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Loans Receivable and Allowance for Loan Losses (Tables)
 3 Months Ended
Mar. 31, 2020
Loans Receivable and Allowance for Loan Losses [Abstract]  
Recorded Investment in Loans Receivable

March 31, 2020

December 31, 2019

(In Thousands)

Residential one-to-four family

$

268,137 

$

248,381 

Commercial and multi-family

1,577,816 

1,606,976 

Construction

101,692 

104,996 

Commercial business(1)

177,146 

177,642 

Home equity(2)

64,857 

64,638 

Consumer

1,029 

682 

2,190,677 

2,203,315 

Less:

Deferred loan fees, net

(1,086)

(1,174)

Allowance for loan losses

(25,534)

(23,734)

Sub-total

(26,620)

(24,908)

Total Loans, net

$

2,164,057 

$

2,178,407 

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.
Accretable Discount on Loans Acquired with Deteriorated Credit Quality

Three months ended March 31, 2020

Three months ended March 31, 2019

Balance, beginning of Period

$

1,681 

$

2,704 

Accretion recorded to interest income

(145)

(253)

Balance, end of Period

$

1,536 

$

2,451 
Unpaid Principal Balance and Related Recorded Investment of Acquired Loans

March 31,

December 31,

2020

2019

Unpaid principal balance

$

214,773 

$

226,333 

Recorded investment

183,208 

192,826 
Allowance for Loan Losses The following table sets forth the activity in the Company’s allowance for loan losses for the three months ended March 31, 2020, and the related portion of the allowances for loan losses that is allocated to each loan class, as of March 31, 2020 (in thousands):

Residential

Commercial & Multi-family

Construction

Commercial Business (1)

Home Equity (2)

Consumer

Unallocated

Total

Allowance for loan losses:

Originated Loans:

$

2,422 

$

15,235 

$

1,244 

$

2,945 

$

330 

$

-

$

273 

$

22,449 

Acquired loans initially recorded at fair value:

261 

58 

-

803 

-

-

-

1,122 

Acquired loans with deteriorated credit:

39 

79 

-

42 

3 

-

-

163 

Beginning Balance, January 1, 2020

2,722 

15,372 

1,244 

3,790 

333 

-

273 

23,734 

Charge-offs:

Originated Loans:

 

 

 

 

 

 

 

 

Acquired loans initially recorded at fair value:

4 

-

-

-

-

-

-

4 

Sub-total:

4 

-

-

-

-

-

-

4 

Recoveries:

Originated Loans:

-

-

-

302 

-

-

-

302 

Acquired loans initially recorded at fair value:

-

-

-

-

2 

-

-

2 

Sub-total:

-

-

-

302 

2 

-

-

304 

Provisions:

Originated Loans:

365 

(368)

(139)

(243)

291 

5 

1,489 

1,400 

Acquired loans initially recorded at fair value:

49 

5 

-

107 

(2)

-

-

159 

Acquired loans with deteriorated credit:

(1)

(60)

-

1 

1 

-

-

(59)

Sub-total:

413 

(423)

(139)

(135)

290 

5 

1,489 

1,500 

Totals:

Originated Loans:

2,787 

14,867 

1,105 

3,004 

621 

5 

1,762 

24,151 

Acquired loans initially recorded at fair value:

306 

63 

-

910 

-

-

-

1,279 

Acquired loans with deteriorated credit:

38 

19 

-

43 

4 

-

-

104 

Ending Balance, March 31, 2020

$

3,131 

$

14,949 

$

1,105 

$

3,957 

$

625 

$

5 

$

1,762 

$

25,534 

Ending Balance attributable to loans:

Individually evaluated for impairment

$

354 

$

332 

$

-

$

2,524 

$

22 

$

-

$

-

$

3,232 

Collectively evaluated for impairment

2,777 

14,617 

1,105 

1,433 

603 

5 

1,762 

22,302 

Totals:

$

3,131 

$

14,949 

$

1,105 

$

3,957 

$

625 

$

5 

$

1,762 

$

25,534 

Loans Receivable:

Originated Loans:

$

232,892 

$

1,463,122 

$

101,692 

$

157,351 

$

51,393 

$

1,019 

$

-

$

2,007,469 

Acquired loans initially recorded at fair value:

33,905 

113,973 

-

18,888 

13,230 

10 

-

180,006 

Acquired loans with deteriorated credit:

1,340 

721 

-

907 

234 

-

-

3,202 

Total Gross Loans:

$

268,137 

$

1,577,816 

$

101,692 

$

177,146 

$

64,857 

$

1,029 

$

-

$

2,190,677 

Ending Balance: Loans individually

evaluated for impairment:

Originated Loans:

$

2,896 

$

3,901 

$

-

$

2,089 

$

1,007 

$

-

$

-

$

9,893 

Acquired loans initially recorded at fair value:

4,099 

5,273 

-

512 

285 

-

-

10,169 

Acquired loans with deteriorated credit:

1,340 

721 

-

865 

34 

-

-

2,960 

Loans individually

evaluated for impairment:

$

8,335 

$

9,895 

$

-

$

3,466 

$

1,326 

$

-

$

-

$

23,022 

Ending Balance: Loans collectively

evaluated for impairment:

Originated Loans:

$

229,996 

$

1,459,221 

$

101,692 

$

155,262 

$

50,386 

$

1,019 

$

-

$

1,997,576 

Acquired loans initially recorded at fair value:

29,806 

108,700 

-

18,376 

12,945 

10 

-

169,837 

Acquired loans with deteriorated credit:

-

-

-

42 

200 

-

-

242 

Loans collectively

evaluated for impairment:

$

259,802 

$

1,567,921 

$

101,692 

$

173,680 

$

63,531 

$

1,029 

$

-

$

2,167,655 

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Note 7 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table sets forth the activity in the Company’s allowance for loan losses for the three months ended March 31, 2019 (in thousands).

Residential

Commercial & Multi-family

Construction

Commercial Business (1)

Home Equity (2)

Consumer

Unallocated

Total

Allowance for loan losses:

Originated Loans:

$

2,374 

$

14,000 

$

1,003 

$

3,869 

$

313 

$

2 

$

189 

$

21,750 

Acquired loans initially recorded at fair value:

335 

-

-

-

-

-

-

335 

Acquired loans with deteriorated credit:

39 

168 

-

64 

3 

-

-

274 

Beginning Balance, January 1, 2019

2,748 

14,168 

1,003 

3,933 

316 

2 

189 

22,359 

Charge-offs:

Originated Loans:

-

111 

-

145 

-

-

-

256 

Sub-total:

-

111 

-

145 

-

-

-

256 

Recoveries:

Originated Loans:

-

-

-

9 

-

-

-

9 

Acquired loans initially recorded at fair value:

-

-

-

-

3 

-

-

3 

Sub-total:

-

-

-

9 

3 

-

-

12 

Provisions:

Originated Loans:

97 

1,188 

206 

(405)

(48)

(2)

(157)

879 

Acquired loans initially recorded at fair value:

69 

-

-

-

(3)

-

-

66 

Acquired loans with deteriorated credit:

(7)

(24)

-

(25)

-

-

-

(56)

Sub-total:

159 

1,164 

206 

(430)

(51)

(2)

(157)

889 

Totals:

Originated Loans:

2,471 

15,077 

1,209 

3,328 

265 

-

32 

22,382 

Acquired loans initially recorded at fair value:

404 

-

-

-

-

-

-

404 

Acquired loans with deteriorated credit:

32 

144 

-

39 

3 

-

-

218 

Ending Balance, March 31, 2019

$

2,907 

$

15,221 

$

1,209 

$

3,367 

$

268 

$

-

$

32 

$

23,004 

_____________________________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.


‎

Note 7 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table sets forth the amount recorded in loans receivable at December 31, 2019. The table also details the amount of total loans receivable that are evaluated individually, and collectively, for impairment and the related portion of the allowance for loan losses that is allocated to each loan class (in thousands).

Residential

Commercial & Multi-family

Construction

Commercial Business (1)

Home Equity (2)

Consumer

Unallocated

Total

Allowance for credit losses:

Originated Loans:

$

2,374 

$

14,000 

$

1,003 

$

3,869 

$

313 

$

2 

$

189 

$

21,750 

Acquired loans initially recorded at fair value:

335 

-

-

-

-

-

-

335 

Acquired loans with deteriorated credit:

39 

168 

-

64 

3 

-

-

274 

Beginning Balance, January 1, 2019

2,748 

14,168 

1,003 

3,933 

316 

2 

189 

22,359 

Charge-offs:

Originated Loans:

1 

111 

-

145 

-

-

-

257 

Acquired loans initially recorded at fair value:

65 

118 

-

303 

-

-

-

486 

Sub-total:

66 

229 

-

448 

-

-

-

743 

Recoveries:

Originated Loans:

-

-

-

15 

-

-

-

15 

Acquired loans recorded at fair value:

3 

10 

-

5 

16 

-

-

34 

Sub-total:

3 

10 

-

20 

16 

-

-

49 

Provisions:

Originated Loans:

49 

1,346 

241 

(794)

17 

(2)

84 

941 

Acquired loans initially recorded at fair value:

(12)

166 

-

1,101 

(16)

-

-

1,239 

Acquired loans with deteriorated credit:

-

(89)

-

(22)

-

-

-

(111)

Sub-total:

37 

1,423 

241 

285 

1 

(2)

84 

2,069 

Totals:

Originated Loans:

2,422 

15,235 

1,244 

2,945 

330 

-

273 

22,449 

Acquired loans initially recorded at fair value:

261 

58 

-

803 

-

-

-

1,122 

Acquired loans with deteriorated credit:

39 

79 

-

42 

3 

-

-

163 

Ending Balance, December 31, 2019

$

2,722 

$

15,372 

$

1,244 

$

3,790 

$

333 

$

-

$

273 

$

23,734 

Ending Balance attributable to loans:

Individually evaluated for impairment:

380 

342 

-

2,518 

24 

-

-

3,264 

Collectively evaluated for impairment:

2,342 

15,030 

1,244 

1,272 

309 

-

273 

20,470 

Totals:

$

2,722 

$

15,372 

$

1,244 

$

3,790 

$

333 

$

-

$

273 

$

23,734 

Loans Receivable:

Originated Loans:

$

212,020 

$

1,485,286 

$

104,996 

$

157,413 

$

50,100 

$

674 

$

-

$

2,010,489 

Acquired Loans:

35,010 

118,577 

-

19,319 

14,302 

8 

-

187,216 

Acquired loans with deteriorated credit:

1,351 

3,113 

-

910 

236 

-

-

5,610 

Total Gross Loans:

$

248,381 

$

1,606,976 

$

104,996 

$

177,642 

$

64,638 

$

682 

$

-

$

2,203,315 

Ending Balance: Loans individually

evaluated for impairment:

Originated Loans:

$

2,983 

$

4,469 

$

-

$

2,511 

$

963 

$

-

$

-

$

10,926 

Acquired Loans:

4,121 

5,649 

-

560 

288 

-

-

10,618 

Acquired loans with deteriorated credit:

1,351 

3,113 

-

867 

37 

-

-

5,368 

Loans individually evaluated for impairment:

$

8,455 

$

13,231 

$

-

$

3,938 

$

1,288 

$

-

$

-

$

26,912 

Ending Balance: Loans collectively evaluated for impairment:

Originated Loans:

$

209,037 

$

1,480,817 

$

104,996 

$

154,902 

$

49,137 

$

674 

$

-

$

1,999,563 

Acquired Loans:

30,889 

112,928 

-

18,759 

14,014 

8 

-

176,598 

Acquired loans with deteriorated credit:

-

-

-

43 

199 

-

-

242 

Loans collectively evaluated for impairment:

$

239,926 

$

1,593,745 

$

104,996 

$

173,704 

$

63,350 

$

682 

$

-

$

2,176,403 

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.
Impaired Loans The following table summarizes the average recorded investment and interest income recognized on impaired loans with no related allowance recorded by portfolio class for the three months ended March 31, 2020 and 2019 (In thousands):

Three Months Ended March 31,

2020

2020

2019

2019

Average

Interest

Average

Interest

Recorded

Income

Recorded

Income

Originated loans

Investment

Recognized

Investment

Recognized

with no related allowance recorded:

Residential one-to-four family

$

1,995 

$

20 

$

3,073 

$

28 

Commercial and Multi-family

4,185 

45 

12,221 

134 

Commercial business(1)

1,055 

41 

1,063 

42 

Home equity(2)

608 

6 

758 

6 

Sub-total:

$

7,843

$

112

$

17,115

$

210

Acquired loans initially recorded at fair value

with no related allowance recorded:

Residential one-to-four family

$

1,838 

$

18 

$

2,753 

$

25 

Commercial and Multi-family

4,220 

47 

3,946 

55 

Commercial business(1)

92 

-

53 

1 

Home equity(2)

204 

3 

230 

3 

Consumer

-

-

11 

-

Sub-total

$

6,354

$

68

$

6,993

$

84

Acquired loans with deteriorated credit

with no related allowance recorded:

Residential one-to-four family(3)

$

823 

$

14 

$

1,019 

$

16 

Commercial and Multi-family(3)

1,917 

7 

6,050 

6 

Commercial business(1)(3)

866 

2 

785 

-

Home equity(2)(3)

36 

-

48 

-

Sub-total:

$

3,642

$

23

$

7,902

$

22

Total Impaired Loans

with no related allowance recorded:

$

17,839

$

203

$

32,010

$

316

__________

(1)Includes business lines of credit.

(2)Includes home equity lines of credit.

(3)Does not include accretable yield on loans acquired with deteriorated credit.


‎

Note 7 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table summarizes the average recorded investment and interest income recognized on impaired loans with allowance recorded by portfolio class for the three months ended March 31, 2020 and 2019. (In thousands):

Three Months Ended March 31,

2020

2020

2019

2019

Average

Interest

Average

Interest

Recorded

Income

Recorded

Income

Originated loans

Investment

Recognized

Investment

Recognized

with an allowance recorded:

Residential one-to-four family

$

945 

$

8 

$

2,941 

$

25 

Commercial and Multi-family

-

-

56 

-

Commercial business(1)

1,245 

3 

865 

27 

Home equity(2)

377 

3 

153 

2 

Sub-total:

$

2,567

$

14

$

4,015

$

54

Acquired loans initially recorded at fair value

with an allowance recorded:

Residential one-to-four family

$

2,273 

$

26 

$

3,146 

$

24 

Commercial and Multi-family

1,241 

20 

912 

4 

Commercial business(1)

445 

-

-

-

Home equity(2)

83 

1 

84 

2 

Sub-total:

$

4,042

$

47 

$

4,142

$

30

Acquired loans with deteriorated credit

with an allowance recorded:

Residential one-to-four family(3)

$

523 

$

7 

$

366 

$

5 

Sub-total:

$

523 

$

7 

$

366 

$

5 

Total Impaired Loans

with an allowance recorded:

$

7,132

$

68 

$

8,523

$

89

__________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

(3) Does not include accretable yield on loans acquired with deteriorated credit.


‎

Note 7 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table summarizes the recorded investment and unpaid principal balances where there is no related allowance on impaired loans by portfolio class at

March 31, 2020 and December 31, 2019. (In thousands):

As of March 31, 2020

As of December 31, 2019

Recorded

Unpaid Principal

Related

Recorded

Unpaid Principal

Related

Originated loans

Investment

Balance

Allowance

Investment

Balance

Allowance

with no related allowance recorded:

Residential one-to-four family

$

1,980 

$

2,080 

$

-

$

2,010 

$

2,098 

$

-

Commercial and multi-family

3,901 

3,945 

-

4,469 

4,527 

-

Commercial business(1)

1,001 

3,101 

-

1,108 

4,069 

-

Home equity(2)

632 

644 

-

584 

593 

-

Sub-total:

$

7,514 

$

9,770 

$

-

$

8,171 

$

11,287 

$

-

Acquired loans initially recorded at fair

value with no related allowance

recorded:

Residential one-to-four family

$

1,832 

$

1,939 

$

-

$

1,843 

$

1,950 

$

-

Commercial and Multi-family

4,039 

4,043 

-

4,401 

4,402 

-

Commercial business(1)

-

-

-

183 

589 

-

Home equity(2)

202 

203 

-

205 

206 

-

Sub-total:

$

6,073 

$

6,185 

$

-

$

6,632 

$

7,147 

$

-

Acquired loans with deteriorated

credit with no related allowance

recorded:

Residential one-to-four family

$

819 

$

1,375 

$

-

$

827 

$

1,383 

$

-

Commercial and Multi-family

721 

1,776 

-

3,113 

4,166 

-

Commercial business(1)

865 

5,050 

-

867 

5,052 

-

Home equity(2)

34 

45 

-

37 

47 

-

Sub-total:

$

2,439 

$

8,246 

$

-

$

4,844 

$

10,648 

$

-

Total Impaired Loans

with no related allowance recorded:

$

16,026 

$

24,201 

$

-

$

19,647 

$

29,082 

$

-

__________

(1) Includes business lines of credit.
‎(2) Includes home equity lines of credit.


‎

Note 7 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table summarizes the recorded investment, unpaid principal balance, and the related allowance on impaired loans by portfolio class at March 31, 2020 and December 31, 2019. (In thousands):

As of March 31, 2020

As of December 31, 2019

Recorded

Unpaid Principal

Related

Recorded

Unpaid Principal

Related

Originated loans

Investment

Balance

Allowance

Investment

Balance

Allowance

with an allowance recorded:

Residential one-to-four family

$

916 

$

917 

$

36 

$

973 

$

973 

$

48 

Commercial business(1)

1,088 

2,539 

974 

1,403 

3,037 

1,029 

Home equity(2)

375 

380 

18 

379 

382 

20 

Sub-total:

$

2,379 

$

3,836 

$

1,028 

$

2,755 

$

4,392 

$

1,097 

Acquired loans initially recorded at fair

value with an allowance

recorded:

Residential one-to-four family

$

2,267 

$

2,284 

$

313 

$

2,278 

$

2,293 

$

325 

Commercial and Multi-family

1,234 

1,431 

332 

1,248 

1,442 

342 

Commercial business(1)

512 

2,030 

1,550 

377 

1,489 

1,489 

Home equity(2)

83 

83 

4 

83 

83 

4 

Sub-total

$

4,096 

$

5,828 

$

2,199 

$

3,986 

$

5,307 

$

2,160 

Acquired loans with deteriorated

credit with an allowance

recorded:

Residential one-to-four family

$

521 

$

569 

$

5 

$

524 

$

571 

$

7 

Sub-total:

$

521 

$

569 

$

5 

$

524 

$

571 

$

7 

Total Impaired Loans

with an allowance recorded:

$

6,996 

$

10,233 

$

3,232 

$

7,265 

$

10,270 

$

3,264 

Total Impaired Loans

with no related allowance recorded:

$

16,026 

$

24,201 

$

-

$

19,647 

$

29,082 

$

-

Total Impaired Loans:

$

23,022 

$

34,434 

$

3,232 

$

26,912 

$

39,352 

$

3,264 

__________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Troubled Debt Restructurings

At March 31, 2020

At December 31, 2019

(In thousands)

Recorded investment in TDRs:

Accrual status

$

16,346 

$

17,030 

Non-accrual status

1,103 

702 

Total recorded investment in TDRs

$

17,449 

$

17,732 
Delinquency Status of Total Loans

Loans Receivable

30-59 Days

60-90 Days

Greater Than

Total Past

Total Loans

>90 Days

Past Due

Past Due

90 Days

Due

Current

Receivable

and Accruing

(In Thousands)

Originated loans:

Residential one-to-four family

$

1,117 

$

-

$

-

$

1,117 

$

231,775 

$

232,892 

$

-

Commercial and multi-family

3,805 

-

76 

3,881 

1,459,241 

1,463,122 

-

Construction

-

-

-

-

101,692 

101,692 

-

Commercial business(1)

3,086 

-

1,051 

4,137 

153,214 

157,351 

-

Home equity(2)

611 

400 

27 

1,038 

50,355 

51,393 

-

Consumer

-

-

-

-

1,019 

1,019 

-

Sub-total:

$

8,619 

$

400 

$

1,154 

$

10,173 

$

1,997,296 

$

2,007,469 

$

-

Acquired loans initially recorded at fair value:

Residential one-to-four family

$

624 

$

-

$

450 

$

1,074 

$

32,831 

33,905 

$

-

Commercial and multi-family

1,000 

-

631 

1,631 

112,342 

113,973 

-

Commercial business(1)

580 

107 

513 

1,200 

17,688 

18,888 

-

Home equity(2)

296 

-

-

296 

12,934 

13,230 

-

Consumer

-

-

-

-

10 

10 

-

-

Sub-total:

$

2,500 

$

107 

$

1,594 

$

4,201 

$

175,805 

$

180,006 

$

-

Acquired loans with deteriorated credit:

Residential one-to-four family

$

162 

$

-

$

-

$

162 

$

1,178 

1,340 

$

-

Commercial and multi-family

-

-

122 

122 

599 

721 

-

Commercial business(1)

-

-

854 

854 

53 

907 

-

Home equity(2)

-

-

-

-

234 

234 

-

-

Sub-total:

$

162 

$

-

$

976 

$

1,138 

$

2,064 

$

3,202 

$

-

Total

$

11,281 

$

507 

$

3,724 

$

15,512 

$

2,175,165 

$

2,190,677 

$

-

_________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Note 7 - Loans Receivable and Allowance for Loan Losses (Continued)

The table below sets forth the amounts and types of non-accrual loans in the Bank’s loan portfolio at March 31, 2020 and December 31, 2019, respectively. Loans are placed on non-accrual status when they become more than 90 days delinquent, or when the collection of principal and/or interest become doubtful. As of March 31, 2020 and December 31, 2019, non-accrual loans differed from the amount of total loans past due greater than 90 days due to troubled debt restructuring of loans which are maintained on non-accrual status for a minimum of six months until the borrower has demonstrated its ability to satisfy the terms of the restructured loan. Loans subject to COVID-19-related modifications are not be reported as non-accrual, in accordance with regulatory guidance.

As of March 31, 2020

As of December 31, 2019

(In Thousands)

(In Thousands)

Non-Accruing Loans:

Originated loans:

Residential one-to-four family

$

788 

$

590 

Commercial and multi-family

218 

761 

Commercial business(1)

1,189 

1,428 

Home equity(2)

294 

347 

Sub-total:

2,489 

3,126 

Acquired loans initially recorded at fair value:

Residential one-to-four family

602 

291 

Commercial and multi-family

758 

217 

Commercial business(1)

513 

513 

Home equity(2)

-

13 

Sub-total:

1,873 

1,034 

Total

$

4,362 

$

4,160 

_________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Had non-accrual loans been performing in accordance with their original terms, the interest income recognized for the three months ended March 31, 2020 and December 31, 2019 would have been approximately $894,000 and $967,000, respectively. Interest income recognized on loans returned to accrual was approximately $459,000 and $1.1 million, respectively. The Bank has not committed to lend additional funds to the borrowers whose loans have been placed on a nonaccrual status. At March 31, 2020 and December 31, 2019, there were $0 and $795,000, respectively, of loans which were more than ninety days past due and still accruing interest.

Nonaccrual loans in the preceding table do not include loans acquired with deteriorated credit quality which were recorded at their fair value at acquisition and totaled $1.1 million at March 31, 2020, and $3.5 million at December 31, 2019.


‎

Note 7 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table sets forth the delinquency status of total loans receivable at December 31, 2019:

Loans Receivable

30-59 Days

60-90 Days

Greater Than

Total Past

Total Loans

>90 Days

Past Due

Past Due

90 Days

Due

Current

Receivable

and Accruing

(In Thousands)

Originated loans:

Residential one-to-four family

$

1,087 

$

401 

$

-

$

1,488 

$

210,532 

$

212,020 

$

-

Commercial and multi-family

1,290 

940 

616 

2,846 

1,482,440 

1,485,286 

-

Construction

-

-

-

-

104,996 

104,996 

-

Commercial business(1)

1,874 

278 

1,265 

3,417 

153,996 

157,413 

142 

Home equity(2)

161 

63 

116 

340 

49,760 

50,100 

-

Consumer

-

-

-

-

674 

674 

-

Sub-total:

$

4,412 

$

1,682 

$

1,997 

$

8,091 

$

2,002,398 

$

2,010,489 

$

142 

Acquired loans initially recorded at fair value:

Residential one-to-four family

$

265 

$

217 

$

330 

$

812 

$

34,198 

35,010 

$

97 

Commercial and multi-family

318 

-

631 

949 

117,628 

118,577 

556 

Construction

-

-

-

-

-

-

-

Commercial business(1)

300 

-

513 

813 

18,506 

19,319 

-

Home equity(2)

190 

75 

-

265 

14,037 

14,302 

-

Consumer

-

-

-

-

8 

8 

-

Sub-total:

$

1,073 

$

292 

$

1,474 

$

2,839 

$

184,377 

$

187,216 

$

653 

Acquired loans with deteriorated credit:

Residential one-to-four family

$

-

$

-

$

-

$

-

$

1,351 

$

1,351 

$

-

Commercial and multi-family

-

-

2,500 

2,500 

613 

3,113 

-

Construction

-

-

-

-

-

-

-

Commercial business(1)

-

-

856 

856 

54 

910 

-

Home equity(2)

37 

199 

-

236 

-

236 

-

Consumer

-

-

-

-

-

-

-

Sub-total:

$

37 

$

199 

$

3,356 

$

3,592 

$

2,018 

$

5,610 

$

-

Total

$

5,522 

$

2,173 

$

6,827 

$

14,522 

$

2,188,793 

$

2,203,315 

$

795 

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.


‎

Loan Portfolio by Pass Rating

Pass

Special Mention

Substandard

Total

Originated loans:

Residential one-to-four family

$

231,046 

$

1,058 

$

788 

$

232,892 

Commercial and multi-family

1,457,940 

3,987 

1,195 

1,463,122 

Construction

101,692 

-

-

101,692 

Commercial business(1)

153,134 

2,481 

1,736 

157,351 

Home equity(2)

51,099 

-

294 

51,393 

Consumer

1,016 

3 

-

1,019 

Sub-total:

$

1,995,927 

$

7,529 

$

4,013 

$

2,007,469 

Acquired loans initially recorded at fair value:

Residential one-to-four family

$

33,209 

$

-

$

696 

$

33,905 

Commercial and multi-family

110,565 

195 

3,213 

113,973 

Commercial business(1)

17,246 

1,130 

512 

18,888 

Home equity(2)

13,213 

-

17 

13,230 

Consumer

10 

-

-

10 

Sub-total:

$

174,243 

$

1,325 

$

4,438 

$

180,006 

Acquired loans with deteriorated credit:

Residential one-to-four family

$

782 

$

245 

$

313 

$

1,340 

Commercial and multi-family

491 

-

230 

721 

Commercial business(1)

1 

52 

854 

907 

Home equity(2)

200 

-

34 

234 

Sub-total:

$

1,474 

$

297 

$

1,431 

$

3,202 

Total Gross Loans

$

2,171,644 

$

9,151 

$

9,882 

$

2,190,677 

_________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.
‎

Note 7 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table presents the loan portfolio types summarized by the aggregate pass rating and the classified ratings of special mention and substandard within the Company’s internal risk rating system as of December 31, 2019. (In thousands). As of December 31, 2019, the Company had no loans with the classified rating of doubtful or loss.

Pass

Special Mention

Substandard

Total

Originated loans:

Residential one-to-four family

$

210,094 

$

1,336 

$

590 

$

212,020 

Commercial and multi-family

1,478,472 

4,043 

2,771 

1,485,286 

Construction

104,996 

-

-

104,996 

Commercial business(1)

153,464 

1,796 

2,153 

157,413 

Home equity(2)

49,753 

-

347 

50,100 

Consumer

670 

4 

-

674 

Sub-total:

$

1,997,449 

$

7,179 

$

5,861 

$

2,010,489 

Acquired loans initially recorded at fair value:

Residential one-to-four family

$

34,624 

$

-

$

386 

35,010 

Commercial and multi-family

115,130 

583 

2,864 

118,577 

Commercial business(1)

17,648 

1,159 

512 

19,319 

Home equity(2)

14,270 

-

32 

14,302 

Consumer

8 

-

-

8 

Sub-total:

$

181,680 

$

1,742 

$

3,794 

$

187,216 

Acquired loans with deteriorated credit:

Residential one-to-four family

$

788 

$

248 

$

315 

1,351 

Commercial and multi-family

-

493 

2,620 

3,113 

Commercial business(1)

-

54 

856 

910 

Home equity(2)

199 

-

37 

236 

Sub-total:

$

987 

$

795 

$

3,828 

$

5,610 

Total Gross Loans

$

2,180,116 

$

9,716 

$

13,483 

$

2,203,315 

________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.