LOANS (Tables)

12 Months Ended

Dec. 31, 2021

LOANS

Summary of Loans

The following is a summary of our loans as of:

	December 31,		December 31,
(dollars in thousands)	2021		2020
Outstanding principal balance:
Loans secured by real estate:
Residential properties:
Multifamily	$	2,886,055	$	2,247,542
Single family		933,445		806,014
Total real estate loans secured by residential properties		3,819,500		3,053,556
Commercial properties		1,309,200		747,807
Land and construction		156,028		55,832
Total real estate loans		5,284,728		3,857,195
Commercial and industrial loans		1,598,422		918,676
Consumer loans		10,834		18,888
Total loans		6,893,984		4,794,759
Premiums, discounts and deferred fees and expenses		12,744		9,040
Total	$	6,906,728	$	4,803,799

Summary of Delinquent and Nonaccrual Loans

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
December 31, 2021:
Real estate loans:
Residential properties	$	1,519		$	310		$	—		$	3,281		$	5,110		$	3,827,385	$	3,832,495
Commercial properties		2,934			—			—			1,529			4,463			1,305,112		1,309,575
Land and construction		—			—			—			—			—			155,926		155,926
Commercial and industrial loans		303			260			—			3,520			4,083			1,593,782		1,597,865
Consumer loans		—			—			—			—			—			10,867		10,867
Total	$	4,756		$	570		$	—		$	8,330		$	13,656		$	6,893,072	$	6,906,728
Percentage of total loans		0.07	%		0.01	%		—	%		0.12	%		0.20	%
December 31, 2020:
Real estate loans:
Residential properties	$	35		$	—		$	—		$	10,947		$	10,982		$	3,042,574	$	3,053,556
Commercial properties		951			240			—			4,544			5,735			742,072		747,807
Land and construction		—			—			—			—			—			55,832		55,832
Commercial and industrial loans		1,013			411			152			5,137			6,713			911,963		918,676
Consumer loans		—			—			—			—			—			18,888		18,888
Total	$	1,999		$	651		$	152		$	20,628		$	23,430		$	4,771,329	$	4,794,759
Percentage of total loans		0.04	%		0.01	%		0.00	%		0.43	%		0.49	%

Composition of TDRs by Accrual and Nonaccrual Status

The following table summarizes our nonaccrual loans as of:

	Nonaccrual		Nonaccrual
	with Allowance		with no Allowance
(dollars in thousands)	for Credit Losses		for Credit Losses
December 31, 2021:
Real estate loans:
Residential properties	$	—	$	3,281
Commercial properties		—		1,529
Commercial and industrial loans		1,733		1,788
Total	$	1,733	$	6,598
December 31, 2020:
Real estate loans:
Residential properties	$	2,987	$	7,959
Commercial properties		—		4,544
Commercial and industrial loans		2,581		2,557
Total	$	5,568	$	15,060

The following table presents the composition of TDRs by accrual and nonaccrual status as of:

	December 31, 2021						December 31, 2020
(dollars in thousands)	Accrual		Nonaccrual		Total		Accrual		Nonaccrual		Total
Residential loans	$	1,200	$	—	$	1,200	$	1,200	$	—	$	1,200
Commercial real estate loans		1,021		1,174		2,195		1,107		1,277		2,384
Commercial and industrial loans		493		2,030		2,523		1,041		2,832		3,873
Total	$	2,714	$	3,204	$	5,918	$	3,348	$	4,109	$	7,457

The following tables provide information on loans that were modified as TDRs during the following periods:

		Outstanding Recorded Investment
(dollars in thousands)	Number of loans	Pre-Modification		Post-Modification		Financial Impact
Year Ended December 31, 2021:
Commercial and industrial loans	1	$	346	$	346	$	—
Total	1	$	346	$	346	$	—
		Outstanding Recorded Investment
(dollars in thousands)	Number of loans	Pre-Modification		Post-Modification		Financial Impact
Year Ended December 31, 2020
Commercial and industrial loans	1	$	507	$	507		—
Total	1	$	507	$	507	$	—