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Loan Quality and Allowance for Loan Losses | 3 Months Ended
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Sep. 30, 2019
Receivables [Abstract] |
Loan Quality and Allowance for Loan Losses | 11. LOAN QUALITY AND ALLOWANCE FOR LOAN LOSSES Residential Mortgage Loans in Foreclosure. We may obtain physical possession of one- to four-family real estate collateralizing a residential mortgage loan via foreclosure or through an in-substance repossession. As of September 30, 2019, we held no single-family properties that were acquired through foreclosures on residential mortgage loans. As of that same date, we held 10 residential mortgage loans with aggregate carrying values totaling $2.1 million which were in the process of foreclosure. As of June 30, 2019, we held no single-family properties that were acquired through foreclosures on residential mortgage loans. As of that same date, we held 11 residential mortgage loans with aggregate carrying values totaling $2.1 million which were in the process of foreclosure. Loan Quality. The following tables present the balance of the allowance for loan losses at September 30, 2019 and June 30, 2019 based upon the calculation methodology as described in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2019. The tables identify the valuation allowances attributable to specifically identified impairments on individually evaluated loans, including those acquired with deteriorated credit quality, as well as valuation allowances for impairments on loans evaluated collectively. The tables include the underlying balance of loans receivable applicable to each category as of those dates as well as the activity in the allowance for loan losses for the three months ended September 30, 2019 and September 30, 2018. Unless otherwise noted, the balance of loans reported in the tables below excludes yield adjustments and the allowance for loan loss.
Allowance for Loan Losses |
At September 30, 2019 |
| Residential Mortgage |  |  | Multi-Family Mortgage |  |  | Non- Residential Mortgage |  |  | Construction |  |  | Commercial Business |  |  | Home Equity Loans |  |  | Other Consumer |  |  | Total |
| (In Thousands) |
Balance of allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans acquired with deteriorated credit quality | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Loans individually evaluated for impairment |  | 34 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 8 |  |  |  | - |  |  |  | - |  |  |  | 42 |
Loans collectively evaluated for impairment |  | 3,273 |  |  |  | 16,702 |  |  |  | 9,371 |  |  |  | 140 |  |  |  | 2,285 |  |  |  | 478 |  |  |  | 141 |  |  |  | 32,390 |
Total allowance for loan losses | $ | 3,307 |  |  | $ | 16,702 |  |  | $ | 9,371 |  |  | $ | 140 |  |  | $ | 2,293 |  |  | $ | 478 |  |  | $ | 141 |  |  | $ | 32,432 |
Balance of Loans Receivable |
At September 30, 2019 |
| Residential Mortgage |  |  | Multi-Family Mortgage |  |  | Non- Residential Mortgage |  |  | Construction |  |  | Commercial Business |  |  | Home Equity Loans |  |  | Other Consumer |  |  | Total |
| (In Thousands) |
Balance of loans receivable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans acquired with deteriorated credit quality | $ | 82 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 235 |  |  | $ | - |  |  | $ | - |  |  | $ | 317 |
Loans individually evaluated for impairment |  | 11,119 |  |  |  | 3,061 |  |  |  | 8,750 |  |  |  | - |  |  |  | 3,083 |  |  |  | 1,476 |  |  |  | - |  |  |  | 27,489 |
Loans collectively evaluated for impairment |  | 1,308,549 |  |  |  | 1,919,907 |  |  |  | 1,222,213 |  |  |  | 14,637 |  |  |  | 63,571 |  |  |  | 91,828 |  |  |  | 5,209 |  |  |  | 4,625,914 |
Total loans | $ | 1,319,750 |  |  | $ | 1,922,968 |  |  | $ | 1,230,963 |  |  | $ | 14,637 |  |  | $ | 66,889 |  |  | $ | 93,304 |  |  | $ | 5,209 |  |  | $ | 4,653,720 |
Unaccreted yield adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (48,982 | )
Loans receivable, net of yield adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 4,604,738 |
Allowance for Loan Losses |
At June 30, 2019 |
| Residential Mortgage |  |  | Multi-Family Mortgage |  |  | Non- Residential Mortgage |  |  | Construction |  |  | Commercial Business |  |  | Home Equity Loans |  |  | Other Consumer |  |  | Total |
| (In Thousands) |
Balance of allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans acquired with deteriorated credit quality | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Loans individually evaluated for impairment |  | 31 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 31 |
Loans collectively evaluated for impairment |  | 3,346 |  |  |  | 16,959 |  |  |  | 9,672 |  |  |  | 136 |  |  |  | 2,467 |  |  |  | 491 |  |  |  | 172 |  |  |  | 33,243 |
Total allowance for loan losses | $ | 3,377 |  |  | $ | 16,959 |  |  | $ | 9,672 |  |  | $ | 136 |  |  | $ | 2,467 |  |  | $ | 491 |  |  | $ | 172 |  |  | $ | 33,274 |
Balance of Loans Receivable |
At June 30, 2019 |
| Residential Mortgage |  |  | Multi-Family Mortgage |  |  | Non- Residential Mortgage |  |  | Construction |  |  | Commercial Business |  |  | Home Equity Loans |  |  | Other Consumer |  |  | Total |
| (In Thousands) |
Balance of loans receivable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans acquired with deteriorated credit quality | $ | 84 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 242 |  |  | $ | - |  |  | $ | - |  |  |  | 326 |
Loans individually evaluated for impairment |  | 12,545 |  |  |  | 70 |  |  |  | 8,900 |  |  |  | - |  |  |  | 1,213 |  |  |  | 1,531 |  |  |  | - |  |  |  | 24,259 |
Loans collectively evaluated for impairment |  | 1,331,415 |  |  |  | 1,946,321 |  |  |  | 1,249,969 |  |  |  | 13,907 |  |  |  | 64,308 |  |  |  | 94,634 |  |  |  | 5,814 |  |  |  | 4,706,368 |
Total loans | $ | 1,344,044 |  |  | $ | 1,946,391 |  |  | $ | 1,258,869 |  |  | $ | 13,907 |  |  | $ | 65,763 |  |  | $ | 96,165 |  |  | $ | 5,814 |  |  | $ | 4,730,953 |
Unaccreted yield adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (52,025 | )
Loans receivable, net of yield adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 4,678,928 |
Allowance for Loan Losses |
Three Months Ended September 30, 2019 |
| Residential Mortgage |  |  | Multi-Family Mortgage |  |  | Non- Residential Mortgage |  |  | Construction |  |  | Commercial Business |  |  | Home Equity Loans |  |  | Other Consumer |  |  | Total |
| (In Thousands) |
Changes in the allowance for loan losses for the three months ended September 30, 2019: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
At June 30, 2019: | $ | 3,377 |  |  | $ | 16,959 |  |  | $ | 9,672 |  |  | $ | 136 |  |  | $ | 2,467 |  |  | $ | 491 |  |  | $ | 172 |  |  | $ | 33,274 |
Total charge offs |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (64 | ) |  |  | (64 | )
Total recoveries |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 4 |  |  |  | 4 |
Total provisions |  | (70 | ) |  |  | (257 | ) |  |  | (301 | ) |  |  | 4 |  |  |  | (174 | ) |  |  | (13 | ) |  |  | 29 |  |  |  | (782 | )
Total allowance for loan losses | $ | 3,307 |  |  | $ | 16,702 |  |  | $ | 9,371 |  |  | $ | 140 |  |  | $ | 2,293 |  |  | $ | 478 |  |  | $ | 141 |  |  | $ | 32,432 |
Allowance for Loan Losses |
Three Months Ended September 30, 2018 |
| Residential Mortgage |  |  | Multi-Family Mortgage |  |  | Non- Residential Mortgage |  |  | Construction |  |  | Commercial Business |  |  | Home Equity Loans |  |  | Other Consumer |  |  | Total |
| (In Thousands) |
Changes in the allowance for loan losses for the three months ended September 30, 2018: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
At June 30, 2018: | $ | 2,479 |  |  | $ | 14,946 |  |  | $ | 9,787 |  |  | $ | 258 |  |  | $ | 2,552 |  |  | $ | 430 |  |  | $ | 413 |  |  | $ | 30,865 |
Total charge offs |  | (82 | ) |  |  | - |  |  |  | (54 | ) |  |  | - |  |  |  | (19 | ) |  |  | - |  |  |  | (107 | ) |  |  | (262 | )
Total recoveries |  | - |  |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 27 |  |  |  | 28 |
Total provisions |  | 197 |  |  |  | 1,371 |  |  |  | 211 |  |  |  | 35 |  |  |  | 270 |  |  |  | 4 |  |  |  | 12 |  |  |  | 2,100 |
Total allowance for loan losses | $ | 2,594 |  |  | $ | 16,317 |  |  | $ | 9,945 |  |  | $ | 293 |  |  | $ | 2,803 |  |  | $ | 434 |  |  | $ | 345 |  |  | $ | 32,731 |
The following tables present key indicators of credit quality regarding the Company’s loan portfolio based upon loan classification and contractual payment status at September 30, 2019 and June 30, 2019 based upon the methodology for identifying and reporting such loans as described in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2019.
Credit-Rating Classification of Loans Receivable |
At September 30, 2019 |
| Residential Mortgage |  |  | Multi-Family Mortgage |  |  | Non- Residential Mortgage |  |  | Construction |  |  | Commercial Business |  |  | Home Equity Loans |  |  | Other Consumer |  |  | Total |
| (In Thousands) |
Non-classified | $ | 1,305,660 |  |  | $ | 1,918,799 |  |  | $ | 1,221,692 |  |  | $ | 14,637 |  |  | $ | 60,105 |  |  | $ | 91,649 |  |  | $ | 5,174 |  |  | $ | 4,617,716 |
Classified: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Special Mention |  | 509 |  |  |  | 1,108 |  |  |  | - |  |  |  | - |  |  |  | 2,896 |  |  |  | 166 |  |  |  | 16 |  |  |  | 4,695 |
Substandard |  | 13,581 |  |  |  | 3,061 |  |  |  | 9,271 |  |  |  | - |  |  |  | 3,888 |  |  |  | 1,489 |  |  |  | 17 |  |  |  | 31,307 |
Doubtful |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2 |  |  |  | 2 |
Loss |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total classified loans |  | 14,090 |  |  |  | 4,169 |  |  |  | 9,271 |  |  |  | - |  |  |  | 6,784 |  |  |  | 1,655 |  |  |  | 35 |  |  |  | 36,004 |
Total loans | $ | 1,319,750 |  |  | $ | 1,922,968 |  |  | $ | 1,230,963 |  |  | $ | 14,637 |  |  | $ | 66,889 |  |  | $ | 93,304 |  |  | $ | 5,209 |  |  | $ | 4,653,720 |
Credit-Rating Classification of Loans Receivable |
At June 30, 2019 |
| Residential Mortgage |  |  | Multi-Family Mortgage |  |  | Non- Residential Mortgage |  |  | Construction |  |  | Commercial Business |  |  | Home Equity Loans |  |  | Other Consumer |  |  | Total |
| (In Thousands) |
Non-classified | $ | 1,328,811 |  |  | $ | 1,945,205 |  |  | $ | 1,249,438 |  |  | $ | 13,907 |  |  | $ | 59,768 |  |  | $ | 94,544 |  |  | $ | 5,776 |  |  | $ | 4,697,449 |
Classified: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Special Mention |  | 629 |  |  |  | 1,116 |  |  |  | - |  |  |  | - |  |  |  | 3,894 |  |  |  | 28 |  |  |  | 14 |  |  |  | 5,681 |
Substandard |  | 14,604 |  |  |  | 70 |  |  |  | 9,431 |  |  |  | - |  |  |  | 2,101 |  |  |  | 1,593 |  |  |  | 23 |  |  |  | 27,822 |
Doubtful |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1 |  |  |  | 1 |
Loss |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total classified loans |  | 15,233 |  |  |  | 1,186 |  |  |  | 9,431 |  |  |  | - |  |  |  | 5,995 |  |  |  | 1,621 |  |  |  | 38 |  |  |  | 33,504 |
Total loans | $ | 1,344,044 |  |  | $ | 1,946,391 |  |  | $ | 1,258,869 |  |  | $ | 13,907 |  |  | $ | 65,763 |  |  | $ | 96,165 |  |  | $ | 5,814 |  |  | $ | 4,730,953 |
Contractual Payment Status of Loans Receivable |
At September 30, 2019 |
| Residential Mortgage |  |  | Multi-Family Mortgage |  |  | Non- Residential Mortgage |  |  | Construction |  |  | Commercial Business |  |  | Home Equity Loans |  |  | Other Consumer |  |  | Total |
| (In Thousands) |
Current | $ | 1,313,195 |  |  | $ | 1,919,907 |  |  | $ | 1,214,524 |  |  | $ | 14,501 |  |  | $ | 66,749 |  |  | $ | 93,121 |  |  | $ | 5,160 |  |  | $ | 4,627,157 |
Past due: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
30-59 days |  | 2,721 |  |  |  | 3,061 |  |  |  | 14,462 |  |  |  | - |  |  |  | 49 |  |  |  | - |  |  |  | 19 |  |  |  | 20,312 |
60-89 days |  | 470 |  |  |  | - |  |  |  | - |  |  |  | 136 |  |  |  | 68 |  |  |  | - |  |  |  | 15 |  |  |  | 689 |
90 days and over |  | 3,364 |  |  |  | - |  |  |  | 1,977 |  |  |  | - |  |  |  | 23 |  |  |  | 183 |  |  |  | 15 |  |  |  | 5,562 |
Total past due |  | 6,555 |  |  |  | 3,061 |  |  |  | 16,439 |  |  |  | 136 |  |  |  | 140 |  |  |  | 183 |  |  |  | 49 |  |  |  | 26,563 |
Total loans | $ | 1,319,750 |  |  | $ | 1,922,968 |  |  | $ | 1,230,963 |  |  | $ | 14,637 |  |  | $ | 66,889 |  |  | $ | 93,304 |  |  | $ | 5,209 |  |  | $ | 4,653,720 |
Contractual Payment Status of Loans Receivable |
At June 30, 2019 |
| Residential Mortgage |  |  | Multi-Family Mortgage |  |  | Non- Residential Mortgage |  |  | Construction |  |  | Commercial Business |  |  | Home Equity Loans |  |  | Other Consumer |  |  | Total |
| (In Thousands) |
Current | $ | 1,338,347 |  |  | $ | 1,946,391 |  |  | $ | 1,256,892 |  |  | $ | 13,907 |  |  | $ | 65,668 |  |  | $ | 95,793 |  |  | $ | 5,754 |  |  | $ | 4,722,752 |
Past due: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
30-59 days |  | 1,680 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 95 |  |  |  | 197 |  |  |  | 25 |  |  |  | 1,997 |
60-89 days |  | 473 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 36 |  |  |  | 13 |  |  |  | 522 |
90 days and over |  | 3,544 |  |  |  | - |  |  |  | 1,977 |  |  |  | - |  |  |  | - |  |  |  | 139 |  |  |  | 22 |  |  |  | 5,682 |
Total past due |  | 5,697 |  |  |  | - |  |  |  | 1,977 |  |  |  | - |  |  |  | 95 |  |  |  | 372 |  |  |  | 60 |  |  |  | 8,201 |
Total loans | $ | 1,344,044 |  |  | $ | 1,946,391 |  |  | $ | 1,258,869 |  |  | $ | 13,907 |  |  | $ | 65,763 |  |  | $ | 96,165 |  |  | $ | 5,814 |  |  | $ | 4,730,953 |
The following tables present information relating to the Company’s nonperforming and impaired loans at September 30, 2019 and June 30, 2019 based upon the methodology for identifying and reporting such loans as described in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2019. Loans reported as 90 days and over past due accruing in the table immediately below are also reported in the preceding contractual payment status table under the heading 90 days and over past due.
Performance Status of Loans Receivable |
At September 30, 2019 |
| Residential Mortgage |  |  | Multi-Family Mortgage |  |  | Non- Residential Mortgage |  |  | Construction |  |  | Commercial Business |  |  | Home Equity Loans |  |  | Other Consumer |  |  | Total |
| (In Thousands) |
Performing | $ | 1,311,214 |  |  | $ | 1,919,907 |  |  | $ | 1,222,213 |  |  | $ | 14,637 |  |  | $ | 66,327 |  |  | $ | 92,447 |  |  | $ | 5,194 |  |  | $ | 4,631,939 |
Nonperforming: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
90 days and over past due accruing |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 15 |  |  |  | 15 |
Nonaccrual |  | 8,536 |  |  |  | 3,061 |  |  |  | 8,750 |  |  |  | - |  |  |  | 562 |  |  |  | 857 |  |  |  | - |  |  |  | 21,766 |
Total nonperforming |  | 8,536 |  |  |  | 3,061 |  |  |  | 8,750 |  |  |  | - |  |  |  | 562 |  |  |  | 857 |  |  |  | 15 |  |  |  | 21,781 |
Total loans | $ | 1,319,750 |  |  | $ | 1,922,968 |  |  | $ | 1,230,963 |  |  | $ | 14,637 |  |  | $ | 66,889 |  |  | $ | 93,304 |  |  | $ | 5,209 |  |  | $ | 4,653,720 |
Performance Status of Loans Receivable |
At June 30, 2019 |
| Residential Mortgage |  |  | Multi-Family Mortgage |  |  | Non- Residential Mortgage |  |  | Construction |  |  | Commercial Business |  |  | Home Equity Loans |  |  | Other Consumer |  |  | Total |
| (In Thousands) |
Performing | $ | 1,334,101 |  |  | $ | 1,946,321 |  |  | $ | 1,249,969 |  |  | $ | 13,907 |  |  | $ | 65,294 |  |  | $ | 95,299 |  |  | $ | 5,792 |  |  | $ | 4,710,683 |
Nonperforming: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
90 days and over past due accruing |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 22 |  |  |  | 22 |
Nonaccrual |  | 9,943 |  |  |  | 70 |  |  |  | 8,900 |  |  |  | - |  |  |  | 469 |  |  |  | 866 |  |  |  | - |  |  |  | 20,248 |
Total nonperforming |  | 9,943 |  |  |  | 70 |  |  |  | 8,900 |  |  |  | - |  |  |  | 469 |  |  |  | 866 |  |  |  | 22 |  |  |  | 20,270 |
Total loans | $ | 1,344,044 |  |  | $ | 1,946,391 |  |  | $ | 1,258,869 |  |  | $ | 13,907 |  |  | $ | 65,763 |  |  | $ | 96,165 |  |  | $ | 5,814 |  |  | $ | 4,730,953 |
Impairment Status of Loans Receivable |
At September 30, 2019 |
| Residential Mortgage |  |  | Multi-Family Mortgage |  |  | Non- Residential Mortgage |  |  | Construction |  |  | Commercial Business |  |  | Home Equity Loans |  |  | Other Consumer |  |  | Total |
| (In Thousands) |
Carrying value of impaired loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-impaired loans | $ | 1,308,549 |  |  | $ | 1,919,907 |  |  | $ | 1,222,213 |  |  | $ | 14,637 |  |  | $ | 63,571 |  |  | $ | 91,828 |  |  | $ | 5,209 |  |  | $ | 4,625,914 |
Impaired loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impaired loans with no allowance for impairment |  | 10,382 |  |  |  | 3,061 |  |  |  | 8,750 |  |  |  | - |  |  |  | 3,297 |  |  |  | 1,476 |  |  |  | - |  |  |  | 26,966 |
Impaired loans with allowance for impairment: |  |  |  |  |  | - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Recorded investment |  | 819 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 21 |  |  |  | - |  |  |  | - |  |  |  | 840 |
Allowance for impairment |  | (34 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (8 | ) |  |  | - |  |  |  | - |  |  |  | (42 | )
Balance of impaired loans net of allowance for impairment |  | 785 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 13 |  |  |  | - |  |  |  | - |  |  |  | 798 |
Total impaired loans, excluding allowance for impairment: |  | 11,201 |  |  |  | 3,061 |  |  |  | 8,750 |  |  |  | - |  |  |  | 3,318 |  |  |  | 1,476 |  |  |  | - |  |  |  | 27,806 |
Total loans | $ | 1,319,750 |  |  | $ | 1,922,968 |  |  | $ | 1,230,963 |  |  | $ | 14,637 |  |  | $ | 66,889 |  |  | $ | 93,304 |  |  | $ | 5,209 |  |  | $ | 4,653,720 |
Unpaid principal balance of impaired loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total impaired loans | $ | 13,565 |  |  | $ | 3,544 |  |  | $ | 10,146 |  |  | $ | 73 |  |  | $ | 6,270 |  |  | $ | 1,846 |  |  | $ | - |  |  | $ | 35,444 |
Impairment Status of Loans Receivable |
At June 30, 2019 |
| Residential Mortgage |  |  | Multi-Family Mortgage |  |  | Non- Residential Mortgage |  |  | Construction |  |  | Commercial Business |  |  | Home Equity Loans |  |  | Other Consumer |  |  | Total |
| (In Thousands) |
Carrying value of impaired loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-impaired loans | $ | 1,331,415 |  |  | $ | 1,946,321 |  |  | $ | 1,249,969 |  |  | $ | 13,907 |  |  | $ | 64,308 |  |  | $ | 94,634 |  |  | $ | 5,814 |  |  | $ | 4,706,368 |
Impaired loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impaired loans with no allowance for impairment |  | 12,266 |  |  |  | 70 |  |  |  | 8,900 |  |  |  | - |  |  |  | 1,455 |  |  |  | 1,531 |  |  |  | - |  |  |  | 24,222 |
Impaired loans with allowance for impairment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Recorded investment |  | 363 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 363 |
Allowance for impairment |  | (31 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (31 | )
Balance of impaired loans net of allowance for impairment |  | 332 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 332 |
Total impaired loans, excluding allowance for impairment: |  | 12,629 |  |  |  | 70 |  |  |  | 8,900 |  |  |  | - |  |  |  | 1,455 |  |  |  | 1,531 |  |  |  | - |  |  |  | 24,585 |
Total loans | $ | 1,344,044 |  |  | $ | 1,946,391 |  |  | $ | 1,258,869 |  |  | $ | 13,907 |  |  | $ | 65,763 |  |  | $ | 96,165 |  |  | $ | 5,814 |  |  | $ | 4,730,953 |
Unpaid principal balance of impaired loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total impaired loans | $ | 14,985 |  |  | $ | 779 |  |  | $ | 10,200 |  |  | $ | 73 |  |  | $ | 3,987 |  |  | $ | 1,924 |  |  | $ | - |  |  | $ | 31,948 |
Impairment Status of Loans Receivable |
Three Months Ended September 30, 2019 and 2018 |
| Residential Mortgage |  |  | Multi-Family Mortgage |  |  | Non- Residential Mortgage |  |  | Construction |  |  | Commercial Business |  |  | Home Equity Loans |  |  | Other Consumer |  |  | Total |
| (In Thousands) |
For the three months ended September 30, 2019: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Average balance of impaired loans | $ | 11,770 |  |  | $ | 800 |  |  | $ | 8,823 |  |  | $ | - |  |  | $ | 1,951 |  |  | $ | 1,549 |  |  | $ | - |  |  | $ | 24,893 |
Interest earned on impaired loans | $ | 35 |  |  | $ | 28 |  |  | $ | - |  |  | $ | - |  |  | $ | 51 |  |  | $ | 8 |  |  | $ | - |  |  | $ | 122 |
For the three months ended September 30, 2018: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Average balance of impaired loans | $ | 12,224 |  |  | $ | 108 |  |  | $ | 7,234 |  |  | $ | - |  |  | $ | 2,364 |  |  | $ | 1,578 |  |  | $ | - |  |  | $ | 23,508 |
Interest earned on impaired loans | $ | 32 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 3 |  |  | $ | 9 |  |  | $ | - |  |  | $ | 44 |
The following table presents information regarding the restructuring of the Company’s troubled debts during the three months ended September 30, 2019 and September 30, 2018, and any defaults during those periods of troubled debt restructurings (“TDRs”) that were restructured within 12 months of the date of default.
Troubled Debt Restructurings of Loans Receivable |
Three Months Ended September 30, 2019 |
| Residential Mortgage |  |  | Multi-Family Mortgage |  |  | Non- Residential Mortgage |  |  | Construction |  |  | Commercial Business |  |  | Home Equity Loans |  |  | Other Consumer |  |  | Total |
| (Dollars in Thousands) |
Troubled debt restructuring activity for the three months ended September 30, 2019: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Number of loans |  | 2 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3 |  |  |  | 1 |  |  |  | - |  |  |  | 6 |
Pre-modification outstanding recorded investment | $ | 1,002 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 1,775 |  |  | $ | 82 |  |  | $ | - |  |  | $ | 2,859 |
Post-modification outstanding recorded investment |  | 938 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,829 |  |  |  | 81 |  |  |  | - |  |  |  | 2,848 |
Reserves included in and charge offs against the allowance for loan loss recognized at modification |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 8 |  |  |  | - |  |  |  | - |  |  |  | 8 |
|  | - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Troubled debt restructuring defaults for the three months ended September 30, 2019: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Number of loans |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Outstanding recorded investment | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Troubled Debt Restructurings of Loans Receivable |
Three Months Ended September 30, 2018 |
| Residential Mortgage |  |  | Multi-Family Mortgage |  |  | Non- Residential Mortgage |  |  | Construction |  |  | Commercial Business |  |  | Home Equity Loans |  |  | Other Consumer |  |  | Total |
| (Dollars in Thousands) |
Troubled debt restructuring activity for the three months ended September 30, 2018: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Number of loans |  | 1 |  |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | 5 |  |  |  | - |  |  |  | - |  |  |  | 7 |
Pre-modification outstanding recorded investment | $ | 271 |  |  | $ | - |  |  | $ | 2,957 |  |  | $ | - |  |  | $ | 1,450 |  |  | $ | - |  |  | $ | - |  |  | $ | 4,678 |
Post-modification outstanding recorded investment |  | 270 |  |  |  | - |  |  |  | 2,955 |  |  |  | - |  |  |  | 1,451 |  |  |  | - |  |  |  | - |  |  |  | 4,676 |
Reserves included in and charge offs against the allowance for loan loss recognized at modification |  | - |  |  |  | - |  |  |  | 2 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2 |
Troubled debt restructuring defaults for the three months ended September 30, 2018: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Number of loans |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Outstanding recorded investment | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
The manner in which the terms of a loan are modified through a troubled debt restructuring generally includes one or more of the following changes to the loan’s repayment terms:
| • | Interest Rate Reduction: Temporary or permanent reduction of the interest rate charged against the outstanding balance of the loan.
| • | Capitalization of Prior Past Dues: Capitalization of prior amounts due to the outstanding balance of the loan.
| • | Extension of Maturity or Balloon Date: Extending the term of the loan past its original balloon or maturity date.
| • | Deferral of Principal Payments: Temporary deferral of the principal portion of a loan payment.
| • | Payment Recalculation and Re-amortization: Recalculation of the recurring payment obligation and resulting loan amortization/repayment schedule based on the loan’s modified terms.

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