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Loans Receivable Held for Investment (Loans receivable held for investment) | 12 Months Ended
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Dec. 31, 2014
Loans receivable held for investment |
Loans Receivable Held for Investment |
Loans Receivable Held for Investment | Note 5—Loans Receivable Held for Investment Loans at year-end were as follows:
|  | December 31, 2014 |  | December 31, 2013 |
|  | (In thousands) |
Real estate: |  |  |  |  |  |  |
Single family |  | $ | 39,792 |  | $ | 46,459 |
Multi-family |  |  | 171,792 |  |  | 113,218 |
Commercial real estate |  |  | 16,722 |  |  | 26,697 |
Church |  |  | 54,599 |  |  | 67,934 |
Construction |  |  | 387 |  |  | 424 |
Commercial—other |  |  | 262 |  |  | 2,067 |
Consumer |  |  | 9 |  |  | 38 |
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Gross loans receivable |  |  | 283,563 |  |  | 256,837 |
Unamortized net deferred loan costs and premium |  |  | 1,545 |  |  | 1,156 |
Allowance for loan losses |  |  | (8,465 | ) |  | (10,146 | )
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Loans receivable, net |  | $ | 276,643 |  | $ | 247,847 |
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The following tables present the activity in the allowance for loan losses by portfolio segment for the years ended December 31, 2014 and 2013:
|  | For the year ended December 31, 2014 |
|  | Real Estate |  |  |  |  |  |  |
|  | Single family |  | Multi- family |  | Commercial real estate |  | Church |  | Construction |  | Commercial |  | Consumer |  | Total |
|  | (In thousands) |
Beginning balance |  | $ | 1,930 |  | $ | 1,726 |  | $ | 1,473 |  | $ | 4,949 |  | $ | 7 |  | $ | 55 |  | $ | 6 |  | $ | 10,146 |
Provision for (recapture of) loan losses |  |  | (625 | ) |  | 1,000 |  |  | (969 | ) |  | (1,228 | ) |  | — |  |  | (1,107 | ) |  | (3 | ) |  | (2,932 | )
Recoveries |  |  | 2 |  |  | — |  |  | — |  |  | 859 |  |  | — |  |  | 1,083 |  |  | — |  |  | 1,944 |
Loans charged off |  |  | (133 | ) |  | — |  |  | (8 | ) |  | (533 | ) |  | — |  |  | (19 | ) |  | — |  |  | (693 | )
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Ending balance |  | $ | 1,174 |  | $ | 2,726 |  | $ | 496 |  | $ | 4,047 |  | $ | 7 |  | $ | 12 |  | $ | 3 |  | $ | 8,465 |
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|  | For the year ended December 31, 2013 |
|  | Real Estate |  |  |  |  |  |  |
|  | Single family |  | Multi- family |  | Commercial real estate |  | Church |  | Construction |  | Commercial |  | Consumer |  | Total |
|  | (In thousands) |
Beginning balance |  | $ | 2,060 |  | $ | 2,122 |  | $ | 2,685 |  | $ | 4,818 |  | $ | 8 |  | $ | 167 |  | $ | 9 |  | $ | 11,869 |
Provision for loan losses |  |  | (210 | ) |  | 265 |  |  | (148 | ) |  | 876 |  |  | (1 | ) |  | (365 | ) |  | (3 | ) |  | 414 |
Recoveries |  |  | 300 |  |  | — |  |  | 116 |  |  | 25 |  |  | — |  |  | 253 |  |  | — |  |  | 694 |
Loans charged off |  |  | (220 | ) |  | (661 | ) |  | (1,180 | ) |  | (770 | ) |  | — |  |  | — |  |  | — |  |  | (2,831 | )
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Ending balance |  | $ | 1,930 |  | $ | 1,726 |  | $ | 1,473 |  | $ | 4,949 |  | $ | 7 |  | $ | 55 |  | $ | 6 |  | $ | 10,146 |
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The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of December 31, 2014 and 2013:
|  | December 31, 2014 |
|  | Real Estate |  |  |  |  |  |  |
|  | Single family |  | Multi- family |  | Commercial real estate |  | Church |  | Construction |  | Commercial —other |  | Consumer |  | Total |
|  | (In thousands) |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending allowance balance attributable to loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 132 |  | $ | 115 |  | $ | 161 |  | $ | 1,088 |  | $ | — |  | $ | 10 |  | $ | — |  | $ | 1,506 |
Collectively evaluated for impairment |  |  | 1,042 |  |  | 2,611 |  |  | 335 |  |  | 2,959 |  |  | 7 |  |  | 2 |  |  | 3 |  |  | 6,959 |
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Total ending allowance balance |  | $ | 1,174 |  | $ | 2,726 |  | $ | 496 |  | $ | 4,047 |  | $ | 7 |  | $ | 12 |  | $ | 3 |  | $ | 8,465 |
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Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans individually evaluated for impairment |  | $ | 1,400 |  | $ | 2,762 |  | $ | 4,650 |  | $ | 14,905 |  | $ | — |  | $ | 102 |  | $ | — |  | $ | 23,819 |
Loans collectively evaluated for impairment |  |  | 38,392 |  |  | 169,030 |  |  | 12,072 |  |  | 39,694 |  |  | 387 |  |  | 160 |  |  | 9 |  |  | 259,744 |
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Total ending loans balance |  | $ | 39,792 |  | $ | 171,792 |  | $ | 16,722 |  | $ | 54,599 |  | $ | 387 |  | $ | 262 |  | $ | 9 |  | $ | 283,563 |
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|  | December 31, 2013 |
|  | Real Estate |  |  |  |  |  |  |
|  | Single family |  | Multi- family |  | Commercial real estate |  | Church |  | Construction |  | Commercial —other |  | Consumer |  | Total |
|  | (In thousands) |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending allowance balance attributable to loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 382 |  | $ | 143 |  | $ | 206 |  | $ | 1,444 |  | $ | — |  | $ | 12 |  | $ | — |  | $ | 2,187 |
Collectively evaluated for impairment |  |  | 1,548 |  |  | 1,583 |  |  | 1,267 |  |  | 3,505 |  |  | 7 |  |  | 43 |  |  | 6 |  |  | 7,959 |
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Total ending allowance balance |  | $ | 1,930 |  | $ | 1,726 |  | $ | 1,473 |  | $ | 4,949 |  | $ | 7 |  | $ | 55 |  | $ | 6 |  | $ | 10,146 |
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Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans individually evaluated for impairment |  | $ | 3,053 |  | $ | 4,163 |  | $ | 4,894 |  | $ | 21,243 |  | $ | — |  | $ | 150 |  | $ | — |  | $ | 33,503 |
Loans collectively evaluated for impairment |  |  | 43,406 |  |  | 109,055 |  |  | 21,803 |  |  | 46,691 |  |  | 424 |  |  | 1,917 |  |  | 38 |  |  | 223,334 |
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Total ending loans balance |  | $ | 46,459 |  | $ | 113,218 |  | $ | 26,697 |  | $ | 67,934 |  | $ | 424 |  | $ | 2,067 |  | $ | 38 |  | $ | 256,837 |
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The following table presents information related to loans individually evaluated for impairment by type of loans as of December 31, 2014 and 2013:
|  | December 31, 2014 |  | December 31, 2013 |
|  | Unpaid Principal Balance |  | Recorded Investment |  | Allowance for Loan Losses Allocated |  | Unpaid Principal Balance |  | Recorded Investment |  | Allowance for Loan Losses Allocated |
|  | (In thousands) |
With no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single family |  | $ | 1,448 |  | $ | 722 |  | $ | — |  | $ | 2,114 |  | $ | 1,441 |  | $ | — |
Multi-family |  |  | 1,384 |  |  | 1,259 |  |  | — |  |  | 2,690 |  |  | 2,598 |  |  | — |
Commercial real estate |  |  | 4,836 |  |  | 1,177 |  |  | — |  |  | 4,867 |  |  | 1,391 |  |  | — |
Church |  |  | 6,234 |  |  | 4,471 |  |  | — |  |  | 11,806 |  |  | 8,446 |  |  | — |
Commercial—other |  |  | 34 |  |  | 34 |  |  | — |  |  | 3,850 |  |  | — |  |  | — |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single family |  |  | 678 |  |  | 678 |  |  | 132 |  |  | 1,612 |  |  | 1,612 |  |  | 382 |
Multi-family |  |  | 1,541 |  |  | 1,503 |  |  | 115 |  |  | 1,578 |  |  | 1,565 |  |  | 143 |
Commercial real estate |  |  | 3,473 |  |  | 3,473 |  |  | 161 |  |  | 3,503 |  |  | 3,503 |  |  | 206 |
Church |  |  | 10,751 |  |  | 10,434 |  |  | 1,088 |  |  | 12,862 |  |  | 12,797 |  |  | 1,444 |
Commercial—other |  |  | 68 |  |  | 68 |  |  | 10 |  |  | 150 |  |  | 150 |  |  | 12 |
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Total |  | $ | 30,447 |  | $ | 23,819 |  | $ | 1,506 |  | $ | 45,032 |  | $ | 33,503 |  | $ | 2,187 |
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The recorded investment in loans excludes accrued interest receivable and loan origination fees, net, due to immateriality. For purposes of this disclosure, the unpaid principal balance is not reduced for net charge-offs. The following table presents the monthly average of individually impaired loans by type of loan and the related interest income for the years ended December 31, 2014 and 2013.
|  | For the year ended December 31, 2014 |  | For the year ended December 31, 2013 |
|  | Average Recorded Investment |  | Cash Basis Interest Income Recognized |  | Average Recorded Investment |  | Cash Basis Interest Income Recognized |
|  | (In thousands) |
Single family |  | $ | 2,327 |  | $ | 67 |  | $ | 3,738 |  | $ | 132 |
Multi-family |  |  | 3,425 |  |  | 79 |  |  | 3,438 |  |  | 61 |
Commercial real estate |  |  | 4,762 |  |  | 373 |  |  | 7,291 |  |  | 456 |
Church |  |  | 17,212 |  |  | 787 |  |  | 22,768 |  |  | 677 |
Construction |  |  | — |  |  | — |  |  | 62 |  |  | 12 |
Commercial—other |  |  | 124 |  |  | 9 |  |  | 155 |  |  | 12 |
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Total |  | $ | 27,850 |  | $ | 1,315 |  | $ | 37,452 |  | $ | 1,350 |
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Cash-basis interest income recognized represents cash received for interest payments on accruing impaired loans. Interest payments collected on non-accrual loans are characterized as payments of principal rather than payments of the outstanding accrued interest on the loans until the remaining principal on the non-accrual loans is considered to be fully collectible. Foregone interest income that would have been recognized had loans performed in accordance with their original terms amounted to $1.3 million and $1.9 million for the years ended December 31, 2014 and 2013, respectively, and were not included in the consolidated results of operations. The following tables present the aging of the recorded investment in past due loans as of December 31, 2014 and 2013 by type of loans:
|  | December 31, 2014 |
|  | 30-59 Days Past Due |  | 60-89 Days Past Due |  | Greater than 90 Days Past Due |  | Total Past Due |  | Current |
|  | (In thousands) |
Loans receivable held for investment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single family |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 39,792 |
Multi-family |  |  | 455 |  |  | — |  |  | — |  |  | 455 |  |  | 171,337 |
Commercial real estate |  |  | 856 |  |  | — |  |  | — |  |  | 856 |  |  | 15,866 |
Church |  |  | — |  |  | 180 |  |  | 987 |  |  | 1,167 |  |  | 53,432 |
Construction |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 387 |
Commercial—other |  |  | 34 |  |  | — |  |  | — |  |  | 34 |  |  | 228 |
Consumer |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9 |
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Total |  | $ | 1,345 |  | $ | 180 |  | $ | 987 |  | $ | 2,512 |  | $ | 281,051 |
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|  | December 31, 2013 |
|  | 30-59 Days Past Due |  | 60-89 Days Past Due |  | Greater than 90 Days Past Due |  | Total Past Due |  | Current |
|  | (In thousands) |
Loans receivable held for investment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single family |  | $ | 802 |  | $ | — |  | $ | 585 |  | $ | 1,387 |  | $ | 45,072 |
Multi-family |  |  | — |  |  | — |  |  | 545 |  |  | 545 |  |  | 112,673 |
Commercial real estate |  |  | 346 |  |  | — |  |  | 1,016 |  |  | 1,362 |  |  | 25,335 |
Church |  |  | 2,557 |  |  | 323 |  |  | 4,877 |  |  | 7,757 |  |  | 60,177 |
Construction |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 424 |
Commercial—other |  |  | 82 |  |  | — |  |  | — |  |  | 82 |  |  | 1,985 |
Consumer |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 38 |
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Total |  | $ | 3,787 |  | $ | 323 |  | $ | 7,023 |  | $ | 11,133 |  | $ | 245,704 |
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The following table presents the recorded investment in non-accrual loans by type of loans as of December 31, 2014 and 2013:
|  | December 31, 2014 |  | December 31, 2013 |
|  | (In thousands) |
Loans receivable held for investment: |  |  |  |  |  |  |
Single family |  | $ | 736 |  | $ | 1,441 |
Multi-family |  |  | 1,618 |  |  | 2,985 |
Commercial real estate |  |  | 1,174 |  |  | 1,391 |
Church |  |  | 5,232 |  |  | 11,735 |
Commercial—other |  |  | 102 |  |  | 150 |
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Total non-accrual loans |  | $ | 8,862 |  | $ | 17,702 |
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There were no loans 90 days or more delinquent that were accruing interest as of December 31, 2014 and 2013. Troubled Debt Restructurings At December 31, 2014, loans classified as troubled debt restructurings ("TDRs") totaled $20.5 million, of which $5.5 million were included in non-accrual loans and $15.0 million were on accrual status. At December 31, 2013, loans classified as TDRs totaled $27.3 million, of which $11.5 million were included in non-accrual loans and $15.8 million were on accrual status. The Company has allocated $1.3 million and $1.9 million of specific reserves for accruing TDRs as of December 31, 2014 and December 31, 2013, respectively. TDRs on accrual status are comprised of loans that were accruing at the time of restructuring or loans that have complied with the terms of their restructured agreements for a satisfactory period of time, and for which the Bank anticipates full repayment of both principal and interest. TDRs that are on non-accrual status can be returned to accrual status after a period of sustained performance, generally determined to be six months of timely payments as modified. A well-documented credit analysis that supports a return to accrual status based on the borrower's financial condition and prospects for repayment under the revised terms is also required. As of December 31, 2014 and 2013, the Company had no commitment to lend additional amounts to customers with outstanding loans that are classified as TDRs. No loans were modified during the year ended December 31, 2014. The terms of certain loans were modified as TDRs during the year ended December 31, 2013. The modification of the terms of such loans included payments of delinquent property taxes by the Bank on behalf of the borrower, which would be required to be repaid by the borrower over a period greater than six months. The following table presents loans by type modified as troubled debt restructurings that occurred during the year ended December 31, 2013:
|  | For the year ended December 31, 2013 |
|  | Number of Loans |  | Pre-Modification Outstanding Recorded Investment |  | Post-Modification Outstanding Recorded Investment |
Single family |  |  | 5 |  | $ | 739 |  | $ | 789 |
Commercial real estate |  |  | 1 |  |  | 1,456 |  |  | 1,497 |
Church |  |  | 1 |  |  | 409 |  |  | 432 |
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Total |  |  | 7 |  | $ | 2,604 |  | $ | 2,718 |
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The troubled debt restructurings described above increased the allowance for loan losses by $57 thousand and resulted in charge offs of $23 thousand during the year ended December 31, 2013. At December 31, 2014 and 2013, none of the loans modified as troubled debt restructurings within the previous 12 months experienced a payment default. A loan is considered to be in payment default once it is 90 days contractually past due under the modified terms. Credit Quality Indicators The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. For single family residential, consumer and other smaller balance homogenous loans, a credit grade is established at inception, and generally only adjusted based on performance. Information about payment status is disclosed elsewhere herein. The Company analyzes all other loans individually by classifying the loans as to credit risk. This analysis is performed at least on a quarterly basis. The Company uses the following definitions for risk ratings:
• | Special Mention. Loans classified as special mention have a potential weakness that deserves management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution's credit position at some future date.
• | Substandard. Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.
• | Doubtful. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.
• | Loss. Loans classified as loss are considered uncollectible and of such little value that to continue to carry the loan as an active asset is no longer warranted.
Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass rated loans. Pass rated loans are generally well protected by the current net worth and paying capacity of the obligor or by the value of the underlying collateral. Pass rated assets are not more than 59 days past due and are generally performing in accordance with the loan terms. Based on the most recent analysis performed, the risk category of loans by type of loans as of December 31, 2014 and 2013 is as follows:
|  | December 31, 2014 |
|  | Pass |  | Special Mention |  | Substandard |  | Doubtful |  | Loss |
|  | (In thousands) |
Single family |  | $ | 35,630 |  | $ | 3,436 |  | $ | 726 |  | $ | — |  | $ | — |
Multi-family |  |  | 168,949 |  |  | 610 |  |  | 2,233 |  |  | — |  |  | — |
Commercial real estate |  |  | 13,210 |  |  | 282 |  |  | 3,230 |  |  | — |  |  | — |
Church |  |  | 41,938 |  |  | 2,284 |  |  | 10,377 |  |  | — |  |  | — |
Construction |  |  | 387 |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial—other |  |  | 160 |  |  | — |  |  | 102 |  |  | — |  |  | — |
Consumer |  |  | 9 |  |  | — |  |  | — |  |  | — |  |  | — |
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Total |  | $ | 260,283 |  | $ | 6,612 |  | $ | 16,668 |  | $ | — |  | $ | — |
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|  | December 31, 2013 |
|  | Pass |  | Special Mention |  | Substandard |  | Doubtful |  | Loss |
|  | (In thousands) |
Single family |  | $ | 41,481 |  | $ | 3,537 |  | $ | 1,441 |  | $ | — |  | $ | — |
Multi-family |  |  | 105,377 |  |  | 2,305 |  |  | 5,536 |  |  | — |  |  | — |
Commercial real estate |  |  | 18,154 |  |  | 529 |  |  | 8,014 |  |  | — |  |  | — |
Church |  |  | 34,367 |  |  | 17,657 |  |  | 15,910 |  |  | — |  |  | — |
Construction |  |  | 424 |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial—other |  |  | 490 |  |  | 1,427 |  |  | 150 |  |  | — |  |  | — |
Consumer |  |  | 38 |  |  | — |  |  | — |  |  | — |  |  | — |
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Total |  | $ | 200,331 |  | $ | 25,455 |  | $ | 31,051 |  | $ | — |  | $ | — |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​

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