NONPERFORMING ASSETS

Nonperforming assets include nonperforming loans plus real estate owned. The Company’s nonperforming assets at March 31, 2020 and December 31, 2019 are indicated below:



(Dollars in thousands)	March 31, 2020		December 31, 2019
Non-accrual loans:
Multifamily residential	$	537	$	541
Single family residential	5,036		5,792
Total non-accrual loans	5,573		6,333
Real estate owned	—		—
Total nonperforming assets	$	5,573	$	6,333

Interest income is subsequently recognized on a cash basis as long as the remaining unpaid principal amount of a non-accrual loan is deemed to be fully collectible. If there is doubt regarding the collectability of the loan, then any interest payments received are applied to principal. Interest income was recognized on a cash basis on non-accrual loans during the three months ended March 31, 2020 and 2019 totaling $22 thousand and $3 thousand, respectively. Contractual interest not accrued on nonperforming loans during the three months ended March 31, 2020 totaled $71 thousand compared with $22 thousand for the three months ended March 31, 2019.

Generally, nonperforming loans are considered impaired because the repayment of the loan will not be made in accordance with the original contractual agreement.