Loans Receivable, Net (Tables)

6 Months Ended

Jun. 30, 2013

Receivables [Abstract]

Summary of Loans Receivable, Net

Loans receivable, net at June 30, 2013 and December 31, 2012 consisted of the following (in thousands):

	June 30, 2013			December 31, 2012
Real estate:
One-to-four family	$	776,858		$	802,959
Commercial real estate, multi family and land		477,600			475,155
Residential construction		12,879			9,013
Consumer		192,325			198,143
Commercial		66,924			57,967
Total loans		1,526,586			1,543,237
Loans in process		(4,057	)		(3,639	)
Deferred origination costs, net		3,971			4,112
Allowance for loan losses		(20,820	)		(20,510	)
Loans receivable, net	$	1,505,680		$	1,523,200

Analysis of Allowance for Loan Losses

An analysis of the allowance for loan losses for the three months ended June 30, 2013 and 2012 is as follows (in thousands):

	Three months ended						Six months ended
	June 30,						June 30,
	2013			2012			2013			2012
Balance at beginning of period	$	20,494		$	18,241		$	20,510		$	18,230
Provision charged to operations		800			1,700			1,900			3,400
Charge-offs		(938	)		(2,542	)		(2,299	)		(4,342	)
Recoveries		464			258			709			369
Balance at end of period	$	20,820		$	17,657		$	20,820		$	17,657

Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment and Based on Impairment Method

The following table presents an analysis of the allowance for loan losses for the three and six months ended June 30, 2013 and 2012 and the balance in the allowance for loan loses and the recorded investment in loans by portfolio segment and based on impairment method as of June 30, 2013 and December 31, 2012 (in thousands):

	Residential Real Estate			Commercial Real Estate			Consumer			Commercial			Unallocated			Total
For the three months ended June 30, 2013
Allowance for loan losses:
Balance at beginning of period	$	5,185		$	9,286		$	2,148		$	1,094		$	2,781		$	20,494
Provision (benefit) charged to operations		19			463			(13	)		(2	)		333			800
Charge-offs		(739	)		—			(199	)		—			—			(938	)
Recoveries		435			25			3			1			—			464
Balance at end of period	$	4,900		$	9,774		$	1,939		$	1,093		$	3,114		$	20,820
For the three months ended June 30, 2012
Allowance for loan losses:
Balance at beginning of period	$	4,164		$	8,609		$	1,861		$	1,225		$	2,382		$	18,241
Provision (benefit) charged to operations		1,961			(76	)		798			(118	)		(865	)		1,700
Charge-offs		(1,529	)		—			(1,013	)		—			—			(2,542	)
Recoveries		172			81			2			3			—			258
Balance at end of period	$	4,768		$	8,614		$	1,648		$	1,110		$	1,517		$	17,657
For the six months ended June 30, 2013
Allowance for loan losses:
Balance at beginning of period	$	5,241		$	8,937		$	2,264		$	1,348		$	2,720		$	20,510
Provision (benefit) charged to operations		849			787			(107	)		(23	)		394			1,900
Charge-offs		(1,689	)		—			(375	)		(235	)		—			(2,299	)
Recoveries		499			50			157			3			—			709
Balance at end of period	$	4,900		$	9,774		$	1,939		$	1,093		$	3,114		$	20,820
For the six months ended June 30, 2012
Allowance for loan losses:
Balance at beginning of period	$	5,370		$	8,474		$	1,461		$	900		$	2,025		$	18,230
Provision (benefit) charged to operations		2,101			32			1,570			205			(508	)		3,400
Charge-offs		(2,904	)		(47	)		(1,391	)		—			—			(4,342	)
Recoveries		201			155			8			5			—			369
Balance at end of period	$	4,768		$	8,614		$	1,648		$	1,110		$	1,517		$	17,657

	Residential Real Estate		Commercial Real Estate		Consumer		Commercial		Unallocated		Total
June 30, 2013
Allowance for loan losses:
Ending allowance balance attributed to loans:
Individually evaluated for impairment	$	194	$	2,757	$	485	$	—	$	—	$	3,436
Collectively evaluated for impairment		4,706		7,705		1,454		406		3,113		17,384
Total ending allowance balance	$	4,900	$	10,462	$	1,939	$	406	$	3,113	$	20,820
Loans:
Loans individually evaluated for impairment	$	21,000	$	12,375	$	3,440	$	284	$	—	$	37,099
Loans collectively evaluated for impairment		768,737		465,225		188,885		66,640		—		1,489,487
Total ending loan balance	$	789,737	$	477,600	$	192,325	$	66,924	$	—	$	1,526,586
December 31, 2012
Allowance for loan losses:
Ending allowance balance attributed to loans:
Individually evaluated for impairment	$	179	$	1,834	$	541	$	—	$	—	$	2,554
Collectively evaluated for impairment		5,062		7,103		1,723		1,348		2,720		17,956
Total ending allowance balance	$	5,241	$	8,937	$	2,264	$	1,348	$	2,720	$	20,510
Loans:
Loans individually evaluated for impairment	$	22,427	$	12,116	$	2,712	$	291	$	—	$	37,546
Loans collectively evaluated for impairment		789,545		463,039		195,431		57,676		—		1,505,691
Total ending loan balance	$	811,972	$	475,155	$	198,143	$	57,967	$	—	$	1,543,237

Summary of Impaired Loans

A summary of impaired loans at June 30, 2013 and December 31, 2012 is as follows (in thousands):

	June 30,		December 31,
	2013		2012
Impaired loans with no allocated allowance for loan losses	$	25,312	$	25,513
Impaired loans with allocated allowance for loan losses		11,787		12,033
	$	37,099	$	37,546
Amount of the allowance for loan losses allocated	$	3,436	$	2,554

Summary of Loans Individually Evaluated for Impairment by Class of Loans

The summary of loans individually evaluated for impairment by class of loans as of June 30, 2013 and December 31, 2012 and for the three and six months ended June 30, 2013 and 2012 follows (in thousands):

	Unpaid Principal Balance		Recorded Investment		Allowance for Loan Losses Allocated
As of June 30, 2013
With no related allowance recorded:
Residential real estate:
Originated by Bank	$	11,586	$	11,052	$	—
Originated by mortgage company		6,526		6,160		—
Originated by mortgage company – non-prime		2,774		2,190		—
Commercial real estate:
Commercial		3,001		2,977		—
Construction and land		—		—		—
Consumer		2,996		2,649		—
Commercial		284		284		—
	$	27,167	$	25,312	$	—
With an allowance recorded:
Residential real estate:
Originated by Bank	$	824	$	824	$	127
Originated by mortgage company		791		774		67
Originated by mortgage company – non-prime		—		—		—
Commercial real estate:
Commercial		9,100		8,926		2,555
Construction and land		472		472		202
Consumer		791		791		485
Commercial		—		—		—
	$	11,978	$	11,787	$	3,436
As of December 31, 2012
With no related allowance recorded:
Residential real estate:
Originated by Bank	$	11,200	$	10,956	$	—
Originated by mortgage company		7,210		7,061		—
Originated by mortgage company – non-prime		2,335		2,251		—
Commercial real estate:
Commercial		2,722		2,691		—
Construction and land		482		482		—
Consumer		1,956		1,781		—
Commercial		291		291		—
	$	26,196	$	25,513	$	—

	Unpaid Principal Balance		Recorded Investment		Allowance for Loan Losses Allocated
With an allowance recorded:
Residential real estate:
Originated by Bank	$	1,761	$	1,755	$	142
Originated by mortgage company		404		404		37
Originated by mortgage company – non-prime		—		—		—
Commercial real estate:
Commercial		9,022		8,943		1,834
Construction and land		—		—		—
Consumer		934		931		541
Commercial		—		—		—
	$	12,121	$	12,033	$	2,554

	Three months ended June 30,
	2013				2012
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
With no related allowance recorded:
Residential real estate:
Originated by Bank	$	10,983	$	86	$	8,653	$	96
Originated by mortgage company		6,774		57		5,079		55
Originated by mortgage company – non-prime		2,194		5		2,256		1
Commercial real estate:
Commercial		2,749		34		1,730		24
Construction and land		—		—		—		—
Consumer		2,792		21		714		9
Commercial		286		3		295		3
	$	25,778	$	206	$	18,727	$	188
With an allowance recorded:
Residential real estate:
Originated by Bank	$	824	$	11	$	1,055	$	6
Originated by mortgage company		776		9		—		—
Originated by mortgage company – non-prime		—		—		401		—
Commercial real estate:
Commercial		8,908		76		9,055		99
Construction and land		472		—		—		—
Consumer		791		9		131		1
Commercial		—		—		—		—
	$	11,771	$	105	$	10,642	$	106

	Six months ended June 30,
	2013				2012
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
With no related allowance recorded:
Residential real estate:
Originated by Bank	$	11,276	$	176	$	8,606	$	198
Originated by mortgage company		6,761		127		5,083		109
Originated by mortgage company – non-prime		2,221		8		2,175		2
Commercial real estate:
Commercial		2,699		65		1,614		45
Construction and land		—		—		—		—
Consumer		2,830		40		722		19
Commercial		287		5		296		4
	$	26,074	$	421	$	18,496	$	377
With an allowance recorded:
Residential real estate:
Originated by Bank	$	826	$	21	$	920	$	46
Originated by mortgage company		779		20		—		—
Originated by mortgage company – non-prime		—		—		400		—
Commercial real estate:
Commercial		9,250		157		8,896		184
Construction and land		472		—		—		—
Consumer		827		24		131		2
Commercial		—		—		—		—
	$	12,154	$	222	$	10,347	$	232

Recorded Investment in Non-accrual Loans by Class of Loans

The following table presents the recorded investment in non-accrual loans by class of loans as of June 30, 2013 and December 31, 2012 (in thousands):

	June 30, 2013		December 31, 2012
Residential real estate:
Originated by Bank	$	14,858	$	13,156
Originated by mortgage company		10,813		10,477
Originated by mortgage company – non-prime		2,774		2,888
Commercial real estate:
Commercial		11,392		11,085
Construction and land		472		482
Consumer		5,195		4,540
Commercial		396		746
	$	45,900	$	43,374

Aging of the Recorded Investment in Past Due Loans

The following table presents the aging of the recorded investment in past due loans as of June 30, 2013 and December 31, 2012 by class of loans (in thousands):

	30-59 Days Past Due		60-89 Days Past Due		Greater than 90 Days Past Due		Total Past Due		Loans Not Past Due		Total
June 30, 2013
Residential real estate:
Originated by Bank	$	7,308	$	3,188	$	14,293	$	24,789	$	642,920	$	667,709
Originated by mortgage company		773		563		10,233		11,569		93,490		105,059
Originated by mortgage company – non-prime		368		329		2,322		3,019		1,071		4,090
Residential construction		—		—		—		—		12,879		12,879
Commercial real estate:
Commercial		2,675		135		2,626		5,436		456,595		462,031
Construction and land		—		—		472		472		15,097		15,569
Consumer		786		382		4,839		6,007		186,318		192,325
Commercial		1,000		515		113		1,628		65,296		66,924
	$	12,910	$	5,112	$	34,898	$	52,920	$	1,473,666	$	1,526,586
December 31, 2012
Residential real estate:
Originated by Bank	$	5,863	$	782	$	10,624	$	17,269	$	666,833	$	684,102
Originated by mortgage company		2,870		7		10,294		13,171		101,437		114,608
Originated by mortgage company – non-prime		431		47		2,369		2,847		1,402		4,249
Residential construction		—		—		—		—		9,013		9,013
Commercial real estate:
Commercial		2,422		608		2,863		5,893		457,394		463,287
Construction and land		—		—		482		482		11,386		11,868
Consumer		719		576		4,457		5,752		192,391		198,143
Commercial		—		—		112		112		57,855		57,967
	$	12,305	$	2,020	$	31,201	$	45,526	$	1,497,711	$	1,543,237

Risk Category of Loans by Class of Loans

As of June 30, 2013 and December 31, 2012, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows (in thousands):

	Pass		Special Mention		Substandard		Doubtful		Total
June 30, 2013
Commercial real estate:
Commercial	$	428,939	$	1,765	$	30,426	$	901	$	462,031
Construction and land		14,591		506		472		—		15,569
Commercial		66,565		—		359		—		66,924
	$	510,095	$	2,271	$	31,257	$	901	$	544,524
December 31, 2012
Commercial real estate:
Commercial	$	429,393	$	1,775	$	31,275	$	844	$	463,287
Construction and land		10,880		506		482		—		11,868
Commercial		57,341		—		391		235		57,967
	$	497,614	$	2,281	$	32,148	$	1,079	$	533,122

Recorded Investment in Residential and Consumer Loans Based on Payment Activity

The following table presents the recorded investment in residential and consumer loans based on payment activity as of June 30, 2013 and December 31, 2012 (in thousands):

	Residential Real Estate
	Originated by Bank		Originated by mortgage company		Originated by mortgage company – non-prime		Residential construction		Consumer
June 30, 2013
Performing	$	652,851	$	94,246	$	1,316	$	12,879	$	187,130
Non-performing		14,858		10,813		2,774		—		5,195
	$	667,709	$	105,059	$	4,090	$	12,879	$	192,325
December 31, 2012
Performing	$	670,946	$	104,131	$	1,361	$	9,013	$	193,603
Non-performing		13,156		10,477		2,888		—		4,540
	$	684,102	$	114,608	$	4,249	$	9,013	$	198,143

Troubled Debt Restructurings

The following table presents information about troubled debt restructurings which occurred during the three and six months ended June 30, 2013, and troubled debt restructurings modified within the previous year and which defaulted during the three and six months ended June 30, 2013 (dollars in thousands):

	Number of Loans		Pre-modification Recorded  Investment		Post-modification Recorded  Investment
Three months ended June 30, 2013
Troubled Debt Restructurings:
Residential real estate:
Originated by Bank		3	$	628	$	628
Consumer		1		12		12

	Number of Loans		Recorded Investment
Troubled Debt Restructurings
Which Subsequently Defaulted:		2		492

	Number of Loans		Pre-modification Recorded  Investment		Post-modification Recorded  Investment
Six months ended June 30, 2013
Troubled Debt Restructurings:
Residential real estate:
Originated by Bank		3	$	628	$	628
Consumer		5		97		89

	Number of Loans		Recorded Investment
Troubled Debt Restructurings
Which Subsequently Defaulted:		2		492

	Number of Loans		Pre-modification Recorded  Investment		Post-modification Recorded  Investment
Three months ended June 30, 2012
Troubled Debt Restructurings:
Residential real estate:
Originated by Bank		2	$	559	$	545

	Number of Loans		Recorded Investment
Troubled Debt Restructurings
Which Subsequently Defaulted:		None		None

	Number of Loans		Pre-modification Recorded  Investment		Post-modification Recorded  Investment
Six months ended June 30, 2012
Troubled Debt Restructurings:
Residential real estate:
Originated by Bank		4	$	1,325	$	1,288
Commercial real estate:
Commercial		2		1,260		1,218

	Number of Loans		Recorded Investment
Troubled Debt Restructurings
Which Subsequently Defaulted:		None		None