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Loans Receivable and Allowance for Loan Losses (Tables)
 12 Months Ended
Dec. 31, 2020
Loans Receivable and Allowance for Loan Losses [Abstract]  
Recorded Investment in Loans Receivable The following table presents the recorded investment in loans receivable at December 31, 2020 and December 31, 2019 by segment and class:

December 31, 2020

December 31, 2019

(In Thousands)

Loans:

Residential one-to-four family

$

244,369

$

248,381

Commercial and multi-family

1,690,836

1,606,976

Construction

155,967

104,996

Commercial business(1)

184,357

177,642

Home equity(2)

53,667

64,638

Consumer

822

682

Total Loans

2,330,018

2,203,315

Less:

Deferred loan fees, net

(1,358)

(1,174)

Allowance for loan losses

(33,639)

(23,734)

(34,997)

(24,908)

Total Loans, net

$

2,295,021

$

2,178,407

__________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Unpaid Principal Balance and Related Recorded Investment of Acquired Loans

December 31,

December 31,

2020

2019

(In Thousands)

Unpaid principal balance

$

179,601

$

226,333

Recorded investment

152,556

192,826
Accretable Discount on Loans Acquired with Deteriorated Credit Quality

Years Ended December 31,

2020

2019

(In Thousands)

Balance, Beginning of Period

$

1,681 

$

2,704 

Accretion recorded to interest income

(603)

(1,023)

Balance, End of Period

$

1,078 

$

1,681 
Related Party Loans

Years Ended December 31,

2020

2019

(In Thousands)

Balance – beginning

$

33,771

$

34,394

Loans originated

-

250

Collections of principal

(4,612)

(873)

Change in related party status

-

-

Balance - ending

$

29,159

$

33,771
Allowance for Loan Losses The following tables set forth the activity in the Bank’s allowance for loan losses and recorded investment in loans receivable at December 31, 2020 and 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:

Beginning Balance, December 31, 2019

$

2,722 

$

15,372 

$

1,244 

$

3,790 

$

333 

$

-

$

273 

$

23,734 

Charge-offs:

4 

-

-

-

38 

-

-

42 

Recoveries:

-

-

-

492 

10 

4 

-

506 

Provisions:

575 

6,400 

733 

2,024 

(19)

(4)

(268)

9,441 

Ending Balance attributable to loans:

Individually evaluated for impairment

416 

378 

-

3,640 

27 

-

-

4,461 

Collectively evaluated for impairment

2,877 

21,394 

1,977 

2,666 

259 

-

5 

29,178 

Ending Balance, December 31, 2020

$

3,293 

$

21,772 

$

1,977 

$

6,306 

$

286 

$

-

$

5 

$

33,639 

Loans Receivables:

Individually evaluated for impairment

7,281 

61,854 

-

12,492 

1,574 

-

-

83,201 

Collectively evaluated for impairment

237,088 

1,628,982 

155,967 

171,865 

52,093 

822 

-

2,246,817 

Total Gross Loans

$

244,369 

$

1,690,836 

$

155,967 

$

184,357 

$

53,667 

$

822 

-

$

2,330,018 

__________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Residential

Commercial & Multi-family

Construction

Commercial Business (1)

Home Equity (2)

Consumer

Unallocated

Total

Allowance for credit losses:

Beginning Balance, December 31, 2018

$

2,748 

$

14,168 

$

1,003 

$

3,933 

$

316 

$

2 

$

189 

$

22,359 

Charge-offs:

66 

229 

-

448 

-

-

-

743 

Recoveries:

3 

10 

-

20 

16 

-

-

49 

Provisions:

37 

1,423 

241 

285 

1 

(2)

84 

2,069 

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 

Ending Balance, December 31, 2019

$

2,722 

$

15,372 

$

1,244 

$

3,790 

$

333 

$

-

$

273 

$

23,734 

Loans Receivables:

Individually evaluated for impairment

8,455 

13,231 

-

3,938 

1,288 

-

-

26,912 

Collectively evaluated for impairment

239,926 

1,593,745 

104,996 

173,704 

63,350 

682 

-

2,176,403 

Total Gross Loans

$

248,381 

$

1,606,976 

$

104,996 

$

177,642 

$

64,638 

$

682 

-

$

2,203,315 

__________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Non-Accruing Loans

As of
‎December 31, 2020

As of
‎December 31, 2019

(In Thousands)

(In Thousands)

Non-Accruing Loans:

Originated loans:

Residential one-to-four family

$

1,736 

$

881 

Commercial and multi-family

8,721 

978 

Commercial business(1)

5,383 

1,941 

Home equity(2)

556 

360 

Total

$

16,396 

$

4,160 

__________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Impaired Loans

The following table summarizes the average recorded investment and actual interest income recognized on impaired loans for the years ended December 31, 2020 and December 31, 2019 (In Thousands).

Years Ended December 31,

2020

2020

2019

2019

Average

Interest

Average

Interest

Recorded

Income

Recorded

Income

Investment

Recognized

Investment

Recognized

Loans with no related allowance recorded:

Residential one-to-four family

$

4,511 

$

159 

$

5,374 

$

237 

Commercial and multi-family

21,871 

760 

16,680 

607 

Commercial business(1)

4,117 

313 

2,102 

184 

Home equity(2)

1,100 

34 

946 

36 

Total Impaired Loans with no allowance recorded:

$

31,599 

$

1,266 

$

25,102 

$

1,064 

Loans with an allowance recorded:

Residential one-to-four family

$

3,585 

$

83 

$

5,395 

$

214 

Commercial and Multi-family

1,993 

76 

1,451 

36 

Commercial business(1)

3,477 

258 

1,127 

73 

Home equity(2)

442 

12 

351 

11 

Total Impaired Loans with an allowance recorded:

$

9,497 

$

429 

$

8,324 

$

334 

Total Impaired Loans:

$

41,096 

$

1,695 

$

33,426 

$

1,398 

__________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Troubled Debt Restructurings

Note 5 - Loans Receivable and Allowance for Loan Losses (continued)

At December 31, 2020

At December 31, 2019

(In thousands)

Recorded investment in TDRs:

Accrual status

$

13,760

$

17,030

Non-accrual status

2,303

702

Total recorded investment in TDRs

$

16,063

$

17,732

The following tables summarize information with regard to troubled debt restructurings which occurred during the years ended December 31, 2020 and 2019 (Dollars in Thousands).

Year Ended December 31, 2020

Pre-Modification

Outstanding

Post-Modification

Outstanding

Number of
‎Contracts

Recorded Investments

Recorded Investments

Residential one-to-four family

3

$

615 

$

580 

Commercial business

3

428 

387 

Home equity

3

162 

161 

Total

9

$

1,205 

$

1,128 

Pre-Modification
‎ Outstanding

Post-Modification
‎ Outstanding

Year Ended December 31, 2019

Number of
‎Contracts

Recorded Investments

Recorded Investments

Residential one-to-four family

1 

181 

186 

Commercial and Multi-family

2 

1,022 

1,194 

Commercial business(1)

2 

528 

567 

Home equity(2)

1 

99 

130 

Consumer

1 

100 

105 

Total

7 

$

1,930 

$

2,182 
Delinquency Status of Total Loans The following table sets forth the delinquency status of total loans receivable at December 31, 2020:

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

$

507 

$

266 

$

664 

$

1,437 

$

242,932 

$

244,369 

$

125 

Commercial and multi-family

15,910 

2,996 

1,334 

20,240 

1,670,596 

1,690,836 

-

Construction

-

-

-

-

155,967 

155,967 

-

Commercial business(1)

3,889 

904 

3,354 

8,147 

176,210 

184,357 

133 

Home equity(2)

541 

12 

502 

1,055 

52,612 

53,667 

75 

Consumer

-

-

-

-

822 

822 

-

Total

$

20,847 

$

4,178 

$

5,854 

$

30,879 

$

2,299,139 

$

2,330,018 

$

333 

__________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Note 5 - 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

$

1,352 

$

618 

$

330 

$

2,300 

$

246,081 

$

248,381 

$

97 

Commercial and multi-family

1,608 

940 

3,747 

6,295 

1,600,681 

1,606,976 

556 

Construction

-

-

-

-

104,996 

104,996 

-

Commercial business(1)

2,174 

278 

2,634 

5,086 

172,556 

177,642 

142 

Home equity(2)

388 

337 

116 

841 

63,797 

64,638 

-

Consumer

-

-

-

-

682 

682 

-

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 The following table presents the loan portfolio types summarized by the aggregate pass rating and the classified ratings of special mention, substandard, doubtful, and loss within the Company’s internal risk rating system as of December 31, 2020. (In Thousands):

Pass

Special Mention

Substandard

Doubtful

Loss

Total

Originated loans:

Residential one-to-four family

$

241,237 

$

1,087 

$

2,045 

$

-

$

-

$

244,369 

Commercial and multi-family

1,631,838 

2,152 

56,846 

-

-

1,690,836 

Construction

155,967 

-

-

-

-

155,967 

Commercial business(1)

173,833 

1,497 

9,027 

-

-

184,357 

Home equity(2)

53,005 

-

662 

-

-

53,667 

Consumer

822 

-

-

-

-

822 

Total Gross Loans

$

2,256,702 

$

4,736 

$

68,580 

$

-

$

-

$

2,330,018 

__________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

The following table presents the loan portfolio types summarized by the aggregate pass rating and the classified ratings of special mention, substandard, doubtful, and loss within the Company’s internal risk rating system as of December 31, 2019. (In Thousands):

Pass

Special Mention

Substandard

Doubtful

Loss

Total

Originated loans:

Residential one-to-four family

$

245,506 

$

1,584 

$

1,291 

$

-

$

-

$

248,381 

Commercial and multi-family

1,593,602 

5,119 

8,255 

-

-

1,606,976 

Construction

104,996 

-

-

-

-

104,996 

Commercial business(1)

171,112 

3,009 

3,521 

-

-

177,642 

Home equity(2)

64,222 

-

416 

-

-

64,638 

Consumer

678 

4 

-

-

-

682 

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