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Loan Receivable and Allowance for Loan and Lease Losses | 3 Months Ended
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Jun. 30, 2012
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN AND LEASE LOSSES [Abstract] |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | LOANS RECEIVABLE AND ALLOWANCE FOR LOAN AND LEASE LOSSES The loans receivable portfolio is segmented into One-to-Four Family, Multifamily Mortgage, Commercial Real-Estate, Construction, Business, Small Business Administration & Consumer and Other Loans. The Allowance for Loan and Lease Losses (“ALLL”) reflects management’s judgment in the evaluation of probable loan losses inherent in the portfolio at the balance sheet date. Management uses a disciplined process and methodology to calculate the ALLL each quarter. To determine the total ALLL, management estimates the reserves needed for each segment of the loan portfolio, including loans analyzed individually and loans analyzed on a pooled basis.For further details on the ALLL please reference Note 2 "Summary of Significant Accounting Policies". From time to time, events or economic factors may affect the loan portfolio, causing management to provide additional amounts or release balances from the ALLL. The ALLL is sensitive to risk ratings assigned to individually evaluated loans and economic assumptions and delinquency trends. Individual loan risk ratings are evaluated based on the specific facts related to that loan. Additions to the ALLL are made by charges to the provision for loan losses. Credit exposures deemed to be uncollectible are charged against the ALLL, while recoveries of previously charged off amounts are credited to the ALLL. The following is a summary of loans receivable, net of allowance for loan losses, and loans held for sale at June 30, 2012 and March 31, 2012.
$ in thousands |  | June 30, 2012 |  | March 31, 2012
|  | Amount |  | Percent |  | Amount |  | Percent
Gross loans receivable: |  |  |  |  |  |  |  |
One- to four-family |  | $ | 66,327 |  |  | 16.93 | % |  | $ | 66,313 |  |  | 15.99 | %
Multifamily |  | 74,976 |  |  | 19.14 | % |  | 78,859 |  |  | 19.01 | %
Commercial real estate |  | 199,775 |  |  | 50.99 | % |  | 207,505 |  |  | 50.02 | %
Construction |  | 8,751 |  |  | 2.23 | % |  | 16,471 |  |  | 3.97 | %
Business |  | 41,542 |  |  | 10.60 | % |  | 44,424 |  |  | 10.71 | %
Consumer and other (1) |  | 419 |  |  | 0.11 | % |  | 1,258 |  |  | 0.30 | %
Total loans receivable |  | 391,790 |  |  | 100.00 | % |  | 414,830 |  |  | 100.00 | %
Add: |  |  |  |  |  |  |  |
Premium on loans |  | 129 |  |  |  |  | 137 |  |  |
Less: |  |  |  |  |  |  |  |
Deferred fees and loan discounts |  | (2,019 | ) |  |  |  | (2,109 | ) |  |
Allowance for loan losses |  | (18,607 | ) |  |  |  | (19,821 | ) |  |
Total loans receivable, net |  | $ | 371,293 |  |  |  |  | $ | 393,037 |  |  |
Loans held-for-sale |  | $ | 30,163 |  |  |  |  | $ | 29,626 |  |  |
(1) Includes personal loans The following is an analysis of the allowance for loan losses based upon the method of evaluating loan impairment for the three month period ended June 30, 2012.
$ in thousands |  | One-to-four family Residential |  | Multi-Family Mortgage |  | Commercial Real Estate |  | Construction |  | Business |  | Consumer and Other |  | Total
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance |  | $ | 4,305 |  |  | $ | 5,409 |  |  | $ | 6,709 |  |  | $ | 1,532 |  |  | $ | 1,786 |  |  | $ | 80 |  |  | $ | 19,821 |
Charge-offs: |  | 203 |  |  | 109 |  |  | 1,129 |  |  | — |  |  | — |  |  | 2 |  |  | 1,443 |
Recoveries: |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | 3 |  |  | 5 |
Provision for Loan Losses |  | 694 |  |  | (1,529 | ) |  | 2,271 |  |  | (1,408 | ) |  | 244 |  |  | (48 | ) |  | 224 |
Ending Balance |  | $ | 4,796 |  |  | $ | 3,771 |  |  | $ | 7,851 |  |  | $ | 124 |  |  | $ | 2,032 |  |  | $ | 33 |  |  | $ | 18,607 |
Allowance for Loan Losses Ending Balance: collectively evaluated for impairment |  | 4,250 |  |  | 3,710 |  |  | 7,499 |  |  | 124 |  |  | 1,734 |  |  | 33 |  |  | 17,350 |
Allowance for Loan Losses Ending Balance: individually evaluated for impairment |  | 546 |  |  | 61 |  |  | 352 |  |  | — |  |  | 298 |  |  | — |  |  | 1,257 |
The following is an analysis of the loan receivable balances showing the methods of evaluating the loan portfolio for impairment for the three months period ended June 30, 2012
Loan Receivables Ending Balance: |  | $ | 66,236 |  |  | $ | 75,102 |  |  | $ | 198,271 |  |  | $ | 8,752 |  |  | $ | 41,109 |  |  | $ | 430 |  |  | $ | 389,900 |
Ending Balance: collectively evaluated for impairment |  | 62,315 |  |  | 74,111 |  |  | 186,489 |  |  | 1,502 |  |  | 35,175 |  |  | 430 |  |  | 360,022 |
Ending Balance: individually evaluated for impairment |  | 3,921 |  |  | 991 |  |  | 11,782 |  |  | 7,250 |  |  | 5,934 |  |  | — |  |  | 29,878 |
The following is an analysis of the allowance for loan losses based upon the method of evaluating loan impairment for the three month period ended June 30, 2011.
$ in thousands |  | One-to-four family Residential |  | Multi-Family Mortgage |  | Commercial Real Estate |  | Construction |  | Business |  | Consumer and Other |  | Total
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance |  | 2,923 |  |  | 6,223 |  |  | 3,999 |  |  | 6,944 |  |  | 2,965 |  |  | 93 |  |  | 23,147
Charge-offs: |  | 20 |  |  | 2,408 |  |  | 19 |  |  | 2,124 |  |  | — |  |  | — |  |  | 4,571 |
Recoveries: |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 16 |  |  | — |  |  | 18 |
Provision for Loan Losses |  | (77 | ) |  | 3,684 |  |  | 733 |  |  | 1,210 |  |  | (372 | ) |  | (8 | ) |  | 5,170 |
Ending Balance |  | $ | 2,826 |  |  | $ | 7,499 |  |  | $ | 4,715 |  |  | $ | 6,030 |  |  | $ | 2,609 |  |  | $ | 85 |  |  | $ | 23,764 |
The following is an analysis of the allowance for loan losses based upon the method of evaluating loan impairment for the three month period ended March 31, 2012.
$ in thousands |  | One-to-four family Residential |  | Multi-Family Mortgage |  | Commercial Real Estate |  | Construction |  | Business |  | Consumer and Other |  | Total
Allowance for Loan Losses Ending Balance: collectively evaluated for impairment |  | $ | 4,098 |  |  | $ | 5,348 |  |  | $ | 6,177 |  |  | $ | 1,484 |  |  | $ | 1,685 |  |  | $ | 80 |  |  | $ | 18,872 |
Allowance for Loan Losses Ending Balance: individually evaluated for impairment |  | 207 |  |  | 61 |  |  | 532 |  |  | 48 |  |  | 101 |  |  | — |  |  | 949 |
The following is an analysis of the loan receivable balances showing the methods of evaluating the loan portfolio for impairment for the fiscal year ended March 31, 2012
Loan Receivables Ending Balance : |  | 66,172 |  |  | 78,984 |  |  | 206,022 |  |  | 16,433 |  |  | 43,982 |  |  | 1,265 |  |  | 412,858 |
Ending Balance: collectively evaluated for impairment |  | 63,866 |  |  | 77,976 |  |  | 185,249 |  |  | 10,346 |  |  | 38,124 |  |  | 1,265 |  |  | 376,826 |
Ending Balance: individually evaluated for impairment |  | 2,306 |  |  | 1,008 |  |  | 20,773 |  |  | 6,087 |  |  | 5,858 |  |  | — |  |  | 36,032 |
The following is a summary of non-performing loans at June 30, 2012, and March 31, 2012.
$ in thousands | June 30, 2012 | March 31, 2012
Loans accounted for on a non-accrual basis: |  |
Gross loans receivable: |  |
One-to-four family | $ | 7,363 |  | $ | 6,988 |
Multifamily | 1,790 |  | 2,923 |
Commercial real estate | 16,487 |  | 24,467 |
Construction | 4,658 |  | 11,325 |
Business | 9,337 |  | 8,862 |
Consumer | — |  | 23 |
Total non-accrual loans | $ | 39,635 |  | $ | 54,588 |
Non-performing loans decreased to $39.6 million at June 30, 2012 from $54.6 million at March 31, 2012. The majority decline during the current three month period ended June 30, 2012 related to 3 non-performing loans with a fair value of $6.4 million that were moved to held for sale, 6 TDR loans with a fair value of $1.8 million that were upgraded to performing as they had performed in accordance with their modified terms for six months and one construction loan with a fair value of $5 million that was paid off. Non-performing loans at June 30, 2012, were comprised of $19.8 million of loans 90 days or more past due and non-accruing, $0.7 million of loans that are either performing or less than 90 days past due and have been deemed to be impaired and $19.1 million of loans classified as a troubled debt restructuring and either not consistently performing in accordance with their modified terms or not performing in accordance with their modified terms for at least six months. Non-performing loans at March 31, 2012, were comprised of $31.5 million of loans 90 days or more past due and non-accruing, $2.1 million of loans that are either performing or less than 90 days past due and have been deemed to be impaired and $21.0 million of loans classified as a troubled debt restructuring and either not consistently performing in accordance with their modified terms or not performing in accordance with their modified terms for at least six months. At June 30, 2012, other non-performing assets totaled $32.1 million which consists of other real estate owned and held-for-sale loans. Other real estate owned of $2.0 million reflects three foreclosed properties. The Bank utilizes an internal loan classification system as a means of reporting problem loans within its loans categories. Loans may be classified as "Pass," “Special Mention,” “Substandard,” “Doubtful,” and “Loss.” Loans rated Pass have demonstrated satisfactory asset quality, earning history, liquidity, and other adequate margins of creditor protection. They represent a moderate credit risk and some degree of financial stability. Loans are considered collectible in full, but perhaps require greater than average amount of loan officer attention. Borrowers are capable of absorbing normal setbacks without failure. Loans rated Special Mention have potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the Bank's credit position at some future date. Loans rated Substandard are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. Loans rated Doubtful have all the weaknesses inherent in those classified Substandard with the added characteristic that the weaknesses present make collection or liquidation in full, based on currently existing facts, conditions and values, highly questionable and improbable. Loans classified as Loss are those considered uncollectible with insignificant value and are charged-off immediately to the allowance for loan losses. One-to-four family residential loans and consumer and other loans are rated non-performing if they are delinquent in payments ninety or more days, a troubled debt restructuring with less than six months contractual performance or past maturity. All other one- to-four family residential loans and consumer and other loans are performing loans. As of June 30, 2012, and based on the most recent analysis performed in the current quarter, the risk category by class of loans is as follows.
$ in thousands |  | Multi-Family Mortgage |  | Commercial Real Estate |  | Construction |  | Business
Credit Risk Profile by Internally Assigned Grade: |  |  |  |  |  |  |  |
Pass |  | $ | 70,635 |  |  | $ | 165,167 |  |  | $ | 1,502 |  |  | $ | 23,839 |
Special Mention |  | 379 |  |  | 6,024 |  |  | — |  |  | 3,098 |
Substandard |  | 4,088 |  |  | 27,080 |  |  | 7,250 |  |  | 13,658 |
Doubtful |  | — |  |  | — |  |  | — |  |  | 514 |
Loss |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | 75,102 |  |  | $ | 198,271 |  |  | $ | 8,752 |  |  | $ | 41,109 |
$ in thousands |  | One-to-four family Residential |  | Consumer and Other
Credit Risk Profile Based on Payment Activity: |  |  |  |
Performing |  | $ | 58,873 |  |  | $ | 430 |
Non-Performing |  | 7,363 |  |  | — |
Total |  | $ | 66,236 |  |  | $ | 430 |
As of March 31, 2012, and based on the most recent analysis performed, the risk category by class of loans is as follows.
$ in thousands | Multi-Family Mortgage |  | Commercial Real Estate |  | Construction |  | Business
Credit Risk Profile by Internally Assigned Grade: |  |  |  |  |  |
Pass | $ | 74,900 |  |  | $ | 167,606 |  |  | $ | 201 |  |  | $ | 25,963 |
Special Mention | 381 |  |  | 1,456 |  |  | 6,108 |  |  | 4,954 |
Substandard | 3,703 |  |  | 36,959 |  |  | 10,124 |  |  | 12,551 |
Doubtful | — |  |  | — |  |  | — |  |  | 514 |
Loss | — |  |  | — |  |  | — |  |  | — |
Total | $ | 78,984 |  |  | $ | 206,021 |  |  | $ | 16,433 |  |  | $ | 43,982 |
$ in thousands | One-to-four family Residential |  | Consumer and Other |  |  |  |
Credit Risk Profile Based on Payment Activity: |  |  |  |  |  |
Performing | $ | 59,185 |  |  | $ | 1,242 |  |  |  |  |
Non-Performing | 6,987 |  |  | 23 |  |  |  |  |
Total | $ | 66,172 |  |  | $ | 1,265 |  |  |  |  |
The following table presents an aging analysis of the recorded investment of past due financing receivable as of June 30, 2012.
$ in thousands |  | 30-59 Days Past Due |  | 60-89 Days Past Due |  | Greater Than 90 Days |  | Total Past Due |  | Impaired(1) |  | TDR (2) |  | Current |  | Total Financing Receivables
One-to-four family residential |  | $ | — |  |  | $ | 268 |  |  | $ | 4,525 |  |  | $ | 4,793 |  |  | $ | — |  |  | $ | 2,838 |  |  | $ | 58,605 |  |  | $ | 66,236 |
Multi-family mortgage |  | — |  |  | 416 |  |  | 799 |  |  | 1,215 |  |  | — |  |  | 991 |  |  | 72,896 |  |  | 75,102 |
Commercial real estate |  | 2,814 |  |  | 1,924 |  |  | 4,650 |  |  | 9,388 |  |  | 598 |  |  | 11,239 |  |  | 177,046 |  |  | 198,271 |
Construction |  | — |  |  | — |  |  | 4,658 |  |  | 4,658 |  |  | — |  |  | — |  |  | 4,094 |  |  | 8,752 |
Business |  | — |  |  | 1,696 |  |  | 5,204 |  |  | 6,900 |  |  | 71 |  |  | 4,062 |  |  | 30,076 |  |  | 41,109 |
Consumer and other |  | 25 |  |  | 21 |  |  | — |  |  | 46 |  |  | — |  |  | — |  |  | 384 |  |  | 430 |
Total |  | $ | 2,839 |  |  | $ | 4,325 |  |  | $ | 19,836 |  |  | $ | 27,000 |  |  | $ | 669 |  |  | $ | 19,130 |  |  | $ | 343,101 |  |  | $ | 389,900 |
(1) Consists of loans which are less than 90 days past due but impaired due to other risk characteristics. (2) Excludes $5.2 million TDR loans that have performed in accordance with their modified terms for at least six months and are considered performing. These loans are classified as current. The following table presents an aging analysis of the recorded investment of past due financing receivable as of March 31, 2012. Also included are loans that are 90 days or more past due as to interest and principal and still accruing because they are well-secured and in the process of collection.
$ in thousands | 30-59 Days Past Due |  | 60-89 Days Past Due |  | Greater Than 90 Days |  | Total Past Due |  | Impaired (1) |  | TDR (2) |  | Current |  | Total Financing Receivables
One-to-four family residential | $ | 2,381 |  |  | $ | — |  |  | $ | 4,681 |  |  | $ | 7,062 |  |  | $ | — |  |  | $ | 2,306 |  |  | 56,804 |  |  | 66,172 |
Multi-family mortgage | 3,220 |  |  | 427 |  |  | 1,915 |  |  | 5,562 |  |  | — |  |  | 1,008 |  |  | 72,414 |  |  | 78,984 |
Commercial real estate | 11,455 |  |  | — |  |  | 9,406 |  |  | 20,861 |  |  | 2,000 |  |  | 13,061 |  |  | 170,099 |  |  | 206,022 |
Construction | — |  |  | — |  |  | 11,086 |  |  | 11,086 |  |  | — |  |  | 239 |  |  | 5,108 |  |  | 16,433 |
Business | 3,937 |  |  | 954 |  |  | 4,353 |  |  | 9,244 |  |  | 81 |  |  | 4,428 |  |  | 30,229 |  |  | 43,982 |
Consumer and other | 37 |  |  | 1 |  |  | 23 |  |  | 61 |  |  | — |  |  | — |  |  | 1,204 |  |  | 1,265 |
Total | $ | 21,030 |  |  | $ | 1,382 |  |  | $ | 31,464 |  |  | $ | 53,876 |  |  | $ | 2,081 |  |  | $ | 21,042 |  |  | $ | 335,859 |  |  | $ | 412,858 |
(1) Consists of loans which are less than 90 days past due but impaired due to other risk characteristics. (2) Excludes $3.5 million TDR loans that have performed in accordance with their modified terms for at least six months and are considered performing. These loans are classified as current. Management determined the specific allowance based on the present value of expected future cash flows, discounted at the loan’s effective interest rate, except when the remaining source of repayment for the loan is the operation or liquidation of the collateral. In those cases, the current fair value of the collateral, less selling costs was used to determine the specific allowance recorded. When the ultimate collectability of the total principal of an impaired loan is in doubt and the loan is on nonaccrual status, all payments are applied to principal, under the cost recovery method. When the ultimate collectability of the total principal of an impaired loan is not in doubt and the loan is on nonaccrual status, contractual interest is credited to interest income when received, under the cash basis method. The following table presents information on impaired loans and non-performing TDR loans ($19.1 million) with the associated allowance amount, if applicable at June 30, 2012 and the interest income recognized for the periods ended June 30, 2012 and 2011 .
Impaired Loans by Class
|  | June 30, 2012 |  | June 30, 2011
$ in thousands |  | Recorded Investment |  | Unpaid Principal Balance |  | Associated Allowance |  | Average Balance |  | Interest income recognized |  | Average Balance |  | Interest income recognized
With no specific allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |
One-to-four family residential |  | $ | 828 |  |  | $ | 828 |  |  | $ | — |  |  | $ | 728 |  |  | $ | 9 |  |  | $ | 3,855 |  |  | $ | 23 |
Multi-family mortgage |  | 192 |  |  | 192 |  |  | — |  |  | 193 |  |  | 3 |  |  | 2,488 |  |  | 12 |
Commercial real estate |  | 5,973 |  |  | 6,661 |  |  | — |  |  | 6,139 |  |  | 108 |  |  | 10,695 |  |  | 4 |
Construction |  | 7,250 |  |  | 7,519 |  |  | — |  |  | 6,328 |  |  | 53 |  |  | 20,641 |  |  | 325 |
Business |  | 3,290 |  |  | 3,290 |  |  | — |  |  | 4,137 |  |  | 32 |  |  | 4,569 |  |  | 72 |
Consumer and other |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | 17,533 |  |  | $ | 18,490 |  |  | $ | — |  |  | $ | 17,525 |  |  | $ | 205 |  |  | $ | 42,248 |  |  | $ | 436 |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |
One-to-four family residential |  | $ | 3,093 |  |  | $ | 3,175 |  |  | $ | 546 |  |  | $ | 2,386 |  |  | $ | 7 |  |  | $ | 7,434 |  |  | $ | 34 |
Multi-family mortgage |  | 798 |  |  | 863 |  |  | 61 |  |  | 806 |  |  | — |  |  | 7,304 |  |  | 65 |
Commercial real estate |  | 5,809 |  |  | 6,208 |  |  | 353 |  |  | 10,139 |  |  | 95 |  |  | 5,215 |  |  | 35 |
Construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 14,013 |  |  | — |
Business |  | 2,645 |  |  | 2,645 |  |  | 298 |  |  | 1,867 |  |  | 81 |  |  | 1,688 |  |  | 8 |
Consumer and other |  | — |  |  | — |  |  | — |  |  | — |  | — |  | — |  |  |  |  |  | — |
Total |  | $ | 12,345 |  |  | $ | 12,891 |  |  | $ | 1,258 |  |  | $ | 15,198 |  |  | $ | 183 |  |  | $ | 35,654 |  |  | $ | 142 |
Total impaired loans by type: |  |  |  |  |  |  |  |  |  |  |  |  |  |
One-to-four family residential |  | $ | 3,921 |  |  | $ | 4,003 |  |  | $ | 546 |  |  | $ | 3,114 |  |  | $ | 16 |  |  | $ | 11,289 |  |  | $ | 57 |
Multi-family mortgage |  | 990 |  |  | 1,055 |  |  | 61 |  |  | 999 |  |  | 3 |  |  | 9,792 |  |  | 77 |
Commercial real estate |  | 11,782 |  |  | 12,869 |  |  | 353 |  |  | 16,278 |  |  | 203 |  |  | 15,910 |  |  | 39 |
Construction |  | 7,250 |  |  | 7,519 |  |  | — |  |  | 6,328 |  |  | 53 |  |  | 34,654 |  |  | 325 |
Business |  | 5,935 |  |  | 5,935 |  |  | 298 |  |  | 6,004 |  |  | 113 |  |  | 6,257 |  |  | 80 |
Consumer and other |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | 29,878 |  |  | $ | 31,381 |  |  | $ | 1,258 |  |  | $ | 32,723 |  |  | $ | 388 |  |  | $ | 77,902 |  |  | $ | 578 |
The following table presents information on impaired loans and non-performing TDR loans ($21.0 million) with the associated allowance amount, if applicable at March 31, 2012
Impaired Loans by Class
As of March 31, 2012
$ in thousands |  |  | Recorded Investment |  | Unpaid Principal Balance |  | Associated Allowance
With no specific allowance recorded: |  |  |  |  |  |  |
One-to-four family residential |  |  | $ | 628 |  |  | $ | 628 |  |  | — |
Multi-family mortgage |  |  | 194 |  |  | 194 |  |  | — |
Commercial real estate |  |  | 6,304 |  |  | 6,304 |  |  | — |
Construction |  |  | 5,406 |  |  | 5,670 |  |  | — |
Business |  |  | 4,983 |  |  | 5,417 |  |  | — |
Consumer and other |  |  | — |  |  | — |  |  | — |
Total |  |  | $ | 17,515 |  |  | $ | 18,213 |  |  | — |
With an allowance recorded: |  |  |  |  |  |  |
One-to-four family residential |  |  | $ | 1,679 |  |  | $ | 1,760 |  |  | $ | 207 |
Multi-family mortgage |  |  | 814 |  |  | 879 |  |  | 61 |
Commercial real estate |  |  | 14,469 |  |  | 15,068 |  |  | 532 |
Construction |  |  | 681 |  |  | 1,613 |  |  | 48 |
Business |  |  | 1,089 |  |  | 1,776 |  |  | 101 |
Consumer and other |  |  | — |  |  | — |  |  | — |
Total |  |  | $ | 18,732 |  |  | $ | 21,096 |  |  | $ | 949 |
Total impaired loans by type: |  |  |  |  |  |  |
One-to-four family residential |  |  | $ | 2,307 |  |  | $ | 2,388 |  |  | $ | 207 |
Multi-family mortgage |  |  | 1,008 |  |  | 1,073 |  |  | 61 |
Commercial real estate |  |  | 20,773 |  |  | 21,372 |  |  | 532 |
Construction |  |  | 6,087 |  |  | 7,283 |  |  | 48 |
Business |  |  | 6,072 |  |  | 7,193 |  |  | 101 |
Consumer and other |  |  | — |  |  | — |  |  | — |
Total |  |  | $ | 36,247 |  |  | $ | 39,309 |  |  | $ | 949 |
In certain circumstances, loan modifications involve a troubled borrower to whom the Bank may grant a modification. Situations around modifications involving troubled borrowers may include extension of maturity date, reduction in the stated interest rate, rescheduling of future cash flows, reduction in the face amount of the debt or reduction of past accrued interest. In cases where the Bank grants any such concession to a troubled borrower, the Bank accounts for the modification as a TDR under ASC 310-40 and the related allowance under ASC 310-10-35. Loans modified in TDRs are placed on non-accrual status until the Company determines that future collection of principal and interest is reasonably assured, which generally requires that the borrower demonstrate performance according to the restructured terms for a period of at least six months. The following table presents an analysis of those loan modifications that were classified as non performing TDRs during the three month period ended June 30, 2012.
Modifications to loans during the three month period ended
June 30, 2012
$ in thousands | Number of loans |  | Pre-modification outstanding recorded investment |  | Recorded investment at June 30, 2012 |  | Pre-Modification rate |  | Post-Modification rate
One-to-four family residential | 1 |  |  | $ | 540 |  |  | $ | 540 |  |  | 6.75 | % |  | 4.00 | %
Total | 1 |  |  | $ | 540 |  |  | $ | 540 |  |  | 6.75 | % |  | 4.00 | %
In an effort to proactively manage delinquent loans, Carver has selectively extended to certain borrowers concessions such as rate reductions or forbearance agreements. For the three month period ended June 30, 2012, one loan of $0.5 million was modified with an interest rate concession of 2.75%. There were no modifications made during the three month period ended June 30, 2011. For the period ended June 30, 2012, Carver had one multi-family loan with an outstanding balance of $0.8 million, that had been modified and subsequently defaulted within the last twelve months. TDR's are factored into the determination of the allowance for loan losses. The Company has allocated approximately $46 thousand of the loan loss allowance at June 30, 2012 for those TDRs modified within the last three months. For the period ended June 30, 2012 there were eleven loans in the TDR portfolio totaling $5.2 million that were on accrual status as they had performed within their modified terms for a consecutive six month period. At June 30, 2012 and 2011, there were no loans to officers or directors of the Company.

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