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LOANS AND CREDIT QUALITY | 12 Months Ended
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Dec. 31, 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:
| At December 31,
(in thousands) | 2022 |  | 2021
CRE |  |  |
Non-owner occupied CRE | $ | 658,085 |  |  | $ | 705,359 |
Multifamily | 3,975,754 |  |  | 2,415,359 |
Construction/land development | 627,663 |  |  | 496,144 |
Total | 5,261,502 |  |  | 3,616,862 |
Commercial and industrial loans |  |  |
Owner occupied CRE | 443,363 |  |  | 457,706 |
Commercial business | 359,747 |  |  | 401,872 |
Total | 803,110 |  |  | 859,578 |
Consumer loans |  |  |
Single family | 1,009,001 |  |  | 763,331 |
Home equity and other | 352,707 |  |  | 303,078 |
Total (1) | 1,361,708 |  |  | 1,066,409 |
Total LHFI | 7,426,320 |  |  | 5,542,849 |
ACL | (41,500) |  |  | (47,123) |
Total LHFI less ACL | $ | 7,384,820 |  |  | $ | 5,495,726 |
(1) Includes $5.9 million and $7.3 million at December 31, 2022 and 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 recognized in the consolidated income statements. Loans totaling $5.2 billion and $2.8 billion at December 31, 2022 and 2021, respectively, were pledged to secure borrowings from the FHLB and loans totaling $497 million and $419 million at December 31, 2022 and 2021, respectively, were pledged to secure borrowings from the FRBSF. It is the Company's policy to make loans to officers, directors and their associates in the ordinary course of business on substantially the same terms as those prevailing at the time for comparable transactions with other persons. The following is a summary of activity during the years ended December 2022 and 2021 with respect to such aggregate loans to these related parties and their associates:
| Years Ended December 31,
(in thousands) | 2022 |  | 2021
Beginning balance | $ | 1,548 |  |  | $ | 73 |
New loans and advances, net of principal repayments | 430 |  |  | 1,475 |
Ending balance | $ | 1,978 |  |  | $ | 1,548 |
Credit Risk Concentrations Concentrations of credit risk arise when a number of customers are engaged in similar business activities or activities in the same geographic region, or when they have similar economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic conditions. LHFI are primarily secured by real estate located in the Pacific Northwest, California and Hawaii. At December 31, 2022 and 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 as of December 31, 2022. 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 2022, the historical expected loss rates decreased from December 31, 2021 due to minimal charge-offs and favorable product mix risk composition. Additionally, the Qualitative Factors decreased significantly due to the continued favorable performance or our loan portfolio and the improved outlook of the estimated impact of the COVID-19 pandemic on our loan portfolio. As of December 31, 2022, the Bank expects deterioration in collateral values and economic conditions over the two-year forecast period in the markets in which it operates. 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 $2.2 million and $2.4 million at December 31, 2022 and 2021, respectively. The Bank has elected to exclude accrued interest receivable from the evaluation of the ACL. Accrued interest on LHFI was $26.9 million and $17.8 million at December 31, 2022 and 2021, respectively and was reported in other assets on the consolidated balance sheets. Activity in the ACL for LHFI and the allowance for unfunded commitments was as follows:
|  |  | Years Ended December 31,
(in thousands) |  |  |  |  | 2022 |  | 2021 |  | 2020
Beginning balance |  |  |  |  | $ | 47,123 |  |  | $ | 64,294 |  |  | $ | 41,772 |
Provision for credit losses |  |  |  |  | (4,995) |  |  | (15,816) |  |  | 21,843 |
Net (charge-offs) recoveries |  |  |  |  | (628) |  |  | (1,355) |  |  | (1,164) |
Impact of ASC 326 adoption |  |  |  |  | — |  |  | — |  |  | 1,843 |
Ending balance |  |  |  |  | $ | 41,500 |  |  | $ | 47,123 |  |  | $ | 64,294 |
Allowance for unfunded commitments |  |  |  |  |  |  |  |  |
Beginning balance |  |  |  |  | $ | 2,404 |  |  | $ | 1,588 |  |  | $ | 1,065 |
Provision for credit losses |  |  |  |  | (207) |  |  | 816 |  |  | (1,374) |
Impact of ASC 326 adoption |  |  |  |  | — |  |  | — |  |  | 1,897 |
Ending balance |  |  |  |  | $ | 2,197 |  |  | $ | 2,404 |  |  | $ | 1,588 |
Provision for credit losses: |  |  |  |  |  |  |  |  |
Allowance for credit losses-loans |  |  |  |  | $ | (4,995) |  |  | $ | (15,816) |  |  | $ | 21,843 |
Allowance for unfunded commitments |  |  |  |  | (207) |  |  | 816 |  |  | (1,374) |
Total |  |  |  |  | $ | (5,202) |  |  | $ | (15,000) |  |  | $ | 20,469 |
Activity in the ACL by loan portfolio and loan sub-class was as follows:
| Year Ended December 31, 2022
(in thousands) | Beginning balance |  | Charge-offs |  | Recoveries |  | Provision |  | Ending balance
CRE |  |  |  |  |  |  |  |  |
Non-owner occupied CRE | $ | 7,509 |  |  | $ | — |  |  | $ | — |  |  | $ | (5,407) |  |  | $ | 2,102 |
Multifamily | 5,854 |  |  | — |  |  | — |  |  | 5,120 |  |  | 10,974 |
Construction/land development |  |  |  |  |  |  |  |  |
Multifamily construction | 507 |  |  | — |  |  | — |  |  | 491 |  |  | 998 |
CRE construction | 150 |  |  | — |  |  | — |  |  | 46 |  |  | 196 |
Single family construction | 6,411 |  |  | — |  |  | — |  |  | 6,007 |  |  | 12,418 |
Single family construction to permanent | 1,055 |  |  | — |  |  | — |  |  | 116 |  |  | 1,171 |
Total | 21,486 |  |  | — |  |  | — |  |  | 6,373 |  |  | 27,859 |
Commercial and industrial loans |  |  |  |  |  |  |  |  |
Owner occupied CRE | 5,006 |  |  | — |  |  | — |  |  | (3,976) |  |  | 1,030 |
Commercial business | 12,273 |  |  | (1,098) |  |  | 163 |  |  | (8,091) |  |  | 3,247 |
Total | 17,279 |  |  | (1,098) |  |  | 163 |  |  | (12,067) |  |  | 4,277 |
Consumer loans |  |  |  |  |  |  |  |  |
Single family | 4,394 |  |  | — |  |  | 143 |  |  | 1,073 |  |  | 5,610 |
Home equity and other | 3,964 |  |  | (168) |  |  | 332 |  |  | (374) |  |  | 3,754 |
Total | 8,358 |  |  | (168) |  |  | 475 |  |  | 699 |  |  | 9,364 |
Total ACL | $ | 47,123 |  |  | $ | (1,266) |  |  | $ | 638 |  |  | $ | (4,995) |  |  | $ | 41,500 |
| Year Ended December 31, 2021
(in thousands) | Beginning balance |  | Charge-offs |  | Recoveries |  | Provision |  | Ending balance
CRE |  |  |  |  |  |  |  |  |
Non-owner occupied CRE | $ | 8,845 |  |  | $ | — |  |  | $ | — |  |  | $ | (1,336) |  |  | $ | 7,509 |
Multifamily | 6,072 |  |  | — |  |  | — |  |  | (218) |  |  | 5,854 |
Construction/land development |  |  |  |  |  |  |  |  |
Multifamily construction | 4,903 |  |  | — |  |  | — |  |  | (4,396) |  |  | 507 |
CRE construction | 1,670 |  |  | — |  |  | — |  |  | (1,520) |  |  | 150 |
Single family construction | 5,130 |  |  | — |  |  | — |  |  | 1,281 |  |  | 6,411 |
Single family construction to permanent | 1,315 |  |  | — |  |  | — |  |  | (260) |  |  | 1,055 |
Total | 27,935 |  |  | — |  |  | — |  |  | (6,449) |  |  | 21,486 |
Commercial and industrial loans |  |  |  |  |  |  |  |  |
Owner occupied CRE | 4,994 |  |  | — |  |  | — |  |  | 12 |  |  | 5,006 |
Commercial business | 17,043 |  |  | (1,739) |  |  | 146 |  |  | (3,177) |  |  | 12,273 |
Total | 22,037 |  |  | (1,739) |  |  | 146 |  |  | (3,165) |  |  | 17,279 |
Consumer loans |  |  |  |  |  |  |  |  |
Single family | 6,906 |  |  | (127) |  |  | 291 |  |  | (2,676) |  |  | 4,394 |
Home equity and other | 7,416 |  |  | (483) |  |  | 557 |  |  | (3,526) |  |  | 3,964 |
Total | 14,322 |  |  | (610) |  |  | 848 |  |  | (6,202) |  |  | 8,358 |
Total ACL | $ | 64,294 |  |  | $ | (2,349) |  |  | $ | 994 |  |  | $ | (15,816) |  |  | $ | 47,123 |
| Year Ended December 31, 2020
(in thousands) | Prior to adoption of ASC 326 |  | Impact of ASC 326 adoption |  | Charge-offs |  | Recoveries |  | Provision |  | Ending balance
CRE |  |  |  |  |  |  |  |  |  |  |
Non-owner occupied CRE | $ | 7,245 |  |  | $ | (3,392) |  |  | $ | — |  |  | $ | — |  |  | $ | 4,992 |  |  | $ | 8,845 |
Multifamily | 7,015 |  |  | (2,977) |  |  | — |  |  | — |  |  | 2,034 |  |  | 6,072 |
Construction/land development |  |  |  |  |  |  |  |  |  |  |
Multifamily construction | 2,848 |  |  | 693 |  |  | — |  |  | — |  |  | 1,362 |  |  | 4,903 |
CRE construction | 624 |  |  | (115) |  |  | — |  |  | — |  |  | 1,161 |  |  | 1,670 |
Single family construction | 3,800 |  |  | 4,280 |  |  | — |  |  | 163 |  |  | (3,113) |  |  | 5,130 |
Single family construction to permanent | 1,003 |  |  | 200 |  |  | — |  |  | — |  |  | 112 |  |  | 1,315 |
Total | 22,535 |  |  | (1,311) |  |  | — |  |  | 163 |  |  | 6,548 |  |  | 27,935 |
Commercial and industrial loans |  |  |  |  |  |  |  |  |  |  |
Owner occupied CRE | 3,639 |  |  | (2,459) |  |  | (896) |  |  | — |  |  | 4,710 |  |  | 4,994 |
Commercial business | 2,915 |  |  | 510 |  |  | (640) |  |  | 110 |  |  | 14,148 |  |  | 17,043 |
Total | 6,554 |  |  | (1,949) |  |  | (1,536) |  |  | 110 |  |  | 18,858 |  |  | 22,037 |
Consumer loans |  |  |  |  |  |  |  |  |  |  |
Single family | 6,450 |  |  | 468 |  |  | (17) |  |  | 187 |  |  | (182) |  |  | 6,906 |
Home equity and other | 6,233 |  |  | 4,635 |  |  | (456) |  |  | 385 |  |  | (3,381) |  |  | 7,416 |
Total | 12,683 |  |  | 5,103 |  |  | (473) |  |  | 572 |  |  | (3,563) |  |  | 14,322 |
Total ACL | $ | 41,772 |  |  | $ | 1,843 |  |  | $ | (2,009) |  |  | $ | 845 |  |  | $ | 21,843 |  |  | $ | 64,294 |
Credit Quality Indicators Management regularly reviews loans in the portfolio to assess credit quality indicators and to determine appropriate loan classification and grading in accordance with applicable bank regulations. The Company's risk rating methodology assigns risk ratings ranging from 1 to 10, where a higher rating represents higher risk. The risk rating of 9 is not used. Per the Company's policies, most commercial loans pools are non-homogenous and are regularly assessed for credit quality. The rating categories can be generally described by the following groupings for non-homogeneous loans: •1-6: These loans meet the definition of "Pass" assets. They are well protected by the current net worth and paying capacity of the obligor (or guarantors, if any) or by the fair value, less costs to acquire and sell in a timely manner, of any underlying collateral. •7: These loans meet the regulatory definition of "Special Mention." They contain potential weaknesses, that if uncorrected may result in deterioration of the likelihood of repayment or in the Bank’s credit position. •8: These loans meet the regulatory definition of "Substandard." They are inadequately protected by the current sound worth and paying capacity of the borrower or of the collateral pledged, if any. They have well-defined weaknesses and have unsatisfactory characteristics causing unacceptable levels of risk. •10: A loan, or the portion of a loan determined to meet the regulatory definition of “Loss.” The amounts classified as loss have been charged-off. The risk rating categories can be generally described by the following groupings for homogeneous loans: •1-6: These loans meet the definition of "Pass" assets. A homogenous "Pass" loan is typically risk rated based on payment performance. •7: These loans meet the regulatory definition of “Special Mention.” A homogeneous special mention loan, risk rated 7, is less than 90 days past due from the required payment date at month-end. •8: These loans meet the regulatory definition of “Substandard.” A homogeneous substandard loan, risk rated 8, is 90 days or more past due from the required payment date at month-end. •10: These loans meet the regulatory definition of "Loss." A closed-end homogeneous loan not secured by real estate is risk rated 10 when past due 120 cumulative days or more from the contractual due date. Closed-end homogenous loans secured by real estate and all open-end homogenous loans are risk rated 10 when past due 180 cumulative days or more from the contractual due date. These loans, or the portion of these loans classified as loss, are generally charged-off in the month in which the applicable past due period elapses. Small balance commercial loans are generally considered homogenous unless 30 days or more past due. The risk rating classification for such loans are based on the non-homogenous definitions noted above. 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, 2022
(in thousands) |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | 2017 and prior |  | Revolving |  | Revolving-term |  | Total
COMMERCIAL PORTFOLIO |  |  |  |  |  |  |  |  |  |  |  |
Non-owner occupied CRE |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 68,301 |  |  | $ | 68,356 |  |  | $ | 42,181 |  |  | $ | 139,760 |  |  | $ | 87,197 |  |  | $ | 242,544 |  |  | $ | 2,016 |  |  | $ | 786 |  |  | $ | 651,141 |
Special Mention |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,702 |  |  | 4,242 |  |  | — |  |  | — |  |  | 6,944 |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | 68,301 |  |  | 68,356 |  |  | 42,181 |  |  | 139,760 |  |  | 89,899 |  |  | 246,786 |  |  | 2,016 |  |  | 786 |  |  | 658,085 |
Multifamily |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 1,828,568 |  |  | 1,165,434 |  |  | 528,077 |  |  | 221,974 |  |  | 59,340 |  |  | 140,126 |  |  | — |  |  | — |  |  | 3,943,519 |
Special Mention |  | — |  |  | — |  |  | 4,893 |  |  | 19,834 |  |  | — |  |  | 7,508 |  |  | — |  |  | — |  |  | 32,235 |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | 1,828,568 |  |  | 1,165,434 |  |  | 532,970 |  |  | 241,808 |  |  | 59,340 |  |  | 147,634 |  |  | — |  |  | — |  |  | 3,975,754 |
Multifamily construction |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 18,110 |  |  | 63,394 |  |  | 13,613 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 95,117 |
Special Mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | 18,110 |  |  | 63,394 |  |  | 13,613 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 95,117 |
CRE construction |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 341 |  |  | 14,348 |  |  | 3,960 |  |  | — |  |  | — |  |  | 305 |  |  | — |  |  | — |  |  | 18,954 |
Special Mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | 341 |  |  | 14,348 |  |  | 3,960 |  |  | — |  |  | — |  |  | 305 |  |  | — |  |  | — |  |  | 18,954 |
Single family construction |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 149,133 |  |  | 50,936 |  |  | 24,807 |  |  | 519 |  |  | — |  |  | 74 |  |  | 123,303 |  |  | — |  |  | 348,772 |
Special Mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard |  | — |  |  | 6,782 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6,782 |
Total |  | 149,133 |  |  | 57,718 |  |  | 24,807 |  |  | 519 |  |  | — |  |  | 74 |  |  | 123,303 |  |  | — |  |  | 355,554 |
Single family construction to permanent |  |  |  |  |  |  |  |  |  |  |  |
Current |  | 66,034 |  |  | 76,814 |  |  | 11,128 |  |  | 3,268 |  |  | 794 |  |  | — |  |  | — |  |  | — |  |  | 158,038 |
Past due: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
30-59 days |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
60-89 days |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
90+ days |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | 66,034 |  |  | 76,814 |  |  | 11,128 |  |  | 3,268 |  |  | 794 |  |  | — |  |  | — |  |  | — |  |  | 158,038 |
Owner occupied CRE |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 70,192 |  |  | 51,919 |  |  | 44,778 |  |  | 71,652 |  |  | 36,457 |  |  | 139,691 |  |  | 3 |  |  | 1,104 |  |  | 415,796 |
Special Mention |  | — |  |  | 743 |  |  | — |  |  | — |  |  | 6,179 |  |  | 13,485 |  |  | — |  |  | — |  |  | 20,407 |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,149 |  |  | 5,011 |  |  | — |  |  | — |  |  | 7,160 |
Total |  | 70,192 |  |  | 52,662 |  |  | 44,778 |  |  | 71,652 |  |  | 44,785 |  |  | 158,187 |  |  | 3 |  |  | 1,104 |  |  | 443,363 |
Commercial business |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 65,566 |  |  | 42,921 |  |  | 45,940 |  |  | 18,594 |  |  | 13,548 |  |  | 18,779 |  |  | 130,427 |  |  | 2,041 |  |  | 337,816 |
Special Mention |  | — |  |  | 612 |  |  | — |  |  | 3,577 |  |  | 9 |  |  | 3,444 |  |  | 403 |  |  | — |  |  | 8,045 |
Substandard |  | — |  |  | 338 |  |  | 2,638 |  |  | 4,449 |  |  | 2,591 |  |  | 2,206 |  |  | 1,563 |  |  | 101 |  |  | 13,886 |
Total |  | 65,566 |  |  | 43,871 |  |  | 48,578 |  |  | 26,620 |  |  | 16,148 |  |  | 24,429 |  |  | 132,393 |  |  | 2,142 |  |  | 359,747 |
Total commercial portfolio |  | $ | 2,266,245 |  |  | $ | 1,542,597 |  |  | $ | 722,015 |  |  | $ | 483,627 |  |  | $ | 210,966 |  |  | $ | 577,415 |  |  | $ | 257,715 |  |  | $ | 4,032 |  |  | $ | 6,064,612 |
The following table presents a vintage analysis of the consumer portfolio segment by loan sub-class and delinquency status:
|  | At December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |
(in thousands) |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | 2017 and prior |  | Revolving |  | Revolving-term |  | Total |  |  |  |  |  |  |  |  |  |  |  |  |  |
CONSUMER PORTFOLIO |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single family |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 273,786 |  |  | $ | 253,937 |  |  | $ | 152,773 |  |  | $ | 49,302 |  |  | $ | 43,511 |  |  | $ | 231,277 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,004,586 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Past due: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
30-59 days |  | — |  |  | — |  |  | — |  |  | — |  |  | 340 |  |  | 2,113 |  |  | — |  |  | — |  |  | 2,453 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
60-89 days |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 258 |  |  | — |  |  | — |  |  | 258 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
90+ days |  | — |  |  | — |  |  | — |  |  | 290 |  |  | 273 |  |  | 1,141 |  |  | — |  |  | — |  |  | 1,704 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total (1) |  | 273,786 |  |  | 253,937 |  |  | 152,773 |  |  | 49,592 |  |  | 44,124 |  |  | 234,789 |  |  | — |  |  | — |  |  | 1,009,001 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | 4,156 |  |  | 692 |  |  | 220 |  |  | 150 |  |  | 72 |  |  | 1,593 |  |  | 340,567 |  |  | 4,017 |  |  | 351,467 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Past due: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
30-59 days |  | — |  |  | 6 |  |  | — |  |  | — |  |  | — |  |  | 9 |  |  | 446 |  |  | — |  |  | 461 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
60-89 days |  | 6 |  |  | 24 |  |  | — |  |  | — |  |  | — |  |  | 48 |  |  | 517 |  |  | — |  |  | 595 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
90+ days |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 151 |  |  | 33 |  |  | — |  |  | 184 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total |  | 4,162 |  |  | 722 |  |  | 220 |  |  | 150 |  |  | 72 |  |  | 1,801 |  |  | 341,563 |  |  | 4,017 |  |  | 352,707 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total consumer portfolio |  | $ | 277,948 |  |  | $ | 254,659 |  |  | $ | 152,993 |  |  | $ | 49,742 |  |  | $ | 44,196 |  |  | $ | 236,590 |  |  | $ | 341,563 |  |  | $ | 4,017 |  |  | $ | 1,361,708 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total LHFI |  | $ | 2,544,193 |  |  | $ | 1,797,256 |  |  | $ | 875,008 |  |  | $ | 533,369 |  |  | $ | 255,162 |  |  | $ | 814,005 |  |  | $ | 599,278 |  |  | $ | 8,049 |  |  | $ | 7,426,320 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) Includes $5.9 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 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) |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016 and prior |  | Revolving |  | Revolving-term |  | Total
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 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | 68,647 |  |  | 50,571 |  |  | 169,711 |  |  | 130,877 |  |  | 100,674 |  |  | 183,024 |  |  | 963 |  |  | 892 |  |  | 705,359 |
Multifamily |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 1,315,204 |  |  | 561,666 |  |  | 286,826 |  |  | 60,372 |  |  | 26,065 |  |  | 165,225 |  |  | 1 |  |  | — |  |  | 2,415,359 |
Special Mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | 1,315,204 |  |  | 561,666 |  |  | 286,826 |  |  | 60,372 |  |  | 26,065 |  |  | 165,225 |  |  | 1 |  |  | — |  |  | 2,415,359 |
Multifamily construction |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 7,825 |  |  | 22,863 |  |  | 7,173 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 37,861 |
Special Mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | 7,825 |  |  | 22,863 |  |  | 7,173 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 37,861 |
CRE construction |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 7,694 |  |  | 3,960 |  |  | — |  |  | 1,962 |  |  | — |  |  | 556 |  |  | — |  |  | — |  |  | 14,172 |
Special Mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | 7,694 |  |  | 3,960 |  |  | — |  |  | 1,962 |  |  | — |  |  | 556 |  |  | — |  |  | — |  |  | 14,172 |
Single family construction |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 146,595 |  |  | 35,640 |  |  | 14,509 |  |  | — |  |  | — |  |  | 77 |  |  | 99,206 |  |  | — |  |  | 296,027 |
Special Mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | 146,595 |  |  | 35,640 |  |  | 14,509 |  |  | — |  |  | — |  |  | 77 |  |  | 99,206 |  |  | — |  |  | 296,027 |
Single family construction to permanent |  |  |  |  |  |  |  |  |  |  |  |
Current |  | 90,311 |  |  | 42,636 |  |  | 13,362 |  |  | 1,775 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 148,084 |
Past due: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
30-59 days |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
60-89 days |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
90+ days |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | 90,311 |  |  | 42,636 |  |  | 13,362 |  |  | 1,775 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 148,084 |
Owner occupied CRE |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 70,902 |  |  | 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 |
Total |  | 70,902 |  |  | 47,536 |  |  | 76,088 |  |  | 51,023 |  |  | 83,212 |  |  | 125,248 |  |  | 798 |  |  | 2,899 |  |  | 457,706 |
Commercial business |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 88,139 |  |  | 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 |
Substandard |  | 9,716 |  |  | 3,399 |  |  | 1,667 |  |  | 5,928 |  |  | 1,096 |  |  | 1,328 |  |  | 3,932 |  |  | 102 |  |  | 27,168 |
Total |  | 97,855 |  |  | 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) |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016 and prior |  | Revolving |  | Revolving-term |  | Total
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 (1) |  | 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 |
Total |  | 2,008 |  |  | 477 |  |  | 393 |  |  | 532 |  |  | 516 |  |  | 2,709 |  |  | 291,108 |  |  | 5,335 |  |  | 303,078 |
Total consumer portfolio |  | $ | 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 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 December 31, 2022
(in thousands) |  | Land |  | 1-4 Family |  |  |  | Non-residential real estate |  | Other non-real estate |  | Total
Commercial and industrial loans |  |  |  |  |  |  |  |  |  |  |  |
Owner occupied CRE |  | $ | 1,111 |  |  | $ | — |  |  |  |  | $ | 1,410 |  |  | $ | — |  |  | $ | 2,521 |
Commercial business |  | 62 |  |  | 3,186 |  |  |  |  | 562 |  |  | — |  |  | 3,810 |
Total collateral-dependent loans |  | $ | 1,173 |  |  | $ | 3,186 |  |  |  |  | $ | 1,972 |  |  | $ | — |  |  | $ | 6,331 |
|  | At December 31, 2021
(in thousands) |  | Land |  | 1-4 Family |  |  |  | Non-residential real estate |  | Other non-real estate |  | Total
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 December 31, 2022 |  | At December 31, 2021
(in thousands) |  | Nonaccrual with no related ACL |  | Total Nonaccrual |  | Nonaccrual with no related ACL |  | Total Nonaccrual
Commercial and industrial loans |  |  |  |  |  |  |  |
Owner occupied CRE |  | $ | 2,521 |  |  | $ | 2,521 |  |  | $ | 3,568 |  |  | $ | 3,568 |
Commercial business |  | 785 |  |  | 4,269 |  |  | 1,210 |  |  | 5,023 |
Total |  | 3,306 |  |  | 6,790 |  |  | 4,778 |  |  | 8,591 |
Consumer loans |  |  |  |  |  |  |  |
Single family |  | 332 |  |  | 2,584 |  |  | 1,324 |  |  | 2,802 |
Home equity and other |  | 3 |  |  | 681 |  |  | 23 |  |  | 808 |
Total |  | 335 |  |  | 3,265 |  |  | 1,347 |  |  | 3,610 |
Total nonaccrual loans |  | $ | 3,641 |  |  | $ | 10,055 |  |  | $ | 6,125 |  |  | $ | 12,201 |
The following tables present an aging analysis of past due loans by loan portfolio segment and loan sub-class:
| At December 31, 2022 |
| Past Due and Still Accruing |  |  |  |  |  |  |  |  |
(in thousands) | 30-59 days |  | 60-89 days |  | 90 days or more |  | Nonaccrual |  | Total past due and nonaccrual (1) |  | Current |  | Total loans |
CRE |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-owner occupied CRE | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 658,085 |  |  | $ | 658,085 |  |
Multifamily | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,975,754 |  |  | 3,975,754 |  |
Construction/land development |  |  |  |  |  |  |  |  |  |  |  |  |
Multifamily construction | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 95,117 |  |  | 95,117 |  |
CRE construction | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 18,954 |  |  | 18,954 |  |
Single family construction | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 355,554 |  |  | 355,554 |  |
Single family construction to permanent | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 158,038 |  |  | 158,038 |  |
Total | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,261,502 |  |  | 5,261,502 |  |
Commercial and industrial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner occupied CRE | — |  |  | — |  |  | — |  |  | 2,521 |  |  | 2,521 |  |  | 440,842 |  |  | 443,363 |  |
Commercial business | — |  |  | — |  |  | — |  |  | 4,269 |  |  | 4,269 |  |  | 355,478 |  |  | 359,747 |  |
Total | — |  |  | — |  |  | — |  |  | 6,790 |  |  | 6,790 |  |  | 796,320 |  |  | 803,110 |  |
Consumer loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single family | 4,556 |  |  | 1,724 |  |  | 4,372 |  | (2) | 2,584 |  |  | 13,236 |  |  | 995,765 |  |  | 1,009,001 |  | (3) |
Home equity and other | 267 |  |  | 296 |  |  | — |  |  | 681 |  |  | 1,244 |  |  | 351,463 |  |  | 352,707 |  |
Total | 4,823 |  |  | 2,020 |  |  | 4,372 |  |  | 3,265 |  |  | 14,480 |  |  | 1,347,228 |  |  | 1,361,708 |  |
Total loans | $ | 4,823 |  |  | $ | 2,020 |  |  | $ | 4,372 |  |  | $ | 10,055 |  |  | $ | 21,270 |  |  | $ | 7,405,050 |  |  | $ | 7,426,320 |  |
% | 0.06 | % |  | 0.03 | % |  | 0.06 | % |  | 0.14 | % |  | 0.29 | % |  | 99.71 | % |  | 100.00 | % |
| At December 31, 2021 |
| Past Due and Still Accruing |  |  |  |  |  |  |  |  |
(in thousands) | 30-59 days |  | 60-89 days |  | 90 days or more |  | Nonaccrual |  | Total past due and nonaccrual (1) |  | Current |  | Total 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 business | 198 |  |  | — |  |  | — |  |  | 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 |  | (3) |
Home equity and other | 118 |  |  | 74 |  |  | — |  |  | 808 |  |  | 1,000 |  |  | 302,078 |  |  | 303,078 |  |
Total | 1,010 |  |  | 894 |  |  | 6,717 |  |  | 3,610 |  |  | 12,231 |  |  | 1,054,178 |  |  | 1,066,409 |  |
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 loans whose repayments are insured by the FHA or guaranteed by the VA or SBA of $10.6 million and $8.4 million at December 31, 2022 and 2021, respectively. (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 $5.9 million and $7.3 million of loans at December 31, 2022 and 2021, respectively, where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes recognized in our consolidated income statements. Loan Modifications The Company provides MFDBs which may include other than insignificant 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 for the year ended December 31, 2022 did not have a material impact on the ACL. The following tables provide information related to MFDBs during the year ended December 31, 2022, disaggregated by class of financing receivable and type of concession granted:
|  |  |  |  |  | Significant Payment Delay
|  |  |  | Year Ended December 31, 2022
(in thousands) |  |  |  |  |  | Amortized Cost Basis at Period End |  | % of Total Class of Financing Receivable
Single family |  |  |  |  |  | $ | 1,377 |  |  | 0.14 | %
Home equity and other |  |  |  |  |  | 69 |  |  | 0.02 | %
|  |  |  |  |  | Term Extension
|  |  |  | Year Ended December 31, 2022
(in thousands) |  |  |  |  |  | Amortized Cost Basis at Period End |  | % of Total Class of Financing Receivable
Commercial business |  |  |  |  |  | $ | 1,562 |  |  | 0.43 | %
Single family |  |  |  |  |  | 269 |  |  | 0.03 | %
|  |  |  |  |  | Interest Rate Reduction and Significant Payment Delay
|  |  |  | Year Ended December 31, 2022
(in thousands) |  |  |  |  |  | Amortized Cost Basis at Period End |  | % of Total Class of Financing Receivable
Commercial business |  |  |  |  |  | $ | 459 |  |  | 0.13 | %
|  |  |  |  |  | Interest Rate Reduction and Term Extension
|  |  |  | Year Ended December 31, 2022
(in thousands) |  |  |  |  |  | Amortized Cost Basis at Period End |  | % of Total Class of Financing Receivable
Single family |  |  |  |  |  | $ | 814 |  |  | 0.08 | %
|  |  |  |  |  | Significant Payment Delay and Term Extension
|  |  |  | Year Ended December 31, 2022
(in thousands) |  |  |  |  |  | Amortized Cost Basis at Period End |  | % of Total Class of Financing Receivable
Single family |  |  |  |  |  | $ | 13,742 |  |  | 1.36 | %
Home equity and other |  |  |  |  |  | 51 |  |  | 0.01 | %
|  |  |  |  |  | Interest Rate Reduction, Significant Payment Delay and Term Extension
|  |  |  | Year Ended December 31, 2022
(in thousands) |  |  |  |  |  | Amortized Cost Basis at Period End |  | % of Total Class of Financing Receivable
Single family |  |  |  |  |  | $ | 6,500 |  |  | 0.64 | %
The following table describes the financial effect of the MFDBs:
|  |  |  | Interest Rate Reduction
|  |  |  | Year Ended December 31, 2022
Commercial business |  |  |  | Reduced weighted-average contractual interest rate from 5.72% to 4.00%.
Single family |  |  |  | Reduced weighted-average contractual interest rate from 4.25% to 3.31%.
|  |  |  | Significant Payment Delay
|  |  |  | Year Ended December 31, 2022
Single family |  |  |  | Provided payment deferrals to borrowers. A weighted average 0.22% 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 3.47% of loan balances were capitalized and added to the remaining term of the loan.
|  |  |  | Term Extension
|  |  |  | Year Ended December 31, 2022
Commercial business |  |  |  | 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 4.4 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. The following table depicts the payment status of loans that were modified to borrowers experiencing financial difficulties on or after January 1, 2022, the date we adopted ASU 2022-02, through September 30, 2022:
| Payment Status (Amortized Cost Basis) at December 31, 2022
(in thousands) | Current |  | 30-89 Days Past Due |  | 90+ Days Past Due
Commercial business | $ | 2,021 |  |  | $ | — |  |  | $ | — |
Single family | 19,908 |  |  | 1,831 |  |  | 198 |
Home equity and other | 120 |  |  | — |  |  | — |
Total | $ | 22,049 |  |  | $ | 1,831 |  |  | $ | 198 |
The following tables provide the amortized cost basis as of December 31, 2022 of MFDBs, on or after January 1, 2022, the date we adopted ASU 2022-02 through September 30, 2022 and subsequently had a payment default.
|  | Amortized Cost Basis of Modified Loans That Subsequently Defaulted Year Ended December 31, 2022
(in thousands) |  | Significant Payment Delay |  | Term Extension |  | Interest Rate Reduction and Term Extension |  | Significant Payment Delay and Term Extension |  | Interest Rate Reduction, Significant Payment Delay and Term Extension
Single family |  | $ | 340 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,198 |  |  | $ | 764 |

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