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Loans Receivable and Allowance for Loan Losses (Tables)
 6 Months Ended
Jun. 30, 2022
Loans Receivable and Allowance for Loan Losses [Abstract]  
Recorded Investment in Loans Receivable

June 30, 2022

December 31, 2021

(In Thousands)

Residential one-to-four family

$

235,883

$

224,534 

Commercial and multi-family

2,030,597

1,720,174 

Construction

155,070

153,904 

Commercial business(1)

181,868

191,139 

Home equity(2)

51,808

50,469 

Consumer

2,656

3,717 

2,657,882

2,343,937 

Less:

Deferred loan fees, net

(3,139)

(1,876)

Allowance for loan losses

(34,113)

(37,119)

Total Loans, net

$

2,620,630

$

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 and six months ended June 30, 2022, and the related portion of the allowances for loan losses that is allocated to each loan class, as of June 30, 2022 (in thousands):

Residential

Commercial & Multi-family

Construction

Commercial Business (1)

Home Equity (2)

Consumer

Unallocated

Total

Allowance for loan losses:

Beginning Balance, April 1, 2022

$

2,501 

$

20,820 

$

1,965 

$

8,136 

$

334 

$

15 

209 

$

33,980 

Charge-offs:

-

-

-

(6)

-

-

-

(6)

Recoveries:

2 

-

-

135 

2 

-

-

139 

(Credit) Provisions:

62 

337 

383 

(626)

51 

2 

(209)

-

Ending Balance, June 30, 2022

2,565 

21,157 

2,348 

7,639 

387 

17 

-

34,113 

Ending Balance attributable to loans:

Individually evaluated for impairment

211 

-

382 

5,732 

8 

-

-

6,333 

Collectively evaluated for impairment

2,354 

21,157 

1,966 

1,907 

379 

17 

-

27,780 

Ending Balance, June 30, 2022

2,565 

21,157 

2,348 

7,639 

387 

17 

-

34,113 

Loans Receivables:

Individually evaluated for impairment

4,786 

27,629 

3,043 

6,182 

771 

-

-

42,411 

Collectively evaluated for impairment

231,097 

2,002,968 

152,027 

175,686 

51,037 

2,656 

-

2,615,471 

Total Gross Loans:

$

235,883 

$

2,030,597 

$

155,070 

$

181,868 

$

51,808 

$

2,656 

$

-

$

2,657,882 

(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, 2022

$

4,094 

$

22,065 

$

2,231 

$

8,000 

$

533 

$

14 

$

182 

$

37,119 

Charge-offs:

-

-

-

(772)

-

-

-

(772)

Recoveries:

2 

-

-

136 

5 

198 

-

341 

(Credit) Provisions:

(1,531)

(908)

117 

275 

(151)

(195)

(182)

(2,575)

Ending Balance, June 30, 2022

$

2,565 

$

21,157 

$

2,348 

$

7,639 

$

387 

$

17 

$

-

$

34,113 

_____________________________

(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, 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, April 1, 2021

$

2,837 

$

23,119 

$

2,002 

$

6,581 

$

293 

-

$

-

$

645 

$

35,477 

Charge-offs:

(3)

-

-

(103)

-

(198)

-

(304)

Recovery:

-

-

-

1 

3 

-

-

4 

(Credit) 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 

(Credit) 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.

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 and six months ended June 30, 2022 and 2021 (in thousands):

Three Months Ended June 30,

Six Months Ended June 30,

2022

2022

2021

2021

2022

2022

2021

2021

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

$

2,899 

$

36 

$

2,961 

$

37 

$

2,916 

$

73 

$

3,335 

$

71 

Commercial and Multi-family

24,577 

323 

31,702 

277 

23,356 

586 

40,320 

559 

Construction

-

-

1,393 

-

-

-

929 

36 

Commercial business(1)

1,250 

5 

3,780 

27 

1,538 

70 

4,468 

39 

Home equity(2)

459 

5 

1,105 

12 

566 

10 

1,111 

23 

Consumer

-

-

-

-

-

-

-

-

Total Impaired Loans with no allowance recorded:

$

29,185 

$

369 

$

40,941

$

353

$

28,376

$

739

$

50,163

$

728

Loans with an allowance recorded:

Residential one-to-four family

$

1,912 

$

-

$

2,401 

$

67 

$

1,945 

$

37 

$

2,666 

$

99 

Commercial and Multi-family

1,688 

3 

11,347 

102 

4,735 

266 

8,997 

231 

Construction

2,999 

22 

1,393 

3 

2,948 

22 

929 

3 

Commercial business(1)

5,600 

-

8,345 

24 

5,944 

65 

7,780 

117 

Home equity(2)

300 

-

383 

-

301 

5 

405 

2 

Consumer

-

-

-

-

-

-

-

-

Total Impaired Loans with an allowance recorded:

$

12,499 

$

25 

$

23,869

$

196

$

15,873

$

395

$

20,777

$

452

Total Impaired Loans:

$

41,684 

$

394 

$

64,810

$

549

$

44,249

$

1,134

$

70,940

$

1,180

__________

(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, 2022 and December 31, 2021. (in thousands):

As of June 30, 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

$

2,878 

$

3,239 

$

-

$

2,950 

$

3,300 

$

-

Commercial and multi-family

27,629 

28,801 

-

20,915 

22,100 

-

Construction

-

-

-

-

-

-

Commercial business(1)

709 

975 

-

2,114 

6,905 

-

Home equity(2)

472 

472 

-

779 

780 

-

Total Impaired Loans with no related allowance recorded:

$

31,688 

$

33,487 

$

-

$

26,758 

$

33,085 

$

-

Loans with an allowance recorded:

Residential one-to-four family

$

1,908 

$

1,929 

$

211 

$

2,011 

$

2,032 

$

265 

Commercial and Multi-family

-

-

-

10,830 

14,494 

1,690 

Construction

3,043 

3,043 

382 

2,847 

2,847 

210 

Commercial business(1)

5,473 

16,295 

5,732 

6,632 

17,514 

5,650 

Home equity(2)

299 

299 

8 

304 

304 

13 

Total Impaired Loans with an allowance recorded:

$

10,723 

$

21,566 

$

6,333 

$

22,624 

$

37,191 

$

7,828 

Total Impaired Loans:

$

42,411 

$

55,053 

$

6,333 

$

49,382 

$

70,276 

$

7,828 

__________

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

At June 30, 2022

At December 31, 2021

(In thousands)

Recorded investment in TDRs:

Accrual status

$

10,983

$

12,402

Non-accrual status

381

3,570

Total recorded investment in TDRs

$

11,364

$

15,972
Delinquency Status of Total Loans The following table sets forth the delinquency status of total loans receivable as of June 30, 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

$

905 

$

-

$

-

$

905 

$

234,978 

$

235,883 

$

-

Commercial and multi-family

2,531 

-

757 

3,288 

2,027,309 

2,030,597 

-

Construction

-

-

3,043 

3,043 

152,027 

155,070 

-

Commercial business(1)

535 

3,092 

2,819 

6,446 

175,422 

181,868 

-

Home equity(2)

320 

-

30 

350 

51,458 

51,808 

-

Consumer

-

-

-

-

2,656 

2,656 

-

Total

$

4,291 

$

3,092 

$

6,649 

$

14,032 

$

2,643,850 

$

2,657,882 

$

-

_________

(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 June 30, 2022

As of December 31, 2021

(In Thousands)

(In Thousands)

Non-Accruing Loans:

Residential one-to-four family

$

267

$

282

Commercial and multi-family

757

8,601

Construction

3,043

2,847

Commercial business(1)

5,104

3,132

Home equity(2)

30

27

Total

$

9,201

$

14,889

_________

(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 and substandard within the Company’s internal risk rating system as of June 30, 2022 (in thousands). As of June 30, 2022, the Company had no loans with the classified rating of doubtful or loss.

Pass

Special Mention

Substandard

Total

Residential one-to-four family

$

235,127

$

489

$

267

$

235,883

Commercial and multi-family

1,987,912

20,585

22,100

2,030,597

Construction

152,027

-

3,043

155,070

Commercial business(1)

171,263

4,831

5,774

181,868

Home equity(2)

51,517

49

242

51,808

Consumer

2,656

-

-

2,656

Total Gross Loans

$

2,600,502

$

25,954

$

31,426

$

2,657,882

_________

(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.