NOTE 4: LOANS

The following is a summary of our loans as of:

(dollars in thousands)	March 31, 2018		December 31, 2017
Outstanding principal balance:
Loans secured by real estate:
Residential properties:
Multifamily	$	2,124,719	$	1,935,429
Single family		674,651		645,816
Total real estate loans secured by residential properties		2,799,370		2,581,245
Commercial properties		708,458		696,748
Land		31,200		37,160
Total real estate loans		3,539,028		3,315,153
Commercial and industrial loans		337,295		310,779
Consumer loans		29,361		29,330
Total loans		3,905,684		3,655,262
Deferred expenses, net		9,286		8,465
Total	$	3,914,970	$	3,663,727

As of March 31, 2018 and December 31, 2017, the principal balances shown above are net of unaccreted discount related to loans acquired in an acquisition of $3.4 million and $4.0 million, respectively.

In 2015 and 2017 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:

(dollars in thousands)	March 31, 2018			December 31, 2017
Outstanding principal balance:
Loans secured by real estate:
Commercial properties	$	976		$	1,525
Land		1,111			1,096
Total real estate loans		2,087			2,621
Commercial and industrial loans		2,716			2,774
Total loans		4,803			5,395
Unaccreted discount on purchased credit impaired loans		(1,448	)		(1,638	)
Total	$	3,355		$	3,757

Accretable yield, or income expected to be collected on purchased credit impaired loans, and the change in accretable yield is as follows for the periods indicated:

(dollars in thousands)	As of and for the Quarter ended March 31, 2018			As of and for the Year ended December 31, 2017

Beginning balance	$	850		$	289
Accretion of income		(74	)		(108	)
Reclassifications from nonaccretable difference		—			66
Acquisition		—			603
Disposals		(26	)		—
Ending balance	$	750		$	850

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
March 31, 2018:
Real estate loans:
Residential properties	$	62		$	—		$	—		$	—		$	62		$	2,799,308	$	2,799,370
Commercial properties		752			—			1,312			1,918			3,982			704,476		708,458
Land		—			—			—			—			—			31,200		31,200
Commercial and industrial loans		—			138			302			9,342			9,782			327,513		337,295
Consumer loans		—			—			—			—			—			29,361		29,361
Total	$	814		$	138		$	1,614		$	11,260		$	13,826		$	3,891,858	$	3,905,684

Percentage of total loans		0.02	%		0.00	%		0.04	%		0.29	%		0.35	%

December 31, 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	%

As of March 31, 2018 and December 31, 2017, the Company had seven loans with a balance of $4.4 million and seven loans with a balance of $4.5 million, respectively, that were classified as troubled debt restructurings (“TDR”). All 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. These loans have been paying in accordance with the terms of their restructure.

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

	March 31, 2018							December 31, 2017
(dollars in thousands)	Accrual			Nonaccrual	Total			Accrual	Nonaccrual		Total
Commercial real estate loans	$	—	$	1,572	$	1,572	$	—	$	1,598	$	1,598
Commercial and industrial loans		165		2,648		2,813		195		2,698		2,893
Total		165		4,220		4,385		195		4,296		4,491

No TDRs were modified in the first quarter of 2018. The following table provides information on loans that were modified as TDRs for the year ended December 31, 2017:


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

Commercial real estate loans	1	$	1,598	$	1,598	$	—
Commercial loans	1		218		218		—
Total	2	$	1,816	$	1,816	$	—