188 |  |  | — |  |  | — |  |  |  |  | 24,188 |
Owner occupied | 9,284 |  |  | 7,587 |  |  | — |  |  |  |  | 16,871 |
Multi-family | 54,133 |  |  | — |  |  | — |  |  |  |  | 54,133 |
Construction and land development | 8,399 |  |  | — |  |  | — |  |  |  |  | 8,399 |
Lease financing | — |  |  | — |  |  | 465 |  |  |  |  | 465 |
Total collateral dependent loans | $ | 96,004 |  |  | $ | 14,661 |  |  | $ | 465 |  |  |  |  | $ | 111,130 |
The aging status of the recorded investment in loans by portfolio as of March 31, 2025 was as follows:
| Accruing loans |  |  |  |  |  |  |  |
(dollars in thousands) | 30-59 days past due |  | 60-89 days past due |  | Past due 90 days or more |  | Total past due |  | Nonaccrual |  | Current |  | Total
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial | $ | 3,955 |  |  | $ | 18 |  |  | $ | — |  |  | $ | 3,973 |  |  | $ | 9,705 |  |  | $ | 759,198 |  |  | $ | 772,876 |
Commercial other | 13,037 |  |  | 3,321 |  |  | 5,670 |  |  | 22,028 |  |  | 4,120 |  |  | 470,538 |  |  | 496,686 |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate non-owner occupied | 7,173 |  |  | — |  |  | — |  |  | 7,173 |  |  | 33,536 |  |  | 1,556,542 |  |  | 1,597,251 |
Commercial real estate owner occupied | 906 |  |  | — |  |  | 257 |  |  | 1,163 |  |  | 18,602 |  |  | 422,145 |  |  | 441,910 |
Multi-family | 5,527 |  |  | — |  |  | — |  |  | 5,527 |  |  | 52,616 |  |  | 427,998 |  |  | 486,141 |
Farmland | 289 |  |  | — |  |  | — |  |  | 289 |  |  | 1,492 |  |  | 65,242 |  |  | 67,023 |
Construction and land development | 1,649 |  |  | — |  |  | — |  |  | 1,649 |  |  | 8,438 |  |  | 254,879 |  |  | 264,966 |
Total commercial loans | 32,536 |  |  | 3,339 |  |  | 5,927 |  |  | 41,802 |  |  | 128,509 |  |  | 3,956,542 |  |  | 4,126,853 |
Residential real estate: |  |  |  |  |  |  |  |  |  |  |  |  |
Residential first lien | 59 |  |  | 192 |  |  | — |  |  | 251 |  |  | 3,441 |  |  | 308,675 |  |  | 312,367 |
Other residential | 218 |  |  | — |  |  | — |  |  | 218 |  |  | 468 |  |  | 60,042 |  |  | 60,728 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer | 198 |  |  | 20 |  |  | — |  |  | 218 |  |  | 67 |  |  | 91,086 |  |  | 91,371 |
Consumer other | 429 |  |  | 437 |  |  | — |  |  | 866 |  |  | — |  |  | 52,700 |  |  | 53,566 |
Lease financing | 8,805 |  |  | 1,988 |  |  | 274 |  |  | 11,067 |  |  | 7,004 |  |  | 355,097 |  |  | 373,168 |
Total loans | $ | 42,245 |  |  | $ | 5,976 |  |  | $ | 6,201 |  |  | $ | 54,422 |  |  | $ | 139,489 |  |  | $ | 4,824,142 |  |  | $ | 5,018,053 |
The aging status of the recorded investment in loans by portfolio as of December 31, 2024 was as follows:
| Accruing loans |  |  |  |  |  |  |  |
(dollars in thousands) | 30-59 days past due |  | 60-89 days past due |  | Past due 90 days or more |  | Total past due |  | Nonaccrual |  | Current |  | Total
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial | $ | 4,562 |  |  | $ | 349 |  |  | $ | — |  |  | $ | 4,911 |  |  | $ | 9,752 |  |  | $ | 803,833 |  |  | $ | 818,496 |
Commercial other | 9,578 |  |  | 6,284 |  |  | 10,769 |  |  | 26,631 |  |  | 3,439 |  |  | 511,254 |  |  | 541,324 |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate non-owner occupied | 11,732 |  |  | — |  |  | — |  |  | 11,732 |  |  | 33,360 |  |  | 1,583,869 |  |  | 1,628,961 |
Commercial real estate owner occupied | 985 |  |  | — |  |  | — |  |  | 985 |  |  | 18,278 |  |  | 421,543 |  |  | 440,806 |
Multi-family | — |  |  | — |  |  | — |  |  | — |  |  | 54,133 |  |  | 400,116 |  |  | 454,249 |
Farmland | 48 |  |  | — |  |  | — |  |  | 48 |  |  | 1,148 |  |  | 66,452 |  |  | 67,648 |
Construction and land development | — |  |  | — |  |  | — |  |  | — |  |  | 8,438 |  |  | 291,404 |  |  | 299,842 |
Total commercial loans | 26,905 |  |  | 6,633 |  |  | 10,769 |  |  | 44,307 |  |  | 128,548 |  |  | 4,078,471 |  |  | 4,251,326 |
Residential real estate: |  |  |  |  |  |  |  |  |  |  |  |  |
Residential first lien | 21 |  |  | 650 |  |  | — |  |  | 671 |  |  | 2,992 |  |  | 312,112 |  |  | 315,775 |
Other residential | 91 |  |  | 38 |  |  | — |  |  | 129 |  |  | 446 |  |  | 64,207 |  |  | 64,782 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer | 314 |  |  | 40 |  |  | — |  |  | 354 |  |  | 20 |  |  | 95,828 |  |  | 96,202 |
Consumer other | 345 |  |  | 211 |  |  | — |  |  | 556 |  |  | — |  |  | 47,543 |  |  | 48,099 |
Lease financing | 4,679 |  |  | 3,754 |  |  | — |  |  | 8,433 |  |  | 8,132 |  |  | 374,825 |  |  | 391,390 |
Total loans | $ | 32,355 |  |  | $ | 11,326 |  |  | $ | 10,769 |  |  | $ | 54,450 |  |  | $ | 140,138 |  |  | $ | 4,972,986 |  |  | $ | 5,167,574 |
Loan Restructurings The Company may offer various types of concessions when a borrower is experiencing financial difficulties that result in a direct change in the timing or amount of contractual cash flows including principal forgiveness, interest rate reductions, other-than-insignificant payment delays, term extensions, and combinations of the listed modifications. Commercial loans modified in a loan restructuring often involve temporary interest-only payments, term extensions, and converting revolving credit lines to term loans. Additional collateral, a co-borrower, or a guarantor is often requested. Loans modified in a loan restructuring for the Company may have the financial effect of increasing the specific allowance associated with the loan. An allowance for loans that have been modified in a loan restructuring is measured based on the probability of default and loss given default model, the loan's observable market price, or the estimated fair value of the collateral, less any selling costs, if the loan is collateral dependent. Management exercises significant judgment in developing these estimates. Commercial and consumer loans modified in a loan restructuring are closely monitored for delinquency as an early indicator of possible future default. If loans modified in a loan restructuring subsequently default, the Company evaluates the loan for possible further loss. The allowance may be increased, adjustments may be made in the allocation of the allowance, or partial charge-offs may be taken to further write-down the carrying value of the loan. The following table represents, by loan portfolio segment, a summary of the loan restructuring for the three months ended March 31, 2025 and 2024:
|  | Three Months Ended March 31, |  |
|  | 2025 |  | 2024 |  |  |  |
(dollars in thousands) |  | Balance | Count |  | Balance | Count |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | 973 |  | 1 |  |  | $ | — |  | — |  |  |  |  |  |  |
Commercial other |  | 306 |  | 2 |  |  | 746 |  | 4 |  |  |  |  |  |  |
Total commercial loans |  | 1,279 |  | 3 |  |  | 746 |  | 4 |  |  |  |  |  |  |
Residential real estate: |  |  |  |  |  |  |  |  |  |  |  |
Residential first lien |  | 150 |  | 3 |  |  | — |  | — |  |  |  |  |  |  |
Other residential |  | 11 |  | 1 |  |  | — |  | — |  |  |  |  |  |  |
Lease financing |  | — |  | — |  |  | 716 |  | 3 |  |  |  |  |  |  |
Total loan restructurings |  | $ | 1,440 |  | 7 |  |  | $ | 1,462 |  | 7 |  |  |  |  |  |  |
|  | Balance | Count |  | Balance | Count |  |  |  |  |  |
Interest Rate Reduction |  | $ | 306 |  | 2 |  |  | $ | — |  | — |  |  |  |  |  |  |
Term Extension |  | 1,134 |  | 5 |  |  | 1,462 |  | 7 |  |  |  |  |  |  |
Payment Deferral |  | — |  | — |  |  | — |  | — |  |  |  |  |  |  |
Total loan restructurings |  | $ | 1,440 |  | 7 |  |  | $ | 1,462 |  | 7 |  |  |  |  |  |  |
The Company has not committed to lend any additional amounts to the borrowers that have been granted a loan modification. The Company closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of our modification efforts. The following table presents the payment performance of such loans that have been modified in the last twelve months:
(dollars in thousands) | 30-59 days past due |  | 60-89 days past due |  | Past due 90 days or more |  | Total past due |  |  |  | Current |  | Total
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 2,302 |  |  | $ | 2,302 |
Commercial other | 17 |  |  | — |  |  | 25 |  |  | 42 |  |  |  |  | 569 |  |  | 611 |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate non-owner occupied | — |  |  | — |  |  | 10,557 |  |  | 10,557 |  |  |  |  | 21,321 |  |  | 31,878 |
Commercial real estate owner occupied | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 6,068 |  |  | 6,068 |
Multi-family | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |
Farmland | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |
Construction and land development | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 7,271 |  |  | 7,271 |
Total commercial loans | 17 |  |  | — |  |  | 10,582 |  |  | 10,599 |  |  |  |  | 37,531 |  |  | 48,130 |
Residential real estate: |  |  |  |  |  |  |  |  |  |  |  |  |
Residential first lien | 264 |  |  | — |  |  | — |  |  | 264 |  |  |  |  | 282 |  |  | 546 |
Other residential | 37 |  |  | — |  |  | — |  |  | 37 |  |  |  |  | 51 |  |  | 88 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 42 |  |  | 42 |
Consumer other | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |
Lease financing | 383 |  |  | — |  |  | — |  |  | 383 |  |  |  |  | 635 |  |  | 1,018 |
Total loan restructurings | $ | 701 |  |  | $ | — |  |  | $ | 10,582 |  |  | $ | 11,283 |  |  |  |  | $ | 38,541 |  |  | $ | 49,824 |
Credit Quality Monitoring The Company maintains loan policies and credit underwriting standards as part of the process of managing credit risk. These standards include making loans generally within the Company’s four geographic regions. In addition, our specialty finance division does nationwide bridge lending for FHA and HUD developments and originates loans for multifamily, assisted and senior living and multi-use properties. Our equipment leasing business provides financing to business customers across the country. The Company has a loan approval process involving underwriting and individual and group loan approval authorities to consider credit quality and loss exposure at loan origination. The loans in the Company’s commercial loan portfolio are risk rated at origination based on the grading system set forth below. All loan authority is based on the aggregate credit to a borrower and its related entities. The Company’s consumer loan portfolio is primarily comprised of both secured and unsecured loans that are relatively small and are evaluated at origination on a centralized basis against standardized underwriting criteria. The ongoing measurement of credit quality of the consumer loan portfolio is largely done on an exception basis. If payments are made on schedule, as agreed, then no further monitoring is performed. However, if delinquency occurs, the delinquent loans are turned over to the Company’s Consumer Collections Group for resolution. Credit quality for the entire consumer loan portfolio is measured by the periodic delinquency rate, nonaccrual amounts and actual losses incurred. Loans in the commercial loan portfolio tend to be larger and more complex than those in the other loan portfolio, and therefore, are subject to more intensive monitoring. All loans in the commercial loan portfolio have an assigned relationship manager, and most borrowers provide periodic financial and operating information that allows the relationship managers to stay abreast of credit quality during the life of the loans. The risk ratings of loans in the commercial loan portfolio are reassessed at least annually, with loans below an acceptable risk rating reassessed more frequently and reviewed by various individuals within the Company at least quarterly. The Company maintains a centralized independent loan review function that monitors the approval process and ongoing asset quality of the loan portfolio, including the accuracy of loan grades. The Company also maintains an independent appraisal review function that participates in the review of all appraisals obtained by the Company. Credit Quality Indicators The Company uses a ten grade risk rating system to monitor the ongoing credit quality of its commercial loan portfolio. These loan grades rank the credit quality of a borrower by measuring liquidity, debt capacity, and coverage and payment behavior as shown in the borrower’s financial statements. The risk grades also measure the quality of the borrower’s management and the repayment support offered by any guarantors. The Company considers all loans with Risk Grades 1 - 6 as acceptable credit risks and structures and manages such relationships accordingly. Periodic financial and operating data combined with regular loan officer interactions are deemed adequate to monitor borrower performance. Loans with Risk Grades of 7 are considered "watch credits" categorized as special mention and the frequency of loan officer contact and receipt of financial data is increased to stay abreast of borrower performance. Loans with Risk Grades of 8 - 10 are considered problematic and require special care. Risk Grade 8 is categorized as substandard, 9 as substandard - nonaccrual and 10 as doubtful. Further, loans with Risk Grades of 7 - 10 are managed regularly through a number of processes, procedures and committees, including oversight by a loan administration committee comprised of executive and senior management of the Company, which includes highly structured reporting of financial and operating data, intensive loan officer intervention and strategies to exit, as well as potential management by the Company's Special Assets Group. Loans not graded in the commercial loan portfolio are monitored by aging status and payment activity. As discussed previously in Loan Restructurings, the Company does provide various types of concessions when a borrower is experiencing financial difficulties that result in a direct change in the timing or amount of contractual cash flows. Modified loans with terms at least as favorable to the lender as the terms for other customers with similar collection risks and with terms that are more than minor compared to the original terms are treated as a new loan to the borrower. The following tables present the recorded investment of the commercial loan portfolio by risk category as of March 31, 2025 and December 31, 2024:
|  |  | March 31, 2025
|  |  | Term Loans Amortized Cost Basis by Origination Year |  |  |
(dollars in thousands) | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  | Revolving loans |  | Total
Commercial | Commercial | Acceptable credit quality | $ | 99,917 |  |  | $ | 94,469 |  |  | $ | 99,266 |  |  | $ | 33,772 |  |  | $ | 56,675 |  |  | $ | 58,869 |  |  | $ | 306,767 |  |  | $ | 749,735 |
|  | Special mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 51 |  |  | 178 |  |  | 229 |
|  | Substandard | — |  |  | 126 |  |  | 2,561 |  |  | 288 |  |  | 1,085 |  |  | 1,480 |  |  | 7,667 |  |  | 13,207 |
|  | Substandard – nonaccrual | — |  |  | 84 |  |  | 837 |  |  | 4,271 |  |  | 513 |  |  | 3,218 |  |  | 782 |  |  | 9,705 |
|  | Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | Not graded | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | Subtotal | 99,917 |  |  | 94,679 |  |  | 102,664 |  |  | 38,331 |  |  | 58,273 |  |  | 63,618 |  |  | 315,394 |  |  | 772,876 |
| Commercial other | Acceptable credit quality | 23,371 |  |  | 91,507 |  |  | 84,933 |  |  | 118,294 |  |  | 49,716 |  |  | 30,710 |  |  | 87,045 |  |  | 485,576 |
|  | Special mention | — |  |  | 69 |  |  | 1,877 |  |  | 1,567 |  |  | 1,817 |  |  | 174 |  |  | — |  |  | 5,504 |
|  | Substandard | — |  |  | 200 |  |  | 30 |  |  | — |  |  | — |  |  | 126 |  |  | 1,130 |  |  | 1,486 |
|  | Substandard – nonaccrual | — |  |  | 115 |  |  | 1,626 |  |  | 1,321 |  |  | 471 |  |  | 427 |  |  | 160 |  |  | 4,120 |
|  | Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | Not graded | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | Subtotal | 23,371 |  |  | 91,891 |  |  | 88,466 |  |  | 121,182 |  |  | 52,004 |  |  | 31,437 |  |  | 88,335 |  |  | 496,686 |
Commercial real estate | Non-owner occupied | Acceptable credit quality | 93,119 |  |  | 364,235 |  |  | 177,254 |  |  | 424,203 |  |  | 226,709 |  |  | 193,686 |  |  | 11,418 |  |  | 1,490,624 |
|  | Special mention | — |  |  | 7,918 |  |  | 4,014 |  |  | 9,851 |  |  | 176 |  |  | 4,244 |  |  | — |  |  | 26,203 |
|  | Substandard | — |  |  | 62 |  |  | 2,031 |  |  | 7,821 |  |  | 4,118 |  |  | 32,856 |  |  | — |  |  | 46,888 |
|  | Substandard – nonaccrual | — |  |  | 74 |  |  | 7,737 |  |  | 7,868 |  |  | 4,456 |  |  | 13,401 |  |  | — |  |  | 33,536 |
|  | Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | Not graded | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | Subtotal | 93,119 |  |  | 372,289 |  |  | 191,036 |  |  | 449,743 |  |  | 235,459 |  |  | 244,187 |  |  | 11,418 |  |  | 1,597,251 |
| Owner occupied | Acceptable credit quality | 50,398 |  |  | 60,242 |  |  | 48,334 |  |  | 93,495 |  |  | 71,750 |  |  | 93,791 |  |  | 628 |  |  | 418,638 |
|  | Special mention | — |  |  | 847 |  |  | — |  |  | — |  |  | — |  |  | 161 |  |  | — |  |  | 1,008 |
|  | Substandard | 333 |  |  | 510 |  |  | — |  |  | — |  |  | — |  |  | 2,819 |  |  | — |  |  | 3,662 |
|  | Substandard – nonaccrual | — |  |  | 387 |  |  | — |  |  | 17,239 |  |  | 264 |  |  | 408 |  |  | 304 |  |  | 18,602 |
|  | Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | Not graded | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | Subtotal | 50,731 |  |  | 61,986 |  |  | 48,334 |  |  | 110,734 |  |  | 72,014 |  |  | 97,179 |  |  | 932 |  |  | 441,910 |
| Multi-family | Acceptable credit quality | 10,562 |  |  | 40,213 |  |  | 14,622 |  |  | 211,478 |  |  | 75,030 |  |  | 35,158 |  |  | 679 |  |  | 387,742 |
|  | Special mention | — |  |  | — |  |  | 7,650 |  |  | 32,868 |  |  | — |  |  | — |  |  | — |  |  | 40,518 |
|  | Substandard | — |  |  | — |  |  | — |  |  | — |  |  | 5,224 |  |  | 41 |  |  | — |  |  | 5,265 |
|  | Substandard – nonaccrual | — |  |  | 27,354 |  |  | 8,890 |  |  | — |  |  | — |  |  | 16,372 |  |  | — |  |  | 52,616 |
|  | Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | Not graded | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | Subtotal | 10,562 |  |  | 67,567 |  |  | 31,162 |  |  | 244,346 |  |  | 80,254 |  |  | 51,571 |  |  | 679 |  |  | 486,141 |
| Farmland | Acceptable credit quality | 11,051 |  |  | 2,108 |  |  | 8,081 |  |  | 4,120 |  |  | 8,930 |  |  | 28,324 |  |  | 1,505 |  |  | 64,119 |
|  | Special mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | Substandard | — |  |  | — |  |  | 1,210 |  |  | — |  |  | 13 |  |  | 189 |  |  | — |  |  | 1,412 |
|  | Substandard – nonaccrual | — |  |  | — |  |  | — |  |  | 344 |  |  | — |  |  | 1,100 |  |  | 48 |  |  | 1,492 |
|  | Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | Not graded | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | Subtotal | 11,051 |  |  | 2,108 |  |  | 9,291 |  |  | 4,464 |  |  | 8,943 |  |  | 29,613 |  |  | 1,553 |  |  | 67,023 |
Construction and land development |  | Acceptable credit quality | 41,568 |  |  | 80,744 |  |  | 28,246 |  |  | 57,083 |  |  | 12,009 |  |  | 1,188 |  |  | 25,034 |  |  | 245,872 |
|  | Special mention | — |  |  | 1,571 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,571 |
|  | Substandard | — |  |  | 5,700 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,700 |
|  | Substandard – nonaccrual | — |  |  | — |  |  | — |  |  | — |  |  | 8,399 |  |  | 39 |  |  | — |  |  | 8,438 |
|  | Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | Not graded | 367 |  |  | 2,216 |  |  | 456 |  |  | 325 |  |  | — |  |  | 21 |  |  | — |  |  | 3,385 |
|  | Subtotal | 41,935 |  |  | 90,231 |  |  | 28,702 |  |  | 57,408 |  |  | 20,408 |  |  | 1,248 |  |  | 25,034 |  |  | 264,966 |
Total |  | Acceptable credit quality | 329,986 |  |  | 733,518 |  |  | 460,736 |  |  | 942,445 |  |  | 500,819 |  |  | 441,726 |  |  | 433,076 |  |  | 3,842,306 |
|  | Special mention | — |  |  | 10,405 |  |  | 13,541 |  |  | 44,286 |  |  | 1,993 |  |  | 4,630 |  |  | 178 |  |  | 75,033 |
|  | Substandard | 333 |  |  | 6,598 |  |  | 5,832 |  |  | 8,109 |  |  | 10,440 |  |  | 37,511 |  |  | 8,797 |  |  | 77,620 |
|  | Substandard – nonaccrual | — |  |  | 28,014 |  |  | 19,090 |  |  | 31,043 |  |  | 14,103 |  |  | 34,965 |  |  | 1,294 |  |  | 128,509 |
|  | Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | Not graded | 367 |  |  | 2,216 |  |  | 456 |  |  | 325 |  |  | — |  |  | 21 |  |  | — |  |  | 3,385 |
Total commercial loans |  | $ | 330,686 |  |  | $ | 780,751 |  |  | $ | 499,655 |  |  | $ | 1,026,208 |  |  | $ | 527,355 |  |  | $ | 518,853 |  |  | $ | 443,345 |  |  | $ | 4,126,853 |
|  |  | December 31, 2024
|  |  | Term Loans Amortized Cost Basis by Origination Year |  |  |  |
(dollars in thousands) |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Revolving loans |  | Total
Commercial | Commercial | Acceptable credit quality | $ | 103,345 |  |  | $ | 100,478 |  |  | $ | 66,135 |  |  | $ | 59,613 |  |  | $ | 28,661 |  |  | $ | 39,895 |  |  | $ | 343,577 |  |  | $ | 741,704 |
|  | Special mention | 54,838 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 60 |  |  | 277 |  |  | 55,175 |
|  | Substandard | 464 |  |  | 2,964 |  |  | 626 |  |  | 1,311 |  |  | 196 |  |  | 1,239 |  |  | 5,065 |  |  | 11,865 |
|  | Substandard – nonaccrual | — |  |  | 635 |  |  | 4,601 |  |  | 514 |  |  | 12 |  |  | 3,202 |  |  | 788 |  |  | 9,752 |
|  | Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | Not graded | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | Subtotal | 158,647 |  |  | 104,077 |  |  | 71,362 |  |  | 61,438 |  |  | 28,869 |  |  | 44,396 |  |  | 349,707 |  |  | 818,496 |
| Commercial other | Acceptable credit quality | 101,877 |  |  | 94,515 |  |  | 133,745 |  |  | 59,701 |  |  | 25,688 |  |  | 14,016 |  |  | 103,794 |  |  | 533,336 |
|  | Special mention | 1 |  |  | 2,132 |  |  | 1,100 |  |  | 964 |  |  | 197 |  |  | 94 |  |  | — |  |  | 4,488 |
|  | Substandard | — |  |  | 31 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 30 |  |  | 61 |
|  | Substandard – nonaccrual | 119 |  |  | 646 |  |  | 1,406 |  |  | 682 |  |  | 93 |  |  | 394 |  |  | 99 |  |  | 3,439 |
|  | Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | Not graded | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | Subtotal | 101,997 |  |  | 97,324 |  |  | 136,251 |  |  | 61,347 |  |  | 25,978 |  |  | 14,504 |  |  | 103,923 |  |  | 541,324 |
Commercial real estate | Non-owner occupied | Acceptable credit quality | 404,475 |  |  | 179,499 |  |  | 460,447 |  |  | 261,886 |  |  | 79,830 |  |  | 130,160 |  |  | 6,729 |  |  | 1,523,026 |
|  | Special mention | 12,392 |  |  | 4,079 |  |  | — |  |  | 178 |  |  | 3,988 |  |  | 274 |  |  | — |  |  | 20,911 |
|  | Substandard | 62 |  |  | 2,061 |  |  | 8,149 |  |  | 4,190 |  |  | 4,463 |  |  | 32,739 |  |  | — |  |  | 51,664 |
|  | Substandard – nonaccrual | 80 |  |  | 7,737 |  |  | 7,861 |  |  | 4,509 |  |  | — |  |  | 13,173 |  |  | — |  |  | 33,360 |
|  | Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | Not graded | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | Subtotal | 417,009 |  |  | 193,376 |  |  | 476,457 |  |  | 270,763 |  |  | 88,281 |  |  | 176,346 |  |  | 6,729 |  |  | 1,628,961 |
| Owner occupied | Acceptable credit quality | 61,613 |  |  | 43,344 |  |  | 95,334 |  |  | 101,717 |  |  | 46,914 |  |  | 62,723 |  |  | 629 |  |  | 412,274 |
|  | Special mention | 849 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 214 |  |  | — |  |  | 1,063 |
|  | Substandard | 469 |  |  | 5,469 |  |  | 381 |  |  | — |  |  | — |  |  | 2,872 |  |  | — |  |  | 9,191 |
|  | Substandard – nonaccrual | 317 |  |  | — |  |  | 16,971 |  |  | 264 |  |  | 1 |  |  | 421 |  |  | 304 |  |  | 18,278 |
|  | Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | Not graded | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | Subtotal | 63,248 |  |  | 48,813 |  |  | 112,686 |  |  | 101,981 |  |  | 46,915 |  |  | 66,230 |  |  | 933 |  |  | 440,806 |
| Multi-family | Acceptable credit quality | 49,292 |  |  | 14,682 |  |  | 224,849 |  |  | 60,428 |  |  | 27,417 |  |  | 9,519 |  |  | 978 |  |  | 387,165 |
|  | Special mention | — |  |  | 7,650 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7,650 |
|  | Substandard | — |  |  | — |  |  | — |  |  | 5,258 |  |  | — |  |  | 43 |  |  | — |  |  | 5,301 |
|  | Substandard – nonaccrual | 27,354 |  |  | 8,890 |  |  | — |  |  | 899 |  |  | — |  |  | 16,990 |  |  | — |  |  | 54,133 |
|  | Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | Not graded | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | Subtotal | 76,646 |  |  | 31,222 |  |  | 224,849 |  |  | 66,585 |  |  | 27,417 |  |  | 26,552 |  |  | 978 |  |  | 454,249 |
| Farmland | Acceptable credit quality | 4,157 |  |  | 9,540 |  |  | 4,557 |  |  | 16,794 |  |  | 10,046 |  |  | 19,588 |  |  | 1,690 |  |  | 66,372 |
|  | Special mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | Substandard | — |  |  | — |  |  | — |  |  | 13 |  |  | — |  |  | 115 |  |  | — |  |  | 128 |
|  | Substandard – nonaccrual | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,100 |  |  | 48 |  |  | 1,148 |
|  | Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | Not graded | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | Subtotal | 4,157 |  |  | 9,540 |  |  | 4,557 |  |  | 16,807 |  |  | 10,046 |  |  | 20,803 |  |  | 1,738 |  |  | 67,648 |
Construction and land development |  | Acceptable credit quality | 71,889 |  |  | 27,121 |  |  | 106,277 |  |  | 25,780 |  |  | — |  |  | 1,153 |  |  | 38,829 |  |  | 271,049 |
|  | Special mention | 11,409 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 11,409 |
|  | Substandard | 5,848 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,848 |
|  | Substandard – nonaccrual | — |  |  | — |  |  | — |  |  | 8,399 |  |  | — |  |  | 39 |  |  | — |  |  | 8,438 |
|  | Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | Not graded | 2,232 |  |  | 470 |  |  | 374 |  |  | — |  |  | — |  |  | 22 |  |  | — |  |  | 3,098 |
|  | Subtotal | 91,378 |  |  | 27,591 |  |  | 106,651 |  |  | 34,179 |  |  | — |  |  | 1,214 |  |  | 38,829 |  |  | 299,842 |
Total |  | Acceptable credit quality | 796,648 |  |  | 469,179 |  |  | 1,091,344 |  |  | 585,919 |  |  | 218,556 |  |  | 277,054 |  |  | 496,226 |  |  | 3,934,926 |
|  | Special mention | 79,489 |  |  | 13,861 |  |  | 1,100 |  |  | 1,142 |  |  | 4,185 |  |  | 642 |  |  | 277 |  |  | 100,696 |
|  | Substandard | 6,843 |  |  | 10,525 |  |  | 9,156 |  |  | 10,772 |  |  | 4,659 |  |  | 37,008 |  |  | 5,095 |  |  | 84,058 |
|  | Substandard – nonaccrual | 27,870 |  |  | 17,908 |  |  | 30,839 |  |  | 15,267 |  |  | 106 |  |  | 35,319 |  |  | 1,239 |  |  | 128,548 |
|  | Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | Not graded | 2,232 |  |  | 470 |  |  | 374 |  |  | — |  |  | — |  |  | 22 |  |  | — |  |  | 3,098 |
Total commercial loans | $ | 913,082 |  |  | $ | 511,943 |  |  | $ | 1,132,813 |  |  | $ | 613,100 |  |  | $ | 227,506 |  |  | $ | 350,045 |  |  | $ | 502,837 |  |  | $ | 4,251,326 |
The following table presents the gross charge-offs by class of loan and year of origination on the commercial loan portfolio for the three months ended March 31, 2025 and 2024:
|  | Term Loans by Origination Year |  |  |
(dollars in thousands) |  | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  | Revolving Loans |  | Total
For the three months ended March 31, 2025
Commercial | Commercial | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 64 |  |  | $ | — |  |  | $ | 64 |
| Commercial Other | — |  |  | 42 |  |  | 792 |  |  | 1,015 |  |  | 227 |  |  | 78 |  |  | 11,082 |  |  | 13,236 |
Commercial Real Estate | Multi-family | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 723 |  |  | — |  |  | 723 |
Total gross commercial charge-offs | $ | — |  |  | $ | 42 |  |  | $ | 792 |  |  | $ | 1,015 |  |  | $ | 227 |  |  | $ | 865 |  |  | $ | 11,082 |  |  | $ | 14,023 |
|  | Term Loans by Origination Year |  |  |
|  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Revolving Loans |  | Total
For the three months ended March 31, 2024
Commercial | Commercial | $ | — |  |  | $ | — |  |  | $ | 2,450 |  |  | $ | — |  |  | $ | 10 |  |  | $ | 1 |  |  | $ | 102 |  |  | $ | 2,563 |
| Commercial Other | — |  |  | 866 |  |  | 1,074 |  |  | 294 |  |  | 20 |  |  | 43 |  |  | — |  |  | 2,297 |
Commercial Real Estate | Owner occupied | — |  |  | — |  |  | — |  |  | — |  |  | 138 |  |  | 553 |  |  | — |  |  | 691 |
Total gross commercial charge-offs | $ | — |  |  | $ | 866 |  |  | $ | 3,524 |  |  | $ | 294 |  |  | $ | 168 |  |  | $ | 597 |  |  | $ | 102 |  |  | $ | 5,551 |
The Company evaluates the credit quality of its other loan portfolios, which includes residential real estate, consumer and lease financing loans, based primarily on the aging status of the loan and payment activity. Accordingly, loans on nonaccrual status and loans past due 90 days or more and still accruing interest are considered to be nonperforming for purposes of credit quality evaluation. The following tables present the recorded investment of our other loan portfolio based on the credit risk profile of loans that are performing and loans that are nonperforming as of March 31, 2025 and December 31, 2024:
|  |  | March 31, 2025
|  |  | Term Loans Amortized Cost Basis by Origination Year |  |  |  |
(dollars in thousands) | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  | Revolving Loans |  | Total
Residential real estate | Residential first lien | Performing | $ | 2,767 |  |  | $ | 30,127 |  |  | $ | 41,063 |  |  | $ | 68,239 |  |  | $ | 34,997 |  |  | $ | 131,696 |  |  | $ | 37 |  |  | $ | 308,926 |
|  | Nonperforming | — |  |  | — |  |  | 137 |  |  | 196 |  |  | 307 |  |  | 2,801 |  |  | — |  |  | 3,441 |
|  | Subtotal | 2,767 |  |  | 30,127 |  |  | 41,200 |  |  | 68,435 |  |  | 35,304 |  |  | 134,497 |  |  | 37 |  |  | 312,367 |
| Other residential | Performing | 642 |  |  | 2,295 |  |  | 2,143 |  |  | 816 |  |  | 239 |  |  | 1,960 |  |  | 52,165 |  |  | 60,260 |
|  | Nonperforming | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 154 |  |  | 314 |  |  | 468 |
|  | Subtotal | 642 |  |  | 2,295 |  |  | 2,143 |  |  | 816 |  |  | 239 |  |  | 2,114 |  |  | 52,479 |  |  | 60,728 |
Consumer | Consumer | Performing | 2,814 |  |  | 20,174 |  |  | 19,647 |  |  | 15,124 |  |  | 22,290 |  |  | 10,135 |  |  | 1,120 |  |  | 91,304 |
|  | Nonperforming | — |  |  | — |  |  | 34 |  |  | 4 |  |  | — |  |  | 25 |  |  | 4 |  |  | 67 |
|  | Subtotal | 2,814 |  |  | 20,174 |  |  | 19,681 |  |  | 15,128 |  |  | 22,290 |  |  | 10,160 |  |  | 1,124 |  |  | 91,371 |
| Consumer other | Performing | — |  |  | — |  |  | 370 |  |  | 34,350 |  |  | 8,045 |  |  | 10,801 |  |  | — |  |  | 53,566 |
|  | Nonperforming | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | Subtotal | — |  |  | — |  |  | 370 |  |  | 34,350 |  |  | 8,045 |  |  | 10,801 |  |  | — |  |  | 53,566 |
Leases financing |  | Performing | 26,563 |  |  | 84,352 |  |  | 89,919 |  |  | 94,268 |  |  | 38,173 |  |  | 32,615 |  |  | — |  |  | 365,890 |
|  | Nonperforming | — |  |  | 484 |  |  | 2,220 |  |  | 3,332 |  |  | 685 |  |  | 557 |  |  | — |  |  | 7,278 |
|  | Subtotal | 26,563 |  |  | 84,836 |  |  | 92,139 |  |  | 97,600 |  |  | 38,858 |  |  | 33,172 |  |  | — |  |  | 373,168 |
Total |  | Performing | 32,786 |  |  | 136,948 |  |  | 153,142 |  |  | 212,797 |  |  | 103,744 |  |  | 187,207 |  |  | 53,322 |  |  | 879,946 |
|  | Nonperforming | — |  |  | 484 |  |  | 2,391 |  |  | 3,532 |  |  | 992 |  |  | 3,537 |  |  | 318 |  |  | 11,254 |
Total other loans | $ | 32,786 |  |  | $ | 137,432 |  |  | $ | 155,533 |  |  | $ | 216,329 |  |  | $ | 104,736 |  |  | $ | 190,744 |  |  | $ | 53,640 |  |  | $ | 891,200 |
|  |  | December 31, 2024
|  |  | Term Loans Amortized Cost Basis by Origination Year |  |  |  |
(dollars in thousands) | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Revolving loans |  | Total
Residential real estate | Residential first lien | Performing | $ | 29,754 |  |  | $ | 41,263 |  |  | $ | 69,334 |  |  | $ | 35,539 |  |  | $ | 27,282 |  |  | $ | 109,572 |  |  | $ | 39 |  |  | $ | 312,783 |
|  | Nonperforming | — |  |  | 137 |  |  | 196 |  |  | 312 |  |  | 139 |  |  | 2,208 |  |  | — |  |  | 2,992 |
|  | Subtotal | 29,754 |  |  | 41,400 |  |  | 69,530 |  |  | 35,851 |  |  | 27,421 |  |  | 111,780 |  |  | 39 |  |  | 315,775 |
| Other residential | Performing | 2,620 |  |  | 2,218 |  |  | 874 |  |  | 257 |  |  | 308 |  |  | 1,822 |  |  | 56,237 |  |  | 64,336 |
|  | Nonperforming | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 148 |  |  | 298 |  |  | 446 |
|  | Subtotal | 2,620 |  |  | 2,218 |  |  | 874 |  |  | 257 |  |  | 308 |  |  | 1,970 |  |  | 56,535 |  |  | 64,782 |
Consumer | Consumer | Performing | 22,405 |  |  | 21,182 |  |  | 16,636 |  |  | 23,632 |  |  | 3,542 |  |  | 7,874 |  |  | 911 |  |  | 96,182 |
|  | Nonperforming | — |  |  | — |  |  | 5 |  |  | — |  |  | — |  |  | 12 |  |  | 3 |  |  | 20 |
|  | Subtotal | 22,405 |  |  | 21,182 |  |  | 16,641 |  |  | 23,632 |  |  | 3,542 |  |  | 7,886 |  |  | 914 |  |  | 96,202 |
| Consumer other | Performing | — |  |  | 536 |  |  | 29,939 |  |  | 7,510 |  |  | 3,677 |  |  | 6,437 |  |  | — |  |  | 48,099 |
|  | Nonperforming | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | Subtotal | — |  |  | 536 |  |  | 29,939 |  |  | 7,510 |  |  | 3,677 |  |  | 6,437 |  |  | — |  |  | 48,099 |
Leases financing |  | Performing | 94,432 |  |  | 96,171 |  |  | 106,809 |  |  | 44,213 |  |  | 24,774 |  |  | 16,859 |  |  | — |  |  | 383,258 |
|  | Nonperforming | 77 |  |  | 3,720 |  |  | 3,017 |  |  | 992 |  |  | 239 |  |  | 87 |  |  | — |  |  | 8,132 |
|  | Subtotal | 94,509 |  |  | 99,891 |  |  | 109,826 |  |  | 45,205 |  |  | 25,013 |  |  | 16,946 |  |  | — |  |  | 391,390 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Performing | 149,211 |  |  | 161,370 |  |  | 223,592 |  |  | 111,151 |  |  | 59,583 |  |  | 142,564 |  |  | 57,187 |  |  | 904,658 |
|  | Nonperforming | 77 |  |  | 3,857 |  |  | 3,218 |  |  | 1,304 |  |  | 378 |  |  | 2,455 |  |  | 301 |  |  | 11,590 |
Total other loans | $ | 149,288 |  |  | $ | 165,227 |  |  | $ | 226,810 |  |  | $ | 112,455 |  |  | $ | 59,961 |  |  | $ | 145,019 |  |  | $ | 57,488 |  |  | $ | 916,248 |
The following table presents the gross charge-offs by class of loan and year of origination on the other loan portfolio for the three months ended March 31, 2025 and 2024:
|  | Term Loans by Origination Year |  |  |
(dollars in thousands) |  | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  | Revolving Loans |  | Total
For the three months ended March 31, 2025
Residential real estate | Residential first lien | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 27 |  |  | $ | — |  |  | $ | 27 |
| Other residential | — |  |  | — |  |  | — |  |  | 25 |  |  | — |  |  | 1 |  |  | 19 |  |  | 45 |
Consumer | Consumer | — |  |  | 1 |  |  | 5 |  |  | 2 |  |  | — |  |  | 1 |  |  | 4 |  |  | 13 |
| Consumer other | 4 |  |  | 52 |  |  | 17 |  |  | 15 |  |  | 5 |  |  | 347 |  |  | — |  |  | 440 |
Lease financing |  | — |  |  | 143 |  |  | 1,706 |  |  | 1,231 |  |  | 209 |  |  | 159 |  |  | — |  |  | 3,448 |
Total gross other charge-offs |  | $ | 4 |  |  | $ | 196 |  |  | $ | 1,728 |  |  | $ | 1,273 |  |  | $ | 214 |  |  | $ | 535 |  |  | $ | 23 |  |  | $ | 3,973 |
|  | Term Loans by Origination Year |  |  |
|  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Revolving Loans |  | Total
For the three months ended March 31, 2024
Residential real estate | Residential first lien | $ | — |  |  | $ | — |  |  | $ | 11 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 11 |
| Other residential | — |  |  | — |  |  | 16 |  |  | — |  |  | — |  |  | — |  |  | 8 |  |  | 24 |
Consumer | Consumer | — |  |  | — |  |  | — |  |  | — |  |  | 6 |  |  | 27 |  |  | — |  |  | 33 |
| Consumer other | — |  |  | 2,657 |  |  | 5,726 |  |  | 1,375 |  |  | 862 |  |  | 1,104 |  |  | — |  |  | 11,724 |
Lease financing |  | — |  |  | 123 |  |  | 1,371 |  |  | 114 |  |  | 37 |  |  | 20 |  |  | — |  |  | 1,665 |
Total gross other charge-offs |  | $ | — |  |  | $ | 2,780 |  |  | $ | 7,124 |  |  | $ | 1,489 |  |  | $ | 905 |  |  | $ | 1,151 |  |  | $ | 8 |  |  | $ | 13,457 |

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