No, It's actually right on the mark.

quoted from Modern Money Mechanics (Published by the Chicago Fed):

"Of course, they [commercial banks] do not really make loans out of the money they receive as deposits. If they did this, they would be acting just like financial intermediaries and no additional money would be created. What they do when they make loans is to accept promissory notes in exchange for credits they make to the borrowers' deposit accounts. Loans (assets) and deposits (liabilities) both rise"

See the part there about "additional money" being "created"? Yes, the money does come out of thin air, if the bank has the available reserve capacity to do so.

When the $30,000 loan happens the debit is $30k to a loan receivable, and a credit to $30k customer deposit.


from Wiki:

"Typically, bank loans are made to existing customers, or the proceeds of a loan are used to open an account; thus, most bank loans increase total deposits. In the typical credit situation, two balance sheet items --loans and deposits -- are simultaneously increased.

Deposits may arise in a different way, however. Let us suppose a businessman comes into the bank and wants to borrow $1000 to cover the cost of some additional inventory he wants to purchase. The bank may approve the loan, and the businessman will tell the bank to credit the $1000 to his deposit account.

Bank Assets
debit Loans $1000

Bank Liabilities
credit Deposits $1000

The businessman now has an additional $1000 demand deposit. No one else's demand deposits have been reduced. [ie this didn't come out of existing 'cash' it came out of a ledger entry alone. ] This is clearly an increase in the money supply, and it is apparent that the bank created the $1000.These derivative deposits are important both quantitatively and theoretically -- it is in terms of derivative deposits that banks can be thought of as creators of money. If all deposits arose from primary deposits, banks could not be said to create money."