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Loans Receivable and Allowance for Loan Losses (Tables)
 3 Months Ended
Mar. 31, 2022
Loans Receivable and Allowance for Loan Losses [Abstract]  
Recorded Investment in Loans Receivable

March 31, 2022

December 31, 2021

(In Thousands)

Residential one-to-four family

$

233,251 

$

224,534 

Commercial and multi-family

1,804,815 

1,720,174 

Construction

141,082 

153,904 

Commercial business(1)

198,216 

191,139 

Home equity(2)

52,279 

50,469 

Consumer

2,726 

3,717 

2,432,369 

2,343,937 

Less:

Deferred loan fees, net

(2,459)

(1,876)

Allowance for loan losses

(33,980)

(37,119)

Total Loans, net

$

2,395,930 

$

2,304,942 

(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, 2022, and the related portion of the allowances for loan losses that is allocated to each loan class, as of March 31, 2022 (in thousands):

Residential

Commercial & Multi-family

Construction

Commercial Business (1)

Home Equity (2)

Consumer

Unallocated

Total

Allowance for credit losses:

Beginning Balance, January 1, 2022

$

4,094 

$

22,065 

$

2,231 

$

8,000 

$

533 

$

14 

182 

$

37,119 

Charge-offs:

-

-

-

(766)

-

-

-

(766)

Recoveries:

-

-

-

1 

3 

198 

-

202 

(Reversals) provisions:

(1,593)

(1,245)

(266)

901 

(202)

(197)

27 

(2,575)

Ending Balance, March 31, 2022

2,501 

20,820 

1,965 

8,136 

334 

15 

209 

33,980 

Ending Balance attributable to loans:

Individually evaluated for impairment

221 

618 

295 

6,000 

10 

-

-

7,144 

Collectively evaluated for impairment

2,280 

20,202 

1,670 

2,136 

324 

15 

209 

26,836 

Ending Balance, March 31, 2022

2,501 

20,820 

1,965 

8,136 

334 

15 

209 

33,980 

Loans Receivables:

Individually evaluated for impairment

4,836 

24,901 

2,954 

7,517 

747 

-

-

40,955 

Collectively evaluated for impairment

228,415 

1,779,914 

138,128 

190,699 

51,532 

2,726 

-

2,391,414 

Total Gross Loans:

$

233,251 

$

1,804,815 

$

141,082 

$

198,216 

$

52,279 

$

2,726 

$

-

$

2,432,369 

_____________________________

(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, 2021 (in thousands):

Residential

Commercial & Multi-family

Construction

Commercial Business (1)

Home Equity (2)

Consumer

Unallocated

Total

Allowance for credit losses:

Beginning Balance, January 1, 2021

$

3,293 

$

21,772 

$

1,977 

$

6,306 

$

286 

$

-

$

5 

$

33,639 

Charge-offs:

(57)

-

-

-

-

-

-

(57)

Recoveries:

27 

-

-

-

3 

-

-

30 

(Reversals) 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.


‎

Note 7 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table sets forth the amount recorded in loans receivable at December 31, 2021. 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

$

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.
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, 2022 and 2021 (in thousands):

Three Months Ended March 31,

2022

2022

2021

2021

Average

Interest

Average

Interest

Recorded

Income

Recorded

Income

Investment

Recognized

Investment

Recognized

Loans with no related allowance recorded:

Residential one-to-four family

$

2,935 

$

37 

$

3,453 

$

34 

Commercial and Multi-family

21,220 

263 

44,958 

282 

Construction

-

-

1,394 

36 

Commercial business(1)

1,952 

65 

5,171 

13 

Home equity(2)

613 

5 

1,196 

10 

Consumer

-

-

-

-

Total Impaired Loans with no allowance recorded:

$

26,720

$

370

$

56,172

$

375

Loans with an allowance recorded:

Residential one-to-four family

$

1,964 

$

-

$

2,943 

$

32 

Commercial and Multi-family

7,103 

-

8,013 

129 

Construction

2,901 

2 

-

-

Commercial business(1)

6,180 

9 

7,710 

93 

Home equity(2)

303 

-

438 

2 

Consumer

-

-

-

-

Total Impaired Loans with an allowance recorded:

$

18,451

$

11

$

19,104

$

256

Total Impaired Loans:

$

45,171

$

381

$

75,276

$

631

__________

(1)Includes business lines of credit.

(2)Includes home equity lines of credit.

The following table summarizes the recorded investment by portfolio class at March 31, 2022 and December 31, 2021. (in thousands):

As of March 31, 2022

As of December 31, 2021

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

$

2,920

$

3,272

$

-

$

2,950

$

3,300

$

-

Commercial and multi-family

21,525

22,832

-

20,915

22,100

-

Construction

-

-

-

-

-

-

Commercial business(1)

1,790

5,783

-

2,114

6,905

-

Home equity(2)

446

446

-

779

780

-

Total Impaired Loans with no related allowance recorded:

$

26,681

$

32,333

$

-

$

26,758

$

33,085

$

-

Loans with an allowance recorded:

Residential one-to-four family

$

1,916

$

1,937

$

221

$

2,011

$

2,032

$

265

Commercial and Multi-family

3,376

6,930

618

10,830

14,494

1,690

Construction

2,954

2,954

295

2,847

2,847

210

Commercial business(1)

5,727

16,529

6,000

6,632

17,514

5,650

Home equity(2)

301

301

10

304

304

13

Total Impaired Loans with an allowance recorded:

$

14,274

$

28,651

$

7,144

$

22,624

$

37,191

$

7,828

Total Impaired Loans:

$

40,955

$

60,984

$

7,144

$

49,382

$

70,276

$

7,828

__________

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

At March 31, 2022

At December 31, 2021

(In thousands)

Recorded investment in TDRs:

Accrual status

$

14,659

$

12,402

Non-accrual status

390

3,570

Total recorded investment in TDRs

$

15,049

$

15,972
Delinquency Status of Total Loans The following table sets forth the delinquency status of total loans receivable as of March 31, 2022:

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

$

327 

$

-

$

86 

$

413 

$

232,838 

$

233,251 

$

-

Commercial and multi-family

1,983 

-

757 

2,740 

1,802,075 

1,804,815 

-

Construction

-

-

2,954 

2,954 

138,128 

141,082 

-

Commercial business(1)

3,623 

4 

2,932 

6,559 

191,657 

198,216 

-

Home equity(2)

188 

-

-

188 

52,091 

52,279 

-

Consumer

-

-

-

-

2,726 

2,726 

-

Total

$

6,121 

$

4 

$

6,729 

$

12,854 

$

2,419,515 

$

2,432,369 

$

-

_________

(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, 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.

Non-Accruing Loans

As of March 31, 2022

As of December 31, 2021

(In Thousands)

(In Thousands)

Non-Accruing Loans:

Residential one-to-four family

$

278

$

282

Commercial and multi-family

757

8,601

Construction

2,954

2,847

Commercial business(1)

5,243

3,132

Home equity(2)

-

27

Total

$

9,232

$

14,889

_________

(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

$

232,476

$

498

$

277

$

233,251

Commercial and multi-family

1,741,596

43,908

19,311

1,804,815

Construction

138,128

-

2,954

141,082

Commercial business(1)

186,148

4,972

7,096

198,216

Home equity(2)

52,067

-

212

52,279

Consumer

2,726

-

-

2,726

Total Gross Loans

$

2,353,141

$

49,378

$

29,850

$

2,432,369

_________

(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 and substandard within the Company’s internal risk rating system as of December 31, 2021 (in thousands). As of December 31, 2021, the Company had no loans with the classified rating of doubtful or loss.

Pass

Special Mention

Substandard

Total

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.