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Loans
 6 Months Ended
Jun. 30, 2021
Receivables [Abstract]  
Loans Loans
 
On January 1, 2021, the Company adopted the CECL standard for measuring credit losses, which replaced the incurred loss methodology. As a result of adopting CECL, the Company combined its originated loan portfolio and the acquired loan portfolio into the respective portfolio segments. Other than to combine the originated and non-PCD acquired loan portfolios, the Company's portfolio segments and loan classes remain unchanged following the adoption of the CECL standard. Prior period disclosures have been revised to conform to current period presentation (by combining originated and acquired portfolio segments), however, the Company did not recast comparative financial information and that is still presented in accordance with previous applicable provisions of U.S. GAAP.
The following table summarizes the Company’s loans held-for-investment (in thousands):

 June 30,December 31,
 20212020
Real estate loans: 
Multifamily$2,496,613 $2,509,310 
Commercial mortgage735,303 716,973 
One-to-four family residential mortgage193,976 210,817 
Home equity and lines of credit99,814 91,126 
Construction and land63,125 74,318 
Total real estate loans3,588,831 3,602,544 
Commercial and industrial loans (1)
209,580 194,352 
Other loans2,170 3,029 
Total commercial and industrial and other loans211,750 197,381 
Deferred origination loan costs, net (2)
— 4,795 
Loans held-for-investment, net (excluding PCD/PCI)3,800,581 3,804,720 
PCD/PCI loans16,692 18,518 
Total Loans held-for-investment, net3,817,273 3,823,238 
Allowance for loan losses(39,493)(37,607)
Net loans held-for-investment$3,777,780 $3,785,631 
(1) Included in commercial and industrial loans at June 30, 2021 and December 31, 2020 are PPP loans totaling $132.7 million and $126.5 million, respectively.
(2) Under CECL origination deferred fees, deferred fees on acquired loans, and purchase accounting adjustments in connection with loans acquired are included in loans by respective portfolio.

The Company had no loans held-for-sale at June 30, 2021. At December 31, 2020, loans held-for-sale totaled $19.9 million.

In addition to originating loans, the Company may acquire loans through portfolio purchases or acquisitions of other companies. Purchased loans that have evidence of more than insignificant credit deterioration since origination are deemed purchased credit deteriorated (“PCD”) loans. In accordance with ASU 2016-13, with its adoption of the CECL standard, the Company did not reassess whether previously recognized PCI loans accounted for under prior accounting guidance met the criteria of a PCD loan as of the date of adoption. All loans considered to be PCI prior to the adoption of CECL were converted to PCD upon adoption. For PCD loans, each loan pool is accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. PCD loans totaled $16.7 million at June 30, 2021, as compared to $18.5 million of PCI loans at December 31, 2020. The majority of the PCD loan balance is attributable to those loans acquired as part of a Federal Deposit Insurance Corporation-assisted transaction. At June 30, 2021, PCD loans consisted of approximately 17% one-to-four family residential loans, 25% commercial real estate loans and 45% commercial and industrial loans, with the remaining balance in construction and home equity loans. At December 31, 2020, PCI loans consisted of approximately 22% one-to-four family residential loans, 23% commercial real estate loans and 40% commercial and industrial loans, with the remaining balance in home equity loans.
Credit Quality Indicators

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 the time of origination (unless a current appraisal has been obtained as a result of the loan being deemed impaired). 
 
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 table presents the Company’s loans held-for-investment, excluding PCD loans, by loan class, credit risk ratings and year of origination, at June 30, 2021 (in thousands):

 June 30, 2021
 20212020201920182017PriorRevolving LoansTotal
Real Estate:   
Multifamily   
Pass$370,670 $548,666 $360,502 $323,853 $259,515 $617,290 $496 $2,480,992 
Special Mention— — — — — 442 — 442 
Substandard— — 4,681 1,609 — 8,889 — 15,179 
Total multifamily370,670 548,666 365,183 325,462 259,515 626,621 496 2,496,613 
Commercial   
Pass53,671 74,958 99,407 101,009 68,317 291,092 10,046 698,500 
Special Mention— — 511 — 500 9,064 — 10,075 
Substandard— — 9,653 310 2,390 11,007 3,368 26,728 
Total commercial53,671 74,958 109,571 101,319 71,207 311,163 13,414 735,303 
One-to-four family residential   
Pass2,405 9,483 12,488 15,294 12,669 134,622 616 187,577 
Special Mention— — 467 — — 2,399 — 2,866 
Substandard— — 526 — — 3,007 — 3,533 
Total one-to-four family residential2,405 9,483 13,481 15,294 12,669 140,028 616 193,976 
Construction and land
Pass— 1,570 1,396 535 2,611 3,589 52,317 62,018 
Substandard— — — — — — 1,107 1,107 
Total construction and land— 1,570 1,396 535 2,611 3,589 53,424 63,125 
Home equity and lines of credit
Pass21,126 19,526 13,818 10,621 4,485 29,503 62 99,141 
Special Mention— — — — — 304 — 304 
Substandard— — 98 87 — 184 — 369 
Total home equity and lines of credit21,126 19,526 13,916 10,708 4,485 29,991 62 99,814 
Total real estate loans447,872 654,203 503,547 453,318 350,487 1,111,392 68,012 3,588,831 
Commercial and industrial
Pass92,179 72,076 8,684 4,549 1,352 14,654 12,801 206,295 
Special Mention— 72 160 238 145 283 — 898 
Substandard— 490 324 711 — 862 — 2,387 
Total commercial and industrial92,179 72,638 9,168 5,498 1,497 15,799 12,801 209,580 
Other
Pass1,808 181 26 44 5 103 — 2,167 
Substandard— — — — — 3 — 3 
Total other1,808 181 26 44 5 106 — 2,170 
Total loans held-for-investment, net$541,859 $727,022 $512,741 $458,860 $351,989 $1,127,297 $80,813 $3,800,581 
The following table details the recorded investment of loans held-for-investment, excluding PCI loans, net of deferred fees and costs, by loan type and credit quality indicator at December 31, 2020 (in thousands):

 December 31, 2020
 Real Estate   
 MultifamilyCommercialOne-to-Four FamilyConstruction and LandHome Equity and Lines of CreditCommercial and IndustrialOtherTotal
Internal Risk Rating        
Pass$2,497,556 $667,568 $207,633 $74,351 $92,385 $189,372 $3,026 $3,731,891 
Special Mention458 20,422 2,456 — 311 498 — 24,145 
Substandard14,920 29,576 2,133 — 441 1,611 3 48,684 
Total loans held-for-investment, net$2,512,934 $717,566 $212,222 $74,351 $93,137 $191,481 $3,029 $3,804,720 
Past Due and Non-Accrual Loans

Included in loans receivable held-for-investment 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 $8.1 million and $8.5 million at June 30, 2021, and December 31, 2020, 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.    

When an individual loan no longer demonstrates the similar credit risk characteristics as other loans within its current segment, the Company evaluates each for expected credit losses on an individual basis. All non-accrual loans $500,000 and above and all loans designated as troubled debt restructures (“TDRs”) are individually evaluated. The non-accrual amounts included in loans individually evaluated for impairment were $4.9 million and $5.5 million at June 30, 2021, and December 31, 2020, respectively. Loans on non-accrual status with principal balances less than $500,000, and therefore not individually evaluated for impairment, amounted to $3.2 million at June 30, 2021, and $3.0 million at December 31, 2020. Loans past due 90 days or more and still accruing interest were $731,000 at June 30, 2021, and $1.1 million at December 31, 2020, and consisted of loans that are considered well-secured and in the process of collection.

The Company had no loans held-for-sale at June 30, 2021. At December 31, 2020, the Company had $19.9 million in loans held-for-sale. At December 31, 2020, the loans held-for-sale were comprised of commercial real estate and multifamily loans, primarily accommodation (hotel or motel) loans that were modified in the form of interest and/or principal payment deferrals due to COVID-19 related hardships, and had not returned to contractual payments after 180 days of relief. The sale of these loans was completed in March 2021.
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, 2021, and December 31, 2020, excluding PCD/PCI loans (in thousands):

 June 30, 2021
 Total Non-Performing Loans
 Non-Accruing Loans  
 Current30-89 Days Past Due90 Days or More Past DueTotal90 Days or More Past Due and AccruingTotal Non-Performing Loans
Loans held-for-investment:      
Real estate loans:      
Commercial      
Substandard$2,805 $74 $2,149 $5,028 $216 $5,244 
Total commercial2,805 74 2,149 5,028 216 5,244 
One-to-four family residential      
Substandard— — 320 320 223 543 
Total one-to-four family residential— — 320 320 223 543 
Construction and land      
Substandard— — 1,107 1,107 — 1,107 
Total construction and land— — 1,107 1,107 — 1,107 
Multifamily      
Substandard— — 1,131 1,131 — 1,131 
Total multifamily— — 1,131 1,131 — 1,131 
Home equity and lines of credit      
Substandard— — 128 128 98 226 
Total home equity and lines of credit— — 128 128 98 226 
Total real estate 2,805 74 4,835 7,714 537 8,251 
Commercial and industrial loans      
Substandard35 — 372 407 194 601 
Total commercial and industrial loans35 — 372 407 194 601 
Other loans      
Substandard— — 3 3 — 3 
Total other — — 3 3 — 3 
Total non-performing loans $2,840 $74 $5,210 $8,124 $731 $8,855 
 December 31, 2020
 Total Non-Performing Loans
 Non-Accruing Loans  
 Current30-89 Days Past Due90 Days or More Past DueTotal90 Days or More Past Due and AccruingTotal Non-Performing Loans
Loans held-for-investment:      
Real estate loans:      
Commercial      
Pass$— $— $— $— $500 $500 
Substandard2,829 537 2,863 6,229 — 6,229 
Total commercial2,829 537 2,863 6,229 500 6,729 
One-to-four family residential      
Substandard413 — 493 906 174 1,080 
Total one-to-four family residential413 — 493 906 174 1,080 
Multifamily      
Substandard— — 1,153 1,153 — 1,153 
Total multifamily— — 1,153 1,153 — 1,153 
Home equity and lines of credit
Substandard60 — 131 191 — 191 
Total home equity and lines of credit60 — 131 191 — 191 
Total real estate3,302 537 4,640 8,479 674 9,153 
Commercial and industrial loans      
Pass— — — — 101 101 
Special Mention— — — — 85 85 
Substandard— — 37 37 250 287 
Total commercial and industrial loans— — 37 37 436 473 
Other loans
Pass— — — — 3 3 
Total other— — — — 3 3 
Total non-performing loans$3,302 $537 $4,677 $8,516 $1,113 $9,629 
The following tables set forth the detail and delinquency status of loans held-for-investment, excluding PCD/PCI loans, net of deferred fees and costs, at June 30, 2021, and December 31, 2020 (in thousands):

 June 30, 2021
 Past Due Loans 
 30-89 Days Past Due90 Days or More Past Due90 Days or More Past Due and AccruingTotal Past DueCurrentTotal Loans Receivable, net
Loans held-for-investment:  
Real estate loans:  
Commercial  
Pass$— $— $— $— $698,500 $698,500 
Special Mention— — — — 10,075 10,075 
Substandard2,728 2,148 216 5,092 21,636 26,728 
Total commercial2,728 2,148 216 5,092 730,211 735,303 
One-to-four family residential  
Pass292 — — 292 187,285 187,577 
Special Mention927 — — 927 1,939 2,866 
Substandard— 320 223 543 2,990 3,533 
Total one-to-four family residential1,219 320 223 1,762 192,214 193,976 
Construction and land  
Pass— — — — 62,018 62,018 
Substandard— 1,107 — 1,107 — 1,107 
Total construction and land— 1,107 — 1,107 62,018 63,125 
Multifamily  
Pass616 — — 616 2,480,376 2,480,992 
Special Mention— — — — 442 442 
Substandard1,070 1,131 — 2,201 12,978 15,179 
Total multifamily1,686 1,131 — 2,817 2,493,796 2,496,613 
Home equity and lines of credit  
Pass199 — — 199 98,942 99,141 
Special Mention— — — — 304 304 
Substandard4 128 98 230 139 369 
Total home equity and lines of credit203 128 98 429 99,385 99,814 
Total real estate5,836 4,834 537 11,207 3,577,624 3,588,831 
Commercial and industrial   
Pass122 — — 122 206,173 206,295 
Special Mention— — — — 898 898 
Substandard— 372 194 566 1,821 2,387 
Total commercial and industrial 122 372 194 688 208,892 209,580 
Other loans  
Pass— — — — 2,167 2,167 
Substandard— 3 — 3 — 3 
Total other loans— 3 — 3 2,167 2,170 
Total loans held-for-investment$5,958 $5,209 $731 $11,898 $3,788,683 $3,800,581 
 December 31, 2020
 Past Due Loans 
 30-89 Days Past Due90 Days or More Past Due90 Days or More Past Due and AccruingTotal Past DueCurrentTotal Loans Receivable, net
Loans held-for-investment:
Real estate loans:
Commercial
Pass$6,072 $— $500 $6,572 $660,996 $667,568 
Special Mention72 — — 72 20,350 20,422 
Substandard3,185 2,863 — 6,048 23,528 29,576 
Total commercial9,329 2,863 500 12,692 704,874 717,566 
One-to-four family residential
Pass282 — — 282 207,351 207,633 
Special Mention870 — — 870 1,586 2,456 
Substandard— 493 174 667 1,466 2,133 
Total one-to-four family residential1,152 493 174 1,819 210,403 212,222 
Construction and land
Pass994 — — 994 73,357 74,351 
Total construction and land994 — — 994 73,357 74,351 
Multifamily
Pass1,283 — — 1,283 2,496,273 2,497,556 
Special Mention— — — — 458 458 
Substandard610 1,153 — 1,763 13,157 14,920 
Total multifamily1,893 1,153 — 3,046 2,509,888 2,512,934 
Home equity and lines of credit
Pass80 — — 80 92,305 92,385 
Special Mention200 — — 200 111 311 
Substandard100 131 — 231 210 441 
Total home equity and lines of credit380 131 — 511 92,626 93,137 
Total real estate13,748 4,640 674 19,062 3,591,148 3,610,210 
Commercial and industrial
Pass632 — 101 733 188,639 189,372 
Special Mention61 — 85 146 352 498 
Substandard67 37 250 354 1,257 1,611 
Total commercial and industrial760 37 436 1,233 190,248 191,481 
Other loans
Pass11 — 3 14 3,012 3,026 
Substandard— — — — 3 3 
Total other loans11 — 3 14 3,015 3,029 
Total loans held-for-investment$14,519 $4,677 $1,113 $20,309 $3,784,411 $3,804,720 
The following tables summarize information on non-accrual loans, excluding PCD loans, at June 30, 2021 (in thousands):
For the Three Months Ended
 June 30, 2021		For the Six Months Ended
June 30, 2021
June 30, 2021
Recorded InvestmentUnpaid Principal BalanceWith No Related AllowanceInterest IncomeInterest Income
Real estate loans:
Commercial$5,028 $5,537 $3,257 $25 $50 
One-to-four family residential320 352 — — 6 
Construction and land1,107 1,107 1,107 — — 
Multifamily1,131 1,140 — 19 33 
Home equity and lines of credit128 377 — — 2 
Commercial and industrial407 611 1 2 4 
Other3 3 — — — 
Total non-accrual loans$8,124 $9,127 $4,365 $46 $95 


The following table summarizes impaired loans, excluding PCI loans, at December 31, 2020 (in thousands):

 December 31, 2020
 Recorded InvestmentUnpaid Principal BalanceRelated Allowance
With No Allowance Recorded:
Real estate loans:
Commercial$8,838 $10,076 $— 
One-to-four family residential1,903 2,032 — 
Multifamily626 1,097 — 
Home equity and lines of credit15 15 — 
Total Real Estate11,382 13,220 — 
With a Related Allowance Recorded:
Real estate loans:
Commercial1,812 2,244 (66)
Home equity and lines of credit32 32 (3)
Total Real Estate1,844 2,276 (69)
Commercial and industrial loans16 16 (4)
Total:
Real estate loans
Commercial10,650 12,320 (66)
One-to-four family residential1,903 2,032 — 
Multifamily626 1,097 — 
Home equity and lines of credit47 47 (3)
Commercial and industrial loans16 16 (4)
$13,242 $15,512 $(73)

Included in the table above at December 31, 2020, are impaired loans with carrying balances of $7.8 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 December 31, 2020, 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 impaired loans, excluding PCI loans, and interest income recognized as of, and for, the three and six months ended June 30, 2020 (in thousands):
For the Three Months EndedFor the Six Months Ended
 June 30, 2020June 30, 2020
 Average Recorded InvestmentInterest IncomeAverage Recorded InvestmentInterest Income
With No Allowance Recorded:
Real estate loans:
Commercial$14,522 $191 $15,020 $286 
One-to-four family residential2,122 22 2,241 51 
Multifamily854 18 915 31 
Home equity and lines of credit20 — 20 — 
Commercial and industrial loans37 — 38 — 
With a Related Allowance Recorded:
Real estate loans:
Commercial2,335 41 1,992 57 
One-to-four family residential261 5 174 10 
Home equity and lines of credit33 — 33 1 
Commercial and industrial loans18 — 18 — 
Total:
Real estate loans
Commercial16,857 232 17,012 343 
One-to-four family residential2,383 27 2,415 61 
Multifamily854 18 915 31 
Home equity and lines of credit53 — 53 1 
Commercial and industrial loans55 — 56 — 
 $20,202 $277 $20,451 $436 
    
Collateral-Dependent Loans

Loans for which the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral are considered to be collateral-dependent loans. Collateral can have a significant financial effect in mitigating exposure to credit risk and, where there is sufficient collateral, an allowance for expected credit losses is not recognized or is minimal. For collateral-dependent loans, the allowance for expected credit losses is individually assessed based on the fair value of the collateral less estimated costs of sale. The Company's collateral-dependent loans are secured by real estate. Collateral values are generally based on appraisals which are adjusted for changes in market indices. As of June 30, 2021, and December 31, 2020, the Company had $9.8 million and $10.2 million of collateral-dependent impaired loans, respectively. The collateral-dependent loans at June 30, 2021 consisted of $7.7 million of commercial real estate loans, $1.1 million of construction loans, $619,000 of multifamily loans, and $380,000 of one-to-four family residential loans. For the six months ended June 30, 2021, there was no significant deterioration or changes in the collateral securing these loans.
Troubled Debt Restructured Loans

There were no loans modified in a TDR during the three or six months ended June 30, 2021.

The following tables summarizes loans that were modified in a TDR during the six months ended June 30, 2020:

Six Months Ended June 30, 2020
 Number of RelationshipsPre-Modification Outstanding Recorded Investment
Post-Modification Outstanding Recorded Investment(1)
 (in thousands)
Troubled Debt Restructurings   
Residential1$187 $187 
Commercial real estate2544 544 
Total Troubled Debt Restructurings3$731 $731 
(1) Amounts are at time of modification
There were four loans (to three borrowers) in the table above, that requested COVID-19 relief and were modified as TDRs during the three months ended June 30, 2020, all of which were modified to restructure payment terms. All four of the loans were delinquent and on non-accrual status prior to the implementation of our COVID-19 customer relief program (discussed further below) and were therefore considered to be TDRs.
In response to the COVID-19 pandemic and its economic impact to customers, a short-term modification program that complied with Section 4013 of the CARES Act and the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus was implemented to provide temporary payment relief to those borrowers directly impacted by COVID-19. The program allows for deferral of payments for 90 days, which may extend for an additional 90 day periods, with modifications in the form of payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment. As of June 30, 2021, the Company had 21 loan modifications (excluding PCD loans) with principal and/or interest payment deferrals on outstanding loan balances of $21.5 million. Of these 21 payment deferrals, six were principal deferrals totaling $2.1 million, and 15 were principal and interest deferrals totaling $19.4 million. As these deferrals were current as of December 31, 2019, or the date of modification, these loans are not considered TDRs. Loans in deferment status (“COVID-19 Modified Loans”) will continue to accrue interest during the deferment period unless otherwise classified as nonperforming. COVID-19 Modified Loans are required to make escrow payments for real estate taxes and insurance, if applicable. For loans given relief of interest, the deferred interest is generally to be paid back over a period not to exceed 18 months. Principal deferrals may be brought current or recast into outstanding principal at time of rate reset or repaid at the end of the loan's contractual term. COVID-19 Modified Loan agreements generally also include covenants that prohibit distributions, bonuses, or payments of management fees to related entities until all deferred payments are made.
At June 30, 2021 and December 31, 2020, the Company had TDRs of $11.5 million and $12.1 million, respectively.

Management classifies all TDRs as loans individually evaluated for impairment. Loans individually evaluated for impairment are 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 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, 2021 and June 30, 2020, there were no TDRs that were restructured during the preceding twelve months that subsequently defaulted