The following table sets forth the composition of the Company’s loan portfolio at December 31, 2020 and June 30, 2020:

Past due status is based on the contractual payment terms of the loans. The following tables present the payment status of past due loans as of December 31, 2020 and June 30, 2020, by loan segment:

	December 31, 2020
	Multi-Family Mortgage		Non- Residential Mortgage		Commercial Business		Construction		Residential Mortgage		Home Equity Loans		Other Consumer		Total
	(In Thousands)
Current	$	2,060,012	$	1,083,879	$	201,527	$	90,398	$	1,297,164	$	65,182	$	4,110	$	4,802,272
Past due:
30-59 days		2,971		2,713		183		-		2,718		-		2		8,587
60-89 days		3,274		14,529		-		-		271		-		6		18,080
90 days and over		10,226		22,574		300		-		5,198		116		5		38,419
Total past due		16,471		39,816		483		-		8,187		116		13		65,086

Total loans	$	2,076,483	$	1,123,695	$	202,010	$	90,398	$	1,305,351	$	65,298	$	4,123	$	4,867,358

	June 30, 2020

	Multi-Family Mortgage		Non- Residential Mortgage		Commercial Business		Construction		Residential Mortgage		Home Equity Loans		Other Consumer		Total
	(In Thousands)
Current	$	2,059,568	$	941,714	$	138,439	$	20,961	$	1,264,267	$	82,358	$	3,981	$	4,511,288
Past due:
30-59 days		-		-		-		-		3,211		169		-		3,380
60-89 days		-		14,478		-		-		1,038		13		5		15,534
90 days and over		-		4,661		349		-		4,506		380		5		9,901
Total past due		-		19,139		349		-		8,755		562		10		28,815

Total loans	$	2,059,568	$	960,853	$	138,788	$	20,961	$	1,273,022	$	82,920	$	3,991	$	4,540,103

Loans are generally placed on nonaccrual status when contractual payments become 90 or more days past due or when the Company does not expect to receive all principal and interest payments (“P&I”) owed substantially in accordance with the terms of the loan agreement, regardless of past due status. Loans that become 90 days past due, but are well secured and in the process of collection, may remain on accrual status. Nonaccrual loans are generally returned to accrual status when all payments due are brought current and we expect to receive all remaining P&I payments owed substantially in accordance with the terms of the loan agreement. Payments received in cash on nonaccrual loans, including both the principal and interest portions of those payments, are generally applied to reduce the carrying value of the loan. The Company did not recognize interest income on non-accrual loans during the three and six months ended December 31, 2020 and December 31, 2019.

The following tables present information relating to the Company’s nonperforming loans as of December 31, 2020 and June 30, 2020:

	December 31, 2020
	Multi-Family Mortgage		Non- Residential Mortgage		Commercial Business		Construction		Residential Mortgage		Home Equity Loans		Other Consumer		Total
	(In Thousands)
Performing	$	2,060,087	$	1,084,413	$	201,483	$	87,884	$	1,292,826	$	65,075	$	4,118	$	4,795,886
Nonperforming:
90 days and over past due accruing		-		-		-		-		-		-		-		-
Nonaccrual loans with allowance for credit losses		-		1,635		121		-		2,770		-		5		4,531
Nonaccrual loans with no allowance for credit losses		16,396		37,647		406		2,514		9,755		223		-		66,941
Total nonperforming		16,396		39,282		527		2,514		12,525		223		5		71,472

Total loans	$	2,076,483	$	1,123,695	$	202,010	$	90,398	$	1,305,351	$	65,298	$	4,123	$	4,867,358

On a case-by-case basis, the Company may agree to modify the contractual terms of a loan to assist a borrower who may be experiencing financial difficulty, as well as to preserve the Company’s position in the loan. If the borrower is experiencing financial difficulties and a concession has been made at the time of such modification, the loan is classified as a TDR. At December 31, 2020, the Company had TDRs totaling $19.6 million. The allowance for credit losses associated with the TDRs presented in the tables below totaled $209,000 and $8,000 as of December 31, 2020 and June 30, 2020, respectively. As of December 31, 2020, there were no significant commitments to lend additional funds to borrowers whose loans had been restructured in a TDR.

The following tables present total TDR loans at December 31, 2020 and June 30, 2020:

	December 31, 2020
	Accrual				Non-accrual				Total
	# of Loans		Amount		# of Loans		Amount		# of Loans		Amount
	(Dollars In Thousands)
Commercial loans:
Multi-family mortgage loans		-	$	-		1	$	2,896		1	$	2,896
Nonresidential mortgage		1		108		7		2,505		8		2,613
Commercial business		5		5,083		5		422		10		5,505
Construction		-		-		1		2,514		1		2,514
Total commercial loans		6		5,191		14		8,337		20		13,528

One- to four-family residential mortgage		16		2,400		17		3,091		33		5,491

Consumer loans:
Home equity loans		8		528		1		95		9		623
Total		30	$	8,119		32	$	11,523		62	$	19,642

	June 30, 2020
	Accrual				Non-accrual				Total
	# of Loans		Amount		# of Loans		Amount		# of Loans		Amount
	(Dollars In Thousands)
Commercial loans:
Multi-family mortgage loans		-	$	-		1	$	2,962		1	$	2,962
Nonresidential mortgage		1		112		9		5,442		10		5,554
Commercial business		5		5,179		6		446		11		5,625
Total commercial loans		6		5,291		16		8,850		22		14,141

One- to four-family residential mortgage		14		2,407		20		3,811		34		6,218

Consumer loans:
Home equity loans		12		715		2		448		14		1,163
Total		32	$	8,413		38	$	13,109		70	$	21,522

The following tables present information regarding the restructuring of the Company’s troubled debts during the three and six months ended December 31, 2020 and December 31, 2019:

During the three and six months ended December 31, 2020 and December 31 2019, there were no charge-offs related to TDRs. During the three months ended December 31, 2020 there was one troubled debt restructuring default totaling $488,000. During the three and six months ended December 31, 2019, there were no troubled debt restructuring defaults..

Loan modifications generally involve a reduction in interest rates and/or extension of maturity dates and also may include step up interest rates in their modified terms which will impact their weighted average yield in the future. The residential mortgage loan which qualified as a TDR during the six months ended December 31, 2020, capitalized prior past due amounts and modified the loan’s repayment terms.

In March 2020, various regulatory agencies, including the Board of Governors of the Federal Reserve System (the “FRB”) and the Federal Deposit Insurance Corporation (the “FDIC”), issued an interagency statement on loan modifications and reporting for financial institutions working with customers affected by COVID-19. The interagency statement was effective immediately and impacted accounting for loan modifications. The agencies confirmed with the staff of the FASB that short-term modifications made on a good faith basis in response to COVID-19 to borrowers who were current prior to any relief, are not to be considered TDRs. This includes short-term modifications such as payment deferrals, fee waivers, extension of repayment terms, or other delays in payment that are insignificant. Provisions of the CARES Act largely mirrored the provisions of the interagency statement, providing that modified loans were not to be considered TDRs if they were performing at December 31, 2019 and other considerations set forth in the interagency statements were met. Borrowers considered current are those that are less than 30 days past due at the time a modification program is implemented or at December 31, 2019.

On December 27, 2020, the 2021 Consolidated Appropriations Act was signed into law. The $900 billion relief package includes legislation that extends certain relief provisions of the CARES Act that were set to expire on December 31, 2020. The CARES Act permitted financial institutions to suspend TDR assessment and reporting requirements under GAAP for loan modifications. This new legislation extends this relief to the earlier of 60 days after the national emergency declared by the President is terminated or January 1, 2022. As of December 31, 2020, the Company had 37 non-TDR modified loans totaling approximately $33.2 million.

The following table sets forth the composition of these loans by loan segments as of December 31, 2020:

Effective July 1, 2020, individually analyzed loans include loans which do not share similar risk characteristics with other loans. TDR’s will generally be evaluated for individual impairment, however, after a period of sustained repayment performance which permits the credit to be returned to accrual status, a TDR would generally be removed from individual impairment analysis and returned to its corresponding pool. As of December 31, 2020, the carrying value of individually analyzed loans totaled $71.5 million, of which $58.7 million were considered collateral dependent.

For collateral dependent loans where management has determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and repayment of the loan is to be provided substantially through the operation or sale of the collateral, the ACL is measured based on the difference between the fair value of the collateral, less costs to sell, and the amortized cost basis of the loan as of the measurement date. See Note 15 for additional disclosure regarding fair value of individually analyzed collateral dependent loans.

The following table presents the carrying value of collateral dependent individually analyzed loans:

The following table presents, under previously applicable GAAP, loans individually evaluated for impairment by portfolio segment as of June 30, 2020:

	June 30, 2020
	Multi-Family Mortgage		Non- Residential Mortgage			Commercial Business			Construction		Residential Mortgage			Home Equity Loans		Other Consumer		Total
	(In Thousands)
Carrying value of impaired loans:

Non-impaired loans	$	2,056,606	$	936,805		$	132,999		$	20,961	$	1,262,256		$	81,363	$	3,991	$	4,494,981
Impaired loans:
Impaired loans with no allowance for impairment		2,962		22,516			5,622			-		10,659			1,557		-		43,316
Impaired loans with allowance for impairment:
Recorded investment		-		1,532			167			-		107			-		-		1,806
Allowance for impairment		-		(41	)		(47	)		-		(1	)		-		-		(89	)
Balance of impaired loans net of allowance for impairment		-		1,491			120			-		106			-		-		1,717
Total impaired loans, excluding allowance for impairment:		2,962		24,048			5,789			-		10,766			1,557		-		45,122

Total loans	$	2,059,568	$	960,853		$	138,788		$	20,961	$	1,273,022		$	82,920	$	3,991	$	4,540,103

Unpaid principal balance of impaired loans:
Total impaired loans	$	3,544	$	25,898		$	8,778		$	73	$	12,908		$	1,950	$	-	$	53,151

The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually to classify the loans as to credit risk. The Company uses the following definitions for risk ratings:

Pass – Loans that are well protected by the current net worth and paying capacity of the obligor (or guarantors, if any) or by the fair value, less cost to acquire and sell, of any underlying collateral in a timely manner.

Special Mention – Loans which do not currently expose the Company to a sufficient degree of risk to warrant an adverse classification but have some credit deficiencies or other potential weaknesses.

Substandard – Loans which are inadequately protected by the paying capacity and net worth of the obligor or the collateral pledged, if any. Substandard assets include those characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected.

Doubtful – Loans which have all of the weaknesses inherent in those classified as Substandard, with the added characteristic that the weaknesses present make collection or liquidation in full highly questionable and improbable, on the basis of currently existing facts, conditions and values.

Loss – Loans which considered uncollectible or of so little value that their continuance as assets is not warranted.

The following table presents the risk category of loans as of December 31, 2020 by loan segment and vintage year:

	Term Loans by Origination Year for Fiscal Years ended June 30,
	2021		2020		2019		2018		2017		Prior		Revolving Loans		Total
	(In Thousands)
Multi-family mortgage:
Pass	$	129,953	$	260,622	$	412,587	$	402,970	$	383,315	$	458,752	$	-	$	2,048,199
Special Mention		-		-		-		-		1,851		1,070		-		2,921
Substandard		-		-		-		6,170		10,226		8,967		-		25,363
Doubtful		-		-		-		-		-		-		-		-
Total multi-family mortgage		129,953		260,622		412,587		409,140		395,392		468,789		-		2,076,483
Non-residential mortgage:
Pass		41,110		86,629		56,444		69,847		276,965		512,294		6,238		1,049,527
Special Mention		-		-		23,520		-		980		4,524		-		29,024
Substandard		-		-		-		9,165		24,903		11,076		-		45,144
Doubtful		-		-		-		-		-		-		-		-
Total non-residential mortgage		41,110		86,629		79,964		79,012		302,848		527,894		6,238		1,123,695
Commercial business:
Pass		29,506		47,411		4,466		20,468		7,093		14,342		68,640		191,926
Special Mention		1,115		1,640		267		2,370		978		15		166		6,551
Substandard		-		124		216		1,597		105		1,334		157		3,533
Doubtful		-		-		-		-		-		-		-		-
Total commercial business		30,621		49,175		4,949		24,435		8,176		15,691		68,963		202,010
Construction loans:
Pass		6,534		20,680		17,702		21,449		14,239		1,523		5,735		87,862
Special Mention		-		-		-		-		-		-		-		-
Substandard		-		-		-		-		-		2,536		-		2,536
Doubtful		-		-		-		-		-		-		-		-
Total construction loans		6,534		20,680		17,702		21,449		14,239		4,059		5,735		90,398
Residential mortgage:
Pass		154,973		181,649		98,598		98,970		157,949		591,450		375		1,283,964
Special Mention		-		-		1,246		-		-		708		-		1,954
Substandard		952		1,408		683		-		570		15,820		-		19,433
Doubtful		-		-		-		-		-		-		-		-
Total residential mortgage		155,925		183,057		100,527		98,970		158,519		607,978		375		1,305,351
Home equity loans:
Pass		356		3,754		6,516		3,805		3,189		19,166		27,556		64,342
Special Mention		-		-		-		-		-		166		-		166
Substandard		-		-		-		-		66		724		-		790
Doubtful		-		-		-		-		-		-		-		-
Total home equity loans		356		3,754		6,516		3,805		3,255		20,056		27,556		65,298
Other consumer loans
Pass		504		536		775		266		145		1,717		72		4,015
Special Mention		-		-		-		-		-		-		-		-
Substandard		-		-		-		-		-		-		1		1
Doubtful		-		-		-		-		-		5		102		107
Other consumer loans		504		536		775		266		145		1,722		175		4,123
Total loans	$	365,003	$	604,453	$	623,020	$	637,077	$	882,574	$	1,646,189	$	109,042	$	4,867,358

The following table presents, under previously applicable GAAP, the risk category of loans as of June 30, 2020 by loan segment:

Loans acquired in a business combination after July 1, 2020 are recorded in accordance with ASC Topic 326, after which acquired loans are separated into two types. PCD loans are acquired loans that, as of the acquisition date, have experienced a more-than-insignificant deterioration in credit quality since origination. Non-PCD loans are acquired loans that have experienced no or insignificant deterioration in credit quality since origination. To distinguish between the two types of acquired loans, the Company evaluates risk characteristics that have been determined to be indicators of deteriorated credit quality. The determining criteria may involve loan specific characteristics such as payment status, debt service coverage or other changes in creditworthiness since the loan was originated, while others are relevant to recent economic conditions, such as borrowers in industries impacted by the pandemic.

As part of the acquisition of MSB, the Company purchased loans, for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination. The carrying amount of those loans is as follows:

We may obtain physical possession of one- to four-family real estate collateralizing a residential mortgage loan via foreclosure or through an in-substance repossession. As of December 31, 2020, we held one single-family property in other real estate owned with an aggregate carrying value of $178,000 that was acquired through a foreclosure on a residential mortgage loan. As of that same date, we held nine residential mortgage loans with aggregate carrying values totaling $1.7 million which were in the process of foreclosure.

As of June 30, 2020, we held one single-family property in other real estate owned with an aggregate carrying value of $178,000 that was acquired through a foreclosure on a residential mortgage loan. As of that same date, we held nine residential mortgage loans with aggregate carrying values totaling $1.9 million which were in the process of foreclosure.

The States of New Jersey and New York have issued executive orders and enacted legislation declaring moratoriums on removing individuals from a residential property as a result of an eviction or foreclosure proceeding. The New Jersey order will be in effect until two months after the Governor has declared an end to the COVID-19 health crisis. The New York law, which places a moratorium on evictions for tenants who have endured COVID-related hardship and on foreclosures, will be in effect until at least May 1, 2021. As a result, since March 28, 2020, the Company has temporarily suspended residential property foreclosure sales and evictions.

On September 4, 2020, the Centers for Disease Control and Prevention (“CDC”) imposed a nationwide temporary federal moratorium on residential evictions due to nonpayment of rent, for qualified tenants. The national eviction moratorium took effect after the expiration of eviction protections established by the CARES Act and was scheduled to extend through December 31, 2020, but was extended legislatively through January 31, 2021. On January 20, 2021, the CDC announced its intent to extend the existing eviction moratorium order through March 31, 2021.