| 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. |