Loans

6 Months Ended

Jun. 30, 2020

Receivables [Abstract]

Loans

NOTE 4: LOANS

The following is a summary of our loans as of:

	June 30,		December 31,
(dollars in thousands)	2020		2019
Outstanding principal balance:
Loans secured by real estate:
Residential properties:
Multifamily	$	2,556,332	$	2,143,919
Single family		839,537		871,181
Total real estate loans secured by residential properties		3,395,869		3,015,100
Commercial properties		774,939		834,042
Land		65,094		70,257
Total real estate loans		4,235,902		3,919,399
Commercial and industrial loans		875,464		600,213
Consumer loans		18,640		16,273
Total loans		5,130,006		4,535,885
Premiums, discounts and deferred fees and expenses		6,806		11,748
Total	$	5,136,812	$	4,547,633

In 2017 and 2018 the Company purchased loans, for which there was, at acquisition, evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected. As of December 31, 2019, the principal balance shown above is net of unaccreted discount related to loans acquired in acquisitions of $8.4 million. The carrying amount of these PCD loans is as follows as of:

	June 30,		December 31,
(dollars in thousands)	2020		2019
Outstanding principal balance:
Loans secured by real estate:
Residential properties	$	291	$	366
Commercial properties		5,529		6,146
Land		—		1,058
Total real estate loans		5,820		7,570
Commercial and industrial loans		317		603
Total loans		6,137		8,173
Unaccreted discount on purchased credit deteriorated loans		—		(3,657)
Total	$	6,137	$	4,516

The following table summarizes our delinquent and nonaccrual loans as of:

	Past Due and Still Accruing												Total Past
							90 Days						Due and
(dollars in thousands)	30–59 Days			60-89 Days			or More			Nonaccrual			Nonaccrual			Current		Total
June 30, 2020:
Real estate loans:
Residential properties	$	5,572		$	—		$	—		$	7,027		$	12,599		$	3,383,270	$	3,395,869
Commercial properties		1,255			4,159			—			2,320			7,734			767,205		774,939
Land		—			455			—			500			955			64,139		65,094
Commercial and industrial loans		2,051			685			—			5,648			8,384			867,080		875,464
Consumer loans		350			—			—			17			367			18,273		18,640
Total	$	9,228		$	5,299		$	—		$	15,512		$	30,039		$	5,099,967	$	5,130,006
Percentage of total loans		0.18	%		0.10	%		—	%		0.30	%		0.59	%
December 31, 2019:
Real estate loans:
Residential properties	$	89		$	13		$	—		$	1,743		$	1,845		$	3,013,255	$	3,015,100
Commercial properties		7,586			—			403			2,410			10,399			823,643		834,042
Land		—			—			—			—			—			70,257		70,257
Commercial and industrial loans		695			2,007			—			8,714			11,416			588,797		600,213
Consumer loans		22			3			—			—			25			16,248		16,273
Total	$	8,392		$	2,023		$	403		$	12,867		$	23,685		$	4,512,200	$	4,535,885
Percentage of total loans		0.19	%		0.04	%		0.01	%		0.28	%		0.52	%

The following table presents the loans classified as troubled debt restructurings (“TDR”) by accrual and nonaccrual status as of:

	June 30, 2020						December 31, 2019
(dollars in thousands)	Accrual		Nonaccrual		Total		Accrual		Nonaccrual		Total
Residential loans	$	1,200	$	—	$	1,200	$	1,200	$	—	$	1,200
Commercial real estate loans		1,148		1,374		2,522		1,188		2,166		3,354
Commercial and industrial loans		606		3,875		4,481		557		2,972		3,529
Total	$	2,954	$	5,249	$	8,203	$	2,945	$	5,138	$	8,083

The following table provides information on loans that were modified as TDRs for the following periods:

		Outstanding Recorded Investment
(dollars in thousands)	Number of loans	Pre-Modification		Post-Modification		Financial Impact
Six Months Ended June 30, 2020:
Commercial and industrial loans	1	$	521		521	$	—
Total	1	$	521	$	521	$	—
		Outstanding Recorded Investment
(dollars in thousands)	Number of loans	Pre-Modification		Post-Modification		Financial Impact
Year Ended December 31, 2019
Residential loans	1	$	1,200	$	1,200	$	—
Commercial real estate loans	1		2,872		2,872		—
Commercial and industrial loans	7		1,754		1,754		—
Total	9	$	5,826	$	5,826	$	—

All of these loans were classified as a TDR as a result of a reduction in required principal payments and an extension of the maturity date of the loans. These loans have been paying in accordance with the terms of their restructure.