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Loans Receivable and Allowance for Credit Losses (Tables)
 9 Months Ended
Sep. 30, 2017
Receivables [Abstract]  
Schedule of Loans Receivable
The composition of loans receivable at September 30, 2017 and December 31, 2016 was as follows:

(In Thousands)
September 30, 2017
 
December 31, 2016
Residential mortgage:
 
 
 
One-to-four family
$
161,679

 
$
160,534

Home equity
27,409

 
32,262

 
 
 
 
Total residential mortgages
189,088

 
192,796

 
 
 
 
Commercial loans:
 

 
 

Commercial and multi-family real estate
184,791

 
124,656

Construction
36,002

 
16,554

Commercial and industrial
73,409

 
45,246

 
 
 
 
Total commercial loans
294,202

 
186,456

 
 
 
 
Consumer:
659

 
446

 
 
 
 
Total loans receivable
483,949

 
379,698

 
 
 
 
Less:
 

 
 

Loans in process
16,864

 
6,557

Deferred loan fees
525

 
658

Allowance for loan losses
5,275

 
4,476

 
 
 
 
Total adjustments
22,664

 
11,691

 
 
 
 
Loans receivable, net
$
461,285

 
$
368,007
Allowance for Credit Losses on Financing Receivables
The following tables provide an analysis of the allowance for loan losses and the loan receivable balances, by portfolio segment segregated into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment as of September 30, 2017 and 2016:

  (In Thousands)
Residential
 Mortgage
 
Commercial and
Multi-Family
Real Estate
 
Construction
 
Commercial and
Industrial
 
Consumer
 
Unallocated
 
Total
Three Months Ended September 30, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Allowance for loan losses:
 

 
 
 
 
 
 
 
 
 
 
 
 
Balance, beginning
$
1,812

 
$
1,598

 
$
315

 
$
1,163

 
$
9

 
$
28

 
$
4,925

Provisions (credits)
82

 
278

 
58

 
27

 
3

 
42

 
$
490

Loans charged-off
(112
)
 
—

 
—

 
(29
)
 
—

 
—

 
$
(141
)
Recoveries
1

 
—

 
—

 
—

 
—

 
—

 
$
1

Balance, ending
$
1,783

 
$
1,876

 
$
373

 
$
1,161

 
$
12

 
$
70

 
$
5,275

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Allowance for loan losses:
 

 
 
 
 
 
 
 
 
 
 
 
 
Balance, beginning
$
1,808

 
$
1,441

 
$
248

 
$
882

 
$
6

 
$
91

 
$
4,476

Provisions (credits)
85

 
478

 
125

 
309

 
9

 
(21
)
 
$
985

Loans charged-off
(114
)
 
(43
)
 
—

 
(30
)
 
(3
)
 
—

 
$
(190
)
Recoveries
4

 
—

 
—

 
—

 
—

 
—

 
$
4

Balance, ending
$
1,783

 
$
1,876

 
$
373

 
$
1,161

 
$
12

 
$
70

 
$
5,275

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period-end allowance allocated to:
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans individually evaluated for impairment
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

Loans collectively evaluated for impairment
1,783

 
1,876

 
373

 
1,161

 
12

 
70

 
$
5,275

Ending Balance
$
1,783

 
$
1,876

 
$
373

 
$
1,161

 
$
12

 
$
70

 
$
5,275

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period-end loan balances evaluated for:
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans individually evaluated for impairment
$
12,535

 
$
2,090

 
$
—

 
$
179

 
$
—

 
$
—

 
$
14,804

Loans collectively evaluated for impairment
176,445

 
182,448

 
19,067

 
73,137

 
659

 
—

 
$
451,756

Ending Balance
$
188,980

 
$
184,538

 
$
19,067

 
$
73,316

 
$
659

 
$
—

 
$
466,560

  (In Thousands)
Residential
 Mortgage
 
Commercial and
Multi-Family
Real Estate
 
Construction
 
Commercial and
Industrial
 
Consumer
 
Unallocated
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended September 30, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Allowance for loan losses:
 

 
 
 
 
 
 
 
 
 
 
 
 
Balance, beginning
$
1,842

 
$
1,322

 
$
163

 
$
314

 
$
15

 
$
213

 
$
3,869

Provisions (credits)
(4
)
 
61

 
14

 
222

 
1

 
(114
)
 
$
180

Loans charged-off
—

 
—

 
—

 
—

 
(8
)
 
—

 
$
(8
)
Recoveries
3

 
—

 
—

 
—

 
—

 
—

 
$
3

Balance, ending
$
1,841

 
$
1,383

 
$
177

 
$
536

 
$
8

 
$
99

 
$
4,044

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Allowance for loan losses:
 

 
 
 
 
 
 
 
 
 
 
 
 
Balance, beginning
$
1,927

 
$
1,015

 
$
143

 
$
235

 
$
9

 
$
273

 
$
3,602

Provisions (credits)
(38
)
 
368

 
34

 
301

 
9

 
(174
)
 
$
500

Loans charged-off
(64
)
 
—

 
—

 
—

 
(11
)
 
—

 
$
(75
)
Recoveries
16

 
—

 
—

 
—

 
1

 
—

 
$
17

Balance, ending
$
1,841

 
$
1,383

 
$
177

 
$
536

 
$
8

 
$
99

 
$
4,044

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period-end allowance allocated to:
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans  individually evaluated for impairment
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

Loans  collectively evaluated for impairment
1,841

 
1,383

 
177

 
536

 
8

 
99

 
$
4,044

Ending Balance
$
1,841

 
$
1,383

 
$
177

 
$
536

 
$
8

 
$
99

 
$
4,044

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period-end loan balances evaluated for:
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans individually evaluated for impairment
$
14,705

 
$
1,232

 
$
—

 
$
475

 
$
—

 
$
—

 
$
16,412

Loans collectively evaluated for impairment
177,150

 
101,572

 
8,860

 
28,822

 
458

 
—

 
$
316,862

Ending Balance
$
191,855

 
$
102,804

 
$
8,860

 
$
29,297

 
$
458

 
$
—

 
$
333,274
Schedule of Loans Receivable, by Aging Category
The following table represents the classes of the loans receivable portfolio summarized by aging categories of performing loans and nonaccrual loans as of September 30, 2017 and December 31, 2016:

(In Thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
As of September 30, 2017
30-59 Days Past Due and Still Accruing
 
60-89 Days Past Due and Still Accruing
 
Greater than 90 Days and Still Accruing
 
Total
Past Due and Still Accruing
 
Accruing
Current
Balances
 
Nonaccrual
Loans(1)
 
Total Loans
Receivables
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential Mortgage
 
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family
$
794

 
$
642

 
$
—

 
$
1,436

 
$
156,583

 
$
3,556

 
$
161,575

Home equity
729

 
434

 
—

 
1,163

 
26,126

 
116

 
27,405

Commercial and multi-family real estate
—

 
—

 
374

 
374

 
183,835

 
329

 
184,538

Construction
—

 
—

 
—

 
—

 
19,067

 
—

 
19,067

Commercial and industrial
46

 
—

 
—

 
46

 
73,200

 
70

 
73,316

Consumer
9

 
—

 
—

 
9

 
650

 
—

 
659

Total
$
1,578

 
$
1,076

 
$
374

 
$
3,028

 
$
459,461

 
$
4,071

 
$
466,560


(1)
Nonaccrual loans at September 30, 2017, included $2,317,000 that were 90 days or more delinquent, none that were 60-89 days delinquent, $725,000 that were 30-59 days delinquent, and $1,029,000 that were current or less than 30 days delinquent. Loans are restored to accrual status when the obligation is brought current and has performed in accordance with the contractual terms for a reasonable period of time (generally six months).

(In Thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
As of December 31, 2016
30-59 Days Past Due and Still Accruing
 
60-89 Days Past Due and Still Accruing
 
Greater than 90 Days and Still Accruing
 
Total
Past Due and Still Accruing
 
Accruing
Current
Balances
 
Nonaccrual
Loans (1)
 
Total Loans
Receivables
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential Mortgage
 
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family
$
2,433

 
$
1,944

 
$
—

 
$
4,377

 
$
150,260

 
$
5,744

 
$
160,381

Home equity
591

 
34

 
—

 
625

 
31,500

 
126

 
32,251

Commercial and multi-family real estate
374

 
—

 
—

 
374

 
123,182

 
760

 
124,316

Construction
—

 
—

 
—

 
—

 
9,934

 
—

 
9,934

Commercial and industrial
—

 
—

 
—

 
—

 
44,805

 
350

 
45,155

Consumer
—

 
—

 
—

 
—

 
446

 
—

 
446

Total
$
3,398

 
$
1,978

 
$
—

 
$
5,376

 
$
360,127

 
$
6,980

 
$
372,483



(1)
Nonaccrual loans at December 31, 2016, included $5,521,000 that were 90 days or more delinquent, $30,000 that were 60-89 days delinquent, $964,000 that were 30-59 days delinquent, and $464,000 that were current or less than 30 days delinquent. Loans are restored to accrual status when the obligation is brought current and has performed in accordance with the contractual terms for a reasonable period of time (generally six months).
Schedule of Impaired Loans
The following tables provide an analysis of the impaired loans at September 30, 2017 and December 31, 2016 and the average balances of such loans for the nine months and year, respectively, then ended:

(In Thousands)
 
 
 
 
 
 
 
 
 
 
 
September 30, 2017
Recorded Investment
 
Loans with
 No Related
 Reserve
 
Loans with
 Related
 Reserve
 
Related
 Reserve
 
Contractual
 Principal
 Balance
 
Average
 Recorded Investment
 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage
 
 
 
 
 
 
 
 
 
 
 
One-to-four family
$
11,254

 
$
11,254

 
$
—

 
$
—

 
$
11,703

 
$
12,427

Home equity
1,281

 
1,281

 
—

 
—

 
1,374

 
1,312

 
 
 
 
 
 
 
 
 
 
 
 
Commercial and multi-family real estate
2,090

 
2,090

 
—

 
—

 
2,703

 
1,720

Commercial and industrial
179

 
179

 
—

 
—

 
212

 
318

Total
$
14,804

 
$
14,804

 
$
—

 
$
—

 
$
15,992

 
$
15,777

(In Thousands)
 
 
 
 
 
 
 
 
 
 
 
December 31, 2016
Recorded Investment
 
Loans with
 No Related
 Reserve
 
Loans with
 Related
 Reserve
 
Related
 Reserve
 
Contractual
 Principal
 Balance
 
Average
 Recorded Investment
 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage
 
 
 
 
 
 
 
 
 
 
 
One-to-four family
$
12,509

 
$
10,395

 
$
2,114

 
$
101

 
$
12,891

 
$
12,795

Home equity
1,311

 
1,311

 
—

 
—

 
1,401

 
1,981

 
 
 
 
 
 
 
 
 
 
 
 
Commercial and multi-family real estate
1,529

 
1,529

 
—

 
—

 
2,149

 
1,278

Commercial and industrial
511

 
357

 
154

 
102

 
961

 
548

 
 
 
 
 
 
 
 
 
 
 
 
Consumer
—

 
—

 
—

 
—

 
—

 
1

Total
$
15,860

 
$
13,592

 
$
2,268

 
$
203

 
$
17,402

 
$
16,603
Schedule of Loans Receivable, by Internal Risk Rating
The following table presents the classes of the loans receivable portfolio summarized by the aggregate "Pass" and the criticized categories of "Special Mention", "Substandard", "Doubtful" and "Loss" within the internal risk rating system as of September 30, 2017 and December 31, 2016:

(In Thousands)
 
 
 
 
 
 
 
 
 
 
 
As of September 30, 2017
Pass
 
Special Mention
 
Substandard
 
Doubtful
 
Loss
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and multi-family real estate
$
182,053

 
$
1,427

 
$
1,058

 
$
—

 
$
—

 
$
184,538

Construction
19,067

 
—

 
—

 
—

 
—

 
$
19,067

Commercial and industrial
72,897

 
218

 
201

 
—

 
—

 
$
73,316

 
 
 
 
 
 
 
 
 
 
 
 
Total
$
274,017

 
$
1,645

 
$
1,259

 
$
—

 
$
—

 
$
276,921


(In Thousands)
 
 
 
 
 
 
 
 
 
 
 
As of December 31, 2016
Pass
 
Special Mention
 
Substandard
 
Doubtful
 
Loss
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and multi-family real estate
$
122,804

 
$
—

 
$
1,512

 
$
—

 
$
—

 
$
124,316

Construction
8,759

 
1,175

 
—

 
—

 
—

 
$
9,934

Commercial and industrial
44,537

 
86

 
532

 
—

 
—

 
$
45,155

 
 
 
 
 
 
 
 
 
 
 
 
Total
$
176,100

 
$
1,261

 
$
2,044

 
$
—

 
$
—

 
$
179,405
Schedule of Financing Receivables, Non Accrual Status
Loans greater than 90 days past due are generally considered nonperforming and placed on nonaccrual status. 

(In Thousands)
Residential mortgage
 
Consumer
 
Total Residential and Consumer
 
Sep 30, 2017
 
Dec 31, 2016
 
Sep 30, 2017
 
Dec 31, 2016
 
Sep 30, 2017
 
Dec 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
Nonperforming
$
3,672

 
$
5,870

 
$
—

 
$
—

 
$
3,672

 
$
5,870

 
 
 
 
 
 
 
 
 
 
 
 
Performing
185,308

 
186,762

 
659

 
446

 
185,967

 
187,208

 
 
 
 
 
 
 
 
 
 
 
 
Total
$
188,980

 
$
192,632

 
$
659

 
$
446

 
$
189,639

 
$
193,078
Schedule of Loans Modified into Trouble Debt Restructurings
The following tables summarize by class loans modified into TDRs during the nine months ended September 30, 2017:
 
 
 
 
 
 

 
Nine Months Ended September 30, 2017
 
Number of
Contracts
 
Pre-Modification
Outstanding Recorded
Investments
 
Post-Modification
Outstanding Recorded
Investments
 
 
 
(Dollars in thousands)
 
 
 
 
 
 
Residential Mortgage
 
 
 
 
 
One-to-four family
4

 
$
1,019

 
$
1,283

Home equity
2

 
99

 
—

Commercial and multi-family real estate
1

 
419

 
661

Commercial
5

 
283

 
—

 
 
 
 
 
 
Total
12

 
1,820

 
1,944