All loans deemed a troubled debt restructuring (“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 Company has granted a concession (one or multiple items may be present):

There were seventeen (17) TDR loans totaling $2.8 million at June 30, 2021. At December 31, 2020, there were seventeen (17) TDR loans totaling $3.3 million. Three TDR loans, totaling $809 thousand, were in nonaccrual status at June 30, 2021. Three TDR loans, totaling $796 thousand, were in nonaccrual status at December 31, 2020. There were no outstanding commitments to lend additional amounts to troubled debt restructured borrowers at June 30, 2021 or December 31, 2020.

During the year ended December 31, 2020, the Company approved 255 deferrals of interest and/or principal payments with respect to loan balances totaling $130.5 million at December 31, 2020 for its customers experiencing hardships related to COVID-19. During the six months ended June 30, 2021, the Company approved two additional deferrals of interest and/or principal with respect to loan balances totaling $41 thousand at June 30, 2021. 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 (extended by the Consolidated Appropriations Act) and recent interagency regulatory guidance. As of June 30, 2021, 254 of these loans with current loan balances totaling approximately $107.0 million had begun making payments on their loans or have been paid off after the end of the deferral period.

The following tables set forth information on the Company’s troubled debt restructurings by class of loans occurring during the three and six months ended June 30, 2021. During the three and six months ended June 30, 2020, the Company classified no additional loans as troubled debt restructurings.

	Three Months Ended
	June 30, 2021
	(in thousands)
	Number of Contracts		Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment
Consumer:
Installment		1	$	4	$	4
Total		1	$	4	$	4

	Six Months Ended
	June 30, 2021
	(in thousands)
	Number of Contracts		Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment
Consumer:
Installment		2	$	15	$	15
Residential:
Equity
Single family		1		98		98
Total		3	$	113	$	113

During the three and six months ended June 30, 2021, the Company restructured one and three loans, respectively, by granting a concession to borrowers experiencing financial difficulty. These loans were restructured by reducing the loan payments and extending the term.

There were no payment defaults during the three and six months ended June 30, 2021 for TDRs that were restructured within the preceding twelve-month period. There were also no payment defaults during the three and six months ended June 30, 2020.

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 during the twelve-month period subsequent to the modification.