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LOANS AND ALLOWANCE FOR CREDIT LOSSES
 6 Months Ended
Jun. 30, 2021
Receivables [Abstract]  
LOANS AND ALLOWANCE FOR CREDIT LOSSES LOANS AND ALLOWANCE FOR CREDIT LOSSES
The following table presents the balances in our loan portfolio as of the dates indicated:
($ in thousands)June 30,
2021		December 31,
2020
Commercial:
Commercial and industrial$2,070,910 $2,088,308 
Commercial real estate871,790 807,195 
Multifamily1,325,770 1,289,820 
SBA(1)
253,924 273,444 
Construction150,557 176,016 
Consumer:
Single family residential mortgage1,288,176 1,230,236 
Other consumer24,350 33,386 
Total loans(2)
$5,985,477 $5,898,405 
Allowance for loan losses(75,885)(81,030)
Loans receivable, net$5,909,592 $5,817,375 
(1)Includes 994 PPP loans totaling $193.9 million, net of unamortized loan fees totaling $3.9 million at June 30, 2021 and 949 PPP loans totaling $210.0 million, net of unamortized loan fees totaling $1.6 million at December 31, 2020.
(2)Includes net deferred loan origination costs (fees) and premiums (discounts) of $7.9 million and $6.2 million at June 30, 2021 and December 31, 2020.
Credit Quality Indicators
We categorize loans into risk categories based on relevant information about the ability of borrowers to repay their debt such as current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. We perform a historical loss analysis that is combined with a comprehensive loan to value analysis to analyze the associated risks in the current loan portfolio. We analyze loans individually and grade each loan for credit risk. This analysis includes all loans delinquent over 60 days and non-homogeneous loans such as commercial and commercial real estate loans. We use the following definitions for credit risk ratings:
Pass: Loans risk rated as pass are in compliance in all respects with the Bank’s credit policy and regulatory requirements, and do not exhibit any potential or defined weakness as defined under “Special Mention”, “Substandard” or “Doubtful”.
Special Mention: Loans risk rated as special mention have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loans or of our credit position at some future date.
Substandard: Loans risk rated as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so risk rated have well-defined weaknesses or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected.
Doubtful: Loans classified as doubtful have all the weaknesses inherent in those classified as 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 following table presents the risk categories for total loans by class of loans and origination year as of June 30, 2021:
Term Loans Amortized Cost Basis by Origination Year
($ in thousands)20212020201920182017PriorRevolving Loans Amortized Cost BasisRevolving Loans Amortized Cost Basis
Converted to Term		Total
June 30, 2021
Commercial:
Commercial and industrial
Pass$63,904 $78,232 $67,139 $54,977 $47,160 $110,094 $1,537,335 $12,107 $1,970,948 
Special mention— 3,373 6,238 12,438 12,188 5,909 4,497 7,456 52,099 
Substandard— — 16,983 5,056 — 9,000 13,194 3,479 47,712 
Doubtful— — — — — — — 151 151 
Commercial and industrial63,904 81,605 90,360 72,471 59,348 125,003 1,555,026 23,193 2,070,910 
Commercial real estate
Pass184,810 66,509 137,581 164,619 54,366 217,358 2,112 1,578 828,933 
Special mention— — — 9,330 — 13,466 3,762 — 26,558 
Substandard— — 510 — — 14,648 — — 15,158 
Doubtful— — — — — 1,141 — — 1,141 
Commercial real estate184,810 66,509 138,091 173,949 54,366 246,613 5,874 1,578 871,790 
Multifamily
Pass201,010 211,775 322,319 246,988 97,009 189,812 4 — 1,268,917 
Special mention— — 20,862 — — 34,046 — — 54,908 
Substandard— — — — — 1,945 — — 1,945 
Doubtful— — — — — — — — — 
Multifamily201,010 211,775 343,181 246,988 97,009 225,803 4 — 1,325,770 
SBA
Pass134,635 68,126 7,603 1,188 3,520 22,325 760 355 238,512 
Special mention— — 1,743 — 200 1,220 — 5 3,168 
Substandard— — — — 3,883 6,392 251 1,237 11,763 
Doubtful— — — 391 — — — 90 481 
SBA134,635 68,126 9,346 1,579 7,603 29,937 1,011 1,687 253,924 
Construction
Pass15,611 39,643 27,224 18,345 40,620 — — — 141,443 
Special mention— — — 1,537 — 7,577 — — 9,114 
Substandard— — — — — — — — — 
Doubtful— — — — — — — — — 
Construction15,611 39,643 27,224 19,882 40,620 7,577 — — 150,557 
Consumer:
Single family residential mortgage
Pass318,744 149,166 91,340 188,589 119,392 372,782 14,032 — 1,254,045 
Special mention— — — 3,132 696 7,174 — — 11,002 
Substandard— — — 6,450 1,738 14,690 251 — 23,129 
Doubtful— — — — — — — — — 
Single family residential mortgage318,744 149,166 91,340 198,171 121,826 394,646 14,283 — 1,288,176 
Other consumer
Pass499 — — 21 — 1,829 19,845 1,965 24,159 
Special mention— — — — — 28 64 — 92 
Substandard— — — — — — 99 — 99 
Doubtful— — — — — — — — — 
Other consumer499 — — 21 — 1,857 20,008 1,965 24,350 
Total loans$919,213 $616,824 $699,542 $713,061 $380,772 $1,031,436 $1,596,206 $28,423 $5,985,477 
Total loans
Pass$919,213 $613,451 $653,206 $674,727 $362,067 $914,200 $1,574,088 $16,005 $5,726,957 
Special mention— 3,373 28,843 26,437 13,084 69,420 8,323 7,461 156,941 
Substandard— — 17,493 11,506 5,621 46,675 13,795 4,716 99,806 
Doubtful— — — 391 — 1,141 — 241 1,773 
Total loans$919,213 $616,824 $699,542 $713,061 $380,772 $1,031,436 $1,596,206 $28,423 $5,985,477 
The following table presents the risk categories for total loans by class of loans and origination year as of December 31, 2020:
Term Loans Amortized Cost Basis by Origination Year
($ in thousands)20202019201820172016PriorRevolving Loans Amortized Cost BasisRevolving Loans Amortized Cost Basis
Converted to Term		Total
December 31, 2020
Commercial:
Commercial and industrial
Pass$99,015 $78,783 $70,248 $52,786 $44,536 $92,129 $1,572,259 $9,945 $2,019,701 
Special mention— 928 2,748 7,986 1,574 2,271 1,500 225 17,232 
Substandard— 13,937 6,262 4,618 — 9,264 12,598 4,696 51,375 
Doubtful— — — — — — — — — 
Commercial and industrial99,015 93,648 79,258 65,390 46,110 103,664 1,586,357 14,866 2,088,308 
Commercial real estate
Pass75,432 150,731 192,831 63,144 91,454 182,756 2,682 1,582 760,612 
Special mention— — 9,452 — 2,518 14,754 3,761 — 30,485 
Substandard— — — — — 16,098 — — 16,098 
Doubtful— — — — — — — — — 
Commercial real estate75,432 150,731 202,283 63,144 93,972 213,608 6,443 1,582 807,195 
Multifamily
Pass239,449 407,532 275,881 110,105 97,160 154,841 27 — 1,284,995 
Special mention— 2,050 — — — 803 — — 2,853 
Substandard— — — — — 1,972 — — 1,972 
Doubtful— — — — — — — — — 
Multifamily239,449 409,582 275,881 110,105 97,160 157,616 27 — 1,289,820 
SBA
Pass211,962 14,082 1,260 3,746 11,087 18,589 3,111 1,014 264,851 
Special mention— 1,768 — 212 415 874 — 6 3,275 
Substandard— — — 1,319 682 1,855 226 755 4,837 
Doubtful— — 390 — — — — 91 481 
SBA211,962 15,850 1,650 5,277 12,184 21,318 3,337 1,866 273,444 
Construction
Pass41,677 30,387 45,397 50,024 — — — — 167,485 
Special mention— — 1,537 — 6,994 — — — 8,531 
Substandard— — — — — — — — — 
Doubtful— — — — — — — — — 
Construction41,677 30,387 46,934 50,024 6,994 — — — 176,016 
Consumer:
Single family residential mortgage
Pass149,382 140,129 271,667 161,332 237,285 227,711 15,252 — 1,202,758 
Special mention— — 1,837 688 4,868 4,460 — — 11,853 
Substandard— 157 491 1,079 4,978 8,920 — — 15,625 
Doubtful— — — — — — — — — 
Single family residential mortgage149,382 140,286 273,995 163,099 247,131 241,091 15,252 — 1,230,236 
Other consumer
Pass38 — 47 — — 1,876 27,644 2,218 31,823 
Special mention— — — — — 30 1,185 — 1,215 
Substandard— — — — — — 274 74 348 
Doubtful— — — — — — — — — 
Other consumer38 — 47 — — 1,906 29,103 2,292 33,386 
Total loans$816,955 $840,484 $880,048 $457,039 $503,551 $739,203 $1,640,519 $20,606 $5,898,405 
Total loans
Pass$816,955 $821,644 $857,331 $441,137 $481,522 $677,902 $1,620,975 $14,759 $5,732,225 
Special mention— 4,746 15,574 8,886 16,369 23,192 6,446 231 75,444 
Substandard— 14,094 6,753 7,016 5,660 38,109 13,098 5,525 90,255 
Doubtful— — 390 — — — — 91 481 
Total loans$816,955 $840,484 $880,048 $457,039 $503,551 $739,203 $1,640,519 $20,606 $5,898,405 
Past Due Loans
The following table presents the aging of the recorded investment in past due loans, excluding accrued interest receivable (which is not considered to be material), by class of loans as of the dates indicated:
($ in thousands)30 - 59 Days Past Due60 - 89 Days Past DueGreater than 89 Days Past dueTotal Past DueCurrentTotal
June 30, 2021
Non-Traditional Mortgage (NTM) loans:
Single family residential mortgage$7,191 $— $2,669 $9,860 $451,114 $460,974 
Other consumer— — — — 1,601 1,601 
Total NTM loans7,191 — 2,669 9,860 452,715 462,575 
Traditional loans:
Commercial:
Commercial and industrial9 587 3,157 3,753 2,067,157 2,070,910 
Commercial real estate— — 911 911 870,879 871,790 
Multifamily796 — — 796 1,324,974 1,325,770 
SBA880 — 6,942 7,822 246,102 253,924 
Construction— — — — 150,557 150,557 
Consumer:
Single family residential mortgage6,497 1,023 4,319 11,839 815,363 827,202 
Other consumer— — — — 22,749 22,749 
Total traditional loans8,182 1,610 15,329 25,121 5,497,781 5,522,902 
Total$15,373 $1,610 $17,998 $34,981 $5,950,496 $5,985,477 
December 31, 2020
NTM loans:
Single family residential mortgage$4,200 $641 $6,548 $11,389 $424,126 $435,515 
Other consumer— — — — 1,598 1,598 
Total NTM loans4,200 641 6,548 11,389 425,724 437,113 
Traditional loans:
Commercial:
Commercial and industrial67 — 4,284 4,351 2,083,957 2,088,308 
Commercial real estate— — — — 807,195 807,195 
Multifamily— — — — 1,289,820 1,289,820 
SBA354 626 3,062 4,042 269,402 273,444 
Construction— — — — 176,016 176,016 
Consumer:
Single family residential mortgage6,836 980 3,742 11,558 783,163 794,721 
Other consumer216 61 — 277 31,511 31,788 
Total traditional loans7,473 1,667 11,088 20,228 5,441,064 5,461,292 
Total$11,673 $2,308 $17,636 $31,617 $5,866,788 $5,898,405 
In accordance with regulatory guidance, borrowers that are on forbearance or deferment, which were current prior to becoming affected by the global pandemic are not be reported as past due.
Nonaccrual Loans
The following table presents nonaccrual loans as of the dates indicated:
June 30, 2021December 31, 2020
($ in thousands)NTM LoansTraditional LoansTotal
Nonaccrual Loans		Nonaccrual Loans with no ACLNTM LoansTraditional LoansTotal
Nonaccrual Loans		Nonaccrual Loans with no ACL
Nonaccrual loans
Commercial:
Commercial and industrial$— $12,906 $12,906 $12,640 $— $13,821 $13,821 $13,088 
Commercial real estate— 6,553 6,553 5,412 — 4,654 4,654 4,654 
SBA— 10,633 10,633 2,667 — 3,749 3,749 648 
Consumer:
Single family residential mortgage9,238 11,969 21,207 18,677 8,697 4,822 13,519 13,519 
Other consumer— — — — — 157 157 157 
Total nonaccrual loans$9,238 $42,061 $51,299 $39,396 $8,697 $27,203 $35,900 $32,066 

At June 30, 2021 and December 31, 2020, there were zero and $728 thousand of loans that were past due 90 days or more and still accruing.
The non-traditional mortgage (“NTM”) loans on nonaccrual status included $5.9 million of Green Loans and $3.4 million of Interest Only loans at June 30, 2021 compared to $4.0 million of Green Loans and $4.7 million of Interest Only loans at December 31, 2020.

Other Real Estate Owned, Net and Loans in Process of Foreclosure
At June 30, 2021, other real estate,owned consisted of one SFR property, totaling $3.3 million.
At June 30, 2021 and December 31, 2020, there was no consumer mortgage loan secured by residential real estate properties for which formal foreclosure proceedings were in process according to local requirements of the applicable jurisdiction.
Allowance for Credit Losses
The ACL methodology uses a nationally recognized, third-party model that includes many assumptions based on historical and peer loss data, current loan portfolio risk profile including risk ratings, and economic forecasts including macroeconomic variables (MEVs) released by our model provider during June 2021. In contrast to the March 2021 forecasts, the assumptions in the June 2021 forecasts generally reflect a more favorable view of the economy (i.e. higher GDP growth rates and lower unemployment rates). While the June 2021 forecasts reflect an improving economy with the rollout of the vaccine and other factors, there continues to be uncertainty regarding the impact of inflation (lasting or transitory), COVID-19 variants and the ultimate pace of the recovery. Accordingly, our economic assumptions and the resulting ACL level and provision reversal consider both the positive assumptions and potential uncertainties. The ACL also incorporated qualitative factors to account for certain loan portfolio characteristics that are not taken into consideration by the third-party model including underlying strengths and weaknesses in various segments of the loan portfolio. As is the case with all estimates, the ACL is expected to be impacted in future periods by economic volatility, changing economic forecasts, underlying model assumptions, and asset quality metrics, all of which may be better than or worse than current estimates.
The ACL process involves subjective and complex judgments as well as adjustments for numerous factors including those described in the federal banking agencies' joint interagency policy statement on ALL, which include underwriting experience and collateral value changes, among others.
We have established credit risk management processes that include regular management review of the loan portfolio to identify problem loans. During the ordinary course of business, management may become aware of borrowers who may not be able to fulfill their contractual payment requirements within the loan agreements. Such loans are subject to increased monitoring. Consideration is given to placing these loans on nonaccrual status, assessing the need for additional allowance for loan loss, and partially or fully charging off the principal balance. We maintain the allowance for loan losses at a level that is considered adequate to cover the current expected credit losses in the loan portfolio.
The reserve for unfunded loan commitments is established to cover the current expected credit losses for the estimated level of funding of these loan commitments, except for unconditionally cancellable commitments for which no reserve is required under ASC 326. At June 30, 2021 and December 31, 2020, the reserve for unfunded loan commitments was $3.8 million and $3.2 million, respectively, and was included in accrued expenses and other liabilities on the consolidated statements of financial condition.
The credit risk monitoring system is designed to identify impaired and potential problem loans, perform periodic evaluation of impairment, and determine the adequacy of the allowance for credit losses in a timely manner. In addition, management has adopted a credit policy that includes a credit review and control system that it believes should be effective in ensuring that we maintain an adequate allowance for credit losses. Further, the Board of Directors provides oversight and guidance for management’s allowance evaluation process.
The following table presents a summary of activity in the ACL for the periods indicated:
Three Months Ended June 30,
($ in thousands)20212020
Allowance
for
Loan Losses		Reserve for Unfunded Loan CommitmentsAllowance
for
Credit Losses		Allowance
for
Loan Losses		Reserve for Unfunded Loan CommitmentsAllowance
for
Credit Losses
Balance at beginning of period$79,353 $3,360 $82,713 $78,243 $3,888 $82,131 
Loans charged off(886)— (886)— — — 
Recoveries of loans previously charged off26 — 26 608 — 608 
Net (charge-offs) recoveries(860)— (860)608 — 608 
(Reversal of) provision for credit losses(2,608)454 (2,154)11,519 307 11,826 
Balance at end of period$75,885 $3,814 $79,699 $90,370 $4,195 $94,565 

Six Months Ended June 30,
($ in thousands)20212020
Allowance
for
Loan Losses		Reserve for Unfunded Loan CommitmentsAllowance
for
Credit Losses		Allowance
for
Loan Losses		Reserve for Unfunded Loan CommitmentsAllowance
for
Credit Losses
Balance at beginning of period$81,030 $3,183 $84,213 $57,649 $4,064 $61,713 
Impact of adopting ASU 2016-13— — — 7,609 (1,226)6,383 
Loans charged off(1,451)— (1,451)(2,076)— (2,076)
Recoveries of loans previously charged off198 — 198 958 — 958 
Net charge-offs(1,253)— (1,253)(1,118)— (1,118)
(Reversal of) provision for credit losses(3,892)631 (3,261)26,230 1,357 27,587 
Balance at end of period$75,885 $3,814 $79,699 $90,370 $4,195 $94,565 
Accrued interest receivable on loans receivable, net totaled $23.4 million and $24.7 million at June 30, 2021 and December 31, 2020, and is included within other assets in the accompanying consolidated statements of financial condition. Accrued interest receivable is excluded from the estimate of expected credit losses.
The following table presents the activity and balance in the ALL and the recorded investment, excluding accrued interest, in loans as of or for the three and six months ended June 30, 2021:
($ in thousands)Commercial and IndustrialCommercial Real EstateMultifamilySBAConstructionSingle Family Residential MortgageOther ConsumerTotal
ALL:
Three Months Ended June 30, 2021:
Balance at March 31, 2021$19,703 $17,100 $23,884 $3,451 $5,552 $9,161 $502 $79,353 
Charge-offs
(500)— — (386)— — — (886)
Recoveries
23 — — 3 — — — 26 
Net charge-offs(477)— — (383)— — — (860)
(Reversal of) provision for credit losses930 (676)(2,481)628 (818)(53)(138)(2,608)
Balance at June 30, 2021$20,156 $16,424 $21,403 $3,696 $4,734 $9,108 $364 $75,885 
Six Months Ended June 30, 2021:
Balance at December 31, 2020$20,608 $19,074 $22,512 $3,145 $5,849 $9,191 $651 $81,030 
Charge-offs(1,065)— — (386)— — — (1,451)
Recoveries68 — — 129 — — 1 198 
Net (charge-offs) recoveries(997)— — (257)— — 1 (1,253)
Provision for (reversal of) credit losses545 (2,650)(1,109)808 (1,115)(83)(288)(3,892)
Balance at June 30, 2021$20,156 $16,424 $21,403 $3,696 $4,734 $9,108 $364 $75,885 
The following table presents the activity and balance in the ALL and the recorded investment, excluding accrued interest, in loans as of or for the three and six months ended June 30, 2020:
($ in thousands)Commercial and IndustrialCommercial Real EstateMultifamilySBAConstructionSingle Family Residential MortgageOther ConsumerTotal
ALL:
Three Months Ended June 30, 2020:
Balance at March 31, 2020$23,573 $13,620 $20,072 $3,652 $7,052 $9,593 $681 $78,243 
Charge-offs— — — — — — — — 
Recoveries119 — — — — 488 1 608 
Net recoveries119 — — — — 488 1 608 
Provision for (reversal of) credit losses2,926 3,752 5,033 532 (377)(416)69 11,519 
Balance at June 30, 2020$26,618 $17,372 $25,105 $4,184 $6,675 $9,665 $751 $90,370 
Six Months Ended June 30, 2020:
Balance at December 31, 2019$22,353 $5,941 $11,405 $3,120 $3,906 $10,486 $438 $57,649 
Adoption of ASU No. 2016-13662 4,847 1,809 388 103 (420)220 7,609 
Charge-offs(1,164)— — (356)— (552)(4)(2,076)
Recoveries149 — — 121 — 639 49 958 
Net (charge-offs) recoveries(1,015)— — (235)— 87 45 (1,118)
Provision for (reversal of) credit losses4,618 6,584 11,891 911 2,666 (488)48 26,230 
Balance at June 30, 2020$26,618 $17,372 $25,105 $4,184 $6,675 $9,665 $751 $90,370 
Collateral Dependent Loans
A loan is considered collateral dependent when the borrower is experiencing financial difficulty and repayment of the loan is expected to be provided substantially through the operation or sale of the collateral. Collateral dependent loans are evaluated individually and the ACL is determined based on the amount by which amortized costs exceed the estimated fair value of the collateral, adjusted for estimated selling costs.
Collateral dependent loans consisted of the following as of June 30, 2021 and December 31, 2020:
June 30, 2021
Real Estate
($ in thousands)CommercialResidentialBusiness AssetsTotal
Commercial:
Commercial and industrial5,245 — 4,798 10,043 
Commercial real estate3,482 1,930 — 5,412 
SBA72 4,461 5,901 10,434 
Consumer:
Single family residential mortgage— 26,870 — 26,870 
Total loans$8,799 $33,261 $10,699 $52,759 
December 31, 2020
Real Estate
($ in thousands)CommercialResidentialBusiness AssetsTotal
Commercial:
Commercial and industrial5,492 — 4,965 10,457 
Commercial real estate2,644 2,010 — 4,654 
SBA349 497 2,750 3,596 
Consumer:
Single family residential mortgage— 17,820 — 17,820 
Other consumer— 157 — 157 
Total loans$8,485 $20,484 $7,715 $36,684 
Troubled Debt Restructurings
TDR loans consisted of the following as of the dates indicated:
June 30, 2021December 31, 2020
($ in thousands)NTM
Loans		Traditional LoansTotalNTM
Loans		Traditional LoansTotal
Commercial:
Commercial and industrial$— $3,220 $3,220 $— $3,884 $3,884 
SBA— 265 265 — 265 265 
Consumer:
Single family residential mortgage3,435 2,229 5,664 2,631 2,217 4,848 
Other consumer— — — — — — 
Total$3,435 $5,714 $9,149 $2,631 $6,366 $8,997 

We had commitments to lend to customers with outstanding loans that were classified as TDRs of $63 thousand at both June 30, 2021 and December 31, 2020. Accruing TDRs were $6.0 million and nonaccrual TDRs were $3.1 million at June 30, 2021, compared to accruing TDRs of $4.7 million and nonaccrual TDRs of $4.3 million at December 31, 2020.
The following table summarizes the pre-modification and post-modification balances of the new TDRs for the periods indicated:
Three Months EndedSix Months Ended
($ in thousands)Number of LoansPre-Modification Outstanding Recorded InvestmentPost-Modification Outstanding Recorded InvestmentNumber of LoansPre-Modification Outstanding Recorded InvestmentPost-Modification Outstanding Recorded Investment
June 30, 2021
Consumer:
Single family residential mortgage— $— $— 1 1,800 1,800 
Total— — — 1 $1,800 $1,800 
June 30, 2020
Commercial:
Commercial and industrial— $— $— 1 $5,000 $5,000 
Total— $— $— 1 $5,000 $5,000 

We consider a TDR to be in payment default once it becomes 30 days or more past due following a modification. During the three and six months ended June 30, 2021 and 2020, there were no loans that were modified as a TDR during the past 12 months that had subsequent payment defaults.
The following table summarizes TDRs by modification type for the period indicated:
Purchases, Sales, and Transfers
From time to time, we purchase and sell loans in the secondary market. During the three and six months ended June 30, 2021 we purchased loans aggregating $233.1 million and $366.0 million. During the three and six months ended June 30, 2020, we purchased loans aggregating $25.8 million.
There were no loans transferred from (to) loans held-for-sale and there were no sales of loans for the three and six months ended June 30, 2021 and 2020.
Non-Traditional Mortgage Loans (“NTM”)
Our NTM portfolio includes three types of interest-only loans: Green Loans, Interest Only loans and a small number of loans with the potential for negative amortization. The initial credit guidelines for the NTM portfolio were established based on the borrower's Fair Isaac Corporation (“FICO”) score, LTV ratio, property type, occupancy type, loan amount, and geography. Additionally, from an ongoing credit risk management perspective, we have determined that the most significant performance indicators for NTMs are LTV ratios and FICO scores. We review the NTM loan portfolio periodically by refreshing FICO scores on the Green Loans and HELOCs and ordering third party automated valuation models ("AVMs") to confirm collateral
values. We no longer originate NTM loans, however, loans may be purchased which meet the criteria to be considered NTM loans.
The following table presents the composition of the NTM portfolio, which are included in the single family residential mortgage portfolio, as of the dates indicated:
June 30, 2021December 31, 2020
($ in thousands)CountAmountPercentCountAmountPercent
Consumer:
Single family residential mortgage:
Green Loans (HELOC) - first liens42 $28,796 6.2 %48 $31,587 7.2 %
Interest Only - first liens290 430,488 93.1 %283 401,640 91.9 %
Negative amortization5 1,690 0.4 %8 2,288 0.5 %
Total NTM - first liens337 460,974 99.7 %339 435,515 99.6 %
Other consumer:
Green Loans (HELOC) - second liens5 1,601 0.3 %5 1,598 0.4 %
Total NTM - second liens5 1,601 0.3 %5 1,598 0.4 %
Total NTM loans342 $462,575 100.0 %344 $437,113 100.0 %
Total loans receivable$5,985,477 $5,898,405 
% of total NTM loans to total loans receivable7.7 %7.4 %