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Loans Receivable and Allowance for Loan Losses | 3 Months Ended
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Mar. 31, 2020
Loans Receivable and Allowance for Loan Losses [Abstract] |
Loans Receivable and Allowance for Loan Losses | Note 7 - Loans Receivable and Allowance for Loan Losses The following tables present the recorded investment in loans receivable as of March 31, 2020 and December 31, 2019 by segment and class:
| March 31, 2020 |  | December 31, 2019
|  | (In Thousands)
Residential one-to-four family | $ | 268,137 |  | $ | 248,381
Commercial and multi-family |  | 1,577,816 |  |  | 1,606,976
Construction |  | 101,692 |  |  | 104,996
Commercial business(1) |  | 177,146 |  |  | 177,642
Home equity(2) |  | 64,857 |  |  | 64,638
Consumer |  | 1,029 |  |  | 682
|  | 2,190,677 |  |  | 2,203,315
Less: |  |  |  |  |
Deferred loan fees, net |  | (1,086) |  |  | (1,174)
Allowance for loan losses |  | (25,534) |  |  | (23,734)
Sub-total |  | (26,620) |  |  | (24,908)
Total Loans, net | $ | 2,164,057 |  | $ | 2,178,407
(1) Includes business lines of credit. |  |  |  |  |
(2) Includes home equity lines of credit. |  |  |  |  |
Purchased Credit Impaired Loans The carrying value of loans acquired in the IAB acquisition and accounted for in accordance with ASC Subtopic 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality,” was $1.4 million at March 31, 2020, and $3.8 million at December 31, 2019. Under ASC Subtopic 310-30, these loans, referred to as purchased credit impaired (“PCI”) loans, may be aggregated and accounted for as pools of loans if the loans being aggregated have common risk characteristics. The Company elected to account for the loans with evidence of credit deterioration individually rather than aggregate them into pools. The difference between the undiscounted cash flows expected at acquisition and the investment in the acquired loans, or the “accretable yield,” is recognized as interest income utilizing the level-yield method over the life of each loan. Contractually required payments for interest and principal that exceed the undiscounted cash flows expected at acquisition, or the “non- accretable difference,” are not recognized as a yield adjustment, as a loss accrual or as a valuation allowance. The balance of these loans from other, prior acquisitions was not material. Increases in expected cash flows subsequent to the acquisition are recognized prospectively through an adjustment of the yield on the loans over the remaining life, while decreases in expected cash flows are recognized as impairments through a loss provision and an increase in the allowance for loan and lease losses. Valuation allowances (recognized in the allowance for loan and lease losses) on these impaired loans reflect only losses incurred after the acquisition (representing all cash flows that were expected at acquisition but currently are not expected to be received). The following table presents changes in the accretable discount on loans acquired with deteriorated credit quality for which the Company applies the provisions of ASC 310-30 (in thousands):
|  | Three months ended March 31, 2020 |  |  | Three months ended March 31, 2019
Balance, beginning of Period | $ | 1,681 |  | $ | 2,704
Accretion recorded to interest income |  | (145) |  |  | (253)
Balance, end of Period | $ | 1,536 |  | $ | 2,451
Note 7 - Loans Receivable and Allowance for Loan Losses (Continued) The following table presents the unpaid principal balance and the related recorded investment of acquired loans included in the Company’s Consolidated Statements of Financial Condition. (In thousands):
| March 31, |  | December 31,
| 2020 |  | 2019
Unpaid principal balance | $ | 214,773 |  | $ | 226,333
Recorded investment |  | 183,208 |  |  | 192,826
Allowance for Loan Losses The allowance for loan loss is evaluated regularly by management and reflects consideration of all significant factors that affect the collectability of the loan portfolio. The Company’s methodology for assessing the adequacy of the allowance for loan losses consists of several key elements. These elements include a general allocated reserve for performing loans, a specific reserve for impaired loans and an unallocated portion. The Company consistently applies the following comprehensive methodology. During the quarterly review of the allowance for loan losses, the Company considers a variety of qualitative factors that include: Lending Policies and Procedures Personnel responsible for the particular portfolio - relative to experience and ability of staff Trend for past due, criticized and classified loans Relevant economic factors Quality of the loan review system Value of collateral for collateral dependent loans The effect of any concentrations of credit and the changes in the level of such concentrations Other external factors The methodology includes the segregation of the loan portfolio into two divisions. Loans that are performing and loans that are impaired. Loans which are performing are evaluated by loan class or loan type. The allowance for performing loans is evaluated based on historical loan loss experience with an adjustment for qualitative factors referred to above. Impaired loans are loans which are more than 90 days delinquent, troubled debt restructured, or adversely classified. These loans are individually evaluated for loan loss either by current appraisal, or net present value. Management reviews the overall estimate for feasibility and establishes the loan loss provision accordingly. The loan portfolio is segmented into the following loan segments, where the risk level for each class is analyzed when determining the allowance for loan losses: Residential one-to-four family real estate loans involve certain risks such as interest rate risk and risk of non-repayment. Adjustable-rate residential real estate loans decrease the interest rate risk to the Bank that is associated with changes in interest rates but involve other risks, primarily because as interest rates rise, the payment by the borrower rises to the extent permitted by the terms of the loan, thereby increasing the potential for default. At the same time, the marketability of the underlying properties may be adversely affected by higher interest rates. Repayment risk may be affected by a number of factors including, but not necessarily limited to, job loss, divorce, illness and personal bankruptcy of the borrower. Commercial and multi-family real estate lending entails additional risks as compared with residential family property lending. Such loans typically involve large loan balances to single borrowers or groups of related borrowers. The payment experience on such loans is typically dependent on the successful operation of the real estate project. The success of such projects is sensitive to changes in supply and demand conditions in the market for commercial real estate as well as economic conditions generally. Construction lending is generally considered to involve a high risk due to the concentration of principal in a limited number of loans and borrowers and the effects of the general economic conditions on developers and builders. Moreover, a construction loan can involve additional risks because of the inherent difficulty in estimating both a property’s value at completion of the project and the estimated cost (including interest) of the project. The nature of these loans is such that they are generally difficult to evaluate and monitor. In addition, speculative construction loans to a builder are not necessarily pre-sold and thus pose a greater potential risk to the Bank than construction loans to individuals on their personal residence. Commercial business lending, including lines of credit, is generally considered higher risk due to the concentration of principal in a limited number of loans and borrowers and the effects of general economic conditions on the business. Commercial business loans are primarily secured by inventories and other business assets. In many cases, any repossessed collateral for a defaulted commercial business loans will not provide an adequate source of repayment of the outstanding loan balance. Home equity lending entails certain risks such as interest rate risk and risk of non-repayment. The marketability of the underlying property may be adversely affected by higher interest rates, decreasing the collateral value securing the loan. Repayment risk can be affected by job loss, divorce, illness and personal bankruptcy of the borrower. Home equity line of credit lending entails securing an equity interest in the borrower’s home. In many cases, the Bank’s position in these loans is as a junior lien holder to another institution’s superior lien. This type of lending is often priced on an adjustable rate basis with the rate set at or above a predefined index. Adjustable-rate loans decrease the interest rate risk to the Bank that is associated with changes in interest rates but involve other risks, primarily because as interest rates rise, the payment by the borrower rises to the extent permitted by the terms of the loan, thereby increasing the potential for default. Other consumer loans generally have more credit risk because of the type and nature of the collateral and, in certain cases, the absence of collateral. Consumer loans generally have shorter terms and higher interest rates than other lending. In addition, consumer lending collections are dependent on the borrower’s continuing financial stability, and thus are more likely to be adversely affected by job loss, divorce, illness and personal bankruptcy. In many cases, any repossessed collateral for a defaulted consumer loan will not provide an adequate source of repayment of the outstanding loan. An unallocated component is maintained to cover uncertainties that could affect management’s estimates of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio. The impact of COVID-19 on companies is evolving rapidly and its future effects are uncertain. Although several of the Company’s asset quality metrics have not significantly been adversely affected during the first quarter of 2020, management determined it is prudent to increase its loan loss reserves through the addition of $1.5 million in loan loss provisions for the quarter ended March 31, 2020. This compares to a credit to the provision for loan losses of $475,000 during the previous quarter and an $889,000 provision for loan losses in the first quarter a year ago. The loan loss reserve to total loans ratio was 1.17 percent at March 31, 2020 compared to 0.99 percent at March 31, 2019. The increased reserve includes provisions taken in response to changes in risks associated with loan classification assignments and a slowing economy in New Jersey and New York. The Bank considered qualitative factors, such as changes in underwriting policies, current economic conditions, delinquency statistics, the adequacy of the underlying collateral and the financial strength of the borrower. All of these factors are likely to be affected by the COVID-19 pandemic. Note 7 - Loans Receivable and Allowance for Loan Losses (Continued) The following table sets forth the activity in the Company’s allowance for loan losses for the three months ended March 31, 2020, and the related portion of the allowances for loan losses that is allocated to each loan class, as of March 31, 2020 (in thousands):
| Residential |  |  | Commercial & Multi-family |  | Construction |  | Commercial Business (1) |  | Home Equity (2) |  | Consumer |  | Unallocated |  | Total
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Originated Loans: | $ | 2,422 |  | $ | 15,235 |  | $ | 1,244 |  | $ | 2,945 |  | $ | 330 |  | $ | - |  | $ | 273 |  | $ | 22,449
Acquired loans initially recorded at fair value: |  | 261 |  |  | 58 |  |  | - |  |  | 803 |  |  | - |  |  | - |  |  | - |  |  | 1,122
Acquired loans with deteriorated credit: |  | 39 |  |  | 79 |  |  | - |  |  | 42 |  |  | 3 |  |  | - |  |  | - |  |  | 163
Beginning Balance, January 1, 2020 |  | 2,722 |  |  | 15,372 |  |  | 1,244 |  |  | 3,790 |  |  | 333 |  |  | - |  |  | 273 |  |  | 23,734
Charge-offs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Originated Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquired loans initially recorded at fair value: |  | 4 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 4
Sub-total: |  | 4 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 4
Recoveries: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Originated Loans: |  | - |  |  | - |  |  | - |  |  | 302 |  |  | - |  |  | - |  |  | - |  |  | 302
Acquired loans initially recorded at fair value: |  | - |  |  | - |  |  | - |  |  | - |  |  | 2 |  |  | - |  |  | - |  |  | 2
Sub-total: |  | - |  |  | - |  |  | - |  |  | 302 |  |  | 2 |  |  | - |  |  | - |  |  | 304
Provisions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Originated Loans: |  | 365 |  |  | (368) |  |  | (139) |  |  | (243) |  |  | 291 |  |  | 5 |  |  | 1,489 |  |  | 1,400
Acquired loans initially recorded at fair value: |  | 49 |  |  | 5 |  |  | - |  |  | 107 |  |  | (2) |  |  | - |  |  | - |  |  | 159
Acquired loans with deteriorated credit: |  | (1) |  |  | (60) |  |  | - |  |  | 1 |  |  | 1 |  |  | - |  |  | - |  |  | (59)
Sub-total: |  | 413 |  |  | (423) |  |  | (139) |  |  | (135) |  |  | 290 |  |  | 5 |  |  | 1,489 |  |  | 1,500
Totals: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Originated Loans: |  | 2,787 |  |  | 14,867 |  |  | 1,105 |  |  | 3,004 |  |  | 621 |  |  | 5 |  |  | 1,762 |  |  | 24,151
Acquired loans initially recorded at fair value: |  | 306 |  |  | 63 |  |  | - |  |  | 910 |  |  | - |  |  | - |  |  | - |  |  | 1,279
Acquired loans with deteriorated credit: |  | 38 |  |  | 19 |  |  | - |  |  | 43 |  |  | 4 |  |  | - |  |  | - |  |  | 104
Ending Balance, March 31, 2020 | $ | 3,131 |  | $ | 14,949 |  | $ | 1,105 |  | $ | 3,957 |  | $ | 625 |  | $ | 5 |  | $ | 1,762 |  | $ | 25,534
Ending Balance attributable to loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment | $ | 354 |  | $ | 332 |  | $ | - |  | $ | 2,524 |  | $ | 22 |  | $ | - |  | $ | - |  | $ | 3,232
Collectively evaluated for impairment |  | 2,777 |  |  | 14,617 |  |  | 1,105 |  |  | 1,433 |  |  | 603 |  |  | 5 |  |  | 1,762 |  |  | 22,302
Totals: | $ | 3,131 |  | $ | 14,949 |  | $ | 1,105 |  | $ | 3,957 |  | $ | 625 |  | $ | 5 |  | $ | 1,762 |  | $ | 25,534
Loans Receivable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Originated Loans: | $ | 232,892 |  | $ | 1,463,122 |  | $ | 101,692 |  | $ | 157,351 |  | $ | 51,393 |  | $ | 1,019 |  | $ | - |  | $ | 2,007,469
Acquired loans initially recorded at fair value: |  | 33,905 |  |  | 113,973 |  |  | - |  |  | 18,888 |  |  | 13,230 |  |  | 10 |  |  | - |  |  | 180,006
Acquired loans with deteriorated credit: |  | 1,340 |  |  | 721 |  |  | - |  |  | 907 |  |  | 234 |  |  | - |  |  | - |  |  | 3,202
Total Gross Loans: | $ | 268,137 |  | $ | 1,577,816 |  | $ | 101,692 |  | $ | 177,146 |  | $ | 64,857 |  | $ | 1,029 |  | $ | - |  | $ | 2,190,677
Ending Balance: Loans individually |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
evaluated for impairment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Originated Loans: | $ | 2,896 |  | $ | 3,901 |  | $ | - |  | $ | 2,089 |  | $ | 1,007 |  | $ | - |  | $ | - |  | $ | 9,893
Acquired loans initially recorded at fair value: |  | 4,099 |  |  | 5,273 |  |  | - |  |  | 512 |  |  | 285 |  |  | - |  |  | - |  |  | 10,169
Acquired loans with deteriorated credit: |  | 1,340 |  |  | 721 |  |  | - |  |  | 865 |  |  | 34 |  |  | - |  |  | - |  |  | 2,960
Loans individually |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
evaluated for impairment: | $ | 8,335 |  | $ | 9,895 |  | $ | - |  | $ | 3,466 |  | $ | 1,326 |  | $ | - |  | $ | - |  | $ | 23,022
Ending Balance: Loans collectively |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
evaluated for impairment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Originated Loans: | $ | 229,996 |  | $ | 1,459,221 |  | $ | 101,692 |  | $ | 155,262 |  | $ | 50,386 |  | $ | 1,019 |  | $ | - |  | $ | 1,997,576
Acquired loans initially recorded at fair value: |  | 29,806 |  |  | 108,700 |  |  | - |  |  | 18,376 |  |  | 12,945 |  |  | 10 |  |  | - |  |  | 169,837
Acquired loans with deteriorated credit: |  | - |  |  | - |  |  | - |  |  | 42 |  |  | 200 |  |  | - |  |  | - |  |  | 242
Loans collectively |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
evaluated for impairment: | $ | 259,802 |  | $ | 1,567,921 |  | $ | 101,692 |  | $ | 173,680 |  | $ | 63,531 |  | $ | 1,029 |  | $ | - |  | $ | 2,167,655
(1) Includes business lines of credit. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(2) Includes home equity lines of credit. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Note 7 - Loans Receivable and Allowance for Loan Losses (Continued) The following table sets forth the activity in the Company’s allowance for loan losses for the three months ended March 31, 2019 (in thousands).
|  | Residential |  |  | Commercial & Multi-family |  | Construction |  | Commercial Business (1) |  | Home Equity (2) |  | Consumer |  | Unallocated |  | Total
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Originated Loans: |  | $ | 2,374 |  | $ | 14,000 |  | $ | 1,003 |  | $ | 3,869 |  | $ | 313 |  | $ | 2 |  | $ | 189 |  | $ | 21,750
Acquired loans initially recorded at fair value: |  |  | 335 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 335
Acquired loans with deteriorated credit: |  |  | 39 |  |  | 168 |  |  | - |  |  | 64 |  |  | 3 |  |  | - |  |  | - |  |  | 274
Beginning Balance, January 1, 2019 |  |  | 2,748 |  |  | 14,168 |  |  | 1,003 |  |  | 3,933 |  |  | 316 |  |  | 2 |  |  | 189 |  |  | 22,359
Charge-offs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Originated Loans: |  |  | - |  |  | 111 |  |  | - |  |  | 145 |  |  | - |  |  | - |  |  | - |  |  | 256
Sub-total: |  |  | - |  |  | 111 |  |  | - |  |  | 145 |  |  | - |  |  | - |  |  | - |  |  | 256
Recoveries: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Originated Loans: |  |  | - |  |  | - |  |  | - |  |  | 9 |  |  | - |  |  | - |  |  | - |  |  | 9
Acquired loans initially recorded at fair value: |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 3 |  |  | - |  |  | - |  |  | 3
Sub-total: |  |  | - |  |  | - |  |  | - |  |  | 9 |  |  | 3 |  |  | - |  |  | - |  |  | 12
Provisions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Originated Loans: |  |  | 97 |  |  | 1,188 |  |  | 206 |  |  | (405) |  |  | (48) |  |  | (2) |  |  | (157) |  |  | 879
Acquired loans initially recorded at fair value: |  |  | 69 |  |  | - |  |  | - |  |  | - |  |  | (3) |  |  | - |  |  | - |  |  | 66
Acquired loans with deteriorated credit: |  |  | (7) |  |  | (24) |  |  | - |  |  | (25) |  |  | - |  |  | - |  |  | - |  |  | (56)
Sub-total: |  |  | 159 |  |  | 1,164 |  |  | 206 |  |  | (430) |  |  | (51) |  |  | (2) |  |  | (157) |  |  | 889
Totals: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Originated Loans: |  |  | 2,471 |  |  | 15,077 |  |  | 1,209 |  |  | 3,328 |  |  | 265 |  |  | - |  |  | 32 |  |  | 22,382
Acquired loans initially recorded at fair value: |  |  | 404 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 404
Acquired loans with deteriorated credit: |  |  | 32 |  |  | 144 |  |  | - |  |  | 39 |  |  | 3 |  |  | - |  |  | - |  |  | 218
Ending Balance, March 31, 2019 |  | $ | 2,907 |  | $ | 15,221 |  | $ | 1,209 |  | $ | 3,367 |  | $ | 268 |  | $ | - |  | $ | 32 |  | $ | 23,004
_____________________________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) Includes business lines of credit. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(2) Includes home equity lines of credit. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
‎ Note 7 - Loans Receivable and Allowance for Loan Losses (Continued) The following table sets forth the amount recorded in loans receivable at December 31, 2019. The table also details the amount of total loans receivable that are evaluated individually, and collectively, for impairment and the related portion of the allowance for loan losses that is allocated to each loan class (in thousands).
|  | Residential |  |  | Commercial & Multi-family |  |  | Construction |  |  | Commercial Business (1) |  |  | Home Equity (2) |  |  | Consumer |  |  | Unallocated |  |  | Total
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Originated Loans: | $ | 2,374 |  | $ | 14,000 |  | $ | 1,003 |  | $ | 3,869 |  | $ | 313 |  | $ | 2 |  | $ | 189 |  | $ | 21,750
Acquired loans initially recorded at fair value: |  | 335 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 335
Acquired loans with deteriorated credit: |  | 39 |  |  | 168 |  |  | - |  |  | 64 |  |  | 3 |  |  | - |  |  | - |  |  | 274
Beginning Balance, January 1, 2019 |  | 2,748 |  |  | 14,168 |  |  | 1,003 |  |  | 3,933 |  |  | 316 |  |  | 2 |  |  | 189 |  |  | 22,359
Charge-offs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Originated Loans: |  | 1 |  |  | 111 |  |  | - |  |  | 145 |  |  | - |  |  | - |  |  | - |  |  | 257
Acquired loans initially recorded at fair value: |  | 65 |  |  | 118 |  |  | - |  |  | 303 |  |  | - |  |  | - |  |  | - |  |  | 486
Sub-total: |  | 66 |  |  | 229 |  |  | - |  |  | 448 |  |  | - |  |  | - |  |  | - |  |  | 743
Recoveries: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Originated Loans: |  | - |  |  | - |  |  | - |  |  | 15 |  |  | - |  |  | - |  |  | - |  |  | 15
Acquired loans recorded at fair value: |  | 3 |  |  | 10 |  |  | - |  |  | 5 |  |  | 16 |  |  | - |  |  | - |  |  | 34
Sub-total: |  | 3 |  |  | 10 |  |  | - |  |  | 20 |  |  | 16 |  |  | - |  |  | - |  |  | 49
Provisions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Originated Loans: |  | 49 |  |  | 1,346 |  |  | 241 |  |  | (794) |  |  | 17 |  |  | (2) |  |  | 84 |  |  | 941
Acquired loans initially recorded at fair value: |  | (12) |  |  | 166 |  |  | - |  |  | 1,101 |  |  | (16) |  |  | - |  |  | - |  |  | 1,239
Acquired loans with deteriorated credit: |  | - |  |  | (89) |  |  | - |  |  | (22) |  |  | - |  |  | - |  |  | - |  |  | (111)
Sub-total: |  | 37 |  |  | 1,423 |  |  | 241 |  |  | 285 |  |  | 1 |  |  | (2) |  |  | 84 |  |  | 2,069
Totals: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Originated Loans: |  | 2,422 |  |  | 15,235 |  |  | 1,244 |  |  | 2,945 |  |  | 330 |  |  | - |  |  | 273 |  |  | 22,449
Acquired loans initially recorded at fair value: |  | 261 |  |  | 58 |  |  | - |  |  | 803 |  |  | - |  |  | - |  |  | - |  |  | 1,122
Acquired loans with deteriorated credit: |  | 39 |  |  | 79 |  |  | - |  |  | 42 |  |  | 3 |  |  | - |  |  | - |  |  | 163
Ending Balance, December 31, 2019 | $ | 2,722 |  | $ | 15,372 |  | $ | 1,244 |  | $ | 3,790 |  | $ | 333 |  | $ | - |  | $ | 273 |  | $ | 23,734
Ending Balance attributable to loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment: |  | 380 |  |  | 342 |  |  | - |  |  | 2,518 |  |  | 24 |  |  | - |  |  | - |  |  | 3,264
Collectively evaluated for impairment: |  | 2,342 |  |  | 15,030 |  |  | 1,244 |  |  | 1,272 |  |  | 309 |  |  | - |  |  | 273 |  |  | 20,470
Totals: | $ | 2,722 |  | $ | 15,372 |  | $ | 1,244 |  | $ | 3,790 |  | $ | 333 |  | $ | - |  | $ | 273 |  | $ | 23,734
Loans Receivable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Originated Loans: | $ | 212,020 |  | $ | 1,485,286 |  | $ | 104,996 |  | $ | 157,413 |  | $ | 50,100 |  | $ | 674 |  | $ | - |  | $ | 2,010,489
Acquired Loans: |  | 35,010 |  |  | 118,577 |  |  | - |  |  | 19,319 |  |  | 14,302 |  |  | 8 |  |  | - |  |  | 187,216
Acquired loans with deteriorated credit: |  | 1,351 |  |  | 3,113 |  |  | - |  |  | 910 |  |  | 236 |  |  | - |  |  | - |  |  | 5,610
Total Gross Loans: | $ | 248,381 |  | $ | 1,606,976 |  | $ | 104,996 |  | $ | 177,642 |  | $ | 64,638 |  | $ | 682 |  | $ | - |  | $ | 2,203,315
Ending Balance: Loans individually |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
evaluated for impairment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Originated Loans: | $ | 2,983 |  | $ | 4,469 |  | $ | - |  | $ | 2,511 |  | $ | 963 |  | $ | - |  | $ | - |  | $ | 10,926
Acquired Loans: |  | 4,121 |  |  | 5,649 |  |  | - |  |  | 560 |  |  | 288 |  |  | - |  |  | - |  |  | 10,618
Acquired loans with deteriorated credit: |  | 1,351 |  |  | 3,113 |  |  | - |  |  | 867 |  |  | 37 |  |  | - |  |  | - |  |  | 5,368
Loans individually evaluated for impairment: | $ | 8,455 |  | $ | 13,231 |  | $ | - |  | $ | 3,938 |  | $ | 1,288 |  | $ | - |  | $ | - |  | $ | 26,912
Ending Balance: Loans collectively evaluated for impairment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Originated Loans: | $ | 209,037 |  | $ | 1,480,817 |  | $ | 104,996 |  | $ | 154,902 |  | $ | 49,137 |  | $ | 674 |  | $ | - |  | $ | 1,999,563
Acquired Loans: |  | 30,889 |  |  | 112,928 |  |  | - |  |  | 18,759 |  |  | 14,014 |  |  | 8 |  |  | - |  |  | 176,598
Acquired loans with deteriorated credit: |  | - |  |  | - |  |  | - |  |  | 43 |  |  | 199 |  |  | - |  |  | - |  |  | 242
Loans collectively evaluated for impairment: | $ | 239,926 |  | $ | 1,593,745 |  | $ | 104,996 |  | $ | 173,704 |  | $ | 63,350 |  | $ | 682 |  | $ | - |  | $ | 2,176,403
(1) Includes business lines of credit.
(2) Includes home equity lines of credit.
‎ Note 7 - Loans Receivable and Allowance for Loan Losses (Continued) The following table summarizes the average recorded investment and interest income recognized on impaired loans with no related allowance recorded by portfolio class for the three months ended March 31, 2020 and 2019 (In thousands):
|  | Three Months Ended March 31,
|  | 2020 |  |  | 2020 |  |  | 2019 |  |  | 2019
|  | Average |  |  | Interest |  |  | Average |  |  | Interest
|  | Recorded |  |  | Income |  |  | Recorded |  |  | Income
Originated loans |  | Investment |  |  | Recognized |  |  | Investment |  |  | Recognized
with no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family | $ | 1,995 |  | $ | 20 |  | $ | 3,073 |  | $ | 28
Commercial and Multi-family |  | 4,185 |  |  | 45 |  |  | 12,221 |  |  | 134
Commercial business(1) |  | 1,055 |  |  | 41 |  |  | 1,063 |  |  | 42
Home equity(2) |  | 608 |  |  | 6 |  |  | 758 |  |  | 6
Sub-total: | $ | 7,843 |  | $ | 112 |  | $ | 17,115 |  | $ | 210
Acquired loans initially recorded at fair value |  |  |  |  |  |  |  |  |  |  |
with no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family | $ | 1,838 |  | $ | 18 |  | $ | 2,753 |  | $ | 25
Commercial and Multi-family |  | 4,220 |  |  | 47 |  |  | 3,946 |  |  | 55
Commercial business(1) |  | 92 |  |  | - |  |  | 53 |  |  | 1
Home equity(2) |  | 204 |  |  | 3 |  |  | 230 |  |  | 3
Consumer |  | - |  |  | - |  |  | 11 |  |  | -
Sub-total | $ | 6,354 |  | $ | 68 |  | $ | 6,993 |  | $ | 84
Acquired loans with deteriorated credit |  |  |  |  |  |  |  |  |  |  |
with no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family(3) | $ | 823 |  | $ | 14 |  | $ | 1,019 |  | $ | 16
Commercial and Multi-family(3) |  | 1,917 |  |  | 7 |  |  | 6,050 |  |  | 6
Commercial business(1)(3) |  | 866 |  |  | 2 |  |  | 785 |  |  | -
Home equity(2)(3) |  | 36 |  |  | - |  |  | 48 |  |  | -
Sub-total: | $ | 3,642 |  | $ | 23 |  | $ | 7,902 |  | $ | 22
Total Impaired Loans |  |  |  |  |  |  |  |  |  |  |
with no related allowance recorded: | $ | 17,839 |  | $ | 203 |  | $ | 32,010 |  | $ | 316
__________ (1)Includes business lines of credit. (2)Includes home equity lines of credit. (3)Does not include accretable yield on loans acquired with deteriorated credit. ‎ Note 7 - Loans Receivable and Allowance for Loan Losses (Continued) The following table summarizes the average recorded investment and interest income recognized on impaired loans with allowance recorded by portfolio class for the three months ended March 31, 2020 and 2019. (In thousands):
|  | Three Months Ended March 31,
|  | 2020 |  |  | 2020 |  |  | 2019 |  |  | 2019
|  | Average |  |  | Interest |  |  | Average |  |  | Interest
|  | Recorded |  |  | Income |  |  | Recorded |  |  | Income
Originated loans |  | Investment |  |  | Recognized |  |  | Investment |  |  | Recognized
with an allowance recorded: |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family | $ | 945 |  | $ | 8 |  | $ | 2,941 |  | $ | 25
Commercial and Multi-family |  | - |  |  | - |  |  | 56 |  |  | -
Commercial business(1) |  | 1,245 |  |  | 3 |  |  | 865 |  |  | 27
Home equity(2) |  | 377 |  |  | 3 |  |  | 153 |  |  | 2
Sub-total: | $ | 2,567 |  | $ | 14 |  | $ | 4,015 |  | $ | 54
Acquired loans initially recorded at fair value |  |  |  |  |  |  |  |  |  |  |
with an allowance recorded: |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family | $ | 2,273 |  | $ | 26 |  | $ | 3,146 |  | $ | 24
Commercial and Multi-family |  | 1,241 |  |  | 20 |  |  | 912 |  |  | 4
Commercial business(1) |  | 445 |  |  | - |  |  | - |  |  | -
Home equity(2) |  | 83 |  |  | 1 |  |  | 84 |  |  | 2
Sub-total: | $ | 4,042 |  | $ | 47 |  | $ | 4,142 |  | $ | 30
Acquired loans with deteriorated credit |  |  |  |  |  |  |  |  |  |  |
with an allowance recorded: |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family(3) | $ | 523 |  | $ | 7 |  | $ | 366 |  | $ | 5
Sub-total: | $ | 523 |  | $ | 7 |  | $ | 366 |  | $ | 5
Total Impaired Loans |  |  |  |  |  |  |  |  |  |  |
with an allowance recorded: | $ | 7,132 |  | $ | 68 |  | $ | 8,523 |  | $ | 89
__________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. (3) Does not include accretable yield on loans acquired with deteriorated credit. ‎ Note 7 - Loans Receivable and Allowance for Loan Losses (Continued) The following table summarizes the recorded investment and unpaid principal balances where there is no related allowance on impaired loans by portfolio class at March 31, 2020 and December 31, 2019. (In thousands):
|  | As of March 31, 2020 |  |  | As of December 31, 2019
|  | Recorded |  |  | Unpaid Principal |  |  | Related |  |  | Recorded |  |  | Unpaid Principal |  |  | Related
Originated loans |  | Investment |  |  | Balance |  |  | Allowance |  |  | Investment |  |  | Balance |  |  | Allowance
with no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family | $ | 1,980 |  | $ | 2,080 |  | $ | - |  | $ | 2,010 |  | $ | 2,098 |  | $ | -
Commercial and multi-family |  | 3,901 |  |  | 3,945 |  |  | - |  |  | 4,469 |  |  | 4,527 |  |  | -
Commercial business(1) |  | 1,001 |  |  | 3,101 |  |  | - |  |  | 1,108 |  |  | 4,069 |  |  | -
Home equity(2) |  | 632 |  |  | 644 |  |  | - |  |  | 584 |  |  | 593 |  |  | -
Sub-total: | $ | 7,514 |  | $ | 9,770 |  | $ | - |  | $ | 8,171 |  | $ | 11,287 |  | $ | -
Acquired loans initially recorded at fair |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
value with no related allowance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family | $ | 1,832 |  | $ | 1,939 |  | $ | - |  | $ | 1,843 |  | $ | 1,950 |  | $ | -
Commercial and Multi-family |  | 4,039 |  |  | 4,043 |  |  | - |  |  | 4,401 |  |  | 4,402 |  |  | -
Commercial business(1) |  | - |  |  | - |  |  | - |  |  | 183 |  |  | 589 |  |  | -
Home equity(2) |  | 202 |  |  | 203 |  |  | - |  |  | 205 |  |  | 206 |  |  | -
Sub-total: | $ | 6,073 |  | $ | 6,185 |  | $ | - |  | $ | 6,632 |  | $ | 7,147 |  | $ | -
Acquired loans with deteriorated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
credit with no related allowance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family | $ | 819 |  | $ | 1,375 |  | $ | - |  | $ | 827 |  | $ | 1,383 |  | $ | -
Commercial and Multi-family |  | 721 |  |  | 1,776 |  |  | - |  |  | 3,113 |  |  | 4,166 |  |  | -
Commercial business(1) |  | 865 |  |  | 5,050 |  |  | - |  |  | 867 |  |  | 5,052 |  |  | -
Home equity(2) |  | 34 |  |  | 45 |  |  | - |  |  | 37 |  |  | 47 |  |  | -
Sub-total: | $ | 2,439 |  | $ | 8,246 |  | $ | - |  | $ | 4,844 |  | $ | 10,648 |  | $ | -
Total Impaired Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
with no related allowance recorded: | $ | 16,026 |  | $ | 24,201 |  | $ | - |  | $ | 19,647 |  | $ | 29,082 |  | $ | -
__________ (1) Includes business lines of credit. ‎(2) Includes home equity lines of credit. ‎ Note 7 - Loans Receivable and Allowance for Loan Losses (Continued) The following table summarizes the recorded investment, unpaid principal balance, and the related allowance on impaired loans by portfolio class at March 31, 2020 and December 31, 2019. (In thousands):
|  | As of March 31, 2020 |  |  | As of December 31, 2019
|  | Recorded |  |  | Unpaid Principal |  |  | Related |  |  | Recorded |  |  | Unpaid Principal |  |  | Related
Originated loans |  | Investment |  |  | Balance |  |  | Allowance |  |  | Investment |  |  | Balance |  |  | Allowance
with an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family | $ | 916 |  | $ | 917 |  | $ | 36 |  | $ | 973 |  | $ | 973 |  | $ | 48
Commercial business(1) |  | 1,088 |  |  | 2,539 |  |  | 974 |  |  | 1,403 |  |  | 3,037 |  |  | 1,029
Home equity(2) |  | 375 |  |  | 380 |  |  | 18 |  |  | 379 |  |  | 382 |  |  | 20
Sub-total: | $ | 2,379 |  | $ | 3,836 |  | $ | 1,028 |  | $ | 2,755 |  | $ | 4,392 |  | $ | 1,097
Acquired loans initially recorded at fair |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
value with an allowance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family | $ | 2,267 |  | $ | 2,284 |  | $ | 313 |  | $ | 2,278 |  | $ | 2,293 |  | $ | 325
Commercial and Multi-family |  | 1,234 |  |  | 1,431 |  |  | 332 |  |  | 1,248 |  |  | 1,442 |  |  | 342
Commercial business(1) |  | 512 |  |  | 2,030 |  |  | 1,550 |  |  | 377 |  |  | 1,489 |  |  | 1,489
Home equity(2) |  | 83 |  |  | 83 |  |  | 4 |  |  | 83 |  |  | 83 |  |  | 4
Sub-total | $ | 4,096 |  | $ | 5,828 |  | $ | 2,199 |  | $ | 3,986 |  | $ | 5,307 |  | $ | 2,160
Acquired loans with deteriorated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
credit with an allowance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family | $ | 521 |  | $ | 569 |  | $ | 5 |  | $ | 524 |  | $ | 571 |  | $ | 7
Sub-total: | $ | 521 |  | $ | 569 |  | $ | 5 |  | $ | 524 |  | $ | 571 |  | $ | 7
Total Impaired Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
with an allowance recorded: | $ | 6,996 |  | $ | 10,233 |  | $ | 3,232 |  | $ | 7,265 |  | $ | 10,270 |  | $ | 3,264
Total Impaired Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
with no related allowance recorded: | $ | 16,026 |  | $ | 24,201 |  | $ | - |  | $ | 19,647 |  | $ | 29,082 |  | $ | -
Total Impaired Loans: | $ | 23,022 |  | $ | 34,434 |  | $ | 3,232 |  | $ | 26,912 |  | $ | 39,352 |  | $ | 3,264
__________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. ‎ Note 7 - Loans Receivable and Allowance for Loan Losses (Continued) A troubled debt restructured (“TDR”) is a loan that has been modified whereby the Company has agreed to make certain concessions to a borrower to meet the needs of both the borrower and the Company to maximize the ultimate recovery of a loan. A TDR occurs when a borrower is experiencing, or is expected to experience, financial difficulties and the loan is modified using a concession that would otherwise not be granted to the borrower. If a Paycheck Protection Plan (“PPP”) loan that was current at December 31, 2019 and modified due to the COVID-19 pandemic, it is not considered a TDR. The types of concessions granted generally include, but are not limited to, interest rate reductions, limitations on the accrued interest charged, term extensions, and deferment of principal. All TDRs were considered impaired and therefore were individually evaluated for impairment in the calculation of the allowance for loan losses. Prior to their classification as TDRs, certain of these loans had been collectively evaluated for impairment in the calculation of the allowance for loan losses.
|  | At March 31, 2020 |  |  | At December 31, 2019
|  | (In thousands)
Recorded investment in TDRs: |  |  |  |  |
Accrual status | $ | 16,346 |  | $ | 17,030
Non-accrual status |  | 1,103 |  |  | 702
Total recorded investment in TDRs | $ | 17,449 |  | $ | 17,732
TDRs restructured for the three months ended March 31, 2020 totaled $216,102 for one contract and $1,378,000 for three contracts for the three months ended March 31, 2019. There were no TDRs for which there was a payment default within twelve months of restructuring during the three months ended March 31, 2020 or the three months ended March 31, 2019. The following table sets forth the delinquency status of total loans receivable as of March 31, 2020:
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Loans Receivable
| 30-59 Days |  | 60-90 Days |  | Greater Than |  | Total Past |  |  |  |  | Total Loans |  | >90 Days
| Past Due |  | Past Due |  | 90 Days |  | Due |  | Current |  | Receivable |  | and Accruing
|  | (In Thousands)
Originated loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family | $ | 1,117 |  | $ | - |  | $ | - |  | $ | 1,117 |  | $ | 231,775 |  | $ | 232,892 |  | $ | -
Commercial and multi-family |  | 3,805 |  |  | - |  |  | 76 |  |  | 3,881 |  |  | 1,459,241 |  |  | 1,463,122 |  |  | -
Construction |  | - |  |  | - |  |  | - |  |  | - |  |  | 101,692 |  |  | 101,692 |  |  | -
Commercial business(1) |  | 3,086 |  |  | - |  |  | 1,051 |  |  | 4,137 |  |  | 153,214 |  |  | 157,351 |  |  | -
Home equity(2) |  | 611 |  |  | 400 |  |  | 27 |  |  | 1,038 |  |  | 50,355 |  |  | 51,393 |  |  | -
Consumer |  | - |  |  | - |  |  | - |  |  | - |  |  | 1,019 |  |  | 1,019 |  |  | -
Sub-total: | $ | 8,619 |  | $ | 400 |  | $ | 1,154 |  | $ | 10,173 |  | $ | 1,997,296 |  | $ | 2,007,469 |  | $ | -
Acquired loans initially recorded at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family | $ | 624 |  | $ | - |  | $ | 450 |  | $ | 1,074 |  | $ | 32,831 |  |  | 33,905 |  | $ | -
Commercial and multi-family |  | 1,000 |  |  | - |  |  | 631 |  |  | 1,631 |  |  | 112,342 |  |  | 113,973 |  |  | -
Commercial business(1) |  | 580 |  |  | 107 |  |  | 513 |  |  | 1,200 |  |  | 17,688 |  |  | 18,888 |  |  | -
Home equity(2) |  | 296 |  |  | - |  |  | - |  |  | 296 |  |  | 12,934 |  |  | 13,230 |  |  | -
Consumer |  | - |  |  | - |  |  | - |  |  | - |  |  | 10 |  |  | 10 |  |  | -
|  |  |  |  |  |  |  | - |  |  |  |  |  |  |  |  |  |  |  |
Sub-total: | $ | 2,500 |  | $ | 107 |  | $ | 1,594 |  | $ | 4,201 |  | $ | 175,805 |  | $ | 180,006 |  | $ | -
Acquired loans with deteriorated credit: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family | $ | 162 |  | $ | - |  | $ | - |  | $ | 162 |  | $ | 1,178 |  |  | 1,340 |  | $ | -
Commercial and multi-family |  | - |  |  | - |  |  | 122 |  |  | 122 |  |  | 599 |  |  | 721 |  |  | -
Commercial business(1) |  | - |  |  | - |  |  | 854 |  |  | 854 |  |  | 53 |  |  | 907 |  |  | -
Home equity(2) |  | - |  |  | - |  |  | - |  |  | - |  |  | 234 |  |  | 234 |  |  | -
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | - |  |  |
Sub-total: | $ | 162 |  | $ | - |  | $ | 976 |  | $ | 1,138 |  | $ | 2,064 |  | $ | 3,202 |  | $ | -
Total | $ | 11,281 |  | $ | 507 |  | $ | 3,724 |  | $ | 15,512 |  | $ | 2,175,165 |  | $ | 2,190,677 |  | $ | -
_________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. Note 7 - Loans Receivable and Allowance for Loan Losses (Continued) The table below sets forth the amounts and types of non-accrual loans in the Bank’s loan portfolio at March 31, 2020 and December 31, 2019, respectively. Loans are placed on non-accrual status when they become more than 90 days delinquent, or when the collection of principal and/or interest become doubtful. As of March 31, 2020 and December 31, 2019, non-accrual loans differed from the amount of total loans past due greater than 90 days due to troubled debt restructuring of loans which are maintained on non-accrual status for a minimum of six months until the borrower has demonstrated its ability to satisfy the terms of the restructured loan. Loans subject to COVID-19-related modifications are not be reported as non-accrual, in accordance with regulatory guidance.
|  | As of March 31, 2020 |  |  | As of December 31, 2019
|  | (In Thousands) |  |  | (In Thousands)
Non-Accruing Loans: |  |  |  |  |
Originated loans: |  |  |  |  |
Residential one-to-four family | $ | 788 |  | $ | 590
Commercial and multi-family |  | 218 |  |  | 761
Commercial business(1) |  | 1,189 |  |  | 1,428
Home equity(2) |  | 294 |  |  | 347
Sub-total: |  | 2,489 |  |  | 3,126
Acquired loans initially recorded at fair value: |  |  |  |  |
Residential one-to-four family |  | 602 |  |  | 291
Commercial and multi-family |  | 758 |  |  | 217
Commercial business(1) |  | 513 |  |  | 513
Home equity(2) |  | - |  |  | 13
Sub-total: |  | 1,873 |  |  | 1,034
Total | $ | 4,362 |  | $ | 4,160
_________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. Had non-accrual loans been performing in accordance with their original terms, the interest income recognized for the three months ended March 31, 2020 and December 31, 2019 would have been approximately $894,000 and $967,000, respectively. Interest income recognized on loans returned to accrual was approximately $459,000 and $1.1 million, respectively. The Bank has not committed to lend additional funds to the borrowers whose loans have been placed on a nonaccrual status. At March 31, 2020 and December 31, 2019, there were $0 and $795,000, respectively, of loans which were more than ninety days past due and still accruing interest. Nonaccrual loans in the preceding table do not include loans acquired with deteriorated credit quality which were recorded at their fair value at acquisition and totaled $1.1 million at March 31, 2020, and $3.5 million at December 31, 2019. ‎ Note 7 - Loans Receivable and Allowance for Loan Losses (Continued) The following table sets forth the delinquency status of total loans receivable at December 31, 2019:
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Loans Receivable
| 30-59 Days |  | 60-90 Days |  | Greater Than |  | Total Past |  |  |  |  | Total Loans |  | >90 Days
| Past Due |  | Past Due |  | 90 Days |  | Due |  | Current |  | Receivable |  | and Accruing
|  | (In Thousands)
Originated loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family | $ | 1,087 |  | $ | 401 |  | $ | - |  | $ | 1,488 |  | $ | 210,532 |  | $ | 212,020 |  | $ | -
Commercial and multi-family |  | 1,290 |  |  | 940 |  |  | 616 |  |  | 2,846 |  |  | 1,482,440 |  |  | 1,485,286 |  |  | -
Construction |  | - |  |  | - |  |  | - |  |  | - |  |  | 104,996 |  |  | 104,996 |  |  | -
Commercial business(1) |  | 1,874 |  |  | 278 |  |  | 1,265 |  |  | 3,417 |  |  | 153,996 |  |  | 157,413 |  |  | 142
Home equity(2) |  | 161 |  |  | 63 |  |  | 116 |  |  | 340 |  |  | 49,760 |  |  | 50,100 |  |  | -
Consumer |  | - |  |  | - |  |  | - |  |  | - |  |  | 674 |  |  | 674 |  |  | -
Sub-total: | $ | 4,412 |  | $ | 1,682 |  | $ | 1,997 |  | $ | 8,091 |  | $ | 2,002,398 |  | $ | 2,010,489 |  | $ | 142
Acquired loans initially recorded at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family | $ | 265 |  | $ | 217 |  | $ | 330 |  | $ | 812 |  | $ | 34,198 |  |  | 35,010 |  | $ | 97
Commercial and multi-family |  | 318 |  |  | - |  |  | 631 |  |  | 949 |  |  | 117,628 |  |  | 118,577 |  |  | 556
Construction |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Commercial business(1) |  | 300 |  |  | - |  |  | 513 |  |  | 813 |  |  | 18,506 |  |  | 19,319 |  |  | -
Home equity(2) |  | 190 |  |  | 75 |  |  | - |  |  | 265 |  |  | 14,037 |  |  | 14,302 |  |  | -
Consumer |  | - |  |  | - |  |  | - |  |  | - |  |  | 8 |  |  | 8 |  |  | -
Sub-total: | $ | 1,073 |  | $ | 292 |  | $ | 1,474 |  | $ | 2,839 |  | $ | 184,377 |  | $ | 187,216 |  | $ | 653
Acquired loans with deteriorated credit: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | 1,351 |  | $ | 1,351 |  | $ | -
Commercial and multi-family |  | - |  |  | - |  |  | 2,500 |  |  | 2,500 |  |  | 613 |  |  | 3,113 |  |  | -
Construction |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Commercial business(1) |  | - |  |  | - |  |  | 856 |  |  | 856 |  |  | 54 |  |  | 910 |  |  | -
Home equity(2) |  | 37 |  |  | 199 |  |  | - |  |  | 236 |  |  | - |  |  | 236 |  |  | -
Consumer |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Sub-total: | $ | 37 |  | $ | 199 |  | $ | 3,356 |  | $ | 3,592 |  | $ | 2,018 |  | $ | 5,610 |  | $ | -
Total | $ | 5,522 |  | $ | 2,173 |  | $ | 6,827 |  | $ | 14,522 |  | $ | 2,188,793 |  | $ | 2,203,315 |  | $ | 795
(1) Includes business lines of credit. (2) Includes home equity lines of credit. ‎ Note 7 - Loans Receivable and Allowance for Loan Losses (Continued) Criticized and Classified Assets. Company policies provide for a classification system for problem assets. Under this classification system, problem assets are classified as “substandard,” “doubtful,” or “loss.” When the Company classifies problem assets, the Company may establish general allowances for loan losses in an amount deemed prudent by management. General allowances represent loss allowances which have been established to recognize the inherent risk associated with lending activities, but which, unlike specific allowances, have not been allocated to particular problem assets. A portion of general loss allowances established to cover possible losses related to assets classified as substandard or doubtful may be included in determining our regulatory capital. Specific valuation allowances for loan losses generally do not qualify as regulatory capital. As of March 31, 2020, we had $0 in assets classified as losses, and $9.9 million in assets classified as substandard, of which $9.9 million were classified as impaired. The loans classified as substandard are secured either by residential real estate, commercial real estate or heavy equipment. The loans that have been classified substandard were classified as such primarily due to payment status, because updated financial information has not been timely provided, or the collateral underlying the loan is in the process of being revalued. The Company’s internal credit risk grades are based on the definitions currently utilized by the banking regulatory agencies. The grades assigned and definitions are as follows, and loans graded excellent, above average, good and watch list (risk ratings 1-5) are treated as “pass” for grading purposes. The “criticized” risk rating (6) and the “classified” risk ratings (7-9) are detailed below: 6 – Special Mention- Loans currently performing but with potential weaknesses including adverse trends in borrower’s operations, credit quality, financial strength, or possible collateral deficiency. 7 – Substandard- Loans that are inadequately protected by current sound worth, paying capacity, and collateral support. Loans on “nonaccrual” status. The loan needs special and corrective attention. 8 – Doubtful- Weaknesses in credit quality and collateral support make full collection improbable, but pending reasonable factors remain sufficient to defer the loss status. 9 – Loss- Continuance as a bankable asset is not warranted. However, this does not preclude future attempts at partial recovery. The following table presents the loan portfolio types summarized by the aggregate pass rating and the classified ratings of special mention and substandard within the Company’s internal risk rating system as of March 31, 2020. (In thousands). As of March 31, 2020, the Company had no loans with the classified rating of doubtful or loss.
| Pass |  | Special Mention |  | Substandard |  | Total
Originated loans: |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family | $ | 231,046 |  | $ | 1,058 |  | $ | 788 |  | $ | 232,892
Commercial and multi-family |  | 1,457,940 |  |  | 3,987 |  |  | 1,195 |  |  | 1,463,122
Construction |  | 101,692 |  |  | - |  |  | - |  |  | 101,692
Commercial business(1) |  | 153,134 |  |  | 2,481 |  |  | 1,736 |  |  | 157,351
Home equity(2) |  | 51,099 |  |  | - |  |  | 294 |  |  | 51,393
Consumer |  | 1,016 |  |  | 3 |  |  | - |  |  | 1,019
Sub-total: | $ | 1,995,927 |  | $ | 7,529 |  | $ | 4,013 |  | $ | 2,007,469
Acquired loans initially recorded at fair value: |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family | $ | 33,209 |  | $ | - |  | $ | 696 |  | $ | 33,905
Commercial and multi-family |  | 110,565 |  |  | 195 |  |  | 3,213 |  |  | 113,973
Commercial business(1) |  | 17,246 |  |  | 1,130 |  |  | 512 |  |  | 18,888
Home equity(2) |  | 13,213 |  |  | - |  |  | 17 |  |  | 13,230
Consumer |  | 10 |  |  | - |  |  | - |  |  | 10
Sub-total: | $ | 174,243 |  | $ | 1,325 |  | $ | 4,438 |  | $ | 180,006
Acquired loans with deteriorated credit: |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family | $ | 782 |  | $ | 245 |  | $ | 313 |  | $ | 1,340
Commercial and multi-family |  | 491 |  |  | - |  |  | 230 |  |  | 721
Commercial business(1) |  | 1 |  |  | 52 |  |  | 854 |  |  | 907
Home equity(2) |  | 200 |  |  | - |  |  | 34 |  |  | 234
Sub-total: | $ | 1,474 |  | $ | 297 |  | $ | 1,431 |  | $ | 3,202
Total Gross Loans | $ | 2,171,644 |  | $ | 9,151 |  | $ | 9,882 |  | $ | 2,190,677
_________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. ‎ Note 7 - Loans Receivable and Allowance for Loan Losses (Continued) The following table presents the loan portfolio types summarized by the aggregate pass rating and the classified ratings of special mention and substandard within the Company’s internal risk rating system as of December 31, 2019. (In thousands). As of December 31, 2019, the Company had no loans with the classified rating of doubtful or loss.
| Pass |  | Special Mention |  | Substandard |  | Total
Originated loans: |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family | $ | 210,094 |  | $ | 1,336 |  | $ | 590 |  | $ | 212,020
Commercial and multi-family |  | 1,478,472 |  |  | 4,043 |  |  | 2,771 |  |  | 1,485,286
Construction |  | 104,996 |  |  | - |  |  | - |  |  | 104,996
Commercial business(1) |  | 153,464 |  |  | 1,796 |  |  | 2,153 |  |  | 157,413
Home equity(2) |  | 49,753 |  |  | - |  |  | 347 |  |  | 50,100
Consumer |  | 670 |  |  | 4 |  |  | - |  |  | 674
Sub-total: | $ | 1,997,449 |  | $ | 7,179 |  | $ | 5,861 |  | $ | 2,010,489
Acquired loans initially recorded at fair value: |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family | $ | 34,624 |  | $ | - |  | $ | 386 |  |  | 35,010
Commercial and multi-family |  | 115,130 |  |  | 583 |  |  | 2,864 |  |  | 118,577
Commercial business(1) |  | 17,648 |  |  | 1,159 |  |  | 512 |  |  | 19,319
Home equity(2) |  | 14,270 |  |  | - |  |  | 32 |  |  | 14,302
Consumer |  | 8 |  |  | - |  |  | - |  |  | 8
Sub-total: | $ | 181,680 |  | $ | 1,742 |  | $ | 3,794 |  | $ | 187,216
Acquired loans with deteriorated credit: |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family | $ | 788 |  | $ | 248 |  | $ | 315 |  |  | 1,351
Commercial and multi-family |  | - |  |  | 493 |  |  | 2,620 |  |  | 3,113
Commercial business(1) |  | - |  |  | 54 |  |  | 856 |  |  | 910
Home equity(2) |  | 199 |  |  | - |  |  | 37 |  |  | 236
Sub-total: | $ | 987 |  | $ | 795 |  | $ | 3,828 |  | $ | 5,610
Total Gross Loans | $ | 2,180,116 |  | $ | 9,716 |  | $ | 13,483 |  | $ | 2,203,315
________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. ‎

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