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

September 30, 2021

December 31, 2020

(In Thousands)

Residential one-to-four family

$

224,330

$

244,369

Commercial and multi-family

1,739,976

1,690,836

Construction

149,076

155,967

Commercial business(1)

161,416

184,357

Home equity(2)

52,109

53,667

Consumer

2,730

822

2,329,637

2,330,018

Less:

Deferred loan fees, net

(1,627)

(1,358)

Allowance for loan losses

(38,156)

(33,639)

Sub-total

(39,783)

(34,997)

Total Loans, net

$

2,289,854

$

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

Residential

Commercial & Multi-family

Construction

Commercial Business (1)

Home Equity (2)

Consumer

Unallocated

Total

Allowance for loan losses:

Beginning Balance, June 30, 2021

$

2,911 

$

24,438 

$

2,341 

$

6,852 

$

294 

$

3 

$

633 

$

37,472 

Charge-offs:

-

-

-

-

-

-

-

-

Recovery:

-

-

-

1 

3 

-

-

4 

Provisions:

(75)

370 

(307)

879 

19 

20 

(226)

680 

Ending Balance, September 30, 2021:

2,836 

24,808 

2,034 

7,732 

316 

23 

407 

38,156 

Ending Balance attributable to loans:

Individually evaluated for impairment

276 

1,469 

150 

5,770 

16 

-

-

7,681 

Collectively evaluated for impairment

2,560 

23,339 

1,884 

1,962 

300 

23 

407 

30,475 

Ending Balance, September 30, 2021

2,836 

24,808 

2,034 

7,732 

316 

23 

407 

38,156 

Loans Receivables:

Individually evaluated for impairment

5,104 

39,356 

2,787 

10,343 

1,273 

-

-

58,863 

Collectively evaluated for impairment

219,226 

1,700,620 

146,289 

151,073 

50,836 

2,730 

-

2,270,774 

Total Gross Loans:

$

224,330 

$

1,739,976 

$

149,076 

$

161,416 

$

52,109 

$

2,730 

$

-

$

2,329,637 

_____________________________

(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 

-

-

2 

-

9 

-

38 

Provisions:

(424)

3,036 

57 

1,527 

30 

212 

402 

4,840 

Ending Balance, September 30, 2021

$

2,836 

$

24,808 

$

2,034 

$

7,732 

$

316 

$

23 

$

407 

$

38,156 

_____________________________

(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 nine months ended September 30, 2020 (in thousands):

Residential

Commercial & Multi-family

Construction

Commercial Business (1)

Home Equity (2)

Consumer

Unallocated

Total

Allowance for loan losses:

Beginning Balance, June 30, 2020

$

3,076

$

16,942

$

1,334

$

4,311

$

684

-

$

6

$

2,489

$

28,842

Recovery:

-

-

-

190

2

-

-

192

Provisions:

58

1,731

395

2,891

(63)

6

(2,292)

2,726

Ending Balance September 30, 2020

$

3,134

$

18,673

$

1,729

$

7,392

$

623

$

12

$

197

$

31,760

Ending Balance attributable to loans:

Individually evaluated for impairment

$

385

$

313

$

-

$

3,128

$

27

$

-

$

-

$

3,853

Collectively evaluated for impairment

2,749

18,360

1,729

4,264

596

12

197

27,907

Ending Balance September 30, 2020

$

3,134

$

18,673

$

1,729

$

7,392

$

623

$

12

$

197

$

31,760

Loans Receivables:

Individually evaluated for impairment

$

8,533

$

13,980

$

-

$

7,163

$

1,642

$

-

$

-

$

31,318

Collectively evaluated for impairment

233,263

1,663,688

134,769

304,041

59,331

770

-

2,395,862

Total Gross Loans:

$

241,796

$

1,677,668

$

134,769

$

311,204

$

60,973

$

770

$

-

$

2,427,180

_____________________________

(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:

-

-

-

492 

8 

4 

-

504 

Provisions:

416 

3,301 

485 

3,110 

282 

8 

(76)

7,526 

Ending Balance, September 30, 2020

$

3,134 

$

18,673 

$

1,729 

$

7,392 

$

623 

$

12 

$

197 

$

31,760 

_____________________________

(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 nine months ended September 30, 2021 and 2020 (in thousands):

Three Months Ended September 30,

Nine Months Ended September 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

$

3,050 

$

37 

$

4,664 

$

16 

$

2,973 

$

108 

$

4,652 

$

120 

Commercial and Multi-family

29,742 

271 

10,632 

36 

30,614 

830 

9,974 

234 

Construction

-

-

-

-

929 

36 

-

-

Commercial business(1)

2,465 

65 

4,380 

53 

3,143 

104 

3,541 

208 

Home equity(2)

938 

12 

1,204 

6 

1,048 

35 

1,091 

25 

Consumer

-

-

-

-

-

-

-

-

Total Impaired Loans with no allowance recorded:

$

36,195

$

385

$

20,880

$

111

$

38,707

$

1,113

$

19,258

$

587

Loans with an allowance recorded:

Residential one-to-four family

$

2,110 

$

66 

$

3,720 

$

3 

$

2,302 

$

165 

$

3,714 

$

50 

Commercial and Multi-family

10,942 

100 

1,221 

-

11,204 

331 

1,225 

20 

Construction

2,787 

3 

-

-

1,858 

6 

-

-

Commercial business(1)

8,197 

24 

2,830 

82 

8,388 

141 

2,420 

140 

Home equity(2)

340 

-

431 

2 

368 

2 

440 

8 

Consumer

-

-

-

-

-

-

-

-

Total Impaired Loans with an allowance recorded:

$

24,376

$

193

$

8,202

$

87

$

24,120

$

645

$

7,799

$

218

Total Impaired Loans:

$

60,571

$

578

$

29,082

$

198

$

62,827

$

1,758

$

27,057

$

805

__________

(1)Includes business lines of credit.

(2)Includes home equity lines of credit.

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

As of September 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

$

2,998

$

3,343

$

-

$

4,084 

$

4,660 

$

-

Commercial and multi-family

28,438

29,892

-

57,558 

58,739 

-

Construction

-

-

-

-

-

-

Commercial business(1)

1,869

6,473

-

5,844 

17,687 

-

Home equity(2)

934

936

-

1,124 

1,126 

-

Total Impaired Loans with no related allowance recorded:

$

34,239

$

40,644

$

-

$

68,610 

$

82,212 

$

-

Loans with an allowance recorded:

Residential one-to-four family

$

2,106

$

2,134

$

276

$

3,197 

$

3,252 

$

416 

Commercial and Multi-family

10,918

14,551

1,469

4,296 

4,501 

378 

Construction

2,787

2,787

150

-

-

-

Commercial business(1)

8,474

21,284

5,770

6,648 

12,511 

3,640 

Home equity(2)

339

339

16

450 

458 

27 

Total Impaired Loans with an allowance recorded:

$

24,624

$

41,095

$

7,681

$

14,591 

$

20,722 

$

4,461 

Total Impaired Loans:

$

58,863

$

81,739

$

7,681

$

83,201 

$

102,934 

$

4,461 

__________

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

At September 30, 2021

At December 31, 2020

(In thousands)

Recorded investment in TDRs:

Accrual status

$

12,568

$

13,760

Non-accrual status

3,823

2,303

Total recorded investment in TDRs

$

16,391

$

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

$

463

$

-

$

152

$

615

$

223,715

$

224,330

$

-

Commercial and multi-family

2,992

-

6,047

9,039

1,730,937

1,739,976

651

Construction

-

-

2,787

2,787

146,289

149,076

-

Commercial business(1)

723

434

3,352

4,509

156,907

161,416

-

Home equity(2)

32

-

33

65

52,044

52,109

-

Consumer

-

-

-

-

2,730

2,730

-

Total

$

4,210

$

434

$

12,371

$

17,015

$

2,312,622

$

2,329,637

$

651

_________

(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 September 30, 2021

As of December 31, 2020

(In Thousands)

(In Thousands)

Non-Accruing Loans:

Residential one-to-four family

$

455

$

1,736 

Commercial and multi-family

13,322

8,721 

Construction

2,787

-

Commercial business(1)

4,128

5,383 

Home equity(2)

33

556 

Total

$

20,725

$

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

$

223,275

$

511

$

544

$

224,330

Commercial and multi-family

1,661,477

43,551

34,948

1,739,976

Construction

146,289

-

2,787

149,076

Commercial business(1)

146,549

4,844

10,023

161,416

Home equity(2)

51,802

62

245

52,109

Consumer

2,730

-

-

2,730

Total Gross Loans

$

2,232,122

$

48,968

$

48,547

$

2,329,637

_________

(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.