Loans Receivable and Allowance for Loan Losses (Tables)

3 Months Ended

Mar. 31, 2018

Loans receivable at March 31, 2018 and December 31, 2017 are summarized as follows (in thousands):



	March 31, 2018			December 31, 2017
Mortgage loans:
Residential	$	1,127,744		1,142,347
Commercial	2,185,107			2,171,056
Multi-family	1,423,834			1,403,885
Construction	370,999			392,580
Total mortgage loans	5,107,684			5,109,868
Commercial loans	1,725,780			1,745,138
Consumer loans	460,741			473,957
Total gross loans	7,294,205			7,328,963
Purchased credit-impaired ("PCI") loans	946			969
Premiums on purchased loans	3,848			4,029
Unearned discounts	(35		)	(36	)
Net deferred fees	(7,826		)	(8,207	)
Total loans	$	7,291,138		7,325,718

Summary of Aging Loans Receivable by Portfolio Segment and Class

The following tables summarize the aging of loans receivable by portfolio segment and class of loans, excluding PCI loans (in thousands):



	March 31, 2018
	30-59 Days		60-89 Days	Non-accrual	Recorded Investment > 90 days accruing	Total Past Due	Current	Total Loans Receivable
Mortgage loans:
Residential	$	5,711	6,694	8,343	—	20,748	1,106,996	1,127,744
Commercial	967		949	4,265	—	6,181	2,178,926	2,185,107
Multi-family	—		—	—	—	—	1,423,834	1,423,834
Construction	—		—	—	—	—	370,999	370,999
Total mortgage loans	6,678		7,643	12,608	—	26,929	5,080,755	5,107,684
Commercial loans	3,787		250	31,359	—	35,396	1,690,384	1,725,780
Consumer loans	2,208		647	1,971	—	4,826	455,915	460,741
Total gross loans	$	12,673	8,540	45,938	—	67,151	7,227,054	7,294,205



	December 31, 2017
	30-59 Days		60-89 Days	Non-accrual	Recorded Investment > 90 days accruing	Total Past Due	Current	Total Loans Receivable
Mortgage loans:
Residential	$	7,809	4,325	8,105	—	20,239	1,122,108	1,142,347
Commercial	1,486		—	7,090	—	8,576	2,162,480	2,171,056
Multi-family	—		—	—	—	—	1,403,885	1,403,885
Construction	—		—	—	—	—	392,580	392,580
Total mortgage loans	9,295		4,325	15,195	—	28,815	5,081,053	5,109,868
Commercial loans	551		406	17,243	—	18,200	1,726,938	1,745,138
Consumer loans	2,465		487	2,491	—	5,443	468,514	473,957
Total gross loans	$	12,311	5,218	34,929	—	52,458	7,276,505	7,328,963

Summary of Loans Receivable by Portfolio Segment and Impairment Method

The following table summarizes loans receivable by portfolio segment and impairment method, excluding PCI loans (in thousands):



	March 31, 2018
	Mortgage loans		Commercial loans	Consumer loans	Total Portfolio Segments
Individually evaluated for impairment	$	24,927	41,028	2,316	68,271
Collectively evaluated for impairment	5,082,757		1,684,752	458,425	7,225,934
Total gross loans	$	5,107,684	1,725,780	460,741	7,294,205



	December 31, 2017
	Mortgage loans		Commercial loans	Consumer loans	Total Portfolio Segments
Individually evaluated for impairment	$	28,459	21,223	2,359	52,041
Collectively evaluated for impairment	5,081,409		1,723,915	471,598	7,276,922
Total gross loans	$	5,109,868	1,745,138	473,957	7,328,963

Summary of Allowance for Loan Losses by Portfolio Segment and Impairment Classification

The allowance for loan losses is summarized by portfolio segment and impairment classification as follows (in thousands):



	March 31, 2018
	Mortgage loans		Commercial loans	Consumer loans	Total
Individually evaluated for impairment	$	1,327	3,152	69	4,548
Collectively evaluated for impairment	26,674		29,174	2,125	57,973
Total gross loans	$	28,001	32,326	2,194	62,521



	December 31, 2017
	Mortgage loans		Commercial loans	Consumer loans	Total
Individually evaluated for impairment	$	1,486	1,134	70	2,690
Collectively evaluated for impairment	26,566		28,680	2,259	57,505
Total gross loans	$	28,052	29,814	2,329	60,195

Schedule of Troubled Debt Restructuring

The following table presents the number of loans modified as TDRs during the three months ended March 31, 2018 and 2017, along with their balances immediately prior to the modification date and post-modification as of March 31, 2018 and 2017.



	For the three months ended
	March 31, 2018					March 31, 2017
Troubled Debt Restructurings	Number of Loans	Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment		Number of Loans	Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment
	($ in thousands)
Mortgage loans:
Residential	—	$	—	$	—	3	$	1,002	$	988
Total mortgage loans	—	—		—		3	1,002		988
Commercial loans	5	8,127		6,626		1	292		284
Consumer loans	—	—		—		2	240		234
Total restructured loans	5	$	8,127	$	6,626	6	$	1,534	$	1,506

Schedule of Troubled Debt Restructurings Subsequently Defaulted

The following table presents loans modified as TDRs within the previous 12 months from March 31, 2018 and 2017, and for which there was a payment default (90 days or more past due) at the quarter ended March 31, 2018 and 2017. TDRs that subsequently default are considered collateral dependent impaired loans and are evaluated for impairment based on the estimated fair value of the underlying collateral less expected selling costs.



	March 31, 2018			March 31, 2017
Troubled Debt Restructurings - Subsequent Default	Number of Loans	Outstanding Recorded Investment		Number of Loans	Outstanding Recorded Investment
	($ in thousands)
Commercial loans	3	$	428	1	$	284
Total restructured loans	3	$	428	1	$	284

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

The following table summarizes the changes in the accretable yield for PCI loans during the three months ended March 31, 2018 and 2017 (in thousands):



	Three months ended March 31,
	2018			2017
Beginning balance	$	101		200
Accretion	(20		)	(49	)
Reclassification from non-accretable discount	31			21
Ending balance	$	112		172

Schedule of Allowance for Loan Losses by Portfolio Segment

The activity in the allowance for loan losses by portfolio segment for the three months ended March 31, 2018 and 2017 was as follows (in thousands):



Three months ended March 31,	Mortgage loans			Commercial loans		Consumer loans		Total
2018
Balance at beginning of period	$	28,052		29,814		2,329		60,195
Provision charged (credited) to operations	(22		)	5,390		32		5,400
Recoveries of loans previously charged-off	88			127		180		395
Loans charged-off	(117		)	(3,005	)	(347	)	(3,469	)
Balance at end of period	$	28,001		32,326		2,194		62,521

2017
Balance at beginning of period	$	29,626		29,143		3,114		61,883
Provision charged (credited) to operations	(130		)	1,616		14		1,500
Recoveries of loans previously charged-off	53			458		176		687
Loans charged-off	(231		)	(1,431	)	(253	)	(1,915	)
Balance at end of period	$	29,318		29,786		3,051		62,155

Summary of Impaired Loans Receivable by Class

The following table presents loans individually evaluated for impairment by class and loan category, excluding PCI loans (in thousands):



	March 31, 2018						December 31, 2017
	Unpaid Principal Balance		Recorded Investment	Related Allowance	Average Recorded Investment	Interest Income Recognized	Unpaid Principal Balance	Recorded Investment	Related Allowance	Average Recorded Investment	Interest Income Recognized
Loans with no related allowance
Mortgage loans:
Residential	$	13,519	10,701	—	10,733	135	13,239	10,477	—	10,552	479
Commercial	1,550		1,546	—	1,546	—	5,037	4,908	—	5,022	12
Total	15,069		12,247	—	12,279	135	18,276	15,385	—	15,574	491
Commercial loans	21,552		17,277	—	17,467	109	19,196	14,984	—	15,428	395
Consumer loans	1,559		1,016	—	1,040	18	1,582	1,041	—	1,150	69
Total impaired loans	$	38,180	30,540	—	30,786	262	39,054	31,410	—	32,152	955

Loans with an allowance recorded
Mortgage loans:
Residential	$	12,642	11,622	1,199	11,673	120	13,052	12,010	1,351	12,150	475
Commercial	1,058		1,058	128	1,073	13	1,064	1,064	135	1,076	54
Total	13,700		12,680	1,327	12,746	133	14,116	13,074	1,486	13,226	529
Commercial loans	26,236		23,751	3,152	26,022	89	7,097	6,239	1,134	7,318	208
Consumer loans	1,311		1,300	69	1,323	15	1,329	1,318	70	1,349	64
Total impaired loans	$	41,247	37,731	4,548	40,091	237	22,542	20,631	2,690	21,893	801

Total impaired loans
Mortgage loans:
Residential	$	26,161	22,323	1,199	22,406	255	26,291	22,487	1,351	22,702	954
Commercial	2,608		2,604	128	2,619	13	6,101	5,972	135	6,098	66
Total	28,769		24,927	1,327	25,025	268	32,392	28,459	1,486	28,800	1,020
Commercial loans	47,788		41,028	3,152	43,489	198	26,293	21,223	1,134	22,746	603
Consumer loans	2,870		2,316	69	2,363	33	2,911	2,359	70	2,499	133
Total impaired loans	$	79,427	68,271	4,548	70,877	499	61,596	52,041	2,690	54,045	1,756

Summary of Loans Receivable by Credit Quality Risk Rating Indicator

Loans receivable by credit quality risk rating indicator, excluding PCI loans, are as follows (in thousands):



	At March 31, 2018
	Residential		Commercial mortgage	Multi- family	Construction	Total mortgages	Commercial	Consumer	Total loans
Special mention	$	6,694	16,334	351	—	23,379	14,204	648	38,231
Substandard	8,343		22,582	238	—	31,163	65,241	1,971	98,375
Doubtful	—		—	—	—	—	428	—	428
Loss	—		—	—	—	—	—	—	—
Total classified and criticized	15,037		38,916	589	—	54,542	79,873	2,619	137,034
Acceptable/Watch	1,112,707		2,146,191	1,423,245	370,999	5,053,142	1,645,907	458,122	7,157,171
Total	$	1,127,744	2,185,107	1,423,834	370,999	5,107,684	1,725,780	460,741	7,294,205


	At December 31, 2017
	Residential		Commercial mortgage	Multi- family	Construction	Total mortgages	Commercial	Consumer	Total loans
Special mention	$	4,325	19,172	15	—	23,512	20,738	486	44,736
Substandard	8,105		25,069	—	—	33,174	29,734	2,491	65,399
Doubtful	—		—	—	—	—	428	—	428
Loss	—		—	—	—	—	—	—	—
Total classified and criticized	12,430		44,241	15	—	56,686	50,900	2,977	110,563
Acceptable/Watch	1,129,917		2,126,815	1,403,870	392,580	5,053,182	1,694,238	470,980	7,218,400
Total	$	1,142,347	2,171,056	1,403,885	392,580	5,109,868	1,745,138	473,957	7,328,963