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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~September~~March 3031, ~~2024~~2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

Commission File Number 0-22193

(Exact name of registrant as specified in its charter)


Delaware			33-0743196
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

17901 Von Karman Avenue, Suite 1200, Irvine, California 92614

(Address of principal executive offices and zip code)

(949) 864-8000

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. (See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act).

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2). Yes ☐ No ☒

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol

Name of Each Exchange on Which Registered

Common Stock, par value $0.01 per share

PPBI

NASDAQ Global Select Market

The number of shares outstanding of the registrant’s common stock as of ~~October~~April 2225, ~~2024~~2025 was 9697,~~440~~058,~~625~~541.

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES

FORM 10-Q

INDEX

FOR THE QUARTER ENDED ~~SEPTEMBER~~MARCH 3031, ~~2024~~2025

PART I - FINANCIAL INFORMATION
Item 1 - Financial Statements
Consolidated Statements of Financial Condition (Unaudited)			3
Consolidated Statements of Income (Unaudited)			4
Consolidated Statements of Comprehensive Income (Unaudited)			5
Consolidated Statements of Stockholders’ Equity (Unaudited)			6
Consolidated Statements of Cash Flows (Unaudited)			87
Notes to Consolidated Financial Statements (Unaudited)			98
Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations			5747
Item 3 - Quantitative and Qualitative Disclosures About Market Risk			~~106~~90
Item 4 - Controls and Procedures			~~108~~92
PART II - OTHER INFORMATION			~~109~~93
Item 1 - Legal Proceedings			~~109~~93
Item 1A - Risk Factors			~~109~~93
Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds			~~109~~96
Item 3 - Defaults Upon Senior Securities			~~109~~97
Item 4 - Mine Safety Disclosures			~~109~~97
Item 5 - Other Information			~~109~~97
Item 6 - Exhibits			~~110~~98
SIGNATURE			~~111~~99

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(Unaudited)

(Dollars in thousands, except par value and share data)

~~September~~March 3031,~~2024~~2025

December 31,~~2023~~2024

ASSETS

Cash and due from banks

~~160~~149,~~305~~537

~~146~~117,~~696~~955

Interest-bearing deposits with financial institutions

~~821~~618,~~944~~657

~~789~~491,~~777~~375

Cash and cash equivalents

~~982~~768,~~249~~194

~~936~~609,~~473~~330

Interest-bearing time deposits with financial institutions

1,~~246~~253

~~995~~1,246

Investments securities held-to-maturity, at amortized cost, net of allowance for credit losses of $104 and $126 (fair value of $1,482,042 and $1,485,506) at September 30, 2024 and December 31, 2023, respectively

1,713,575

1,729,541

Investments securities held-to-maturity, at amortized cost, net of allowance for credit losses of $97 and $110 (fair value of $1,410,612 and $1,428,077) at March 31, 2025 and December 31, 2024, respectively

1,700,117

1,711,804

Investment securities available-for-sale, at fair value

1,~~316~~758,~~546~~340

1,~~140~~683,~~071~~215

FHLB, FRB, and other stock

97,~~336~~729

9997,~~225~~539

Loans held for investment

12,035,097

13,289,020

Loans held for sale, at lower of cost or fair value

—

2,315

Allowance for credit losses

(181,248)

(192,471)

Loans held for investment

12,022,978

12,039,741

Loans held for investment, net

11,853,849

13,096,549

Allowance for credit losses

(174,967)

(178,186)

Accrued interest receivable

64,803

68,516

Loans held for investment, net

11,848,011

11,861,555

Other real estate owned

—

248

Accrued interest receivable

69,210

67,953

Premises and equipment, net

4946,~~807~~765

5648,~~676~~580

Deferred income taxes, net

~~104~~94,~~564~~083

~~113~~100,~~580~~295

Bank owned life insurance

~~481~~487,~~309~~180

~~471~~484,~~178~~952

Intangible assets

3429,~~924~~628

4332,~~285~~194

Goodwill

901,312

Other assets

~~308~~283,~~123~~761

~~368~~301,~~996~~295

Total assets

1718,~~909~~085,~~643~~583

1917,~~026~~903,~~645~~585

LIABILITIES

Deposit accounts:

Noninterest-bearing checking

4,~~639~~827,~~077~~093

4,~~932~~617,~~817~~013

Interest-bearing:

Checking

2,~~763~~859,~~353~~411

2,~~899~~898,~~621~~810

Money market/savings

4,~~805~~914,~~516~~248

4,~~868~~837,~~442~~929

Retail certificates of deposit

1,~~972~~765,~~962~~235

1,~~684~~809,~~560~~818

Wholesale/brokered certificates of deposit

300,~~019~~245

~~610~~300,~~186~~132

Total interest-bearing

9,~~841~~839,~~850~~139

109,~~062~~846,~~809~~689

Total deposits

14,~~480~~666,~~927~~232

14,~~995~~463,~~626~~702

FHLB advances and other borrowings

—

600,000

Subordinated debentures

272,579

272,449

Subordinated debentures

272,320

331,842

Accrued expenses and other liabilities

179,683

211,691

Accrued expenses and other liabilities

212,459

216,596

Total liabilities

15,118,494

14,947,842

Total liabilities

14,965,706

16,144,064

STOCKHOLDERS’ EQUITY

Preferred stock, $0.01 par value; 1,000,000 authorized; no shares issued and outstanding

—

Common stock, $0.01 par value; 150,000,000 shares authorized at September 30, 2024 and December 31, 2023; 96,462,767 shares and 95,860,092 shares issued and outstanding, respectively

942

938

Common stock, $0.01 par value; 150,000,000 shares authorized at March 31, 2025 and December 31, 2024; 97,069,001 shares and 96,441,667 shares issued and outstanding, respectively

946

942

Additional paid-in capital

2,~~389~~394,~~767~~834

2,~~377~~395,~~131~~339

Retained earnings

~~633~~639,~~350~~321

~~604~~635,~~137~~268

Accumulated other comprehensive loss

(8068,~~122~~012)

(9975,~~625~~806)

Total stockholders’ equity

2,~~943~~967,~~937~~089

2,~~882~~955,~~581~~743

Total liabilities and stockholders’ equity

1718,~~909~~085,~~643~~583

1917,~~026~~903,~~645~~585

Accompanying notes are an integral part of these consolidated financial statements.

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

Three Months Ended

~~Nine Months Ended~~

September 30,

March 31,

(Dollars in thousands, except share data)

~~2024~~2025

~~2023~~2024

~~2024~~

~~2023~~

INTEREST INCOME

Loans

~~163~~148,~~409~~530

~~177~~172,~~032~~975

~~503,931~~

~~540,842~~

Investment securities and other interest-earning assets

4238,~~217~~805

4740,~~030~~456

~~123,180~~

~~129,951~~

Total interest income

~~205~~187,~~626~~335

~~224~~213,~~062~~431

~~627,111~~

~~670,793~~

INTEREST EXPENSE

Deposits

6759,~~898~~573

6259,~~718~~506

~~191,633~~

~~156,532~~

FHLB advances and other borrowings

~~1,511~~2

74,~~235~~237

~~8,078~~

~~22,328~~

Subordinated debentures

54,~~319~~393

4,561

~~14,981~~

~~13,683~~

Total interest expense

7463,~~728~~968

7468,~~514~~304

~~214,692~~

~~192,543~~

Net interest income before provision for credit losses

~~130~~123,~~898~~367

~~149~~145,~~548~~127

~~412,419~~

~~478,250~~

Provision for credit losses

~~486~~(3,718)

3,~~918~~852

~~5,603~~

~~8,433~~

Net interest income after provision for credit losses

~~130~~127,~~412~~085

~~145~~141,~~630~~275

~~406,816~~

~~469,817~~

NONINTEREST INCOME

Loan servicing income

~~525~~447

~~533~~529

~~1,564~~

~~1,599~~

Service charges on deposit accounts

2,~~711~~629

2,~~673~~688

~~8,109~~

~~7,972~~

Other service fee income

~~306~~289

~~280~~336

~~951~~

~~891~~

Debit card interchange fee income

~~876~~834

~~924~~765

~~2,566~~

~~2,641~~

Earnings on bank owned life insurance

45,~~335~~772

34,~~579~~159

~~12,712~~

~~10,440~~

Net gain from sales of loans

4790

45—

~~112~~

~~419~~

Net gain from sales of investment securities

—

138

Trust custodial account fees

10,307

10,642

Trust custodial account fees

8,813

9,356

28,405

29,741

Escrow and exchange fees

672

696

Escrow and exchange fees

673

938

2,071

2,920

Other income

425

5,959

Other income

581

223

6,373

3,515

Total noninterest income

21,465

25,774

Total noninterest income

18,867

18,551

62,863

60,276

NONINTEREST EXPENSE

Compensation and benefits

5352,~~400~~812

54,~~068~~130

~~160,670~~

~~161,785~~

Premises and occupancy

109,~~899~~716

1110,~~382~~807

~~32,186~~

~~34,739~~

Data processing

7,~~777~~976

7,~~517~~511

~~23,042~~

~~22,270~~

Other real estate owned operations, net

1—

~~(4)~~46

~~112~~

FDIC insurance premiums

1,~~922~~996

2,~~324~~629

~~6,424~~

~~7,106~~

Legal and professional services

4,~~980~~861

4,~~243~~143

~~10,201~~

~~14,460~~

Marketing expense

~~860~~936

1,~~635~~558

~~4,142~~

~~5,352~~

Office expense

1,~~046~~099

1,~~079~~093

~~3,216~~

~~3,591~~

Loan expense

~~734~~781

~~476~~770

~~2,344~~

~~1,689~~

Deposit expense

12,~~474~~896

1012,~~811~~665

~~37,428~~

~~28,441~~

Amortization of intangible assets

2,~~762~~566

32,~~055~~836

~~8,361~~

~~9,281~~

Other expense

4,~~790~~653

54,~~599~~445

~~13,784~~

~~15,355~~

Total noninterest expense

~~101~~100,~~645~~292

102,~~185~~633

~~301,845~~

~~304,181~~

Net income before income taxes

4748,~~634~~258

6164,~~996~~416

~~167,834~~

~~225,912~~

Income tax expense

1112,~~655~~237

1517,~~966~~391

~~42,925~~

~~59,684~~

Net income

3536,~~979~~021

4647,~~030~~025

~~124,909~~

~~166,228~~

EARNINGS PER SHARE

Basic

0.37

0.4849

~~1.30~~

~~1.74~~

Diluted

0.37

0.4849

~~1.30~~

~~1.74~~

WEIGHTED AVERAGE SHARES OUTSTANDING

Basic

94,~~650~~764,~~096~~879

94,~~189~~350,~~844~~259

~~94,543,243~~

~~94,072,463~~

Diluted

94,~~775~~820,~~927~~132

94,~~283~~477,~~008~~355

~~94,652,583~~

~~94,214,846~~

Accompanying notes are an integral part of these consolidated financial statements.

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

	Three Months Ended		~~Nine Months Ended~~
	September 30,		September 30,		September 30,		September 30,
	March 31,		March 31,
(Dollars in thousands)	~~2024~~2025		~~2023~~2024		~~2024~~		~~2023~~
Net income	$	3536,~~979~~021	$	4647,~~030~~025	$	~~124,909~~	$	~~166,228~~
Other comprehensive income (loss), net of tax:
Other comprehensive income, net of tax:
Unrealized gain (loss) on securities available-for-sale, net of income taxes (1)	7,350		(15,684)		11,723		5,166
Unrealized gain on securities available-for-sale, net of income taxes (1)	5,317		1,390
Reclassification adjustment for net gain on sales of securities included in net income, net of income taxes (2)	—		—		—		(99)
Amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity, net of income taxes (2)	2,477		2,519
Net unrealized loss on securities transferred from available-for-sale to held-to-maturity, net of income taxes (3)	—		—		—		(36,076)
Other comprehensive income, net of tax	7,794		3,909
Amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity, net of income taxes (4)	2,661		2,522		7,780		7,627
Comprehensive income, net of tax	$	43,815	$	50,934
Other comprehensive income (loss), net of tax	10,011		(13,162)		19,503		(23,382)
Comprehensive income, net of tax	$	45,990	$	32,868	$	144,412	$	142,846

______________________________

(1) Income tax expense ~~(benefit)~~ of the unrealized gain ~~(loss)~~ on securities was $2.91 million and $~~(6.2)~~547,000 ~~million~~ for the three months ended ~~September~~March 3031, ~~2024~~2025 and ~~2023, respectively, and $4.6 million and $2.0 million for the nine months ended September 30,~~ 2024 ~~and 2023~~, respectively.

(2) Income tax expense on the ~~reclassification~~amortization ~~adjustment~~of ~~for~~unrealized ~~net~~loss ~~gain~~ on ~~sales~~securities oftransferred ~~securities~~from available-for-sale to held-to-maturity included in net income was ~~zero~~$1.0 ~~for~~million ~~the three months ended September 30, 2024~~ and ~~2023, respectively, and zero and~~ $~~39,000~~1.0 million for the ~~nine~~three months ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024, respectively.

(3) Income tax (benefit) expense on the unrealized loss on securities transferred from available-for-sale to held-to-maturity was zero for the three months ended September 30, 2024 and 2023, respectively, and zero and $(14.3) million for the nine months ended September 30, 2024 and 2023, respectively.

(4) Income tax expense on the amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity included in net income was $1.0 million and $1.0 million for the three months ended September 30, 2024 and 2023, respectively, and $3.1 million and $3.0 million for the nine months ended September 30, 2024 and 2023, respectively.

Accompanying notes are an integral part of these consolidated financial statements.

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

FOR THE ~~NINE MONTHS AND~~ THREE MONTHS ENDED ~~SEPTEMBER~~MARCH 3031, 2025 AND 2024

(Unaudited)

(Dollars in thousands, except share data)	Common StockShares	Common Stock		Additional Paid-in Capital		Accumulated RetainedEarnings		Accumulated Other Comprehensive Loss		Total Stockholders’ Equity
Balance at December 31, 2023	95,860,092	$	938	$	2,377,131	$	604,137	$	(99,625)	$	2,882,581
Balance at December 31, 2024	96,441,667	$	942	$	2,395,339	$	635,268	$	(75,806)	$	2,955,743
Net income	—	—		—		~~124~~36,~~909~~021		—		~~124~~36,~~909~~021
Other comprehensive income	—	—		—		—		197,~~503~~794		197,~~503~~794
Cash dividends declared ($0.99 per common share)	—	—		—		(95,280)		—		(95,280)
Cash dividends declared ($0.33 per common share)	—	—		—		(31,821)		—		(31,821)
Dividend equivalents declared ($0.99 per restricted stock unit)	—	—		416		(416)		—		—
Dividend equivalents declared ($0.33 per restricted stock unit)	—	—		147		(147)		—		—
Share-based compensation expense	—	—		164,~~368~~216		—		—		164,~~368~~216
Issuance of restricted stock, net	~~819~~854,~~501~~050	34		(34)		—		—		—
Restricted stock surrendered and canceled	(~~267~~229,~~448~~716)	—		(4,~~933~~910)		—		—		(4,~~933~~910)
Exercise of stock options	503,~~622~~000	1—		~~788~~46		—		—		~~789~~46
Balance at September 30, 2024	96,462,767	$	942	$	2,389,767	$	633,350	$	(80,122)	$	2,943,937
Balance at March 31, 2025	97,069,001	$	946	$	2,394,834	$	639,321	$	(68,012)	$	2,967,089

Balance at June 30, 2024	96,434,047	$	941	$	2,383,615	$	629,341	$	(90,133)	$	2,923,764
Balance at December 31, 2023	95,860,092	$	938	$	2,377,131	$	604,137	$	(99,625)	$	2,882,581
Net income	—	—		—		3547,~~979~~025		—		3547,~~979~~025
Other comprehensive income	—	—		—		—		103,~~011~~909		103,~~011~~909
Cash dividends declared ($0.33 per common share)	—	—		—		(31,~~822~~635)		—		(31,~~822~~635)
Dividend equivalents declared ($0.33 per restricted stock unit)	—	—		~~148~~122		(~~148~~122)		—		—
Share-based compensation expense	—	—		5,~~484~~450		—		—		5,~~484~~450
Issuance of restricted stock, net	13786,~~500~~501	—3		—(3)		—		—		—
Restricted stock surrendered and canceled	(23196,~~976~~887)	—		(814,691)		—		—		(814,691)
Exercise of stock options	3910,~~196~~260	1—		~~601~~162		—		—		~~602~~162
Balance at September 30, 2024	96,462,767	$	942	$	2,389,767	$	633,350	$	(80,122)	$	2,943,937
Balance at March 31, 2024	96,459,966	$	941	$	2,378,171	$	619,405	$	(95,716)	$	2,902,801

Accompanying notes are an integral part of these consolidated financial statements.

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF ~~STOCKHOLDERS’~~CASH ~~EQUITY~~FLOWS

FOR THE NINE MONTHS AND THREE MONTHS ENDED SEPTEMBER 30, 2023

(Unaudited)

(Dollars in thousands, except share data)	Common StockShares			Common Stock				Additional Paid-in Capital		Accumulated RetainedEarnings		Accumulated Other Comprehensive Loss		Total Stockholders’ Equity
		Three Months Ended
Balance at December 31, 2022	95,021,760			$	933			$	2,362,663	$	700,040	$	(265,247)	$	2,798,389
		March 31,				March 31,
Net income	—			—				—		166,228		—		166,228
(Dollars in thousands)		2025				2024
Other comprehensive loss	—			—				—		—		(23,382)		(23,382)
Cash flows from operating activities:
Cash dividends declared ($0.99 per common share)	—			—				—		(94,616)		—		(94,616)
Net income		$	36,021			$	47,025
Dividend equivalents declared ($0.99 per restricted stock unit)	—			—				367		(367)		—		—
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation expense	—			—				14,622		—		—		14,622
Depreciation and amortization expense		2,974				3,085
Issuance of restricted stock, net	1,085,234			4				(4)		—		—		—
Provision for credit losses		(3,718)				3,852
Restricted stock surrendered and canceled	(221,617)			—				(5,953)		—		—		(5,953)
Share-based compensation expense		4,216				5,450
Exercise of stock options	15,470			—				246		—		—		246
Loss on sales and disposals of premises and equipment		51				5
Balance at September 30, 2023	95,900,847			$	937			$	2,371,941	$	771,285	$	(288,629)	$	2,855,534
Net (accretion) of discounts/premium on securities		(810)				(3,623)
Net (accretion) of discounts/premiums for acquired loans and deferred loan fees/costs		(1,914)				(3,176)
(Gain) on debt extinguishment		—				(5,067)
(Gain) on sales of loans		(90)				—
Deferred income tax expense		3,154				650
Income from bank owned life insurance, net		(5,024)				(3,461)
Amortization of intangible assets		2,566				2,836
Origination of loans held for sale, net of principal payments received		5				—
Proceeds from the sales of loans held for sale		2,522				—
Net change in accrued expenses and other liabilities		(30,570)				(24,240)
Net change in accrued interest receivable and other assets		12,275				33,610
Net cash provided by operating activities		21,658				56,946
Cash flows from investing activities:
Net (increase) in interest-bearing time deposits with financial institutions		(7)				—
Loan payments and (originations), net		260,199				238,258
Proceeds from sales of loans classified as loans held for investment		773				32,675
Purchase of loans held for investment		(238,272)				—
Proceeds from prepayments and maturities of securities held-to-maturity		12,880				10,339
Purchase of securities available-for-sale		(220,913)				(170,226)
Proceeds from prepayments and maturities of securities available-for-sale		156,269				164,079
Proceeds from the sales of premises and equipment		—				2
Proceeds from surrender of bank owned life insurance		2,799				236
Purchase of premises and equipment		(1,210)				(1,205)
Net change in FHLB, FRB, and other stock		(153)				2,034
Funding of Community Reinvestment Act (“CRA”) investments, net		(1,004)				(1,898)
Net cash (used in) provided by investing activities		(28,639)				274,294
Cash flows from financing activities:
Net change in deposit accounts		$	202,530			$	192,202
Repayments of long-term borrowings		—				(394,933)
Cash dividends paid		(31,821)				(31,635)
Proceeds from exercise of stock options		46				162
Restricted stock surrendered and canceled		(4,910)				(4,691)
Net cash provided by (used in) financing activities		165,845				(238,895)
Net change in cash and cash equivalents		158,864				92,345
Cash and cash equivalents, beginning of period		609,330				936,473
Cash and cash equivalents, end of period		$	768,194			$	1,028,818
Supplemental cash flow disclosures:
Interest paid		$	66,589			$	73,075
Income taxes paid (refunded), net		40				(3,656)
Noncash investing activities during the period:
Transfers from loans held for investment to loans held for sale		735				32,675
Recognition of operating lease right-of-use assets		(178)				(1,714)
Recognition of operating lease liabilities		355				1,701

Balance at June 30, 2023	95,906,217	$	937	$	2,366,639	$	757,025	$	(275,467)	$	2,849,134
Net income	—	—		—		46,030		—		46,030
Other comprehensive loss	—	—		—		—		(13,162)		(13,162)
Cash dividends declared ($0.33 per common share)	—	—		—		(31,647)		—		(31,647)
Dividend equivalents declared ($0.33 per restricted stock unit)	—	—		123		(123)		—		—
Share-based compensation expense	—	—		5,350		—		—		5,350
Issuance of restricted stock, net	11,161	—		—		—		—		—
Restricted stock surrendered and canceled	(16,531)	—		(171)		—		—		(171)
Exercise of stock options	—	—		—		—		—		—
Balance at September 30, 2023	95,900,847	$	937	$	2,371,941	$	771,285	$	(288,629)	$	2,855,534

Accompanying notes are an integral part of these consolidated financial statements.

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Nine Months Ended
	September 30,		September 30,
(Dollars in thousands)	2024		2023
Cash flows from operating activities:
Net income	$	124,909	$	166,228
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	9,044		10,617
Provision for credit losses	5,603		8,433
Share-based compensation expense	16,368		14,622
Loss on sales and disposals of premises and equipment	12		131
Loss (gain) on sale or write down of other real estate owned	28		(106)
Net (accretion) amortization of discounts/premium on securities	(9,280)		11,244
Net (accretion) of discounts/premiums for acquired loans and deferred loan fees/costs	(9,873)		(11,573)
(Gain) on sale of investment securities available-for-sale	—		(138)
(Gain) on debt extinguishment	(5,270)		—
(Gain) on sales of loans	(112)		(419)
Deferred income tax expense	1,335		677
Income from bank owned life insurance, net	(10,591)		(8,453)
Amortization of intangible assets	8,361		9,281
Origination of loans held for sale, net of principal payments received	(1,793)		(1,370)
Proceeds from the sales of loans held for sale	2,255		2,085
Net change in accrued expenses and other liabilities	(26,434)		78,202
Net change in accrued interest receivable and other assets	81,337		(10,970)
Net cash provided by operating activities	185,899		268,491
Cash flows from investing activities:
Net (increase) decrease in interest-bearing time deposits with financial institutions	(251)		492
Proceeds from sales of other real estate owned	209		3,307
Loan (originations) and payments, net	1,200,165		1,330,911
Proceeds from sales of loans classified as loans held for investment	58,325		84,472
Purchase of securities held-to-maturity	(14,734)		(21,357)
Proceeds from prepayments and maturities of securities held-to-maturity	34,783		35,748
Purchase of securities available-for-sale	(711,841)		(224,347)
Proceeds from prepayments and maturities of securities available-for-sale	567,761		198,433
Proceeds from sales of securities available-for-sale	—		304,320
Proceeds from the sales of premises and equipment	2		3
Proceeds from surrender of bank owned life insurance	463		272
Purchase of premises and equipment	(2,189)		(5,604)
Net change in FHLB, FRB, and other stock	1,867		1,784
Funding of Community Reinvestment Act (“CRA”) investments, net	(5,830)		(32,621)
Net cash provided by investing activities	1,128,730		1,675,813
Cash flows from financing activities:
Net change in deposit accounts	$	(514,699)	$	(1,344,954)
Net change in short-term borrowings	—		(200,000)
Repayments of long-term borrowings	(594,730)		—
Repayments of subordinated debentures	(60,000)		—
Cash dividends paid	(95,280)		(94,616)
Proceeds from exercise of stock options	789		246
Restricted stock surrendered and canceled	(4,933)		(5,953)
Net cash used in financing activities	(1,268,853)		(1,645,277)
Net increase in cash and cash equivalents	45,776		299,027
Cash and cash equivalents, beginning of period	936,473		1,101,249
Cash and cash equivalents, end of period	$	982,249	$	1,400,276
Supplemental cash flow disclosures:
Interest paid	$	219,960	$	177,393
Income taxes (refunded) paid, net	(16,135)		1,610
Noncash investing activities during the period:
Transfers from loans held for investment to loans held for sale	58,675		84,993
Loans held for sale transfer to loans held for investment	—		2,227
Other real estate owned transferred from loans held for investment	—		7,336
Transfers of investment securities from available-for-sale to held-to-maturity	—		360,347
Transfers of CRA investment securities from FHLB, FRB, and other stock to other assets	—		12,601
Recognition of operating lease right-of-use assets	(22,099)		(4,259)
Recognition of operating lease liabilities	23,604		4,336
Receivable on unsettled security payments	8		—

Accompanying notes are an integral part of these consolidated financial statements.

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

~~September~~March 3031, ~~2024~~2025

(Unaudited)

Note 1 – Basis of Presentation

The consolidated financial statements include the accounts of Pacific Premier Bancorp, Inc. (the “Corporation”) and its wholly owned subsidiaries, including Pacific Premier Bank, National Association, (the “Bank”) (collectively, the “Company,” “we,” “our,” or “us”). All significant intercompany accounts and transactions have been eliminated in consolidation.

In the opinion of management, the unaudited consolidated financial statements reflect all normal recurring adjustments and accruals that are necessary for a fair presentation of the statement of financial position and the results of operations for the interim periods presented. The results of operations for the ~~nine~~three months ended ~~September~~March 3031, ~~2024~~2025 are not necessarily indicative of the results that may be expected for any other interim period or the full year ending December 31, ~~2024~~2025.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, ~~2023~~2024 (the “~~2023~~2024 Form 10-K”).

The Company consolidates voting entities in which the Company has control through voting interests or entities through which the Company has a controlling financial interest in a variable interest entity (“VIE”). The Company evaluates its interests in these entities to determine whether they meet the definition of a VIE and whether the Company is required to consolidate these entities. A VIE is consolidated by its primary beneficiary, which is the party that has both (i) the power to direct the activities that most significantly impact the economic performance of the VIE and (ii) a variable interest that could potentially be significant to the VIE. To determine whether or not a variable interest the Company holds could potentially be significant to the VIE, the Company considers both qualitative and quantitative factors regarding the nature, size, and form of the Company's involvement with the VIE. See Note 13 – Variable Interest Entities for additional information.

Note 2 – Recently Issued Accounting Pronouncements

Accounting Standards Adopted in 2024

In March 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU” or “Update”) 2023-02, Investments - Equity Method and Joint Ventures (Topic 323), Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method, a consensus of the Emerging Issues Task Force. The amendments in this Update allow the option for an entity to apply the proportional amortization method of accounting to other equity investments that are made for the primary purpose of receiving income tax credits or other income tax benefits, if certain conditions are met. Prior to this Update, the application of the proportional amortization method of accounting was limited to investments in low income housing tax credit structures. The proportional amortization method of accounting results in the amortization of applicable investments, as well as the related income tax credits or other income tax benefits received, being presented on a single line in the statements of income, that is income tax expense. Under this Update, an entity has the option to apply the proportional amortization method of accounting to applicable investments on a tax-credit-program-by-tax-credit-program basis. In addition, the amendments in this Update require that all tax equity investments accounted for using the proportional amortization method use the delayed equity contribution guidance in paragraph 323-740-25-3, requiring a liability be recognized for delayed equity contributions that are unconditional and legally binding or for equity contributions that are contingent upon a future event when that contingent event becomes probable. Under this Update, low income housing tax credit investments for which the proportional amortization method is not applied can no longer be accounted for using the delayed equity contribution guidance. Further, this Update specifies that tax equity investments accounted for using the equity method must apply the impairment guidance in Subtopic 323-10 - Investments - Equity Method and Joint Ventures - Overall. This Update also clarifies that for low income housing tax credit investments not accounted for under the proportional amortization method or the equity method, an entity shall account for them under Topic 321 - Investments - Equity Securities. The amendments in this Update also require additional disclosures in interim and annual periods concerning investments for which the proportional amortization method is applied, including (i) the nature of tax equity investments, and (ii) the effect of tax equity investments and related income tax credits and other income tax benefits on the financial position and results of operations. The provisions of this Update became effective for the Company for interim and annual periods beginning January 1, 2024. Refer to Note 14 – Tax Equity Investments for additional information. The adoption of this Update did not have a material impact on the Company’s consolidated financial statements.

Recent Accounting Guidance Not Yet Effective

In ~~December~~November ~~2023~~2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) ~~2023~~2024-0903, Income ~~Taxes~~Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (~~Topic~~Subtopic ~~740~~220-40). -This ~~Improvements~~Update addresses requests from financial statement users for more detailed information concerning a public business entity’s expenses, such as those related to ~~Income~~purchases ~~Tax~~of ~~Disclosures~~inventory, employee compensation costs, depreciation, amortization, and depletion costs. The ~~FASB~~incremental ~~issued~~disclosures ~~this~~are ~~Update~~intended to ~~enhance~~assist ~~the~~financial ~~transparency~~statement ~~and~~users ~~decision~~by ~~usefulness~~providing a better understanding of ~~income~~an ~~tax~~entity’s ~~disclosures.~~expenses ~~The~~and ~~amendments~~to inenable ~~this~~investors to better assess an entity’s current and future performance. This Update ~~address~~also ~~investor~~requires ~~requests~~entities ~~for~~to ~~more~~disclose ~~transparency~~the ~~about~~total ~~income~~amount ~~tax~~of ~~information~~selling ~~through~~expenses ~~improvements~~and to ~~income~~provide ~~tax~~the entity’s definition of what constitutes “selling expenses” in annual financial statement disclosures. ~~primarily~~Further, ~~related~~this toUpdate requires a qualitative description of the ~~rate~~amounts ~~reconciliation~~remaining ~~and~~in ~~income~~relevant ~~taxes~~expense ~~paid~~captions that have not been separately disaggregated. The amendments in this Update are effective for annual reporting periods beginning after December 15, ~~2024~~2026, and interim reporting periods beginning after December 15, 2027. ~~Early~~The ~~adoption~~amendments isin ~~permitted~~this Update may be applied either prospectively or retrospectively. The Company is currently evaluating the impact of this Update ~~on its consolidated financial statements~~.

10In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. The amendments in this Update address investor requests for more transparency and decision usefulness about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid. The amendments in this Update are effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company has evaluated the provisions of this Update and does not believe they will have a material impact on the Company’s consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segments. The amendments in this Update improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis. Amendments in this Update include: a requirement that a public entity provide all annual disclosures about a reportable segment’s profit or loss in its interim period disclosures, disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), disclosure of amounts for other segment items by reportable segment and a description of its composition, clarification that if the CODM uses more than one measure of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources, a public entity may report one or more of those additional measures of segment profit or loss, requires that a public entity disclose the title and position of the CODM, and an explanation of how the CODM uses the reported measure(s) of segment profit or loss, and requires that a public entity that has a single reportable segment provide all the disclosures required by this Update as well as all existing disclosures required in Topic 280. The amendments in this Update are effective for the Company beginning with its 2024 annual financial statement disclosures for the year ended December 31, 2024, and for all interim and annual periods thereafter. Early adoption is permitted. The Company is currently evaluating the impact of this Update.

Note 3 – Significant Accounting Policies

Our accounting policies are described in Note 1 - Description of Business and Summary of Significant Accounting Policies, of our audited consolidated financial statements included in our ~~2023~~2024 Form 10-K. As of ~~September~~March 3031, ~~2024~~2025, there were no significant changes to accounting policies from those disclosed in our audited consolidated financial statements included in our ~~2023~~2024 Form 10-K.

Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods presented. Actual results could differ from those estimates.

119

Note 4 – Investment Securities

The amortized cost and estimated fair value of available-for-sale (“AFS”) investment securities were as follows:

(Dollars in thousands)

Amortized Cost

Gross UnrealizedGain

Gross UnrealizedLoss

EstimatedFair Value

AFS investment securities:

September 30, 2024

March 31, 2025

U.S. Treasury

~~767~~1,~~202~~265,561

41,~~149~~870

—(322)

~~771~~1,~~351~~267,109

Agency

1,~~207~~061

—

(4230)

1,~~165~~031

Corporate

~~428~~383,~~311~~212

~~265~~346

(2310,~~168~~985)

~~405~~372,~~408~~573

Collateralized mortgage obligations

~~139~~118,~~456~~269

(~~841~~646)

~~138~~117,~~622~~627

Total AFS investment securities

1,~~336~~768,~~176~~103

42,~~421~~220

(2411,~~051~~983)

1,~~316~~758,~~546~~340

December 31, 2023

December 31, 2024

U.S. Treasury

~~538~~1,~~899~~166,474

~~381~~2,192

(242,581)

~~539~~1,~~256~~166,085

Agency

1,~~941~~148

—

(7340)

1,~~868~~108

Corporate

~~481~~408,~~499~~256

52421

(3516,~~208~~419)

~~446~~392,~~343~~258

Collateralized mortgage obligations

~~153~~124,~~701~~502

—4

(~~1,097~~742)

~~152~~123,~~604~~764

Total AFS investment securities

1,~~176~~700,~~040~~380

~~433~~2,617

(3619,~~402~~782)

1,~~140~~683,~~071~~215

The carrying amount and estimated fair value of held-to-maturity (“HTM”) investment securities were as follows:

(Dollars in thousands)

Amortized Cost

Allowance for Credit Losses

Net Carrying Amount

Gross UnrecognizedGain

Gross UnrecognizedLoss

EstimatedFair Value

HTM investment securities:

September 30, 2024

March 31, 2025

Municipal bonds

1,~~145~~143,~~201~~400

(~~104~~97)

1,~~145~~143,~~097~~303

~~272~~—

(~~204~~256,~~482~~006)

~~940,~~887,297

Collateralized mortgage obligations

~~316~~302,~~550~~958

—

~~316~~302,~~550~~958

15,~~532~~394

(26,~~595~~504)

~~315~~301,~~487~~848

Mortgage-backed securities

~~235~~237,~~729~~717

—

~~235~~237,~~729~~717

~~671~~173

(2632,~~931~~562)

~~209~~205,~~469~~328

Other

16,~~199~~139

—

16,~~199~~139

—

16,~~199~~139

Total HTM investment securities

1,~~713~~700,~~679~~214

(~~104~~97)

1,~~713~~700,~~575~~117

25,~~475~~567

(~~234~~295,~~008~~072)

1,~~482~~410,~~042~~612

December 31, 2023

December 31, 2024

Municipal bonds

1,~~146~~144,~~244~~862

(~~126~~110)

1,~~146~~144,~~118~~752

~~819~~—

(~~206~~242,~~361~~298)

~~940~~902,~~576~~454

Collateralized mortgage obligations

~~334~~309,~~997~~653

—

~~334~~309,~~997~~653

13,~~565~~886

(98,~~570~~718)

~~326~~304,~~992~~821

Mortgage-backed securities

~~232~~241,~~157~~223

—

~~232~~241,~~157~~223

~~310~~67

(3036,~~798~~664)

~~201~~204,~~669~~626

Other

16,~~269~~176

—

16,~~269~~176

—

16,~~269~~176

Total HTM investment securities

1,~~729~~711,~~667~~914

(~~126~~110)

1,~~729~~711,~~541~~804

23,~~694~~953

(~~246~~287,~~729~~680)

1,~~485~~428,~~506~~077

~~The~~Investment ~~Company~~securities ~~reassesses~~with ~~classification~~carrying values of ~~certain~~$3.12 ~~investments~~billion asand ~~part~~$3.16 billion as of ~~the~~March 31, ~~ongoing~~2025 ~~review~~and December 31, 2024, respectively, were pledged to other borrowings, secure public deposits, and for other purposes as required or permitted by law, of ~~the~~which ~~investment~~$2.93 ~~securities~~billion ~~portfolio~~and $2.97 ~~During~~billion ~~the~~as ~~nine~~of ~~months~~March 31, ~~ended~~2025 ~~September~~and December 3031, 2024, ~~there~~respectively, were nopledged ~~transfers~~to ofthe ~~AFS~~Federal ~~securities~~Reserve's discount window to ~~HTM~~increase ~~securities~~the Company’s access to funding and provide liquidity.

1210

During the nine months ended September 30, 2023, the Company transferred $410.7 million of AFS collateralized mortgage obligations to HTM securities. The Company intends and has the ability to hold the securities transferred to maturity. The transfer of these securities was accounted for at fair value on the transfer date. The collateralized mortgage obligations had a net carrying amount of $360.3 million with a pre-tax unrealized loss of $50.4 million, which are accreted into interest income as yield adjustments through earnings over the remaining term of the securities. The amortization of the related net after-tax unrealized losses reported in accumulated other comprehensive loss offsets the effect on interest income for the accretion of the unrealized losses associated with the transferred securities. No gains or losses were recorded at the time of transfer.

Investment securities with carrying values of $2.72 billion and $2.80 billion as of September 30, 2024 and December 31, 2023, respectively, were pledged to other borrowings, secure public deposits, and for other purposes as required or permitted by law, of which $2.53 billion and $1.41 billion as of September 30, 2024 and December 31, 2023, respectively, were pledged to the Federal Reserve's discount window to increase the Company’s access to funding and provide liquidity.

Unrealized Gains and Losses

Unrealized gains and losses on AFS investment securities, net of tax, are recognized in stockholders’ equity as accumulated other comprehensive income or loss, net of tax. At ~~September~~March 3031, ~~2024~~2025, the Company had a net unrealized loss on AFS investment securities of $199.68 million, or $147.0 million net of tax in accumulated other comprehensive loss, compared to a net unrealized loss of $3617.02 million, or $2512.83 million net of tax in accumulated other comprehensive loss, at December 31, ~~2023~~2024.

For investment securities transferred from AFS to HTM, the net after-tax unrealized gains and losses at the date of transfer continue to be reported in stockholders’ equity as accumulated other comprehensive loss and are amortized over the remaining lives of the securities with an offsetting entry to interest income as an adjustment of yield in a manner consistent with the amortization of a premium or discount~~, with an offsetting entry to interest income for the accretion of the unrealized loss associated with the transferred securities~~. At ~~September~~March 3031, ~~2024~~2025, the unrealized loss on investment securities transferred from AFS to HTM was $9285.10 million, or $6661.10 million net of tax. At December 31, ~~2023~~2024, the unrealized loss on investment securities transferred from AFS to HTM was $~~102~~88.94 million, or $7363.95 million net of tax.

The table below summarizes the number, fair value, and gross unrealized holding losses of the Company’s AFS investment securities in an unrealized loss position for which an allowance for credit losses (the “ACL”) has not been recorded as of the dates indicated, aggregated by investment category and length of time in a continuous loss position.

	September 30, 2024
	Less than 12 Months					12 Months or Longer					Total
(Dollars in thousands)	Number	FairValue		GrossUnrealizedLosses		Number	FairValue		GrossUnrealizedLosses		Number	FairValue		GrossUnrealizedLosses
AFS investment securities:
Agency	—	$	—	$	—	4	$	1,165	$	(42)	4	$	1,165	$	(42)
March 31, 2025
Corporate	3	26,523		(50)		34	301,666		(23,118)		37	328,189		(23,168)
U.S. Treasury	18	$	446,313	$	(322)	—	$	—	$	—	18	$	446,313	$	(322)
Collateralized mortgage obligations	1	7,326		(18)		24	122,396		(823)		25	129,722		(841)
Agency	—	—		—		4	1,031		(30)		4	1,031		(30)
Total AFS investment securities	4	$	33,849	$	(68)	62	$	425,227	$	(23,983)	66	$	459,076	$	(24,051)
Corporate	2	10,049		(2)		24	222,668		(10,983)		26	232,717		(10,985)
Collateralized mortgage obligations	2	9,396		(20)		23	104,519		(626)		25	113,915		(646)
Total AFS investment securities	22	$	465,758	$	(344)	51	$	328,218	$	(11,639)	73	$	793,976	$	(11,983)
December 31, 2024
U.S. Treasury	21	$	519,211	$	(2,581)	—	$	—	$	—	21	$	519,211	$	(2,581)
Agency	—	—		—		4	1,108		(40)		4	1,108		(40)
Corporate	1	9,007		(4)		25	227,250		(16,415)		26	236,257		(16,419)
Collateralized mortgage obligations	2	11,161		(37)		23	108,783		(705)		25	119,944		(742)
Total AFS investment securities	24	$	539,379	$	(2,622)	52	$	337,141	$	(17,160)	76	$	876,520	$	(19,782)

	December 31, 2023
	Less than 12 Months					12 Months or Longer					Total
(Dollars in thousands)	Number	FairValue		GrossUnrealizedLosses		Number	FairValue		GrossUnrealizedLosses		Number	FairValue		GrossUnrealizedLosses
AFS investment securities:
U.S. Treasury	4	$	98,622	$	(24)	—	$	—	$	—	4	$	98,622	$	(24)
Agency	—	—		—		4	1,868		(73)		4	1,868		(73)
Corporate	1	4,989		(3)		47	431,353		(35,205)		48	436,342		(35,208)
Collateralized mortgage obligations	—	—		—		28	152,604		(1,097)		28	152,604		(1,097)
Total AFS investment securities	5	$	103,611	$	(27)	79	$	585,825	$	(36,375)	84	$	689,436	$	(36,402)

Allowance for Credit Losses on Investment Securities

The Company reviews individual securities classified as AFS to determine whether unrealized losses are deemed credit related or due to other factors such as changes in interest rates and general market conditions. An ACL on AFS investment securities is recorded when unrealized losses have been deemed, through the Company’s qualitative assessment, to be credit related. Non-credit related unrealized losses on AFS investment securities, which may be attributed to changes in interest rates and other market-related factors, are not recorded through an ACL. Such declines are recorded as an adjustment to accumulated other comprehensive loss, net of tax. In the event the Company is required to sell or has the intent to sell an AFS security that has experienced a decline in fair value below its amortized cost, the Company writes the amortized cost of the security down to fair value in the current period.

The ACL for HTM investment securities is estimated on a collective basis, based on shared risk characteristics, and is determined at the individual security level when the Company deems a security to no longer possess shared risk characteristics. Credit losses on HTM investment securities are representative of the amount needed to reduce the amortized cost basis to reflect the net amount expected to be collected.

The Company determines credit losses on both AFS and HTM investment securities through the use of a discounted cash flow approach using the security’s effective interest rate. The ACL is measured as the amount by which an investment security’s amortized cost exceeds the net present value of expected future cash flows. However, the amount of credit losses for AFS investment securities is limited to the amount of a security’s unrealized loss. The ACL is established through a charge to provision for credit losses in current period earnings.

For additional information concerning the ACL on investment securities, refer to Note 1 - Description of Business and Summary of Significant Accounting Policies, of our audited consolidated financial statements included in our ~~2023~~2024 Form 10-K.

AtThe ~~September~~Company had no ACL for AFS investment securities at March 3031, ~~2024~~2025 and December 31, ~~2023~~2024. The Company performed a qualitative assessment of these investments as of March 31, 2025 and determined that unrealized losses during the first quarter of 2025 were the result of general market conditions, including changes in interest rates, and does not believe the declines in fair value were credit related. As of March 31, 2025, the Company had not recorded credit losses on AFS securities that were in an ~~ACL~~unrealized loss position due to the high credit quality of ~~$104~~the investments,~~000~~ with investment grade ratings, and ~~$126~~many of them issued by U.S. government agencies. As of March 31,~~000,~~ ~~respectively~~2025, ~~for~~79% ~~HTM~~of ~~investment~~our AFS securities ~~classified~~were asU.S. ~~municipal~~Treasury, ~~bonds~~U.S. ~~The~~government ~~following~~agency, ~~table~~and ~~presents~~U.S. agovernment-sponsored ~~rollforward~~enterprise bysecurities. ~~major~~The ~~security~~fair ~~type~~value of corporate bank debt securities continued to improve during the ~~ACL~~three months ended March 31, 2025 as the spreads on the bank debt continued to tighten with overall signs of stability in the banking industry and interest rate movement during the period. Additionally, the Company's ~~HTM~~continues ~~debt~~to receive contractual principal and interest payments in a timely manner. It is more likely than not that the Company will not be required to sell AFS securities asprior ofto their anticipated recoveries, and at this time the Company does not intend to sell these securities. There was no provision for credit losses recognized for AFS investment securities during the ~~periods~~three ~~indicated:~~months ended March 31, 2025 and 2024.

(Dollars in thousands)	Beginning ACL Balance		Provision for Credit Losses		Ending ACL Balance
Three Months Ended September 30, 2024
HTM investment securities:
Municipal bonds	$	129	$	(25)	$	104

At March 31, 2025 and December 31, 2024, the Company had an ACL of $97,000 and $110,000, respectively, for HTM investment securities classified as municipal bonds. The following table presents a rollforward by major security type of the ACL on the Company's HTM debt securities as of and for the periods indicated:

Three Months Ended September 30, 2023

(Dollars in thousands)

Beginning ACL Balance

Provision for Credit Losses

Ending ACL Balance

Three Months Ended March 31, 2025

HTM investment securities:

Municipal bonds

~~113~~110

15(13)

~~128~~97


Three Months Ended March 31, 2024









HTM investment securities:
Municipal bonds	$	126	$	(11)	$	115

(Dollars in thousands)	Beginning ACL Balance		Provision for Credit Losses		Ending ACL Balance
Nine Months Ended September 30, 2024
HTM investment securities:
Municipal bonds	$	126	$	(22)	$	104

At March 31, 2025 and December 31, 2024, there were no AFS or HTM securities on nonaccrual status. At March 31, 2025 and December 31, 2024, there were no securities purchased with deterioration in credit quality since their origination.

Nine Months Ended September 30, 2023
HTM investment securities:
Municipal bonds	$	43	$	85	$	128

The Company had no ACL for AFS investment securities at September 30, 2024 and December 31, 2023. The Company performed a qualitative assessment of these investments as of September 30, 2024 and determined that unrealized losses during the third quarter of 2024 were the result of general market conditions, including changes in interest rates, and does not believe the declines in fair value were credit related. As of September 30, 2024, the Company had not recorded credit losses on AFS securities that were in an unrealized loss position due to the high credit quality of the investments, with investment grade ratings, and many of them issued by U.S. government agencies. As of September 30, 2024, 69% of our AFS securities were U.S. Treasury, U.S. government agency, and U.S. government-sponsored enterprise securities. The fair value of Corporate bank debt securities continued to improve during the nine months ended September 30, 2024 as the spreads on the bank debt continued to tighten with overall signs of stability in the banking industry and interest rate movement during the period. Additionally, the Company continues to receive contractual principal and interest payments in a timely manner. It is more likely than not that the Company will not be required to sell the securities prior to their anticipated recoveries, and at this time the Company does not intend to sell these securities. There was no provision for credit losses recognized for AFS investment securities during the nine months ended September 30, 2024 and 2023.

At September 30, 2024 and December 31, 2023, there were no AFS or HTM securities on nonaccrual status. All securities in the portfolio were current with their contractual principal and interest payments. At September 30, 2024 and December 31, 2023, there were no securities purchased with deterioration in credit quality since their origination.

Realized Gains and Losses

The following table presents the amortized cost of securities sold with related gross realized gains, gross realized losses, and net realized gains for the periods indicated:

	Three Months Ended		Nine Months Ended
	September 30,		September 30,		September 30,		September 30,
(Dollars in thousands)	2024		2023		2024		2023
Amortized cost of AFS investment securities sold	$	—	$	—	$	—	$	304,182
Gross realized gains	$	—	$	—	$	—	$	986
Gross realized (losses)	—		—		—		(848)
Net realized gains on sales of AFS investment securities	$	—	$	—	$	—	$	138

Contractual Maturities

The amortized cost and estimated fair value of investment securities at ~~September~~March 3031, ~~2024~~2025, by contractual maturity, are shown in the table below.

Due in One Yearor Less

Due after One Yearthrough Five Years

Due after Five Yearsthrough Ten Years

Due afterTen Years

Total

(Dollars in thousands)

AmortizedCost

FairValue

AmortizedCost

FairValue

AmortizedCost

FairValue

AmortizedCost

FairValue

AmortizedCost

FairValue

AFS investment securities:

U.S. Treasury

~~618~~918,~~639~~891

~~620~~920,~~804~~062

~~148~~346,~~563~~670

~~150~~347,~~547~~047

—

~~767~~1,~~202~~265,561

~~771~~1,~~351~~267,109

Agency

—

~~776~~640

~~752~~623

—

~~431~~421

~~413~~408

1,~~207~~061

1,~~165~~031

Corporate

~~20,002~~—

~~19,996~~—

~~203~~215,~~372~~273

~~202~~214,~~551~~216

~~204~~167,~~937~~939

~~182~~158,~~861~~357

—

~~428~~383,~~311~~212

~~405~~372,~~408~~573

Collateralized mortgage obligations

—3,859

—3,848

5453,~~957~~196

5452,~~731~~971

4125,~~870~~776

4125,~~625~~656

4235,~~629~~438

4235,~~266~~152

~~139~~118,~~456~~269

~~138~~117,~~622~~627

Total AFS investment securities

~~638~~922,~~641~~750

~~640~~923,~~800~~910

~~407~~615,~~668~~779

~~408~~614,~~581~~857

~~246~~193,~~807~~715

~~224~~184,~~486~~013

4335,~~060~~859

4235,~~679~~560

1,~~336~~768,~~176~~103

1,~~316~~758,~~546~~340

HTM investment securities:

Municipal bonds

—

38,~~612~~830

36,~~884~~970

4342,~~308~~344

3937,~~551~~935

1,~~063~~062,~~281~~226

~~864~~812,~~452~~392

1,~~145~~143,~~201~~400

~~940,~~887,297

Collateralized mortgage obligations

—

5733

—

~~316~~302,~~493~~925

~~315~~301,~~430~~815

~~316~~302,~~550~~958

~~315~~301,~~487~~848

Mortgage-backed securities

—

2,~~938~~947

3,~~025~~015

6,~~059~~039

6,~~277~~097

~~226~~228,~~732~~731

~~200~~196,~~167~~216

~~235~~237,~~729~~717

~~209~~205,~~469~~328

Other

—

16,~~199~~139

Total HTM investment securities

—

41,~~607~~810

3940,~~966~~018

4948,~~367~~383

4544,~~828~~032

1,~~622~~610,~~705~~021

1,~~396~~326,~~248~~562

1,~~713~~700,~~679~~214

1,~~482~~410,~~042~~612

Total investment securities

~~638~~922,~~641~~750

~~640~~923,~~800~~910

~~449~~657,~~275~~589

~~448~~654,~~547~~875

~~296~~242,~~174~~098

~~270~~228,~~314~~045

1,~~665~~645,~~765~~880

1,~~438~~362,~~927~~122

3,~~049~~468,~~855~~317

23,~~798~~168,~~588~~952

Note 5 – Loans Held for Investment

The Company’s loan portfolio is segmented according to loans that share similar attributes and risk characteristics.

Investor loans secured by real estate includes commercial real estate (“CRE”) non-owner-occupied, multifamily, construction, and land, as well as Small Business Administration (“SBA”) loans secured by investor real estate, which are loans collateralized by hotel/motel real property.

Business loans secured by real estate are loans to businesses that are collateralized by real estate where the operating cash flow of the business is the primary source of repayment. This loan portfolio includes CRE owner-occupied, franchise loans secured by real estate, and SBA loans secured by real estate, which are collateralized by real property other than hotel/motel real property.

Commercial loans are loans to businesses where the operating cash flow of the business is the primary source of repayment. This loan portfolio includes commercial and industrial (“C&I”), franchise loans non-real estate secured, and SBA loans non-real estate secured.

Retail loans include single family residential and consumer loans. Single family residential includes home equity lines of credit, as well as second trust deeds.

1613

The following table presents the composition of the loan portfolio for the periods indicated:

September 30,

December 31,

March 31,

December 31,

(Dollars in thousands)

~~2024~~2025

~~2023~~2024

Investor loans secured by real estate

CRE non-owner-occupied

2,~~202~~111,~~268~~115

2,~~421~~131,~~772~~112

Multifamily

5,~~388~~307,~~847~~484

5,~~645~~326,~~310~~009

Construction and land

~~445~~302,~~146~~730

~~472~~379,~~544~~143

SBA secured by real estate

3227,~~228~~571

3628,~~400~~777

Total investor loans secured by real estate

87,~~068~~748,~~489~~900

87,~~576~~865,~~026~~041

Business loans secured by real estate

CRE owner-occupied

21,~~038~~962,~~583~~531

21,~~191~~995,~~334~~144

Franchise real estate secured

~~264~~238,~~696~~870

~~304~~255,~~514~~694

SBA secured by real estate

4342,~~943~~227

5043,~~741~~978

Total business loans secured by real estate

2,~~347~~243,~~222~~628

2,~~546~~294,~~589~~816

Commercial loans

Commercial and industrial

1,~~316~~609,~~517~~225

1,~~790~~486,~~608~~340

Franchise non-real estate secured

~~237~~194,~~702~~454

~~319~~213,~~721~~357

SBA non-real estate secured

87,~~407~~546

108,~~926~~086

Total commercial loans

1,~~562~~811,~~626~~225

21,~~121~~707,~~255~~783

Retail loans

Single family residential

71230,~~552~~262

72186,~~752~~739

Consumer

1,~~361~~964

1,~~949~~804

Total retail loans

72232,~~913~~226

74188,~~701~~543

Loans held for investment before basis adjustment (1)

12,~~051~~035,~~250~~979

1312,~~318~~056,~~571~~183

Basis adjustment associated with fair value hedge (2)

(1613,~~153~~001)

(2916,~~551~~442)

Loans held for investment

12,~~035~~022,~~097~~978

1312,~~289~~039,~~020~~741

Allowance for credit losses for loans held for investment

(~~181~~174,~~248~~967)

(~~192~~178,~~471~~186)

Loans held for investment, net

11,~~853~~848,~~849~~011

1311,~~096~~861,~~549~~555

Total unfunded loan commitments

1,~~377~~453,~~190~~174

1,~~703~~532,~~470~~623

Loans held for sale, at lower of cost or fair value

—

—2,315

______________________________

(1) Includes unamortized net purchase premiums of $11.6 million and $9.1 million, net deferred origination costs ~~(fees)~~ of $~~1.5 million~~850,000 and $~~(74~~1.1 million,~~000),~~ and unaccreted fair value net purchase discounts of $3531.93 million and $4333.32 million as of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, respectively.

(2) Represents the basis adjustment associated with the application of hedge accounting on certain loans. The basis adjustment will be allocated to the amortized cost of associated loans within the closed portfolio if the hedge is discontinued. Refer to Note 11 – Derivative Instruments for additional information.

The Company generally originates SBA loans with the intent to sell the guaranteed portion of the loans prior to maturity and, therefore, designates them as held for sale. From time to time, the Company may purchase or sell other types of loans or participation interests in order to manage concentrations, maximize interest income, change risk profiles, improve returns, and generate liquidity.

1714

Loans Serviced for Others and Loan Securitization

The Company generally retains the servicing rights of the guaranteed portion of SBA loans sold, for which the Company initially records a servicing ~~asset~~assets at fair value within its other assets category. Servicing assets are subsequently measured using the amortization method and amortized to noninterest income. At ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, the servicing assets totaled $~~1.1~~828,000 ~~million~~ and $1.60 million, respectively, and were included in other assets inon the Company’s consolidated statements of financial condition. Servicing assets are evaluated for impairment based upon the fair value of the servicing rights as compared to the carrying amount. Impairment is recognized through a valuation allowance, to the extent the fair value is less than the carrying amount. At ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, the Company determined that no valuation allowance was necessary.

In connection with the acquisition of Opus Bank (“Opus”), the Company acquired Federal Home Loan Mortgage Corporation (“Freddie Mac”) guaranteed structured pass-through certificates, which were issued as a result of Opus’s securitization sale of $509 million in originated multifamily loans through a Freddie Mac-sponsored transaction in December 2016. The Company's continuing involvement includes sub-servicing responsibilities, general representations and warranties, and reimbursement obligations. Servicing responsibilities on loan sales generally include obligations to collect and remit payments of principal and interest, provide foreclosure services, manage payments of taxes and insurance premiums, and otherwise administer the underlying loans. In connection with the securitization transaction, Freddie Mac was designated as the master servicer and appointed the Company to perform sub-servicing responsibilities, which generally include the servicing responsibilities described above with the exception of the servicing of foreclosed or defaulted loans. The overall management, servicing, and resolution of defaulted loans and foreclosed loans are separately designated to the special servicer, a third-party institution that is independent of the master servicer and the Company. The master servicer has the right to terminate the Company in its role as sub-servicer and direct such responsibilities accordingly.

To the extent the ultimate resolution of defaulted loans results in contractual principal and interest payments that are deficient, the Company is obligated to reimburse Freddie Mac for such amounts, not to exceed 10% of the original principal amount of the loans comprising the securitization pool at the closing date of December 23, 2016. The liability recorded for the Company’s exposure to the reimbursement agreement with Freddie Mac was $~~345~~274,000 as of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024.

Loans sold and serviced for others are not included in the accompanying consolidated statements of financial condition. The unpaid principal ~~balance~~balances of loans and participations serviced for others ~~was~~were $~~325~~289.05 million at ~~September~~March 3031, ~~2024~~2025 and $~~373~~307.83 million at December 31, ~~2023~~2024, respectively. Included in those totals are multifamily loans transferred through securitization with Freddie Mac of $4235.32 million and $4837.04 million at ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, respectively, and SBA participations serviced for others oftotaling $~~221~~198.06 million and $~~258~~212.15 million at ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, respectively.

1815

Concentration of Credit Risk

As of ~~September~~March 3031, ~~2024~~2025, the Company’s loan portfolio was primarily collateralized by various forms of real estate and business assets located ~~predominately~~principally in California. The Company’s loan portfolio contains concentrations of credit in multifamily, CRE non-owner-occupied, CRE owner-occupied, and C&I business loans. The Bank maintains policies approved by the Bank’s Board of Directors (the “Bank Board”) that address these concentrations and diversifies its loan portfolio through loan originations, purchases, and sales to meet approved concentration levels.

During the fourth quarter of 2024, the Bank converted to a national banking association, and as such all loans and extensions of credit made by the Bank are subject to the legal lending limits for national banks. Under applicable laws and regulations, the Bank may not make ~~secured~~ loans to one borrower in excess of 2515% of the Bank’s ~~unimpaired~~ capital ~~plus~~and surplus, ~~and~~plus ~~likewise~~an inadditional ~~excess of 15~~10% of the Bank’s ~~unimpaired~~ capital ~~plus~~and surplus, ~~for~~if ~~unsecured~~the ~~loans~~amount that exceeds the Bank’s 15% general limit is fully secured by readily marketable collateral. ~~These~~At March 31, 2025, these loans-to-one borrower limitations result in a dollar limitation of $~~835~~372.52 million for ~~secured~~the ~~loans~~15% general limit and a maximum dollar limitation of $~~501~~620.34 million for ~~unsecured~~the ~~loans~~25% atcombined ~~September 30, 2024~~limit. In order to manage concentration risk, the Bank maintains aan ~~house~~internal lending limit well below these statutory maximums. At ~~September~~March 3031, ~~2024~~2025, the Bank’s largest aggregate outstanding balance of loans to one borrower was $~~169~~161.63 million comprised of ~~C&I~~multifamily ~~asset-based lines of credit~~loans.

Credit Quality and Credit Risk Management

The Company’s credit quality and credit risk ~~are~~is ~~controlled~~managed in two distinct areas. The first is the loan origination process, wherein the Bank underwrites credit and chooses which types and levels of risk it is willing to accept. The Company maintains a credit policy which addresses many related topics, sets forth maximum tolerances for key elements of loan risk, and indicates appropriate protocols for identifying and analyzing these risk elements. The policy sets forth specific guidelines for analyzing each of the loan products the Company offers from both an individual and portfolio-wide basis. The credit policy is reviewed at least annually by the Bank Board. The Bank’s underwriters ensure all key risk factors are analyzed, with most underwriting including a global cash flow analysis of the prospective borrowers.

The second area is in the ongoing oversight of the loan portfolio, where existing credit risk is measured and monitored, and where performance issues are dealt with in a timely and appropriate fashion. Credit risk is monitored and managed within the loan portfolio by the Company’s portfolio managers based on both the credit policy and a credit and portfolio review policy. This latter policy requires a program of financial data collection and analysis, thorough loan reviews, property and/or business inspections, monitoring of portfolio concentrations and trends, and ~~incorporation~~consideration of current business and economic conditions. The portfolio managers also monitor asset-based lines of credit, loan covenants, and other conditions associated with the Company’s business loans as a means to help identify potential credit risk. Most individual loans, excluding the homogeneous loan portfolio, are reviewed at least annually, including the assignment or confirmation of a risk grade.

Risk grades are based on a six-grade Pass scale, along with Special Mention, Substandard, Doubtful, and Loss classifications, ~~and~~as such classifications are defined by the federal banking regulatory agencies. The assignment of risk grades allows the Company to, among other things, identify the risk associated with each credit in the portfolio and to provide a basis for estimating credit losses inherent in the portfolio. Risk grades are reviewed regularly with the Company’s Credit and Portfolio Review Committee, and the portfolio management and risk grading process is reviewed on an ongoing basis by both an independent loan review function and periodic internal audits, as well as by regulatory agencies during scheduled examinations.

1916

The following provides brief definitions for risk grades assigned to loans in the portfolio:

•Pass assets carry an acceptable level of credit quality that contains no well-defined deficiencies or weaknesses.

•Special Mention assets do not currently expose the Bank to a sufficient risk to warrant classification in one of the adverse categories, but possess correctable deficiencies or potential weaknesses deserving management’s close attention.

•Substandard assets are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. These assets are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. Other real estate owned (“OREO”) acquired through foreclosure isare also classified as substandard assets.

•Doubtful ~~assets~~credits have all the weaknesses inherent in substandard ~~assets~~credits, 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.

•Loss assets are those that are considered uncollectible and of such little value that their continuance as assets is not warranted. Amounts classified as loss are promptly charged off.

The Bank’s portfolio managers also manage loan performance risks, collections, workouts, bankruptcies, and foreclosures. A special assets department, whose portfolio managers have professional expertise in these areas, typically handles or advises on these types of matters. Loan performance risks are mitigated by our portfolio managers acting promptly and assertively to address problem credits when they are identified. Collection efforts commence immediately upon non-payment, and the portfolio managers seek to promptly determine the appropriate steps to minimize the Company’s risk of loss. When foreclosure will maximize the Company’s recovery for a non-performing loan, the portfolio managers will take appropriate action to initiate the foreclosure process.

When a loan is graded as special mention, substandard, or doubtful, the Company obtains an updated valuation of the underlying collateral. Collateral generally consists of accounts receivable, inventory, fixed assets, real estate properties, and~~/or~~ cash. The Company typically continues to obtain or confirm updated valuations of underlying collateral for special mention and classified loans on an annual or biennial basis, in accordance with our credit policy, in order to have the most current indication of fair value of the underlying collateral securing the loan. If the loan no longer possesses risk characteristics similar to other loans of a similar type in the loan portfolio, then the loan is ~~evaluated~~ individually evaluated to determine an appropriate ACL for the loan. If, through the Company’s credit risk management process, it is determined the ultimate repayment of a loan will come from the foreclosure upon and ultimate sale of the underlying collateral, the loan is deemed collateral dependent. If an individually evaluated loan is not considered collateral dependent, the associated ACL is determined through the use of a discounted cash flow analysis.

2017

The following table stratifies the loans held for investment portfolio by the Company’s internal risk grading, and by year of origination, as well as the gross charge-offs on a year-to-date basis by year of origination as of ~~September~~March 3031, ~~2024~~2025:

	Term Loans by Vintage
(Dollars in thousands)	~~2024~~2025		~~2023~~2024		~~2022~~2023		~~2021~~2022		~~2020~~2021		Prior		Revolving		Revolving Converted to Term During the Period		Total
September 30, 2024
March 31, 2025
Investor loans secured by real estate
CRE non-owner-occupied
Pass	$	5051,~~743~~579	$	3157,~~134~~120	$	~~449~~30,~~405~~239	$	~~503~~445,~~642~~007	$	~~164~~489,~~952~~094	$	~~963~~1,~~283~~004,268	$	—	$	—	$	2,~~163~~077,~~159~~307
Special mention	—		—		—		—		—		26,~~471~~886		—		—		26,~~471~~886
Substandard	~~16,089~~—		—13,343		~~11,549~~—		—11,169		~~5,784~~—		32,~~216~~410		—		—		3626,~~638~~922
Multifamily
Pass	14117,~~921~~620		~~171~~114,~~585~~544		1165,~~163,753~~830		1,~~954~~127,~~025~~275		~~679~~1,~~920~~878,556		1,~~369~~889,~~933~~395		—		—		5,~~354~~293,~~137~~220
Special mention	—		—209		—		~~3,098~~—		182,~~949~~698		1211,~~663~~357		—		—		3414,~~710~~264
Construction and land
Pass	1812,~~613~~528		6787,~~378~~226		~~282~~47,~~353~~115		71120,~~328~~880		216,~~219~~901		32,~~255~~721		—		—		~~445~~287,~~146~~371
Special mention	5,518		—		—		9,438		403		—		—		—		15,359
SBA secured by real estate
Pass	—		—		~~6,399~~—		—6,351		~~494~~132		1816,~~008~~755		—		—		2423,~~901~~238
Special mention	—		—		—		—		—		1,125		—		—		1,125
Substandard	—		—		—		—		—		4,333		—		—		4,333
Substandard	—		—		—		131		—		6,071		—		—		6,202
Total investor loans secured by real estate	187,245		272,442		243,184		1,720,120		2,387,784		2,938,125		—		—		7,748,900
Total investor loans secured by real estate	100,366		270,097		1,913,459		2,532,224		872,318		2,380,025		—		—		8,068,489
Year-to-date gross charge-offs	—		—		—		—		—		—		—		—		—
Year-to-date gross charge-offs	—		—		—		29		11,539		1,333		—		—		12,901
Business loans secured by real estate
CRE owner-occupied
Pass	3032,~~052~~601		2049,~~963~~695		~~525~~18,~~968~~982		~~615~~464,~~978~~164		~~214~~559,~~189~~667		~~579~~727,~~769~~955		—		—		1,~~986~~853,~~919~~064
Special mention	—		—		~~1,235~~—		—34,235		—23,872		1519,~~936~~531		~~918~~—		—		1877,~~089~~638
Substandard	—		—		—		—		—825		3331,~~575~~004		—		—		3331,~~575~~829
Franchise real estate secured
Pass	12,~~205~~646		92,~~693~~488		408,~~846~~436		~~104~~36,~~623~~629		2388,~~827~~271		8185,~~432~~876		—		—		~~261~~224,~~626~~346
Special mention	—		—		—		—		—4,975		18,~~560~~013		—		—		112,~~560~~988
Substandard	—		—		—		—		—		1,~~510~~536		—		—		1,~~510~~536
SBA secured by real estate
Pass	~~243~~—		~~110~~711		~~9,744~~107		79,~~052~~373		16,~~209~~490		2221,~~415~~563		—41		—		4038,~~773~~285
Substandard	—		—		—		—		—310		3,~~170~~632		—		—		3,~~170~~942
Total loans secured by business real estate	3135,~~500~~247		3052,~~766~~894		~~577~~27,~~793~~525		~~727~~544,~~653~~401		~~239~~684,~~225~~410		~~739~~899,~~367~~110		~~918~~41		—		2,~~347~~243,~~222~~628
Year-to-date gross charge-offs	—		93—		~~3,345~~—		~~581~~—		~~1,152~~—		~~645~~—		—		—		~~5,816~~—
Commercial loans
Commercial and industrial
Pass	37200,~~384~~093		39406,~~403~~615		~~128~~32,~~947~~252		~~136~~117,~~119~~300		33125,~~882~~042		~~224~~232,~~276~~977		~~671~~466,~~901~~420		~~3,942~~546		1,~~275~~581,~~854~~245
Special mention	~~816~~—		~~628~~802		—387		45—		~~177~~—		7143		108,~~378~~919		~~342~~—		1210,~~393~~251
Substandard	—		~~1,139~~81		~~9,235~~350		48,~~335~~953		~~340~~2,153		~~872~~505		92,~~464~~193		—609		2514,~~385~~844
Doubtful	—		—		~~2,885~~—		—2,885		—		—		—		—		2,885
Franchise non-real estate secured
Pass	$	55	$	1,248	$	5,989	$	55,019	$	72,147	$	58,202	$	—	$	—	$	192,660
Special mention	—		—		—		—		184		—		—		—		184
Substandard	—		1,128		—		—		—		482		—		—		1,610

2118

	Term Loans by Vintage
(Dollars in thousands)	~~2024~~2025		~~2023~~2024		~~2022~~2023		~~2021~~2022		~~2020~~2021		Prior		Revolving		Revolving Converted to Term During the Period		Total
September 30, 2024
March 31, 2025
Franchise non-real estate secured
Pass	$	11	$	6,982	$	58,598	$	82,272	$	9,274	$	69,601	$	—	$	—	$	226,738
Special mention	—		—		—		—		—		557		—		—		557
Substandard	—		—		1,190		—		—		9,217		—		—		10,407
SBA non-real estate secured
Pass	~~307~~—		~~361~~936		~~4,261~~243		~~327~~3,016		—316		21,~~439~~885		—		—		76,~~695~~396
Substandard	—		—		~~500~~—		—962		~~130~~—		82188		—		—		~~712~~1,150
Total commercial loans	38200,~~518~~148		48410,~~513~~810		~~205~~39,~~616~~221		~~223~~188,~~098~~135		43199,~~803~~842		~~307~~294,~~051~~382		~~691~~477,~~743~~532		41,~~284~~155		1,~~562~~811,~~626~~225
Year-to-date gross charge-offs	—		~~466~~233		~~212~~55		~~182~~—		41—		22—		~~1,975~~170		—		~~2,898~~458
Retail loans
Single family residential
Pass	—42,996		11114,630		—10		—		~~160~~—		4035,~~477~~442		3037,~~904~~050		—		71230,~~552~~128
Substandard	—		—		—		—		—		134		—		—		134
Consumer loans
Pass	5744		—97		—		2—		2—		~~391~~356		~~909~~1,467		—		1,~~361~~964
Total retail loans	5743,040		11114,727		—10		2—		~~162~~—		4035,~~868~~932		3138,~~813~~517		—		72232,~~913~~226
Year-to-date gross charge-offs	5—		12		71		1—		—		~~869~~7		—		—		~~883~~10
Loans held for investment before basis adjustment (1)	$	~~170~~465,~~441~~680	$	~~349~~850,~~387~~873	$	2309,~~696,868~~940	$	32,~~482~~452,~~977~~656	$	13,~~155~~272,~~508~~036	$	34,~~467~~167,~~311~~549	$	~~724~~516,~~474~~090	$	41,~~284~~155	$	12,~~051~~035,~~250~~979
Total Year-to-date gross charge-offs	$	5—	$	~~560~~235	$	~~3,564~~56	$	~~793~~—	$	~~12,732~~—	$	~~2,869~~7	$	~~1,975~~170	$	—	$	~~22,498~~468

______________________________

(1) Excludes the basis adjustment of $1613.20 million to the carrying amount of certain loans included in fair value hedging relationships. Refer to Note 11 – Derivative Instruments for additional information.

The following table stratifies the loans held for investment portfolio by the Company’s internal risk grading, and by year of origination, as of December 31, ~~2023~~2024:

	Term Loans by Vintage
(Dollars in thousands)	~~2023~~2024		~~2022~~2023		~~2021~~2022		~~2020~~2021		~~2019~~2020		Prior		Revolving		Revolving Converted to Term During the Period		Total
December 31, 2023
December 31, 2024
Investor loans secured by real estate
CRE non-owner-occupied
Pass	$	7161,~~452~~326	$	~~482~~30,~~045~~284	$	~~549~~448,~~828~~638	$	~~192~~491,~~399~~594	$	~~315~~160,~~139~~984	$	~~795~~900,~~856~~867	$	—	$	—	$	2,~~406~~093,~~719~~693
Special mention	—		~~3,811~~—		~~2,530~~—		—2,918		—		~~625~~1,531		—		—		64,~~966~~449
Substandard	—13,563		~~412~~—		—11,167		—		—5,740		72,~~675~~500		—		—		832,~~087~~970
Multifamily
Pass	~~179~~120,~~055~~793		1168,~~184,329~~040		21,~~008~~136,~~126~~648		~~725~~1,~~123~~931,238		~~822~~669,~~411~~154		~~714~~1,~~638~~272,416		—		—		5,~~633~~298,~~682~~289
Special mention	—		—		—		—2,053		—14,052		11,~~628~~615		—		—		1127,~~628~~720
Construction and land
Pass	5979,~~993~~235		~~309~~47,~~677~~024		94216,~~845~~604		221,~~223~~063		2,~~368~~224		3,~~438~~185		—		—		~~472~~369,~~544~~335
Special mention	—		—		9,398		410		—		—		—		—		9,808
SBA secured by real estate
Pass	$	—	$	~~6,478~~—	$	—6,366	$	~~493~~—	$	~~4,804~~493	$	1617,~~496~~189	$	—	$	—	$	2824,~~271~~048
Substandard	—		—		~~131~~—		—131		~~536~~—		74,~~462~~598		—		—		84,~~129~~729
Total investor loans secured by real estate	~~310~~274,~~500~~917		1245,~~986,752~~348		21,~~655~~828,~~460~~821		~~920~~2,~~238~~449,407		1852,~~145,258~~647		12,~~557~~213,~~818~~901		—		—		87,~~576~~865,~~026~~041
Year-to-date gross charge-offs	$	2,304	$	—	$	28	$	29	$	11,539	$	1,651	$	—	$	—	$	15,551

2219

	Term Loans by Vintage
(Dollars in thousands)	~~2023~~2024		~~2022~~2023		~~2021~~2022		~~2020~~2021		~~2019~~2020		Prior		Revolving		Revolving Converted to Term During the Period		Total
December 31, 2023
December 31, 2024
Year-to-date gross charge-offs	$	—	$	—	$	217	$	—	$	1,582	$	3,653	$	—	$	—	$	5,452
Business loans secured by real estate
CRE owner-occupied
Pass	1954,~~014~~983		~~543~~20,~~413~~800		~~660~~505,~~967~~611		~~224~~578,~~333~~642		~~211~~209,~~283~~526		~~458~~546,~~975~~759		—		—		21,~~117~~916,~~985~~321
Special mention	—		~~16,535~~—		—2,663		~~476~~24,673		41,~~775~~884		119,~~775~~169		~~919~~—		—		3438,~~480~~389
Substandard	—		~~15,539~~—		~~2,162~~—		~~5,505~~832		~~3,873~~—		1139,~~790~~602		—		—		3840,~~869~~434
Franchise real estate secured
Pass	102,~~580~~501		399,~~239~~622		~~124~~36,~~424~~991		2598,~~697~~416		15,~~731~~397		7278,~~342~~083		—		—		~~288~~241,~~013~~010
Special mention	~~1,758~~—		~~3,603~~—		~~1,903~~—		—5,027		~~795~~8,102		1,~~615~~555		—		—		914,~~674~~684
Substandard	—		3,964		—		—		2,571		292		—		—		6,827
SBA secured by real estate
Pass	~~113~~741		~~9,334~~108		79,~~634~~699		17,~~979~~007		41,~~109~~205		22,~~417~~101		—		—		4540,~~586~~861
Special mention	—		536		—		—		—		83		—		—		619
Substandard	—		—		—		—		—		3,117		—		—		3,117
Substandard	—		—		—		—		—		4,536		—		—		4,536
Total loans secured by business real estate	58,225		30,530		554,964		714,597		236,114		700,386		—		—		2,294,816
Total loans secured by business real estate	31,465		632,163		797,090		257,990		243,137		583,825		919		—		2,546,589
Year-to-date gross charge-offs	—		93		3,345		581		1,152		1,024		—		—		6,195
Year-to-date gross charge-offs	—		—		318		191		—		1,861		—		—		2,370
Commercial loans
Commercial and industrial
Pass	46436,~~765~~794		~~172~~34,~~987~~576		~~160~~122,~~275~~900		40130,~~988~~428		~~110~~32,~~526~~337		~~146~~210,~~310~~544		~~966~~484,~~733~~411		63,~~518~~926		1,~~651~~455,~~102~~916
Special mention	~~239~~533		~~23,242~~407		~~12,270~~—		~~367~~—		16160		~~2,139~~—		4211,~~570~~408		~~407~~330		8112,~~250~~838
Substandard	~~425~~—		~~8,052~~842		29,~~689~~192		~~588~~2,439		~~173~~3		~~1,138~~540		261,~~462~~685		~~14,187~~—		5314,~~714~~701
Doubtful and loss	—		—		—2,885		—		—		—		—		~~4,542~~—		42,~~542~~885
Franchise non-real estate secured
Pass	61,~~801~~325		746,~~441~~770		~~112~~56,~~112~~825		1677,~~355~~541		348,~~770~~907		5354,~~957~~069		—		~~753~~—		~~299~~205,~~189~~437
Special mention	~~433~~—		~~845~~—		~~1,633~~—		—190		~~627~~—		~~692~~512		—		—		~~4,230~~702
Substandard	—1,142		~~1,646~~—		~~322~~—		~~2,324~~—		~~10,451~~—		16,~~559~~076		—		—		167,~~302~~218
SBA non-real estate secured
Pass	~~1,075~~944		~~4,485~~248		~~343~~4,176		~~113~~322		~~1,464~~—		2,~~490~~201		—		—		97,~~970~~891
Substandard	—		~~527~~—		—		~~141~~—		53125		~~235~~70		—		—		~~956~~195
Total commercial loans	55440,738		~~286~~42,~~225~~843		~~289~~195,~~644~~978		60210,~~876~~920		~~158~~41,~~080~~532		~~208~~274,~~520~~012		1497,~~035,765~~504		264,~~407~~256		21,~~121~~707,~~255~~783
Year-to-date gross charge-offs	~~132~~—		~~3,053~~470		62370		5290		~~362~~41		37234		62,~~387~~539		~~503~~—		103,~~541~~944
Retail loans
Single family residential
Pass	20116,317		—10		—		~~167~~—		—158		4435,~~104~~923		2834,~~461~~331		—		72186,~~752~~739
Consumer loans
Pass	—104		—		3—		9—		51		~~788~~374		1,~~144~~325		—		1,~~949~~804
Total retail loans	20116,421		—10		3—		~~176~~—		5159		4436,~~892~~297		2935,~~605~~656		—		74188,~~701~~543
Year-to-date gross charge-offs	$	—10	$	—2	$	—7	$	—1	$	—	$	~~983~~876	$	3—	$	—	$	~~986~~896
Loans held for investment before basis adjustment (1)	$	~~397~~890,~~723~~301	$	2318,~~905,140~~731	$	32,~~742~~579,~~197~~763	$	13,~~239~~374,~~280~~924	$	1,~~546~~130,~~480~~452	$	23,~~395~~224,~~055~~596	$	1533,~~066,289~~160	$	264,~~407~~256	$	1312,~~318~~056,~~571~~183
Total Year-to-date gross charge-offs	$	~~132~~2,314	$	~~3,053~~565	$	~~597~~3,750	$	~~196~~901	$	112,~~944~~732	$	63,~~534~~785	$	62,~~390~~539	$	~~503~~—	$	1926,~~349~~586

______________________________

(1) Excludes the basis adjustment of $2916.64 million to the carrying amount of certain loans included in fair value hedging relationships. Refer to Note 11 – Derivative Instruments for additional information.

2320

The following tables stratify the loans held for investment portfolio by delinquency as of the periods indicated:

Days Past Due(2)

(Dollars in thousands)

Current

30-59

60-89

90+

Total

September 30, 2024

March 31, 2025

Investor loans secured by real estate

CRE non-owner-occupied

2,~~201~~111,~~885~~115

—

~~383~~—

2,~~202~~111,~~268~~115

Multifamily

5,~~388~~307,~~847~~484

—

5,~~388~~307,~~847~~484

Construction and land

~~445~~302,~~146~~730

—

~~445~~302,~~146~~730

SBA secured by real estate

3027,~~926~~571

~~1,115~~—

—

~~187~~—

3227,~~228~~571

Total investor loans secured by real estate

87,~~066~~748,~~804~~900

~~1,115~~—

—

~~570~~—

87,~~068~~748,~~489~~900

Business loans secured by real estate

CRE owner-occupied

21,~~034~~962,~~009~~531

—

~~4,574~~—

21,~~038~~962,~~583~~531

Franchise real estate secured

~~264~~238,~~696~~870

—

~~264~~238,~~696~~870

SBA secured by real estate

4342,~~943~~227

—

4342,~~943~~227

Total business loans secured by real estate

2,~~342~~243,~~648~~628

—

~~4,574~~—

2,~~347~~243,~~222~~628

Commercial loans

Commercial and industrial

1,~~313~~607,~~441~~618

~~893~~36

~~715~~330

1,~~468~~241

1,~~316~~609,~~517~~225

Franchise non-real estate secured

~~237~~194,~~702~~432

—

—22

—

~~237~~194,~~702~~454

SBA not secured by real estate

7,~~876~~481

—

~~531~~65

87,~~407~~546

Total commercial loans

1,~~559~~809,~~019~~531

~~893~~36

~~715~~352

1,~~999~~306

1,~~562~~811,~~626~~225

Retail loans

Single family residential

71229,~~552~~864

—264

—

—134

71230,~~552~~262

Consumer loans

1,~~361~~964

—

1,~~361~~964

Total retail loans

72231,~~913~~828

—264

—

—134

72232,~~913~~226

Loans held for investment before basis adjustment (1)

12,~~041~~033,~~384~~887

~~2,008~~300

~~715~~352

71,~~143~~440

12,~~051~~035,~~250~~979

December 31, 2023

December 31, 2024

Investor loans secured by real estate

CRE non-owner-occupied

2,~~421~~131,~~360~~112

—

~~412~~—

2,~~421~~131,~~772~~112

Multifamily

5,~~645~~326,~~310~~009

—

5,~~645~~326,~~310~~009

Construction and land

~~472~~379,~~544~~143

—

~~472~~379,~~544~~143

SBA secured by real estate

3528,~~980~~777

—

~~420~~—

3628,~~400~~777

Total investor loans secured by real estate

87,~~575~~865,~~194~~041

—

~~832~~—

87,~~576~~865,~~026~~041

Business loans secured by real estate

CRE owner-occupied

21,~~186~~995,~~679~~144

—

~~4,655~~—

21,~~191~~995,~~334~~144

Franchise real estate secured

~~304~~255,~~222~~694

~~292~~—

—

~~304~~255,~~514~~694

SBA secured by real estate

5043,~~604~~978

~~137~~—

—

5043,~~741~~978

Total business loans secured by real estate

2,~~541~~294,~~505~~816

~~429~~—

—

~~4,655~~—

2,~~546~~294,~~589~~816

Commercial loans

Commercial and industrial

1,~~788~~483,~~855~~926

~~228~~824

~~1,294~~349

~~231~~1,241

1,~~790~~486,~~608~~340

Franchise non-real estate secured

~~318~~213,~~162~~357

~~1,559~~—

—

~~319~~213,~~721~~357

SBA not secured by real estate

108,~~119~~017

~~249~~49

—

~~558~~20

108,~~926~~086

Total commercial loans

21,~~117~~705,~~136~~300

~~2,036~~873

~~1,294~~349

~~789~~1,261

21,~~121~~707,~~255~~783

Retail loans

Single family residential

72186,~~733~~603

19136

—

72186,~~752~~739

Consumer loans

1,~~949~~804

—

1,~~949~~804

Total retail loans

74188,~~682~~407

19136

—

74188,~~701~~543

Loans held for investment before basis adjustment (1)

1312,~~308~~053,~~517~~564

21,~~484~~009

~~1,294~~349

61,~~276~~261

1312,~~318~~056,~~571~~183

______________________________

(1) Excludes the basis adjustment of $1613.20 million and $2916.64 million to the carrying amount of certain loans included in fair value hedging relationships as of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, respectively. Refer to Note 11 – Derivative Instruments for additional information.

(2) Nonaccrual loans are included in this aging analysis based on the loan’s past due status.

2421

Individually Evaluated Loans

The Company evaluates loans collectively for purposes of determining the ACL in accordance with ASC 326. Collective evaluation is based on aggregating loans deemed to possess similar risk characteristics. In certain instances, the Company may identify loans that it believes no longer possess risk characteristics similar to other loans in the portfolio. These loans are typically identified from a substandard or worse internal risk grade, since the specific attributes and risks associated with such loans tend to become unique as the credit deteriorates. Such loans are typically nonperforming, can be modified loans made to borrowers experiencing financial difficulty, and/or are deemed collateral dependent, where the ultimate repayment of the loan is expected to come from the operation of or eventual sale of the collateral. Loans that are deemed by management to no longer possess risk characteristics similar to other loans in the portfolio are evaluated individually for purposes of determining an appropriate lifetime ACL. The Company uses a discounted cash flow approach, using the loan’s effective interest rate, for determining the ACL on individually evaluated loans, unless the loan is deemed collateral dependent, which requires evaluation based on the estimated fair value of the underlying collateral, less estimated costs to sell. The Company may increase or decrease the ACL for collateral dependent individually evaluated loans based on changes in the estimated expected fair value of the collateral. Changes in the ACL for all other individually evaluated loans is based substantially on the Company’s evaluation of cash flows expected to be received from such loans.

As of ~~September~~March 3031, ~~2024~~2025, $3927.17 million of loans were individually evaluated with a $~~752~~484,000 ACL attributed to such loans. At ~~September~~March 3031, ~~2024~~2025, $2817.10 million of individually evaluated loans were evaluated based on the underlying value of the collateral, and $10.97 million were evaluated using a discounted cash flow approach. All individually evaluated loans were on nonaccrual status at ~~September~~March 3031, ~~2024~~2025.

As of December 31, ~~2023~~2024, $2428.80 million of loans were individually evaluated with no ACL attributed to such loans. At December 31, ~~2023~~2024, $1217.21 million of the individually evaluated loans were evaluated based on the underlying value of the collateral, and $1210.69 million were evaluated using a discounted cash flow approach. All individually evaluated loans were on nonaccrual status at December 31, ~~2023~~2024.

The increase in individually evaluated loans during the nine months ended September 30, 2024 was primarily driven by a single, diversified commercial banking relationship with CRE non-owner-occupied loans totaling $18.0 million as of September 30, 2024.

Purchased Credit Deteriorated Loans

The Company analyzed acquired loans for more-than-insignificant deterioration in credit quality since their origination. Such loans are classified as purchased credit deteriorated (“PCD”) loans. Please see Note 1 - Description of Business and Summary of Significant Accounting Policies of our audited consolidated financial statements included in our ~~2023~~2024 Form 10-K for more information concerning the accounting for PCD loans. The Company had PCD loans of $~~296~~262.15 million and $~~359~~275.34 million at ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, respectively.

Acquired loans classified as PCD are recorded at an initial amortized cost, which is comprised of the purchase price of the loans (or initial fair value) and the initial ACL determined for the loans, which is added to the purchase price, as well as any resulting discount or premium related to factors other than credit. The Company accounts for interest income on PCD loans using the interest method, whereby any purchase discounts or premiums are accreted or amortized into interest income as an adjustment of the loan’s yield. Subsequent to acquisition, the ACL for PCD loans is measured in accordance with the Company’s ACL methodology. Please also see Note 6 – Allowance for Credit Losses for more information concerning the Company’s ACL methodology.

2522

Nonaccrual Loans

When loans are placed on nonaccrual status, previously accrued but unpaid interest is reversed from current period earnings. Payments received on nonaccrual loans are generally applied as a reduction to the loan principal balance. If the likelihood of further loss is remote, the Company may recognize interest on a cash basis. Loans may be returned to accruing status if the Company believes that all remaining principal and interest is fully collectible and there has been at least three months of sustained repayment performance since the loan was placed on nonaccrual.

The Company typically does not accrue interest on loans 90 days or more past due or when, in the opinion of management, there is reasonable doubt as to the timely collection of principal or interest regardless of the length of past due status. However, when such loans are well-secured and in the process of collection, the Company may continue with the accrual of interest. The Company had loans on nonaccrual status of $3927.17 million at ~~September~~March 3031, ~~2024~~2025 and $2428.80 million at December 31, ~~2023. The increase in nonaccrual loans at September 30,~~ 2024 ~~was primarily the result of a single, diversified commercial banking relationship with CRE non-owner occupied loans totaling $18~~.~~0 million, which were current as of September 30, 2024.~~

The Company did not record income from the receipt of cash payments related to nonaccruing loans during the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024. The Company had no loans 90 days or more past due and still accruing at ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024.

The following tables provide a summary of nonaccrual loans as of the dates indicated:

	Nonaccrual Loans (1)
	Collateral Dependent Loans				Non-Collateral Dependent Loans				Total Nonaccrual Loans		Nonaccrual Loans with No ACL
(Dollars in thousands)	Balance		ACL		Balance		ACL
September 30, 2024
March 31, 2025
Investor loans secured by real estate
CRE non-owner-occupied	$	1915,~~042~~117	$	—	$	—	$	—	$	1915,~~042~~117	$	1915,~~042~~117
SBA secured by real estate	~~1,725~~394		~~559~~—		—		—		~~1,725~~394		~~610~~394
Total investor loans secured by real estate	2015,~~767~~511		~~559~~—		—		—		2015,~~767~~511		1915,~~652~~511
Business loans secured by real estate
CRE owner-occupied	4,574		—		—		—		4,574		4,574
Total business loans secured by real estate	4,574		—		—		—		4,574		4,574
Commercial loans
Commercial and industrial	21,~~274~~241		~~193~~484		10,~~938~~742		—		1311,~~212~~983		1311,~~019~~083
SBA non-real estate secured	~~531~~65		—		—		—		~~531~~65		~~531~~65
Total commercial loans	21,~~805~~306		~~193~~484		10,~~938~~742		—		1312,~~743~~048		1311,~~550~~148
Total nonaccrual loans	$	28,146	$	752	$	10,938	$	—	$	39,084	$	37,776
Retail loans
Single family residential	134		—		—		—		134		134
Total retail loans	134		—		—		—		134		134
Total nonaccrual loans	$	16,951	$	484	$	10,742	$	—	$	27,693	$	26,793





December 31, 2024
Investor loans secured by real estate
CRE non-owner-occupied	$	15,423	$	—	$	—	$	—	$	15,423	$	15,423


SBA secured by real estate	409		—		—		—		409		409
Total investor loans secured by real estate	15,832		—		—		—		15,832		15,832





Commercial loans
Commercial and industrial	1,241		—		10,938		—		12,179		12,179

SBA non-real estate secured	20		—		—		—		20		20
Total commercial loans	1,261		—		10,938		—		12,199		12,199




Total nonaccrual loans	$	17,093	$	—	$	10,938	$	—	$	28,031	$	28,031

	Nonaccrual Loans (1)
(Dollars in thousands)	Collateral Dependent Loans		ACL		Non-Collateral Dependent Loans		ACL		Total Nonaccrual Loans		Nonaccrual Loans with No ACL
December 31, 2023
Investor loans secured by real estate
CRE non-owner-occupied	$	412	$	—	$	—	$	—	$	412	$	412
SBA secured by real estate	1,205		—		—		—		1,205		1,205
Total investor loans secured by real estate	1,617		—		—		—		1,617		1,617
Business loans secured by real estate
CRE owner-occupied	8,666		—		—		—		8,666		8,666
Total business loans secured by real estate	8,666		—		—		—		8,666		8,666
Commercial loans
Commercial and industrial	1,381		—		12,595		—		13,976		13,976
SBA non-real estate secured	558		—		—		—		558		558
Total commercial loans	1,939		—		12,595		—		14,534		14,534
Total nonaccrual loans	$	12,222	$	—	$	12,595	$	—	$	24,817	$	24,817

______________________________

(1) The ACL for nonaccrual loans is determined based on a discounted cash flow methodology unless the loan is considered collateral dependent; otherwise, the ACL for collateral dependent nonaccrual loans is determined based on the estimated fair value of the underlying collateral.

Residential Real Estate Loans In Process of Foreclosure

The Company had no consumer mortgage loans collateralized by residential real estate property for which formal foreclosure proceedings were in process as of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024.

Modified Loans to Troubled Borrowers

On January 1, 2023, the Company adopted ASU 2022-02, Financial Instruments - Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures, which introduces new reporting requirements for modifications of loans to borrowers experiencing financial difficulty. The Company also refers to these loans as modified loans to troubled borrowers (“MLTB”). An MLTB arises from a modification made to a loan in order to alleviate temporary difficulties in the borrower’s financial condition and/or constraints on the borrower’s ability to repay the loan, and to minimize potential losses to the Company. GAAP requires that certain types of modifications be reported, which consist of the following: (i) principal forgiveness, (ii) interest rate reduction, (iii) other-than-insignificant payment delay, (iv) term extension, or any combination of the foregoing. The ACL for an MLTB is measured on a collective basis, as with other loans in the loan portfolio, unless management determines that such loans no longer possess risk characteristics similar to others in the loan portfolio. In those instances, the ACL for an MLTB is determined through individual evaluation.

MLTBs were $1613.13 million at ~~September~~March 3031, ~~2024~~2025 and $1213.6 million at December 31, ~~2023~~2024.

There were no loans modified as an MLTB during the three months ended ~~September~~March 3031, ~~2024,~~2025 ~~compared~~and ~~to two syndicated C&I participation MLTBs during the three months ended September~~March 3031, ~~2023~~2024.

27During the three months ended March 31, 2025 and 2024, there were no MLTBs that had a payment default and had been modified within the 12 months preceding the payment default (90 days or more past due).

The following table shows the amortized cost of the MLTBs by class and type of modification, as well as the percentage of the loans modified to the total class of loans at and during the three months ended September 30, 2023:

		Three Months Ended September 30, 2023
	Other-than-Insignificant Payment Delay
(Dollars in thousands)		Balance		Percent of Total Class of Loans
Commercial loans
Commercial and industrial		$	13,021	0.82	%
Total commercial loans		$	13,021

		Nine Months Ended September 30, 2024
	Combination ofOther-than-Insignificant Payment Delay andTerm Extension
(Dollars in thousands)		Balance		Percent of Total Class of Loans
Investor loans secured by real estate
CRE non-owner-occupied		$	16,089	0.73	%
Total investor loans secured by real estate		$	16,089

		Nine Months Ended September 30, 2023
	Other-than-Insignificant Payment Delay
(Dollars in thousands)		Balance		Percent of Total Class of Loans
Commercial loans
Commercial and industrial		$	13,021	0.82	%
Total commercial loans		$	13,021

The following table describes the financial effect of the loan modification made for the borrower experiencing financial difficulty during the nine months ended September 30, 2024:

Combination ofOther-than-Insignificant Payment Delay andTerm Extension

Investor loans secured by real estate

CRE non-owner-occupied

Consolidated 3 loans with varying maturities into a single loan that extended the weighted average maturity by 6 months and 2 years of interest only payments

The following table describes the financial effect of the loan modification made for the borrower experiencing financial difficulty during the three and nine months ended September 30, 2023:

Other-than-Insignificant Payment Delay

Commercial loans

Commercial and industrial

1 year of interest-only payments

During the three and nine months ended September 30, 2024 and 2023, there were no MLTBs that had a payment default and had been modified within the 12 months preceding the payment default (90 days or more past due).

The following table depicts the performance of the loans that were modified in the past 12 months as of the dates indicated:

			Days Past Due
(Dollars in thousands)	Current		30-59		60-89		90+		Total
September 30, 2024
March 31, 2025
Investor loans secured by real estate
CRE non-owner-occupied	$	1613,~~089~~343	$	—	$	—	$	—	$	1613,~~089~~343
Total investor loans secured by real estate	$	1613,~~089~~343	$	—	$	—	$	—	$	1613,~~089~~343

September 30, 2023

March 31, 2024

Commercial loans

Commercial and industrial

1312,~~021~~161

—

1312,~~021~~161

Total commercial loans

1312,~~021~~161

—

1312,~~021~~161

2924

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. The ACL for each loan is measured as the amount by which the fair value of the underlying collateral, less estimated costs to sell, is less than the amortized cost of the loan. Additionally, due to the likelihood of foreclosure and that repayment of the loan is expected to come from the eventual sale of the underlying collateral, management analyzes the underlying collateral at least quarterly, with changes in the estimated fair value of the collateral and/or estimated costs to sell reflected in the lifetime ACL for the loan and balances deemed uncollectible are promptly charged-off. 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 tables summarize collateral dependent loans by collateral type as of the dates indicated:

(Dollars in thousands)	Office Properties		~~Retail Properties~~		~~Land Properties~~		Hotel Properties		Residential Properties		Other CRE Properties		Business Assets		Total
September 30, 2024
March 31, 2025
Investor loan secured by real estate
CRE non-owner-occupied	$	1613,~~089~~343	$	~~1,005~~	$	—	$	—	$	—	$	1,~~948~~774	$	—	$	1915,~~042~~117
SBA secured by real estate	—		—		—		~~1,725~~394		—		—		—		~~1,725~~394
Total investor loans secured by real estate	1613,~~089~~343		~~1,005~~		—		~~1,725~~394		—		1,~~948~~774		—		2015,~~767~~511
Business loans secured by real estate
CRE owner-occupied	—		—		4,574		—				—		—		4,574
Total business loans secured by real estate	—		—		4,574		—				—		—		4,574
Commercial loans
Commercial and industrial	—		—		~~227~~		—		—		—		21,~~047~~241		21,~~274~~241
SBA non-real estate secured	—		—		—		—		—		—		~~531~~65		~~531~~65
Total commercial loans	—		—		~~227~~		—		—		—		21,~~578~~306		21,~~805~~306
Total collateral dependent loans	$	16,089	$	1,005	$	4,801	$	1,725			$	1,948	$	2,578	$	28,146
Retail loans
Single family residential	—						—		134		—		—		134
Total retail loans	—						—		134		—		—		134
Total collateral dependent loans	$	13,343					$	394	$	134	$	1,774	$	1,306	$	16,951

December 31, 2023
December 31, 2024
Investor loan secured by real estate
CRE non-owner-occupied	$	—13,563	$	~~412~~	$	—	$	—	$	—	$	—1,860	$	—	$	~~412~~15,423
SBA secured by real estate	—		—		—		~~1,205~~409		—		—		—		~~1,205~~409
Total investor loans secured by real estate	—13,563		~~412~~		—		~~1,205~~409		—		—1,860		—		115,~~617~~832
Business loans secured by real estate
CRE owner-occupied	4,011		—		4,655		—				—		—		8,666
Total business loans secured by real estate	4,011		—		4,655		—				—		—		8,666
Commercial loans
Commercial and industrial	—		—		~~231~~		—		—		—		1,~~150~~241		1,~~381~~241
SBA non-real estate secured	—		—		—		—		—		—		~~558~~20		~~558~~20
Total commercial loans	—		—		~~231~~		—		—		—		1,~~708~~261		1,~~939~~261
Total collateral dependent loans	$	413,~~011~~563	$	~~412~~	$	~~4,886~~	$	~~1,205~~409	$	—	$	—1,860	$	1,~~708~~261	$	1217,~~222~~093

3025

Note 6 – Allowance for Credit Losses

The Company maintains an ACL for loans and unfunded loan commitments in accordance with ASC 326 - Financial Instruments - Credit Losses. ASC 326 requires the Company to initially recognize estimates for lifetime credit losses on loans and unfunded loan commitments at the time of origination or acquisition. The recognition of credit losses represents the Company’s best estimate of lifetime expected credit losses, given the facts and circumstances associated with a particular loan or group of loans with similar risk characteristics. Determining the ACL involves the use of significant management judgement and estimates, which are subject to change based on management’s ongoing assessment of the credit quality of the loan portfolio and changes in economic forecasts used in the Company’s ACL model. The Company uses a discounted cash flow model when determining estimates for the ACL for commercial real estate loans and commercial loans, which comprise the majority of the loan portfolio, and uses a historical loss rate model for retail loans. The Company also utilizes proxy loan data in its ACL model where the Company’s own historical data is not sufficiently available.

The discounted cash flow model is applied on an instrument-by-instrument basis, and for loans with similar risk characteristics, to derive estimates for the lifetime ACL for each loan. The discounted cash flow methodology relies on several significant components essential to the development of estimates for future cash flows on loans and unfunded loan commitments. These components consist of: (i) the estimated probability of default (“PD”), (ii) the estimated loss given default (“LGD”), which represents the estimated severity of the loss when a loan is in default, (iii) estimates for prepayment activity on loans, and (iv) the estimated exposure to the Company at default (“EAD”). The PD and LGD are heavily influenced by changes in economic forecasts and key variables employed in the model as well as our portfolio performance and composition over a reasonable and supportable period. The Company’s ACL methodology for unfunded loan commitments also includes assumptions concerning the probability an unfunded commitment will be drawn upon by the borrower. These assumptions are based on the Company’s historical experience.

The Company’s discounted cash flow ACL model for CRE and commercial loans uses internally derived estimates for prepayments in determining the amount and timing of future contractual cash flows expected to be collected. The estimate of future cash flows also incorporates estimates for contractual amounts the Company believes may not be collected, which are based on assumptions for PD, LGD, and EAD. The EAD is determined by the contractual payment schedule and expected payment profile of the loan, incorporating estimates for expected prepayments and future draws on revolving credit facilities. The Company discounts cash flows using the effective interest rate on the loan. The effective interest rate represents the contractual rate on the loan; adjusted for any purchase premiums, or discounts, and deferred fees and costs associated with an originated loan. The Company has made an accounting policy election to adjust the effective interest rate to take into consideration the effects of estimated prepayments. The ACL for loans is determined by measuring the amount by which a loan’s amortized cost exceeds its discounted cash flows expected to be collected. The ACL for credit facilities is determined by discounting estimates for cash flows not expected to be collected.

Probability of Default

The PD for investor loans secured by real estate is based largely on a model provided by a third party, using proxy loan information. The PDs generated by this model are reflective of current and expected economic conditions in the commercial real estate market, and how they are expected to impact loan level and property level attributes, and ultimately the likelihood of a default event occurring. This model incorporates assumptions for PD at a loan’s maturity. Significant loan and property level attributes include: loan-to-value (“LTV”) ratios, debt service coverage ~~ratios~~ratio, loan size, loan vintage, and property types.

3126

The PD for business loans secured by real estate and commercial loans is based on an internally developed PD rating scale that assigns PDs based on the Company’s internal credit risk grades for loans. This internally developed PD rating scale is based on a combination of the Company’s own historical data and observed historical data from the Company’s peers, which consist of banks that management believes align with our business profile. As credit risk grades change for these loans, the PD assigned to them also changes. As with investor loans secured by real estate, the PD for business loans secured by real estate and commercial loans is also impacted by current and expected economic conditions, including U.S. GDP growth and U.S. unemployment rate forecasts.

The Company considers loans to be in default when they are 90 days or more past due or placed on nonaccrual status.

Loss Given Default

LGDs for commercial real estate loans are derived from a third party, using proxy loan information, and are based on loan and property level characteristics for loans in the Company’s loan portfolio, such as: LTV ~~ratios~~ratio, estimated time to resolution, property size, and current and estimated future market price changes for underlying collateral. LGDs are highly dependent upon LTV ratios, and incorporate estimates for the expenses associated with managing the loans through to resolution. LGDs also incorporate an estimate for the loss severity associated with loans where the borrower fails to meet their debt obligation at maturity, such as through a balloon payment or the refinancing of the loan through another lender. External factors that have an impact on LGDs include: changes in the index for CRE pricing, GDP growth rate, unemployment rates, and the Consumer Price Index. LGDs are applied to each loan in the commercial real estate portfolio, and in conjunction with the PD, produce estimates for net cash flows not expected to be collected over the estimated term of the loan.

LGDs for commercial loans are also derived from a third party that has a considerable database of credit related information specific to the financial services industry and the type of loans within this segment, and is used to generate annual default information for commercial loans. These proxy LGDs are dependent upon data inputs such as credit quality, borrower industry, region, borrower size, and debt seniority, as well as external factors, including GDP growth rate and unemployment rates. LGDs are then applied to each loan in the commercial segment, and in conjunction with the PD, produce estimates for net cash flows not expected to be collected over the estimated term of the loan.

Historical Loss Rates for Retail Loans

The historical loss rate model for retail loans is derived from a third party that has a considerable database of credit related information for retail loans. Key loan level attributes and economic drivers in determining the loss rate for retail loans include FICO scores, vintage, as well as geography, unemployment rates, and changes in consumer real estate prices.

3227

Economic Forecasts

In order to develop reasonable and supportable forecasts of future conditions, the Company estimates how those forecasts are expected to impact a borrower’s ability to satisfy their obligation to the Bank and the ultimate collectability of future cash flows over the life of a loan. The Company uses macroeconomic scenarios from an independent third party, which are based on past events, current conditions, and the likelihood of future events occurring. These scenarios are typically comprised of: a base-case scenario, an upside scenario, representing slightly better economic conditions than currently experienced and, a downside scenario, representing recessionary conditions. Management evaluates appropriateness of economic scenarios and may decide that a particular economic scenario or a combination of probability-weighted economic scenarios should be used in the Company’s ACL model. The economic scenarios chosen for the model, the extent to which more than one scenario is used, and the weights that are assigned to them, are based on the likelihood that the economy would perform better than each scenario, which is based in part on analysis performed by an independent third party. Economic scenarios chosen, as well as the assumptions within those scenarios, and whether to use a probability-weighted multiple scenario approach, can vary from one period to the next based on changes in current and expected economic conditions, and due to the occurrence of specific events. The Company’s ACL model at ~~September~~March 3031, ~~2024~~2025 includes assumptions concerning the interest rate environment, general uncertainty concerning future economic conditions, and the potential for recessionary conditions.

The Company currently forecasts PDs and LGDs based on economic scenarios over a two-year period, which we believe is a reasonable and supportable period. Beyond this point, PDs and LGDs revert to their long-term averages. The Company has reflected this reversion over a period of three years in each of its economic scenarios used to generate the overall probability-weighted forecast. Changes in economic forecasts impact the PD, LGD, and EAD for each loan, and therefore influence the amount of future cash flows the Company does not expect to collect for each loan.

It is important to note that the Company’s ACL model relies on multiple economic and model variables, which are used in several economic scenarios. Although no one variable can fully demonstrate the sensitivity of the ACL calculation to changes in the economic variables used in the model, the Company has identified certain economic variables that have significant influence in the Company’s model for determining the ACL. These key economic variables include forecasted changes in the U.S. unemployment rate, U.S. real GDP growth, CRE prices, and interest rates.

Qualitative Adjustments

The Company recognizes that historical information used as the basis for determining future expected credit losses may not always, by itself, provide a sufficient basis for determining future expected credit losses. The Company, therefore, considers the need for qualitative adjustments to the ACL on a quarterly basis. Qualitative adjustments may be related to and include, but not be limited to, factors such as: (i) management’s assessment of economic forecasts used in the model and how those forecasts align with management’s overall evaluation of current and expected economic conditions, (ii) organization specific risks such as credit concentrations, collateral specific risks, regulatory risks, and external factors that may ultimately impact credit quality, (iii) potential model limitations such as limitations identified through back-testing, and other limitations associated with factors such as underwriting changes, acquisition of new portfolios, and changes in portfolio segmentation, and (iv) management’s overall assessment of the adequacy of the ACL, including an assessment of model data inputs used to determine the ACL.

3328

Qualitative adjustments primarily relate to certain segments of the loan portfolio deemed by management to be of potentially higher-risk profiles or other factors where management believes the quantitative component of the Company’s ACL model may not be fully reflective of levels deemed adequate in the judgement of management. Certain qualitative adjustments also relate to heightened uncertainty as to future macroeconomic conditions and the related impact on certain loan segments. Management reviews the need for an appropriate level of qualitative adjustments on a quarterly basis, and as such, the amount and allocation of qualitative adjustments may change in future periods.

The following tables provide the allocation of the ACL for loans held for investment as well as the activity in the ACL attributed to various segments in the loan portfolio as of, and for the periods indicated:

Three Months Ended September 30, 2024

Three Months Ended March 31, 2025

(Dollars in thousands)

Beginning ACL Balance

Charge-offs

Recoveries

Provision for Credit Losses

Ending ACL Balance

Investor loans secured by real estate

CRE non-owner-occupied

2926,~~738~~408

—

~~(464)~~458

2926,~~274~~866

Multifamily

5753,~~298~~305

—

8(1,~~667~~930)

6551,~~965~~375

Construction and land

105,~~804~~230

—

~~180~~(1,453)

103,~~984~~777

SBA secured by real estate

21,~~142~~722

—

—30

~~457~~(74)

21,~~599~~678

Business loans secured by real estate

CRE owner-occupied

2831,~~531~~794

~~(1,152)~~—

—

~~580~~(1,273)

2730,~~959~~521

Franchise real estate secured

65,~~794~~836

—

(1,~~680~~173)

54,~~114~~663

SBA secured by real estate

43,~~134~~831

—

~~(490)~~33

3,~~644~~864

Commercial loans

Commercial and industrial

3237,~~257~~603

(~~1,239~~458)

2775

(63,~~038)~~982

2441,~~982~~902

Franchise non-real estate secured

1110,~~130~~794

—

~~125~~—

(12,~~357~~717)

98,~~898~~077

SBA non-real estate secured

~~482~~359

—

~~(139)~~96

~~348~~461

Retail loans

Single family residential

~~399~~1,193

—

~~(11)~~487

~~388~~1,680

Consumer loans

94111

(4810)

1—

462

93103

Totals

~~183~~178,~~803~~186

(~~2,439~~468)

~~133~~811

(~~249~~3,562)

~~181~~174,~~248~~967

3429

	Nine Months Ended September 30, 2024
	Three Months Ended March 31, 2024
(Dollars in thousands)	Beginning ACL Balance		Charge-offs		Recoveries		Provision for Credit Losses		Ending ACL Balance
Investor loans secured by real estate
CRE non-owner occupied	$	31,030	$	(5,123)	$	1,500	$	1,867	$	29,274
CRE non-owner-occupied	$	31,030	$	(927)	$	—	$	678	$	30,781
Multifamily	56,312		~~(7,372)~~—		5		172,~~020~~094		6558,~~965~~411
Construction and land	9,314		—		—		(1,~~670~~143)		108,~~984~~171
SBA secured by real estate	2,182		(~~406~~253)		86—		~~737~~255		2,~~599~~184
Business loans secured by real estate
CRE owner-occupied	28,787		(54,~~604~~452)		~~184~~63		4,~~592~~362		2728,~~959~~760
Franchise real estate secured	7,499		(212)		—		(~~2,173~~29)		57,~~114~~258
SBA secured by real estate	4,427		—		21		(~~785~~140)		34,~~644~~288
Commercial loans
Commercial and industrial	36,692		(~~2,792~~585)		~~189~~39		~~(9,107)~~961		2437,~~982~~107
Franchise non-real estate secured	15,131		(100)		~~1,500~~—		(~~6,633~~711)		914,~~898~~320
SBA non-real estate secured	458		~~(6)~~—		102		~~(114)~~35		~~348~~495
Retail loans
Single family residential	505		—		3—		(~~120~~63)		~~388~~442
Consumer loans	134		~~(883)~~—		1—		~~841~~(11)		93123
Totals	$	192,471	$	(226,~~498~~529)	$	~~3,480~~110	$	76,~~795~~288	$	~~181~~192,~~248~~340

	Three Months Ended September 30, 2023
(Dollars in thousands)	Beginning ACL Balance		Charge-offs		Recoveries		Provision for Credit Losses		Ending ACL Balance
Investor loans secured by real estate
CRE non-owner-occupied	$	31,545	$	—	$	51	$	(13)	$	31,583
Multifamily	55,648		—		—		(427)		55,221
Construction and land	7,707		—		—		799		8,506
SBA secured by real estate	2,331		(108)		—		(24)		2,199
Business loans secured by real estate
CRE owner-occupied	28,515		—		12		559		29,086
Franchise real estate secured	6,855		—		—		711		7,566
SBA secured by real estate	4,511		—		128		(77)		4,562
Commercial loans
Commercial and industrial	39,586		(7,386)		565		(268)		32,497
Franchise non-real estate secured	14,642		—		50		1,087		15,779
SBA non-real estate secured	399		(67)		3		137		472
Retail loans
Single family residential	455		—		—		36		491
Consumer loans	139		—		—		(3)		136
Totals	$	192,333	$	(7,561)	$	809	$	2,517	$	188,098

The decrease in the ACL for loans held for investment during the three months ended March 31, 2025 of $3.2 million was reflective of a reversal of provision for credit losses of $3.6 million and net recoveries of $343,000.

35During the three months ended March 31, 2025, the reversal of provision for credit losses was principally driven by provision reversals in the investor and business loans secured by real estate segments, partially offset by provisions for credit losses in the commercial and retail loans segments. The reversal of provision for credit losses in the investor loans secured by real estate segment was primarily attributed to a decline in loan balances for multifamily and construction and land loans. The reversal of provision for credit losses in the business loans secured by real estate segment can largely be attributed to a decline in loan balances for CRE owner-occupied loans and franchise real estate secured loans. The provision for credit losses in the commercial loans segment is largely attributed to new originations and purchases of commercial and industrial loans. The provision for commercial and industrial loans was partially offset by a provision reversal associated with franchise non-real estate secured loans, which was attributed to a decrease in loan balances coupled with slightly favorable changes in economic forecasts associated with those loans. The Company also recorded a provision for credit losses for retail loans during the first quarter, which was attributed to the purchase of jumbo single family residential loans with high credit quality. GAAP requires the Company to establish an ACL for purchased loans at the time of purchase.

	Nine Months Ended September 30, 2023
(Dollars in thousands)	Beginning ACL Balance		Charge-offs		Recoveries		Provision for Credit Losses		Ending ACL Balance
Investor loans secured by real estate
CRE non-owner-occupied	$	33,692	$	(2,657)	$	66	$	482	$	31,583
Multifamily	56,334		(290)		1		(824)		55,221
Construction and land	7,114		—		—		1,392		8,506
SBA secured by real estate	2,592		(108)		—		(285)		2,199
Business loans secured by real estate
CRE owner-occupied	32,340		(2,370)		36		(920)		29,086
Franchise real estate secured	7,019		—		—		547		7,566
SBA secured by real estate	4,348		—		208		6		4,562
Commercial loans
Commercial and industrial	35,169		(8,734)		945		5,117		32,497
Franchise non-real estate secured	16,029		—		150		(400)		15,779
SBA non-real estate secured	441		(67)		68		30		472
Retail loans
Single family residential	352		(90)		1		228		491
Consumer loans	221		(895)		35		775		136
Totals	$	195,651	$	(15,211)	$	1,510	$	6,148	$	188,098

The decrease in the ACL for loans held for investment during the three months ended ~~September~~March 3031, 2024 of $~~2.6~~131,000 ~~million~~ was reflective of $26.3 4 million in net charge-offs, ~~and~~partially aoffset by $~~249,000~~6.3 million ~~reversal~~in of provision for credit losses principally driven by provisions for investor and business loans secured by real estate segments. ~~During~~The provision for credit losses in the ~~nine~~investor ~~months~~loans ~~ended~~secured ~~September 30,~~by ~~2024~~real estate segment was primarily driven by changes in economic forecasts, ~~the~~partially ~~ACL~~offset by declines in loan balances for CRE non-owner-occupied, multifamily, and SBA secured by real estate loans. ~~held~~The reversal of provision for ~~investment~~credit ~~decreased~~losses ~~$11.2~~for ~~million,~~construction ~~which~~and land loans in this segment was ~~reflective~~attributed to changes in loan composition, including the payoff of ~~$19~~certain loans with higher loss ratios.0 ~~million~~The provision for credit losses in ~~net~~the ~~charge~~business loans secured by real estate segment was largely attributed to CRE owner-~~offs~~occupied loans driven by the impact of changes in economic forecasts and changes in asset quality, partially offset by $7a decrease in balances for these loans within this segment.8 ~~million~~The provision for credit losses for commercial loans is primarily associated with commercial and industrial loans and the impact of changes in economic forecasts and asset quality, partially offset by a decrease in balances. Provisions for credit losses for these loans were partially offset by a reversal of provision for credit losses for franchise non-real estate secured loans, which can be attributed to a decrease in balances. The reversal of provision for credit losses for retail loans can largely be attributed to changes in economic forecasts and a slight decrease in balances.

~~During~~Charge-offs during the three months ended ~~September~~March 3031, 2024, ~~the~~were ~~reversal~~largely ofdue ~~provision~~to ~~for~~$5.7 million ~~credit~~in ~~losses~~charge-offs ~~was~~associated ~~principally~~with ~~driven by declines in~~ the ~~balances~~sale of ~~commercial~~special ~~loans~~mention and ~~business~~substandard ~~loans~~CRE ~~secured~~and byfranchise ~~real~~loans ~~estate.~~during ~~The reversal of provision for credit losses in these segments was partially offset by provision for credit losses in~~ the ~~investor~~first ~~loans~~quarter ~~secured~~of ~~by real estate segment, driven in large part by changes associated with economic forecasts and, partially offset by a decline in balances for loans within this segment~~2024.

During the nine months ended September 30, 2024, the provision for credit losses was attributed in large part to the impact of changes in economic forecasts and the associated impact on investor loans secured by real estate, with the largest impact attributed to multifamily loans and CRE non-owner-occupied loans, as well as business loans secured by real estate. The provision for credit losses for loans within these segments attributable to the impact from changes in economic forecasts was partially offset by declines in the balances of those loans and changes in asset quality for investor loans secured by real estate. The provision for credit losses in these segments was partially offset by a reversal of provision for credit losses in the commercial loans segment, which was principally driven by declines in the balances for those loans.

Charge-offs during the three months ended September 30, 2024 were largely due to a $1.2 million charge-off associated with the sale of one CRE owner-occupied loan, as well as charge-offs of various other C&I and consumer loans. In addition to the charge-offs recorded during the third quarter of 2024, charge-offs for the nine months ended September 30, 2024 were largely attributed to $11.5 million in charge-offs related to the sale of a substandard multifamily loan and a substandard non-owner-occupied CRE loan during the second quarter of 2024, as well as $5.7 million in charge-offs associated with the sale of various special mention and substandard CRE and franchise loans during the first quarter of 2024.

The decrease in the ACL for loans held for investment during the three months ended September 30, 2023 of $4.2 million was reflective of $6.8 million in net charge-offs, partially offset by $2.5 million in provision for credit losses. The provision for credit losses during the three months ended September 30, 2023 was largely attributed to changes in economic forecasts, partially offset by a decrease in the balance of loans held for investment across various segments in the loan portfolio.

For the nine months ended September 30, 2023, the ACL decreased $7.6 million. The decline in the ACL during this period was reflective of $13.7 million in net charge-offs, partially offset by $6.1 million in provision for credit losses. The provision for credit losses during the nine months ended September 30, 2023 was largely attributed to changes in economic forecasts, as well as changes in asset quality, partially offset by a decrease in loans held for investment across various segments in the loan portfolio.

Charge-offs during the three months ended September 30, 2023 were largely attributed to one C&I lending relationship that already had a specific reserve as well as two syndicated C&I loans to one lending relationship that were modified with a partial charge-off. Charge-offs during the nine months ended September 30, 2023 were largely attributed to two C&I lending relationships, one CRE non-owner-occupied lending relationship, and one CRE owner-occupied lending relationship.

Allowance for Credit Losses for Off-Balance Sheet Commitments

The Company maintains an ACL for off-balance sheet commitments related to unfunded loans and lines of credit, which is included in other liabilities of the consolidated statements of financial condition. The ~~allowance~~following ~~for~~table ~~off-balance~~summarizes ~~sheet commitments was $17.1 million at September 30, 2024, an increase of $760,000 from $16.3 million at June 30, 2024, and a decrease of $2.2 million from December 31, 2023. During~~ the ~~three~~activities ~~months~~in ~~ended September 30, 2024,~~ the ~~provision~~ACL ~~expense~~ for off-balance sheet commitments ~~was largely attributable to slightly higher loss rates~~ for ~~C&I loans, partially offset by a decrease in~~ the ~~balance~~periods of unfunded commitments during the quarter. The provision reversal for off-balance sheet commitments during the nine months ended September 30, 2024 was attributed largely to overall lower levels of unfunded commitments during the period. indicated:

During the three months ended September 30, 2023, the provision expense for off-balance sheet commitments of $1.4 million was attributable, in large part, to changes in economic forecasts, partially offset by a decline in the balance of unfunded commitments. The provision expense during the nine months ended September 30, 2023 was largely attributed to economic forecasts, partially offset by changes in the mix of unfunded commitments between various loan segments, and a decrease in the balance of unfunded commitments.


	Three Months Ended
	March 31,		March 31,
(Dollars in thousands)	2025		2024
Beginning ACL balance	$	17,906	$	19,264
Provision for credit losses on off-balance sheet commitments	(143)		(2,425)
Ending ACL balance	$	17,763	$	16,839

The ~~following~~allowance ~~table~~for ~~summarizes~~off-balance sheet commitments was $17.8 million at March 31, 2025, relatively unchanged from $17.9 million at December 31, 2024. During the ~~activities~~three inmonths ended March 31, 2025, the ~~ACL~~provision reversal for off-balance sheet commitments ~~for~~was largely attributable to the ~~periods~~impact ~~indicated:~~of changes in economic forecasts, partially offset by changes in the mix of unfunded commitments between various loan segments.

	Three Months Ended				Nine Months Ended
	September 30,		September 30,		September 30,		September 30,
(Dollars in thousands)	2024		2023		2024		2023
Beginning ACL balance	$	16,334	$	24,455	$	19,264	$	23,641
Provision for credit losses on off-balance sheet commitments	760		1,386		(2,170)		2,200
Ending ACL balance	$	17,094	$	25,841	$	17,094	$	25,841

During the three months ended March 31, 2024, the provision reversal for off-balance sheet commitments of $2.4 million was largely attributable to a decline in the balance of unfunded commitments as well as qualitative adjustments during the quarter.

Note 7 – Goodwill and Other Intangible Assets

The Company had goodwill of $901.3 million at ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024. The Company did not record any adjustments to goodwill during the three months ended ~~September~~March 3031, ~~2024~~2025 and ~~September~~March 3031, ~~2023~~2024.

The Company’s policy is to assess goodwill for impairment on an annual basis during the fourth quarter of each year, and more frequently if events or circumstances lead management to believe the value of goodwill may be impaired.

3831

Other intangible assets with definite lives were $3429.96 million at ~~September~~March 3031, ~~2024~~2025, consisting of $3328.10 million in core deposit intangibles and $1.87 million in customer relationship intangibles. At December 31, ~~2023~~2024, other intangibles assets were $4332.32 million, consisting of $4130.25 million in core deposit intangibles and $2.1.7 million in customer relationship intangibles. The following table summarizes the change in the balances of core deposit and customer relationship intangible assets, and the related accumulated amortization for the periods indicated below:

Three Months Ended

~~Nine Months Ended~~

September 30,

March 31,

(Dollars in thousands)

~~2024~~2025

~~2023~~2024

~~2024~~

~~2023~~

Gross amount of intangible assets:

Beginning balance

145,212

~~145,212~~

Additions due to acquisitions

—

Ending balance

145,212

~~145,212~~

Accumulated amortization:

Beginning balance

(~~107~~113,~~526~~018)

(95101,~~850~~927)

~~(101,927)~~

~~(89,624)~~

Amortization

(2,~~762~~566)

(32,~~055~~836)

~~(8,361)~~

~~(9,281)~~

Ending balance

(~~110~~115,~~288~~584)

(98104,~~905~~763)

~~(110,288)~~

~~(98,905)~~

Net intangible assets

3429,~~924~~628

4640,~~307~~449

~~34,924~~

~~46,307~~

The Company amortizes core deposit intangibles and customer relationship intangibles based on the projected useful lives of the related deposits in the case of core deposit intangibles, and over the projected useful lives of the related client relationships in the case of customer relationship intangibles. The amortization periods typically range from six to eleven years. The estimated aggregate amortization expense related to our core deposit and customer relationship intangible assets for each of the next five years succeeding December 31, ~~2023~~2024, in order from the present, is $~~11.1 million, $~~10.0 million, $8.9 million, $7.2 million, ~~and~~ $4.0 million, and $1.5 million. The Company’s core deposit and customer relationship intangibles are evaluated annually for impairment or more frequently if events and circumstances lead management to believe their value may not be recoverable. The Company is unaware of any events and/or circumstances that would indicate the value of customer relationship intangible assets are impaired as of ~~September~~March 3031, ~~2024~~2025.

Note 8 – Subordinated Debentures

As of ~~September~~March 3031, ~~2024~~2025, the Company had two series of subordinated notes with an aggregate carrying value of $272.36 million with a weighted interest rate of 6.5821%, compared to $~~331~~272.84 million with a weighted interest rate of 56.3130% at December 31, ~~2023~~2024. The ~~decrease~~increase of $~~59.5~~130,000 ~~million~~ was ~~primarily~~ due to the ~~maturity of $60.0 million of subordinated notes on September 3, 2024, partially offset by the~~ amortization of debt issuance costs.

The following table summarizes our outstanding subordinated debentures as of the dates indicated:

						Carrying Value
(Dollars in thousands)	Stated Maturity	Current Interest Rate		Current Principal Balance		~~September~~March 3031, ~~2024~~2025		December 31, ~~2023~~2024
Subordinated notes
Subordinated notes due 2024, 5.75% per annum	September 3, 2024	—	%	$	—	$	—	$	59,910
Subordinated notes due 2029, 4.875% per annum until May 15, 2024, 3-month term SOFR +2.762% thereafter	May 15, 2029	7.085	%	125,000		123,960		123,896
Subordinated notes due 2029, 4.875% per annum until May 15, 2024, 3-month term SOFR +2.762% thereafter	May 15, 2029	7.880	%	125,000		123,832		123,641
Subordinated notes due 2030, 5.375% per annum until June 15, 2025, 3-month term SOFR +5.17% thereafter	June 15, 2030	5.375	%	150,000		148,619		148,553
Subordinated notes due 2030, 5.375% per annum until June 15, 2025, 3-month term SOFR +5.17% thereafter	June 15, 2030	5.375	%	150,000		148,488		148,291
Total subordinated debentures				$	275,000	$	272,579	$	272,449
Total subordinated debentures				$	275,000	$	272,320	$	331,842

3932

Upon the cessation of LIBOR on June 30, 2023, the LIBOR-based benchmark rate after May 15, 2024 for our subordinated notes due 2029 transitioned to 3-month term SOFR as successor base rate plus the relevant spread adjustment.

In connection with the various issuances of subordinated notes, the Corporation obtained ratings from Kroll Bond Rating Agency (“KBRA”). KBRA assigned investment grade ratings of BBB+ and BBB for the Corporation’s senior unsecured debt and subordinated debt, respectively, and a deposit and senior unsecured debt rating of A- and subordinated debt of BBB+ for the Bank. The Corporation’s and Bank’s ratings were reaffirmed in May 2024 by KBRA.

For additional information on the Company’s subordinated debentures, see “Note 13 — Subordinated Debentures” to the audited consolidated financial statements in the Company’s ~~2023~~2024 Form 10-K.

For regulatory capital purposes, subordinated notes qualify as Tier 2 capital, subject to limitations. Per applicable Federal Reserve rules and regulations, the amount of the subordinated notes qualifying as Tier 2 regulatory capital is phased out by 20% of the original amount of the subordinated notes in each of the five years beginning on the fifth anniversary preceding the maturity date of the subordinated notes. The regulatory total capital ratios of the Company and the Bank continued to exceed regulatory minimums, inclusive of the fully phased-in capital conservation buffer.

Note 9 – Earnings Per Share

The Company’s restricted stock awards contain non-forfeitable rights to dividends and therefore are considered participating securities. The Company calculates basic and diluted earnings per common share using the two-class method.

Under the two-class method, distributed and undistributed earnings allocable to participating securities are deducted from net income to determine net income allocable to common shareholders, which is then used in the numerator of both basic and diluted earnings per share calculations. Basic earnings per common share is computed by dividing net income allocable to common shareholders by the weighted average number of common shares outstanding for the reporting period, excluding outstanding participating securities. Diluted earnings per common share is computed by dividing net income allocable to common shareholders by the weighted average number of common shares outstanding over the reporting period, adjusted to include the effect of potentially dilutive common shares, but excludes awards considered participating securities. The computation of diluted earnings per common share excludes the impact of the assumed exercise or issuance of securities that would have an anti-dilutive effect.

4033

The following tables set forth the Corporation’s earnings per share calculations for the periods indicated:

Three Months Ended

(Dollars in thousands, except per share data)

~~September~~March 3031, ~~2024~~2025

~~September~~March 3031, ~~2023~~2024

Basic

Net income

3536,~~979~~021

4647,~~030~~025

Less: dividends and undistributed earnings allocated to participating securities

(~~667~~650)

(~~823~~779)

Net income allocated to common stockholders

35,~~312~~371

4546,~~207~~246

Weighted average common shares outstanding

94,~~650~~764,~~096~~879

94,~~189~~350,~~844~~259

Basic earnings per common share

0.37

0.4849

Diluted

Net income allocated to common stockholders

35,~~312~~371

4546,~~207~~246

Weighted average common shares outstanding

94,~~650~~764,~~096~~879

94,~~189~~350,~~844~~259

Dilutive effect of share-based compensation

~~125~~55,~~831~~253

93127,~~164~~096

Weighted average diluted common shares

94,~~775~~820,~~927~~132

94,~~283~~477,~~008~~355

Diluted earnings per common share

0.37

0.4849

	Nine Months Ended
(Dollars in thousands, except per share data)	September 30, 2024		September 30, 2023
Basic
Net income	$	124,909	$	166,228
Less: dividends and undistributed earnings allocated to participating securities	(2,241)		(2,674)
Net income allocated to common stockholders	$	122,668	$	163,554
Weighted average common shares outstanding	94,543,243		94,072,463
Basic earnings per common share	$	1.30	$	1.74
Diluted
Net income allocated to common stockholders	$	122,668	$	163,554
Weighted average common shares outstanding	94,543,243		94,072,463
Dilutive effect of share-based compensation	109,340		142,383
Weighted average diluted common shares	94,652,583		94,214,846
Diluted earnings per common share	$	1.30	$	1.74

Shares or stock options are excluded from the computations of diluted earnings per share when their inclusion have an anti-dilutive effect. The dilutive impact of these securities could be included in future computations of diluted earnings per share if the market price of the common stock increases. For the three months ended March 31, 2025 and 2024, there were no potential common shares that were anti-dilutive.

Shares or stock options are excluded from the computations of diluted earnings per share when their inclusion have an anti-dilutive effect. The dilutive impact of these securities could be included in future computations of diluted earnings per share if the market price of the common stock increases. For the three months ended September 30, 2024 and 2023, there were no potential common shares that were anti-dilutive. For the nine months ended September 30, 2024 and 2023, there were 43,610 and 48,808 weighted average common shares that were anti-dilutive. 34

Note 10 – Fair Value of Financial Instruments

The fair value of an asset or liability is the exchange price that would be received to sell that asset or paid to transfer that liability (exit price) in an orderly transaction occurring in the principal market (or most advantageous market in the absence of a principal market) for such asset or liability. In estimating fair value, the Company utilizes valuation techniques that are consistent with the market approach, the income approach, and/or the cost approach. Such valuation techniques are consistently applied. Inputs to valuation techniques include the assumptions that market participants would use in pricing an asset or liability. ASC Topic 825 - Financial Instruments, requires disclosure of the fair value of financial assets and financial liabilities, including both those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis and a non-recurring basis. The methodologies for estimating the fair value of financial assets and financial liabilities that are measured at fair value are discussed below.

In accordance with ASC Topic 820 - Fair Value Measurement, the Company groups its financial assets and financial liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described as follows:

Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, prepayment speeds, volatilities, etc.), or model-based valuation techniques where all significant assumptions are observable, either directly or indirectly, in the market.

Level 3 - Valuation is generated from model-based techniques where one or more significant inputs are not observable, either directly or indirectly, in the market. These unobservable assumptions reflect the Company’s own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques may include use of matrix pricing, discounted cash flow models, and similar techniques.

Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature, and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the fair values presented. Management uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent limitations in any estimation technique. While management believes the Company’s valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. The Company’s valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values.

4235

A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Management maximizes the use of observable inputs and attempts to minimize the use of unobservable inputs when determining fair value measurements. Estimated fair values are disclosed for financial instruments for which it is practicable to estimate fair value. These estimates are made at a specific point in time based on relevant market data and information about the financial instruments. These estimates do not reflect any premium or discount that could result from offering the Company’s entire holdings of a particular financial instrument for sale at one time, nor do they attempt to estimate the value of anticipated future business related to the instruments. In addition, the tax ramifications related to the realization of unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in any of these estimates.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following is a description of both the general and specific valuation methodologies used for certain instruments measured at fair value, as well as the general classification of these instruments pursuant to the fair value hierarchy.

AFS Investment Securities – Investment securities are generally valued based upon quotes obtained from independent third-party pricing services, which use evaluated pricing applications and model processes. Observable market inputs, such as, benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data are considered as part of the evaluation. The inputs are related directly to the security being evaluated, or indirectly to a similarly situated security. Market assumptions and market data are utilized in the valuation models. The Company reviews the market prices provided by the third-party pricing service for reasonableness based on the Company’s understanding of the marketplace and credit issues related to the securities. The Company has not made any adjustments to the market quotes provided by them and, accordingly, the Company categorized these securities within Level 2 of the fair value hierarchy.

Equity Securities With Readily Determinable Fair Values – The Company’s equity securities with readily determinable fair values consist of investments in public companies and qualify for CRA purposes. The fair value is based on the closing price on nationally recognized securities exchanges at the end of each period and classified as Level 1 of the fair value hierarchy.

Interest Rate Swaps – The Company originates a variable rate loan and enters into a variable-to-fixed interest rate swap with the customer. The Company also enters into an offsetting swap with a correspondent bank. These back-to-back swap agreements are intended to offset each other and allow the Company to originate a variable rate loan, while providing a contract for fixed interest payments for the customer. The Company also enters into interest rate swap contracts with institutional counterparties to hedge against certain fixed-rate loans. The net cash flow for the Company is equal to the interest income received from a variable rate loan originated with the customer. The fair value of these derivatives is based on a market standard discounted cash flow approach. The Company incorporates credit value adjustments on derivatives to properly reflect the respective counterparty’s nonperformance risk in the fair value measurements of its derivatives. The Company has determined that the observable nature of the majority of inputs used in deriving the fair value of these derivative contracts fall within Level 2 of the fair value hierarchy, and the credit valuation adjustments are not significant to the overall valuation of its derivative financial instruments. As a result, the valuation of interest rate swaps is classified as Level 2 of the fair value hierarchy.

Equity Warrant Assets – The Company acquired equity warrant assets as a result of the acquisition of Opus. The warrants provide the Bank the right to purchase a specific number of equity shares of the underlying company’s equity at a certain price before expiration and contain net settlement terms qualifying as derivatives under ASC Topic 815 - Derivatives and Hedging. The fair value of equity warrant assets is determined using a Black-Scholes option pricing model and are classified as Level 3 within the fair value hierarchy due to the extent of unobservable inputs. The key assumptions used in determining the fair value include the exercise price of the warrants, valuation of the underlying entity's outstanding stock, expected term, risk-free interest rate, marketability discount for private company warrants, and price volatility. During 2023, the equity warrant assets were either settled or written off as the warrants were determined to not be exercisable until the underlying company’s fair market value is greater than the value established in the warrant agreement.

Foreign Exchange Contracts – The Company enters into foreign exchange contracts to accommodate the business needs of its customers. The Company also enters into offsetting contracts with institutional counterparties to mitigate the Company’s foreign exchange exposure with its customers, or enters into bilateral collateral and master netting agreements with certain customer counterparties to manage its credit exposure. The Company measures the fair value of foreign exchange contracts based on quoted prices for identical instruments in active markets, a Level 1 measurement.

The following fair value hierarchy table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis at the dates indicated:

	September 30, 2024
	March 31, 2025
	Fair Value Measurement Using						Total Fair Value
(Dollars in thousands)	Level 1		Level 2		Level 3
Financial assets
AFS investment securities:
U.S. Treasury	$	—	$	~~771~~1,~~351~~267,109	$	—	$	~~771~~1,~~351~~267,109
Agency	—		1,~~165~~031		—		1,~~165~~031
Corporate	—		~~405~~372,~~408~~573		—		~~405~~372,~~408~~573
Collateralized mortgage obligations	—		~~138~~117,~~622~~627		—		~~138~~117,~~622~~627
Total AFS investment securities	$	—	$	1,~~316~~758,~~546~~340	$	—	$	1,~~316~~758,~~546~~340
Equity securities	$	~~737~~821	$	—	$	—	$	~~737~~821
Derivative assets:
Foreign exchange contracts	$	34	$	—	$	—	$	34
Interest rate swaps (1)	—		4,~~199~~578		—		4,~~199~~578
Total derivative assets	$	34	$	4,~~199~~578	$	—	$	4,~~202~~582
Financial liabilities
Derivative liabilities:
Foreign exchange	$	2	$	—	$	—	$	2
Interest rate swaps	$	—	$	9,486	$	—	$	9,486
Interest rate swaps	—		8,380		—		8,380
Total derivative liabilities	$	—	$	9,486	$	—	$	9,486
Total derivative liabilities	$	2	$	8,380	$	—	$	8,382


	December 31, 2024
	Fair Value Measurement Using						Total Fair Value
(Dollars in thousands)	Level 1		Level 2		Level 3
Financial assets
AFS investment securities:
U.S. Treasury	$	—	$	1,166,085	$	—	$	1,166,085
Agency	—		1,108		—		1,108
Corporate	—		392,258		—		392,258

Collateralized mortgage obligations	—		123,764		—		123,764

Total AFS investment securities	$	—	$	1,683,215	$	—	$	1,683,215

Equity securities	$	784	$	—	$	—	$	784

Derivative assets:
Foreign exchange contracts	$	6	$	—	$	—	$	6
Interest rate swaps (1)	—		5,638		—		5,638

Total derivative assets	$	6	$	5,638	$	—	$	5,644

Financial liabilities
Derivative liabilities:

Interest rate swaps	$	—	$	11,152	$	—	$	11,152
Total derivative liabilities	$	—	$	11,152	$	—	$	11,152

______________________________

(1) Represents amounts after the application of variation margin payments as settlements with central counterparties, where applicable. See Note 11 – Derivative Instruments for additional information.

4437

	December 31, 2023
	Fair Value Measurement Using						Total Fair Value
(Dollars in thousands)	Level 1		Level 2		Level 3
Financial assets
AFS investment securities:
U.S. Treasury	$	—	$	539,256	$	—	$	539,256
Agency	—		1,868		—		1,868
Corporate	—		446,343		—		446,343
Collateralized mortgage obligations	—		152,604		—		152,604
Total AFS investment securities	$	—	$	1,140,071	$	—	$	1,140,071
Equity securities	$	759	$	—	$	—	$	759
Derivative assets:
Foreign exchange contracts	$	1	$	—	$	—	$	1
Interest rate swaps (1)	—		5,643		—		5,643
Total derivative assets	$	1	$	5,643	$	—	$	5,644
Financial liabilities
Derivative liabilities:
Foreign exchange	$	10	$	—	$	—	$	10
Interest rate swaps	—		10,705		—		10,705
Total derivative liabilities	$	10	$	10,705	$	—	$	10,715

______________________________

The following table is a reconciliation of the fair value of the equity warrants that are classified as Level 3 and measured on a recurring basis as of:

	Three Months Ended		Nine Months Ended
	September 30,		September 30,		September 30,		September 30,
(Dollars in thousands)	2024		2023		2024		2023
Beginning balance	$	—	$	407	$	—	$	1,894
Change in fair value (1)	—		(16)		—		(41)
Net exercise	—		—		—		(1,462)
Ending balance	$	—	$	391	$	—	$	391

______________________________

(1) The changes in fair value are included in other income on the consolidated statement of income.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Individually Evaluated Loans – A loan is individually evaluated for expected credit losses when it is probable that payment of interest and principal will not be made in accordance with the contractual terms of the loan agreement and it does not share similar risk characteristics with other loans. Individually evaluated loans are measured at fair value when they are deemed collateral dependent. Fair value on such loans is measured based on the underlying collateral. Collateral generally consists of accounts receivable, inventory, fixed assets, real estate properties, and cash. The Company measures impairment on all individually evaluated loans for which it has reduced the principal balance to the value of the underlying collateral less the anticipated selling costs.

~~Other~~The ~~Real~~fair ~~Estate~~value ~~Owned~~of –individually ~~OREO~~evaluated iscollateral ~~initially~~dependent ~~recorded~~loans atwere determined using Level 3 assumptions, and represents individually evaluated loan for which a specific reserve has been established or on which a write down has been taken. For real estate loans, generally, the Company obtains third party appraisals (or property valuations) and/or collateral audits in conjunction with internal analysis based on historical experience on its individually evaluated loans to determine fair value. ~~less~~In ~~estimated~~determining the net realizable value of the underlying collateral for individually evaluated loans, the Company then discounts the valuation to cover both market price fluctuations and selling costs, typically ranging from 7% to ~~sell~~10% atof the ~~date~~collateral value, that the Company expects would be incurred in the event of ~~transfer~~foreclosure. ~~This~~In ~~amount~~addition ~~becomes~~to the ~~property~~discounts taken, the Company’s ~~new~~calculation ~~basis.~~of ~~Any~~net ~~fair~~realizable value ~~adjustments~~considered ~~based~~any other senior liens in place on the ~~property’s~~underlying collateral. For non-real estate loans, fair value ~~less~~of ~~estimated~~the ~~costs~~loan’s tocollateral ~~sell~~may atbe determined using an appraisal, net book value per the ~~date~~borrower’s offinancial ~~acquisition~~statements, ~~are~~or ~~charged~~aging toreports, adjusted or discounted based on management’s historical knowledge, changes in market conditions, and management’s expertise and knowledge of the ~~allowance~~client ~~for~~and ~~credit~~client’s ~~losses~~business.

~~The~~At ~~fair~~March 31, ~~value~~2025, ofthe Company’s individually evaluated collateral dependent loans ~~and OREO~~ were ~~determined using Level 3 assumptions, and represents individually~~ evaluated ~~loan~~based ~~for which a specific reserve has been established or~~ on ~~which a write down has been taken. For real estate loans, generally,~~ the Company obtains third party appraisals (or property valuations) and/or collateral audits in conjunction with internal analysis based on historical experience on its individually evaluated loans to determine fair value. ~~In determining the net realizable value~~ of ~~the~~their underlying collateral ~~for~~based ~~individually~~upon ~~evaluated loans and OREO,~~ the ~~Company~~most ~~then~~recent ~~discounts~~appraisals ~~the~~available ~~valuation~~ to ~~cover both market price fluctuations and selling costs, typically ranging from 7% to 10% of the collateral value, that the Company expects would be incurred in the event of foreclosure~~management. InThe ~~addition to the discounts taken, the~~ Company’s ~~calculation~~completed ofpartial ~~net~~charge-offs ~~realizable~~on ~~value~~certain ~~considered~~individually ~~any~~evaluated ~~other~~loans ~~senior~~based ~~liens in place~~ on ~~the~~recent ~~underlying collateral. For non-~~real estate ~~loans,~~or ~~fair~~property ~~value~~appraisals ofand recorded the ~~loan’s~~related ~~collateral~~reserves ~~may~~where beapplicable ~~determined~~during ~~using an appraisal, net book value per~~ the ~~borrower’s~~three ~~financial~~months ~~statements,~~ended ~~or aging reports~~March 31, ~~adjusted or discounted based on management’s historical knowledge, changes in market conditions, and management’s expertise and knowledge of the client and client’s business~~2025.

At September 30, 2024, the Company’s individually evaluated collateral dependent loans were evaluated based on the fair value of their underlying collateral based upon the most recent appraisals available to management. The Company completed partial charge-offs on certain individually evaluated loans based on recent real estate or property appraisals and recorded the related reserves where applicable during the nine months ended September 30, 2024.

The following table presents our assets measured at fair value on a nonrecurring basis at the dates indicated.

(Dollars in thousands)

Fair Value Measurement Using

TotalFair Value

September 30, 2024

Level 1

Level 2

Level 3

March 31, 2025

Level 1

Level 2

Level 3

Financial assets

Collateral dependent loans

—

~~557~~757

Total assets

—

~~557~~757

December 31, 2023
December 31, 2024
Financial assets
Collateral dependent loans	$	—	$	—	$	113,~~569~~563	$	113,~~569~~563
Other real estate owned	—		—		248		248
Total assets	$	—	$	—	$	13,563	$	13,563
Total assets	$	—	$	—	$	1,817	$	1,817

4638

The following table presents quantitative information about Level 3 fair value measurements for assets measured at fair value on a nonrecurring basis at the dates indicated.

Range

(Dollars in thousands)

Fair Value

Valuation Technique(s)

Unobservable Input(s)

Min

Max

Weighted Average

September 30, 2024

March 31, 2025

Investor loans secured by real estate

Commercial loans

SBA secured by real estate (1)

557

Fair value of collateral

Cost to sell

10.00%

Commercial and industrial

757

Fair value of collateral

Cost to sell

1.73%

Total individually evaluated loans

~~557~~757

Total assets

~~557~~757

December 31, 2023
December 31, 2024
Investor loans secured by real estate
SBA secured by real estate (1)	$	419	Fair value of collateral	Cost to sell	10.00%	10.00%	10.00%
CRE non-owner-occupied	$	13,563	Fair value of collateral	Cost to sell	10.00%	10.00%	10.00%
Commercial loans
Total individually evaluated loans	13,563
Commercial and industrial	1,150		Fair value of collateral	Cost to sell	7.00%	7.00%	7.00%
Total assets	$	13,563
Total individually evaluated loans	1,569
Other real estate owned	248		Fair value of property	Cost to sell	10.00%	10.00%	10.00%
Total assets	$	1,817

~~______________________________~~39

(1) SBA loans that are collateralized by hotel/motel real property.

Fair Values of Financial Instruments

The fair value estimates presented herein are based on pertinent information available to management as of the dates indicated, representing an exit price.

(Dollars in thousands)

CarryingAmount

Level 1

Level 2

Level 3

EstimatedFair Value

September 30, 2024

March 31, 2025

Assets

Cash and cash equivalents

~~982~~768,~~249~~194

—

~~982~~768,~~249~~194

Interest-bearing time deposits with financial institutions

1,~~246~~253

—

1,~~246~~253

HTM investment securities

1,~~713~~700,~~575~~117

—

1,~~482~~410,~~042~~612

—

1,~~482~~410,~~042~~612

AFS investment securities

1,~~316~~758,~~546~~340

—

1,~~316~~758,~~546~~340

—

1,~~316~~758,~~546~~340

Equity securities

~~737~~821

—

~~737~~821

Loans held for investment, net

12,~~035~~022,~~097~~978

—

11,~~567~~592,~~236~~097

Derivative assets (1)

4,~~202~~582

4,~~199~~578

—

4,~~202~~582

Accrued interest receivable

6469,~~803~~210

—

6469,~~803~~210

—

6469,~~803~~210

Liabilities

Deposit accounts

14,~~480~~666,~~927~~232

—

14,~~498~~677,~~492~~632

—

14,~~498~~677,~~492~~632

Subordinated debentures

272,~~320~~579

—

~~267~~271,~~936~~346

—

~~267~~271,~~936~~346

Derivative liabilities (1)

89,~~382~~486

2—

89,~~380~~486

—

89,~~382~~486

Accrued interest payable

138,~~404~~975

—

138,~~404~~975

—

138,~~404~~975

December 31, 2023
December 31, 2024
Assets
Cash and cash equivalents	$	~~936~~609,~~473~~330	$	~~936~~609,~~473~~330	$	—	$	—	$	~~936~~609,~~473~~330
Interest-bearing time deposits with financial institutions	~~995~~1,246		~~995~~1,246		—		—		~~995~~1,246
HTM investment securities	1,~~729~~711,~~541~~804		—		1,~~485~~428,~~506~~077		—		1,~~485~~428,~~506~~077
AFS investment securities	1,~~140~~683,~~071~~215		—		1,~~140~~683,~~071~~215		—		1,~~140~~683,~~071~~215
Equity securities	~~759~~784		~~759~~784		—		—		~~759~~784
Loans held for investment, net	13,289,020		—		—		12,562,323		12,562,323
Loans held for sale	2,315		—		2,425		—		2,425
Derivative assets (1)	5,644		1		5,643		—		5,644
Loans held for investment, net	12,039,741		—		—		11,575,603		11,575,603
Accrued interest receivable	68,516		—		68,516		—		68,516
Derivative assets (1)	5,644		6		5,638		—		5,644
Accrued interest receivable	67,953		—		67,953		—		67,953
Liabilities
Deposit accounts	$	14,~~995~~463,~~626~~702	$	—	$	1514,~~003~~478,~~769~~071	$	—	$	1514,~~003~~478,~~769~~071
FHLB advances	600,000		—		592,480		—		592,480
Subordinated debentures	272,449		—		267,258		—		267,258
Subordinated debentures	331,842		—		320,687		—		320,687
Derivative liabilities (1)	11,152		—		11,152		—		11,152
Derivative liabilities (1)	10,715		10		10,705		—		10,715
Accrued interest payable	11,589		—		11,589		—		11,589
Accrued interest payable	18,671		—		18,671		—		18,671

______________________________

4840

Note 11 – Derivative Instruments

The Company uses derivative instruments to manage its exposure to market risks, including interest rate risk, and to assist customers with their risk management objectives. The Company designates certain derivatives as hedging instruments in a qualifying hedge accounting relationship, while other derivatives serve as economic hedges that do not qualify for hedge accounting.

Derivatives Designated as Hedging Instruments

Fair Value Hedges – The Company is exposed to changes in the fair value of fixed-rate assets due to changes in benchmark interest rates. The Company entered into pay-fixed and receive-floating interest rate swaps associated with certain fixed rate loans, primarily multifamily and commercial real estate loans, to manage its exposure to changes in fair value on these instruments attributable to changes in the designated SOFR benchmark interest rate. These interest rate swaps are designated as fair value hedges using the portfolio layer method. The Company receives variable-rate interest payments in exchange for making fixed-rate payments over the lives of the contracts without exchanging the notional amounts. The fair value hedges are recorded as components of other assets and other liabilities in the Company’s consolidated statements of financial condition. The gain or loss on these derivatives, as well as the offsetting loss or gain on the hedged items attributable to the hedged risk, are recognized consistent with the classification of the hedged item in interest income in the Company’s consolidated statements of income.

During ~~the three months ended September 30,~~ 2024, as part of its interest rate risk management, the Company voluntarily discontinued portfolio layer method fair value hedges with an aggregate notional amount of $450.0 million associated with closed pools of fixed rate loans. ~~In addition, a portfolio layer method fair value hedge with a notional amount of $100.0 million matured during the three months ended September 30, 2024.~~ When a portfolio layer method fair value hedge is discontinued, the hedged item is no longer adjusted for changes in the fair value of the hedged risk, also referred to as the basis adjustment. The basis adjustment, as of the date the fair value hedge is discontinued, is allocated on a proportionate basis to the remaining loans that previously comprised the closed pool. The basis adjustment is subsequently amortized or accreted into interest income using the interest method over the remaining lives of the individual loans. Cash flows on derivatives designated as hedging instruments are classified in the statement of cash flows the same as the cash flows of the assets being hedged. At ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, interest rate swaps with an aggregate notional amount of $~~800~~300.0 million and $1300.350 ~~billion~~million, respectively, were designated as fair value hedges.

The following amounts were recorded on the consolidated statement of financial condition related to cumulative basis adjustment for fair value hedges as of the dates indicated:

Line Item in the Statement of Financial Position in Which the Hedged Item is Included

Carrying Amount of the Hedged Assets

Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets(2)

(Dollars in thousands)

~~September~~March 3031, ~~2024~~2025

December 31, ~~2023~~2024

~~September~~March 3031, ~~2024~~2025

December 31, ~~2023~~2024

Loans held for investment (1)

~~783~~286,~~847~~999

1283,~~320,449~~558

(1512,~~499~~399)

~~(2)~~

(2915,~~551~~815)

Total

~~783~~286,~~847~~999

1283,~~320,449~~558

(1512,~~499~~399)

(2915,~~551~~815)

______________________________

(1) These amounts were included in the amortized cost basis of closed portfolios of loans held for investment used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolios anticipated to be outstanding for the designated hedge period. At ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, the amortized cost basis of the closed portfolios used in these hedging relationships was $2968.044 ~~billion~~million and $3990.256 ~~billion~~million, respectively, the cumulative basis adjustments associated with these hedging relationships was $(1513.50) million and $(2916.64) million, respectively, and the amounts of the designated hedged items were $~~800~~300.0 million and $1300.350 ~~billion~~million, respectively.

(2) At ~~September~~March 3031, 2025 and December 31, 2024, the balance included $~~654~~602,000 and $628,000, respectively, hedging adjustment on discontinued hedging relationships.

Derivatives Not Designated as Hedging Instruments

Interest Rate Swap Contracts – From time to time, the Company enters into interest rate swap agreements with certain borrowers to assist them in mitigating their interest rate risk exposure associated with the loans they have with the Company. At the same time, the Company enters into identical offsetting interest rate swap agreements with another financial institution to mitigate the Company’s interest rate risk exposure associated with the swap agreements it enters into with its borrowers. The Company has over-the-counter derivative instruments and centrally-cleared derivative instruments with matched terms. The fair values of these agreements are determined through a third-party valuation model used by the Company’s swap advisory firm, which uses observable market data such as interest rates, prices of Eurodollar futures contracts, and market swap rates. The fair values of these swaps are recorded as components of other assets and other liabilities in the Company’s consolidated statement of financial condition. Changes in the fair value of these swaps, which occur due to changes in interest rates, are recorded in the Company’s statement of income as a component of noninterest income. ~~Upon the cessation of LIBOR on June 30, 2023, our LIBOR-indexed interest rate swap contracts transitioned to SOFR as successor rate for both valuations and settlements.~~

Over-the-counter contracts are tailored to meet the needs of the counterparties involved and, therefore, generally contain a greater degree of credit risk and liquidity risk than centrally-cleared contracts, which have standardized terms. Although changes in the fair value of swap agreements between the Company and borrowers and the Company and other financial institutions offset each other, changes in the credit risk of these counterparties may result in a difference in the fair value of the swap agreements. Offsetting over-the-counter swap agreements the Company has with other financial institutions are collateralized with cash, and swap agreements with borrowers are secured by the collateral arrangements for the underlying loans these borrowers have with the Company. All interest rate swap agreements entered into by the Company are free-standing derivatives and are not designated as hedging instruments.

Foreign Exchange Contracts – The Company offers foreign exchange spot and forward contracts as accommodations to its customers to purchase and/or sell foreign currencies at a contractual price. In conjunction with these products the Company also enters into offsetting contracts with institutional counterparties to mitigate the Company’s foreign exchange exposure with its customers, or enters into bilateral collateral and master netting agreements with certain customer counterparties to manage its credit exposure. These contracts allow the Company to offer its customers foreign exchange products while minimizing its exposure to foreign exchange rate fluctuations. These foreign exchange contracts are not designated as hedging instruments and are recorded at fair value in other assets and other liabilities in the Company’s consolidated statements of financial condition. Changes in the fair value of these contracts are recorded in the Company’s consolidated statements of income as a component of noninterest income.

~~Equity Warrant Assets –~~ The Company acquired equity warrant assets as a result of the acquisition of Opus. The warrants provide the Bank the right to purchase a specific number of equity shares of the underlying company’s equity at a certain price before expiration and contain net ~~settlement~~increases ~~terms~~or ~~qualifying~~decreases asin derivatives ~~under~~not ~~ASC~~designated ~~Topic~~as ~~815.~~hedging ~~Changes~~instruments ~~in the fair value of the warrants~~ are ~~recognized~~included asin a“Net ~~component~~change ofin ~~noninterest~~accrued ~~income~~interest ~~with~~receivable aand ~~corresponding offset within~~ other assets.” ~~The~~and ~~total~~“Net ~~fair~~change ~~value of the warrants held~~ in ~~private~~accrued ~~companies~~expenses ~~was~~and ~~zero in~~ other ~~assets~~liabilities” aswithin ~~of September 30, 2024 and December 31, 2023. During 2023,~~ the ~~equity~~statement ~~warrant~~of ~~assets~~cash were either settled or written off as the warrants were determined to not be exercisable until the underlying company’s fair market value is greater than the value established in the warrant agreementflows.

The following tables summarize the Company's derivative instruments included in “other assets” and “other liabilities” in the consolidated statements of financial condition as of the dates indicated:

September 30, 2024

March 31, 2025

Derivative Assets

Derivative Liabilities

(Dollars in thousands)

Notional

Fair Value

Notional

Fair Value

Derivative instruments designated as hedging instruments:

Fair value hedge - interest rate swap contracts

~~500~~300,000

1713,~~239~~610

~~300,000~~—

67—

Total derivative designated as hedging instruments

~~500~~300,000

1713,~~239~~610

~~300,000~~—

67—

Derivative instruments not designated as hedging instruments:

Foreign exchange contracts

81135

~~287~~112

2—

Interest rate swaps contracts

9592,~~268~~180

89,~~215~~307

9592,~~268~~180

89,~~225~~312

Total derivative not designated as hedging instruments

9592,~~349~~315

89,~~218~~311

Filing Compare · PACIFIC PREMIER BANCORP INC