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LOANS AND CREDIT QUALITY | 9 Months Ended
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Sep. 30, 2023
Receivables [Abstract] |
LOANS AND CREDIT QUALITY | LOANS AND CREDIT QUALITY: The Company's LHFI is divided into two portfolio segments, commercial loans and consumer loans. Within each portfolio segment, the Company monitors and assesses credit risk based on the risk characteristics of each of the following loan classes: non-owner occupied commercial real estate ("CRE"), multifamily, construction and land development, owner occupied CRE and commercial business loans within the commercial loan portfolio segment and single family and home equity and other loans within the consumer loan portfolio segment. LHFI consists of the following:
(in thousands) | At September 30, 2023 |  | At December 31, 2022
CRE |  |  |
Non-owner occupied CRE | $ | 633,083 |  |  | $ | 658,085 |
Multifamily | 3,957,209 |  |  | 3,975,754 |
Construction/land development | 566,289 |  |  | 627,663 |
Total | 5,156,581 |  |  | 5,261,502 |
Commercial and industrial loans |  |  |
Owner occupied CRE | 428,253 |  |  | 443,363 |
Commercial business | 385,148 |  |  | 359,747 |
Total | 813,401 |  |  | 803,110 |
Consumer loans |  |  |
Single family | 1,099,644 |  |  | 1,009,001 |
Home equity and other | 370,875 |  |  | 352,707 |
Total (1) | 1,470,519 |  |  | 1,361,708 |
Total LHFI | 7,440,501 |  |  | 7,426,320 |
Allowance for credit losses ("ACL") | (40,000) |  |  | (41,500) |
Total LHFI less ACL | $ | 7,400,501 |  |  | $ | 7,384,820 |
(1) Includes $1.2 million and $5.9 million at September 30, 2023 and December 31, 2022, 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 $5.7 billion and $5.2 billion at September 30, 2023 and December 31, 2022, respectively, were pledged to secure borrowings from the Federal Home Loan Bank ("FHLB") and loans totaling $528 million and $497 million at September 30, 2023 and December 31, 2022, respectively, were pledged to secure borrowings from the Federal Reserve Bank of San Francisco ("FRBSF"). Credit Risk Concentrations LHFI are primarily secured by real estate located in the Pacific Northwest, California and Hawaii. At September 30, 2023, single family and multifamily loans in the state of Washington and California represented 11% and 36% of the total LHFI portfolio, respectively. At December 31, 2022, multifamily loans in the state of California represented 36% of the total LHFI portfolio. 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. As of September 30, 2023, the historical expected loss rates decreased when compared to December 31, 2022 due to product mix risk composition changes. During the third quarter of 2023, expected loss rates decreased due to product mix risk composition changes, and the qualitative factors decreased due to economic conditions performing better than expected and improved single-family collateral forecasts offset slightly by deteriorated commercial collateral conditions. As of September 30, 2023, the Bank expects improvement in commercial collateral values and deterioration in single family 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 $1.6 million and $2.2 million at September 30, 2023 and December 31, 2022, respectively. The Bank has elected to exclude accrued interest receivable from the evaluation of the ACL. Accrued interest on LHFI was $27.7 million and $26.9 million at September 30, 2023 and December 31, 2022, respectively, and was reported in other assets in the consolidated balance sheets. Activity in the ACL for LHFI and the allowance for unfunded commitments was as follows:
| Quarter Ended September 30, |  | Nine Months Ended September 30,
(in thousands) | 2023 |  | 2022 |  | 2023 |  | 2022
Beginning balance | $ | 41,500 |  |  | $ | 37,355 |  |  | $ | 41,500 |  |  | $ | 47,123 |
Provision for credit losses | (990) |  |  | 249 |  | (290) |  |  | (9,190) |
Net (charge-offs) recoveries | (510) |  |  | 2 |  | (1,210) |  |  | (327) |
Ending balance | $ | 40,000 |  |  | $ | 37,606 |  |  | $ | 40,000 |  |  | $ | 37,606 |
Allowance for unfunded commitments: |  |  |  |  |  |  |
Beginning balance | $ | 1,721 |  |  | $ | 2,843 |  |  | $ | 2,197 |  |  | $ | 2,404 |
Provision for credit losses | (120) |  |  | (249) |  |  | (596) |  |  | 190 |
Ending balance | $ | 1,601 |  |  | $ | 2,594 |  |  | $ | 1,601 |  |  | $ | 2,594 |
Provision for credit losses: |  |  |  |  |  |  |
Allowance for credit losses - loans | $ | (990) |  |  | $ | 249 |  |  | $ | (290) |  |  | $ | (9,190) |
Allowance for unfunded commitments | (120) |  |  | (249) |  |  | (596) |  |  | 190 |
Total | $ | (1,110) |  |  | $ | — |  |  | $ | (886) |  |  | $ | (9,000) |
Activity in the ACL for LHFI by loan portfolio and loan sub-class was as follows:
| Quarter Ended September 30, 2023
(in thousands) | Beginning balance |  | Charge-offs |  | Recoveries |  | Provision |  | Ending balance
CRE |  |  |  |  |  |  |  |  |
Non-owner occupied CRE | $ | 2,242 |  |  | $ | — |  |  | $ | — |  |  | $ | 123 |  |  | $ | 2,365 |
Multifamily | 9,695 |  |  | — |  |  | — |  |  | 1,011 |  |  | 10,706 |
Construction/land development |  |  |  |  |  |  |  |  |
Multifamily construction | 1,566 |  |  | — |  |  | — |  |  | 26 |  |  | 1,592 |
CRE construction | 169 |  |  | — |  |  | — |  |  | (16) |  |  | 153 |
Single family construction | 11,067 |  |  | — |  |  | — |  |  | (1,322) |  |  | 9,745 |
Single family construction to permanent | 1,421 |  |  | — |  |  | — |  |  | (430) |  |  | 991 |
Total | 26,160 |  |  | — |  |  | — |  |  | (608) |  |  | 25,552 |
Commercial and industrial loans |  |  |  |  |  |  |  |  |
Owner occupied CRE | 930 |  |  | — |  |  | — |  |  | 172 |  |  | 1,102 |
Commercial business | 3,837 |  |  | (543) |  |  | 25 |  |  | 282 |  |  | 3,601 |
Total | 4,767 |  |  | (543) |  |  | 25 |  |  | 454 |  |  | 4,703 |
Consumer loans |  |  |  |  |  |  |  |  |
Single family | 6,617 |  |  | — |  |  | 4 |  |  | (838) |  |  | 5,783 |
Home equity and other | 3,956 |  |  | (92) |  |  | 96 |  |  | 2 |  |  | 3,962 |
Total | 10,573 |  |  | (92) |  |  | 100 |  |  | (836) |  |  | 9,745 |
Total ACL | $ | 41,500 |  |  | $ | (635) |  |  | $ | 125 |  |  | $ | (990) |  |  | $ | 40,000 |
| Quarter Ended September 30, 2022
(in thousands) | Beginning balance |  | Charge-offs |  | Recoveries |  | Provision |  | Ending balance
CRE |  |  |  |  |  |  |  |  |
Non-owner occupied CRE | $ | 2,180 |  |  | $ | — |  |  | $ | — |  |  | $ | (74) |  |  | $ | 2,106 |
Multifamily | 10,074 |  |  | — |  |  | — |  |  | 1,109 |  |  | 11,183 |
Construction/land development |  |  |  |  |  |  |  |  |
Multifamily construction | 566 |  |  | — |  |  | — |  |  | 99 |  |  | 665 |
CRE construction | 185 |  |  | — |  |  | — |  |  | (25) |  |  | 160 |
Single family construction | 10,687 |  |  | — |  |  | — |  |  | (1,123) |  |  | 9,564 |
Single family construction to permanent | 1,159 |  |  | — |  |  | — |  |  | (19) |  |  | 1,140 |
Total | 24,851 |  |  | — |  |  | — |  |  | (33) |  |  | 24,818 |
Commercial and industrial loans |  |  |  |  |  |  |  |  |
Owner occupied CRE | 1,092 |  |  | — |  |  | — |  |  | (123) |  |  | 969 |
Commercial business | 3,578 |  |  | (81) |  |  | 25 |  |  | 197 |  |  | 3,719 |
Total | 4,670 |  |  | (81) |  |  | 25 |  |  | 74 |  |  | 4,688 |
Consumer loans |  |  |  |  |  |  |  |  |
Single family | 4,027 |  |  | — |  |  | 1 |  |  | 436 |  |  | 4,464 |
Home equity and other | 3,807 |  |  | (43) |  |  | 100 |  |  | (228) |  |  | 3,636 |
Total | 7,834 |  |  | (43) |  |  | 101 |  |  | 208 |  |  | 8,100 |
Total ACL | $ | 37,355 |  |  | $ | (124) |  |  | $ | 126 |  |  | $ | 249 |  |  | $ | 37,606 |
| Nine Months Ended September 30, 2023
(in thousands) | Beginning balance |  | Charge-offs |  | Recoveries |  | Provision |  | Ending balance
CRE |  |  |  |  |  |  |  |  |
Non-owner occupied CRE | $ | 2,102 |  |  | $ | — |  |  | $ | — |  |  | $ | 263 |  |  | $ | 2,365 |
Multifamily | 10,974 |  |  | — |  |  | — |  |  | (268) |  |  | 10,706 |
Construction/land development |  |  |  |  |  |  |  |  |
Multifamily construction | 998 |  |  | — |  |  | — |  |  | 594 |  |  | 1,592 |
CRE construction | 196 |  |  | — |  |  | — |  |  | (43) |  |  | 153 |
Single family construction | 12,418 |  |  | — |  |  | — |  |  | (2,673) |  |  | 9,745 |
Single family construction to permanent | 1,171 |  |  | — |  |  | — |  |  | (180) |  |  | 991 |
Total | 27,859 |  |  | — |  |  | — |  |  | (2,307) |  |  | 25,552 |
Commercial and industrial loans |  |  |  |  |  |  |  |  |
Owner occupied CRE | 1,030 |  |  | — |  |  | — |  |  | 72 |  |  | 1,102 |
Commercial business | 3,247 |  |  | (1,342) |  |  | 73 |  |  | 1,623 |  |  | 3,601 |
Total | 4,277 |  |  | (1,342) |  |  | 73 |  |  | 1,695 |  |  | 4,703 |
Consumer loans |  |  |  |  |  |  |  |  |
Single family | 5,610 |  |  | — |  |  | 21 |  |  | 152 |  |  | 5,783 |
Home equity and other | 3,754 |  |  | (232) |  |  | 270 |  |  | 170 |  |  | 3,962 |
Total | 9,364 |  |  | (232) |  |  | 291 |  |  | 322 |  |  | 9,745 |
Total ACL | $ | 41,500 |  |  | $ | (1,574) |  |  | $ | 364 |  |  | $ | (290) |  |  | $ | 40,000 |
| Nine Months Ended September 30, 2022
(in thousands) | Beginning balance |  | Charge-offs |  | Recoveries |  | Provision |  | Ending balance
CRE |  |  |  |  |  |  |  |  |
Non-owner occupied CRE | $ | 7,509 |  |  | $ | — |  |  | $ | — |  |  | $ | (5,403) |  |  | $ | 2,106 |
Multifamily | 5,854 |  |  | — |  |  | — |  |  | 5,329 |  |  | 11,183 |
Construction/land development |  |  |  |  |  |  |  |  |
Multifamily construction | 507 |  |  | — |  |  | — |  |  | 158 |  |  | 665 |
CRE construction | 150 |  |  | — |  |  | — |  |  | 10 |  |  | 160 |
Single family construction | 6,411 |  |  | — |  |  | — |  |  | 3,153 |  |  | 9,564 |
Single family construction to permanent | 1,055 |  |  | — |  |  | — |  |  | 85 |  |  | 1,140 |
Total | 21,486 |  |  | — |  |  | — |  |  | 3,332 |  |  | 24,818 |
Commercial and industrial loans |  |  |  |  |  |  |  |  |
Owner occupied CRE | 5,006 |  |  | — |  |  | — |  |  | (4,037) |  |  | 969 |
Commercial business | 12,273 |  |  | (741) |  |  | 94 |  |  | (7,907) |  |  | 3,719 |
Total | 17,279 |  |  | (741) |  |  | 94 |  |  | (11,944) |  |  | 4,688 |
Consumer loans |  |  |  |  |  |  |  |  |
Single family | 4,394 |  |  | — |  |  | 141 |  |  | (71) |  |  | 4,464 |
Home equity and other | 3,964 |  |  | (109) |  |  | 288 |  |  | (507) |  |  | 3,636 |
Total | 8,358 |  |  | (109) |  |  | 429 |  |  | (578) |  |  | 8,100 |
Total ACL | $ | 47,123 |  |  | $ | (850) |  |  | $ | 523 |  |  | $ | (9,190) |  |  | $ | 37,606 |
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, 2023
(in thousands) | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018 and prior |  | Revolving |  | Revolving-term |  | Total
COMMERCIAL PORTFOLIO |  |  |  |  |  |  |  |  |  |  |  |
Non-owner occupied CRE |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 1,514 |  |  | $ | 70,440 |  |  | $ | 68,131 |  |  | $ | 41,245 |  |  | $ | 119,562 |  |  | $ | 280,125 |  |  | $ | 599 |  |  | $ | — |  |  | $ | 581,616 |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 34,435 |  |  | — |  |  | — |  |  | 34,435 |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | 16,871 |  |  | — |  |  | 161 |  |  | — |  |  | 17,032 |
Total | 1,514 |  |  | 70,440 |  |  | 68,131 |  |  | 41,245 |  |  | 136,433 |  |  | 314,560 |  |  | 760 |  |  | — |  |  | 633,083 |
Multifamily |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 108,330 |  |  | 1,815,620 |  |  | 1,153,149 |  |  | 483,726 |  |  | 190,380 |  |  | 179,339 |  |  | — |  |  | — |  |  | 3,930,544 |
Special Mention | — |  |  | — |  |  | 3,942 |  |  | 12,981 |  |  | 2,369 |  |  | 4,290 |  |  | — |  |  | — |  |  | 23,582 |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,083 |  |  | — |  |  | — |  |  | 3,083 |
Total | 108,330 |  |  | 1,815,620 |  |  | 1,157,091 |  |  | 496,707 |  |  | 192,749 |  |  | 186,712 |  |  | — |  |  | — |  |  | 3,957,209 |
Multifamily construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | (206) |  |  | 41,430 |  |  | 100,778 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 142,002 |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | (206) |  |  | 41,430 |  |  | 100,778 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 142,002 |
CRE construction |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 7 |  |  | — |  |  | 14,459 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 14,466 |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard | — |  |  | — |  |  | — |  |  | 3,871 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,871 |
Total | 7 |  |  | — |  |  | 14,459 |  |  | 3,871 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 18,337 |
Single family construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 62,297 |  |  | 56,402 |  |  | 17,502 |  |  | — |  |  | — |  |  | 72 |  |  | 126,829 |  |  | — |  |  | 263,102 |
Special Mention | — |  |  | 4,207 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,207 |
Substandard | — |  |  | — |  |  | 1,050 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,050 |
Total | 62,297 |  |  | 60,609 |  |  | 18,552 |  |  | — |  |  | — |  |  | 72 |  |  | 126,829 |  |  | — |  |  | 268,359 |
Single family construction to permanent |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current | 23,201 |  |  | 82,282 |  |  | 30,299 |  |  | 1,809 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 137,591 |
Past due: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
30-59 days | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
60-89 days | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
90+ days | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | 23,201 |  |  | 82,282 |  |  | 30,299 |  |  | 1,809 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 137,591 |
Owner occupied CRE |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 10,747 |  |  | 69,650 |  |  | 40,278 |  |  | 41,918 |  |  | 66,055 |  |  | 143,484 |  |  | 1 |  |  | 905 |  |  | 373,038 |
Special Mention | 1,891 |  |  | 1,487 |  |  | 7,963 |  |  | — |  |  | 2,689 |  |  | 34,784 |  |  | — |  |  | — |  |  | 48,814 |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6,401 |  |  | — |  |  | — |  |  | 6,401 |
Total | 12,638 |  |  | 71,137 |  |  | 48,241 |  |  | 41,918 |  |  | 68,744 |  |  | 184,669 |  |  | 1 |  |  | 905 |  |  | 428,253 |
Commercial business |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 29,506 |  |  | 47,718 |  |  | 33,317 |  |  | 38,177 |  |  | 18,217 |  |  | 27,702 |  |  | 152,176 |  |  | 1,354 |  |  | 348,167 |
Special Mention | — |  |  | 11,307 |  |  | 3,270 |  |  | — |  |  | 953 |  |  | 164 |  |  | 4,091 |  |  | — |  |  | 19,785 |
Substandard | — |  |  | — |  |  | 2,324 |  |  | 6,996 |  |  | 3,475 |  |  | 4,067 |  |  | 260 |  |  | 74 |  |  | 17,196 |
Total | 29,506 |  |  | 59,025 |  |  | 38,911 |  |  | 45,173 |  |  | 22,645 |  |  | 31,933 |  |  | 156,527 |  |  | 1,428 |  |  | 385,148 |
Total commercial portfolio | $ | 237,287 |  |  | $ | 2,200,543 |  |  | $ | 1,476,462 |  |  | $ | 630,723 |  |  | $ | 420,571 |  |  | $ | 717,946 |  |  | $ | 284,117 |  |  | $ | 2,333 |  |  | $ | 5,969,982 |
The following table presents a vintage analysis of the consumer portfolio segment by loan sub-class and delinquency status:
| At September 30, 2023
(in thousands) | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018 and prior |  | Revolving |  | Revolving-term |  | Total
CONSUMER PORTFOLIO |  |  |  |  |  |  |  |  |  |  |  |
Single family |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current | $ | 16,110 |  |  | $ | 322,349 |  |  | $ | 304,831 |  |  | $ | 148,640 |  |  | $ | 49,434 |  |  | $ | 254,394 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,095,758 |
Past due: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
30-59 days | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 525 |  |  | — |  |  | — |  |  | 525 |
60-89 days | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 461 |  |  | — |  |  | — |  |  | 461 |
90+ days | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,900 |  |  | — |  |  | — |  |  | 2,900 |
Total | 16,110 |  |  | 322,349 |  |  | 304,831 |  |  | 148,640 |  |  | 49,434 |  |  | 258,280 |  |  | — |  |  | — |  |  | 1,099,644 |
Home equity and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current | 1,542 |  |  | 2,839 |  |  | 393 |  |  | 142 |  |  | 65 |  |  | 1,670 |  |  | 356,808 |  |  | 6,223 |  |  | 369,682 |
Past due: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
30-59 days | 3 |  |  | 4 |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | 557 |  |  | 26 |  |  | 594 |
60-89 days | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 68 |  |  | 73 |  |  | 142 |
90+ days | — |  |  | 30 |  |  | — |  |  | — |  |  | — |  |  | 25 |  |  | 402 |  |  | — |  |  | 457 |
Total | 1,545 |  |  | 2,874 |  |  | 397 |  |  | 142 |  |  | 65 |  |  | 1,695 |  |  | 357,835 |  |  | 6,322 |  |  | 370,875 |
Total consumer portfolio (1) | $ | 17,655 |  |  | $ | 325,223 |  |  | $ | 305,228 |  |  | $ | 148,782 |  |  | $ | 49,499 |  |  | $ | 259,975 |  |  | $ | 357,835 |  |  | $ | 6,322 |  |  | $ | 1,470,519 |
Total LHFI | $ | 254,942 |  |  | $ | 2,525,766 |  |  | $ | 1,781,690 |  |  | $ | 779,505 |  |  | $ | 470,070 |  |  | $ | 977,921 |  |  | $ | 641,952 |  |  | $ | 8,655 |  |  | $ | 7,440,501 |
(1) Includes $1.2 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, 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 | 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 (1) | $ | 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 in fair value recognized in the consolidated income statements. The following table presents a vintage analysis of the commercial and consumer portfolio segment by loan sub-class and gross charge-offs:
| Nine Months Ended September 30, 2023
(in thousands) | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018 and prior |  | Revolving |  | Revolving-term |  | Total
COMMERCIAL PORTFOLIO |  |  |  |  |  |  |  |  |  |  |  |
Commercial business |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross charge-offs | $ | — |  |  | $ | — |  |  | $ | (185) |  |  | $ | — |  |  | $ | (564) |  |  | $ | (543) |  |  | $ | — |  |  | $ | (50) |  |  | $ | (1,342) |
CONSUMER PORTFOLIO |  |  |  |  |  |  |  |  |  |  |  |
Home equity and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross charge-offs | — |  |  | (71) |  |  | (22) |  |  | — |  |  | — |  |  | (4) |  |  | (135) |  |  | — |  |  | (232) |
Total LHFI | $ | — |  |  | $ | (71) |  |  | $ | (207) |  |  | $ | — |  |  | $ | (564) |  |  | $ | (547) |  |  | $ | (135) |  |  | $ | (50) |  |  | $ | (1,574) |
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, 2023 |  |
(in thousands) | Land |  | 1-4 Family |  |  |  | Non-residential real estate |  | Other non-real estate |  | Total |  |
Commercial real estate loans |  |  |  |  |  |  |  |  |  |  |  |  |
Non-owner occupied commercial real estate | $ | — |  |  | $ | 161 |  |  |  |  | $ | 16,440 |  |  | $ | — |  |  | $ | 16,601 |  |  |
Construction/land development |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate construction | — |  |  | — |  |  |  |  | 3,871 |  |  | — |  |  | 3,871 |  |  |
Total | — |  |  | 161 |  |  |  |  | 20,311 |  |  | — |  |  | 20,472 |  |  |
Commercial and industrial loans |  |  |  |  |  |  |  |  |  |  |  |  |
Owner occupied CRE | — |  |  | — |  |  |  |  | 2,136 |  |  | — |  |  | 2,136 |  |  |
Commercial business | — |  |  | 2,848 |  |  |  |  | 6,285 |  |  | 2,040 |  |  | 11,173 |  |  |
Total | — |  |  | 2,848 |  |  |  |  | 8,421 |  |  | 2,040 |  |  | 13,309 |  |  |
Consumer loans |  |  |  |  |  |  |  |  |  |  |  |  |
Single family | — |  |  | 783 |  |  |  |  | — |  |  | — |  |  | 783 |  |  |
Total | — |  |  | 783 |  |  |  |  | — |  |  | — |  |  | 783 |  |  |
Total collateral-dependent loans | $ | — |  |  | $ | 3,792 |  |  |  |  | $ | 28,732 |  |  | $ | 2,040 |  |  | $ | 34,564 |  |  |
| 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 |
Nonaccrual and Past Due Loans The following table presents nonaccrual status for loans:
| At September 30, 2023 |  | At December 31, 2022
(in thousands) | Nonaccrual with no related ACL |  | Total Nonaccrual |  | Nonaccrual with no related ACL |  | Total Nonaccrual
Commercial real estate loans |  |  |  |  |  |  |
Non-owner occupied commercial real estate | $ | 16,601 |  |  | $ | 16,601 |  |  | $ | — |  |  | $ | — |
Construction/land development |  |  |  |  |  |  |
Commercial real estate construction | 3,871 |  |  | 3,871 |  |  | — |  |  | — |
Total | 20,472 |  |  | 20,472 |  |  | — |  |  | — |
Commercial and industrial loans |  |  |  |  |  |  |
Owner occupied CRE | 2,136 |  |  | 2,136 |  |  | 2,521 |  |  | 2,521 |
Commercial business | 10,595 |  |  | 11,758 |  |  | 785 |  |  | 4,269 |
Total | 12,731 |  |  | 13,894 |  |  | 3,306 |  |  | 6,790 |
Consumer loans |  |  |  |  |  |  |
Single family | 783 |  |  | 3,437 |  |  | 332 |  |  | 2,584 |
Home equity and other | — |  |  | 962 |  |  | 3 |  |  | 681 |
Total | 783 |  |  | 4,399 |  |  | 335 |  |  | 3,265 |
Total nonaccrual loans | $ | 33,986 |  |  | $ | 38,765 |  |  | $ | 3,641 |  |  | $ | 10,055 |
The following tables present an aging analysis of past due loans by loan portfolio segment and loan sub-class:
| At September 30, 2023 |
| 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 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 16,601 |  |  | $ | 16,601 |  |  | $ | 616,482 |  |  | $ | 633,083 |  |
Multifamily | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,957,209 |  |  | 3,957,209 |  |
Construction/land development |  |  |  |  |  |  |  |  |  |  |  |  |  |
Multifamily construction | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 142,002 |  |  | 142,002 |  |
CRE construction | — |  |  | — |  |  | — |  |  | 3,871 |  |  | 3,871 |  |  | 14,466 |  |  | 18,337 |  |
Single family construction | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 268,359 |  |  | 268,359 |  |
Single family construction to permanent | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 137,591 |  |  | 137,591 |  |
Total | — |  |  | — |  |  | — |  |  | 20,472 |  |  | 20,472 |  |  | 5,136,109 |  |  | 5,156,581 |  |
Commercial and industrial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner occupied CRE | — |  |  | — |  |  | — |  |  | 2,136 |  |  | 2,136 |  |  | 426,117 |  |  | 428,253 |  |
Commercial business | — |  |  | — |  |  | — |  |  | 11,758 |  |  | 11,758 |  |  | 373,390 |  |  | 385,148 |  |
Total | — |  |  | — |  |  | — |  |  | 13,894 |  |  | 13,894 |  |  | 799,507 |  |  | 813,401 |  |
Consumer loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single family | 3,562 |  |  | 1,476 |  |  | 3,337 |  | (2) | 3,437 |  |  | 11,812 |  |  | 1,087,832 |  |  | 1,099,644 |  |
Home equity and other | 519 |  |  | 137 |  |  | — |  |  | 962 |  |  | 1,618 |  |  | 369,257 |  |  | 370,875 |  |
Total | 4,081 |  |  | 1,613 |  |  | 3,337 |  |  | 4,399 |  |  | 13,430 |  |  | 1,457,089 |  |  | 1,470,519 |  | (3)
Total loans | $ | 4,081 |  |  | $ | 1,613 |  |  | $ | 3,337 |  |  | $ | 38,765 |  |  | $ | 47,796 |  |  | $ | 7,392,705 |  |  | $ | 7,440,501 |  |
% | 0.06 | % |  | 0.02 | % |  | 0.04 | % |  | 0.52 | % |  | 0.64 | % |  | 99.36 | % |  | 100.00 | % |
| 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 |  |  |
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 |  | (3) |
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 | % |  |
(1) Includes loans whose repayments are insured by the FHA or guaranteed by the VA or Small Business Administration ("SBA") of $10.2 million and $10.6 million at September 30, 2023 and December 31, 2022, 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 $1.2 million and $5.9 million of loans at September 30, 2023 and December 31, 2022, 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. Loan Modifications The Company provides modifications to borrowers experiencing financial difficulty ("MBFD"), which may include delays in payment of amounts due, extension of the terms of the notes or reduction in the interest rates on the notes. In certain instances, the Company may grant more than one type of modification. The granting of modifications in the quarters and nine months ended September 30, 2023 and 2022 did not have a material impact on the ACL. The following tables provide information related to loans modified during the quarters and nine months ended September 30, 2023 and 2022 to borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of concession granted:
| Significant Payment Delay
| Quarter Ended September 30, |  | Nine Months Ended September 30, |
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |  |  |  |  |  |
(in thousands, except percentages) | Amortized Cost Basis at Period End |  | % of Total Class of Financing Receivable |  | Amortized Cost Basis at Period End |  | % of Total Class of Financing Receivable |  | Amortized Cost Basis at Period End |  | % of Total Class of Financing Receivable |  | Amortized Cost Basis at Period End |  | % of Total Class of Financing Receivable |  |  |  |  |  |  |
Single family | $ | 847 |  |  | 0.08 | % |  | $ | 682 |  |  | 0.08 | % |  | $ | 847 |  |  | 0.08 | % |  | $ | 1,209 |  |  | 0.13 | % |  |  |  |  |  |  |
Home equity and other | — |  |  | — | % |  | — |  |  | — | % |  | — |  |  | — | % |  | 70 |  |  | 0.02 | % |  |  |  |  |  |  |
| Term Extension
| Quarter Ended September 30, |  | Nine Months Ended September 30, |
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |  |
(in thousands, except percentages) | Amortized Cost Basis at Period End |  | % of Total Class of Financing Receivable |  | Amortized Cost Basis at Period End |  | % of Total Class of Financing Receivable |  | Amortized Cost Basis at Period End |  | % of Total Class of Financing Receivable |  | Amortized Cost Basis at Period End |  | % of Total Class of Financing Receivable |  |  |
Commercial business | $ | 9,663 |  |  | 2.51 | % |  | — |  |  | — | % |  | $ | 10,396 |  |  | 2.70 | % |  | $ | 1,570 |  |  | 0.43 | % |  |  |
Single family | 273 |  |  | 0.02 | % |  | — |  |  | — | % |  | 273 |  |  | 0.02 | % |  | 270 |  |  | 0.03 | % |  |  |
| Interest Rate Reduction and Significant Payment Delay
| Quarter Ended September 30, |  | Nine Months Ended September 30, |  |  |
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |  |
(in thousands, except percentages) | Amortized Cost Basis at Period End |  | % of Total Class of Financing Receivable |  | Amortized Cost Basis at Period End |  | % of Total Class of Financing Receivable |  | Amortized Cost Basis at Period End |  | % of Total Class of Financing Receivable |  | Amortized Cost Basis at Period End |  | % of Total Class of Financing Receivable |  |  |
Commercial business | $ | — |  |  | — | % |  | $ | 477 |  |  | 0.13 | % |  | $ | — |  |  | — | % |  | $ | 477 |  |  | 0.13 | % |  |  |
| Interest Rate Reduction and Term Extension |  |  |  |  |  |  |  |  |  |
| Quarter Ended September 30, |  | Nine Months Ended September 30, |  |  |  |  |  |  |  |  |  |  |
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |  |  |  |  |  |  |  |  |  |  |  |
(in thousands, except percentages) | Amortized Cost Basis at Period End |  | % of Total Class of Financing Receivable |  | Amortized Cost Basis at Period End |  | % of Total Class of Financing Receivable |  | Amortized Cost Basis at Period End |  | % of Total Class of Financing Receivable |  | Amortized Cost Basis at Period End |  | % of Total Class of Financing Receivable |  |  |  |  |  |  |  |  |  |  |  |  |
Single family | $ | — |  |  | — | % |  | $ | — |  |  | — | % |  | $ | — |  |  | — | % |  | $ | 819 |  |  | 0.09 | % |  |  |  |  |  |  |  |  |  |  |  |  |
| Significant Payment Delay and Term Extension
| Quarter Ended September 30, |  | Nine Months Ended September 30, |
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |  |
(in thousands, except percentages) | Amortized Cost Basis at Period End |  | % of Total Class of Financing Receivable |  | Amortized Cost Basis at Period End |  | % of Total Class of Financing Receivable |  | Amortized Cost Basis at Period End |  | % of Total Class of Financing Receivable |  | Amortized Cost Basis at Period End |  | % of Total Class of Financing Receivable |  |  |
Non-owner occupied CRE | $ | 16,440 |  |  | 2.60 | % |  | $ | — |  |  | — | % |  | $ | 16,440 |  |  | 2.60 | % |  | $ | — |  |  | — | % |  |  |
Construction/land development | 3,871 |  |  | 0.68 | % |  | — |  |  | — | % |  | 3,871 |  |  | 0.68 | % |  | — |  |  | — | % |  |  |
Single family | 1,167 |  |  | 0.11 | % |  | 4,033 |  |  | 0.44 | % |  | 2,284 |  |  | 0.21 | % |  | 13,325 |  |  | 1.47 | % |  |  |
Home equity and other | — |  |  | — | % |  | — |  |  | — | % |  | — |  |  | — | % |  | 51 |  |  | 0.01 | % |  |  |
| Interest Rate Reduction, Significant Payment Delay and Term Extension
| Quarter Ended September 30, |  | Nine Months Ended September 30, |
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |  |
(in thousands, except percentages) | Amortized Cost Basis at Period End |  | % of Total Class of Financing Receivable |  | Amortized Cost Basis at Period End |  | % of Total Class of Financing Receivable |  | Amortized Cost Basis at Period End |  | % of Total Class of Financing Receivable |  | Amortized Cost Basis at Period End |  | % of Total Class of Financing Receivable |  |  |
Single family | $ | — |  |  | — | % |  | $ | 294 |  |  | 0.03 | % |  | $ | 192 |  |  | 0.02 | % |  | $ | 7,185 |  |  | 0.79 | % |  |  |
The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty:
| Interest Rate Reduction
| Quarter Ended September 30, |  | Nine Months Ended September 30, |  |
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |
Commercial business | — |  | Reduced weighted-average contractual interest rate from 5.72% to 4.00%. |  | — |  | Reduced weighted-average contractual interest rate from 5.72% to 4.00%. |  |
Single family | — |  | Reduced weighted-average contractual interest rate from 4.38% to 4.13%. |  | Reduced weighted-average contractual interest rate from 5.25% to 5.00%. |  | Reduced weighted-average contractual interest rate from 4.35% to 3.39%. |  |
| Significant Payment Delay
| Quarter Ended September 30, |  | Nine Months Ended September 30, |  |
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |
Non-owner occupied CRE | The weighted average duration of loan payments deferred is 1.6 years. |  | — |  | The weighted average duration of loan payments deferred is 1.6 years. |  | — |  |
Construction/land development | The weighted average duration of loan payments deferred is 2.1 years. |  | — |  | The weighted average duration of loan payments deferred is 2.1 years. |  | — |  |
Single Family | Provided payment deferrals to borrowers. A weighted average 1.08% of loan balances were capitalized and added to the remaining term of the loan. |  | Provided payment deferrals to borrowers. A weighted average 1.83% of loan balances were capitalized and added to the remaining term of the loan. |  | Provided payment deferrals to borrowers. A weighted average 0.48% of loan balances were capitalized and added to the remaining term of the loan. |  | 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 3.44% of loan balances were capitalized and added to the remaining term of the loan. |  |
| Term Extension
| Quarter Ended September 30, |  | Nine Months Ended September 30, |  |
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |
Non-owner occupied CRE | Added a weighted average 1.6 years to the life of loans, which reduced the monthly payment amounts to the borrowers. |  | — |  | Added a weighted average 1.6 years to the life of loans, which reduced the monthly payment amounts to the borrowers. |  | — |  |
Construction/land development | Added a weighted average 2.1 years to the life of loans, which reduced the monthly payment amounts to the borrowers. |  | — |  | Added a weighted average 2.1 years to the life of loans, which reduced the monthly payment amounts to the borrowers. |  | — |  |
Commercial business | Added a weighted average 1.1 years to the life of loans, which reduced the monthly payment amounts to the borrowers. |  | — |  | Added a weighted average 1.2 years to the life of loans, which reduced the monthly payment amounts to the borrowers. |  | Added a weighted average 0.8 years to the life of loans, which reduced the monthly payment amounts to the borrowers. |  |
Single family | Added a weighted average 3.4 years to the life of loans, which reduced the monthly payment amounts to the borrowers. |  | Added a weighted average 3.6 years to the life of loans, which reduced the monthly payment amounts to the borrowers. |  | Added a weighted average 4.6 years to the life of loans, which reduced the monthly payment amounts to the borrowers. |  | 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 classified as MBFDs on or after July 1, 2022 through June 30, 2023:
| Payment Status (Amortized Cost Basis) at September 30, 2023
(in thousands) | Current |  | 30-89 Days Past Due |  | 90+ Days Past Due
Non-owner occupied CRE | $ | 16,440 |  |  | $ | — |  |  | $ | — |
Construction/land development | 3,871 |  |  | — |  |  | — |
Commercial business | 14,335 |  |  | — |  |  | — |
Single family | 8,090 |  |  | 700 |  |  | 518 |
Total | $ | 42,736 |  |  | $ | 700 |  |  | $ | 518 |
The following tables provide the amortized cost basis as of September 30, 2023 of MBFDs on or after July 1, 2022 through June 30, 2023 and subsequently had a payment default:
| Amortized Cost Basis of Modified Loans That Subsequently Defaulted
| Quarter Ended September 30, 2023
(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
Commercial business | $ | — |  |  | $ | 2,990 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Single family | 235 |  |  | — |  |  | — |  |  | 634 |  |  | 70 |
| Amortized Cost Basis of Modified Loans That Subsequently Defaulted
| Nine Months Ended September 30, 2023
(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
Commercial business | $ | — |  |  | $ | 2,990 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Single family | 235 |  |  | — |  |  | — |  |  | 2,879 |  |  | 1,162 |
The following tables presents loans that were modified from January 1, 2022 through June 30, 2022 and subsequently had a payment default.
|  | Amortized Cost Basis of Modified Loans That Subsequently Defaulted
|  | Quarter Ended September 30, 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 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 553 |
|  | Amortized Cost Basis of Modified Loans That Subsequently Defaulted
|  | Nine Months Ended September 30, 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 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 172 |  |  | $ | 1,555 |

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