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LOANS RECEIVABLE, NET | 12 Months Ended
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Dec. 31, 2021
Receivables [Abstract] |
LOANS RECEIVABLE, NET | LOANS RECEIVABLE, NET A summary of loans receivable, net is as follows:
| December 31, 2021 |  | December 31, 2020
| (In thousands)
Residential one-to-four family | $ | 560,976 |  |  | $ | 611,603 |
Multifamily | 515,240 |  |  | 427,436 |
Non-residential | 141,561 |  |  | 128,141 |
Construction and land | 23,419 |  |  | 33,691 |
Junior liens | 18,464 |  |  | 23,814 |
Commercial and industrial (including PPP) | 21,563 |  |  | 54,053 |
Consumer and other | 87 |  |  | 99 |
Total loans | 1,281,310 |  |  | 1,278,837 |
Deferred fees, costs and premiums and discounts, net | 6,299 |  |  | 5,236 |
Allowance for loan losses | (14,425) |  |  | (16,959) |
| (8,126) |  |  | (11,723) |
Loans receivable, net | $ | 1,273,184 |  |  | $ | 1,267,114 |
The commercial and industrial portfolio is comprised of $16.8 million of PPP loans as well as $4.8 million of general commercial and industrial loans, including Small Business Administration (“SBA”), as of December 31, 2021. At December 31, 2020, the commercial and industrial portfolio was comprised of PPP loans totaling $53.9 million and $131 thousand of general commercial and industrial loans . The portfolio classes in the above table have unique risk characteristics with respect to credit quality: •Payment on multifamily and non-residential mortgages is driven principally by operating results of the managed properties or underlying business and secondarily by the sale or refinance of such properties. Both primary and secondary sources of repayment, and value of the properties in liquidation, may be affected to a greater extent by adverse conditions in the real estate market or the economy in general. •Properties underlying construction and land loans often do not generate sufficient cash flows to service debt and thus repayment is subject to ability of the borrower and, if applicable, guarantors, to complete development or construction of the property and carry the project, often for extended periods of time. As a result, the performance of these loans is contingent upon future events whose probability at the time of origination is uncertain. •Commercial and Industrial Loans consist of PPP loans, and other loans that are originated or purchased. This program originated from the Coronavirus Aid Relief and Economic Security (“CARES”) Act. The SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses. •The ability of borrowers to service debt in the residential one-to-four family, junior liens and consumer loan portfolios is generally subject to personal income which may be impacted by general economic conditions, such as increased unemployment levels. These loans are predominately collateralized by first and second liens on single family properties. If a borrower cannot maintain the loan, the Company’s ability to recover against the collateral in sufficient amount and in a timely manner may be significantly influenced by market, legal and regulatory conditions. The following tables present the activity in the Company’s allowance for loan losses by class of loans for the years ended December 31, 2021, and 2020:
| Residential One-To-Four Family |  | Multifamily |  | Non-Residential |  | Construction and Land |  | Junior Liens |  | Commercial and Industrial (including PPP) |  | Consumer and Other |  | Unallocated |  | Total
| (In thousands)
Year Ended December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for loan losses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance | $ | 3,579 |  |  | $ | 5,460 |  |  | $ | 3,244 |  |  | $ | 3,655 |  |  | $ | 916 |  |  | $ | 2 |  |  | $ | 48 |  |  | $ | 55 |  |  | $ | 16,959 |
Charge-offs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (16) |  |  | — |  |  | (16) |
Recoveries | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
(Recovery of) provision for loan losses | (757) |  |  | (197) |  |  | (398) |  |  | (977) |  |  | (280) |  |  | 49 |  |  | 6 |  |  | 36 |  |  | (2,518) |
Total ending allowance balance | $ | 2,822 |  |  | $ | 5,263 |  |  | $ | 2,846 |  |  | $ | 2,678 |  |  | $ | 636 |  |  | $ | 51 |  |  | $ | 38 |  |  | $ | 91 |  |  | $ | 14,425 |
Year Ended December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for loan losses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance | $ | 3,446 |  |  | $ | 4,256 |  |  | $ | 2,548 |  |  | $ | 3,028 |  |  | $ | 1,002 |  |  | $ | — |  |  | $ | 56 |  |  | $ | 164 |  |  | $ | 14,500 |
Charge-offs | (49) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (10) |  |  | — |  |  | (59) |
Recoveries | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
(Recovery of) provision for loan losses | 182 |  |  | 1,204 |  |  | 696 |  |  | 627 |  |  | (86) |  |  | 2 |  |  | 2 |  |  | (109) |  |  | 2,518 |
Total ending allowance balance | $ | 3,579 |  |  | $ | 5,460 |  |  | $ | 3,244 |  |  | $ | 3,655 |  |  | $ | 916 |  |  | $ | 2 |  |  | $ | 48 |  |  | $ | 55 |  |  | $ | 16,959 |
The following table represents the allocation of allowance for loan losses and the related recorded investment (including deferred fees and costs) in loans by loan portfolio segment disaggregated based on the impairment methodology at December 31, 2021 and December 31, 2020:
| Residential One-To-Four Family |  | Multifamily |  | Non-Residential |  | Construction and Land |  | Junior Liens |  | Commercial and Industrial (including PPP) |  | Consumer and Other |  | Unallocated |  | Total
| (In thousands)
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment | $ | 31 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 37 |  |  | $ | — |  |  | $ | 68 |
Collectively evaluated for impairment | 2,791 |  |  | 5,263 |  |  | 2,846 |  |  | 2,678 |  |  | 636 |  |  | 51 |  |  | 1 |  |  | 91 |  |  | 14,357 |
Total | $ | 2,822 |  |  | $ | 5,263 |  |  | $ | 2,846 |  |  | $ | 2,678 |  |  | $ | 636 |  |  | $ | 51 |  |  | $ | 38 |  |  | $ | 91 |  |  | $ | 14,425 |
Loans receivable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment | $ | 10,169 |  |  | $ | 684 |  |  | $ | 4,577 |  |  | $ | — |  |  | $ | 55 |  |  | $ | — |  |  | $ | 37 |  |  | $ | — |  |  | $ | 15,522 |
Collectively evaluated for impairment | 556,314 |  |  | 515,884 |  |  | 136,957 |  |  | 23,420 |  |  | 18,495 |  |  | 20,966 |  |  | 51 |  |  |  |  | 1,272,087 |
Total | $ | 566,483 |  |  | $ | 516,568 |  |  | $ | 141,534 |  |  | $ | 23,420 |  |  | $ | 18,550 |  |  | $ | 20,966 |  |  | $ | 88 |  |  | $ | — |  |  | $ | 1,287,609 |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment | $ | 49 |  |  | $ | 26 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 46 |  |  | $ | — |  |  | $ | 121 |
Collectively evaluated for impairment | 3,530 |  |  | 5,434 |  |  | 3,244 |  |  | 3,655 |  |  | 916 |  |  | 2 |  |  | 2 |  |  | 55 |  |  | 16,838 |
Total | $ | 3,579 |  |  | $ | 5,460 |  |  | $ | 3,244 |  |  | $ | 3,655 |  |  | $ | 916 |  |  | $ | 2 |  |  | $ | 48 |  |  | $ | 55 |  |  | $ | 16,959 |
Loans receivable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment | $ | 11,829 |  |  | $ | 1,721 |  |  | $ | 5,084 |  |  | $ | — |  |  | $ | 58 |  |  | $ | — |  |  | $ | 46 |  |  | $ | — |  |  | $ | 18,738 |
Collectively evaluated for impairment | 604,419 |  |  | 427,374 |  |  | 123,133 |  |  | 33,630 |  |  | 23,860 |  |  | 52,867 |  |  | 52 |  |  | — |  |  | 1,265,335 |
Total | $ | 616,248 |  |  | $ | 429,095 |  |  | $ | 128,217 |  |  | $ | 33,630 |  |  | $ | 23,918 |  |  | $ | 52,867 |  |  | $ | 98 |  |  | $ | — |  |  | $ | 1,284,073 |
The following table presents information related to impaired loans by class of loans as of December 31, 2021 and December 31, 2020.
| Unpaid Principal Balance |  | Recorded Investment |  | Allowance for Loan Losses Allocated |  | Average Recorded Investment |  | Interest Income Recognized |  | Cash Basis Interest Recognized
| (In thousands)
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |
With no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family | $ | 8,744 |  |  | $ | 9,108 |  |  | $ | — |  |  | $ | 9,534 |  |  | $ | 75 |  |  | $ | 75 |
Multifamily | 684 |  |  | 684 |  |  | — |  |  | 1,170 |  |  | 26 |  |  | 24 |
Non-residential | 4,725 |  |  | 4,577 |  |  | — |  |  | 4,869 |  |  | 210 |  |  | 196 |
Construction and land | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Junior liens | 55 |  |  | 55 |  |  | — |  |  | 57 |  |  | 3 |  |  | 3 |
Commercial and Industrial (including PPP) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 14,208 |  |  | 14,424 |  |  | — |  |  | 15,630 |  |  | 314 |  |  | 298 |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family | 1,062 |  |  | 1,061 |  |  | 31 |  |  | 1,243 |  |  | 50 |  |  | 46 |
Multifamily | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Non-residential | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Construction and land | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial and Industrial (including PPP) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Consumer and other | 37 |  |  | 37 |  |  | 37 |  |  | 41 |  |  | 2 |  |  | 2 |
| 1,099 |  |  | 1,098 |  |  | 68 |  |  | 1,284 |  |  | 52 |  |  | 48 |
Total | $ | 15,307 |  |  | $ | 15,522 |  |  | $ | 68 |  |  | $ | 16,914 |  |  | $ | 366 |  |  | $ | 346 |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |
With no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family | $ | 6,399 |  |  | $ | 6,508 |  |  | $ | — |  |  | $ | 473 |  |  | $ | 97 |  |  | $ | 96 |
Multifamily | 1,216 |  |  | 1,226 |  |  | — |  |  | 405 |  |  | 45 |  |  | 41 |
Non-residential | 6,006 |  |  | 5,812 |  |  | — |  |  | 2,410 |  |  | 207 |  |  | 201 |
Construction and land | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Junior liens | 60 |  |  | 59 |  |  | — |  |  | 27 |  |  | 1 |  |  | 1 |
Commercial and Industrial (including PPP) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 13,681 |  |  | 13,605 |  |  | — |  |  | 3,315 |  |  | 350 |  |  | 339 |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family | 1,519 |  |  | 1,521 |  |  | 108 |  |  | 679 |  |  | 53 |  |  | 47 |
Multifamily | 353 |  |  | 352 |  |  | 28 |  |  | 157 |  |  | 11 |  |  | 10 |
Non-residential | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Construction and land | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial and Industrial (including PPP) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Consumer and other | 49 |  |  | 48 |  |  | 48 |  |  | 23 |  |  | 1 |  |  | 1 |
| 1,921 |  |  | 1,921 |  |  | 184 |  |  | 859 |  |  | 65 |  |  | 58 |
Total | $ | 15,602 |  |  | $ | 15,526 |  |  | $ | 184 |  |  | $ | 4,174 |  |  | $ | 415 |  |  | $ | 397 |
The recorded investment in loans includes deferred fees, costs and discounts. For purposes of this disclosure, the unpaid principal balance is not reduced for partial charge-offs. The total recorded investment of loans whose terms have been modified in troubled debt restructurings was $5.4 million and $6.3 million as of December 31, 2021 and December 31, 2020, respectively. The Company has allocated $68 thousand and $95 thousand, respectively, of specific reserves to troubled debt restructured loans as of December 31, 2021 and December 31, 2020. The modification of the terms of troubled debt restructured includes one or a combination of the following: a reduction of the stated interest rate of the loan or an extension of the maturity date. The Company is not committed to lend any additional amounts to customers with outstanding loans that are classified as troubled debt restructurings as of December 31, 2021. A troubled debt restructuring (“TDR”) loan is considered to be in payment default once it is 90 days contractually past due under the modified terms. There were no troubled debt restructurings for which there was a payment default within twelve months following the modification during the periods ended December 31, 2021 and December 31, 2020. The Company did not record any troubled debt restructurings during the years December 31, 2021 and 2020. The following table presents the recorded investment in non-accrual loans and loans past due 90 days or more still on accrual as of December 31, 2021 and December 31, 2020:
|  | Nonaccrual |  | Loans Past Due 90 Days and Still Accruing
|  | 12/31/2021 |  | 12/31/2020 |  | 12/31/2021 |  | 12/31/2020
|  | (In thousands)
Residential one-to-four family |  | $ | 10,805 |  |  | $ | 11,813 |  |  | $ | — |  |  | $ | — |
Multifamily |  | 139 |  |  | 156 |  |  | — |  |  | — |
Non-residential |  | 857 |  |  | 805 |  |  | — |  |  | — |
Construction and land |  | — |  |  | — |  |  | — |  |  | — |
Junior liens |  | 182 |  |  | 82 |  |  | — |  |  | — |
Commercial and industrial (including PPP) |  | — |  |  | — |  |  | 116 |  | (1) | — |
Total |  | $ | 11,983 |  |  | $ | 12,856 |  |  | $ | 116 |  |  | $ | — |
(1) PPP loans 90 days past due and accruing totaled $116 thousand. These PPP loans were not reported in non-performing loans as they carry the federal guarantee of the SBA. The following table presents the recorded investment in past due and current loans by loan portfolio class as of December 31, 2021 and December 31, 2020:
| 60-89 Days Past Due |  | 90 Days and Greater Past Due |  | Total Past Due |  | Current |  | Total Loans Receivable
| (In thousands)
December 31, 2021 |  |  |  |  |  |  |  |  |
Residential one-to-four family | $ | 457 |  |  | $ | 8,936 |  |  | $ | 9,393 |  |  | $ | 557,090 |  |  | $ | 566,483 |
Multifamily | — |  |  | — |  |  | — |  |  | 516,568 |  |  | 516,568 |
Non-residential | — |  |  | 381 |  |  | 381 |  |  | 141,153 |  |  | 141,534 |
Construction and land | — |  |  | — |  |  | — |  |  | 23,420 |  |  | 23,420 |
Junior liens | 53 |  |  | 182 |  |  | 235 |  |  | 18,315 |  |  | 18,550 |
Commercial and Industrial (including PPP) | 57 |  |  | 116 |  |  | 173 |  |  | 20,793 |  |  | 20,966 |
Consumer and other | — |  |  | — |  |  | — |  |  | 88 |  |  | 88 |
Total | $ | 567 |  |  | $ | 9,615 |  |  | $ | 10,182 |  |  | $ | 1,277,427 |  |  | $ | 1,287,609 |
December 31, 2020 |  |  |  |  |  |  |  |  |
Residential one-to-four family | $ | 3,151 |  |  | $ | 10,075 |  |  | $ | 13,226 |  |  | $ | 603,022 |  |  | $ | 616,248 |
Multifamily | — |  |  | 156 |  |  | 156 |  |  | 428,939 |  |  | 429,095 |
Non-residential | — |  |  | 805 |  |  | 805 |  |  | 127,412 |  |  | 128,217 |
Construction and land | 3,000 |  |  | — |  |  | 3,000 |  |  | 30,630 |  |  | 33,630 |
Junior liens | — |  |  | — |  |  | — |  |  | 23,918 |  |  | 23,918 |
Commercial and Industrial (including PPP) | — |  |  | — |  |  | — |  |  | 52,867 |  |  | 52,867 |
Consumer and other | — |  |  | — |  |  | — |  |  | 98 |  |  | 98 |
Total | $ | 6,151 |  |  | $ | 11,036 |  |  | $ | 17,187 |  |  | $ | 1,266,886 |  |  | $ | 1,284,073 |
The Company categorizes loans into risk categories based on relevant information about the quality and realizable value of collateral, if any, and the ability of borrowers to service their debts such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis is performed whenever a credit is extended, renewed, or modified, or when an observable event occurs indicating a potential decline in credit quality, and no less than annually for large balance loans. The Company used the following definitions for risk ratings for loans classified other than Pass: Special Mention – Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or the Company’s credit position at some future date. Substandard – Loans classified as substandard are inadequately protected by the current sound 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 repayment and liquidation of the debt. They are characterized by 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 known facts, conditions, and values, highly questionable and improbable. Loss – Assets classified as loss are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be effected in the future. The following table presents the risk category of loans by class of loans based on the most recent analysis performed as of December 31, 2021 and December 31, 2020:
| Pass |  | Special Mention |  | Substandard |  | Doubtful / Loss |  | Total
| (In thousands)
December 31, 2021 |  |  |  |  |  |  |  |  |
Residential one-to-four family | $ | 555,184 |  |  | $ | — |  |  | $ | 11,299 |  |  | $ | — |  |  | $ | 566,483 |
Multifamily | 510,815 |  |  | 5,069 |  |  | 684 |  |  | — |  |  | 516,568 |
Non-residential | 140,377 |  |  | 144 |  |  | 1,013 |  |  | — |  |  | 141,534 |
Construction and land | 23,420 |  |  | — |  |  | — |  |  | — |  |  | 23,420 |
Junior liens | 18,368 |  |  | — |  |  | 182 |  |  | — |  |  | 18,550 |
Commercial and Industrial (including PPP) | 20,966 |  |  | — |  |  | — |  |  |  |  | 20,966 |
Consumer and other | 88 |  |  | — |  |  | — |  |  | — |  |  | 88 |
Total | $ | 1,269,218 |  |  | $ | 5,213 |  |  | $ | 13,178 |  |  | $ | — |  |  | $ | 1,287,609 |
December 31, 2020 |  |  |  |  |  |  |  |  |
Residential one-to-four family | $ | 604,167 |  |  | $ | — |  |  | $ | 12,081 |  |  | $ | — |  |  | $ | 616,248 |
Multifamily | 411,369 |  |  | 16,648 |  |  | 1,078 |  |  | — |  |  | 429,095 |
Non-residential | 127,089 |  |  | 154 |  |  | 974 |  |  | — |  |  | 128,217 |
Construction and land | 33,630 |  |  | — |  |  | — |  |  | — |  |  | 33,630 |
Junior liens | 23,836 |  |  | — |  |  | 82 |  |  | — |  |  | 23,918 |
Commercial and Industrial (including PPP) | 52,867 |  |  | — |  |  | — |  |  | — |  |  | 52,867 |
Consumer and other | 98 |  |  | — |  |  | — |  |  | — |  |  | 98 |
Total | $ | 1,253,056 |  |  | $ | 16,802 |  |  | $ | 14,215 |  |  | $ | — |  |  | $ | 1,284,073 |

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