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Loans and Allowance for Credit Losses (Tables) | 9 Months Ended
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Sep. 30, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items] |
Schedule of classification, unpaid principal balance, and carrying value of loans held including loans of consolidated VIEs | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2022 | ​ | ​ | December 31, 2021
(in thousands) | ​ | Carrying Value | ​ | UPB | ​ | ​ | Carrying Value | ​ | UPB
Loans | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential | ​ | $ | 2,311 | ​ | $ | 2,485 | ​ | ​ | $ | 3,641 | ​ | $ | 3,914
SBA - 7(a) | ​ | ​ | 490,134 | ​ | ​ | 508,213 | ​ | ​ | ​ | 503,991 | ​ | ​ | 519,408
Fixed rate | ​ | ​ | 124,677 | ​ | ​ | 121,215 | ​ | ​ | ​ | 344,673 | ​ | ​ | 341,356
Freddie Mac | ​ | ​ | 6,164 | ​ | ​ | 6,056 | ​ | ​ | ​ | 3,087 | ​ | ​ | 2,985
Bridge | ​ | ​ | 2,904,295 | ​ | ​ | 2,926,835 | ​ | ​ | ​ | 1,849,524 | ​ | ​ | 1,861,932
Construction | ​ | ​ | 389,104 | ​ | ​ | 392,650 | ​ | ​ | ​ | — | ​ | ​ | —
Other | ​ | ​ | 293,201 | ​ | ​ | 297,358 | ​ | ​ | ​ | 243,746 | ​ | ​ | 248,246
Total Loans, before allowance for loan losses | ​ | $ | 4,209,886 | ​ | $ | 4,254,812 | ​ | ​ | $ | 2,948,662 | ​ | $ | 2,977,841
Allowance for loan losses | ​ | $ | (51,079) | ​ | $ | — | ​ | ​ | $ | (33,216) | ​ | $ | —
Total Loans, net | ​ | $ | 4,158,807 | ​ | $ | 4,254,812 | ​ | ​ | $ | 2,915,446 | ​ | $ | 2,977,841
Loans in consolidated VIEs | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fixed rate | ​ | $ | 853,188 | ​ | $ | 853,661 | ​ | ​ | $ | 749,364 | ​ | $ | 746,720
Bridge | ​ | ​ | 4,429,262 | ​ | ​ | 4,458,450 | ​ | ​ | ​ | 2,693,186 | ​ | ​ | 2,717,487
SBA - 7(a) | ​ | ​ | 68,892 | ​ | ​ | 76,435 | ​ | ​ | ​ | 88,348 | ​ | ​ | 98,604
Other | ​ | ​ | 341,139 | ​ | ​ | 341,906 | ​ | ​ | ​ | 563,111 | ​ | ​ | 562,771
Total Loans, in consolidated VIEs, before allowance for loan losses | ​ | $ | 5,692,481 | ​ | $ | 5,730,452 | ​ | ​ | $ | 4,094,009 | ​ | $ | 4,125,582
Allowance for loan losses on loans in consolidated VIEs | ​ | $ | (9,174) | ​ | $ | — | ​ | ​ | $ | (12,161) | ​ | $ | —
Total Loans, net, in consolidated VIEs | ​ | $ | 5,683,307 | ​ | $ | 5,730,452 | ​ | ​ | $ | 4,081,848 | ​ | $ | 4,125,582
Loans, held for sale, at fair value | ​ |  | ​ | ​ |  | ​ | ​ | ​ |  | ​ | ​ |  | ​
Residential | ​ | $ | 156,987 | ​ | $ | 159,572 | ​ | ​ | $ | 269,164 | ​ | $ | 263,479
SBA - 7(a) | ​ | ​ | 47,913 | ​ | ​ | 45,061 | ​ | ​ | ​ | 42,760 | ​ | ​ | 38,966
Fixed rate | ​ | ​ | 187,334 | ​ | ​ | 214,259 | ​ | ​ | ​ | 197,290 | ​ | ​ | 195,114
Freddie Mac | ​ | ​ | 7,575 | ​ | ​ | 7,429 | ​ | ​ | ​ | 42,384 | ​ | ​ | 41,864
Other | ​ | ​ | 3,800 | ​ | ​ | 3,657 | ​ | ​ | ​ | 1,337 | ​ | ​ | 1,337
Total Loans, held for sale, at fair value | ​ | $ | 403,609 | ​ | $ | 429,978 | ​ | ​ | $ | 552,935 | ​ | $ | 540,760
Total Loans, net and Loans, held for sale, at fair value | ​ | $ | 10,245,723 | ​ | $ | 10,415,242 | ​ | ​ | $ | 7,550,229 | ​ | $ | 7,644,183
Paycheck Protection Program loans | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Paycheck Protection Program loans, held-for-investment | ​ | $ | 275,162 | ​ | $ | 289,041 | ​ | ​ | $ | 867,109 | ​ | $ | 927,766
Paycheck Protection Program loans, held at fair value | ​ | ​ | 599 | ​ | ​ | 599 | ​ | ​ | ​ | 3,243 | ​ | ​ | 3,243
Total Paycheck Protection Program loans | ​ | $ | 275,761 | ​ | $ | 289,640 | ​ | ​ | $ | 870,352 | ​ | $ | 931,009
Total Loan portfolio | ​ | $ | 10,521,484 | ​ | $ | 10,704,882 | ​ | ​ | $ | 8,420,581 | ​ | $ | 8,575,192
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Schedule of summary of the classification, UPB, and carrying value of loans by year of origination | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | ​ | Carrying Value by Year of Origination |  | ​
(in thousands) |  | UPB | ​ | 2022 |  | 2021 |  | 2020 |  | 2019 | ​ | 2018 |  | Pre 2018 |  | Total
September 30, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Bridge | ​ | $ | 7,385,285 | ​ | $ | 2,754,528 | ​ | $ | 3,682,145 | ​ | $ | 387,775 | ​ | $ | 326,252 | ​ | $ | 146,296 | ​ | $ | 30,930 | ​ | $ | 7,327,926
Construction | ​ | ​ | 392,650 | ​ | ​ | 24,234 | ​ | ​ | — | ​ | ​ | 10,000 | ​ | ​ | 296,171 | ​ | ​ | 42,727 | ​ | ​ | — | ​ | ​ | 373,132
Fixed rate | ​ | ​ | 974,876 | ​ | ​ | 46,499 | ​ | ​ | 143,773 | ​ | ​ | 92,381 | ​ | ​ | 335,631 | ​ | ​ | 135,456 | ​ | ​ | 219,679 | ​ | ​ | 973,419
Freddie Mac | ​ | ​ | 6,056 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 6,164 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 6,164
Residential | ​ | ​ | 2,485 | ​ | ​ | 308 | ​ | ​ | 156 | ​ | ​ | — | ​ | ​ | 441 | ​ | ​ | 345 | ​ | ​ | 1,060 | ​ | ​ | 2,310
SBA - 7(a) | ​ | ​ | 584,648 | ​ |  | 80,993 | ​ |  | 82,948 | ​ |  | 40,450 | ​ | ​ | 85,024 | ​ | ​ | 94,669 | ​ |  | 171,439 | ​ | ​ | 555,523
Other | ​ | ​ | 639,264 | ​ | ​ | 2,227 | ​ | ​ | 27,294 | ​ | ​ | 10,452 | ​ | ​ | 71,874 | ​ | ​ | 13,911 | ​ | ​ | 507,678 | ​ |  | 633,436
Total Loans, before general allowance for loan losses | ​ | $ | 9,985,264 | ​ | $ | 2,908,789 | ​ | $ | 3,936,316 | ​ | $ | 547,222 | ​ | $ | 1,115,393 | ​ | $ | 433,404 | ​ | $ | 930,786 | ​ | $ | 9,871,910
General allowance for loan losses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | (29,796)
Total Loans, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 9,842,114
​ |  | UPB | ​ | 2021 |  | 2020 |  | 2019 |  | 2018 | ​ | 2017 |  | Pre 2017 |  | Total
December 31, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Bridge | ​ | $ | 4,579,419 | ​ | $ | 3,461,864 | ​ | $ | 430,248 | ​ | $ | 399,603 | ​ | $ | 205,855 | ​ | $ | 11,327 | ​ | $ | 29,490 | ​ | $ | 4,538,387
Fixed rate | ​ | ​ | 1,088,076 | ​ | ​ | 142,801 | ​ | ​ | 103,528 | ​ | ​ | 393,563 | ​ | ​ | 163,912 | ​ | ​ | 98,123 | ​ | ​ | 187,918 | ​ | ​ | 1,089,845
Freddie Mac | ​ | ​ | 2,985 | ​ | ​ | — | ​ | ​ | 3,093 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,093
Residential | ​ | ​ | 3,914 | ​ | ​ | 1,413 | ​ | ​ | 492 | ​ | ​ | 468 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,215 | ​ | ​ | 3,588
SBA - 7(a) | ​ | ​ | 618,012 | ​ | ​ | 92,030 | ​ | ​ | 44,955 | ​ | ​ | 104,938 | ​ | ​ | 122,242 | ​ | ​ | 49,031 | ​ | ​ | 173,616 | ​ | ​ | 586,812
Other | ​ | ​ | 811,017 | ​ | ​ | 4,523 | ​ | ​ | 22,973 | ​ | ​ | 76,320 | ​ | ​ | 31,570 | ​ | ​ | 14,868 | ​ | ​ | 653,428 | ​ |  | 803,682
Total Loans, before general allowance for loan losses | ​ | $ | 7,103,423 | ​ | $ | 3,702,631 | ​ | $ | 605,289 | ​ | $ | 974,892 | ​ | $ | 523,579 | ​ | $ | 173,349 | ​ | $ | 1,045,667 | ​ | $ | 7,025,407
General allowance for loan losses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | (28,113)
Total Loans, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 6,997,294
Schedule of delinquency information on loans by year of origination | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | ​ | Carrying Value by Year of Origination |  | ​
(in thousands) |  | UPB | ​ | 2022 |  | 2021 |  | 2020 |  | 2019 | ​ | 2018 |  | Pre 2018 |  | Total
September 30, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current and less than 30 days past due | ​ | $ | 9,700,041 | ​ | $ | 2,908,789 | ​ | $ | 3,927,896 | ​ | $ | 539,893 | ​ | $ | 1,052,098 | ​ | $ | 317,302 | ​ | $ | 876,602 | ​ | $ | 9,622,580
30 - 59 days past due | ​ | ​ | 10,145 | ​ | ​ | — | ​ | ​ | 7,730 | ​ | ​ | 3 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,184 | ​ | ​ | 9,917
60+ days past due | ​ | ​ | 275,078 | ​ | ​ | — | ​ | ​ | 690 | ​ | ​ | 7,326 | ​ | ​ | 63,295 | ​ | ​ | 116,102 | ​ | ​ | 52,000 | ​ | ​ | 239,413
Total Loans, before general allowance for loan losses | ​ | $ | 9,985,264 | ​ | $ | 2,908,789 | ​ | $ | 3,936,316 | ​ | $ | 547,222 | ​ | $ | 1,115,393 | ​ | $ | 433,404 | ​ | $ | 930,786 | ​ | $ | 9,871,910
General allowance for loan losses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | (29,796)
Total Loans, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 9,842,114
​ |  | ​ | ​ | ​ | Carrying Value by Year of Origination |  | ​
​ |  | UPB | ​ | 2021 |  | 2020 |  | 2019 |  | 2018 | ​ | 2017 |  | Pre 2017 |  | Total
December 31, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current and less than 30 days past due | ​ | $ | 6,901,474 | ​ | $ | 3,666,020 | ​ | $ | 596,289 | ​ | $ | 953,269 | ​ | $ | 473,798 | ​ | $ | 167,629 | ​ | $ | 984,680 | ​ | $ | 6,841,685
30 - 59 days past due | ​ | ​ | 73,836 | ​ | ​ | 35,549 | ​ | ​ | 352 | ​ | ​ | 18,393 | ​ | ​ | 3,714 | ​ | ​ | 228 | ​ | ​ | 14,601 | ​ | ​ | 72,837
60+ days past due | ​ | ​ | 128,113 | ​ | ​ | 1,062 | ​ | ​ | 8,648 | ​ | ​ | 3,230 | ​ | ​ | 46,067 | ​ | ​ | 5,492 | ​ | ​ | 46,386 | ​ | ​ | 110,885
Total Loans, before general allowance for loan losses | ​ | $ | 7,103,423 | ​ | $ | 3,702,631 | ​ | $ | 605,289 | ​ | $ | 974,892 | ​ | $ | 523,579 | ​ | $ | 173,349 | ​ | $ | 1,045,667 | ​ | $ | 7,025,407
General allowance for loan losses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | (28,113)
Total Loans, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 6,997,294
Schedule of delinquency information on loans, net | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) | ​ | Current | ​ | 30-59 days past due | ​ | 60+ days past due | ​ | Total | ​ | Non-Accrual Loans | ​ | 90+ days past due and Accruing
September 30, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Bridge | ​ | $ | 7,200,286 | ​ | $ | 7,730 | ​ | $ | 119,910 | ​ | $ | 7,327,926 | ​ | $ | 124,037 | ​ | $ | —
Construction | ​ | ​ | 317,329 | ​ | ​ | — | ​ | ​ | 55,803 | ​ | ​ | 373,132 | ​ | ​ | 55,804 | ​ | ​ | —
Fixed rate | ​ | ​ | 948,958 | ​ | ​ | — | ​ | ​ | 24,461 | ​ | ​ | 973,419 | ​ | ​ | 20,662 | ​ | ​ | —
Freddie Mac | ​ | ​ | 3,071 | ​ | ​ | — | ​ | ​ | 3,093 | ​ | ​ | 6,164 | ​ | ​ | 3,093 | ​ | ​ | —
Residential | ​ | ​ | 700 | ​ | ​ | — | ​ | ​ | 1,610 | ​ | ​ | 2,310 | ​ | ​ | 1,610 | ​ | ​ | —
SBA - 7(a) | ​ | ​ | 550,061 | ​ | ​ | 860 | ​ | ​ | 4,602 | ​ | ​ | 555,523 | ​ | ​ | 11,277 | ​ | ​ | —
Other | ​ | ​ | 602,175 | ​ | ​ | 1,327 | ​ | ​ | 29,934 | ​ | ​ | 633,436 | ​ | ​ | 33,277 | ​ | ​ | —
Total Loans, before general allowance for loan losses | ​ | $ | 9,622,580 | ​ | $ | 9,917 | ​ | $ | 239,413 | ​ | $ | 9,871,910 | ​ | $ | 249,760 | ​ | $ | —
General allowance for loan losses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | (29,796) | ​ | ​ | ​ | ​ | ​ | ​
Total Loans, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 9,842,114 | ​ | ​ | ​ | ​ | ​ | ​
Percentage of loans outstanding | ​ | ​ | 97.5% | ​ | ​ | 0.1% | ​ | ​ | 2.4% | ​ | ​ | 100% | ​ | ​ | 2.5% | ​ | ​ | 0.0%
December 31, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Bridge | ​ | $ | 4,451,230 | ​ | $ | 52,997 | ​ | $ | 34,160 | ​ | $ | 4,538,387 | ​ | $ | 28,820 | ​ | $ | —
Fixed rate | ​ | ​ | 1,057,708 | ​ | ​ | — | ​ | ​ | 32,137 | ​ | ​ | 1,089,845 | ​ | ​ | 24,031 | ​ | ​ | —
Freddie Mac | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,093 | ​ | ​ | 3,093 | ​ | ​ | 3,093 | ​ | ​ | -
Residential | ​ | ​ | 1,674 | ​ | ​ | — | ​ | ​ | 1,914 | ​ | ​ | 3,588 | ​ | ​ | 1,914 | ​ | ​ | —
SBA - 7(a) | ​ | ​ | 576,593 | ​ | ​ | 6,741 | ​ | ​ | 3,478 | ​ | ​ | 586,812 | ​ | ​ | 15,119 | ​ | ​ | —
Other | ​ | ​ | 754,480 | ​ | ​ | 13,099 | ​ | ​ | 36,103 | ​ | ​ | 803,682 | ​ | ​ | 26,525 | ​ | ​ | —
Total Loans, before general allowance for loan losses | ​ | $ | 6,841,685 | ​ | $ | 72,837 | ​ | $ | 110,885 | ​ | $ | 7,025,407 | ​ | $ | 99,502 | ​ | $ | —
General allowance for loan losses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | (28,113) | ​ | ​ | ​ | ​ | ​ | ​
Total Loans, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 6,997,294 | ​ | ​ | ​ | ​ | ​ | ​
Percentage of loans outstanding | ​ | ​ | 97.4% | ​ | ​ | 1.0% | ​ | ​ | 1.6% | ​ | ​ | 100% | ​ | ​ | 1.4% | ​ | ​ | 0.0%
Schedule of information on credit quality of loans | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | LTV (1)
(in thousands) | 0.0 – 20.0% | 20.1 – 40.0% | 40.1 – 60.0% | 60.1 – 80.0% | 80.1 – 100.0% | Greater than 100.0% | Total
September 30, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Bridge | $ | — | $ | 299,929 | $ | 700,981 | $ | 6,045,241 | $ | 254,893 | $ | 26,882 | $ | 7,327,926
Construction | ​ | 10,895 | ​ | 12,267 | ​ | 26,090 | ​ | 294,166 | ​ | 23,877 | ​ | 5,837 | ​ | 373,132
Fixed rate | ​ | 9,962 | ​ | 43,667 | ​ | 378,783 | ​ | 518,464 | ​ | 15,768 | ​ | 6,775 | ​ | 973,419
Freddie Mac | ​ | — | ​ | — | ​ | 3,071 | ​ | 3,093 | ​ | — | ​ | — | ​ | 6,164
Residential | ​ | 59 | ​ | 48 | ​ | 705 | ​ | 587 | ​ | 911 | ​ | — | ​ | 2,310
SBA - 7(a) | ​ | 7,846 |  | 46,696 |  | 96,027 | ​ | 186,722 | ​ | 81,930 |  | 136,302 | ​ | 555,523
Other |  | 169,728 | ​ | 255,929 | ​ | 157,909 | ​ | 35,484 | ​ | 10,085 | ​ | 4,301 |  | 633,436
Total Loans, before general allowance for loan losses | $ | 198,490 | $ | 658,536 | $ | 1,363,566 | $ | 7,083,757 | $ | 387,464 | $ | 180,097 | $ | 9,871,910
General allowance for loan losses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | (29,796)
Total Loans, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 9,842,114
Percentage of loans outstanding | ​ | 2.0% | ​ | 6.7% | ​ | 13.8% | ​ | 71.8% | ​ | 3.9% | ​ | 1.8% | ​ | ​
December 31, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Bridge | $ | — | $ | 107,606 | $ | 338,355 | $ | 3,432,820 | $ | 640,215 | $ | 19,391 | $ | 4,538,387
Fixed rate |  | 13,983 | ​ | 40,570 | ​ | 390,213 | ​ | 624,462 | ​ | 9,972 | ​ | 10,645 |  | 1,089,845
Freddie Mac |  | — | ​ | — | ​ | — | ​ | 3,093 | ​ | — | ​ | — |  | 3,093
Residential | ​ | 69 | ​ | 262 | ​ | 835 | ​ | 1,050 | ​ | 1,219 | ​ | 153 | ​ | 3,588
SBA - 7(a) | ​ | 7,219 | ​ | 41,943 | ​ | 119,114 | ​ | 197,950 | ​ | 81,388 | ​ | 139,198 | ​ | 586,812
Other |  | 221,823 | ​ | 300,723 | ​ | 185,538 | ​ | 76,590 | ​ | 8,701 | ​ | 10,307 |  | 803,682
Total Loans, before general allowance for loan losses | $ | 243,094 | $ | 491,104 | $ | 1,034,055 | $ | 4,335,965 | $ | 741,495 | $ | 179,694 | $ | 7,025,407
General allowance for loan losses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | (28,113)
Total Loans, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 6,997,294
Percentage of loans outstanding | ​ | 3.5% | ​ | 7.0% | ​ | 14.7% | ​ | 61.7% | ​ | 10.5% | ​ | 2.6% | ​ | ​
(1) LTV is calculated using carrying amount as a percentage of current collateral value
Schedule of activity of the allowance for loan losses for loans | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) | Bridge | ​ | Construction | ​ | Fixed Rate | ​ | Residential | ​ | SBA - 7(a) | ​ | Other | ​ | Total Allowance for loan losses
September 30, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
General | $ | 14,823 | ​ | $ | 971 | ​ | $ | 1,928 | ​ | $ | 4 | ​ | $ | 9,842 | ​ | $ | 2,228 | ​ | $ | 29,796
Specific | ​ | 5,631 | ​ | ​ | — | ​ | ​ | 4,446 | ​ | ​ | 1 | ​ | ​ | 3,503 | ​ | ​ | 904 | ​ | ​ | 14,485
PCD | ​ | — | ​ | ​ | 15,972 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 15,972
Ending balance | $ | 20,454 | ​ | $ | 16,943 | ​ | $ | 6,374 | ​ | $ | 5 | ​ | $ | 13,345 | ​ | $ | 3,132 | ​ | $ | 60,253
December 31, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
General | $ | 15,204 | ​ | $ | — | ​ | $ | 2,667 | ​ | $ | 8 | ​ | $ | 6,653 | ​ | $ | 3,581 | ​ | $ | 28,113
Specific | ​ | 4,315 | ​ | ​ | — | ​ | ​ | 4,194 | ​ | ​ | 52 | ​ | ​ | 5,527 | ​ | ​ | 3,176 | ​ | ​ | 17,264
Ending balance | $ | 19,519 | ​ | $ | — | ​ | $ | 6,861 | ​ | $ | 60 | ​ | $ | 12,180 | ​ | $ | 6,757 | ​ | $ | 45,377
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) | Bridge | Construction | Fixed Rate | Residential | SBA - 7(a) | Other | Total Allowance for loan losses
Three Months Ended September 30, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Beginning balance | $ | 18,393 | $ | 5,122 | $ | 6,222 | $ | 57 | $ | 13,126 | $ | 3,205 | $ | 46,125
Provision for (recoveries of) loan losses | ​ | 2,061 | ​ | 849 | ​ | 242 | ​ | (1) | ​ | 200 | ​ | (72) | ​ | 3,279
Measurement period adjustment - PCD | ​ | — | ​ | 10,972 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 10,972
Charge-offs and sales | ​ | — | ​ | — | ​ | (90) | ​ | — | ​ | (692) | ​ | — | ​ | (782)
Recoveries | ​ | — | ​ | — | ​ | — | ​ | (51) | ​ | 711 | ​ | (1) | ​ | 659
Ending balance | $ | 20,454 | $ | 16,943 | $ | 6,374 | $ | 5 | $ | 13,345 | $ | 3,132 | $ | 60,253
Three Months Ended September 30, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Beginning balance | $ | 21,178 | $ | — | $ | 6,865 | $ | 61 | ​ | 13,350 | $ | 8,175 | $ | 49,629
Provision for (recoveries of) loan losses | ​ | 4,056 | ​ | — | ​ | (1,142) | ​ | — | ​ | 20 | ​ | (1,214) | ​ | 1,720
Charge-offs and sales | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (1,401) | ​ | (27) | ​ | (1,428)
Recoveries | ​ | (660) | ​ | — | ​ | — | ​ | — | ​ | 30 | ​ | (44) | ​ | (674)
Ending balance | $ | 24,574 | $ | — | $ | 5,723 | $ | 61 | $ | 11,999 | $ | 6,890 | $ | 49,247
Nine Months Ended September 30, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​
Beginning balance | $ | 19,519 | $ | — | $ | 6,861 | $ | 60 | $ | 12,180 | $ | 6,757 | $ | 45,377
Provision for (recoveries of) loan losses | ​ | 935 | ​ | 971 | ​ | (397) | ​ | (4) | ​ | 1,691 | ​ | (3,404) | ​ | (208)
PCD(1) | ​ | — | ​ | 15,972 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 15,972
Charge-offs and sales | ​ | — | ​ | — | ​ | (90) | ​ | — | ​ | (1,191) | ​ | (7) | ​ | (1,288)
Recoveries | ​ | — | ​ | — | ​ | — | ​ | (51) | ​ | 665 | ​ | (214) | ​ | 400
Ending balance | $ | 20,454 | $ | 16,943 | $ | 6,374 | $ | 5 | $ | 13,345 | $ | 3,132 | $ | 60,253
Nine Months Ended September 30, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​
Beginning balance | $ | 14,588 | $ | — | $ | 7,629 | $ | 52 | $ | 14,600 | $ | 9,863 | $ | 46,732
Provision for (recoveries of) loan losses | ​ | 10,646 | ​ | — | ​ | (406) | ​ | 9 | ​ | 461 | ​ | (2,893) | ​ | 7,817
Charge-offs and sales | ​ | — | ​ | — | ​ | (1,311) | ​ | — | ​ | (3,105) | ​ | (26) | ​ | (4,442)
Recoveries | ​ | (660) | ​ | — | ​ | (189) | ​ | — | ​ | 43 | ​ | (54) | ​ | (860)
Ending balance | $ | 24,574 | $ | — | $ | 5,723 | $ | 61 | $ | 11,999 | $ | 6,890 | $ | 49,247
(1) | Includes impact of measurement period adjustment related to the Mosaic Mergers. See Note 5 for further details on assets acquired and liabilities assumed in connection with the Mosaic Mergers.
​
Schedule of recorded investment of TDRs | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | September 30, 2022 | ​ | December 31, 2021
(in thousands) | SBC | ​ | SBA | ​ | Total | ​ | SBC | ​ | SBA | ​ | Total
Carrying value of modified loans classified as TDRs: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
On accrual status | $ | 106 | ​ | $ | 12,177 | ​ | $ | 12,283 | ​ | $ | 284 | ​ | $ | 8,242 | ​ | $ | 8,526
On non-accrual status | ​ | 10,848 | ​ | ​ | 8,875 | ​ | ​ | 19,723 | ​ | ​ | 11,220 | ​ | ​ | 11,409 | ​ | ​ | 22,629
Total carrying value of modified loans classified as TDRs | $ | 10,954 | ​ | $ | 21,052 | ​ | $ | 32,006 | ​ | $ | 11,504 | ​ | $ | 19,651 | ​ | $ | 31,155
Allowance for loan losses on loans classified as TDRs | $ | 38 | ​ | $ | 1,121 | ​ | $ | 1,159 | ​ | $ | 46 | ​ | $ | 2,626 | ​ | $ | 2,672
Schedule of TDR modifications by primary modification type and related financial effects | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Three Months Ended September 30, 2022 | ​ | Three Months Ended September 30, 2021
(in thousands, except number of loans) | SBC | ​ | SBA | ​ | Total | ​ | SBC | ​ | SBA | ​ | Total
Number of loans permanently modified | ​ | 1 | ​ | ​ | 7 | ​ | ​ | 8 | ​ | ​ | — | ​ | ​ | 3 | ​ | ​ | 3
Pre-modification recorded balance (a) | $ | 1,036 | ​ | $ | 752 | ​ | $ | 1,788 | ​ | $ | — | ​ | $ | 322 | ​ | $ | 322
Post-modification recorded balance (a) | $ | 1,036 | ​ | $ | 752 | ​ | $ | 1,788 | ​ | $ | — | ​ | $ | 321 | ​ | $ | 321
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Number of loans that remain in default (b) | ​ | 1 | ​ | ​ | — | ​ | ​ | 1 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Balance of loans that remain in default (b) | $ | 1,036 | ​ | $ | — | ​ | $ | 1,036 | ​ | $ | — | ​ | $ | — | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Concession granted (a): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Term extension | $ | — | ​ | $ | 706 | ​ | $ | 706 | ​ | $ | — | ​ | $ | 277 | ​ | $ | 277
Interest rate reduction | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Principal reduction | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Foreclosure | ​ | 1,036 | ​ | ​ | — | ​ | ​ | 1,036 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Total | $ | 1,036 | ​ | $ | 706 | ​ | $ | 1,742 | ​ | $ | — | ​ | $ | 277 | ​ | $ | 277
​ | Nine Months Ended September 30, 2022 | ​ | Nine Months Ended September 30, 2021
(in thousands, except number of loans) | SBC | ​ | SBA | ​ | Total | ​ | SBC | ​ | SBA | ​ | Total
Number of loans permanently modified | ​ | 2 | ​ | ​ | 13 | ​ | ​ | 15 | ​ | ​ | 1 | ​ | ​ | 20 | ​ | ​ | 21
Pre-modification recorded balance (a) | $ | 1,532 | ​ | $ | 2,306 | ​ | $ | 3,838 | ​ | $ | 1,276 | ​ | $ | 8,630 | ​ | $ | 9,906
Post-modification recorded balance (a) | $ | 1,532 | ​ | $ | 1,812 | ​ | $ | 3,344 | ​ | $ | 1,276 | ​ | $ | 8,164 | ​ | $ | 9,440
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Number of loans that remain in default (b) | ​ | 1 | ​ | ​ | 1 | ​ | ​ | 2 | ​ | ​ | — | ​ | ​ | 3 | ​ | ​ | 3
Balance of loans that remain in default (b) | $ | 1,036 | ​ | $ | 5 | ​ | $ | 1,041 | ​ | $ | — | ​ | $ | 686 | ​ | $ | 686
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Concession granted (a): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Term extension | $ | — | ​ | $ | 1,662 | ​ | $ | 1,662 | ​ | $ | — | ​ | $ | 6,912 | ​ | $ | 6,912
Interest rate reduction | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Principal reduction | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Foreclosure | ​ | 1,036 | ​ | ​ | — | ​ | ​ | 1,036 | ​ | ​ | 1,276 | ​ | ​ | 90 | ​ | ​ | 1,366
Total | $ | 1,036 | ​ | $ | 1,662 | ​ | $ | 2,698 | ​ | $ | 1,276 | ​ | $ | 7,002 | ​ | $ | 8,278
(a) Represents carrying value.
(b) Represents carrying values of the TDRs that occurred during the respective periods ended and remained in default as of the current period ended. Generally, all loans modified in a TDR are placed or remain on non-accrual status at the time of the restructuring. However, certain accruing loans modified in a TDR that are current at the time of restructuring may remain on accrual status if payment in full under the restructured terms is expected. For purposes of this schedule, a loan is considered in default if it is 30 or more days past due.
Schedule of reconciliation between unpaid principal balance of credit deteriorated loans acquired and purchase price | ​
​ | ​ | ​
​ | ​ | ​
(in thousands) | PCD Reconciliation
Unpaid principal balance | $ | 21,960
Allowance for credit losses | ​ | (15,972)
Non-credit discount | ​ | (732)
Purchase price of loans classified as PCD | $ | 5,256
Non-accrual loans |
Accounts, Notes, Loans and Financing Receivable [Line Items] |
Schedule of non-accrual loans | ​
​ | ​ | ​ | ​ | ​ | ​
(in thousands) | September 30, 2022 | ​ | December 31, 2021
Non-accrual loans | ​ | ​ | ​ | ​ | ​
With an allowance | $ | 201,950 | ​ | $ | 71,644
Without an allowance | ​ | 47,810 | ​ | ​ | 27,858
Total recorded carrying value of non-accrual loans | $ | 249,760 | ​ | $ | 99,502
Allowance for loan losses related to non-accrual loans | $ | (30,543) | ​ | $ | (17,264)
Unpaid principal balance of non-accrual loans | $ | 286,406 | ​ | $ | 119,554
​ | ​ | ​ | ​ | ​ | ​
​ | September 30, 2022 | ​ | September 30, 2021
Interest income on non-accrual loans for the three months ended | $ | 506 | ​ | $ | 586
Interest income on non-accrual loans for the nine months ended | $ | 4,218 | ​ | $ | 2,144
Geographical concentration |
Accounts, Notes, Loans and Financing Receivable [Line Items] |
Schedule of concentration risk of loans secured by real estate | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Geographic Concentration (% of Unpaid Principal Balance) |  | September 30, 2022 |  | ​ | December 31, 2021 |
Texas |  | 20.9 | % | ​ | 19.2 | %
California |  | 10.1 | ​ | ​ | 14.3 | ​
Georgia |  | 7.6 | ​ | ​ | 7.0 | ​
Arizona |  | 6.8 | ​ | ​ | 7.4 | ​
Florida |  | 6.5 | ​ | ​ | 6.7 | ​
New York |  | 5.5 | ​ | ​ | 7.3 | ​
Illinois |  | 4.4 | ​ | ​ | 4.3 | ​
North Carolina |  | 4.2 | ​ | ​ | 2.6 | ​
Washington |  | 1.6 | ​ | ​ | 2.1 | ​
Colorado | ​ | 1.3 | ​ | ​ | 1.9 | ​
Other |  | 31.1 | ​ | ​ | 27.2 | ​
Total |  | 100.0 | % | ​ | 100.0 | %
Collateral concentration |
Accounts, Notes, Loans and Financing Receivable [Line Items] |
Schedule of concentration risk of loans secured by real estate | The table below presents the collateral type concentration of loans, net. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Collateral Concentration (% of Unpaid Principal Balance) |  | September 30, 2022 |  | ​ | December 31, 2021 |
Multi-family |  | 66.8 | % | ​ | 54.4 | %
Mixed Use |  | 7.6 | ​ | ​ | 7.1 | ​
Retail |  | 5.9 | ​ | ​ | 10.2 | ​
SBA |  | 5.9 | ​ | ​ | 8.7 | ​
Office |  | 5.1 | ​ | ​ | 8.2 | ​
Industrial |  | 4.9 | ​ | ​ | 6.4 | ​
Lodging/Residential |  | 1.7 | ​ | ​ | 1.8 | ​
Other |  | 2.1 | ​ | ​ | 3.2 | ​
Total |  | 100.0 | % | ​ | 100.0 | %
​ | ​ | ​ | ​ | ​ | ​ | ​
The table below presents the collateral type concentration of SBA loans within loans, net. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Collateral Concentration (% of Unpaid Principal Balance) |  | September 30, 2022 |  | ​ | December 31, 2021 |
Lodging | ​ | 14.9 | % | ​ | 17.0 | %
Offices of Physicians | ​ | 8.4 | ​ | ​ | 10.9 | ​
Child Day Care Services |  | 6.0 | ​ | ​ | 7.4 | ​
Gasoline Service Stations |  | 4.0 | ​ | ​ | 3.7 | ​
Eating Places |  | 3.8 | ​ | ​ | 5.0 | ​
Veterinarians |  | 1.8 | ​ | ​ | 2.4 | ​
Grocery Stores | ​ | 1.7 | ​ | ​ | 1.8 | ​
Funeral Service & Crematories |  | 1.3 | ​ | ​ | 1.9 | ​
Couriers | ​ | 1.1 | ​ | ​ | 1.3 | ​
Car washes | ​ | 0.7 | ​ | ​ | 1.4 | ​
Other |  | 56.3 | ​ | ​ | 47.2 | ​
Total |  | 100.0 | % | ​ | 100.0 | %

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