| LOANS AND ALLOWANCE FOR CREDIT LOSSES | LOANS AND ALLOWANCE FOR CREDIT LOSSES The following is a summary of total loans by regulatory call report code with sub-segmentation based on underlying collateral for certain loan types: (In thousands) March 31, 2024 December 31, 2023 Construction $ 637,372 $ 640,371 Commercial multifamily 617,854 599,145 Commercial real estate owner occupied 655,839 628,646 Commercial real estate non-owner occupied 2,637,446 2,606,409 Commercial and industrial 1,384,837 1,359,249 Residential real estate 2,752,370 2,760,312 Home equity 206,592 224,223 Consumer other 193,443 221,331 Total loans $ 9,085,753 $ 9,039,686 Allowance for credit losses (107,331) (105,357) Net loans $ 8,978,422 $ 8,934,329 During the three months ended March 31, 2024, in consideration of the pending branch sale, $20.0 million of residential real estate loans and $38.5 million of consumer loans were reclassified to assets held for sale on the Consolidated Balance Sheet . Transferred held for sale loans are not contained in the balances within this note and are accounted for at the lower of carr ying value or fair market value. Risk characteristics relevant to each portfolio segment are as follows: Construction - Loans in this segment primarily include real estate development loans for which payment is derived from sale of the property or long term financing at completion. Credit risk is affected by cost overruns, time to sell at an adequate price, and market conditions. Commercial real estate multifamily, owner occupied and non-owner - Loans in these segments are primarily owner-occupied or income-producing properties throughout New England and Northeastern New York. The underlying cash flows generated by the properties are adversely impacted by a downturn in the economy, which in turn, will have an effect on the credit quality in this segment. Management monitors the cash flows of these loans. Commercial and industrial loans - Loans in this segment are made to businesses and are generally secured by assets of the business such as accounts receivable, inventory, marketable securities, other liquid collateral, equipment and other business assets. Repayment is expected from the cash flows of the business. Loans in this segment include asset based loans which generally have no scheduled repayment and which are closely monitored against formula based collateral advance ratios. A weakened economy, and resultant decreased consumer spending, will have an effect on the credit quality in this segment. Residential real estate - All loans in this segment are collateralized by residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this segment. Home equity and other consumer loans - Loans in this segment are primarily home equity lines of credit, automobile loans and other consumer loans. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this segment. Allowance for Credit Losses for Loans The Allowance for Credit Losses for Loans (“ACLL”) is comprised of the allowance for credit losses, and the allowance for unfunded commitments is accounted for as a separate liability in other liabilities on the balance sheet. The level of the ACLL represents management’s estimate of expected credit losses over the expected life of the loans at the balance sheet date. The Company uses a static pool migration analysis method, applying expected historical loss trend and observed economic metrics. The level of the ACLL is based on management’s ongoing review of all relevant information, from internal and external sources, relating to past and current events, utilizing a 7 quarter reasonable and supportable forecast period with a 1 year reversion period. The ACLL reserve is overlaid with qualitative factors based upon: • the existence and growth of concentrations of credit; • the volume and severity of past due financial assets, including nonaccrual assets; • the institutions lending and credit review as well as the experience and ability of relevant management and staff and; • the effect of other external factors such as regulatory, competition, regional market conditions, legal and technological environment and other events such as natural disasters; • the effect of other economic factors such as economic stimulus and customer forbearance programs. The allowance for unfunded commitments is maintained at a level by the Company to be sufficient to absorb expected lifetime losses related to unfunded credit facilities (including unfunded loan commitments and letters of credit) and is included in other liabilities on the consolidated balance sheet. The Company’s activity in the allowance for credit losses for loans for the three months ended March 31, 2024 and March 31, 2023 was as follows: (In thousands) Balance at Beginning of Period Charge-offs Recoveries Provision/(Benefit) for Credit Losses Balance at End of Period Three months ended March 31, 2024 Construction $ 2,885 $ — $ — $ (305) $ 2,580 Commercial multifamily 2,475 — — 174 2,649 Commercial real estate owner occupied 9,443 (107) 14 548 9,898 Commercial real estate non-owner occupied 38,221 — 81 (4,047) 34,255 Commercial and industrial 18,602 (2,442) 657 3,199 20,016 Residential real estate 19,622 (41) 186 2,644 22,411 Home equity 2,015 — 239 (262) 1,992 Consumer other 12,094 (3,046) 426 4,056 13,530 Total allowance for credit losses $ 105,357 $ (5,636) $ 1,603 $ 6,007 $ 107,331 (In thousands) Balance at Beginning of Period Adoption of ASU No. 2022-02 Charge-offs Recoveries Provision/(Benefit) for Credit Losses Balance at End of Period Three months ended March 31, 2023 Construction $ 1,227 $ — $ — $ — $ 309 1,536 Commercial multifamily 1,810 — — 6 (118) 1,698 Commercial real estate owner occupied 10,739 24 (70) 45 (460) 10,278 Commercial real estate non-owner occupied 30,724 — — 95 2,589 33,408 Commercial and industrial 18,743 (23) (6,033) 305 7,172 20,164 Residential real estate 18,666 2 (31) 387 (1,434) 17,590 Home equity 2,173 — (10) 26 131 2,320 Consumer other 12,188 (404) (1,793) 176 830 10,997 Total allowance for credit losses $ 96,270 $ (401) $ (7,937) $ 1,040 $ 9,019 $ 97,991 The Company’s allowance for credit losses on unfunded commitments is recognized as a liability (other liabilities on the consolidated balance sheet), with adjustments to the reserve recognized in other noninterest expense in the consolidated statement of operations. The Company’s activity in the allowance for credit losses on unfunded commitments for the three months ended March 31, 2024 and 2023 was as follows: Three Months Ended (In thousands) 2024 2023 Balance at beginning of period $ 9,256 $ 8,588 Expense for credit losses — 99 Balance at end of period $ 9,256 $ 8,687 Credit Quality Information The Company monitors the credit quality of its portfolio by using internal risk ratings that are based on regulatory guidance. Loans that are given a Pass rating are not considered a problem credit. Loans that are classified as Special Mention loans are considered to have potential weaknesses and are evaluated closely by management. Substandard, including non-accruing loans, are loans for which a definitive weakness has been identified and which may make full collection of contractual cash flows questionable. Doubtful loans are those with identified weaknesses that make full collection of contractual cash flows, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. For commercial credits, the Company assigns an internal risk rating at origination and reviews the rating annual, semiannually, or quarterly depending on the risk rating. The rating is also reassessed at any point in time when management becomes aware of information that may affect the borrower’s ability to fulfill their obligations. The Company risk rates its residential mortgages, including 1-4 family and residential construction loans, based on a three rating system: Pass, Special Mention, and Substandard. Loans that are current within 59 days are rated Pass. Residential mortgages that are 60-89 days delinquent are rated Special Mention. Loans delinquent for 90 days or greater are rated Substandard and generally placed on non-accrual status. The following table presents the Company’s loans by risk category: Term Loans Amortized Cost Basis by Origination Year (In thousands) 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total As of March 31, 2024 Construction Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Risk rating Pass $ 8,985 $ 114,473 $ 379,821 $ 100,836 $ 12,866 $ 2,436 $ — $ — $ 619,417 Special Mention — — — 551 — — — — 551 Substandard — — — 17,404 — — — — 17,404 Total $ 8,985 $ 114,473 $ 379,821 $ 118,791 $ 12,866 $ 2,436 $ — $ — $ 637,372 Commercial multifamily: Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Risk rating Pass $ 30,725 $ 16,484 $ 217,796 $ 56,310 $ 26,412 $ 261,531 $ 400 $ — $ 609,658 Special Mention — — — — — — — — — Substandard — — — 240 2,535 5,421 — — 8,196 Total $ 30,725 $ 16,484 $ 217,796 $ 56,550 $ 28,947 $ 266,952 $ 400 $ — $ 617,854 Commercial real estate owner occupied: Current period gross write-offs $ — $ — $ — $ 40 $ — $ 67 $ — $ — $ 107 Risk rating Pass $ 27,890 $ 102,110 $ 128,047 $ 109,767 $ 46,991 $ 225,876 $ 2,504 $ — $ 643,185 Special Mention — — 122 103 222 4,315 — — 4,762 Substandard — — — 362 47 7,483 — — 7,892 Total $ 27,890 $ 102,110 $ 128,169 $ 110,232 $ 47,260 $ 237,674 $ 2,504 $ — $ 655,839 Commercial real estate non-owner occupied: Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Risk rating Pass $ 25,826 $ 403,246 $ 593,124 $ 408,882 $ 139,590 $ 982,448 $ 4,560 $ — $ 2,557,676 Special Mention — — 375 2,847 227 26,423 2,256 — 32,128 Substandard — — — — 6,724 40,918 — — 47,642 Total $ 25,826 $ 403,246 $ 593,499 $ 411,729 $ 146,541 $ 1,049,789 $ 6,816 $ — $ 2,637,446 Commercial and industrial: Current period gross write-offs $ — $ 19 $ 645 $ 467 $ 57 $ 1,254 $ — $ — $ 2,442 Risk rating Pass $ 65,753 $ 131,330 $ 180,901 $ 111,392 $ 65,827 $ 139,489 $ 577,352 $ — $ 1,272,044 Special Mention — 517 23,600 2,781 1,608 2,258 27,992 — 58,756 Substandard — 404 856 11,407 905 14,143 26,322 — 54,037 Total $ 65,753 $ 132,251 $ 205,357 $ 125,580 $ 68,340 $ 155,890 $ 631,666 $ — $ 1,384,837 Term Loans Amortized Cost Basis by Origination Year (In thousands) 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total Residential real estate Current period gross write-offs $ — $ — $ — $ — $ — $ 41 $ — $ — $ 41 Risk rating Pass $ 54,163 $ 593,394 $ 958,105 $ 258,870 $ 85,758 $ 790,298 $ 64 $ — $ 2,740,652 Special Mention — — — — — 1,582 — — 1,582 Substandard — — 127 907 376 8,726 — — 10,136 Total $ 54,163 $ 593,394 $ 958,232 $ 259,777 $ 86,134 $ 800,606 $ 64 $ — $ 2,752,370 Term Loans Amortized Cost Basis by Origination Year (In thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total As of December 31, 2023 Construction Current period gross write-offs $ — $ — $ — $ — $ — $ 1 $ — $ — $ 1 Risk rating Pass $ 104,507 $ 346,419 $ 138,802 $ 29,176 $ 2,545 $ 1,098 $ — $ — $ 622,547 Special Mention — — 512 — — — — — 512 Substandard — — 17,312 — — — — — 17,312 Total $ 104,507 $ 346,419 $ 156,626 $ 29,176 $ 2,545 $ 1,098 $ — $ — $ 640,371 Commercial multifamily: Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Risk rating Pass $ 16,020 $ 216,477 $ 56,817 $ 26,566 $ 94,733 $ 179,923 $ 377 $ — $ 590,913 Special Mention — — — — — — — — — Substandard — — 242 2,554 — 5,436 — — 8,232 Total $ 16,020 $ 216,477 $ 57,059 $ 29,120 $ 94,733 $ 185,359 $ 377 $ — $ 599,145 Commercial real estate owner occupied: Current period gross write-offs $ — $ — $ — $ 380 $ — $ 109 $ — $ — $ 489 Risk rating Pass $ 97,271 $ 120,327 $ 122,151 $ 37,914 $ 70,393 $ 165,224 $ 2,653 $ — $ 615,933 Special Mention — — 424 222 — 788 — — 1,434 Substandard — — 81 47 4,703 6,448 — — 11,279 Total $ 97,271 $ 120,327 $ 122,656 $ 38,183 $ 75,096 $ 172,460 $ 2,653 $ — $ 628,646 Commercial real estate non-owner occupied: Current period gross write-offs $ — $ — $ — $ — $ — $ 65 $ — $ — $ 65 Risk rating Pass $ 404,687 $ 591,897 $ 385,247 $ 135,134 $ 277,870 $ 736,566 $ 4,553 $ — $ 2,535,954 Special Mention — — — 229 19,465 726 — — 20,420 Substandard — — — 6,814 13,483 29,738 — — 50,035 Total $ 404,687 $ 591,897 $ 385,247 $ 142,177 $ 310,818 $ 767,030 $ 4,553 $ — $ 2,606,409 Commercial and industrial: Current period gross write-offs $ — $ 1,154 $ 863 $ 2,763 $ 1,496 $ 9,283 $ 2,313 $ — $ 17,872 Risk rating Pass $ 142,946 $ 203,126 $ 118,191 $ 69,722 $ 39,437 $ 112,770 $ 554,153 $ — $ 1,240,345 Special Mention 526 23,149 3,735 1,621 610 1,353 35,244 — 66,238 Substandard 432 761 11,702 1,135 3,785 12,538 22,313 — 52,666 Total $ 143,904 $ 227,036 $ 133,628 $ 72,478 $ 43,832 $ 126,661 $ 611,710 $ — $ 1,359,249 Term Loans Amortized Cost Basis by Origination Year (In thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total Residential real estate Current period gross write-offs $ — $ 50 $ — $ 50 $ 174 $ 39 $ — $ — $ 313 Risk rating Pass $ 599,124 $ 973,031 $ 266,055 $ 88,302 $ 66,837 $ 755,372 $ 81 $ — $ 2,748,802 Special Mention — — — — 140 664 — — 804 Substandard — 129 1,176 379 574 8,448 — — 10,706 Total $ 599,124 $ 973,160 $ 267,231 $ 88,681 $ 67,551 $ 764,484 $ 81 $ — $ 2,760,312 For home equity and consumer other loan portfolio segments, Berkshire evaluates credit quality based on the aging status of the loan and by payment activity. The performing or nonperforming status is updated on an ongoing basis dependent upon improvement and deterioration in credit quality. The following table presents the amortized cost based on payment activity: Term Loans Amortized Cost Basis by Origination Year (In thousands) 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total As of March 31, 2024 Home equity: Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Payment performance Performing $ — $ — $ — $ — $ 435 $ 2,458 $ 202,837 $ — $ 205,730 Nonperforming — — — — — — 862 — 862 Total $ — $ — $ — $ — $ 435 $ 2,458 $ 203,699 $ — $ 206,592 Consumer other: Current period gross write-offs $ — $ 64 $ 2,543 $ 387 $ — $ 52 $ — $ — $ 3,046 Payment performance Performing $ 7,471 $ 41,972 $ 94,137 $ 16,632 $ 4,966 $ 17,766 $ 10,023 $ — $ 192,967 Nonperforming — 1 108 27 4 328 8 — 476 Total $ 7,471 $ 41,973 $ 94,245 $ 16,659 $ 4,970 $ 18,094 $ 10,031 $ — $ 193,443 Term Loans Amortized Cost Basis by Origination Year (In thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total As of December 31, 2023 Home equity: Current period gross write-offs $ — $ — $ — $ 70 $ — $ — $ 18 $ — $ 88 Payment performance Performing $ — $ — $ — $ 439 $ — $ 2,614 $ 220,209 $ — $ 223,262 Nonperforming — — — — — — 961 — 961 Total $ — $ — $ — $ 439 $ — $ 2,614 $ 221,170 $ — $ 224,223 Consumer other: Current period gross write-offs $ 109 $ 8,843 $ 1,149 $ 11 $ 78 $ 239 $ — $ — $ 10,429 Payment performance Performing $ 49,588 $ 108,284 $ 19,679 $ 5,843 $ 7,054 $ 19,587 $ 10,614 $ — $ 220,649 Nonperforming 77 104 47 26 110 284 34 — 682 Total $ 49,665 $ 108,388 $ 19,726 $ 5,869 $ 7,164 $ 19,871 $ 10,648 $ — $ 221,331 The following is a summary of loans by past due status at March 31, 2024 and December 31, 2023: (In thousands) 30-59 Days Past Due 60-89 Days Past Due 90 Days or Greater Past Due Total Past Due Current Total Loans March 31, 2024 Construction $ — $ — $ — $ — $ 637,372 $ 637,372 Commercial multifamily 531 5,421 — 5,952 611,902 617,854 Commercial real estate owner occupied 347 701 1,268 2,316 653,523 655,839 Commercial real estate non-owner occupied 5,732 — 3,697 9,429 2,628,017 2,637,446 Commercial and industrial 709 149 9,271 10,129 1,374,708 1,384,837 Residential real estate 8,929 1,582 10,137 20,648 2,731,722 2,752,370 Home equity 679 111 1,464 2,254 204,338 206,592 Consumer other 1,631 1,161 1,499 4,291 189,152 193,443 Total $ 18,558 $ 9,125 $ 27,336 $ 55,019 $ 9,030,734 $ 9,085,753 (In thousands) 30-59 Days Past Due 60-89 Days Past Due 90 Days or Greater Past Due Total Past Due Current Total Loans December 31, 2023 Construction $ — $ — $ — $ — $ 640,371 $ 640,371 Commercial multifamily 5,436 187 — 5,623 593,522 599,145 Commercial real estate owner occupied 581 286 804 1,671 626,975 628,646 Commercial real estate non-owner occupied 139 251 3,798 4,188 2,602,221 2,606,409 Commercial and industrial 2,749 689 8,769 12,207 1,347,042 1,359,249 Residential real estate 5,669 943 10,687 17,299 2,743,013 2,760,312 Home equity 707 498 1,281 2,486 221,737 224,223 Consumer other 2,363 1,642 1,606 5,611 215,720 221,331 Total $ 17,644 $ 4,496 $ 26,945 $ 49,085 $ 8,990,601 $ 9,039,686 The following is a summary of loans on nonaccrual status and loans past due 90 days or more and still accruing as of March 31, 2024 and December 31, 2023: (In thousands) Nonaccrual Amortized Cost Nonaccrual With No Related Allowance Past Due 90 Days or Greater and Accruing Interest Income Recognized on Nonaccrual At or for the three months ended March 31, 2024 Construction $ — $ — $ — $ — Commercial multifamily — — — — Commercial real estate owner occupied 1,268 571 — — Commercial real estate non-owner occupied 3,697 38 — — Commercial and industrial 8,971 5,613 300 — Residential real estate 6,182 2,723 3,955 — Home equity 862 114 602 — Consumer other 475 — 1,024 — Total $ 21,455 $ 9,059 $ 5,881 $ — The commercial and industrial loans nonaccrual amortized cost as of March 31, 2024 included medallion loans with a fair value of $0.4 million and a contractual balance of $8.3 million. (In thousands) Nonaccrual Amortized Cost Nonaccrual With No Related Allowance Past Due 90 Days or Greater and Accruing Interest Income Recognized on Nonaccrual At or for the three months ended December 31, 2023 Construction $ — $ — $ — $ — Commercial multifamily — — — — Commercial real estate owner occupied 605 285 199 — Commercial real estate non-owner occupied 3,798 45 — — Commercial and industrial 8,665 5,586 104 — Residential real estate 6,696 2,796 3,991 — Home equity 961 122 320 — Consumer other 682 — 924 — Total $ 21,407 $ 8,834 $ 5,538 $ — The commercial and industrial loans nonaccrual amortized cost as of December 31, 2023 included medallion loans with a fair value of $0.4 million and a contractual balance of $8.8 million. The following table summarizes information about total loans rated Special Mention or lower at March 31, 2024 and December 31, 2023. The table below includes consumer loans that are Special Mention and Substandard accruing that are classified as performing based on payment activity. (In thousands) March 31, 2024 December 31, 2023 Non-Accrual $ 21,455 $ 21,407 Substandard Accruing 126,806 131,689 Total Classified 148,261 153,096 Special Mention 99,037 91,502 Total Criticized $ 247,298 $ 244,598 A financial asset is considered collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. Expected credit losses for collateral-dependent loans are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. Significant quarter over quarter changes are reflective of changes in nonaccrual status and not necessarily associated with credit quality indicators like appraisal value. The following table presents the amortized cost basis of individually analyzed collateral-dependent loans by loan portfolio segment: Type of Collateral (In thousands) Real Estate Investment Securities/Cash Other March 31, 2024 Construction $ — $ — $ — Commercial multifamily — — — Commercial real estate owner occupied 592 — — Commercial real estate non-owner occupied 331 — — Commercial and industrial 4,539 — 1,072 Residential real estate 2,305 — — Home equity 114 — — Consumer other — — — Total loans $ 7,881 $ — $ 1,072 December 31, 2023 Construction $ — $ — $ — Commercial multifamily — — — Commercial real estate owner occupied 650 — — Commercial real estate non-owner occupied 342 — — Commercial and industrial 4,788 — 944 Residential real estate 5,035 — — Home equity 135 — — Consumer other 40 — — Total loans $ 10,990 $ — $ 944 Modified Loans Occasionally, the Company modifies loans to borrowers in financial distress by providing principal forgiveness, term extension, an other-than-insignificant payment delay or interest rate reduction. When principal forgiveness is provided, the amount of forgiveness is charged-off against the allowance for credit losses. In some cases, the Company provides multiple types of concessions on one loan. Typically, one type of concession, such as a term extension, is granted initially. If the borrower continues to experience financial difficulty, another concession, such as principal forgiveness, may be granted. For the loans included in the "combination" columns below, multiple types of modifications have been made on the same loan within the current reporting period. The combination is at least two of the following: a term extension and principal forgiveness, an other-than-insignificant payment delay and/or an interest rate reduction. The following tables present the amortized cost basis of loans at March 31, 2024 and March 31,2023 that were both experiencing financial difficulty and modified during the three months ended March 31, 2024 and March 31,2023, by class and by type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financing receivable is also presented below: (In thousands) Principal Forgiveness Payment Delay Term Extension Interest Rate Reduction Combination Term Extension and Principal Forgiveness Combination Term Extension and Interest Rate Reduction Total Class of Financing Receivable Three months ended March 31, 2024 Construction $ — $ — $ — $ — $ — $ — — % Commercial multifamily — — — — — — — Commercial real estate owner occupied — — — — — — — Commercial real estate non-owner occupied — — — — — — — Commercial and industrial — 108 474 297 — — 0.06 Residential real estate — — — — — — — Home equity — — — — — — — Consumer other — — — — — — — Total $ — $ 108 $ 474 $ 297 $ — $ — 0.01 % The Company has not committed to lend additional amounts to the borrowers included in the previous table. (In thousands) Principal Forgiveness Payment Delay Term Extension Interest Rate Reduction Combination Term Extension and Principal Forgiveness Combination Term Extension and Interest Rate Reduction Total Class of Financing Receivable Three months ended March 31, 2023 Construction $ — $ — $ — $ — $ — $ — — % Commercial multifamily — — — — — — — Commercial real estate owner occupied — 387 — — — — 0.06 Commercial real estate non-owner occupied — — — — — — — Commercial and industrial — — — — 10 — — Residential real estate — — — — — — — Home equity — — — — — — — Consumer other — — — — — — — Total $ — $ 387 $ — $ — $ 10 $ — — % The Company has not committed to lend additional amounts to the borrowers included in the previous table. The Company closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. As of March 31, 2024 and March 31, 2023, there were no loans that were modified to borrowers experiencing financial difficulty that were past due. The following table presents the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty for the three months ended March 31, 2024 and March 31, 2023. (In thousands) Principal Forgiveness Weighted Average Interest Rate Reduction Weighted Average Term Extension (months) Three months ended March 31, 2024 Construction $ — — % 0 Commercial multifamily — — 0 Commercial real estate owner occupied — — 0 Commercial real estate non-owner occupied — — 0 Commercial and industrial — 10.75 56 Residential real estate — — 0 Home equity — — 0 Consumer other — — 0 (In thousands) Principal Forgiveness Weighted Average Interest Rate Reduction Weighted Average Term Extension (months) Three months ended March 31, 2023 Construction $ — — % 0 Commercial multifamily — — 0 Commercial real estate owner occupied — — 0 Commercial real estate non-owner occupied — — 0 Commercial and industrial — 1.25 0 Residential real estate — — 0 Home equity — — 0 Consumer other — — 0 The following table presents the amortized cost basis of loans that had a payment default during the three months ended March 31, 2024 and were modified in the twelve months prior to that default to borrowers experiencing financial difficulty. (in thousands) Principal Forgiveness Payment Delay Term Extension Interest Rate Reduction Three months ended March 31, 2024 Construction $ — $ — $ — $ — Commercial multifamily — — — — Commercial real estate owner occupied — — — — Commercial real estate non-owner occupied — — — — Commercial and industrial — — 202 — Residential real estate — — — — Home equity — — — — Consumer other — — — — Total $ — $ — $ 202 $ — There were no loans that had a payment default during the three months ended March 31, 2023 that were modified in the twelve months prior to that default to borrowers experiencing financial difficulty. |
