Loans (Tables)
|
3 Months Ended |
Mar. 31, 2018 |
|---|
| Receivables [Abstract] |
|
| Summary of 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 |
|
|
| Carrying Amount of Purchased Credit Impaired Loans |
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 |
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 |
|
|
| Summary of Delinquent and Nonaccrual Loans |
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 |
% |
|
|
|
|
|
|
|
|
|
| Composition of TDRs by Accrual and Nonaccrual Status |
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 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|