All loans deemed a troubled debt restructuring (“TDR"), are considered impaired, and are evaluated for collateral and cash-flow sufficiency. A loan is considered a TDR when the Company, for economic or legal reasons related to a borrower’s financial difficulties, grants a concession to the borrower that the Company would not otherwise consider. All of the following factors are indicators that the Company has granted a concession (one or multiple items may be present):

There were sixteen (16) TDR loans totaling $2.8 million at September 30, 2020. At December 31, 2019, there were eighteen (18) TDR loans totaling $3 million. Two loans, totaling $126 thousand, were in nonaccrual status at September 30, 2020. Four loans, totaling $401 thousand, were in nonaccrual status at December 31, 2019. There were no outstanding commitments to lend additional amounts to troubled debt restructured borrowers at September 30, 2020 or December 31, 2019.

During the first nine months of 2020, the Company had approved 251 deferrals of interest and/or principal payments with respect to loan balances totaling approximately $134.0 million for its customers experiencing hardships related to COVID-19. These deferrals were no more than six months in duration and were for loans not more than 30 days past due as of December 31, 2019. As such, they were not considered troubled debt restructurings based on the relief provisions of the Coronavirus Aid, Relief and Economic Security ("CARES") Act and recent interagency regulatory guidance. As of September 30, 2020, 231 of these loans with loan balances totaling approximately $97.9 million had begun making payments on their loans after the end of the deferral period. The majority of the remainder of these loans are still in their original deferral period, have been granted an additional deferral or have paid off.

The following tables set forth information on the Company’s troubled debt restructurings by class of loans occurring during the three and nine months ended September 30, 2020. During the three and nine months ended September 30, 2019, the Company classified no additional loans as troubled debt restructurings.

	Three Months Ended
	September 30, 2020
	(in thousands)
	Number of Contracts		Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment
Consumer:
Installment		1	$	13	$	13
Residential:
Single family		3		931		935
Total		4	$	944	$	948

	Nine Months Ended
	September 30, 2020
	(in thousands)
	Number of Contracts		Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment
Consumer:
Installment		1	$	13	$	13
Residential:
Single family		3		931		935
Total		4	$	944	$	948

During the three and nine months ended September 30, 2020, the Company restructured one consumer installment loan and one residential single-family loan by granting three 90-day payment deferment periods. During the same time periods, the Company restructured one single-family residential loan by reducing the payments due for a period of time and restructured another single-family residential loan by allowing a loan policy exception for a high loan-to-value.

There were no payment defaults during the three and nine months ended September 30, 2020 for TDRs that were restructured within the preceding twelve month period. There were also no payment defaults during the three months ended September 30, 2019. Payment defaults for the nine months ended September 30, 2019 are detailed in the table below.

	Nine Months Ended
	September 30, 2019
	(in thousands)
	Number of Contracts		Recorded Investment
Residential:
Single family		1	$	74
Total		1	$	74

Management defines default as over 30 days contractually past due under the modified terms, the foreclosure and/or repossession of the collateral, or the charge-off of the loan during the twelve month period subsequent to the modification.