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Loans | 12 Months Ended
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Dec. 31, 2013
Loans [Abstract] |
Loans | (5)Loans Loans held-for-investment, net, consists of the following (in thousands):
| December 31,
| 2013 |  | 2012
Real estate loans: |
Multifamily | $ 870,951 |  | $ 610,129
Commercial mortgage | 340,174 |  | 315,450
One-to-four family residential mortgage | 64,753 |  | 64,733
Home equity and lines of credit | 46,231 |  | 33,573
Construction and land | 14,152 |  | 23,243
Total real estate loans | 1,336,261 |  | 1,047,128
Commercial and industrial loans | 10,162 |  | 14,786
Other loans | 2,310 |  | 1,830
Total commercial and industrial and other loans | 12,472 |  | 16,616
Deferred loan cost, net | 3,458 |  | 2,456
Originated loans held-for-investment, net | 1,352,191 |  | 1,066,200
PCI Loans | 59,468 |  | 75,349
Loans acquired: |  |  |
Multifamily | 3,930 |  | 5,763
Commercial mortgage | 13,254 |  | 17,053
One-to-four family residential mortgage | 60,262 |  | 78,237
Construction and land | 371 |  | 380
Total loans acquired | 77,817 |  | 101,433
Loans held for investment, net | 1,489,476 |  | 1,242,982
Allowance for loan losses | (26,037) |  | (26,424)
Net loans held-for-investment | $ 1,463,439 |  | $ 1,216,558
The Company had $471,000 and $5.4 million in loans held-for-sale at December 31, 2013 and 2012, respectively. Loans held-for-sale included $471,000 and $5.4 million of non-accrual loans at December 31, 2013 and 2012. At December 31, 2012, $3.8 million of non-accruing loans held-for-sale were associated with the Flatbush Merger (the “Merger”). PCI loans, primarily acquired as part of a Federal Deposit Insurance Corporation-assisted transaction, totaled $59.5 million at Dec ember 3 1, 201 3 as compared to $71.5 million at December 31, 201 2. The Company accounts for PCI loans utilizing generally accepting accounting principles applicable to loans acquired with deteriorated credit quality. PCI loans consist of approximately 37% commercial real estate and 47% commercial and industrial loans, with the remaining balance in residential and home equity loans. The following details the accretable yield (in thousands):
| For The Year Ended December 31,
| 2013 |  | 2012
Balance at the beginning of year | $ 43,431 |  | $ 42,493
Accretable yield at purchase date | - |  | 833
Accretion into interest income | (5,701) |  | (6,424)
Net reclassification from non-accretable difference (1) | (5,266) |  | 6,529
Balance at end of year | $ 32,464 |  | $ 43,431
(1) Due to re-casting of cash flows for loan pools acquired in the 2011 FDIC-assisted transaction.
At Dec ember 3 1, 201 3 and 2 012, PCI loans included $3.6 million and $3.1 million, respectively, of loans acquired as part of the Merger. The Company does not have any lending programs commonly referred to as subprime lending. Subprime lending generally targets borrowers with weakened credit histories typically characterized by payment delinquencies, previous charge-offs, judgments, bankruptcies, or borrowers with questionable repayment capacity as evidenced by low credit scores or high debt-burden ratios. During 2012, we sold the servicing rights of loans sold to Freddie Mac to a third-party bank. These one-to-four family residential mortgage real estate loans were underwritten to Freddie Mac guidelines and to comply with applicable federal, state, and local laws. At the time of the closing of these loans the Company owned the loans and subsequently sold them to Freddie Mac providing normal and customary representations and warranties, including representations and warranties related to compliance with Freddie Mac underwriting standards. At the time of sale, the loans were free from encumbrances except for the mortgages filed by the Company which, with other underwriting documents, were subsequently assigned and delivered to Freddie Mac. At the time of sale to the third-party, substantially all of the loans serviced for Freddie Mac were performing in accordance with their contractual terms and management believes that it has no material repurchase obligations associated with these loans. We provide for loan losses based on the consistent application of our documented allowance for loan loss methodology. Loan losses are charged to the allowance for loans losses and recoveries are credited to it. Additions to the allowance for loan losses are provided by charges against income based on various factors which, in our judgment, deserve current recognition in estimating probable losses. Loan losses are charged-off in the period the loans, or portion thereof, are deemed uncollectible. Generally, the Company will record a loan charge-off (including a partial charge-off) to reduce a loan to the estimated fair value of the underlying collateral, less cost to sell, for collateral dependent loans. We regularly review the loan portfolio in order to maintain the allowance for loan losses in accordance with U.S. GAAP. At December 31, 2013 and 2012, the allowance for loan losses related to loans held-for-investment (excluding PCI loans) consisted primarily of the following two components:
| (1) Specific allowances are established for impaired loans (generally defined by the Company as non-accrual loans with an outstanding balance of $500,000 or greater and all loans restructured in troubled debt restructurings). The amount of impairment, if any, provided for as a specific reserve determined by the deficiency, if any, between the present value of expected future cash flows discounted at the original loan’s effective interest rate or the underlying collateral value (less estimated costs to sell,) if the loan is collateral dependent, and the carrying value of the loan. Impaired loans that have no impairment losses are not considered for general allowances described below. Generally, the Company charges down a loan to the estimated fair value of the underlying collateral, less costs to sell for collateral dependent loans and, if necessary, maintains a specific reserve in the allowance for loan losses related to cash flow dependent impaired loans where the present value of the expected future cash flows, discounted at the loan’s original contractual interest rate, is less than the carrying value of the loan unless management determines that such shortfall should be charged off.
| (2) General allowances are established for loan losses on a portfolio basis for loans that do not meet the definition of impaired. The portfolio is grouped into similar risk characteristics, primarily loan type, loan-to-value, if collateral dependent, and internal credit risk ratings. We apply an estimated loss rate to each loan group. The loss rates applied are based on our cumulative prior two year net loss experience adjusted, as appropriate, for the environmental factors discussed below. This evaluation is inherently subjective, as it requires material estimates that may be susceptible to significant revisions based upon changes in economic and real estate market conditions. Actual loan losses may be significantly more than the allowance for loan losses we have established, which could have a material negative effect on our financial results. Within general allowances is an unallocated reserve established to recognize losses related to the inherent subjective nature of the appraisal process and the internal credit risk rating process.
Additionally, l oans acquired with no evidence of credit deterioration are held-for-investment and initially valued at an estimated fair value on the date of acquisition, with no initial related allowance for loan losses. These loans are evaluated for impairment on quarterly basis as part of our analysis of the allowance for loan losses. In underwriting a loan secured by real property, we require an appraisal (or an automated valuation model) of the property by a n independent licensed appraiser approved by the Company’s board of directors. The appraisal is subject to review by an independent third-party hired by the Company. We review and inspect properties before disbursement of fu n ds during the term of a construction loan. Generally, management obtains updated appraisals when a loan is deemed impaired. These appraisals may be more limited than those prepared for the underwriting of a new loan. In addition, when the Company acquires other real estate owned, it generally obtains a current appraisal to substantiate the net carrying value of the asset. The adjustments to our loss experience are based on our evaluation of several environmental factors, including:
| · changes in local, regional, national, and international economic and business conditions and developments that affect the collectability of our portfolio, including the condition of various market segments;
| · changes in the nature and volume of our portfolio and in the terms of our loans;
| · changes in the experience, ability, and depth of lending management and other relevant staff;
| · changes in the volume and severity of past due loans, the volume of nonaccrual loans, and the volume and severity of adversely classified or graded loans;
| · changes in the quality of our loan review system;
| · changes in the value of underlying collateral for collateral-dependent loans;
| · the existence and effect of any concentrations of credit, and changes in the level of such concentrations; and
| · the effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in our existing portfolio.
In evaluating the estimated loss factors to be utilized for each loan group, management also reviews actual net loss history over an extended period of time as reported by the FDIC for institutions both in our market area and nationally for periods that are believed to have experienced similar economic conditions. We evaluate the allowance for loan losses based on the combined total of the impaired and general components for originated loans. Generally when the loan portfolio increases, absent other factors, our allowance for loan loss methodology results in a higher dollar amount of estimated probable losses. Conversely, when the loan portfolio decreases, absent other factors, our allowance for loan loss methodology results in a lower dollar amount of estimated probable losses. Each quarter we evaluate the allowance for loan losses and adjust the allowance as appropriate through a provision for loan losses. While we use the best information available to make evaluations, future adjustments to the allowance may be necessary if conditions differ substantially from the information used in making the evaluations. In addition, as an integral part of their examination process, the OCC will periodically review the allowance for loan losses. The OCC may require us to adjust the allowance based on their analysis of information available to them at the time of their examination. Our last examination date was as of September 30, 2013. A summary of changes in the allowance for loan losses for the years ended December 31, 20 1 3, 2012, and 20 11 follows (in thousands):
| December 31,
| 2013 |  | 2012 |  | 2011
Balance at beginning of year | $ 26,424 |  | $ 26,836 |  | $ 21,819
Provision for loan losses | 1,927 |  | 3,536 |  | 12,589
Recoveries | 860 |  | 245 |  | 108
Charge-offs | (3,174) |  | (4,193) |  | (7,680)
Balance at end of year | $ 26,037 |  | $ 26,424 |  | $ 26,836
The following table sets forth activity in our allowance for loan losses, by loan type, for the years ended December 31, 2013 and 2012. The following table also details the amount of originated loans receivable held-for-investment, net of deferred loan fees and costs, that are evaluated individually, and collectively, for impairment, and the related portion of allowance for loan losses that is allocated to each loan portfolio segment (in thousands).
| December 31, 2013
| Real Estate |  |  |  |  |  |  |  |  |  |  |  |
| Commercial |  | One-to-Four Family |  | Construction and Land |  | Multifamily |  | Home Equity and Lines of Credit |  | Commercial and Industrial |  | Other |  | Unallocated |  | Originated Loans Total |  | Purchase Credit-Impaired |  | Total
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance | $ 14,480 |  | $ 623 |  | $ 994 |  | $ 7,086 |  | $ 623 |  | $ 1,160 |  | $ 21 |  | $ 1,201 |  | $ 26,188 |  | $ 236 |  | $ 26,424
Charge-offs | (1,208) |  | (414) |  | - |  | (657) |  | (491) |  | (379) |  | (25) |  | - |  | (3,174) |  | - |  | (3,174)
Recoveries | 1 |  | 18 |  | 567 |  | - |  | - |  | 201 |  | 73 |  | - |  | 860 |  | - |  | 860
Provisions | (654) |  | 648 |  | (1,356) |  | 2,945 |  | 728 |  | (557) |  | (2) |  | (177) |  | 1,575 |  | 352 |  | 1,927
Ending Balance | $ 12,619 |  | $ 875 |  | $ 205 |  | $ 9,374 |  | $ 860 |  | $ 425 |  | $ 67 |  | $ 1,024 |  | $ 25,449 |  | $ 588 |  | $ 26,037
Ending balance: individually evaluated for impairment | $ 2,385 |  | $ 19 |  | $ - |  | $ 117 |  | $ 7 |  | $ 104 |  | $ - |  | $ - |  | $ 2,632 |  | $ - |  | $ 2,632
Ending balance: collectively evaluated for impairment | $ 10,234 |  | $ 856 |  | $ 205 |  | $ 9,257 |  | $ 853 |  | $ 321 |  | $ 67 |  | $ 1,024 |  | $ 22,817 |  | $ 588 |  | $ 23,405
Originated loans, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending Balance | $ 340,534 |  | $ 65,289 |  | $ 14,161 |  | $ 872,901 |  | $ 46,825 |  | $ 10,202 |  | $ 2,279 |  | $ - |  | $ 1,352,191 |  | $ - |  | $ 1,352,191
Ending balance: individually evaluated for impairment | $ 32,194 |  | $ 1,115 |  | $ 109 |  | $ 2,074 |  | $ 1,341 |  | $ 1,504 |  | $ - |  | $ - |  | $ 38,337 |  | $ - |  | $ 38,337
Ending balance: collectively evaluated for impairment | $ 308,340 |  | $ 64,174 |  | $ 14,052 |  | $ 870,827 |  | $ 45,484 |  | $ 8,698 |  | $ 2,279 |  | $ - |  | $ 1,313,854 |  | $ - |  | $ 1,313,854
| December 31, 2012
| Real Estate |  |  |  |  |  |  |  |  |  |  |  |
| Commercial |  | One-to-Four Family |  | Construction and Land |  | Multifamily |  | Home Equity and Lines of Credit |  | Commercial and Industrial |  | Other |  | Unallocated |  | Total |  | Purchase Credit-Impaired |  | Total
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance | $ 15,180 |  | $ 967 |  | $ 1,189 |  | $ 6,772 |  | $ 418 |  | $ 975 |  | $ 226 |  | $ 1,109 |  | $ 26,836 |  | $ - |  | $ 26,836
Charge-offs | (1,828) |  | (1,300) |  | (43) |  | (729) |  | (2) |  | (90) |  | (201) |  | - |  | (4,193) |  | - |  | (4,193)
Recoveries | 107 |  | - |  | - |  | 9 |  | - |  | 86 |  | 43 |  | - |  | 245 |  | - |  | 245
Provisions | 1,021 |  | 956 |  | (152) |  | 1,034 |  | 207 |  | 189 |  | (47) |  | 92 |  | 3,300 |  | 236 |  | 3,536
Ending Balance | $ 14,480 |  | $ 623 |  | $ 994 |  | $ 7,086 |  | $ 623 |  | $ 1,160 |  | $ 21 |  | $ 1,201 |  | $ 26,188 |  | $ 236 |  | $ 26,424
Ending balance: individually evaluated for impairment | $ 2,753 |  | $ 5 |  | $ - |  | $ 317 |  | $ 123 |  | $ 417 |  | $ - |  | $ - |  | $ 3,615 |  | $ - |  | $ 3,615
Ending balance: collectively evaluated for impairment | $ 11,727 |  | $ 618 |  | $ 994 |  | $ 6,769 |  | $ 500 |  | $ 743 |  | $ 21 |  | $ 1,201 |  | $ 22,573 |  | $ 236 |  | $ 22,809
Originated loans, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending balance | $ 315,603 |  | $ 65,354 |  | $ 23,255 |  | $ 611,469 |  | $ 33,879 |  | $ 14,810 |  | $ 1,830 |  | $ - |  | $ 1,066,200 |  | $ - |  | $ 1,066,200
Ending balance: individually evaluated for impairment | $ 41,568 |  | $ 2,061 |  | $ - |  | $ 2,040 |  | $ 1,943 |  | $ 4,087 |  | $ - |  | $ - |  | $ 51,699 |  | $ - |  | $ 51,699
Ending balance: collectively evaluated for impairment | $ 274,035 |  | $ 63,293 |  | $ 23,255 |  | $ 609,429 |  | $ 31,936 |  | $ 10,723 |  | $ 1,830 |  | $ - |  | $ 1,014,501 |  | $ - |  | $ 1,014,501
The Company monitors the credit quality of its loan receivables on a regular basis. Credit quality is monitored by reviewing certain credit quality indicators. Management has determined that loan-to-value ratios (at period end) and internally assigned credit risk ratings by loan type are the key credit quality indicators that best measure the credit quality of the Company’s loan receivables. Loan-to-value (LTV) ratios used by management in monitoring credit quality are based on current period loan balances and original appraised values at time of origination (unless a current appraisal has been obtained as a result of the loan being deemed impaired). In calculating the provision for loan losses, based on past loan loss experience, management has determined that commercial real estate loans and multifamily loans having loan-to-value ratios, as described above, of less than 35%, and one -to- four family loans having loan-to-value ratios, as described above, of less than 60%, require less of a loss factor than those with higher loan to value ratios. The Company maintains a credit risk rating system as part of the risk assessment of its loan portfolio. The Company’s lending officers are required to assign a credit risk rating to each loan in their portfolio at origination. When the lender learns of important financial developments, the risk rating is reviewed accordingly, and adjusted if necessary. Monthly, management presents monitored assets to the loan committee. In addition, the Company engages a third-party independent loan reviewer that performs semi-annual reviews of a sample of loans, validating the credit risk ratings assigned to such loans. The credit risk ratings play an important role in the establishment of the loan loss provision and the allowance for loan losses for originated loans held-for-investment. After determining the general reserve loss factor for each originated portfolio segment held-for-investment, the originated portfolio segment held-for-investment balance collectively evaluated for impairment is multiplied by the general reserve loss factor for the respective portfolio segment in order to determine the general reserve. Loans that have an internal credit rating of special mention or accruing substandard receive a multiple of the general reserve loss factors for each portfolio segment, in order to determine the general reserve. When assigning a risk rating to a loan, management utilizes the Bank’s internal nine-point credit risk rating system.
| 1. Strong
| 2. Good
| 3. Acceptable
| 4. Adequate
| 5. Watch
| 6. Special Mention
| 7. Substandard
| 8. Doubtful
| 9. Loss
Loans rated 1 to 5 are considered pass ratings. An asset is considered substandard if it is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Substandard assets have well defined weaknesses based on objective evidence, and are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Assets classified as doubtful have all of the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses present make collection or liquidation in full highly questionable and improbable based on current circumstances. Assets classified as loss are those considered uncollectible and of such little value that their continuance as assets is not warranted. Assets which do not currently expose the Company to sufficient risk to warrant classification in one of the aforementioned categories, but possess weaknesses, are required to be designated special mention. The following table details the recorded investment of originated loans receivable held-for-investment, net of deferred fees and costs, by loan type and credit quality indicator at December 31, 2013 and 2012 (in thousands).
| At December 31, 2013
| Real Estate |  |  |  |  |  |
| Multifamily |  | Commercial |  | One-to-Four Family |  | Construction and Land |  | Home Equity and Lines of Credit |  | Commercial and Industrial |  | Other |  | Total
| < 35% LTV |  | => 35% LTV |  | < 35% LTV |  | => 35% LTV |  | < 60% LTV |  | => 60% LTV |  |  |  |  |  |  |  |  |  |
Internal Risk Rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ 40,966 |  | $ 817,923 |  | $ 42,995 |  | $ 240,472 |  | $ 28,595 |  | $ 30,241 |  | $ 13,458 |  | $ 45,117 |  | $ 7,488 |  | $ 2,279 |  | $ 1,269,534
Special Mention | 309 |  | 7,866 |  | 1,304 |  | 12,938 |  | 2,289 |  | 703 |  | 595 |  | 469 |  | 962 |  | - |  | 27,435
Substandard | 821 |  | 5,016 |  | 1,333 |  | 41,492 |  | 1,388 |  | 2,073 |  | 108 |  | 1,239 |  | 1,752 |  | - |  | 55,222
Originated loans held-for-investment, net | $ 42,096 |  | $ 830,805 |  | $ 45,632 |  | $ 294,902 |  | $ 32,272 |  | $ 33,017 |  | $ 14,161 |  | $ 46,825 |  | $ 10,202 |  | $ 2,279 |  | $ 1,352,191
| At December 31, 2012
| Real Estate |  |  |  |  |  |
| Multifamily |  | Commercial |  | One-to-Four Family |  | Construction and Land |  | Home Equity and Lines of Credit |  | Commercial and Industrial |  | Other |  | Total
| < 35% LTV |  | => 35% LTV |  | < 35% LTV |  | => 35% LTV |  | < 60% LTV |  | => 60% LTV |  |  |  |  |  |  |  |  |  |
Internal Risk Rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ 19,438 |  | $ 575,434 |  | $ 30,284 |  | $ 211,679 |  | $ 32,120 |  | $ 28,091 |  | $ 12,536 |  | $ 31,526 |  | $ 10,992 |  | $ 1,804 |  | $ 953,904
Special Mention | 115 |  | 10,444 |  | 185 |  | 23,521 |  | 1,422 |  | 384 |  | 5,137 |  | 659 |  | 753 |  | - |  | 42,620
Substandard | 510 |  | 5,528 |  | 1,699 |  | 48,235 |  | 1,066 |  | 2,271 |  | 5,582 |  | 1,694 |  | 3,065 |  | 26 |  | 69,676
Originated loans held-for-investment, net | $ 20,063 |  | $ 591,406 |  | $ 32,168 |  | $ 283,435 |  | $ 34,608 |  | $ 30,746 |  | $ 23,255 |  | $ 33,879 |  | $ 14,810 |  | $ 1,830 |  | $ 1,066,200
Included in originated loans receivable (including held-for-sale) are loans for which the accrual of interest income has been discontinued due to deterioration in the financial condition of the borrowers. The recorded investment of these nonaccrual loans was $17.7 million and $34.9 million at December 31, 2013, and December 31, 2012, respectively. Generally, originated loans (both held-for-investment and held-for-sale) are placed on non-accruing status when they become 90 days or more delinquent, or sooner if considered appropriate by management, and remain on non-accrual status until they are brought current, have six months of performance under the loan terms, and factors indicating reasonable doubt about the timely collection of payments no longer exist. Therefore, loans may be current in accordance with their loan terms, or may be less than 90 days delinquent and still be on a non-accruing status. Non-accrual amounts included loans deemed to be impaired of $1 3.5 million and $26.0 million at December 31, 2013, and December 31, 2012, respectively. Loans on non-accrual status with principal balances less than $500,000, and therefore not meeting the Company’s definition of an impaired loan, amounted to $3.8 million and $3.5 million at December 31, 2013, and December 31, 2012, respectively. Non-accrual amounts included in loans held-for-sale were $471,000 million and $5.4 million at December 31, 2013, and December 31, 2012, respectively. Loans past due ninety days or more and still accruing interest were $32,000 and $621,000 at December 31, 2013, and December 31, 2012, respectively, and consisted of loans that are well secured and in the process of renewal. The following table sets forth the detail, and delinquency status, of non-performing loans (non-accrual loans and loans past due ninety days or more and still accruing), net of deferred fees and costs, at December 31, 2013 and 2012 (in thousands) excluding PCI loans which have been segregated into pools in accordance with ASC Subtopic 310-30. Each loan pool is accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows.
- |  |  |  |  |  |  |  |  |  |  |
| At December 31, 2013
| Total Non-Performing Loans
| Non-Accruing Loans |  |  |  |
| 0-29 Days Past Due |  | 30-89 Days Past Due |  | 90 Days or More Past Due |  | Total |  | 90 Days or More Past Due and Accruing |  | Total Non-Performing Loans
Loans held-for-investment: |  |  |  |  |  |  |  |  |  |  |
Real estate loans: |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |  |  |
LTV < 35% |  |  |  |  |  |  |  |  |  |  |
Special Mention | $ - |  | $ - |  | $ - |  | $ - |  | $ - |  | $ -
Total | - |  | - |  | - |  | - |  | - |  | -
LTV => 35% |  |  |  |  |  |  |  |  |  |  |
Special Mention | - |  | - |  | 335 |  | 335 |  | - |  | 335
Substandard | 3,606 |  | 421 |  | 7,836 |  | 11,863 |  | - |  | 11,863
Total | 3,606 |  | 421 |  | 8,171 |  | 12,198 |  | - |  | 12,198
Total commercial | 3,606 |  | 421 |  | 8,171 |  | 12,198 |  | - |  | 12,198
One-to-four family residential |  |  |  |  |  |  |  |  |  |  |
LTV < 60% |  |  |  |  |  |  |  |  |  |  |
Special Mention | - |  | 16 |  | 114 |  | 130 |  | - |  | 130
Substandard | - |  | 418 |  | 186 |  | 604 |  | - |  | 604
Total | - |  | 434 |  | 300 |  | 734 |  | - |  | 734
LTV => 60% |  |  |  |  |  |  |  |  |  |  |
Substandard | - |  | 189 |  | 993 |  | 1,182 |  | - |  | 1,182
Total | - |  | 189 |  | 993 |  | 1,182 |  | - |  | 1,182
Total one-to-four family residential | - |  | 623 |  | 1,293 |  | 1,916 |  | - |  | 1,916
Construction and land |  |  |  |  |  |  |  |  |  |  |
Substandard | 108 |  | - |  | - |  | 108 |  | - |  | 108
Total construction and land | 108 |  | - |  | - |  | 108 |  | - |  | 108
Multifamily |  |  |  |  |  |  |  |  |  |  |
LTV => 35% |  |  |  |  |  |  |  |  |  |  |
Substandard | - |  | - |  | - |  | - |  | - |  | -
Total multifamily | - |  | - |  | - |  | - |  | - |  | -
Multifamily |  |  |  |  |  |  |  |  |  |  |
LTV => 35% |  |  |  |  |  |  |  |  |  |  |
Substandard | - |  | - |  | 73 |  | 73 |  | - |  | 73
Total Multifamily | - |  | - |  | 73 |  | 73 |  | - |  | 73
Home equity and lines of credit |  |  |  |  |  |  |  |  |  |  |
Pass | - |  | - |  | - |  | - |  | - |  | -
Special Mention | - |  | - |  | - |  | - |  | - |  | -
Substandard | - |  | - |  | 1,239 |  | 1,239 |  | - |  | 1,239
Total home equity and lines of credit | - |  | - |  | 1,239 |  | 1,239 |  | - |  | 1,239
Commercial and industrial loans |  |  |  |  |  |  |  |  |  |  |
Pass | - |  | - |  | - |  | - |  | - |  | -
Special Mention | - |  | - |  | - |  | - |  | - |  | -
Substandard | - |  | - |  | 441 |  | 441 |  | - |  | 441
Total commercial and industrial loans | - |  | - |  | 441 |  | 441 |  | - |  | 441
Other loans |  |  |  |  |  |  |  |  |  |  |
Pass | - |  | - |  | - |  | - |  | 32 |  | 32
Total other loans | - |  | - |  | - |  | - |  | 32 |  | 32
Total non-performing loans held-for-investment | $ 3,714 |  | $ 1,044 |  | $ 11,217 |  | $ 15,975 |  | $ 32 |  | $ 16,007
Loans acquired: |  |  |  |  |  |  |  |  |  |  |
One-to-four family residential |  |  |  |  |  |  |  |  |  |  |
LTV < 60% |  |  |  |  |  |  |  |  |  |  |
Substandard | - |  | - |  | - |  | - |  | - |  | -
Total | - |  | - |  | - |  | - |  | - |  | -
LTV => 60% |  |  |  |  |  |  |  |  |  |  |
Substandard | 607 |  | - |  | 466 |  | 1,073 |  | - |  | 1,073
Total | 607 |  | - |  | 466 |  | 1,073 |  | - |  | 1,073
Total one-to-four family residential | 607 |  | - |  | 466 |  | 1,073 |  | - |  | 1,073
Commercial |  |  |  |  |  |  |  |  |  |  |
LTV> 35% |  |  |  |  |  |  |  |  |  |  |
Special Mention | $ - |  | $ - |  | $ 252 |  | $ 252 |  | $ - |  | $ 252
Total | - |  | - |  | 252 |  | 252 |  | - |  | 252
Total non-performing loans acquired | 607 |  | - |  | 718 |  | 1,325 |  | - |  | 1,325
Total non-performing loans | $ 4,321 |  | $ 1,044 |  | $ 11,935 |  | $ 17,300 |  | $ 32 |  | $ 17,332
| At December 31, 2012
| Total Non-Performing Loans
| Non-Accruing Loans |  |  |  |
| 0-29 Days Past Due |  | 30-89 Days Past Due |  | 90 Days or More Past Due |  | Total |  | 90 Days or More Past Due and Accruing |  | Total Non-Performing Loans
Loans held-for-investment: |  |  |  |  |  |  |  |  |  |  |
Real estate loans: |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |  |  |
LTV < 35% |  |  |  |  |  |  |  |  |  |  |
Substandard | $ 1,699 |  | $ - |  | $ - |  | $ 1,699 |  | $ - |  | $ 1,699
Total | 1,699 |  | - |  | - |  | 1,699 |  | - |  | 1,699
LTV => 35% |  |  |  |  |  |  |  |  |  |  |
Substandard | 13,947 |  | 442 |  | 5,565 |  | 19,954 |  | 349 |  | 20,303
Total | 13,947 |  | 442 |  | 5,565 |  | 19,954 |  | 349 |  | 20,303
Total commercial | 15,646 |  | 442 |  | 5,565 |  | 21,653 |  | 349 |  | 22,002
One-to-four family residential |  |  |  |  |  |  |  |  |  |  |
LTV < 60% |  |  |  |  |  |  |  |  |  |  |
Special Mention | - |  | 19 |  | 229 |  | 248 |  | 119 |  | 367
Substandard | - |  | 429 |  | - |  | 429 |  | - |  | 429
Total | - |  | 448 |  | 229 |  | 677 |  | 119 |  | 796
LTV => 60% |  |  |  |  |  |  |  |  |  |  |
Substandard | 233 |  | 201 |  | 1,437 |  | 1,871 |  | 151 |  | 2,022
Total | 233 |  | 201 |  | 1,437 |  | 1,871 |  | 151 |  | 2,022
Total one-to-four family residential | 233 |  | 649 |  | 1,666 |  | 2,548 |  | 270 |  | 2,818
Construction and land |  |  |  |  |  |  |  |  |  |  |
Substandard | 2,070 |  | - |  | - |  | 2,070 |  | - |  | 2,070
Total construction and land | 2,070 |  | - |  | - |  | 2,070 |  | - |  | 2,070
Multifamily |  |  |  |  |  |  |  |  |  |  |
LTV => 35% |  |  |  |  |  |  |  |  |  |  |
Substandard |  |  |  |  | 279 |  | 279 |  | - |  | 279
Total multifamily | - |  | - |  | 279 |  | 279 |  | - |  | 279
Home equity and lines of credit |  |  |  |  |  |  |  |  |  |  |
Substandard | 107 |  | - |  | 1,587 |  | 1,694 |  | - |  | 1,694
Total home equity and lines of credit | 107 |  | - |  | 1,587 |  | 1,694 |  | - |  | 1,694
Commercial and industrial loans |  |  |  |  |  |  |  |  |  |  |
Substandard | 532 |  | - |  | 724 |  | 1,256 |  | - |  | 1,256
Total commercial and industrial loans | 532 |  | - |  | 724 |  | 1,256 |  | - |  | 1,256
Other loans |  |  |  |  |  |  |  |  |  |  |
Pass | - |  | - |  | - |  | - |  | 2 |  | 2
Total other loans | - |  | - |  | - |  | - |  | 2 |  | 2
Total non-performing loans held-for-investment | $ 18,588 |  | $ 1,091 |  | $ 9,821 |  | $ 29,500 |  | $ 621 |  | $ 30,121
Loans held-for-sale: |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |  |  |
LTV => 35% |  |  |  |  |  |  |  |  |  |  |
Substandard | - |  |  |  | 773 |  | 773 |  | - |  | 773
Total commercial | - |  | - |  | 773 |  | 773 |  | - |  | 773
One-to-four family residential |  |  |  |  |  |  |  |  |  |  |
LTV => 60% |  |  |  |  |  |  |  |  |  |  |
Substandard | 122 |  | - |  | 3,662 |  | 3,784 |  | - |  | 3,784
Total one-to-four family residential | 122 |  | - |  | 3,662 |  | 3,784 |  | - |  | 3,784
Multifamily |  |  |  |  |  |  |  |  |  |  |
LTV => 35% |  |  |  |  |  |  |  |  |  |  |
Substandard | - |  | - |  | 890 |  | 890 |  | - |  | 890
Total multifamily | - |  | - |  | 890 |  | 890 |  | - |  | 890
Total non-performing loans held-for-sale | 122 |  | - |  | 5,325 |  | 5,447 |  | - |  | 5,447
Total non-performing loans | $ 18,710 |  | $ 1,091 |  | $ 15,146 |  | $ 34,947 |  | $ 621 |  | $ 35,568
The following table sets forth the detail and delinquency status of originated loans receivable held-for-investment, net of deferred fees and costs, by performing and non-performing loans at December 31, 2013 and 2012 (in thousands).
| December 31, 2013
| Performing (Accruing) Loans |  |  |  |
| 0-29 Days Past Due |  | 30-89 Days Past Due |  | Total |  | Non-Performing Loans |  | Total Loans Receivable, net
Loans held-for-investment: |  |  |  |  |  |  |  |  |
Real estate loans: |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |
LTV < 35% |  |  |  |  |  |  |  |  |
Pass | $ 42,995 |  | $ - |  | $ 42,995 |  | $ - |  | $ 42,995
Special Mention | 1,304 |  | - |  | 1,304 |  | - |  | 1,304
Substandard | 1,333 |  | - |  | 1,333 |  | - |  | 1,333
Total | 45,632 |  | - |  | 45,632 |  | - |  | 45,632
LTV > 35% |  |  |  |  |  |  |  |  |
Pass | 239,544 |  | 928 |  | 240,472 |  | - |  | 240,472
Special Mention | 10,927 |  | 1,676 |  | 12,603 |  | 335 |  | 12,938
Substandard | 28,949 |  | 680 |  | 29,629 |  | 11,863 |  | 41,492
Total | 279,420 |  | 3,284 |  | 282,704 |  | 12,198 |  | 294,902
Total commercial | 325,052 |  | 3,284 |  | 328,336 |  | 12,198 |  | 340,534
One-to-four family residential |  |  |  |  |  |  |  |  |
LTV < 60% |  |  |  |  |  |  |  |  |
Pass | 28,216 |  | 379 |  | 28,595 |  | - |  | 28,595
Special Mention | 1,746 |  | 413 |  | 2,159 |  | 130 |  | 2,289
Substandard | 269 |  | 515 |  | 784 |  | 604 |  | 1,388
Total | 30,231 |  | 1,307 |  | 31,538 |  | 734 |  | 32,272
LTV > 60% |  |  |  |  |  |  |  |  |
Pass | 27,575 |  | 2,666 |  | 30,241 |  | - |  | 30,241
Special Mention | 703 |  | - |  | 703 |  | - |  | 703
Substandard | 522 |  | 369 |  | 891 |  | 1,182 |  | 2,073
Total | 28,800 |  | 3,035 |  | 31,835 |  | 1,182 |  | 33,017
Total one-to-four family residential | 59,031 |  | 4,342 |  | 63,373 |  | 1,916 |  | 65,289
Construction and land |  |  |  |  |  |  |  |  |
Pass | 13,458 |  | - |  | 13,458 |  | - |  | 13,458
Special Mention | 595 |  | - |  | 595 |  | - |  | 595
Substandard | - |  | - |  | - |  | 108 |  | 108
Total construction and land | 14,053 |  | - |  | 14,053 |  | 108 |  | 14,161
Multifamily |  |  |  |  |  |  |  |  |
LTV < 35% |  |  |  |  |  |  |  |  |
Pass | 40,638 |  | 328 |  | 40,966 |  | - |  | 40,966
Special Mention | 94 |  | 215 |  | 309 |  | - |  | 309
Substandard | 821 |  | - |  | 821 |  | - |  | 821
Total | 41,553 |  | 543 |  | 42,096 |  | - |  | 42,096
LTV > 35% |  |  |  |  |  |  |  |  |
Pass | 817,923 |  | - |  | 817,923 |  | - |  | 817,923
Special Mention | 6,751 |  | 1,115 |  | 7,866 |  | - |  | 7,866
Substandard | 4,118 |  | 825 |  | 4,943 |  | 73 |  | 5,016
Total | 828,792 |  | 1,940 |  | 830,732 |  | 73 |  | 830,805
Total multifamily | 870,345 |  | 2,483 |  | 872,828 |  | 73 |  | 872,901
Home equity and lines of credit |  |  |  |  |  |  |  |  |
Pass | 45,116 |  | 1 |  | 45,117 |  | - |  | 45,117
Special Mention | 376 |  | 93 |  | 469 |  | - |  | 469
Substandard | - |  | - |  | - |  | 1,239 |  | 1,239
Total home equity and lines of credit | 45,492 |  | 94 |  | 45,586 |  | 1,239 |  | 46,825
Commercial and industrial loans |  |  |  |  |  |  |  |  |
Pass | 7,415 |  | 73 |  | 7,488 |  | - |  | 7,488
Special Mention | 962 |  | - |  | 962 |  | - |  | 962
Substandard | 570 |  | 741 |  | 1,311 |  | 441 |  | 1,752
Total commercial and industrial loans | 8,947 |  | 814 |  | 9,761 |  | 441 |  | 10,202
Other loans |  |  |  |  |  |  |  |  |
Pass | 2,226 |  | 21 |  | 2,247 |  | 32 |  | 2,279
Total other loans | 2,226 |  | 21 |  | 2,247 |  | 32 |  | 2,279
Total loans held-for-investment | $ 1,325,146 |  | $ 11,038 |  | $ 1,336,184 |  | $ 16,007 |  | $ 1,352,191
| December 31, 2013
| Performing (Accruing) Loans |  |  |  |
| 0-29 Days Past Due |  | 30-89 Days Past Due |  | Total |  | Non-Performing Loans |  | Total Loans Receivable, net
LTV < 60% |  |  |  |  |  |  |  |  |
Pass | 43,112 |  | 1,195 |  | 44,307 |  | - |  | 44,307
Special Mention | 306 |  | 104 |  | 410 |  | - |  | 410
Substandard | 136 |  | 4 |  | 140 |  | - |  | 140
Total | 43,554 |  | 1,303 |  | 44,857 |  | - |  | 44,857
LTV => 60% |  |  |  |  |  |  |  |  |
Pass | 13,838 |  | - |  | 13,838 |  | - |  | 13,838
Special Mention | 232 |  | - |  | 232 |  | - |  | 232
Substandard | 262 |  | - |  | 262 |  | 1,073 |  | 1,335
Total | 14,332 |  | - |  | 14,332 |  | 1,073 |  | 15,405
Total one-to-four family residential | 57,886 |  | 1,303 |  | 59,189 |  | 1,073 |  | 60,262
Commercial |  |  |  |  |  |  |  |  |
LTV < 35% |  |  |  |  |  |  |  |  |
Pass | $ 2,143 |  | $ - |  | 2,143 |  | $ - |  | $ 2,143
Special Mention | 189 |  | - |  | 189 |  | - |  | 189
Substandard | 937 |  | 529 |  | 1,466 |  | - |  | 1,466
Total | 3,269 |  | 529 |  | 3,798 |  | - |  | 3,798
LTV > 35% |  |  |  |  |  |  |  |  |
Pass | 8,742 |  | 461 |  | 9,203 |  | - |  | 9,203
Substandard | - |  | - |  | - |  | 252 |  | 252
Total | 8,742 |  | 461 |  | 9,203 |  | 252 |  | 9,455
Total commercial | 12,011 |  | 990 |  | 13,001 |  | 252 |  | 13,253
Construction and land |  |  |  |  |  |  |  |  |
Substandard | 372 |  | - |  | 372 |  | - |  | 372
Total construction and land | 372 |  | - |  | 372 |  | - |  | 372
Multifamily |  |  |  |  |  |  |  |  |
LTV < 35% |  |  |  |  |  |  |  |  |
Pass | $ 588 |  | $ - |  | $ 588 |  | $ - |  | $ 588
Substandard | 490 |  | - |  | 490 |  | - |  | 490
Total | 1,078 |  | - |  | 1,078 |  | - |  | 1,078
LTV => 35% |  |  |  |  |  |  |  |  |
Pass | 2,262 |  | - |  | 2,262 |  | - |  | 2,262
Special Mention | 590 |  | - |  | 590 |  | - |  | 590
Total | 2,852 |  | - |  | 2,852 |  | - |  | 2,852
Total multifamily | 3,930 |  | - |  | 3,930 |  | - |  | 3,930
Total loans acquired | 74,199 |  | 2,293 |  | 76,492 |  | 1,325 |  | 77,817
| $ 1,399,345 |  | $ 13,331 |  | $ 1,412,676 |  | $ 17,332 |  | $ 1,430,008
| December 31, 2012
| Performing (Accruing) Loans |  |  |  |
| 0-29 Days Past Due |  | 30-89 Days Past Due |  | Total |  | Non-Performing Loans |  | Total Loans Receivable, net
Loans held-for-investment: |  |  |  |  |  |  |  |  |
Real estate loans: |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |
LTV < 35% |  |  |  |  |  |  |  |  |
Pass | $ 29,424 |  | $ 860 |  | $ 30,284 |  | $ - |  | $ 30,284
Special Mention | 185 |  | - |  | 185 |  | - |  | 185
Substandard | - |  | - |  | - |  | 1,699 |  | 1,699
Total | 29,609 |  | 860 |  | 30,469 |  | 1,699 |  | 32,168
LTV > 35% |  |  |  |  |  |  |  |  |
Pass | 208,908 |  | 2,771 |  | 211,679 |  | - |  | 211,679
Special Mention | 22,416 |  | 1,105 |  | 23,521 |  | - |  | 23,521
Substandard | 27,932 |  | - |  | 27,932 |  | 20,303 |  | 48,235
Total | 259,256 |  | 3,876 |  | 263,132 |  | 20,303 |  | 283,435
Total commercial | 288,865 |  | 4,736 |  | 293,601 |  | 22,002 |  | 315,603
One-to-four family residential |  |  |  |  |  |  |  |  |
LTV < 60% |  |  |  |  |  |  |  |  |
Pass | 29,154 |  | 2,966 |  | 32,120 |  | - |  | 32,120
Special Mention | 1,055 |  | - |  | 1,055 |  | 367 |  | 1,422
Substandard | 448 |  | 189 |  | 637 |  | 429 |  | 1,066
Total | 30,657 |  | 3,155 |  | 33,812 |  | 796 |  | 34,608
LTV > 60% |  |  |  |  |  |  |  |  |
Pass | 26,963 |  | 1,128 |  | 28,091 |  | - |  | 28,091
Special Mention | 384 |  | - |  | 384 |  | - |  | 384
Substandard | 249 |  | - |  | 249 |  | 2,022 |  | 2,271
Total | 27,596 |  | 1,128 |  | 28,724 |  | 2,022 |  | 30,746
Total one-to-four family residential | 58,253 |  | 4,283 |  | 62,536 |  | 2,818 |  | 65,354
Construction and land |  |  |  |  |  |  |  |  |
Pass | 12,377 |  | 159 |  | 12,536 |  | - |  | 12,536
Special Mention | 5,137 |  | - |  | 5,137 |  | - |  | 5,137
Substandard | 3,512 |  | - |  | 3,512 |  | 2,070 |  | 5,582
Total construction and land | 21,026 |  | 159 |  | 21,185 |  | 2,070 |  | 23,255
Multifamily |  |  |  |  |  |  |  |  |
LTV < 35% |  |  |  |  |  |  |  |  |
Pass | 19,438 |  | - |  | 19,438 |  | - |  | 19,438
Special Mention | - |  | 115 |  | 115 |  | - |  | 115
Substandard | 510 |  | - |  | 510 |  | - |  | 510
Total | 19,948 |  | 115 |  | 20,063 |  | - |  | 20,063
LTV > 35% |  |  |  |  |  |  |  |  |
Pass | 574,686 |  | 748 |  | 575,434 |  | - |  | 575,434
Special Mention | 9,134 |  | 1,310 |  | 10,444 |  | - |  | 10,444
Substandard | 4,909 |  | 340 |  | 5,249 |  | 279 |  | 5,528
Total | 588,729 |  | 2,398 |  | 591,127 |  | 279 |  | 591,406
Total multifamily | 608,677 |  | 2,513 |  | 611,190 |  | 279 |  | 611,469
Home equity and lines of credit |  |  |  |  |  |  |  |  |
Pass | 31,482 |  | 44 |  | 31,526 |  | - |  | 31,526
Special Mention | 659 |  | - |  | 659 |  | - |  | 659
Substandard | - |  | - |  | - |  | 1,694 |  | 1,694
Total home equity and lines of credit | 32,141 |  | 44 |  | 32,185 |  | 1,694 |  | 33,879
Commercial and industrial loans |  |  |  |  |  |  |  |  |
Pass | 10,356 |  | 636 |  | 10,992 |  | - |  | 10,992
Special Mention | 753 |  | - |  | 753 |  | - |  | 753
Substandard | 978 |  | 831 |  | 1,809 |  | 1,256 |  | 3,065
Total commercial and industrial loans | 12,087 |  | 1,467 |  | 13,554 |  | 1,256 |  | 14,810
Other loans |  |  |  |  |  |  |  |  |
Pass | 1,743 |  | 59 |  | 1,802 |  | 2 |  | 1,804
Substandard | 26 |  | - |  | 26 |  | - |  | 26
Total other loans | 1,769 |  | 59 |  | 1,828 |  | 2 |  | 1,830
| $ 1,022,818 |  | $ 13,261 |  | $ 1,036,079 |  | $ 30,121 |  | $ 1,066,200
The following table summarizes impaired loans as of December 31, 2013 and 2012 (in thousands):
| At December 31, 2013
| Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance
With No Allowance Recorded: |  |  |  |  |
Real estate loans: |  |  |  |  |
Commercial |  |  |  |  |
LTV < 35% |  |  |  |  |
Pass | $ 3,405 |  | $ 3,542 |  | $ -
Substandard | - |  | 706 |  | -
LTV => 35% |  |  |  |  |
Pass | 19,689 | 21,382 | 21,383 |  | -
Substandard | - |  | - |  | -
Construction and land |  |  |  |  |
Substandard | 108 |  | 91 |  | -
One-to-four family residential |  |  |  |  |
LTV < 60% |  |  |  |  |
Special Mention | 507 |  | 507 |  | -
Substandard | 269 |  | 269 |  | -
LTV => 60% |  |  |  |  |
Substandard | - |  | - |  | -
Multifamily |  |  |  |  |
LTV < 35% |  |  |  |  |
Substandard | 593 |  | 1,064 |  | -
LTV > 35% |  |  |  |  |
Substandard | - |  | - |  | -
Commercial and industrial loans |  |  |  |  |
Special Mention | 210 |  | 219 |  | -
Substandard | 853 |  | 1,008 |  | -
With a Related Allowance Recorded: |  |  |  |  |
Real estate loans: |  |  |  |  |
Commercial |  |  |  |  |
LTV => 35% |  |  |  |  |
Special Mention | 2,289 |  | 2,672 |  | (52)
Substandard | 6,810 |  | 6,937 |  | (2,333)
One-to-four family residential |  |  |  |  |
LTV > 60% |  |  |  |  |
Pass | - |  | - |  | -
Substandard | 340 |  | 340 |  | (19)
LTV < 60% |  |  |  |  |
Special Mention | - |  | - |  | -
Multifamily |  |  |  |  |
LTV => 35% |  |  |  |  |
Substandard | 1,481 |  | 1,481 |  | (117)
Home equity and lines of credit |  |  |  |  |
Special Mention | 342 |  | 342 |  | (7)
Substandard | 1,000 |  | 1,395 |  | -
Commercial and industrial loans |  |  |  |  |
Substandard | 441 |  | 485 |  | (104)
Total: |  |  |  |  |
Real estate loans |  |  |  |  |
Commercial | 32,193 |  | 35,240 |  | (2,385)
One-to-four family residential | 1,116 |  | 1,116 |  | (19)
Construction and land | 108 |  | 91 |  | -
Multifamily | 2,074 |  | 2,545 |  | (117)
Home equity and lines of credit | 1,342 |  | 1,737 |  | (7)
Commercial and industrial loans | 1,504 |  | 1,712 |  | (104)
| $ 38,337 |  | $ 42,441 |  | $ (2,632)
| At December 31, 2012
| Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance
With No Allowance Recorded: |  |  |  |  |
Real estate loans: |  |  |  |  |
Commercial |  |  |  |  |
LTV < 35% |  |  |  |  |
Substandard | $ 1,699 |  | $ 1,699 |  | $ -
LTV => 35% |  |  |  |  |
Pass | 2,774 |  | 2,774 |  | -
Special Mention | 1,037 |  | 1,045 |  | -
Substandard | 24,691 |  | 25,897 |  | -
Construction and land |  |  |  |  |
Substandard | 2,373 |  | 3,031 |  | -
One-to-four family residential |  |  |  |  |
LTV < 60% |  |  |  |  |
Substandard | 49 |  | 49 |  | -
LTV => 60% |  |  |  |  |
Substandard | 2,841 |  | 4,141 |  | -
Multifamily |  |  |  |  |
LTV < 35% |  |  |  |  |
Substandard | 510 |  | 510 |  | -
Commercial and industrial loans |  |  |  |  |
Special Mention | 38 |  | 38 |  | -
Substandard | 1,527 |  | 1,527 |  | -
With a Related Allowance Recorded: |  |  |  |  |
Real estate loans: |  |  |  |  |
Commercial |  |  |  |  |
LTV => 35% |  |  |  |  |
Special Mention | 637 |  | 664 |  | (57)
Substandard | 11,645 |  | 12,045 |  | (2,696)
One-to-four family residential |  |  |  |  |
LTV < 60% |  |  |  |  |
Special Mention | 520 |  | 520 |  | (5)
Multifamily |  |  |  |  |
LTV => 35% |  |  |  |  |
Substandard | 1,640 |  | 2,111 |  | (317)
Home equity and lines of credit |  |  |  |  |
Special Mention | 356 |  | 356 |  | (18)
Substandard | 1,587 |  | 1,589 |  | (105)
Commercial and industrial loans |  |  |  |  |
Substandard | 491 |  | 491 |  | (417)
Total: |  |  |  |  |
Real estate loans |  |  |  |  |
Commercial | 42,483 |  | 44,124 |  | (2,753)
One-to-four family residential | 3,410 |  | 4,710 |  | (5)
Construction and land | 2,373 |  | 3,031 |  | -
Multifamily | 2,150 |  | 2,621 |  | (317)
Home equity and lines of credit | 1,943 |  | 1,945 |  | (123)
Commercial and industrial loans | 2,056 |  | 2,056 |  | (417)
| $ 54,415 |  | $ 58,487 |  | $ (3,615)
Included in the table above at December 31, 2013, are loans with carrying balances of $21.8 million that were not written down by charge-offs or for which there is no specific reserves in our allowance for loan losses. Included in the impaired loans at December 31, 2012, are loans with carrying balances of $24.9 million that were not written down by charge-offs or for which there is no specific reserves in our allowance for loan losses. Loans not written down by charge-offs or specific reserves at December 31, 2013 and 2012, have sufficient collateral values, less costs to sell (including any discounts to facilitate a sale), or sufficient future cash flows to support the carrying balances of the loans. The average recorded balance of originated impaired loans (including held-for-investment and held-for-sale) for the years ended December 31, 2013, 2012, and 2011 was approximately $43.9 million, $54.3 million, and $58.7 million, respectively. The Company recorded $2.0 million, $2.8 million and $2.8 million of interest income on impaired loans for the years ended December 31, 2013, 2012, and 2011, respectively. The following tables summarize loans that were modified in a troubled debt restructuring during the year ended December 31, 2013 and 2012:
| Year Ended December 31, 2013
|  |  | Pre-Modification |  | Post-Modification
| Number of |  | Outstanding Recorded |  | Outstanding Recorded
| Relationships |  | Investment |  | Investment
| (in thousands)
Troubled Debt Restructurings |  |  |  |  |
One-to-four Family |  |  |  |  |
Pass | 1 |  | $ 70 |  | $ 70
Special Mention | 1 |  | 331 |  | 331
Substandard | 2 |  | 606 |  | 606
Total Troubled Debt Restructurings | 4 |  | $ 1,007 |  | $ 1,007
All four of the relationships in the table above were restructured to receive reduced interest rates.
| Year Ended December 31, 2012
|  |  | Pre-Modification |  | Post-Modification
| Number of |  | Outstanding Recorded |  | Outstanding Recorded
| Relationships |  | Investment |  | Investment
| (in thousands)
Troubled Debt Restructurings |  |  |  |  |
Commercial real estate loans |  |  |  |  |
Substandard | 1 |  | $ 6,251 |  | $ 6,251
One-to-four Family |  |  |  |  |
Substandard | 2 |  | 489 |  | 489
Home equity and lines of credit |  |  |  |  |
Special Mention | 2 |  | 356 |  | 356
Total Troubled Debt Restructurings | 5 |  | $ 7,096 |  | $ 7,096
All five of the relationships in the table above were restructured to receive reduced interest rates. At December 31, 2013 and 2012 we had troubled debt restructurings of it $1 million and $45.0 million, respectively. Management classifies all troubled debt restructurings as impaired loans. Impaired loans are individually assessed to determine that the loan’s carrying value is not in excess of the estimated fair value of the collateral (less cost to sell), if the loan is collateral dependent, or the present value of the expected future cash flows, if the loan is not collateral dependent. Management performs a detailed evaluation of each impaired loan and generally obtains updated appraisals as part of the evaluation. In addition, management adjusts estimated fair values down to appropriately consider recent market conditions, our willingness to accept a lower sales price to effect a quick sale, and costs to dispose of any supporting collateral. Determining the estimated fair value of underlying collateral (and related costs to sell) can be difficult in illiquid real estate markets and is subject to significant assumptions and estimates. Management employs an independent third-party expert in appraisal preparation and review to ascertain the reasonableness of updated appraisals. Projecting the expected cash flows under troubled debt restructurings which are not collateral dependent is inherently subjective and requires, among other things, an evaluation of the borrower’s current and projected financial condition. Actual results may be significantly different than our projections and our established allowance for loan losses on these loans, which could have a material effect on our financial results. There have been 4 loans to one borrower that w ere restructured during the last twelve months that subsequently defaulted. The following table details this loan at December 31, 2013 and 2012:
| Year Ended December 31, 2013
| Number of |  | 30-89 Days |  | 90 Days or More
| Relationships |  | Past Due |  | Past Due
| (in thousands)
Commercial & Industrial |  |  |  |  |
Substandard - non-accrual | 1 |  | $ - |  | $ 441
Total | 1 |  | - |  | 441
CRE |  |  |  |  |
Substandard - non-accrual | 3 |  | - |  | 7,052
Total | 3 |  | - |  | 7,052
Total | 4 |  | $ - |  | $ 7,493
| Year Ended December 31, 2012
|  |  | Pre-Modification |  | Post-Modification
| Number of |  | Outstanding Recorded |  | Outstanding Recorded
| Relationships |  | Investment |  | Investment
| (in thousands)
One-to-four Family |  |  |  |  |
Substandard - non-accrual | 1 |  | $ - |  | $ 256
Total | 1 |  | $ - |  | $ 256

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