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LOANS | 12 Months Ended
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Dec. 31, 2020
LOANS |
LOANS | NOTE 5  — LOANS Net loans consist of the following as of December 31, 2020 and 2019 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2020 | ​ | December 31, 2019
Real estate | ​ | ​ | ​ | ​ | ​ | ​
Commercial | ​ | $ | 1,887,505 | ​ | $ | 1,668,236
Construction | ​ | ​ | 112,290 | ​ | ​ | 30,827
Multi-family | ​ | ​ | 433,239 | ​ | ​ | 375,611
One-to-four family | ​ | ​ | 71,354 | ​ | ​ | 82,670
Total real estate loans | ​ | ​ | 2,504,388 | ​ | ​ | 2,157,344
​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial and industrial | ​ | ​ | 591,500 | ​ | ​ | 448,619
Consumer | ​ | ​ | 46,431 | ​ | ​ | 71,956
Total loans | ​ | ​ | 3,142,319 | ​ | ​ | 2,677,919
Deferred fees | ​ | ​ | (5,266) | ​ | ​ | (4,970)
Loans, net of deferred fees and unamortized costs | ​ | ​ | 3,137,053 | ​ | ​ | 2,672,949
Allowance for loan losses | ​ | ​ | (35,407) | ​ | ​ | (26,272)
Balance at the end of the period | ​ | $ | 3,101,646 | ​ | $ | 2,646,677
​ Included in commercial and industrial loans at December 31, 2020 are $3.8 million of Paycheck Protection Program loans. ​ The following tables represent the changes in the allowance for loan losses for the years ended December 31, 2020 and 2019, by portfolio segment. The portfolio segments represent the categories that the Bank uses to determine its allowance for loan losses (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Commercial | ​ | Commercial | ​ | ​ | ​ | ​ | ​ | ​ | ​ | One-to-four | ​ | ​ | ​ | ​ | ​ | ​
Year ended December 31, 2020 |  | Real Estate |  | & Industrial |  | Construction |  | Multi-family |  | Family |  | Consumer |  | Total
Allowance for loan losses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Beginning balance | ​ | $ | 15,317 | ​ | $ | 7,070 | ​ | $ | 411 | ​ | $ | 2,453 | ​ | $ | 267 | ​ | $ | 754 | ​ | $ | 26,272
Provision (credit) for loan losses | ​ | ​ | 1,926 | ​ | ​ | 5,165 | ​ | ​ | 1,182 | ​ | ​ | 208 | ​ | ​ | (61) | ​ | ​ | 1,068 | ​ | ​ | 9,488
Loans charged-off | ​ | ​ | — | ​ | ​ | (254) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (251) | ​ | ​ | (505)
Recoveries | ​ | ​ | — | ​ | ​ | 142 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 10 | ​ | ​ | 152
Total ending allowance balance | ​ | $ | 17,243 | ​ | $ | 12,123 | ​ | $ | 1,593 | ​ | $ | 2,661 | ​ | $ | 206 | ​ | $ | 1,581 | ​ | $ | 35,407
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Commercial | ​ | Commercial | ​ | ​ | ​ | ​ | ​ | ​ | One-to-four | ​ | ​ | ​ | ​ | ​ | ​
Year ended December 31, 2019 |  | Real Estate |  | & Industrial |  | Construction |  | Multi-family |  | Family |  | Consumer |  | Total
Allowance for loan losses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Beginning balance | ​ | $ | 9,037 | ​ | $ | 6,257 | ​ | $ | 625 | ​ | $ | 2,047 | ​ | $ | 228 | ​ | $ | 748 | ​ | $ | 18,942
Provision (credit) for loan losses | ​ | ​ | 6,280 | ​ | ​ | (2,678) | ​ | ​ | (214) | ​ | ​ | 406 | ​ | ​ | 39 | ​ | ​ | 390 | ​ | ​ | 4,223
Loans charged-off | ​ | ​ | — | ​ | ​ | (798) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (389) | ​ | ​ | (1,187)
Recoveries | ​ | ​ | — | ​ | ​ | 4,289 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 5 | ​ | ​ | 4,294
Total ending allowance balance | ​ | $ | 15,317 | ​ | $ | 7,070 | ​ | $ | 411 | ​ | $ | 2,453 | ​ | $ | 267 | ​ | $ | 754 | ​ | $ | 26,272
​ Net charge-offs were $353,000 during the year ended December 31, 2020 and net recoveries were $3.1 million during the year ended December 31, 2019. Included in the net recoveries during the year ended December 31, 2019 were $4.3 million of recoveries related primarily to the recovery of medallion loans previously charged off in 2017 and 2016. The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment based on impairment method as of December 31, 2020 and 2019 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Commercial | ​ | Commercial | ​ | ​ | ​ | ​ | ​ | ​ | One-to-four | ​ | ​ | ​ | ​ | ​ | ​
At December 31, 2020 |  | Real Estate |  | & Industrial |  | Construction |  | Multi-family |  | Family |  | Consumer |  | Total
Allowance for loan losses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Individually evaluated for impairment | ​ | $ | — | ​ | $ | 3,662 | ​ | $ | — | ​ | $ | — | ​ | $ | 53 | ​ | $ | 1,203 | ​ | $ | 4,918
Collectively evaluated for impairment | ​ | ​ | 17,243 | ​ | ​ | 8,461 | ​ | ​ | 1,593 | ​ | ​ | 2,661 | ​ | ​ | 153 | ​ | ​ | 378 | ​ | ​ | 30,489
Total ending allowance balance | ​ | $ | 17,243 | ​ | $ | 12,123 | ​ | $ | 1,593 | ​ | $ | 2,661 | ​ | $ | 206 | ​ | $ | 1,581 | ​ | $ | 35,407
Loans: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Individually evaluated for impairment | ​ | $ | 10,345 | ​ | $ | 4,192 | ​ | $ | — | ​ | $ | — | ​ | $ | 999 | ​ | $ | 2,197 | ​ | $ | 17,733
Collectively evaluated for impairment | ​ | ​ | 1,877,160 | ​ | ​ | 587,308 | ​ | ​ | 112,290 | ​ | ​ | 433,239 | ​ | ​ | 70,355 | ​ | ​ | 44,234 | ​ | ​ | 3,124,586
Total ending loan balance | ​ | $ | 1,887,505 | ​ | $ | 591,500 | ​ | $ | 112,290 | ​ | $ | 433,239 | ​ | $ | 71,354 | ​ | $ | 46,431 | ​ | $ | 3,142,319
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Commercial | ​ | Commercial | ​ | ​ | ​ | ​ | ​ | ​ | One-to-four | ​ | ​ | ​ | ​ | ​ | ​
At December 31, 2019 |  | Real Estate |  | & Industrial |  | Construction |  | Multi-family |  | Family |  | Consumer |  | Total
Allowance for loan losses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Individually evaluated for impairment | ​ | $ | — | ​ | $ | 805 | ​ | $ | — | ​ | $ | — | ​ | $ | 64 | ​ | $ | 311 | ​ | $ | 1,180
Collectively evaluated for impairment | ​ | ​ | 15,317 | ​ | ​ | 6,265 | ​ | ​ | 411 | ​ | ​ | 2,453 | ​ | ​ | 203 | ​ | ​ | 443 | ​ | ​ | 25,092
Total ending allowance balance | ​ | $ | 15,317 | ​ | $ | 7,070 | ​ | $ | 411 | ​ | $ | 2,453 | ​ | $ | 267 | ​ | $ | 754 | ​ | $ | 26,272
Loans: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Individually evaluated for impairment | ​ | $ | 367 | ​ | $ | 1,047 | ​ | $ | — | ​ | $ | — | ​ | $ | 3,384 | ​ | $ | 728 | ​ | $ | 5,526
Collectively evaluated for impairment | ​ | ​ | 1,667,869 | ​ | ​ | 447,572 | ​ | ​ | 30,827 | ​ | ​ | 375,611 | ​ | ​ | 79,286 | ​ | ​ | 71,228 | ​ | ​ | 2,672,393
Total ending loan balance | ​ | $ | 1,668,236 | ​ | $ | 448,619 | ​ | $ | 30,827 | ​ | $ | 375,611 | ​ | $ | 82,670 | ​ | $ | 71,956 | ​ | $ | 2,677,919
​ The following tables present information related to loans determined to be impaired by class of loans as of and for the years ended December 31, 2020 and 2019 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Unpaid Principal | ​ | ​ | ​ | Allowance for Loan | ​ | Average Recorded | ​ | Interest Income
At December 31, 2020 |  | Balance |  | Recorded Investment |  | Losses Allocated | ​ | Investment |  | Recognized
With an allowance recorded: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
One-to-four family | ​ | $ | 610 | ​ | $ | 480 | ​ | $ | 53 | ​ | $ | 491 | ​ | $ | 19
Consumer | ​ | ​ | 2,197 | ​ | ​ | 2,197 | ​ | ​ | 1,203 | ​ | ​ | 1,503 | ​ | ​ | 88
Commercial and industrial | ​ | ​ | 4,192 | ​ | ​ | 4,192 | ​ | ​ | 3,662 | ​ | ​ | 3,456 | ​ | ​ | —
Total | ​ | $ | 6,999 | ​ | $ | 6,869 | ​ | $ | 4,918 | ​ | $ | 5,450 | ​ | $ | 107
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Without an allowance recorded: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
One-to-four family | ​ | ​ | 666 | ​ | $ | 519 | ​ | $ | — | ​ | $ | 996 | ​ | $ | 20
Commercial real estate | ​ | ​ | 10,345 | ​ | ​ | 10,345 | ​ | ​ | — | ​ | ​ | 2,360 | ​ | ​ | 38
Commercial and industrial | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 951 | ​ | ​ | —
Total | ​ | $ | 11,011 | ​ | $ | 10,864 | ​ | $ | — | ​ | $ | 4,307 | ​ | $ | 58
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Unpaid Principal | ​ | ​ | ​ | Allowance for Loan | ​ | Average Recorded | ​ | Interest Income
At December 31, 2019 |  | Balance |  | Recorded Investment |  | Losses Allocated | ​ | Investment |  | Recognized
With an allowance recorded: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
One-to-four family | ​ | $ | 633 | ​ | $ | 503 | ​ | $ | 64 | ​ | $ | 411 | ​ | $ | 19
Consumer | ​ | ​ | 731 | ​ | ​ | 728 | ​ | ​ | 311 | ​ | ​ | 311 | ​ | ​ | 13
Commercial and industrial | ​ | ​ | 1,047 | ​ | ​ | 1,047 | ​ | ​ | 805 | ​ | ​ | 419 | ​ | ​ | —
Total | ​ | $ | 2,411 | ​ | $ | 2,278 | ​ | $ | 1,180 | ​ | $ | 1,141 | ​ | $ | 32
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Without an allowance recorded: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
One-to-four family | ​ | ​ | 3,028 | ​ | $ | 2,881 | ​ | $ | — | ​ | $ | 2,063 | ​ | $ | 124
Commercial real estate | ​ | ​ | 367 | ​ | ​ | 367 | ​ | ​ | — | ​ | ​ | 375 | ​ | ​ | 15
Total | ​ | $ | 3,395 | ​ | $ | 3,248 | ​ | $ | — | ​ | $ | 2,438 | ​ | $ | 139
​ The recorded investment in loans excludes accrued interest receivable and loan origination fees. Interest income was recognized on a cash basis for impaired loans. Interest income that would have been recorded for the years ended December 31, 2020 and 2019, had non-accrual loans been current according to their original terms, was immaterial. For a loan to be considered impaired, management determines after review whether it is probable that the Bank will be able to collect all amounts due according to the contractual terms of the loan agreement. Management applies its normal loan review procedures in making these judgments. Impaired loans include individually classified non-accrual loans, TDRs and any loans for which management believes that it is probable that the Bank will be unable to collect all amounts due, including both interest and principal, according to the contractual terms of the loan agreement. Impairment is determined based on the present value of expected future cash flows discounted at the loan’s effective interest rate. For loans that are collateral dependent, the fair value of the collateral is used to determine the fair value of the loan. The fair value of the collateral is determined based on recent appraised values. The fair value of the collateral or present value of expected cash flows is compared to the carrying value to determine if any write-down or specific loan loss allowance allocation is required. The following tables present the recorded investment in non-accrual loans, loans past due over 90 days and still accruing by class of loans as of December 31, 2020 and 2019 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
At December 31, 2020 |  | Nonaccrual | ​ | Loans Past Due Over 90 Days Still Accruing
Commercial & industrial | ​ | $ | 4,192 | ​ | $ | —
One-to-four family | ​ | ​ | — | ​ | ​ | —
Consumer | ​ | ​ | 1,428 | ​ | ​ | 769
Total | ​ | $ | 5,620 | ​ | $ | 769
​
​ | ​ | ​ | ​ | ​ | ​ | ​
At December 31, 2019 | ​ | ​ | Nonaccrual | ​ | ​ | Loans Past Due Over 90 Days Still Accruing
Commercial & industrial | ​ | $ | 1,047 | ​ | $ | 408
One-to-four family | ​ | ​ | 2,345 | ​ | ​ | —
Consumer | ​ | ​ | 693 | ​ | ​ | —
Total | ​ | $ | 4,085 | ​ | $ | 408
​ All TDRs at December 31, 2020 and 2019 were performing in accordance with their structured terms. The following table presents the aging of the recorded investment in past due loans by class of loans as of December 31, 2020 and 2019 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Greater | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 30-59 | ​ | 60-89 | ​ | than 90 | ​ | Total past | ​ | Current | ​ | ​
At December 31, 2020 |  | Days |  | Days |  | days |  | due |  | loans |  | Total
Commercial real estate | ​ | $ | 40 | ​ | $ | 9,984 | ​ | $ | — | ​ | $ | 10,024 | ​ | $ | 1,877,481 | ​ | $ | 1,887,505
Commercial & industrial | ​ | ​ | 4,429 | ​ | ​ | 6,400 | ​ | ​ | 4,192 | ​ | ​ | 15,021 | ​ | ​ | 576,479 | ​ | ​ | 591,500
Construction | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 112,290 | ​ | ​ | 112,290
Multi-family | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 433,239 | ​ | ​ | 433,239
One-to-four family | ​ | ​ | 2,908 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,908 | ​ | ​ | 68,446 | ​ | ​ | 71,354
Consumer | ​ | ​ | 112 | ​ | ​ | 32 | ​ | ​ | 2,197 | ​ | ​ | 2,341 | ​ | ​ | 44,090 | ​ | ​ | 46,431
Total | ​ | $ | 7,489 | ​ | $ | 16,416 | ​ | $ | 6,389 | ​ | $ | 30,294 | ​ | $ | 3,112,025 | ​ | $ | 3,142,319
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Greater | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 30-59 | ​ | 60-89 | ​ | than 90 | ​ | Total past | ​ | Current | ​ | ​
At December 31, 2019 |  | Days |  | Days |  | days |  | due |  | loans |  | Total
Commercial real estate | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 1,668,236 | ​ | $ | 1,668,236
Commercial & industrial | ​ | ​ | 346 | ​ | ​ | — | ​ | ​ | 1,455 | ​ | ​ | 1,801 | ​ | ​ | 446,818 | ​ | ​ | 448,619
Construction | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 30,827 | ​ | ​ | 30,827
Multi-family | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 375,611 | ​ | ​ | 375,611
One-to-four family | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 82,670 | ​ | ​ | 82,670
Consumer | ​ | ​ | 636 | ​ | ​ | 14 | ​ | ​ | 693 | ​ | ​ | 1,343 | ​ | ​ | 70,613 | ​ | ​ | 71,956
Total | ​ | $ | 982 | ​ | $ | 14 | ​ | $ | 2,148 | ​ | $ | 3,144 | ​ | $ | 2,674,775 | ​ | $ | 2,677,919
​ Troubled Debt Restructurings Loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered TDRs and are classified as impaired. Included in impaired loans at December 31, 2020 and 2019 were loans modified as TDRs with a recorded investment of $1.4 million. The Company had allocated $53,000 and $81,000 of specific reserves to customers whose loan terms have been modified as TDRs as of December 31, 2020 and 2019, respectively. The Company has not committed to lend additional amounts as of December 31, 2020 and 2019 to customers with outstanding loans that are classified as TDRs. The following tables present the recorded investment in TDRs by class of loans as of December 31, 2020 and 2019 (in thousands):
​ | ​ | ​ | ​
At December 31, 2020 | ​ | Troubled Debt Restructuring
Commercial real estate | ​ | $ | 361
One-to-four family | ​ | ​ | 999
Total | ​ | $ | 1,360
​
​ | ​ | ​ | ​
At December 31, 2019 | ​ | Troubled Debt Restructuring
Commercial real estate | ​ | $ | 367
One-to-four family | ​ | ​ | 1,039
Consumer | ​ | ​ | 35
Total | ​ | $ | 1,441
​ There were no loans modified as a TDR during the year ended December 31, 2020. TDRs include loans with one or a combination of the following: a reduction of the stated interest rate of the loan; an extension of the maturity date at a stated rate of interest lower than the current market rate for new debt with similar risk. Modifications involving a reduction of the stated interest rate and/or an extension of the maturity date were for a period of three to five years. In 2020 and 2019, there were no TDRs for which there was a payment default within twelve months following the modification. A loan is considered to be in payment default once it is 90 days contractually past due under the modified terms. In order 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 Bank’s internal underwriting policy. Credit Quality Indicators The Bank categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. Except for one-to-four family loans and consumer loans, the Bank analyzes loans individually by classifying the loans as to credit risk at least annually. For one-to-four family loans and consumer loans, the Bank evaluates credit quality based on the aging status of the loan, which was previously presented. An analysis is performed on a quarterly basis for loans classified as special mention, substandard, or doubtful. The Bank uses the following definitions for risk ratings: Special Mention —Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. Substandard —Loans classified 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 classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution 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. Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass-rated loans. Based on the most recent analysis performed, the risk category of loans by class of loans is as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Special | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
At December 31, 2020 |  | Pass |  | Mention |  | Substandard |  | Doubtful | ​ | ​ | Total
Commercial real estate | ​ | $ | 1,877,160 | ​ | $ | 361 | ​ | $ | 9,984 | ​ | $ | — | ​ | $ | 1,887,505
Commercial & industrial | ​ | ​ | 583,809 | ​ | ​ | 3,499 | ​ | ​ | — | ​ | ​ | 4,192 | ​ | ​ | 591,500
Construction | ​ | ​ | 112,290 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 112,290
Multi-family | ​ | ​ | 433,239 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 433,239
Total | ​ | $ | 3,006,498 | ​ | $ | 3,860 | ​ | $ | 9,984 | ​ | $ | 4,192 | ​ | $ | 3,024,534
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Special | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
At December 31, 2019 |  | Pass |  | Mention |  | Substandard |  | Doubtful | ​ | ​ | Total
Commercial real estate | ​ | $ | 1,667,869 | ​ | $ | 367 | ​ | $ | — | ​ | $ | — | ​ | $ | 1,668,236
Commercial & industrial | ​ | ​ | 446,612 | ​ | ​ | — | ​ | ​ | 960 | ​ | ​ | 1,047 | ​ | ​ | 448,619
Construction | ​ | ​ | 30,827 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 30,827
Multi-family | ​ | ​ | 375,611 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 375,611
Total | ​ | $ | 2,520,919 | ​ | $ | 367 | ​ | $ | 960 | ​ | $ | 1,047 | ​ | $ | 2,523,293
​ ​ COVID-19 Loan Modifications ​ On March 22, 2020, the banking regulators and the FASB issued guidance to financial institutions who are working with borrowers affected by COVID-19 (“COVID-19 guidance”). The COVID-19 guidance indicated that regulatory agencies will not criticize institutions for working with borrowers and will not direct banks to automatically categorize all COVID-19 related loan modifications as TDRs. In addition, the COVID-19 guidance noted that modification or deferral programs mandated by the federal or a state government related to COVID-19 would not be in the scope of Accounting Standards Codification Subtopic 310-40 – Receivables – Troubled Debt Restructurings by Creditors (“ASC 310-40”), such as a state program that requires all institutions within that state to suspend mortgage payments for a specified period. ​ On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law. Section 4013 of the CARES Act, “Temporary Relief from Troubled Debt Restructurings,” allows banks to temporarily suspend certain requirements under GAAP related to TDRs for a limited period to account for the effects of COVID-19. A bank may elect to account for modifications on certain loans under Section 4013 of the CARES Act or, if a loan modification is not eligible under Section 4013, a bank may use the criteria in the COVID-19 Guidance to determine when a loan modification is not a TDR in accordance with ASC 310-40. ​ As of December 31, 2020, the Company had 63 loan deferrals amounting to $220.3 million, or 7.0% of total loans, that were modified in accordance with the COVID-19 Guidance and the CARES Act. These loans, in accordance with COVID-19 guidance and the CARES Act, are not included in disclosures related to past due loans. ​

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 + Details
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