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Loans | 6 Months Ended
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Jun. 30, 2015
Receivables [Abstract] |
Loans | Loans Net loans held-for-investment are as follows (in thousands).
| June 30, |  | December 31,
| 2015 |  | 2014
Real estate loans: |
Multifamily | $ | 1,218,702 |  |  | $ | 1,072,193 |
Commercial mortgage | 391,235 |  |  | 390,288 |
One-to-four family residential mortgage | 80,557 |  |  | 74,401 |
Home equity and lines of credit | 57,518 |  |  | 54,533 |
Construction and land | 15,903 |  |  | 21,412 |
Total real estate loans | 1,763,915 |  |  | 1,612,827 |
Commercial and industrial loans | 16,693 |  |  | 12,945 |
Other loans | 1,947 |  |  | 2,157 |
Total commercial and industrial and other loans | 18,640 |  |  | 15,102 |
Deferred loan cost, net | 4,808 |  |  | 4,565 |
Originated loans held-for-investment, net | 1,787,363 |  |  | 1,632,494 |
PCI Loans | 37,778 |  |  | 44,816 |
Loans acquired: |  |  |
One-to-four family residential mortgage | 349,661 |  |  | 234,478 |
Multifamily | 17,431 |  |  | 18,844 |
Commercial mortgage | 11,401 |  |  | 11,999 |
Construction and land | — |  |  | 364 |
Total loans acquired, net | 378,493 |  |  | 265,685 |
Loans held-for-investment, net | 2,203,634 |  |  | 1,942,995 |
Allowance for loan losses | (25,516 | ) |  | (26,292 | )
Net loans held-for-investment | $ | 2,178,118 |  |  | $ | 1,916,703 |
Loans held-for-sale amounted to $325,000 and $0 at June 30, 2015, and December 31, 2014, respectively. PCI loans, primarily acquired as part of a Federal Deposit Insurance Corporation-assisted transaction, totaled $37.8 million at June 30, 2015, as compared to $44.8 million at December 31, 2014. The Company accounts for PCI loans utilizing U.S. GAAP applicable to loans acquired with deteriorated credit quality. At June 30, 2015, PCI loans consist of approximately 34.0% commercial real estate loans and 49.6% commercial and industrial loans, with the remaining balance in residential and home equity loans. The following details the accretion of interest income for the periods indicated (in thousands).
| At or for the six months ended June 30,
| 2015 |  | 2014
Balance at the beginning of period | $ | 27,943 |  |  | $ | 32,464 |
Accretion into interest income | (2,237 | ) |  | (2,518 | )
Net reclassification from non-accretable difference | — |  |  | 374 |
Balance at end of period | $ | 25,706 |  |  | $ | 30,320 |
The following tables set forth activity in our allowance for loan losses, by loan type, as of and for the three and six months ended June 30, 2015, and June 30, 2014 (in thousands).
| Three Months Ended June 30, 2015
| 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 |  | Purchased Credit-Impaired |  | Acquired Loans |  | Total
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance | $ | 8,483 |  |  | $ | 870 |  |  | $ | 218 |  |  | $ | 12,698 |  |  | $ | 842 |  |  | $ | 995 |  |  | $ | 103 |  |  | $ | 1,228 |  |  | $ | 25,437 |  |  | $ | 400 |  |  | $ | 61 |  |  | $ | 25,898 |
Charge-offs | (186 | ) |  | (126 | ) |  | — |  |  | (113 | ) |  | — |  |  | (32 | ) |  | — |  |  | — |  |  | (457 | ) |  | — |  |  | — |  |  | (457 | )
Recoveries | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | — |  |  | 3 |  |  | — |  |  | — |  |  | 3 |
Provisions/(credit) | (956 | ) |  | 363 |  |  | (33 | ) |  | 623 |  |  | 99 |  |  | 48 |  |  | 23 |  |  | (93 | ) |  | 74 |  |  | — |  |  | (2 | ) |  | 72 |
Ending balance | $ | 7,341 |  |  | $ | 1,107 |  |  | $ | 185 |  |  | $ | 13,208 |  |  | $ | 941 |  |  | $ | 1,011 |  |  | $ | 129 |  |  | $ | 1,135 |  |  | $ | 25,057 |  |  | $ | 400 |  |  | $ | 59 |  |  | $ | 25,516 |
| Three Months Ended June 30, 2014
| 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 |  | Purchased Credit-Impaired |  | Acquired Loans |  | Total
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance | $ | 12,359 |  |  | $ | 818 |  |  | $ | 227 |  |  | $ | 9,814 |  |  | $ | 958 |  |  | $ | 473 |  |  | $ | 68 |  |  | $ | 1,217 |  |  | $ | 25,934 |  |  | $ | 588 |  |  | $ | 43 |  |  | $ | 26,565 |
Charge-offs | — |  |  | (7 | ) |  | — |  |  | — |  |  | (160 | ) |  | — |  |  | — |  |  | — |  |  | (167 | ) |  | — |  |  | — |  |  | (167 | )
Recoveries | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 15 |  |  | — |  |  | 15 |  |  | — |  |  | — |  |  | 15 |
Provisions/(credit) | (477 | ) |  | 201 |  |  | (71 | ) |  | 66 |  |  | 195 |  |  | 58 |  |  | (18 | ) |  | 91 |  |  | 45 |  |  | (188 | ) |  | (3 | ) |  | (146 | )
Ending balance | $ | 11,882 |  |  | $ | 1,012 |  |  | $ | 156 |  |  | $ | 9,880 |  |  | $ | 993 |  |  | $ | 531 |  |  | $ | 65 |  |  | $ | 1,308 |  |  | $ | 25,827 |  |  | $ | 400 |  |  | $ | 40 |  |  | $ | 26,267 |
| Six Months Ended June 30, 2015
| 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 |  | Purchased Credit-Impaired |  | Acquired Loans |  | Total
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance | $ | 9,309 |  |  | $ | 951 |  |  | $ | 266 |  |  | $ | 12,219 |  |  | $ | 901 |  |  | $ | 841 |  |  | $ | 134 |  |  | $ | 1,209 |  |  | $ | 25,830 |  |  | $ | 400 |  |  | $ | 62 |  |  | $ | 26,292 |
Charge-offs | (829 | ) |  | (127 | ) |  | — |  |  | (113 | ) |  | — |  |  | (32 | ) |  | — |  |  | — |  |  | (1,101 | ) |  | — |  |  | — |  |  | (1,101 | )
Recoveries | 1 |  |  | — |  |  | — |  |  | — |  |  | 42 |  |  | 6 |  |  | 4 |  |  | — |  |  | 53 |  |  | — |  |  | — |  |  | 53 |
Provisions/(credit) | (1,140 | ) |  | 283 |  |  | (81 | ) |  | 1,102 |  |  | (2 | ) |  | 196 |  |  | (9 | ) |  | (74 | ) |  | 275 |  |  | — |  |  | (3 | ) |  | 272 |
Ending balance | $ | 7,341 |  |  | $ | 1,107 |  |  | $ | 185 |  |  | $ | 13,208 |  |  | $ | 941 |  |  | $ | 1,011 |  |  | $ | 129 |  |  | $ | 1,135 |  |  | $ | 25,057 |  |  | $ | 400 |  |  | $ | 59 |  |  | $ | 25,516 |
| Six Months Ended June 30, 2014
| 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 |  | Purchased Credit-Impaired |  | Acquired Loans |  | Total
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance | $ | 12,619 |  |  | $ | 875 |  |  | $ | 205 |  |  | $ | 9,374 |  |  | $ | 860 |  |  | $ | 425 |  |  | $ | 67 |  |  | $ | 1,024 |  |  | $ | 25,449 |  |  | $ | 588 |  |  | $ | — |  |  | $ | 26,037 |
Charge-offs | — |  |  | (22 | ) |  | (1 | ) |  | — |  |  | (294 | ) |  | — |  |  | — |  |  | — |  |  | (317 | ) |  | — |  |  | — |  |  | (317 | )
Recoveries | — |  |  | — |  |  | 246 |  |  | — |  |  | — |  |  | — |  |  | 30 |  |  | — |  |  | 276 |  |  | — |  |  | — |  |  | 276 |
Provisions/(credit) | (737 | ) |  | 159 |  |  | (294 | ) |  | 506 |  |  | 427 |  |  | 106 |  |  | (32 | ) |  | 284 |  |  | 419 |  |  | (188 | ) |  | 40 |  |  | 271 |
Ending balance | $ | 11,882 |  |  | $ | 1,012 |  |  | $ | 156 |  |  | $ | 9,880 |  |  | $ | 993 |  |  | $ | 531 |  |  | $ | 65 |  |  | $ | 1,308 |  |  | $ | 25,827 |  |  | $ | 400 |  |  | $ | 40 |  |  | $ | 26,267 |
The following tables detail the amount of 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 the allowance for loan losses that is allocated to each loan portfolio segment, at June 30, 2015, and December 31, 2014 (in thousands).
| June 30, 2015
| 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 |  | Purchased Credit-Impaired |  | Acquired Loans |  | Total
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending balance: individually evaluated for impairment | $ | 1,238 |  |  | $ | 102 |  |  | $ | — |  |  | $ | 186 |  |  | $ | 30 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,556 |  |  | $ | — |  |  | $ | 59 |  |  | $ | 1,615 |
Ending balance: collectively evaluated for impairment | 6,103 |  |  | 1,005 |  |  | 185 |  |  | 13,022 |  |  | 911 |  |  | 1,011 |  |  | 129 |  |  | 1,135 |  |  | 23,501 |  |  | 400 |  |  | — |  |  | 23,901 |
Loans, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending balance | 391,882 |  |  | 81,177 |  |  | 15,925 |  |  | 1,221,093 |  |  | 58,596 |  |  | 16,743 |  |  | 1,947 |  |  | — |  |  | 1,787,363 |  |  | 37,778 |  |  | 378,493 |  |  | 2,203,634 |
Ending balance: individually evaluated for impairment | 26,146 |  |  | 1,615 |  |  | — |  |  | 1,940 |  |  | 363 |  |  | 124 |  |  | — |  |  | — |  |  | 30,188 |  |  | — |  |  | 2,710 |  |  | 32,898 |
Ending balance: collectively evaluated for impairment | 365,736 |  |  | 79,562 |  |  | 15,925 |  |  | 1,219,153 |  |  | 58,233 |  |  | 16,619 |  |  | 1,947 |  |  | — |  |  | 1,757,175 |  |  | 37,778 |  |  | 375,783 |  |  | 2,170,736 |
| December 31, 2014
| 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 |  | Purchased Credit-Impaired |  | Acquired Loans |  | Total
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending balance: individually evaluated for impairment | $ | 2,361 |  |  | $ | 57 |  |  | $ | — |  |  | $ | 215 |  |  | $ | 13 |  |  | $ | 109 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,755 |  |  | $ | — |  |  | $ | 62 |  |  | $ | 2,817 |
Ending balance: collectively evaluated for impairment | 6,948 |  |  | 894 |  |  | 266 |  |  | 12,004 |  |  | 888 |  |  | 732 |  |  | 134 |  |  | 1,209 |  |  | 23,075 |  |  | 400 |  |  | — |  |  | 23,475 |
Loans, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending balance | 390,885 |  |  | 74,990 |  |  | 21,445 |  |  | 1,074,539 |  |  | 55,486 |  |  | 12,992 |  |  | 2,157 |  |  | — |  |  | 1,632,494 |  |  | 44,816 |  |  | 265,685 |  |  | 1,942,995 |
Ending balance: individually evaluated for impairment | 29,224 |  |  | 1,072 |  |  | — |  |  | 1,990 |  |  | 327 |  |  | 806 |  |  | — |  |  | — |  |  | 33,419 |  |  | — |  |  | 855 |  |  | 34,274 |
Ending balance: collectively evaluated for impairment | 361,661 |  |  | 73,918 |  |  | 21,445 |  |  | 1,072,549 |  |  | 55,159 |  |  | 12,186 |  |  | 2,157 |  |  | — |  |  | 1,599,075 |  |  | 44,816 |  |  | 264,830 |  |  | 1,908,721 |
Included in originated and acquired 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 non-accrual loans was $13.8 million and $13.9 million at June 30, 2015, and December 31, 2014, respectively. Generally, loans 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 consecutive 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. These non-accrual amounts included loans deemed to be impaired of $10.3 million and $10.1 million at June 30, 2015, and December 31, 2014, 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 $3.9 million and $3.8 million at June 30, 2015, and December 31, 2014, respectively. Non-accrual amounts included in loans held-for-sale were $325,000 at June 30, 2015. There were no loans held-for-sale at December 31, 2014. Loans past due 90 days or more and still accruing interest were $967,000 and $708,000 at June 30, 2015, and December 31, 2014, respectively, and consisted of loans that are considered well secured and in the process of collection. The following tables set forth the detail, and delinquency status, of non-performing loans (non-accrual loans and loans past due 90 days or more and still accruing), net of deferred fees and costs, at June 30, 2015, and December 31, 2014, excluding loans held-for-sale and PCI loans which have been segregated into pools.
| June 30, 2015
| 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 | 6,498 |  |  | 383 |  |  | 3,798 |  |  | 10,679 |  |  | — |  |  | 10,679 |
Total commercial | 6,498 |  |  | 383 |  |  | 3,798 |  |  | 10,679 |  |  | — |  |  | 10,679 |
One-to-four family residential |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV < 60% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Substandard | — |  |  | 175 |  |  | 683 |  |  | 858 |  |  | 259 |  |  | 1,117 |
Total | — |  |  | 175 |  |  | 683 |  |  | 858 |  |  | 259 |  |  | 1,117 |
LTV => 60% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Substandard | 518 |  |  | 138 |  |  | 367 |  |  | 1,023 |  |  | — |  |  | 1,023 |
Total | 518 |  |  | 138 |  |  | 367 |  |  | 1,023 |  |  | — |  |  | 1,023 |
Total one-to-four family residential | 518 |  |  | 313 |  |  | 1,050 |  |  | 1,881 |  |  | 259 |  |  | 2,140 |
Multifamily |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV => 35% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | — |  |  | — |  |  | — |  |  | — |  |  | 560 |  |  | 560 |
Total multifamily | — |  |  | — |  |  | — |  |  | — |  |  | 560 |  |  | 560 |
Home equity and lines of credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Substandard | — |  |  | — |  |  | 97 |  |  | 97 |  |  | — |  |  | 97 |
Total home equity and lines of credit | — |  |  | — |  |  | 97 |  |  | 97 |  |  | — |  |  | 97 |
Commercial and industrial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | — |  |  | — |  |  | — |  |  | — |  |  | 15 |  |  | 15 |
Total commercial and industrial loans | — |  |  | — |  |  | — |  |  | — |  |  | 15 |  |  | 15 |
Total non-performing loans held-for-investment | 7,016 |  |  | 696 |  |  | 4,945 |  |  | 12,657 |  |  | 834 |  |  | 13,491 |
Loans acquired: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One-to-four family residential |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV < 60% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Substandard | — |  |  | — |  |  | 790 |  |  | 790 |  |  | 133 |  |  | 923 |
Total one-to-four family residential | — |  |  | — |  |  | 790 |  |  | 790 |  |  | 133 |  |  | 923 |
Total non-performing loans acquired | — |  |  | — |  |  | 790 |  |  | 790 |  |  | 133 |  |  | 923 |
Total non-performing loans | $ | 7,016 |  |  | $ | 696 |  |  | $ | 5,735 |  |  | $ | 13,447 |  |  | $ | 967 |  |  | $ | 14,414 |
| December 31, 2014
| 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 | $ | — |  |  | $ | 395 |  |  | $ | 10,769 |  |  | $ | 11,164 |  |  | $ | — |  |  | $ | 11,164 |
Total commercial | — |  |  | 395 |  |  | 10,769 |  |  | 11,164 |  |  | — |  |  | 11,164 |
One-to-four family residential |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV < 60% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Substandard | — |  |  | 190 |  |  | 674 |  |  | 864 |  |  | 286 |  |  | 1,150 |
Total | — |  |  | 190 |  |  | 674 |  |  | 864 |  |  | 286 |  |  | 1,150 |
LTV => 60% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Substandard | — |  |  | — |  |  | 1,028 |  |  | 1,028 |  |  | — |  |  | 1,028 |
Total | — |  |  | — |  |  | 1,028 |  |  | 1,028 |  |  | — |  |  | 1,028 |
Total one-to-four family residential | — |  |  | 190 |  |  | 1,702 |  |  | 1,892 |  |  | 286 |  |  | 2,178 |
Home equity and lines of credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Substandard | — |  |  | 98 |  |  | — |  |  | 98 |  |  | — |  |  | 98 |
Total home equity and lines of credit | — |  |  | 98 |  |  | — |  |  | 98 |  |  | — |  |  | 98 |
Commercial and industrial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Substandard | — |  |  | — |  |  | 408 |  |  | 408 |  |  | — |  |  | 408 |
Total commercial and industrial loans | — |  |  | — |  |  | 408 |  |  | 408 |  |  | — |  |  | 408 |
Total non-performing loans held-for-investment | — |  |  | 683 |  |  | 12,879 |  |  | 13,562 |  |  | 286 |  |  | 13,848 |
Loans acquired: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One-to-four family residential |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV < 60% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | — |  |  | — |  |  | — |  |  | — |  |  | 422 |  |  | 422 |
Substandard | — |  |  | — |  |  | 313 |  |  | 313 |  |  | — |  |  | 313 |
Total one-to-four family residential | — |  |  | — |  |  | 313 |  |  | 313 |  |  | 422 |  |  | 735 |
Total non-performing loans acquired: | — |  |  | — |  |  | 313 |  |  | 313 |  |  | 422 |  |  | 735 |
Total non-performing loans | $ | — |  |  | $ | 683 |  |  | $ | 13,192 |  |  | $ | 13,875 |  |  | $ | 708 |  |  | $ | 14,583 |
The following tables set forth the detail and delinquency status of originated and acquired loans held-for-investment, net of deferred fees and costs, by performing and non-performing loans at June 30, 2015, and December 31, 2014 (in thousands).
| June 30, 2015
| 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 | $ | 51,925 |  |  | $ | — |  |  | $ | 51,925 |  |  | $ | — |  |  | $ | 51,925 |
Special Mention | 1,068 |  |  | — |  |  | 1,068 |  |  | — |  |  | 1,068 |
Substandard | — |  |  | 1,260 |  |  | 1,260 |  |  | — |  |  | 1,260 |
Total | 52,993 |  |  | 1,260 |  |  | 54,253 |  |  | — |  |  | 54,253 |
LTV => 35% |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 292,298 |  |  | 1,765 |  |  | 294,063 |  |  | — |  |  | 294,063 |
Special Mention | 7,160 |  |  | — |  |  | 7,160 |  |  | — |  |  | 7,160 |
Substandard | 18,378 |  |  | 7,349 |  |  | 25,727 |  |  | 10,679 |  |  | 36,406 |
Total | 317,836 |  |  | 9,114 |  |  | 326,950 |  |  | 10,679 |  |  | 337,629 |
Total commercial | 370,829 |  |  | 10,374 |  |  | 381,203 |  |  | 10,679 |  |  | 391,882 |
One-to-four family residential |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV < 60% |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 31,803 |  |  | 527 |  |  | 32,330 |  |  | — |  |  | 32,330 |
Special Mention | 168 |  |  | 374 |  |  | 542 |  |  | — |  |  | 542 |
Substandard | 752 |  |  | 508 |  |  | 1,260 |  |  | 1,117 |  |  | 2,377 |
Total | 32,723 |  |  | 1,409 |  |  | 34,132 |  |  | 1,117 |  |  | 35,249 |
LTV => 60% |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 44,286 |  |  | 262 |  |  | 44,548 |  |  | — |  |  | 44,548 |
Substandard | — |  |  | 357 |  |  | 357 |  |  | 1,023 |  |  | 1,380 |
Total | 44,286 |  |  | 619 |  |  | 44,905 |  |  | 1,023 |  |  | 45,928 |
Total one-to-four family residential | 77,009 |  |  | 2,028 |  |  | 79,037 |  |  | 2,140 |  |  | 81,177 |
Construction and land |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 15,925 |  |  |  |  |  | 15,925 |  |  |  |  |  | 15,925 |
Total construction and land | 15,925 |  |  | — |  |  | 15,925 |  |  | — |  |  | 15,925 |
Multifamily |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV < 35% |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 73,267 |  |  | 145 |  |  | 73,412 |  |  | — |  |  | 73,412 |
Special Mention | 270 |  |  | — |  |  | 270 |  |  | — |  |  | 270 |
Substandard | 789 |  |  | — |  |  | 789 |  |  | — |  |  | 789 |
Total | 74,326 |  |  | 145 |  |  | 74,471 |  |  | — |  |  | 74,471 |
LTV => 35% |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 1,140,017 |  |  | 233 |  |  | 1,140,250 |  |  | 560 |  |  | 1,140,810 |
Special Mention | 2,703 |  |  | 1,159 |  |  | 3,862 |  |  | — |  |  | 3,862 |
Substandard | 1,950 |  |  | — |  |  | 1,950 |  |  | — |  |  | 1,950 |
Total | 1,144,670 |  |  | 1,392 |  |  | 1,146,062 |  |  | 560 |  |  | 1,146,622 |
Total multifamily | 1,218,996 |  |  | 1,537 |  |  | 1,220,533 |  |  | 560 |  |  | 1,221,093 |
Home equity and lines of credit |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 57,707 |  |  | 365 |  |  | 58,072 |  |  | — |  |  | 58,072 |
Special Mention | 78 |  |  | — |  |  | 78 |  |  | — |  |  | 78 |
Substandard | 223 |  |  | 126 |  |  | 349 |  |  | 97 |  |  | 446 |
Total home equity and lines of credit | 58,008 |  |  | 491 |  |  | 58,499 |  |  | 97 |  |  | 58,596 |
Commercial and industrial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 15,851 |  |  | 50 |  |  | 15,901 |  |  | 15 |  |  | 15,916 |
Special Mention | 374 |  |  | — |  |  | 374 |  |  | — |  |  | 374 |
Substandard | 453 |  |  | — |  |  | 453 |  |  | — |  |  | 453 |
Total commercial and industrial loans | 16,678 |  |  | 50 |  |  | 16,728 |  |  | 15 |  |  | 16,743 |
| June 30, 2015
| Performing (Accruing) Loans |  |  |  |
| 0-29 Days Past Due |  | 30-89 Days Past Due |  | Total |  | Non-Performing Loans |  | Total Loans Receivable, net
Other loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 1,891 |  |  | 56 |  |  | 1,947 |  |  |  |  |  | 1,947 |
Total other loans | 1,891 |  |  | 56 |  |  | 1,947 |  |  | — |  |  | 1,947 |
Total originated loans held-for-investment | $ | 1,759,336 |  |  | $ | 14,536 |  |  | $ | 1,773,872 |  |  | $ | 13,491 |  |  | $ | 1,787,363 |
Acquired loans: |  |  |  |  |  |  |  |  |
One-to-four family residential |  |  |  |  |  |  |  |  |
LTV < 60% |  |  |  |  |  |  |  |  |
Pass | 341,739 |  |  | 52 |  |  | 341,791 |  |  | — |  |  | 341,791 |
Special Mention | 575 |  |  | — |  |  | 575 |  |  | — |  |  | 575 |
Substandard | 731 |  |  | 64 |  |  | 795 |  |  | 923 |  |  | 1,718 |
Total | 343,045 |  |  | 116 |  |  | 343,161 |  |  | 923 |  |  | 344,084 |
LTV => 60% |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 5,287 |  |  | — |  |  | 5,287 |  |  | — |  |  | 5,287 |
Substandard | 290 |  |  | — |  |  | 290 |  |  | — |  |  | 290 |
Total | 5,577 |  |  | — |  |  | 5,577 |  |  | — |  |  | 5,577 |
Total one-to-four family residential | 348,622 |  |  | 116 |  |  | 348,738 |  |  | 923 |  |  | 349,661 |
Commercial |  |  |  |  |  |  |  |  |  |  |  |
LTV < 35% |  |  |  |  |  |  |  |  |  |  |  |
Pass | 2,185 |  |  | — |  |  | 2,185 |  |  | — |  |  | 2,185 |
Special Mention | — |  |  | 518 |  |  | 518 |  |  | — |  |  | 518 |
Substandard | — |  |  | 224 |  |  | 224 |  |  | — |  |  | 224 |
Total | 2,185 |  |  | 742 |  |  | 2,927 |  |  | — |  |  | 2,927 |
LTV => 35% |  |  |  |  |  |  |  |  |
Pass | 5,724 |  |  | — |  |  | 5,724 |  |  | — |  |  | 5,724 |
Special Mention | 899 |  |  | — |  |  | 899 |  |  | — |  |  | 899 |
Substandard | 1,851 |  |  | — |  |  | 1,851 |  |  | — |  |  | 1,851 |
Total | 8,474 |  |  | — |  |  | 8,474 |  |  | — |  |  | 8,474 |
Total commercial | 10,659 |  |  | 742 |  |  | 11,401 |  |  | — |  |  | 11,401 |
Multifamily |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV < 35% |  |  |  |  |  |  |  |  |  |  |  |
Pass | 4,778 |  |  | — |  |  | 4,778 |  |  | — |  |  | 4,778 |
Special Mention | 151 |  |  | — |  |  | 151 |  |  | — |  |  | 151 |
Total | 4,929 |  |  | — |  |  | 4,929 |  |  | — |  |  | 4,929 |
LTV => 35% |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 12,168 |  |  | — |  |  | 12,168 |  |  | — |  |  | 12,168 |
Special Mention | 334 |  |  | — |  |  | 334 |  |  | — |  |  | 334 |
Total | 12,502 |  |  | — |  |  | 12,502 |  |  | — |  |  | 12,502 |
Total multifamily | 17,431 |  |  | — |  |  | 17,431 |  |  | — |  |  | 17,431 |
Total loans acquired | 376,712 |  |  | 858 |  |  | 377,570 |  |  | 923 |  |  | 378,493 |
| $ | 2,136,048 |  |  | $ | 15,394 |  |  | $ | 2,151,442 |  |  | $ | 14,414 |  |  | $ | 2,165,856 |
| December 31, 2014
| 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 | $ | 47,534 |  |  | $ | — |  |  | $ | 47,534 |  |  | — |  |  | $ | 47,534 |
Special Mention | 2,436 |  |  | — |  |  | 2,436 |  |  | — |  |  | 2,436 |
Total | 49,970 |  |  | — |  |  | 49,970 |  |  | — |  |  | 49,970 |
LTV => 35% |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 288,915 |  |  | 878 |  |  | 289,793 |  |  | — |  |  | 289,793 |
Special Mention | 9,792 |  |  | — |  |  | 9,792 |  |  | — |  |  | 9,792 |
Substandard | 25,073 |  |  | 5,093 |  |  | 30,166 |  |  | 11,164 |  |  | 41,330 |
Total | 323,780 |  |  | 5,971 |  |  | 329,751 |  |  | 11,164 |  |  | 340,915 |
Total commercial | 373,750 |  |  | 5,971 |  |  | 379,721 |  |  | 11,164 |  |  | 390,885 |
One-to-four family residential |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV < 60% |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 29,288 |  |  | 341 |  |  | 29,629 |  |  | — |  |  | 29,629 |
Special Mention | 1,143 |  |  | — |  |  | 1,143 |  |  | — |  |  | 1,143 |
Substandard | 867 |  |  | 286 |  |  | 1,153 |  |  | 1,150 |  |  | 2,303 |
Total | 31,298 |  |  | 627 |  |  | 31,925 |  |  | 1,150 |  |  | 33,075 |
LTV => 60% |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 38,062 |  |  | 2,465 |  |  | 40,527 |  |  | — |  |  | 40,527 |
Substandard | — |  |  | 360 |  |  | 360 |  |  | 1,028 |  |  | 1,388 |
Total | 38,062 |  |  | 2,825 |  |  | 40,887 |  |  | 1,028 |  |  | 41,915 |
Total one-to-four family residential | 69,360 |  |  | 3,452 |  |  | 72,812 |  |  | 2,178 |  |  | 74,990 |
Construction and land |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 21,445 |  |  | — |  |  | 21,445 |  |  | — |  |  | 21,445 |
Total construction and land | 21,445 |  |  | — |  |  | 21,445 |  |  | — |  |  | 21,445 |
Multifamily |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV < 35% |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 64,692 |  |  | — |  |  | 64,692 |  |  | — |  |  | 64,692 |
Special Mention | 283 |  |  | — |  |  | 283 |  |  | — |  |  | 283 |
Substandard | 801 |  |  | — |  |  | 801 |  |  | — |  |  | 801 |
Total | 65,776 |  |  | — |  |  | 65,776 |  |  | — |  |  | 65,776 |
LTV => 35% |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 999,469 |  |  | 239 |  |  | 999,708 |  |  | — |  |  | 999,708 |
Special Mention | 3,822 |  |  | 520 |  |  | 4,342 |  |  | — |  |  | 4,342 |
Substandard | 4,382 |  |  | 331 |  |  | 4,713 |  |  | — |  |  | 4,713 |
Total | 1,007,673 |  |  | 1,090 |  |  | 1,008,763 |  |  | — |  |  | 1,008,763 |
Total multifamily | 1,073,449 |  |  | 1,090 |  |  | 1,074,539 |  |  | — |  |  | 1,074,539 |
Home equity and lines of credit |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 54,800 |  |  | 135 |  |  | 54,935 |  |  | — |  |  | 54,935 |
Special Mention | 360 |  |  | — |  |  | 360 |  |  | — |  |  | 360 |
Substandard | 93 |  |  | — |  |  | 93 |  |  | 98 |  |  | 191 |
Total home equity and lines of credit | 55,253 |  |  | 135 |  |  | 55,388 |  |  | 98 |  |  | 55,486 |
Commercial and industrial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 11,331 |  |  | 90 |  |  | 11,421 |  |  | — |  |  | 11,421 |
Special Mention | 652 |  |  | — |  |  | 652 |  |  | — |  |  | 652 |
Substandard | 479 |  |  | 32 |  |  | 511 |  |  | 408 |  |  | 919 |
Total commercial and industrial loans | 12,462 |  |  | 122 |  |  | 12,584 |  |  | 408 |  |  | 12,992 |
| December 31, 2014
| Performing (Accruing) Loans |  |  |  |
| 0-29 Days Past Due |  | 30-89 Days Past Due |  | Total |  | Non-Performing Loans |  | Total Loans Receivable, net
Other loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 2,097 |  |  | 60 |  |  | 2,157 |  |  | — |  |  | 2,157 |
Total other loans | 2,097 |  |  | 60 |  |  | 2,157 |  |  | — |  |  | 2,157 |
Total originated loans held-for-investment | $ | 1,607,816 |  |  | $ | 10,830 |  |  | $ | 1,618,646 |  |  | $ | 13,848 |  |  | $ | 1,632,494 |
Loans Acquired |  |  |  |  |  |  |  |  |
Real estate loans: |  |  |  |  |  |  |  |  |
One-to-four family residential |  |  |  |  |  |  |  |  |
LTV < 60% |  |  |  |  |  |  |  |  |
Pass | 225,741 |  |  | 526 |  |  | 226,267 |  |  | 422 |  |  | 226,689 |
Special Mention | 597 |  |  | — |  |  | 597 |  |  | — |  |  | 597 |
Substandard | 424 |  |  | — |  |  | 424 |  |  | 313 |  |  | 737 |
Total | 226,762 |  |  | 526 |  |  | 227,288 |  |  | 735 |  |  | 228,023 |
LTV => 60% |  |  |  |  |  |  |  |  |
Pass | 5,787 |  |  | 375 |  |  | 6,162 |  |  | — |  |  | 6,162 |
Substandard | 294 |  |  | — |  |  | 294 |  |  | — |  |  | 294 |
Total | 6,081 |  |  | 375 |  |  | 6,456 |  |  | — |  |  | 6,456 |
Total one-to-four family residential | 232,843 |  |  | 901 |  |  | 233,744 |  |  | 735 |  |  | 234,479 |
Commercial |  |  |  |  |  |  |  |  |
LTV < 35% |  |  |  |  |  |  |  |  |
Pass | 2,477 |  |  | — |  |  | 2,477 |  |  | — |  |  | 2,477 |
Special Mention | 187 |  |  | 521 |  |  | 708 |  |  | — |  |  | 708 |
Total | 2,664 |  |  | 521 |  |  | 3,185 |  |  | — |  |  | 3,185 |
LTV => 35% |  |  |  |  |  |  |  |  |
Pass | 5,817 |  |  | — |  |  | 5,817 |  |  | — |  |  | 5,817 |
Special Mention | 2,997 |  |  | — |  |  | 2,997 |  |  | — |  |  | 2,997 |
Total | 8,814 |  |  | — |  |  | 8,814 |  |  | — |  |  | 8,814 |
Total commercial | 11,478 |  |  | 521 |  |  | 11,999 |  |  | — |  |  | 11,999 |
Construction and land |  |  |  |  |  |  |  |  |
Substandard | 363 |  |  | — |  |  | 363 |  |  | — |  |  | 363 |
Total construction and land | 363 |  |  | — |  |  | 363 |  |  | — |  |  | 363 |
Multifamily |  |  |  |  |  |  |  |  |
LTV < 35% |  |  |  |  |  |  |  |  |
Pass | 4,857 |  |  | — |  |  | 4,857 |  |  | — |  |  | 4,857 |
Special Mention | 164 |  |  | — |  |  | 164 |  |  | — |  |  | 164 |
Total | 5,021 |  |  | — |  |  | 5,021 |  |  | — |  |  | 5,021 |
LTV => 35% |  |  |  |  |  |  |  |  |
Pass | 13,457 |  |  | — |  |  | 13,457 |  |  | — |  |  | 13,457 |
Special Mention | 366 |  |  | — |  |  | 366 |  |  | — |  |  | 366 |
Total | 13,823 |  |  | — |  |  | 13,823 |  |  | — |  |  | 13,823 |
Total multifamily | 18,844 |  |  | — |  |  | 18,844 |  |  | — |  |  | 18,844 |
Total loans acquired | 263,528 |  |  | 1,422 |  |  | 264,950 |  |  | 735 |  |  | 265,685 |
| $ | 1,871,344 |  |  | $ | 12,252 |  |  | $ | 1,883,596 |  |  | $ | 14,583 |  |  | $ | 1,898,179 |
The following table summarizes originated and acquired impaired loans as of June 30, 2015, and December 31, 2014 (in thousands).
| June 30, 2015 |  | December 31, 2014
| Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance |  | Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance
With No Allowance Recorded: |  |  |  |  |  |  |  |  |  |  |
Real estate loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV < 35% |  |  |  |  |  |  |  |  |  |  |  |  |  |
Substandard | $ | — |  |  | $ | 139 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
LTV => 35% |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 2,443 |  |  | 2,580 |  |  | — |  |  | 3,311 |  |  | 3,448 |  |  | — |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard | 12,920 |  |  | 14,026 |  |  | — |  |  | 12,880 |  |  | 14,339 |  |  | — |
One-to-four family residential |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV < 60% |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 365 |  |  | 365 |  |  | — |  |  | 66 |  |  | 66 |  |  | — |
Special Mention | — |  |  | — |  |  | — |  |  | 138 |  |  | 138 |  |  | — |
Substandard | 47 |  |  | 47 |  |  | — |  |  | 262 |  |  | 262 |  |  | — |
LTV => 60% |  |  |  |  |  |  |  |  |  |  |
Substandard | 155 |  |  | 168 |  |  | — |  |  | — |  |  | — |  |  | — |
Multifamily |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV => 35% |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 80 |  |  | 551 |  |  | — |  |  | 86 |  |  | 557 |  |  |
Substandard | 461 |  |  | 461 |  |  | — |  |  | 477 |  |  | 477 |  |  | — |
Home equity and lines of credit |  |  |  |  |  |  |  |  |  |  |
Special Mention | 47 |  |  | 47 |  |  | — |  |  | 49 |  |  | 49 |  |  | — |
Commercial and industrial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Special Mention | 30 |  |  | 30 |  |  | — |  |  | 267 |  |  | 268 |  |  | — |
Substandard | 94 |  |  | 94 |  |  | — |  |  | 99 |  |  | 99 |  |  | — |
With a Related Allowance Recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV => 35% |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 1,678 |  |  | 1,678 |  |  | (20 | ) |  | — |  |  | — |  |  | — |
Substandard | 10,957 |  |  | 11,769 |  |  | (1,218 | ) |  | 13,033 |  |  | 14,365 |  |  | (2,361 | )
One-to-four family residential |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV < 60% |  |  |  |  |  |  |  |  |  |  |
Pass | 376 |  |  | 376 |  |  | (7 | ) |  | — |  |  | — |  |  | — |
Special Mention | — |  |  | — |  |  | — |  |  | 319 |  |  | 319 |  |  | (4 | )
Substandard | 877 |  |  | 877 |  |  | (99 | ) |  | 848 |  |  | 848 |  |  | (95 | )
LTV => 60% |  |  |  |  |  |  |  |  |  |  |
Substandard | 653 |  |  | 692 |  |  | (55 | ) |  | 294 |  |  | 294 |  |  | (20 | )
Multifamily |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV => 35% |  |  |  |  |  |  |  |  |  |  |
Substandard | 1,399 |  |  | 1,399 |  |  | (186 | ) |  | 1,427 |  |  | 1,427 |  |  | (215 | )
Home equity and lines of credit |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 273 |  |  | 273 |  |  | (11 | ) |  | — |  |  | — |  |  | — |
Special Mention | — |  |  | — |  |  | — |  |  | 278 |  |  | 278 |  |  | (13 | )
Substandard | 43 |  |  | 43 |  |  | (19 | ) |  | — |  |  | — |  |  | — |
Commercial and industrial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Special Mention | — |  |  | — |  |  | — |  |  | 32 |  |  | 32 |  |  | (1 | )
Substandard | — |  |  | — |  |  | — |  |  | 408 |  |  | 530 |  |  | (108 | )
Total: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial | 27,998 |  |  | 30,192 |  |  | (1,238 | ) |  | 29,224 |  |  | 32,152 |  |  | (2,361 | )
One-to-four family residential | 2,473 |  |  | 2,525 |  |  | (161 | ) |  | 1,927 |  |  | 1,927 |  |  | (119 | )
Construction and land |  |  |  |  |  |  |  |  |  |  |
Multifamily | 1,940 |  |  | 2,411 |  |  | (186 | ) |  | 1,990 |  |  | 2,461 |  |  | (215 | )
Home equity and lines of credit | 363 |  |  | 363 |  |  | (30 | ) |  | 327 |  |  | 327 |  |  | (13 | )
Commercial and industrial loans | 124 |  |  | 124 |  |  | — |  |  | 806 |  |  | 929 |  |  | (109 | )
| $ | 32,898 |  |  | $ | 35,615 |  |  | $ | (1,615 | ) |  | $ | 34,274 |  |  | $ | 37,796 |  |  | $ | (2,817 | )
Included in the above table at June 30, 2015, are loans with carrying balances of $12.2 million that were not written down by either charge-offs or specific reserves in our allowance for loan losses. Included in the above table at December 31, 2014, are loans with carrying balances of $13.1 million that were not written down by either charge-offs or specific reserves in our allowance for loan losses. Loans not written down by charge-offs or specific reserves at June 30, 2015, and December 31, 2014, are considered to have sufficient collateral values, less costs to sell, to support the carrying balances of the loans. The following table summarizes the average recorded investment in originated and acquired impaired loans and interest recognized on impaired loans as of, and for, the three and six months ended June 30, 2015, and June 30, 2014 (in thousands).
| Three Months Ended |  | Six Months Ended
| June 30, 2015 |  | June 30, 2014 |  | June 30, 2015 |  | June 30, 2014
| Average Recorded Investment |  | Interest Income |  | Average Recorded Investment |  | Interest Income |  | Average Recorded Investment |  | Interest Income |  | Average Recorded Investment |  | Interest Income
With No Allowance Recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV < 35% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,135 |  |  | $ | — |
LTV => 35% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 2,452 |  |  | 24 |  |  | 3,370 |  |  | 38 |  |  | 2,738 |  |  | 48 |  |  | 8,809 |  |  | 75 |
Special Mention | 273 |  |  | 156 |  |  | — |  |  | — |  |  | 182 |  |  | — |  |  | — |  |  | — |
Substandard | 11,766 |  |  | — |  |  | 12,285 |  |  | 111 |  |  | 12,137 |  |  | 264 |  |  | 8,190 |  |  | 238 |
Construction and land |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 36 |  |  | — |
One-to-four family residential |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV < 60% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 193 |  |  | 5 |  |  | — |  |  | — |  |  | 150 |  |  | 9 |  |  | — |  |  | 1 |
Special Mention | 69 |  |  | — |  |  | 141 |  |  | 2 |  |  | 92 |  |  | — |  |  | 263 |  |  | 3 |
Substandard | 153 |  |  | 1 |  |  | 267 |  |  | 3 |  |  | 189 |  |  | 1 |  |  | 267 |  |  | 7 |
LTV => 60% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Substandard | 78 |  |  | — |  |  | — |  |  | — |  |  | 52 |  |  | — |  |  | — |  |  | — |
Multifamily |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV => 35% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 82 |  |  | 4 |  |  | 46 |  |  | 4 |  |  | 83 |  |  | 9 |  |  | 31 |  |  | 9 |
Substandard | 466 |  |  | 6 |  |  | 1,010 |  |  | 6 |  |  | 470 |  |  | 10 |  |  | 871 |  |  | 12 |
Home equity and lines of credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Special Mention | 48 |  |  | 1 |  |  | — |  |  | — |  |  | 48 |  |  | 1 |  |  | — |  |  | — |
Substandard | — |  |  | — |  |  | 500 |  |  | — |  |  | — |  |  | — |  |  | 333 |  |  | — |
Commercial and industrial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Special Mention | 15 |  |  | — |  |  | 121 |  |  | — |  |  | 99 |  |  | 1 |  |  | 151 |  |  | 1 |
Substandard | 95 |  |  | — |  |  | 703 |  |  | 8 |  |  | 96 |  |  | — |  |  | 753 |  |  | 18 |
With a Related Allowance Recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV => 35% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 839 |  |  | 23 |  |  | — |  |  | — |  |  | 559 |  |  | 45 |  |  | — |  |  | — |
Special Mention | — |  |  | — |  |  | 306 |  |  | — |  |  | — |  |  | — |  |  | 967 |  |  | — |
Substandard | 11,693 |  |  | 197 |  |  | 14,991 |  |  | 133 |  |  | 12,139 |  |  | 214 |  |  | 12,264 |  |  | 211 |
One-to-four family residential |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV < 60% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 221 |  |  | 3 |  |  | — |  |  | — |  |  | 147 |  |  | 5 |  |  | — |  |  | — |
Special Mention | 158 |  |  | — |  |  | 327 |  |  | 2 |  |  | 212 |  |  | — |  |  | 218 |  |  | 4 |
Substandard | 881 |  |  | 3 |  |  | — |  |  | 1 |  |  | 870 |  |  | 7 |  |  | — |  |  | 2 |
LTV => 60% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Substandard | 472 |  |  | 48 |  |  | — |  |  | 2 |  |  | 413 |  |  | 50 |  |  | 113 |  |  | 3 |
Multifamily |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV => 35% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Substandard | 1,406 |  |  | 13 |  |  | 1,461 |  |  | 14 |  |  | 1,413 |  |  | 26 |  |  | 1,467 |  |  | 27 |
| Three Months Ended |  | Six Months Ended
| June 30, 2015 |  | June 30, 2014 |  | June 30, 2015 |  | June 30, 2014
| Average Recorded Investment |  | Interest Income |  | Average Recorded Investment |  | Interest Income |  | Average Recorded Investment |  | Interest Income |  | Average Recorded Investment |  | Interest Income
Home equity and lines of credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 137 |  |  | 2 |  |  | — |  |  | — |  |  | 91 |  |  | 4 |  |  | — |  |  | — |
Special Mention | 138 |  |  | — |  |  | 337 |  |  | 2 |  |  | 185 |  |  | — |  |  | 338 |  |  | 4 |
Substandard | 22 |  |  | 1 |  |  | — |  |  | — |  |  | 14 |  |  | 1 |  |  | 333 |  |  | — |
Commercial and industrial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | 21 |  |  | — |  |  | — |  |  | — |
Substandard | 16 |  |  | — |  |  | 408 |  |  | — |  |  | 136 |  |  | — |  |  | 419 |  |  | 2 |
Total: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial | 27,023 |  |  | 400 |  |  | 30,952 |  |  | 282 |  |  | 27,755 |  |  | 571 |  |  | 31,365 |  |  | 524 |
One-to-four family residential | 2,225 |  |  | 60 |  |  | 735 |  |  | 10 |  |  | 2,125 |  |  | 72 |  |  | 861 |  |  | 20 |
Construction and land | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 36 |  |  | — |
Multifamily | 1,954 |  |  | 23 |  |  | 2,517 |  |  | 24 |  |  | 1,966 |  |  | 45 |  |  | 2,369 |  |  | 48 |
Home equity and lines of credit | 345 |  |  | 4 |  |  | 837 |  |  | 2 |  |  | 338 |  |  | 6 |  |  | 1,004 |  |  | 4 |
Commercial and industrial loans | 126 |  |  | — |  |  | 1,232 |  |  | 8 |  |  | 352 |  |  | 1 |  |  | 1,323 |  |  | 21 |
| $ | 31,673 |  |  | $ | 487 |  |  | $ | 36,273 |  |  | $ | 326 |  |  | $ | 32,536 |  |  | $ | 695 |  |  | $ | 36,958 |  |  | $ | 617 |
The following tables summarize loans that were modified as troubled debt restructurings ("TDRs") during the three and six months ended June 30, 2015. There were no loans modified as TDRs during the three and six months ended June 30, 2014.
| Three Months Ended |  | Six Months Ended
| June 30, 2015
| Number of Relationships |  | Pre-Modification Outstanding Recorded Investment |  | Post-Modification Outstanding Recorded Investement |  | Number of Relationships |  | Pre-Modification Outstanding Recorded Investment |  | Post-Modification Outstanding Recorded Investement
|  |  | (in thousands) |  |  |  | (in thousands)
TDRs |  |  |  |  |  |  |  |  |  |  |
Commercial real estate loans |  |  |  |  |  |  |  |  |  |  |
Substandard | 2 |  | $2,203 |  | $2,203 |  | 3 |  | $8,457 |  | $8,457
One-to-four family residential |  |  |  |  |  |  |  |  |  |  |
Pass | — |  | — |  | — |  | 1 |  | 20 |  | 20
Substandard | 2 |  | 518 |  | 518 |  | 3 |  | 561 |  | 561
Home Equity | 1 |  | 43 |  | 43 |  | 1 |  | 43 |  | 43
Total TDRs | 5 |  | $2,764 |  | $2,764 |  | 8 |  | $9,081 |  | $9,081
For the three months ended June 30, 2015, all five loans in the table above were restructured to receive reduced interest rates. For the six months ended June 30, 2015, one of the commercial real estate relationships in the table above, with a pre-modification outstanding recorded investment of $6.3 million, represents five loans to one borrower that were restructured into one loan during the six months ended June 30, 2015. These loans were restructured to provide partial forgiveness of debt, after the borrower made a $500,000 principal payment. The remaining relationships in the table above were restructured to receive reduced interest rates. At June 30, 2015, and December 31, 2014, there were TDRs of $31.8 million and $33.8 million, respectively. Management classifies all TDRs 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 costs 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 TDRs 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. At June 30, 2015, no TDR loan that was restructured during the twelve months ended June 30, 2015, had subsequently defaulted.

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