we intend to continue to actively pursue the acquisition of banks and thrifts , including thrifts in the mutual and mutual holding company structure . in the past , 37 we have relied upon organic growth rather than acquisitions to grow our franchise , and there is no guarantee that we will be successful in pursuing our acquisition strategy . maintaining asset quality through the application of a prudent , disciplined approach to credit risk as part of an overall risk management program . we employ a conservative , analytical approach to the assets we acquire that we have tested over many different business and interest rate cycles . this applies to our securities portfolio , which is comprised primarily of liquid , low credit-risk , government agency-backed securities , as well as , our loan portfolio . residential loans are underwritten to secondary market standards and our commercial lending policies are designed to be consistent with industry best practices . we subject our loan portfolio to independent internal and external reviews to validate conformance to policies and stress tests to identify areas of potential risk . we have management information systems that provide regular insight into the quantity and direction of credit risk in our loan portfolio segments , including borrower and industry-specific concentrations . we employ limits on concentration risks , including the ratios of commercial real estate and construction loan portfolios to capital . we have developed reporting , analytics and stress testing that we believe provide effective oversight of these portfolios at higher concentration levels . we employ tools to ensure we are being appropriately compensated for the risks inherent in the lending products we offer , and in the specific transactions . our commercial loan pricing model quantifies the credit and interest rate risk embedded in our new loan originations and provides a target return hurdle . we operate with risk committees , at both the management and board levels , that review changes in the quantity and direction of risk . these committees review our key risk indicators , loan portfolio and liquidity stress tests and operational and cyber risk assessments , which draw from our asset/liability committee data , our loan portfolio credit metrics and treasury risk ( investment/funding ) metrics . enhancing our technology infrastructure to broaden our product capabilities and improve product delivery and efficiency . we have embraced the latest technological developments in the banking industry , which we believe allows us to better leverage our employees by enabling them to focus on developing customer relationships , generate retail deposits in an efficient manner , expand the suite of products that we can offer to customers and allow us to compete more efficiently and effectively as we grow . in 2019 , we implemented a new commercial loan underwriting and a new relationship monitoring system to better support and manage our commercial customer base . in 2020 , faced with the covid-19 pandemic , we were able to quickly enable remote employee access via the digital workplaces initiative , accelerating the release of several digital banking and other fintech solutions to support our customers . we introduced a new digital mortgage system which greatly expedited the handling of mortgage , home equity and heloc applications . internally , we continued to utilize our crm solutions with additional capabilities . we are in the process of introducing a digital small business lending solution , online chat and appointment scheduling and expect to continue to enhance our digital technology platforms to provide more appealing products and services to our customers and support our sales and marketing initiatives . currently , we are in the process of upgrading our current company-wide technology infrastructure to support both organic and inorganic growth in the bank . with the additions of a chief information and digital officer and head of digital technology officer , we are strategically positioned to plan and deliver these efforts . focusing on an enhanced customer experience and continued customer satisfaction . we believe that customer satisfaction is a key to generating sustainable growth and profitability . while continually striving to ensure that our products and services meet our customers ' needs , we also encourage our officers and employees to focus on providing personal service and attentiveness to our customers in a proactive manner . in recent years , we have enhanced our image and brand recognition within our marketplace for banking services . our strategy continues to be focused on providing quality customer service through our convenient branch network , supported by our call center , where customers can speak with a bank representative to answer questions and resolve issues during business and extended hours . we believe that our ability to close transactions and deliver our services in a timely manner is attractive to our customers and distinguishes us from other financial institutions that operate in our marketplace . our customers enjoy access to senior executives and decision makers and the value it brings to their businesses . we also offer convenient online and mobile banking tools for customers to transact business anytime and anywhere . we believe that many opportunities remain to deliver what our customers want in the form of exceptional service and convenience and we intend to continue to focus our operating strategy on taking advantage of these opportunities . 38 employing a stockholder-focused management of capital . we intend to manage our capital position through the growth of assets , as well as the utilization of appropriate capital management tools , consistent with applicable regulations and policies , and subject to market conditions . story_separator_special_tag these changes , when they occur , impact accrued taxes and can materially affect our operating results . the company identified no significant income tax uncertainties through the evaluation of its income tax positions as of december 31 , 2020 and 2019. therefore , the company has no unrecognized income tax benefits as of those dates . 40 as of december 31 , 2020 , we had net deferred tax assets totaling $ 7.2 million . in accordance with accounting standards codification ( “ asc ” ) topic 740 “ income taxes , ” we use the asset and liability method of accounting for income taxes . under this method , deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases . a valuation allowance is established when management is unable to conclude that it is more likely than not that it will realize deferred tax assets based on the nature and timing of these items . the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income tax expense in the period enacted . deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled . we exercise significant judgment in evaluating the amount and timing of recognition of the resulting tax assets and liabilities . these judgments require us to make projections of future taxable income . the judgments and estimates we make in determining our deferred tax assets are inherently subjective and are reviewed on a regular basis as regulatory or business factors change . any reduction in estimated future taxable income may require us to record a valuation allowance against our deferred tax assets . a valuation allowance that results in additional income tax expense in the period in which it is recognized would negatively affect earnings . management believes , based upon current facts , that it is more likely than not that there will be sufficient taxable income in future years to realize the federal deferred tax assets and that it is more likely than not that the benefits from certain state temporary differences will not be realized . in recognition of this risk , we have provided a valuation allowance of $ 3.4 million as of december 31 , 2020 on the deferred tax assets related to the bank 's state net operating losses and temporary differences . post-retirement benefits . we provide certain health care and life insurance benefits , along with a split-dollar boli death benefit , to eligible retired employees . we accrue the cost of retiree health care and other benefits during the employees ' period of active service . we account for benefits in accordance with asc topic 715 “ pension and other post-retirement benefits . ” the guidance requires an employer to : ( a ) recognize in the statement of financial position the over funded or underfunded status of a defined benefit post-retirement plan measured as the difference between the fair value of plan assets and the benefit obligations ; ( b ) measure a plan 's assets and its obligations that determine its funded status as of the end of the company 's fiscal year ( with limited exceptions ) ; and ( c ) recognize as a component of other comprehensive income ( loss ) , net of tax , the actuarial gain and losses and the prior service costs and credits that arise during the period . these assets and liabilities and expenses are based upon actuarial assumptions including interest rates , rates of increase in compensation , expected rate of return on plan assets and the length of time we will have to provide those benefits . actual results may differ from these assumptions . these assumptions are reviewed and updated at least annually and management believes the estimates are reasonable . pending accounting pronouncements in august 2018 , the fasb issued asu 2018-14 , compensation-retirement benefits-defined benefit plans-general ( subtopic 715-20 ) : disclosure framework-changes to the disclosure requirements for defined benefit plans . the amendments in this update modify the disclosure requirements for employers that sponsor defined benefit pension or other post-retirement plans by removing disclosures that no longer are considered cost beneficial , clarifying the specific requirements of disclosures , and adding disclosure requirements identified as relevant . among other changes , the asu adds disclosure requirements to topic 715-20 for the weighted-average interest crediting rates for cash balance plans and other plans with promised interest crediting rates and an explanation of the reasons for significant gains and losses related to changes in benefit obligation for the period . the amendments remove disclosure requirements for the amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost over the next fiscal year , the amount and timing of plan assets expected to be returned to the employer , and the effects of a one-percentage-point change in assumed health care cost trend rates on the ( a ) aggregate of the service and interest cost components of net periodic benefit costs and ( b ) benefit obligation for post-retirement health care benefits . asu 2018-14 is effective for fiscal years beginning after december 15 , 2020 , including interim reporting periods within that reporting period , with early adoption permitted . the update is to be applied on a retrospective basis . the company adopted this asu effective january 1 , 2021 , and as its adoption is only disclosure related , it did not have a significant impact on the company 's consolidated financial statements . in june 2016 , the fasb issued asu 2016-13 , financial instruments- credit losses ( topic 326 ) : measurement of credit losses on financial instruments ( ``

debt securities held to maturity : u.s. government and agency obligations $ 5,000 0.72 % $ — — % $ — — % $ 5,000 0.72 % mortgage-backed securities and collateralized mortgage obligations 71,011 2.68 42,548 3.15 144,161 3.05 257,720 2.96 total $ 76,011 2.55 % $ 42,548 3.15 % $ 144,161 3.05 % $ 262,720 2.92 % loans receivable total gross loans decreased $ 6.8 million , or 0.1 % , to $ 6.16 billion at december 31 , 2020 from $ 6.17 billion at december 31 , 2019. one-to-four family real estate loans and multifamily and commercial real estate loans decreased $ 136.8 million , or 6.6 % , and $ 102.0 million , or 3.5 % , respectively , during 2020 primarily as a result of a high volume of prepayments on loans , which more than offset decreased originations volumes resulting from the pandemic . construction loans increased $ 29.8 million , or 10.0 % , during 2020 to $ 328.7 million from $ 298.9 million at december 31 , 2019. commercial business loans also increased $ 269.7 million , or 55.8 % , to $ 752.9 million from $ 483.2 million at december 31 , 2019 primarily as a result of the loans granted as part of the sba ppp , which totaled $ 344.4 million at december 31 , 2020. our consumer loan originations , which are primarily comprised of home equity loans and advances , continue to be impacted by weak demand . the reduction in volume was influenced by the low interest rate environment , additional tightening of underwriting on these types of loans , and newly enacted restrictions on the tax deductibility of home mortgage interest .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```debt securities held to maturity : u.s. government and agency obligations $ 5,000 0.72 % $ — — % $ — — % $ 5,000 0.72 % mortgage-backed securities and collateralized mortgage obligations 71,011 2.68 42,548 3.15 144,161 3.05 257,720 2.96 total $ 76,011 2.55 % $ 42,548 3.15 % $ 144,161 3.05 % $ 262,720 2.92 % loans receivable total gross loans decreased $ 6.8 million , or 0.1 % , to $ 6.16 billion at december 31 , 2020 from $ 6.17 billion at december 31 , 2019. one-to-four family real estate loans and multifamily and commercial real estate loans decreased $ 136.8 million , or 6.6 % , and $ 102.0 million , or 3.5 % , respectively , during 2020 primarily as a result of a high volume of prepayments on loans , which more than offset decreased originations volumes resulting from the pandemic . construction loans increased $ 29.8 million , or 10.0 % , during 2020 to $ 328.7 million from $ 298.9 million at december 31 , 2019. commercial business loans also increased $ 269.7 million , or 55.8 % , to $ 752.9 million from $ 483.2 million at december 31 , 2019 primarily as a result of the loans granted as part of the sba ppp , which totaled $ 344.4 million at december 31 , 2020. our consumer loan originations , which are primarily comprised of home equity loans and advances , continue to be impacted by weak demand . the reduction in volume was influenced by the low interest rate environment , additional tightening of underwriting on these types of loans , and newly enacted restrictions on the tax deductibility of home mortgage interest .
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 Suspicious Activity Report : we intend to continue to actively pursue the acquisition of banks and thrifts , including thrifts in the mutual and mutual holding company structure . in the past , 37 we have relied upon organic growth rather than acquisitions to grow our franchise , and there is no guarantee that we will be successful in pursuing our acquisition strategy . maintaining asset quality through the application of a prudent , disciplined approach to credit risk as part of an overall risk management program . we employ a conservative , analytical approach to the assets we acquire that we have tested over many different business and interest rate cycles . this applies to our securities portfolio , which is comprised primarily of liquid , low credit-risk , government agency-backed securities , as well as , our loan portfolio . residential loans are underwritten to secondary market standards and our commercial lending policies are designed to be consistent with industry best practices . we subject our loan portfolio to independent internal and external reviews to validate conformance to policies and stress tests to identify areas of potential risk . we have management information systems that provide regular insight into the quantity and direction of credit risk in our loan portfolio segments , including borrower and industry-specific concentrations . we employ limits on concentration risks , including the ratios of commercial real estate and construction loan portfolios to capital . we have developed reporting , analytics and stress testing that we believe provide effective oversight of these portfolios at higher concentration levels . we employ tools to ensure we are being appropriately compensated for the risks inherent in the lending products we offer , and in the specific transactions . our commercial loan pricing model quantifies the credit and interest rate risk embedded in our new loan originations and provides a target return hurdle . we operate with risk committees , at both the management and board levels , that review changes in the quantity and direction of risk . these committees review our key risk indicators , loan portfolio and liquidity stress tests and operational and cyber risk assessments , which draw from our asset/liability committee data , our loan portfolio credit metrics and treasury risk ( investment/funding ) metrics . enhancing our technology infrastructure to broaden our product capabilities and improve product delivery and efficiency . we have embraced the latest technological developments in the banking industry , which we believe allows us to better leverage our employees by enabling them to focus on developing customer relationships , generate retail deposits in an efficient manner , expand the suite of products that we can offer to customers and allow us to compete more efficiently and effectively as we grow . in 2019 , we implemented a new commercial loan underwriting and a new relationship monitoring system to better support and manage our commercial customer base . in 2020 , faced with the covid-19 pandemic , we were able to quickly enable remote employee access via the digital workplaces initiative , accelerating the release of several digital banking and other fintech solutions to support our customers . we introduced a new digital mortgage system which greatly expedited the handling of mortgage , home equity and heloc applications . internally , we continued to utilize our crm solutions with additional capabilities . we are in the process of introducing a digital small business lending solution , online chat and appointment scheduling and expect to continue to enhance our digital technology platforms to provide more appealing products and services to our customers and support our sales and marketing initiatives . currently , we are in the process of upgrading our current company-wide technology infrastructure to support both organic and inorganic growth in the bank . with the additions of a chief information and digital officer and head of digital technology officer , we are strategically positioned to plan and deliver these efforts . focusing on an enhanced customer experience and continued customer satisfaction . we believe that customer satisfaction is a key to generating sustainable growth and profitability . while continually striving to ensure that our products and services meet our customers ' needs , we also encourage our officers and employees to focus on providing personal service and attentiveness to our customers in a proactive manner . in recent years , we have enhanced our image and brand recognition within our marketplace for banking services . our strategy continues to be focused on providing quality customer service through our convenient branch network , supported by our call center , where customers can speak with a bank representative to answer questions and resolve issues during business and extended hours . we believe that our ability to close transactions and deliver our services in a timely manner is attractive to our customers and distinguishes us from other financial institutions that operate in our marketplace . our customers enjoy access to senior executives and decision makers and the value it brings to their businesses . we also offer convenient online and mobile banking tools for customers to transact business anytime and anywhere . we believe that many opportunities remain to deliver what our customers want in the form of exceptional service and convenience and we intend to continue to focus our operating strategy on taking advantage of these opportunities . 38 employing a stockholder-focused management of capital . we intend to manage our capital position through the growth of assets , as well as the utilization of appropriate capital management tools , consistent with applicable regulations and policies , and subject to market conditions . story_separator_special_tag these changes , when they occur , impact accrued taxes and can materially affect our operating results . the company identified no significant income tax uncertainties through the evaluation of its income tax positions as of december 31 , 2020 and 2019. therefore , the company has no unrecognized income tax benefits as of those dates . 40 as of december 31 , 2020 , we had net deferred tax assets totaling $ 7.2 million . in accordance with accounting standards codification ( “ asc ” ) topic 740 “ income taxes , ” we use the asset and liability method of accounting for income taxes . under this method , deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases . a valuation allowance is established when management is unable to conclude that it is more likely than not that it will realize deferred tax assets based on the nature and timing of these items . the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income tax expense in the period enacted . deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled . we exercise significant judgment in evaluating the amount and timing of recognition of the resulting tax assets and liabilities . these judgments require us to make projections of future taxable income . the judgments and estimates we make in determining our deferred tax assets are inherently subjective and are reviewed on a regular basis as regulatory or business factors change . any reduction in estimated future taxable income may require us to record a valuation allowance against our deferred tax assets . a valuation allowance that results in additional income tax expense in the period in which it is recognized would negatively affect earnings . management believes , based upon current facts , that it is more likely than not that there will be sufficient taxable income in future years to realize the federal deferred tax assets and that it is more likely than not that the benefits from certain state temporary differences will not be realized . in recognition of this risk , we have provided a valuation allowance of $ 3.4 million as of december 31 , 2020 on the deferred tax assets related to the bank 's state net operating losses and temporary differences . post-retirement benefits . we provide certain health care and life insurance benefits , along with a split-dollar boli death benefit , to eligible retired employees . we accrue the cost of retiree health care and other benefits during the employees ' period of active service . we account for benefits in accordance with asc topic 715 “ pension and other post-retirement benefits . ” the guidance requires an employer to : ( a ) recognize in the statement of financial position the over funded or underfunded status of a defined benefit post-retirement plan measured as the difference between the fair value of plan assets and the benefit obligations ; ( b ) measure a plan 's assets and its obligations that determine its funded status as of the end of the company 's fiscal year ( with limited exceptions ) ; and ( c ) recognize as a component of other comprehensive income ( loss ) , net of tax , the actuarial gain and losses and the prior service costs and credits that arise during the period . these assets and liabilities and expenses are based upon actuarial assumptions including interest rates , rates of increase in compensation , expected rate of return on plan assets and the length of time we will have to provide those benefits . actual results may differ from these assumptions . these assumptions are reviewed and updated at least annually and management believes the estimates are reasonable . pending accounting pronouncements in august 2018 , the fasb issued asu 2018-14 , compensation-retirement benefits-defined benefit plans-general ( subtopic 715-20 ) : disclosure framework-changes to the disclosure requirements for defined benefit plans . the amendments in this update modify the disclosure requirements for employers that sponsor defined benefit pension or other post-retirement plans by removing disclosures that no longer are considered cost beneficial , clarifying the specific requirements of disclosures , and adding disclosure requirements identified as relevant . among other changes , the asu adds disclosure requirements to topic 715-20 for the weighted-average interest crediting rates for cash balance plans and other plans with promised interest crediting rates and an explanation of the reasons for significant gains and losses related to changes in benefit obligation for the period . the amendments remove disclosure requirements for the amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost over the next fiscal year , the amount and timing of plan assets expected to be returned to the employer , and the effects of a one-percentage-point change in assumed health care cost trend rates on the ( a ) aggregate of the service and interest cost components of net periodic benefit costs and ( b ) benefit obligation for post-retirement health care benefits . asu 2018-14 is effective for fiscal years beginning after december 15 , 2020 , including interim reporting periods within that reporting period , with early adoption permitted . the update is to be applied on a retrospective basis . the company adopted this asu effective january 1 , 2021 , and as its adoption is only disclosure related , it did not have a significant impact on the company 's consolidated financial statements . in june 2016 , the fasb issued asu 2016-13 , financial instruments- credit losses ( topic 326 ) : measurement of credit losses on financial instruments ( ``

