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Loans | 9 Months Ended
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Sep. 30, 2020
Notes to Financial Statements |
Loans | 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. Accrued interest receivable totaled $33.5 million at September 30, 2020 and was reported in “Interest and dividends receivable” on the Consolidated Statements of Financial Condition. 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. Pursuant to the CARES Act, loan modifications made between March 1, 2020 and the earlier of i) December 30, 2020 or ii) 60 days after the President declares a termination of the COVID-19 national emergency are not classified as TDRs if the related loans were not more than 30 days past due as of December 31, 2019. The Company has elected that loans temporarily modified for borrowers directly impacted by COVID-19 are not considered TDR, assuming the above criteria is met and as such, these loans are considered current and continue to accrue interest at its original contractual terms. Deferrals granted under the Cares Act are deemed in accrual status and interest income is accrued until the end of deferral period even if there are no payments being collected. When the forbearance period is over, borrowers are expected to resume contractual payments. The determination of whether a loan is past due is based on the modified terms of the agreement. Once the deferral period is over, the borrower will resume making payments and normal delinquency-based non-accrual policies will apply. 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 the loan is well secured and there is, in our opinion, compelling evidence the borrower will bring the loan current in the immediate future. Prior to a real estate secured loan becoming 90 days delinquent, an updated appraisal is ordered and/or an internal evaluation is prepared. Allowance for credit losses The Allowance for credit losses (“ACL”) is an estimate that is deducted from the amortized cost basis of the financial asset to present the net carrying value at the amount expected to be collected on the financial assets. Loans are charged off against that ACL when management believes that a loan balance is uncollectable based on quarterly analysis of credit risk. As of January 1, 2020, the Company adopted Topic 326, see Note 17 related to the adoption of Topic 326. The amount of the ACL is based upon a loss rate model that considers multiple factors which reflects management’s assessment of the credit quality of the loan portfolio. Management estimates the allowance balance using relevant information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The factors are both quantitative and qualitative in nature including, but not limited to, historical losses, economic conditions, trends in delinquencies, value and adequacy of underlying collateral, volume and portfolio mix, and internal loan processes. The quantitative allowance is calculated using a number of inputs and assumptions. The process and guidelines were developed using, among other factors, the guidance from federal banking regulatory agencies and GAAP. The results of this process, support management’s assessment as to the adequacy of the ACL at each balance sheet date. The process for calculating the allowance for credit losses begins with our historical losses by portfolio segment. The losses are then incorporated into reasonable and supportable forecast to develop the quantitative component of the allowance for credit losses. The Bank has established an Asset Classification Committee which carefully evaluates loans which are past due 90 days and/or are classified. The Asset Classification Committee thoroughly assesses the condition and circumstances surrounding each loan meeting the criteria. The Bank also has a Delinquency Committee that evaluates loans meeting specific criteria. The Bank’s loan policy requires loans to be placed into non-accrual status once the loan becomes 90 days delinquent unless there is, compelling evidence the borrower will bring the loan current in the immediate future. For the quantitative measurement, the Company’s portfolio consists of mortgage loans secured by real estate (both commercial and retail) and non-mortgage loans, which are primarily commercial business term loans and line of credit. Based on the Company’s evaluation of the loan portfolio, listed below are the pools that were established as a baseline level of segmentation with their primary risk factor. The Company confirms this data remains relevant in absence of changes to the composition of the portfolio. The mortgage portfolio is a substantial component of Company’s portfolio and it is a focus of the Company’s lending strategy, primarily focusing on multi-family and commercial real estate. While the mortgage portfolio consists of real-estate secured loans, the source of repayment and types of properties securing these loans varies and thus the Company first considered these differences as follows:
| 1. | One-to-four family residential property – These loans are secured by residential properties for which the primary source of repayment is the income generated by the residential borrower. Delinquency status is considered a risk factor in this pool.
| 2. | One-to-four family mixed use – These loans are secured by residential properties for which the primary source of repayment is the income generated by the property. Unlike the one-to-four residential credits, properties securing mixed use loans include a commercial space component. Delinquency status is considered a risk factor in this pool.
| 3. | Multi-family residential – These loans are secured by multi-unit residential buildings for which the primary source of repayment is the income generated by the property. Properties securing multifamily loans have five or more residential units and thus a greater number of cash flow streams compared to one-to-four mixed use loans. Delinquency status and risk rating are considered risk factors in this pool.
| 4. | Commercial real estate (CRE) – These loans are secured by properties for commercial use for which the primary source of repayment is the income generated by the property. Delinquency status, risk rating and collateral type are considered risk factors in this pool.
| 5. | Construction – These loans are provided to fund construction projects for both residential and commercial properties. These loans are inherently different from all others as they represent “work in progress” and expose the Company to risk from non-completion and less recovery value should the sponsor of an unfinished property default. Delinquency status and risk rating are considered risk factors in this pool.
Relative to the non-mortgage portfolio, the Company considered the following categories as a baseline for evaluation:
| 6. | Commercial Business – These loans are not typically secured by real estate. The primary source of repayment is cash flows from operations of the borrower’s business. Within this category are Small Business Administration (“SBA”) credits and equipment finance credits. Delinquency status, risk rating and industry are considered a risk factors in this pool.
| 7. | Commercial Business secured by real estate – These loans are secured by properties used by the borrower for commercial use where the primary source of repayment is expected to be the income generated by the borrower’s business use of the property. As a result of the Coronavirus pandemic and the strain placed upon many businesses, the Company recognized in circumstances where the borrower is not performing, the real estate collateral would be the source of repayment. The Company considers these credits to be less risky than commercial business loans, however, riskier than commercial real estate loans. Delinquency status, risk rating and industry are considered risk factors in this pool.
| 8. | Taxi Medallions – These loans consist primarily of loans made to New York taxi medallion owners and are secured by liens on the taxi medallions. No new taxi medallions have been originated since 2014, the remaining portfolio is running off and all credits are individually evaluated for expected credit losses.
Lastly, the Company identified that the remainder of the portfolio includes overdraft lines of credit.
| 9. | Overdrafts – These are unsecured consumer lines of credits and are an immaterial component of the Company’s portfolio.
For the qualitative measurement, the Company aggregated the portfolio segments according to three business units: business banking, residential and commercial real estate. In accordance with the interagency statement and SEC guidance, Management evaluates nine qualitative risk factors to determine if the risk is captured elsewhere in the ACL process. If not captured elsewhere, the Company has identified specific risk factors to evaluate and incorporate into its Qualitative Framework. Some risk factors include time to maturity, origination loan-to-value, loan type composition, the value of underlying collateral, changes in policies and procedures for lending strategies and underwriting standards, collection and recovery practices, internal credit review, changes in personnel, divergence between the levels of NYC and national unemployment, divergence between the NYC GDP and national GDP, industry concentrations and riskiness and large borrower concentrations. The Company recorded a provision for loans losses totaling $2.5 million and $19.2 million for the three months and nine months ending September 30, 2020, respectively, primarily due to the economic conditions resulting from COVID-19 and the growth in the loan portfolio. The Company specifies both the reasonable and supportable forecast and reversion periods in three economic conditions (expansion, transition, contraction). When calculating the ACL estimate for September 30, 2020, Management acknowledged deteriorated economic conditions as a result of the COVID-19 pandemic were captured in the forecast within the model platform. As such, when determining the reasonable and supportable forecast, Management adjusted the period to reflect a forecast of four quarters, to align with a previously established framework for contraction periods. Similarly, the reversion period was adjusted to four quarters. Management believed these adjustments are necessary as the forecast has suggested more stability than at the beginning of the COVID-19 pandemic. This resulted in the ACL for loans totaling $38.3 million at September 30, 2020, representing 0.65% of gross loans and 154.7% of non-performing loans compared to $21.8 million at December 31, 2019. In response to COVID-19, the Company is actively assisting customers by providing modifications in the form of deferrals of interest, principal and/or escrow for terms ranging from one to twelve months. At September 30, 2020, we have 509 active forbearances for loans with an aggregate outstanding loan balance of approximately $846.2 million resulting in total deferment of $28.4 million in principal, interest and escrow, down from 808 active forbearances for loans with an aggregate outstanding loan balance of approximately $1.3 billion at June 30, 2020. Given the pandemic and current economic environment, we continue to work with our customers to modify loans although the pace of requests slowed late in the second quarter. The Company actively participated in the SBA Paycheck Protection Program, closing $111.6 million of these loans. We are also a proud participant in the Main Street Lending Program in order to assist customers. As previously discussed, pursuant to the CARES Act, loan modifications made between March 1, 2020 and the earlier of i) December 30, 2020 or ii) 60 days after the President declares a termination of the COVID-19 national emergency are not classified as TDRs if the related loans were not more than 30 days past due as of December 31, 2019. The Company has elected that loans temporarily modified for borrowers directly impacted by COVID-19 are not considered TDR, assuming the above criteria is met and as such, these loans are considered current and continue to accrue interest at its original contractual terms until the completion of deferred period. Once the deferred period is over, the borrower will resume making payment and normal delinquency-based non-accrual policies will apply. These loans were captured in the portfolio segments described above and the potential losses captured in the variables used in the ACL calculation. The Company may restructure loans that are not directly impacted by COVID-19 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 TDR. 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 individually evaluated, 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. These restructurings have not included a reduction of principal balance. 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 September 30, 2020, 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 following table shows TDR loan modifications and classified as TDR loans during the periods indicated. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three and nine months ended
​ | ​ | September 30, 2020 | ​ | September 30, 2019
(Dollars in thousands) |  | Number |  | Balance |  | Modification description |  | Number |  | Balance |  | Modification description
One-to-four family - mixed-use property | ​ | 1 | ​ | $ | 270 | ​ | Below market interest rate. | ​ | — | ​ | ​ | — | ​ | ​
Commercial business and other |  | — | ​ | ​ | — |  | ​ |  | 3 | ​ | $ | 951 |  | Amortization extension
Total |  | 1 | ​ | $ | 270 |  |  |  | 3 | ​ | $ | 951 |  |
​ ​ The following table shows our recorded investment for loans classified as TDR at amortized cost that are performing according to their restructured terms at the periods indicated: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2020
​ | ​ | Number | ​ | Amortized
(Dollars in thousands) |  | of contracts |  | Cost
Multi-family residential |  | 7 | ​ | $ | 1,876
One-to-four family - mixed-use property (1) |  | 5 | ​ |  | 1,744
One-to-four family - residential |  | 3 | ​ |  | 513
Taxi medallion (1) |  | 1 | ​ | ​ | 99
Commercial business and other (1) |  | 3 | ​ |  | 950
Total performing troubled debt restructured |  | 19 | ​ | $ | 5,182
| (1) | These loans in the table above continue to pay as agreed, however the Company records interest received on a cash basis.
​ 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, 2019
​ | ​ | Number | ​ | Recorded
(Dollars in thousands) | ​ | of contracts |  | investment
Multi-family residential | ​ | 7 | ​ | $ | 1,873
One-to-four family - mixed-use property | ​ | 4 | ​ |  | 1,481
One-to-four family - residential | ​ | 3 | ​ |  | 531
Taxi medallion (1) | ​ | 7 | ​ |  | 1,668
Commercial business and other (1) | ​ | 3 | ​ |  | 941
Total performing troubled debt restructured | ​ | 24 | ​ | $ | 6,494
​
| (1) | These loans in the table above continue to pay as agreed, however the Company records interest received on a cash basis.
During the three and nine months ended September 30, 2020 and 2019, there were no defaults of TDR loans within 12 months of their modification date. ​ The following table shows our recorded investment for loans classified as TDR at amortized cost that are not performing according to their restructured terms at the periods indicated: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2020
​ | ​ | Number | ​ | Amortized
(Dollars in thousands) |  | of contracts |  | Cost
Taxi medallion |  | 10 | ​ | $ | 1,823
Commercial business and other |  | 1 | ​ |  | 279
Total troubled debt restructurings that subsequently defaulted |  | 11 | ​ | $ | 2,102
​ ​ 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, 2019
​ | ​ | Number | ​ | Recorded
(Dollars in thousands) | ​ | of contracts |  | investment
Taxi medallion | ​ | 4 | ​ | $ | 1,065
Commercial business and other | ​ | 1 | ​ |  | 279
Total troubled debt restructurings that subsequently defaulted | ​ | 5 | ​ | $ | 1,344
​ ​ The following table shows our non-accrual loans at amortized cost with no related allowance and interest income recognized for loans ninety days or more past due and still accruing for period shown below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At or for the nine months ended September 30, 2020
​ | ​ | ​ | ​ | ​ | ​ | Non-Accrual | ​ | ​ | ​ | ​ | ​ | Loans ninety days
​ | ​ | ​ | Total Non-Accrual | ​ | ​ | with no related | ​ | ​ | Interest Income | ​ | ​ | or more past due
(In thousands) | ​ | ​ | Amortized Cost | ​ | ​ | Allowance | ​ | ​ | Recognized | ​ | ​ | and still accruing:
Multi-family residential | ​ | $ | 2,723 | ​ | $ | 2,723 | ​ | $ | — | ​ | $ | —
Commercial real estate | ​ | ​ | 2,714 | ​ | ​ | 2,714 | ​ | ​ | — | ​ | ​ | —
One-to-four family - mixed-use property | ​ | ​ | 1,704 | ​ | ​ | 1,704 | ​ | ​ | — | ​ | ​ | —
One-to-four family - residential | ​ | ​ | 5,922 | ​ | ​ | 5,922 | ​ | ​ | — | ​ | ​ | —
Small Business Administration | ​ | ​ | 1,169 | ​ | ​ | 1,169 | ​ | ​ | — | ​ | ​ | —
Taxi medallion(1) | ​ | ​ | 2,318 | ​ | ​ | 2,318 | ​ | ​ | — | ​ | ​ | —
Commercial business and other(1) | ​ | ​ | 9,278 | ​ | ​ | 6,456 | ​ | ​ | 32 | ​ | ​ | —
Total | ​ | $ | 25,828 | ​ | $ | 23,006 | ​ | $ | 32 | ​ | $ | —
​ (1)Included in the above analysis are non-accrual performing one-to-four family – mixed-use property totaling $0.3 million, non-accrual performing TDR taxi medallion loans totaling $0.1 million September 30, 2020 and non-accrual performing TDR commercial business loans totaling $1.0 million at September 30, 2020. ​ ​ The following table shows our non-performing loans at the period indicated: ​
​ | ​ | ​ | ​
​ | ​ | December 31,
(In thousands) | ​ | 2019
Loans ninety days or more past due and still accruing: | ​ | ​ |
Multi-family residential | ​ | $ | 445
Total | ​ |  | 445
Non-accrual mortgage loans: | ​ |  |
Multi-family residential | ​ |  | 2,296
Commercial real estate | ​ |  | 367
One-to-four family - mixed-use property | ​ |  | 274
One-to-four family - residential | ​ | ​ | 5,139
Total | ​ |  | 8,076
Non-accrual non-mortgage loans: | ​ |  |
Small Business Administration | ​ |  | 1,151
Taxi medallion(1) | ​ |  | 1,641
Commercial business and other(1) | ​ |  | 1,945
Total | ​ |  | 4,737
Total non-accrual loans | ​ |  | 12,813
Total non-performing loans | ​ | $ | 13,258
​
(1) | Not included in the above analysis are non-accrual performing TDR taxi medallion loans totaling $1.7 million at December 31, 2019, respectively and non-accrual performing TDR commercial business loans totaling $0.9 million at December 31, 2019.
​ 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 | ​ | For the nine months ended
​ | ​ | September 30, | ​ | September 30,
​ |  | 2020 |  | 2019 |  | 2020 |  | 2019
​ | ​ | (In thousands)
Interest income that would have been recognized had the loans performed in accordance with their original terms | ​ | $ | 491 | ​ | $ | 416 | ​ | $ | 1,296 | ​ | $ | 1,224
Less: Interest income included in the results of operations | ​ |  | 78 | ​ |  | 89 | ​ |  | 240 | ​ |  | 330
Total foregone interest | ​ | $ | 413 | ​ | $ | 327 | ​ | $ | 1,056 | ​ | $ | 894
​ The following tables shows the aging of the amortized cost basis in past-due loans at the period indicated by class of loans: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2020
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Greater | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 30 - 59 Days | ​ | 60 - 89 Days | ​ | than | ​ | Total Past | ​ | ​ | ​ | ​ | ​ | ​
(In thousands) |  | Past Due |  | Past Due |  | 90 Days |  | Due |  | Current |  | Total Loans
Multi-family residential | ​ | $ | 4,499 | ​ | $ | 777 | ​ | $ | 2,723 | ​ | $ | 7,999 | ​ | $ | 2,251,453 | ​ | $ | 2,259,452
Commercial real estate | ​ |  | 525 | ​ |  | 192 | ​ |  | 2,714 | ​ |  | 3,431 | ​ |  | 1,635,986 | ​ |  | 1,639,417
One-to-four family - mixed-use property | ​ |  | 3,048 | ​ |  | 559 | ​ |  | 1,429 | ​ |  | 5,036 | ​ |  | 584,562 | ​ |  | 589,598
One-to-four family - residential | ​ |  | 2,118 | ​ |  | 689 | ​ |  | 5,922 | ​ |  | 8,729 | ​ |  | 192,052 | ​ |  | 200,781
Construction loans | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 63,406 | ​ |  | 63,406
Small Business Administration | ​ |  | — | ​ |  | — | ​ |  | 1,169 | ​ |  | 1,169 | ​ |  | 122,311 | ​ |  | 123,480
Taxi medallion | ​ |  | 198 | ​ |  | 99 | ​ |  | 2,021 | ​ |  | 2,318 | ​ |  | — | ​ |  | 2,318
Commercial business and other | ​ |  | 112 | ​ |  | — | ​ |  | 6,456 | ​ |  | 6,568 | ​ |  | 1,056,378 | ​ |  | 1,062,946
Total | ​ | $ | 10,500 | ​ | $ | 2,316 | ​ | $ | 22,434 | ​ | $ | 35,250 | ​ | $ | 5,906,148 | ​ | $ | 5,941,398
​ ​ The following tables show by delinquency an analysis of our recorded investment in loans at the periods indicated by class of loans: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2019
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Greater | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 30 - 59 Days | ​ | 60 - 89 Days | ​ | than | ​ | Total Past | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Past Due |  | Past Due |  | 90 Days |  | Due |  | Current |  | Total Loans
Multi-family residential | ​ | $ | 4,042 | ​ | $ | 1,563 | ​ | $ | 2,741 | ​ | $ | 8,346 | ​ | $ | 2,230,245 | ​ | $ | 2,238,591
Commercial real estate | ​ |  | — | ​ |  | 4,941 | ​ |  | 367 | ​ |  | 5,308 | ​ |  | 1,576,700 | ​ |  | 1,582,008
One-to-four family - mixed-use property | ​ |  | 1,117 | ​ |  | 496 | ​ |  | 274 | ​ |  | 1,887 | ​ |  | 590,584 | ​ |  | 592,471
One-to-four family - residential | ​ |  | 720 | ​ |  | 1,022 | ​ |  | 5,139 | ​ |  | 6,881 | ​ |  | 181,335 | ​ |  | 188,216
Co-operative apartments | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 8,663 | ​ |  | 8,663
Construction loans | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 67,754 | ​ |  | 67,754
Small Business Administration | ​ |  | — | ​ |  | — | ​ |  | 1,151 | ​ |  | 1,151 | ​ |  | 13,294 | ​ |  | 14,445
Taxi medallion | ​ |  | — | ​ |  | — | ​ |  | 1,065 | ​ |  | 1,065 | ​ |  | 2,244 | ​ |  | 3,309
Commercial business and other | ​ |  | 2,340 | ​ |  | 5 | ​ |  | 1,945 | ​ |  | 4,290 | ​ |  | 1,057,188 | ​ |  | 1,061,478
Total | ​ | $ | 8,219 | ​ | $ | 8,027 | ​ | $ | 12,682 | ​ | $ | 28,928 | ​ | $ | 5,728,007 | ​ | $ | 5,756,935
​ ​ ​ The following tables show the activity in the allowance for loan losses for the three month periods indicated: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2020
​ |  | ​ | ​ |  | ​ | ​ |  | One-to-four |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | family - | ​ | One-to-four | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Commercial | ​ | ​ | ​
​ | ​ | Multi-family | ​ | Commercial | ​ | mixed-use | ​ | family - | ​ | Construction | ​ | Small Business | ​ | Taxi | ​ | business and | ​ | ​ | ​
(In thousands) | ​ | residential | ​ | real estate | ​ | property | ​ | residential | ​ | loans | ​ | Administration | ​ | medallion | ​ | other | ​ | Total
Allowance for credit losses: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Beginning balance | ​ | $ | 8,935 | ​ | $ | 6,971 | ​ | $ | 2,826 | ​ | $ | 1,161 | ​ | $ | 183 | ​ | $ | 1,386 | ​ | $ | — | ​ | $ | 15,248 | ​ | $ | 36,710
Charge-offs | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (951) | ​ |  | (13) | ​ |  | (964)
Recoveries | ​ |  | 14 | ​ |  | — | ​ |  | 60 | ​ |  | 2 | ​ |  | — | ​ |  | 47 | ​ |  | — | ​ |  | 4 | ​ |  | 127
Provision (benefit) | ​ |  | (1,553) | ​ |  | 1,576 | ​ |  | (1,208) | ​ |  | (483) | ​ |  | 35 | ​ |  | 450 | ​ |  | 951 | ​ |  | 2,702 | ​ |  | 2,470
Ending balance | ​ | $ | 7,396 | ​ | $ | 8,547 | ​ | $ | 1,678 | ​ | $ | 680 | ​ | $ | 218 | ​ | $ | 1,883 | ​ | $ | — | ​ | $ | 17,941 | ​ | $ | 38,343
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2019
​ |  | ​ | ​ |  | ​ | ​ |  | One-to-four |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | family - | ​ | One-to-four | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Commercial | ​ | ​ | ​
​ | ​ | Multi-family | ​ | Commercial | ​ | mixed-use | ​ | family - | ​ | Construction | ​ | Small Business | ​ | Taxi | ​ | business and | ​ | ​ | ​
(In thousands) | ​ | residential | ​ | real estate | ​ | property | ​ | residential | ​ | loans | ​ | Administration | ​ | medallion | ​ | other | ​ | Total
Allowance for credit losses: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Beginning balance | ​ | $ | 5,506 | ​ | $ | 4,265 | ​ | $ | 1,786 | ​ | $ | 746 | ​ | $ | 381 | ​ | $ | 382 | ​ | $ | — | ​ | $ | 8,444 | ​ | $ | 21,510
Charge-offs | ​ |  | (189) | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (242) | ​ |  | (431)
Recoveries | ​ |  | 6 | ​ |  | — | ​ |  | 140 | ​ |  | 3 | ​ |  | — | ​ |  | 32 | ​ |  | — | ​ |  | 92 | ​ |  | 273
Provision (benefit) | ​ |  | 54 | ​ |  | 99 | ​ |  | (120) | ​ |  | (4) | ​ |  | 37 | ​ |  | (57) | ​ |  | — | ​ |  | 674 | ​ |  | 683
Ending balance | ​ | $ | 5,377 | ​ | $ | 4,364 | ​ | $ | 1,806 | ​ | $ | 745 | ​ | $ | 418 | ​ | $ | 357 | ​ | $ | — | ​ | $ | 8,968 | ​ | $ | 22,035
​ ​ ​ ​ ​ See also Note 17 for the adoption of ASC Topic 326, “Credit Loses”. ​ The following tables show the activity in the allowance for loan losses for the nine month periods indicated: ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2020
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | One-to-four | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | family - | ​ | One-to-four | ​ | ​ | ​ | ​ | Small | ​ | ​ | ​ | ​ | Commercial | ​ | ​ | ​
​ | ​ | Multi-family | ​ | Commercial | ​ | mixed-use | ​ | family - | ​ | Construction | ​ | Business | ​ | Taxi | ​ | business and | ​ | ​ | ​
(In thousands) |  | residential |  | real estate |  | property |  | residential |  | loans |  | Administration |  | medallion |  | other |  | Total
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Allowance for credit losses: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Beginning balance | ​ | $ | 5,391 | ​ | $ | 4,429 | ​ | $ | 1,817 | ​ | $ | 756 | ​ | $ | 441 | ​ | $ | 363 | ​ | $ | — | ​ | $ | 8,554 | ​ | $ | 21,751
Impact of CECL Adoption | ​ | ​ | (650) | ​ |  | 1,170 | ​ |  | (55) | ​ |  | (160) | ​ |  | (279) | ​ |  | 1,180 | ​ |  | — | ​ |  | (827) | ​ | ​ | 379
Charge-off's | ​ |  | — | ​ | ​ | — | ​ | ​ | (3) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (178) | ​ | ​ | (951) | ​ | ​ | (2,121) | ​ |  | (3,253)
Recoveries | ​ |  | 27 | ​ |  | — | ​ |  | 138 | ​ |  | 10 | ​ |  | — | ​ |  | 67 | ​ |  | — | ​ |  | 18 | ​ |  | 260
Provision | ​ |  | 2,628 | ​ |  | 2,948 | ​ |  | (219) | ​ |  | 74 | ​ |  | 56 | ​ |  | 451 | ​ |  | 951 | ​ |  | 12,317 | ​ |  | 19,206
Ending balance | ​ | $ | 7,396 | ​ | $ | 8,547 | ​ | $ | 1,678 | ​ | $ | 680 | ​ | $ | 218 | ​ | $ | 1,883 | ​ | $ | — | ​ | $ | 17,941 | ​ | $ | 38,343
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2019
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | One-to-four | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | family - | ​ | One-to-four | ​ | ​ | ​ | ​ | Small | ​ | ​ | ​ | ​ | Commercial | ​ | ​ | ​
​ | ​ | Multi-family | ​ | Commercial | ​ | mixed-use | ​ | family - | ​ | Construction | ​ | Business | ​ | Taxi | ​ | business and | ​ | ​ | ​
(In thousands) |  | residential |  | real estate |  | property |  | residential |  | loans |  | Administration |  | medallion |  | other |  | Total
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Allowance for credit losses: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Beginning balance | ​ | $ | 5,676 | ​ | $ | 4,315 | ​ | $ | 1,867 | ​ | $ | 749 | ​ | $ | 329 | ​ | $ | 418 | ​ | $ | — | ​ | $ | 7,591 | ​ | $ | 20,945
Charge-off's | ​ |  | (190) | ​ |  | — | ​ |  | (1) | ​ |  | (113) | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (2,379) | ​ |  | (2,683)
Recoveries | ​ |  | 30 | ​ |  | 7 | ​ |  | 228 | ​ |  | 10 | ​ |  | — | ​ |  | 52 | ​ |  | 134 | ​ |  | 183 | ​ |  | 644
Provision (Benefit) | ​ |  | (139) | ​ |  | 42 | ​ |  | (288) | ​ |  | 99 | ​ |  | 89 | ​ |  | (113) | ​ |  | (134) | ​ |  | 3,573 | ​ |  | 3,129
Ending balance | ​ | $ | 5,377 | ​ | $ | 4,364 | ​ | $ | 1,806 | ​ | $ | 745 | ​ | $ | 418 | ​ | $ | 357 | ​ | $ | — | ​ | $ | 8,968 | ​ | $ | 22,035
​ See also Note 17 for the adoption of ASC Topic 326, “Credit Loses”. ​ ​ ​ ​ 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 and management believes weakness is evident then we designate the loan as “Watch”, all other loans 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 Credit 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. Loans that are in forbearance pursuant to the CARES Act, primarily continued to be reported in the same category as they were reported immediately prior to modification. ​ The following table summarizes the risk category of mortgage and non-mortgage loans by loan portfolio segments and class of loans by year of origination :
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Revolving Loans, | ​ | ​ | Lines of Credit
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Amortized Cost | ​ | ​ | converted to
(In thousands) | ​ | ​ | 2020 | ​ | ​ | 2019 | ​ | ​ | 2018 | ​ | ​ | 2017 | ​ | ​ | 2016 | ​ | ​ | Prior | ​ | ​ | Basis | ​ | ​ | term loans
1-4 Family Residential | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | $ | 22,735 | ​ | $ | 25,030 | ​ | $ | 27,827 | ​ | $ | 15,548 | ​ | $ | 11,231 | ​ | $ | 59,657 | ​ | $ | 7,678 | ​ | $ | 18,095
Watch | ​ | ​ | 489 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,936 | ​ | ​ | 299 | ​ | ​ | 2,011
Special Mention | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 667 | ​ | ​ | — | ​ | ​ | 492
Substandard | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 960 | ​ | ​ | 3,390 | ​ | ​ | — | ​ | ​ | 1,736
Total 1-4 Family Residential | ​ | $ | 23,224 | ​ | $ | 25,030 | ​ | $ | 27,827 | ​ | $ | 15,548 | ​ | $ | 12,191 | ​ | $ | 66,650 | ​ | $ | 7,977 | ​ | $ | 22,334
1-4 Family Mixed-Use | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | $ | 27,156 | ​ | $ | 66,500 | ​ | $ | 74,828 | ​ | $ | 59,923 | ​ | $ | 53,344 | ​ | $ | 288,858 | ​ | $ | — | ​ | $ | —
Watch | ​ | ​ | — | ​ | ​ | 1,873 | ​ | ​ | 903 | ​ | ​ | 2,013 | ​ | ​ | 1,146 | ​ | ​ | 8,556 | ​ | ​ | — | ​ | ​ | —
Special Mention | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 379 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,179 | ​ | ​ | — | ​ | ​ | —
Substandard | ​ | ​ | — | ​ | ​ | 620 | ​ | ​ | 806 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,514 | ​ | ​ | — | ​ | ​ | —
Total 1-4 Family Mixed Use | ​ | $ | 27,156 | ​ | $ | 68,993 | ​ | $ | 76,916 | ​ | $ | 61,936 | ​ | $ | 54,490 | ​ | $ | 300,107 | ​ | $ | — | ​ | $ | —
Commercial Real Estate | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | $ | 118,019 | ​ | $ | 248,812 | ​ | $ | 281,920 | ​ | $ | 189,592 | ​ | $ | 213,553 | ​ | $ | 482,495 | ​ | $ | — | ​ | $ | —
Watch | ​ | ​ | — | ​ | ​ | 8,606 | ​ | ​ | — | ​ | ​ | 4,883 | ​ | ​ | 28,203 | ​ | ​ | 58,587 | ​ | ​ | — | ​ | ​ | —
Special Mention | ​ | ​ | — | ​ | ​ | 981 | ​ | ​ | — | ​ | ​ | 192 | ​ | ​ | — | ​ | ​ | 861 | ​ | ​ | — | ​ | ​ | —
Substandard | ​ | ​ | — | ​ | ​ | 1,702 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,011 | ​ | ​ | — | ​ | ​ | —
Total Commercial Real Estate | ​ | $ | 118,019 | ​ | $ | 260,101 | ​ | $ | 281,920 | ​ | $ | 194,667 | ​ | $ | 241,756 | ​ | $ | 542,954 | ​ | $ | — | ​ | $ | —
Construction | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | $ | 10,058 | ​ | $ | 14,751 | ​ | $ | 31,402 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
Watch | ​ | ​ | — | ​ | ​ | 886 | ​ | ​ | 5,631 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Special Mention | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 678 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Total Construction | ​ | $ | 10,058 | ​ | $ | 15,637 | ​ | $ | 37,711 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
Multifamily | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | $ | 174,397 | ​ | $ | 309,564 | ​ | $ | 364,298 | ​ | $ | 356,206 | ​ | $ | 269,388 | ​ | $ | 749,946 | ​ | $ | 3,433 | ​ | $ | —
Watch | ​ | ​ | — | ​ | ​ | 1,571 | ​ | ​ | — | ​ | ​ | 2,537 | ​ | ​ | 2,784 | ​ | ​ | 19,504 | ​ | ​ | 865 | ​ | ​ | —
Special Mention | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 699 | ​ | ​ | 776 | ​ | ​ | — | ​ | ​ | —
Substandard | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,999 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,485 | ​ | ​ | — | ​ | ​ | —
Total Multifamily | ​ | $ | 174,397 | ​ | $ | 311,135 | ​ | $ | 366,297 | ​ | $ | 358,743 | ​ | $ | 272,871 | ​ | $ | 771,711 | ​ | $ | 4,298 | ​ | $ | —
Commercial Business - Secured by RE | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | $ | 68,713 | ​ | $ | 91,282 | ​ | $ | 56,704 | ​ | $ | 22,051 | ​ | $ | 47,335 | ​ | $ | 82,368 | ​ | $ | — | ​ | $ | —
Watch | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 7,080 | ​ | ​ | 1,320 | ​ | ​ | — | ​ | ​ | 416 | ​ | ​ | — | ​ | ​ | —
Substandard | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,331 | ​ | ​ | — | ​ | ​ | —
Total Commercial Business - Secured by RE | ​ | $ | 68,713 | ​ | $ | 91,282 | ​ | $ | 63,784 | ​ | $ | 23,371 | ​ | $ | 47,335 | ​ | $ | 86,115 | ​ | $ | — | ​ | $ | —
Commercial Business | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | $ | 59,956 | ​ | $ | 137,475 | ​ | $ | 108,265 | ​ | $ | 64,737 | ​ | $ | 17,573 | ​ | $ | 67,940 | ​ | $ | 186,882 | ​ | $ | —
Watch | ​ | ​ | — | ​ | ​ | 2,889 | ​ | ​ | 4,112 | ​ | ​ | 7,880 | ​ | ​ | — | ​ | ​ | 10 | ​ | ​ | 10,935 | ​ | ​ | —
Special Mention | ​ | ​ | — | ​ | ​ | 51 | ​ | ​ | 2,411 | ​ | ​ | — | ​ | ​ | 2,418 | ​ | ​ | — | ​ | ​ | (26) | ​ | ​ | —
Substandard | ​ | ​ | 39 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,810 | ​ | ​ | — | ​ | ​ | 1,711 | ​ | ​ | 171 | ​ | ​ | —
Doubtful | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 1,872 | ​ | ​ | —
Total Commercial Business | ​ | $ | 59,995 | ​ | $ | 140,415 | ​ | $ | 114,788 | ​ | $ | 77,427 | ​ | $ | 19,991 | ​ | $ | 69,661 | ​ | $ | 199,834 | ​ | $ | —
Small Business Administration | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | $ | 110,121 | ​ | $ | 1,067 | ​ | $ | 3,590 | ​ | $ | 1,043 | ​ | $ | 2,551 | ​ | $ | 1,625 | ​ | $ | — | ​ | $ | —
Watch | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,257 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Special Mention | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 50 | ​ | ​ | — | ​ | ​ | —
Substandard | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,169 | ​ | ​ | 7 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Total Small Business Administration | ​ | $ | 110,121 | ​ | $ | 1,067 | ​ | $ | 3,590 | ​ | $ | 4,469 | ​ | $ | 2,558 | ​ | $ | 1,675 | ​ | $ | — | ​ | $ | —
Taxi Medallions | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Substandard | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 2,318 | ​ | $ | — | ​ | $ | —
Total Taxi Medallions | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 2,318 | ​ | $ | — | ​ | $ | —
Other | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 136 | ​ | $ | 99 | ​ | $ | —
Total Other | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 136 | ​ | $ | 99 | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total Loans | ​ | $ | 591,683 | ​ | $ | 913,660 | ​ | $ | 972,833 | ​ | $ | 736,161 | ​ | $ | 651,192 | ​ | $ | 1,841,327 | ​ | $ | 212,208 | ​ | $ | 22,334
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ The following table sets forth the recorded investment in loans designated as Criticized or Classified at the period indicated: ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2019
(In thousands) |  | Special Mention |  | Substandard |  | Doubtful |  | Loss |  | Total
Multi-family residential | ​ | $ | 1,563 | ​ | $ | 2,743 | ​ | $ | — | ​ | $ | — | ​ | $ | 4,306
Commercial real estate | ​ |  | 5,525 | ​ |  | 367 | ​ |  | — | ​ |  | — | ​ |  | 5,892
One-to-four family - mixed-use property | ​ |  | 1,585 | ​ |  | 453 | ​ |  | — | ​ |  | — | ​ |  | 2,038
One-to-four family - residential | ​ |  | 1,095 | ​ |  | 5,787 | ​ |  | — | ​ |  | — | ​ |  | 6,882
Construction | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Small Business Administration | ​ |  | 55 | ​ |  | 85 | ​ |  | — | ​ |  | — | ​ |  | 140
Taxi medallion | ​ |  | — | ​ |  | 3,309 | ​ |  | — | ​ |  | — | ​ |  | 3,309
Commercial business and other | ​ |  | 3,924 | ​ |  | 11,289 | ​ |  | 266 | ​ |  | — | ​ |  | 15,479
Total loans | ​ | $ | 13,747 | ​ | $ | 24,033 | ​ | $ | 266 | ​ | $ | — | ​ | $ | 38,046
​ 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 $86.2 million and $282.5 million, respectively, at September 30, 2020. ​ The following table presents types of collateral-dependent loans by class of loans as of September 30, 2020: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​
​ | ​ | Collateral Type
(In thousands) | ​ | ​ | Real Estate | ​ | ​ | Business Assets
Multi-family residential | ​ | $ | 2,723 | ​ | $ | —
Commercial real estate | ​ | ​ | 6,045 | ​ | ​ | —
One-to-four family - mixed-use property | ​ | ​ | 1,704 | ​ | ​ | —
One-to-four family - residential | ​ | ​ | 5,922 | ​ | ​ | —
Small Business Administration | ​ | ​ | — | ​ | ​ | 1,169
Commercial business and other | ​ | ​ | — | ​ | ​ | 4,996
Taxi Medallion | ​ | ​ | — | ​ | ​ | 2,318
Total | ​ | $ | 16,394 | ​ | $ | 8,483
​ ​ ​ Off-Balance Sheet Credit Losses ​ Also included within scope of the CECL standard are off-balance sheet loan commitments, which includes the unfunded portion of committed lines of credit and commitments “in-process”. Commitments “in‐process” reflect loans not in the Company’s books but rather negotiated loan / line of credit terms and rates that the Company has offered to customers and is committed to honoring. In reference to “in‐process” credits, the Company defines an unfunded commitment as a credit that has been offered to and accepted by a borrower, which has not closed and by which the obligation is not unconditionally cancellable. The Company estimates expected credit losses over the contractual period in which the company is exposed to credit risk through a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The allowance for credit losses on losses on off-balance sheet exposures is adjusted as a provision for credit loss expense. The Company uses similar assumptions and risk factors that are developed for collectively evaluated financing receivables. This estimates includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments to be funded over its estimated life. At September 30, 2020, allowance for off-balance-sheet credit losses is $1.6 million, which is included the “Other liabilities” on the Consolidated Statements of Financial Condition. During the three and nine months ended September 30, 2020, the Company has $0.3 million and $1.0 million, respectively, in credit loss expense for off-balance-sheet items, which is included in the “Other operating expense” on the Consolidated Statements of Income.

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 + Details
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