The total consideration paid for the acquisition of SB One was $180.8 million. The acquisition was accounted for under the acquisition method of accounting. Emphasis on Relationship Banking and Core Deposits. The Bank underwrites most construction loans for a term of three years or less. All of the loans sold in 2020 were long-term, fixed-rate mortgages. Loans originated in this category over the last five years have totaled $16.1 million. The Bank generally requires minimum debt service coverage of 1.20 times. Financial statements are also required annually for review. This loan closed in 2020 with construction completion expected by the end of 2021. Consumer loans represented 5.1% of the total loan portfolio at December 31, 2020. All other policy exceptions must be approved by the Credit Committee. The Bank reviews these group exposures on a quarterly basis. Impaired loans also include all loans modified as troubled debt restructurings ("TDRs"). The CECL estimate incorporates life-of-loan aspects through this DCF approach. Also, there were no loans classified as "loss" at December 31, 2020. As of December 31, 2020, $340.6 million of loans were designated "special mention." Of these non-performing commercial loans, 16 were PCD loans totaling $5.5 million. All of these loans are unsecured/non-real estate secured. These loans are currently not paying in accordance with their restructured terms. A new modification/forbearance agreement is currently being negotiated. Non-performing construction loans totaled $1.4 million at December 31, 2020. Non-performing construction loans at December 31, 2020 consisted of two PCD loans. The Company\'s economic forecast is approved by the Company\'s Asset-Liability Committee. Accordingly, these modifications were not classified as TDRs. Such estimates and assumptions are adjusted when facts and circumstances dictate. This is based on management's assessment as of a given point in time. At the present time, there are no securities that are classified as held for trading. The Bank offers a variety of deposits for retail and business accounts. Deposits are primarily obtained from the areas surrounding the Bank's branch locations. The FHLB provides a central credit facility primarily for member institutions. The Bank is in compliance with these requirements. Institutions deemed less risky paid lower assessments. Also on July 1, 2016, the FDIC eliminated the risk categories. Banks are subject to statutory prohibitions on certain tying arrangements. Safety and Soundness Standards. The Company\'s 2017 and 2018 New York State returns are currently under audit. Material additions to the allowance would materially decrease our net income. We face regulatory scrutiny based on our commercial real estate lending. Impairment testing may be based on valuation models that estimate fair value. The Company continues to have many employees working remotely. We have a significant amount of real estate loans. If home ownership becomes less attractive, demand for mortgage loans could decrease. At December 31, 2020, loans utilizing the LIBOR rate totaled $2.27 billion. We continuously update these systems to support our operations and growth. Failure to keep pace with technological changes could adversely affect our business. The repurchase program has no expiration date. The total consideration paid in the acquisition of SB One was $180.8 million. Tangible assets acquired in the transaction were nominal. No liabilities were
