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LOANS AND ALLOWANCE FOR LOAN LOSSES | 9 Months Ended
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Sep. 30, 2021
LOANS AND ALLOWANCE FOR LOAN LOSSES |
LOANS AND ALLOWANCE FOR LOAN LOSSES | NOTE 5 – LOANS AND ALLOWANCE FOR LOAN LOSSES Loans, net of deferred costs and fees, consist of the following as of September 30, 2021 and December 31, 2020 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, 2021 | ​ | December 31, 2020
Real estate | ​ | ​ | ​ | ​ | ​ | ​
Commercial | ​ | $ | 2,378,074 | ​ | $ | 1,887,505
Construction | ​ | ​ | 150,144 | ​ | ​ | 112,290
Multifamily | ​ | ​ | 374,555 | ​ | ​ | 433,239
One-to-four family | ​ | ​ | 61,266 | ​ | ​ | 71,354
Total real estate loans | ​ | ​ | 2,964,039 | ​ | ​ | 2,504,388
​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial and industrial | ​ | ​ | 611,303 | ​ | ​ | 591,500
Consumer | ​ | ​ | 35,067 | ​ | ​ | 46,431
Total loans | ​ | ​ | 3,610,409 | ​ | ​ | 3,142,319
Deferred fees | ​ | ​ | (7,121) | ​ | ​ | (5,266)
Loans, net of deferred fees and unamortized costs | ​ | ​ | 3,603,288 | ​ | ​ | 3,137,053
Allowance for loan losses | ​ | ​ | (38,121) | ​ | ​ | (35,407)
Balance at the end of the period | ​ | $ | 3,565,167 | ​ | $ | 3,101,646
​ Included in commercial and industrial loans at September 30, 2021 and December 31, 2020 are $2.5 million and $3.8 million, respectively, of Paycheck Protection Program (“PPP”) loans. ​ The following tables present the activity in the ALLL by segment for the three and nine months ended September 30, 2021 and 2020. The portfolio segments represent the categories that the Company uses to determine its ALLL (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Commercial | ​ | Commercial | ​ | ​ | ​ | ​ | Multi | ​ | One-to-four | ​ | ​ | ​ | ​ | ​ | ​
Three months ended September 30, 2021 |  | Real Estate |  | & Industrial |  | Construction |  | Family |  | Family | ​ | Consumer | ​ | Total
Allowance for loan losses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Beginning balance | ​ | $ | 20,299 | ​ | $ | 10,545 | ​ | $ | 1,972 | ​ | $ | 2,618 | ​ | $ | 169 | ​ | $ | 1,774 | ​ | $ | 37,377
Provision/(credit) for loan losses | ​ | ​ | 1,169 | ​ | ​ | (440) | ​ | ​ | 129 | ​ | ​ | (331) | ​ | ​ | (13) | ​ | ​ | (24) | ​ | ​ | 490
Loans charged-off | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (54) | ​ | ​ | (54)
Recoveries | ​ | ​ | — | ​ | ​ | 308 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 308
Total ending allowance balance | ​ | $ | 21,468 | ​ | $ | 10,413 | ​ | $ | 2,101 | ​ | $ | 2,287 | ​ | $ | 156 | ​ | $ | 1,696 | ​ | $ | 38,121
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Commercial | ​ | Commercial | ​ | ​ | ​ | ​ | Multi | ​ | One-to-four | ​ | ​ | ​ | ​ | ​ | ​
Three months ended September 30, 2020 |  | Real Estate |  | & Industrial |  | Construction |  | Family |  | Family | ​ | Consumer | ​ | Total
Allowance for loan losses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Beginning balance | ​ | $ | 18,690 | ​ | ​ | 9,132 | ​ | ​ | 741 | ​ | ​ | 2,739 | ​ | ​ | 242 | ​ | ​ | 961 | ​ | ​ | 32,505
Provision/(credit) for loan losses | ​ | ​ | (1,611) | ​ | ​ | 2,104 | ​ | ​ | 706 | ​ | ​ | (215) | ​ | ​ | (61) | ​ | ​ | 214 | ​ | ​ | 1,137
Loans charged-off | ​ | ​ | — | ​ | ​ | (82) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (82)
Recoveries | ​ | ​ | — | ​ | ​ | 54 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 54
Total ending allowance balance | ​ | $ | 17,079 | ​ | $ | 11,208 | ​ | $ | 1,447 | ​ | $ | 2,524 | ​ | $ | 181 | ​ | $ | 1,175 | ​ | $ | 33,614
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Commercial | ​ | Commercial | ​ | ​ | ​ | ​ | Multi | ​ | One-to-four | ​ | ​ | ​ | ​ | ​ | ​
Nine months ended September 30, 2021 |  | Real Estate |  | & Industrial |  | Construction |  | Family |  | Family | ​ | Consumer | ​ | Total
Allowance for loan losses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Beginning balance | ​ | $ | 17,243 | ​ | $ | 12,123 | ​ | $ | 1,593 | ​ | $ | 2,661 | ​ | $ | 206 | ​ | $ | 1,581 | ​ | $ | 35,407
Provision/(credit) for loan losses | ​ | ​ | 4,225 | ​ | ​ | (1,163) | ​ | ​ | 508 | ​ | ​ | (374) | ​ | ​ | (50) | ​ | ​ | 169 | ​ | ​ | 3,315
Loans charged-off | ​ | ​ | — | ​ | ​ | (855) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (54) | ​ | ​ | (909)
Recoveries | ​ | ​ | — | ​ | ​ | 308 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 308
Total ending allowance balance | ​ | $ | 21,468 | ​ | $ | 10,413 | ​ | $ | 2,101 | ​ | $ | 2,287 | ​ | $ | 156 | ​ | $ | 1,696 | ​ | $ | 38,121
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Commercial | ​ | Commercial | ​ | ​ | ​ | ​ | Multi | ​ | One-to-four | ​ | ​ | ​ | ​ | ​ | ​
Nine months ended September 30, 2020 |  | Real Estate |  | & Industrial |  | Construction |  | Family |  | Family | ​ | Consumer | ​ | Total
Allowance for loan losses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Beginning balance | ​ | $ | 15,317 | ​ | $ | 7,070 | ​ | $ | 411 | ​ | $ | 2,453 | ​ | $ | 267 | ​ | $ | 754 | ​ | $ | 26,272
Provision/(credit) for loan losses | ​ | ​ | 1,762 | ​ | ​ | 4,278 | ​ | ​ | 1,036 | ​ | ​ | 71 | ​ | ​ | (86) | ​ | ​ | 632 | ​ | ​ | 7,693
Loans charged-off | ​ | ​ | — | ​ | ​ | (254) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (221) | ​ | ​ | (475)
Recoveries | ​ | ​ | — | ​ | ​ | 114 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 10 | ​ | ​ | 124
Total ending allowance balance | ​ | $ | 17,079 | ​ | $ | 11,208 | ​ | $ | 1,447 | ​ | $ | 2,524 | ​ | $ | 181 | ​ | $ | 1,175 | ​ | $ | 33,614
​ Net recoveries for the three months ended September 30, 2021 were $254,000. Net charge-offs for the three months ended September 30, 2020 were $28,000. Net charge-offs for the nine months ended September 30, 2021 and 2020 were $601,000 and $351,000, respectively. The following tables present the balance in the ALLL and the recorded investment in loans by portfolio segment based on impairment method as of September 30, 2021 and December 31, 2020 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Commercial | ​ | Commercial | ​ | ​ | ​ | ​ | Multi | ​ | One-to-four | ​ | ​ | ​ | ​ | ​ | ​
At September 30, 2021 |  | Real Estate |  | & Industrial |  | Construction |  | Family |  | Family |  | Consumer |  | Total
Allowance for loan losses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Individually evaluated for impairment | ​ | $ | — | ​ | $ | 2,814 | ​ | $ | — | ​ | $ | — | ​ | $ | 33 | ​ | $ | 1,430 | ​ | $ | 4,277
Collectively evaluated for impairment | ​ | ​ | 21,468 | ​ | ​ | 7,599 | ​ | ​ | 2,101 | ​ | ​ | 2,287 | ​ | ​ | 123 | ​ | ​ | 266 | ​ | ​ | 33,844
Total ending allowance balance | ​ | $ | 21,468 | ​ | $ | 10,413 | ​ | $ | 2,101 | ​ | $ | 2,287 | ​ | $ | 156 | ​ | $ | 1,696 | ​ | $ | 38,121
Loans: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Individually evaluated for impairment | ​ | $ | 10,333 | ​ | $ | 3,145 | ​ | $ | — | ​ | $ | — | ​ | $ | 958 | ​ | $ | 2,125 | ​ | $ | 16,561
Collectively evaluated for impairment | ​ | ​ | 2,367,741 | ​ | ​ | 608,158 | ​ | ​ | 150,144 | ​ | ​ | 374,555 | ​ | ​ | 60,308 | ​ | ​ | 32,942 | ​ | ​ | 3,593,848
Total ending loan balance | ​ | $ | 2,378,074 | ​ | $ | 611,303 | ​ | $ | 150,144 | ​ | $ | 374,555 | ​ | $ | 61,266 | ​ | $ | 35,067 | ​ | $ | 3,610,409
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Commercial | ​ | Commercial | ​ | ​ | ​ | ​ | Multi | ​ | One-to-four | ​ | ​ | ​ | ​ | ​ | ​
At December 31, 2020 |  | Real Estate |  | & Industrial |  | Construction |  | Family |  | Family |  | Consumer |  | Total
Allowance for loan losses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Individually evaluated for impairment | ​ | $ | — | ​ | $ | 3,662 | ​ | $ | — | ​ | $ | — | ​ | $ | 53 | ​ | $ | 1,203 | ​ | $ | 4,918
Collectively evaluated for impairment | ​ | ​ | 17,243 | ​ | ​ | 8,461 | ​ | ​ | 1,593 | ​ | ​ | 2,661 | ​ | ​ | 153 | ​ | ​ | 378 | ​ | ​ | 30,489
Total ending allowance balance | ​ | $ | 17,243 | ​ | $ | 12,123 | ​ | $ | 1,593 | ​ | $ | 2,661 | ​ | $ | 206 | ​ | $ | 1,581 | ​ | $ | 35,407
Loans: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Individually evaluated for impairment | ​ | $ | 10,345 | ​ | $ | 4,192 | ​ | $ | — | ​ | $ | — | ​ | $ | 999 | ​ | $ | 2,197 | ​ | $ | 17,733
Collectively evaluated for impairment | ​ | ​ | 1,877,160 | ​ | ​ | 587,308 | ​ | ​ | 112,290 | ​ | ​ | 433,239 | ​ | ​ | 70,355 | ​ | ​ | 44,234 | ​ | ​ | 3,124,586
Total ending loan balance | ​ | $ | 1,887,505 | ​ | $ | 591,500 | ​ | $ | 112,290 | ​ | $ | 433,239 | ​ | $ | 71,354 | ​ | $ | 46,431 | ​ | $ | 3,142,319
​ The following tables present loans individually evaluated for impairment recognized as of September 30, 2021 and December 31, 2020 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Unpaid Principal | ​ | ​ | ​ | Allowance for Loan | ​
At September 30, 2021 |  | Balance |  | Recorded Investment |  | Losses Allocated | ​
With an allowance recorded: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
One-to-four family | ​ | $ | 584 | ​ | $ | 454 | ​ | $ | 33 | ​
Consumer | ​ | ​ | 2,125 | ​ | ​ | 2,125 | ​ | ​ | 1,430 | ​
Commercial & industrial | ​ | ​ | 3,145 | ​ | ​ | 3,145 | ​ | ​ | 2,814 | ​
Total | ​ | $ | 5,854 | ​ | $ | 5,724 | ​ | $ | 4,277 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Without an allowance recorded: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
One-to-four family | ​ | $ | 651 | ​ | $ | 504 | ​ | $ | — | ​
Commercial real estate | ​ | ​ | 10,333 | ​ | ​ | 10,333 | ​ | ​ | — | ​
Commercial & industrial | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​
Total | ​ | $ | 10,984 | ​ | $ | 10,837 | ​ | $ | — | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Unpaid Principal | ​ | ​ | ​ | Allowance for Loan | ​
At December 31, 2020 |  | Balance |  | Recorded Investment |  | Losses Allocated | ​
With an allowance recorded: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
One-to-four family | ​ | $ | 610 | ​ | $ | 480 | ​ | $ | 53 | ​
Consumer | ​ | ​ | 2,197 | ​ | ​ | 2,197 | ​ | ​ | 1,203 | ​
Commercial & industrial | ​ | ​ | 4,192 | ​ | ​ | 4,192 | ​ | ​ | 3,662 | ​
Total | ​ | $ | 6,999 | ​ | $ | 6,869 | ​ | $ | 4,918 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Without an allowance recorded: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
One-to-four family | ​ | $ | 666 | ​ | $ | 519 | ​ | $ | — | ​
Commercial real estate | ​ | ​ | 10,345 | ​ | ​ | 10,345 | ​ | ​ | — | ​
Commercial & industrial | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​
Total | ​ | $ | 11,011 | ​ | $ | 10,864 | ​ | $ | — | ​
​ The recorded investment in loans excludes accrued interest receivable and loan origination fees. The following tables present the average recorded investment and interest income of loans individually evaluated for impairment recognized by class of loans for the three and nine months ended September 30, 2021 and 2020 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Average Recorded | ​ | Interest Income
Three months ended September 30, 2021 |  | Investment |  | Recognized
With an allowance recorded: | ​ | ​ | ​ | ​ | ​ | ​
One-to-four family | ​ | $ | 458 | ​ | $ | 4
Consumer | ​ | ​ | 2,103 | ​ | ​ | 26
Commercial & industrial | ​ | ​ | 3,145 | ​ | ​ | —
Total | ​ | $ | 5,706 | ​ | $ | 30
​ | ​ | ​ | ​ | ​ | ​ | ​
Without an allowance recorded: | ​ | ​ | ​ | ​ | ​ | ​
One-to-four family | ​ | $ | 506 | ​ | $ | 7
Commercial real estate | ​ | ​ | 10,335 | ​ | ​ | 2
Commercial & industrial | ​ | ​ | 96 | ​ | ​ | —
Total | ​ | $ | 10,937 | ​ | $ | 9
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Average Recorded | ​ | Interest Income
Three months ended September 30, 2020 |  | Investment |  | Recognized
With an allowance recorded: | ​ | ​ | ​ | ​ | ​ | ​
One-to-four family | ​ | $ | 488 | ​ | $ | 5
Consumer | ​ | ​ | 2,112 | ​ | ​ | 27
Commercial & industrial | ​ | ​ | 5,497 | ​ | ​ | —
Total | ​ | $ | 8,097 | ​ | $ | 32
​ | ​ | ​ | ​ | ​ | ​ | ​
Without an allowance recorded: | ​ | ​ | ​ | ​ | ​ | ​
One-to-four family | ​ | $ | 524 | ​ | $ | 3
Commercial real estate | ​ | ​ | 363 | ​ | ​ | -
Total | ​ | $ | 887 | ​ | $ | 3
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Average Recorded | ​ | Interest Income
Nine months ended September 30, 2021 |  | Investment |  | Recognized
With an allowance recorded: | ​ | ​ | ​ | ​ | ​ | ​
One-to-four family | ​ | $ | 466 | ​ | $ | 16
Consumer | ​ | ​ | 2,132 | ​ | ​ | 84
Commercial & industrial | ​ | ​ | 3,407 | ​ | ​ | -
Total | ​ | $ | 6,005 | ​ | $ | 100
​ | ​ | ​ | ​ | ​ | ​ | ​
Without an allowance recorded: | ​ | ​ | ​ | ​ | ​ | ​
One-to-four family | ​ | $ | 511 | ​ | $ | 20
Commercial real estate | ​ | ​ | 10,339 | ​ | ​ | 207
Commercial & industrial | ​ | ​ | 96 | ​ | ​ | -
Total | ​ | $ | 10,946 | ​ | $ | 227
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Average Recorded | ​ | Interest Income
Nine months ended September 30, 2020 |  | Investment |  | Recognized
With an allowance recorded: | ​ | ​ | ​ | ​ | ​ | ​
One-to-four family | ​ | $ | 494 | ​ | $ | 13
Consumer | ​ | ​ | 1,330 | ​ | ​ | 58
Commercial & industrial | ​ | ​ | 3,272 | ​ | ​ | —
Total | ​ | $ | 5,096 | ​ | $ | 71
​ | ​ | ​ | ​ | ​ | ​ | ​
Without an allowance recorded: | ​ | ​ | ​ | ​ | ​ | ​
One-to-four family | ​ | $ | 1,115 | ​ | $ | 13
Commercial real estate | ​ | ​ | 364 | ​ | ​ | 4
Commercial and industrial | ​ | ​ | 1,188 | ​ | ​ | —
Total | ​ | $ | 2,667 | ​ | $ | 17
​ For a loan to be considered impaired, management determines whether it is probable that the Company will not be able to collect all amounts due according to the contractual terms of the loan agreement. Management applies its normal loan review procedures in making these judgments. Impaired loans include individually classified non-accrual loans and troubled debt restructurings (“TDRs”). Impairment is determined based on the present value of expected future cash flows discounted at the loan’s effective interest rate. For loans that are collateral dependent, the fair value of the collateral is used to determine the fair value of the loan. The fair value of the collateral is determined based on recent appraised values. The fair value of the collateral or present value of expected cash flows is compared to the carrying value to determine if any write-down or specific loan loss allowance allocation is required. For discussion on modification of loans to borrowers impacted by COVID-19, refer to the “COVID-19 Loan Modifications” section herein. The following tables present the recorded investment in non-accrual loans and loans past due over 90 days and still accruing, by class of loans, as of September 30, 2021 and December 31, 2020 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
At September 30, 2021 |  | Non-accrual | ​ | Loans Past Due Over 90 Days Still Accruing
Commercial real estate | ​ | $ | 9,984 | ​ | $ | —
Commercial & industrial | ​ | ​ | 3,145 | ​ | ​ | —
Consumer | ​ | ​ | 1,674 | ​ | ​ | 573
Total | ​ | $ | 14,803 | ​ | $ | 573
​
​ | ​ | ​ | ​ | ​ | ​ | ​
At December 31, 2020 | ​ | Non-accrual | ​ | ​ | Loans Past Due Over 90 Days Still Accruing
Commercial & industrial | ​ | $ | 4,192 | ​ | $ | —
Consumer | ​ | ​ | 1,428 | ​ | ​ | 769
Total | ​ | $ | 5,620 | ​ | $ | 769
​ Interest income that would have been recorded for the three and nine months ended September 30, 2021 and 2020 had non-accrual loans been current according to their original terms was immaterial. The following tables present the aging of the recorded investment in past due loans by class of loans as of September 30, 2021 and December 31, 2020 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | 90 | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 30-59 | ​ | 60-89 | ​ | Days and | ​ | Total past | ​ | Current | ​ | ​
At September 30, 2021 |  | Days |  | Days |  | Greater |  | due |  | loans |  | Total
Commercial real estate | ​ | $ | — | ​ | $ | — | ​ | $ | 9,984 | ​ | $ | 9,984 | ​ | $ | 2,368,090 | ​ | $ | 2,378,074
Commercial & industrial | ​ | ​ | 92 | ​ | ​ | — | ​ | ​ | 3,145 | ​ | ​ | 3,237 | ​ | ​ | 608,066 | ​ | ​ | 611,303
Construction | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 150,144 | ​ | ​ | 150,144
Multifamily | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 374,555 | ​ | ​ | 374,555
One-to-four family | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 61,266 | ​ | ​ | 61,266
Consumer | ​ | ​ | 43 | ​ | ​ | — | ​ | ​ | 2,247 | ​ | ​ | 2,290 | ​ | ​ | 32,777 | ​ | ​ | 35,067
Total | ​ | $ | 135 | ​ | $ | — | ​ | $ | 15,376 | ​ | $ | 15,511 | ​ | $ | 3,594,898 | ​ | $ | 3,610,409
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | 90 | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 30-59 | ​ | 60-89 | ​ | Days and | ​ | Total past | ​ | Current | ​ | ​
At December 31, 2020 |  | Days |  | Days |  | Greater |  | due |  | loans |  | Total
Commercial real estate | ​ | $ | 40 | ​ | $ | 9,984 | ​ | $ | — | ​ | $ | 10,024 | ​ | $ | 1,877,481 | ​ | $ | 1,887,505
Commercial & industrial | ​ | ​ | 4,429 | ​ | ​ | 6,400 | ​ | ​ | 4,192 | ​ | ​ | 15,021 | ​ | ​ | 576,479 | ​ | ​ | 591,500
Construction | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 112,290 | ​ | ​ | 112,290
Multifamily | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 433,239 | ​ | ​ | 433,239
One-to-four family | ​ | ​ | 2,908 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,908 | ​ | ​ | 68,446 | ​ | ​ | 71,354
Consumer | ​ | ​ | 112 | ​ | ​ | 32 | ​ | ​ | 2,197 | ​ | ​ | 2,341 | ​ | ​ | 44,090 | ​ | ​ | 46,431
Total | ​ | $ | 7,489 | ​ | $ | 16,416 | ​ | $ | 6,389 | ​ | $ | 30,294 | ​ | $ | 3,112,025 | ​ | $ | 3,142,319
​ Troubled Debt Restructurings Loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered TDRs and classified as impaired. ​ Included in impaired loans at September 30, 2021 and December 31, 2020 were $1.3 million and $1.4 million, respectively, of loans modified as TDRs. The Company allocated specific reserves amounting to $33,000 and $53,000 for TDRs as of September 30, 2021 and December 31, 2020, respectively. There were no loans modified as a TDR during the three and nine months ended September 30, 2021 or 2020. The Company has not committed to lend additional amounts as of September 30, 2021 to customers with outstanding loans that are classified as TDRs. During the nine months ended September 30, 2021 and September 30, 2020 there were no payment defaults on any loans previously identified as TDRs. A loan is considered to be in payment default once it is 90 days contractually past due under the modified terms. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. This evaluation is performed pursuant to the Company’s internal underwriting policy. The following tables present the recorded investment in TDRs by class of loans as of September 30, 2021 and December 31, 2020 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, 2021 |  | December 31, 2020 |
Troubled debt restructurings: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Real Estate: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial real estate | ​ | $ | 349 | ​ | $ | 361 | ​
One-to-four family | ​ | ​ | 958 | ​ | ​ | 999 | ​
Total troubled debt restructurings | ​ | $ | 1,307 | ​ | $ | 1,360 | ​
​ All TDRs at September 30, 2021 and December 31, 2020 were performing in accordance with their restructured terms. Credit Quality Indicators: The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. Except for one-to-four family loans and consumer loans, the Company analyzes loans individually by classifying the loans as to credit risk at least annually. For one-to-four family loans and consumer loans, the Company evaluates credit quality based on the aging status of the loan, which was previously presented. An analysis is performed on a quarterly basis for loans classified as special mention, substandard or doubtful. The Company uses the following definitions for risk ratings: Special Mention - Loans classified as special mention have a potential weakness that deserves management’s attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the Company’s credit position at some future date. Substandard - Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Doubtful - Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values highly questionable and improbable. Loans not meeting the criteria above are considered to be pass-rated loans. Based on the most recent analysis performed, the risk category of loans by class of loans as of September 30, 2021 and December 31, 2020 is as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Special | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
At September 30, 2021 |  | Pass |  | Mention |  | Substandard |  | Doubtful | ​ | ​ | Total
Commercial real estate | ​ | $ | 2,367,741 | ​ | $ | 349 | ​ | $ | 9,984 | ​ | $ | — | ​ | $ | 2,378,074
Commercial & industrial | ​ | ​ | 603,963 | ​ | ​ | 4,195 | ​ | ​ | — | ​ | ​ | 3,145 | ​ | ​ | 611,303
Construction | ​ | ​ | 150,144 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 150,144
Multifamily | ​ | ​ | 374,555 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 374,555
Total | ​ | $ | 3,496,403 | ​ | $ | 4,544 | ​ | $ | 9,984 | ​ | $ | 3,145 | ​ | $ | 3,514,076
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Special | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
At December 31, 2020 |  | Pass |  | Mention |  | Substandard |  | Doubtful | ​ | ​ | Total
Commercial real estate | ​ | $ | 1,877,160 | ​ | $ | 361 | ​ | $ | 9,984 | ​ | $ | — | ​ | $ | 1,887,505
Commercial & industrial | ​ | ​ | 583,809 | ​ | ​ | 3,499 | ​ | ​ | — | ​ | ​ | 4,192 | ​ | ​ | 591,500
Construction | ​ | ​ | 112,290 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 112,290
Multi-family | ​ | ​ | 433,239 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 433,239
Total | ​ | $ | 3,006,498 | ​ | $ | 3,860 | ​ | $ | 9,984 | ​ | $ | 4,192 | ​ | $ | 3,024,534
​ COVID-19 Loan Modifications ​ On March 22, 2020, the banking regulators and the FASB issued guidance to financial institutions who were working with borrowers affected by COVID-19 (“COVID-19 Guidance”). The COVID-19 Guidance indicated that regulatory agencies will not criticize institutions for working with borrowers and will not direct banks to automatically categorize all COVID-19 related loan modifications as TDRs. In addition, the COVID-19 Guidance noted that modification or deferral programs mandated by the federal or a state government related to COVID-19 would not be in the scope of Accounting Standards Codification Subtopic 310-40 – Receivables – Troubled Debt Restructurings by Creditors (“ASC 310-40”), such as state programs that require all institutions within that state to suspend mortgage payments for a specified period. ​ On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law. Section 4013 of the CARES Act, “Temporary Relief from Troubled Debt Restructurings,” allows banks to temporarily suspend certain requirements under GAAP related to TDRs for a limited period to account for the effects of COVID-19. A bank may elect to account for modifications on certain loans under Section 4013 of the CARES Act or, if a loan modification is not eligible under Section 4013, a bank may use the criteria in the COVID-19 Guidance to determine when a loan modification is not a TDR in accordance with ASC 310-40. ​ As of September 30, 2021, the Company had 10 loans amounting to $49.1 million, or 1.4% of total loans, that were modified in accordance with the COVID-19 Guidance and the CARES Act. As of September 30, 2021, principal payment deferrals were $39.2 million, or 1.1% of total loans, while full payment deferrals were $10.0 million, or 0.3% of total loans.

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