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Loans Receivable and Allowance for Loan Losses (Tables)

12 Months Ended

Dec. 31, 2018

Loans receivable at December 31, 2018 and 2017 are summarized as follows:



	December 31,
	2018		2017
	(In thousands)
Real estate loans:
One-to-four family	$	1,830,186	$	1,615,000
Multifamily and commercial	2,142,154		1,870,475
Construction	261,473		233,652
Commercial business loans	333,876		277,970
Consumer loans:
Home equity loans and advances	393,492		447,920
Other consumer loans	1,108		998
Total gross loans	4,962,289		4,446,015
Net deferred loan costs, fees and purchased premiums and discounts	16,893		12,633
Loans receivable	$	4,979,182	$	4,458,648

The following table provides information with respect to our non-accrual loans at December 31, 2018 and 2017:



	December 31,
	2018		2017
	(In thousands)
Non-accrual loans:
Real estate loans:
One-to-four family	$	819	$	3,360
Multifamily and commercial	154		1,329
Commercial business loans	911		1,263
Consumer loans:
Home equity loans and advances	905		573
Total non-accrual loans	$	2,789	$	6,525

Schedule of aging of loans receivable by portfolio segment

The following tables summarize the aging of loans receivable by portfolio segment at December 31, 2018 and 2017:



	December 31, 2018
	30-59 days		60-89 days		90 Days or more		Total past due		Current		Total
	(In thousands)
Real estate loans:
One-to-four family	$	8,384	$	1,518	$	819	$	10,721	$	1,819,465	$	1,830,186
Multifamily and commercial	1,870		1,425		154		3,449		2,138,705		2,142,154
Construction	—		—		—		—		261,473		261,473
Commercial business loans	208		279		911		1,398		332,478		333,876
Consumer loans:
Home equity loans and advances	1,550		173		905		2,628		390,864		393,492
Other consumer loans	—		—		—		—		1,108		1,108
Total gross loans	$	12,012	$	3,395	$	2,789	$	18,196	$	4,944,093	$	4,962,289



	December 31, 2017
	30-59 days		60-89 days		90 Days or more		Total past due		Current		Total
	(In thousands)
Real estate loans:
One-to-four family	$	7,080	$	1,229	$	3,360	$	11,669	$	1,603,331	$	1,615,000
Multifamily and commercial	138		380		1,329		1,847		1,868,628		1,870,475
Construction	—		—		—		—		233,652		233,652
Commercial business loans	89		730		1,263		2,082		275,888		277,970
Consumer loans:
Home equity loans and advances	1,421		26		573		2,020		445,900		447,920
Other consumer loans	—		—		—		—		998		998
Total gross loans	$	8,728	$	2,365	$	6,525	$	17,618	$	4,428,397	$	4,446,015

Schedule of loans receivable by portfolio segment and impairment method

The activity in the allowance for loan losses for the years ended December 31, 2018, September 30, 2017 and 2016, and the three months ended December 31, 2017 are as follows:

(5) Loans Receivable and Allowance for Loan Losses (continued)



	Year Ended December 31,			Three Months Ended December 31,			Years Ended September 30,
	2018			2017			2017			2016
	(In thousands)

Balance at beginning of period	$	58,178		$	54,633		$	51,867		$	56,948
Provision charged	6,677			3,400			6,426			417
Recoveries	707			188			584			721
Charge-offs	(3,220		)	(43		)	(4,244		)	(6,219		)
Balance at end of period	$	62,342		$	58,178		$	54,633		$	51,867

The following table summarizes loans receivable and allowance for loan losses by portfolio segment and impairment method at December 31, 2018 and 2017:

The activity in the allowance for the years ended December 31, 2018, September 30, 2017 and 2016, and the three months ended December 31, 2017 are as follows:



	For the Year Ended December 31, 2018
	One-to-four family			Multifamily and commercial			Construction		Commercial business			Home equity loans and advances			Other consumer loans			Unallocated			Total
	(In thousands)

Balance at beginning of period	$	19,991		$	19,933		$	5,217	$	8,275		$	4,576		$	8		$	178		$	58,178
Provision charged (credited)	(4,503		)	3,445			1,997		7,860			(1,949		)	5			(178		)	6,677
Recoveries	334			2			3		240			122			6			—			707
Charge-offs	(590		)	(129		)	—		(2,199		)	(291		)	(11		)	—			(3,220		)
Balance at end of period	$	15,232		$	23,251		$	7,217	$	14,176		$	2,458		$	8		$	—		$	62,342



	December 31, 2017
	One-to-four family		Multifamily and commercial		Construction		Commercial business		Home equity loans and advances		Other consumer loans		Unallocated		Total
	(In thousands)
Allowance for loan losses:
Individually evaluated for impairment	$	423	$	28	$	—	$	80	$	15	$	—	$	—	$	546
Collectively evaluated for impairment	19,568		19,905		5,217		8,195		4,561		8		178		57,632
Total	$	19,991	$	19,933	$	5,217	$	8,275	$	4,576	$	8	$	178	$	58,178

Total loans:
Individually evaluated for impairment	$	11,644	$	3,693	$	—	$	4,263	$	2,591	$	—	$	—	$	22,191
Collectively evaluated for impairment	1,603,356		1,866,782		233,652		273,707		445,329		998		—		4,423,824
Total gross loans	$	1,615,000	$	1,870,475	$	233,652	$	277,970	$	447,920	$	998	$	—	$	4,446,015



	December 31, 2018
	One-to-four family		Multifamily and commercial		Construction		Commercial business		Home equity loans and advances		Other consumer loans		Unallocated		Total
	(In thousands)
Allowance for loan losses:
Individually evaluated for impairment	$	537	$	—	$	—	$	366	$	12	$	—	$	—	$	915
Collectively evaluated for impairment	14,695		23,251		7,217		13,810		2,446		8		—		61,427
Total	$	15,232	$	23,251	$	7,217	$	14,176	$	2,458	$	8	$	—	$	62,342

Total loans:
Individually evaluated for impairment	$	9,048	$	2,695	$	—	$	2,944	$	3,100	$	—	$	—	$	17,787
Collectively evaluated for impairment	1,821,138		2,139,459		261,473		330,932		390,392		1,108		—		4,944,502
Total gross loans	$	1,830,186	$	2,142,154	$	261,473	$	333,876	$	393,492	$	1,108	$	—	$	4,962,289

Schedule of troubled debt restructuring

The following tables present the number of loans modified as TDRs for the years ended December 31, 2018 , September 30, 2017 and 2016, and the three months ended December 31, 2017, along with their balances immediately prior to the modification date and post-modification. Post-modification recorded investment represents the net book balance immediately following modification.



	For the Year Ended December 31,					For the Three Months Ended December 31,
	2018					2017
	No. of Loans	Pre-modification recorded investment		Post-modification recorded investment		No. of Loans	Pre-modification recorded investment		Post-modification recorded investment
	( Dollars in thousands)
Troubled Debt Restructurings
Real estate loans:
One-to-four family	5	$	801	$	801	—	$	—	$	—
Multifamily and commercial	1	65		65		—	—		—
Commercial business loans	—	—		—		—	—		—
Consumer loans:
Home equity loans and advances	1	588		588		—	—		—
Total restructured loans	7	$	1,454	$	1,454	—	$	—	$	—



	For the Years Ended September 30,
	2017					2016
	No. of Loans	Pre-modification recorded investment		Post-modification recorded investment		No. of Loans	Pre-modification recorded investment		Post-modification recorded investment
	(Dollars in thousands)
Troubled Debt Restructurings
Real estate loans:
One-to-four family	3	$	548	$	548	—	$	—	$	—
Multifamily and commercial	1	3,964		3,964		—	—		—
Commercial business loans	1	18		18		3	255		255
Consumer loans:
Home equity loans and advances	2	248		248		1	103		103
Total restructured loans	7	$	4,778	$	4,778	4	$	358	$	358

Schedule of loans individually evaluated for impairment

The following table presents interest income recognized for loans individually evaluated for impairment at December 31, 2018 and 2017, by loan segment, for the years ended December 31, 2018, September 30, 2017 and 2016, and the three months ended December 31, 2017:



	For the Year Ended December 31,				For the Three Months Ended December 31,
	2018				2017
	Average recorded investment		Interest income recognized		Average recorded investment		Interest income recognized
	(In thousands)
Real estate loans:
One-to-four family	$	10,224	$	445	$	14,015	$	110
Multifamily and commercial	2,712		155		4,087		39
Commercial business loans	3,060		118		3,870		46
Consumer loans:
Home equity loans and advances	3,361		173		3,618		35
Totals	$	19,357	$	891	$	25,590	$	230



	For the Years Ended September 30,
	2017				2016
	Average recorded investment		Interest income recognized		Average recorded investment		Interest income recognized
	(In thousands)
Real estate loans:
One-to-four family	$	15,027	$	469	$	18,119	$	565
Multifamily and commercial	4,328		279		9,344		57
Construction	—		—		505		—
Commercial business loans	3,796		195		4,514		110
Consumer loans:
Home equity loans and advances	3,903		136		3,446		157
Totals	$	27,054	$	1,079	$	35,928	$	889



	December 31, 2017
	Recorded investment		Unpaid principal balance		Specific allowance
	(In thousands)
With no allowance recorded:
Real estate loans:
One-to-four family	$	8,870	$	9,704	$	—
Multifamily and commercial	2,058		2,933		—
Commercial business loans	1,522		2,015		—
Consumer loans:
Home equity loans and advances	2,161		2,601		—
	14,611		17,253		—
With a specific allowance recorded:
Real estate loans:
One-to-four family	2,774		2,788		423
Multifamily and commercial	1,635		2,208		28
Commercial business loans	2,741		2,741		80
Consumer loans:
Home equity loans and advances	430		430		15
	7,580		8,167		546
Total:
Real estate loans:
One-to-four family	$	11,644	$	12,492	$	423
Multifamily and commercial	3,693		5,141		28
Commercial business loans	4,263		4,756		80
Consumer loans:
Home equity loans and advances	2,591		3,031		15
Total loans	$	22,191	$	25,420	$	546

The following table presents loans individually evaluated for impairment by loan segment:



	At December 31, 2018
	Recorded investment		Unpaid principal balance		Specific allowance
	(In thousands)
With no allowance recorded:
Real estate loans:
One-to-four family	$	4,156	$	5,307	$	—
Multifamily and commercial	2,695		3,482		—
Commercial business loans	2,285		2,374		—
Consumer loans:
Home equity loans and advances	2,511		2,866		—
	11,647		14,029		—
With a specific allowance recorded:
Real estate loans:
One-to-four family	4,892		4,939		537
Commercial business loans	659		768		366
Consumer loans:
Home equity loans and advances	589		589		12
	6,140		6,296		915
Total:
Real estate loans:
One-to-four family	9,048		10,246		537
Multifamily and commercial	2,695		3,482		—
Commercial business loans	2,944		3,142		366
Consumer loans:
Home equity loans and advances	3,100		3,455		12
Total loans	$	17,787	$	20,325	$	915

Schedule of loans receivable by credit quality risk

The following table presents loans receivable by credit quality risk indicator and by loan segment at December 31, 2018 and 2017:



	December 31, 2018
	One-to-four family		Multifamily and commercial		Construction		Commercial business		Home equity loans and advances		Other consumer loans		Total
	(In thousands)

Pass	$	1,826,066	$	2,128,680	$	261,473	$	320,451	$	392,092	$	1,108	$	4,929,870
Special mention	—		—		—		9,074		—		—		9,074
Substandard	4,120		13,474		—		4,351		1,400		—		23,345
Doubtful	—		—		—		—		—		—		—
Total	$	1,830,186	$	2,142,154	$	261,473	$	333,876	$	393,492	$	1,108	$	4,962,289



	December 31, 2017
	One-to-four family		Multifamily and commercial		Construction		Commercial business		Home equity loans and advances		Other consumer loans		Total
	(In thousands)

Pass	$	1,605,413	$	1,851,037	$	233,652	$	268,355	$	446,264	$	998	$	4,405,719
Special mention	—		4,782		—		3,678		—		—		8,460
Substandard	9,587		14,656		—		5,937		1,656		—		31,836
Doubtful	—		—		—		—		—		—		—
Total	$	1,615,000	$	1,870,475	$	233,652	$	277,970	$	447,920	$	998	$	4,446,015