v3.24.1.u1

Loans and Allowance for Credit Losses on Loans | 3 Months Ended
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Mar. 31, 2024
Receivables [Abstract] |
Loans and Allowance for Credit Losses on Loans | Loans and Allowance for Credit Losses on Loans Loans Held-For-Investment The following table presents the composition of the Company’s loans held-for-investment as of the dates indicated.
($ in thousands) |  | March 31, 2024 |  | December 31, 2023
Commercial real estate: |  |  |  |
Commercial property |  | $ | 874,300 |  |  | $ | 855,270 |
Business property |  | 578,903 |  |  | 558,772 |
Multifamily |  | 131,742 |  |  | 132,500 |
Construction |  | 29,212 |  |  | 24,843 |
Total commercial real estate |  | 1,614,157 |  |  | 1,571,385 |
Commercial and industrial |  | 371,934 |  |  | 342,002 |
Consumer: |  |  |  |
Residential mortgage |  | 389,888 |  |  | 389,420 |
Other consumer |  | 21,985 |  |  | 20,645 |
Total consumer |  | 411,873 |  |  | 410,065 |
Loans held-for-investment |  | 2,397,964 |  |  | 2,323,452 |
Allowance for credit losses on loans |  | (28,332) |  |  | (27,533) |
Net loans held-for-investment |  | $ | 2,369,632 |  |  | $ | 2,295,919 |
In the ordinary course of business, the Company may grant loans to certain officers and directors, and the companies with which they are associated. As of March 31, 2024 and December 31, 2023, the Company had $109 thousand and $111 thousand of such loans outstanding, respectively, Allowance for Credit Losses on Loans The following table presents a composition of provision (reversal) for credit losses for the periods indicated:
|  | Three Months Ended March 31,
($ in thousands) |  | 2024 |  | 2023 |  |
Provision (reversal) for credit losses on loans |  | $ | 922 |  |  | $ | (2,417) |  |  |
Provision (reversal) for credit losses on off-balance sheet credit exposures |  | 168 |  |  | (361) |  |  |
Total provision (reversal) for credit losses |  | $ | 1,090 |  |  | $ | (2,778) |  |  |
The following table presents the activities in ACL on loans for the periods indicated:
($ in thousands) |  | Commercial Property |  | Business Property |  | Multifamily |  | Construction |  | Commercial and Industrial |  | Residential Mortgage |  | Other Consumer |  | Total
Balance at January 1, 2024 |  | $ | 12,665 |  |  | $ | 4,739 |  |  | $ | 1,441 |  |  | $ | 135 |  |  | $ | 6,245 |  |  | $ | 2,226 |  |  | $ | 82 |  |  | $ | 27,533 |
Charge-offs |  | — |  |  | — |  |  | — |  |  | — |  |  | (155) |  |  | — |  |  | (30) |  |  | (185) |
Recoveries |  | — |  |  | 2 |  |  | — |  |  | — |  |  | 9 |  |  | — |  |  | 51 |  |  | 62 |
Provision (reversal) for credit losses on loans |  | (546) |  |  | 73 |  |  | (126) |  |  | (26) |  |  | 1,489 |  |  | 108 |  |  | (50) |  |  | 922 |
Balance at March 31, 2024 |  | $ | 12,119 |  |  | $ | 4,814 |  |  | $ | 1,315 |  |  | $ | 109 |  |  | $ | 7,588 |  |  | $ | 2,334 |  |  | $ | 53 |  |  | $ | 28,332 |
Balance at January 1, 2023 |  | $ | 8,502 |  |  | $ | 5,749 |  |  | $ | 1,134 |  |  | $ | 151 |  |  | $ | 5,502 |  |  | $ | 3,691 |  |  | $ | 213 |  |  | $ | 24,942 |
Impact of ASC 326 adoption |  | (1,762) |  |  | 896 |  |  | 256 |  |  | — |  |  | 4,344 |  |  | (2,534) |  |  | (133) |  |  | 1,067 |
Charge-offs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Recoveries |  | — |  |  | 5 |  |  | — |  |  | — |  |  | 1,085 |  |  | — |  |  | 12 |  |  | 1,102 |
Provision (reversal) for credit losses on loans |  | 1,736 |  |  | (581) |  |  | (9) |  |  | 5 |  |  | (3,617) |  |  | 57 |  |  | (8) |  |  | (2,417) |
Balance at March 31, 2023 |  | $ | 8,476 |  |  | $ | 6,069 |  |  | $ | 1,381 |  |  | $ | 156 |  |  | $ | 7,314 |  |  | $ | 1,214 |  |  | $ | 84 |  |  | $ | 24,694 |
The increase in overall ACL for the three months ended March 31, 2024 was primarily due to an increase in loans held-for-investment. Credit Quality Indicators The Company classifies loans into risk categories based on relevant information about the ability of borrowers to service their debt, such as current financial information, historical payment experience, collateral adequacy, credit documentation, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans in regards to credit risk. This analysis typically includes non-homogeneous loans, such as commercial property and commercial and industrial loans, and is performed on an ongoing basis as new information is obtained. The Company uses the following definitions for risk ratings: Pass - Loans classified as pass include non-homogeneous loans not meeting the risk ratings defined below and smaller, homogeneous loans not assessed on an individual basis. Special Mention - Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in the deterioration of repayment prospects for the loan or of the institution’s credit position at some future date. Substandard - Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified as substandard have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful - Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or repayment in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The following table summarizes the Company’s loans held-for-investment by loan segment, internal risk ratings and vintage year as of March 31, 2024 and gross write offs for the three months ended March 31, 2024. The vintage year is the year of origination, renewal or major modification. Revolving loans that are converted to term loans presented in the table below are excluded from the Term Loans by Origination Year columns.
|  | Term Loans by Origination Year |  | Revolving Loans |  | Revolving Loans Converted to Term |  |
($ in thousands) |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  |  |  | Total
March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Real Estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial property |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 43,270 |  |  | $ | 153,834 |  |  | $ | 265,870 |  |  | $ | 155,402 |  |  | $ | 79,651 |  |  | $ | 158,912 |  |  | $ | 14,358 |  |  | $ | — |  |  | $ | 871,297 |
Special mention |  | — |  |  | — |  |  | — |  |  | 481 |  |  | — |  |  | 240 |  |  | — |  |  | — |  |  | 721 |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,282 |  |  | — |  |  | — |  |  | 2,282 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | 43,270 |  |  | $ | 153,834 |  |  | $ | 265,870 |  |  | $ | 155,883 |  |  | $ | 79,651 |  |  | $ | 161,434 |  |  | $ | 14,358 |  |  | $ | — |  |  | $ | 874,300 |
Current period gross write offs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Business property |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 29,660 |  |  | $ | 102,866 |  |  | $ | 102,981 |  |  | $ | 159,474 |  |  | $ | 48,997 |  |  | $ | 125,262 |  |  | $ | 1,239 |  |  | $ | 4,298 |  |  | $ | 574,777 |
Special mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard |  | — |  |  | — |  |  | 622 |  |  | 194 |  |  | 499 |  |  | 2,811 |  |  | — |  |  | — |  |  | 4,126 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | 29,660 |  |  | $ | 102,866 |  |  | $ | 103,603 |  |  | $ | 159,668 |  |  | $ | 49,496 |  |  | $ | 128,073 |  |  | $ | 1,239 |  |  | $ | 4,298 |  |  | $ | 578,903 |
Current period gross write offs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Multifamily |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | — |  |  | $ | 14,173 |  |  | $ | 40,433 |  |  | $ | 42,565 |  |  | $ | 26,294 |  |  | $ | 8,277 |  |  | $ | — |  |  | $ | — |  |  | $ | 131,742 |
Special mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | — |  |  | $ | 14,173 |  |  | $ | 40,433 |  |  | $ | 42,565 |  |  | $ | 26,294 |  |  | $ | 8,277 |  |  | $ | — |  |  | $ | — |  |  | $ | 131,742 |
Current period gross write offs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | — |  |  | $ | 7,348 |  |  | $ | 10,187 |  |  | $ | — |  |  | $ | 7,500 |  |  | $ | 4,177 |  |  | $ | — |  |  | $ | — |  |  | $ | 29,212 |
Special mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | — |  |  | $ | 7,348 |  |  | $ | 10,187 |  |  | $ | — |  |  | $ | 7,500 |  |  | $ | 4,177 |  |  | $ | — |  |  | $ | — |  |  | $ | 29,212 |
Current period gross write offs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
|  | Term Loans by Origination Year |  | Revolving Loans |  | Revolving Loans Converted to Term |  |
($ in thousands) |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  |  |  | Total
March 31, 2024 (Continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and Industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 10,924 |  |  | $ | 76,833 |  |  | $ | 27,387 |  |  | $ | 11,165 |  |  | $ | 3,911 |  |  | $ | 13,931 |  |  | $ | 222,924 |  |  | $ | 3,558 |  |  | $ | 370,633 |
Special mention |  | — |  |  | — |  |  | — |  |  | — |  |  | 380 |  |  | — |  |  | — |  |  | — |  |  | 380 |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 921 |  |  | — |  |  | — |  |  | 921 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | 10,924 |  |  | $ | 76,833 |  |  | $ | 27,387 |  |  | $ | 11,165 |  |  | $ | 4,291 |  |  | $ | 14,852 |  |  | $ | 222,924 |  |  | $ | 3,558 |  |  | $ | 371,934 |
Current period gross write offs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 150 |  |  | $ | — |  |  | $ | 5 |  |  | $ | — |  |  | $ | — |  |  | $ | 155 |
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 7,359 |  |  | $ | 78,711 |  |  | $ | 160,422 |  |  | $ | 77,750 |  |  | $ | 11,146 |  |  | $ | 54,064 |  |  | $ | — |  |  | $ | — |  |  | $ | 389,452 |
Special mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 436 |  |  | — |  |  | — |  |  | 436 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | 7,359 |  |  | $ | 78,711 |  |  | $ | 160,422 |  |  | $ | 77,750 |  |  | $ | 11,146 |  |  | $ | 54,500 |  |  | $ | — |  |  | $ | — |  |  | $ | 389,888 |
Current period gross write offs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Other consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 30 |  |  | $ | 4,195 |  |  | $ | 6,765 |  |  | $ | 2,760 |  |  | $ | 1,022 |  |  | $ | 288 |  |  | $ | 6,919 |  |  | $ | — |  |  | $ | 21,979 |
Special mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | 6 |  |  | — |  |  | — |  |  | — |  |  | 6 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | 30 |  |  | $ | 4,195 |  |  | $ | 6,765 |  |  | $ | 2,760 |  |  | $ | 1,028 |  |  | $ | 288 |  |  | $ | 6,919 |  |  | $ | — |  |  | $ | 21,985 |
Current period gross write offs |  | $ | — |  |  | $ | 12 |  |  | $ | 15 |  |  | $ | — |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 30 |
Total loans held-for-investment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 91,243 |  |  | $ | 437,960 |  |  | $ | 614,045 |  |  | $ | 449,116 |  |  | $ | 178,521 |  |  | $ | 364,911 |  |  | $ | 245,440 |  |  | $ | 7,856 |  |  | $ | 2,389,092 |
Special mention |  | — |  |  | — |  |  | — |  |  | 481 |  |  | 380 |  |  | 240 |  |  | — |  |  | — |  |  | 1,101 |
Substandard |  | — |  |  | — |  |  | 622 |  |  | 194 |  |  | 505 |  |  | 6,450 |  |  | — |  |  | — |  |  | 7,771 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | 91,243 |  |  | $ | 437,960 |  |  | $ | 614,667 |  |  | $ | 449,791 |  |  | $ | 179,406 |  |  | $ | 371,601 |  |  | $ | 245,440 |  |  | $ | 7,856 |  |  | $ | 2,397,964 |
Current period gross write offs |  | $ | — |  |  | $ | 12 |  |  | $ | 15 |  |  | $ | 150 |  |  | $ | 3 |  |  | $ | 5 |  |  | $ | — |  |  | $ | — |  |  | $ | 185 |
The following table summarize the Company’s loans held-for-investment by loan segment, internal risk ratings and vintage year as of December 31, 2023. The vintage year is the year of origination, renewal or major modification. Revolving loans that are converted to term loans presented in the table below are excluded from term loans by vintage year columns.
|  | Term Loans by Origination Year |  | Revolving Loans |  | Revolving Loans Converted to Term |  |
($ in thousands) |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  |  |  | Total
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Real Estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial property |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 154,563 |  |  | $ | 268,369 |  |  | $ | 155,817 |  |  | $ | 83,461 |  |  | $ | 70,425 |  |  | $ | 107,879 |  |  | $ | 8,807 |  |  | $ | — |  |  | $ | 849,321 |
Special mention |  | — |  |  | — |  |  | 484 |  |  | — |  |  | — |  |  | 2,952 |  |  | — |  |  | — |  |  | 3,436 |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | 311 |  |  | 2,202 |  |  | — |  |  | — |  |  | 2,513 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | 154,563 |  |  | $ | 268,369 |  |  | $ | 156,301 |  |  | $ | 83,461 |  |  | $ | 70,736 |  |  | $ | 113,033 |  |  | $ | 8,807 |  |  | $ | — |  |  | $ | 855,270 |
Business property |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 103,364 |  |  | $ | 103,549 |  |  | $ | 163,136 |  |  | $ | 50,362 |  |  | $ | 69,852 |  |  | $ | 59,765 |  |  | $ | 882 |  |  | $ | 4,327 |  |  | $ | 555,237 |
Special mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard |  | — |  |  | 452 |  |  | 193 |  |  | — |  |  | 2,254 |  |  | 636 |  |  | — |  |  | — |  |  | 3,535 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | 103,364 |  |  | $ | 104,001 |  |  | $ | 163,329 |  |  | $ | 50,362 |  |  | $ | 72,106 |  |  | $ | 60,401 |  |  | $ | 882 |  |  | $ | 4,327 |  |  | $ | 558,772 |
Multifamily |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 14,219 |  |  | $ | 40,618 |  |  | $ | 42,848 |  |  | $ | 26,472 |  |  | $ | 2,419 |  |  | $ | 5,924 |  |  | $ | — |  |  | $ | — |  |  | $ | 132,500 |
Special mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | 14,219 |  |  | $ | 40,618 |  |  | $ | 42,848 |  |  | $ | 26,472 |  |  | $ | 2,419 |  |  | $ | 5,924 |  |  | $ | — |  |  | $ | — |  |  | $ | 132,500 |
Construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 4,617 |  |  | $ | 9,120 |  |  | $ | — |  |  | $ | 7,500 |  |  | $ | 3,606 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 24,843 |
Special mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | 4,617 |  |  | $ | 9,120 |  |  | $ | — |  |  | $ | 7,500 |  |  | $ | 3,606 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 24,843 |
|  | Term Loans by Origination Year |  | Revolving Loans |  | Revolving Loans Converted to Term |  |
($ in thousands) |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  |  |  | Total
December 31, 2023 (Continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and Industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 77,957 |  |  | $ | 28,638 |  |  | $ | 11,950 |  |  | $ | 4,354 |  |  | $ | 6,323 |  |  | $ | 8,327 |  |  | $ | 198,010 |  |  | $ | 3,796 |  |  | $ | 339,355 |
Special mention |  | — |  |  | — |  |  | — |  |  | 379 |  |  | 314 |  |  | 27 |  |  | 1,000 |  |  | — |  |  | 1,720 |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | 142 |  |  | 785 |  |  | — |  |  | — |  |  | 927 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | 77,957 |  |  | $ | 28,638 |  |  | $ | 11,950 |  |  | $ | 4,733 |  |  | $ | 6,779 |  |  | $ | 9,139 |  |  | $ | 199,010 |  |  | $ | 3,796 |  |  | $ | 342,002 |
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 79,581 |  |  | $ | 163,734 |  |  | $ | 78,499 |  |  | $ | 11,363 |  |  | $ | 10,865 |  |  | $ | 45,378 |  |  | $ | — |  |  | $ | — |  |  | $ | 389,420 |
Special mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | 79,581 |  |  | $ | 163,734 |  |  | $ | 78,499 |  |  | $ | 11,363 |  |  | $ | 10,865 |  |  | $ | 45,378 |  |  | $ | — |  |  | $ | — |  |  | $ | 389,420 |
Other consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 4,837 |  |  | $ | 7,527 |  |  | $ | 3,275 |  |  | $ | 1,326 |  |  | $ | 458 |  |  | $ | 7 |  |  | $ | 3,190 |  |  | $ | — |  |  | $ | 20,620 |
Special mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard |  | — |  |  | 15 |  |  | — |  |  | 10 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 25 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | 4,837 |  |  | $ | 7,542 |  |  | $ | 3,275 |  |  | $ | 1,336 |  |  | $ | 458 |  |  | $ | 7 |  |  | $ | 3,190 |  |  | $ | — |  |  | $ | 20,645 |
Total loans held-for-investment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 439,138 |  |  | $ | 621,555 |  |  | $ | 455,525 |  |  | $ | 184,838 |  |  | $ | 163,948 |  |  | $ | 227,280 |  |  | $ | 210,889 |  |  | $ | 8,123 |  |  | $ | 2,311,296 |
Special mention |  | — |  |  | — |  |  | 484 |  |  | 379 |  |  | 314 |  |  | 2,979 |  |  | 1,000 |  |  | — |  |  | 5,156 |
Substandard |  | — |  |  | 467 |  |  | 193 |  |  | 10 |  |  | 2,707 |  |  | 3,623 |  |  | — |  |  | — |  |  | 7,000 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | 439,138 |  |  | $ | 622,022 |  |  | $ | 456,202 |  |  | $ | 185,227 |  |  | $ | 166,969 |  |  | $ | 233,882 |  |  | $ | 211,889 |  |  | $ | 8,123 |  |  | $ | 2,323,452 |
Nonaccrual Loans The following table presents the loans on nonaccrual status by loan segments as of the date indicated:
($ in thousands) |  | Total Nonaccrual Loans |  | Nonaccrual Loans with ACL |  | ACL on Nonaccrual Loans |  | Collateral Dependent Nonaccrual Loans |  | ACL on Collateral Dependent Nonaccrual Loans
March 31, 2024 |  |  |  |  |  |  |  |  |  |
Commercial real estate: |  |  |  |  |  |  |  |  |  |
Commercial property |  | $ | 932 |  |  | $ | — |  |  | $ | — |  |  | $ | 932 |  |  | $ | — |
Business property |  | 3,455 |  |  | 740 |  |  | 277 |  |  | 3,455 |  |  | 277 |
Total commercial real estate |  | 4,387 |  |  | 740 |  |  | 277 |  |  | 4,387 |  |  | 277 |
Commercial and industrial |  | 111 |  |  | 45 |  |  | 26 |  |  | 66 |  |  | — |
Consumer: |  |  |  |  |  |  |  |  |  |
Residential mortgage |  | 436 |  |  | — |  |  | — |  |  | 436 |  |  | — |
Other consumer |  | 6 |  |  | 6 |  |  | — |  |  | — |  |  | — |
Total consumer |  | 442 |  |  | 6 |  |  | — |  |  | 436 |  |  | — |
Total |  | $ | 4,940 |  |  | $ | 791 |  |  | $ | 303 |  |  | $ | 4,889 |  |  | $ | 277 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |
Commercial real estate: |  |  |  |  |  |  |  |  |  |
Commercial property |  | $ | 958 |  |  | $ | — |  |  | $ | — |  |  | $ | 958 |  |  | $ | — |
Business property |  | 2,865 |  |  | 689 |  |  | 264 |  |  | 2,865 |  |  | 264 |
Total commercial real estate |  | 3,823 |  |  | 689 |  |  | 264 |  |  | 3,823 |  |  | 264 |
Commercial and industrial |  | 68 |  |  | — |  |  | — |  |  | 68 |  |  | — |
Consumer: |  |  |  |  |  |  |  |  |  |
Other consumer |  | 25 |  |  | 25 |  |  | — |  |  | — |  |  | — |
Total consumer |  | 25 |  |  | 25 |  |  | — |  |  | — |  |  | — |
Total |  | $ | 3,916 |  |  | $ | 714 |  |  | $ | 264 |  |  | $ | 3,891 |  |  | $ | 264 |
There were no nonaccrual loans guaranteed by a U.S. government agency at March 31, 2024 and December 31, 2023. Collateral Dependent Loans Loans that have been classified as collateral dependent are loans where substantially all repayment of the loan is expected to come from the operation of or eventual liquidation of the collateral. Collateral dependent loans are evaluated individually for purposes of determining the ACL, which is determined based on the estimated fair value of the collateral. Estimates for costs to sell are included in the determination of the ACL when liquidation of the collateral is anticipated. In cases where the loan is well secured and the estimated value of the collateral exceeds the amortized cost of the loan, no ACL is recorded. The following table presents the collateral dependent loans by loan segments as of the date indicated:
($ in thousands) |  | Hotel / Motel |  | Warehouse |  |  |  | Retail |  |  |  | Single Family Residential |  | Other |  | Total
March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial property |  | $ | 932 |  |  | $ | — |  |  |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 932 |
Business property |  | — |  |  | 2,569 |  |  |  |  | 848 |  |  |  |  | — |  |  | 38 |  |  | 3,455 |
Total commercial real estate |  | 932 |  |  | 2,569 |  |  |  |  | 848 |  |  |  |  | — |  |  | 38 |  |  | 4,387 |
Commercial and industrial |  | 13 |  |  | — |  |  |  |  | — |  |  |  |  | 53 |  |  | — |  |  | 66 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage |  | — |  |  | — |  |  |  |  | — |  |  |  |  | 436 |  |  | — |  |  | 436 |
Total consumer |  | — |  |  | — |  |  |  |  | — |  |  |  |  | 436 |  |  | — |  |  | 436 |
Total |  | $ | 945 |  |  | $ | 2,569 |  |  |  |  | $ | 848 |  |  |  |  | $ | 489 |  |  | $ | 38 |  |  | $ | 4,889 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial property |  | $ | 958 |  |  | $ | — |  |  |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 958 |
Business property |  | — |  |  | 2,137 |  |  |  |  | 689 |  |  |  |  | — |  |  | 39 |  |  | 2,865 |
Total commercial real estate |  | 958 |  |  | 2,137 |  |  |  |  | 689 |  |  |  |  | — |  |  | 39 |  |  | 3,823 |
Commercial and industrial |  | 13 |  |  | — |  |  |  |  | — |  |  |  |  | 55 |  |  | — |  |  | 68 |
Total |  | $ | 971 |  |  | $ | 2,137 |  |  |  |  | $ | 689 |  |  |  |  | $ | 55 |  |  | $ | 39 |  |  | $ | 3,891 |
Past Due Loans The following table presents the aging of past due in accruing loans and nonaccrual loans by loan segments as of date indicated:
|  | Still Accruing |  | Nonaccrual |  |
($ in thousands) |  | 30 to 59 Days Past Due |  | 60 to 89 Days Past Due |  | 90 or More Days Past Due |  | Total |  | 30 to 59 Days Past Due |  | 60 to 89 Days Past Due |  | 90 or More Days Past Due |  | Total |  | Total Loans Past Due
March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial property |  | $ | 491 |  |  | $ | 427 |  |  | $ | — |  |  | $ | 918 |  |  | $ | 932 |  |  | $ | — |  |  | $ | — |  |  | $ | 932 |  |  | $ | 1,850 |
Business property |  | 414 |  |  | — |  |  | — |  |  | 414 |  |  | 108 |  |  | — |  |  | 759 |  |  | 867 |  |  | 1,281 |
Total commercial real estate |  | 905 |  |  | 427 |  |  | — |  |  | 1,332 |  |  | 1,040 |  |  | — |  |  | 759 |  |  | 1,799 |  |  | 3,131 |
Commercial and industrial |  | 10 |  |  | — |  |  | — |  |  | 10 |  |  | 66 |  |  | 45 |  |  | — |  |  | 111 |  |  | 121 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage |  | 2,485 |  |  | 676 |  |  | — |  |  | 3,161 |  |  | — |  |  | — |  |  | 436 |  |  | 436 |  |  | 3,597 |
Other consumer |  | 12 |  |  | — |  |  | — |  |  | 12 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 12 |
Total consumer |  | 2,497 |  |  | 676 |  |  | — |  |  | 3,173 |  |  | — |  |  | — |  |  | 436 |  |  | 436 |  |  | 3,609 |
Total |  | $ | 3,412 |  |  | $ | 1,103 |  |  | $ | — |  |  | $ | 4,515 |  |  | $ | 1,106 |  |  | $ | 45 |  |  | $ | 1,195 |  |  | $ | 2,346 |  |  | $ | 6,861 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial property |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 296 |  |  | $ | — |  |  | $ | 296 |  |  | $ | 296 |
Business property |  | 560 |  |  | — |  |  | — |  |  | 560 |  |  | — |  |  | 39 |  |  | 168 |  |  | 207 |  |  | 767 |
Total commercial real estate |  | 560 |  |  | — |  |  | — |  |  | 560 |  |  | — |  |  | 335 |  |  | 168 |  |  | 503 |  |  | 1,063 |
Commercial and industrial |  | 217 |  |  | — |  |  | — |  |  | 217 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 217 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage |  | 604 |  |  | — |  |  | — |  |  | 604 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 604 |
Other consumer |  | 13 |  |  | 34 |  |  | — |  |  | 47 |  |  | — |  |  | 15 |  |  | 3 |  |  | 18 |  |  | 65 |
Total consumer |  | 617 |  |  | 34 |  |  | — |  |  | 651 |  |  | — |  |  | 15 |  |  | 3 |  |  | 18 |  |  | 669 |
Total |  | $ | 1,394 |  |  | $ | 34 |  |  | $ | — |  |  | $ | 1,428 |  |  | $ | — |  |  | $ | 350 |  |  | $ | 171 |  |  | $ | 521 |  |  | $ | 1,949 |
Loan Modification Occasionally, the Company modifies loans to borrowers in financial distress by providing principal forgiveness, term extension, an other-than-insignificant payment delay, interest rate reduction or combination of at above mentioned modifications. When principal forgiveness is provided, the amount of forgiveness is charged-off against the ACL. The following table presents loans that the borrowers were both experiencing financial difficulty and modified during the periods indicated by loan segments and modification type:
($ in thousands) |  | Interest Only |  |  |  |  |  |  |  | Total |  | Percentage to Each Loan Segment
Three months ended March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 45 |  |  |  |  |  |  |  |  | $ | 45 |  |  | 0.1 | %
Total |  | $ | 45 |  |  |  |  |  |  |  |  | $ | 45 |  |  | 0.1 | %
Three months ended March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 11 |  |  |  |  |  |  |  |  | $ | 11 |  |  | 0.1 | %
Total |  | $ | 11 |  |  |  |  |  |  |  |  | $ | 11 |  |  | 0.1 | %
The Company had no commitments to lend to the borrower included in the above table as of March 31, 2024. The loan was nonaccrual status as of March 31, 2024 and had no payment default after the modification. Purchases, Sales, and Transfers The Company had no loans that were transferred from loans held-for-investment to loans held-for-sale during the three months ended March 31, 2024 or 2023. The Company had no loans that were transferred from loans held-for-sale to loans held-for investment during three months ended March 31, 2024 or 2023. The following table presents a summary of purchases of loans held-for-investment for the periods indicated:
|  | Three Months Ended March 31, |  |
($ in thousands) |  | 2024 |  | 2023 |  |
Consumer: |  |  |  |  |  |
Residential mortgage |  | $ | — |  |  | $ | 15,741 |  |  |
Total consumer |  | — |  |  | 15,741 |  |  |
Total |  | $ | — |  |  | $ | 15,741 |  |  |
Loans Held-For-Sale The following table presents a composition of loans held-for-sale as of the date indicated:
($ in thousands) |  | March 31, 2024 |  | December 31, 2023
Commercial real estate: |  |  |  |
Business property |  | $ | — |  |  | $ | 2,802 |
Total commercial real estate |  | — |  |  | 2,802 |
Commercial and industrial |  | 3,256 |  |  | 2,353 |
Total |  | $ | 3,256 |  |  | $ | 5,155 |
Loans held-for-sale are carried at the lower of cost or fair value. When a determination is made at the time of commitment to originate as held-for-investment, it is the Company’s intent to hold these loans to maturity or for the “foreseeable future,” subject to periodic reviews under the Company’s management evaluation processes, including asset/liability management and credit risk management. When the Company subsequently changes its intent to hold certain loans, the loans are transferred to held-for-sale at the lower of cost or fair value. Certain loans are transferred to held-for-sale with write-downs to ACL on loans.

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