Note 5 - Loans

9 Months Ended

Sep. 30, 2014

Receivables [Abstract]

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

5. Loans

Loans are reported at their principal outstanding balance net of any unearned income, charge-offs, deferred loan fees and costs on originated loans and unamortized premiums or discounts on purchased loans. Interest on loans is recognized on the accrual basis. The accrual of income on loans is generally discontinued when certain factors, such as contractual delinquency of 90 days or more, indicate reasonable doubt as to the timely collectability of such income. Uncollected interest previously recognized on non-accrual loans is reversed from interest income at the time the loan is placed on non-accrual status. A non-accrual loan can be returned to accrual status when contractual delinquency returns to less than 90 days delinquent. Subsequent cash payments received on non-accrual loans that do not bring the loan to less than 90 days delinquent are recorded on a cash basis. Subsequent cash payments can also be applied first as a reduction of principal until all principal is recovered and then subsequently to interest, if in management’s opinion, it is evident that recovery of all principal due is unlikely to occur. Loan fees and certain loan origination costs are deferred. Net loan origination costs and premiums or discounts on loans purchased are amortized into interest income over the contractual life of the loans using the level-yield method. Prepayment penalties received on loans which pay in full prior to their scheduled maturity are included in interest income in the period they are collected.

The Company maintains an allowance for loan losses at an amount, which, in management’s judgment, is adequate to absorb probable estimated losses inherent in the loan portfolio. Management’s judgment in determining the adequacy of the allowance is based on evaluations of the collectability of loans. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revisions as more information becomes available. The allowance is established through a provision (benefit) for loan losses based on management’s evaluation of the risk inherent in the various components of the loan portfolio and other factors, including historical loan loss experience (which is updated quarterly), current economic conditions, delinquency and non-accrual trends, classified loan levels, risk in the portfolio and volumes and trends in loan types, recent trends in charge-offs, changes in underwriting standards, experience, ability and depth of the Company’s lenders, collection policies and experience, internal loan review function and other external factors. Additionally, the Company segregated our loans into two portfolios based on year of origination. One portfolio was reviewed for loans originated after December 31, 2009 and a second portfolio for loans originated prior to January 1, 2010. Our decision to segregate the portfolio based upon origination dates was based on changes made in our underwriting standards during 2009. By the end of 2009, all loans were being underwritten based on revised and tightened underwriting standards. Loans originated prior to 2010 have a higher delinquency rate and loss history. Each of the years in the portfolio for loans originated prior to 2010 have a similar delinquency rate. The determination of the amount of the allowance for loan losses includes estimates that are susceptible to significant changes due to changes in appraisal values of collateral, national and local economic conditions and other factors. We review our loan portfolio by separate categories with similar risk and collateral characteristics. Impaired loans are segregated and reviewed separately. All non-accrual loans are classified as impaired loans. The Company’s Board of Directors reviews and approves management’s evaluation of the adequacy of the allowance for loan losses on a quarterly basis.

The allowance for loan losses is established through charges to earnings in the form of a provision (benefit) for loan losses. Increases and decreases in the allowance other than charge-offs and recoveries are included in the provision (benefit) for loan losses. When a loan or a portion of a loan is determined to be uncollectible, the portion deemed uncollectible is charged against the allowance, and subsequent recoveries, if any, are credited to the allowance.

The Company recognizes a loan as non-performing when the borrower has demonstrated the inability to bring the loan current, or due to other circumstances which, in management’s opinion, indicate the borrower will be unable to bring the loan current within a reasonable time. All loans classified as non-performing, which includes all loans past due 90 days or more, are classified as non-accrual unless there is, in our opinion, compelling evidence the borrower will bring the loan current in the immediate future. Appraisals are obtained and/or updated internal evaluations are prepared as soon as practical, and before the loan becomes 90 days delinquent. The loan balances of collateral dependent impaired loans are compared to the property’s updated fair value. The Company considers fair value of collateral dependent loans to be 85% of the appraised or internally estimated value of the property. The balance which exceeds fair value is generally charged-off.

A loan is considered impaired when, based upon current information, the Company believes it is probable that it will be unable to collect all amounts due, both principal and interest, in accordance with the original terms of the loan. Impaired loans are measured based on the present value of the expected future cash flows discounted at the loan’s effective interest rate or at the loan’s observable market price or, as a practical expedient, the fair value of the collateral if the loan is collateral dependent. Interest income on impaired loans is recorded on the cash basis. The Company’s management considers all non-accrual loans impaired.

The Company reviews each impaired loan on an individual basis to determine if either a charge-off or a valuation allowance needs to be allocated to the loan. The Company does not charge-off or allocate a valuation allowance to loans for which management has concluded the current value of the underlying collateral will allow for recovery of the loan balance either through the sale of the loan or by foreclosure and sale of the property.

The Company evaluates the underlying collateral through a third party appraisal, or when a third party appraisal is not available, the Company will use an internal evaluation. The internal evaluations are prepared using an income approach or a sales approach. The income approach is used for income producing properties and uses current revenues less operating expenses to determine the net cash flow of the property. Once the net cash flow is determined, the value of the property is calculated using an appropriate capitalization rate for the property. The sales approach uses comparable sales prices in the market. When an internal evaluation is used, we place greater reliance on the income approach to value the collateral.

In preparing internal evaluations of property values, the Company seeks to obtain current data on the subject property from various sources, including: (1) the borrower; (2) copies of existing leases; (3) local real estate brokers and appraisers; (4) public records (such as for real estate taxes and water and sewer charges); (5) comparable sales and rental data in the market; (6) an inspection of the property and (7) interviews with tenants. These internal evaluations primarily focus on the income approach and comparable sales data to value the property.

As of September 30, 2014, we utilized recent third party appraisals of the collateral to measure impairment for $35.9 million, or 70.8%, of collateral dependent impaired loans, and used internal evaluations of the property’s value for $14.8 million, or 29.2%, of collateral dependent impaired loans.

The Company may restructure a loan to enable a borrower experiencing financial difficulties to continue making payments when it is deemed to be in the Company’s best long-term interest. This restructure may include reducing the interest rate or amount of the monthly payment for a specified period of time, after which the interest rate and repayment terms revert to the original terms of the loan. We classify these loans as Troubled Debt Restructured (“TDR”).

These restructurings have not included a reduction of principal balance. The Company believes that restructuring these loans in this manner will allow certain borrowers to become and remain current on their loans. Restructured loans are classified as a TDR when the Bank grants a concession to a borrower who is experiencing financial difficulties. All loans classified as TDR are considered impaired, however TDR loans which have been current for six consecutive months at the time they are restructured as TDR remain on accrual status and are not included as part of non-performing loans. Loans which were delinquent at the time they are restructured as a TDR are placed on non-accrual status and reported as non-performing loans until they have made timely payments for six consecutive months. Loans that are restructured as TDR but are not performing in accordance with the restructured terms are placed on non-accrual status and reported as non-performing loans.

The allocation of a portion of the allowance for loan losses for a performing TDR loan is based upon the present value of the future expected cash flows discounted at the loan’s original effective rate, or for a non-performing TDR which is collateral dependent, the fair value of the collateral. At September 30, 2014, there were no commitments to lend additional funds to borrowers whose loans were modified to a TDR. The modification of loans to a TDR did not have a significant effect on our operating results, nor did it require a significant allocation of the allowance for loan losses.

The Bank did not modify and classify any loans as TDR during the nine months ended September 30, 2014.

The following table shows loans modified and classified as TDR during the nine months ended September 30, 2013:

	For the nine months ended September 30, 2013
(Dollars in thousands)	Number		Balance		Modification description
Multi-family residential		1	$	413		Received a below market interest rate and the loan amortization was extended
Commercial real estate		2		761		Received a below market interest rate and the loan amortization was extended
One-to-four family - mixed-use property		1		390		Received a below market interest rate and the loan amortization was extended
Commercial business and other		1		615		Received a below market interest rate and the loan term was extended
Total		5	$	2,179

 The recorded investment of each of the loans modified and classified as TDR, presented in the table above, was unchanged as there was no principal forgiven in any of these modifications.

The following table shows our recorded investment for loans classified as TDR that are performing according to their restructured terms at the periods indicated:

	September 30, 2014				December 31, 2013
(Dollars in thousands)	Number of contracts		Recorded investment		Number of contracts		Recorded investment
Multi-family residential		10	$	3,050		10	$	3,087
Commercial real estate		4		3,635		4		3,686
One-to-four family - mixed-use property		7		2,393		8		2,692
One-to-four family - residential		1		357		1		364
Construction		-		-		1		746
Commercial business and other		3		1,035		4		3,127
Total performing troubled debt restructured		25	$	10,470		28	$	13,702

During the nine months ended September 30, 2014, three TDR loans totaling $2.7 million were transferred to non-performing status, which resulted in these loans being included in non-performing loans. Two of these loans were paid subsequent to being transferred to non-performing loans and prior to the end of the second quarter of 2014.

The following table shows our recorded investment for loans classified as TDR that are not performing according to their restructured terms at the periods indicated:

	September 30, 2014				December 31, 2013
(Dollars in thousands)	Number of contracts		Recorded investment		Number of contracts		Recorded investment
Commercial real estate		1	$	2,186		1	$	2,332
One-to-four family - mixed-use property		1		187		-		-
Total troubled debt restructurings that subsequently defaulted		2	$	2,373		1	$	2,332

The following table shows our non-performing loans at the periods indicated:

(In thousands)	September 30, 2014		December 31, 2013
Loans 90 days or more past due and still accruing:
Multi-family residential	$	97	$	52
Commercial real estate		264		-
One-to-four family - mixed-use property		421		-
One-to-four family - residential		14		15
Commercial Business and other		351		539
Total		1,147		606
Non-accrual mortgage loans:
Multi-family residential (1)		7,287		13,297
Commercial real estate		5,972		9,962
One-to-four family - mixed-use property		9,083		9,063
One-to-four family - residential		11,022		13,250
Co-operative apartments		-		57
Total		33,364		45,629
Non-accrual non-mortgage loans:
Commercial Business and other		1,155		2,348
Total		1,155		2,348
Total non-accrual loans		34,519		47,977
Total non-accrual loans and loans ninety days or more past due and still accruing	$	35,666	$	48,583

(1) The table above does not include non-performing Loans held for sale $0.4 million at December 31, 2013, respectively.

The following is a summary of interest foregone on non-accrual loans and loans classified as TDR for the periods indicated:

	For the three months ended September 30,				For the nine months ended September 30,
	2014		2013		2014		2013
	(In thousands)
Interest income that would have been recognized had the loans performed in accordance with their original terms	$	841	$	1,507	$	2,523	$	4,520
Less:  Interest income included in the results of operations		153		225		572		959
Total foregone interest	$	688	$	1,282	$	1,951	$	3,561

The following table shows an age analysis of our recorded investment in loans at September 30, 2014:

(in thousands)	30 - 59 Days Past Due		60 - 89 Days Past Due		Greater than 90 Days		Total Past Due		Current		Total Loans
Multi-family residential	$	11,095	$	2,728	$	7,287	$	21,110	$	1,784,940	$	1,806,050
Commercial real estate		7,978		936		5,972		14,886		551,093		565,979
One-to-four family - mixed-use property		13,731		2,835		9,084		25,650		551,391		577,041
One-to-four family - residential		3,081		1,568		10,814		15,463		176,238		191,701
Co-operative apartments		-		-		-		-		9,779		9,779
Construction loans		-		-		-		-		5,121		5,121
Small Business Administration		96		-		-		96		7,440		7,536
Taxi medallion		-		-		-		-		22,667		22,667
Commercial business and other		4		91		309		404		448,521		448,925
Total	$	35,985	$	8,158	$	33,466	$	77,609	$	3,557,190	$	3,634,799

The following table shows an age analysis of our recorded investment in loans at December 31, 2013:

(in thousands)	30 - 59 Days Past Due		60 - 89 Days Past Due		Greater than 90 Days		Total Past Due		Current		Total Loans
Multi-family residential	$	14,101	$	2,554	$	13,297	$	29,952	$	1,682,087	$	1,712,039
Commercial real estate		5,029		523		9,962		15,514		497,038		512,552
One-to-four family - mixed-use property		14,017		1,099		9,063		24,179		571,572		595,751
One-to-four family - residential		3,828		518		12,953		17,299		176,427		193,726
Co-operative apartments		99		-		144		243		9,894		10,137
Construction loans		-		-		-		-		4,247		4,247
Small Business Administration		106		-		-		106		7,686		7,792
Taxi medallion		-		-		-		-		13,123		13,123
Commercial business and other		187		2		1,213		1,402		372,239		373,641
Total	$	37,367	$	4,696	$	46,632	$	88,695	$	3,334,313	$	3,423,008

The following table shows the activity in the allowance for loan losses for the three months ended September 30, 2014:

(in thousands)	Multi-family residential			Commercial real estate			One-to-four family - mixed-use property			One-to-four family - residential			Co-operative apartments		Construction loans		Small Business Administration			Taxi medallion			Commercial business and other			Total
Allowance for credit losses:
Beginning balance	$	10,750		$	5,327		$	6,993		$	1,790		$	-	$	34	$	373		$	14		$	3,954		$	29,235
Charge-off's		(412	)		(221	)		(47	)		(18	)		-		-		-			-			(5	)		(703	)
Recoveries		3			99			196			104			-		-		15			-			13			430
Provision		(197	)		(219	)		(472	)		(102	)		-		7		(37	)		(3	)		405			(618	)
Ending balance	$	10,144		$	4,986		$	6,670		$	1,774		$	-	$	41	$	351		$	11		$	4,367		$	28,344
Ending balance: individually evaluated for impairment	$	292		$	23		$	591		$	55		$	-	$	-	$	-		$	-		$	168		$	1,129
Ending balance: collectively evaluated for impairment	$	9,852		$	4,963		$	6,079		$	1,719		$	-	$	41	$	351		$	11		$	4,199		$	27,215
Financing Receivables:
Ending balance	$	1,806,050		$	565,979		$	577,041		$	191,701		$	9,779	$	5,121	$	7,536		$	22,667		$	448,925		$	3,634,799
Ending balance: individually evaluated for impairment	$	13,643		$	12,525		$	16,516		$	12,874		$	-	$	-	$	-		$	-		$	6,787		$	62,345
Ending balance: collectively evaluated for impairment	$	1,792,407		$	553,454		$	560,525		$	178,827		$	9,779	$	5,121	$	7,536		$	22,667		$	442,138		$	3,572,454

The following table shows the activity in the allowance for loan losses for the three months ended September 30, 2013:

(in thousands)	Multi-family residential			Commercial real estate			One-to-four family - mixed-use property			One-to-four family - residential			Co-operative apartments		Construction loans			Small Business Administration			Taxi medallion			Commercial business and other			Total
Allowance for credit losses:
Beginning balance	$	12,958		$	5,884		$	6,434		$	2,099		$	99	$	196		$	497		$	4		$	4,184		$	32,355
Charge-off's		(710	)		(171	)		(645	)		(4	)		-		(2,374	)		(89	)		-			(1,193	)		(5,186	)
Recoveries		90			-			58			11			-		-			17			-			36			212
Provision		(561	)		(603	)		76			(152	)		-		2,443			71			(4	)		2,165			3,435
Ending balance	$	11,777		$	5,110		$	5,923		$	1,954		$	99	$	265		$	496		$	-		$	5,192		$	30,816
Ending balance: individually evaluated for impairment	$	265		$	270		$	649		$	59		$	-	$	17		$	-		$	-		$	166		$	1,426
Ending balance: collectively evaluated for impairment	$	11,512		$	4,840		$	5,274		$	1,895		$	99	$	248		$	496		$	-		$	5,026		$	29,390
Financing Receivables:
Ending balance	$	1,684,277		$	516,314		$	595,435		$	196,659		$	10,165	$	4,645		$	8,003		$	5,088		$	364,069		$	3,384,655
Ending balance: individually evaluated for impairment	$	26,068		$	24,738		$	16,980		$	15,120		$	164	$	2,341		$	-		$	-		$	5,110		$	90,521
Ending balance: collectively evaluated for impairment	$	1,658,209		$	491,576		$	578,455		$	181,539		$	10,001	$	2,304		$	8,003		$	5,088		$	358,959		$	3,294,134

The following table shows the activity in the allowance for loan losses for the nine months ended September 30, 2014:

(in thousands)	Multi-family residential			Commercial real estate			One-to-four family - mixed-use property			One-to-four family - residential			Co-operative apartments			Construction loans			Small Business Administration			Taxi medallion		Commercial business and other			Total
Allowance for credit losses:
Beginning balance	$	12,084		$	4,959		$	6,328		$	2,079		$	104		$	444		$	458		$	-	$	5,320		$	31,776
Charge-off's		(1,086	)		(307	)		(305	)		(97	)		-			-			(49	)		-		(130	)		(1,974	)
Recoveries		144			481			331			269			7			-			76			-		63			1,371
Provision		(998	)		(147	)		316			(477	)		(111	)		(403	)		(134	)		11		(886	)		(2,829	)
Ending balance	$	10,144		$	4,986		$	6,670		$	1,774		$	-		$	41		$	351		$	11	$	4,367		$	28,344
Ending balance: individually evaluated for impairment	$	292		$	23		$	591		$	55		$	-		$	-		$	-		$	-	$	168		$	1,129
Ending balance: collectively evaluated for impairment	$	9,852		$	4,963		$	6,079		$	1,719		$	-		$	41		$	351		$	11	$	4,199		$	27,215
Financing Receivables:
Ending balance	$	1,806,050		$	565,979		$	577,041		$	191,701		$	9,779		$	5,121		$	7,536		$	22,667	$	448,925		$	3,634,799
Ending balance: individually evaluated for impairment	$	13,643		$	12,525		$	16,516		$	12,874		$	-		$	-		$	-		$	-	$	6,787		$	62,345
Ending balance: collectively evaluated for impairment	$	1,792,407		$	553,454		$	560,525		$	178,827		$	9,779		$	5,121		$	7,536		$	22,667	$	442,138		$	3,572,454

The following table shows the activity in the allowance for loan losses for the nine months ended September 30, 2013:

(in thousands)	Multi-family residential			Commercial real estate			One-to-four family - mixed-use property			One-to-four family - residential			Co-operative apartments			Construction loans			Small Business Administration			Taxi medallion			Commercial business and other			Total
Allowance for credit losses:
Beginning balance	$	13,001		$	5,705		$	5,960		$	1,999		$	46		$	66		$	505		$	7		$	3,815		$	31,104
Charge-off's		(3,459	)		(905	)		(3,780	)		(695	)		(74	)		(2,678	)		(426	)		-			(2,057	)		(14,074	)
Recoveries		155			293			169			117			4			-			77			-			36			851
Provision		2,080			17			3,574			533			123			2,877			340			(7	)		3,398			12,935
Ending balance	$	11,777		$	5,110		$	5,923		$	1,954		$	99		$	265		$	496		$	-		$	5,192		$	30,816
Ending balance: individually evaluated for impairment	$	265		$	270		$	649		$	59		$	-		$	17		$	-		$	-		$	166		$	1,426
Ending balance: collectively evaluated for impairment	$	11,512		$	4,840		$	5,274		$	1,895		$	99		$	248		$	496		$	-		$	5,026		$	29,390
Financing Receivables:
Ending balance	$	1,684,277		$	516,314		$	595,435		$	196,659		$	10,165		$	4,645		$	8,003		$	5,088		$	364,069		$	3,384,655
Ending balance: individually evaluated for impairment	$	26,068		$	24,738		$	16,980		$	15,120		$	164		$	2,341		$	-		$	-		$	5,110		$	90,521
Ending balance: collectively evaluated for impairment	$	1,658,209		$	491,576		$	578,455		$	181,539		$	10,001		$	2,304		$	8,003		$	5,088		$	358,959		$	3,294,134

The following table shows our recorded investment, unpaid principal balance and allocated allowance for loan losses, average recorded investment and interest income recognized for loans that were considered impaired at or for the nine month period ended September 30, 2014:

	Recorded Investment		Unpaid Principal Balance		Related Allowance		Average Recorded Investment		Interest Income Recognized
	(In thousands)
With no related allowance recorded:
Mortgage loans:
Multi-family residential	$	10,851	$	12,307	$	-	$	15,397	$	150
Commercial real estate		10,145		10,447		-		12,739		231
One-to-four family mixed-use property		13,406		15,118		-		13,126		208
One-to-four family residential		12,517		15,403		-		13,081		75
Co-operative apartments		-		-		-		-		-
Construction		-		-		-		380		-
Non-mortgage loans:
Small Business Administration		-		-		-		-		-
Taxi Medallion		-		-		-		-		-
Commercial Business and other		4,026		5,615		-		4,987		140
Total loans with no related allowance recorded		50,945		58,890		-		59,710		804
With an allowance recorded:
Mortgage loans:
Multi-family residential		2,792		2,792		292		2,988		112
Commercial real estate		2,380		2,380		23		3,532		125
One-to-four family mixed-use property		3,110		3,110		591		3,300		128
One-to-four family residential		357		357		55		359		11
Co-operative apartments		-		-		-		-		-
Construction		-		-		-		249		-
Non-mortgage loans:
Small Business Administration		-		-		-		-		-
Taxi Medallion		-		-		-		-		-
Commercial Business and other		2,761		2,761		168		3,294		113
Total loans with an allowance recorded		11,400		11,400		1,129		13,722		489
Total Impaired Loans:
Total mortgage loans	$	55,558	$	61,914	$	961	$	65,151	$	1,040
Total non-mortgage loans	$	6,787	$	8,376	$	168	$	8,281	$	253

The following table shows our recorded investment, unpaid principal balance and allocated allowance for loan losses, average recorded investment and interest income recognized for loans that were considered impaired at or for the year ended December 31, 2013:

	Recorded Investment		Unpaid Principal Balance		Related Allowance		Average Recorded Investment		Interest Income Recognized
	(In thousands)
With no related allowance recorded:
Mortgage loans:
Multi-family residential	$	18,709	$	20,931	$	-	$	22,091	$	402
Commercial real estate		16,721		17,405		-		19,846		266
One-to-four family mixed-use property		12,748		15,256		-		13,916		319
One-to-four family residential		14,026		17,527		-		14,529		125
Co-operative apartments		59		147		-		189		-
Construction		-		118		-		4,014		-
Non-mortgage loans:
Small Business Administration		-		-		-		247		-
Taxi Medallion		-		-		-		-		-
Commercial Business and other		3,225		5,527		-		5,309		268
Total loans with no related allowance recorded		65,488		76,911		-		80,141		1,380
With an allowance recorded:
Mortgage loans:
Multi-family residential		3,048		3,049		312		2,892		170
Commercial real estate		3,036		3,102		164		6,388		194
One-to-four family mixed-use property		4,191		4,221		875		4,041		228
One-to-four family residential		364		364		58		368		15
Co-operative apartments		-		-		-		-		-
Construction		746		746		17		1,929		18
Non-mortgage loans:
Small Business Administration		-		-		-		-		-
Taxi Medallion		-		-		-		-		-
Commercial Business and other		4,895		4,894		222		4,354		239
Total loans with an allowance recorded		16,280		16,376		1,648		19,972		864
Total Impaired Loans:
Total mortgage loans	$	73,648	$	82,866	$	1,426	$	90,203	$	1,737
Total non-mortgage loans	$	8,120	$	10,421	$	222	$	9,910	$	507

In accordance with our policy and the current regulatory guidelines, we designate loans as “Special Mention,” which are considered “Criticized Loans,” and “Substandard,” “Doubtful,” or “Loss,” which are considered “Classified Loans”. If a loan does not fall within one of the previous mentioned categories then the loan would be considered “Pass.” These loan designations are updated quarterly. We designate a loan as Substandard when a well-defined weakness is identified that jeopardizes the orderly liquidation of the debt. We designate a loan Doubtful when it displays the inherent weakness of a Substandard loan with the added provision that collection of the debt in full, on the basis of existing facts, is highly improbable. We designate a loan as Loss if it is deemed the debtor is incapable of repayment. The Company does not hold any loans designated as Loss, as loans that are designated as Loss are charged to the Allowance for Loan Losses. Loans that are non-accrual are designated as Substandard or Doubtful. We designate a loan as Special Mention if the asset does not warrant classification within one of the other classifications, but does contain a potential weakness that deserves closer attention.

The following table sets forth the recorded investment in loans designated as Criticized or Classified at September 30, 2014:

(In thousands)	Special Mention		Substandard		Doubtful		Loss		Total
Multi-family residential	$	7,998	$	9,443	$	1,150	$	-	$	18,591
Commercial real estate		9,288		10,145		-		-		19,433
One-to-four family - mixed-use property		6,326		13,883		-		-		20,209
One-to-four family - residential		2,741		12,758		-		-		15,499
Co-operative apartments		-		-		-		-		-
Construction loans		-		-		-		-		-
Small Business Administration		294		-		-		-		294
Commercial business and other		154		4,994		50		-		5,198
Total loans	$	26,801	$	51,223	$	1,200	$	-	$	79,224

The following table sets forth the recorded investment in loans designated as Criticized or Classified at December 31, 2013:

(In thousands)	Special Mention		Substandard		Doubtful		Loss		Total
Multi-family residential	$	9,940	$	19,089	$	-	$	-	$	29,029
Commercial real estate		13,503		16,820		-		-		30,323
One-to-four family - mixed-use property		7,992		14,898		-		-		22,890
One-to-four family - residential		2,848		14,026		-		-		16,874
Co-operative apartments		-		59		-		-		59
Construction loans		746		-		-		-		746
Small Business Administration		310		-		-		-		310
Commercial business and other		7,314		8,450		50		-		15,814
Total loans	$	42,653	$	73,342	$	50	$	-	$	116,045

Commitments to extend credit (principally real estate mortgage loans) and lines of credit (principally home equity lines of credit and business lines of credit) amounted to $94.2 million and $180.1 million, respectively, at September 30, 2014.