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LOANS AND ALLOWANCE FOR LOAN LOSSES | 3 Months Ended
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Mar. 31, 2021
LOANS AND ALLOWANCE FOR LOAN LOSSES |
LOANS AND ALLOWANCE FOR LOAN LOSSES | NOTE 5 – LOANS AND ALLOWANCE FOR LOAN LOSSES Loans, net of deferred costs and fees, consist of the following as of March 31, 2021 and December 31, 2020 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, 2021 | ​ | December 31, 2020
Real estate | ​ | ​ | ​ | ​ | ​ | ​
Commercial | ​ | $ | 1,981,218 | ​ | $ | 1,887,505
Construction | ​ | ​ | 121,122 | ​ | ​ | 112,290
Multifamily | ​ | ​ | 445,284 | ​ | ​ | 433,239
One-to-four family | ​ | ​ | 66,481 | ​ | ​ | 71,354
Total real estate loans | ​ | ​ | 2,614,105 | ​ | ​ | 2,504,388
​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial and industrial | ​ | ​ | 587,092 | ​ | ​ | 591,500
Consumer | ​ | ​ | 41,916 | ​ | ​ | 46,431
Total loans | ​ | ​ | 3,243,113 | ​ | ​ | 3,142,319
Deferred fees | ​ | ​ | (5,449) | ​ | ​ | (5,266)
Loans, net of deferred fees and unamortized costs | ​ | ​ | 3,237,664 | ​ | ​ | 3,137,053
Allowance for loan losses | ​ | ​ | (35,502) | ​ | ​ | (35,407)
Balance at the end of the period | ​ | $ | 3,202,162 | ​ | $ | 3,101,646
​ ​ ​ Included in commercial and industrial loans at March 31, 2021 and December 31, 2020 are $4.5 million and $3.8 million, respectively, of Paycheck Protection Program (“PPP”) loans. ​ The following tables present the activity in the ALLL by segment for the three months ended March 31, 2021 and 2020. The portfolio segments represent the categories that the Bank uses to determine its allowance for loan losses (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Commercial | ​ | Commercial | ​ | ​ | ​ | ​ | Multi | ​ | One-to-four | ​ | ​ | ​ | ​ | ​ | ​
Three months ended March 31, 2021 |  | Real Estate |  | & Industrial |  | Construction |  | Family |  | Family | ​ | Consumer | ​ | Total
Allowance for loan losses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Beginning balance | ​ | $ | 17,243 | ​ | $ | 12,123 | ​ | $ | 1,593 | ​ | $ | 2,661 | ​ | $ | 206 | ​ | $ | 1,581 | ​ | $ | 35,407
Provision/(credit) for loan losses | ​ | ​ | 1,098 | ​ | ​ | (441) | ​ | ​ | 114 | ​ | ​ | 71 | ​ | ​ | (28) | ​ | ​ | 136 | ​ | ​ | 950
Loans charged-off | ​ | ​ | — | ​ | ​ | (855) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (855)
Recoveries | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Total ending allowance balance | ​ | $ | 18,341 | ​ | $ | 10,827 | ​ | $ | 1,707 | ​ | $ | 2,732 | ​ | $ | 178 | ​ | $ | 1,717 | ​ | $ | 35,502
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Commercial | ​ | Commercial | ​ | ​ | ​ | ​ | Multi | ​ | One-to-four | ​ | ​ | ​ | ​ | ​ | ​
Three months ended March 31, 2020 |  | Real Estate |  | & Industrial |  | Construction |  | 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 | ​ | ​ | 2,052 | ​ | ​ | 2,378 | ​ | ​ | 209 | ​ | ​ | 255 | ​ | ​ | (64) | ​ | ​ | (40) | ​ | — | 4,790
Loans charged-off | ​ | ​ | — | ​ | ​ | (13) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (188) | ​ | — | (201)
Recoveries | ​ | ​ | — | ​ | ​ | 58 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 5 | ​ | — | 63
Total ending allowance balance | ​ | $ | 17,369 | ​ | $ | 9,493 | ​ | $ | 620 | ​ | $ | 2,708 | ​ | $ | 203 | ​ | $ | 531 | ​ | $ | 30,924
​ Net charge-offs were $855,000 and $138,000 for the three months ended March 31, 2021 and 2020, respectively. The following tables present the balance in the ALLL and the recorded investment in loans by portfolio segment based on impairment method as of March 31, 2021 and December 31, 2020 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Commercial | ​ | Commercial | ​ | ​ | ​ | ​ | Multi | ​ | One-to-four | ​ | ​ | ​ | ​ | ​ | ​
At March 31, 2021 |  | Real Estate |  | & Industrial |  | Construction |  | Family |  | Family |  | Consumer |  | Total
Allowance for loan losses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Individually evaluated for impairment | ​ | $ | — | ​ | $ | 2,814 | ​ | $ | — | ​ | $ | — | ​ | $ | 44 | ​ | $ | 1,379 | ​ | $ | 4,237
Collectively evaluated for impairment | ​ | ​ | 18,341 | ​ | ​ | 8,013 | ​ | ​ | 1,707 | ​ | ​ | 2,732 | ​ | ​ | 134 | ​ | ​ | 338 | ​ | ​ | 31,265
Total ending allowance balance | ​ | $ | 18,341 | ​ | $ | 10,827 | ​ | $ | 1,707 | ​ | $ | 2,732 | ​ | $ | 178 | ​ | $ | 1,717 | ​ | $ | 35,502
Loans: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Individually evaluated for impairment | ​ | $ | 10,340 | ​ | $ | 3,337 | ​ | $ | — | ​ | $ | — | ​ | $ | 982 | ​ | $ | 2,128 | ​ | $ | 16,787
Collectively evaluated for impairment | ​ | ​ | 1,970,878 | ​ | ​ | 583,755 | ​ | ​ | 121,122 | ​ | ​ | 445,284 | ​ | ​ | 65,499 | ​ | ​ | 39,788 | ​ | ​ | 3,226,326
Total ending loan balance | ​ | $ | 1,981,218 | ​ | $ | 587,092 | ​ | $ | 121,122 | ​ | $ | 445,284 | ​ | $ | 66,481 | ​ | $ | 41,916 | ​ | $ | 3,243,113
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Commercial | ​ | Commercial | ​ | ​ | ​ | ​ | Multi | ​ | One-to-four | ​ | ​ | ​ | ​ | ​ | ​
At December 31, 2020 |  | Real Estate |  | & Industrial |  | Construction |  | 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
​ The following tables present loans individually evaluated for impairment recognized as of March 31, 2021 and December 31, 2020 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Unpaid Principal | ​ | ​ | ​ | Allowance for Loan
At March 31, 2021 |  | Balance |  | Recorded Investment |  | Losses Allocated
With an allowance recorded: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
One-to-four family | ​ | $ | 598 | ​ | $ | 468 | ​ | $ | 44
Consumer | ​ | ​ | 2,128 | ​ | ​ | 2,128 | ​ | ​ | 1,379
Commercial & industrial | ​ | ​ | 4,192 | ​ | ​ | 3,337 | ​ | ​ | 2,814
Total | ​ | $ | 6,918 | ​ | $ | 5,933 | ​ | $ | 4,237
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Without an allowance recorded: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
One-to-four family | ​ | $ | 661 | ​ | $ | 514 | ​ | $ | —
Commercial real estate | ​ | ​ | 10,340 | ​ | ​ | 10,340 | ​ | ​ | —
Commercial & industrial | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Total | ​ | $ | 11,001 | ​ | $ | 10,854 | ​ | $ | —
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Unpaid Principal | ​ | ​ | ​ | Allowance for Loan
At December 31, 2020 |  | Balance |  | Recorded Investment |  | Losses Allocated
With an allowance recorded: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
One-to-four family | ​ | $ | 610 | ​ | ​ | 480 | ​ | ​ | 53
Consumer | ​ | ​ | 2,197 | ​ | ​ | 2,197 | ​ | ​ | 1,203
Commercial & industrial | ​ | ​ | 4,192 | ​ | ​ | 4,192 | ​ | ​ | 3,662
Total | ​ | $ | 6,999 | ​ | $ | 6,869 | ​ | $ | 4,918
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Without an allowance recorded: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
One-to-four family | ​ | ​ | 666 | ​ | ​ | 519 | ​ | ​ | —
Commercial real estate | ​ | ​ | 10,345 | ​ | ​ | 10,345 | ​ | ​ | —
Commercial & industrial | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Total | ​ | $ | 11,011 | ​ | $ | 10,864 | ​ | $ | —
​ The recorded investment in loans excludes accrued interest receivable and loan origination fees. The following tables present the average recorded investment and interest income of loans individually evaluated for impairment recognized by class of loans for the three months ended March 31, 2021 and 2020 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Average Recorded | ​ | Interest Income
Three months ended March 31, 2021 |  | Investment |  | Recognized
With an allowance recorded: | ​ | ​ | ​ | ​ | ​ | ​
One-to-four family | ​ | $ | 474 | ​ | ​ | 8
Consumer | ​ | ​ | 2,162 | ​ | ​ | 29
Commercial & industrial | ​ | ​ | 3,669 | ​ | ​ | —
Total | ​ | $ | 6,305 | ​ | $ | 37
​ | ​ | ​ | ​ | ​ | ​ | ​
Without an allowance recorded: | ​ | ​ | ​ | ​ | ​ | ​
One-to-four family | ​ | $ | 516 | ​ | $ | 7
Commercial real estate | ​ | ​ | 10,343 | ​ | ​ | 167
Commercial & industrial | ​ | ​ | 96 | ​ | ​ | —
Total | ​ | $ | 10,955 | ​ | $ | 174
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Average Recorded | ​ | Interest Income
Three months ended March 31, 2020 |  | Investment |  | Recognized
With an allowance recorded: | ​ | ​ | ​ | ​ | ​ | ​
One-to-four family | ​ | $ | 500 | ​ | $ | 5
Consumer | ​ | ​ | 548 | ​ | ​ | 5
Commercial & industrial | ​ | ​ | 1,047 | ​ | ​ | —
Total | ​ | $ | 2,095 | ​ | $ | 10
​ | ​ | ​ | ​ | ​ | ​ | ​
Without an allowance recorded: | ​ | ​ | ​ | ​ | ​ | ​
One-to-four family | ​ | $ | 1,706 | ​ | $ | 7
Commercial real estate | ​ | ​ | 365 | ​ | ​ | 4
Commercial & industrial | ​ | ​ | 2,377 | ​ | ​ | ​
Total | ​ | $ | 4,448 | ​ | $ | 11
​ ​ For a loan to be considered impaired, management determines whether it is probable that the Bank will not 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 and troubled debt restructurings (“TDRs”). 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. For discussion on modification of loans to borrowers impacted by COVID-19, refer to the “COVID-19 Loan Modifications” section herein. The following tables present the recorded investment in non-accrual loans and loans past due over 90 days and still accruing, by class of loans, as of March 31, 2021 and December 31, 2020 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
At March 31, 2021 |  | Non-accrual | ​ | Loans Past Due Over 90 Days Still Accruing
Commercial & industrial | ​ | $ | 3,337 | ​ | $ | —
Consumer | ​ | ​ | 1,523 | ​ | ​ | 604
Total | ​ | $ | 4,860 | ​ | $ | 604
​
​ | ​ | ​ | ​ | ​ | ​ | ​
At December 31, 2020 | ​ | Non-accrual | ​ | ​ | Loans Past Due Over 90 Days Still Accruing
Commercial & industrial | ​ | $ | 4,192 | ​ | $ | —
Consumer | ​ | ​ | 1,428 | ​ | ​ | 769
Total | ​ | $ | 5,620 | ​ | $ | 769
​ Interest income that would have been recorded for the three months ended March 31, 2021 and 2020 had non-accrual loans been current according to their original terms was immaterial. The following tables present the aging of the recorded investment in past due loans by class of loans as of March 31, 2021 and December 31, 2020 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Greater | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 30-59 | ​ | 60-89 | ​ | than 90 | ​ | Total past | ​ | Current | ​ | ​
At March 31, 2021 |  | Days |  | Days |  | days |  | due |  | loans |  | Total
Commercial real estate | ​ | $ | 3,360 | ​ | $ | — | ​ | $ | — | ​ | $ | 3,360 | ​ | $ | 1,977,858 | ​ | $ | 1,981,218
Commercial & industrial | ​ | ​ | 3,941 | ​ | ​ | 6,400 | ​ | ​ | 3,337 | ​ | ​ | 13,678 | ​ | ​ | 573,414 | ​ | ​ | 587,092
Construction | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 121,122 | ​ | ​ | 121,122
Multifamily | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 445,284 | ​ | ​ | 445,284
One-to-four family | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 66,481 | ​ | ​ | 66,481
Consumer | ​ | ​ | 48 | ​ | ​ | 21 | ​ | ​ | 2,127 | ​ | ​ | 2,196 | ​ | ​ | 39,720 | ​ | ​ | 41,916
Total | ​ | $ | 7,349 | ​ | $ | 6,421 | ​ | $ | 5,464 | ​ | $ | 19,234 | ​ | $ | 3,223,879 | ​ | $ | 3,243,113
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | 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
Multifamily | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 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
​ 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 classified as impaired. ​ Included in impaired loans at March 31, 2021 and December 31, 2020 were $1.3 million and $1.4 million, respectively, of loans modified as TDRs. The Bank allocated specific reserves amounting to $44,000 and $53,000 for TDRs as of March 31, 2021 and December 31, 2020, respectively. There were no loans modified as a TDR during the three months ended March 31, 2021 or the year ended December 31, 2020. The Bank has not committed to lend additional amounts as of March 31, 2021 to customers with outstanding loans that are classified as TDRs. During the three months ended March 31, 2021 and March 31, 2020 there were no payment defaults on any loans previously identified as TDRs. 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. The following tables present the recorded investment in TDRs by class of loans as of March 31, 2021 and December 31, 2020 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, 2021 |  | December 31, 2020 |
Troubled debt restructurings: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Real Estate: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial real estate | ​ | $ | 356 | ​ | $ | 361 | ​
One-to-four family | ​ | ​ | 982 | ​ | ​ | 999 | ​
Total troubled debt restructurings | ​ | $ | 1,339 | ​ | $ | 1,360 | ​
​ All TDRs at March 31, 2021 and December 31, 2020 were performing in accordance with their restructured terms. 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 are considered to be pass-rated loans. Based on the most recent analysis performed, the risk category of loans by class of loans as of March 31, 2021 and December 31, 2020 is as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Special | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
At March 31, 2021 |  | Pass |  | Mention |  | Substandard |  | Doubtful | ​ | ​ | Total
Commercial real estate | ​ | $ | 1,970,878 | ​ | $ | 356 | ​ | $ | 9,984 | ​ | $ | — | ​ | $ | 1,981,218
Commercial & industrial | ​ | ​ | 580,256 | ​ | ​ | 3,499 | ​ | ​ | — | ​ | ​ | 3,337 | ​ | ​ | 587,092
Construction | ​ | ​ | 121,122 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 121,122
Multifamily | ​ | ​ | 445,284 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 445,284
Total | ​ | $ | 3,117,540 | ​ | $ | 3,855 | ​ | $ | 9,984 | ​ | $ | 3,337 | ​ | $ | 3,134,716
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | 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
​ 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 March 31, 2021, the Company had 30 loans amounting to $65.3 million, or 2.1% of total loans, that were modified in accordance with the COVID-19 Guidance and the CARES Act. As of March 31, 2021, principal payment deferrals were $37.4 million, or 1.2% of total loans, while full payment deferrals were $27.9 million, or 0.9% of total 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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