LOANS

3 Months Ended

Mar. 31, 2022

NOTE 5: LOANS

The following is a summary of our loans as of:


	March 31,		December 31,
(dollars in thousands)	2022		2021
Outstanding principal balance:
Loans secured by real estate:
Residential properties:
Multifamily	$	3,284,003	$	2,886,055
Single family		911,438		933,445
Total real estate loans secured by residential properties		4,195,441		3,819,500
Commercial properties		1,264,221		1,309,200
Land and construction		159,533		156,028
Total real estate loans		5,619,195		5,284,728
Commercial and industrial loans		1,754,279		1,598,422
Consumer loans		9,760		10,834
Total loans		7,383,234		6,893,984
Premiums, discounts and deferred fees and expenses		14,230		12,744
Total	$	7,397,464	$	6,906,728

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
March 31, 2022:
Real estate loans:
Residential properties	$	1,748		$	—		$	—		$	3,186		$	4,934		$	4,204,812	$	4,209,746
Commercial properties		2,892			936			—			4,401			8,229			1,256,568		1,264,797
Land and construction		—			—			—			—			—			159,231		159,231
Commercial and industrial loans		967			105			—			3,256			4,328			1,749,572		1,753,900
Consumer loans		10			—			—			—			10			9,780		9,790
Total	$	5,617		$	1,041		$	—		$	10,843		$	17,501		$	7,379,963	$	7,397,464

Percentage of total loans		0.08	%		0.01	%		—	%		0.15	%		0.24	%

December 31, 2021:
Real estate loans:
Residential properties	$	1,519		$	310		$	—		$	3,281		$	5,110		$	3,827,385	$	3,832,495
Commercial properties		2,934			—			—			1,529			4,463			1,305,112		1,309,575
Land and construction		—			—			—			—			—			155,926		155,926
Commercial and industrial loans		303			260			—			3,520			4,083			1,593,782		1,597,865
Consumer loans		—			—			—			—			—			10,867		10,867
Total	$	4,756		$	570		$	—		$	8,330		$	13,656		$	6,893,072	$	6,906,728

Percentage of total loans		0.07	%		0.01	%		—	%		0.12	%		0.20	%

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
March 31, 2022:
Real estate loans:
Residential properties	$	—	$	3,186
Commercial properties		—		4,401
Commercial and industrial loans		1,227		2,029
Total	$	1,227	$	9,616

December 31, 2021:
Real estate loans:
Residential properties	$	—	$	3,280
Commercial properties		—		1,529
Commercial and industrial loans		1,733		1,788
Total	$	1,733	$	6,597

The following table presents the loans classified as troubled debt restructurings (“TDR”) by accrual and nonaccrual status as of:


	March 31, 2022						December 31, 2021
(dollars in thousands)	Accrual		Nonaccrual		Total		Accrual		Nonaccrual		Total
Residential loans	$	—	$	—	$	—	$	1,200	$	—	$	1,200
Commercial real estate loans		998		1,148		2,146		1,021		1,174		2,195
Commercial and industrial loans		32		1,856		1,888		493		2,030		2,523
Total	$	1,030	$	3,004	$	4,034	$	2,714	$	3,204	$	5,918

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
Year Ended December 31, 2021
Commercial and industrial loans	1	$	346	$	346	$	—
Total	1	$	346	$	346	$	—

There were no loans modified as TDRs for the first three months of 2022.

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.