All loans deemed a troubled debt restructuring, or “TDR”, are considered impaired, and are evaluated for collateral and cash-flow sufficiency. A loan is considered a TDR when the Company, for economic or legal reasons related to a borrower’s financial difficulties, grants a concession to the borrower that the Company would not otherwise consider. All of the following factors are indicators that the Bank has granted a concession (one or multiple items may be present):

There were seventeen (17) troubled debt restructured loans totaling $3.3 million at December 31, 2020. At December 31, 2019, there were eighteen (18) troubled debt restructured loans totaling $3.0 million. Three loans, totaling $796 thousand, were in nonaccrual status at December 31, 2020. Four loans, totaling $401 thousand, were in nonaccrual status at December 31, 2019. There were no outstanding commitments to lend additional amounts to troubled debt restructured borrowers at December 31, 2020 or December 31, 2019.

During the year ended December 31, 2020, the Company approved 255 deferrals of interest and/or principal payments with respect to loan balances totaling approximately $130.5 million at December 31, 2020 for its customers experiencing hardships related to COVID-19. These deferrals were no more than six months in duration and were for loans not more than 30 days past due as of December 31, 2019. As such, they were not considered troubled debt restructurings based on the relief provisions of the Coronavirus Aid, Relief and Economic Security ("CARES") Act and recent interagency regulatory guidance. As of December 31, 2020, 241 of these loans with loan balances totaling approximately $128.7 million had begun making payments on their loans after the end of the deferral period. The majority of the remainder of these loans are still in their original deferral period, have been granted an additional deferral or have paid off. In December 2020, the Consolidated Appropriations Act extended the period established by Section 4013 of the CARES Act for providing temporary relief from TDR classification to the earlier of January 1, 2022 or 60 days after the date when the national emergency concerning COVID-19 terminates.

The following tables set forth information on the Company’s troubled debt restructurings by class of financing receivable occurring during the years ended December 31, 2020 and 2019:

			Twelve Months Ended
			December 31, 2020
			(in thousands)
	Number of Contracts		Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment
Commercial Real Estate
Non-owner occupied		1	$	685	$	685
Consumer:
Installment		1		13		13
Residential
Single family		3		931		935
Total		5	$	1,629	$	1,633

Twelve Months Ended

December 31, 2019

(in thousands)

Number of

Contracts

Pre-Modification

Outstanding

Recorded Investment

Post-Modification

Outstanding

Recorded Investment

Total

—

During the twelve months ended December 31, 2020, the Company restructured five loans by granting a concession to the borrower experiencing financial difficulty. The Company restructured one consumer installment loan and one residential single-family loan by granting three 90-day payment deferment periods. The Company restructured one single-family residential loan by reducing the payments due for a period of time and restructured another single-family residential loan by allowing a loan policy exception for a high loan-to-value. The Company also restructured one commercial real estate loan by granting interest-only payments.

During the twelve months ended December 31, 2019, the Company did not restructure any loans by granting a concession to the borrower.

Loans by class of financing receivable modified as TDRs within the previous 12 months and for which there was a payment default during the stated periods were:

	Twelve Months Ended
	December 31, 2020
	(in thousands)
	Number of Contracts		Recorded Investment

Total		—		—

	Twelve Months Ended
	December 31, 2019
	(in thousands)
	Number of Contracts		Recorded Investment
Residential
Single family		1	$	72
Total		1	$	72

Management defines default as over 30 days contractually past due under the modified terms, the foreclosure and/or repossession of the collateral, or the charge-off of the loan.