Loans Receivable, Net (Tables)

12 Months Ended

Dec. 31, 2015

Receivables [Abstract]

Summary of Loans Receivable

A summary of loans receivable at December 31, 2015 and 2014 follows (in thousands):

	December 31,
	2015			2014
Real estate mortgage:
One-to-four family	$	791,249		$	737,889
Commercial real estate, multi-family and land		818,234			649,951
Residential construction		50,757			47,552
		1,660,240			1,435,392
Consumer		193,160			199,349
Commercial and industrial		144,538			83,946
Total loans		1,997,938			1,718,687
Purchased credit-impaired (“PCI”) loans		461			—
Loans in process		(14,206	)		(16,731	)
Deferred origination costs, net		3,232			3,207
Allowance for loan losses		(16,722	)		(16,317	)
		(27,235	)		(29,841	)
Loans receivable, net	$	1,970,703		$	1,688,846

Analysis of Allowance for Loan Losses

An analysis of the allowance for loan losses for the years ended December 31, 2015, 2014 and 2013 is as follows (in thousands):

	Years Ended December 31,
	2015			2014			2013
Balance at beginning of year	$	16,317		$	20,930		$	20,510
Provision charged to operations		1,275			2,630			2,800
Charge-offs		(1,135	)		(7,827	)		(3,521	)
Recoveries		265			584			1,141
Balance at end of year	$	16,722		$	16,317		$	20,930

Allowance for Loan Loses and Recorded Investment in Loans by Portfolio Segment and Based on Impairment Method Excluding PCI Loans

The following table presents an analysis of the allowance for loan losses for the years ended December 31, 2015 and 2014, the balance in the allowance for loan loses and the recorded investment in loans by portfolio segment and based on impairment method as of December 31, 2015 and 2014 excluding PCI loans (in thousands):

	Residential Real  Estate			Commercial Real  Estate			Consumer			Commercial and Industrial			Unallocated			Total
For the year ended December 31, 2015
Allowance for loan losses:
Balance at beginning of year	$	4,291		$	8,935		$	1,146		$	863		$	1,082		$	16,317
Provision (benefit) charged to operations		2,465			(1,696	)		529			826			(849	)		1,275
Charge-offs		(295	)		(103	)		(678	)		(59	)		—			(1,135	)
Recoveries		129			29			98			9			—			265
Balance at end of year	$	6,590		$	7,165		$	1,095		$	1,639		$	233		$	16,722
For the year ended December 31, 2014
Allowance for loan losses:
Balance at beginning of year	$	4,859		$	10,371		$	1,360		$	1,383		$	2,957		$	20,930
Provision (benefit) charged to operations		5,862			(1,122	)		211			(446	)		(1,875	)		2,630
Charge-offs		(6,955	)		(323	)		(471	)		(78	)		—			(7,827	)
Recoveries		525			9			46			4			—			584
Balance at end of year	$	4,291		$	8,935		$	1,146		$	863		$	1,082		$	16,317
December 31, 2015
Allowance for loan losses:
Ending allowance balance attributed to loans:
Individually evaluated for impairment	$	31		$	831		$	43		$	434		$	—		$	1,339
Collectively evaluated for impairment		6,559			6,334			1,052			1,205			233			15,383
Total ending allowance balance	$	6,590		$	7,165		$	1,095		$	1,639		$	233		$	16,722
Loans:
Loans individually evaluated for impairment	$	13,165		$	21,650		$	2,307		$	1,250		$	—		$	38,372
Loans collectively evaluated for impairment		828,841			796,584			190,853			143,288			—			1,959,566
Total ending loan balance	$	842,006		$	818,234		$	193,160		$	144,538		$	—		$	1,997,938
December 31, 2014
Allowance for loan losses:
Ending allowance balance attributed to loans:
Individually evaluated for impairment	$	88		$	1,741		$	332		$	—		$	—		$	2,161
Collectively evaluated for impairment		4,203			7,194			814			863			1,082			14,156
Total ending allowance balance	$	4,291		$	8,935		$	1,146		$	863		$	1,082		$	16,317
Loans:
Loans individually evaluated for impairment	$	12,879		$	21,165		$	2,221		$	714		$	—		$	36,979
Loans collectively evaluated for impairment		772,562			628,786			197,128			83,232			—			1,681,708
Total ending loan balance	$	785,441		$	649,951		$	199,349		$	83,946		$	—		$	1,718,687

Summary of Impaired Loans Excluding PCI Loans

A summary of impaired loans at December 31, 2015 and 2014 is as follows, excluding PCI loans (in thousands):

	December 31,
	2015		2014
Year-end impaired loans with no allocated allowance for loan losses	$	35,177	$	26,487
Year-end impaired loans with allocated allowance for loan losses		3,195		10,492
	$	38,372	$	36,979
Amount of the allowance for loan losses allocated	$	1,339	$	2,161

Summary of Loans Individually Evaluated for Impairment by Loan Portfolio Segment Excluding PCI Loans

The summary of loans individually evaluated for impairment by loan portfolio segment as of December 31, 2015 and 2014 and for the years ended December 31, 2015 and 2014 follows, excluding PCI loans (in thousands):

	Unpaid Principal Balance		Recorded Investment		Allowance for Loan Losses Allocated
As of December 31, 2015
With no related allowance recorded:
Residential real estate	$	13,431	$	13,056	$	—
Commercial real estate		19,240		19,154
Consumer		2,577		2,264		—
Commercial and industrial		703		703		—
	$	35,951	$	35,177	$	—
With an allowance recorded:
Residential real estate	$	109	$	109	$	31
Commercial real estate		2,447		2,496		831
Consumer		81		43		43
Commercial and industrial		547		547		434
	$	3,184	$	3,195	$	1,339

	Unpaid Principal Balance		Recorded Investment		Allowance for Loan Losses Allocated
As of December 31, 2014
With no related allowance recorded:
Residential real estate	$	12,351	$	11,931	$	—
Commercial real estate		12,174		12,142		—
Consumer		2,243		1,700		—
Commercial and industrial		714		714		—
	$	27,482	$	26,487	$	—
With an allowance recorded:
Residential real estate	$	948	$	948	$	88
Commercial real estate		9,023		9,023		1,741
Consumer		521		521		332
Commercial and industrial		—		—		—
	$	10,492	$	10,492	$	2,161

	For the years ended of December 31,
	2015				2014
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
With no related allowance recorded:
Residential real estate	$	12,844	$	585	$	16,253	$	662
Commercial real estate		16,328		462		11,472		384
Consumer		2,183		123		1,982		96
Commercial and industrial		705		8		386		10
	$	32,060	$	1,178	$	30,093	$	1,152
With an allowance recorded:
Residential real estate	$	110	$	3	$	990	$	59
Commercial real estate		8,956		10		9,348		77
Consumer		42		2		592		48
Commercial and industrial		365		2		—		—
	$	9,473	$	17	$	10,930	$	184

Recorded Investment in Non-Accrual Loans by Loan Portfolio Segment Excluding PCI Loans

The following table presents the recorded investment in non-accrual loans by loan portfolio segment as of December 31, 2015 and 2014, excluding PCI loans (in thousands).

	December 31,
	2015		2014
Residential real estate	$	5,779	$	3,115
Commercial real estate		10,796		12,758
Consumer		1,576		1,877
Commercial and industrial		123		557
	$	18,274	$	18,307

Aging of Recorded Investment in Past Due Loans Excluding PCI Loans

The following table presents the aging of the recorded investment in past due loans as of December 31, 2015 and 2014 by loan portfolio segment, excluding PCI 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
December 31, 2015
Residential real estate	$	4,075	$	2,716	$	3,168	$	9,959	$	832,047	$	842,006
Commercial real estate		297		1,208		10,333		11,838		806,396		818,234
Consumer		1,661		115		1,248		3,024		190,136		193,160
Commercial and industrial		8		—		360		368		144,170		144,538
	$	6,041	$	4,039	$	15,109	$	25,189	$	1,972,749	$	1,997,938
December 31, 2014
Residential real estate	$	7,365	$	1,695	$	1,619	$	10,679	$	774,762	$	785,441
Commercial real estate		119		—		12,758		12,877		637,074		649,951
Consumer		845		232		1,833		2,910		196,439		199,349
Commercial and industrial		—		—		557		557		83,389		83,946
	$	8,329	$	1,927	$	16,767	$	27,023	$	1,691,664	$	1,718,687

Risk Category of Loans by Loan Portfolio Segment Excluding PCI Loans

As of December 31, 2015 and 2014, and based on the most recent analysis performed, the risk category of loans by loan portfolio segment is as follows, excluding PCI loans (in thousands):

	Pass		Special Mention		Substandard		Doubtful		Total
December 31, 2015
Commercial real estate	$	783,365	$	12,070	$	22,799	$	—	$	818,234
Commercial and industrial		142,387		787		1,364		—		144,538
	$	925,752	$	12,857	$	24,163	$	—	$	962,772
December 31, 2014
Commercial real estate	$	611,987	$	12,684	$	25,280	$	—	$	649,951
Commercial and industrial		82,693		173		1,080		—		83,946
	$	694,680	$	12,857	$	26,360	$	—	$	733,897

Recorded Investment in Residential and Consumer Loans Based on Payment Activity Excluding PCI Loans

The following table presents the recorded investment in residential and consumer loans based on payment activity as of December 31, 2015 and 2014, excluding PCI loans (in thousands):

	Residential Real Estate
	Residential		Consumer
December 31, 2015
Performing	$	836,227	$	191,584
Non-performing		5,779		1,576
	$	842,006	$	193,160
December 31, 2014
Performing	$	782,326	$	197,472
Non-performing		3,115		1,877
	$	785,441	$	199,349

Troubled Debt Restructurings

The following table presents information about troubled debt restructurings which occurred during the years ended December 31, 2015 and 2014, and troubled debt restructurings modified within the previous year and which defaulted during the years ended December 31, 2015 and 2014 (dollars in thousands):

	Number of Loans		Pre-modification Recorded  Investment		Post-modification Recorded  Investment
Year ended December 31, 2015
Troubled Debt Restructurings:
Residential real estate		5	$	2,029	$	1,966
Commercial real estate		4		6,095		6,007
Consumer		9		599		547
	Number of Loans		Recorded Investment
Troubled Debt Restructurings
Which Subsequently Defaulted:		None		None
	Number of Loans		Pre-modification Recorded Investment		Post-modification Recorded Investment
Year ended December 31, 2014
Troubled Debt Restructurings:
Residential real estate		10	$	2,313	$	1,901
Consumer		10		234		178
	Number of Loans		Recorded Investment
Troubled Debt Restructurings
Which Subsequently Defaulted:
Consumer		1	$	40

Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period

The following table presents information regarding the estimates of the contractually required payments, the cash flows expected to be collected and the estimated fair value of the PCI loans acquired from Colonial at July 31, 2015 (in thousands):

	July 31, 2015
Contractually required principal and interest	$	1,610
Contractual cash flows not expected to be collected (non-accretable discount)		(1,049	)
Expected cash flows to be collected at acquisition		561
Interest component of expected cash flows (accretable yield)		(91	)
Fair value of acquired loans	$	470

The following table summarizes the changes in accretable yield for PCI loans during the year ended December 31, 2015 (in thousands):

	For the year ended December 31, 2015
Beginning balance	$	—
Acquisition		91
Accretion		(16	)
Reclassification from non-accretable difference		—
Ending balance	$	75