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LOANS AND ALLOWANCE FOR CREDIT LOSSES | 9 Months Ended
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Sep. 30, 2021
Receivables [Abstract] |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | LOANS AND ALLOWANCE FOR CREDIT LOSSES The following table presents the balances in our loan portfolio as of the dates indicated:
($ in thousands) |  |  |  |  |  | September 30, 2021 |  | December 31, 2020
Commercial: |  |  |  |  |  |  |  |
Commercial and industrial(1) |  |  |  |  |  | $ | 2,296,626 |  |  | $ | 2,088,308 |
Commercial real estate |  |  |  |  |  | 907,224 |  |  | 807,195 |
Multifamily |  |  |  |  |  | 1,295,613 |  |  | 1,289,820 |
SBA(2) |  |  |  |  |  | 181,582 |  |  | 273,444 |
Construction |  |  |  |  |  | 130,536 |  |  | 176,016 |
Consumer: |  |  |  |  |  |  |  |
Single family residential mortgage |  |  |  |  |  | 1,393,696 |  |  | 1,230,236 |
Other consumer |  |  |  |  |  | 23,298 |  |  | 33,386 |
Total loans(3) |  |  |  |  |  | $ | 6,228,575 |  |  | $ | 5,898,405 |
Allowance for loan losses |  |  |  |  |  | (73,524) |  |  | (81,030) |
Loans receivable, net |  |  |  |  |  | $ | 6,155,051 |  |  | $ | 5,817,375 |
(1)Includes warehouse lending balances of $1.52 billion and $1.34 billion at September 30, 2021 and December 31, 2020. (2)Includes 566 PPP loans totaling $116.5 million, net of unamortized loan fees totaling $2.0 million at September 30, 2021 and 949 PPP loans totaling $210.0 million, net of unamortized loan fees totaling $1.6 million at December 31, 2020. (3)Includes net deferred loan origination costs (fees) and premiums (discounts) of $12.5 million and $6.2 million at September 30, 2021 and December 31, 2020. Credit Quality Indicators We categorize loans into risk categories based on relevant information about the ability of borrowers to repay their debt such as current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. We perform a historical loss analysis that is combined with a comprehensive loan to value analysis to analyze the associated risks in the current loan portfolio. We analyze loans individually and grade each loan for credit risk. This analysis includes all loans delinquent over 60 days and non-homogeneous loans such as commercial and commercial real estate loans. We use the following definitions for credit risk ratings: Pass: Loans risk rated as pass are in compliance in all respects with the Bank’s credit policy and regulatory requirements, and do not exhibit any potential or defined weakness as defined under “Special Mention”, “Substandard” or “Doubtful.” Special Mention: Loans risk rated as special mention have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loans or of our credit position at some future date. Substandard: Loans risk rated as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so risk rated have well-defined weaknesses or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. Doubtful: Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The following table presents the risk categories for total loans by class of loans and origination year as of September 30, 2021:
|  | Term Loans Amortized Cost Basis by Origination Year |  |  |  |  |  |
($ in thousands) |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | Prior |  | Revolving Loans Amortized Cost Basis |  | Revolving Loans Amortized Cost Basis Converted to Term |  | Total
September 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 146,752 |  |  | $ | 70,137 |  |  | $ | 64,881 |  |  | $ | 61,184 |  |  | $ | 45,261 |  |  | $ | 99,395 |  |  | $ | 1,712,167 |  |  | $ | 10,548 |  |  | $ | 2,210,325 |
Special mention |  | — |  |  | 3,242 |  |  | 13,803 |  |  | 3,617 |  |  | 11,976 |  |  | 8,690 |  |  | 14,498 |  |  | 7,135 |  |  | 62,961 |
Substandard |  | — |  |  | — |  |  | 3,076 |  |  | 4,969 |  |  | — |  |  | 9,641 |  |  | 3,194 |  |  | 2,460 |  |  | 23,340 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial and industrial |  | 146,752 |  |  | 73,379 |  |  | 81,760 |  |  | 69,770 |  |  | 57,237 |  |  | 117,726 |  |  | 1,729,859 |  |  | 20,143 |  |  | 2,296,626 |
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 255,677 |  |  | 57,232 |  |  | 132,886 |  |  | 161,355 |  |  | 54,060 |  |  | 213,050 |  |  | 2,108 |  |  | 73 |  |  | 876,441 |
Special mention |  | — |  |  | — |  |  | — |  |  | 1,934 |  |  | — |  |  | 10,999 |  |  | 3,762 |  |  | — |  |  | 16,695 |
Substandard |  | — |  |  | — |  |  | 508 |  |  | — |  |  | — |  |  | 13,580 |  |  | — |  |  | — |  |  | 14,088 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial real estate |  | 255,677 |  |  | 57,232 |  |  | 133,394 |  |  | 163,289 |  |  | 54,060 |  |  | 237,629 |  |  | 5,870 |  |  | 73 |  |  | 907,224 |
Multifamily |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 280,570 |  |  | 209,591 |  |  | 295,012 |  |  | 218,476 |  |  | 78,659 |  |  | 148,610 |  |  | 107 |  |  | — |  |  | 1,231,025 |
Special mention |  | — |  |  | 2,004 |  |  | 15,397 |  |  | 11,308 |  |  | — |  |  | 33,949 |  |  | — |  |  | — |  |  | 62,658 |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,930 |  |  | — |  |  | — |  |  | 1,930 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Multifamily |  | 280,570 |  |  | 211,595 |  |  | 310,409 |  |  | 229,784 |  |  | 78,659 |  |  | 184,489 |  |  | 107 |  |  | — |  |  | 1,295,613 |
SBA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 101,405 |  |  | 30,143 |  |  | 7,555 |  |  | 249 |  |  | 3,508 |  |  | 19,750 |  |  | 358 |  |  | 303 |  |  | 163,271 |
Special mention |  | — |  |  | — |  |  | 1,731 |  |  | 900 |  |  | — |  |  | 1,181 |  |  | 255 |  |  | 4 |  |  | 4,071 |
Substandard |  | — |  |  | — |  |  | — |  |  | 390 |  |  | 3,631 |  |  | 7,017 |  |  | 247 |  |  | 918 |  |  | 12,203 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,777 |  |  | — |  |  | 260 |  |  | 2,037 |
SBA |  | 101,405 |  |  | 30,143 |  |  | 9,286 |  |  | 1,539 |  |  | 7,139 |  |  | 29,725 |  |  | 860 |  |  | 1,485 |  |  | 181,582 |
Construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 24,867 |  |  | 30,494 |  |  | 19,184 |  |  | 16,694 |  |  | 29,622 |  |  | — |  |  | — |  |  | — |  |  | 120,861 |
Special mention |  | — |  |  | — |  |  | — |  |  | 1,537 |  |  | — |  |  | 8,138 |  |  | — |  |  | — |  |  | 9,675 |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Construction |  | 24,867 |  |  | 30,494 |  |  | 19,184 |  |  | 18,231 |  |  | 29,622 |  |  | 8,138 |  |  | — |  |  | — |  |  | 130,536 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single family residential mortgage |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 550,466 |  |  | 125,669 |  |  | 79,395 |  |  | 162,821 |  |  | 103,351 |  |  | 328,357 |  |  | 12,557 |  |  | — |  |  | 1,362,616 |
Special mention |  | — |  |  | — |  |  | — |  |  | 1,255 |  |  | 696 |  |  | 6,831 |  |  | — |  |  | — |  |  | 8,782 |
Substandard |  | — |  |  | — |  |  | — |  |  | 6,403 |  |  | 1,707 |  |  | 13,949 |  |  | 239 |  |  | — |  |  | 22,298 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Single family residential mortgage |  | 550,466 |  |  | 125,669 |  |  | 79,395 |  |  | 170,479 |  |  | 105,754 |  |  | 349,137 |  |  | 12,796 |  |  | — |  |  | 1,393,696 |
Other consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 1,110 |  |  | — |  |  | — |  |  | 8 |  |  | — |  |  | 1,753 |  |  | 18,022 |  |  | 2,221 |  |  | 23,114 |
Special mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 27 |  |  | 60 |  |  | — |  |  | 87 |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 97 |  |  | — |  |  | 97 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other consumer |  | 1,110 |  |  | — |  |  | — |  |  | 8 |  |  | — |  |  | 1,780 |  |  | 18,179 |  |  | 2,221 |  |  | 23,298 |
Total loans |  | $ | 1,360,847 |  |  | $ | 528,512 |  |  | $ | 633,428 |  |  | $ | 653,100 |  |  | $ | 332,471 |  |  | $ | 928,624 |  |  | $ | 1,767,671 |  |  | $ | 23,922 |  |  | $ | 6,228,575 |
Total loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 1,360,847 |  |  | $ | 523,266 |  |  | $ | 598,913 |  |  | $ | 620,787 |  |  | $ | 314,461 |  |  | $ | 810,915 |  |  | $ | 1,745,319 |  |  | $ | 13,145 |  |  | $ | 5,987,653 |
Special mention |  | — |  |  | 5,246 |  |  | 30,931 |  |  | 20,551 |  |  | 12,672 |  |  | 69,815 |  |  | 18,575 |  |  | 7,139 |  |  | 164,929 |
Substandard |  | — |  |  | — |  |  | 3,584 |  |  | 11,762 |  |  | 5,338 |  |  | 46,117 |  |  | 3,777 |  |  | 3,378 |  |  | 73,956 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,777 |  |  | — |  |  | 260 |  |  | 2,037 |
Total loans |  | $ | 1,360,847 |  |  | $ | 528,512 |  |  | $ | 633,428 |  |  | $ | 653,100 |  |  | $ | 332,471 |  |  | $ | 928,624 |  |  | $ | 1,767,671 |  |  | $ | 23,922 |  |  | $ | 6,228,575 |
The following table presents the risk categories for total loans by class of loans and origination year as of December 31, 2020:
|  | Term Loans Amortized Cost Basis by Origination Year |  |  |  |  |  |
($ in thousands) |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016 |  | Prior |  | Revolving Loans Amortized Cost Basis |  | Revolving Loans Amortized Cost Basis Converted to Term |  | Total
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 99,015 |  |  | $ | 78,783 |  |  | $ | 70,248 |  |  | $ | 52,786 |  |  | $ | 44,536 |  |  | $ | 92,129 |  |  | $ | 1,572,259 |  |  | $ | 9,945 |  |  | $ | 2,019,701 |
Special mention |  | — |  |  | 928 |  |  | 2,748 |  |  | 7,986 |  |  | 1,574 |  |  | 2,271 |  |  | 1,500 |  |  | 225 |  |  | 17,232 |
Substandard |  | — |  |  | 13,937 |  |  | 6,262 |  |  | 4,618 |  |  | — |  |  | 9,264 |  |  | 12,598 |  |  | 4,696 |  |  | 51,375 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial and industrial |  | 99,015 |  |  | 93,648 |  |  | 79,258 |  |  | 65,390 |  |  | 46,110 |  |  | 103,664 |  |  | 1,586,357 |  |  | 14,866 |  |  | 2,088,308 |
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 75,432 |  |  | 150,731 |  |  | 192,831 |  |  | 63,144 |  |  | 91,454 |  |  | 182,756 |  |  | 2,682 |  |  | 1,582 |  |  | 760,612 |
Special mention |  | — |  |  | — |  |  | 9,452 |  |  | — |  |  | 2,518 |  |  | 14,754 |  |  | 3,761 |  |  | — |  |  | 30,485 |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 16,098 |  |  | — |  |  | — |  |  | 16,098 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial real estate |  | 75,432 |  |  | 150,731 |  |  | 202,283 |  |  | 63,144 |  |  | 93,972 |  |  | 213,608 |  |  | 6,443 |  |  | 1,582 |  |  | 807,195 |
Multifamily |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 239,449 |  |  | 407,532 |  |  | 275,881 |  |  | 110,105 |  |  | 97,160 |  |  | 154,841 |  |  | 27 |  |  | — |  |  | 1,284,995 |
Special mention |  | — |  |  | 2,050 |  |  | — |  |  | — |  |  | — |  |  | 803 |  |  | — |  |  | — |  |  | 2,853 |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,972 |  |  | — |  |  | — |  |  | 1,972 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Multifamily |  | 239,449 |  |  | 409,582 |  |  | 275,881 |  |  | 110,105 |  |  | 97,160 |  |  | 157,616 |  |  | 27 |  |  | — |  |  | 1,289,820 |
SBA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 211,962 |  |  | 14,082 |  |  | 1,260 |  |  | 3,746 |  |  | 11,087 |  |  | 18,589 |  |  | 3,111 |  |  | 1,014 |  |  | 264,851 |
Special mention |  | — |  |  | 1,768 |  |  | — |  |  | 212 |  |  | 415 |  |  | 874 |  |  | — |  |  | 6 |  |  | 3,275 |
Substandard |  | — |  |  | — |  |  | — |  |  | 1,319 |  |  | 682 |  |  | 1,855 |  |  | 226 |  |  | 755 |  |  | 4,837 |
Doubtful |  | — |  |  | — |  |  | 390 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 91 |  |  | 481 |
SBA |  | 211,962 |  |  | 15,850 |  |  | 1,650 |  |  | 5,277 |  |  | 12,184 |  |  | 21,318 |  |  | 3,337 |  |  | 1,866 |  |  | 273,444 |
Construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 41,677 |  |  | 30,387 |  |  | 45,397 |  |  | 50,024 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 167,485 |
Special mention |  | — |  |  | — |  |  | 1,537 |  |  | — |  |  | 6,994 |  |  | — |  |  | — |  |  | — |  |  | 8,531 |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Construction |  | 41,677 |  |  | 30,387 |  |  | 46,934 |  |  | 50,024 |  |  | 6,994 |  |  | — |  |  | — |  |  | — |  |  | 176,016 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single family residential mortgage |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 149,382 |  |  | 140,129 |  |  | 271,667 |  |  | 161,332 |  |  | 237,285 |  |  | 227,711 |  |  | 15,252 |  |  | — |  |  | 1,202,758 |
Special mention |  | — |  |  | — |  |  | 1,837 |  |  | 688 |  |  | 4,868 |  |  | 4,460 |  |  | — |  |  | — |  |  | 11,853 |
Substandard |  | — |  |  | 157 |  |  | 491 |  |  | 1,079 |  |  | 4,978 |  |  | 8,920 |  |  | — |  |  | — |  |  | 15,625 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Single family residential mortgage |  | 149,382 |  |  | 140,286 |  |  | 273,995 |  |  | 163,099 |  |  | 247,131 |  |  | 241,091 |  |  | 15,252 |  |  | — |  |  | 1,230,236 |
Other consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 38 |  |  | — |  |  | 47 |  |  | — |  |  | — |  |  | 1,876 |  |  | 27,644 |  |  | 2,218 |  |  | 31,823 |
Special mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 30 |  |  | 1,185 |  |  | — |  |  | 1,215 |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 274 |  |  | 74 |  |  | 348 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other consumer |  | 38 |  |  | — |  |  | 47 |  |  | — |  |  | — |  |  | 1,906 |  |  | 29,103 |  |  | 2,292 |  |  | 33,386 |
Total loans |  | $ | 816,955 |  |  | $ | 840,484 |  |  | $ | 880,048 |  |  | $ | 457,039 |  |  | $ | 503,551 |  |  | $ | 739,203 |  |  | $ | 1,640,519 |  |  | $ | 20,606 |  |  | $ | 5,898,405 |
Total loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 816,955 |  |  | $ | 821,644 |  |  | $ | 857,331 |  |  | $ | 441,137 |  |  | $ | 481,522 |  |  | $ | 677,902 |  |  | $ | 1,620,975 |  |  | $ | 14,759 |  |  | $ | 5,732,225 |
Special mention |  | — |  |  | 4,746 |  |  | 15,574 |  |  | 8,886 |  |  | 16,369 |  |  | 23,192 |  |  | 6,446 |  |  | 231 |  |  | 75,444 |
Substandard |  | — |  |  | 14,094 |  |  | 6,753 |  |  | 7,016 |  |  | 5,660 |  |  | 38,109 |  |  | 13,098 |  |  | 5,525 |  |  | 90,255 |
Doubtful |  | — |  |  | — |  |  | 390 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 91 |  |  | 481 |
Total loans |  | $ | 816,955 |  |  | $ | 840,484 |  |  | $ | 880,048 |  |  | $ | 457,039 |  |  | $ | 503,551 |  |  | $ | 739,203 |  |  | $ | 1,640,519 |  |  | $ | 20,606 |  |  | $ | 5,898,405 |
Past Due Loans The following table presents the aging of the recorded investment in past due loans, excluding accrued interest receivable (which is not considered to be material), by class of loans as of the dates indicated:
($ in thousands) |  | 30 - 59 Days Past Due |  | 60 - 89 Days Past Due |  | Greater than 89 Days Past due |  | Total Past Due |  | Current |  | Total
September 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |
Non-Traditional Mortgage (NTM) loans: |  |  |  |  |  |  |  |  |  |  |  |
Single family residential mortgage |  | $ | 7,098 |  |  | $ | — |  |  | $ | 2,407 |  |  | $ | 9,505 |  |  | $ | 560,276 |  |  | $ | 569,781 |
Other consumer |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,597 |  |  | 1,597 |
Total NTM loans |  | 7,098 |  |  | — |  |  | 2,407 |  |  | 9,505 |  |  | 561,873 |  |  | 571,378 |
Traditional loans: |  |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | 3,624 |  |  | 3,796 |  |  | 2,876 |  |  | 10,296 |  |  | 2,286,330 |  |  | 2,296,626 |
Commercial real estate |  | — |  |  | — |  |  | — |  |  | — |  |  | 907,224 |  |  | 907,224 |
Multifamily |  | 791 |  |  | — |  |  | — |  |  | 791 |  |  | 1,294,822 |  |  | 1,295,613 |
SBA |  | 2,545 |  |  | — |  |  | 12,385 |  |  | 14,930 |  |  | 166,652 |  |  | 181,582 |
Construction |  | — |  |  | — |  |  | — |  |  | — |  |  | 130,536 |  |  | 130,536 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |
Single family residential mortgage |  | 4,274 |  |  | 1,016 |  |  | 4,311 |  |  | 9,601 |  |  | 814,314 |  |  | 823,915 |
Other consumer |  | — |  |  | — |  |  | — |  |  | — |  |  | 21,701 |  |  | 21,701 |
Total traditional loans |  | 11,234 |  |  | 4,812 |  |  | 19,572 |  |  | 35,618 |  |  | 5,621,579 |  |  | 5,657,197 |
Total |  | $ | 18,332 |  |  | $ | 4,812 |  |  | $ | 21,979 |  |  | $ | 45,123 |  |  | $ | 6,183,452 |  |  | $ | 6,228,575 |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |
NTM loans: |  |  |  |  |  |  |  |  |  |  |  |
Single family residential mortgage |  | $ | 4,200 |  |  | $ | 641 |  |  | $ | 6,548 |  |  | $ | 11,389 |  |  | $ | 424,126 |  |  | $ | 435,515 |
Other consumer |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,598 |  |  | 1,598 |
Total NTM loans |  | 4,200 |  |  | 641 |  |  | 6,548 |  |  | 11,389 |  |  | 425,724 |  |  | 437,113 |
Traditional loans: |  |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | 67 |  |  | — |  |  | 4,284 |  |  | 4,351 |  |  | 2,083,957 |  |  | 2,088,308 |
Commercial real estate |  | — |  |  | — |  |  | — |  |  | — |  |  | 807,195 |  |  | 807,195 |
Multifamily |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,289,820 |  |  | 1,289,820 |
SBA |  | 354 |  |  | 626 |  |  | 3,062 |  |  | 4,042 |  |  | 269,402 |  |  | 273,444 |
Construction |  | — |  |  | — |  |  | — |  |  | — |  |  | 176,016 |  |  | 176,016 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |
Single family residential mortgage |  | 6,836 |  |  | 980 |  |  | 3,742 |  |  | 11,558 |  |  | 783,163 |  |  | 794,721 |
Other consumer |  | 216 |  |  | 61 |  |  | — |  |  | 277 |  |  | 31,511 |  |  | 31,788 |
Total traditional loans |  | 7,473 |  |  | 1,667 |  |  | 11,088 |  |  | 20,228 |  |  | 5,441,064 |  |  | 5,461,292 |
Total |  | $ | 11,673 |  |  | $ | 2,308 |  |  | $ | 17,636 |  |  | $ | 31,617 |  |  | $ | 5,866,788 |  |  | $ | 5,898,405 |
In accordance with regulatory guidance, borrowers that are on forbearance or deferment, that were current prior to becoming affected by the global pandemic should not be reported as past due. Nonaccrual Loans The following table presents nonaccrual loans as of the dates indicated:
| September 30, 2021 |  | December 31, 2020
($ in thousands) | NTM Loans |  | Traditional Loans |  | Total Nonaccrual Loans |  | Nonaccrual Loans with no ACL |  | NTM Loans |  | Traditional Loans |  | Total Nonaccrual Loans |  | Nonaccrual Loans with no ACL
Nonaccrual loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial | $ | — |  |  | $ | 11,834 |  |  | $ | 11,834 |  |  | $ | 11,834 |  |  | $ | — |  |  | $ | 13,821 |  |  | $ | 13,821 |  |  | $ | 13,088 |
Commercial real estate | — |  |  | 4,419 |  |  | 4,419 |  |  | 4,419 |  |  | — |  |  | 4,654 |  |  | 4,654 |  |  | 4,654 |
SBA | — |  |  | 12,824 |  |  | 12,824 |  |  | 5,204 |  |  | — |  |  | 3,749 |  |  | 3,749 |  |  | 648 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single family residential mortgage | 6,644 |  |  | 9,900 |  |  | 16,544 |  |  | 14,015 |  |  | 8,697 |  |  | 4,822 |  |  | 13,519 |  |  | 13,519 |
Other consumer | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 157 |  |  | 157 |  |  | 157 |
Total nonaccrual loans | $ | 6,644 |  |  | $ | 38,977 |  |  | $ | 45,621 |  |  | $ | 35,472 |  |  | $ | 8,697 |  |  | $ | 27,203 |  |  | $ | 35,900 |  |  | $ | 32,066 |
At September 30, 2021 and December 31, 2020, there were zero and $728 thousand of loans that were past due 90 days or more and still accruing. The non-traditional mortgage (“NTM”) loans on nonaccrual status included $3.3 million of Green Loans and $3.3 million of Interest Only loans at September 30, 2021 compared to $4.0 million of Green Loans and $4.7 million of Interest Only loans at December 31, 2020. Other Real Estate Owned, Net and Loans in Process of Foreclosure At September 30, 2021 and December 31, 2020, there was no other real estate owned. During the three and nine months ended September 30, 2021, other real estate owned, consisting of one SFR property totaling $3.3 million, was sold at a gain of $365 thousand. During the three and nine months ended September 30, 2020, other real estate owned, consisting of one SFR property totaling $1.1 million, was sold at a loss of $38 thousand. At September 30, 2021 and December 31, 2020, there was one and zero consumer mortgage loans secured by residential real estate properties totaling $2.5 million and zero for which formal foreclosure proceedings were in process according to local requirements of the applicable jurisdiction. Allowance for Credit Losses The ACL methodology uses a nationally recognized, third-party model that includes many assumptions based on historical and peer loss data, current loan portfolio risk profile including risk ratings, and economic forecasts including macroeconomic variables (MEVs) released by our model provider during September 2021. The September 2021 forecasts reflect a more favorable view of the economy (i.e. higher GDP growth rates and lower unemployment rates) compared to the June 2021 forecasts. While the current forecasts generally reflect an improving economy with the availability of the vaccine and other factors, there continues to be uncertainty regarding the impact of inflation (lasting or transitory), COVID-19 variants, further government stimulus, supply chain issues, and the ultimate pace of the recovery. Accordingly, our economic assumptions, the resulting ACL level and provision reversal consider both the positive assumptions and potential uncertainties. The ACL also incorporated qualitative factors to account for certain loan portfolio characteristics that are not taken into consideration by the third-party model including underlying strengths and weaknesses in various segments of the loan portfolio. As is the case with all estimates, the ACL is expected to be impacted in future periods by economic volatility, changing economic forecasts, underlying model assumptions, and asset quality metrics, all of which may be better than or worse than current estimates. The ACL process involves subjective and complex judgments as well as adjustments for numerous factors including those described in the federal banking agencies' joint interagency policy statement on ALL, which include underwriting experience and collateral value changes, among others. We have established credit risk management processes that include regular management review of the loan portfolio to identify problem loans. During the ordinary course of business, management may become aware of borrowers who may not be able to fulfill their contractual payment requirements within the loan agreements. Such loans are subject to increased monitoring. Consideration is given to placing these loans on nonaccrual status, assessing the need for additional allowance for loan loss, and partially or fully charging off the principal balance. We maintain the allowance for loan losses at a level that is considered adequate to cover the current expected credit losses in the loan portfolio. The reserve for unfunded loan commitments is established to cover the current expected credit losses for the estimated level of funding of these loan commitments, except for unconditionally cancellable commitments for which no reserve is required under ASC 326. At September 30, 2021 and December 31, 2020, the reserve for unfunded loan commitments was $5.2 million and $3.2 million, respectively, and was included in accrued expenses and other liabilities on the consolidated statements of financial condition. The credit risk monitoring system is designed to identify impaired and potential problem loans, perform periodic evaluation of impairment, and determine the adequacy of the allowance for credit losses in a timely manner. In addition, management has adopted a credit policy that includes a credit review and control system that it believes should be effective in ensuring that we maintain an adequate allowance for credit losses. Further, the Board of Directors provides oversight and guidance for management’s allowance evaluation process. The following table presents a summary of activity in the ACL for the periods indicated:
|  | Three Months Ended September 30, |  |
($ in thousands) |  | 2021 |  | 2020 |  |  |  |
|  | Allowance for Loan Losses |  | Reserve for Unfunded Loan Commitments |  | Allowance for Credit Losses |  | Allowance for Loan Losses |  | Reserve for Unfunded Loan Commitments |  | Allowance for Credit Losses |  |  |  |
Balance at beginning of period |  | $ | 75,885 |  |  | $ | 3,814 |  |  | $ | 79,699 |  |  | $ | 90,370 |  |  | $ | 4,195 |  |  | $ | 94,565 |  |  |  |  |
Loans charged off |  | (327) |  |  | — |  |  | (327) |  |  | (1,821) |  |  | — |  |  | (1,821) |  |  |  |  |
Recoveries of loans previously charged off |  | 532 |  |  | — |  |  | 532 |  |  | 248 |  |  | — |  |  | 248 |  |  |  |  |
Net recoveries (charge-offs) |  | 205 |  |  | — |  |  | 205 |  |  | (1,573) |  |  | — |  |  | (1,573) |  |  |  |  |
(Reversal of) provision for credit losses |  | (2,566) |  |  | 1,419 |  |  | (1,147) |  |  | 2,130 |  |  | (989) |  |  | 1,141 |  |  |  |  |
Balance at end of period |  | $ | 73,524 |  |  | $ | 5,233 |  |  | $ | 78,757 |  |  | $ | 90,927 |  |  | $ | 3,206 |  |  | $ | 94,133 |  |  |  |  |
|  | Nine Months Ended September 30, |  |
($ in thousands) |  | 2021 |  | 2020 |  |  |  |
|  | Allowance for Loan Losses |  | Reserve for Unfunded Loan Commitments |  | Allowance for Credit Losses |  | Allowance for Loan Losses |  | Reserve for Unfunded Loan Commitments |  | Allowance for Credit Losses |  |  |  |
Balance at beginning of period |  | $ | 81,030 |  |  | $ | 3,183 |  |  | $ | 84,213 |  |  | $ | 57,649 |  |  | $ | 4,064 |  |  | $ | 61,713 |  |  |  |  |
Impact of adopting ASU 2016-13 |  | — |  |  | — |  |  | — |  |  | 7,609 |  |  | (1,226) |  |  | 6,383 |  |  |  |  |
Loans charged off |  | (1,778) |  |  | — |  |  | (1,778) |  |  | (3,897) |  |  | — |  |  | (3,897) |  |  |  |  |
Recoveries of loans previously charged off |  | 730 |  |  | — |  |  | 730 |  |  | 1,206 |  |  | — |  |  | 1,206 |  |  |  |  |
Net charge-offs |  | (1,048) |  |  | — |  |  | (1,048) |  |  | (2,691) |  |  | — |  |  | (2,691) |  |  |  |  |
(Reversal of) provision for credit losses |  | (6,458) |  |  | 2,050 |  |  | (4,408) |  |  | 28,360 |  |  | 368 |  |  | 28,728 |  |  |  |  |
Balance at end of period |  | $ | 73,524 |  |  | $ | 5,233 |  |  | $ | 78,757 |  |  | $ | 90,927 |  |  | $ | 3,206 |  |  | $ | 94,133 |  |  |  |  |
Accrued interest receivable on loans receivable, net totaled $23.8 million and $24.7 million at September 30, 2021 and December 31, 2020, and is included within other assets in the accompanying consolidated statements of financial condition. Accrued interest receivable is excluded from the estimate of expected credit losses. The following table presents the activity and balance in the ALL and the recorded investment, excluding accrued interest, in loans as of or for the three and nine months ended September 30, 2021:
($ in thousands) |  | Commercial and Industrial |  | Commercial Real Estate |  | Multifamily |  | SBA |  | Construction |  |  |  | Single Family Residential Mortgage |  | Other Consumer |  |  |  | Total
ALL: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Three Months Ended September 30, 2021: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at June 30, 2021 |  | $ | 20,156 |  |  | $ | 16,424 |  |  | $ | 21,403 |  |  | $ | 3,696 |  |  | $ | 4,734 |  |  |  |  | $ | 9,108 |  |  | $ | 364 |  |  |  |  | $ | 75,885 |
Charge-offs |  | (115) |  |  | (138) |  |  | — |  |  | (74) |  |  | — |  |  |  |  | — |  |  | — |  |  |  |  | (327) |
Recoveries |  | 484 |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  |  |  | 46 |  |  | 1 |  |  |  |  | 532 |
Net recoveries (charge-offs) |  | 369 |  |  | (138) |  |  | — |  |  | (73) |  |  | — |  |  |  |  | 46 |  |  | 1 |  |  |  |  | 205 |
(Reversal of) provision for credit losses - loans |  | (270) |  |  | (269) |  |  | (2,678) |  |  | 1,112 |  |  | (616) |  |  |  |  | 150 |  |  | 5 |  |  |  |  | (2,566) |
Balance at September 30, 2021 |  | $ | 20,255 |  |  | $ | 16,017 |  |  | $ | 18,725 |  |  | $ | 4,735 |  |  | $ | 4,118 |  |  |  |  | $ | 9,304 |  |  | $ | 370 |  |  |  |  | $ | 73,524 |
Nine Months Ended September 30, 2021: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2020 |  | $ | 20,608 |  |  | $ | 19,074 |  |  | $ | 22,512 |  |  | $ | 3,145 |  |  | $ | 5,849 |  |  |  |  | $ | 9,191 |  |  | $ | 651 |  |  |  |  | $ | 81,030 |
Charge-offs |  | (1,180) |  |  | (138) |  |  | — |  |  | (460) |  |  | — |  |  |  |  | — |  |  | — |  |  |  |  | (1,778) |
Recoveries |  | 553 |  |  | — |  |  | — |  |  | 130 |  |  | — |  |  |  |  | 46 |  |  | 1 |  |  |  |  | 730 |
Net (charge-offs) recoveries |  | (627) |  |  | (138) |  |  | — |  |  | (330) |  |  | — |  |  |  |  | 46 |  |  | 1 |  |  |  |  | (1,048) |
Provision for (reversal of) credit losses - loans |  | 274 |  |  | (2,919) |  |  | (3,787) |  |  | 1,920 |  |  | (1,731) |  |  |  |  | 67 |  |  | (282) |  |  |  |  | (6,458) |
Balance at September 30, 2021 |  | $ | 20,255 |  |  | $ | 16,017 |  |  | $ | 18,725 |  |  | $ | 4,735 |  |  | $ | 4,118 |  |  |  |  | $ | 9,304 |  |  | $ | 370 |  |  |  |  | $ | 73,524 |
The following table presents the activity and balance in the ALL and the recorded investment, excluding accrued interest, in loans as of or for the three and nine months ended September 30, 2020:
($ in thousands) |  | Commercial and Industrial |  | Commercial Real Estate |  | Multifamily |  | SBA |  | Construction |  |  |  | Single Family Residential Mortgage |  | Other Consumer |  |  |  | Total
ALL: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Three Months Ended September 30, 2020: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at June 30, 2020 |  | $ | 26,618 |  |  | $ | 17,372 |  |  | $ | 25,105 |  |  | $ | 4,184 |  |  | $ | 6,675 |  |  |  |  | $ | 9,665 |  |  | $ | 751 |  |  |  |  | $ | 90,370 |
Charge-offs |  | (1,597) |  |  | — |  |  | — |  |  | (224) |  |  | — |  |  |  |  | — |  |  | — |  |  |  |  | (1,821) |
Recoveries |  | 116 |  |  | — |  |  | — |  |  | 132 |  |  | — |  |  |  |  | — |  |  | — |  |  |  |  | 248 |
Net charge-offs |  | (1,481) |  |  | — |  |  | — |  |  | (92) |  |  | — |  |  |  |  | — |  |  | — |  |  |  |  | (1,573) |
Provision for (reversal of) credit losses - loans |  | 1,454 |  |  | 2,001 |  |  | 454 |  |  | (535) |  |  | (470) |  |  |  |  | (689) |  |  | (85) |  |  |  |  | 2,130 |
Balance at September 30, 2020 |  | $ | 26,591 |  |  | $ | 19,373 |  |  | $ | 25,559 |  |  | $ | 3,557 |  |  | $ | 6,205 |  |  |  |  | $ | 8,976 |  |  | $ | 666 |  |  |  |  | $ | 90,927 |
Nine Months Ended September 30, 2020: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2019 |  | $ | 22,353 |  |  | $ | 5,941 |  |  | $ | 11,405 |  |  | $ | 3,120 |  |  | $ | 3,906 |  |  |  |  | $ | 10,486 |  |  | $ | 438 |  |  |  |  | $ | 57,649 |
Adoption of ASU No. 2016-13 |  | 662 |  |  | 4,847 |  |  | 1,809 |  |  | 388 |  |  | 103 |  |  |  |  | (420) |  |  | 220 |  |  |  |  | 7,609 |
Charge-offs |  | (2,761) |  |  | — |  |  | — |  |  | (580) |  |  | — |  |  |  |  | (552) |  |  | (4) |  |  |  |  | (3,897) |
Recoveries |  | 265 |  |  | — |  |  | — |  |  | 253 |  |  | — |  |  |  |  | 639 |  |  | 49 |  |  |  |  | 1,206 |
Net (charge-offs) recoveries |  | (2,496) |  |  | — |  |  | — |  |  | (327) |  |  | — |  |  |  |  | 87 |  |  | 45 |  |  |  |  | (2,691) |
Provision for (reversal of) credit losses - loans |  | 6,072 |  |  | 8,585 |  |  | 12,345 |  |  | 376 |  |  | 2,196 |  |  |  |  | (1,177) |  |  | (37) |  |  |  |  | 28,360 |
Balance at September 30, 2020 |  | $ | 26,591 |  |  | $ | 19,373 |  |  | $ | 25,559 |  |  | $ | 3,557 |  |  | $ | 6,205 |  |  |  |  | $ | 8,976 |  |  | $ | 666 |  |  |  |  | $ | 90,927 |
Collateral Dependent Loans A loan is considered collateral dependent when the borrower is experiencing financial difficulty and repayment of the loan is expected to be provided substantially through the operation or sale of the collateral. Collateral dependent loans are evaluated individually and the ACL is determined based on the amount by which amortized costs exceed the estimated fair value of the collateral, adjusted for estimated selling costs. Collateral dependent loans consisted of the following as of September 30, 2021 and December 31, 2020:
|  | September 30, 2021
|  | Real Estate |  |  |  |
($ in thousands) |  | Commercial |  | Residential |  | Business Assets |  | Total
Commercial: |  |  |  |  |  |  |  |
Commercial and industrial |  | 5,121 |  |  | — |  |  | 4,424 |  |  | 9,545 |
Commercial real estate |  | 2,529 |  |  | 1,890 |  |  | — |  |  | 4,419 |
SBA |  | 70 |  |  | 4,241 |  |  | 8,466 |  |  | 12,777 |
Consumer: |  |  |  |  |  |  |  |
Single family residential mortgage |  | — |  |  | 22,192 |  |  | — |  |  | 22,192 |
Total loans |  | $ | 7,720 |  |  | $ | 28,323 |  |  | $ | 12,890 |  |  | $ | 48,933 |
|  | December 31, 2020
|  | Real Estate |  |  |  |
($ in thousands) |  | Commercial |  | Residential |  | Business Assets |  | Total
Commercial: |  |  |  |  |  |  |  |
Commercial and industrial |  | 5,492 |  |  | — |  |  | 4,965 |  |  | 10,457 |
Commercial real estate |  | 2,644 |  |  | 2,010 |  |  | — |  |  | 4,654 |
SBA |  | 349 |  |  | 497 |  |  | 2,750 |  |  | 3,596 |
Consumer: |  |  |  |  |  |  |  |
Single family residential mortgage |  | — |  |  | 17,820 |  |  | — |  |  | 17,820 |
Other consumer |  | — |  |  | 157 |  |  | — |  |  | 157 |
Total loans |  | $ | 8,485 |  |  | $ | 20,484 |  |  | $ | 7,715 |  |  | $ | 36,684 |
Troubled Debt Restructurings TDR loans consisted of the following as of the dates indicated:
|  | September 30, 2021 |  | December 31, 2020
($ in thousands) |  | NTM Loans |  | Traditional Loans |  | Total |  | NTM Loans |  | Traditional Loans |  | Total
Commercial: |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | — |  |  | $ | 2,289 |  |  | $ | 2,289 |  |  | $ | — |  |  | $ | 3,884 |  |  | $ | 3,884 |
SBA |  | — |  |  | 264 |  |  | 264 |  |  | — |  |  | 265 |  |  | 265 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |
Single family residential mortgage |  | 3,432 |  |  | 2,216 |  |  | 5,648 |  |  | 2,631 |  |  | 2,217 |  |  | 4,848 |
Other consumer |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | 3,432 |  |  | $ | 4,769 |  |  | $ | 8,201 |  |  | $ | 2,631 |  |  | $ | 6,366 |  |  | $ | 8,997 |
We had commitments to lend to customers with outstanding loans that were classified as TDRs of $63 thousand at both September 30, 2021 and December 31, 2020. Accruing TDRs were $5.8 million and nonaccrual TDRs were $2.4 million at September 30, 2021, compared to accruing TDRs of $4.7 million and nonaccrual TDRs of $4.3 million at December 31, 2020. The following table summarizes the pre-modification and post-modification balances of the new TDRs for the periods indicated:
|  | Three Months Ended |  | Nine Months Ended
($ in thousands) |  | Number of Loans |  | Pre-Modification Outstanding Recorded Investment |  | Post-Modification Outstanding Recorded Investment |  | Number of Loans |  | Pre-Modification Outstanding Recorded Investment |  | Post-Modification Outstanding Recorded Investment
September 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |
Single family residential mortgage |  | — |  |  | $ | — |  |  | $ | — |  |  | 1 |  |  | 1,800 |  |  | 1,800 |
Total |  | — |  |  | — |  |  | — |  |  | 1 |  |  | $ | 1,800 |  |  | $ | 1,800 |
September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | — |  |  | $ | — |  |  | $ | — |  |  | 1 |  |  | $ | 5,000 |  |  | $ | 5,000 |
Total |  | — |  |  | $ | — |  |  | $ | — |  |  | 1 |  |  | $ | 5,000 |  |  | $ | 5,000 |
We consider a TDR to be in payment default once it becomes 30 days or more past due following a modification. During the three and nine months ended September 30, 2021 and 2020, there were no loans that were modified as a TDR during the past 12 months that had subsequent payment defaults. The following table summarizes TDRs by modification type for the period indicated:
|  |  |  |  |  |  |  |  |  |  |  |  |  | Nine Months Ended
|  |  |  |  |  |  |  |  |  |  |  |  |  | Modification Type
|  |  |  |  |  |  |  | Extension of Maturity |  | Total
($ in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  | Count |  | Amount |  | Count |  | Amount
September 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single family residential mortgage |  |  |  |  |  |  |  |  |  |  |  |  |  | 1 |  |  | 1,800 |  |  | 1 |  |  | 1,800 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  | 1 |  |  | $ | 1,800 |  |  | 1 |  |  | $ | 1,800 |
September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  |  |  |  |  |  |  |  |  |  |  |  |  | 1 |  |  | $ | 5,000 |  |  | 1 |  |  | $ | 5,000 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  | 1 |  |  | $ | 5,000 |  |  | 1 |  |  | $ | 5,000 |
Purchases, Sales, and Transfers From time to time, we purchase and sell loans in the secondary market. During the three and nine months ended September 30, 2021, we purchased loans aggregating $249.4 million and $615.4 million. During the three and nine months ended September 30, 2020, we purchased loans aggregating $129.0 million and $154.9 million. There were no loans transferred from (to) loans held-for-sale and there were no sales of loans for the three and nine months ended September 30, 2021 and 2020. Non-Traditional Mortgage Loans (“NTM”) Our NTM portfolio includes three types of interest-only loans: Green Loans, Interest Only loans and a small number of loans with the potential for negative amortization. The initial credit guidelines for the NTM portfolio were established based on the borrower's Fair Isaac Corporation (“FICO”) score, LTV ratio, property type, occupancy type, loan amount, and geography. Additionally, from an ongoing credit risk management perspective, we have determined that the most significant performance indicators for NTMs are LTV ratios and FICO scores. We review the NTM loan portfolio periodically by refreshing FICO scores on the Green Loans and HELOCs and ordering third party automated valuation models ("AVMs") to confirm collateral values. We no longer originate NTM loans, however, loans may be purchased which meet the criteria to be considered NTM loans. The following table presents the composition of the NTM portfolio, which are included in the single family residential mortgage portfolio, as of the dates indicated:
|  | September 30, 2021 |  | December 31, 2020
($ in thousands) |  | Count |  | Amount |  | Percent |  | Count |  | Amount |  | Percent
Consumer: |  |  |  |  |  |  |  |  |  |  |  |
Single family residential mortgage: |  |  |  |  |  |  |  |  |  |  |  |
Green Loans (HELOC) - first liens |  | 36 |  |  | $ | 25,074 |  |  | 4.4 | % |  | 48 |  |  | $ | 31,587 |  |  | 7.2 | %
Interest Only - first liens |  | 337 |  |  | 543,243 |  |  | 95.1 | % |  | 283 |  |  | 401,640 |  |  | 91.9 | %
Negative amortization |  | 4 |  |  | 1,464 |  |  | 0.3 | % |  | 8 |  |  | 2,288 |  |  | 0.5 | %
Total NTM - first liens |  | 377 |  |  | 569,781 |  |  | 99.7 | % |  | 339 |  |  | 435,515 |  |  | 99.6 | %
Other consumer: |  |  |  |  |  |  |  |  |  |  |  |
Green Loans (HELOC) - second liens |  | 5 |  |  | 1,597 |  |  | 0.3 | % |  | 5 |  |  | 1,598 |  |  | 0.4 | %
Total NTM - second liens |  | 5 |  |  | 1,597 |  |  | 0.3 | % |  | 5 |  |  | 1,598 |  |  | 0.4 | %
Total NTM loans |  | 382 |  |  | $ | 571,378 |  |  | 100.0 | % |  | 344 |  |  | $ | 437,113 |  |  | 100.0 | %
Total loans receivable |  |  |  | $ | 6,228,575 |  |  |  |  |  |  | $ | 5,898,405 |  |  |
% of total NTM loans to total loans receivable |  |  |  | 9.2 | % |  |  |  |  |  | 7.4 | % |  |

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 + Details
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