LOANS (Tables)
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3 Months Ended |
Mar. 31, 2022 |
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| LOANS |
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| Summary of Loans |
| | | | | | | | | 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 |
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| Summary of Delinquent and Nonaccrual Loans |
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 | % | | | | | |
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| Summary of nonaccrual loans |
| | | | | | | | | 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 |
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| Composition of TDRs by Accrual and Nonaccrual Status |
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.
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