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Loans Receivable (Notes)
 12 Months Ended
Dec. 31, 2018
Receivables [Abstract]  
Loans Receivable
 
December 31,
 
2018
 
2017
One-to-four family residential real estate
$
70,371

 
$
97,814

Multi-family mortgage
619,870

 
588,383

Nonresidential real estate
152,442

 
169,971

Construction and land
172

 
1,358

Commercial loans
187,406

 
152,552

Commercial leases
299,394

 
310,076

Consumer
1,539

 
1,597

 
1,331,194

 
1,321,751

Net deferred loan origination costs
1,069

 
1,266

Allowance for loan losses
(8,470
)
 
(8,366
)
Loans, net
$
1,323,793

 
$
1,314,651


Loan Origination/Risk Management. The Company has certain lending policies and procedures in place that are designed to maximize loan income within an acceptable level of risk. The Company reviews and approves these policies and procedures on a periodic basis. A reporting system supplements the review process by providing management with frequent reports related to loan production, loan quality, concentrations of credit, loan delinquencies and nonperforming and potential problem loans via trend and risk rating migration. The Company requires title insurance insuring the priority of our lien on real estate collateral, fire and extended coverage casualty insurance, and, if appropriate, flood insurance, in order to protect our security interest in the underlying real property collateral.
The majority of the loans the Company originates are commercial-related loans, such as multi-family, nonresidential real estate, commercial, construction and land loans, and commercial leases. In addition, we originated one-to-four family residential mortgage loans and consumer loans until December 31, 2017. We also occasionally purchase and sell loan participations. The following briefly describes our principal loan products.
The Company originates real estate loans principally secured by first liens both non-owner occupied and owner occupied commercial real estate. The non-owner occupied commercial real estate properties are predominantly multi-family apartment buildings, office buildings, light industrial buildings, shopping centers and mixed-use developments and, to a much lesser extent, more specialized properties such as nursing homes and other healthcare facilities.
Multi-family mortgage loans generally are secured by multi-family rental properties such as apartment buildings, including subsidized apartment units. In general, loan amounts range between $500,000 and $5.0 million at December 31, 2018. Approximately 55.0% of the collateral is located outside of our primary market area; however, we do not have a concentration in any single market in excess of 25% of our loan portfolio outside of our primary market area. In underwriting multi-family mortgage loans, the Company considers a number of factors, which include the projected net cash flow to the loan’s debt service requirement (generally requiring a minimum ratio of 120%), the age and condition of the collateral, the financial resources and income level of the borrower, the borrower’s experience in owning or managing similar properties and, proximity to diverse employment opportunities. Multi-family mortgage loans are generally originated in amounts up to 80% of the appraised value of the property securing the loan. Personal guarantees are usually obtained on multi-family mortgage loans if the borrower/property owner is a legal entity.
Loans secured by multi-family mortgages generally involve a greater degree of credit risk than one-to-four family residential mortgage loans and carry larger loan balances. This increased credit risk is a result of several factors, including the concentration of principal in a limited number of loans and borrowers, the effects of general economic conditions on income producing properties, and the increased difficulty of evaluating and monitoring these types of loans. Furthermore, the repayment of loans secured by multi-family mortgages typically depends upon the successful operation of the related real estate property. If the cash flow from the project is reduced below acceptable thresholds, the borrower’s ability to repay the loan may be impaired.
The Company emphasizes nonresidential real estate loans with initial principal balances between $500,000 and $5.0 million. Substantially all of our nonresidential real estate loans are secured by properties located in our primary market area. The Company’s nonresidential real estate loans are generally written as three- or five-year adjustable-rate mortgages or mortgages with balloon maturities of three or five years. Amortization on these loans is typically based on 20- to 30-year schedules. The Company also originates some 15-year fixed-rate, fully amortizing loans.
In the underwriting of nonresidential real estate loans, the Company generally lends up to 80% of the property’s appraised value. Decisions to lend are based on the economic viability of the property as the primary source of repayment and the creditworthiness of the borrower. In evaluating a proposed commercial real estate loan, we emphasize the ratio of the property’s projected net cash flow to the loan’s debt service requirement (generally requiring a minimum ratio of 120%), computed after deduction for a vacancy factor and property expenses we deem appropriate. Personal guarantees are usually pursued and obtained from nonresidential real estate borrowers.
Nonresidential real estate loans generally carry higher interest rates and have shorter terms than one-to-four family residential mortgage loans. Nonresidential real estate loans, however, entail significant additional credit risks compared to one-to-four family residential mortgage loans, as they typically involve larger loan balances concentrated with single borrowers or groups of related borrowers. In addition, the payment of loans secured by income-producing properties typically depends on the successful operation of the related real estate project and thus may be subject to a greater extent to adverse conditions in the real estate market and in the general economy.
The Company makes various types of secured and unsecured commercial loans to customers in our market area for the purpose of financing equipment acquisition, expansion, working capital and other general business purposes. The terms of these loans generally range from less than one year to five years. The loans are either negotiated on a fixed-rate basis or carry adjustable interest rates indexed to (i) a lending rate that is determined internally, or (ii) a short-term market rate index.
Commercial credit decisions are based upon our assessment of the borrower’s cash flow, proposed collateral, business and credit history and any additional positive or negative credit risk factors. The Company determines the borrower’s ability to repay in accordance with the proposed terms of the loans and we assess the risks involved. An evaluation is made of the borrower to determine character and capacity to manage. Personal guarantees of the principals are pursued and usually obtained. In addition to evaluating the loan borrower’s financial statements, we consider the adequacy of the primary and secondary sources of repayment for the loan. Independent reports of the borrower’s credit history supplement our analysis of the borrower’s creditworthiness and at times are supplemented with inquiries to other banks and trade investigations. Moreover, certain assets listed on personal financial statements are verified. Proposed collateral for a secured transaction also is analyzed to determine its marketability. Commercial business loans generally have higher interest rates than residential loans of like duration because they have a higher risk of default since their repayment generally depends on the successful operation of the borrower’s business and the sufficiency of any collateral. Pricing of commercial loans is based primarily on the credit risk of the borrower, with due consideration given to borrowers with appropriate deposit relationships.
The Company also lends money to small and mid-size leasing companies for equipment financing leases. Generally, commercial leases are secured by an assignment by the leasing company of the lease payments and by a secured interest in the equipment being leased. In most cases, the lessee acknowledges our security interest in the leased equipment and agrees to send lease payments directly to us. Consequently, the Company underwrites lease loans by examining the creditworthiness of the lessee rather than the lessor. Lease loans generally are non-recourse to the leasing company.
The Company’s commercial leases are secured primarily by technology equipment, medical equipment, material handling equipment and other capital equipment. Lessees tend to be publicly-traded companies with investment-grade rated debt or companies that have not issued public debt and therefore do not have a public debt rating. Commercial leases to these entities have a maximum outstanding credit exposure of $20.0 million to any single entity. If the lessee does not have a public debt rating, they are subject to the same internal credit analysis as any other customer. Typically, commercial leases to these lessees have a maximum maturity of five years and a maximum outstanding credit exposure of $10.0 million to any single entity. In addition, the Company will originate commercial leases to lessees with below investment-grade public debt ratings and have a maximum outstanding credit exposure of $10.0 million to any single entity. Lease loans are almost always fully amortizing, with fixed interest rates.
Although the Company does not actively originate construction and land loans presently, construction and land loans generally consist of land acquisition loans to help finance the purchase of land intended for further development, including single-family homes, multi-family housing and commercial income property, development loans to builders in our market area to finance improvements to real estate, consisting mostly of single-family subdivisions, typically to finance the cost of utilities, roads, sewers and other development costs.
Until December 31, 2017, the Company offered conforming and non-conforming, fixed-rate and adjustable-rate residential mortgage loans with maturities of up to 30 years and maximum loan amounts generally of up to $2.5 million. One-to-four family residential mortgage loans were generally underwritten according to Fannie Mae guidelines, and loans that conformed to such guidelines are referred to as “conforming loans.” The Company generally originated both fixed- and adjustable-rate loans in amounts up to the maximum conforming loan limits as established by Fannie Mae, which is currently $424,100 for single-family homes. Private mortgage insurance is required for first mortgage loans with loan-to-value ratios in excess of 80%.
The Company also occasionally originated loans above conforming limits, sometimes referred to as “jumbo loans,” that were underwritten to the credit standards of Fannie Mae. These loans were generally eligible for sale to various firms that specialize in the purchase of such non-conforming loans.
The ability of the Company’s borrowers to repay their loans, and the value of the collateral securing such loans, could be adversely impacted by economic weakness in its local markets as a result of unemployment, declining real estate values, or increased residential, office, industrial and retail shopping vacancies due to changes in business conditions. This not only could result in the Company experiencing charge-offs and/or nonperforming assets, but also could necessitate an increase in the provision for loan losses. These events, if they were to recur, would have an adverse impact on the Company’s results of operations and its capital.
The following tables present the balance in the allowance for loan losses and the loans receivable by portfolio segment and based on impairment method:
 
Allowance for loan losses
 
Loan Balances
 
Individually
evaluated  for
impairment
 
Collectively
evaluated  for
impairment
 
Total
 
Individually
evaluated  for
impairment
 
Collectively
evaluated  for
impairment
 
Total
December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential real estate
$
—

 
$
699

 
$
699

 
$
2,218

 
$
68,153

 
$
70,371

Multi-family mortgage
—

 
3,991

 
3,991

 
653

 
619,217

 
619,870

Nonresidential real estate
27

 
1,449

 
1,476

 
270

 
152,172

 
152,442

Construction and land
—

 
4

 
4

 
—

 
172

 
172

Commercial loans
—

 
1,517

 
1,517

 
—

 
187,406

 
187,406

Commercial leases
—

 
755

 
755

 
—

 
299,394

 
299,394

Consumer
—

 
28

 
28

 
—

 
1,539

 
1,539

 
$
27

 
$
8,443

 
$
8,470

 
$
3,141

 
$
1,328,053

 
1,331,194

Net deferred loan origination costs
 
 
 
 
 
 
 
 
 
1,069

Allowance for loan losses
 
 
 
 
 
 
 
 
 
(8,470
)
Loans, net
 
 
 
 
 
 
 
 
 
 
$
1,323,793

 
Allowance for loan losses
 
Loan Balances
 
Individually
evaluated for
impairment
 
Collectively
evaluated for
impairment
 
Total
 
Individually
evaluated for
impairment
 
Collectively
evaluated for
impairment
 
Total
December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential real estate
$
—

 
$
850

 
$
850

 
$
4,265

 
$
93,549

 
$
97,814

Multi-family mortgage
—

 
3,849

 
3,849

 
949

 
587,434

 
588,383

Nonresidential real estate
—

 
1,605

 
1,605

 
—

 
169,971

 
169,971

Construction and land
—

 
32

 
32

 
—

 
1,358

 
1,358

Commercial loans
—

 
1,357

 
1,357

 
—

 
152,552

 
152,552

Commercial leases
—

 
655

 
655

 
—

 
310,076

 
310,076

Consumer
—

 
18

 
18

 
—

 
1,597

 
1,597

 
$
—

 
$
8,366

 
$
8,366

 
$
5,214

 
$
1,316,537

 
1,321,751

Net deferred loan origination costs
 
 
 
 
 
 
 
 
 
1,266

Allowance for loan losses
 
 
 
 
 
 
 
 
 
(8,366
)
Loans, net
 
 
 
 
 
 
 
 
 
 
$
1,314,651


Activity in the allowance for loan losses is as follows:
 
For the years ended
December 31,
 
2018
 
2017
Beginning balance
$
8,366

 
$
8,127

Loans charged off:
 
 
 
One-to-four family residential real estate
(231
)
 
(318
)
Multi-family mortgage
(35
)
 
(10
)
Nonresidential real estate
(93
)
 
(165
)
Commercial loans
(140
)
 
—

Consumer
(19
)
 
(10
)
 
(518
)
 
(503
)
Recoveries:
 
 
 
One-to-four family residential real estate
206

 
145

Multi-family mortgage
34

 
70

Nonresidential real estate
—

 
17

Construction and land
2

 
—

Commercial loans
229

 
594

Commercial leases
5

 
2

Consumer
1

 
1

 
477

 
829

Net recoveries (charge-off)
(41
)
 
326

Provision for (recovery of) loan losses
145

 
(87
)
Ending balance
$
8,470

 
$
8,366

Impaired loans
Several of the following disclosures are presented by “recorded investment,” which the FASB defines as “the amount of the investment in a loan, which is not net of a valuation allowance, but which does reflect any direct write-down of the investment.” The following represents the components of recorded investment:
Loan principal balance
Less unapplied payments
Plus negative unapplied balance
Less escrow balance
Plus negative escrow balance
Plus unamortized net deferred loan costs
Less unamortized net deferred loan fees
Plus unamortized premium
Less unamortized discount
Less previous charge-offs
Plus recorded accrued interest
Less reserve for uncollected interest
= Recorded investment
The following tables present loans individually evaluated for impairment by class of loans:
 
Loan
Balance
 
Recorded
Investment
 
Partial Charge-off
 
Allowance
for Loan
Losses
Allocated
 
Average
Investment
in Impaired
Loans
 
Interest
Income
Recognized
December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
With no related allowance recorded
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential real estate
$
2,751

 
$
2,155

 
$
575

 
$
—

 
$
3,274

 
$
41

One-to-four family residential real estate - non-owner occupied
86

 
46

 
43

 
—

 
95

 
—

Multi-family mortgage
654

 
653

 
—

 
—

 
795

 
39

 
3,491

 
2,854

 
618

 
—

 
4,164

 
80

With an allowance recorded - Nonresidential real estate
356

 
270

 
93

 
27

 
21

 
—

 
$
3,847

 
$
3,124

 
$
711

 
$
27

 
$
4,185

 
$
80

 
Loan
Balance
 
Recorded
Investment
 
Partial Charge-off
 
Allowance
for Loan
Losses
Allocated
 
Average
Investment
in Impaired
Loans
 
Interest
Income
Recognized
December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
With no related allowance recorded
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential real estate
$
5,049

 
$
4,248

 
$
806

 
$
—

 
$
4,212

 
$
197

Multi-family mortgage
958

 
948

 
—

 
—

 
847

 
41

 
$
6,007

 
$
5,196

 
$
806

 
$
—

 
$
5,059

 
$
238

Nonaccrual loans
The following tables present the recorded investment in nonaccrual and loans 90 days or more past due still on accrual by class of loans:
 
Loan Balance
 
Recorded
Investment
 
Loans Past
Due Over 90
Days, still
accruing
December 31, 2018
 
 
 
 
 
One-to-four family residential real estate
$
2,167

 
$
1,162

 
$
—

One-to-four family residential real estate – non owner occupied
270

 
78

 
—

Nonresidential real estate
356

 
270

 
—

 
$
2,793

 
$
1,510

 
$
—

December 31, 2017
 
 
 
 
 
One-to-four family residential real estate
$
3,413

 
$
1,918

 
$
—

One-to-four family residential real estate – non owner occupied
308

 
109

 
—

Multi-family mortgage
376

 
363

 
—

 
$
4,097

 
$
2,390

 
$
—


Nonaccrual loans and impaired loans are defined differently. Some loans may be included in both categories, and some may only be included in one category. Nonaccrual loans include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans.
The Company’s reserve for uncollected loan interest was $38,000 and $103,000 at December 31, 2018 and 2017, respectively. When a loan is on non-accrual status and the ultimate collectability of the total principal of an impaired loan is in doubt, all payments are applied to principal under the cost recovery method. Alternatively, when a loan is on non-accrual status but there is doubt concerning only the ultimate collectability of interest, contractual interest is credited to interest income only when received, under the cash basis method pursuant to the provisions of FASB ASC 310–10, as applicable. In all cases, the average balances are calculated based on the month–end balances of the financing receivables within the period reported pursuant to the provisions of FASB ASC 310–10, as applicable.
Past Due Loans
The following tables present the aging of the recorded investment in past due loans at December 31, 2018 by class of loans:
 
30-59 Days
Past Due
 
60-89 Days
Past Due
 
Greater Than
89 Days
Past Due
 
Total Past
Due
 
Loans Not
Past Due
 
Total
One-to-four family residential real estate
$
1,380

 
$
637

 
$
1,162

 
$
3,179

 
$
53,820

 
$
56,999

One-to-four family residential real estate - non-owner occupied
387

 
10

 
78

 
475

 
12,460

 
12,935

Multi-family mortgage - Illinois
458

 
—

 
—

 
458

 
275,283

 
275,741

Multi-family mortgage - Other
—

 
—

 
—

 
—

 
340,470

 
340,470

Nonresidential real estate
—

 
270

 
—

 
270

 
149,271

 
149,541

Construction
—

 
—

 
—

 
—

 
—

 
—

Land
—

 
—

 
—

 
—

 
169

 
169

Commercial loans:
 
 
 
 
 
 

 
 
 

Regional Commercial Banking
—

 
—

 
—

 
—

 
39,712

 
39,712

Health Care
—

 
—

 
—

 
—

 
85,418

 
85,418

Direct Commercial Lessor
—

 
—

 
—

 
—

 
62,719

 
62,719

Commercial leases:
 
 
 
 
—

 

 
 
 

Investment-grade
505

 
—

 
—

 
505

 
166,713

 
167,218

Other
—

 
—

 
—

 
—

 
133,958

 
133,958

Consumer
40

 
4

 
—

 
44

 
1,508

 
1,552

Total
$
2,770

 
$
921

 
$
1,240

 
$
4,931

 
$
1,321,501

 
$
1,326,432

 
The following tables present the aging of the recorded investment in past due loans as December 31, 2017 by class of loans:
 
30-59 Days
Past Due
 
60-89 Days
Past Due
 
Greater
Than
89 Days
Past Due
 
Total Past
Due
 
Loans Not
Past Due
 
Total
One-to-four family residential real estate
$
86

 
$
99

 
$
1,801

 
$
1,986

 
$
74,216

 
$
76,202

One-to-four family residential real estate - non-owner occupied
10

 
3

 
86

 
99

 
20,944

 
21,043

Multi-family mortgage - Illinois
172

 
—

 
364

 
536

 
287,171

 
287,707

Multi-family mortgage - Other
—

 
—

 
—

 
—

 
296,440

 
296,440

Nonresidential real estate
608

 
—

 
—

 
608

 
166,071

 
166,679

Construction
—

 
—

 
—

 
—

 
1,103

 
1,103

Land
—

 
—

 
—

 
—

 
259

 
259

Commercial loans:
 
 
 
 
 
 

 
 
 

Regional Commercial Banking
—

 
—

 
—

 
—

 
40,935

 
40,935

Health Care
—

 
—

 
—

 
—

 
71,738

 
71,738

Direct Commercial Lessor
—

 
—

 
—

 
—

 
40,237

 
40,237

Commercial leases:
 
 
 
 
—

 

 
 
 

Investment-grade
934

 
—

 
—

 
934

 
207,747

 
208,681

Other
288

 
—

 
—

 
288

 
102,873

 
103,161

Consumer
—

 
—

 
—

 
—

 
1,605

 
1,605

 
$
2,098

 
$
102

 
$
2,251

 
$
4,451

 
$
1,311,339

 
$
1,315,790

Troubled Debt Restructurings
The Company evaluates loan extensions or modifications in accordance with FASB ASC 310–40 with respect to the classification of the loan as a TDR. In general, if the Company grants a loan extension or modification to a borrower for other than an insignificant period of time that includes a below–market interest rate, principal forgiveness, payment forbearance or other concession intended to minimize the economic loss to the Company, the loan extension or loan modification is classified as a TDR. In cases where borrowers are granted new terms that provide for a reduction of either interest or principal then due and payable, management measures any impairment on the restructured loan in the same manner as for impaired loans as noted above.
The Company had $17,000 of TDRs at December 31, 2018 and 2017, with no specific valuation reserves allocated at December 31, 2018 and 2017. The Company had no outstanding commitments to borrowers whose loans are classified as TDRs at either date.
The following table presents loans classified as TDRs:
 
December 31,
 
2018
 
2017
One-to-four family residential real estate - Nonaccrual
$
17

 
$
17


During the years ending December 31, 2018 and 2017, there were no loans modified and classified as TDRs.
A loan is considered to be in payment default once it is 90 days contractually past due under the modified terms.
To determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. This evaluation is performed under the Company’s internal underwriting policy.
Credit Quality Indicators:
The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt, including current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans based on credit risk. This analysis includes non-homogeneous loans, such as commercial and commercial real estate loans. This analysis is performed on a monthly basis. The Company uses the following definitions for risk ratings:
Special Mention. A Special Mention asset has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the institution’s credit position at some future date. Special Mention assets are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification.
Substandard. Loans categorized as substandard continue to accrue interest, but exhibit a well-defined weakness or weaknesses that may jeopardize the liquidation of the debt. The loans continue to accrue interest because they are well secured and collection of principal and interest is expected within a reasonable time. The risk rating guidance published by the Office of the Comptroller of the Currency clarifies that a loan with a well-defined weakness does not have to present a probability of default for the loan to be rated Substandard, and that an individual loan’s loss potential does not have to be distinct for the loan to be rated Substandard.
Nonaccrual. An asset classified Nonaccrual has all the weaknesses inherent in one classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The loans were placed on nonaccrual status.
Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered “Pass” rated loans.
As of December 31, 2018, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows:
 
Pass
 
Special
Mention
 
Substandard
 
Nonaccrual
 
Total
One-to-four family residential real estate
$
55,353

 
$
495

 
$
328

 
$
993

 
$
57,169

One-to-four family residential real estate - non-owner occupied
12,911

 
—

 
37

 
254

 
13,202

Multi-family mortgage - Illinois
279,021

 
—

 
216

 
—

 
279,237

Multi-family mortgage - Other
340,633

 
—

 
—

 
—

 
340,633

Nonresidential real estate
151,793

 
281

 
98

 
270

 
152,442

Construction
—

 
—

 
—

 
—

 
—

Land
172

 
—

 
—

 
—

 
172

Commercial loans:
 
 
 
 
 
 
 
 

Regional commercial banking
34,764

 
4,810

 
—

 
—

 
39,574

Health care
85,001

 
—

 
342

 
—

 
85,343

Direct commercial lessor
62,489

 
—

 
—

 
—

 
62,489

Commercial leases:
 
 
 
 
 
 
 
 

Investment-grade
165,508

 
701

 
—

 
—

 
166,209

Other
133,185

 
—

 
—

 
—

 
133,185

Consumer
1,529

 
3

 
7

 
—

 
1,539

 
$
1,322,359

 
$
6,290

 
$
1,028

 
$
1,517

 
$
1,331,194

 
As of December 31, 2017, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows:
 
 
Pass
 
Special
Mention
 
Substandard
 
Nonaccrual
 
Total
One-to-four family residential real estate
 
$
74,437

 
$
—

 
$
255

 
$
1,914

 
$
76,606

One-to-four family residential real estate - non-owner occupied
 
21,059

 
—

 
40

 
109

 
21,208

Multi-family mortgage - Illinois
 
290,765

 
—

 
225

 
368

 
291,358

Multi-family mortgage - Other
 
297,025

 
—

 
—

 
—

 
297,025

Nonresidential real estate
 
169,817

 
—

 
154

 
—

 
169,971

Construction
 
1,099

 
—

 
—

 
—

 
1,099

Land
 
259

 
—

 
—

 
—

 
259

Commercial loans:
 
 
 
 
 
 
 
 
 

Regional commercial banking
 
36,373

 
4,528

 
—

 
—

 
40,901

Health care
 
69,480

 
—

 
2,248

 
—

 
71,728

Direct commercial lessor
 
39,923

 
—

 
—

 
—

 
39,923

Commercial leases:
 
 
 
 
 
 
 
 
 

Investment-grade
 
207,460

 
—

 
—

 
—

 
207,460

Other
 
102,616

 
—

 
—

 
—

 
102,616

Consumer
 
1,597

 
—

 
—

 
—

 
1,597

 
 
$
1,311,910

 
$
4,528

 
$
2,922

 
$
2,391

 
$
1,321,751