| Loans Receivable, Net | Loans Receivable, Net The detail of the loan portfolio as of September 30, 2015 and December 31, 2014 was as follows: September 30, December 31, (In thousands) Multi-family loans $ 5,878,532 5,048,477 Commercial real estate loans 3,773,427 3,139,824 Commercial and industrial loans 922,335 544,402 Construction loans 205,647 143,664 Total commercial loans 10,779,941 8,876,367 Residential mortgage loans 5,111,776 5,764,896 Consumer and other loans 478,527 440,500 Total loans excluding PCI loans 16,370,244 15,081,763 PCI loans 12,845 17,789 Net unamortized premiums and deferred loan costs (1) (11,868 ) (11,698 ) Allowance for loan losses (218,458 ) (200,284 ) Net loans $ 16,152,763 14,887,570 (1) Included in unamortized premiums and deferred loan costs are accretable purchase accounting adjustments in connection with loans acquired. Purchased Credit-Impaired Loans Purchased Credit-Impaired ("PCI") loans, are loans acquired at a discount that is due, in part, to credit quality. PCI loans are accounted for in accordance with ASC Subtopic 310-30 and are initially recorded at fair value as determined by the present value of expected future cash flows with no valuation allowance reflected in the allowance for loan losses. The following table presents information regarding the estimates of the contractually required payments, the cash flows expected to be collected and the estimated fair value of the PCI loans acquired in the Gateway Financial acquisition as of January 10, 2014: January 10, 2014 (In thousands) Contractually required principal and interest $ 4,172 Contractual cash flows not expected to be collected (non-accretable difference) (1,024 ) Expected cash flows to be collected 3,148 Interest component of expected cash flows (accretable yield) (216 ) Fair value of acquired loans $ 2,932 The following table presents changes in the accretable yield for PCI loans during the three and nine months ended September 30, 2015 and 2014 : Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (In thousands) Balance, beginning of period 740 1,401 971 4,154 Acquisitions — — — 216 Accretion (1) (232 ) (193 ) (463 ) (3,162 ) Net reclassification from non-accretable difference — — — — Balance, end of period $ 508 $ 1,208 $ 508 $ 1,208 (1) Includes the impact of PCI loans transferred to held for sale at lower cost or market as of March 31, 2014. Allowance for Loan Loss An analysis of the allowance for loan losses is summarized as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Balance at beginning of the period $ 213,962 $ 186,070 $ 200,284 $ 173,928 Loans charged off (1,390 ) (8,060 ) (5,667 ) (15,163 ) Recoveries 886 4,074 2,841 6,319 Net charge-offs (504 ) (3,986 ) (2,826 ) (8,844 ) Provision for loan losses 5,000 9,000 21,000 26,000 Balance at end of the period $ 218,458 $ 191,084 $ 218,458 $ 191,084 The allowance for loan losses is the estimated amount considered necessary to cover credit losses inherent in the loan portfolio at the balance sheet date. The allowance is established through the provision for loan losses that is charged against income. In determining the allowance for loan losses, we make significant estimates and therefore, have identified the allowance as a critical accounting policy. The methodology for determining the allowance for loan losses is considered a critical accounting policy by management because of the high degree of judgment involved, the subjectivity of the assumptions used, and the potential for changes in the economic environment that could result in changes to the amount of the recorded allowance for loan losses. The allowance for loan losses has been determined in accordance with U.S. GAAP, under which we are required to maintain an allowance for probable losses at the balance sheet date. We are responsible for the timely and periodic determination of the amount of the allowance required. We believe that our allowance for loan losses is adequate to cover specifically identifiable losses, as well as estimated losses inherent in our portfolio for which certain losses are probable but not specifically identifiable. Loans acquired are marked to fair value on the date of acquisition with no valuation allowance reflected in the allowance for loan losses. In conjunction with the quarterly evaluation of the adequacy of the allowance for loan loss, the Company performs an analysis on acquired loans to determine whether or not there has been subsequent deterioration in relation to those loans. If deterioration has occurred, the Company will include these loans in their calculation of the allowance for loan loss. For the nine months ended September 30, 2015 , the Company recorded charge-offs related to PCI loans acquired of $184,000 . Management performs a quarterly evaluation of the adequacy of the allowance for loan losses. The analysis of the allowance for loan losses has two components: specific and general allocations. Specific allocations are made for loans determined to be impaired. A loan is deemed to be impaired if it is a commercial loan with an outstanding balance greater than $1.0 million and on non-accrual status, loans modified in a troubled debt restructuring (“TDR”), and other commercial loans greater than $1.0 million if management has specific information that it is probable they will not collect all amounts due under the contractual terms of the loan agreement. Impairment is measured by determining the present value of expected future cash flows or, for collateral-dependent loans, the fair value of the collateral adjusted for market conditions and selling expenses. The general allocation is determined by segregating the remaining loans, including those loans not meeting the Company’s definition of an impaired loan, by type of loan, risk rating (if applicable) and payment history. In addition, the Company's residential portfolio is subdivided between fixed and adjustable rate loans as adjustable rate loans are deemed to be subject to more credit risk if interest rates rise. We also analyze historical loss experience using the appropriate look-back and loss emergence period. The loss factors used are based on the Company's historical loss experience over a look-back period determined to provide the appropriate amount of data to accurately estimate expected losses as of period end. Additionally, management assesses the loss emergence period for the expected losses of each loan segment and adjusts each historical loss factor accordingly. The loss emergence period is the estimated time from the date of a loss event (such as a personal bankruptcy) to the actual recognition of the loss (typically via the first full or partial loan charge-off), and is determined based upon a study of the Company's past loss experience by loan segment. The loss factors may also be adjusted to account for qualitative or environmental factors that are likely to cause estimated credit losses inherent in the portfolio to differ from historical loss experience. This evaluation is based on delinquency trends, general economic conditions, geographic concentrations, and industry and peer comparisons, but is inherently subjective as it requires material estimates that may be susceptible to significant revisions based upon changes in economic and real estate market conditions. Actual loan losses may be different than the allowance for loan losses we have established which could have a material negative effect on our financial results. On a quarterly basis, management reviews the current status of various loan assets in order to evaluate the adequacy of the allowance for loan losses. In this evaluation process, specific loans are analyzed to determine their potential risk of loss. This process includes all loans, concentrating on non-accrual and classified loans. Each non-accrual or classified loan is evaluated for potential loss exposure. Any shortfall results in a recommendation of a specific allowance or charge-off if the likelihood of loss is evaluated as probable. To determine the adequacy of collateral on a particular loan, an estimate of the fair value of the collateral is based on the most current appraised value available for real property or a discounted cash flow analysis on a business. This appraised value for real property is then reduced to reflect estimated liquidation expenses. The allowance contains reserves identified as unallocated. These reserves reflect management's attempt to ensure that the overall allowance reflects a margin for imprecision and the uncertainty that is inherent in estimates of probable credit losses. The results of this quarterly process are reviewed and approved by management. A summary of loan loss allowances is presented to the Board of Directors on a quarterly basis. Our primary lending emphasis has been the origination of commercial real estate loans, multi-family loans, commercial and industrial loans and the origination and purchase of residential mortgage loans. We also originate home equity loans and home equity lines of credit. These activities resulted in a concentration of loans secured by real estate property and businesses located in New Jersey and New York. Based on the composition of our loan portfolio, we believe the primary risks are increases in interest rates, a decline in the general economy, and declines in real estate market values in New Jersey, New York and surrounding states. Any one or combination of these events may adversely affect our loan portfolio resulting in increased delinquencies, loan losses and future levels of loan loss provisions. We consider it important to maintain the ratio of our allowance for loan losses to total loans at an adequate level given current economic conditions and the composition of the portfolio. As a substantial amount of our loan portfolio is collateralized by real estate, appraisals of the underlying value of property securing loans are critical in determining the amount of the allowance required for specific loans. Assumptions for appraisal valuations are instrumental in determining the value of properties. Negative changes to appraisal assumptions could significantly impact the valuation of a property securing a loan and the related allowance determined. The assumptions supporting such appraisals are carefully reviewed by management to determine that the resulting values reasonably reflect amounts realizable on the related loans. For commercial real estate, multi-family and construction loans, the Company obtains an appraisal for all collateral dependent loans upon origination. An updated appraisal is obtained annually for loans rated substandard or worse with a balance of $500,000 or greater. An updated appraisal is obtained bi-annually for loans rated special mention with a balance of $ 1.0 million or greater. This is done in order to determine the specific reserve or charge off needed. As part of the allowance for loan loss process, the Company reviews each collateral dependent commercial real estate loan previously classified as non-accrual and/or impaired and assesses whether there has been an adverse change in the collateral value supporting the loan. The Company utilizes information from its commercial lending officers and its credit department and loan workout department’s knowledge of changes in real estate conditions in our lending area to identify if possible deterioration of collateral value has occurred. Based on the severity of the changes in market conditions, management determines if an updated appraisal is warranted or if downward adjustments to the previous appraisal are warranted. If it is determined that the deterioration of the collateral value is significant enough to warrant ordering a new appraisal, an estimate of the downward adjustments to the existing appraised value is used in assessing if additional specific reserves are necessary until the updated appraisal is received. For homogeneous residential mortgage loans, the Company’s policy is to obtain an appraisal upon the origination of the loan and an updated appraisal in the event a loan becomes 90 days delinquent. Thereafter, the appraisal is updated every two years if the loan remains in non-performing status and the foreclosure process has not been completed. Management adjusts the appraised value of residential loans to reflect estimated selling costs and declines in the real estate market. Management believes the potential risk for outdated appraisals for impaired and other non-performing loans has been mitigated due to the fact that the loans are individually assessed to determine that the loan’s carrying value is not in excess of the fair value of the collateral. Loans are generally charged off after an analysis is completed which indicates that collectability of the full principal balance is in doubt. Our allowance for loan losses reflects probable losses considering, among other things, the weak economic conditions, the actual growth and change in composition of our loan portfolio, the level of our non-performing loans and our charge-off experience. We believe the allowance for loan losses reflects the inherent credit risk in our portfolio. Although we believe we have established and maintained the allowance for loan losses at adequate levels, additions may be necessary if the current economic environment deteriorates. Management uses the best information available; however, the level of the allowance for loan losses remains an estimate that is subject to significant judgment and short-term change. In addition, the Federal Deposit Insurance Corporation and the New Jersey Department of Banking and Insurance, as an integral part of their examination process, will periodically review our allowance for loan losses. Such agencies may require us to recognize adjustments to the allowance based on their judgments about information available to them at the time of their examination. The following tables present the balance in the allowance for loan losses and the recorded investment in loans including PCI loans, by portfolio segment and based on impairment method as of September 30, 2015 and December 31, 2014 : September 30, 2015 Multi- Family Loans Commercial Real Estate Loans Commercial and Industrial Loans Construction Loans Residential Mortgage Loans Consumer and Other Loans Unallocated Total (Dollars in thousands) Allowance for loan losses: Beginning balance-December 31, 2014 $ 71,147 44,030 20,759 6,488 47,936 3,347 6,577 200,284 Charge-offs (273 ) (757 ) (279 ) (367 ) (3,624 ) (367 ) — (5,667 ) Recoveries 421 436 219 266 1,245 254 — 2,841 Provision 7,571 4,701 12,198 1,807 (1,974 ) 471 (3,774 ) 21,000 Ending balance-September 30, 2015 $ 78,866 48,410 32,897 8,194 43,583 3,705 2,803 218,458 Individually evaluated for impairment $ — — 2,461 — 1,928 — — 4,389 Collectively evaluated for impairment 78,866 48,410 30,436 8,194 41,655 3,705 2,803 214,069 Loans acquired with deteriorated credit quality — — — — — — — — Balance at September 30, 2015 $ 78,866 48,410 32,897 8,194 43,583 3,705 2,803 218,458 Loans: Individually evaluated for impairment $ 3,239 19,373 7,396 3,201 23,964 263 — 57,436 Collectively evaluated for impairment 5,875,293 3,754,054 914,939 202,446 5,087,812 478,264 — 16,312,808 Loans acquired with deteriorated credit quality — 6,820 53 1,786 3,713 473 — 12,845 Balance at September 30, 2015 $ 5,878,532 3,780,247 922,388 207,433 5,115,489 479,000 — 16,383,089 December 31, 2014 Multi- Family Loans Commercial Real Estate Loans Commercial and Industrial Loans Construction Loans Residential Mortgage Loans Consumer and Other Loans Unallocated Total (Dollars in thousands) Allowance for loan losses: Beginning balance-December 31, 2013 $ 42,103 46,657 9,273 8,947 51,760 2,161 13,027 173,928 Charge-offs (323 ) (6,147 ) (2,447 ) (640 ) (7,715 ) (972 ) — (18,244 ) Recoveries 3,784 201 516 799 1,783 17 — 7,100 Provision 25,583 3,319 13,417 (2,618 ) 2,108 2,141 (6,450 ) 37,500 Ending balance-December 31, 2014 $ 71,147 44,030 20,759 6,488 47,936 3,347 6,577 200,284 Individually evaluated for impairment $ — 274 — — 1,865 — — 2,139 Collectively evaluated for impairment 71,147 43,756 20,759 6,488 46,071 3,347 6,577 198,145 Loans acquired with deteriorated credit quality — — — — — — — — Balance at December 31, 2014 $ 71,147 44,030 20,759 6,488 47,936 3,347 6,577 200,284 Loans: Individually evaluated for impairment $ 4,111 22,995 3,310 6,798 23,285 — — 60,499 Collectively evaluated for impairment 5,044,366 3,116,829 541,092 136,866 5,741,611 440,500 — 15,021,264 Loans acquired with deteriorated credit quality 637 7,329 56 4,732 4,581 454 — 17,789 Balance at December 31, 2014 $ 5,049,114 3,147,153 544,458 148,396 5,769,477 440,954 — 15,099,552 The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: the most current financial information available, historical payment experience, credit documentation, public information and current economic trends, among other factors. For non-homogeneous loans, such as commercial and commercial real estate loans the Company analyzes the loans individually by classifying the loans as to credit risk and assesses the probability of collection for each type of class. This analysis is performed on a quarterly basis. The Company uses the following definitions for risk ratings: Pass - “Pass” assets 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. Watch - A "Watch" asset has all the characteristics of a Pass asset but warrant more than the normal level of supervision. These loans may require more detailed reporting to management because some aspects of underwriting may not conform to policy or adverse events may have affected or could affect the cash flow or ability to continue operating profitably, provided, however, the events do not constitute an undue credit risk. Special Mention - A “Special Mention” asset has 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 institution’s credit position at some future date. Special Mention assets are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification. Residential loans delinquent 30 - 89 days are considered special mention. Substandard - A “Substandard” asset is inadequately protected by the current worth and paying capacity of the obligor or by 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 institution will sustain some loss if the deficiencies are not corrected. Residential loans delinquent 90 days or greater are considered substandard. Doubtful - An asset classified “Doubtful” has all the weaknesses inherent in one classified substandard with the added characteristic that the weaknesses make collection or liquidation in full highly questionable and improbable on the basis of currently known facts, conditions, and values. Loss - An asset or portion thereof, classified “Loss” is considered uncollectible and of such little value that its continuance on the institution’s books as an asset, without establishment of a specific valuation allowance or charge-off, is not warranted. This classification does not necessarily mean that an asset has no recovery or salvage value; but rather, there is much doubt about whether, how much, or when the recovery will occur. As such, it is not practical or desirable to defer the write-off. The following tables present the risk category of loans as of September 30, 2015 and December 31, 2014 by class of loans excluding PCI loans: September 30, 2015 Pass Watch Special Mention Substandard Doubtful Loss Total (In thousands) Commercial loans: Multi-family $ 5,473,862 346,801 31,999 25,870 — — 5,878,532 Commercial real estate 3,371,101 306,387 31,449 64,490 — — 3,773,427 Commercial and industrial 741,771 153,787 13,313 13,464 — — 922,335 Construction 191,773 9,594 — 4,280 — — 205,647 Total commercial loans 9,778,507 816,569 76,761 108,104 — — 10,779,941 Residential mortgage 4,973,394 — 36,017 102,365 — — 5,111,776 Consumer and other 469,755 — 2,146 6,626 — — 478,527 Total $ 15,221,656 816,569 114,924 217,095 — — 16,370,244 December 31, 2014 Pass Watch Special Mention Substandard Doubtful Loss Total (In thousands) Commercial loans: Multi-family $ 4,710,124 247,921 62,886 27,546 — — 5,048,477 Commercial real estate 2,757,949 276,660 29,248 75,967 — — 3,139,824 Commercial and industrial 405,021 110,374 20,321 8,686 — — 544,402 Construction 134,356 2,228 2,075 5,005 — — 143,664 Total commercial loans 8,007,450 637,183 114,530 117,204 — — 8,876,367 Residential mortgage 5,641,190 — 29,710 93,996 — — 5,764,896 Consumer and other 433,968 — 2,339 4,193 — — 440,500 Total $ 14,082,608 637,183 146,579 215,393 — — 15,081,763 The following tables present the payment status of the recorded investment in past due loans as of September 30, 2015 and December 31, 2014 by class of loans excluding PCI loans: September 30, 2015 30-59 Days 60-89 Days Greater than 90 Days Total Past Due Current Total Loans Receivable (In thousands) Commercial loans: Multi-family $ 11,161 — 1,971 13,132 5,865,400 5,878,532 Commercial real estate 7,752 270 8,175 16,197 3,757,230 3,773,427 Commercial and industrial 4,948 859 2,150 7,957 914,378 922,335 Construction — — 968 968 204,679 205,647 Total commercial loans 23,861 1,129 13,264 38,254 10,741,687 10,779,941 Residential mortgage 23,577 15,831 80,898 120,306 4,991,470 5,111,776 Consumer and other 1,522 721 6,154 8,397 470,130 478,527 Total $ 48,960 17,681 100,316 166,957 16,203,287 16,370,244 December 31, 2014 30-59 Days 60-89 Days Greater than 90 Days Total Past Due Current Total Loans Receivable (In thousands) Commercial loans: Multi-family $ 698 239 2,989 3,926 5,044,551 5,048,477 Commercial real estate 6,566 778 13,940 21,284 3,118,540 3,139,824 Commercial and industrial 792 395 2,903 4,090 540,312 544,402 Construction — — 4,345 4,345 139,319 143,664 Total commercial loans 8,056 1,412 24,177 33,645 8,842,722 8,876,367 Residential mortgage 23,712 8,900 75,610 108,222 5,656,674 5,764,896 Consumer and other 1,334 1,006 4,211 6,551 433,949 440,500 Total $ 33,102 11,318 103,998 148,418 14,933,345 15,081,763 The following table presents non-accrual loans excluding PCI loans at the dates indicated: September 30, 2015 December 31, 2014 # of loans Amount # of loans Amount (Dollars in thousands) Non-accrual: Multi-family 4 $ 3,012 2 $ 2,989 Commercial real estate 40 13,799 36 13,940 Commercial and industrial 9 6,499 11 2,903 Construction 5 968 7 4,345 Total commercial loans 58 24,278 56 24,177 Residential mortgage and consumer 506 99,867 406 84,182 Total non-accrual loans 564 $ 124,145 462 $ 108,359 Included in the non-accrual table above are TDR loans whose payment status is current but the Company has classified as non-accrual as the loans have not maintained their current payment status for six consecutive months under the restructured terms and therefore do not meet the criteria for accrual status. As of September 30, 2015 , these loans are comprised of 13 residential TDR loans totaling $2.8 million , 7 commercial TDR loans totaling $2.9 million , 3 consumer loans totaling $263,000 and 1 multi-family TDR loan totaling $1 .0 million. There were 9 residential TDR loans totaling $2.8 million which were also 30 - 89 days delinquent and classified as non-accrual. As of December 31, 2014 , these loans are comprised of 5 residential TDR loans totaling $1.5 million . There were 10 residential TDR loans totaling $2.9 million which were also 30 - 89 days delinquent and classified as non-accrual. The Company has no loans past due 90 days or more delinquent that are still accruing interest. PCI loans are excluded from non-accrual loans, as they are recorded at fair value based on the present value of expected future cash flows. As of September 30, 2015 , PCI loans with a carrying value of $12.8 million included $7.1 million of which were current and $5.7 million of which were 90 days or more delinquent. As of December 31, 2014 , PCI loans with a carrying value of $17.8 million included $9.2 million of which were current and $8.6 million of which were 90 days or more delinquent. At September 30, 2015 and December 31, 2014 , loans meeting the Company’s definition of an impaired loan were primarily collateral dependent loans which totaled $57.4 million and $60.5 million , respectively, with allocations of the allowance for loan losses of $4.4 million and $2.1 million , respectively. During the three months ended September 30, 2015 and 2014 , interest income received and recognized on these loans totaled $656,000 and $678,000 , respectively. During the nine months ended September 30, 2015 and 2014 , interest income received and recognized on these loans totaled $2.1 million and $1.9 million , respectively. The following tables present loans individually evaluated for impairment by portfolio segment as of September 30, 2015 and December 31, 2014 : September 30, 2015 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (In thousands) With no related allowance: Multi-family $ 3,239 6,836 — 2,938 96 Commercial real estate 19,373 24,087 — 19,309 849 Commercial and industrial 3,047 3,046 — 2,838 52 Construction 3,201 3,207 — 6,896 106 Total commercial loans 28,860 37,176 — 31,981 1,103 Residential mortgage and consumer 7,907 10,608 — 7,323 413 With an allowance recorded: Multi-family — — — — — Commercial real estate — — — — — Commercial and industrial 4,349 4,349 2,461 4,431 147 Construction — — — — — Total commercial loans 4,349 4,349 2,461 4,431 147 Residential mortgage and consumer 16,320 16,793 1,928 16,559 406 Total: Multi-family 3,239 6,836 — 2,938 96 Commercial real estate 19,373 24,087 — 19,309 849 Commercial and industrial 7,396 7,395 2,461 7,269 199 Construction 3,201 3,207 — 6,896 106 Total commercial loans 33,209 41,525 2,461 36,412 1,250 Residential mortgage and consumer 24,227 27,401 1,928 23,882 819 Total impaired loans $ 57,436 68,926 4,389 60,294 2,069 December 31, 2014 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (In thousands) With no related allowance: Multi-family $ 4,111 7,846 — 4,746 135 Commercial real estate 19,901 23,601 — 17,056 879 Commercial and industrial 3,310 3,310 — 1,985 152 Construction 6,798 9,292 — 13,609 410 Total commercial loans 34,120 44,049 — 37,396 1,576 Residential mortgage and consumer 6,755 8,830 — 6,606 370 With an allowance recorded: Multi-family — — — — — Commercial real estate 3,094 4,760 274 3,106 72 Commercial and industrial — — — — — Construction — — — — — Total commercial loans 3,094 4,760 274 3,106 72 Residential mortgage and consumer 16,530 16,882 1,865 16,547 507 Total: Multi-family 4,111 7,846 — 4,746 135 Commercial real estate 22,995 28,361 274 20,162 951 Commercial and industrial 3,310 3,310 — 1,985 152 Construction 6,798 9,292 — 13,609 410 Total commercial loans 37,214 48,809 274 40,502 1,648 Residential mortgage and consumer 23,285 25,712 1,865 23,153 877 Total impaired loans $ 60,499 74,521 2,139 63,655 2,525 The average recorded investment is the annual average calculated based upon the ending quarterly balances. The interest income recognized is the year to date interest income recognized on a cash basis. Troubled Debt Restructurings On a case-by-case basis, the Company may agree to modify the contractual terms of a borrower’s loan to remain competitive and assist customers who may be experiencing financial difficulty, as well as 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 troubled debt restructured loan ("TDR"). Substantially all of our TDR loan modifications involve lowering the monthly payments on such loans through either a reduction in interest rate below a market rate, an extension of the term of the loan, or a combination of these two methods. These modifications rarely result in the forgiveness of principal or accrued interest. In addition, we frequently obtain additional collateral or guarantor support when modifying commercial loans. Restructured loans remain on non accrual status until there has been a sustained period of repayment performance (generally six consecutive months of payments) and both principal and interest are deemed collectible. The following table presents the total troubled debt restructured loans at September 30, 2015 and December 31, 2014 . There were two residential PCI loans that were classified as TDRs and are included in the table below at September 30, 2015 . There were no PCI loans classified as a TDR for the period ended December 31, 2014 . September 30, 2015 Accrual Non-accrual Total # of loans Amount # of loans Amount # of loans Amount (Dollars in thousands) Commercial loans: Multi-family 1 $ 551 1 $ 1,041 2 $ 1,592 Commercial real estate 5 13,256 8 6,102 13 19,358 Commercial and industrial 2 1,115 — — 2 1,115 Construction 1 937 2 478 3 1,415 Total commercial loans 9 15,859 11 7,621 20 23,480 Residential mortgage and consumer 29 9,377 53 14,850 82 24,227 Total 38 $ 25,236 64 $ 22,471 102 $ 47,707 December 31, 2014 Accrual Non-accrual Total # of loans Amount # of loans Amount # of loans Amount (Dollars in thousands) Commercial loans: Multi-family 2 $ 1,122 — $ — 2 $ 1,122 Commercial real estate 8 15,250 1 3,197 9 18,447 Commercial and industrial 2 1,381 — — 2 1,381 Construction 2 3,066 — — 2 3,066 Total commercial loans 14 20,819 1 3,197 15 24,016 Residential mortgage and consumer 41 14,805 29 8,456 70 23,261 Total 55 $ 35,624 30 $ 11,653 85 $ 47,277 The following table presents information about troubled debt restructurings that occurred during the three and nine months ended September 30, 2015 and 2014 : Three Months Ended September 30, 2015 2014 Number of Loans Pre-modification Recorded Investment Post- modification Recorded Investment Number of Loans Pre-modification Recorded Investment Post- modification Recorded Investment (Dollars in thousands) Troubled Debt Restructings: Multi-family 1 $ 1,115 $ 1,115 — $ — $ — Commercial real estate 2 699 699 2 9,549 6,549 Construction 1 182 182 — — — Total commercial loans 4 1,996 1,996 2 9,549 6,549 Residential mortgage and consumer 3 376 376 — — — Nine Months Ended September 30, 2015 2014 Number of Loans Pre-modification Recorded Investment Post- modification Recorded Investment Number of Loans Pre-modification Recorded Investment Post- modification Recorded Investment (Dollars in thousands) Troubled Debt Restructings: Multi-family 1 $ 1,115 $ 1,115 — $ — $ — Commercial real estate 3 777 777 3 10,657 7,657 Construction 2 1,508 1,508 — — — Total commercial loans 6 3,400 3,400 3 10,657 7,657 Residential mortgage and consumer 16 2,830 2,830 8 2,546 2,546 Post-modification recorded investment represents the net book balance immediately following modification. All TDRs are impaired loans, which are individually evaluated for impairment, as discussed above. Collateral dependant impaired loans classified as TDRs were written down to the estimated fair value of the collateral. There were no charge-offs for collateral dependant TDRs during the three and nine months ended September 30, 2015 and 2014 . The allowance for loan losses associated with the TDRs presented in the above tables totaled $1.9 million and $1.9 million at September 30, 2015 and December 31, 2014 , respectively. Residential mortgage loan modifications primarily involved the reduction in loan interest rate and extension of loan maturity dates. All residential loans deemed to be TDRs were modified to reflect a reduction in interest rates to current market rates. Several residential TDRs include step up interest rates in their modified terms which will impact their weighted average yield in the future. For the three and nine months ended September 30, 2015 , the commerical loans which qualified as a TDR involved the maturity and payment terms being modified. As of September 30, 2015 and 2014 , the Company has no additional fundings to any borrowers classified as a troubled debt restructuring. The following table presents information a |
