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LOANS AND CREDIT QUALITY
 6 Months Ended
Jun. 30, 2022
Receivables [Abstract]  
LOANS AND CREDIT QUALITY LOANS AND CREDIT QUALITY:
The Company's LHFI is divided into two portfolio segments, commercial loans and consumer loans. Within each portfolio segment, the Company monitors and assesses credit risk based on the risk characteristics of each of the following loan classes: non-owner occupied commercial real estate ("CRE"), multifamily, construction and land development, owner occupied CRE and commercial business loans within the commercial loan portfolio segment and single family and home equity and other loans within the consumer loan portfolio segment. LHFI consists of the following:

(in thousands)At June 30, 2022At December 31, 2021
CRE
Non-owner occupied CRE$711,077 $705,359 
Multifamily3,475,697 2,415,359 
Construction/land development569,896 496,144 
Total4,756,670 3,616,862 
Commercial and industrial loans
Owner occupied CRE470,259 457,706 
Commercial business393,764 401,872 
Total
864,023 859,578 
Consumer loans
Single family822,389 763,331 
Home equity and other316,655 303,078 
Total (1)
1,139,044 1,066,409 
Total LHFI 6,759,737 5,542,849 
Allowance for credit losses ("ACL")(37,355)(47,123)
Total LHFI less ACL
$6,722,382 $5,495,726 
(1)    Includes $6.5 million and $7.3 million at June 30, 2022 and December 31, 2021, respectively, of loans where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes in fair value recognized in the consolidated income statements.

Loans totaling $3.3 billion and $2.8 billion at June 30, 2022 and December 31, 2021, respectively, were pledged to secure borrowings from the Federal Home Loan Bank ("FHLB") and loans totaling $466 million and $419 million at June 30, 2022 and December 31, 2021, respectively, were pledged to secure borrowings from the Federal Reserve Bank of San Francisco ("FRBSF").

Credit Risk Concentrations

LHFI are primarily secured by real estate located in the Pacific Northwest, California and Hawaii. At June 30, 2022 and December 31, 2021, multifamily loans in the state of California represented 36% and 33% of the total LHFI portfolio, respectively.

Credit Quality
Management considers the level of ACL to be appropriate to cover credit losses expected over the life of the loans for the LHFI portfolio. The cumulative loss rate used as the basis for the estimate of credit losses is comprised of the Bank’s historical loss experience and eight qualitative factors for current and forecasted periods.
During the second quarter of 2022, the historical expected loss rates decreased from December 31, 2021 due to minimal charge-offs, improving portfolio credit distribution and favorable product mix risk composition. During the second quarter of 2022, the qualitative factors decreased significantly due to the continued favorable performance and outlook of the impact of the COVID-19 pandemic on our loan portfolio, which resulted in no COVID-19 management overlay. As of June 30, 2022, the Bank expects that the markets in which it operates will have declining collateral values and a stable economic outlook over the two-year forecast period.
In addition to the ACL for LHFI, the Company maintains a separate allowance for unfunded loan commitments which is included in accounts payable and other liabilities on our consolidated balance sheets. The allowance for unfunded commitments was $2.8 million and $2.4 million at June 30, 2022 and December 31, 2021, respectively.
The Bank has elected to exclude accrued interest receivable from the evaluation of the ACL. Accrued interest on LHFI was $20.6 million and $17.8 million at June 30, 2022 and December 31, 2021, respectively, and was reported in other assets in the consolidated balance sheets.
Activity in the ACL for LHFI and the allowance for unfunded commitments was as follows:

 Quarter Ended June 30,Six Months Ended June 30,
(in thousands)2022202120222021
Beginning balance
$37,944 $64,047 $47,123 $64,294 
Provision for credit losses(216)(4,145)(9,439)(4,516)
Net (charge-offs) recoveries(373)(5)(329)119
Ending balance$37,355 $59,897 $37,355 $59,897 
Allowance for unfunded commitments:
Beginning balance$2,627 $1,959 $2,404 $1,588 
Provision for credit losses216 145 439 516 
Ending balance$2,843 $2,104 $2,843 $2,104 
Provision for credit losses:
Allowance for credit losses - loans$(216)$(4,145)$(9,439)$(4,516)
Allowance for unfunded commitments216 145 439 516 
Total$— $(4,000)$(9,000)$(4,000)

Activity in the ACL for LHFI by loan portfolio and loan sub-class was as follows:

Quarter Ended June 30, 2022
(in thousands)Beginning balanceCharge-offsRecoveriesProvision Ending balance
CRE
Non-owner occupied CRE$2,294 $— $— $(114)$2,180 
Multifamily8,427 — — 1,647 10,074 
Construction/land development
Multifamily construction456 — — 110 566 
CRE construction184 — — 1 185 
Single family construction7,735 — — 2,952 10,687 
Single family construction to permanent990 — — 169 1,159 
Total20,086 — — 4,765 24,851 
Commercial and industrial loans
Owner occupied CRE3,536 — — (2,444)1,092 
Commercial business6,910 (649)45 (2,728)3,578 
     Total 10,446 (649)45 (5,172)4,670 
Consumer loans
Single family3,762 — 136 129 4,027 
Home equity and other3,650 (33)128 62 3,807 
Total7,412 (33)264 191 7,834 
Total ACL$37,944 $(682)$309 $(216)$37,355 
Quarter Ended June 30, 2021
(in thousands)Beginning balanceCharge-offsRecoveriesProvision
Ending balance
CRE
Non-owner occupied CRE$9,218 $— $— $(141)$9,077 
Multifamily6,969 — — 276 7,245 
Construction/land development
Multifamily construction3,936 — — (3,436)500 
CRE construction1,908 — — 114 2,022 
Single family construction5,007 — — 646 5,653 
Single family construction to permanent1,124 — — (77)1,047 
Total28,162 — — (2,618)25,544 
Commercial and industrial loans
Owner occupied CRE5,266 — — 252 5,518 
Commercial business17,105 — 24 (1,255)15,874 
     Total 22,371 — 24 (1,003)21,392 
Consumer loans
Single family6,735 (44)2 470 7,163 
Home equity and other6,779 (35)48 (994)5,798 
Total13,514 (79)50 (524)12,961 
Total ACL$64,047 $(79)$74 $(4,145)$59,897 


Six Months Ended June 30, 2022
(in thousands)Beginning balanceCharge-offsRecoveriesProvisionEnding
balance
CRE
Non-owner occupied CRE$7,509 $— $— $(5,329)$2,180 
Multifamily5,854 — — 4,220 10,074 
Construction/land development
Multifamily construction507 — — 59 566 
CRE construction150 — — 35 185 
Single family construction6,411 — — 4,276 10,687 
Single family construction to permanent1,055 — — 104 1,159 
Total21,486 — — 3,365 24,851 
Commercial and industrial loans
Owner occupied CRE5,006 — — (3,914)1,092 
Commercial business12,273 (660)69 (8,104)3,578 
Total17,279 (660)69 (12,018)4,670 
Consumer loans
Single family4,394 — 140 (507)4,027 
Home equity and other3,964 (66)188 (279)3,807 
Total8,358 (66)328 (786)7,834 
Total ACL$47,123 $(726)$397 $(9,439)$37,355 
Six Months Ended June 30, 2021
(in thousands)Beginning balanceCharge-offsRecoveriesProvisionEnding
balance
CRE
Non-owner occupied CRE$8,845 $— $— $232 $9,077 
Multifamily6,072 — — 1,173 7,245 
Construction/land development
Multifamily construction4,903 — — (4,403)500 
CRE construction1,670 — — 352 2,022 
Single family construction5,130 — — 523 5,653 
Single family construction to permanent1,315 — — (268)1,047 
Total27,935 — — (2,391)25,544 
Commercial and industrial loans
Owner occupied CRE4,994 — — 524 5,518 
Commercial business17,043 — 98 (1,267)15,874 
Total22,037 — 98 (743)21,392 
Consumer loans
Single family6,906 (114)122 249 7,163 
Home equity and other7,416 (91)104 (1,631)5,798 
Total14,322 (205)226 (1,382)12,961 
Total ACL$64,294 $(205)$324 $(4,516)$59,897 
The following table presents a vintage analysis of the commercial portfolio segment by loan sub-class and risk rating or delinquency status.
At June 30, 2022
(in thousands)202220212020201920182017 and priorRevolvingRevolving-termTotal
COMMERCIAL PORTFOLIO
Non-owner occupied CRE
Pass$60,429 $68,503 $49,985 $142,238 $121,467 $264,425 $3,187 $843 $711,077 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total60,429 68,503 49,985 142,238 121,467 264,425 3,187 843 711,077 
Multifamily
Pass1,183,994 1,294,761 523,758 223,254 59,858 161,060 501 — 3,447,186 
Special Mention— — 8,676 19,835 — — — — 28,511 
Substandard— — — — — — — — — 
Total1,183,994 1,294,761 532,434 243,089 59,858 161,060 501 — 3,475,697 
Multifamily construction
Pass(179)17,954 25,601 — — — — — 43,376 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total(179)17,954 25,601 — — — — — 43,376 
CRE construction
Pass— 14,146 3,957 — 1,887 534 — — 20,524 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total— 14,146 3,957 — 1,887 534 — — 20,524 
Single family construction
Pass89,586 108,460 22,717 12,438 — 76 113,846 — 347,123 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total89,586 108,460 22,717 12,438 — 76 113,846 — 347,123 
Single family construction to permanent
Current
21,192 107,448 19,654 9,856 723 — — — 158,873 
Past due:
30-59 days
— — — — — — — — — 
60-89 days
— — — — — — — — — 
90+ days
— — — — — — — — — 
Total21,192 107,448 19,654 9,856 723 — — — 158,873 
Owner occupied CRE
Pass41,637 70,204 46,819 74,726 42,438 175,013 149 1,368 452,354 
Special Mention— — — — 2,439 11,916 — — 14,355 
Substandard— — — — 1,111 2,383 — 56 3,550 
Total41,637 70,204 46,819 74,726 45,988 189,312 149 1,424 470,259 
Commercial business
Pass52,389 48,098 48,079 34,689 17,952 23,204 141,298 1,999 367,708 
Special Mention— 201 26 — 194 3,523 756 201 4,901 
Substandard— 7,448 2,915 2,284 1,787 2,091 4,620 10 21,155 
Total52,389 55,747 51,020 36,973 19,933 28,818 146,674 2,210 393,764 
Total commercial portfolio
$1,449,048 $1,737,223 $752,187 $519,320 $249,856 $644,225 $264,357 $4,477 $5,620,693 
The following table presents a vintage analysis of the consumer portfolio segment by loan sub-class and delinquency status:

At June 30, 2022
(in thousands)202220212020201920182017 and priorRevolvingRevolving-termTotal
CONSUMER PORTFOLIO
Single family
Current
$123,677 $194,198 $149,161 $47,744 $48,522 $256,738 $— $— $820,040 
Past due:
30-59 days
— — — — — 462 — — 462 
60-89 days
— — — — — 173 — — 173 
90+ days
— — — 432 452 830 — — 1,714 
Total123,677 194,198 149,161 48,176 48,974 258,203 — — 822,389 
Home equity and other
Current
1,188 1,307 242 238 175 2,085 306,225 4,457 315,917 
Past due:
30-59 days
3 3 13 — — — 191 — 210 
60-89 days
— 3 — — — 94 99 — 196 
90+ days
— 4 — — — 95 233 — 332 
Total1,191 1,317 255 238 175 2,274 306,748 4,457 316,655 
Total consumer portfolio (1)
$124,868 $195,515 $149,416 $48,414 $49,149 $260,477 $306,748 $4,457 $1,139,044 
Total LHFI$1,573,916 $1,932,738 $901,603 $567,734 $299,005 $904,702 $571,105 $8,934 $6,759,737 

(1)    Includes $6.5 million of loans where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes in fair value recognized in the consolidated income statements.
The following table presents a vintage analysis of the commercial portfolio segment by loan sub-class and risk rating or delinquency status:
At December 31, 2021
(in thousands)202120202019201820172016 and priorRevolvingRevolving-termTotal
COMMERCIAL PORTFOLIO
Non-owner occupied CRE
Pass$68,647 $50,571 $169,711 $130,877 $100,674 $183,024 $963 $892 $705,359 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total68,647 50,571 169,711 130,877 100,674 183,024 963 892 705,359 
Multifamily
Pass1,315,204 561,666 286,826 60,372 26,065 165,225 1 — 2,415,359 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total1,315,204 561,666 286,826 60,372 26,065 165,225 1 — 2,415,359 
Multifamily construction
Pass7,825 22,863 7,173 — — — — — 37,861 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total7,825 22,863 7,173 — — — — — 37,861 
CRE construction
Pass7,694 3,960 — 1,962 — 556 — — 14,172 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total7,694 3,960 — 1,962 — 556 — — 14,172 
Single family construction
Pass146,595 35,640 14,509 — — 77 99,206 — 296,027 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total146,595 35,640 14,509 — — 77 99,206 — 296,027 
Single family construction to permanent
Current90,311 42,636 13,362 1,775 — — — — 148,084 
Past due:
30-59 days — — — — — — — — — 
60-89 days — — — — — — — — — 
90+ days — — — — — — — — — 
Total90,311 42,636 13,362 1,775 — — — — 148,084 
Owner occupied CRE
Pass70,902 47,536 57,423 47,716 67,042 106,659 798 2,839 400,915 
Special Mention— — — 2,196 6,019 145 — 60 8,420 
Substandard— — 18,665 1,111 10,151 18,444 — — 48,371 
Total70,902 47,536 76,088 51,023 83,212 125,248 798 2,899 457,706 
Commercial business
Pass88,139 51,453 44,882 24,711 11,859 21,258 112,759 2,104 357,165 
Special Mention— — 7,396 — 4,396 — 5,613 134 17,539 
Substandard9,716 3,399 1,667 5,928 1,096 1,328 3,932 102 27,168 
Total97,855 54,852 53,945 30,639 17,351 22,586 122,304 2,340 401,872 
Total commercial portfolio$1,805,033 $819,724 $621,614 $276,648 $227,302 $496,716 $223,272 $6,131 $4,476,440 
The following table presents a vintage analysis of the consumer portfolio segment by loan sub-class and delinquency status:

At December 31, 2021
(in thousands)202120202019201820172016 and priorRevolvingRevolving-termTotal
CONSUMER PORTFOLIO
Single family
Current
$176,110 $156,360 $62,369 $66,063 $95,988 $204,229 $— $— $761,119 
Past due:
30-59 days
— — 291 — — — — — 291 
60-89 days
— — — — 314 471 — — 785 
90+ days
— — 561 452 — 123 — — 1,136 
Total 176,110 156,360 63,221 66,515 96,302 204,823 — — 763,331 
Home equity and other
Current
2,005 474 393 532 516 2,609 290,512 5,273 302,314 
Past due:
30-59 days
— 3 — — — 94 40 — 137 
60-89 days
— — — — — — 12 62 74 
90+ days
3 — — — — 6 544 — 553 
Total2,008 477 393 532 516 2,709 291,108 5,335 303,078 
Total consumer portfolio (1)
$178,118 $156,837 $63,614 $67,047 $96,818 $207,532 $291,108 $5,335 $1,066,409 
Total LHFI$1,983,151 $976,561 $685,228 $343,695 $324,120 $704,248 $514,380 $11,466 $5,542,849 

(1)    Includes $7.3 million of loans where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes in fair value recognized in the consolidated income statements.
Collateral Dependent Loans
The following table presents the amortized cost basis of collateral-dependent loans by loan sub-class and collateral type:
At June 30, 2022
(in thousands)Land1-4 FamilyNon-residential real estateOther non-real estateTotal
Commercial and industrial loans
Owner occupied CRE$1,111 $— $1,410 $— $2,521 
Commercial business
362 — 562 4 928 
  Total collateral-dependent loans$1,473 $— $1,972 $4 $3,449 
At December 31, 2021
(in thousands)Land1-4 FamilyNon-residential real estateOther non-real estateTotal
Commercial and industrial loans
Owner occupied CRE$1,111 $— $2,456 $— $3,567 
Commercial business
362 27 562 286 1,237 
   Total
1,473 27 3,018 286 4,804 
Consumer loans
Single family
— 1,598 — — 1,598 
Home equity loans and other
— 19 — — 19 
   Total
— 1,617 — — 1,617 
  Total collateral-dependent loans$1,473 $1,644 $3,018 $286 $6,421 

Nonaccrual and Past Due Loans
The following table presents nonaccrual status for loans:
At June 30, 2022At December 31, 2021
(in thousands)Nonaccrual with no related ACLTotal NonaccrualNonaccrual with no related ACLTotal Nonaccrual
Commercial and industrial loans
Owner occupied CRE$2,521 $2,521 $3,568 $3,568 
        Commercial business928 1,405 1,210 5,023 
Total
3,449 3,926 4,778 8,591 
Consumer loans
Single family
495 4,186 1,324 2,802 
Home equity and other4 970 23 808 
Total499 5,156 1,347 3,610 
Total nonaccrual loans$3,948 $9,082 $6,125 $12,201 
The following tables present an aging analysis of past due loans by loan portfolio segment and loan sub-class:
At June 30, 2022
Past Due and Still Accruing
(in thousands)30-59 days60-89 days90 days or
more		Nonaccrual
Total past
due and nonaccrual (3)
CurrentTotal
loans
CRE
Non-owner occupied CRE$— $— $— $— $— $711,077 $711,077 
Multifamily— — — — — 3,475,697 3,475,697 
Construction/land development
Multifamily construction— — — — — 43,376 43,376 
CRE construction— — — — — 20,524 20,524 
Single family construction— — — — — 347,123 347,123 
Single family construction to permanent— — — — — 158,873 158,873 
Total
— — — — — 4,756,670 4,756,670 
Commercial and industrial loans
Owner occupied CRE— — — 2,521 2,521 467,738 470,259 
Commercial business870 7 — 1,405 2,282 391,482 393,764 
Total
870 7 — 3,926 4,803 859,220 864,023 
Consumer loans
Single family
2,384 1,505 7,010 (2)4,186 15,085 807,304 822,389 
Home equity and other38 197 — 970 1,205 315,450 316,655 
Total
2,422 1,702 7,010 5,156 16,290 1,122,754 1,139,044 (1)
Total loans$3,292 $1,709 $7,010 $9,082 $21,093 $6,738,644 $6,759,737 
%0.05 %0.03 %0.10 %0.13 %0.31 %99.69 %100.00 %
At December 31, 2021
Past Due and Still Accruing
(in thousands)30-59 days60-89 days90 days or
more		Nonaccrual
Total past
due and nonaccrual (3)
CurrentTotal
loans
CRE
Non-owner occupied CRE$— $— $— $— $— $705,359 $705,359 
Multifamily— — — — — 2,415,359 2,415,359 
Construction/land development
Multifamily construction— — — — — 37,861 37,861 
CRE construction— — — — — 14,172 14,172 
Single family construction— — — — — 296,027 296,027 
Single family construction to permanent— — — — — 148,084 148,084 
Total
— — — — — 3,616,862 3,616,862 
Commercial and industrial loans
Owner occupied CRE— — — 3,568 3,568 454,138 457,706 
Commercial business198 — — 5,023 5,221 396,651 401,872 
Total
198 — — 8,591 8,789 850,789 859,578 
Consumer loans
Single family
892 820 6,717 (2)2,802 11,231 752,100 763,331 
Home equity and other118 74 — 808 1,000 302,078 303,078 
Total
1,010 894 6,717 3,610 12,231 1,054,178 1,066,409 (1)
Total loans$1,208 $894 $6,717 $12,201 $21,020 $5,521,829 $5,542,849 
%0.02 %0.02 %0.12 %0.22 %0.38 %99.62 %100.00 %
(1)Includes $6.5 million and $7.3 million of loans at June 30, 2022 and December 31, 2021, respectively, where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes in fair value recognized in our consolidated income statements.
(2)FHA-insured and VA-guaranteed single family loans that are 90 days or more past due are maintained on accrual status if they are determined to have little to no risk of loss.
(3)Includes loans whose repayments are insured by the FHA or guaranteed by the VA or SBA of $10.2 million and $8.4 million at June 30, 2022 and December 31, 2021, respectively.
Loan Modifications

The Company provides modifications to borrowers experiencing financial difficulty which may include delays in payment of amounts due, extension of the terms of the notes or reduction in the interest rates on the notes. In certain instances, the Company may grant more than one type of modification. The granting of modifications in the quarter and six months ended June 30, 2022 did not have a material impact on the ACL. The following tables provide information related to loans modified during the quarter and six months ended June 30, 2022 to borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of concession granted:

(in thousands)Significant Payment Delay
Quarter Ended June 30, 2022Six Months Ended June 30, 2022
Loan TypeAmortized Cost Basis at Period End% of Total Class of Financing ReceivableAmortized Cost Basis at Period End% of Total Class of Financing Receivable
Single family$340 0.04 %$340 0.04 %
Home equity and other— — %70 0.02 %
(in thousands)Term Extension
Quarter Ended June 30, 2022Six Months Ended June 30, 2022
Loan TypeAmortized Cost Basis at Period End% of Total Class of Financing ReceivableAmortized Cost Basis at Period End% of Total Class of Financing Receivable
Commercial business$1,578 0.40 %$1,578 0.40 %
Single family236 0.03 %272 0.03 %

(in thousands)Interest Rate Reduction and Term Extension
Quarter Ended June 30, 2022Six Months Ended June 30, 2022
Loan TypeAmortized Cost Basis at Period End% of Total Class of Financing ReceivableAmortized Cost Basis at Period End% of Total Class of Financing Receivable
Single family$— — %$823 0.10 %

(in thousands)Significant Payment Delay and Term Extension
Quarter Ended June 30, 2022Six Months Ended June 30, 2022
Loan TypeAmortized Cost Basis at Period End% of Total Class of Financing ReceivableAmortized Cost Basis at Period End% of Total Class of Financing Receivable
Single family$4,048 0.49 %$10,084 1.23 %
Home equity and other— — %52 0.02 %

(in thousands)Interest Rate Reduction, Significant Payment Delay and Term Extension
Quarter Ended June 30, 2022Six Months Ended June 30, 2022
Loan TypeAmortized Cost Basis at Period End% of Total Class of Financing ReceivableAmortized Cost Basis at Period End% of Total Class of Financing Receivable
Single family$2,775 0.34 %$6,898 0.84 %
The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty:

Interest Rate Reduction
Quarter Ended June 30, 2022Six Months Ended June 30, 2022
Single family
Reduced weighted-average contractual interest rate from 4.79% to 3.56%.
Reduced weighted-average contractual interest rate from 4.35% to 3.36%.
Significant Payment Delay
Quarter Ended June 30, 2022Six Months Ended June 30, 2022
Single family
Provided payment deferrals to borrowers. A weighted average 0.51% of loan balances were capitalized and added to the remaining term of the loan.
Provided payment deferrals to borrowers. A weighted average 0.20% of loan balances were capitalized and added to the remaining term of the loan.
Home equity and other—
Provided payment deferrals to borrowers. A weighted average 3.41% of loan balances were capitalized and added to the remaining term of the loan.
Term Extension
Quarter Ended June 30, 2022Six Months Ended June 30, 2022
Commercial business
Added a weighted average 0.8 years to the life of loans, which reduced the monthly payment amounts to the borrowers.
Added a weighted average 0.8 years to the life of loans, which reduced the monthly payment amounts to the borrowers.
Single family
Added a weighted average 6.4 years to the life of loans, which reduced the monthly payment amounts to the borrowers.
Added a weighted average 4.5 years to the life of loans, which reduced the monthly payment amounts to the borrowers.
Home equity and other—
Added a weighted average 16.1 years to the life of loans, which reduced the monthly payment amounts to the borrowers.

Upon determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or portion of the loan) is written off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount.

In the quarter ended June 30, 2022 there were no loans that were modified to borrowers experiencing financial difficulty during the three months ended March 31, 2022 that subsequently had a payment default.

The following table depicts the payment status of loans that have been modified to borrowers experiencing financial difficulty during the three months ended March 31, 2022:

Payment Status (Amortized Cost Basis) at June 30, 2022
Loan TypeCurrent30-89 Days Past Due90+ Days Past Due
Single family$11,018 $— $— 
Home equity and other122 — — 
Total$11,140 $— $—