Loans

12 Months Ended

Dec. 31, 2022

10. Loans

The following table presents the loan portfolio according to its classification and subsequent measurement:


	December 31,
	2022	2021
Loans, outstanding balance	6,763,020	5,734,605
Interest receivable	69,965	23,308
Loss allowance	(55,200)	(41,476)
Unearned interest and deferred fees	(17,351)	(8,728)
Loans at amortized cost	6,760,434	5,707,709
Loans at FVTPL (1)	—	5,313
Loans, net	6,760,434	5,713,022

(1)The Bank sold financial instruments measured at FVTPL for $5.8 million, realizing a gain of $577 thousand recognized in the line item gain (loss) on financial instruments, net.

The fixed and floating interest rate distribution of the loan portfolio is as follows:


	December 31,
	2022	2021
Fixed interest rate	3,827,083	3,327,310
Floating interest rates	2,935,937	2,412,608
Total	6,763,020	5,739,918

As of December 31, 2022, and 2021, 79% and 71% of the loan portfolio at fixed interest rates has remaining maturities of less than 180 days. Interest rates on loans ranges from 1.27% to 15.32% (December 31, 2021 0.53% to 10.23%).

The following table details information relating to loans granted to class A and B shareholders:


	December 31,
	2022		2021
Loans to class A and B shareholders	834,768		467,000
% Loans to class A and B shareholders over total loan portfolio	12	%	8	%
% Class A and B stockholders with loans over number of class A and B stockholders	11	%	10	%

10. Loans (continued)

Modified financial assets

As of December 31, 2022, the Bank does not have modified financial assets. The modified financial assets during 2021, where modification does not result in de-recognition, are presented below:


									December 31,
									2021
Gross carrying amount before modification									65,000
Allowance loss before modification (1)									(12,739)
Net amortized cost before modification									52,261

Gross carrying amount after modification									65,000
Allowance loss after modification (2)									(12,699)
Net amortized cost after modification									52,301

(1)12 - month ECL.

(2)Lifetime ECL.