v3.25.2
Loans Receivable and Allowance for Credit Losses
6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
Loans Receivable and Allowance for Credit Losses Loans Receivable and Allowance for Credit Losses
Loans held for investment as of June 30, 2025 and December 31, 2024 are summarized as follows (in thousands):
June 30, 2025December 31, 2024
Mortgage loans:
Commercial$7,313,904 7,228,078 
Multi-family3,517,509 3,382,933 
Construction751,914 823,503 
Residential1,985,355 2,010,637 
Total mortgage loans13,568,682 13,445,151 
Commercial loans4,929,022 4,608,600 
Consumer loans617,190 613,819 
Total gross loans19,114,894 18,667,570 
Premiums on purchased loans1,308 1,338 
Net deferred fees(11,372)(9,538)
Total loans$19,104,830 18,659,370 
Accrued interest on loans totaled $79.5 million and $78.5 million as of June 30, 2025 and December 31, 2024, respectively, and is presented within total accrued interest receivable on the consolidated statements of financial condition.
The following tables summarize the aging of loans held for investment by portfolio segment and class of loans (in thousands):
June 30, 2025
30-59 Days60-89 DaysNon-accrualRecorded
Investment
> 90 days
accruing
Total Past
Due
CurrentTotal Loans
Receivable
Non-accrual loans with no related allowance
Mortgage loans:
Commercial$129 347 42,828 — 43,304 7,270,600 7,313,904 36,003 
Multi-family— 431 6,143 — 6,574 3,510,935 3,517,509 6,143 
Construction— — 18,901 — 18,901 733,013 751,914 18,901 
Residential5,541 3,816 7,209 — 16,566 1,968,789 1,985,355 7,209 
Total mortgage loans5,670 4,594 75,081 — 85,345 13,483,337 13,568,682 68,256 
Commercial loans997 4,389 30,531 — 35,917 4,893,105 4,929,022 18,260 
Consumer loans1,592 699 1,547 — 3,838 613,352 617,190 1,547 
Total gross loans$8,259 9,682 107,159 — 125,100 18,989,794 19,114,894 88,063 
December 31, 2024
30-59 Days60-89 DaysNon-accrualRecorded
Investment
> 90 days
accruing
Total Past
Due
CurrentTotal Loans ReceivableNon-accrual loans with no related allowance
Mortgage loans:
Commercial$8,538 3,954 20,883 — 33,375 7,194,703 7,228,078 13,575 
Multi-family— — 7,498 — 7,498 3,375,435 3,382,933 7,498 
Construction— — 13,246 — 13,246 810,257 823,503 13,246 
Residential6,388 5,049 4,535 — 15,972 1,994,665 2,010,637 4,535 
Total mortgage loans14,926 9,003 46,162 — 70,091 13,375,060 13,445,151 38,854 
Commercial loans3,026 1,117 24,243 — 30,868 4,577,732 4,608,600 15,164 
Consumer loans3,152 856 1,656 — 5,664 608,155 613,819 1,656 
Total gross loans$21,104 10,976 72,061 — 106,623 18,560,947 18,667,570 55,674 
There were no non-accrual or past due loans held for sale as of June 30, 2025. As of December 31, 2024, total non-accrual loans held for sale, which are not in the tables above totaled $2.4 million. Additionally, as of December 31, 2024, total past due loans held for sale, including non-accrual loans held for sale, totaled $4.8 million. Included in loans held for investment are loans for which the accrual of interest income has been discontinued due to deterioration in the financial condition of the
borrowers. The principal amounts of these non-accrual loans were $107.2 million and $72.1 million as of June 30, 2025 and December 31, 2024, respectively. Included in non-accrual loans were $41.7 million and $24.6 million of loans which were less than 90 days past due as of June 30, 2025 and December 31, 2024, respectively. There were no loans 90 days or greater past due and still accruing interest as of June 30, 2025 and December 31, 2024.
The activity in the allowance for credit losses by portfolio segment for the three and six months ended June 30, 2025 and 2024 was as follows (in thousands):
Three months ended June 30,Mortgage loansCommercial loansConsumer loansTotal
2025
Balance at beginning of period$140,683 45,901 5,186 191,770 
Provision (benefit) charge to operations(8,233)5,582 (2,650)
Recoveries of loans previously charged-off41 75 113 229 
Loans charged-off(1,044)(330)(104)(1,478)
Balance at end of period$131,447 51,228 5,196 187,871 
2024
Balance at beginning of period$65,890 38,292 2,247 106,429 
Provision charge to operations58,790 5,038 2,226 66,054 
Initial allowance on credit loans related to PCD loans10,628 6,070 490 17,188 
Recoveries of loans previously charged-off825 134 963 
Loans charged-off— (2,222)(81)(2,303)
Balance at end of period$135,312 48,003 5,016 188,331 
Six months ended June 30,Mortgage loansCommercial loansConsumer loansTotal
2025
Balance at beginning of period$144,587 43,642 5,203 193,432 
Provision (benefit) charge to operations(12,054)9,758 (29)(2,325)
Recoveries of loans previously charged-off847 354 304 1,505 
Loans charged-off(1,933)(2,526)(282)(4,741)
Balance at end of period$131,447 51,228 5,196 187,871 
2024
Balance at beginning of period$73,407 31,475 2,318 107,200 
Provision charge to operations51,210 12,963 2,081 66,254 
Initial allowance on credit loans related to PCD loans10,628 6,070 490 17,188 
Recoveries of loans previously charged-off67 1,512 279 1,858 
Loans charged-off— (4,017)(152)(4,169)
Balance at end of period$135,312 48,003 5,016 188,331 
For the three and six months ended June 30, 2025, the Company recorded a $2.7 million and a $2.3 million benefit to the provision for credit losses on loans, respectively. The benefit to the provision for credit losses on loans in the quarter was primarily attributable to an improved economic forecast and an overall improvement in the Company's asset quality, partially offset by an increase in specific reserves required on individually analyzed loans. For the three and six months ended June 30, 2025, net charge-offs totaled $1.2 million and $3.2 million, respectively.
The following table summarizes the Company's gross charge-offs recorded during the three months ended June 30, 2025 by year of origination (in thousands):
20252024202320222021Prior to 2021Total Loans
Mortgage loans:
Commercial$— — — — — 977 977 
Multi-family— — — — — 67 67 
Total mortgage loans— — — — — 1,044 1,044 
Commercial loans— — 39 231 60 — 330 
Consumer loans (1)
— — — 10 19 
Total gross loans$39 231 60 1,054 1,393 
(1) During the three months ended June 30, 2025, charge-offs on consumer overdraft accounts totaled $85,000, which are not included in the table above.
The following table summarizes the Company's gross charge-offs recorded during the six months ended June 30, 2025 by year of origination (in thousands):
20252024202320222021Prior to 2021Total Loans
Mortgage loans:
Commercial$— — — 358 — 1,508 1,866 
Multi-family— — — — — 67 67 
Total mortgage loans— — — 358 — 1,575 1,933 
Commercial loans— — 39 2,362 125 — 2,526 
Consumer loans (1)
18 13 12 — 37 83 
Total gross loans$18 13 51 2,723 126 1,611 4,542 
(1) During the six months ended June 30, 2025, charge-offs on consumer overdraft accounts totaled $199,000, which are not included in the table above.
The following table summarizes the Company's gross charge-offs recorded during the three months ended June 30, 2024 by year of origination (in thousands):
20242023202220212020Prior to 2020Total Loans
Commercial loans$— — 157 2,046 — 18 2,222 
Consumer loans (1)
— — — — — 
Total gross loans$— 157 2,046 — 17 2,229 
(1) During the three months ended June 30, 2024, charge-offs on consumer overdraft accounts totaled $74,000, which are not included in the table above.
The following table summarizes the Company's gross charge-offs recorded during the six months ended June 30, 2024 by year of origination (in thousands):
20242023202220212020Prior to 2020Total Loans
Commercial loans$— — 158 2,047 1,606 206 4,017 
Consumer loans (1)
13 — — — — 14 
Total gross loans$13 — 158 2,047 1,606 207 4,031 
(1) During the six months ended June 30, 2024, charge-offs on consumer overdraft accounts totaled $138,000, which are not included in the table above.
The Company defines a loan individually evaluated for impairment as a non-homogeneous loan greater than $1.0 million, for which, based on current information, it is not expected to collect all amounts due under the contractual terms of the loan agreement. As of June 30, 2025, there were 29 loans totaling $92.7 million, compared to 26 loans totaling $55.4 million as of December 31, 2024, that were individually evaluated for impairment.
A financial asset is considered collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. For all classes of loans deemed collateral-dependent, the Company estimates expected credit losses based on the collateral’s fair value less any selling costs. A specific allocation of the allowance for credit losses is established for each collateral-dependent loan with a carrying balance greater than the collateral’s fair value, less estimated selling costs. In most cases, the Company records a partial charge-off to reduce the loan’s carrying value to the collateral’s fair value less estimated selling costs. The Company uses third-party appraisals to determine the fair value of the underlying collateral in its analysis of collateral-dependent loans. A third-party appraisal is generally ordered as soon as a loan is designated as a collateral-dependent loan and updated annually, or more frequently if required. At each fiscal quarter end, if a loan is designated as collateral-dependent and the third-party appraisal has not yet been received, an evaluation of all available collateral is made using the best information available at the time, including rent rolls, borrower financial statements and tax returns, prior appraisals, management’s knowledge of the market and collateral, and internally prepared collateral valuations based upon market assumptions regarding vacancy and capitalization rates, each as and where applicable. Once the appraisal is received and reviewed, the specific reserves are adjusted to reflect the appraised value and evaluated for charge offs. The Company believes there have not been any significant time lapses since the receipt of the most recent appraisals.
For loans deemed collateral-dependent as defined above, the fair value is based on the underlying collateral. As of June 30, 2025 and December 31, 2024, the Company had collateral-dependent loans with fair values of $79.6 million and $11.0 million secured by commercial real estate, respectively.
Loan modifications to borrowers experiencing financial difficulty may include interest rate reductions, principal or interest forgiveness, forbearance, term extensions, and other actions intended to minimize economic loss and to avoid foreclosure or repossession of collateral. In addition, management attempts to obtain additional collateral or guarantor support when modifying such loans. If the borrower has demonstrated performance under the previous terms and our underwriting process shows the borrower has the capacity to continue to perform under the restructured terms, the loan will continue to accrue interest. Non-accruing restructured loans may be returned to accrual status when there has been a sustained period of repayment performance (generally six consecutive months of payments) and both principal and interest are deemed collectible.
The following illustrates the most common loan modifications by loan classes offered by the Company that are required to be disclosed pursuant to the requirements of ASU 2022-02:
Loan ClassesModification types
CommercialTerm extension, interest rate reductions, payment delay, or combination thereof. These modifications extend the term of the loan, lower the payment amount, or otherwise delay payments during a defined period for the purpose of providing borrowers additional time to return to compliance with the original loan term.
Residential Mortgage/ Home EquityForbearance period greater than six months. These modifications require reduced or no payments during the forbearance period for the purpose of providing borrowers additional time to return to compliance with the original loan term as well as term extension and rate adjustment. These modifications extend the term of the loan and provides for an adjustment to the interest rate, which reduces the monthly payment requirement.
Direct InstallmentTerm extension greater than three months. These modifications extend the term of the loan, which reduces the monthly payment requirement.
The following tables present the amortized cost basis of loan modifications made to borrowers experiencing financial difficulty during the three and six months ended June 30, 2025 (in thousands):
For the three months ended June 30, 2025
Term ExtensionInterest Rate ReductionInterest Rate Reduction and Term Extension% of Total Class of Loans
Mortgage loans:
Commercial$— 10,918 0.15 %
Total mortgage loans— 10,918 0.08 %
Commercial loans158 — 0.003 %
Total gross loans$158 10,918 0.06 %
For the six months ended June 30, 2025
Term ExtensionInterest Rate ReductionInterest Rate Reduction and Term Extension% of Total Class of Loans
Mortgage loans:
Commercial$2,984 11,945 0.20 %
Total mortgage loans2,984 11,945 0.11 %
Commercial loans1,302 603 0.04 %
Total gross loans$4,286 12,548 0.09 %
The following tables present the amortized cost basis of loan modifications made to borrowers experiencing financial difficulty during the three and six months ended June 30, 2024 (in thousands):
For the three months ended June 30, 2024
Term ExtensionInterest Rate ReductionInterest Rate Reduction and Term Extension% of Total Class of Loans
Commercial loans$— 1,609 0.03 %
Total gross loans$— 1,609 0.01 %
For the six months ended June 30, 2024
Term ExtensionInterest Rate ReductionInterest Rate Reduction and Term Extension% of Total Class of Loans
Commercial loans$— 8,796 0.19 %
Total gross loans$— 8,796 0.05 %
The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the three months ended June 30, 2025 (in thousands):
Weighted Average Months of Term ExtensionWeighted Average Rate Change
Mortgage loans:
Commercial330.13 %
Total mortgage loans330.13 %
Commercial loans20— %
Total gross loans230.08 %
The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the six months ended June 30, 2025 (in thousands):
Weighted Average Months of Term ExtensionWeighted Average Rate Change
Mortgage loans:
Commercial180.44 %
Total mortgage loans180.44 %
Commercial loans12(0.20)%
Total gross loans150.08 %
The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the three months ended June 30, 2024 (in thousands):
Weighted Average Months of Term ExtensionWeighted Average Rate Change
Commercial loans31.25 %
Total gross loans31.25 %
The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the six months ended June 30, 2024 (in thousands):
Weighted Average Months of Term ExtensionWeighted Average Rate Change
Commercial loans11.63 %
Total gross loans11.63 %
There were no loan modifications made to borrowers experiencing financial difficulty that subsequently defaulted during the three and six months ended June 30, 2025 and June 30, 2024, respectively.
The following table presents the aging analysis of loan modifications made to borrowers experiencing financial difficulty during the twelve months ended June 30, 2025 (in thousands):
Current30-59 Days Past Due60-89 Days Past Due90 days or more Past DueNon- AccrualTotal
Mortgage loans:
Commercial$20,445 — — — — 20,445 
Multi-family736 — — — 85 821 
Total mortgage loans21,182 — — — 85 21,267 
Commercial loans2,058 — — — 158 2,216 
Total gross loans$23,240 — — — 243 23,483 
The following table presents the aging analysis of loan modifications made to borrowers experiencing financial difficulty during the twelve months ended June 30, 2024 (in thousands):
Current30-59 Days Past Due60-89 Days Past Due90 days or more Past DueNon- AccrualTotal
Commercial loans$8,796 — — — — $8,796 
Total gross loans$8,796 — — — — $8,796 
Loans acquired by the Company that experienced more-than-insignificant deterioration in credit quality after origination, are classified as Purchase Credit Deteriorated ("PCD") loans. As of June 30, 2025, the balance of PCD loans totaled $559.4 million with a related allowance for credit losses of $13.9 million. The balance of PCD loans as of December 31, 2024 was $620.4 million with a related allowance for credit losses of $15.2 million.
In connection with the Lakeland merger, the Company evaluated acquired loans for deterioration in credit quality based on any of, but not limited to, the following: (1) non-accrual status; (2) modifications for borrowers experiencing financial difficulty; (3) risk ratings of watch, special mention, substandard or doubtful; and (4) loans greater than 59 days past due. At the acquisition date, an estimate of expected credit losses is made for groups of PCD loans with similar risk characteristics and individual PCD loans without similar risk characteristics.
Additionally for PCD loans, an allowance for credit losses was calculated using management's best estimate of projected losses over the remaining life of the loans. This represents the portion of the loan balances that has been deemed uncollectible based on the Company’s expectations of future cash flows for each respective PCD loan pool, given the outlook and forecasts inclusive of related fiscal and regulatory interventions. The expected lifetime losses were calculated using historical losses observed at the Bank, Lakeland and peer banks. A $17.2 million allowance for credit losses was recorded on PCD loans acquired from Lakeland. The interest rate fair value adjustment related to PCD loans will be substantially recognized as interest income on a level yield or straight line method over the expected life of the loans.
The table below is a summary of the PCD loans that were acquired from Lakeland as of the closing date (in thousands):

Gross amortized cost basis as of May 16, 2024$564,147 
Charge-offs on PCD Loans at acquisition(4,364)
Interest component of expected cash flows (accretable difference)(33,365)
Allowance for credit losses on PCD loans(17,188)
Net PCD loans$509,230 
Management utilizes an internal nine-point risk rating system to summarize its loan portfolio into categories with similar risk characteristics. Loans deemed to be “acceptable quality” are rated 1 through 4, with a rating of 1 established for loans with minimal risk. Loans that are deemed to be of “questionable quality” are rated 5 (watch) or 6 (special mention). Loans with adverse classifications (substandard, doubtful or loss) are rated 7, 8 or 9, respectively. Commercial mortgage, commercial, multi-family and construction loans are rated individually, and each lending officer is responsible for risk rating loans in their portfolio. These risk ratings are then reviewed by the department manager and/or the Chief Lending Officer and by the Credit
Department. The risk ratings are also reviewed periodically through loan review examinations which are currently performed by independent third-parties. Reports by the independent third-parties are presented to the Audit Committee of the Board of Directors.
The following table summarizes the Company's gross loans held for investment by year of origination and internally assigned credit grades as of June 30, 2025 and December 31, 2024 (in thousands):
Gross Loans Held for Investment by Year of Origination
as of June 30, 2025
20252024202320222021Prior to 2021Revolving LoansRevolving loans to term loansTotal Loans
Commercial Mortgage
Special mention$6,013 — 3,647 20,532 50,197 33,308 138 — 113,835 
Substandard 7,890 — 67 7,710 11,573 77,765 4,322 — 109,327 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified13,903 — 3,714 28,242 61,770 111,073 4,460 — 223,162 
Pass/Watch317,137 336,705 916,376 1,554,791 932,579 2,838,927 184,253 9,974 7,090,742 
Total Commercial Mortgage$331,040 336,705 920,090 1,583,033 994,349 2,950,000 188,713 9,974 7,313,904 
Multi-family
Special mention$— — — — — 7,696 — — 7,696 
Substandard— — 1,501 505 1,043 6,323 — — 9,372 
Doubtful— — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified— — 1,501 505 1,043 14,019 — — 17,068 
Pass/Watch253,106 327,192 477,281 722,878 377,553 1,326,242 14,652 1,537 3,500,441 
Total Multi-Family$253,106 327,192 478,782 723,383 378,596 1,340,261 14,652 1,537 3,517,509 
Construction
Special mention$— — — 6,639 — — — — 6,639 
Substandard— — 12,078 — 6,824 — — — 18,902 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified— — 12,078 6,639 6,824 — — — 25,541 
Pass/Watch22,509 178,694 274,248 172,143 77,077 1,702 — — 726,373 
Total Construction$22,509 178,694 286,326 178,782 83,901 1,702 — — 751,914 
Residential (1)
Special mention$— — 1,847 547 — 1,423 — — 3,817 
Substandard— 553 2,496 1,148 1,100 1,912 — — 7,209 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified— 553 4,343 1,695 1,100 3,335 — — 11,026 
Pass/Watch58,265 131,691 336,883 412,451 323,596 711,443 — — 1,974,329 
Total Residential$58,265 132,244 341,226 414,146 324,696 714,778 — — 1,985,355 
Total Mortgage
Gross Loans Held for Investment by Year of Origination
as of June 30, 2025
20252024202320222021Prior to 2021Revolving LoansRevolving loans to term loansTotal Loans
Special mention$6,013 — 5,494 27,718 50,197 42,427 138 — 131,987 
Substandard7,890 553 16,142 9,363 20,540 86,000 4,322 — 144,810 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified13,903 553 21,636 37,081 70,737 128,427 4,460 — 276,797 
Pass/Watch651,017 974,282 2,004,788 2,862,263 1,710,805 4,878,314 198,905 11,511 13,291,885 
Total Mortgage$664,920 974,835 2,026,424 2,899,344 1,781,542 5,006,741 203,365 11,511 13,568,682 
Commercial
Special mention$179 542 11,429 4,785 9,987 55,071 25,448 1,087 108,528 
Substandard— 162 4,767 70,791 27,623 44,767 29,547 2,851 180,508 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified179 704 16,196 75,576 37,610 99,838 54,995 3,938 289,036 
Pass/Watch340,052 675,436 365,161 696,796 351,234 1,028,362 1,118,497 64,448 4,639,986 
Total Commercial$340,231 676,140 381,357 772,372 388,844 1,128,200 1,173,492 68,386 4,929,022 
Consumer (1)
Special mention$— 33 — — — 94 591 51 769 
Substandard— — — — — 519 764 57 1,340 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified— 33 — — — 613 1,355 108 2,109 
Pass/Watch18,592 29,944 40,922 55,435 36,696 97,096 320,552 15,844 615,081 
Total Consumer$18,592 29,977 40,922 55,435 36,696 97,709 321,907 15,952 617,190 
Total Loans
Special mention$6,192 575 16,923 32,503 60,184 97,592 26,177 1,138 241,284 
Substandard7,890 715 20,909 80,154 48,163 131,286 34,633 2,908 326,658 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified14,082 1,290 37,832 112,657 108,347 228,878 60,810 4,046 567,942 
Pass/Watch1,009,661 1,679,662 2,410,871 3,614,494 2,098,735 6,003,772 1,637,954 91,803 18,546,952 
Total Gross Loans$1,023,743 1,680,952 2,448,703 3,727,151 2,207,082 6,232,650 1,698,764 95,849 19,114,894 
(1) For residential and consumer loans, the Company assigns internal credit grades based on the delinquency status of each loan.

Gross Loans Held for Investment by Year of Origination
as of December 31, 2024
20242023202220212020Prior to 2020Revolving LoansRevolving loans to term loansTotal Loans
Commercial Mortgage
Special mention$262 4,377 10,150 9,127 14,569 69,525 4,461 — 112,471 
Gross Loans Held for Investment by Year of Origination
as of December 31, 2024
20242023202220212020Prior to 2020Revolving LoansRevolving loans to term loansTotal Loans
Substandard3,044 73 10,952 — 21,051 50,870 — — 85,990 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified3,306 4,450 21,102 9,127 35,620 120,395 4,461 — 198,461 
Pass/Watch417,991 904,924 1,623,911 997,658 884,295 2,063,646 126,297 10,895 7,029,617 
Total Commercial Mortgage$421,297 909,374 1,645,013 1,006,785 919,915 2,184,041 130,758 10,895 7,228,078 
Multi-family
Special mention$— — — — — 16,472 — — 16,472 
Substandard— 1,560 — 1,043 — 5,439 — — 8,042 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified— 1,560 — 1,043 — 21,911 — — 24,514 
Pass/Watch363,254 478,184 701,811 460,979 460,161 882,291 10,181 1,558 3,358,419 
Total Multi-Family$363,254 479,744 701,811 462,022 460,161 904,202 10,181 1,558 3,382,933 
Construction
Special mention$— 1,064 — — — — — — 1,064 
Substandard— — — 12,346 — — — — 12,346 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified— 1,064 — 12,346 — — — — 13,410 
Pass/Watch104,009 309,034 260,190 110,100 24,017 2,743 — — 810,093 
Total Construction$104,009 310,098 260,190 122,446 24,017 2,743 — — 823,503 
Residential (1)
Special mention$403 1,356 344 — — 2,836 — — 4,939 
Substandard— 764 689 1,119 — 1,963 — — 4,535 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified403 2,120 1,033 1,119 — 4,799 — — 9,474 
Pass/Watch140,382 348,493 428,269 333,150 276,703 474,166 — — 2,001,163 
Total Residential$140,785 350,613 429,302 334,269 276,703 478,965 — — 2,010,637 
Total Mortgage
Special mention$665 6,797 10,494 9,127 14,569 88,833 4,461 — 134,946 
Substandard3,044 2,397 11,641 14,508 21,051 58,272 — — 110,913 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Gross Loans Held for Investment by Year of Origination
as of December 31, 2024
20242023202220212020Prior to 2020Revolving LoansRevolving loans to term loansTotal Loans
Total criticized and classified3,709 9,194 22,135 23,635 35,620 147,105 4,461 — 245,859 
Pass/Watch1,025,636 2,040,635 3,014,181 1,901,887 1,645,176 3,422,846 136,478 12,453 13,199,292 
Total Mortgage$1,029,345 2,049,829 3,036,316 1,925,522 1,680,796 3,569,951 140,939 12,453 13,445,151 
Commercial
Special mention$298 2,612 3,084 5,804 9,493 26,924 20,030 4,761 73,006 
Substandard6,887 5,023 62,028 28,208 23,130 21,170 31,787 1,746 179,979 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified7,185 7,635 65,112 34,012 32,623 48,094 51,817 6,507 252,985 
Pass/Watch747,299 427,445 697,899 390,770 256,421 678,154 1,089,408 68,219 4,355,615 
Total Commercial$754,484 435,080 763,011 424,782 289,044 726,248 1,141,225 74,726 4,608,600 
Consumer (1)
Special mention$— — — 124 109 725 — 961 
Substandard— 95 — — 321 950 — 1,375 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified— 95 124 430 1,675 — 2,336 
Pass/Watch31,975 45,605 59,669 40,080 9,433 83,728 327,107 13,886 611,483 
Total Consumer$31,975 45,700 59,672 40,089 9,557 84,158 328,782 13,886 613,819 
Total Loans
Special mention$963 9,409 13,581 14,931 24,186 115,866 25,216 4,761 208,913 
Substandard9,931 7,515 73,669 42,725 44,181 79,763 32,737 1,746 292,267 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified10,894 16,924 87,250 57,656 68,367 195,629 57,953 6,507 501,180 
Pass/Watch1,804,910 2,513,685 3,771,749 2,332,737 1,911,030 4,184,728 1,552,993 94,558 18,166,390 
Total Gross Loans $1,815,804 2,530,609 3,858,999 2,390,393 1,979,397 4,380,357 1,610,946 101,065 18,667,570 
(1) For residential and consumer loans, the Company assigns internal credit grades based on the delinquency status of each loan.