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Note 3 - Loans and Allowance for Loan Losses | 12 Months Ended
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Dec. 31, 2017
Notes to Financial Statements |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 3. Loans and Allowance for Loan Losses The composition of loans is as follows at December 31:
|  | 2017 |  | 2016
|  | (In thousands)
Multi-family residential |  | $ | 2,273,595 |  |  | $ | 2,178,504 |
Commercial real estate |  |  | 1,368,112 |  |  |  | 1,246,132 |
One-to-four family ― mixed-use property |  |  | 564,206 |  |  |  | 558,502 |
One-to-four family ― residential |  |  | 180,663 |  |  |  | 185,767 |
Co-operative apartments |  |  | 6,895 |  |  |  | 7,418 |
Construction |  |  | 8,479 |  |  |  | 11,495 |
Small Business Administration |  |  | 18,479 |  |  |  | 15,198 |
Taxi medallion |  |  | 6,834 |  |  |  | 18,996 |
Commercial business and other |  |  | 732,973 |  |  |  | 597,122 |
Gross loans |  |  | 5,160,236 |  |  |  | 4,819,134 |
Net unamortized premiums and unearned loan fees |  |  | 16,763 |  |  |  | 16,559 |
Total loans, net of fees and costs |  | $ | 5,176,999 |  |  | $ | 4,835,693 |
The majority of our loan portfolio is invested in multi-family residential, commercial real estate and commercial business and other loans, which totaled 84.8% and 83.5% of our gross loans at December 31, 2017 and 2016, respectively. Our concentration in these types of loans increases the overall level of credit risk inherent in our loan portfolio. The greater risk associated with these types of loans could require us to increase our provisions for loan losses and to maintain an ALL as a percentage of total loans in excess of the allowance currently maintained. At December 31, 2017, we were servicing $38.8 million of mortgage loans and $14.9 million of SBA loans for others. Loans secured by multi-family residential property and commercial real estate generally involve a greater degree of risk than residential mortgage loans and generally carry larger loan balances. The increased credit risk is the result of several factors, including the concentration of principal in a smaller number of loans and borrowers, the effects of general economic conditions on income producing properties and the increased difficulty in evaluating and monitoring these types of loans. Furthermore, the repayments of loans secured by these types of properties are typically dependent upon the successful operation of the related property, which is usually owned by a legal entity with the property being the entity’s only asset. If the cash flow from the property is reduced, the borrower’s ability to repay the loan may be impaired. If the borrower defaults, our only remedy may be to foreclose on the property, for which the market value may be less than the balance due on the related mortgage loan. Loans secured by commercial business and other loans involve a greater degree of risk for the same reasons as for multi-family residential and commercial real estate loans with the added risk that many of the loans are not secured by improved properties. To minimize the risks involved in the origination of multi-family residential, commercial real estate and commercial business and other loans, the Bank adheres to strict underwriting standards, which include reviewing the expected net operating income generated by the real estate collateral securing the loan, the age and condition of the collateral, the financial resources and income level of the borrower and the borrower’s experience in owning or managing similar properties. We typically require debt service coverage of at least 125% of the monthly loan payment. We generally originate these loans up to a maximum of 75% of the appraised value or the purchase price of the property, whichever is less. Any loan with a final loan-to-value ratio in excess of 75% must be approved by the Bank’s Board of Directors or the Loan Committee as an exception to policy. We generally rely on the income generated by the property as the primary means by which the loan is repaid. However, personal guarantees may be obtained for additional security from these borrowers. Additionally, for commercial business and other loans which are not secured by improved properties, the Bank will secure these loans with business assets, including accounts receivables, inventory and real estate and generally require personal guarantees. The following tables show loans modified and classified as TDR during the periods indicated:
|  | For the year ended December 31, 2017
(Dollars in thousands) |  | Number |  | Balance |  | Modification description
Taxi medallion |  |  | 10 |  |  | $ | 6,741 |  |  | Four loans received a below market interest rate and the loan amortization was extended. Six loans had loan amortization extensions.
Total |  |  | 10 |  |  | $ | 6,741 |  |  |
|  | For the year ended December 31, 2016
(Dollars in thousands) |  | Number |  | Balance |  | Modification description
One-to-four family - residential |  |  | 2 |  |  | $ | 263 |  |  | Received a below market interest rate and the loans amortization were extended
Taxi medallion |  |  | 12 |  |  |  | 9,764 |  |  | Nine loans received a below market interest rate and three had their loan amortization extended
Commercial business and other |  |  | 1 |  |  |  | 324 |  |  | Received a below market interest rate and the loan amortization was extended
Total |  |  | 15 |  |  | $ | 10,351 |  |  |
|  | For the year ended December 31, 2015
(Dollars in thousands) |  | Number |  | Balance |  | Modification description
Small Business Administration |  |  | 1 |  |  | $ | 41 |  |  | Received a below market interest rate and the loan amortization was extended
Total |  |  | 1 |  |  | $ | 41 |  |  |
The recorded investment of the loans modified and classified to a TDR, presented in the tables above, were unchanged as there was no principal forgiven in these modifications. The following table shows our recorded investment for loans classified as TDR that are performing according to their restructured terms at the periods indicated:
|  | December 31, 2017 |  | December 31, 2016
(Dollars in thousands) |  | Number of contracts |  | Recorded investment |  | Number of contracts |  | Recorded investment
Multi-family residential |  |  | 9 |  |  | $ | 2,518 |  |  |  | 9 |  |  | $ | 2,572 |
Commercial real estate |  |  | 2 |  |  |  | 1,986 |  |  |  | 2 |  |  |  | 2,062 |
One-to-four family - mixed-use property |  |  | 5 |  |  |  | 1,753 |  |  |  | 5 |  |  |  | 1,800 |
One-to-four family - residential |  |  | 3 |  |  |  | 572 |  |  |  | 3 |  |  |  | 591 |
Taxi medallion |  |  | 20 |  |  |  | 5,916 |  |  |  | 12 |  |  |  | 9,735 |
Commercial business and other |  |  | 2 |  |  |  | 462 |  |  |  | 2 |  |  |  | 675 |
Total performing troubled debt restructured |  |  | 41 |  |  | $ | 13,207 |  |  |  | 33 |  |  | $ | 17,435 |
During the year ended December 31, 2017 and 2016, there were no TDR loans transferred to non-performing status. The decline in the recorded investment of taxi medallion TDR loans was due to the Company recording partial charge-offs on these loans. The partial charge-offs were the result of the fair value of the underlying collateral declining. These loans continue to pay as agreed, however the Company has stopped accruing interest on these loans and records interest on the cash basis. The following table shows our recorded investment for loans classified as TDR that are not performing according to their restructured terms at the periods indicated:
|  | December 31, 2017 |  | December 31, 2016
(Dollars in thousands) |  | Number of contracts |  | Recorded investment |  | Number of contracts |  | Recorded investment
Multi-family residential |  |  | 1 |  |  | $ | 383 |  |  |  | 1 |  |  | $ | 396 |
Total troubled debt restructurings that subsequently defaulted |  |  | 1 |  |  | $ | 383 |  |  |  | 1 |  |  | $ | 396 |
The following table shows our non-performing loans at the periods indicated:
|  | At December 31,
(In thousands) |  | 2017 |  | 2016
Loans ninety days or more past due and still accruing: |  |  |  |  |  |  |  |
Commercial real estate |  | $ | 2,424 |  |  | $ | - |
One-to-four family mixed-use property |  |  | - |  |  |  | 386 |
Total |  |  | 2,424 |  |  |  | 386 |
Non-accrual mortgage loans: |  |  |  |  |  |  |  |
Multi-family residential |  |  | 3,598 |  |  |  | 1,837 |
Commercial real estate |  |  | 1,473 |  |  |  | 1,148 |
One-to-four family mixed-use property |  |  | 1,867 |  |  |  | 4,025 |
One-to-four family residential |  |  | 7,808 |  |  |  | 8,241 |
Total |  |  | 14,746 |  |  |  | 15,251 |
Non-accrual non-mortgage loans: |  |  |  |  |  |  |  |
Small Business Administration |  |  | 46 |  |  |  | 1,886 |
Taxi medallion |  |  | 918 |  |  |  | 3,825 |
Commercial business and other |  |  | - |  |  |  | 68 |
Total |  |  | 964 |  |  |  | 5,779 |
Total non-accrual loans |  |  | 15,710 |  |  |  | 21,030 |
Total non-performing loans |  | $ | 18,134 |  |  | $ | 21,416 |
The following is a summary of interest foregone on non-accrual loans and loans classified as TDR for the years ended December 31:
|  | 2017 |  | 2016 |  | 2015
|  | (In thousands)
Interest income that would have been recognized had the loans performed in accordance with their original terms |  | $ | 1,705 |  |  | $ | 1,963 |  |  | $ | 2,387 |
Less: Interest income included in the results of operations |  |  | 619 |  |  |  | 455 |  |  |  | 702 |
Total foregone interest |  | $ | 1,086 |  |  | $ | 1,508 |  |  | $ | 1,685 |
The following table shows an age analysis of our recorded investment in loans at December 31, 2017:
(in thousands) |  | 30 - 59 Days Past Due |  | 60 - 89 Days Past Due |  | Greater than 90 Days |  | Total Past Due |  | Current |  | Total Loans
Multi-family residential |  | $ | 2,533 |  |  | $ | 279 |  |  | $ | 3,598 |  |  | $ | 6,410 |  |  | $ | 2,267,185 |  |  | $ | 2,273,595 |
Commercial real estate |  |  | 1,680 |  |  |  | 2,197 |  |  |  | 3,897 |  |  |  | 7,774 |  |  |  | 1,360,338 |  |  |  | 1,368,112 |
One-to-four family - mixed-use property |  |  | 1,570 |  |  |  | 860 |  |  |  | 1,867 |  |  |  | 4,297 |  |  |  | 559,909 |  |  |  | 564,206 |
One-to-four family - residential |  |  | 1,921 |  |  |  | 680 |  |  |  | 7,623 |  |  |  | 10,224 |  |  |  | 170,439 |  |  |  | 180,663 |
Co-operative apartments |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 6,895 |  |  |  | 6,895 |
Construction loans |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 8,479 |  |  |  | 8,479 |
Small Business Administration |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 18,479 |  |  |  | 18,479 |
Taxi medallion |  |  | - |  |  |  | 108 |  |  |  | - |  |  |  | 108 |  |  |  | 6,726 |  |  |  | 6,834 |
Commercial business and other |  |  | 2 |  |  |  | - |  |  |  | - |  |  |  | 2 |  |  |  | 732,971 |  |  |  | 732,973 |
Total |  | $ | 7,706 |  |  | $ | 4,124 |  |  | $ | 16,985 |  |  | $ | 28,815 |  |  | $ | 5,131,421 |  |  | $ | 5,160,236 |
The following table shows an age analysis of our recorded investment in loans at December 31, 2016:
(in thousands) |  | 30 - 59 Days Past Due |  | 60 - 89 Days Past Due |  | Greater than 90 Days |  | Total Past Due |  | Current |  | Total Loans
Multi-family residential |  | $ | 2,575 |  |  | $ | 287 |  |  | $ | 1,837 |  |  | $ | 4,699 |  |  | $ | 2,173,805 |  |  | $ | 2,178,504 |
Commercial real estate |  |  | 3,363 |  |  |  | 22 |  |  |  | 1,148 |  |  |  | 4,533 |  |  |  | 1,241,599 |  |  |  | 1,246,132 |
One-to-four family - mixed-use property |  |  | 4,671 |  |  |  | 762 |  |  |  | 4,411 |  |  |  | 9,844 |  |  |  | 548,658 |  |  |  | 558,502 |
One-to-four family - residential |  |  | 3,831 |  |  |  | 194 |  |  |  | 8,047 |  |  |  | 12,072 |  |  |  | 173,695 |  |  |  | 185,767 |
Co-operative apartments |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 7,418 |  |  |  | 7,418 |
Construction loans |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 11,495 |  |  |  | 11,495 |
Small Business Administration |  |  | 13 |  |  |  | - |  |  |  | 1,814 |  |  |  | 1,827 |  |  |  | 13,371 |  |  |  | 15,198 |
Taxi medallion |  |  | - |  |  |  | - |  |  |  | 3,825 |  |  |  | 3,825 |  |  |  | 15,171 |  |  |  | 18,996 |
Commercial business and other |  |  | 22 |  |  |  | 1 |  |  |  | - |  |  |  | 23 |  |  |  | 597,099 |  |  |  | 597,122 |
Total |  | $ | 14,475 |  |  | $ | 1,266 |  |  | $ | 21,082 |  |  | $ | 36,823 |  |  | $ | 4,782,311 |  |  | $ | 4,819,134 |
The following tables show the activity in the allowance for loan losses for the periods indicated:
For the year ended December 31, 2017
(in thousands) |  | Multi-family residential |  | Commercial real estate |  | One-to-four family - mixed-use property |  | One-to-four family - residential |  | Co-operative apartments |  | Construction loans |  | Small Business Administration |  | Taxi medallion |  | Commercial business and other |  | Unallocated |  | Total
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 5,923 |  |  | $ | 4,487 |  |  | $ | 2,903 |  |  | $ | 1,015 |  |  | $ | - |  |  | $ | 92 |  |  | $ | 481 |  |  | $ | 2,243 |  |  | $ | 4,492 |  |  | $ | 593 |  |  | $ | 22,229 |
Charge-off's |  |  | (454 | ) |  |  | (4 | ) |  |  | (39 | ) |  |  | (415 | ) |  |  | - |  |  |  | - |  |  |  | (212 | ) |  |  | (11,283 | ) |  |  | (65 | ) |  |  | - |  |  |  | (12,472 | )
Recoveries |  |  | 300 |  |  |  | 96 |  |  |  | 108 |  |  |  | 91 |  |  |  | - |  |  |  | - |  |  |  | 80 |  |  |  | - |  |  |  | 58 |  |  |  | - |  |  |  | 733 |
Provision (benefit) |  |  | 54 |  |  |  | 64 |  |  |  | (427 | ) |  |  | 391 |  |  |  | - |  |  |  | (24 | ) |  |  | 320 |  |  |  | 9,040 |  |  |  | 1,036 |  |  |  | (593 | ) |  |  | 9,861 |
Ending balance |  | $ | 5,823 |  |  | $ | 4,643 |  |  | $ | 2,545 |  |  | $ | 1,082 |  |  | $ | - |  |  | $ | 68 |  |  | $ | 669 |  |  | $ | - |  |  | $ | 5,521 |  |  | $ | - |  |  | $ | 20,351 |
For the year ended December 31, 2016
(in thousands) |  | Multi-family residential |  | Commercial real estate |  | One-to-four family - mixed-use property |  | One-to-four family - residential |  | Co-operative apartments |  | Construction loans |  | Small Business Administration |  | Taxi medallion |  | Commercial business and other |  | Unallocated |  | Total
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 6,718 |  |  | $ | 4,239 |  |  | $ | 4,227 |  |  | $ | 1,227 |  |  | $ | - |  |  | $ | 50 |  |  | $ | 262 |  |  | $ | 343 |  |  | $ | 4,469 |  |  | $ | - |  |  | $ | 21,535 |
Charge-off's |  |  | (161 | ) |  |  | - |  |  |  | (144 | ) |  |  | (114 | ) |  |  | - |  |  |  | - |  |  |  | (529 | ) |  |  | (142 | ) |  |  | (69 | ) |  |  | - |  |  |  | (1,159 | )
Recoveries |  |  | 339 |  |  |  | 11 |  |  |  | 777 |  |  |  | 366 |  |  |  | - |  |  |  | - |  |  |  | 99 |  |  |  | - |  |  |  | 261 |  |  |  | - |  |  |  | 1,853 |
Provision (benefit) |  |  | (973 | ) |  |  | 237 |  |  |  | (1,957 | ) |  |  | (464 | ) |  |  | - |  |  |  | 42 |  |  |  | 649 |  |  |  | 2,042 |  |  |  | (169 | ) |  |  | 593 |  |  |  | - |
Ending balance |  | $ | 5,923 |  |  | $ | 4,487 |  |  | $ | 2,903 |  |  | $ | 1,015 |  |  | $ | - |  |  | $ | 92 |  |  | $ | 481 |  |  | $ | 2,243 |  |  | $ | 4,492 |  |  | $ | 593 |  |  | $ | 22,229 |
For the year ended December 31, 2015
(in thousands) |  | Multi-family residential |  | Commercial real estate |  | One-to-four family - mixed-use property |  | One-to-four family - residential |  | Co-operative apartments |  | Construction loans |  | Small Business Administration |  | Taxi medallion |  | Commercial business and other |  | Total
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 8,827 |  |  | $ | 4,202 |  |  | $ | 5,840 |  |  | $ | 1,690 |  |  | $ | - |  |  | $ | 42 |  |  | $ | 279 |  |  | $ | 11 |  |  | $ | 4,205 |  |  | $ | 25,096 |
Charge-off's |  |  | (474 | ) |  |  | (32 | ) |  |  | (592 | ) |  |  | (342 | ) |  |  | - |  |  |  | - |  |  |  | (34 | ) |  |  | - |  |  |  | (2,371 | ) |  |  | (3,845 | )
Recoveries |  |  | 269 |  |  |  | 168 |  |  |  | 76 |  |  |  | 375 |  |  |  | - |  |  |  | - |  |  |  | 40 |  |  |  | - |  |  |  | 312 |  |  |  | 1,240 |
Provision (benefit) |  |  | (1,904 | ) |  |  | (99 | ) |  |  | (1,097 | ) |  |  | (496 | ) |  |  | - |  |  |  | 8 |  |  |  | (23 | ) |  |  | 332 |  |  |  | 2,323 |  |  |  | (956 | )
Ending balance |  | $ | 6,718 |  |  | $ | 4,239 |  |  | $ | 4,227 |  |  | $ | 1,227 |  |  | $ | - |  |  | $ | 50 |  |  | $ | 262 |  |  | $ | 343 |  |  | $ | 4,469 |  |  | $ | 21,535 |
The following tables show the manner in which loans were evaluated for impairment at the periods indicated:
At December 31, 2017
(in thousands) |  | Multi-family residential |  | Commercial real estate |  | One-to-four family - mixed- use property |  | One-to-four family- residential |  | Co-operative apartments |  | Construction loans |  | Small Business Administration |  | Taxi medallion |  | Commercial business and other |  | Unallocated |  | Total
Financing Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending Balance |  | $ | 2,273,595 |  |  | $ | 1,368,112 |  |  | $ | 564,206 |  |  | $ | 180,663 |  |  | $ | 6,895 |  |  | $ | 8,479 |  |  | $ | 18,479 |  |  | $ | 6,834 |  |  | $ | 732,973 |  |  | $ | - |  |  | $ | 5,160,236 |
Ending balance: individually evaluated for impairment |  | $ | 7,311 |  |  | $ | 9,089 |  |  | $ | 5,445 |  |  | $ | 9,686 |  |  | $ | - |  |  | $ | - |  |  | $ | 137 |  |  | $ | 6,834 |  |  | $ | 661 |  |  | $ | - |  |  | $ | 39,163 |
Ending balance: collectively evaluated for impairment |  | $ | 2,266,284 |  |  | $ | 1,359,023 |  |  | $ | 558,761 |  |  | $ | 170,977 |  |  | $ | 6,895 |  |  | $ | 8,479 |  |  | $ | 18,342 |  |  | $ | - |  |  | $ | 732,312 |  |  | $ | - |  |  | $ | 5,121,073 |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending balance: individually evaluated for impairment |  | $ | 205 |  |  | $ | 177 |  |  | $ | 198 |  |  | $ | 56 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 6 |  |  | $ | - |  |  | $ | 642 |
Ending balance: collectively evaluated for impairment |  | $ | 5,618 |  |  | $ | 4,466 |  |  | $ | 2,347 |  |  | $ | 1,026 |  |  | $ | - |  |  | $ | 68 |  |  | $ | 669 |  |  | $ | - |  |  | $ | 5,515 |  |  | $ | - |  |  | $ | 19,709 |
At December 31, 2016
(in thousands) |  | Multi-family residential |  | Commercial real estate |  | One-to-four family - mixed- use property |  | One-to-four family- residential |  | Co-operative apartments |  | Construction loans |  | Small Business Administration |  | Taxi medallion |  | Commercial business and other |  | Unallocated |  | Total
Financing Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending Balance |  | $ | 2,178,504 |  |  | $ | 1,246,132 |  |  | $ | 558,502 |  |  | $ | 185,767 |  |  | $ | 7,418 |  |  | $ | 11,495 |  |  | $ | 15,198 |  |  | $ | 18,996 |  |  | $ | 597,122 |  |  | $ | - |  |  | $ | 4,819,134 |
Ending balance: individually evaluated for impairment |  | $ | 5,923 |  |  | $ | 6,551 |  |  | $ | 8,809 |  |  | $ | 9,989 |  |  | $ | - |  |  | $ | - |  |  | $ | 1,937 |  |  | $ | 16,282 |  |  | $ | 2,492 |  |  | $ | - |  |  | $ | 51,983 |
Ending balance: collectively evaluated for impairment |  | $ | 2,172,581 |  |  | $ | 1,239,581 |  |  | $ | 549,693 |  |  | $ | 175,778 |  |  | $ | 7,418 |  |  | $ | 11,495 |  |  | $ | 13,261 |  |  | $ | 2,714 |  |  | $ | 594,630 |  |  | $ | - |  |  | $ | 4,767,151 |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending balance: individually evaluated for impairment |  | $ | 232 |  |  | $ | 179 |  |  | $ | 417 |  |  | $ | 60 |  |  | $ | - |  |  | $ | - |  |  | $ | 90 |  |  | $ | 2,236 |  |  | $ | 12 |  |  | $ | - |  |  | $ | 3,226 |
Ending balance: collectively evaluated for impairment |  | $ | 5,691 |  |  | $ | 4,308 |  |  | $ | 2,486 |  |  | $ | 955 |  |  | $ | - |  |  | $ | 92 |  |  | $ | 391 |  |  | $ | 7 |  |  | $ | 4,480 |  |  | $ | 593 |  |  | $ | 19,003 |
The following table shows our recorded investment, unpaid principal balance and allocated allowance for loan losses for loans that were considered impaired at December 31, 2017 and 2016:
|  | December 31, 2017 |  | December 31, 2016
|  | Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance |  | Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance
|  | (In thousands)
With no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Multi-family residential |  | $ | 5,091 |  |  | $ | 5,539 |  |  | $ | - |  |  | $ | 3,660 |  |  | $ | 3,796 |  |  | $ | - |
Commercial real estate |  |  | 7,103 |  |  |  | 7,103 |  |  |  | - |  |  |  | 4,489 |  |  |  | 4,516 |  |  |  | - |
One-to-four family mixed-use property |  |  | 4,218 |  |  |  | 4,556 |  |  |  | - |  |  |  | 6,435 |  |  |  | 6,872 |  |  |  | - |
One-to-four family residential |  |  | 9,272 |  |  |  | 10,489 |  |  |  | - |  |  |  | 9,560 |  |  |  | 11,117 |  |  |  | - |
Co-operative apartments |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Construction |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Non-mortgage loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Small Business Administration |  |  | 137 |  |  |  | 151 |  |  |  | - |  |  |  | 416 |  |  |  | 509 |  |  |  | - |
Taxi medallion |  |  | 6,834 |  |  |  | 18,063 |  |  |  | - |  |  |  | 2,334 |  |  |  | 2,476 |  |  |  | - |
Commercial business and other |  |  | 313 |  |  |  | 682 |  |  |  | - |  |  |  | 2,072 |  |  |  | 2,443 |  |  |  | - |
Total loans with no related allowance recorded |  |  | 32,968 |  |  |  | 46,583 |  |  |  | - |  |  |  | 28,966 |  |  |  | 31,729 |  |  |  | - |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Multi-family residential |  |  | 2,220 |  |  |  | 2,220 |  |  |  | 205 |  |  |  | 2,263 |  |  |  | 2,263 |  |  |  | 232 |
Commercial real estate |  |  | 1,986 |  |  |  | 1,986 |  |  |  | 177 |  |  |  | 2,062 |  |  |  | 2,062 |  |  |  | 179 |
One-to-four family mixed-use property |  |  | 1,227 |  |  |  | 1,227 |  |  |  | 198 |  |  |  | 2,374 |  |  |  | 2,376 |  |  |  | 417 |
One-to-four family residential |  |  | 414 |  |  |  | 414 |  |  |  | 56 |  |  |  | 429 |  |  |  | 429 |  |  |  | 60 |
Co-operative apartments |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Construction |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Non-mortgage loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Small Business Administration |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,521 |  |  |  | 1,909 |  |  |  | 90 |
Taxi medallion |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 13,948 |  |  |  | 13,948 |  |  |  | 2,236 |
Commercial business and other |  |  | 348 |  |  |  | 348 |  |  |  | 6 |  |  |  | 420 |  |  |  | 420 |  |  |  | 12 |
Total loans with an allowance recorded |  |  | 6,195 |  |  |  | 6,195 |  |  |  | 642 |  |  |  | 23,017 |  |  |  | 23,407 |  |  |  | 3,226 |
Total Impaired Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total mortgage loans |  | $ | 31,531 |  |  | $ | 33,534 |  |  | $ | 636 |  |  | $ | 31,272 |  |  | $ | 33,431 |  |  | $ | 888 |
Total non-mortgage loans |  | $ | 7,632 |  |  | $ | 19,244 |  |  | $ | 6 |  |  | $ | 20,711 |  |  | $ | 21,705 |  |  | $ | 2,338 |
The following table shows our average recorded investment and interest income recognized for loans that were considered impaired for the years ended December 31, 2017, 2016 and 2015:
|  | December 31, 2017 |  | December 31, 2016 |  | December 31, 2015
|  | Average Recorded Investment |  | Interest Income Recognized |  | Average Recorded Investment |  | Interest Income Recognized |  | Average Recorded Investment |  | Interest Income Recognized
|  | (In thousands)
With no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Multi-family residential |  | $ | 3,260 |  |  | $ | 80 |  |  | $ | 4,762 |  |  | $ | 96 |  |  | $ | 8,285 |  |  | $ | 92 |
Commercial real estate |  |  | 6,187 |  |  |  | 300 |  |  |  | 4,753 |  |  |  | 169 |  |  |  | 4,926 |  |  |  | 7 |
One-to-four family mixed-use property |  |  | 5,104 |  |  |  | 168 |  |  |  | 7,914 |  |  |  | 141 |  |  |  | 10,295 |  |  |  | 244 |
One-to-four family residential |  |  | 9,865 |  |  |  | 108 |  |  |  | 10,233 |  |  |  | 82 |  |  |  | 12,985 |  |  |  | 138 |
Co-operative apartments |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 153 |  |  |  | - |
Construction |  |  | 596 |  |  |  | 22 |  |  |  | 285 |  |  |  | 7 |  |  |  | 250 |  |  |  | - |
Non-mortgage loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Small Business Administration |  |  | 207 |  |  |  | 11 |  |  |  | 369 |  |  |  | 20 |  |  |  | 299 |  |  |  | 1 |
Taxi medallion |  |  | 4,537 |  |  |  | 161 |  |  |  | 3,110 |  |  |  | 67 |  |  |  | - |  |  |  | - |
Commercial business and other |  |  | 1,267 |  |  |  | 98 |  |  |  | 2,217 |  |  |  | 181 |  |  |  | 3,912 |  |  |  | 253 |
Total loans with no related allowance recorded |  |  | 31,023 |  |  |  | 948 |  |  |  | 33,643 |  |  |  | 763 |  |  |  | 41,105 |  |  |  | 735 |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Multi-family residential |  |  | 2,348 |  |  |  | 136 |  |  |  | 2,279 |  |  |  | 116 |  |  |  | 2,343 |  |  |  | 117 |
Commercial real estate |  |  | 2,026 |  |  |  | 95 |  |  |  | 2,145 |  |  |  | 100 |  |  |  | 997 |  |  |  | 167 |
One-to-four family mixed-use property |  |  | 1,341 |  |  |  | 65 |  |  |  | 2,560 |  |  |  | 138 |  |  |  | 2,983 |  |  |  | 151 |
One-to-four family residential |  |  | 420 |  |  |  | 16 |  |  |  | 410 |  |  |  | 15 |  |  |  | 347 |  |  |  | 14 |
Co-operative apartments |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Construction |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Non-mortgage loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Small Business Administration |  |  | - |  |  |  | - |  |  |  | 616 |  |  |  | 42 |  |  |  | 38 |  |  |  | 2 |
Taxi medallion |  |  | 10,997 |  |  |  | 166 |  |  |  | 7,244 |  |  |  | 147 |  |  |  | 1,062 |  |  |  | 66 |
Commercial business and other |  |  | 375 |  |  |  | 22 |  |  |  | 827 |  |  |  | 45 |  |  |  | 2,692 |  |  |  | 102 |
Total loans with an allowance recorded |  |  | 17,507 |  |  |  | 500 |  |  |  | 16,081 |  |  |  | 603 |  |  |  | 10,462 |  |  |  | 619 |
Total Impaired Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total mortgage loans |  | $ | 31,147 |  |  | $ | 990 |  |  | $ | 35,341 |  |  | $ | 864 |  |  | $ | 43,564 |  |  | $ | 930 |
Total non-mortgage loans |  | $ | 17,383 |  |  | $ | 458 |  |  | $ | 14,383 |  |  | $ | 502 |  |  | $ | 8,003 |  |  | $ | 424 |
In accordance with our policy and the current regulatory guidelines, we designate loans as “Special Mention,” which are considered “Criticized Loans,” and “Substandard,” “Doubtful,” or “Loss,” which are considered “Classified Loans”. If a loan does not fall within one of the previously mentioned categories then the loan would be considered “Pass.” These loan designations are updated quarterly. We designate a loan as Substandard when a well-defined weakness is identified that jeopardizes the orderly liquidation of the debt. We designate a loan Doubtful when it displays the inherent weakness of a Substandard loan with the added provision that collection of the debt in full, on the basis of existing facts, is highly improbable. We designate a loan as Loss if it is deemed the debtor is incapable of repayment. The Company does not hold any loans designated as loss, as loans that are designated as Loss are charged to the ALL. Loans that are non-accrual are designated as Substandard, Doubtful or Loss. We designate a loan as Special Mention if the asset does not warrant classification within one of the other classifications, but does contain a potential weakness that deserves closer attention. The following table sets forth the recorded investment in loans designated as Criticized or Classified at December 31, 2017:
(In thousands) |  | Special Mention |  | Substandard |  | Doubtful |  | Loss |  | Total
Multi-family residential |  | $ | 6,389 |  |  | $ | 4,793 |  |  | $ | - |  |  | $ | - |  |  | $ | 11,182 |
Commercial real estate |  |  | 2,020 |  |  |  | 8,871 |  |  |  | - |  |  |  | - |  |  |  | 10,891 |
One-to-four family - mixed-use property |  |  | 2,835 |  |  |  | 3,691 |  |  |  | - |  |  |  | - |  |  |  | 6,526 |
One-to-four family - residential |  |  | 2,076 |  |  |  | 9,115 |  |  |  | - |  |  |  | - |  |  |  | 11,191 |
Co-operative apartments |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Construction loans |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Small Business Administration (1) |  |  | 548 |  |  |  | 108 |  |  |  | - |  |  |  | - |  |  |  | 656 |
Taxi medallion |  |  | - |  |  |  | 6,834 |  |  |  | - |  |  |  | - |  |  |  | 6,834 |
Commercial business and other |  |  | 14,859 |  |  |  | 545 |  |  |  | - |  |  |  | - |  |  |  | 15,404 |
Total loans |  | $ | 28,727 |  |  | $ | 33,957 |  |  | $ | - |  |  | $ | - |  |  | $ | 62,684 |
| ( 1 ) | Balances shown are net of the portion guaranteed by the Small Business Administration totaling $0.1 million at December 31, 2017.
The following table sets forth the recorded investment in loans designated as Criticized or Classified at December 31, 2016:
(In thousands) |  | Special Mention |  | Substandard |  | Doubtful |  | Loss |  | Total
Multi-family residential |  | $ | 7,133 |  |  | $ | 3,351 |  |  | $ | - |  |  | $ | - |  |  | $ | 10,484 |
Commercial real estate |  |  | 2,941 |  |  |  | 4,489 |  |  |  | - |  |  |  | - |  |  |  | 7,430 |
One-to-four family - mixed-use property |  |  | 4,197 |  |  |  | 7,009 |  |  |  | - |  |  |  | - |  |  |  | 11,206 |
One-to-four family - residential |  |  | 1,205 |  |  |  | 9,399 |  |  |  | - |  |  |  | - |  |  |  | 10,604 |
Co-operative apartments |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Construction loans |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Small Business Administration (1) |  |  | 540 |  |  |  | 436 |  |  |  | - |  |  |  | - |  |  |  | 976 |
Taxi medallion |  |  | 2,715 |  |  |  | 16,228 |  |  |  | 54 |  |  |  | - |  |  |  | 18,997 |
Commercial business and other |  |  | 9,924 |  |  |  | 2,493 |  |  |  | - |  |  |  | - |  |  |  | 12,417 |
Total loans |  | $ | 28,655 |  |  | $ | 43,405 |  |  | $ | 54 |  |  | $ | - |  |  | $ | 72,114 |
| ( 1 ) | Balances shown are net of the portion guaranteed by the Small Business Administration totaling $1.5 million at December 31, 2016.

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