Loans (Tables)

12 Months Ended

Dec. 31, 2017

The following is a summary of our loans as of December 31:

(dollars in thousands)	2017		2016
Recorded investment balance:
Loans secured by real estate:
Residential properties:
Multifamily	$	1,935,429	$	1,178,003
Single family		645,816		602,886
Total real estate loans secured by residential properties		2,581,245		1,780,889
Commercial properties		696,748		476,959
Land		37,160		24,100
Total real estate loans		3,315,153		2,281,948
Commercial and industrial loans		310,779		237,941
Consumer loans		29,330		32,127
Total loans		3,655,262		2,552,016
Deferred expenses, net		8,465		3,693
Total	$	3,663,727	$	2,555,709

Carrying Amount of Purchased Credit Impaired Loans

In 2012, 2015, and 2017 the Company purchased loans, for which there was, at acquisition, evidence of deterioration in 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 at December 31:

(dollars in thousands)	2017			2016
Outstanding principal balance:
Loans secured by real estate:
Commercial properties	$	1,525		$	295
Land		1,096			—
Total real estate loans		2,621			295
Commercial and industrial loans		2,774			4,258
Consumer loans		—			17
Total loans		5,395			4,570
Unaccreted discount on purchased credit impaired loans		(1,638	)		(1,197	)
Total	$	3,757		$	3,373

Accretable Yield or Income Expected to be Collected on Purchased Credit Impaired Loans

Accretable yield, or income expected to be collected on purchased credit impaired loans, is as follows at December 31:

(dollars in thousands)	2017			2016
Beginning balance	$	289		$	582
Accretion of income		(108	)		(185	)
Reclassifications from nonaccretable difference		66			—
Acquisitions		603			—
Disposals		—			(108	)
Ending balance	$	850		$	289

Summary of Delinquent and Nonaccrual Loans

The following table summarizes our delinquent and nonaccrual loans as of December 31:

	Past Due and Still Accruing												Total Past Due and Nonaccrual
(dollars in thousands)	30–59 Days			60-89 Days			90 Days or More			Nonaccrual			Total Past Due and Nonaccrual			Current		Total
2017:
Real estate loans:
Residential properties	$	78		$	—		$	—		$	—		$	78		$	2,581,167	$	2,581,245
Commercial properties		—			—			1,320			1,742			3,062			693,686		696,748
Land		—			—			—			—			—			37,160		37,160
Commercial and industrial loans		—			—			789			9,617			10,406			300,373		310,779
Consumer loans		—			—			—			—			—			29,330		29,330
Total	$	78		$	—		$	2,109		$	11,359		$	13,546		$	3,641,716	$	3,655,262
Percentage of total loans		0.00	%		—	%		0.06	%		0.31	%		0.37	%
2016:
Real estate loans:
Residential properties	$	—		$	—		$	—		$	3,759		$	3,759		$	1,777,130	$	1,780,889
Commercial properties		—			—			2,128			1,120			3,248			473,711		476,959
Land		—			—			—			—			—			24,100		24,100
Commercial and industrial loans		—			2			3,800			3,359			7,161			230,780		237,941
Consumer loans		—			—			—			—			—			32,127		32,127
Total	$	—		$	2		$	5,928		$	8,238		$	14,168		$	2,537,848	$	2,552,016
Percentage of total loans		—	%		0.00	%		0.23	%		0.32	%		0.56	%

Schedule of Troubled Debt Restructurings

The following table presents the composition of TDRs by accrual and nonaccrual status as of:

	December 31, 2017							December 31, 2016
(dollars in thousands)	Accrual			Nonaccrual	Total			Accrual	Nonaccrual		Total
Commercial and industrial	$	195	$	4,296	$	4,491	$	317	$	3,109	$	3,426

The following tables provide information on loans that were modified as TDRs during the years ended December 31, 2017 and 2016:


		Outstanding Recorded Investment
	Number of loans	Pre-Modification		Post-Modification		Financial Impact
(dollars in thousands)

Year ended December 31, 2017
Commercial real estate loans	1	$	1,598	$	1,598	$	—
Commercial loans	1		218		218		—
Total	2	$	1,816	$	1,816	$	—


Year ended December 31, 2016
Commercial real estate loans	—	$	—	$	—	$	—
Commercial loans	5		3,109		3,109		—
Total	5	$	3,109	$	3,109	$	—