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

September 30, 2022

December 31, 2021

(In Thousands)

Residential one-to-four family

$

242,238

$

224,534 

Commercial and multi-family

2,164,320

1,720,174 

Construction

153,103

153,904 

Commercial business(1)

205,661

191,139 

Home equity(2)

56,064

50,469 

Consumer

2,545

3,717 

2,823,931

2,343,937 

Less:

Deferred loan fees, net

(3,721)

(1,876)

Allowance for loan losses

(33,195)

(37,119)

Total Loans, net

$

2,787,015

$

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

Residential

Commercial & Multi-family

Construction

Commercial Business (1)

Home Equity (2)

Consumer

Unallocated

Total

Allowance for loan losses:

Beginning Balance, July 1, 2022

$

2,565

$

21,157

$

2,348

$

7,639

$

387

$

17

-

$

34,113

Charge-offs:

-

-

-

(931)

 

-

-

(931)

Recoveries:

7

-

-

2

4

-

-

13

(Credit) Provisions:

(374)

390

96

(993)

75

3

803

-

Ending Balance, September 30, 2022

2,198

21,547

2,444

5,717

466

20

803

33,195

Ending Balance attributable to loans:

Individually evaluated for impairment

204

-

519

3,509

6

-

-

4,238

Collectively evaluated for impairment

1,994

21,547

1,925

2,208

460

20

803

28,957

Ending Balance, September 30, 2022

2,198

21,547

2,444

5,717

466

20

803

33,195

Loans Receivables:

Individually evaluated for impairment

4,914

27,090

3,180

4,607

733

-

-

40,524

Collectively evaluated for impairment

237,324

2,137,230

149,923

201,054

55,331

2,545

-

2,783,407

Total Gross Loans:

$

242,238

$

2,164,320

$

153,103

$

205,661

$

56,064

$

2,545

$

-

$

2,823,931

(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:

-

-

-

(1,703)

-

-

-

(1,703)

Recoveries:

9

-

-

138

9

198

-

354

(Credit) Provisions:

(1,905)

(518)

213

(718)

(76)

(192)

621

(2,575)

Ending Balance, September 30, 2022

$

2,198

$

21,547

$

2,444

$

5,717

$

466

$

20

$

803

$

33,195

_____________________________

(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 nine months ended September 30, 2021, and the related portion of the allowances for loan losses that is allocated to each loan class, as of September 30, 2021 (in thousands): 

Residential

Commercial & Multi-family

Construction

Commercial Business (1)

Home Equity (2)

Consumer

Unallocated

Total

Allowance for loan losses:

Beginning Balance, July 1, 2021

$

2,911

$

24,438

$

2,341

$

6,852

$

294

-

$

3

$

633

$

37,472

Charge-offs:

-

-

-

-

-

-

-

-

Recovery:

-

-

-

1 

3 

-

-

4 

(Credit) Provisions:

(75)

370

(307)

879

19

20

(226)

680

Ending Balance September 30, 2021

$

2,836

$

24,808

$

2,034

$

7,732

$

316

$

23

$

407

$

38,156

Ending Balance attributable to loans:

Individually evaluated for impairment

$

276

$

1,469

$

150 

$

5,770

$

16

$

-

$

-

$

7,681

Collectively evaluated for impairment

2,560

23,339

1,884

1,962

300

23

407

30,475

Ending Balance September 30, 2021

$

2,836

$

24,808

$

2,034

$

7,732

$

316

$

23

$

407

$

38,156

Loans Receivables:

Individually evaluated for impairment

$

5,104

$

39,356

$

2,787 

$

10,343

$

1,273

$

-

$

-

$

58,863

Collectively evaluated for impairment

219,226

1,700,620

146,289

151,073

50,836

2,730

-

2,270,774

Total Gross Loans:

$

224,330

$

1,739,976

$

149,076

$

161,416

$

52,109

$

2,730

$

-

$

2,329,637

_____________________________

(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 

-

-

2

-

9

-

38

(Credit) Provisions:

(424)

3,036

57

1,527

30

212

402

4,840

Ending Balance, September 30, 2021

$

2,836

$

24,808

$

2,034

$

7,732

$

316

$

23

$

407

$

38,156

_____________________________

(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 nine months ended September 30, 2022 and 2021 (in thousands):

Three Months Ended September 30,

Nine Months Ended September 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

$

2,862

$

36

$

3,050

$

37 

$

2,881

$

109

$

2,973

$

108

Commercial and Multi-family

27,360

315

29,742

271

25,415

901

30,614

830

Construction

-

-

-

-

-

-

929 

36 

Commercial business(1)

828

3

2,465

65

1,149

73

3,143

104

Home equity(2)

488

7

938

12 

474

17

1,048

35

Consumer

-

-

-

-

-

-

-

-

Total Impaired Loans with no allowance recorded:

$

31,538

$

361

$

36,195

$

385

$

29,919

$

1,100

$

38,707

$

1,113

-

-

Loans with an allowance recorded:

Residential one-to-four family

$

1,989

24

$

2,110

$

66

$

1,964

$

61

$

2,302

$

165

Commercial and Multi-family

 

-

10,942

100

1,125

266

11,204

331

Construction

3,112

-

2,787

3 

3,059

22

1,858

6

Commercial business(1)

4,567

-

8,197

24 

4,953

65

8,388

141

Home equity(2)

264

-

340

-

276

5

368

2 

Consumer

-

-

-

-

-

-

-

-

Total Impaired Loans with an allowance recorded:

$

9,932

$

24

$

24,376

$

193

$

11,377

$

419

$

24,120

$

645

-

-

Total Impaired Loans:

$

41,470

$

385

$

60,571

$

578

$

41,296

$

1,519

$

62,827

$

1,758

__________

(1)Includes business lines of credit.

(2)Includes home equity lines of credit.

The following table summarizes the recorded investment by portfolio class at September 30, 2022 and December 31, 2021. (in thousands):

As of September 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

$

2,845

$

3,209

$

-

$

2,950 

$

3,300 

$

-

Commercial and multi-family

27,090

28,266

-

20,915 

22,100 

-

Construction

-

-

-

-

-

-

Commercial business(1)

947

4,910

-

2,114 

6,905 

-

Home equity(2)

504

504

-

779 

780 

-

Total Impaired Loans with no related allowance recorded:

$

31,386

$

36,889

$

-

$

26,758 

$

33,085 

$

-

Loans with an allowance recorded:

Residential one-to-four family

$

2,069

$

2,090

$

204

$

2,011 

$

2,032 

$

265 

Commercial and Multi-family

-

-

-

10,830 

14,494 

1,690 

Construction

3,180

3,180

519

2,847 

2,847 

210 

Commercial business(1)

3,660

8,519

3,509

6,632 

17,514 

5,650 

Home equity(2)

229

229

6

304 

304 

13 

Total Impaired Loans with an allowance recorded:

$

9,138

$

14,018

$

4,238

$

22,624 

$

37,191 

$

7,828 

Total Impaired Loans:

$

40,524

$

50,907

$

4,238

$

49,382 

$

70,276 

$

7,828 

__________

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

At September 30, 2022

At December 31, 2021

(In thousands)

Recorded investment in TDRs:

Accrual status

$

10,503

$

12,402

Non-accrual status

483

3,570

Total recorded investment in TDRs

$

10,986

$

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

$

615

$

187

$

230

$

1,032

$

241,206

$

242,238

$

230

Commercial and multi-family

2,245

356

757

3,358

2,160,962

2,164,320

-

Construction

-

-

3,180

3,180

149,923

153,103

-

Commercial business(1)

885

47

1,578

2,510

203,151

205,661

-

Home equity(2)

199

-

-

199

55,865

56,064

-

Consumer

 

-

-

-

2,545

2,545

-

Total

$

3,944

$

590

$

5,745

$

10,279

$

2,813,652

$

2,823,931

$

230

_________

(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 September 30, 2022

As of December 31, 2021

(In Thousands)

(In Thousands)

Non-Accruing Loans:

Residential one-to-four family

$

263

$

282

Commercial and multi-family

757

8,601

Construction

3,180

2,847

Commercial business(1)

4,305

3,132

Home equity(2)

-

27

Total

$

8,505

$

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 September 30, 2022 (in thousands). As of September 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

$

241,324

$

485

$

429

$

242,238

Commercial and multi-family

2,122,215

20,064

22,041

2,164,320

Construction

149,923

-

3,180

153,103

Commercial business(1)

196,583

4,760

4,318

205,661

Home equity(2)

55,803

49

212

56,064

Consumer

2,545

-

-

2,545

Total Gross Loans

$

2,768,393

$

25,358

$

30,180

$

2,823,931

_________

(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.