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LOANS & ALLOWANCE FOR CREDIT LOSSES | 9 Months Ended
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Mar. 31, 2024
Receivables [Abstract] |
LOANS & ALLOWANCE FOR CREDIT LOSSES | LOANS & ALLOWANCE FOR CREDIT LOSSES The Company categorizes the loan portfolio into six segments: Single Family - Mortgage & Warehouse, Multifamily and Commercial Mortgage, Commercial Real Estate, Commercial & Industrial - Non Real Estate, Auto & Consumer and Other. For further detail of the segments of the Company’s loan portfolio, refer to Note 1—“Organizations and Summary of Significant Accounting Policies” in the 2023 Form 10-K. The following table sets forth the composition of the loan portfolio:
(Dollars in thousands) | March 31, 2024 |  | June 30, 2023
Single Family - Mortgage & Warehouse | $ | 4,122,726 |  |  | $ | 4,173,833 |
Multifamily and Commercial Mortgage 1 | 4,001,056 |  |  | 3,082,225 |
Commercial Real Estate 1 | 5,912,988 |  |  | 6,199,818 |
Commercial & Industrial - Non-RE | 4,827,531 |  |  | 2,639,650 |
Auto & Consumer | 450,765 |  |  | 546,264 |
Other | 1,896 |  |  | 10,236 |
Total gross loans | 19,316,962 |  |  | 16,652,026 |
Allowance for credit losses - loans | (257,522) |  |  | (166,680) |
Unaccreted premiums (discounts) and loan fees | (325,985) |  |  | (28,618) |
Total net loans | $ | 18,733,455 |  |  | $ | 16,456,728 |
1 Includes PCD loans of $285.4 million in Multifamily and Commercial Mortgage and $44.5 million in Commercial Real Estate as of March 31, 2024. For further detail on PCD loans refer to Note 1—“Summary of Significant Accounting Policies”. Accrued interest receivable on loans held for investments totaled $103.3 million and $77.9 million as of March 31, 2024 and June 30, 2023, respectively. At March 31, 2024 and June 30, 2023, the Company has pledged certain loans totaling $5,226.4 million and $5,128.4 million, respectively, to the Federal Home Loan Bank (“FHLB”) and $7,834.9 million and $3,689.5 million, respectively, to the Federal Reserve Bank of San Francisco (“FRBSF”). The following table presents the components of the provision for credit losses:
| For the Three Months Ended |  | For the Nine Months Ended
| March 31, |  | March 31,
(Dollars in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Provision for credit losses - loans | $ | 9,000 |  |  | $ | 5,500 |  |  | $ | 27,250 |  |  | $ | 17,750 |
Provision for credit losses - unfunded lending commitments | (3,000) |  |  | — |  |  | (750) |  |  | (499) |
Total provision for credit losses | $ | 6,000 |  |  | $ | 5,500 |  |  | $ | 26,500 |  |  | $ | 17,251 |
The following tables summarize activity in the allowance for credit losses - loans by portfolio segment:
| For the Three Months Ended March 31, 2024
(Dollars in thousands) | Single Family-Mortgage & Warehouse |  | Multifamily and Commercial Mortgage |  | Commercial Real Estate |  | Commercial & Industrial - Non-RE |  | Auto & Consumer |  | Other |  |  |  | Total
Balance at January 1, 2024 | $ | 15,356 |  |  | $ | 78,353 |  |  | $ | 77,778 |  |  | $ | 69,201 |  |  | $ | 11,052 |  |  | $ | 9 |  |  |  |  | $ | 251,749 |
Allowance for credit losses at acquisition of PCD loans | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |
Provision (benefit) for credit losses - loans | 1,629 |  |  | (1,856) |  |  | 5,064 |  |  | 2,809 |  |  | 1,355 |  |  | (1) |  |  |  |  | 9,000 |
Charge-offs | (90) |  |  | (139) |  |  | — |  |  | — |  |  | (3,776) |  |  | — |  |  |  |  | (4,005) |
Recoveries | 70 |  |  | — |  |  | — |  |  | — |  |  | 708 |  |  | — |  |  |  |  | 778 |
Balance at March 31, 2024 | $ | 16,965 |  |  | $ | 76,358 |  |  | $ | 82,842 |  |  | $ | 72,010 |  |  | $ | 9,339 |  |  | $ | 8 |  |  |  |  | $ | 257,522 |
| For the Three Months Ended March 31, 2023
(Dollars in thousands) | Single Family-Mortgage & Warehouse |  | Multifamily and Commercial Mortgage |  | Commercial Real Estate |  | Commercial & Industrial - Non-RE |  | Auto & Consumer |  | Other |  |  |  | Total
Balance at January 1, 2023 | $ | 19,631 |  |  | $ | 15,457 |  |  | $ | 72,168 |  |  | $ | 36,038 |  |  | $ | 13,903 |  |  | $ | 21 |  |  |  |  | $ | 157,218 |
Provision (benefit) for credit losses - loans | (1,583) |  |  | (1,156) |  |  | (3,782) |  |  | 10,698 |  |  | 1,329 |  |  | (6) |  |  |  |  | 5,500 |
Charge-offs | (9) |  |  | — |  |  | — |  |  | — |  |  | (2,413) |  |  | — |  |  |  |  | (2,422) |
Recoveries | 413 |  |  | — |  |  | — |  |  | — |  |  | 584 |  |  | — |  |  |  |  | 997 |
Balance at March 31, 2023 | $ | 18,452 |  |  | $ | 14,301 |  |  | $ | 68,386 |  |  | $ | 46,736 |  |  | $ | 13,403 |  |  | $ | 15 |  |  |  |  | $ | 161,293 |
| For the Nine Months Ended March 31, 2024
(Dollars in thousands) | Single Family-Mortgage & Warehouse |  | Multifamily and Commercial Mortgage |  | Commercial Real Estate |  | Commercial & Industrial - Non-RE |  | Auto & Consumer |  | Other |  |  |  | Total
Balance at July 1, 2023 | $ | 17,503 |  |  | $ | 16,848 |  |  | $ | 72,755 |  |  | $ | 46,347 |  |  | $ | 13,212 |  |  | $ | 15 |  |  |  |  | $ | 166,680 |
Allowance for credit losses at acquisition of PCD loans | — |  |  | 58,972 |  |  | 11,125 |  |  | — |  |  | — |  |  | — |  |  |  |  | 70,097 |
Provision (benefit) for credit losses - loans | (461) |  |  | 677 |  |  | (1,038) |  |  | 25,749 |  |  | 2,330 |  |  | (7) |  |  |  |  | 27,250 |
Charge-offs | (170) |  |  | (139) |  |  | — |  |  | (86) |  |  | (8,378) |  |  | — |  |  |  |  | (8,773) |
Recoveries | 93 |  |  | — |  |  | — |  |  | — |  |  | 2,175 |  |  | — |  |  |  |  | 2,268 |
Balance at March 31, 2024 | $ | 16,965 |  |  | $ | 76,358 |  |  | $ | 82,842 |  |  | $ | 72,010 |  |  | $ | 9,339 |  |  | $ | 8 |  |  |  |  | $ | 257,522 |
| For the Nine Months Ended March 31, 2023
(Dollars in thousands) | Single Family-Mortgage & Warehouse |  | Multifamily and Commercial Mortgage |  | Commercial Real Estate |  | Commercial & Industrial - Non-RE |  | Auto & Consumer |  | Other |  |  |  | Total
Balance at July 1, 2022 | $ | 19,670 |  |  | $ | 14,655 |  |  | $ | 69,339 |  |  | $ | 30,808 |  |  | $ | 14,114 |  |  | $ | 31 |  |  |  |  | $ | 148,617 |
Provision (benefit) for credit losses - loans | (1,347) |  |  | (354) |  |  | (953) |  |  | 15,910 |  |  | 4,510 |  |  | (16) |  |  |  |  | 17,750 |
Charge-offs | (307) |  |  | — |  |  | — |  |  | — |  |  | (6,646) |  |  | — |  |  |  |  | (6,953) |
Recoveries | 436 |  |  | — |  |  | — |  |  | 18 |  |  | 1,425 |  |  | — |  |  |  |  | 1,879 |
Balance at March 31, 2023 | $ | 18,452 |  |  | $ | 14,301 |  |  | $ | 68,386 |  |  | $ | 46,736 |  |  | $ | 13,403 |  |  | $ | 15 |  |  |  |  | $ | 161,293 |
For the three months ended March 31, 2024, the allowance for credit losses for loans increased primarily due to loan growth in the Commercial & Industrial - Non-RE portfolio and an increase in the Commercial Real Estate portfolio reflecting changes in the underlying macroeconomic variables. For the nine months ended March 31, 2024, the increase in the provision for credit losses was primarily due to loan growth in the Commercial & Industrial - Non-RE portfolio and the loans acquired in the FDIC Loan Purchase. Loan products within each portfolio contain varying collateral types which impact the estimate of the loss given default utilized in the calculation of the allowance. For further discussion of the model method of estimating expected lifetime credit losses to Note 1—“Organizations and Summary of Significant Accounting Policies” within the 2023 Form 10-K. The following tables present a summary of the activity in the allowance for credit losses for off-balance sheet lending commitments:
| Three Months Ended March 31,
(Dollars in thousands) | 2024 |  | 2023
Balance at January 1, | $ | 12,723 |  |  | $ | 10,474 |
Provision for credit losses - unfunded lending commitments | (3,000) |  |  | — |
Balance at March 31, | $ | 9,723 |  |  | $ | 10,474 |
| Nine Months Ended March 31,
(Dollars in thousands) | 2024 |  | 2023
Balance at July 1, | $ | 10,473 |  |  | $ | 10,973 |
Provision for credit losses - unfunded lending commitments | (750) |  |  | (499) |
Balance at March 31, | $ | 9,723 |  |  | $ | 10,474 |
The decrease in the allowance for off-balance sheet lending commitments for the three and nine months ended March 31, 2024, was primarily driven by a change in the underlying mix of Commercial & Industrial - Non-RE unfunded commitments. The following table presents loan-to-value (“LTV”) for the Company’s real estate loans outstanding as of March 31, 2024:
| Total Real Estate Loans |  | Single Family - Mortgage & Warehouse |  | Multifamily and Commercial Mortgage |  | Commercial Real Estate |  |
Weighted-Average LTV | 48.8 | % |  | 56.2 | % |  | 55.2 | % |  | 39.4 | % |  |
Median LTV | 53.1 | % |  | 55.0 | % |  | 50.0 | % |  | 42.0 | % |  |
The Company’s effective weighted-average LTV was 45.2% for loans within its real estate portfolio originated during the three months ended March 31, 2024. Credit Quality Disclosures. The following tables provide the composition of loans that are performing and nonaccrual by portfolio segment:
| March 31, 2024
(Dollars in thousands) | Single Family-Mortgage & Warehouse |  | Multifamily and Commercial Mortgage |  | Commercial Real Estate |  | Commercial & Industrial - Non-RE |  | Auto & Consumer |  | Other |  |  |  | Total
Performing | $ | 4,071,384 |  |  | $ | 3,962,591 |  |  | $ | 5,886,886 |  |  | $ | 4,823,511 |  |  | $ | 448,614 |  |  | $ | 1,896 |  |  |  |  | $ | 19,194,882 |
Nonaccrual | $ | 51,342 |  |  | $ | 38,465 |  |  | $ | 26,102 |  |  | $ | 4,020 |  |  | $ | 2,151 |  |  | $ | — |  |  |  |  | $ | 122,080 |
Total | $ | 4,122,726 |  |  | $ | 4,001,056 |  |  | $ | 5,912,988 |  |  | $ | 4,827,531 |  |  | $ | 450,765 |  |  | $ | 1,896 |  |  |  |  | $ | 19,316,962 |
Nonaccrual loans to total loans |  |  |  |  |  |  |  |  |  |  |  | 0.63 | %
| June 30, 2023
(Dollars in thousands) | Single Family-Mortgage & Warehouse |  | Multifamily and Commercial Mortgage |  | Commercial Real Estate |  | Commercial & Industrial - Non-RE |  | Auto & Consumer |  | Other |  |  |  | Total
Performing | $ | 4,143,119 |  |  | $ | 3,047,122 |  |  | $ | 6,184,966 |  |  | $ | 2,636,661 |  |  | $ | 544,807 |  |  | $ | 8,191 |  |  |  |  | $ | 16,564,866 |
Nonaccrual | 30,714 |  |  | 35,103 |  |  | 14,852 |  |  | 2,989 |  |  | 1,457 |  |  | 2,045 |  |  |  |  | 87,160 |
Total | $ | 4,173,833 |  |  | $ | 3,082,225 |  |  | $ | 6,199,818 |  |  | $ | 2,639,650 |  |  | $ | 546,264 |  |  | $ | 10,236 |  |  |  |  | $ | 16,652,026 |
Nonaccrual loans to total loans |  |  |  |  |  |  |  |  |  |  |  | 0.52 | %
There were no nonaccrual loans without an allowance for credit losses as of March 31, 2024 and June 30, 2023. There was no interest income recognized on nonaccrual loans in the three and nine months ended March 31, 2024 and 2023. Credit Quality Indicators. The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information and current economic trends. The Company analyzes loans individually by classifying the loans based on credit risk. The Company uses the following definitions for risk ratings. Pass. Loans classified as pass are well protected by the current net worth and paying capacity of the obligor or by the fair value of any underlying collateral, less cost to acquire and sell in a timely manner. Special Mention. Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. Substandard. Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The Company reviews and grades loans following a continuous review process, featuring coverage of all loan types and business lines at least quarterly. Continuous reviewing provides more effective risk monitoring because it immediately tests for potential impacts caused by changes in personnel, policy, products or underwriting standards. The following tables present the composition of loans by portfolio segment, fiscal year of origination and credit quality indicator, and the amount of gross charge-offs for the nine months ended March 31, 2024:
| March 31, 2024
| Loans Held for Investment by Fiscal Year of Origination |  | Revolving Loans |  |  |  |  |  | Total
(Dollars in thousands) | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  |  |  |
Single Family-Mortgage & Warehouse |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 374,277 |  |  | $ | 629,673 |  |  | $ | 1,267,368 |  |  | $ | 497,858 |  |  | $ | 301,300 |  |  | $ | 759,811 |  |  | $ | 159,109 |  |  |  |  |  |  | $ | 3,989,396 |
Special Mention | 31,000 |  |  | — |  |  | — |  |  | — |  |  | 9,015 |  |  | 20,706 |  |  | — |  |  |  |  |  |  | 60,721 |
Substandard | — |  |  | 284 |  |  | 7,323 |  |  | — |  |  | 14,345 |  |  | 50,657 |  |  | — |  |  |  |  |  |  | 72,609 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | — |
Total | 405,277 |  |  | 629,957 |  |  | 1,274,691 |  |  | 497,858 |  |  | 324,660 |  |  | 831,174 |  |  | 159,109 |  |  |  |  |  |  | 4,122,726 |
Gross charge-offs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 170 |  |  | — |  |  |  |  |  |  | 170 |
Multifamily and Commercial Mortgage |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 33,500 |  |  | 755,904 |  |  | 1,091,283 |  |  | 643,742 |  |  | 547,393 |  |  | 836,844 |  |  | — |  |  |  |  |  |  | 3,908,666 |
Special Mention | — |  |  | 1,282 |  |  | — |  |  | — |  |  | 1,131 |  |  | 3,738 |  |  | — |  |  |  |  |  |  | 6,151 |
Substandard | — |  |  | 14,057 |  |  | 7,250 |  |  | 11,649 |  |  | 33,953 |  |  | 19,330 |  |  | — |  |  |  |  |  |  | 86,239 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | — |
Total | 33,500 |  |  | 771,243 |  |  | 1,098,533 |  |  | 655,391 |  |  | 582,477 |  |  | 859,912 |  |  | — |  |  |  |  |  |  | 4,001,056 |
Gross charge-offs | — |  |  | — |  |  | — |  |  | — |  |  | 139 |  |  | — |  |  | — |  |  |  |  |  |  | 139 |
Commercial Real Estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 1,599,913 |  |  | 1,450,248 |  |  | 1,593,594 |  |  | 227,171 |  |  | 7,741 |  |  | 53,000 |  |  | 818,968 |  |  |  |  |  |  | 5,750,635 |
Special Mention | — |  |  | — |  |  | 16,035 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | 16,035 |
Substandard | — |  |  | 18,657 |  |  | 41,422 |  |  | 40,900 |  |  | 15,000 |  |  | 30,339 |  |  | — |  |  |  |  |  |  | 146,318 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | — |
Total | 1,599,913 |  |  | 1,468,905 |  |  | 1,651,051 |  |  | 268,071 |  |  | 22,741 |  |  | 83,339 |  |  | 818,968 |  |  |  |  |  |  | 5,912,988 |
Gross charge-offs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | — |
Commercial & Industrial - Non-RE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 953,015 |  |  | 473,483 |  |  | 281,867 |  |  | 44,634 |  |  | 5,719 |  |  | 13,025 |  |  | 2,874,179 |  |  |  |  |  |  | 4,645,922 |
Special Mention | — |  |  | 1,763 |  |  | 8,624 |  |  | 1,682 |  |  | 10,116 |  |  | — |  |  | 33,509 |  |  |  |  |  |  | 55,694 |
Substandard | — |  |  | 29,471 |  |  | 76,719 |  |  | 1,032 |  |  | — |  |  | 2,989 |  |  | 15,704 |  |  |  |  |  |  | 125,915 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | — |
Total | 953,015 |  |  | 504,717 |  |  | 367,210 |  |  | 47,348 |  |  | 15,835 |  |  | 16,014 |  |  | 2,923,392 |  |  |  |  |  |  | 4,827,531 |
Gross charge-offs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 86 |  |  | — |  |  |  |  |  |  | 86 |
Auto & Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 44,290 |  |  | 124,923 |  |  | 196,464 |  |  | 49,125 |  |  | 15,769 |  |  | 16,812 |  |  | — |  |  |  |  |  |  | 447,383 |
Special Mention | 9 |  |  | 323 |  |  | 585 |  |  | 118 |  |  | 10 |  |  | 25 |  |  | — |  |  |  |  |  |  | 1,070 |
Substandard | 143 |  |  | 521 |  |  | 1,031 |  |  | 303 |  |  | 216 |  |  | 98 |  |  | — |  |  |  |  |  |  | 2,312 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | — |
Total | 44,442 |  |  | 125,767 |  |  | 198,080 |  |  | 49,546 |  |  | 15,995 |  |  | 16,935 |  |  | — |  |  |  |  |  |  | 450,765 |
Gross charge-offs | 50 |  |  | 2,664 |  |  | 3,969 |  |  | 1,294 |  |  | 168 |  |  | 233 |  |  | — |  |  |  |  |  |  | 8,378 |
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 21 |  |  | — |  |  | — |  |  | 985 |  |  | — |  |  | 890 |  |  | — |  |  |  |  |  |  | 1,896 |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | — |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | — |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | — |
Total | 21 |  |  | — |  |  | — |  |  | 985 |  |  | — |  |  | 890 |  |  | — |  |  |  |  |  |  | 1,896 |
Gross charge-offs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | — |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 3,005,016 |  |  | 3,434,231 |  |  | 4,430,576 |  |  | 1,463,515 |  |  | 877,922 |  |  | 1,680,382 |  |  | 3,852,256 |  |  |  |  |  |  | 18,743,898 |
Special Mention | 31,009 |  |  | 3,368 |  |  | 25,244 |  |  | 1,800 |  |  | 20,272 |  |  | 24,469 |  |  | 33,509 |  |  |  |  |  |  | 139,671 |
Substandard | 143 |  |  | 62,990 |  |  | 133,745 |  |  | 53,884 |  |  | 63,514 |  |  | 103,413 |  |  | 15,704 |  |  |  |  |  |  | 433,393 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | — |
Total | $ | 3,036,168 |  |  | $ | 3,500,589 |  |  | $ | 4,589,565 |  |  | $ | 1,519,199 |  |  | $ | 961,708 |  |  | $ | 1,808,264 |  |  | $ | 3,901,469 |  |  |  |  |  |  | $ | 19,316,962 |
As a % of total gross loans | 15.72% |  | 18.12% |  | 23.76% |  | 7.86% |  | 4.98% |  | 9.36% |  | 20.20% |  |  |  |  |  | 100.0%
Total gross charge-offs | $ | 50 |  |  | $ | 2,664 |  |  | $ | 3,969 |  |  | $ | 1,294 |  |  | $ | 307 |  |  | $ | 489 |  |  | $ | — |  |  |  |  |  |  | $ | 8,773 |
| June 30, 2023
| Loans Held for Investment by Fiscal Year of Origination |  | Revolving Loans |  |  |  |  |  | Total
(Dollars in thousands) | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  |  |  |
Single Family-Mortgage & Warehouse |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 730,498 |  |  | $ | 1,346,804 |  |  | $ | 522,873 |  |  | $ | 324,458 |  |  | $ | 255,547 |  |  | $ | 639,401 |  |  | $ | 243,175 |  |  |  |  |  |  | $ | 4,062,756 |
Special Mention | — |  |  | 7,280 |  |  | 7,026 |  |  | 8,303 |  |  | 12,942 |  |  | 18,244 |  |  | 6,614 |  |  |  |  |  |  | 60,409 |
Substandard | — |  |  | 5,188 |  |  | 4,686 |  |  | 14,384 |  |  | 2,024 |  |  | 24,386 |  |  | — |  |  |  |  |  |  | 50,668 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | — |
Total | 730,498 |  |  | 1,359,272 |  |  | 534,585 |  |  | 347,145 |  |  | 270,513 |  |  | 682,031 |  |  | 249,789 |  |  |  |  |  |  | 4,173,833 |
Multifamily and Commercial Mortgage |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 558,787 |  |  | 975,186 |  |  | 498,744 |  |  | 314,383 |  |  | 224,592 |  |  | 404,222 |  |  | — |  |  |  |  |  |  | 2,975,914 |
Special Mention | — |  |  | 9,691 |  |  | 4,636 |  |  | 1,360 |  |  | 7,705 |  |  | — |  |  | — |  |  |  |  |  |  | 23,392 |
Substandard | — |  |  | 3,145 |  |  | 5,686 |  |  | 38,857 |  |  | 6,181 |  |  | 29,050 |  |  | — |  |  |  |  |  |  | 82,919 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | — |
Total | 558,787 |  |  | 988,022 |  |  | 509,066 |  |  | 354,600 |  |  | 238,478 |  |  | 433,272 |  |  | — |  |  |  |  |  |  | 3,082,225 |
Commercial Real Estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 1,867,476 |  |  | 2,323,095 |  |  | 631,500 |  |  | 87,059 |  |  | 117,928 |  |  | — |  |  | 960,024 |  |  |  |  |  |  | 5,987,082 |
Special Mention | 29,000 |  |  | 43,427 |  |  | — |  |  | 8,457 |  |  | 800 |  |  | 15,062 |  |  | — |  |  |  |  |  |  | 96,746 |
Substandard | — |  |  | 29,200 |  |  | 37,951 |  |  | 18,500 |  |  | 15,487 |  |  | 14,852 |  |  | — |  |  |  |  |  |  | 115,990 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | — |
Total | 1,896,476 |  |  | 2,395,722 |  |  | 669,451 |  |  | 114,016 |  |  | 134,215 |  |  | 29,914 |  |  | 960,024 |  |  |  |  |  |  | 6,199,818 |
Commercial & Industrial - Non-RE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 488,120 |  |  | 358,214 |  |  | 29,777 |  |  | 14,794 |  |  | 2,098 |  |  | — |  |  | 1,707,619 |  |  |  |  |  |  | 2,600,622 |
Special Mention | — |  |  | 8,221 |  |  | — |  |  | 11,413 |  |  | — |  |  | — |  |  | 600 |  |  |  |  |  |  | 20,234 |
Substandard | — |  |  | 17,762 |  |  | 1,032 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | 18,794 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | — |
Total | 488,120 |  |  | 384,197 |  |  | 30,809 |  |  | 26,207 |  |  | 2,098 |  |  | — |  |  | 1,708,219 |  |  |  |  |  |  | 2,639,650 |
Auto & Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 161,831 |  |  | 256,154 |  |  | 70,223 |  |  | 24,906 |  |  | 19,897 |  |  | 9,929 |  |  | — |  |  |  |  |  |  | 542,940 |
Special Mention | 423 |  |  | 632 |  |  | 453 |  |  | 60 |  |  | 14 |  |  | 6 |  |  | — |  |  |  |  |  |  | 1,588 |
Substandard | 350 |  |  | 785 |  |  | 233 |  |  | 133 |  |  | 162 |  |  | 73 |  |  | — |  |  |  |  |  |  | 1,736 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | — |
Total | 162,604 |  |  | 257,571 |  |  | 70,909 |  |  | 25,099 |  |  | 20,073 |  |  | 10,008 |  |  | — |  |  |  |  |  |  | 546,264 |
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 5,721 |  |  | — |  |  | 1,306 |  |  | — |  |  | — |  |  | 1,164 |  |  | — |  |  |  |  |  |  | 8,191 |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | — |
Substandard | — |  |  | 2,000 |  |  | 45 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | 2,045 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | — |
Total | 5,721 |  |  | 2,000 |  |  | 1,351 |  |  | — |  |  | — |  |  | 1,164 |  |  | — |  |  |  |  |  |  | 10,236 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 3,812,433 |  |  | 5,259,453 |  |  | 1,754,423 |  |  | 765,600 |  |  | 620,062 |  |  | 1,054,716 |  |  | 2,910,818 |  |  |  |  |  |  | 16,177,505 |
Special Mention | 29,423 |  |  | 69,251 |  |  | 12,115 |  |  | 29,593 |  |  | 21,461 |  |  | 33,312 |  |  | 7,214 |  |  |  |  |  |  | 202,369 |
Substandard | 350 |  |  | 58,080 |  |  | 49,633 |  |  | 71,874 |  |  | 23,854 |  |  | 68,361 |  |  | — |  |  |  |  |  |  | 272,152 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | — |
Total | $ | 3,842,206 |  |  | $ | 5,386,784 |  |  | $ | 1,816,171 |  |  | $ | 867,067 |  |  | $ | 665,377 |  |  | $ | 1,156,389 |  |  | $ | 2,918,032 |  |  |  |  |  |  | $ | 16,652,026 |
As a % of total gross loans | 23.07% |  | 32.35% |  | 10.91% |  | 5.21% |  | 4.00% |  | 6.94% |  | 17.52% |  |  |  |  |  | 100.0%
The following tables provide the aging of loans by portfolio segment:
| March 31, 2024
(Dollars in thousands) | Current |  | 30-59 Days |  | 60-89 Days |  | 90+ Days |  | Total
Single Family-Mortgage & Warehouse | $ | 4,000,039 |  |  | $ | 56,839 |  |  | $ | 2,287 |  |  | $ | 63,561 |  |  | $ | 4,122,726 |
Multifamily and Commercial Mortgage | 3,943,570 |  |  | 12,566 |  |  | 10,337 |  |  | 34,583 |  |  | 4,001,056 |
Commercial Real Estate | 5,825,204 |  |  | 6,500 |  |  | 20,932 |  |  | 60,352 |  |  | 5,912,988 |
Commercial & Industrial - Non-RE | 4,826,499 |  |  | — |  |  | — |  |  | 1,032 |  |  | 4,827,531 |
Auto & Consumer | 444,680 |  |  | 3,731 |  |  | 1,161 |  |  | 1,193 |  |  | 450,765 |
Other | 1,896 |  |  | — |  |  | — |  |  | — |  |  | 1,896 |
Total | $ | 19,041,888 |  |  | $ | 79,636 |  |  | $ | 34,717 |  |  | $ | 160,721 |  |  | $ | 19,316,962 |
As a % of total gross loans | 98.58 | % |  | 0.41 | % |  | 0.18 | % |  | 0.83 | % |  | 100.00 | %
| June 30, 2023
(Dollars in thousands) | Current |  | 30-59 Days |  | 60-89 Days |  | 90+ Days |  | Total
Single Family-Mortgage & Warehouse | $ | 4,102,150 |  |  | $ | 20,832 |  |  | $ | 7,971 |  |  | $ | 42,880 |  |  | $ | 4,173,833 |
Multifamily and Commercial Mortgage | 3,048,217 |  |  | 2,705 |  |  | 1,124 |  |  | 30,179 |  |  | 3,082,225 |
Commercial Real Estate | 6,173,716 |  |  | 11,250 |  |  | — |  |  | 14,852 |  |  | 6,199,818 |
Commercial & Industrial - Non-RE | 2,639,650 |  |  | — |  |  | — |  |  | — |  |  | 2,639,650 |
Auto & Consumer | 537,181 |  |  | 6,529 |  |  | 1,707 |  |  | 847 |  |  | 546,264 |
Other | 8,024 |  |  | 68 |  |  | 1 |  |  | 2,143 |  |  | 10,236 |
Total | $ | 16,508,938 |  |  | $ | 41,384 |  |  | $ | 10,803 |  |  | $ | 90,901 |  |  | $ | 16,652,026 |
As a % of total gross loans | 99.14 | % |  | 0.25 | % |  | 0.06 | % |  | 0.55 | % |  | 100.00 | %
Loans reaching 90 or more days past due are generally placed on nonaccrual. As of March 31, 2024 and June 30, 2023, there were loans of $49.3 million and $14.1 million, respectively, over 90 days past due and still accruing interest as the Company expects to collect the principal and interest amounts due. Single family mortgage loans in process of foreclosure were $29.3 million and $17.7 million as of March 31, 2024 and June 30, 2023, respectively. Loan Modifications to Borrowers Experiencing Financial Difficulty. The Company may grant certain modifications of loans to borrowers experiencing financial difficulty, which effective July 1, 2023, are reported as financial difficulty modifications (“FDMs”). The Company’s modification programs provide various modifications to borrowers experiencing financial difficulty which may include interest rate reductions, term extensions, payment delays and/or principal forgiveness. FDMs during the three and nine months ended March 31, 2024 were not significant. Prior to adoption of ASU 2022-02, the Company accounted for certain modifications as troubled debt restructurings (“TDRs”). Approximately 1.77% of our nonaccrual loans were considered TDRs at June 30, 2023. Borrowers that made timely payments after TDRs were considered non-performing for at least six months. Generally, after six months of timely payments, those TDRs were reclassified from the nonaccrual loan category to the performing loan category and any previously deferred interest income was recognized. The Company had no TDRs classified as performing loans at June 30, 2023.

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