| LOANS |
NOTE 4: LOANS The following is a summary of our loans as of: | | | | | | | | | September 30, | | December 31, | (dollars in thousands) | | 2021 | | 2020 | Outstanding principal balance: | | | | | | | Loans secured by real estate: | | | | | | | Residential properties: | | | | | | | Multifamily | | $ | 2,518,151 | | $ | 2,247,542 | Single family | | | 818,968 | | | 806,014 | Total real estate loans secured by residential properties | | | 3,337,119 | | | 3,053,556 | Commercial properties | | | 669,912 | | | 747,807 | Land and construction | | | 63,706 | | | 55,832 | Total real estate loans | | | 4,070,737 | | | 3,857,195 | Commercial and industrial loans | | | 1,217,078 | | | 918,676 | Consumer loans | | | 9,468 | | | 18,888 | Total loans | | | 5,297,283 | | | 4,794,759 | Premiums, discounts and deferred fees and expenses | | | 11,676 | | | 9,040 | Total | | $ | 5,308,959 | | $ | 4,803,799 |
The following table summarizes our delinquent and nonaccrual loans as of: | | | | | | | | | | | | | | | | | | | | | | | | Past Due and Still Accruing | | | | | Total Past | | | | | | | | | | | | | | | 90 Days | | | | | Due and | | | | | | | (dollars in thousands) | | 30–59 Days | | 60-89 Days | | or More | | Nonaccrual | | Nonaccrual | | Current | | Total | September 30, 2021: | | | | | | | | | | | | | | | | | | | | | | Real estate loans: | | | | | | | | | | | | | | | | | | | | | | Residential properties | | $ | — | | $ | — | | $ | — | | $ | 10,652 | | $ | 10,652 | | $ | 3,338,547 | | $ | 3,349,199 | Commercial properties | | | 2,947 | | | — | | | — | | | 1,573 | | | 4,520 | | | 665,806 | | | 670,326 | Land and construction | | | — | | | — | | | — | | | — | | | — | | | 63,701 | | | 63,701 | Commercial and industrial loans | | | 79 | | | 122 | | | — | | | 6,481 | | | 6,682 | | | 1,209,559 | | | 1,216,241 | Consumer loans | | | 1,142 | | | — | | | — | | | — | | | 1,142 | | | 8,350 | | | 9,492 | Total | | $ | 4,168 | | $ | 122 | | $ | — | | $ | 18,706 | | $ | 22,996 | | $ | 5,285,963 | | $ | 5,308,959 | | | | | | | | | | | | | | | | | | | | | | | Percentage of total loans | | | 0.08 | % | | 0.00 | % | | — | % | | 0.35 | % | | 0.43 | % | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2020: | | | | | | | | | | | | | | | | | | | | | | Real estate loans: | | | | | | | | | | | | | | | | | | | | | | Residential properties | | $ | 35 | | $ | — | | $ | — | | $ | 10,947 | | $ | 10,982 | | $ | 3,042,574 | | $ | 3,053,556 | Commercial properties | | | 951 | | | 240 | | | — | | | 4,544 | | | 5,735 | | | 742,072 | | | 747,807 | Land and construction | | | — | | | — | | | — | | | — | | | — | | | 55,832 | | | 55,832 | Commercial and industrial loans | | | 1,013 | | | 411 | | | 152 | | | 5,137 | | | 6,713 | | | 911,963 | | | 918,676 | Consumer loans | | | — | | | — | | | — | | | — | | | — | | | 18,888 | | | 18,888 | Total | | $ | 1,999 | | $ | 651 | | $ | 152 | | $ | 20,628 | | $ | 23,430 | | $ | 4,771,329 | | $ | 4,794,759 | | | | | | | | | | | | | | | | | | | | | | | Percentage of total loans | | | 0.04 | % | | 0.01 | % | | 0.00 | % | | 0.43 | % | | 0.49 | % | | | | | |
The following table summarizes our nonaccrual loans as of: | | | | | | | | | Nonaccrual | | Nonaccrual | | | with Allowance | | with no Allowance | (dollars in thousands) | | for Credit Losses | | for Credit Losses | September 30, 2021: | | | | | | | Real estate loans: | | | | | | | Residential properties | | $ | 2,943 | | $ | 7,709 | Commercial properties | | | — | | | 1,573 | Commercial and industrial loans | | | 1,845 | | | 4,636 | Total | | $ | 4,788 | | $ | 13,918 | | | | | | | | December 31, 2020: | | | | | | | Real estate loans: | | | | | | | Residential properties | | $ | 2,987 | | $ | 7,959 | Commercial properties | | | — | | | 4,544 | Commercial and industrial loans | | | 2,581 | | | 2,557 | Total | | $ | 5,568 | | $ | 15,060 |
The following table presents the loans classified as troubled debt restructurings (“TDR”) by accrual and nonaccrual status as of: | | | | | | | | | | | | | | | | | | | | | September 30, 2021 | | December 31, 2020 | (dollars in thousands) | | Accrual | | Nonaccrual | | Total | | Accrual | | Nonaccrual | | Total | Residential loans | | $ | 1,200 | | $ | — | | $ | 1,200 | | $ | 1,200 | | $ | — | | $ | 1,200 | Commercial real estate loans | | | 1,043 | | | 1,201 | | | 2,244 | | | 1,107 | | | 1,277 | | | 2,384 | Commercial and industrial loans | | | 863 | | | 2,100 | | | 2,963 | | | 1,041 | | | 2,832 | | | 3,873 | Total | | $ | 3,106 | | $ | 3,301 | | $ | 6,407 | | $ | 3,348 | | $ | 4,109 | | $ | 7,457 |
The following table provides information on loans that were modified as TDRs for the following periods: | | | | | | | | | | | | | | | | Outstanding Recorded Investment | | | | (dollars in thousands) | | Number of loans | | Pre-Modification | | Post-Modification | | Financial Impact | Nine Months Ended September 30, 2021: | | | | | | | | | | | | Commercial and industrial loans | | 1 | | $ | 346 | | $ | 346 | | $ | — | Total | | 1 | | $ | 346 | | $ | 346 | | $ | — | | | | | | | | | | | | | | | | | Outstanding Recorded Investment | | | | (dollars in thousands) | | Number of loans | | Pre-Modification | | Post-Modification | | Financial Impact | Year Ended December 31, 2020 | | | | | | | | | | | | Commercial and industrial loans | | 1 | | $ | 507 | | $ | 507 | | | — | Total | | 1 | | $ | 507 | | $ | 507 | | $ | — |
All of these 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.
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