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Loans (Tables)

6 Months Ended

Jun. 30, 2022

Receivables [Abstract]

Net Loans Held-for-Investment

The following table summarizes the Company’s loans held-for-investment (in thousands):

						June 30,						December 31,
						2022						2021
Real estate loans:
Multifamily						$	2,771,002					$	2,518,065
Commercial mortgage						850,186						808,597
One-to-four family residential mortgage						185,376						183,665
Home equity and lines of credit						137,868						109,956
Construction and land						18,555						27,495
Total real estate loans						3,962,987						3,647,778
Commercial and industrial loans (1)						133,422						141,005
Other loans						2,312						2,015
Total commercial and industrial and other loans						135,734						143,020
Loans held-for-investment, net (excluding PCD)						4,098,721						3,790,798
PCD loans						13,136						15,819
Total loans held-for-investment, net						4,111,857						3,806,617
Allowance for credit losses						(39,031)						(38,973)
Net loans held-for-investment						$	4,072,826					$	3,767,644

(1) Included in commercial and industrial loans at June 30, 2022 and December 31, 2021 are Payment Protection Program ("PPP") loans totaling $11.9 million and $40.5 million, respectively.

Schedule of Loans Held-for-Investment, Excluding PCD Loans, Net of Deferred Fees and Costs

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 June 30, 2022 (in thousands):

			June 30, 2022
			2022						2021						2020						2019						2018						Prior						Revolving Loans						Total
Real Estate:
Multifamily
Pass			$	441,001					$	704,409					$	510,471					$	291,503					$	226,586					$	584,813					$	1,893					$	2,760,676
Substandard			—						—						—						—						3,806						6,520						—						10,326
Total multifamily			441,001						704,409						510,471						291,503						230,392						591,333						1,893						2,771,002
Commercial
Pass			137,267						149,545						69,189						93,232						75,649						295,115						2,567						822,564
Special mention			—						—						—						—						—						5,241						—						5,241
Substandard			—						10,728						—						—						—						11,653						—						22,381
Total commercial			137,267						160,273						69,189						93,232						75,649						312,009						2,567						850,186
One-to-four family residential
Pass			22,973						12,473						8,710						10,465						9,188						117,450						1,022						182,281
Special mention			—						—						—						—						—						1,928						—						1,928
Substandard			—						—						—						—						—						1,167						—						1,167
Total one-to-four family residential			22,973						12,473						8,710						10,465						9,188						120,545						1,022						185,376
Home equity and lines of credit
Pass			23,488						16,703						9,195						6,476						5,009						12,393						64,010						137,274
Special mention			—						—						—						—						—						41						—						41
Substandard			—						60						—						95						49						349						—						553
Total home equity and lines of credit			23,488						16,763						9,195						6,571						5,058						12,783						64,010						137,868
Construction and land
Pass			3,973						956						4,558						1,317						1,451						4,050						180						16,485
Substandard			—						—						—						—						2,070						—						—						2,070
Total construction and land			3,973						956						4,558						1,317						3,521						4,050						180						18,555
Total real estate loans			628,702						894,874						602,123						403,088						323,808						1,040,720						69,672						3,962,987
Commercial and industrial
Pass			3,814						18,613						8,178						3,961						1,841						9,122						85,861						131,390
Special mention			—						—						—						—						—						141						150						291
Substandard			—						—						135						50						200						293						1,063						1,741
Total commercial and industrial			3,814						18,613						8,313						4,011						2,041						9,556						87,074						133,422
Other
Pass			2,063						—						130						10						16						34						59						2,312
Total other			2,063						—						130						10						16						34						59						2,312
Total loans held-for-investment, net			$	634,579					$	913,487					$	610,566					$	407,109					$	325,865					$	1,050,310					$	156,805					$	4,098,721

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

Estimated Expected Future Cash Flows of Each PCI Loan Pool

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 June 30, 2022, and December 31, 2021, excluding PCD loans (in thousands):

			June 30, 2022
			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			$	276					$	—					$	3,746					$	4,022					$	—					$	4,022
Total multifamily			276						—						3,746						4,022						—						4,022
Commercial
Substandard			3,279						70						1,981						5,330						27						5,357
Total commercial			3,279						70						1,981						5,330						27						5,357
One-to-four family residential
Substandard			—						—						304						304						160						464
Total one-to-four family residential			—						—						304						304						160						464
Home equity and lines of credit
Substandard			188						6						138						332						—						332
Total home equity and lines of credit			188						6						138						332						—						332
Total real estate			3,743						76						6,169						9,988						187						10,175
Commercial and industrial loans
Substandard			28						—						247						275						17						292
Total commercial and industrial loans			28						—						247						275						17						292
Other loans
Pass			—						—						—						—						7						7
Total other			—						—						—						—						7						7
Total non-performing loans			$	3,771					$	76					$	6,416					$	10,263					$	211					$	10,474

			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

Detail and Delinquency Status of Originated Loans Held-for-Investment, Net of Deferred Fees and Costs, by Performing and Non-Performing Loans

The following tables set forth the detail and delinquency status of loans held-for-investment, excluding PCD loans, net of deferred fees and costs, at June 30, 2022, and December 31, 2021 (in thousands):

			June 30, 2022
									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			$	—					$	—					$	—					$	—					$	2,760,676					$	2,760,676
Substandard			—						3,746						—						3,746						6,580						10,326
Total multifamily			—						3,746						—						3,746						2,767,256						2,771,002
Commercial
Pass			173						—						—						173						822,391						822,564
Special mention			308						—						—						308						4,933						5,241
Substandard			247						1,981						27						2,255						20,126						22,381
Total commercial			728						1,981						27						2,736						847,450						850,186
One-to-four family residential
Pass			569						—						—						569						181,712						182,281
Special mention			71						—						—						71						1,857						1,928
Substandard			165						304						160						629						538						1,167
Total one-to-four family residential			805						304						160						1,269						184,107						185,376
Home equity and lines of credit
Pass			11						—						—						11						137,263						137,274
Special mention			—						—						—						—						41						41
Substandard			142						138						—						280						273						553
Total home equity and lines of credit			153						138						—						291						137,577						137,868
Construction and land
Pass			—						—						—						—						16,485						16,485
Substandard			—						—						—						—						2,070						2,070
Total construction and land			—						—						—						—						18,555						18,555
Total real estate			1,686						6,169						187						8,042						3,954,945						3,962,987
Commercial and industrial
Pass			846						—						—						846						130,544						131,390
Special mention			100						—						—						100						191						291
Substandard			150						247						17						414						1,327						1,741
Total commercial and industrial			1,096						247						17						1,360						132,062						133,422
Other loans
Pass			—						—						7						7						2,305						2,312
Total other loans			—						—						7						7						2,305						2,312
Total loans held-for-investment			$	2,782					$	6,416					$	211					$	9,409					$	4,089,312					$	4,098,721

			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

Schedule of Non-accrual Loans, Excluding PCD Loans

The following tables summarize information on non-accrual loans, excluding PCD loans, as of June 30, 2022 and December 31, 2021 (in thousands):

			June 30, 2022
			Recorded Investment						Unpaid Principal Balance						With No Related Allowance
Real estate loans:
Multifamily			$	4,022					$	4,031					$	2,201
Commercial			5,330						5,786						3,182
One-to-four family residential			304						335						—
Home equity and lines of credit			332						581						—
Commercial and industrial			275						590						—
Total non-accrual loans			$	10,263					$	11,323					$	5,383

			December 31, 2021
			Recorded Investment						Unpaid Principal Balance						With No Related Allowance
Real estate loans:
Multifamily			$	1,882					$	1,891					$	512
Commercial			5,117						5,627						3,729
One-to-four family residential			314						346						—
Home equity and lines of credit			281						530						—
Commercial and industrial			28						349						—
Total non-accrual loans			$	7,622					$	8,743					$	4,241

Summary of Impaired Loans

The following table summarizes interest income on non-accrual loans, excluding PCD loans, during the three and six months ended June 30, 2022 and June 30, 2021.

			Three Months Ended June 30,												Six Months Ended June 30,
			2022						2021						2022						2021
Real estate loans:
Multifamily			$	24					$	19					$	48					$	33
Commercial			70						25						82						50
One-to-four family residential			7						—						10						6
Home equity and lines of credit			11						—						11						2
Commercial and industrial			7						2						8						4
Total interest income on non-accrual loans			$	119					$	46					$	159					$	95

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