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Loans Receivable and Allowance for Credit Losses on Loans (Tables)
 3 Months Ended
Mar. 31, 2020
Receivables [Abstract]  
Schedule of Summarized Loans Receivable
Loans receivable at March 31, 2020 and December 31, 2019 are summarized as follows (in thousands):
March 31, 2020December 31, 2019
Mortgage loans:
Residential$1,106,670  1,077,689  
Commercial2,555,091  2,578,393  
Multi-family1,222,313  1,225,551  
Construction408,944  429,812  
Total mortgage loans5,293,018  5,311,445  
Commercial loans:
Commercial owner occupied935,669  853,269  
Commercial non-owner occupied719,780  732,277  
Other commercial loans48,220  49,213  
Total commercial loans1,703,669  1,634,759  
Consumer loans379,597  391,360  
Total gross loans7,376,284  7,337,564  
Purchased credit-deteriorated ("PCD") loans737  746  
Premiums on purchased loans2,300  2,474  
Unearned discounts(26) (26) 
Net deferred fees(7,251) (7,873) 
Total loans$7,372,044  7,332,885  
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 PCD loans (in thousands):
March 31, 2020
30-59 Days60-89 DaysNon-accrualRecorded
Investment
> 90 days
accruing		Total Past
Due 		CurrentTotal Loans
Receivable		Non-accrual loans with no related allowance
Mortgage loans:
Residential$6,240  4,075  6,145  —  16,460  1,090,210  1,106,670  1,522  
Commercial424  —  5,264  —  5,688  2,549,403  2,555,091  —  
Multi-family—  —  —  —  —  1,222,313  1,222,313  —  
Construction—  —  —  —  —  408,944  408,944  —  
Total mortgage loans6,664  4,075  11,409  —  22,148  5,270,870  5,293,018  1,522  
Commercial loans13,793  1  23,086  —  36,880  1,666,789  1,703,669  1,344  
Consumer loans1,707  661  844  —  3,212  376,385  379,597  664  
Total gross loans$22,164  4,737  35,339  —  62,240  7,314,044  7,376,284  3,530  
December 31, 2019
30-59 Days60-89 DaysNon-accrualRecorded
Investment
> 90 days
accruing		Total Past
Due 		CurrentTotal Loans ReceivableNon-accrual loans with no related allowance
Mortgage loans:
Residential$5,905  2,579  8,543  —  17,027  1,060,662  1,077,689  2,989  
Commercial—  —  5,270  —  5,270  2,573,123  2,578,393  —  
Multi-family—  —  —  —  —  1,225,551  1,225,551  —  
Construction—  —  —  —  —  429,812  429,812  —  
Total mortgage loans5,905  2,579  13,813  —  22,297  5,289,148  5,311,445  2,989  
Commercial loans2,383  95  25,160  —  27,638  1,607,121  1,634,759  3,238  
Consumer loans1,276  337  1,221  —  2,834  388,526  391,360  569  
Total gross loans$9,564  3,011  40,194  —  52,769  7,284,795  7,337,564  6,796  
Summary of Allowance for Loan Losses by Portfolio Segment and Impairment Classification
The activity in the allowance for credit losses by portfolio segment for the three months ended March 31, 2020 and 2019 was as follows (in thousands):
Three months ended March 31,Mortgage loansCommercial loansConsumer loansTotal Portfolio Segments
2020
Balance at beginning of period$25,511  28,263  1,751  55,525  
Retained earnings (due to initial CECL adoption)14,188  (9,974) 3,706  7,920  
Provision charged (credited) to operations7,710  7,619  (629) 14,700  
Recoveries of loans previously charged-off93  313  123  529  
Loans charged-off(2) (3,380) (149) (3,531) 
Balance at end of period$47,500  22,841  4,802  75,143  
2019
Balance at beginning of period$27,678  25,693  2,191  55,562  
Provision (credited) charged to operations(982) 1,282  (100) 200  
Recoveries of loans previously charged-off230  52  130  412  
Loans charged-off—  (676) (145) (821) 
Balance at end of period$26,926  26,351  2,076  55,353  
The allowance for credit losses is summarized by portfolio segment and impairment classification as follows (in thousands):
March 31, 2020
Mortgage
loans		Commercial loansConsumer loansTotal
Individually evaluated for impairment$1,590  4,073  36  5,699  
Collectively evaluated for impairment45,910  18,768  4,766  69,444  
Total gross loans$47,500  22,841  4,802  75,143  

December 31, 2019
Mortgage
loans		Commercial loansConsumer
loans		Total
Individually evaluated for impairment$1,580  3,462  25  5,067  
Collectively evaluated for impairment23,931  24,801  1,726  50,458  
Total gross loans$25,511  28,263  1,751  55,525  
Schedule of Impact of ASC 326
The following table illustrates the impact of the January 1, 2020 adoption of CECL on held to maturity debt securities (in thousands):
January 1, 2020
As reported under CECLPrior to CECLImpact of CECL adoption
Held to Maturity Debt Securities
Allowance for credit losses on corporate securities$6  —  6  
Allowance for credit losses on municipal securities64  —  64  
Allowance for credit losses on held to maturity securities$70  —  70  
The following table illustrates the impact of the January 1, 2020 adoption of CECL on the loan portfolio:
January 1, 2020
As reported under CECLPrior to CECLImpact of CECL adoption
Loans
Residential$8,950  3,411  5,539  
Commercial17,118  12,885  4,233  
Multi-family9,519  3,370  6,149  
Construction4,152  5,885  (1,733) 
Total mortgage loans39,739  25,551  14,188  
Commercial loans18,254  28,228  (9,974) 
Consumer loans5,452  1,746  3,706  
Allowance for credit losses on loans$63,445  55,525  7,920  
The following table illustrates the impact of the January 1, 2020 adoption of CECL on off-balance sheet credit exposures:
January 1, 2020
As reported under CECLPrior to CECLImpact of CECL adoption
Liabilities
Allowance for credit losses on off-balance sheet credit exposure$3,206  —  3,206  
Summary of Loans Receivable by Portfolio Segment and Impairment Method
The following tables summarize loans receivable by portfolio segment and impairment method at March 31, 2020 and December 31, 2019 (in thousands):
March 31, 2020
Mortgage
loans		Commercial
loans		Consumer
loans		Total Portfolio
Segments
Individually evaluated for impairment$39,592  24,026  2,114  65,732  
Collectively evaluated for impairment5,253,426  1,679,643  377,483  7,310,552  
Total gross loans$5,293,018  1,703,669  379,597  7,376,284  
December 31, 2019
Mortgage
loans		Commercial
loans		Consumer
loans		Total Portfolio
Segments
Individually evaluated for impairment$39,910  28,357  2,374  70,641  
Collectively evaluated for impairment5,271,535  1,606,402  388,986  7,266,923  
Total gross loans$5,311,445  1,634,759  391,360  7,337,564  
Schedule of Troubled Debt Restructuring
The following tables present the number of loans modified as TDRs during the three months ended March 31, 2020 and 2019, along with their balances immediately prior to the modification date and post-modification as of March 31, 2020 and 2019 (dollars in thousands):
For the three months ended
March 31, 2020March 31, 2019
Troubled Debt RestructuringsNumber of
Loans		Pre-Modification
Outstanding
Recorded 
Investment		Post-Modification
Outstanding
Recorded Investment		Number of
Loans		Pre-Modification
Outstanding
Recorded  Investment		Post-Modification
Outstanding
Recorded  Investment
($ in thousands)
Mortgage loans:
Commercial—  $—  —  1  $14,010  14,010  
Total mortgage loans—  —  —  1  14,010  14,010  
Commercial loans2  746  731  4  2,013  2,013  
Total restructured loans2  $746  $731  5  $16,023  $16,023  
Schedule of Troubled Debt Restructurings Subsequently Defaulted
The following table presents loans modified as TDRs within the previous 12 months from March 31, 2020 and 2019, and for which there was a payment default (90 days or more past due) at the quarter ended March 31, 2020 and 2019.
March 31, 2020March 31, 2019
Troubled Debt Restructurings Subsequently DefaultedNumber of LoansOutstanding Recorded InvestmentNumber of LoansOutstanding Recorded 
Investment
($ in thousands)
Commercial loans—  $—  3  $540  
Total restructured loans—  $—  3  $540  
Summary of Impaired Loans Receivable by Class
The following table presents loans individually evaluated for impairment by class and loan category, excluding PCD loans (in thousands):
March 31, 2020December 31, 2019
Unpaid Principal BalanceRecorded InvestmentRelated AllowanceAverage Recorded InvestmentInterest Income RecognizedUnpaid Principal BalanceRecorded InvestmentRelated AllowanceAverage Recorded InvestmentInterest Income Recognized
Loans with no related allowance
Mortgage loans:
Residential$12,644  10,187  —  10,257  118  13,478  10,739  —  10,910  533  
Commercial14,295  14,180  —  14,183  128  —  —  —  —  —  
Multi-family—  —  —  —  —  —  —  —  —  —  
Construction—  —  —  —  —  —  —  —  —  —  
Total26,939  24,367  —  24,440  246  13,478  10,739  —  10,910  533  
Commercial loans3,943  2,135  —  3,417  18  3,927  3,696  —  4,015  17  
Consumer loans1,661  1,128  —  1,139  17  2,086  1,517  —  1,491  86  
Total impaired loans$32,543  27,630  —  28,996  281  19,491  15,952  —  16,416  636  
Loans with an allowance recorded
Mortgage loans:
Residential$10,777  10,273  876  10,308  112  10,860  10,326  829  10,454  428  
Commercial4,828  4,828  694  4,832  14  18,845  18,845  751  18,862  569  
Multi-family182  124  20  124  —  —  —  —  —  —  
Construction—  —  —  —  —  —  —  —  —  —  
Total15,787  15,225  1,590  15,264  126  29,705  29,171  1,580  29,316  997  
Commercial loans24,763  21,891  4,073  24,152  104  27,762  24,661  3,462  27,527  444  
Consumer loans997  986  36  8,560  11  868  857  25  878  46  
Total impaired loans$41,547  38,102  5,699  47,976  241  58,335  54,689  5,067  57,721  1,487  
Total impaired loans
Mortgage loans:
Residential$23,421  20,460  876  20,565  230  24,338  21,065  829  21,364  961  
Commercial19,123  19,008  694  19,015  142  18,845  18,845  751  18,862  569  
Multi-family182  124  20  124  —  —  —  —  —  —  
Total42,726  39,592  1,590  39,704  372  43,183  39,910  1,580  40,226  1,530  
Commercial loans28,706  24,026  4,073  27,569  122  31,689  28,357  3,462  31,542  461  
Consumer loans2,658  2,114  36  9,699  28  2,954  2,374  25  2,369  132  
Total impaired loans$74,090  65,732  5,699  76,972  522  77,826  70,641  5,067  74,137  2,123  
Summary of Loans Receivable by Credit Quality Risk Rating Indicator
The following table summarizes the Company's gross loans held for investment by year of origination and internally assigned credit grades:
Total Portfolio as of March 31, 2020
ResidentialCommercial mortgageMulti-familyConstructionTotal
mortgages		CommercialConsumerTotal loans
Special mention$4,075  19,848  —  —  23,923  114,858  661  139,442  
Substandard9,050  12,722  124  6,181  28,077  51,689  1,032  80,798  
Doubtful—  —  —  —  —  732  —  732  
Loss—  —  —  —  —  —  —  —  
Total classified and criticized13,125  32,570  124  6,181  52,000  167,279  1,693  220,972  
Pass/Watch1,093,545  2,522,521  1,222,189  402,763  5,241,018  1,536,390  377,904  7,155,312  
Total gross loans$1,106,670  2,555,091  1,222,313  408,944  5,293,018  1,703,669  379,597  7,376,284  
2020
Special mention$—  —  —  —  —  —  —  —  
Substandard—  —  —  —  —  —  —  —  
Doubtful—  —  —  —  —  —  —  
Loss—  —  —  —  —  —  —  —  
Total classified and criticized—  —  —  —  —  —  —  —  
Pass/Watch67,775  99,722  34,785  2,005  204,287  59,721  8,587  272,595  
Total gross loans$67,775  99,722  34,785  2,005  204,287  59,721  8,587  272,595  
2019
Special mention$—  —  —  —  —  1,231  —  1,231  
Substandard—  —  —  —  —  228  —  228  
Doubtful—  —  —  —  —  —  —  
Loss—  —  —  —  —  —  —  —  
Total classified and criticized—  —  —  —  —  1,459  —  1,459  
Pass/Watch155,718  505,804  141,727  143,297  946,546  231,465  55,899  1,233,910  
Total gross loans$155,718  505,804  141,727  143,297  946,546  232,924  55,899  1,235,369  
2018
Special mention$—  —  —  —  —  4,656  —  4,656  
Substandard—  —  —  —  —  757  —  757  
Doubtful—  —  —  —  —  —  —  
Loss—  —  —  —  —  —  —  —  
Total classified and criticized—  —  —  —  —  5,413  —  5,413  
Pass/Watch96,683  357,530  115,282  188,523  758,018  195,828  48,203  1,002,049  
Total gross loans$96,683  357,530  115,282  188,523  758,018  201,241  48,203  1,007,462  
2017
Special mention$—  220  —  —  220  3,204  —  3,424  
Substandard568  995  —  —  1,563  8,264  —  9,827  
Doubtful—  —  —  —  —  —  —  
Loss—  —  —  —  —  —  —  —  
Total classified and criticized568  1,215  —  —  1,783  11,468  —  13,251  
Pass/Watch92,471  399,107  136,620  68,938  697,136  207,256  38,057  942,449  
Total gross loans$93,039  400,322  136,620  68,938  698,919  218,724  38,057  955,700  
2016 and prior
Special mention$4,075  19,628  —  —  23,703  105,767  661  130,131  
Substandard8,482  11,727  124  6,181  26,514  42,440  1,032  69,986  
Doubtful—  —  —  —  732  —  732  
Loss—  —  —  —  —  —  —  —  
Total classified and criticized12,557  31,355  124  6,181  50,217  148,939  1,693  200,849  
Pass/Watch680,898  1,160,358  793,775  —  2,635,031  842,120  227,158  3,704,309  
Total gross loans$693,455  1,191,713  793,899  6,181  2,685,248  991,059  228,851  3,905,158  
Total Portfolio as of December 31, 2019
ResidentialCommercial mortgageMulti-familyConstructionTotal
mortgages		CommercialConsumerTotal loans
Special mention$2,402  46,758  —  —  49,160  79,248  286  128,694  
Substandard10,204  13,458  —  6,181  29,843  57,015  1,668  88,526  
Doubtful—  —  —  —  —  836  —  836  
Loss—  —  —  —  —  —  —  —  
Total classified and criticized12,606  60,216  —  6,181  79,003  137,099  1,954  218,056  
Pass/Watch1,065,083  2,518,177  1,225,551  423,631  5,232,442  1,497,660  389,406  7,119,508  
Total gross loans$1,077,689  2,578,393  1,225,551  429,812  5,311,445  1,634,759  391,360  7,337,564