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Loans Receivable and Allowance for Loan Losses (Tables)
12 Months Ended
Dec. 31, 2021
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, 2021 and December 31, 2020 by segment and class: December 31, 2021 December 31, 2020 (In Thousands)Loans: Residential one-to-four family$ 224,534 $ 244,369Commercial and multi-family 1,720,174 1,690,836Construction 153,904 155,967Commercial business(1) 191,139 184,357Home equity(2) 50,469 53,667Consumer 3,717 822Total Loans 2,343,937 2,330,018Less: Deferred loan fees, net (1,876) (1,358)Allowance for loan losses (37,119) (33,639) (38,995) (34,997)Total Loans, net$ 2,304,942 $ 2,295,021__________(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, 2021 2020 (In Thousands)Unpaid principal balance$ 140,969  $ 179,601 Recorded investment 122,533  152,556 
Accretable Discount on Loans Acquired with Deteriorated Credit Quality Years Ended December 31, 2021 2020 (In Thousands)Balance, Beginning of Period$ 1,078 $ 1,681 Accretion recorded to interest income (293) (603)Balance, End of Period$ 785 $ 1,078
Related Party Loans Years Ended December 31, 2021 2020 (In Thousands)Balance – beginning$ 29,159  $ 33,771 Loans originated 14,875  -Collections of principal (12,338) (4,612)Balance - ending$ 31,696  $29,159
Allowance for Loan Losses The following tables set forth the activity in the Bank’s allowance for loan losses and recorded investment in loans receivable at December 31, 2021 and December 31, 2020. The table also details the amount of total loans receivable, that are evaluated individually, and collectively, for impairment, and the related portion of the allowance for loan losses that is allocated to each loan class (In Thousands): Residential Commercial & Multi-family Construction Commercial Business (1) Home Equity (2) Consumer Unallocated TotalAllowance for credit losses: Beginning Balance, December 31, 2020$ 3,293  $ 21,772  $ 1,977  $ 6,306  $ 286  $ - $ 5  $ 33,639  Charge-offs: (69) - - (205) - (198) - (472)Recoveries: 27  - - 3  67  - - 97 Provisions: 843  293  254  1,896  180  212  177  3,855 Ending Balance, December 31, 2021$ 4,094  $ 22,065  $ 2,231  $ 8,000  $ 533  $ 14  $ 182  $ 37,119  Ending Balance attributable to loans: Individually evaluated for impairment$ 265  $ 1,690  $ 210  $ 5,650  $ 13  $ - $ - $ 7,828 Collectively evaluated for impairment 3,829  20,375  2,021  2,350  520  14  182  29,291 Ending Balance, December 31, 2021$ 4,094  $ 22,065  $ 2,231  $ 8,000  $ 533  $ 14  $ 182  $ 37,119  Loans Receivables: Individually evaluated for impairment$ 4,961  $ 31,745  $ 2,847  $ 8,746  $ 1,083  $ - $ - $ 49,382 Collectively evaluated for impairment 219,573  1,688,429  151,057  182,393  49,386  3,717  - 2,294,555 Total Gross Loans$ 224,534  $ 1,720,174  $ 153,904  $ 191,139  $ 50,469  $ 3,717  $ - $ 2,343,937 __________(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 TotalAllowance 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, December 31, 2020$ 3,293  $ 21,772  $ 1,977  $ 6,306  $ 286  $ - $ 5  $ 33,639  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.
Non-Accruing Loans As of‎December 31, 2021 As of‎December 31, 2020 (In Thousands) (In Thousands)Non-Accruing Loans: Residential one-to-four family$ 282  $ 1,736 Commercial and multi-family 8,601  8,721 Construction 2,847  -Commercial business(1) 3,132  5,383 Home equity(2) 27  556 Total$ 14,889  $ 16,396 __________(1) Includes business lines of credit.(2) Includes home equity lines of credit.
Impaired Loans The following table summarizes the recorded investment and unpaid principal balances of impaired loans for the years ended December 31, 2021 and December 31, 2020. (In Thousands): As of December 31, 2021 As of December 31, 2020 Recorded Unpaid Principal Related Recorded Unpaid Principal Related Investment Balance Allowance Investment Balance AllowanceLoans with no related allowance: Residential one-to-four family$ 2,950 $ 3,300 $ - $ 4,084 $ 4,660 $ -Commercial and multi-family 20,915 22,100 - 57,558 58,739 -Commercial business(1) 2,114 6,905 - 5,844 17,687 -Home equity(2) 779 780 - 1,124 1,126 -Total Impaired Loans with no related allowance recorded:$ 26,758 $ 33,085 $ - $ 68,610 $ 82,212 $ - Loans with an allowance recorded: Residential one-to-four family$ 2,011 $ 2,032 $ 265 $ 3,197 $ 3,252 $ 416Commercial and Multi-family 10,830 14,494 1,690 4,296 4,501 378Construction 2,847 2,847 210 - - -Commercial business(1) 6,632 17,514 5,650 6,648 12,511 3,640Home equity(2) 304 304 13 450 458 27Total Impaired Loans with an allowance recorded:$ 22,624 $ 37,191 $ 7,828 $ 14,591 $ 20,722 $ 4,461 Total Impaired Loans:$ 49,382 $ 70,276 $ 7,828 $ 83,201 $ 102,934 $ 4,461 (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 summarizes the average recorded investment and actual interest income recognized on impaired loans for the years ended December 31, 2021 and December 31, 2020 (In Thousands). Years Ended December 31, 2021 2021 2020 2020 Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment RecognizedLoans with no related allowance recorded: Residential one-to-four family$ 2,968  $ 145  $ 4,511  $ 159 Commercial and multi-family 28,189  1,073  21,871  760 Construction 697  36  - -Commercial business(1) 2,886  182  4,117  313 Home equity(2) 981  44  1,100  34 Total Impaired Loans with no allowance recorded:$ 35,721  $ 1,480  $ 31,599  $ 1,266  Loans with an allowance recorded: Residential one-to-four family$ 2,230  $ 231  $ 3,585  $ 83 Commercial and Multi-family 11,111  380  1,993  76 Construction 2,105  9  - -Commercial business(1) 7,949  164  3,477  258 Home equity(2) 352  2  442  12 Total Impaired Loans with an allowance recorded:$ 23,747  $ 786  $ 9,497  $ 429  Total Impaired Loans:$ 59,468  $ 2,266  $ 41,096  $ 1,695 __________(1) Includes business lines of credit.(2) Includes home equity lines of credit.
Troubled Debt Restructurings At December 31, 2021 At December 31, 2020 (In thousands)Recorded investment in TDRs: Accrual status $ 12,402 $ 13,760Non-accrual status 3,570 2,303 Total recorded investment in TDRs $ 15,972 $ 16,063 The following tables summarize information with regard to troubled debt restructurings which occurred during the years ended December 31, 2021 and 2020 (Dollars in Thousands). Year Ended December 31, 2021 Pre-ModificationOutstanding Post-ModificationOutstanding Number of ‎Contracts Recorded Investments Recorded InvestmentsCommercial and multi-family 2 3,261  3,169 Commercial business 2 130  120 Home equity 1 96 95  Total 5 $ 3,487 $ 3,384  Pre-Modification‎ Outstanding Post-Modification‎ Outstanding Year Ended December 31, 2020 Number of‎Contracts Recorded Investments Recorded InvestmentsResidential one-to-four family 3  615  580 Commercial business(1) 3  428  387 Home equity(2) 3  162  161 Total 9  $ 1,205  $ 1,128 
Delinquency Status of Total Loans The following table sets forth the delinquency status of total loans receivable at December 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$ 1,063  $ - $ 86  $ 1,149  $ 223,385  $ 224,534  $ -Commercial and multi-family 1,181 - 5,167  6,348 1,713,826 1,720,174  -Construction 2,899  - 2,847  5,746  148,158  153,904  -Commercial business(1) 405  166  6,775  7,346  183,793  191,139  3,124 Home equity(2) 190  - 27  217  50,252  50,469  -Consumer - - - - 3,717  3,717  -Total$ 5,738 $ 166  $ 14,902  $ 20,806 $ 2,323,131 $ 2,343,937  $ 3,124 __________(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)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.
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, 2021 and 2020. (In Thousands): Pass Special Mention Substandard Doubtful Loss TotalDecember 31, 2021 Residential one-to-four family$ 223,660  $ 505  $ 369  $ - $ - $ 224,534 Commercial and multi-family 1,647,701  45,087  27,386  - - 1,720,174 Construction 151,057  - 2,847  - - 153,904 Commercial business(1) 178,056  4,767  8,316  - - 191,139 Home equity(2) 50,230  - 239  - - 50,469 Consumer 3,717  - - - - 3,717 Total Gross Loans$ 2,254,421  $ 50,359  $ 39,157  $ - $ - $ 2,343,937 __________(1) Includes business lines of credit.(2) Includes home equity lines of credit. Pass Special Mention Substandard Doubtful Loss TotalDecember 31, 2020 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