LOANS

6 Months Ended

Jun. 30, 2022

LOANS

LOANS

NOTE 5: LOANS

The following is a summary of our loans as of:

	June 30,		December 31,
(dollars in thousands)	2022		2021
Outstanding principal balance:
Loans secured by real estate:
Residential properties:
Multifamily	$	3,953,717	$	2,886,055
Single family		958,348		933,445
Total real estate loans secured by residential properties		4,912,065		3,819,500
Commercial properties		1,237,664		1,309,200
Land and construction		170,887		156,028
Total real estate loans		6,320,616		5,284,728
Commercial and industrial loans		2,593,948		1,598,422
Consumer loans		10,845		10,834
Total loans		8,925,409		6,893,984
Premiums, discounts and deferred fees and expenses		13,432		12,744
Total	$	8,938,841	$	6,906,728

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, 2022:
Real estate loans:
Residential properties	$	480		$	—		$	—		$	3,154		$	3,634		$	4,924,740	$	4,928,374
Commercial properties		1,932			343			2,877			4,246			9,398			1,226,767		1,236,165
Land and construction		—			—			—			—			—			169,722		169,722
Commercial and industrial loans		823			2,064			—			3,684			6,571			2,587,155		2,593,726
Consumer loans		170			—			—			—			170			10,684		10,854
Total	$	3,405		$	2,407		$	2,877		$	11,084		$	19,773		$	8,919,068	$	8,938,841
Percentage of total loans		0.04	%		0.03	%		0.03	%		0.12	%		0.22	%
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	%

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
June 30, 2022:
Real estate loans:
Residential properties	$	—	$	3,154
Commercial properties		—		4,246
Commercial and industrial loans		1,835		1,849
Total	$	1,835	$	9,249
December 31, 2021:
Real estate loans:
Residential properties	$	—	$	3,281
Commercial properties		—		1,529
Commercial and industrial loans		1,733		1,787
Total	$	1,733	$	6,597

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

	June 30, 2022						December 31, 2021
(dollars in thousands)	Accrual		Nonaccrual		Total		Accrual		Nonaccrual		Total
Residential loans	$	—	$	—	$	—	$	1,200	$	—	$	1,200
Commercial real estate loans		976		1,121		2,097		1,021		1,174		2,195
Commercial and industrial loans		102		1,630		1,732		493		2,030		2,523
Total	$	1,078	$	2,751	$	3,829	$	2,714	$	3,204	$	5,918

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, 2022:
Commercial and industrial loans	1	$	236	$	236	$	—
Total	1	$	236	$	236	$	—
		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	$	—

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.