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Student Loans | 9 Months Ended
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Sep. 30, 2021
Receivables [Abstract] |
Student Loans | Student LoansIncluded in the installment and student loans segment of the loan portfolio are $50,193,000 and $57,385,000 in student loans at September 30, 2021 and December 31, 2020, respectively, made to medical and pharmacy school students. Upon graduation the loan is automatically placed on deferment for 6 months. This may be extended up to 48 months for graduates enrolling in Internship, Medical Residency or Fellowship programs. As approved, the student may receive additional deferment for hardship or administrative reasons in the form of forbearance for a maximum of 24 months throughout the life of the loan. Accrued interest on loans that had never entered repayment a status totaled $1,918,000 at September 30, 2021 and $3,201,000 at December 31, 2020. At September 30, 2021 there were 870 loans within repayment, deferment, and forbearance which represented $20,782,000, $9,285,000, and $8,499,000, respectively. At December 31, 2020, there were 944 loans within repayment, deferment, and forbearance which represented $28,906,000, $7,407,000 and $7,179,000, respectively. As of September 30, 2021 and December 31, 2020, the reserve against the student loan portfolio was $2,597,000 and $2,546,000, respectively. There were no TDRs within the portfolio as of September 30, 2021 or December 31, 2020. At September 30, 2021 and December 31, 2020, student loans totaling $318,000 and $513,000 were included in the substandard category, respectively. ZuntaFi is the third-party servicer for the student loan portfolio. ZuntaFi's services include application administration, processing, approval, documenting, funding, and collection. They also provide borrower file custodial responsibilities. Except in cases where applicants/loans do not meet program requirements, or extreme delinquency, ZuntaFi is responsible for complete program management. ZuntaFi is paid a monthly servicing fee based on the outstanding principal balance. The following tables summarize the credit quality indicators for outstanding student loans as of September 30, 2021 and December 31, 2020 (in 000's, except for number of borrowers):
| September 30, 2021 |  | December 31, 2020
| Number of Loans |  | Amount |  | Accrued Interest |  | Number of Loans |  | Amount |  | Accrued Interest
School | 185 |  | $ | 6,551 |  |  | $ | 1,918 |  |  | 319 |  |  | $ | 12,905 |  |  | $ | 3,201 |
Grace | 108 |  |  | 5,076 |  |  | 1,479 |  |  | 34 |  |  | 988 |  |  | 719 |
Repayment | 459 |  |  | 20,782 |  |  | 549 |  |  | 623 |  |  | 28,906 |  |  | 292 |
Deferment | 232 |  |  | 9,285 |  |  | 1,025 |  |  | 187 |  |  | 7,407 |  |  | 209 |
Forbearance | 179 |  |  | 8,499 |  |  | 516 |  |  | 134 |  |  | 7,179 |  |  | 553 |
Total | 1,163 |  |  | $ | 50,193 |  |  | $ | 5,487 |  |  | 1,297 |  |  | $ | 57,385 |  |  | $ | 4,974 |
School - The time in which the borrower is still actively in school at least half time. No payments are expected during this stage, though the borrower may begin immediate payments. Grace - A six month period of time granted to the borrower immediately upon graduation, or if deemed no longer an active student. Interest continues to accrue. Upon completion of the six month grace period the loan is transferred to repayment status. Additionally, if applicable, this status may represent a borrower activated to military duty while in their in-school period, they will be allowed to return to that status once their active duty has expired. The borrower must return to an at least half time status within six months of the active duty end date in order to return to an in-school status. Repayment - The time in which the borrower is no longer actively in school at least half time, and has not received an approved grace, deferment, or forbearance. Regular payment is expected from these borrowers under an allotted payment plan. Deferment - May be granted up to 48 months for borrowers who have begun the repayment period on their loans but are (1) actively enrolled in an eligible school at least half time, or (2) are actively enrolled in an approved and verifiable medical residency, internship, or fellowship program. Forbearance - The period of time during which the borrower may postpone making principal and interest payments, which may be granted for either hardship or administrative reasons. Interest will continue to accrue on loans during periods of authorized forbearance. If the borrower is delinquent at the time the forbearance is granted, the delinquency will be covered by the forbearance and all accrued and unpaid interest from the date of delinquency or if none, from the date of beginning of the forbearance period, will be capitalized at the end of each forbearance period. The term of the loan will not change and payments may be increased to allow the loan to pay off in the required time frame. A forbearance that results in only an insignificant delay in payment, is not considered a concessionary change in terms, provided the borrower affirms the obligation. Forbearance is not an uncommon status designation, this designation is standard industry practice, and is consistent with the succession of students migrating to employed medical professionals. However additional risk is associated with this designation. Student Loan Aging Student loans are generally charged off at the end of the quarter during which an account becomes 120 days contractually past due. Accrued but unpaid interest related to charged off student loans is reversed and charged against interest income. For the three and nine months ended September 30, 2021, $54,000 and $97,000 in accrued interest receivable was reversed, due to charge-offs of $530,000 and $1,183,000, respectively, within the student loan portfolio. For three and nine months ended September 30, 2020, $9,000 and $59,000 in accrued interest receivable was reversed, due to charge-offs of $174,000 and $1,121,000, respectively, within the student loan portfolio. The following tables summarize the student loan aging for loans in repayment and forbearance as of September 30, 2021 and December 31, 2020 (in 000's, except for number of borrowers):
| September 30, 2021 |  | December 31, 2020
| Number of Borrowers |  | Amount |  | Number of Borrowers |  | Amount
Current or less than 31 days | 260 |  |  | $ | 28,300 |  |  | 304 |  |  | $ | 34,188 |
31 - 60 days | 7 |  |  | 457 |  |  | 4 |  |  | 510 |
61 - 90 days | 3 |  |  | 206 |  |  | 10 |  |  | 875 |
91 - 120 days | 1 |  |  | 318 |  |  | 5 |  |  | 513 |
Total | 271 |  |  | $ | 29,281 |  |  | 323 |  |  | $ | 36,086 |

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 + Details
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