NONPERFORMING ASSETS

9 Months Ended

Sep. 30, 2020

Receivables [Abstract]

NONPERFORMING ASSETS

NONPERFORMING ASSETS

Nonperforming assets include nonperforming loans plus real estate owned. The Company’s nonperforming assets at September 30, 2020 and December 31, 2019 are indicated below:

(Dollars in thousands)	September 30, 2020		December 31, 2019
Non-accrual loans:
Multifamily residential	$	528	$	541
Single family residential	4,303		5,792
Total non-accrual loans	4,831		6,333
Real estate owned	—		—
Total nonperforming assets	$	4,831	$	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 and nine months ended September 30, 2020 totaling $22 thousand and $73 thousand, respectively, compared to $27 thousand and $64 thousand for the three and nine months ended September 30, 2019, respectively. Contractual interest not recorded on nonperforming loans during the three and nine months ended September 30, 2020 totaled $47 thousand and $137 thousand, respectively, compared with $133 thousand and $189 thousand for the three and nine months ended September 30, 2019, respectively.