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Note 5 - Loans | 6 Months Ended
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Jun. 30, 2018
Notes to Financial Statements |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] |
5. |  | Loans
Loans are reported at their outstanding principal balance net of any unearned income, charge-offs, deferred loan fees and costs on originated loans and unamortized premiums or discounts on purchased loans. Loan fees and certain loan origination costs are deferred. Net loan origination costs and premiums or discounts on loans purchased are amortized into interest income over the contractual life of the loans using the level-yield method. Prepayment penalties received on loans which pay in full prior to their scheduled maturity are included in interest income in the period they are collected. Interest on loans is recognized on the accrual basis. The accrual of income on loans is generally discontinued when certain factors, such as contractual delinquency of 90 days or more, indicate reasonable doubt as to the timely collectability of such income. Uncollected interest previously recognized on non-accrual loans is reversed from interest income at the time the loan is placed on non-accrual status. A non-accrual loan can be returned to accrual status when contractual delinquency returns to less than 90 days delinquent. Payments received on non-accrual loans that do not bring the loan to less than 90 days delinquent are recorded on a cash basis. Payments can also be applied first as a reduction of principal until all principal is recovered and then subsequently to interest, if in management’s opinion, it is evident that recovery of all principal due is likely to occur. The Company recognizes a loan as non-performing when the borrower has demonstrated the inability to bring the loan current, or due to other circumstances which, in management’s opinion, indicate the borrower will be unable to bring the loan current within a reasonable time. All loans classified as non-performing, which includes all loans past due 90 days or more, are classified as non-accrual unless there is, in our opinion, compelling evidence the borrower will bring the loan current in the immediate future. Prior to a loan becoming 90 days delinquent, an updated appraisal is ordered and/or an internal evaluation is prepared. A loan is considered impaired when, based upon current information, the Company believes it is probable that it will be unable to collect all amounts due, both principal and interest, in accordance with the original terms of the loan. Impaired loans are measured based on the present value of the expected future cash flows discounted at the loan’s effective interest rate or at the loan’s observable market price or, as a practical expedient, the fair value of the collateral if the loan is collateral dependent. All non-accrual loans are considered impaired. The Company maintains an allowance for loan losses at an amount, which, in management’s judgment, is adequate to absorb probable estimated losses inherent in the loan portfolio. Management’s judgment in determining the adequacy of the allowance is based on evaluations of the collectability of loans. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revisions as more information becomes available. An unallocated component may at times be maintained to cover uncertainties that could affect management's estimate of probable losses. When necessary an unallocated component of the allowance will reflect the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. The allowance is established through charges to earnings in the form of a provision for loan losses based on management’s evaluation of the risk inherent in the various components of the loan portfolio and other factors, including historical loan loss experience (which is updated quarterly), current economic conditions, delinquency and non-accrual trends, classified loan levels, risk in the portfolio and volumes and trends in loan types, recent trends in charge-offs, changes in underwriting standards, experience, ability and depth of the Company’s lenders, collection policies and experience, internal loan review function and other external factors. Increases and decreases in the allowance other than charge-offs and recoveries are included in the provision for loan losses. When a loan or a portion of a loan is determined to be uncollectible, the portion deemed uncollectible is charged against the allowance, and subsequent recoveries, if any, are credited to the allowance. The determination of the amount of the allowance for loan losses includes estimates that are susceptible to significant changes due to changes in appraisal values of collateral, national and local economic conditions and other factors. We review our loan portfolio by separate categories with similar risk and collateral characteristics. Impaired loans are segregated and reviewed separately. The Company reviews each impaired loan on an individual basis to determine if either a charge-off or a valuation allowance needs to be allocated to the loan. The Company does not charge-off or allocate a valuation allowance to loans for which management has concluded the current value of the underlying collateral will allow for recovery of the loan balance through the sale of the loan or by foreclosure and sale of the property. The Company considers fair value of collateral dependent loans to be 85% of the appraised or internally estimated value of the property. The 85% is based on the actual net proceeds the Bank has received from the sale of other real estate owned (“OREO”) as a percentage of OREO’s appraised value. For collateral dependent taxi medallion loans, the Company considers fair value to be the value of the underlying medallion based upon the most recently reported arm’s length sales transaction. When there is no recent sale activity, the fair value is calculated using capitalization rates. For both collateral dependent mortgage loans and taxi medallion loans, the amount by which the loan’s book value exceeds fair value is charged-off. During the three months ended June 30, 2018, the fair value of Chicago taxi medallion loans was reduced from $60,000 per medallion to $25,000 per medallion, based upon recent sales transactions. At June 30, 2018, our exposure to the Chicago taxi medallion portfolio totals $0.2 million and to all taxi medallion loans held $6.2 million, which is 0.12% of total loans. The Company segregated its loans into two portfolios based on year of origination. One portfolio was reviewed for loans originated after December 31, 2009 and a second portfolio for loans originated prior to January 1, 2010. Our decision to segregate the portfolio based upon origination dates was based on changes made in our underwriting standards during 2009. By the end of 2009, all loans were being underwritten based on revised and tightened underwriting standards. Loans originated prior to 2010 have a higher delinquency rate and loss history. Each of the years in the portfolio for loans originated prior to 2010 has a similar delinquency rate. During the three months ended June 30, 2018, the Loss Emergence Period (“LEP”) used was 1.33 years for the Residential portfolio and 1.58 years for the Commercial portfolio. In the prior quarter, a blended LEP of 1.33 years was used for both portfolios. The Company’s Board of Directors reviews and approves management’s evaluation of the adequacy of the allowance for loan losses on a quarterly basis. The Company evaluates the underlying collateral through a third party appraisal, or when a third party appraisal is not available, the Company will use an internal evaluation. The internal evaluations are prepared using an income approach or a sales approach. The income approach is used for income producing properties and uses current revenues less operating expenses to determine the net cash flow of the property. Once the net cash flow is determined, the value of the property is calculated using an appropriate capitalization rate for the property. The sales approach uses comparable sales prices in the market. When an internal evaluation is used, we place greater reliance on the income approach to value the collateral. The Company may restructure a loan to enable a borrower experiencing financial difficulties to continue making payments when it is deemed to be in the Company’s best long-term interest. This restructure may include reducing the interest rate or amount of the monthly payment for a specified period of time, after which the interest rate and repayment terms revert to the original terms of the loan. We classify these loans as Troubled Debt Restructured (“TDR”). These restructurings have not included a reduction of principal balance. The Company believes that restructuring these loans in this manner will allow certain borrowers to become and remain current on their loans. All loans classified as TDR are considered impaired, however TDR loans which have been current for six consecutive months at the time they are restructured as TDR remain on accrual status and are not included as part of non-performing loans. Loans which were delinquent at the time they are restructured as a TDR are placed on non-accrual status and reported as non-accrual performing TDR loans until they have made timely payments for six consecutive months. The allocation of a portion of the allowance for loan losses for a performing TDR loan is based upon the present value of the future expected cash flows discounted at the loan’s original effective rate, or for a non-performing TDR loan which is collateral dependent, the fair value of the collateral. At June 30, 2018, there were no commitments to lend additional funds to borrowers whose loans were modified to a TDR. The modification of loans to a TDR did not have a significant effect on our operating results, nor did it require a significant allocation of the allowance for loan losses. The Company did not modify any loans as TDR during the three and six months ended June 30, 2018. The following tables shows loans modified and classified as TDR during the periods indicated:
|  | For the three and six months ended June 30, 2017
(Dollars in thousands) |  | Number |  | Balance |  | Modification description
Taxi medallion |  |  | 5 |  |  | $ | 4,289 |  |  | Three received a below market interest rate and a loan amortization extension, while two received an amortization extension.
Total |  |  | 5 |  |  | $ | 4,289 |  |  |
The recorded investment of the loans modified and classified as TDR presented in the table above, were unchanged as there was no principal forgiven in this modification. The following table shows our recorded investment for loans classified as TDR that are performing according to their restructured terms at the periods indicated:
|  | June 30, 2018 |  | December 31, 2017
(Dollars in thousands) |  | Number of contracts |  | Recorded investment |  | Number of contracts |  | Recorded investment
Multi-family residential |  |  | 9 |  |  | $ | 2,488 |  |  |  | 9 |  |  | $ | 2,518 |
Commercial real estate |  |  | - |  |  |  | - |  |  |  | 2 |  |  |  | 1,986 |
One-to-four family - mixed-use property |  |  | 5 |  |  |  | 1,726 |  |  |  | 5 |  |  |  | 1,753 |
One-to-four family - residential |  |  | 3 |  |  |  | 562 |  |  |  | 3 |  |  |  | 572 |
Taxi medallion |  |  | 19 |  |  |  | 5,482 |  |  |  | 20 |  |  |  | 5,916 |
Commercial business and other |  |  | 2 |  |  |  | 351 |  |  |  | 2 |  |  |  | 462 |
Total performing troubled debt restructured |  |  | 38 |  |  | $ | 10,609 |  |  |  | 41 |  |  | $ | 13,207 |
During the six months ended June 30, 2018, we sold one commercial real estate TDR loan totaling $1.8 million, for a loss of $0.3 million and foreclosed on one taxi medallion TDR loan of $35,000, which is included in “Other Assets”. There were no TDR loans that defaulted during the period, which were within 12 months of their modification date. 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:
|  | June 30, 2018 |  | December 31, 2017
(Dollars in thousands) |  | Number of contracts |  | Recorded investment |  | Number of contracts |  | Recorded investment
Multi-family residential |  |  | 1 |  |  | $ | 383 |  |  |  | 1 |  |  | $ | 383 |
Total troubled debt restructurings that subsequently defaulted |  |  | 1 |  |  | $ | 383 |  |  |  | 1 |  |  | $ | 383 |
There were no TDR loans transferred to non-performing status during the three months ended June 30, 2018 and 2017 and the six months ended June 30, 2017. The following table shows our non-performing loans at the periods indicated:
(In thousands) |  | June 30, 2018 |  | December 31, 2017
Loans ninety days or more past due and still accruing: |  |  |  |  |  |  |  |
Commercial real estate |  | $ | - |  |  | $ | 2,424 |
Construction |  |  | 730 |  |  |  | - |
Total |  |  | 730 |  |  |  | 2,424 |
Non-accrual mortgage loans: |  |  |  |  |  |  |  |
Multi-family residential |  |  | 2,165 |  |  |  | 3,598 |
Commercial real estate |  |  | 1,448 |  |  |  | 1,473 |
One-to-four family - mixed-use property |  |  | 2,157 |  |  |  | 1,867 |
One-to-four family - residential |  |  | 6,969 |  |  |  | 7,808 |
Co-operative apartments |  |  | 575 |  |  |  | - |
Total |  |  | 13,314 |  |  |  | 14,746 |
Non-accrual non-mortgage loans: |  |  |  |  |  |  |  |
Small Business Administration |  |  | - |  |  |  | 46 |
Taxi medallion |  |  | 743 |  |  |  | 918 |
Commercial business and other |  |  | 2 |  |  |  | - |
Total |  |  | 745 |  |  |  | 964 |
Total non-accrual loans |  |  | 14,059 |  |  |  | 15,710 |
Total non-performing loans |  | $ | 14,789 |  |  | $ | 18,134 |
The following is a summary of interest foregone on non-accrual loans and loans classified as TDR for the periods indicated:
|  | For the three months ended June 30, |  | For the six months ended June 30,
|  | 2018 |  | 2017 |  | 2018 |  | 2017
|  | (In thousands)
Interest income that would have been recognized had the loans performed in accordance with their original terms |  | $ | 390 |  |  | $ | 433 |  |  | $ | 798 |  |  | $ | 848 |
Less: Interest income included in the results of operations |  |  | 156 |  |  |  | 141 |  |  |  | 315 |  |  |  | 268 |
Total foregone interest |  | $ | 234 |  |  | $ | 292 |  |  | $ | 483 |  |  | $ | 580 |
The following tables show an age analysis of our recorded investment in loans, including loans past maturity, at the periods indicated:
|  | June 30, 2018
(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 |  | $ | 2,887 |  |  | $ | 410 |  |  | $ | 2,165 |  |  | $ | 5,462 |  |  | $ | 2,242,390 |  |  | $ | 2,247,852 |
Commercial real estate |  |  | 4,139 |  |  |  | 3,206 |  |  |  | 1,448 |  |  |  | 8,793 |  |  |  | 1,463,101 |  |  |  | 1,471,894 |
One-to-four family - mixed-use property |  |  | 2,080 |  |  |  | - |  |  |  | 2,157 |  |  |  | 4,237 |  |  |  | 560,237 |  |  |  | 564,474 |
One-to-four family - residential |  |  | 767 |  |  |  | 400 |  |  |  | 6,969 |  |  |  | 8,136 |  |  |  | 179,605 |  |  |  | 187,741 |
Co-operative apartments |  |  | - |  |  |  | - |  |  |  | 575 |  |  |  | 575 |  |  |  | 7,264 |  |  |  | 7,839 |
Construction loans |  |  | - |  |  |  | - |  |  |  | 730 |  |  |  | 730 |  |  |  | 33,096 |  |  |  | 33,826 |
Small Business Administration |  |  | 1,537 |  |  |  | - |  |  |  | - |  |  |  | 1,537 |  |  |  | 12,868 |  |  |  | 14,405 |
Taxi medallion |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 6,225 |  |  |  | 6,225 |
Commercial business and other |  |  | 562 |  |  |  | 761 |  |  |  | 2 |  |  |  | 1,325 |  |  |  | 782,579 |  |  |  | 783,904 |
Total |  | $ | 11,972 |  |  | $ | 4,777 |  |  | $ | 14,046 |  |  | $ | 30,795 |  |  | $ | 5,287,365 |  |  | $ | 5,318,160 |
|  | 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 tables show the activity in the allowance for loan losses for the three month periods indicated:
June 30, 2018
(In thousands) |  | Multi-family residential |  | Commercial real estate |  | One-to-four family - mixed-use property |  | One-to-four family - residential |  | Construction loans |  | Small Business Administration |  | Taxi medallion |  | Commercial business and other |  | Unallocated |  | Total
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 5,750 |  |  | $ | 4,602 |  |  | $ | 2,470 |  |  | $ | 1,041 |  |  | $ | 191 |  |  | $ | 675 |  |  | $ | - |  |  | $ | 5,813 |  |  | $ | - |  |  | $ | 20,542 |
Charge-off's |  |  | (28 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (27 | ) |  |  | (353 | ) |  |  | (8 | ) |  |  | - |  |  |  | (416 | )
Recoveries |  |  | - |  |  |  | - |  |  |  | 79 |  |  |  | 4 |  |  |  | - |  |  |  | 9 |  |  |  | - |  |  |  | 2 |  |  |  | - |  |  |  | 94 |
Provision (Benefit) |  |  | (184 | ) |  |  | 124 |  |  |  | (252 | ) |  |  | (42 | ) |  |  | 73 |  |  |  | (108 | ) |  |  | 353 |  |  |  | 25 |  |  |  | 11 |  |  |  | - |
Ending balance |  | $ | 5,538 |  |  | $ | 4,726 |  |  | $ | 2,297 |  |  | $ | 1,003 |  |  | $ | 264 |  |  | $ | 549 |  |  | $ | - |  |  | $ | 5,832 |  |  | $ | 11 |  |  | $ | 20,220 |
June 30, 2017
(In thousands) |  | Multi-family residential |  | Commercial real estate |  | One-to-four family - mixed-use property |  | One-to-four family - residential |  | Construction loans |  | Small Business Administration |  | Taxi medallion |  | Commercial business and other |  | Unallocated |  | Total
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 5,907 |  |  | $ | 4,485 |  |  | $ | 2,691 |  |  | $ | 979 |  |  | $ | 94 |  |  | $ | 315 |  |  | $ | 2,213 |  |  | $ | 4,712 |  |  | $ | 815 |  |  | $ | 22,211 |
Charge-off's |  |  | (148 | ) |  |  | (4 | ) |  |  | (1 | ) |  |  | (170 | ) |  |  | - |  |  |  | (24 | ) |  |  | - |  |  |  | (3 | ) |  |  | - |  |  |  | (350 | )
Recoveries |  |  | 201 |  |  |  | - |  |  |  | 68 |  |  |  | - |  |  |  | - |  |  |  | 10 |  |  |  | - |  |  |  | 17 |  |  |  | - |  |  |  | 296 |
Provision (Benefit) |  |  | (43 | ) |  |  | 207 |  |  |  | (190 | ) |  |  | 181 |  |  |  | 36 |  |  |  | 5 |  |  |  | 117 |  |  |  | (58 | ) |  |  | (255 | ) |  |  | - |
Ending balance |  | $ | 5,917 |  |  | $ | 4,688 |  |  | $ | 2,568 |  |  | $ | 990 |  |  | $ | 130 |  |  | $ | 306 |  |  | $ | 2,330 |  |  | $ | 4,668 |  |  | $ | 560 |  |  | $ | 22,157 |
The following tables show the activity in the allowance for loan losses for the six month periods indicated:
June 30, 2018
(In thousands) |  | Multi-family residential |  | Commercial real estate |  | One-to-four family - mixed-use property |  | One-to-four family - residential |  | Construction loans |  | Small Business Administration |  | Taxi medallion |  | Commercial business and other |  | Unallocated |  | Total
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 5,823 |  |  | $ | 4,643 |  |  | $ | 2,545 |  |  | $ | 1,082 |  |  | $ | 68 |  |  | $ | 669 |  |  | $ | - |  |  | $ | 5,521 |  |  | $ | - |  |  | $ | 20,351 |
Charge-off's |  |  | (81 | ) |  |  | - |  |  |  | - |  |  |  | (1 | ) |  |  | - |  |  |  | (52 | ) |  |  | (353 | ) |  |  | (14 | ) |  |  | - |  |  |  | (501 | )
Recoveries |  |  | 2 |  |  |  | - |  |  |  | 79 |  |  |  | 112 |  |  |  | - |  |  |  | 15 |  |  |  | - |  |  |  | 9 |  |  |  | - |  |  |  | 217 |
Provision (Benefit) |  |  | (206 | ) |  |  | 83 |  |  |  | (327 | ) |  |  | (190 | ) |  |  | 196 |  |  |  | (83 | ) |  |  | 353 |  |  |  | 316 |  |  |  | 11 |  |  |  | 153 |
Ending balance |  | $ | 5,538 |  |  | $ | 4,726 |  |  | $ | 2,297 |  |  | $ | 1,003 |  |  | $ | 264 |  |  | $ | 549 |  |  | $ | - |  |  | $ | 5,832 |  |  | $ | 11 |  |  | $ | 20,220 |
June 30, 2017
(In thousands) |  | Multi-family residential |  | Commercial real estate |  | One-to-four family - mixed-use property |  | One-to-four family - residential |  | 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 |  |  | (162 | ) |  |  | (4 | ) |  |  | (35 | ) |  |  | (170 | ) |  |  | - |  |  |  | (89 | ) |  |  | (54 | ) |  |  | (15 | ) |  |  | - |  |  |  | (529 | )
Recoveries |  |  | 231 |  |  |  | 68 |  |  |  | 68 |  |  |  | - |  |  |  | - |  |  |  | 49 |  |  |  | - |  |  |  | 41 |  |  |  | - |  |  |  | 457 |
Provision (Benefit) |  |  | (75 | ) |  |  | 137 |  |  |  | (368 | ) |  |  | 145 |  |  |  | 38 |  |  |  | (135 | ) |  |  | 141 |  |  |  | 150 |  |  |  | (33 | ) |  |  | - |
Ending balance |  | $ | 5,917 |  |  | $ | 4,688 |  |  | $ | 2,568 |  |  | $ | 990 |  |  | $ | 130 |  |  | $ | 306 |  |  | $ | 2,330 |  |  | $ | 4,668 |  |  | $ | 560 |  |  | $ | 22,157 |
The following tables show the manner in which loans were evaluated for impairment at the periods indicated:
June 30, 2018
(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 |  | $ | 2,247,852 |  |  | $ | 1,471,894 |  |  | $ | 564,474 |  |  | $ | 187,741 |  |  | $ | 7,839 |  |  | $ | 33,826 |  |  | $ | 14,405 |  |  | $ | 6,225 |  |  | $ | 783,904 |  |  | $ | - |  |  | $ | 5,318,160 |
Ending balance: individually evaluated for impairment |  | $ | 6,482 |  |  | $ | 4,967 |  |  | $ | 5,625 |  |  | $ | 8,733 |  |  | $ | - |  |  | $ | 730 |  |  | $ | 49 |  |  | $ | 6,225 |  |  | $ | 16,136 |  |  | $ | - |  |  | $ | 48,947 |
Ending balance: collectively evaluated for impairment |  | $ | 2,241,370 |  |  | $ | 1,466,927 |  |  | $ | 558,849 |  |  | $ | 179,008 |  |  | $ | 7,839 |  |  | $ | 33,096 |  |  | $ | 14,356 |  |  | $ | - |  |  | $ | 767,768 |  |  | $ | - |  |  | $ | 5,269,213 |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending balance: individually evaluated for impairment |  | $ | 147 |  |  | $ | - |  |  | $ | 159 |  |  | $ | 53 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 4 |  |  | $ | - |  |  | $ | 363 |
Ending balance: collectively evaluated for impairment |  | $ | 5,391 |  |  | $ | 4,726 |  |  | $ | 2,138 |  |  | $ | 950 |  |  | $ | - |  |  | $ | 264 |  |  | $ | 549 |  |  | $ | - |  |  | $ | 5,828 |  |  | $ | 11 |  |  | $ | 19,857 |
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 |
The following table shows our recorded investment, unpaid principal balance and allocated allowance for loan losses for impaired loans at the periods indicated:
|  | June 30, 2018 |  | December 31, 2017
|  | 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 |  | $ | 4,285 |  |  | $ | 4,814 |  |  | $ | - |  |  | $ | 5,091 |  |  | $ | 5,539 |  |  | $ | - |
Commercial real estate |  |  | 4,967 |  |  |  | 4,967 |  |  |  | - |  |  |  | 7,103 |  |  |  | 7,103 |  |  |  | - |
One-to-four family mixed-use property |  |  | 4,419 |  |  |  | 4,676 |  |  |  | - |  |  |  | 4,218 |  |  |  | 4,556 |  |  |  | - |
One-to-four family residential |  |  | 8,326 |  |  |  | 9,281 |  |  |  | - |  |  |  | 9,272 |  |  |  | 10,489 |  |  |  | - |
Construction |  |  | 730 |  |  |  | 730 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-mortgage loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Small Business Administration |  |  | 49 |  |  |  | 58 |  |  |  | - |  |  |  | 137 |  |  |  | 151 |  |  |  | - |
Taxi medallion |  |  | 6,225 |  |  |  | 17,450 |  |  |  | - |  |  |  | 6,834 |  |  |  | 18,063 |  |  |  | - |
Commercial business and other |  |  | 15,829 |  |  |  | 16,198 |  |  |  | - |  |  |  | 313 |  |  |  | 682 |  |  |  | - |
Total loans with no related allowance recorded |  |  | 44,830 |  |  |  | 58,174 |  |  |  | - |  |  |  | 32,968 |  |  |  | 46,583 |  |  |  | - |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Multi-family residential |  |  | 2,197 |  |  |  | 2,197 |  |  |  | 147 |  |  |  | 2,220 |  |  |  | 2,220 |  |  |  | 205 |
Commercial real estate |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,986 |  |  |  | 1,986 |  |  |  | 177 |
One-to-four family mixed-use property |  |  | 1,206 |  |  |  | 1,206 |  |  |  | 159 |  |  |  | 1,227 |  |  |  | 1,227 |  |  |  | 198 |
One-to-four family residential |  |  | 407 |  |  |  | 407 |  |  |  | 53 |  |  |  | 414 |  |  |  | 414 |  |  |  | 56 |
Non-mortgage loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial business and other |  |  | 307 |  |  |  | 307 |  |  |  | 4 |  |  |  | 348 |  |  |  | 348 |  |  |  | 6 |
Total loans with an allowance recorded |  |  | 4,117 |  |  |  | 4,117 |  |  |  | 363 |  |  |  | 6,195 |  |  |  | 6,195 |  |  |  | 642 |
Total Impaired Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total mortgage loans |  | $ | 26,537 |  |  | $ | 28,278 |  |  | $ | 359 |  |  | $ | 31,531 |  |  | $ | 33,534 |  |  | $ | 636 |
Total non-mortgage loans |  | $ | 22,410 |  |  | $ | 34,013 |  |  | $ | 4 |  |  | $ | 7,632 |  |  | $ | 19,244 |  |  | $ | 6 |
The following table shows our average recorded investment and interest income recognized for impaired loans for the three months ended:
|  | June 30, 2018 |  | June 30, 2017
|  | Average Recorded Investment |  | Interest Income Recognized |  | Average Recorded Investment |  | Interest Income Recognized
|  | (In thousands)
With no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Multi-family residential |  | $ | 4,431 |  |  | $ | 16 |  |  | $ | 2,730 |  |  | $ | 22 |
Commercial real estate |  |  | 5,847 |  |  |  | 52 |  |  |  | 6,438 |  |  |  | 59 |
One-to-four family mixed-use property |  |  | 4,397 |  |  |  | 39 |  |  |  | 5,560 |  |  |  | 41 |
One-to-four family residential |  |  | 8,382 |  |  |  | 10 |  |  |  | 10,263 |  |  |  | 30 |
Construction |  |  | 365 |  |  |  | 10 |  |  |  | 602 |  |  |  | - |
Non-mortgage loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Small Business Administration |  |  | 74 |  |  |  | 1 |  |  |  | 160 |  |  |  | 2 |
Taxi medallion |  |  | 6,421 |  |  |  | 86 |  |  |  | 4,352 |  |  |  | 25 |
Commercial business and other |  |  | 7,954 |  |  |  | 308 |  |  |  | 2,187 |  |  |  | 43 |
Total loans with no related allowance recorded |  |  | 37,871 |  |  |  | 522 |  |  |  | 32,292 |  |  |  | 222 |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Multi-family residential |  |  | 2,203 |  |  |  | 30 |  |  |  | 2,471 |  |  |  | 50 |
Commercial real estate |  |  | - |  |  |  | - |  |  |  | 2,043 |  |  |  | 24 |
One-to-four family mixed-use property |  |  | 1,212 |  |  |  | 15 |  |  |  | 1,450 |  |  |  | 16 |
One-to-four family residential |  |  | 409 |  |  |  | 4 |  |  |  | 424 |  |  |  | 4 |
Non-mortgage loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Small Business Administration |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Taxi medallion |  |  | - |  |  |  | - |  |  |  | 14,216 |  |  |  | 50 |
Commercial business and other |  |  | 318 |  |  |  | 4 |  |  |  | 391 |  |  |  | 6 |
Total loans with an allowance recorded |  |  | 4,142 |  |  |  | 53 |  |  |  | 20,995 |  |  |  | 150 |
Total Impaired Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total mortgage loans |  | $ | 27,246 |  |  | $ | 176 |  |  | $ | 31,981 |  |  | $ | 246 |
Total non-mortgage loans |  | $ | 14,767 |  |  | $ | 399 |  |  | $ | 21,306 |  |  | $ | 126 |
The following table shows our average recorded investment and interest income recognized for impaired loans for the six months ended:
|  | June 30, 2018 |  | June 30, 2017
|  | Average Recorded Investment |  | Interest Income Recognized |  | Average Recorded Investment |  | Interest Income Recognized
|  | (In thousands)
With no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Multi-family residential |  | $ | 4,651 |  |  | $ | 36 |  |  | $ | 3,040 |  |  | $ | 45 |
Commercial real estate |  |  | 6,266 |  |  |  | 126 |  |  |  | 5,788 |  |  |  | 154 |
One-to-four family mixed-use property |  |  | 4,337 |  |  |  | 80 |  |  |  | 5,851 |  |  |  | 78 |
One-to-four family residential |  |  | 8,678 |  |  |  | 25 |  |  |  | 10,028 |  |  |  | 56 |
Construction |  |  | 243 |  |  |  | 10 |  |  |  | 401 |  |  |  | 7 |
Non-mortgage loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Small Business Administration |  |  | 95 |  |  |  | 2 |  |  |  | 245 |  |  |  | 4 |
Taxi medallion |  |  | 6,559 |  |  |  | 168 |  |  |  | 3,679 |  |  |  | 55 |
Commercial business and other |  |  | 5,407 |  |  |  | 310 |  |  |  | 2,148 |  |  |  | 87 |
Total loans with no related allowance recorded |  |  | 36,236 |  |  |  | 757 |  |  |  | 31,180 |  |  |  | 486 |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Multi-family residential |  |  | 2,208 |  |  |  | 59 |  |  |  | 2,401 |  |  |  | 79 |
Commercial real estate |  |  | 662 |  |  |  | - |  |  |  | 2,049 |  |  |  | 48 |
One-to-four family mixed-use property |  |  | 1,217 |  |  |  | 24 |  |  |  | 1,758 |  |  |  | 34 |
One-to-four family residential |  |  | 411 |  |  |  | 8 |  |  |  | 425 |  |  |  | 8 |
Non-mortgage loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Small Business Administration |  |  | - |  |  |  | - |  |  |  | 507 |  |  |  | - |
Taxi medallion |  |  | - |  |  |  | - |  |  |  | 14,126 |  |  |  | 93 |
Commercial business and other |  |  | 328 |  |  |  | 9 |  |  |  | 401 |  |  |  | 12 |
Total loans with an allowance recorded |  |  | 4,826 |  |  |  | 100 |  |  |  | 21,667 |  |  |  | 274 |
Total Impaired Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total mortgage loans |  | $ | 28,673 |  |  | $ | 368 |  |  | $ | 31,741 |  |  | $ | 509 |
Total non-mortgage loans |  | $ | 12,389 |  |  | $ | 489 |  |  | $ | 21,106 |  |  | $ | 251 |
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 previous mentioned categories then the loan would be considered “Pass.” Loans that are non-accrual are designated as Substandard, Doubtful or Loss. These loan designations are updated quarterly. We designate a loan as Substandard when a well-defined weakness is identified that may jeopardize 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 Allowance for Loan Losses. 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 the periods indicated:
|  | June 30, 2018
(In thousands) |  | Special Mention |  | Substandard |  | Doubtful |  | Loss |  | Total
Multi-family residential |  | $ | 3,432 |  |  | $ | 3,994 |  |  | $ | - |  |  | $ | - |  |  | $ | 7,426 |
Commercial real estate |  |  | 4,475 |  |  |  | 4,206 |  |  |  | - |  |  |  | - |  |  |  | 8,681 |
One-to-four family - mixed-use property |  |  | 1,223 |  |  |  | 3,899 |  |  |  | - |  |  |  | - |  |  |  | 5,122 |
One-to-four family - residential |  |  | 883 |  |  |  | 7,597 |  |  |  | - |  |  |  | - |  |  |  | 8,480 |
Co-operative apartments |  |  | - |  |  |  | 575 |  |  |  | - |  |  |  | - |  |  |  | 575 |
Construction loans |  |  | - |  |  |  | 730 |  |  |  | - |  |  |  | - |  |  |  | 730 |
Small Business Administration |  |  | 879 |  |  |  | 45 |  |  |  | - |  |  |  | - |  |  |  | 924 |
Taxi medallion |  |  | - |  |  |  | 6,225 |  |  |  | - |  |  |  | - |  |  |  | 6,225 |
Commercial business and other |  |  | 10,927 |  |  |  | 16,852 |  |  |  | - |  |  |  | - |  |  |  | 27,779 |
Total loans |  | $ | 21,819 |  |  | $ | 44,123 |  |  | $ | - |  |  | $ | - |  |  | $ | 65,942 |
|  | 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 |
Small Business Administration |  |  | 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 |
Commitments to extend credit (principally real estate mortgage loans) and lines of credit (principally home equity lines of credit and business lines of credit) amounted to $25.2 million and $300.8 million, respectively, at June 30, 2018.

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