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 17 TDR loans totaling $2.7 million at September 30, 2021. At December 31, 2020, there were 17 TDR loans totaling $3.3 million. Three TDR loans, totaling $791 thousand, were in nonaccrual status at September 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 September 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 first quarter of 2021, the Company approved two additional deferrals of interest and/or principal with respect to loan balances totaling $41 thousand. No additional deferrals have been made since the first quarter of 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 September 30, 2021, all of the loans for which the Company had approved deferrals had begun making payments on their loans after the deferral date had passed.

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

	Three Months Ended
	September 30, 2020
	(in thousands)
	Number of Contracts		Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment
Consumer:
Installment		1	$	13		13
Residential
Single Family		3		931		935
Total		4	$	944		948

	Nine Months Ended
	September 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

	Nine Months Ended
	September 30, 2020
	(in thousands)
	Number of Contracts		Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment
Consumer:
Installment		1	$	13	$	13
Residential:
Single family		3		931		935
Total		4	$	944	$	948

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

During the three and nine months ended September 30, 2020, the Company restructured one consumer installment loan and one residential single-family loan by granting three 90-day payment deferment periods. During the same time 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.

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