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Loans | 12 Months Ended
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Dec. 31, 2021
Receivables [Abstract] |
Loans | Loans On January 1, 2021, the Company adopted the CECL standard for measuring credit losses, which replaced the incurred loss methodology. As a result of adopting CECL, the Company combined its originated loan portfolio and the acquired loan portfolio into the respective portfolio segments. Other than to combine the originated and non-PCD acquired loan portfolios, the Company's portfolio segments and loan classes remain unchanged following the adoption of the CECL standard. Prior period disclosures have been revised to conform to current period presentation (by combining originated and acquired portfolio segments), however, the Company did not recast comparative financial information and that is still presented in accordance with previous applicable provisions of U.S. GAAP. The following table summarizes the Company's loans held-for-investment, net, (in thousands):
|  | December 31,
|  | 2021 |  | 2020
Real estate loans: |  |
Multifamily |  | $ | 2,518,065 |  |  | $ | 2,509,310 |
Commercial mortgage |  | 808,597 |  |  | 716,973 |
One-to-four family residential mortgage |  | 183,665 |  |  | 210,817 |
Home equity and lines of credit |  | 109,956 |  |  | 91,126 |
Construction and land |  | 27,495 |  |  | 74,318 |
Total real estate loans |  | 3,647,778 |  |  | 3,602,544 |
Commercial and industrial loans (1) |  | 141,005 |  |  | 194,352 |
Other loans |  | 2,015 |  |  | 3,029 |
Total commercial and industrial and other loans |  | 143,020 |  |  | 197,381 |
Deferred origination loan fees, net (2) |  | — |  |  | 4,795 |
Loans held-for-investment, net (excluding PCD/PCI) |  | 3,790,798 |  |  | 3,804,720 |
PCD/PCI Loans |  | 15,819 |  |  | 18,518 |
Total loans held-for-investment, net |  | 3,806,617 |  |  | 3,823,238 |
Allowance for credit losses |  | (38,973) |  |  | (37,607) |
Net loans held-for-investment |  | $ | 3,767,644 |  |  | $ | 3,785,631 |
(1) Included in commercial and industrial loans at December 31, 2021 and 2020 are PPP loans totaling $40.5 million and $126.5 million, respectively. (2) Under CECL, origination deferred fees, deferred fees on acquired loans, and purchase accounting adjustments in connection with loans acquired are included in loans by respective portfolio. The Company had no loans held-for-sale at December 31, 2021. At December 31, 2020, loans held-for-sale totaled $19.9 million. In addition to originating loans, the Company may acquire loans through portfolio purchases or acquisitions of other companies. Purchased loans that have evidence of more than insignificant credit deterioration since origination are deemed PCD loans. In accordance with ASU 2016-13, with its adoption of the CECL standard, the Company did not reassess whether previously recognized PCI loans accounted for under prior accounting guidance met the criteria of a PCD loan as of the date of adoption. All loans considered to be PCI prior to the adoption of CECL were converted to PCD upon adoption. For PCD loans, each loan pool is accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. PCD loans totaled $15.8 million at December 31, 2021, as compared to $18.5 million at December 31, 2020. The majority of the PCD loan balance was attributable to those loans acquired as part of a FDIC-assisted transaction. At December 31, 2021, PCD loans consisted of approximately 16% one-to-four family residential loans, 25% commercial real estate loans, and 48% commercial and industrial loans, with the remaining balance in construction and land and home equity loans. At December 31, 2020, PCD loans consisted of approximately 22% one-to-four family residential loans, 23% commercial real estate loans, and 40% commercial and industrial loans, with the remaining balance in construction and land and home equity loans. Credit Quality Indicators The Company monitors the credit quality of its loan portfolio on a regular basis. Credit quality is monitored by reviewing certain credit quality indicators. Management has determined that loan-to-value ratios (at period end) and internally assigned credit risk ratings by loan type are the key credit quality indicators that best measure the credit quality of the Company’s loan receivables. Loan-to-value (“LTV”) ratios used by management in monitoring credit quality are based on current period loan balances and original appraised values at the time of origination (unless a current appraisal has been obtained as a result of the loan being deemed impaired). The Company maintains a credit risk rating system as part of the risk assessment of its loan portfolio. The Company’s lending officers are required to assign a credit risk rating to each loan in their portfolio at origination. This risk rating is reviewed periodically and adjusted if necessary. Monthly, management presents monitored assets to the loan committee. In addition, the Company engages a third-party independent loan reviewer that performs semi-annual reviews of a sample of loans, validating the credit risk ratings assigned to such loans. The credit risk ratings play an important role in the establishment of the provision for credit losses on loans and the allowance for credit losses for loans held-for-investment. After determining the loss factor for each portfolio segment held-for-investment, the collectively evaluated for impairment balance of the held-for-investment portfolio is multiplied by the collectively evaluated for impairment loss factor for the respective portfolio segment in order to determine the allowance for loans collectively evaluated for impairment. When assigning a credit risk rating to a loan, management utilizes the Bank’s internal nine-point credit risk rating system. 1.Strong 2.Good 3.Acceptable 4.Adequate 5.Watch 6.Special Mention 7.Substandard 8.Doubtful 9.Loss Loans rated 1 to 5 are considered pass ratings. An asset is classified substandard if it is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Substandard assets have well defined weaknesses based on objective evidence, and are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Assets classified as doubtful have all of the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses present make collection or liquidation in full highly questionable and improbable based on current circumstances. Assets classified as loss are those considered uncollectible and of such little value that their continuance as assets is not warranted. Assets which do not currently expose the Company to sufficient risk to warrant classification in one of the aforementioned categories, but possess weaknesses, are required to be designated special mention. The following table presents the Company’s loans held-for-investment, excluding PCD loans, by loan class, credit risk ratings and year of origination, at December 31, 2021 (in thousands):
| December 31, 2021
| 2021 |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | Prior |  | Revolving Loans |  | Total
Real Estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Multifamily |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 723,029 |  |  | $ | 525,078 |  |  | $ | 322,067 |  |  | $ | 238,692 |  |  | $ | 231,647 |  |  | $ | 461,834 |  |  | $ | 184 |  |  | $ | 2,502,531 |
Special mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 425 |  |  | — |  |  | 425 |
Substandard | — |  |  | — |  |  | 1,724 |  |  | 5,401 |  |  | — |  |  | 7,984 |  |  | — |  |  | 15,109 |
Total multifamily | 723,029 |  |  | 525,078 |  |  | 323,791 |  |  | 244,093 |  |  | 231,647 |  |  | 470,243 |  |  | 184 |  |  | 2,518,065 |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 153,803 |  |  | 72,718 |  |  | 97,228 |  |  | 99,165 |  |  | 65,750 |  |  | 274,195 |  |  | 2,589 |  |  | 765,448 |
Special mention | — |  |  | — |  |  | 505 |  |  | — |  |  | 1,095 |  |  | 8,559 |  |  | — |  |  | 10,159 |
Substandard | 10,881 |  |  | — |  |  | 7,866 |  |  | — |  |  | 2,854 |  |  | 11,389 |  |  | — |  |  | 32,990 |
Total commercial | 164,684 |  |  | 72,718 |  |  | 105,599 |  |  | 99,165 |  |  | 69,699 |  |  | 294,143 |  |  | 2,589 |  |  | 808,597 |
One-to-four family residential |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 12,095 |  |  | 9,040 |  |  | 11,244 |  |  | 13,299 |  |  | 10,232 |  |  | 120,693 |  |  | 1,004 |  |  | 177,607 |
Special mention | — |  |  | — |  |  | 467 |  |  | — |  |  | — |  |  | 2,336 |  |  | — |  |  | 2,803 |
Substandard | — |  |  | — |  |  | 517 |  |  | — |  |  | — |  |  | 2,738 |  |  | — |  |  | 3,255 |
Total one-to-four family residential | 12,095 |  |  | 9,040 |  |  | 12,228 |  |  | 13,299 |  |  | 10,232 |  |  | 125,767 |  |  | 1,004 |  |  | 183,665 |
Home equity and lines of credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 18,449 |  |  | 12,244 |  |  | 7,347 |  |  | 6,031 |  |  | 2,592 |  |  | 11,162 |  |  | 51,494 |  |  | 109,319 |
Special mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 103 |  |  | — |  |  | 103 |
Substandard | — |  |  | — |  |  | 96 |  |  | 50 |  |  | — |  |  | 388 |  |  | — |  |  | 534 |
Total home equity and lines of credit | 18,449 |  |  | 12,244 |  |  | 7,443 |  |  | 6,081 |  |  | 2,592 |  |  | 11,653 |  |  | 51,494 |  |  | 109,956 |
Construction and land |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 9,883 |  |  | 5,755 |  |  | 2,039 |  |  | 4,062 |  |  | 1,809 |  |  | 3,467 |  |  | 480 |  |  | 27,495 |
Total construction and land | 9,883 |  |  | 5,755 |  |  | 2,039 |  |  | 4,062 |  |  | 1,809 |  |  | 3,467 |  |  | 480 |  |  | 27,495 |
Total real estate loans | 928,140 |  |  | 624,835 |  |  | 451,100 |  |  | 366,700 |  |  | 315,979 |  |  | 905,273 |  |  | 55,751 |  |  | 3,647,778 |
Commercial and industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 45,426 |  |  | 10,087 |  |  | 4,378 |  |  | 2,316 |  |  | 640 |  |  | 9,298 |  |  | 61,728 |  |  | 133,873 |
Special mention | — |  |  | — |  |  | 166 |  |  | — |  |  | 132 |  |  | 224 |  |  | 50 |  |  | 572 |
Substandard | — |  |  | 361 |  |  | 154 |  |  | 595 |  |  | — |  |  | 726 |  |  | 4,724 |  |  | 6,560 |
Total commercial and industrial | 45,426 |  |  | 10,448 |  |  | 4,698 |  |  | 2,911 |  |  | 772 |  |  | 10,248 |  |  | 66,502 |  |  | 141,005 |
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 1,715 |  |  | 156 |  |  | 19 |  |  | 26 |  |  | — |  |  | 49 |  |  | 50 |  |  | 2,015 |
Total other | 1,715 |  |  | 156 |  |  | 19 |  |  | 26 |  |  | — |  |  | 49 |  |  | 50 |  |  | 2,015 |
Total loans held-for-investment, net | $ | 975,281 |  |  | $ | 635,439 |  |  | $ | 455,817 |  |  | $ | 369,637 |  |  | $ | 316,751 |  |  | $ | 915,570 |  |  | $ | 122,303 |  |  | $ | 3,790,798 |
The following table details the recorded investment of loans held-for-investment, excluding PCI loans, net of deferred fees and costs, by loan type and credit quality indicator at December 31, 2020 (in thousands):
| December 31, 2020
| Real Estate |  |  |  |  |  |
| Multifamily |  | Commercial |  | One-to-Four Family |  | Home Equity and Lines of Credit |  | Construction and Land |  | Commercial and Industrial |  | Other |  | Total
Internal Risk Rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 2,497,556 |  |  | $ | 667,568 |  |  | $ | 207,633 |  |  | $ | 92,385 |  |  | $ | 74,351 |  |  | $ | 189,372 |  |  | $ | 3,026 |  |  | $ | 3,731,891 |
Special Mention | 458 |  |  | 20,422 |  |  | 2,456 |  |  | 311 |  |  | — |  |  | 498 |  |  | — |  |  | 24,145 |
Substandard | 14,920 |  |  | 29,576 |  |  | 2,133 |  |  | 441 |  |  | — |  |  | 1,611 |  |  | 3 |  |  | 48,684 |
Total loans held-for-investment, net | $ | 2,512,934 |  |  | $ | 717,566 |  |  | $ | 212,222 |  |  | $ | 93,137 |  |  | $ | 74,351 |  |  | $ | 191,481 |  |  | $ | 3,029 |  |  | $ | 3,804,720 |
Past Due and Non-Accrual Loans Included in loans receivable held-for-investment are loans for which the accrual of interest income has been discontinued due to deterioration in the financial condition of the borrowers. The recorded investment of these non-accrual loans was $7.6 million and $8.5 million at December 31, 2021, and December 31, 2020, respectively. Generally, originated loans are placed on non-accrual status when they become 90 days or more delinquent, or sooner if considered appropriate by management, and remain on non-accrual status until they are brought current, have six consecutive months of performance under the loan terms, and factors indicating reasonable doubt about the timely collection of payments no longer exist. Therefore, loans may be current in accordance with their loan terms, or may be less than 90 days delinquent and still be on a non-accruing status. When an individual loan no longer demonstrates the similar credit risk characteristics as other loans within its current segment, the Company evaluates each for expected credit losses on an individual basis. All non-accrual loans $500,000 and above and all loans designated as TDRs are individually evaluated. The non-accrual amounts included in loans individually evaluated for impairment were $4.2 million and $5.5 million at December 31, 2021, and December 31, 2020, respectively. Loans on non-accrual status with principal balances less than $500,000, and therefore not meeting the Company’s definition of an impaired loan, amounted to $3.4 million at December 31, 2021, and $3.0 million at December 31, 2020. Loans past due 90 days or more and still accruing interest were $384,000 and $1.1 million at December 31, 2021, and December 31, 2020, respectively, and consisted of loans that are well secured and in the process of collection. The Company had no loans held-for-sale at December 31, 2021. At December 31, 2020, the Company had $19.9 million in loans held-for-sale. At December 31, 2020, the loans held-for-sale were comprised of high risk commercial real estate and multifamily loans, primarily accommodation (hotel or motel) loans that were modified in the form of interest and/or principal payment deferrals due to COVID-19 related hardships, and have not returned to contractual payments after 180 days of relief. The sale of these loans was completed in the first quarter of 2021. The following tables set forth the detail, and delinquency status, of non-performing loans (non-accrual loans and loans past due 90 days or more and still accruing), net of deferred fees and costs, at December 31, 2021, and December 31, 2020, excluding PCD/PCI loans (in thousands):
| December 31, 2021
| Total Non-Performing Loans
| Non-Accruing Loans |  |  |  |
| Current |  | 30-89 Days Past Due |  | 90 Days or More Past Due |  | Total |  | 90 Days or More Past Due and Accruing |  | Total Non-Performing Loans
Loans held-for-investment: |  |  |  |  |  |  |  |  |  |  |
Real estate loans: |  |  |  |  |  |  |  |  |  |  |
Multifamily |  |  |  |  |  |  |  |  |  |  |
Substandard | $ | — |  |  | $ | 280 |  |  | $ | 1,602 |  |  | $ | 1,882 |  |  | $ | — |  |  | $ | 1,882 |
Total multifamily | — |  |  | 280 |  |  | 1,602 |  |  | 1,882 |  |  | — |  |  | 1,882 |
Commercial |  |  |  |  |  |  |  |  |  |  |
Special Mention | — |  |  | — |  |  | 280 |  |  | 280 |  |  | — |  |  | 280 |
Substandard | 2,944 |  |  | — |  |  | 1,893 |  |  | 4,837 |  |  | 147 |  |  | 4,984 |
Total commercial | 2,944 |  |  | — |  |  | 2,173 |  |  | 5,117 |  |  | 147 |  |  | 5,264 |
One-to-four family residential |  |  |  |  |  |  |  |  |  |  |
Substandard | — |  |  | — |  |  | 314 |  |  | 314 |  |  | 165 |  |  | 479 |
Total one-to-four family residential | — |  |  | — |  |  | 314 |  |  | 314 |  |  | 165 |  |  | 479 |
Home equity and lines of credit |  |  |  |  |  |  |  |  |  |  |
Substandard | — |  |  | — |  |  | 281 |  |  | 281 |  |  | — |  |  | 281 |
Total home equity and lines of credit | — |  |  | — |  |  | 281 |  |  | 281 |  |  | — |  |  | 281 |
Total real estate | 2,944 |  |  | 280 |  |  | 4,370 |  |  | 7,594 |  |  | 312 |  |  | 7,906 |
Commercial and industrial loans |  |  |  |  |  |  |  |  |  |  |
Pass | — |  |  | — |  |  | — |  |  | — |  |  | 72 |  |  | 72 |
Substandard | 28 |  |  | — |  |  | — |  |  | 28 |  |  | — |  |  | 28 |
Total commercial and industrial loans | 28 |  |  | — |  |  | — |  |  | 28 |  |  | 72 |  |  | 100 |
Total non-performing loans | $ | 2,972 |  |  | $ | 280 |  |  | $ | 4,370 |  |  | $ | 7,622 |  |  | $ | 384 |  |  | $ | 8,006 |
| December 31, 2020
| Total Non-Performing Loans
| Non-Accruing Loans |  |  |  |
| Current |  | 30-89 Days Past Due |  | 90 Days or More Past Due |  | Total |  | 90 Days or More Past Due and Accruing |  | Total Non-Performing Loans
Loans held-for-investment: |  |  |  |  |  |  |  |  |  |  |
Real estate loans: |  |  |  |  |  |  |  |  |  |  |
Multifamily |  |  |  |  |  |  |  |  |  |  |
Substandard | $ | — |  |  | $ | — |  |  | $ | 1,153 |  |  | $ | 1,153 |  |  | $ | — |  |  | $ | 1,153 |
Total multifamily | — |  |  | — |  |  | 1,153 |  |  | 1,153 |  |  | — |  |  | 1,153 |
Commercial |  |  |  |  |  |  |  |  |  |  |
Pass | — |  |  | — |  |  | — |  |  | — |  |  | 500 |  |  | 500 |
Substandard | 2,829 |  |  | 537 |  |  | 2,863 |  |  | 6,229 |  |  | — |  |  | 6,229 |
Total commercial | 2,829 |  |  | 537 |  |  | 2,863 |  |  | 6,229 |  |  | 500 |  |  | 6,729 |
One-to-four family residential |  |  |  |  |  |  |  |  |  |  |
Substandard | 413 |  |  | — |  |  | 493 |  |  | 906 |  |  | 174 |  |  | 1,080 |
Total one-to-four family residential | 413 |  |  | — |  |  | 493 |  |  | 906 |  |  | 174 |  |  | 1,080 |
Home equity and lines of credit |  |  |  |  |  |  |  |  |  |  |
Substandard | 60 |  |  | — |  |  | 131 |  |  | 191 |  |  | — |  |  | 191 |
Total home equity and lines of credit | 60 |  |  | — |  |  | 131 |  |  | 191 |  |  | — |  |  | 191 |
Total real estate | 3,302 |  |  | 537 |  |  | 4,640 |  |  | 8,479 |  |  | 674 |  |  | 9,153 |
Commercial and industrial loans |  |  |  |  |  |  |  |  |  |  |
Pass | — |  |  | — |  |  | — |  |  | — |  |  | 101 |  |  | 101 |
Special mention | — |  |  | — |  |  | — |  |  | — |  |  | 85 |  |  | 85 |
Substandard | — |  |  | — |  |  | 37 |  |  | 37 |  |  | 250 |  |  | 287 |
Total commercial and industrial loans | — |  |  | — |  |  | 37 |  |  | 37 |  |  | 436 |  |  | 473 |
Other loans |  |  |  |  |  |  |  |  |  |  |
Pass | — |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | 3 |
Total other | — |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | 3 |
Total non-performing loans | $ | 3,302 |  |  | $ | 537 |  |  | $ | 4,677 |  |  | $ | 8,516 |  |  | $ | 1,113 |  |  | $ | 9,629 |
The following tables set forth the detail and delinquency status of loans held-for-investment, excluding PCD/PCI loans, net of deferred fees and costs, at December 31, 2021 and December 31, 2020 (in thousands):
| December 31, 2021
|  |  | Past Due Loans |  |  |  |
| 30-89 Days Past Due |  | 90 Days or More Past Due |  | 90 Days or More Past Due and Accruing |  | Total Past Due |  | Current |  | Total Loans Receivable, net
Loans held-for-investment: |  |  |  |  |  |  |  |  |  |  |
Real estate loans: |  |  |  |  |  |  |  |  |  |  |
Multifamily |  |  |  |  |  |  |  |  |  |  |
Pass | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,502,531 |  |  | $ | 2,502,531 |
Special mention | — |  |  | — |  |  | — |  |  | — |  |  | 425 |  |  | 425 |
Substandard | 280 |  |  | 1,602 |  |  | — |  |  | 1,882 |  |  | 13,227 |  |  | 15,109 |
Total multifamily | 280 |  |  | 1,602 |  |  | — |  |  | 1,882 |  |  | 2,516,183 |  |  | 2,518,065 |
Commercial |  |  |  |  |  |  |  |  |  |  |
Pass | 77 |  |  | — |  |  | — |  |  | 77 |  |  | 765,371 |  |  | 765,448 |
Special mention | 67 |  |  | 280 |  |  | — |  |  | 347 |  |  | 9,812 |  |  | 10,159 |
Substandard | — |  |  | 1,893 |  |  | 147 |  |  | 2,040 |  |  | 30,950 |  |  | 32,990 |
Total commercial | 144 |  |  | 2,173 |  |  | 147 |  |  | 2,464 |  |  | 806,133 |  |  | 808,597 |
One-to-four family residential |  |  |  |  |  |  |  |  |  |  |
Pass | 206 |  |  | — |  |  | — |  |  | 206 |  |  | 177,401 |  |  | 177,607 |
Special mention | 387 |  |  | — |  |  | — |  |  | 387 |  |  | 2,416 |  |  | 2,803 |
Substandard | — |  |  | 314 |  |  | 165 |  |  | 479 |  |  | 2,776 |  |  | 3,255 |
Total one-to-four family residential | 593 |  |  | 314 |  |  | 165 |  |  | 1,072 |  |  | 182,593 |  |  | 183,665 |
Home equity and lines of credit |  |  |  |  |  |  |  |  |  |  |
Pass | 316 |  |  | — |  |  | — |  |  | 316 |  |  | 109,003 |  |  | 109,319 |
Special mention | — |  |  | — |  |  | — |  |  | — |  |  | 103 |  |  | 103 |
Substandard | 96 |  |  | 281 |  |  | — |  |  | 377 |  |  | 157 |  |  | 534 |
Total home equity and lines of credit | 412 |  |  | 281 |  |  | — |  |  | 693 |  |  | 109,263 |  |  | 109,956 |
Construction and land |  |  |  |  |  |  |  |  |  |  |
Pass | — |  |  | — |  |  | — |  |  | — |  |  | 27,495 |  |  | 27,495 |
Total construction and land | — |  |  | — |  |  | — |  |  | — |  |  | 27,495 |  |  | 27,495 |
Total real estate | 1,429 |  |  | 4,370 |  |  | 312 |  |  | 6,111 |  |  | 3,641,667 |  |  | 3,647,778 |
Commercial and industrial |  |  |  |  |  |  |  |  |  |  |
Pass | 2 |  |  | — |  |  | 72 |  |  | 74 |  |  | 133,799 |  |  | 133,873 |
Special mention | — |  |  | — |  |  | — |  |  | — |  |  | 572 |  |  | 572 |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | 6,560 |  |  | 6,560 |
Total commercial and industrial | 2 |  |  | — |  |  | 72 |  |  | 74 |  |  | 140,931 |  |  | 141,005 |
Other loans |  |  |  |  |  |  |  |  |  |  |
Pass | 15 |  |  | — |  |  | — |  |  | 15 |  |  | 2,000 |  |  | 2,015 |
Total other loans | 15 |  |  | — |  |  | — |  |  | 15 |  |  | 2,000 |  |  | 2,015 |
Total loans held-for-investment | $ | 1,446 |  |  | $ | 4,370 |  |  | $ | 384 |  |  | $ | 6,200 |  |  | $ | 3,784,598 |  |  | $ | 3,790,798 |
| December 31, 2020
| Past Due Loans |  |  |  |
| 30-89 Days Past Due |  | 90 Days or More Past Due |  | 90 Days or More Past Due and Accruing |  | Total Past Due |  | Current |  | Total Loans Receivable, net
Loans held-for-investment: |  |  |  |  |  |  |  |  |  |  |
Real estate loans: |  |  |  |  |  |  |  |  |  |  |
Multifamily |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 1,283 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,283 |  |  | $ | 2,496,273 |  |  | $ | 2,497,556 |
Special mention | — |  |  | — |  |  | — |  |  | — |  |  | 458 |  |  | 458 |
Substandard | 610 |  |  | 1,153 |  |  | — |  |  | 1,763 |  |  | 13,157 |  |  | 14,920 |
Total multifamily | 1,893 |  |  | 1,153 |  |  | — |  |  | 3,046 |  |  | 2,509,888 |  |  | 2,512,934 |
Commercial |  |  |  |  |  |  |  |  |  |  |
Pass | 6,072 |  |  | — |  |  | 500 |  |  | 6,572 |  |  | 660,996 |  |  | 667,568 |
Special mention | 72 |  |  | — |  |  | — |  |  | 72 |  |  | 20,350 |  |  | 20,422 |
Substandard | 3,185 |  |  | 2,863 |  |  | — |  |  | 6,048 |  |  | 23,528 |  |  | 29,576 |
Total commercial | 9,329 |  |  | 2,863 |  |  | 500 |  |  | 12,692 |  |  | 704,874 |  |  | 717,566 |
One-to-four family residential |  |  |  |  |  |  |  |  |  |  |
Pass | 282 |  |  | — |  |  | — |  |  | 282 |  |  | 207,351 |  |  | 207,633 |
Special mention | 870 |  |  | — |  |  | — |  |  | 870 |  |  | 1,586 |  |  | 2,456 |
Substandard | — |  |  | 493 |  |  | 174 |  |  | 667 |  |  | 1,466 |  |  | 2,133 |
Total one-to-four family residential | 1,152 |  |  | 493 |  |  | 174 |  |  | 1,819 |  |  | 210,403 |  |  | 212,222 |
Home equity and lines of credit |  |  |  |  |  |  |  |  |  |  |
Pass | 80 |  |  | — |  |  | — |  |  | 80 |  |  | 92,305 |  |  | 92,385 |
Special mention | 200 |  |  | — |  |  | — |  |  | 200 |  |  | 111 |  |  | 311 |
Substandard | 100 |  |  | 131 |  |  | — |  |  | 231 |  |  | 210 |  |  | 441 |
Total home equity and lines of credit | 380 |  |  | 131 |  |  | — |  |  | 511 |  |  | 92,626 |  |  | 93,137 |
Construction and land |  |  |  |  |  |  |  |  |  |  |
Pass | 994 |  |  | — |  |  | — |  |  | 994 |  |  | 73,357 |  |  | 74,351 |
Total construction and land | 994 |  |  | — |  |  | — |  |  | 994 |  |  | 73,357 |  |  | 74,351 |
Total real estate | 13,748 |  |  | 4,640 |  |  | 674 |  |  | 19,062 |  |  | 3,591,148 |  |  | 3,610,210 |
Commercial and industrial |  |  |  |  |  |  |  |  |  |  |
Pass | 632 |  |  | — |  |  | 101 |  |  | 733 |  |  | 188,639 |  |  | 189,372 |
Special mention | 61 |  |  | — |  |  | 85 |  |  | 146 |  |  | 352 |  |  | 498 |
Substandard | 67 |  |  | 37 |  |  | 250 |  |  | 354 |  |  | 1,257 |  |  | 1,611 |
Total commercial and industrial | 760 |  |  | 37 |  |  | 436 |  |  | 1,233 |  |  | 190,248 |  |  | 191,481 |
Other loans |  |  |  |  |  |  |  |  |  |  |
Pass | 11 |  |  | — |  |  | 3 |  |  | 14 |  |  | 3,012 |  |  | 3,026 |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | 3 |
Total other loans | 11 |  |  | — |  |  | 3 |  |  | 14 |  |  | 3,015 |  |  | 3,029 |
Total loans held-for-investment | $ | 14,519 |  |  | $ | 4,677 |  |  | $ | 1,113 |  |  | $ | 20,309 |  |  | $ | 3,784,411 |  |  | $ | 3,804,720 |
The following tables summarize information on non-accrual loans, excluding PCD loans, at December 31, 2021 (in thousands):
|  |  | For the Year Ended December 31, 2021
| December 31, 2021 |
| Recorded Investment |  | Unpaid Principal Balance |  | With No Related Allowance |  | Interest Income
Real estate loans: |  |  |  |  |  |  |
Multifamily | $ | 1,882 |  |  | $ | 1,891 |  |  | $ | 512 |  |  | $ | 70 |
Commercial | 5,117 |  |  | 5,627 |  |  | 3,729 |  |  | 85 |
One-to-four family residential | 314 |  |  | 346 |  |  | — |  |  | 10 |
Home equity and lines of credit | 281 |  |  | 530 |  |  | — |  |  | 2 |
Commercial and industrial | 28 |  |  | 349 |  |  | — |  |  | 8 |
Total non-accrual loans | $ | 7,622 |  |  | $ | 8,743 |  |  | $ | 4,241 |  |  | $ | 175 |
The following table summarizes impaired loans, excluding PCI loans, at December 31, 2020 (in thousands):
|  |  | December 31, 2020
|  |  |  |  |  |  | Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance
With No Allowance Recorded: |  |  |  |  |  |  |  |  |  |  |
Real estate loans: |  |  |  |  |  |  |  |  |  |  |
Multifamily |  |  |  |  |  |  | $ | 626 |  |  | $ | 1,097 |  |  | $ | — |
Commercial |  |  |  |  |  |  | 8,838 |  |  | 10,076 |  |  | — |
One-to-four family residential |  |  |  |  |  |  | 1,903 |  |  | 2,032 |  |  | — |
Home equity and lines of credit |  |  |  |  |  |  | 15 |  |  | 15 |  |  | — |
Total real estate |  |  |  |  |  |  | 11,382 |  |  | 13,220 |  |  | — |
With a Related Allowance Recorded: |  |  |  |  |  |  |  |  |  |  |
Real estate loans: |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  | 1,812 |  |  | 2,244 |  |  | (66) |
Home equity and lines of credit |  |  |  |  |  |  | 32 |  |  | 32 |  |  | (3) |
Total real estate |  |  |  |  |  |  | 1,844 |  |  | 2,276 |  |  | (69) |
Commercial and industrial loans |  |  |  |  |  |  | 16 |  |  | 16 |  |  | (4) |
Total: |  |  |  |  |  |  |  |  |  |  |
Real estate loans |  |  |  |  |  |  |  |  |  |  |
Multifamily |  |  |  |  |  |  | 626 |  |  | 1,097 |  |  | — |
Commercial |  |  |  |  |  |  | 10,650 |  |  | 12,320 |  |  | (66) |
One-to-four family residential |  |  |  |  |  |  | 1,903 |  |  | 2,032 |  |  | — |
Home equity and lines of credit |  |  |  |  |  |  | 47 |  |  | 47 |  |  | (3) |
Commercial and industrial loans |  |  |  |  |  |  | 16 |  |  | 16 |  |  | (4) |
|  |  |  |  |  |  | $ | 13,242 |  |  | $ | 15,512 |  |  | $ | (73) |
Included in the table above at December 31, 2020, are impaired loans with carrying balances of $7.8 million that were not written down by charge-offs or for which there are no specific reserves in our allowance for credit losses. Loans not written down by charge-offs or specific reserves at December 31, 2020, are considered to have sufficient collateral values, less costs to sell, to support the carrying balances of the loans. The following table summarizes the average recorded investment in impaired loans, excluding PCI loans, and interest income recognized as of, and for, the year ended December 31, 2020 (in thousands):
|  | For the Year Ended
|  | December 31, 2020
|  | Average Recorded Investment |  | Interest Income
With No Allowance Recorded: |  |  |  |
Real estate loans: |  |  |  |
Multifamily |  | $ | 808 |  |  | $ | 50 |
Commercial |  | 13,299 |  |  | 400 |
One-to-four family residential |  | 2,134 |  |  | 94 |
Home equity and lines of credit |  | 19 |  |  | 1 |
Commercial and industrial loans |  | 30 |  |  | — |
With a Related Allowance Recorded: |  |  |  |
Real estate loans: |  |  |  |
Commercial |  | 2,374 |  |  | 107 |
One-to-four family residential |  | 104 |  |  | — |
Home equity and lines of credit |  | 32 |  |  | 1 |
Commercial and industrial loans |  | 17 |  |  | 1 |
Total: |  |  |  |
Real estate loans |  |  |  |
Multifamily |  | 808 |  |  | 50 |
Commercial |  | 15,673 |  |  | 507 |
One-to-four family residential |  | 2,238 |  |  | 94 |
Home equity and lines of credit |  | 51 |  |  | 2 |
Commercial and industrial loans |  | 47 |  |  | 1 |
|  | $ | 18,817 |  |  | $ | 654 |
Collateral-Dependent Loans Loans for which the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral are considered to be collateral-dependent loans. Collateral can have a significant financial effect in mitigating exposure to credit risk and, where there is sufficient collateral, an allowance for credit losses is not recognized or is minimal. For collateral-dependent loans, the allowance for credit losses is individually assessed based on the fair value of the collateral less estimated costs of sale. The Company's collateral-dependent loans are secured by real estate. Collateral values are generally based on appraisals which are adjusted for changes in market indices. As of December 31, 2021, and December 31, 2020, the Company had $7.4 million and $10.2 million of collateral-dependent impaired loans, respectively. The collateral-dependent loans at December 31, 2021 consisted of $5.9 million of commercial real estate loans, $1.1 million of multifamily loans, and $365,000 of one-to-four family residential loans. For the year ended December 31, 2021, there was no significant deterioration or changes in the collateral securing these loans. Troubled Debt Restructured Loans The following tables summarize loans that were modified in a TDR during the years ended December 31, 2021 and 2020:
|  | Year Ended December 31, 2021
|  | Number of Relationships |  | Pre-Modification Outstanding Recorded Investment |  | Post-Modification Outstanding Recorded Investment(1)
|  | (Dollars in thousands)
Troubled Debt Restructurings |  |  |  |  |  |
Commercial and industrial |  | 2 |  | $ | 96 |  |  | $ | 96 |
Total Troubled Debt Restructurings |  | 2 |  | $ | 96 |  |  | $ | 96 |
(1) Amounts are at time of modification. |  |  |  |  |  |
|  | Year Ended December 31, 2020
|  | Number of Relationships |  | Pre-Modification Outstanding Recorded Investment |  | Post-Modification Outstanding Recorded Investment(1)
|  | (Dollars in thousands)
Troubled Debt Restructurings |  |  |  |  |  |
Residential |  | 1 |  | $ | 187 |  |  | $ | 187 |
Commercial Real Estate |  | 2 |  | 544 |  |  | 544 |
Total Troubled Debt Restructurings |  | 3 |  | $ | 731 |  |  | $ | 731 |
(1) Amounts are at time of modification. |  |  |  |  |  |
There were four commercial and industrial loans to two borrowers modified as TDRs during the year ended December 31, 2021, which were modified to reduce the interest rate, extend the maturity date, and restructure payment terms of the loans. There were four loans (to three borrowers) in the second table above, that requested COVID-19 relief and were modified as TDRs during the year ended December 31, 2020, all of which were modified to restructure payment terms. All four of the loans were delinquent and on non-accrual status prior to the implementation of our COVID-19 customer relief program (discussed further below) and were therefore considered to be TDRs. In response to the COVID-19 pandemic and its economic impact to customers, a short-term modification program that complied with Section 4013 of the CARES Act and the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus was implemented to provide temporary payment relief to those borrowers directly impacted by COVID-19. The program allows for deferral of payments for 90 days, which may extend for an additional 90 day period, with modifications in the form of payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment. As of December 31, 2021, substantially all of the borrowers who had requested relief have returned to contractual payments. Two borrowers, with loans totaling $774,000, did not return to their contractual status; however, they are making partial payments. Loans in deferment status (“COVID-19 Modified Loans”) have continued to accrue interest during the deferment period unless otherwise classified as non-performing. COVID-19 Modified Loans are required to make escrow payments for real estate taxes and insurance, if applicable. The COVID-19 Modified Loan agreements also require loans to be brought back to their fully contractual terms within 12 to 18 months and include covenants that prohibit distributions, bonuses, or payments of management fees to related entities until all deferred payments are made. Consistent with industry regulatory guidance, borrowers who were otherwise current on loan payments and were granted COVID-19 related financial hardship payment deferrals will continue to be reported as current loans throughout the agreed upon deferral period. Borrowers who were delinquent in their payments to the Bank prior to requesting a COVID-19 related financial hardship payment deferral are reviewed on a case by case basis for TDR classification and non-performing loan status. At December 31, 2021 and 2020, the Company had TDRs of $9.0 million and $12.1 million, respectively. Management classifies all TDRs as loans individually evaluated for impairment. Loans individually evaluated for impairment are assessed to determine that the loan’s carrying value is not in excess of the estimated fair value of the collateral less cost to sell, if the loan is collateral-dependent, or the present value of the expected future cash flows, if the loan is not collateral-dependent. Management performs an evaluation of each impaired loan and generally obtains updated appraisals as part of the evaluation. In addition, management adjusts estimated fair values down to appropriately consider recent market conditions, our willingness to accept a lower sales price to effect a quick sale, and costs to dispose of any supporting collateral. Determining the estimated fair value of underlying collateral (and related costs to sell) can be difficult in illiquid real estate markets and is subject to significant assumptions and estimates. Management employs an independent third-party management firm that specializes in appraisal preparation and review to ascertain the reasonableness of updated appraisals. Projecting the expected cash flows under TDRs which are not collateral-dependent is inherently subjective and requires, among other things, an evaluation of the borrower’s current and projected financial condition. Actual results may be significantly different than our projections and our established allowance for credit losses on these loans, which could have a material effect on our financial results. There were no loans modified in the year December 31, 2021 that subsequently defaulted. Two commercial real estate loans modified during the year ended December 31, 2020, totaling $462,500 subsequently defaulted and were 90 days or more past due at December 31, 2020.

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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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