v3.26.1
Allowance for Credit Losses
 6 Months Ended
Jun. 30, 2026
Receivables [Abstract]  
Allowance for Credit Losses Allowance for Credit Losses
The analyses by loan segment of the changes in the allowance for credit losses (“ACL”) for loans for the three and six month periods ended June 30, 2026 and 2025 is summarized in the following tables:
Three Months Ended June 30, 2026
(in thousands)Real EstateCommercialFinancial
Institutions		Consumer
and Others		Total
Balance at beginning of the period
$
22,705 
$
34,295 
$
— 
$
22,236 
$
79,236 
Provision for credit losses - loans
1,691 
3,145 
— 
914 
5,750 
Initial ACL on acquired PSLs (1)
— 1,216 684 1,900 
Loans charged-off
— 
(4,490)
— 
(1,041)
(5,531)
Recoveries
39 
3,693 
— 
412 
4,144 
Balance at end of the period
$
24,435 
$
37,859 
$
— 
$
23,205 
$
85,499 
_________________
(1)The ACL relates to residential and commercial loans purchased with an aggregate principal balance of $149.5 million that were identified as PSL at the acquisition date. The Company adopted new accounting guidance related to PSLs effective January 1, 2026. See “Note 1. Business, Basis of Presentation and Summary of Significant Accounting Policies” for additional information.

Six Months Ended June 30, 2026
(in thousands)Real EstateCommercialFinancial
Institutions		Consumer
and Others		Total
Balance at beginning of the period$23,117 $34,353 $— $21,806 $79,276 
Provision for credit losses - loans1,279 7,171 — 4,050 12,500 
Day 1 PSL adjustment (1)
— 1,487 — 873 2,360 
Loans charged-off— (10,214)— (4,430)(14,644)
Recoveries39 5,062 — 906 6,007 
Balance at end of the period$24,435 $37,859 $— $23,205 $85,499 
_________________
(1)The ACL relates to residential and commercial loans purchased with an aggregate principal balance of $186.2 million that were identified as PSL at the acquisition date. The Company adopted new accounting guidance related to PSLs effective January 1, 2026. See “Note 1. Business, Basis of Presentation and Summary of Significant Accounting Policies” for additional information.

Three Months Ended June 30, 2025
(in thousands)Real EstateCommercialFinancial
Institutions		Consumer
and Others		Total
Balance at beginning of the period$20,939 $54,080 $— $23,247 $98,266 
Provision for (reversal of) credit losses - loans2,117 (180)— 1,623 3,560 
Loans charged-off— (16,624)— (1,955)(18,579)
Recoveries— 2,772 — 500 3,272 
Balance at end of the period$23,056 $40,048 $— $23,415 $86,519 
Six Months Ended June 30, 2025
(in thousands)Real EstateCommercialFinancial
Institutions		Consumer
and Others		Total
Balance at beginning of the period$16,668 $44,732 $— $23,563 $84,963 
Provision for credit losses - loans6,370 10,129 — 4,257 20,756 
Loans charged-off— (18,457)— (5,502)(23,959)
Recoveries18 3,644 — 1,097 4,759 
Balance at end of the period$23,056 $40,048 $— $23,415 $86,519 


The ACL was determined utilizing a reasonable and supportable forecast period. It was calculated using a weighted-average of various economic scenarios provided by a third-party and incorporated qualitative components. There have not been material changes in our policies and methodology to estimate the ACL in the six months ended June 30, 2026.
The ACL as a percentage of total loans held for investment was 1.27% at June 30, 2026 compared to 1.20% at December 31, 2025.
In the second quarter of 2026, the provision for credit losses on loans totaled $5.8 million, principally driven by net increases from (i) $2.2 million in specific reserves allocations, (ii) $0.8 million requirements for charge-offs, (iii) $0.8 million due to loan growth, and (iv) $2.0 million attributable to changes in credit quality and macroeconomic factors.
In the first half of 2026, provision for credit losses on loans totaled $12.5 million, principally driven by net increases from (i) $3.9 million in specific reserves allocations, (ii) $7.2 million requirements for charge-offs, and (iii) $3.4 million attributable to changes in credit quality and macroeconomic factors. These increases were partially offset by a $2.0 million decrease due to loan growth.

ACL on PSLs

PSLs are initially recorded at the purchase price. An ACL is established at acquisition on a collective basis and allocated to individual loans. The sum of the loan’s purchase price and the ACL represents the loan’s initial amortized cost basis. The difference between the initial amortized cost basis and the loan’s par value represents a noncredit discount or premium. Any noncredit discount or premium is accreted or amortized into interest income using the effective interest method over the remaining contractual term of the loan.

Subsequent to acquisition, the ACL for PSL loans is measured using the same methodology applied to other originated loans held for investment and measured at amortized cost. Subsequent changes in the ACL losses are recognized through credit loss expense.
For PSLs for which expected credit losses are measured using methods other than discounted cash flows, management evaluated the optional election under PSL accounting guidance to measure the initial allowance based on amortized cost. However, this election was not made for loans purchased in the first half of 2026. Under PSL guidance, this election is made on an acquisition-by-acquisition basis.

Loan Modifications to Borrowers Experiencing Financial Difficulty
The Company modifies loans related to borrowers experiencing financial difficulties by providing multiple types of concessions. Typically, one type of concession, such as a term extension, is granted initially. If the borrower continues to experience financial difficulty, another concession, such as principal forgiveness, may be granted.
The Company had no new loan modifications to borrowers experiencing financial difficulty during the three and six month periods ended June 30, 2026 and 2025. There were no modified loans to borrowers that had experienced financial difficulty that defaulted in the three and six month periods ended June 30, 2026 and 2025 and had been modified within 12 months preceding the payment default.
As of June 30, 2026 and December 31, 2025, there were no outstanding balances related to loan modifications to borrowers experiencing financial difficulties.
Credit Risk Quality

The sufficiency of the ACL is reviewed at least quarterly by the Deputy Chief Credit Officer and the Chief Financial Officer. The Board of Directors considers the ACL as part of its review of the Company’s consolidated financial statements. As of June 30, 2026 and December 31, 2025, the Company believes the ACL to be sufficient to absorb expected credit losses in the loans portfolio in accordance with GAAP.
Loans may be classified but not considered collateral dependent due to one of the following reasons: (1) the Company has established minimum dollar amount thresholds for individual assessment of expected credit losses, which results in loans under those thresholds being excluded from individual assessment of expected credit losses; and (2) classified loans may be considered in the assessment because the Company expects to collect all amounts due.
As part of the on-going monitoring of the credit quality of the Company’s loan portfolio, management tracks certain credit quality indicators including trends related primarily to (i) the risk rating of loans, (ii) the loan payment status, (iii) net charge-offs, (iv) nonperforming loans and (v) the general economic conditions in the main geographies where the Company’s borrowers conduct their businesses. The Company considers the views of its regulators as to loan classification and in the process of estimating expected credit losses.
The Company utilizes an internal risk rating system to identify the risk characteristics of each of its loans, or group of homogeneous loans such as consumer loans. Internal risk ratings are updated on a continuous basis on a scale from 1 (worst credit quality) to 10 (best credit quality). Loans are then grouped in five master risk categories for purposes of monitoring rising levels of potential loss risks and to enable the activation of collection or recovery processes as defined in the Company’s Credit Risk Policy. Internal risk ratings are considered the most meaningful indicator of credit quality for commercial loans. Generally, internal risk ratings for commercial real estate loans and commercial loans with balances over $3 million are assessed for updates at least annually and more frequently if circumstances indicate that a change in risk rating may be warranted. For consumer loans, single-family residential loans and smaller commercial loans under $3 million, risk ratings are updated based on the loans past due status.
The following is a summary of the master risk categories and their associated loan risk ratings, as well as a description of the general characteristics of the master risk category:
Loan Risk Rating
Master risk category
Nonclassified
4 to 10
Classified
1 to 3
Substandard3
Doubtful2
Loss1
Nonclassified
This category includes loans considered as Pass (5-10) and Special Mention (4). A loan classified as Pass is considered of sufficient quality to preclude a lower adverse rating. These loans are generally well protected by the current net worth and paying capacity of the borrower or by the value of any collateral received. Special Mention loans are defined as having potential weaknesses that deserve management’s close attention which, if left uncorrected, could potentially result in further credit deterioration. Special Mention loans may include loans originated with certain credit weaknesses or that developed those weaknesses since their origination.
Classified
This classification indicates the presence of credit weaknesses which could make loan repayment unlikely, such as partial or total late payments and other contractual defaults.
Substandard
A loan classified substandard is inadequately protected by the sound worth and paying capacity of the borrower or the collateral pledged. They are characterized by the distinct possibility that the Company will sustain some loss if the credit weaknesses are not corrected. Loss potential, while existing in the aggregate amount of substandard loans, does not have to exist in individual assets.
Doubtful
These loans have all the weaknesses inherent in a loan classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. These are poor quality loans in which neither the collateral, if any, nor the financial condition of the borrower presently ensure collection in full in a reasonable period of time. As a result, the possibility of loss is extremely high.
Loss
Loans classified as loss are considered uncollectible and of such little value that the continuance as bankable assets is not warranted. This classification does not mean that the assets have absolutely no recovery or salvage value, but not to the point where a write-off should be deferred even though partial recoveries may occur in the future. This classification is based upon current facts, not probabilities. As a result, loans in this category should be promptly charged off in the period in which they are determined to be uncollectible.
Loans held for investment by Credit Quality Indicators
The following tables present Loans held for investment by credit quality indicators and year of origination as of June 30, 2026 and December 31, 2025:

June 30, 2026
Term Loans
Amortized Cost Basis by Origination Year
(in thousands)20262025202420232022PriorRevolving Loans
Amortized Cost
Basis		Total
Real estate loans
Commercial real estate
Nonowner occupied
Credit Risk Rating:
Nonclassified
Pass$180,967 $204,967 $293,235 $105,497 $64,353 $530,699 $54,811 $1,434,529 
Special Mention— — 12,933 — 1,022 45,709 7,558 67,222 
Classified
Substandard— — — — 13,696 9,123 2,392 25,211 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total Nonowner occupied180,967 204,967 306,168 105,497 79,071 585,531 64,761 1,526,962 
Multi-family residential
Credit Risk Rating:
Nonclassified
Pass11,735 19,827 7,652 1,474 33,650 157,924 1,425 233,687 
Special Mention— — — — — — — — 
Classified
Substandard— — — — — 429 — 429 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total Multi-family residential11,735 19,827 7,652 1,474 33,650 158,353 1,425 234,116 
Land development and construction loans
Credit Risk Rating:
Nonclassified
Pass4,081 167,835 146,591 21,388 1,160 10,999 124,279 476,333 
Special Mention— — 35,939 — — — — 35,939 
Classified
Substandard— — — — — — — — 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total land development and construction loans4,081 167,835 182,530 21,388 1,160 10,999 124,279 512,272 
Single-family residential
Credit Risk Rating:
Nonclassified
Pass499,387 137,600 212,528 159,438 355,516 233,192 325,303 1,922,964 
Special Mention— — — — — — — — 
Classified
Substandard— — 16,516 4,372 5,843 2,808 1,690 31,229 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total Single-family residential499,387 137,600 229,044 163,810 361,359 236,000 326,993 1,954,193 
Owner occupied
Credit Risk Rating:
Nonclassified
Pass32,478 100,298 67,485 73,466 95,352 247,845 32,317 649,241 
Special Mention— — — 2,416 — 2,569 — 4,985 
Classified
Substandard— 2,131 42,948 2,053 6,231 19,873 4,728 77,964 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total owner occupied32,478 102,429 110,433 77,935 101,583 270,287 37,045 732,190 
June 30, 2026
Term Loans Amortized Cost Basis by Origination Year
(in thousands)20262025202420232022PriorRevolving Loans
Amortized Cost
Basis		Total
Non-real estate loans
Commercial Loans
Credit Risk Rating:
Nonclassified
Pass$33,551 $305,731 $230,300 $59,489 $35,512 $85,678 $640,546 $1,390,807 
Special Mention— 609 — — — 1,025 — 1,634 
Classified
Substandard— 19,032 42,153 9,071 17,164 5,699 2,622 95,741 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total commercial Loans33,551 325,372 272,453 68,560 52,676 92,402 643,168 1,488,182 
Loans to financial institutions and acceptances
Credit Risk Rating:
Nonclassified
Pass— — 5,104 — — — 46,178 51,282 
Special Mention— — — — — — — — 
Classified
Substandard— — 34,210 — — — — 34,210 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total loans to financial institutions and acceptances— — 39,314 — — — 46,178 85,492 
Consumer loans
Credit Risk Rating:
Nonclassified
Pass3,778 1,123 8,348 6,486 21,680 2,159 157,768 201,342 
Special Mention— — — — — — — — 
Classified
Substandard— — 7,963 43 273 38 — 8,317 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total consumer loans and overdrafts
3,778 1,123 16,311 6,529 21,953 2,197 157,768 209,659 
Total loans held for investment, gross$765,977 $959,153 $1,163,905 $445,193 $651,452 $1,355,769 $1,401,617 $6,743,066 
December 31, 2025
Term Loans
Amortized Cost Basis by Origination Year
(in thousands)20252024202320222021PriorRevolving Loans
Amortized Cost
Basis		Total
Real estate loans
Commercial real estate
Nonowner occupied
Credit Risk Rating:
Nonclassified
Pass$269,574 $278,655 $101,892 $102,235 $291,480 $343,926 $113,760 $1,501,522 
Special Mention— 19,735 8,355 — — 28,036 — 56,126 
Classified
Substandard— 3,003 1,022 13,879 — 10,911 5,398 34,213 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total Nonowner occupied269,574 301,393 111,269 116,114 291,480 382,873 119,158 1,591,861 
Multi-family residential
Credit Risk Rating:
Nonclassified
Pass19,910 14,683 1,484 46,760 68,910 115,280 1,281 268,308 
Special Mention— — — — — — 31,704 31,704 
Classified
Substandard— 22,435 — — — — — 22,435 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total Multi-family residential19,910 37,118 1,484 46,760 68,910 115,280 32,985 322,447 
Land development and construction loans
Credit Risk Rating:
Nonclassified
Pass114,736 214,237 37,885 — 3,111 9,482 154,577 534,028 
Special Mention— — — — — — — — 
Classified
Substandard— — — — — — — — 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total land development and construction loans114,736 214,237 37,885 — 3,111 9,482 154,577 534,028 
Single-family residential
Credit Risk Rating:
Nonclassified
Pass139,809 240,521 197,594 363,855 113,776 120,307 312,576 1,488,438 
Special Mention— — — — 733 — — 733 
Classified
Substandard— 16,353 2,833 1,941 645 2,344 1,894 26,010 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total Single-family residential139,809 256,874 200,427 365,796 115,154 122,651 314,470 1,515,181 
Owner occupied
Credit Risk Rating:
Nonclassified
Pass100,848 105,743 83,271 141,901 158,804 120,486 33,833 744,886 
Special Mention— 10,218 — 1,085 1,182 — — 12,485 
Classified
Substandard— 21,486 576 5,633 21,824 17 2,429 51,965 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total owner occupied100,848 137,447 83,847 148,619 181,810 120,503 36,262 809,336 
December 31, 2025
Term Loans Amortized Cost Basis by Origination Year
(in thousands)20252024202320222021PriorRevolving Loans
Amortized Cost
Basis		Total
Non-real estate loans
Commercial Loans
Credit Risk Rating:
Nonclassified
Pass$294,197 $241,148 $88,139 $51,995 $2,738 $26,986 $575,726 $1,280,929 
Special Mention209 892 5,666 — 47 — 28,594 35,408 
Classified
Substandard9,222 53,793 — 17,036 86 3,380 46,093 129,610 
Doubtful— — — — — — 459 459 
Loss— — — — — — — — 
Total commercial loans303,628 295,833 93,805 69,031 2,871 30,366 650,872 1,446,406 
Loans to financial institutions and acceptances
Credit Risk Rating:
Nonclassified
Pass4,988 86,456 — — — — 57,158 148,602 
Special Mention— — — — — — — — 
Classified
Substandard— — — — — — — — 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total loans to financial institutions and acceptances4,988 86,456 — — — — 57,158 148,602 
Consumer loans
Credit Risk Rating:
Nonclassified
Pass10,391 9,230 8,626 35,057 4,558 596 167,868 236,326 
Special Mention— — — — — — — — 
Classified
Substandard— 8,676 125 308 85 10 — 9,204 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total consumer loans and overdrafts
10,391 17,906 8,751 35,365 4,643 606 167,868 245,530 
Total loans held for investment, gross$963,884 $1,347,264 $537,468 $781,685 $667,979 $781,761 $1,533,350 $6,613,391 
The following tables present gross charge-offs by year of origination for the periods presented:

Three Months Ended June 30, 2026
Term Loans Charge-offs by Origination Year
(in thousands)20262025202420232022PriorRevolving Loans
Charge-Offs		Total
Quarter-To-Date Gross Charge-offs
Real estate loans
Commercial real estate
Nonowner occupied$— $— $— $— $— $— $— $— 
Multi-family residential— — — — — — — — 
Land development and construction loans— — — — — — — — 
— — — — — — — — 
Single-family residential— — — — — — — — 
Owner occupied— — — — — — — — 
— — — — — — — — 
Commercial loans— — 1,655 — 20 2,815 — 4,490 
Loans to financial institutions and acceptances— — — — — — — — 
Consumer loans and overdrafts86 — — 85 724 146 — 1,041 
Total Quarter-To-Date Gross Charge-Offs$86 $— $1,655 $85 $744 $2,961 $— $5,531 


Six Months Ended June 30, 2026
Term Loans Charge-offs by Origination Year
(in thousands)20262025202420232022PriorRevolving Loans
Charge-Offs		Total
Year-To-Date Gross Charge-offs
Real estate loans
Commercial real estate
Nonowner occupied$— $— $— $— $— $— $— $— 
Multi-family residential— — — — — — — — 
Land development and construction loans— — — — — — — — 
— — — — — — — — 
Single-family residential— — — — — — — — 
Owner occupied— — — — — — — — 
— — — — — — — — 
Commercial loans— 3,614 3,266 — 519 2,815 — 10,214 
Loans to financial institutions and acceptances— — — — 

— — — — 
Consumer loans and overdrafts111 5 — 2,429 1,469 416 — 4,430 
Total Year-To-Date Gross Charge-Offs$111 $3,619 $3,266 $2,429 $1,988 $3,231 $— $14,644 
Three Months Ended June 30, 2025
Term Loans Charge-offs by Origination Year
(in thousands)20252024202320222021PriorRevolving Loans
Charge-Offs		Total
Quarter-To-Date Gross Charge-offs
Real estate loans
Commercial real estate
Nonowner occupied$— $— $— $— $— $— $— $— 
Multi-family residential— — — — — — — — 
Land development and construction loans— — — — — — — — 
— — — — — — — — 
Single-family residential— — 141 — 15 — — 156 
Owner occupied— — — — — — — — 
— — 141 — 15 — — 156 
Commercial loans— 279 4,897 11,432 16 — — 16,624 
Loans to financial institutions and acceptances— — — — — — — — 
Consumer loans and overdrafts160 7 124 1,243 217 48 — 1,799 
Total Quarter-To-Date Gross Charge-Offs$160 $286 $5,162 $12,675 $248 $48 $— $18,579 


Six Months Ended June 30, 2025
Term Loans Charge-offs by Origination Year
(in thousands)20262025202420232022PriorRevolving Loans
Charge-Offs		Total
Year-To-Date Gross Charge-offs
Real estate loans
Commercial real estate
Nonowner occupied$— $— $— $— $— $— $— $— 
Multi-family residential— — — — — — — — 
Land development and construction loans— — — — — — — — 
— — — — — — — — 
Single-family residential— — 141 22 15 38 — 216 
Owner occupied— — — — — 130 — 130 
— — 141 22 15 168 — 346 
Commercial loans— 279 5,121 11,898 263 766 — 18,327 
Loans to financial institutions and acceptances— — — — — — — — 
Consumer loans and overdrafts288 8 597 3,517 742 134 — 5,286 
Total Year-To-Date Gross Charge-Offs$288 $287 $5,859 $15,437 $1,020 $1,068 $— $23,959 
Individually Evaluated Loans - Collateral-Dependent and Other
Loans individually evaluated for expected credit losses are primarily those with well‑defined weaknesses that are classified as substandard or worse and that have loan balances of $1 million or greater. Certain smaller‑balance loans may also be individually evaluated when a loss is deemed highly likely and the loan is fully reserved. These loans are mainly evaluated under two methods, collateral-dependent and discounted cash flow.

Loans are considered collateral-dependent when the repayment of the loan is expected to be provided by the sale of the underlying collateral. In this case, the ACL is measured based on the difference between the fair value of the collateral less estimated costs to sell and the amortized cost basis of the loan as of the measurement date. The ACL may be zero if the fair value less estimated costs to sell of the collateral at the measurement date is equal or greater than the amortized cost basis of the loan.

Loans are evaluated under the discounted cash flow method when the Company expects repayment of the financial asset from the payments received, the ACL is measured based on the difference between the present value of the expected payments to be received discounted at the loan’s contractual interest rate and the amortized cost basis of the loan as of the measurement date. In certain circumstances, management may utilize probability‑weighted scenarios to reflect different reasonable and supportable expectations of future cash collections. The ACL may be zero if the present value at the measurement date is equal or greater than the amortized cost basis of the loan.

As of June 30, 2026 and December 31, 2025, the Company’s individually evaluated loans, totaled $251.5 million and $259.3 million, respectively.

Collateral -Dependent Loans
The following tables present the amortized cost basis of collateral dependent loans related to borrowers experiencing financial difficulty by type of collateral as of June 30, 2026 and December 31, 2025:

As of June 30, 2026
Collateral Type
(in thousands)Commercial Real EstateResidential Real EstateOtherTotalSpecific Reserves
Real estate loans
Commercial real estate
Nonowner occupied (1)$24,755 $— $— $24,755 $— 
Multi-family residential— — — — — 
Land development and construction loans — — — — — 
24,755 — — 24,755 — 
Single-family residential (2)— 15,520 — 15,520 — 
Owner occupied (3)72,188 — — 72,188 — 
96,943 15,520 — 112,463 — 
Commercial loans (4)5,044 — 6,608 11,652 2,206 
Loans to financial institutions and acceptances (5)34,210 — — 34,210 — 
Consumer loans and overdrafts— — 7,962 7,962 — 
Total
$136,197 $15,520 $14,570 $166,287 $2,206 
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(1)Weighted-average loan-to-value was approximately 71.4% at June 30, 2026.
(2)Weighted-average loan-to-value was approximately 61.5% at June 30, 2026.
(3)Weighted-average loan-to-value was approximately 62.1% at June 30, 2026.
(4)Weighted-average loan-to-value was approximately 52.6% at June 30, 2026.
(5)Weighted-average loan-to-value was approximately 47.5% at June 30, 2026.

As of December 31, 2025
Collateral Type
(in thousands)Commercial Real EstateResidential Real EstateOtherTotalSpecific Reserves
Real estate loans
Commercial real estate
Nonowner occupied (1)$33,950 $— $— $33,950 $— 
Multi-family residential (2)22,435 — — 22,435 — 
Land development and construction loans— — — — — 
56,385 — — 56,385 — 
Single-family residential (3)— 15,388 — 15,388 — 
Owner occupied (4)47,365 — — 47,365 — 
103,750 15,388 — 119,138 — 
Commercial loans (5)9,968 — 36,826 46,794 263 
Consumer loans and overdrafts— — 8,676 8,676 — 
Total
$113,718 $15,388 $45,502 $174,608 $263 
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(1)Weighted-average loan-to-value was approximately 76.9% at December 31, 2025.
(2)Weighted-average loan-to-value was approximately 33.2% at December 31, 2025.
(3)Weighted-average loan-to-value was approximately 73.7% at December 31, 2025.
(4)Weighted-average loan-to-value was approximately 72.7% at December 31, 2025.
(5)Weighted-average loan-to-value was approximately 77.1% at December 31, 2025.



Other Individually Evaluated Loans
As of June 30, 2026 and December 31, 2025, in addition to collateral dependent loans, the Company individually evaluated loans under the cash flow method with amortized cost balances of $85.2 million and $84.5 million, respectively, and related specific reserves of $3.6 million and $2.4 million, respectively. As of June 30, 2026, the $85.2 million balance consisted of $83.0 million in commercial loans and $2.1 million in owner-occupied loans, while the December 31, 2025 balance consisted entirely of commercial loans. Additionally, as of June 30, 2026, there were no unsecured commercial loans individually evaluated compared to $0.2 million, of unsecured commercial loans as of December 31, 2025, which were 100% reserved.