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Loans and Leases Receivable and Allowance for Credit Losses (Tables)
 12 Months Ended
Dec. 31, 2020
Receivables [Abstract]  
Schedule of Loans and Leases Receivable
The following table presents loans and leases receivable as of December 31, 2020 and 2019:
December 31,
(amounts in thousands)20202019
Loans receivable, mortgage warehouse, at fair value$3,616,432 $2,245,758 
Loans receivable, PPP4,561,365 — 
Loans receivable:
Commercial:
Multi-family1,761,301 1,907,331 
Commercial and industrial (1)
2,289,441 1,891,152 
Commercial real estate owner occupied572,338 551,948 
Commercial real estate non-owner occupied1,196,564 1,222,772 
Construction140,905 117,617 
Total commercial loans and leases receivable5,960,549 5,690,820 
Consumer:
Residential real estate317,170 382,634 
Manufactured housing62,243 71,359 
Installment1,235,406 1,174,175 
Total consumer loans receivable1,614,819 1,628,168 
Loans and leases receivable (2)
7,575,368 7,318,988 
Allowance for credit losses on loans and leases(144,176)(56,379)
Total loans and leases receivable, net of allowance for credit losses on loans and leases$15,608,989 $9,508,367 
(1)Includes direct finance equipment leases of $108.0 million and $89.2 million at December 31, 2020 and 2019, respectively.
(2)Includes deferred (fees) costs and unamortized (discounts) premiums, net of $(54.6) million and $2.1 million at December 31, 2020 and 2019, respectively.
Loans Receivable by Class and Performance Status
The following tables summarize loans and leases receivable by loan and lease type and performance status as of December 31, 2020 and 2019:
December 31, 2020
(amounts in thousands)
30-59 Days past due (1)
60-89 Days past due (1)
90 Days or more past due (1)
Total past due (1)
Loans and leases not past due (2)
Total loans and leases (3)
Multi-family$4,193 $5,224 $14,907 $24,324 $1,736,977 $1,761,301 
Commercial and industrial2,257 1,274 3,079 6,610 2,282,831 2,289,441 
Commercial real estate owner occupied864 1,324 2,370 4,558 567,780 572,338 
Commercial real estate non-owner occupied— 60 2,356 2,416 1,194,148 1,196,564 
Construction— — — — 140,905 140,905 
Residential real estate6,640 1,827 1,856 10,323 306,847 317,170 
Manufactured housing1,518 673 1,951 4,142 58,101 62,243 
Installment6,161 3,430 81 9,672 1,225,734 1,235,406 
Total$21,633 $13,812 $26,600 $62,045 $7,513,323 $7,575,368 

December 31, 2019
(amounts in thousands)
30-89 Days past due (1)
90 Days past due (1)
Total past due (1)
Non- accrual
Current (2)
Purchased-credit-impaired loans (4)
Total loans and leases (5)
Multi-family$2,133 $— $2,133 $4,117 $1,901,336 $1,688 $1,909,274
Commercial and industrial2,395 — 2,395 4,531 1,882,700 354 1,889,980 
Commercial real estate owner occupied5,388 — 5,388 1,963 537,992 6,664 552,007 
Commercial real estate non-owner occupied8,034 — 8,034 76 1,211,892 3,527 1,223,529 
Construction— — — — 118,418 — 118,418 
Residential real estate5,924 — 5,924 6,128 359,491 3,471 375,014 
Manufactured housing3,699 1,794 5,493 1,655 61,649 1,601 70,398 
Installment5,756 — 5,756 1,551 1,170,793 183 1,178,283 
Total$33,329 $1,794 $35,123 $20,021 $7,244,271 $17,488 $7,316,903 
(1)Includes past due loans and leases that are accruing interest because collection is considered probable.
(2)Loans and leases where next payment due is less than 30 days from the report date. The December 31, 2020 table excludes PPP loans of $4.6 billion which are all current as of December 31, 2020.
(3)Includes PCD loans of $13.4 million at December 31, 2020.
(4)PCI loans aggregated into a pool are accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows, and the past due status of the pools, or that of the individual loans within the pools, is not meaningful. Due to the credit impaired nature of the loans, the loans are recorded at a discount reflecting estimated future cash flows and the Bank recognizes interest income on each pool of loans reflecting the estimated yield and passage of time. Such loans are considered to be performing. PCI loans that are not in pools accrete interest when the timing and amount of their expected cash flows are reasonably estimable, and are reported as performing loans.
(5)Amounts exclude deferred costs and fees and unamortized premiums and discounts.
Amortized cost of Loans and Leases on Nonaccrual Status
The following table presents the amortized cost of loans and leases held for investment on nonaccrual status.
 
December 31, 2020 (1)
December 31, 2019 (2)
(amounts in thousands)Nonaccrual loans with no related allowanceNonaccrual loans with related allowanceTotal nonaccrual loansNonaccrual loans with no related allowanceNonaccrual loans with related allowanceTotal nonaccrual loans
Multi-family$18,800 $2,928 $21,728 $4,117 $— $4,117 
Commercial and industrial6,384 2,069 8,453 3,083 1,448 4,531 
Commercial real estate owner occupied3,411 — 3,411 1,109 854 1,963 
Commercial real estate non-owner occupied2,356 — 2,356 76 — 76 
Residential real estate9,911 — 9,911 4,559 1,569 6,128 
Manufactured housing— 2,969 2,969 — 1,655 1,655 
Installment— 3,211 3,211 140 1,411 1,551 
Total$40,862 $11,177 $52,039 $13,084 $6,937 $20,021 
(1) Presented at amortized cost basis.
(2) Amounts exclude deferred costs and fees and unamortized premiums and discounts.
Schedule of Allowance for Loan Losses
The changes in the ACL for the years ended December 31, 2020 and 2019, and the loans and leases and ACL by loan and lease type are presented in the tables below. ACL as of December 31, 2020 is calculated in accordance with the CECL methodology as described in Note 2 - SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION while ACL as of December 31, 2019 was calculated in accordance with the prior incurred loss methodology described in our 2019 Form 10-K.
Twelve months ended December 31, 2020Multi-familyCommercial and industrialCommercial real estate owner occupiedCommercial real estate non-owner occupiedConstructionResidential real estateManufactured housingInstallmentTotal
(amounts in thousands)
Ending Balance,
December 31, 2019		$6,157 $15,556 $2,235 $6,243 $1,262 $3,218 $1,060 $20,648 $56,379 
Cumulative effect of change in accounting principle2,171 759 5,773 7,918 (98)1,518 3,802 57,986 79,829 
Charge-offs— (3,158)(78)(25,779)— (60)— (32,661)(61,736)
Recoveries— 3,019 28 1,293 128 86 — 2,376 6,930 
Provision for credit losses on loans and leases4,292 (3,937)1,554 29,777 4,579 (785)328 26,966 62,774 
Ending Balance,
December 31, 2020		$12,620 $12,239 $9,512 $19,452 $5,871 $3,977 $5,190 $75,315 $144,176 

Twelve months ended December 31, 2019Multi-familyCommercial and industrialCommercial real estate owner occupiedCommercial real estate non-owner occupiedConstructionResidential real estateManufactured housingInstallmentTotal
(amounts in thousands)
Ending Balance,
December 31, 2018		$11,462 $12,145 $3,320 $6,093 $624 $3,654 $145 $2,529 $39,972 
Charge-offs(541)(532)(119)— — (297)— (8,101)(9,590)
Recoveries7 1,050 236 — 136 27 — 314 1,770 
Provision for credit losses on loans and leases(4,771)2,893 (1,202)150 502 (166)915 25,906 24,227 
Ending Balance,
December 31, 2019		$6,157 $15,556 $2,235 $6,243 $1,262 $3,218 $1,060 $20,648 $56,379 
Analysis of Loans Modified in Troubled Debt Restructuring by Type of Concession
The following table presents loans modified in a TDR by type of concession for the years ended December 31, 2020, 2019 and 2018. There were no modifications that involved forgiveness of debt for the years ended December 31, 2020, 2019 and 2018.
 For the Years Ended December 31,
202020192018
(dollars in thousands)Number of loansRecorded investmentNumber of loansRecorded investmentNumber of loansRecorded investment
Extensions of maturity6 $385 2 $514 2 $60 
Interest-rate reductions35 1,479 26 923 39 1,615 
Other (1)
80 $1,813 — $— — $— 
Total121 $3,677 28 $1,437 41 $1,675 
(1) Other includes covenant modifications, forbearance, loans discharged under Chapter 7 bankruptcy, or other concessions.
Summary of Loans Modified in Troubled Debt Restructurings and Related Recorded Investment Within Twelve Months
The following table presents, by loan type, the number of loans modified in TDRs and the related recorded investment, for which there was a payment default within twelve months following the modification:
December 31, 2020December 31, 2019December 31, 2018
(dollars in thousands)Number of loansRecorded investmentNumber of loansRecorded investmentNumber of loansRecorded investment
Installment15 $226 — $— — $— 
Residential real estate3 152 1 81 — — 
Manufactured housing6 236 3 73 4 92 
Total loans24 $614 4 $154 4 $92 
Credit Quality Tables The following tables present the credit ratings of loans and leases receivable as of December 31, 2020 and 2019.
Term Loans Amortized Cost Basis by Origination Year
(amounts in thousands)20202019201820172016PriorRevolving loans amortized cost basisRevolving loans converted to termTotal
Multi-family loans:
Pass$150,835 $23,716 $299,319 $535,510 $227,296 $420,809 $— $— $1,657,485 
Special mention— — — 20,901 10,394 26,708 — — 58,003 
Substandard— — — 34,197 8,256 3,360 — — 45,813 
Doubtful— — — — — — — — — 
Total multi-family loans$150,835 $23,716 $299,319 $590,608 $245,946 $450,877 $— $— $1,761,301 
Commercial and industrial loans and leases:
Pass$729,270 $373,050 $141,943 $116,793 $45,367 $71,502 $717,007 $— $2,194,932 
Special mention13,200 1,117 436 113 516 21 17,524 — 32,927 
Substandard9,968 6,890 19,065 5,901 8,318 2,722 8,718 — 61,582 
Doubtful— — — — — — — — — 
Total commercial and industrial loans and leases$752,438 $381,057 $161,444 $122,807 $54,201 $74,245 $743,249 $— $2,289,441 
Commercial real estate owner occupied loans:
Pass$82,343 $168,977 $72,615 $70,642 $46,510 $91,798 $741 $— $533,626 
Special mention— 4,464 — 9,056 — 555 — — 14,075 
Substandard— 2,848 9,499 342 2,231 9,717 — — 24,637 
Doubtful— — — — — — — — — 
Total commercial real estate owner occupied loans$82,343 $176,289 $82,114 $80,040 $48,741 $102,070 $741 $— $572,338 
Commercial real estate non-owner occupied:
Pass$143,231 $105,430 $97,882 $157,835 $155,168 $313,559 $— $— $973,105 
Special mention39,994 — — 66,745 24,218 14,613 — — 145,570 
Substandard— — 17,741 20,611 366 39,171 — — 77,889 
Doubtful— — — — — — — — 
Total commercial real estate non-owner occupied loans$183,225 $105,430 $115,623 $245,191 $179,752 $367,343 $— $— $1,196,564 
Construction:
Pass$19,932 $105,466 $4,954 $— $9,700 $— $853 $— $140,905 
Special mention— — — — — — — — — 
Substandard— — — — — — — — — 
Doubtful— — — — — — — — — 
Total construction loans$19,932 $105,466 $4,954 $— $9,700 $— $853 $— $140,905 
Total commercial loans and leases receivable$1,188,773 $791,958 $663,454 $1,038,646 $538,340 $994,535 $744,843 $— $5,960,549 
Residential real estate loans:
Performing$6,708 $13,617 $6,810 $10,850 $38,143 $69,496 $161,576 $— $307,200 
Non-performing— — 160 785 1,350 4,395 3,280 — 9,970 
Total residential real estate loans$6,708 $13,617 $6,970 $11,635 $39,493 $73,891 $164,856 $— $317,170 
Manufactured housing loans:
Performing$— $295 $609 $76 $41 $56,837 $— $— $57,858 
Non-performing— — — — — 4,385 — — 4,385 
Total manufactured housing loans$— $295 $609 $76 $41 $61,222 $— $— $62,243 
Installment loans:
Performing$319,453 $791,235 $114,988 $4,736 $514 $1,204 $— $— $1,232,130 
Non-performing305 2,326 485 41 2 117 — — 3,276 
Total installment loans$319,758 $793,561 $115,473 $4,777 $516 $1,321 $— $— $1,235,406 
Total consumer loans$326,466 $807,473 $123,052 $16,488 $40,050 $136,434 $164,856 $— $1,614,819 
Loans and leases receivable$1,515,239 $1,599,431 $786,506 $1,055,134 $578,390 $1,130,969 $909,699 $— $7,575,368 
December 31, 2019
(amounts in thousands)Multi-familyCommercial and industrialCommercial real estate owner occupiedCommercial real estate non-owner occupiedConstructionResidential real estateManufactured housingInstallment
Total (3)
Pass/Satisfactory$1,816,200 $1,841,074 $536,777 $1,129,838 $118,418 $— $— $— $5,442,307 
Special Mention69,637 26,285 8,286 6,949 — — — — 111,157 
Substandard23,437 22,621 6,944 86,742 — — — — 139,744 
Performing (1)
— — — — — 362,962 63,250 1,170,976 1,597,188 
Non-performing (2)
— — — — — 12,052 7,148 7,307 26,507 
Total$1,909,274 $1,889,980 $552,007 $1,223,529 $118,418 $375,014 $70,398 $1,178,283 $7,316,903 
(1)Includes residential real estate, manufactured housing, and installment loans not assigned internal ratings.
(2)Includes residential real estate, manufactured housing, and installment loans that are past due and still accruing interest or on nonaccrual status.
(3)Excludes commercial mortgage warehouse loans reported at fair value
Schedule of Loan Purchases and Sales
Purchases and sales of loans were as follows for the years ended December 31, 2020, 2019 and 2018:
For the Years Ended December 31,
(amounts in thousands)202020192018
Purchases (1)
Residential real estate$495 $105,858 $368,402 
Installment (2)
269,684 1,058,261 30,066 
Total$270,179 $1,164,119 $398,468 
Sales (3)
Multi-family$— $— $54,638 
Commercial and industrial (4)
6,940 22,267 32,263 
Commercial real estate owner occupied (4)
— 16,320 20,218 
Commercial real estate non-owner occupied17,600 — — 
Residential real estate— 230,285 — 
Installment1,822 — — 
Total$26,362 $268,872 $107,119 
(1)Amounts reported represent the unpaid principal balance at time of purchase. The purchase price was 100.3%, 100.3% and 99.9% of loans outstanding for the years ended December 31, 2020, 2019 and 2018, respectively.
(2)Installment loan purchases for the year ended December 31, 2020, 2019 and 2018 consist of third-party originated unsecured consumer loans. None of the loans are considered sub-prime at the time of origination. Customers considers sub-prime borrowers to be those with FICO scores below 660.
(3)Amounts reported in the above table are the unpaid principal balance at time of sale. For the years ended December 31, 2020, 2019 and 2018, loan sales resulted in net gains of $2.0 million, $2.8 million and $3.3 million, respectively.