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Loans Receivable and Allowance for Loan Losses (Tables)
 3 Months Ended
Mar. 31, 2021
Loans Receivable and Allowance for Loan Losses [Abstract]  
Recorded Investment in Loans Receivable

March 31, 2021

December 31, 2020

(In Thousands)

Residential one-to-four family

$

234,375

$

244,369

Commercial and multi-family

1,700,113

1,690,836

Construction

167,224

155,967

Commercial business(1)

177,340

184,357

Home equity(2)

53,360

53,667

Consumer

851

822

2,333,263

2,330,018

Less:

Deferred loan fees, net

(1,352)

(1,358)

Allowance for loan losses

(35,477)

(33,639)

Sub-total

(36,829)

(34,997)

Total Loans, net

$

2,296,434

$

2,295,021

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

-
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, 2021, and the related portion of the allowances for loan losses that is allocated to each loan class, as of March 31, 2021 (in thousands):

Residential

Commercial & Multi-family

Construction

Commercial Business (1)

Home Equity (2)

Consumer

Unallocated

Total

Allowance for loan losses:

Beginning Balance, January 1, 2021

$

3,293 

$

21,772 

$

1,977 

$

6,306 

$

286 

$

-

$

5 

$

33,639 

Charge-offs:

(57)

-

-

-

-

-

-

(57)

Recovery:

27 

-

-

-

3 

-

-

30 

Provisions:

(426)

1,347 

25 

275 

4 

-

640 

1,865 

Ending Balance, March 31, 2021:

2,837 

23,119 

2,002 

6,581 

293 

-

645 

35,477 

Ending Balance attributable to loans:

Individually evaluated for impairment

302 

381 

-

4,601 

23 

-

-

5,307 

Collectively evaluated for impairment

2,535 

22,738 

2,002 

1,980 

270 

-

645 

30,170 

Ending Balance, March 31, 2021

2,837 

23,119 

2,002 

6,581 

293 

-

645 

35,477 

Loans Receivables:

Individually evaluated for impairment

5,509 

44,086 

2,787 

13,269 

1,693 

-

-

67,344 

Collectively evaluated for impairment

228,866 

1,656,027 

164,437 

164,071 

51,667 

851 

-

2,265,919 

Total Gross Loans:

$

234,375 

$

1,700,113 

$

167,224 

$

177,340 

$

53,360 

$

851 

$

-

$

2,333,263 

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

The following table sets forth the activity in the Company’s allowance for loan losses for the three months ended March 31, 2020 (in thousands):

Residential

Commercial & Multi-family

Construction

Commercial Business (1)

Home Equity (2)

Consumer

Unallocated

Total

Allowance for loan losses:

Beginning Balance, January 1, 2020

$

2,722 

$

15,372 

$

1,244 

$

3,790 

$

333 

-

$

-

$

273 

$

23,734 

Charge-offs:

(4)

-

-

-

-

-

-

(4)

Recovery:

-

-

-

302 

2 

-

-

304 

Provisions:

413 

(423)

(139)

(135)

290 

5 

1,489 

1,500 

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 

Ending Balance March 31, 2020

3,131 

14,949 

1,105 

3,957 

625 

5 

1,762 

25,534 

Loans Receivables:

Individually evaluated for impairment

8,335 

9,895 

-

3,466 

1,326 

-

-

23,022 

Collectively evaluated for impairment

259,802 

1,567,921 

101,692 

173,680 

63,531 

1,029 

-

2,167,655 

Total Gross Loans:

$

268,137 

$

1,577,816 

$

101,692 

$

177,146 

$

64,857 

$

1,029 

$

-

$

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 sets forth the amount recorded in loans receivable at December 31, 2020. 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:

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.
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, 2021 and 2020 (in thousands):

Three Months Ended March 31,

2021

2021

2020

2020

Average

Interest

Average

Interest

Recorded

Income

Recorded

Income

Investment

Recognized

Investment

Recognized

Loans with no related allowance recorded:

Residential one-to-four family

$

3,453 

$

34 

$

4,656 

$

52 

Commercial and Multi-family

44,958 

282 

10,322 

99 

Construction

1,394 

36 

-

-

Commercial business(1)

5,171 

13 

2,013 

43 

Home equity(2)

1,196 

10 

848 

9 

Total Impaired Loans with no allowance recorded:

$

56,172

$

375

$

17,839

$

203

Loans with an allowance recorded:

Residential one-to-four family

$

2,943 

$

32 

$

3,741 

$

41 

Commercial and Multi-family

8,013 

129 

1,241 

20 

Commercial business(1)

7,710 

93 

1,690 

3 

Home equity(2)

438 

2 

460 

4 

Consumer

-

-

-

-

Total Impaired Loans with an allowance recorded:

$

19,104

$

256

$

7,132

$

68

Total Impaired Loans:

$

75,276

$

631

$

24,971

$

271

__________

(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.

The following table summarizes the recorded investment by portfolio class at March 31, 2021 and December 31, 2020. (in thousands):

As of March 31, 2021

As of December 31, 2020

Recorded

Unpaid Principal

Related

Recorded

Unpaid Principal

Related

Investment

Balance

Allowance

Investment

Balance

Allowance

Loans with no related allowance recorded:

Residential one-to-four family

$

2,821 

$

3,210 

$

-

$

4,084 

$

4,660 

$

-

Commercial and multi-family

32,357 

33,761 

-

57,558 

58,739 

-

Construction

2,787 

2,787 

-

-

-

-

Commercial business(1)

4,498 

12,573 

-

5,844 

17,687 

-

Home equity(2)

1,268 

1,270 

-

1,124 

1,126 

-

Total Impaired Loans with no related allowance recorded:

$

43,731 

$

53,601 

$

-

$

68,610 

$

82,212 

$

-

Loans with an allowance recorded:

Residential one-to-four family

$

2,688 

$

2,723 

$

302 

$

3,197 

$

3,252 

$

416 

Commercial and Multi-family

11,729 

15,584 

381 

4,296 

4,501 

378 

Commercial business(1)

8,771 

20,662 

4,601 

6,648 

12,511 

3,640 

Home equity(2)

425 

425 

23 

450 

458 

27 

Total Impaired Loans with an allowance recorded:

$

23,613 

$

39,394 

$

5,307 

$

14,591 

$

20,722 

$

4,461 

Total Impaired Loans:

$

67,344 

$

92,995 

$

5,307 

$

83,201 

$

102,934 

$

4,461 

__________

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

At March 31,2021

At December 31, 2020

(In thousands)

Recorded investment in TDRs:

Accrual status

$

13,474

$

13,760

Non-accrual status

1,074

2,303

Total recorded investment in TDRs

$

14,548

$

16,063
Delinquency Status of Total Loans The following table sets forth the delinquency status of total loans receivable as of March 31, 2021:

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)

Residential one-to-four family

$

936

$

-

$

227

$

1,163

$

233,212

$

234,375

$

-

Commercial and multi-family

13,148

4,410

2,447

20,005

1,680,108

1,700,113

-

Construction

2,787

-

-

2,787

164,437

167,224

-

Commercial business(1)

457

1,153

4,796

6,406

170,934

177,340

-

Home equity(2)

235

39

427

701

52,659

53,360

-

Consumer

-

-

-

-

851

851

-

Total

$

17,563

$

5,602

$

7,897

$

31,062

$

2,302,201

$

2,333,263

$

-

_________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

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 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, 2021 and December 31, 2020, 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, 2021, and December 31, 2020, non-accrual loans differed from the amount of total loans past due greater than 90 days due to 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. There were $7.3 million at March 31, 2021 and $11.9 million at December 31, 2020 in nonaccrual loans that were less than ninety days past due. Nonaccrual loans do not include loans acquired with deteriorated credit quality which were recorded at their fair value at acquisition and totaled $884,000 at March 31, 2021 and $1.1 million at December 31, 2020.

As of March 31, 2021

As of December 31, 2020

(In Thousands)

(In Thousands)

Non-Accruing Loans:

Originated loans:

Residential one-to-four family

$

701

$

1,736 

Commercial and multi-family

7,962

8,721 

Commercial business(1)

5,307

5,383 

Home equity(2)

435

556 

Total

$

14,405

$

16,396 

_________

(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, 2021 and December 31, 2020 would have been approximately $343,000 and $1.5 million, respectively. The Bank has not committed to lend additional funds to the borrowers whose loans have been placed on nonaccrual status. At March 31, 2021 and December 31, 2020, there were $0 and $333,000, respectively, of loans which were more than ninety days past due and still accruing interest.
Loan Portfolio by Pass Rating

Pass

Special Mention

Substandard

Total

Residential one-to-four family

$

232,669 

$

724 

$

982 

$

234,375 

Commercial and multi-family

1,622,917 

38,464 

38,732 

1,700,113 

Construction

164,437 

-

2,787 

167,224 

Commercial business(1)

162,408 

1,998 

12,934 

177,340 

Home equity(2)

52,617 

-

743 

53,360 

Consumer

851 

-

-

851 

Total Gross Loans

$

2,235,899 

$

41,186 

$

56,178 

$

2,333,263 

_________

(1) Includes business lines of credit and PPP loans.

(2) Includes home equity lines of credit.
‎

Note 7 - Loans Receivable and Allowance for Loan Losses

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, 2020 (In thousands). As of December 31, 2020, the Company had no loans with the classified rating of doubtful or loss.

Pass

Special Mention

Substandard

Total

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.