Loans Receivable (Tables)

6 Months Ended

Jun. 30, 2020

Loans receivable at June 30, 2020 and December 31, 2019 are summarized as follows:

	June 30, 2020		December 31, 2019
	(In Thousands)
Mortgage loans:
Residential real estate:
One- to four-family	$	467,346	$	480,280
Multi-family		598,924		584,859
Home equity		16,409		18,071
Construction and land		48,850		37,033
Commercial real estate		244,775		236,703
Consumer		860		832
Commercial loans		56,639		30,253
	$	1,433,803	$	1,388,031

Analysis of Past Due Loans Receivable

An analysis of past due loans receivable as of June 30, 2020 and December 31, 2019 follows:

	As of June 30, 2020
	1-59 Days Past Due⁽¹⁾			60-89 Days Past Due⁽²⁾		90 Days or Greater		Total Past Due		Current⁽³⁾		Total Loans
	(In Thousands)
Mortgage loans:
Residential real estate:
One- to four-family		$	2,452	$	12	$	3,446	$	5,910	$	461,436	$	467,346
Multi-family			-		-		356		356		598,568		598,924
Home equity			29		6		40		75		16,334		16,409
Construction and land			-		-		-		-		48,850		48,850
Commercial real estate			-		-		67		67		244,708		244,775
Consumer			-		-		-		-		860		860
Commercial loans			39		-		-		39		56,600		56,639
Total		$	2,520	$	18	$	3,909	$	6,447	$	1,427,356	$	1,433,803

	As of December 31, 2019
	1-59 Days Past Due⁽¹⁾			60-89 Days Past Due⁽²⁾		90 Days or Greater		Total Past Due		Current⁽³⁾		Total Loans
	(In Thousands)
Mortgage loans:
Residential real estate:
One- to four-family		$	1,179	$	638	$	3,969	$	5,786	$	474,494	$	480,280
Multi-family			-		-		360		360		584,499		584,859
Home equity			-		10		-		10		18,061		18,071
Construction and land			-		-		-		-		37,033		37,033
Commercial real estate			-		-		303		303		236,400		236,703
Consumer			-		-		-		-		832		832
Commercial loans			6		-		-		6		30,247		30,253
Total		$	1,185	$	648	$	4,632	$	6,465	$	1,381,566	$	1,388,031

⁽¹⁾Includes $226,000 and $53,000 at June 30, 2020 and December 31, 2019, respectively, which are on non-accrual status.

⁽²⁾Includes $12,000 and $291,000 at June 30, 2020 and December 31, 2019, respectively, which are on non-accrual status.

⁽³⁾Includes $1.4 million and $2.0 million at June 30, 2020 and December 31, 2019, respectively, which are on non-accrual status.

Allowance for Loan Losses

A summary of the activity for the six months ended June 30, 2020 and 2019 in the allowance for loan losses follows:

	One- to Four- Family			Multi-Family			Home Equity			Construction and Land		Commercial Real Estate		Consumer			Commercial			Total
	(In Thousands)
Six months ended June 30, 2020
Balance at beginning of period	$	4,907		$	4,138		$	201		$	610	$	2,145	$	14		$	372		$	12,387
Provision (credit) for loan losses		754			1,728			12			542		1,972		25			252			5,285
Charge-offs		(7	)		(5	)		(13	)		-		-		(1	)		(8	)		(34	)
Recoveries		61			9			18			1		7		-			-			96
Balance at end of period	$	5,715		$	5,870		$	218		$	1,153	$	4,124	$	38		$	616		$	17,734

Six months ended June 30, 2019
Balance at beginning of period	$	5,742		$	4,153		$	325		$	400	$	2,126		$	20		$	483		$	13,249
Provision (credit) for loan losses		(449	)		154			(54	)		12		(214	)		(3	)		(96	)		(650	)
Charge-offs		(25	)		(1	)		(8	)		-		-			(5	)		-			(39	)
Recoveries		35			9			12			-		1			-			-			57
Balance at end of period	$	5,303		$	4,315		$	275		$	412	$	1,913		$	12		$	387		$	12,617

A summary of the activity for the three months ended June 30, 2020 and 2019 in the allowance for loan losses follows:

	One- to Four- Family			Multi-Family			Home Equity			Construction and Land		Commercial Real Estate		Consumer		Commercial			Total
	(In Thousands)
Three months ended June 30, 2020
Balance at beginning of period	$	4,714		$	4,301		$	239		$	687	$	2,803	$	23	$	459		$	13,226
Provision (credit) for loan losses		988			1,568			(20	)		466		1,318		15		165			4,500
Charge-offs		(1	)		(5	)		(13	)		-		-		-		(8	)		(27	)
Recoveries		14			6			12			-		3		-		-			35
Balance at end of period	$	5,715		$	5,870		$	218		$	1,153	$	4,124	$	38	$	616		$	17,734

Three months ended June 30, 2019
Balance at beginning of period	$	5,181		$	4,331		$	276		$	353	$	2,005		$	7		$	408		$	12,561
Provision (credit) for loan losses		101			(20	)		(7	)		59		(92	)		10			(21	)		30
Charge-offs		(1	)		(1	)		-			-		-			(5	)		-			(7	)
Recoveries		22			5			6			-		-			-			-			33
Balance at end of period	$	5,303		$	4,315		$	275		$	412	$	1,913		$	12		$	387		$	12,617

Allowance for Loan Loss for Loans Evaluated Individually and Collectively for Impairment

A summary of the allowance for loan loss for loans evaluated individually and collectively for impairment by collateral class as of June 30, 2020 follows:

	One- to Four- Family		Multi- Family		Home Equity		Construction and Land		Commercial Real Estate		Consumer		Commercial		Total
	(In Thousands)
Allowance related to loans individually evaluated for impairment	$	27	$	-	$	-	$	-	$	-	$	-	$	-	$	27
Allowance related to loans collectively evaluated for impairment		5,688		5,870		218		1,153		4,124		38		616		17,707
Balance at end of period	$	5,715	$	5,870	$	218	$	1,153	$	4,124	$	38	$	616	$	17,734

Loans individually evaluated for impairment	$	7,478	$	639	$	77	$	-	$	343	$	-	$	-	$	8,537
Loans collectively evaluated for impairment		459,868		598,285		16,332		48,850		244,432		860		56,639		1,425,266
Total gross loans	$	467,346	$	598,924	$	16,409	$	48,850	$	244,775	$	860	$	56,639	$	1,433,803

A summary of the allowance for loan loss for loans evaluated individually and collectively for impairment by collateral class as of December 31, 2019 follows:

	One- to Four-Family		Multi- Family		Home Equity		Construction and Land		Commercial Real Estate		Consumer		Commercial		Total
	(In Thousands)
Allowance related to loans individually evaluated for impairment	$	32	$	-	$	-	$	-	$	7	$	-	$	-	$	39
Allowance related to loans collectively evaluated for impairment		4,875		4,138		201		610		2,138		14		372		12,348
Balance at end of period	$	4,907	$	4,138	$	201	$	610	$	2,145	$	14	$	372	$	12,387

Loans individually evaluated for impairment	$	8,725	$	667	$	84	$	-	$	581	$	-	$	-	$	10,057
Loans collectively evaluated for impairment		471,555		584,192		17,987		37,033		236,122		832		30,253		1,377,974
Total gross loans	$	480,280	$	584,859	$	18,071	$	37,033	$	236,703	$	832	$	30,253	$	1,388,031

Internal Risk Rating of Loans Receivable

The following table presents information relating to the Company’s internal risk ratings of its loans receivable as of June 30, 2020 and December 31, 2019:

	One to Four- Family		Multi-Family		Home Equity		Construction and Land		Commercial Real Estate		Consumer		Commercial		Total
	(In Thousands)
At June 30, 2020
Substandard	$	7,478	$	639	$	265	$	-	$	343	$	-	$	732	$	9,457
Watch		8,685		-		6		3,494		5,090		-		1,380		18,655
Pass		451,183		598,285		16,138		45,356		239,342		860		54,527		1,405,691
	$	467,346	$	598,924	$	16,409	$	48,850	$	244,775	$	860	$	56,639	$	1,433,803

At December 31, 2019
Substandard	$	8,725	$	668	$	285	$	-	$	581	$	-	$	754	$	11,013
Watch		5,975		-		3		-		1,412		-		847		8,237
Pass		465,580		584,191		17,783		37,033		234,710		832		28,652		1,368,781
	$	480,280	$	584,859	$	18,071	$	37,033	$	236,703	$	832	$	30,253	$	1,388,031

Impaired Loan Receivables

The following tables present data on impaired loans at June 30, 2020 and December 31, 2019.

	As of June 30, 2020
	Recorded Investment		Unpaid Principal		Reserve		Cumulative Charge-Offs
	(In Thousands)
Total Impaired with Reserve
One- to four-family	$	212	$	212	$	27	$	-
Multi-family		-		-		-		-
Home equity		-		-		-		-
Construction and land		-		-		-		-
Commercial real estate		-		-		-		-
Consumer		-		-		-		-
Commercial		-		-		-		-
		212		212		27		-
Total Impaired with no Reserve
One- to four-family		7,266		8,283		-		1,017
Multi-family		639		1,456		-		817
Home equity		77		77		-		-
Construction and land		-		-		-		-
Commercial real estate		343		343		-		-
Consumer		-		-		-		-
Commercial		-		-		-		-
		8,325		10,159		-		1,834
Total Impaired
One- to four-family		7,478		8,495		27		1,017
Multi-family		639		1,456		-		817
Home equity		77		77		-		-
Construction and land		-		-		-		-
Commercial real estate		343		343		-		-
Consumer		-		-		-		-
Commercial		-		-		-		-
	$	8,537	$	10,371	$	27	$	1,834

	As of December 31, 2019
	Recorded Investment		Unpaid Principal		Reserve		Cumulative Charge-Offs
	(In Thousands)
Total Impaired with Reserve
One- to four-family	$	217	$	217	$	32	$	-
Multi-family		-		-		-		-
Home equity		-		-		-		-
Construction and land		-		-		-		-
Commercial real estate		7		416		7		409
Consumer		-		-		-		-
Commercial		-		-		-		-
		224		633		39		409
Total Impaired with no Reserve
One- to four-family		8,508		9,531		-		1,023
Multi-family		667		1,491		-		824
Home equity		84		84		-		-
Construction and land		-		-		-		-
Commercial real estate		574		574		-		-
Consumer		-		-		-		-
Commercial		-		-		-		-
		9,833		11,680		-		1,847
Total Impaired
One- to four-family		8,725		9,748		32		1,023
Multi-family		667		1,491		-		824
Home equity		84		84		-		-
Construction and land		-		-		-		-
Commercial real estate		581		990		7		409
Consumer		-		-		-		-
Commercial		-		-		-		-
	$	10,057	$	12,313	$	39	$	2,256

The following tables present data on impaired loans for the six months ended June 30, 2020 and 2019.

	Six months ended June 30,
	2020				2019
	Average Recorded Investment		Interest Paid		Average Recorded Investment		Interest Paid
	(In Thousands)
Total Impaired with Reserve
One- to four-family	$	215	$	8	$	353	$	11
Multi-family		-		-		348		16
Home equity		-		-		85		5
Construction and land		-		-		-		-
Commercial real estate		-		-		13		-
Consumer		-		-		-		-
Commercial		-		-		-		-
		215		8		799		32
Total Impaired with no Reserve
One- to four-family		7,361		189		6,727		213
Multi-family		650		34		935		41
Home equity		79		2		46		2
Construction and land		-		-		-		-
Commercial real estate		346		8		380		9
Consumer		-		-		-		-
Commercial		-		-		11		1
		8,436		233		8,099		266
Total Impaired
One- to four-family		7,576		197		7,080		224
Multi-family		650		34		1,283		57
Home equity		79		2		131		7
Construction and land		-		-		-		-
Commercial real estate		346		8		393		9
Consumer		-		-		-		-
Commercial		-		-		11		1
	$	8,651	$	241	$	8,898	$	298

Troubled Debt Restructurings on Loan Receivables

The following presents data on troubled debt restructurings:

		As of June 30, 2020
		Accruing				Non-accruing					Total
		Amount		Number		Amount			Number		Amount			Number
	(Dollars in Thousands)

One- to four-family		$	2,737		2		$	591		4		$	3,328		6
Multi-family			-		-			282		2			282		2
Commercial real estate			276		1			-		-			276		1
		$	3,013		3		$	873		6		$	3,886		9

		As of December 31, 2019
		Accruing				Non-accruing					Total
		Amount		Number		Amount			Number		Amount			Number
	(Dollars in Thousands)

One- to four-family		$	2,740		2		$	685		5		$	3,425		7
Multi-family			-		-			308		2			308		2
Commercial real estate			278		1			7		1			285		2
		$	3,018		3		$	1,000		8		$	4,018		11

Troubled Debt Restructurings by Concession Type

The following presents troubled debt restructurings by concession type:

		As of June 30, 2020
	Performing in accordance with modified terms					In Default				Total
	Amount			Number		Amount		Number		Amount		Number
	(Dollars in Thousands)
Interest reduction and principal forbearance		$	3,572		6	$	-		-	$	3,572		6
Interest reduction			314		3		-		-		314		3
		$	3,886		9	$	-		-	$	3,886		9

		As of December 31, 2019
	Performing in accordance with modified terms					In Default				Total
	Amount			Number		Amount		Number		Amount		Number
	(Dollars in Thousands)
Interest reduction and principal forbearance		$	3,246		6	$	448		2	$	3,694		8
Interest reduction			324		3		-		-		324		3
		$	3,570		9	$	448		2	$	4,018		11

Loans Receivables, Non Accrual Status

The following table presents data on non-accrual loans as of June 30, 2020 and December 31, 2019:

	June 30, 2020			December 31, 2019
	(Dollars in Thousands)
Non-accrual loans:
Residential real estate:
One- to four-family	$	4,753		$	5,985
Multi-family		639			667
Home equity		77			70
Construction and land		-			-
Commercial real estate		67			303
Commercial		-			-
Consumer		-			-
Total non-accrual loans	$	5,536		$	7,025
Total non-accrual loans to total loans receivable		0.39	%		0.51	%
Total non-accrual loans to total assets		0.25	%		0.35	%