NOTE 5: LOANS

The following is a summary of our loans as of:

(dollars in thousands)	September 30, 2015			December 31, 2014
Outstanding principal balance:
Loans secured by real estate:
Residential properties:
Multifamily	$	478,018		$	481,491
Single family		521,702			360,644
Total real estate loans secured by residential properties		999,720			842,135
Commercial properties		329,972			205,320
Land and construction		12,570			4,309
Total real estate loans		1,342,262			1,051,764
Commercial and industrial loans		158,259			93,537
Consumer loans		35,979			21,125
Total loans		1,536,500			1,166,426
Premiums, discounts and deferred fees and expenses		(495	)		(34	)
Total	$	1,536,005		$	1,166,392

As of September 30, 2015 and December 31, 2014, the principal balances shown above are net of unaccreted discount related to loans acquired in an acquisition of $2.9 million and $0.8 million, respectively.

In 2012 and 2015, the Company purchased loans, for which there was, at acquisition, evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected. The carrying amount of these purchased credit impaired loans is as follows for the periods indicated:

(dollars in thousands)	Nine Months Ended September 30, 2015			Year Ended December 31, 2014
Outstanding principal balance:
Loans secured by real estate:
Residential properties	$	—		$	—
Commercial properties		537			206
Land		1,616			—
Total real estate loans		2,153			206
Commercial and industrial loans		6,788			2,002
Consumer loans		19			249
Total loans		8,960			2,457
Unaccreted discount on purchased credit impaired loans		(2,298	)		(651	)
Total	$	6,662		$	1,806

Accretable yield, or income expected to be collected on purchased credit impaired loans, is as follows as of:

(dollars in thousands)	September 30, 2015			December 31, 2014

Beginning balance	$	130		$	2,349
Accretion of income		(207	)		(1,076	)
Reclassifications from nonaccretable difference		—			(391	)
Acquisition		789			—
Disposals		(56	)		(752	)
Ending balance	$	656		$	130

The following table summarizes our delinquent and nonaccrual loans as of:

	Past Due and Still Accruing												Total Past
(dollars in thousands)	30–59 Days			60-89 Days			90 Days or More			Nonaccrual			Due and Nonaccrual			Current		Total
September 30, 2015:
Real estate loans:
Residential properties	$	—		$	—		$	—		$	—		$	—		$	999,720	$	999,720
Commercial properties		—			—			797			1,579			2,376			327,596		329,972
Land and construction		—			—			965			—			965			11,605		12,570
Commercial and industrial loans		984			76			2,365			2,550			5,975			152,284		158,259
Consumer loans		—			—			—			89			89			35,890		35,979
Total	$	984		$	76		$	4,127		$	4,218		$	9,405		$	1,527,095	$	1,536,500

Percentage of total loans		0.06	%		0.00	%		0.27	%		0.27	%		0.61	%

December 31, 2014:
Real estate loans:
Residential properties	$	—		$	—		$	—		$	—		$	—		$	842,135	$	842,135
Commercial properties		—			805			200			596			1,601			203,719		205,320
Land and construction		—			—			651			—			651			3,658		4,309
Commercial and industrial loans		2,092			289			700			342			3,423			90,114		93,537
Consumer loans		—			—			637			163			800			20,325		21,125
Total	$	2,092		$	1,094		$	2,188		$	1,101		$	6,475		$	1,159,951	$	1,166,426

Percentage of total loans		0.18	%		0.09	%		0.19	%		0.09	%		0.56	%

Accrual of interest on loans is discontinued when reasonable doubt exists as to the full, timely collection of interest or principal and, generally, when a loan becomes contractually past due for ninety days or more with respect to principal or interest. The accrual of interest may be continued on a well-secured loan contractually past due ninety days or more with respect to principal or interest if the loan is in the process of collection or collection of the principal and interest is deemed probable. The Bank considers a loan to be impaired when, based upon current information and events, it believes it is probable that the Bank will be unable to collect all amounts due according to the contractual terms of the loan agreement. The determination of past due, nonaccrual or impairment status of loans acquired in an acquisition, other than loans deemed purchased impaired, is the same as loans we originate.

As of September 30, 2015 and December 31, 2014, the Company had two loans with a balance of $0.5 million and $0.5 million, respectively, classified as a troubled debt restructuring (“TDR”) which are included as nonaccrual in the table above. Both loans were classified as a TDR as a result of a reduction in required principal payments and an extension of the maturity date of the loans.