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Loans | 12 Months Ended
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Dec. 31, 2011
Loans [Abstract] |
LOANS | NOTE 5 — LOANS The Board of Directors and management review and approve the Bank’s loan policy and procedures on a regular basis to reflect issues such as regulatory and organizational structure change, strategic planning revisions, concentrations of credit, planning revisions, loan delinquencies and no-performing loans, problem loans, and policy adjustments. Real estate loans are subject to loans secured by liens or interest in real estate, to provide purchase, construction, refinance on real estate properties. Commercial and industrial loans are consisted of commercial term loans, commercial lines of credit, and SBA loans. Consumer loans are consisted of auto loans, credit cards, personal loans, and home equity lines of credit. We maintain management loan review and monitoring departments that review and monitor pass graded loans as well as problem loans to prevent further deterioration. Concentrations of Credit: The majority of the Bank’s loan portfolio consists of commercial real estate loans and commercial and industrial loans. The Bank has been diversifying and monitoring commercial real estate loan portfolio by portfolio diversification based on property types, tightening underwriting standards, and portfolio liquidity and management and has not exceeded certain specified limits set forth in the Bank’s loan policy. Most of the Bank’s lending activity occurs within the Southern California. Loans Receivable Loans receivable consisted of the following:
|  | December 31, |
|  | 2011 |  |  | 2010 |
|  | (In Thousands) |
Real Estate Loans: |  |  |  |  |  |  |  |
Commercial Property |  | $ | 663,023 |  |  | $ | 729,222 |
Construction |  |  | 33,976 |  |  |  | 60,995 |
Residential Property |  |  | 52,921 |  |  |  | 62,645 |
Total Real Estate Loans |  |  | 749,920 |  |  |  | 852,862 |
Commercial and Industrial Loans (1) |  |  |  |  |  |  |  |
Commercial Term Loans |  |  | 944,836 |  |  |  | 1,118,999 |
Commercial Lines of Credit |  |  | 55,770 |  |  |  | 59,056 |
SBA Loans |  |  | 116,192 |  |  |  | 105,688 |
International Loans |  |  | 28,676 |  |  |  | 44,167 |
Total Commercial and Industrial Loans |  |  | 1,145,474 |  |  |  | 1,327,910 |
Consumer Loans |  |  | 43,346 |  |  |  | 50,300 |
Total Gross Loans |  |  | 1,938,740 |  |  |  | 2,231,072 |
Allowance for Loans Losses |  |  | (89,936 | ) |  |  | (146,059 | )
Deferred Loan Costs (Fees) |  |  | 216 |  |  |  | (566 | )
Loans Receivable, Net |  | $ | 1,849,020 |  |  | $ | 2,084,447 |
(1) | Commercial and industrial loans include owner-occupied property loans of $776.3 million and $894.8 million as of December 31, 2011 and December 31, 2010, respectively.
Accrued interest on loans receivable amounted to $5.7 million and $6.5 million at December 31, 2011 and 2010, respectively. At December 31, 2011 and 2010, loans receivable totaling $797.1 million and $1.03 billion, respectively, were pledged to secure FHLB advances and the FRB’s federal discount window. The following table details the information on origination and reclassification of loans receivable to loans held for sale by portfolio segment for the year ended December 31, 2011 and 2010.
|  | Real Estate |  |  | Commercial and Industrial |  |  | Consumer |  |  | Total |
|  | (In Thousands) |
December 31, 2011: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance |  | $ | 3,666 |  |  | $ | 32,954 |  |  | $ | — |  |  | $ | 36,620 |
Origination of Loans Held for Sale |  |  | — |  |  |  | 60,238 |  |  |  | — |  |  |  | 60,238 |
Reclassification from Loans Receivable to Loans Held for sale |  |  | 56,428 |  |  |  | 53,862 |  |  |  | — |  |  |  | 110,290 |
Sales of Loans Held for sale |  |  | (48,841 | ) |  |  | (131,653 | ) |  |  | — |  |  |  | (180,494 | )
Principal Payoffs and Amortization |  |  | (52 | ) |  |  | (1,112 | ) |  |  | — |  |  |  | (1,164 | )
Valuation Adjustments |  |  | (133 | ) |  |  | (2,770 | ) |  |  | — |  |  |  | (2,903 | )
Ending Balance |  | $ | 11,068 |  |  | $ | 11,519 |  |  | $ | — |  |  | $ | 22,587 |
December 31, 2010: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance |  | $ | — |  |  | $ | 5,010 |  |  | $ | — |  |  | $ | 5,010 |
Origination of Loans Held for Sale |  |  | — |  |  |  | 20,228 |  |  |  | — |  |  |  | 20,228 |
Reclassification from Loans Receivable to Loans Held for sale |  |  | 33,480 |  |  |  | 121,696 |  |  |  | — |  |  |  | 155,176 |
Sales of Loans Held for sale |  |  | (29,814 | ) |  |  | (113,606 | ) |  |  | — |  |  |  | (143,420 | )
Principal Payoffs and Amortization |  |  | — |  |  |  | (374 | ) |  |  | — |  |  |  | (374 | )
Valuation Adjustments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Ending Balance |  | $ | 3,666 |  |  | $ | 32,954 |  |  | $ | — |  |  | $ | 36,620 |
Allowance for Loan Losses and Allowance for Off-Balance Sheet Items Activity in the allowance for loan losses and allowance for off-balance sheet items was as follows:
|  | As of and for the Year Ended December 31, |
|  | 2011 |  |  | 2010 |  |  | 2009 |
|  | Allowance for Loan Losses |  |  | Allowance for Off- Balance Sheet Items |  |  | Allowance for Loan Losses |  |  | Allowance for Off- Balance Sheet Items |  |  | Allowance for Loan Losses |  |  | Allowance for Off- Balance Sheet Items |
|  | (In Thousands) |
Balance at Beginning of Year |  | $ | 146,059 |  |  | $ | 3,417 |  |  | $ | 144,996 |  |  | $ | 3,876 |  |  | $ | 70,986 |  |  | $ | 4,096 |
Provision Charged to Operating Expense |  |  | 12,536 |  |  |  | (436 | ) |  |  | 122,955 |  |  |  | (459 | ) |  |  | 196,607 |  |  |  | (220 | )
Loans Charged Off |  |  | (78,652 | ) |  |  | — |  |  |  | (131,823 | ) |  |  | — |  |  |  | (125,380 | ) |  |  | — |
Recoveries |  |  | 9,993 |  |  |  | — |  |  |  | 9,931 |  |  |  | — |  |  |  | 2,783 |  |  |  | — |
Balance at End of Year |  | $ | 89,936 |  |  | $ | 2,981 |  |  | $ | 146,059 |  |  | $ | 3,417 |  |  | $ | 144,996 |  |  | $ | 3,876 |
The allowance for off-balance sheet items and provisions is maintained at a level believed by management to be sufficient to absorb estimated probable losses related to these unfunded credit facilities. The determination of the adequacy of the allowance is based on periodic evaluations of the unfunded credit facilities including an assessment of the probability of commitment usage, credit risk factors for loans outstanding to these same customers, and the terms and expiration dates of the unfunded credit facilities. As of December 31, 2011 and 2010, the allowance for off-balance sheet items amounted to $3.0 million and $3.4 million, respectively. Net adjustments to the allowance for off-balance sheet items are included in the provision for loan losses. The following table details the information on the allowance for credit losses by portfolio segment for the year ended December 31, 2011 and 2010:
|  | Real Estate |  |  | Commercial and Industrial |  |  | Consumer |  |  | Unallocated |  |  | Total |
|  | (In Thousands) |
December 31, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for Loan Losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance |  | $ | 32,766 |  |  | $ | 108,986 |  |  | $ | 2,079 |  |  | $ | 2,228 |  |  | $ | 146,059 |
Charge-Offs |  |  | 18,539 |  |  |  | 59,498 |  |  |  | 615 |  |  |  | — |  |  |  | 78,652 |
Recoveries on Loans Previously Charged Off |  |  | 2,794 |  |  |  | 7,093 |  |  |  | 106 |  |  |  | — |  |  |  | 9,993 |
Provision |  |  | 2,616 |  |  |  | 9,424 |  |  |  | 673 |  |  |  | (177 | ) |  |  | 12,536 |
Ending Balance |  | $ | 19,637 |  |  | $ | 66,005 |  |  | $ | 2,243 |  |  | $ | 2,051 |  |  | $ | 89,936 |
Ending Balance: Individually Evaluated for Impairment |  | $ | 3,618 |  |  | $ | 19,738 |  |  | $ | 26 |  |  | $ | — |  |  | $ | 23,382 |
Ending Balance: Collectively Evaluated for Impairment |  | $ | 16,019 |  |  | $ | 46,267 |  |  | $ | 2,217 |  |  | $ | 2,051 |  |  | $ | 66,554 |
Loans Receivable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending Balance |  | $ | 749,920 |  |  | $ | 1,145,474 |  |  | $ | 43,346 |  |  | $ | — |  |  | $ | 1,938,740 |
Ending Balance: Individually Evaluated for Impairment |  | $ | 38,699 |  |  | $ | 82,244 |  |  | $ | 746 |  |  | $ | — |  |  | $ | 121,689 |
Ending Balance: Collectively Evaluated for Impairment |  | $ | 711,221 |  |  | $ | 1,063,230 |  |  | $ | 42,600 |  |  | $ | — |  |  | $ | 1,817,051 |
December 31, 2010 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for Loan Losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance |  | $ | 30,081 |  |  | $ | 112,225 |  |  | $ | 2,690 |  |  | $ | — |  |  | $ | 144,996 |
Charge-Offs |  |  | 31,514 |  |  |  | 99,037 |  |  |  | 1,272 |  |  |  | — |  |  |  | 131,823 |
Recoveries on Loans Previously Charged Off |  |  | 3,131 |  |  |  | 6,623 |  |  |  | 177 |  |  |  | — |  |  |  | 9,931 |
Provision |  |  | 31,068 |  |  |  | 89,175 |  |  |  | 484 |  |  |  | 2,228 |  |  |  | 122,955 |
Ending Balance |  | $ | 32,766 |  |  | $ | 108,986 |  |  | $ | 2,079 |  |  | $ | 2,228 |  |  | $ | 146,059 |
Ending Balance: Individually Evaluated for Impairment |  | $ | 3,342 |  |  | $ | 25,713 |  |  | $ | 393 |  |  | $ | — |  |  | $ | 29,448 |
Ending Balance: Collectively Evaluated for Impairment |  | $ | 29,424 |  |  | $ | 83,273 |  |  | $ | 1,686 |  |  | $ | 2,228 |  |  | $ | 116,611 |
Loans Receivable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending Balance |  | $ | 852,861 |  |  | $ | 1,327,911 |  |  | $ | 50,300 |  |  | $ | — |  |  | $ | 2,231,072 |
Ending Balance: Individually Evaluated for Impairment |  | $ | 83,788 |  |  | $ | 112,101 |  |  | $ | 934 |  |  | $ | — |  |  | $ | 196,823 |
Ending Balance: Collectively Evaluated for Impairment |  | $ | 769,073 |  |  | $ | 1,215,810 |  |  | $ | 49,366 |  |  | $ | — |  |  | $ | 2,034,249 |
Credit Quality Indicators As part of the on-going monitoring of the credit quality of our loan portfolio, we utilize an internal loan grading system to identify credit risk and assign appropriate grade for each and every loan in our loan portfolio on a grade of 0 to 8. All loans are reviewed semi-annually. Additional adjustments may be made daily as needed. The loan grade definitions are as follows: Pass: pass loans are loans conforming in all respects to Bank policy and regulatory requirements that do not exhibit any potential or defined weaknesses as defined under Special Mention, Substandard or Doubtful. This is the lowest level of the Bank’s loan grading system. It incorporates all performing loans with no credit weaknesses. It includes cash and stock/security secured loans or other investment grade loans. Following are sub categories within Pass grade: Pass 0: loans secured in full by cash or cash equivalents. Pass 1: requires a very strong, well-structured credit relationship with an established borrower. The relationship should be supported by audited financial statements indicating cash flow, well in excess of debt service requirement, excellent liquidity, and very strong capital. Pass 2: requires a well-structured credit that may not be as seasoned or as high quality as grade 1. Capital, liquidity, debt service capacity, and collateral coverage must all be well above average, this category includes individuals with substantial net worth centered in liquid assets and strong income. Pass 3: loans or commitments to borrowers exhibiting a fully acceptable credit risk. These borrowers should have sound balance sheet proportions and significant cash flow coverage, although they may be somewhat more leveraged and exhibit grater fluctuations in earning and financing but generally would be considered very attractive to the Bank as a borrower. The borrower has historically demonstrated the ability to manage economic adversity. Real estate and asset-based loans which are designated this grade must have characteristics that place them well above the minimum underwriting requirements. Asset-based borrowers assigned this grade must exhibit extremely favorable leverage and cash flow characteristics and consistently demonstrate a high level of unused borrowing capacity Pass 4: loans or commitments to borrowers exhibiting either somewhat weaker balance sheet proportions or positive, but inconsistent, cash flow coverage. These borrowers may exhibit somewhat greater credit risk, and as a result of this the Bank may have secured its exposure in an effort to mitigate the risk. If so, the collateral taken should provide an unquestionable ability to repay the indebtedness in full through liquidation, if necessary. Cash flows should be adequate to cover debt service and fixed obligations, although there may be a question about the borrower’s ability to provide alternative sources of funds in emergencies. Better quality real estate and asset-based borrowers who fully comply with all underwriting standards and are performing according to projections would be assigned this grade. Special Mention or 5: Special Mention credits are potentially weak, as the borrower is exhibiting deteriorating trends which, if not corrected, could jeopardize repayment of the debt and result in a substandard classification. Credits which have significant actual, not potential, weaknesses are considered more severely classified. Substandard or 6: A Substandard credit has a well-defined weakness that jeopardizes the liquidation of the debt. A credit graded Substandard is not protected by the sound worth and paying capacity of the borrower, or of the value and type of collateral pledged. With a Substandard loan, there is a distinct possibility that the Bank will sustain some loss if the weaknesses or deficiencies are not corrected. Doubtful or 7: A Doubtful credit is one that has critical weaknesses that would make the collection or liquidation of the full amount due improbable. However, there may be pending events which may work to strengthen the credit, and therefore the amount or timing of a possible loss cannot be determined at the current time. Loss or 8: Loans classified Loss are considered uncollectible and of such little value that their continuance as bank-able assets is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be affected in the future. Loans classified Loss will be charged off in a timely manner.
|  | Pass (Grade 0-4) |  |  | Criticized (Grade 5) |  |  | Classified (Grade 6-7) |  |  | Total Loans |
|  | (In Thousands) |
December 31, 2011: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real Estate Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Property |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retail |  | $ | 292,914 |  |  | $ | 8,858 |  |  | $ | 10,685 |  |  | $ | 312,457 |
Land |  |  | 4,351 |  |  |  | — |  |  |  | 3,418 |  |  |  | 7,769 |
Other |  |  | 297,734 |  |  |  | 8,428 |  |  |  | 36,635 |  |  |  | 342,797 |
Construction |  |  | — |  |  |  | 14,080 |  |  |  | 19,896 |  |  |  | 33,976 |
Residential Property |  |  | 48,592 |  |  |  | — |  |  |  | 4,329 |  |  |  | 52,921 |
Commercial and Industrial Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Term Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unsecured |  |  | 100,804 |  |  |  | 8,680 |  |  |  | 41,796 |  |  |  | 151,280 |
Secured by Real Estate |  |  | 634,822 |  |  |  | 36,290 |  |  |  | 122,444 |  |  |  | 793,556 |
Commercial Lines of Credit |  |  | 44,985 |  |  |  | 7,676 |  |  |  | 3,109 |  |  |  | 55,770 |
SBA Loans |  |  | 96,983 |  |  |  | 1,496 |  |  |  | 17,713 |  |  |  | 116,192 |
International Loans |  |  | 26,566 |  |  |  | — |  |  |  | 2,110 |  |  |  | 28,676 |
Consumer Loans |  |  | 40,454 |  |  |  | 676 |  |  |  | 2,216 |  |  |  | 43,346 |
Total |  | $ | 1,588,205 |  |  | $ | 86,184 |  |  | $ | 264,351 |  |  | $ | 1,938,740 |
December 31, 2010: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real Estate Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Property |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retail |  | $ | 302,695 |  |  | $ | 18,507 |  |  | $ | 38,568 |  |  | $ | 359,770 |
Land |  |  | 3,845 |  |  |  | — |  |  |  | 37,353 |  |  |  | 41,198 |
Other |  |  | 265,957 |  |  |  | 20,804 |  |  |  | 41,493 |  |  |  | 328,254 |
Construction |  |  | 12,958 |  |  |  | 25,898 |  |  |  | 22,139 |  |  |  | 60,995 |
Residential Property |  |  | 59,329 |  |  |  | — |  |  |  | 3,316 |  |  |  | 62,645 |
Commercial and Industrial Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Term Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unsecured |  |  | 134,709 |  |  |  | 24,620 |  |  |  | 63,739 |  |  |  | 223,068 |
Secured by Real Estate |  |  | 617,200 |  |  |  | 107,645 |  |  |  | 171,086 |  |  |  | 895,931 |
Commercial Lines of Credit |  |  | 40,195 |  |  |  | 8,019 |  |  |  | 10,842 |  |  |  | 59,056 |
SBA Loans |  |  | 68,993 |  |  |  | 731 |  |  |  | 35,964 |  |  |  | 105,688 |
International Loans |  |  | 38,447 |  |  |  | 4,693 |  |  |  | 1,027 |  |  |  | 44,167 |
Consumer Loans |  |  | 48,027 |  |  |  | 347 |  |  |  | 1,926 |  |  |  | 50,300 |
Total |  | $ | 1,592,355 |  |  | $ | 211,264 |  |  | $ | 427,453 |  |  | $ | 2,231,072 |
The following is an aging analysis of past due loans, disaggregated by class of loan, as of December 31, 2011 and 2010:
|  | 30-59 Days Past Due |  |  | 60-89 Days Past Due |  |  | 90 Days or More Past Due |  |  | Total Past Due |  |  | Current |  |  | Total Loans |  |  | Accruing 90 Days or More Past Due |
|  | (In Thousands) |
December 31, 2011: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real Estate Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Property |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retail |  | $ | 485 |  |  | $ | — |  |  | $ | — |  |  | $ | 485 |  |  | $ | 311,972 |  |  | $ | 312,457 |  |  | $ | — |
Land |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7,769 |  |  |  | 7,769 |  |  |  | — |
Other |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 342,797 |  |  |  | 342,797 |  |  |  | — |
Construction |  |  | — |  |  |  | — |  |  |  | 8,310 |  |  |  | 8,310 |  |  |  | 25,666 |  |  |  | 33,976 |  |  |  | — |
Residential Property |  |  | 277 |  |  |  | 1,613 |  |  |  | 2,221 |  |  |  | 4,111 |  |  |  | 48,810 |  |  |  | 52,921 |  |  |  | — |
Commercial and Industrial Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Term Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unsecured |  |  | 438 |  |  |  | 611 |  |  |  | 1,833 |  |  |  | 2,882 |  |  |  | 148,398 |  |  |  | 151,280 |  |  |  | — |
Secured by Real Estate |  |  | 3,162 |  |  |  | 6,496 |  |  |  | 1,202 |  |  |  | 10,860 |  |  |  | 782,696 |  |  |  | 793,556 |  |  |  | — |
Commercial Lines of Credit |  |  | — |  |  |  | — |  |  |  | 416 |  |  |  | 416 |  |  |  | 55,354 |  |  |  | 55,770 |  |  |  | — |
SBA Loans |  |  | 260 |  |  |  | 472 |  |  |  | 7,108 |  |  |  | 7,840 |  |  |  | 108,352 |  |  |  | 116,192 |  |  |  | — |
International Loans |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 28,676 |  |  |  | 28,676 |  |  |  | — |
|  |  |  |  |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |
Consumer Loans |  |  | 126 |  |  |  | 7 |  |  |  | 154 |  |  |  | 287 |  |  |  | 43,059 |  |  |  | 43,346 |  |  |  | — |
Total |  | $ | 4,748 |  |  | $ | 9,199 |  |  | $ | 21,244 |  |  | $ | 35,191 |  |  | $ | 1,903,549 |  |  | $ | 1,938,740 |  |  | $ | — |
December 31, 2010: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real Estate Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Property |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retail |  | $ | — |  |  | $ | — |  |  | $ | 7,857 |  |  | $ | 7,857 |  |  | $ | 351,913 |  |  | $ | 359,770 |  |  | $ | — |
Land |  |  | — |  |  |  | — |  |  |  | 25,725 |  |  |  | 25,725 |  |  |  | 15,473 |  |  |  | 41,198 |  |  |  | — |
Other |  |  | — |  |  |  | — |  |  |  | 7,212 |  |  |  | 7,212 |  |  |  | 321,042 |  |  |  | 328,254 |  |  |  | — |
Construction |  |  | 10,409 |  |  |  | — |  |  |  | 8,477 |  |  |  | 18,886 |  |  |  | 42,109 |  |  |  | 60,995 |  |  |  | — |
Residential Property |  |  | 522 |  |  |  | — |  |  |  | 1,240 |  |  |  | 1,762 |  |  |  | 60,883 |  |  |  | 62,645 |  |  |  | — |
Commercial and Industrial Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Term Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unsecured |  |  | 2,208 |  |  |  | 2,781 |  |  |  | 6,842 |  |  |  | 11,831 |  |  |  | 211,237 |  |  |  | 223,068 |  |  |  | — |
Secured by Real Estate |  |  | 5,111 |  |  |  | 3,720 |  |  |  | 10,530 |  |  |  | 19,361 |  |  |  | 876,570 |  |  |  | 895,931 |  |  |  | — |
Commercial Lines of Credit |  |  | 454 |  |  |  | — |  |  |  | 1,745 |  |  |  | 2,199 |  |  |  | 56,857 |  |  |  | 59,056 |  |  |  | — |
SBA Loans |  |  | 2,287 |  |  |  | 8,205 |  |  |  | 13,957 |  |  |  | 24,449 |  |  |  | 81,239 |  |  |  | 105,688 |  |  |  | — |
International Loans |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 44,167 |  |  |  | 44,167 |  |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  |  |
Consumer Loans |  |  | 596 |  |  |  | 202 |  |  |  | 865 |  |  |  | 1,663 |  |  |  | 48,637 |  |  |  | 50,300 |  |  |  | — |
Total |  | $ | 21,587 |  |  | $ | 14,908 |  |  | $ | 84,450 |  |  | $ | 120,945 |  |  | $ | 2,110,127 |  |  | $ | 2,231,072 |  |  | $ | — |
Impaired Loans The following table provides information on impaired loans, disaggregated by class of loan, as of the dates indicated:
|  | Recorded Investment |  |  | Unpaid Principal Balance |  |  | With No Related Allowance Recorded |  |  | With an Allowance Recorded |  |  | Related Allowance |  |  | Average Recorded Investment |
|  | (In Thousands) |
December 31, 2011: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real Estate Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Property |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retail |  | $ | 1,260 |  |  | $ | 1,260 |  |  | $ | 1,100 |  |  | $ | 160 |  |  | $ | 126 |  |  | $ | 105 |
Land |  |  | 3,178 |  |  |  | 3,210 |  |  |  | — |  |  |  | 3,178 |  |  |  | 360 |  |  |  | 16,910 |
Other |  |  | 14,773 |  |  |  | 14,823 |  |  |  | 1,131 |  |  |  | 13,642 |  |  |  | 3,004 |  |  |  | 14,850 |
Construction |  |  | 14,120 |  |  |  | 14,120 |  |  |  | 14,120 |  |  |  | — |  |  |  | — |  |  |  | 14,353 |
Residential Property |  |  | 5,368 |  |  |  | 5,408 |  |  |  | 3,208 |  |  |  | 2,160 |  |  |  | 128 |  |  |  | 5,399 |
Commercial and Industrial Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Term Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unsecured |  |  | 16,035 |  |  |  | 16,559 |  |  |  | 244 |  |  |  | 15,791 |  |  |  | 10,793 |  |  |  | 15,685 |
Secured by Real Estate |  |  | 53,159 |  |  |  | 54,156 |  |  |  | 14,990 |  |  |  | 38,169 |  |  |  | 7,062 |  |  |  | 51,977 |
Commercial Lines of Credit |  |  | 1,431 |  |  |  | 1,554 |  |  |  | 715 |  |  |  | 716 |  |  |  | 716 |  |  |  | 1,590 |
SBA Loans |  |  | 11,619 |  |  |  | 12,971 |  |  |  | 9,445 |  |  |  | 2,174 |  |  |  | 1,167 |  |  |  | 12,658 |
International Loans |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Consumer Loans |  |  | 746 |  |  |  | 788 |  |  |  | 511 |  |  |  | 235 |  |  |  | 26 |  |  |  | 832 |
Total |  | $ | 121,689 |  |  | $ | 124,849 |  |  | $ | 45,464 |  |  | $ | 76,225 |  |  | $ | 23,382 |  |  | $ | 134,359 |
December 31, 2010: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real Estate Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Property |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retail |  | $ | 17,606 |  |  | $ | 18,050 |  |  | $ | 6,336 |  |  | $ | 11,270 |  |  | $ | 1,543 |  |  | $ | 21,190 |
Land |  |  | 35,207 |  |  |  | 35,295 |  |  |  | 5,482 |  |  |  | 29,725 |  |  |  | 1,485 |  |  |  | 40,858 |
Other |  |  | 11,357 |  |  |  | 11,476 |  |  |  | 10,210 |  |  |  | 1,147 |  |  |  | 33 |  |  |  | 15,342 |
Construction |  |  | 17,691 |  |  |  | 17,831 |  |  |  | 13,992 |  |  |  | 3,699 |  |  |  | 280 |  |  |  | 12,311 |
Residential Property |  |  | 1,926 |  |  |  | 1,990 |  |  |  | 1,926 |  |  |  | — |  |  |  | — |  |  |  | 2,383 |
Commercial and Industrial Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Term Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unsecured |  |  | 17,847 |  |  |  | 18,799 |  |  |  | 6,465 |  |  |  | 11,382 |  |  |  | 10,313 |  |  |  | 18,460 |
Secured by Real Estate |  |  | 80,213 |  |  |  | 81,395 |  |  |  | 35,154 |  |  |  | 45,059 |  |  |  | 11,831 |  |  |  | 101,617 |
Commercial Lines of Credit |  |  | 4,067 |  |  |  | 4,116 |  |  |  | 1,422 |  |  |  | 2,645 |  |  |  | 1,321 |  |  |  | 4,988 |
SBA Loans |  |  | 17,715 |  |  |  | 18,544 |  |  |  | 7,112 |  |  |  | 10,603 |  |  |  | 2,122 |  |  |  | 23,213 |
International Loans |  |  | 127 |  |  |  | 141 |  |  |  | — |  |  |  | 127 |  |  |  | 127 |  |  |  | 397 |
Consumer Loans |  |  | 934 |  |  |  | 951 |  |  |  | 393 |  |  |  | 541 |  |  |  | 393 |  |  |  | 639 |
Total |  | $ | 204,690 |  |  | $ | 208,588 |  |  | $ | 88,492 |  |  | $ | 116,198 |  |  | $ | 29,448 |  |  | $ | 241,398 |
For the year ended December 31, 2011 and 2010, we recognized interest income on one impaired commercial term loan secured by real estate of $33,000 and $402,000, respectively. Except for such loan, no interest income was recognized on impaired loans subsequent to classification as impaired in 2011 and 2010. No interest income was recognized on impaired loans subsequent to classification as impaired in 2009. The following is a summary of interest foregone on impaired loans for the periods indicated:
|  | Year Ended December 31, |
|  | 2011 |  |  | 2010 |  |  | 2009 |
|  | (In Thousands) |
Interest Income That Would Have Been Recognized Had Impaired |  | $ | 9,192 |  |  | $ | 20,848 |  |  | $ | 17,471 |
Loans Performed in Accordance with Their Original Terms |  |  |  |  |  |  |  |  |  |  |  |
Less: Interest Income Recognized on Impaired Loans (1) |  |  | (8,348 | ) |  |  | (11,473 | ) |  |  | (9,569 | )
Interest Foregone on Impaired Loans |  | $ | 844 |  |  | $ | 9,375 |  |  | $ | 7,902 |
(1) | Includes interest income recognized on an accrual basis prior to classification as impaired.
There were no commitments to lend additional funds to borrowers whose loans are included above. Non-Accrual loans Loans are placed on non-accrual status when, in the opinion of management, the full timely collection of principal or interest is in doubt. Generally, the accrual of interest is discontinued when principal or interest payments become more than 90 days past due, unless management believes the loan is adequately collateralized and in the process of collection. However, in certain instances, we may place a particular loan on non-accrual status earlier, depending upon the individual circumstances surrounding the loan’s delinquency. When a loan is placed on non-accrual status, previously accrued but unpaid interest is reversed against current income. Subsequent collections of cash are applied as principal reductions when received, except when the ultimate collectibility of principal is probable, in which case interest payments are credited to income. Non-accrual loans may be restored to accrual status when principal and interest become current and full repayment is expected. The following table details non-accrual loans, disaggregated by class of loan, for the periods indicated:
|  | December 31, |
|  | 2011 |  |  | 2010 |
|  | (In Thousands) |
Real Estate Loans: |  |  |  |  |  |  |  |
Commercial Property |  |  |  |  |  |  |  |
Retail |  | $ | 2,458 |  |  | $ | 19,952 |
Land |  |  | 2,362 |  |  |  | 25,725 |
Construction |  |  | 8,310 |  |  |  | 17,691 |
Residential Property |  |  | 2,745 |  |  |  | 1,925 |
Commercial and Industrial Loans: |  |  |  |  |  |  |  |
Commercial Term Loans |  |  |  |  |  |  |  |
Unsecured |  |  | 7,706 |  |  |  | 17,065 |
Secured by Real Estate |  |  | 19,439 |  |  |  | 31,053 |
Commercial Lines of Credit |  |  | 1,431 |  |  |  | 2,798 |
SBA Loans |  |  | 7,766 |  |  |  | 25,054 |
International Loans |  |  | — |  |  |  | 127 |
Consumer Loans |  |  | 161 |  |  |  | 1,047 |
Total |  | $ | 52,378 |  |  | $ | 142,437 |
The following table details non-performing assets for the periods indicated:
|  | December 31, |
|  | 2011 |  |  | 2010 |
|  | (In Thousands) |
Non-Accrual Loans |  | $ | 52,378 |  |  | $ | 142,437 |
Loans 90 Days or More Past Due and Still Accruing |  |  | — |  |  |  | — |
Total Non-Performing Loans |  |  | 52,378 |  |  |  | 142,437 |
Other Real Estate Owned |  |  | 180 |  |  |  | 4,089 |
Total Non-Performing Assets |  | $ | 52,558 |  |  | $ | 146,526 |
Loans on non-accrual status, excluding loans held for sale, totaled $52.4 million as of December 31, 2011, compared to $142.4 million as of December 31, 2010, representing a 63.2 percent decrease. Delinquent loans (defined as 30 days or more past due), excluding loans held for sale, were $35.2 million as of December 31, 2011, compared to $120.9 million as of December 31, 2010, representing a 70.9 percent decrease. As of December 31, 2011, other real estate owned was a property, located in California, with a net carrying value of $180,000. For the year ended December 31, 2011, nine properties, with a carrying value of $4.2 million, were transferred from loans receivable to other real estate owned and sixteen properties, with a carrying value of $6.9 million, were sold and a net loss of $671,000 was recognized. As of December 31, 2010, other real estate owned consisted of eight properties, primarily located in California, with a combined net carrying value of $4.1 million. For the year ended December 31, 2010, fourteen properties, with a carrying value of $13.0 million, were transferred from loans receivable to other real estate owned and eighteen properties, with a carrying value of $26.1 million, were sold and a net loss of $196,000 was recognized. Troubled Debt Restructuring In April 2011, the FASB issued ASU No. 2011-02, A Creditor’s Determination of Whether a Restructuring is a Troubled Debt Restructuring, which clarifies the guidance for evaluating whether a restructuring constitutes a TDR. This guidance is effective for the first interim or annual period beginning on or after June 15, 2011, and should be applied retrospectively to the beginning of the annual period of adoption. For the purposes of measuring impairment of loans that are newly considered impaired, the guidance should be applied prospectively for the first interim or annual period beginning on or after June 15, 2011. As a result of the amendments in ASU 2011-02, we reassessed all restructurings that occurred on or after the beginning of the annual period and identified certain receivables as TDRs. Upon identifying those receivables as TDRs, we considered them impaired and applied the impairment measurement guidance prospectively for those receivables newly identified as impaired. Upon adoption, the recorded investment in receivables that were newly considered TDRs was $7.8 million, and the allowance for loan losses associated with those receivables, on the basis of a current evaluation of loss, was $2.0 million as of September 30, 2011. The following table details trouble debt restructuring, disaggregated by type of concession and by type of loans as of December 31, 2011 and 2010.
|  | As of December 31, 2011 |
|  | Non-Accrual TDRs |  |  | Accrual TDRs |
|  | (In Thousands) |
|  | Deferral of Principal |  |  | Deferral of Principal and Interest |  |  | Reduction of Principal and Interest |  |  | Extension of Maturity |  |  | Total |  |  | Deferral of Principal |  |  | Deferral of Principal and Interest |  |  | Reduction of Principal and Interest |  |  | Extension of Maturity |  |  | Total |
Trouble Debt Restructuring: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real Estate Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Property |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retail |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,260 |  |  | $ | 1,260 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Other |  |  | 900 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 900 |  |  |  | 1,480 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,480 |
Residential Property |  |  | — |  |  |  | — |  |  |  | 138 |  |  |  | — |  |  |  | 138 |  |  |  | 2,167 |  |  |  | 572 |  |  |  | — |  |  |  | — |  |  |  | 2,739 |
Commercial and Industrial Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Term |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unsecured |  |  | 1,480 |  |  |  | 669 |  |  |  | 4,650 |  |  |  | 682 |  |  |  | 7,481 |  |  |  | 185 |  |  |  | — |  |  |  | 7,069 |  |  |  | 1.584 |  |  |  | 8,838 |
Secured by Real Estate |  |  | 1,202 |  |  |  | 1,523 |  |  |  | 2,403 |  |  |  | 3,243 |  |  |  | 8,371 |  |  |  | 2,005 |  |  |  | — |  |  |  | 8,628 |  |  |  | 2.699 |  |  |  | 13,332 |
SBA |  |  | 2,758 |  |  |  | 1,524 |  |  |  | 794 |  |  |  | — |  |  |  | 5,076 |  |  |  | 1,354 |  |  |  | 468 |  |  |  | — |  |  |  | — |  |  |  | 1,986 |
Total |  | $ | 6,340 |  |  | $ | 3,716 |  |  | $ | 7,985 |  |  | $ | 5,185 |  |  | $ | 23,226 |  |  | $ | 7,191 |  |  | $ | 1,040 |  |  | $ | 15,697 |  |  | $ | 4,283 |  |  | $ | 28,375 |
|  | As of December 31, 2010 |
|  | Non-Accrual TDRs |  |  | Accrual TDRs |
|  | (In Thousands) |
|  | Deferral of Principal |  |  | Deferral of Principal and Interest |  |  | Reduction of Principal and Interest |  |  | Extension of Maturity |  |  | Total |  |  | Deferral of Principal |  |  | Deferral of Principal and Interest |  |  | Reduction of Principal and Interest |  |  | Extension of Maturity |  |  | Total |
Trouble Debt Restructuring: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real Estate Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Property |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retail |  | $ | 2,936 |  |  | $ | — |  |  | $ | 1,515 |  |  | $ | — |  |  | $ | 4,451 |  |  | $ | 6,607 |  |  | $ | — |  |  |  |  |  |  | $ | — |  |  | $ | 6,607 |
Land |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,482 |  |  |  | — |  |  |  | 5,482 |
Other |  |  | 5,881 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,881 |  |  |  | — |  |  |  | — |  |  |  | 2,486 |  |  |  | — |  |  |  | 2,486 |
Residential Property |  |  | — |  |  |  | — |  |  |  | 160 |  |  |  | — |  |  |  | 160 |  |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and Industrial Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Term |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unsecured |  |  | — |  |  |  | — |  |  |  | 160 |  |  |  | — |  |  |  | 160 |  |  |  | 1,153 |  |  |  | — |  |  |  | 1,195 |  |  |  | 1,159 |  |  |  | 3,507 |
Secured by Real Estate |  |  | 12,055 |  |  |  | — |  |  |  | 1,082 |  |  |  | — |  |  |  | 13,137 |  |  |  | 6,073 |  |  |  | — |  |  |  | 22,626 |  |  |  | — |  |  |  | 28,699 |
SBA |  |  | 1,089 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,089 |  |  |  | 554 |  |  |  | — |  |  |  | — |  |  |  | 60 |  |  |  | 614 |
Total |  | $ | 21,961 |  |  | $ | — |  |  | $ | 2,917 |  |  | $ | — |  |  | $ | 24,878 |  |  | $ | 14,387 |  |  | $ | — |  |  | $ | 31,789 |  |  | $ | 1,219 |  |  | $ | 47,395 |
The following table details troubled debt restructuring, disaggregated by class of loan, for the year ended December 31, 2011.
|  | For The Year Ended |
|  | December 31, 2011 |
|  | (In Thousands) |
|  | Number of Loans |  |  | Pre-Modification Outstanding Recorded Investment |  |  | Post-Modification Outstanding Recorded Investment |
Troubled Debt Restructuring: |  |  |  |  |  |  |  |  |  |  |  |
Real Estate Loans: |  |  |  |  |  |  |  |  |  |  |  |
Commercial Property |  |  |  |  |  |  |  |  |  |  |  |
Retail |  |  | 2 |  |  | $ | 1,260 |  |  | $ | 1,260 |
Other |  |  | 2 |  |  |  | 2,387 |  |  |  | 2,381 |
Residential Property |  |  | 3 |  |  |  | 2,740 |  |  |  | 2,739 |
Commercial and Industrial Loans: |  |  |  |  |  |  |  |  |  |  |  |
Commercial Term |  |  |  |  |  |  |  |  |  |  |  |
Unsecured |  |  | 50 |  |  |  | 15,410 |  |  |  | 14,797 |
Secured by Real Estate |  |  | 12 |  |  |  | 15,363 |  |  |  | 14,268 |
SBA |  |  | 29 |  |  |  | 7,954 |  |  |  | 6,670 |
Total |  |  | 98 |  |  | $ | 45,114 |  |  | $ | 42,115 |
As of December 31, 2011 and 2010, total TDR loans receivable, excluding loans held for sale, was $51.6 million and $72.3 million, respectively. A debt restructuring is considered a TDR if we grant a concession that we would not have otherwise considered to the borrower, for economic or legal reasons related to the borrower’s financial difficulties. Loans are considered to be TDRs if they were restructured through payment structure modifications such as reducing the amount of principal and interest due monthly and/or allowing for interest only monthly payments for six months or less. A loan designated as a TDR is considered impaired when, based on the financial condition of the borrower, the value of the underlying collateral and other relevant information, it is probable that we will be unable to collect all principal and interest due according the contractual terms of the loan agreement. TDR loans are individually evaluated for specific impairment using one of these three criteria: (1) the present value of expected future cash flows discounted at the loan’s effective interest rate; (2) the loan’s observable market price; or (3) the fair value of the collateral if the loan is collateral dependent. At December 31, 2011, TDR loans, excluding loans held for sale, totaled $51.6 million were subjected to specific impairment analysis and a $14.2 million reserve relating to these loans was included in the allowance for loan losses. At December 31, 2010, TDR loans, excluding loans held for sale, totaled $72.2 million were subjected to specific impairment analysis and the related allowance for loan losses was $10.2 million. The following table details troubled debt restructurings that defaulted subsequent to the modifications occurring within the previous twelve months, disaggregated by class of loan, during the year ended December 31, 2011 and 2010.
|  | For The Year Ended |
|  | December 31, 2011 |
|  | (In Thousands) |
|  | Number of Loans |  |  | Recorded Investment |
Troubled Debt Restructuring That Subsequently Defaulted |  |  |  |  |  |  |  |
Commercial and Industrial Loans: |  |  |  |  |  |  |  |
Commercial Term |  |  |  |  |  |  |  |
Unsecured (1) |  |  | 6 |  |  |  | 2,368 |
SBA (2) |  |  | 8 |  |  |  | 1,450 |
Total |  |  | 14 |  |  | $ | 3,818 |
(1) | For the year ended December 31, 2011, loan modifications were made through $2.3 million in reduction of principal and/or interest payments and $22,000 in extensions of maturity.
(2) | For the year ended December 31, 2011, loan modifications were made through $1.3 million in payment deferrals and $166,000 in reduction of principal and/or interest payments.
For the year ended December 31, 2011, TDR loans receivable of $3.8 million, excluding loans held for sale, defaulted subsequent to classification as a TDR. Servicing Assets The changes in servicing assets were as follows for the periods indicated:
|  | December 31, |
|  | 2011 |  |  | 2010 |
|  | (In Thousands) |
Balance at Beginning of Year |  | $ | 2,890 |  |  | $ | 3,842 |
Additions |  |  | 1,560 |  |  |  | 81 |
Amortization |  |  | (730 | ) |  |  | (1,033 | )
Balance at End of Year |  | $ | 3,720 |  |  | $ | 2,890 |
At December 31, 2011 and 2010, we serviced loans sold to unaffiliated parties in the amounts of $218.5 million and $191.1 million, respectively. These represent loans that have either been sold or securitized for which the Bank continues to provide servicing. These loans are maintained off balance sheet and are not included in the loans receivable balance. All of the loans being serviced were SBA loans.

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