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Loans | 3 Months Ended
--- | ---
Mar. 31, 2020
Receivables [Abstract] |
Loans | Loans Net loans held-for-investment are as follows (in thousands):
| March 31, |  | December 31,
| 2020 |  | 2019
Real estate loans: |  |  |
Multifamily | $ | 2,300,974 |  |  | $ | 2,196,407 |
Commercial mortgage | 527,498 |  |  | 528,681 |
One-to-four family residential mortgage | 84,880 |  |  | 83,742 |
Home equity and lines of credit | 87,391 |  |  | 84,928 |
Construction and land | 39,922 |  |  | 38,284 |
Total real estate loans | 3,040,665 |  |  | 2,932,042 |
Commercial and industrial loans | 49,210 |  |  | 45,328 |
Other loans | 1,205 |  |  | 2,083 |
Total commercial and industrial and other loans | 50,415 |  |  | 47,411 |
Deferred loan cost, net | 7,680 |  |  | 7,614 |
Originated loans held-for-investment, net | 3,098,760 |  |  | 2,987,067 |
PCI Loans | 16,886 |  |  | 17,365 |
Loans acquired: |  |  |
One-to-four family residential mortgage | 167,934 |  |  | 187,975 |
Multifamily | 102,176 |  |  | 108,417 |
Commercial mortgage | 102,284 |  |  | 113,027 |
Home equity and lines of credit | 10,653 |  |  | 12,008 |
Construction and land | 1,388 |  |  | 2,537 |
Total acquired real estate loans | 384,435 |  |  | 423,964 |
Commercial and industrial loans | 9,056 |  |  | 8,689 |
Total loans acquired, net | 393,491 |  |  | 432,653 |
Loans held-for-investment, net | 3,509,137 |  |  | 3,437,085 |
Allowance for loan losses | (36,800 | ) |  | (28,707 | )
Net loans held-for-investment | $ | 3,472,337 |  |  | $ | 3,408,378 |
There were no loans held-for-sale at March 31, 2020, or December 31, 2019. PCI loans totaled $16.9 million at March 31, 2020, as compared to $17.4 million at December 31, 2019. The majority of the PCI loan balance is attributable to those loans acquired as part of a Federal Deposit Insurance Corporation-assisted transaction. The Company accounts for PCI loans utilizing U.S. GAAP applicable to loans acquired with deteriorated credit quality. At March 31, 2020, PCI loans consist of approximately 30% commercial real estate loans and 41% commercial and industrial loans, with the remaining balance in residential and home equity loans. At December 31, 2019, PCI loans consist of approximately 29% commercial real estate loans and 42% commercial and industrial loans, with the remaining balance in residential and home equity loans. The following table details the accretion of interest income for PCI loans for the three months ended March 31, 2020 and March 31, 2019 (in thousands):
| At or for the three months ended March 31,
| 2020 |  | 2019
Balance at the beginning of period | $ | 17,086 |  |  | $ | 21,846 |
Accretion into interest income | (803 | ) |  | (1,049 | )
Balance at end of period | $ | 16,283 |  |  | $ | 20,797 |
The following tables set forth activity in our allowance for loan losses, by loan type, as of and for the three months ended March 31, 2020, and March 31, 2019 (in thousands):
| Three Months Ended March 31, 2020
| Real Estate |  |  |  |  |  |  |  |  |  |  |  |
| Commercial |  | One-to-Four Family |  | Construction and Land |  | Multifamily |  | Home Equity and Lines of Credit |  | Commercial and Industrial |  | Other |  | Originated Loans Total |  | Purchased Credit-Impaired |  | Acquired Loans |  | Total
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance | $ | 4,756 |  |  | $ | 180 |  |  | $ | 536 |  |  | $ | 20,203 |  |  | $ | 317 |  |  | $ | 1,640 |  |  | $ | 151 |  |  | $ | 27,783 |  |  | $ | 789 |  |  | $ | 135 |  |  | $ | 28,707 |
Charge-offs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (37 | ) |  | — |  |  | (37 | ) |  | — |  |  | (433 | ) |  | (470 | )
Recoveries | 370 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 372 |  |  | — |  |  | 8 |  |  | 380 |
Provisions (credit) | 263 |  |  | 132 |  |  | 135 |  |  | 6,686 |  |  | 257 |  |  | 430 |  |  | (65 | ) |  | 7,838 |  |  | — |  |  | 345 |  |  | 8,183 |
Ending balance | $ | 5,389 |  |  | $ | 312 |  |  | $ | 671 |  |  | $ | 26,889 |  |  | $ | 574 |  |  | $ | 2,035 |  |  | $ | 86 |  |  | $ | 35,956 |  |  | $ | 789 |  |  | $ | 55 |  |  | $ | 36,800 |
| Three Months Ended March 31, 2019
| Real Estate |  |  |  |  |  |  |  |  |  |  |  |
| Commercial |  | One-to-Four Family |  | Construction and Land |  | Multifamily |  | Home Equity and Lines of Credit |  | Commercial and Industrial |  | Other |  | Originated Loans Total |  | Purchased Credit-Impaired |  | Acquired Loans |  | Total
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance | $ | 5,630 |  |  | $ | 342 |  |  | $ | 463 |  |  | $ | 18,084 |  |  | $ | 291 |  |  | $ | 1,569 |  |  | $ | 108 |  |  | $ | 26,487 |  |  | $ | 1,010 |  |  | $ | — |  |  | $ | 27,497 |
Charge-offs | (6 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (26 | ) |  | — |  |  | (32 | ) |  | — |  |  | (60 | ) |  | (92 | )
Recoveries | 13 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 13 |  |  | — |  |  | 9 |  |  | 22 |
Provisions (credit) | (255 | ) |  | 28 |  |  | 111 |  |  | 262 |  |  | 45 |  |  | (167 | ) |  | (16 | ) |  | 8 |  |  | — |  |  | 51 |  |  | 59 |
Ending balance | $ | 5,382 |  |  | $ | 370 |  |  | $ | 574 |  |  | $ | 18,346 |  |  | $ | 336 |  |  | $ | 1,376 |  |  | $ | 92 |  |  | $ | 26,476 |  |  | $ | 1,010 |  |  | $ | — |  |  | $ | 27,486 |
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 March 31, 2020, and December 31, 2019 (in thousands):
| March 31, 2020
| Real Estate |  |  |  |  |  |  |  |  |  |  |  |
| Commercial |  | One-to-Four Family |  | Construction and Land |  | Multifamily |  | Home Equity and Lines of Credit |  | Commercial and Industrial |  | Other |  | Originated Loans Total |  | Purchased Credit-Impaired |  | Acquired Loans |  | Total
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending balance: individually evaluated for impairment | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3 |  |  | $ | 4 |  |  | $ | — |  |  | $ | 7 |  |  | $ | — |  |  | $ | 55 |  |  | $ | 62 |
Ending balance: collectively evaluated for impairment | $ | 5,389 |  |  | $ | 312 |  |  | $ | 671 |  |  | $ | 26,889 |  |  | $ | 571 |  |  | $ | 2,031 |  |  | $ | 86 |  |  | $ | 35,949 |  |  | $ | 789 |  |  | $ | — |  |  | $ | 36,738 |
Loans, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending balance | $ | 528,104 |  |  | $ | 86,404 |  |  | $ | 39,953 |  |  | $ | 2,304,387 |  |  | $ | 89,349 |  |  | $ | 49,358 |  |  | $ | 1,205 |  |  | $ | 3,098,760 |  |  | $ | 16,886 |  |  | $ | 393,491 |  |  | $ | 3,509,137 |
Ending balance: individually evaluated for impairment | $ | 11,815 |  |  | $ | 1,816 |  |  | $ | — |  |  | $ | 994 |  |  | $ | 53 |  |  | $ | 55 |  |  | $ | — |  |  | $ | 14,733 |  |  | $ | — |  |  | $ | 5,784 |  |  | $ | 20,517 |
Ending balance: collectively evaluated for impairment | $ | 516,289 |  |  | $ | 84,588 |  |  | $ | 39,953 |  |  | $ | 2,303,393 |  |  | $ | 89,296 |  |  | $ | 49,303 |  |  | $ | 1,205 |  |  | $ | 3,084,027 |  |  | $ | 16,886 |  |  | $ | 387,707 |  |  | $ | 3,488,620 |
| December 31, 2019
| Real Estate |  |  |  |  |  |  |  |  |  |  |  |
| Commercial |  | One-to-Four Family |  | Construction and Land |  | Multifamily |  | Home Equity and Lines of Credit |  | Commercial and Industrial |  | Other |  | Originated Loans Total |  | Purchased Credit-Impaired |  | Acquired Loans |  | Total
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending balance: individually evaluated for impairment | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3 |  |  | $ | 4 |  |  | $ | — |  |  | $ | 7 |  |  | $ | — |  |  | $ | 135 |  |  | $ | 142 |
Ending balance: collectively evaluated for impairment | $ | 4,756 |  |  | $ | 180 |  |  | $ | 536 |  |  | $ | 20,203 |  |  | $ | 314 |  |  | $ | 1,636 |  |  | $ | 151 |  |  | $ | 27,776 |  |  | $ | 789 |  |  | $ | — |  |  | $ | 28,565 |
Loans, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending balance | $ | 529,287 |  |  | $ | 85,355 |  |  | $ | 38,303 |  |  | $ | 2,199,734 |  |  | $ | 86,848 |  |  | $ | 45,456 |  |  | $ | 2,084 |  |  | $ | 2,987,067 |  |  | $ | 17,365 |  |  | $ | 432,653 |  |  | $ | 3,437,085 |
Ending balance: individually evaluated for impairment | $ | 13,226 |  |  | $ | 1,841 |  |  | $ | — |  |  | $ | 997 |  |  | $ | 55 |  |  | $ | 58 |  |  | $ | — |  |  | $ | 16,177 |  |  | $ | — |  |  | $ | 4,780 |  |  | $ | 20,957 |
Ending balance: collectively evaluated for impairment | $ | 516,061 |  |  | $ | 83,514 |  |  | $ | 38,303 |  |  | $ | 2,198,737 |  |  | $ | 86,793 |  |  | $ | 45,398 |  |  | $ | 2,084 |  |  | $ | 2,970,890 |  |  | $ | 17,365 |  |  | $ | 427,873 |  |  | $ | 3,416,128 |
The Company monitors the credit quality of its loan portfolio 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. This risk rating is reviewed periodically 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 provision for loan losses and the allowance for loan losses for originated loans held-for-investment. After determining the loss factor for each originated portfolio segment held-for-investment, the collectively evaluated for impairment balance of the held-for-investment portfolio is multiplied by the collectively evaluated for impairment loss factor for the respective portfolio segment in order to determine the allowance for loans collectively evaluated for impairment. 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 classified 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 tables detail the recorded investment of originated loans held-for-investment, net of deferred fees and costs, by loan type and credit quality indicator at March 31, 2020, and December 31, 2019 (in thousands):
| At March 31, 2020
| 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 | $ | 247,304 |  |  | $ | 2,051,039 |  |  | $ | 89,069 |  |  | $ | 432,711 |  |  | $ | 53,091 |  |  | $ | 30,953 |  |  | $ | 39,953 |  |  | $ | 89,082 |  |  | $ | 49,055 |  |  | $ | 1,205 |  |  | $ | 3,083,462 |
Special Mention | 291 |  |  | 292 |  |  | — |  |  | — |  |  | 770 |  |  | — |  |  | — |  |  | 80 |  |  | 266 |  |  | — |  |  | 1,699 |
Substandard | 298 |  |  | 5,163 |  |  | — |  |  | 6,324 |  |  | 1,563 |  |  | 27 |  |  | — |  |  | 187 |  |  | 37 |  |  | — |  |  | 13,599 |
Originated loans held-for-investment, net | $ | 247,893 |  |  | $ | 2,056,494 |  |  | $ | 89,069 |  |  | $ | 439,035 |  |  | $ | 55,424 |  |  | $ | 30,980 |  |  | $ | 39,953 |  |  | $ | 89,349 |  |  | $ | 49,358 |  |  | $ | 1,205 |  |  | $ | 3,098,760 |
| At December 31, 2019
| 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 | $ | 232,950 |  |  | $ | 1,960,984 |  |  | $ | 79,485 |  |  | $ | 440,065 |  |  | $ | 52,886 |  |  | $ | 29,967 |  |  | $ | 38,303 |  |  | $ | 86,547 |  |  | $ | 45,075 |  |  | $ | 2,084 |  |  | $ | 2,968,346 |
Special Mention | — |  |  | 296 |  |  | 370 |  |  | 1,092 |  |  | 777 |  |  | — |  |  | — |  |  | 14 |  |  | 301 |  |  | — |  |  | 2,850 |
Substandard | 301 |  |  | 5,203 |  |  | — |  |  | 8,275 |  |  | 1,397 |  |  | 328 |  |  | — |  |  | 287 |  |  | 80 |  |  | — |  |  | 15,871 |
Originated loans held-for-investment, net | $ | 233,251 |  |  | $ | 1,966,483 |  |  | $ | 79,855 |  |  | $ | 449,432 |  |  | $ | 55,060 |  |  | $ | 30,295 |  |  | $ | 38,303 |  |  | $ | 86,848 |  |  | $ | 45,456 |  |  | $ | 2,084 |  |  | $ | 2,987,067 |
Included in loans receivable 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 $8.8 million and $9.4 million at March 31, 2020, and December 31, 2019, respectively. Generally, loans are placed on non-accrual 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. The non-accrual amounts included loans deemed to be impaired of $6.5 million and $6.8 million at March 31, 2020, and December 31, 2019, 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 $2.3 million at March 31, 2020 and $2.6 million at December 31, 2019. There were no non-accrual loans held-for-sale at both March 31, 2020 and December 31, 2019. Loans past due 90 days or more and still accruing interest were $656,000 at March 31, 2020 and $518,000 at December 31, 2019, 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 March 31, 2020, and December 31, 2019, excluding PCI loans which have been segregated into pools. For PCI loans, each loan pool is accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows (in thousands):
| March 31, 2020
| 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 | $ | — |  |  | $ | — |  |  | $ | 1,108 |  |  | $ | 1,108 |  |  | — |  |  | $ | 1,108 |
Total commercial | — |  |  | — |  |  | 1,108 |  |  | 1,108 |  |  | — |  |  | 1,108 |
One-to-four family residential |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV < 60% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | 173 |  |  | 173 |
Substandard | 221 |  |  | 187 |  |  | 77 |  |  | 485 |  |  | — |  |  | 485 |
Total | 221 |  |  | 187 |  |  | 77 |  |  | 485 |  |  | 173 |  |  | 658 |
LTV => 60% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Substandard | — |  |  | 27 |  |  | — |  |  | 27 |  |  | — |  |  | 27 |
Total one-to-four family residential | 221 |  |  | 214 |  |  | 77 |  |  | 512 |  |  | 173 |  |  | 685 |
Multifamily |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV => 35% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | 291 |  |  | 291 |
Total multifamily | — |  |  | — |  |  | — |  |  | — |  |  | 291 |  |  | 291 |
Home equity and lines of credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Substandard | — |  |  | 66 |  |  | 89 |  |  | 155 |  |  | — |  |  | 155 |
Total home equity and lines of credit | — |  |  | 66 |  |  | 89 |  |  | 155 |  |  | — |  |  | 155 |
Total non-performing loans held-for-investment, originated | 221 |  |  | 280 |  |  | 1,274 |  |  | 1,775 |  |  | 464 |  |  | 2,239 |
Loans acquired: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate loans: |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV < 35% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Substandard | — |  |  | 79 |  |  | 187 |  |  | 266 |  |  | 66 |  |  | 332 |
LTV => 35% |  |  |  |  |  |  |  |  |  |  |
Substandard | 2,815 |  |  | 1,255 |  |  | 1,831 |  |  | 5,901 |  |  | 120 |  |  | 6,021 |
Total commercial | 2,815 |  |  | 1,334 |  |  | 2,018 |  |  | 6,167 |  |  | 186 |  |  | 6,353 |
One-to-four family residential |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV < 60% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Substandard | — |  |  | 189 |  |  | 85 |  |  | 274 |  |  | 6 |  |  | 280 |
LTV => 60% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Substandard | — |  |  | — |  |  | 93 |  |  | 93 |  |  | — |  |  | 93 |
Total one-to-four family residential | — |  |  | 189 |  |  | 178 |  |  | 367 |  |  | 6 |  |  | 373 |
Multifamily |  |  |  |  |  |  |  |  |  |  |
LTV < 35% |  |  |  |  |  |  |  |  |  |  |
Substandard | 40 |  |  | — |  |  | — |  |  | 40 |  |  | — |  |  | 40 |
LTV => 35% |  |  |  |  |  |  |  |  |  |  |
Substandard | — |  |  | 394 |  |  | — |  |  | 394 |  |  | — |  |  | 394 |
Total multifamily | 40 |  |  | 394 |  |  | — |  |  | 434 |  |  | — |  |  | 434 |
Home equity and lines of credit - Substandard | — |  |  | — |  |  | 28 |  |  | 28 |  |  | — |  |  | 28 |
Total non-performing loans acquired | 2,855 |  |  | 1,917 |  |  | 2,224 |  |  | 6,996 |  |  | 192 |  |  | 7,188 |
Total non-performing loans | $ | 3,076 |  |  | $ | 2,197 |  |  | $ | 3,498 |  |  | $ | 8,771 |  |  | $ | 656 |  |  | $ | 9,427 |
| December 31, 2019
| 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 |  |  |  |  |  |  | $ | 2,416 |  |  | $ | 2,416 |  |  |  |  |  | $ | 2,416 |
Total commercial | — |  |  | — |  |  | 2,416 |  |  | 2,416 |  |  | — |  |  | 2,416 |
One-to-four family residential |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV < 60% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Substandard | — |  |  | — |  |  | 493 |  |  | 493 |  |  | 114 |  |  | 607 |
LTV => 60% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Substandard | — |  |  | 29 |  |  | — |  |  | 29 |  |  | — |  |  | 29 |
Total one-to-four family residential | — |  |  | 29 |  |  | 493 |  |  | 522 |  |  | 114 |  |  | 636 |
Home equity and lines of credit |  |  |  |  |  |  |  |  |  |  |
Substandard | — |  |  | 67 |  |  | 89 |  |  | 156 |  |  | — |  |  | 156 |
Total home equity and lines of credit | — |  |  | 67 |  |  | 89 |  |  | 156 |  |  | — |  |  | 156 |
Total non-performing loans held-for-investment, originated | — |  |  | 96 |  |  | 2,998 |  |  | 3,094 |  |  | 114 |  |  | 3,208 |
Loans acquired: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate loans: |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |  |  |
LTV < 35% |  |  |  |  |  |  |  |  |  |  |
Substandard | 79 |  |  | — |  |  | 188 |  |  | 267 |  |  | 66 |  |  | 333 |
LTV => 35% |  |  |  |  |  |  |  |  |  |  |
Substandard | 3,530 |  |  | — |  |  | 1,709 |  |  | 5,239 |  |  | 187 |  |  | 5,426 |
Total commercial | 3,609 |  |  | — |  |  | 1,897 |  |  | 5,506 |  |  | 253 |  |  | 5,759 |
One-to-four family residential |  |  |  |  |  |  |  |  |  |  |
LTV < 60% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Substandard | 190 |  |  | — |  |  | 85 |  |  | 275 |  |  | 151 |  |  | 426 |
LTV => 60% |  |  |  |  |  |  |  |  |  |  |
Substandard | — |  |  | — |  |  | 93 |  |  | 93 |  |  | — |  |  | 93 |
Total one-to-four family residential | 190 |  |  | — |  |  | 178 |  |  | 368 |  |  | 151 |  |  | 519 |
Multifamily |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV < 35% |  |  |  |  |  |  |  |  |  |  |
Substandard | 40 |  |  | — |  |  | — |  |  | 40 |  |  | — |  |  | 40 |
LTV => 35% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Substandard | — |  |  | 397 |  |  | — |  |  | 397 |  |  | — |  |  | 397 |
Total multifamily | 40 |  |  | 397 |  |  | — |  |  | 437 |  |  | — |  |  | 437 |
Home equity and lines of credit |  |  |  |  |  |  |  |  |  |  |
Substandard | — |  |  | — |  |  | 28 |  |  | 28 |  |  | — |  |  | 28 |
Total home equity and lines of credit | — |  |  | — |  |  | 28 |  |  | 28 |  |  | — |  |  | 28 |
Total non-performing loans acquired | 3,839 |  |  | 397 |  |  | 2,103 |  |  | 6,339 |  |  | 404 |  |  | 6,743 |
Total non-performing loans | $ | 3,839 |  |  | $ | 493 |  |  | $ | 5,101 |  |  | $ | 9,433 |  |  | $ | 518 |  |  | $ | 9,951 |
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 March 31, 2020, and December 31, 2019 (in thousands):
| March 31, 2020
| 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 | $ | 88,944 |  |  | $ | 125 |  |  | $ | 89,069 |  |  | $ | — |  |  | $ | 89,069 |
Total | 88,944 |  |  | 125 |  |  | 89,069 |  |  | — |  |  | 89,069 |
LTV => 35% |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 431,886 |  |  | 825 |  |  | 432,711 |  |  | — |  |  | 432,711 |
Substandard | 248 |  |  | 4,968 |  |  | 5,216 |  |  | 1,108 |  |  | 6,324 |
Total | 432,134 |  |  | 5,793 |  |  | 437,927 |  |  | 1,108 |  |  | 439,035 |
Total commercial | 521,078 |  |  | 5,918 |  |  | 526,996 |  |  | 1,108 |  |  | 528,104 |
One-to-four family residential |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV < 60% |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 53,067 |  |  | 22 |  |  | 53,089 |  |  | — |  |  | 53,089 |
Special Mention | — |  |  | 597 |  |  | 597 |  |  | 173 |  |  | 770 |
Substandard | 1,079 |  |  | — |  |  | 1,079 |  |  | 485 |  |  | 1,564 |
Total | 54,146 |  |  | 619 |  |  | 54,765 |  |  | 658 |  |  | 55,423 |
LTV => 60% |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 29,106 |  |  | 1,848 |  |  | 30,954 |  |  | — |  |  | 30,954 |
Substandard | — |  |  | — |  |  | — |  |  | 27 |  |  | 27 |
Total | 29,106 |  |  | 1,848 |  |  | 30,954 |  |  | 27 |  |  | 30,981 |
Total one-to-four family residential | 83,252 |  |  | 2,467 |  |  | 85,719 |  |  | 685 |  |  | 86,404 |
Construction and land |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 39,953 |  |  | — |  |  | 39,953 |  |  | — |  |  | 39,953 |
Total construction and land | 39,953 |  |  | — |  |  | 39,953 |  |  | — |  |  | 39,953 |
Multifamily |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV < 35% |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 247,304 |  |  | — |  |  | 247,304 |  |  | — |  |  | 247,304 |
Special Mention | — |  |  | — |  |  | — |  |  | 291 |  |  | 291 |
Substandard | 298 |  |  | — |  |  | 298 |  |  | — |  |  | 298 |
Total | 247,602 |  |  | — |  |  | 247,602 |  |  | 291 |  |  | 247,893 |
LTV => 35% |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 2,051,038 |  |  | — |  |  | 2,051,038 |  |  | — |  |  | 2,051,038 |
Special Mention | 292 |  |  | — |  |  | 292 |  |  | — |  |  | 292 |
Substandard | 4,192 |  |  | 972 |  |  | 5,164 |  |  | — |  |  | 5,164 |
Total | 2,055,522 |  |  | 972 |  |  | 2,056,494 |  |  | — |  |  | 2,056,494 |
Total multifamily | 2,303,124 |  |  | 972 |  |  | 2,304,096 |  |  | 291 |  |  | 2,304,387 |
Home equity and lines of credit |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 88,846 |  |  | 236 |  |  | 89,082 |  |  | — |  |  | 89,082 |
Special Mention | 80 |  |  | — |  |  | 80 |  |  | — |  |  | 80 |
Substandard | 32 |  |  | — |  |  | 32 |  |  | 155 |  |  | 187 |
Total home equity and lines of credit | 88,958 |  |  | 236 |  |  | 89,194 |  |  | 155 |  |  | 89,349 |
Commercial and industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 48,689 |  |  | 366 |  |  | 49,055 |  |  | — |  |  | 49,055 |
Special Mention | 266 |  |  | — |  |  | 266 |  |  | — |  |  | 266 |
Substandard | — |  |  | 37 |  |  | 37 |  |  | — |  |  | 37 |
Total commercial and industrial | 48,955 |  |  | 403 |  |  | 49,358 |  |  | — |  |  | 49,358 |
| March 31, 2020
| Performing (Accruing) Loans (Continued) |  |  |  |
| 0-29 Days Past Due |  | 30-89 Days Past Due |  | Total |  | Non-Performing Loans |  | Total Loans Receivable, net
Other loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 1,205 |  |  | — |  |  | 1,205 |  |  |  |  |  | 1,205 |
Total originated loans held-for-investment | 3,086,525 |  |  | 9,996 |  |  | 3,096,521 |  |  | 2,239 |  |  | 3,098,760 |
Acquired loans: |  |  |  |  |  |  |  |  |
Real estate loans: |  |  |  |  |  |  |  |  |
One-to-four family residential |  |  |  |  |  |  |  |  |
LTV < 60% |  |  |  |  |  |  |  |  |
Pass | 152,130 |  |  | 1,279 |  |  | 153,409 |  |  | — |  |  | 153,409 |
Special Mention | — |  |  | 381 |  |  | 381 |  |  | — |  |  | 381 |
Substandard | — |  |  | — |  |  | — |  |  | 279 |  |  | 279 |
Total | 152,130 |  |  | 1,660 |  |  | 153,790 |  |  | 279 |  |  | 154,069 |
LTV => 60% |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 13,772 |  |  | — |  |  | 13,772 |  |  | — |  |  | 13,772 |
Substandard | — |  |  | — |  |  | — |  |  | 93 |  |  | 93 |
Total | 13,772 |  |  | — |  |  | 13,772 |  |  | 93 |  |  | 13,865 |
Total one-to-four family residential | 165,902 |  |  | 1,660 |  |  | 167,562 |  |  | 372 |  |  | 167,934 |
Commercial |  |  |  |  |  |  |  |  |  |  |  |
LTV < 35% |  |  |  |  |  |  |  |  |  |  |  |
Pass | 34,004 |  |  | 315 |  |  | 34,319 |  |  | — |  |  | 34,319 |
Special Mention | 994 |  |  | 95 |  |  | 1,089 |  |  | — |  |  | 1,089 |
Substandard | 538 |  |  | — |  |  | 538 |  |  | 332 |  |  | 870 |
Total | 35,536 |  |  | 410 |  |  | 35,946 |  |  | 332 |  |  | 36,278 |
LTV => 35% |  |  |  |  |  |  |  |  |
Pass | 51,245 |  |  | — |  |  | 51,245 |  |  | — |  |  | 51,245 |
Special Mention | 134 |  |  | 341 |  |  | 475 |  |  | — |  |  | 475 |
Substandard | 6,783 |  |  | 1,482 |  |  | 8,265 |  |  | 6,021 |  |  | 14,286 |
Total | 58,162 |  |  | 1,823 |  |  | 59,985 |  |  | 6,021 |  |  | 66,006 |
Total commercial | 93,698 |  |  | 2,233 |  |  | 95,931 |  |  | 6,353 |  |  | 102,284 |
Construction and land |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 1,388 |  |  | — |  |  | 1,388 |  |  | — |  |  | 1,388 |
Total construction and land | 1,388 |  |  | — |  |  | 1,388 |  |  | — |  |  | 1,388 |
Multifamily |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV < 35% |  |  |  |  |  |  |  |  |  |  |  |
Pass | 99,144 |  |  | — |  |  | 99,144 |  |  | — |  |  | 99,144 |
Substandard | — |  |  | — |  |  | — |  |  | 40 |  |  | 40 |
Total | 99,144 |  |  | — |  |  | 99,144 |  |  | 40 |  |  | 99,184 |
LTV => 35% |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 2,597 |  |  | — |  |  | 2,597 |  |  | — |  |  | 2,597 |
Substandard | — |  |  | — |  |  | — |  |  | 395 |  |  | 395 |
Total | 2,597 |  |  | — |  |  | 2,597 |  |  | 395 |  |  | 2,992 |
Total multifamily | 101,741 |  |  | — |  |  | 101,741 |  |  | 435 |  |  | 102,176 |
Home equity and lines of credit |  |  |  |  |  |  |  |  |
Pass | 10,437 |  |  | 104 |  |  | 10,541 |  |  | — |  |  | 10,541 |
Substandard | 84 |  |  | — |  |  | 84 |  |  | 28 |  |  | 112 |
Total home equity and lines of credit | 10,521 |  |  | 104 |  |  | 10,625 |  |  | 28 |  |  | 10,653 |
Commercial and industrial |  |  |  |  |  |  |  |  |
Pass | 9,056 |  |  | — |  |  | 9,056 |  |  | — |  |  | 9,056 |
Total commercial and industrial | 9,056 |  |  | — |  |  | 9,056 |  |  | — |  |  | 9,056 |
Other loans - Pass | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total loans acquired | 382,306 |  |  | 3,997 |  |  | 386,303 |  |  | 7,188 |  |  | 393,491 |
| $ | 3,468,831 |  |  | $ | 13,993 |  |  | $ | 3,482,824 |  |  | $ | 9,427 |  |  | $ | 3,492,251 |
| December 31, 2019
| 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 | $ | 79,383 |  |  | $ | 102 |  |  | $ | 79,485 |  |  | — |  |  | $ | 79,485 |
Special Mention | 370 |  |  | — |  |  | 370 |  |  | — |  |  | 370 |
Total | 79,753 |  |  | 102 |  |  | 79,855 |  |  | — |  |  | 79,855 |
LTV => 35% |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 439,253 |  |  | 812 |  |  | 440,065 |  |  | — |  |  | 440,065 |
Special Mention | 1,092 |  |  | — |  |  | 1,092 |  |  | — |  |  | 1,092 |
Substandard | 5,228 |  |  | 631 |  |  | 5,859 |  |  | 2,416 |  |  | 8,275 |
Total | 445,573 |  |  | 1,443 |  |  | 447,016 |  |  | 2,416 |  |  | 449,432 |
Total commercial | 525,326 |  |  | 1,545 |  |  | 526,871 |  |  | 2,416 |  |  | 529,287 |
One-to-four family residential |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV < 60% |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 52,757 |  |  | 129 |  |  | 52,886 |  |  | — |  |  | 52,886 |
Special Mention | — |  |  | 777 |  |  | 777 |  |  | — |  |  | 777 |
Substandard | 790 |  |  | — |  |  | 790 |  |  | 607 |  |  | 1,397 |
Total | 53,547 |  |  | 906 |  |  | 54,453 |  |  | 607 |  |  | 55,060 |
LTV => 60% |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 29,741 |  |  | 226 |  |  | 29,967 |  |  | — |  |  | 29,967 |
Substandard | 299 |  |  | — |  |  | 299 |  |  | 29 |  |  | 328 |
Total | 30,040 |  |  | 226 |  |  | 30,266 |  |  | 29 |  |  | 30,295 |
Total one-to-four family residential | 83,587 |  |  | 1,132 |  |  | 84,719 |  |  | 636 |  |  | 85,355 |
Construction and land |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 38,156 |  |  | 147 |  |  | 38,303 |  |  | — |  |  | 38,303 |
Total construction and land | 38,156 |  |  | 147 |  |  | 38,303 |  |  | — |  |  | 38,303 |
Multifamily |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV < 35% |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 232,658 |  |  | 292 |  |  | 232,950 |  |  | — |  |  | 232,950 |
Substandard | 301 |  |  | — |  |  | 301 |  |  | — |  |  | 301 |
Total | 232,959 |  |  | 292 |  |  | 233,251 |  |  | — |  |  | 233,251 |
LTV => 35% |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 1,960,729 |  |  | 255 |  |  | 1,960,984 |  |  | — |  |  | 1,960,984 |
Special Mention | 296 |  |  | — |  |  | 296 |  |  | — |  |  | 296 |
Substandard | 5,203 |  |  | — |  |  | 5,203 |  |  | — |  |  | 5,203 |
Total | 1,966,228 |  |  | 255 |  |  | 1,966,483 |  |  | — |  |  | 1,966,483 |
Total multifamily | 2,199,187 |  |  | 547 |  |  | 2,199,734 |  |  | — |  |  | 2,199,734 |
Home equity and lines of credit |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 86,380 |  |  | 167 |  |  | 86,547 |  |  | — |  |  | 86,547 |
Special Mention | 14 |  |  | — |  |  | 14 |  |  | — |  |  | 14 |
Substandard | 131 |  |  | — |  |  | 131 |  |  | 156 |  |  | 287 |
Total home equity and lines of credit | 86,525 |  |  | 167 |  |  | 86,692 |  |  | 156 |  |  | 86,848 |
Commercial and industrial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 44,886 |  |  | 189 |  |  | 45,075 |  |  | — |  |  | 45,075 |
Special Mention | 301 |  |  | — |  |  | 301 |  |  | — |  |  | 301 |
Substandard | 80 |  |  | — |  |  | 80 |  |  | — |  |  | 80 |
Total commercial and industrial loans | 45,267 |  |  | 189 |  |  | 45,456 |  |  | — |  |  | 45,456 |
Other loans - Pass | 2,058 |  |  | 26 |  |  | 2,084 |  |  | — |  |  | 2,084 |
Total originated loans held-for-investment | 2,980,106 |  |  | 3,753 |  |  | 2,983,859 |  |  | 3,208 |  |  | 2,987,067 |
| December 31, 2019
| Performing (Accruing) Loans |  |  |  |
| 0-29 Days Past Due |  | 30-89 Days Past Due |  | Total |  | Non-Performing Loans |  | Total Loans Receivable, net
Loans Acquired |  |  |  |  |  |  |  |  |
Real estate loans: |  |  |  |  |  |  |  |  |
One-to-four family residential |  |  |  |  |  |  |  |  |
LTV < 60% |  |  |  |  |  |  |  |  |
Pass | 172,882 |  |  | 73 |  |  | 172,955 |  |  | — |  |  | 172,955 |
Special Mention | — |  |  | 385 |  |  | 385 |  |  | — |  |  | 385 |
Substandard | — |  |  | — |  |  | — |  |  | 426 |  |  | 426 |
Total | 172,882 |  |  | 458 |  |  | 173,340 |  |  | 426 |  |  | 173,766 |
LTV => 60% |  |  |  |  |  |  |  |  |
Pass | 14,116 |  |  | — |  |  | 14,116 |  |  | — |  |  | 14,116 |
Substandard | — |  |  | — |  |  | — |  |  | 93 |  |  | 93 |
Total | 14,116 |  |  | — |  |  | 14,116 |  |  | 93 |  |  | 14,209 |
Total one-to-four family residential | 186,998 |  |  | 458 |  |  | 187,456 |  |  | 519 |  |  | 187,975 |
Commercial |  |  |  |  |  |  |  |  |
LTV < 35% |  |  |  |  |  |  |  |  |
Pass | 35,173 |  |  | 287 |  |  | 35,460 |  |  | — |  |  | 35,460 |
Special Mention | 994 |  |  | 194 |  |  | 1,188 |  |  | — |  |  | 1,188 |
Substandard | 369 |  |  | — |  |  | 369 |  |  | 334 |  |  | 703 |
Total | 36,536 |  |  | 481 |  |  | 37,017 |  |  | 334 |  |  | 37,351 |
LTV => 35% |  |  |  |  |  |  |  |  |
Pass | 60,311 |  |  | — |  |  | 60,311 |  |  | — |  |  | 60,311 |
Special Mention | 134 |  |  | 464 |  |  | 598 |  |  | — |  |  | 598 |
Substandard | 6,382 |  |  | 2,960 |  |  | 9,342 |  |  | 5,425 |  |  | 14,767 |
Total | 66,827 |  |  | 3,424 |  |  | 70,251 |  |  | 5,425 |  |  | 75,676 |
Total commercial | 103,363 |  |  | 3,905 |  |  | 107,268 |  |  | 5,759 |  |  | 113,027 |
Construction and land |  |  |  |  |  |  |  |  |
Pass | 2,537 |  |  | — |  |  | 2,537 |  |  | — |  |  | 2,537 |
Total construction and land | 2,537 |  |  | — |  |  | 2,537 |  |  | — |  |  | 2,537 |
Multifamily |  |  |  |  |  |  |  |  |
LTV < 35% |  |  |  |  |  |  |  |  |
Pass | 105,327 |  |  | — |  |  | 105,327 |  |  | — |  |  | 105,327 |
Substandard | — |  |  | — |  |  | — |  |  | 40 |  |  | 40 |
Total | 105,327 |  |  | — |  |  | 105,327 |  |  | 40 |  |  | 105,367 |
LTV => 35% |  |  |  |  |  |  |  |  |
Pass | 2,653 |  |  | — |  |  | 2,653 |  |  | — |  |  | 2,653 |
Substandard | — |  |  | — |  |  | — |  |  | 397 |  |  | 397 |
Total | 2,653 |  |  | — |  |  | 2,653 |  |  | 397 |  |  | 3,050 |
Total multifamily | 107,980 |  |  | — |  |  | 107,980 |  |  | 437 |  |  | 108,417 |
Home equity and lines of credit |  |  |  |  |  |  |  |  |
Pass | 11,842 |  |  | 50 |  |  | 11,892 |  |  | — |  |  | 11,892 |
Substandard | 88 |  |  | — |  |  | 88 |  |  | 28 |  |  | 116 |
Total home equity and lines of credit | 11,930 |  |  | 50 |  |  | 11,980 |  |  | 28 |  |  | 12,008 |
Commercial and industrial loans |  |  |  |  |  |  |  |  |
Pass | 8,649 |  |  | 40 |  |  | 8,689 |  |  | — |  |  | 8,689 |
Total commercial and industrial loans | 8,649 |  |  | 40 |  |  | 8,689 |  |  | — |  |  | 8,689 |
Other | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total loans acquired | 421,457 |  |  | 4,453 |  |  | 425,910 |  |  | 6,743 |  |  | 432,653 |
| $ | 3,401,563 |  |  | $ | 8,206 |  |  | $ | 3,409,769 |  |  | $ | 9,951 |  |  | $ | 3,419,720 |
The following table summarizes originated and acquired impaired loans as of March 31, 2020, and December 31, 2019 (in thousands):
| March 31, 2020 |  | December 31, 2019
| 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 |  |  | $ | — |  |  | $ | — |  |  | $ | 139 |  |  | $ | — |
LTV => 35% |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 5,491 |  |  | 6,378 |  |  | — |  |  | 5,582 |  |  | 6,468 |  |  | — |
Substandard | 10,883 |  |  | 11,089 |  |  | — |  |  | 10,438 |  |  | 11,002 |  |  | — |
One-to-four family residential |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV < 60% |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 1,363 |  |  | 1,449 |  |  | — |  |  | 1,379 |  |  | 1,463 |  |  | — |
Special Mention | 382 |  |  | 382 |  |  | — |  |  | 385 |  |  | 385 |  |  | — |
Substandard | 556 |  |  | 556 |  |  | — |  |  | 564 |  |  | 564 |  |  | — |
LTV => 60% |  |  |  |  |  |  |  |  |  |  |
Pass | 120 |  |  | 154 |  |  | — |  |  | 122 |  |  | 154 |  |  | — |
Substandard | 27 |  |  | 27 |  |  | — |  |  | 29 |  |  | 29 |  |  | — |
Multifamily |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV < 35% |  |  |  |  |  |  |  |  |  |  |
Substandard | 40 |  |  | 40 |  |  | — |  |  | 40 |  |  | 40 |  |  | — |
LTV => 35% |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 22 |  |  | 493 |  |  | — |  |  | 26 |  |  | 496 |  |  | — |
Substandard | 972 |  |  | 972 |  |  | — |  |  | 972 |  |  | 972 |  |  | — |
Home equity and lines of credit |  |  |  |  |  |  |  |  |  |  |
Pass | 20 |  |  | 20 |  |  | — |  |  | 22 |  |  | 22 |  |  | — |
Commercial and industrial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Substandard | 37 |  |  | 37 |  |  | — |  |  | 39 |  |  | 39 |  |  | — |
With a Related Allowance Recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV => 35% |  |  |  |  |  |  |  |  |  |  |  |  |  |
Substandard | 553 |  |  | 1,419 |  |  | (55 | ) |  | 1,307 |  |  | 1,307 |  |  | (135 | )
One-to-four family residential |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV < 60% |  |  |  |  |  |  |  |  |  |  |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Home equity and lines of credit |  |  |  |  |  |  |  |  |  |  |  |  |  |
Substandard | 33 |  |  | 32 |  |  | (3 | ) |  | 33 |  |  | 33 |  |  | (3 | )
Commercial and industrial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Special Mention | 18 |  |  | 18 |  |  | (4 | ) |  | 19 |  |  | 19 |  |  | (4 | )
Total: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial | 16,927 |  |  | 19,025 |  |  | (55 | ) |  | 17,327 |  |  | 18,916 |  |  | (135 | )
One-to-four family residential | 2,448 |  |  | 2,568 |  |  | — |  |  | 2,479 |  |  | 2,595 |  |  | — |
Multifamily | 1,034 |  |  | 1,505 |  |  | — |  |  | 1,038 |  |  | 1,508 |  |  | — |
Home equity and lines of credit | 53 |  |  | 52 |  |  | (3 | ) |  | 55 |  |  | 55 |  |  | (3 | )
Commercial and industrial loans | 55 |  |  | 55 |  |  | (4 | ) |  | 58 |  |  | 58 |  |  | (4 | )
| $ | 20,517 |  |  | $ | 23,205 |  |  | $ | (62 | ) |  | $ | 20,957 |  |  | $ | 23,132 |  |  | $ | (142 | )
Included in the above tables at March 31, 2020, are impaired loans with carrying balances of $16.2 million that were not written down by charge-offs or for which there are no specific reserves in our allowance for loan losses. Included in impaired loans at December 31, 2019, are loans with carrying balances of $15.9 million that were not written down by charge-offs or for which there are no specific reserves in our allowance for loan losses. Loans not written down by charge-offs or specific reserves at March 31, 2020, and December 31, 2019, 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 (excluding PCI loans) and interest recognized on impaired loans as of, and for, the three and three months ended March 31, 2020, and March 31, 2019 (in thousands):
| Three Months Ended
| March 31, 2020 |  | March 31, 2019
| Average Recorded Investment |  | Interest Income |  | Average Recorded Investment |  | Interest Income
With No Allowance Recorded: |  |  |  |  |  |  |
Real estate loans: |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |
LTV => 35% |  |  |  |  |  |  |
Pass | $ | 5,537 |  |  | $ | 75 |  |  | $ | 5,888 |  |  | $ | 78 |
Substandard | 10,661 |  |  | 37 |  |  | 11,604 |  |  | 72 |
One-to-four family residential |  |  |  |  |  |  |
LTV < 60% |  |  |  |  |  |  |
Pass | 1,371 |  |  | 16 |  |  | 1,677 |  |  | 22 |
Special Mention | 384 |  |  | 5 |  |  | — |  |  | — |
Substandard | 560 |  |  | 11 |  |  | 240 |  |  | 3 |
LTV => 60% |  |  |  |  |  |  |
Pass | 121 |  |  | 1 |  |  | 128 |  |  | 1 |
Substandard | 28 |  |  | — |  |  | 125 |  |  | 3 |
Multifamily |  |  |  |  |  |  |
LTV < 35% |  |  |  |  |  |  |
Substandard | 40 |  |  | — |  |  | 100 |  |  | 1 |
LTV => 35% |  |  |  |  |  |  |
Pass | 24 |  |  | 4 |  |  | 37 |  |  | 4 |
Substandard | 972 |  |  | 9 |  |  | 1,227 |  |  | 20 |
Home equity and lines of credit |  |  |  |  |  |  |
Pass | 21 |  |  | — |  |  | 27 |  |  | — |
Commercial and industrial loans |  |  |  |  |  |  |
Substandard | 38 |  |  | — |  |  | 50 |  |  | — |
With a Related Allowance Recorded: |  |  |  |  |  |  |
Real estate loans: |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |
LTV => 35% |  |  |  |  |  |  |
Substandard | 930 |  |  | — |  |  | 259 |  |  | — |
One-to-four family residential |  |  |  |  |  |  |
LTV < 60% |  |  |  |  |  |  |
Substandard | — |  |  | — |  |  | 502 |  |  | 5 |
Home equity and lines of credit |  |  |  |  |  |  |
Substandard | 33 |  |  | 1 |  |  | 33 |  |  | 1 |
Commercial and industrial loans |  |  |  |  |  |  |
Special Mention | 18 |  |  | — |  |  | 21 |  |  | — |
Total: |  |  |  |  |  |  |
Real estate loans |  |  |  |  |  |  |
Commercial | 17,128 |  |  | 112 |  |  | 17,751 |  |  | 150 |
One-to-four family residential | 2,464 |  |  | 33 |  |  | 2,672 |  |  | 34 |
Multifamily | 1,036 |  |  | 13 |  |  | 1,364 |  |  | 25 |
Home equity and lines of credit | 54 |  |  | 1 |  |  | 60 |  |  | 1 |
Commercial and industrial loans | 56 |  |  | — |  |  | 71 |  |  | — |
| $ | 20,738 |  |  | $ | 159 |  |  | $ | 21,918 |  |  | $ | 210 |
There were no loans modified as troubled debt restructurings (TDRs) during the three months ended March 31, 2020. There were two loans modified as TDRs during the three months ended March 31, 2019, both of which were modified to restructure payment terms. The following table summarizes loans that were modified in a TDR during the three months ended March 31, 2019:
| Three Months Ended March 31, 2019
| Number of Relationships |  | Pre-Modification Outstanding Recorded Investment |  | Post-Modification Outstanding Recorded Investment(1)
| (in thousands)
Troubled Debt Restructurings |  |  |  |  |
Consumer | 1 |  | $ | 2 |  |  | $ | 2 |
Commercial real estate | 1 |  | 2,834 |  |  | 2,834 |
Total Troubled Debt Restructurings | 2 |  | $ | 2,836 |  |  | $ | 2,836 |
(1) Amounts are at time of modification |  |  |  |  |
At March 31, 2020, and December 31, 2019, we had TDRs of $17.1 million and $18.5 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 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 an 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 management firm that specializes 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. At March 31, 2020, there was one TDR with a balance of $27,000, that was restructured during the preceding twelve months that subsequently defaulted. At March 31, 2019, there were no TDR loans that were restructured during the preceding twelve months that subsequently defaulted.

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