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LOANS AND CREDIT QUALITY | 9 Months Ended
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Sep. 30, 2021
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: single family and home equity and other loans within the consumer loan portfolio segment and non-owner occupied commercial real estate, multifamily, construction and land development, owner occupied commercial real estate and commercial business loans within the commercial loan portfolio segment. LHFI consists of the following:
(in thousands) | At September 30, 2021 |  | At December 31, 2020
Commercial real estate loans |  |  |
Non-owner occupied commercial real estate | $ | 754,031 |  |  | $ | 829,538 |
Multifamily | 2,090,156 |  |  | 1,428,092 |
Construction/land development | 514,322 |  |  | 553,695 |
Total | 3,358,509 |  |  | 2,811,325 |
Commercial and industrial loans |  |  |
Owner occupied commercial real estate | 450,350 |  |  | 467,256 |
Commercial business | 435,756 |  |  | 645,723 |
Total | 886,106 |  |  | 1,112,979 |
Consumer loans |  |  |
Single family (1) | 793,927 |  |  | 915,123 |
Home equity and other | 315,715 |  |  | 404,753 |
Total | 1,109,642 |  |  | 1,319,876 |
Total LHFI | 5,354,257 |  |  | 5,244,180 |
Allowance for credit losses ("ACL") | (54,516) |  |  | (64,294) |
Total LHFI less ACL | $ | 5,299,741 |  |  | $ | 5,179,886 |
(1) Includes $4.5 million and $7.1 million at September 30, 2021 and December 31, 2020, 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 $1.7 billion and $1.4 billion at September 30, 2021 and December 31, 2020, respectively, were pledged to secure borrowings from the Federal Home Loan Bank ("FHLB") and loans totaling $430 million and $569 million at September 30, 2021 and December 31, 2020, respectively, were pledged to secure borrowings from the Federal Reserve Bank. Credit Risk Concentrations LHFI are primarily secured by real estate located in the Pacific Northwest, California and Hawaii. At September 30, 2021 and December 31, 2020, multifamily loans in the state of California represented 29% and 19% 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 quarter ended March 31, 2020, the qualitative factors increased significantly due to the forecasted impacts of the COVID-19 pandemic. The qualitative factors have remained at a high level due to the continued uncertainty regarding the impact of the COVID-19 pandemic. Included in the qualitative factors are estimates of potential loss exposure which are based on forbearance activities relating to the COVID-19 pandemic in the Bank’s loan portfolio. Due to improvements in economic conditions, the Company recorded a $5 million and $9 million recovery of the allowance for credit losses in the third quarter of 2021 and nine months ended September 30, 2021, respectively. As of September 30, 2021, the Bank expects that over the two-year forecast period, the markets in which it operates will have a modest improvement in single family and multifamily collateral values, but deterioration in commercial real estate collateral values with negative risk factors peaking in the first year. The Bank also expects that over the two-year forecast period, the markets in which it operates will have a modest deterioration in the economic outlook, with negative risk factors peaking in the first year. 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 $2.5 million and $1.6 million at September 30, 2021 and December 31, 2020, respectively. The Bank has elected to exclude accrued interest receivable from the evaluation of the ACL. Accrued interest on LHFI was $18.1 million and $21.2 million at September 30, 2021 and December 31, 2020, 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 for the periods indicated:
| Quarter Ended September 30, |  | Nine Months Ended September 30,
(in thousands) | 2021 |  | 2020 |  | 2021 |  | 2020
Beginning balance | $ | 59,897 |  |  | $ | 65,000 |  |  | $ | 64,294 |  |  | $ | 41,772 |
Provision for credit losses | (5,348) |  |  | 273 |  | (9,864) |  |  | 21,633 |
Net (charge-offs) recoveries | (33) |  |  | (381) |  | 86 |  |  | (356) |
Impact of ASC 326 adoption | — |  |  | — |  | — |  |  | 1,843 |
Ending balance | $ | 54,516 |  |  | $ | 64,892 |  |  | $ | 54,516 |  |  | $ | 64,892 |
Allowance for unfunded commitments: |  |  |  |  |  |  |
Beginning balance | $ | 2,104 |  |  | $ | 2,071 |  |  | $ | 1,588 |  |  | $ | 1,065 |
Provision for credit losses | 348 |  |  | (273) |  |  | 864 |  |  | (1,164) |
Impact of ASC 326 adoption | — |  |  | — |  |  | — |  |  | 1,897 |
Ending balance | $ | 2,452 |  |  | $ | 1,798 |  |  | $ | 2,452 |  |  | $ | 1,798 |
Provision for credit losses: |  |  |  |  |  |  |
Allowance for credit losses - loans | $ | (5,348) |  |  | $ | 273 |  |  | $ | (9,864) |  |  | $ | 21,633 |
Allowance for unfunded commitments | 348 |  |  | (273) |  |  | 864 |  |  | (1,164) |
Total | $ | (5,000) |  |  | $ | — |  |  | $ | (9,000) |  |  | $ | 20,469 |
Activity in the ACL for LHFI by loan portfolio and loan sub-class was as follows for the periods indicated:
| Quarter Ended September 30, 2021
(in thousands) | Beginning balance |  | Charge-offs |  | Recoveries |  | Provision |  | Ending balance
Commercial real estate loans |  |  |  |  |  |  |  |  |
Non-owner occupied commercial real estate | $ | 9,077 |  |  | $ | — |  |  | $ | — |  |  | $ | 559 |  |  | $ | 9,636 |
Multifamily | 7,245 |  |  | — |  |  | — |  |  | (1,788) |  |  | 5,457 |
Construction/land development |  |  |  |  |  |  |  |  |
Multifamily construction | 500 |  |  | — |  |  | — |  |  | 544 |  |  | 1,044 |
Commercial real estate construction | 2,022 |  |  | — |  |  | — |  |  | (1,671) |  |  | 351 |
Single family construction | 5,653 |  |  | — |  |  | — |  |  | 638 |  |  | 6,291 |
Single family construction to permanent | 1,047 |  |  | — |  |  | — |  |  | 15 |  |  | 1,062 |
Total | 25,544 |  |  | — |  |  | — |  |  | (1,703) |  |  | 23,841 |
Commercial and industrial loans |  |  |  |  |  |  |  |  |
Owner occupied commercial real estate | 5,518 |  |  | — |  |  | — |  |  | (233) |  |  | 5,285 |
Commercial business | 15,874 |  |  | (116) |  |  | 24 |  |  | (1,309) |  |  | 14,473 |
Total | 21,392 |  |  | (116) |  |  | 24 |  |  | (1,542) |  |  | 19,758 |
Consumer loans |  |  |  |  |  |  |  |  |
Single family | 7,163 |  |  | (13) |  |  | 33 |  |  | (1,426) |  |  | 5,757 |
Home equity and other | 5,798 |  |  | (341) |  |  | 380 |  |  | (677) |  |  | 5,160 |
Total | 12,961 |  |  | (354) |  |  | 413 |  |  | (2,103) |  |  | 10,917 |
Total ACL | $ | 59,897 |  |  | $ | (470) |  |  | $ | 437 |  |  | $ | (5,348) |  |  | $ | 54,516 |
| Quarter Ended September 30, 2020
(in thousands) | Beginning balance |  | Charge-offs |  | Recoveries |  | Provision |  | Ending balance
Commercial real estate loans |  |  |  |  |  |  |  |  |
Non-owner occupied commercial real estate | $ | 7,325 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,598 |  |  | $ | 8,923 |
Multifamily | 5,387 |  |  | — |  |  | — |  |  | (516) |  |  | 4,871 |
Construction/land development |  |  |  |  |  |  |  |  |
Multifamily construction | 3,811 |  |  | — |  |  | — |  |  | 2,109 |  |  | 5,920 |
Commercial real estate construction | 440 |  |  | — |  |  | — |  |  | 1,269 |  |  | 1,709 |
Single family construction | 5,869 |  |  | — |  |  | — |  |  | (362) |  |  | 5,507 |
Single family construction to permanent | 1,515 |  |  | — |  |  | — |  |  | (309) |  |  | 1,206 |
Total | 24,347 |  |  | — |  |  | — |  |  | 3,789 |  |  | 28,136 |
Commercial and industrial loans |  |  |  |  |  |  |  |  |
Owner occupied commercial real estate | 5,641 |  |  | — |  |  | — |  |  | 47 |  |  | 5,688 |
Commercial business | 15,816 |  |  | (447) |  |  | 24 |  |  | 2,951 |  |  | 18,344 |
Total | 21,457 |  |  | (447) |  |  | 24 |  |  | 2,998 |  |  | 24,032 |
Consumer loans |  |  |  |  |  |  |  |  |
Single family | 8,070 |  |  | (3) |  |  | 2 |  |  | (1,349) |  |  | 6,720 |
Home equity and other | 11,126 |  |  | (39) |  |  | 82 |  |  | (5,165) |  |  | 6,004 |
Total | 19,196 |  |  | (42) |  |  | 84 |  |  | (6,514) |  |  | 12,724 |
Total ACL | $ | 65,000 |  |  | $ | (489) |  |  | $ | 108 |  |  | $ | 273 |  |  | $ | 64,892 |
| Nine Months Ended September 30, 2021
(in thousands) | Beginning balance |  | Charge-offs |  | Recoveries |  | Provision |  | Ending balance
Commercial real estate loans |  |  |  |  |  |  |  |  |
Non-owner occupied commercial real estate | $ | 8,845 |  |  | $ | — |  |  | $ | — |  |  | $ | 791 |  |  | $ | 9,636 |
Multifamily | 6,072 |  |  | — |  |  | — |  |  | (615) |  |  | 5,457 |
Construction/land development |  |  |  |  |  |  |  |  |
Multifamily construction | 4,903 |  |  | — |  |  | — |  |  | (3,859) |  |  | 1,044 |
Commercial real estate construction | 1,670 |  |  | — |  |  | — |  |  | (1,319) |  |  | 351 |
Single family construction | 5,130 |  |  | — |  |  | — |  |  | 1,161 |  |  | 6,291 |
Single family construction to permanent | 1,315 |  |  | — |  |  | — |  |  | (253) |  |  | 1,062 |
Total | 27,935 |  |  | — |  |  | — |  |  | (4,094) |  |  | 23,841 |
Commercial and industrial loans |  |  |  |  |  |  |  |  |
Owner occupied commercial real estate | 4,994 |  |  |  |  | — |  |  | 291 |  |  | 5,285 |
Commercial business | 17,043 |  |  | (116) |  |  | 122 |  |  | (2,576) |  |  | 14,473 |
Total | 22,037 |  |  | (116) |  |  | 122 |  |  | (2,285) |  |  | 19,758 |
Consumer loans |  |  |  |  |  |  |  |  |
Single family | 6,906 |  |  | (127) |  |  | 155 |  |  | (1,177) |  |  | 5,757 |
Home equity and other | 7,416 |  |  | (432) |  |  | 484 |  |  | (2,308) |  |  | 5,160 |
Total | 14,322 |  |  | (559) |  |  | 639 |  |  | (3,485) |  |  | 10,917 |
Total ACL | $ | 64,294 |  |  | $ | (675) |  |  | $ | 761 |  |  | $ | (9,864) |  |  | $ | 54,516 |
| Nine Months Ended September 30, 2020
(in thousands) | Prior to adoption of ASC 326 |  | Impact of ASC 326 adoption |  | Charge-offs |  | Recoveries |  | Provision |  | Ending balance
Commercial real estate loans |  |  |  |  |  |  |  |  |  |  |
Non-owner occupied commercial real estate | $ | 7,245 |  |  | $ | (3,392) |  |  | $ | — |  |  | $ | — |  |  | $ | 5,070 |  |  | $ | 8,923 |
Multifamily | 7,015 |  |  | (2,977) |  |  | — |  |  | — |  |  | 833 |  |  | 4,871 |
Construction/land development |  |  |  |  |  |  |  |  |  |  |
Multifamily construction | 2,848 |  |  | 693 |  |  | — |  |  | — |  |  | 2,379 |  |  | 5,920 |
Commercial real estate construction | 624 |  |  | (115) |  |  | — |  |  | — |  |  | 1,200 |  |  | 1,709 |
Single family construction | 3,800 |  |  | 4,280 |  |  | — |  |  | 163 |  |  | (2,736) |  |  | 5,507 |
Single family construction to permanent | 1,003 |  |  | 200 |  |  | — |  |  | — |  |  | 3 |  |  | 1,206 |
Total | 22,535 |  |  | (1,311) |  |  | — |  |  | 163 |  |  | 6,749 |  |  | 28,136 |
Commercial and industrial loans |  |  |  |  |  |  |  |  |  |  |
Owner occupied commercial real estate | 3,639 |  |  | (2,459) |  |  | — |  |  | — |  |  | 4,508 |  |  | 5,688 |
Commercial business | 2,915 |  |  | 510 |  |  | (590) |  |  | 72 |  |  | 15,437 |  |  | 18,344 |
Total | 6,554 |  |  | (1,949) |  |  | (590) |  |  | 72 |  |  | 19,945 |  |  | 24,032 |
Consumer loans |  |  |  |  |  |  |  |  |  |  |
Single family | 6,450 |  |  | 468 |  |  | (3) |  |  | 56 |  |  | (251) |  |  | 6,720 |
Home equity and other | 6,233 |  |  | 4,635 |  |  | (345) |  |  | 291 |  |  | (4,810) |  |  | 6,004 |
Total | 12,683 |  |  | 5,103 |  |  | (348) |  |  | 347 |  |  | (5,061) |  |  | 12,724 |
Total ACL | $ | 41,772 |  |  | $ | 1,843 |  |  | $ | (938) |  |  | $ | 582 |  |  | $ | 21,633 |  |  | $ | 64,892 |
The following table presents a vintage analysis of the commercial portfolio segment by loan sub-class and risk rating or delinquency status.
|  | At September 30, 2021
(in thousands) |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016 and prior |  | Revolving |  | Revolving-term |  | Total
COMMERCIAL PORTFOLIO |  |  |  |  |  |  |  |  |  |  |  |
Non-owner occupied commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |
1-6 Pass |  | $ | 35,832 |  |  | $ | 50,863 |  |  | $ | 172,296 |  |  | $ | 133,472 |  |  | $ | 132,238 |  |  | $ | 225,012 |  |  | $ | 1,189 |  |  | $ | 915 |  |  | $ | 751,817 |
7- Special Mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,214 |  |  | — |  |  | — |  |  | 2,214 |
8 - Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | 35,832 |  |  | 50,863 |  |  | 172,296 |  |  | 133,472 |  |  | 132,238 |  |  | 227,226 |  |  | 1,189 |  |  | 915 |  |  | 754,031 |
Multifamily |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1-6 Pass |  | 972,806 |  |  | 557,201 |  |  | 289,164 |  |  | 65,618 |  |  | 29,218 |  |  | 176,093 |  |  | 56 |  |  | — |  |  | 2,090,156 |
7- Special Mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
8 - Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | 972,806 |  |  | 557,201 |  |  | 289,164 |  |  | 65,618 |  |  | 29,218 |  |  | 176,093 |  |  | 56 |  |  | — |  |  | 2,090,156 |
Multifamily construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1-6 Pass |  | 4,194 |  |  | 25,363 |  |  | 20,748 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 50,305 |
7- Special Mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
8 - Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | 4,194 |  |  | 25,363 |  |  | 20,748 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 50,305 |
Commercial real estate construction |  |  |  |  |  |  |  |  |  |  |  |  |  |
1-6 Pass |  | 2,712 |  |  | 3,961 |  |  | — |  |  | 1,998 |  |  | — |  |  | 563 |  |  | 8,672 |  |  | — |  |  | 17,906 |
7- Special Mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
8 - Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | 2,712 |  |  | 3,961 |  |  | — |  |  | 1,998 |  |  | — |  |  | 563 |  |  | 8,672 |  |  | — |  |  | 17,906 |
Single family construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1-6 Pass |  | 151,418 |  |  | 42,188 |  |  | 17,677 |  |  | — |  |  | — |  |  | 78 |  |  | 91,915 |  |  | — |  |  | 303,276 |
7- Special Mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
8 - Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | 151,418 |  |  | 42,188 |  |  | 17,677 |  |  | — |  |  | — |  |  | 78 |  |  | 91,915 |  |  | — |  |  | 303,276 |
Single family construction to permanent |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | 62,456 |  |  | 55,561 |  |  | 21,067 |  |  | 3,751 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 142,835 |
Past due: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
30-59 days |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
60-89 days |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
90+ days |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | 62,456 |  |  | 55,561 |  |  | 21,067 |  |  | 3,751 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 142,835 |
Owner occupied commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |
1-6 Pass |  | 45,688 |  |  | 47,907 |  |  | 59,378 |  |  | 50,584 |  |  | 72,188 |  |  | 113,575 |  |  | 549 |  |  | 2,878 |  |  | 392,747 |
7- Special Mention |  | — |  |  | — |  |  | — |  |  | 2,206 |  |  | 6,063 |  |  | 212 |  |  | — |  |  | 63 |  |  | 8,544 |
8 - Substandard |  | — |  |  | — |  |  | 18,826 |  |  | 1,111 |  |  | 10,591 |  |  | 18,531 |  |  | — |  |  | — |  |  | 49,059 |
Total |  | 45,688 |  |  | 47,907 |  |  | 78,204 |  |  | 53,901 |  |  | 88,842 |  |  | 132,318 |  |  | 549 |  |  | 2,941 |  |  | 450,350 |
Commercial business |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1-6 Pass |  | 128,807 |  |  | 58,648 |  |  | 49,889 |  |  | 27,876 |  |  | 16,780 |  |  | 23,331 |  |  | 88,636 |  |  | 2,341 |  |  | 396,308 |
7- Special Mention |  | — |  |  | — |  |  | 9,145 |  |  | 1,518 |  |  | 4,503 |  |  | 57 |  |  | 5,500 |  |  | 142 |  |  | 20,865 |
8 - Substandard |  | 3,002 |  |  | 46 |  |  | 3,407 |  |  | 8,129 |  |  | 1,567 |  |  | 2,608 |  |  | (282) |  |  | 106 |  |  | 18,583 |
Total |  | 131,809 |  |  | 58,694 |  |  | 62,441 |  |  | 37,523 |  |  | 22,850 |  |  | 25,996 |  |  | 93,854 |  |  | 2,589 |  |  | 435,756 |
Total commercial portfolio |  | $ | 1,406,915 |  |  | $ | 841,738 |  |  | $ | 661,597 |  |  | $ | 296,263 |  |  | $ | 273,148 |  |  | $ | 562,274 |  |  | $ | 196,235 |  |  | $ | 6,445 |  |  | $ | 4,244,615 |
The following table presents a vintage analysis of the consumer portfolio segment by loan sub-class and delinquency status:
|  | At September 30, 2021
(in thousands) |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016 and prior |  | Revolving |  | Revolving-term |  | Total
CONSUMER PORTFOLIO |  |  |  |  |  |  |  |  |  |  |  |
Single family |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 139,731 |  |  | $ | 162,824 |  |  | $ | 78,130 |  |  | $ | 83,770 |  |  | $ | 108,684 |  |  | $ | 217,957 |  |  | $ | — |  |  | $ | — |  |  | $ | 791,096 |
Past due: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
30-59 days |  | — |  |  | — |  |  | — |  |  | — |  |  | 212 |  |  | 766 |  |  | — |  |  | — |  |  | 978 |
60-89 days |  | — |  |  | — |  |  | — |  |  | — |  |  | 315 |  |  | 277 |  |  | — |  |  | — |  |  | 592 |
90+ days |  | — |  |  | — |  |  | — |  |  | 858 |  |  | — |  |  | 403 |  |  | — |  |  | — |  |  | 1,261 |
Total (1) |  | 139,731 |  |  | 162,824 |  |  | 78,130 |  |  | 84,628 |  |  | 109,211 |  |  | 219,403 |  |  | — |  |  | — |  |  | 793,927 |
Home equity and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | 1,184 |  |  | 707 |  |  | 496 |  |  | 607 |  |  | 537 |  |  | 2,930 |  |  | 301,977 |  |  | 6,373 |  |  | 314,811 |
Past due: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
30-59 days |  | — |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | 248 |  |  | 183 |  |  | — |  |  | 433 |
60-89 days |  | 3 |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | 6 |
90+ days |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 64 |  |  | 401 |  |  | — |  |  | 465 |
Total |  | 1,187 |  |  | 711 |  |  | 496 |  |  | 607 |  |  | 537 |  |  | 3,243 |  |  | 302,561 |  |  | 6,373 |  |  | 315,715 |
Total consumer portfolio |  | 140,918 |  |  | 163,535 |  |  | 78,626 |  |  | 85,235 |  |  | 109,748 |  |  | 222,646 |  |  | 302,561 |  |  | 6,373 |  |  | 1,109,642 |
Total LHFI |  | $ | 1,547,833 |  |  | $ | 1,005,273 |  |  | $ | 740,223 |  |  | $ | 381,498 |  |  | $ | 382,896 |  |  | $ | 784,920 |  |  | $ | 498,796 |  |  | $ | 12,818 |  |  | $ | 5,354,257 |
(1) Includes $4.5 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, 2020
(in thousands) |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016 |  | 2015 and prior |  | Revolving |  | Revolving-term |  | Total
COMMERCIAL PORTFOLIO |  |  |  |  |  |  |  |  |  |  |  |
Non-owner occupied commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |
1-6 Pass |  | $ | 53,782 |  |  | $ | 176,556 |  |  | $ | 165,268 |  |  | $ | 147,719 |  |  | $ | 150,221 |  |  | $ | 131,935 |  |  | $ | 796 |  |  | $ | 1,031 |  |  | $ | 827,308 |
7- Special Mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,230 |  |  | — |  |  | — |  |  | 2,230 |
8 - Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | 53,782 |  |  | 176,556 |  |  | 165,268 |  |  | 147,719 |  |  | 150,221 |  |  | 134,165 |  |  | 796 |  |  | 1,031 |  |  | 829,538 |
Multifamily |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1-6 Pass |  | 711,009 |  |  | 324,246 |  |  | 100,572 |  |  | 32,693 |  |  | 166,937 |  |  | 92,255 |  |  | 380 |  |  | — |  |  | 1,428,092 |
7- Special Mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
8 - Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | 711,009 |  |  | 324,246 |  |  | 100,572 |  |  | 32,693 |  |  | 166,937 |  |  | 92,255 |  |  | 380 |  |  | — |  |  | 1,428,092 |
Multifamily construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1-6 Pass |  | 12,182 |  |  | 21,366 |  |  | 45,256 |  |  | 11,823 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 90,627 |
7- Special Mention |  | — |  |  | — |  |  | — |  |  | — |  |  | 24,702 |  |  | — |  |  | — |  |  | — |  |  | 24,702 |
8 - Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | 12,182 |  |  | 21,366 |  |  | 45,256 |  |  | 11,823 |  |  | 24,702 |  |  | — |  |  | — |  |  | — |  |  | 115,329 |
Commercial real estate construction |  |  |  |  |  |  |  |  |  |  |  |  |  |
1-6 Pass |  | 3,963 |  |  | — |  |  | 2,104 |  |  | 14,721 |  |  | — |  |  | 614 |  |  | 5,883 |  |  | — |  |  | 27,285 |
7- Special Mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
8 - Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | 3,963 |  |  | — |  |  | 2,104 |  |  | 14,721 |  |  | — |  |  | 614 |  |  | 5,883 |  |  | — |  |  | 27,285 |
Single family construction |  |  |  |  |  |  |  |  |  |  |  |
1-6 Pass |  | 121,233 |  |  | 47,539 |  |  | 14,055 |  |  | — |  |  | — |  |  | 600 |  |  | 75,743 |  |  | — |  |  | 259,170 |
7- Special Mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
8 - Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | 121,233 |  |  | 47,539 |  |  | 14,055 |  |  | — |  |  | — |  |  | 600 |  |  | 75,743 |  |  | — |  |  | 259,170 |
Single family construction to permanent |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | 62,955 |  |  | 72,825 |  |  | 15,443 |  |  | 688 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 151,911 |
Past due: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
30-59 days |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
60-89 days |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
90+ days |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | 62,955 |  |  | 72,825 |  |  | 15,443 |  |  | 688 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 151,911 |
Owner occupied commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |
1-6 Pass |  | 48,647 |  |  | 60,872 |  |  | 58,582 |  |  | 85,275 |  |  | 98,046 |  |  | 50,596 |  |  | — |  |  | 4,354 |  |  | 406,372 |
7- Special Mention |  | — |  |  | — |  |  | 5,977 |  |  | 3,529 |  |  | — |  |  | — |  |  | — |  |  | 69 |  |  | 9,575 |
8 - Substandard |  | — |  |  | 19,407 |  |  | 1,111 |  |  | 10,750 |  |  | 17,122 |  |  | 2,919 |  |  | — |  |  | — |  |  | 51,309 |
Total |  | 48,647 |  |  | 80,279 |  |  | 65,670 |  |  | 99,554 |  |  | 115,168 |  |  | 53,515 |  |  | — |  |  | 4,423 |  |  | 467,256 |
Commercial business |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1-6 Pass |  | 345,540 |  |  | 63,020 |  |  | 47,710 |  |  | 22,556 |  |  | 18,411 |  |  | 14,972 |  |  | 76,218 |  |  | 2,577 |  |  | 591,004 |
7- Special Mention |  | — |  |  | 10,837 |  |  | 2,058 |  |  | 6,653 |  |  | — |  |  | — |  |  | 3,975 |  |  | 166 |  |  | 23,689 |
8 - Substandard |  | — |  |  | 5,923 |  |  | 11,327 |  |  | 2,338 |  |  | 1,891 |  |  | 1,001 |  |  | 8,438 |  |  | 112 |  |  | 31,030 |
Total |  | 345,540 |  |  | 79,780 |  |  | 61,095 |  |  | 31,547 |  |  | 20,302 |  |  | 15,973 |  |  | 88,631 |  |  | 2,855 |  |  | 645,723 |
Total commercial portfolio |  | $ | 1,359,311 |  |  | $ | 802,591 |  |  | $ | 469,463 |  |  | $ | 338,745 |  |  | $ | 477,330 |  |  | $ | 297,122 |  |  | $ | 171,433 |  |  | $ | 8,309 |  |  | $ | 3,924,304 |
The following table presents a vintage analysis of the consumer portfolio segment by loan sub-class and delinquency status:
|  | At December 31, 2020
(in thousands) |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016 |  | 2015 and prior |  | Revolving |  | Revolving-term |  | Total
CONSUMER PORTFOLIO |  |  |  |  |  |  |  |  |  |  |  |
Single family |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 174,994 |  |  | $ | 111,143 |  |  | $ | 154,757 |  |  | $ | 168,412 |  |  | $ | 59,161 |  |  | $ | 242,444 |  |  | $ | — |  |  | $ | — |  |  | $ | 910,911 |
Past due: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
30-59 days |  | — |  |  | 570 |  |  | — |  |  | 318 |  |  | — |  |  | 390 |  |  | — |  |  | — |  |  | 1,278 |
60-89 days |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
90+ days |  | 824 |  |  | 335 |  |  | 405 |  |  | 386 |  |  | — |  |  | 984 |  |  | — |  |  | — |  |  | 2,934 |
Total (1) |  | 175,818 |  |  | 112,048 |  |  | 155,162 |  |  | 169,116 |  |  | 59,161 |  |  | 243,818 |  |  | — |  |  | — |  |  | 915,123 |
Home equity and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | 1,878 |  |  | 1,230 |  |  | 1,311 |  |  | 1,363 |  |  | 431 |  |  | 5,126 |  |  | 384,005 |  |  | 8,147 |  |  | 403,491 |
Past due: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
30-59 days |  | 98 |  |  | 22 |  |  | — |  |  | — |  |  | — |  |  | 11 |  |  | 66 |  |  | 31 |  |  | 228 |
60-89 days |  | — |  |  | 13 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 129 |  |  | — |  |  | 142 |
90+ days |  | — |  |  | 9 |  |  | — |  |  | — |  |  | 275 |  |  | 24 |  |  | 584 |  |  | — |  |  | 892 |
Total |  | 1,976 |  |  | 1,274 |  |  | 1,311 |  |  | 1,363 |  |  | 706 |  |  | 5,161 |  |  | 384,784 |  |  | 8,178 |  |  | 404,753 |
Total consumer portfolio |  | 177,794 |  |  | 113,322 |  |  | 156,473 |  |  | 170,479 |  |  | 59,867 |  |  | 248,979 |  |  | 384,784 |  |  | 8,178 |  |  | 1,319,876 |
Total LHFI |  | $ | 1,537,105 |  |  | $ | 915,913 |  |  | $ | 625,936 |  |  | $ | 509,224 |  |  | $ | 537,197 |  |  | $ | 546,101 |  |  | $ | 556,217 |  |  | $ | 16,487 |  |  | $ | 5,244,180 |
(1) Includes $7.1 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 September 30, 2021 |  |
(in thousands) |  | Land |  | 1-4 Family |  |  |  | Non-residential real estate |  | Other non-real estate |  | Total |  |
Commercial and industrial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner occupied commercial real estate |  | $ | 1,111 |  |  | $ | — |  |  |  |  | $ | 2,763 |  |  | $ | — |  |  | $ | 3,874 |  |  |
Commercial business |  | 387 |  |  | — |  |  |  |  | — |  |  | 2,681 |  |  | 3,068 |  |  |
Total |  | 1,498 |  |  | — |  |  |  |  | 2,763 |  |  | 2,681 |  |  | 6,942 |  |  |
Consumer loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single family |  | — |  |  | 2,957 |  |  |  |  | — |  |  | — |  |  | 2,957 |  |  |
Home equity loans and other |  | — |  |  | 923 |  |  |  |  | — |  |  | — |  |  | 923 |  |  |
Total |  | — |  |  | 3,880 |  |  |  |  | — |  |  | — |  |  | 3,880 |  |  |
Total collateral-dependent loans |  | $ | 1,498 |  |  | $ | 3,880 |  |  |  |  | $ | 2,763 |  |  | $ | 2,681 |  |  | $ | 10,822 |  |  |
|  | At December 31, 2020
(in thousands) |  | Land |  | 1-4 Family |  |  |  | Non-residential real estate |  | Other non-real estate |  | Total
Commercial and industrial loans |  |  |  |  |  |  |  |  |  |  |  |
Owner occupied commercial real estate |  | $ | 1,789 |  |  | $ | — |  |  |  |  | $ | 3,133 |  |  | $ | — |  |  | $ | 4,922 |
Commercial business |  | 1,787 |  |  | 545 |  |  |  |  | — |  |  | 2,882 |  |  | 5,214 |
Total |  | 3,576 |  |  | 545 |  |  |  |  | 3,133 |  |  | 2,882 |  |  | 10,136 |
Consumer loans |  |  |  |  |  |  |  |  |  |  |  |
Single family |  | — |  |  | 2,457 |  |  |  |  | — |  |  | — |  |  | 2,457 |
Total |  | — |  |  | 2,457 |  |  |  |  | — |  |  | — |  |  | 2,457 |
Total collateral-dependent loans |  | $ | 3,576 |  |  | $ | 3,002 |  |  |  |  | $ | 3,133 |  |  | $ | 2,882 |  |  | $ | 12,593 |
Nonaccrual and Past Due Loans The following table presents nonaccrual status for loans:
| At September 30, 2021 |  | At December 31, 2020
(in thousands) |  | Nonaccrual with no related ACL |  | Total Nonaccrual |  | Nonaccrual with no related ACL |  | Total Nonaccrual
Commercial and industrial loans |  |  |  |  |  |  |  |
Owner occupied commercial real estate |  | $ | 3,874 |  |  | $ | 3,874 |  |  | $ | 4,922 |  |  | $ | 4,922 |
Commercial business |  | 1,360 |  |  | 7,249 |  |  | 3,100 |  |  | 9,183 |
Total |  | 5,234 |  |  | 11,123 |  |  | 8,022 |  |  | 14,105 |
Consumer loans |  |  |  |  |  |  |  |
Single family |  | $ | 2,907 |  |  | $ | 4,602 |  |  | $ | 2,173 |  |  | $ | 4,883 |
Home equity and other |  | 928 |  |  | 1,987 |  |  | 2 |  |  | 1,734 |
Total |  | 3,835 |  |  | 6,589 |  |  | 2,175 |  |  | 6,617 |
Total nonaccrual loans |  | $ | 9,069 |  |  | $ | 17,712 |  |  | $ | 10,197 |  |  | $ | 20,722 |
The following tables present an aging analysis of past due loans by loan portfolio segment and loan sub-class:
| At September 30, 2021 |
| Past Due and Still Accruing |  |  |  |  |  |  |  |  |
(in thousands) | 30-59 days |  | 60-89 days |  | 90 days or more |  | Nonaccrual |  | Total past due and nonaccrual (3) |  | Current |  | Total loans |
Commercial real estate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-owner occupied commercial real estate | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 754,031 |  |  | $ | 754,031 |  |
Multifamily | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,090,156 |  |  | 2,090,156 |  |
Construction/land development |  |  |  |  |  |  |  |  |  |  |  |  |  |
Multifamily construction | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 50,305 |  |  | 50,305 |  |
Commercial real estate construction | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 17,906 |  |  | 17,906 |  |
Single family construction | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 303,276 |  |  | 303,276 |  |
Single family construction to permanent | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 142,835 |  |  | 142,835 |  |
Total | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,358,509 |  |  | 3,358,509 |  |
Commercial and industrial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner occupied commercial real estate | — |  |  | — |  |  | — |  |  | 3,874 |  |  | 3,874 |  |  | 446,476 |  |  | 450,350 |  |
Commercial business | — |  |  | — |  |  | — |  |  | 7,249 |  |  | 7,249 |  |  | 428,507 |  |  | 435,756 |  |
Total | — |  |  | — |  |  | — |  |  | 11,123 |  |  | 11,123 |  |  | 874,983 |  |  | 886,106 |  |
Consumer loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single family | 1,294 |  |  | 1,198 |  |  | 8,361 |  | (2) | 4,602 |  |  | 15,455 |  |  | 778,472 |  |  | 793,927 |  | (1)
Home equity and other | 260 |  |  | 4 |  |  | — |  |  | 1,987 |  |  | 2,251 |  |  | 313,464 |  |  | 315,715 |  |
Total | 1,554 |  |  | 1,202 |  |  | 8,361 |  |  | 6,589 |  |  | 17,706 |  |  | 1,091,936 |  |  | 1,109,642 |  |
Total loans | $ | 1,554 |  |  | $ | 1,202 |  |  | $ | 8,361 |  |  | $ | 17,712 |  |  | $ | 28,829 |  |  | $ | 5,325,428 |  |  | $ | 5,354,257 |  |
% | 0.03 | % |  | 0.02 | % |  | 0.16 | % |  | 0.33 | % |  | 0.54 | % |  | 99.46 | % |  | 100.00 | % |
| At December 31, 2020 |  |
| Past Due and Still Accruing |  |  |  |  |  |  |  |  |  |
(in thousands) | 30-59 days |  | 60-89 days |  | 90 days or more |  | Nonaccrual |  | Total past due and nonaccrual (3) |  | Current |  | Total loans |  |
Commercial real estate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-owner occupied commercial real estate | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 829,538 |  |  | $ | 829,538 |  |  |
Multifamily | — |  |  |  |  | — |  |  | — |  |  | — |  |  | 1,428,092 |  |  | 1,428,092 |  |  |
Construction and land development |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Multifamily construction | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 115,329 |  |  | 115,329 |  |  |
Commercial real estate construction | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 27,285 |  |  | 27,285 |  |  |
Single family construction | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 259,170 |  |  | 259,170 |  |  |
Single family construction to permanent | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 151,911 |  |  | 151,911 |  |  |
Total | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,811,325 |  |  | 2,811,325 |  |  |
Commercial and industrial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner occupied commercial real estate | — |  |  |  |  | — |  |  | 4,922 |  |  | 4,922 |  |  | 462,334 |  |  | 467,256 |  |  |
Commercial business | — |  |  |  |  | — |  |  | 9,183 |  |  | 9,183 |  |  | 636,540 |  |  | 645,723 |  |  |
Total | — |  |  | — |  |  | — |  |  | 14,105 |  |  | 14,105 |  |  | 1,098,874 |  |  | 1,112,979 |  |  |
Consumer loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single family | 2,161 |  |  | 418 |  |  | 11,476 |  | (2) | 4,883 |  |  | 18,938 |  |  | 896,185 |  |  | 915,123 |  | (1) |
Home equity and other | 228 |  |  | 135 |  |  | — |  |  | 1,734 |  |  | 2,097 |  |  | 402,656 |  |  | 404,753 |  |  |
Total | 2,389 |  |  | 553 |  |  | 11,476 |  |  | 6,617 |  |  | 21,035 |  |  | 1,298,841 |  |  | 1,319,876 |  |  |
Total loans | $ | 2,389 |  |  | $ | 553 |  |  | $ | 11,476 |  |  | $ | 20,722 |  |  | $ | 35,140 |  |  | $ | 5,209,040 |  |  | $ | 5,244,180 |  |  |
% | 0.05 | % |  | 0.01 | % |  | 0.22 | % |  | 0.40 | % |  | 0.67 | % |  | 99.33 | % |  | 100.00 | % |  |
(1)Includes $4.5 million and $7.1 million of loans at September 30, 2021 and December 31, 2020, 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 $10.8 million and $14.7 million at September 30, 2021 and December 31, 2020, respectively. The following tables present information about troubled debt restructuring ("TDR") activity for the periods indicated:
|  | Quarter Ended September 30, 2021 |  | Nine Months Ended September 30, 2021
(dollars in thousands) |  | Number of loan modifications |  | Recorded investment |  | Related charge- offs |  | Number of loan modifications |  | Recorded investment |  | Related charge- offs
Consumer loans |  |  |  |  |  |  |  |  |  |  |  |
Single family |  |  |  |  |  |  |  |  |  |  |  |
Interest rate reduction |  | 10 |  |  | $ | 3,284 |  |  | $ | — |  |  | 15 |  |  | $ | 4,599 |  |  | $ | — |
Payment restructure |  | 4 |  |  | 1,005 |  |  | — |  |  | 6 |  |  | 2,145 |  |  |
|  | 14 |  |  | 4,289 |  |  | — |  |  | 21 |  |  | 6,744 |  |  | — |
Total loans |  |  |  |  |  |  |  |  |  |  |  |
Interest rate reduction |  | 10 |  |  | 3,284 |  |  | — |  |  | 15 |  |  | 4,599 |  |  | — |
Payment restructure |  | 4 |  |  | 1,005 |  |  | — |  |  | 6 |  |  | 2,145 |  |  | — |
Total |  | 14 |  |  | $ | 4,289 |  |  | $ | — |  |  | 21 |  |  | $ | 6,744 |  |  | $ | — |
|  | Quarter Ended September 30, 2020 |  | Nine Months Ended September 30, 2020
(dollars in thousands) |  | Number of loan modifications |  | Recorded investment |  | Related charge- offs |  | Number of loan modifications |  | Recorded investment |  | Related charge- offs
Commercial and industrial loans |  |  |  |  |  |  |  |  |  |  |  |
Owner occupied commercial real estate |  |  |  |  |  |  |  |  |  |
Payment restructure |  | — |  | $ | — |  |  | $ | — |  |  | 1 |  |  | $ | 678 |  |  | $ | — |
Commercial business |  |  |  |  |  |  |  |  |  |  |  |
Payment restructure |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 1,125 |  |  | — |
Total commercial and industrial |  |  |  |  |  |  |  |  |  |  |  |
Payment restructure |  | — |  |  | — |  |  | — |  |  | 2 |  |  | 1,803 |  |  | — |
Total |  | — |  |  | — |  |  | — |  |  | 2 |  |  | 1,803 |  |  | — |
Consumer loans |  |  |  |  |  |  |  |  |  |  |  |
Single family |  |  |  |  |  |  |  |  |  |  |  |
Interest rate reduction |  | 8 |  |  | 1,642 |  |  | — |  |  | 23 |  |  | 4,878 |  |  | — |
Payment restructure |  | 1 |  |  | 411 |  |  | — |  |  | 10 |  |  | 2,067 |  |  | — |
Total |  | 9 |  |  | 2,053 |  |  | — |  |  | 33 |  |  | 6,945 |  |  | — |
Total loans |  |  |  |  |  |  |  |  |  |  |  |
Interest rate reduction |  | 8 |  |  | 1,642 |  |  | — |  |  | 23 |  |  | 4,878 |  |  | — |
Payment restructure |  | 1 |  |  | 411 |  |  | — |  |  | 12 |  |  | 3,870 |  |  | — |
Total |  | 9 |  |  | $ | 2,053 |  |  | $ | — |  |  | 35 |  |  | $ | 8,748 |  |  | $ | — |
A TDR loan is considered re-defaulted when it becomes doubtful that the objectives of the modifications will be met, generally when a consumer loan TDR becomes 60 days or more past due on principal or interest payments or when a commercial loan TDR becomes 90 days or more past due on principal or interest payments. The following table presents loans that were modified as TDRs within the previous 12 months and subsequently re-defaulted for the periods indicated:
| Quarter Ended September 30,
| 2021 |  | 2020
(dollars in thousands) | Number of loan relationships that re-defaulted |  | Recorded investment |  | Number of loan relationships that re-defaulted |  | Recorded investment
Consumer loans - single family | 2 |  |  | $ | 422 |  |  | 6 |  |  | $ | 1,038 |
Total | 2 |  |  | $ | 422 |  |  | 6 |  |  | $ | 1,038 |
| Nine Months Ended September 30,
| 2021 |  | 2020
(dollars in thousands) | Number of loan relationships that re-defaulted |  | Recorded investment |  | Number of loan relationships that re-defaulted |  | Recorded investment
Commercial and industrial loans |  |  |  |  |  |  |
Owner occupied commercial real estate | 1 |  |  | $ | 678 |  |  | — |  |  | $ | — |
| 1 |  |  | 678 |  |  | — |  |  | — |
Consumer loans |  |  |  |  |  |  |
Consumer loans - single family | 7 |  |  | $ | 1,764 |  |  | 16 |  |  | $ | 3,237 |
| 7 |  |  | 1,764 |  |  | 16 |  |  | 3,237 |
Total | 8 |  |  | $ | 2,442 |  |  | 16 |  |  | $ | 3,237 |
The CARES Act provides temporary relief from the accounting and disclosure requirements for TDRs for certain loan modifications that are the result of a hardship that is related, either directly or indirectly, to the COVID-19 pandemic. In addition, interagency guidance issued by federal banking regulators and endorsed by the FASB staff has indicated that borrowers who receive relief are not experiencing financial difficulty if they meet the following qualifying criteria: •The modification is in response to the National Emergency related to the COVID-19 pandemic; •The borrower was current at the time the modification program was implemented; and •The modification is short-term We have elected to apply temporary relief under Section 4013 of the CARES Act to certain eligible modifications and will not treat qualifying loan modifications as TDRs for accounting or disclosure purposes. Additionally, eligible short-term loan modifications subject to the practical expedient in the interagency guidance will not be treated as TDRs for accounting or disclosure purposes if they qualify. As of September 30, 2021, excluding any SBA guaranteed loans or single family loans that are guaranteed by FHA or VA, the Company has outstanding balances of $43 million on 100 loans that were approved for and are still in forbearance under this program, including $18 million in commercial loans and $25 million in single family and consumer loans.

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