v3.26.1
Subsequent Events
3 Months Ended
Mar. 31, 2026
Subsequent Events [Abstract]  
Subsequent Events
19. SUBSEQUENT EVENTS
Loan Downgrade
In late April 2026, the Company received notification from a borrower regarding its intention not to repay a CRE non‑owner‑occupied loan with an outstanding balance of $99 million. Prior to this notification, the loan had been performing in accordance with its contractual terms and was internally graded as pass. The property securing this loan is a 6-story newly constructed, LEED Silver-certified, Class-A life-science laboratory/office building with a 7-story parking structure, located on a 6.0-acre site in a gateway life-science market. After receiving this notification, the loan was downgraded to substandard and placed on non-accrual status. Following its internal procedures, the Company has ordered an appraisal and will conduct a valuation analysis to determine any financial impact.
Problem Loan Management
The Company continues to actively manage non-performing loans through its established early identification / early resolution credit process. In early May, the Company received a letter of intent from a third party to purchase a property that serves as the underlying collateral for an unrelated loan that was classified as substandard and non-accrual as of March 31, 2026, at a price approximating the loan’s current carrying value of $60 million.