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Loans Receivable and Allowance for Loan Losses (Tables)
 6 Months Ended
Jun. 30, 2021
Loans Receivable and Allowance for Loan Losses [Abstract]  
Recorded Investment in Loans Receivable

June 30, 2021

December 31, 2020

(In Thousands)

Residential one-to-four family

$

229,365

$

244,369

Commercial and multi-family

1,714,848

1,690,836

Construction

181,312

155,967

Commercial business(1)

172,129

184,357

Home equity(2)

53,333

53,667

Consumer

459

822

2,351,446

2,330,018

Less:

Deferred loan fees, net

(1,415)

(1,358)

Allowance for loan losses

(37,472)

(33,639)

Sub-total

(38,887)

(34,997)

Total Loans, net

$

2,312,559

$

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 and six months ended June 30, 2021, and the related portion of the allowances for loan losses that is allocated to each loan class, as of June 30, 2021 (in thousands):

Residential

Commercial & Multi-family

Construction

Commercial Business (1)

Home Equity (2)

Consumer

Unallocated

Total

Allowance for loan losses:

Beginning Balance, March 31, 2021

$

2,837 

$

23,119 

$

2,002 

$

6,581 

$

293 

$

-

$

645 

$

35,477 

Charge-offs:

(3)

-

-

(103)

-

(198)

-

(304)

Recovery:

-

-

-

1 

3 

-

-

4 

Provisions:

77 

1,319 

339 

373 

(2)

201 

(12)

2,295 

Ending Balance, June 30, 2021:

2,911 

24,438 

2,341 

6,852 

294 

3 

633 

37,472 

Ending Balance attributable to loans:

Individually evaluated for impairment

282 

1,486 

150 

5,033 

18 

-

-

6,969 

Collectively evaluated for impairment

2,629 

22,952 

2,191 

1,819 

276 

3 

633 

30,503 

Ending Balance, June 30, 2021

2,911 

24,438 

2,341 

6,852 

294 

3 

633 

37,472 

Loans Receivables:

Individually evaluated for impairment

5,216 

42,013 

2,787 

10,982 

1,283 

-

-

62,281 

Collectively evaluated for impairment

224,149 

1,672,835 

178,525 

161,147 

52,050 

459 

-

2,289,165 

Total Gross Loans:

$

229,365 

$

1,714,848 

$

181,312 

$

172,129 

$

53,333 

$

459 

$

-

$

2,351,446 

_____________________________

(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 loan losses:

Beginning Balance, January 1, 2021

$

3,293 

$

21,772 

$

1,977 

$

6,306 

$

286 

$

-

$

5 

$

33,639 

Charge-offs:

(60)

-

-

(103)

-

(198)

-

(361)

Recovery:

27 

-

-

1 

6 

-

-

34 

Provisions:

(349)

2,666 

364 

648 

2 

201 

628 

4,160 

Ending Balance, June 30, 2021

$

2,911 

$

24,438 

$

2,341 

$

6,852 

$

294 

$

3 

$

633 

$

37,472 

_____________________________

(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 and six months ended June 30, 2020 (in thousands):

Residential

Commercial & Multi-family

Construction

Commercial Business (1)

Home Equity (2)

Consumer

Unallocated

Total

Allowance for loan losses:

Beginning Balance, March 31, 2020

$

3,131 

$

14,949 

$

1,105 

$

3,957 

$

625 

-

$

5 

$

1,762 

$

25,534 

Recovery:

-

-

-

-

4 

4 

-

8 

Provisions:

(55)

1,993 

229 

354 

55 

(3)

727 

3,300 

Ending Balance June 30, 2020

$

3,076 

$

16,942 

$

1,334 

$

4,311 

$

684 

$

6 

$

2,489 

$

28,842 

Ending Balance attributable to loans:

Individually evaluated for impairment

$

398 

$

318 

$

-

$

2,665 

$

20 

$

-

$

-

$

3,401 

Collectively evaluated for impairment

2,678 

16,624 

1,334 

1,646 

664 

6 

2,489 

25,441 

Ending Balance June 30, 2020

$

3,076 

$

16,942 

$

1,334 

$

4,311 

$

684 

$

6 

$

2,489 

$

28,842 

Loans Receivables:

Individually evaluated for impairment

$

8,233 

$

9,725 

$

-

$

7,255 

$

1,625 

$

-

$

-

$

26,838 

Collectively evaluated for impairment

239,238 

1,634,229 

111,463 

302,029 

61,856 

603 

-

2,349,418 

Total Gross Loans:

$

247,471 

$

1,643,954 

$

111,463 

$

309,284 

$

63,481 

$

603 

$

-

$

2,376,256 

_____________________________

(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 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 

6 

4 

-

312 

Provisions:

358 

1,570 

90 

219 

345 

2 

2,216 

4,800 

Ending Balance, June 30, 2020

$

3,076 

$

16,942 

$

1,334 

$

4,311 

$

684 

$

6 

$

2,489 

$

28,842 

_____________________________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

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 and six months ended June 30, 2021 and 2020 (in thousands):

Three Months Ended June 30,

Six Months Ended June 30,

2021

2021

2020

2020

2021

2021

2020

2020

Average

Interest

Average

Interest

Average

Interest

Average

Interest

Recorded

Income

Recorded

Income

Recorded

Income

Recorded

Income

Investment

Recognized

Investment

Recognized

Investment

Recognized

Investment

Recognized

Loans with no related allowance recorded:

Residential one-to-four family

$

2,961 

$

37 

$

4,481 

$

52 

$

3,335 

$

71 

$

4,547 

$

104 

Commercial and Multi-family

31,702 

277 

8,580 

99 

40,320 

559 

9,714 

198 

Construction

1,393 

-

-

-

929 

36 

-

-

Commercial business(1)

3,780 

27 

3,308 

112 

4,468 

39 

2,864 

155 

Home equity(2)

1,105 

12 

1,102 

10 

1,111 

23 

833 

13 

Consumer

-

-

-

-

-

-

218 

6 

Total Impaired Loans with no allowance recorded:

$

40,941

$

353

$

17,471

$

273

$

50,163

$

728

$

18,176

$

476

Loans with an allowance recorded:

Residential one-to-four family

$

2,401 

$

67 

$

3,805 

$

6 

$

2,666 

$

99 

$

3,794 

$

47 

Commercial and Multi-family

11,347 

102 

1,230 

-

8,997 

231 

1,236 

20 

Construction

1,393 

3 

-

-

929 

3 

-

-

Commercial business(1)

8,345 

24 

2,053 

55 

7,780 

117 

1,961 

58 

Home equity(2)

383 

-

405 

2 

405 

2 

424 

6 

Consumer

-

-

-

-

-

-

-

-

Total Impaired Loans with an allowance recorded:

$

23,869

$

196

$

7,493

$

63

$

20,777

$

452

$

7,415

$

131

Total Impaired Loans:

$

64,810

$

549

$

24,964

$

336

$

70,940

$

1,180

$

25,591

$

607

__________

(1)Includes business lines of credit.

(2)Includes home equity lines of credit.

The following table summarizes the recorded investment by portfolio class at June 30, 2021 and December 31, 2020. (in thousands):

As of June 30, 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

$

3,102 

$

3,504 

$

-

$

4,084 

$

4,660 

$

-

Commercial and multi-family

31,047 

32,466 

-

57,558 

58,739 

-

Construction

-

-

-

-

-

-

Commercial business(1)

3,062 

12,843 

-

5,844 

17,687 

-

Home equity(2)

942 

944 

-

1,124 

1,126 

-

Total Impaired Loans with no related allowance recorded:

$

38,153 

$

49,757 

$

-

$

68,610 

$

82,212 

$

-

Loans with an allowance recorded:

Residential one-to-four family

$

2,114 

$

2,141 

$

282 

$

3,197 

$

3,252 

$

416 

Commercial and Multi-family

10,966 

14,607 

1,486 

4,296 

4,501 

378 

Construction

2,787 

2,787 

150 

-

-

-

Commercial business(1)

7,920 

17,682 

5,033 

6,648 

12,511 

3,640 

Home equity(2)

341 

341 

18 

450 

458 

27 

Total Impaired Loans with an allowance recorded:

$

24,128 

$

37,558 

$

6,969 

$

14,591 

$

20,722 

$

4,461 

Total Impaired Loans:

$

62,281 

$

87,315 

$

6,969 

$

83,201 

$

102,934 

$

4,461 

__________

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

At June 30, 2021

At December 31, 2020

(In thousands)

Recorded investment in TDRs:

Accrual status

$

12,556

$

13,760

Non-accrual status

3,971

2,303

Total recorded investment in TDRs

$

16,527

$

16,063
Delinquency Status of Total Loans The following table sets forth the delinquency status of total loans receivable as of June 30, 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

$

773

$

-

$

499

$

1,272

$

228,093

$

229,365

$

324

Commercial and multi-family

5,182

-

7,755

12,937

1,701,911

1,714,848

1,425

Construction

1,074

-

2,787

3,861

177,451

181,312

-

Commercial business(1)

844

151

3,381

4,376

167,753

172,129

-

Home equity(2)

187

-

27

214

53,119

53,333

-

Consumer

-

-

-

-

459

459

-

Total

$

8,060

$

151

$

14,449

$

22,660

$

2,328,786

$

2,351,446

$

1,749

_________

(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.

Non-Accruing Loans

As of June 30, 2021

As of December 31, 2020

(In Thousands)

(In Thousands)

Non-Accruing Loans:

Residential one-to-four family

$

464 

$

1,736 

Commercial and multi-family

14,673 

8,721 

Construction

2,787 

-

Commercial business(1)

4,216 

5,383 

Home equity(2)

34 

556 

Total

$

22,174 

$

16,396 

_________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Loan Portfolio by Pass Rating

Pass

Special Mention

Substandard

Total

Residential one-to-four family

$

228,292

$

518

$

555

$

229,365

Commercial and multi-family

1,636,469

40,696

37,683

1,714,848

Construction

178,525

-

2,787

181,312

Commercial business(1)

159,510

1,964

10,655

172,129

Home equity(2)

53,022

65

246

53,333

Consumer

459

-

-

459

Total Gross Loans

$

2,256,277

$

43,243

$

51,926

$

2,351,446

_________

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

(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 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.