Loans (Tables)

9 Months Ended

Sep. 30, 2019

The following is a summary of our loans as of:

(dollars in thousands)	September 30, 2019		December 31, 2018
Outstanding principal balance:
Loans secured by real estate:
Residential properties:
Multifamily	$	1,941,624	$	1,956,935
Single family		896,607		904,828
Total real estate loans secured by residential properties		2,838,231		2,861,763
Commercial properties		871,225		869,169
Land		71,110		80,187
Total real estate loans		3,780,566		3,811,119
Commercial and industrial loans		566,390		449,805
Consumer loans		16,505		22,699
Total loans		4,363,461		4,283,623
Premiums, discounts and deferred fees and expenses		10,747		10,046
Total	$	4,374,208	$	4,293,669

Carrying Amount of Purchased Credit Impaired Loans

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. The carrying amount of these purchased credit impaired loans is as follows as of:

(dollars in thousands)	September 30, 2019			December 31, 2018
Outstanding principal balance:
Loans secured by real estate:
Residential properties	$	367		$	451
Commercial properties		6,173			10,871
Land		1,066			1,089
Total real estate loans		7,606			12,411
Commercial and industrial loans		966			1,150
Consumer loans		7			10
Total loans		8,579			13,571
Unaccreted discount on purchased credit impaired loans		(3,788	)		(6,490	)
Total	$	4,791		$	7,081

Accretable Yield or Income Expected to be Collected on Purchased Credit Impaired Loans and Related Changes

Accretable yield, or income expected to be collected on purchased credit impaired loans, and the related changes, is as follows for the periods indicated:

(dollars in thousands)	Nine Months Ended September 30, 2019			Year Ended December 31, 2018

Beginning balance	$	767		$	850
Accretion of income		(244	)		(1,509	)
Reclassification from nonaccretable difference		10			—
Acquisition		—			1,887
Disposals		(57	)		(461	)
Ending balance	$	476		$	767

Summary of Delinquent and Nonaccrual Loans

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

	Past Due and Still Accruing												Total Past
(dollars in thousands)	30–59 Days			60-89 Days			90 Days or More			Nonaccrual			Due and Nonaccrual			Current		Total
September 30, 2019:
Real estate loans:
Residential properties	$	14		$	—		$	—		$	1,452		$	1,466		$	2,836,765	$	2,838,231
Commercial properties		—			1,089			—			7,575			8,664			862,561		871,225
Land		3,262			—			—			697			3,959			67,151		71,110
Commercial and industrial loans		3,937			87			106			11,478			15,608			550,782		566,390
Consumer loans		—			—			—			—			—			16,505		16,505
Total	$	7,213		$	1,176		$	106		$	21,202		$	29,697		$	4,333,764	$	4,363,461

Percentage of total loans		0.17	%		0.03	%		—	%		0.49	%		0.68	%

December 31, 2018:
Real estate loans:
Residential properties	$	74		$	—		$	499		$	651		$	1,224		$	2,860,539	$	2,861,763
Commercial properties		440			117			—			1,607			2,164			867,005		869,169
Land		2,000			—			—			697			2,697			77,490		80,187
Commercial and industrial loans		12,541			300			536			8,559			21,936			427,869		449,805
Consumer loans		—			7			—			2			9			22,690		22,699
Total	$	15,055		$	424		$	1,035		$	11,516		$	28,030		$	4,255,593	$	4,283,623

Percentage of total loans		0.35	%		0.01	%		0.02	%		0.27	%		0.65	%

Loans Classified as Troubled Debt Restructurings (TDR) by Accrual and Nonaccrual Status

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

	September 30, 2019							December 31, 2018
(dollars in thousands)	Accrual			Nonaccrual	Total			Accrual	Nonaccrual		Total
Commercial real estate loans	$	1,207	$	2,206	$	3,413	$	1,264	$	1,491	$	2,755
Commercial and industrial loans		—		2,883		2,883		—		2,096		2,096
Total	$	1,207	$	5,089		6,296	$	1,264	$	3,587	$	4,851

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
Nine Months Ended September 30, 2019:
Commercial real estate loans	1	$	795	$	795	$	—
Commercial and industrial loans	4		994		994		—
Total	5	$	1,789	$	1,789	$	—


		Outstanding Recorded Investment
(dollars in thousands)	Number of loans	Pre-Modification		Post-Modification		Financial Impact
Year Ended December 31, 2018:
Commercial real estate loans	1	$	1,264	$	1,264	$	—
Commercial and industrial loans	3		2,096		2,096		—
Total	4	$	3,360	$	3,360	$	—