Loans Receivable and Allowance for Loan Losses (Tables)

6 Months Ended

Jun. 30, 2019

Loans receivable at June 30, 2019 and December 31, 2018 are summarized as follows:



	June 30,		December 31,
	2019		2018
	(In thousands)
Real estate loans:
One-to-four family	$	1,819,539	$	1,830,186
Multifamily and commercial	2,248,300		2,142,154
Construction	293,550		261,473
Commercial business loans	358,620		333,876
Consumer loans:
Home equity loans and advances	375,124		393,492
Other consumer loans	1,124		1,108
Total gross loans	5,096,257		4,962,289
Net deferred loan costs, fees and purchased premiums and discounts	16,917		16,893
Loans receivable	$	5,113,174	$	4,979,182

The following table provides information with respect to our non-accrual loans at June 30, 2019 and December 31, 2018:



	June 30,		December 31,
	2019		2018
	(In thousands)
Non-accrual loans:
Real estate loans:
One-to-four family	$	2,567	$	819
Multifamily and commercial	451		154
Construction	1,700		—
Commercial business loans	1,384		911
Consumer loans:
Home equity loans and advances	592		905
Total non-accrual loans	$	6,694	$	2,789

Schedule of aging of loans receivable by portfolio segment

The following tables summarize the aging of loans receivable by portfolio segment at June 30, 2019 and December 31, 2018:



	June 30, 2019
	30-59 Days		60-89 Days		90 Days or More		Total Past Due		Current		Total
	(In thousands)
Real estate loans:
One-to-four family	$	8,246	$	799	$	2,420	$	11,465	$	1,808,074	$	1,819,539
Multifamily and commercial	—		1,396		451		1,847		2,246,453		2,248,300
Construction	—		1,700		—		1,700		291,850		293,550
Commercial business loans	126		534		689		1,349		357,271		358,620
Consumer loans:
Home equity loans and advances	898		1,097		389		2,384		372,740		375,124
Other consumer loans	—		—		—		—		1,124		1,124
Total loans	$	9,270	$	5,526	$	3,949	$	18,745	$	5,077,512	$	5,096,257



	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 loans	$	12,012	$	3,395	$	2,789	$	18,196	$	4,944,093	$	4,962,289

Schedule of loans receivable by portfolio segment and impairment method

The following tables summarize loans receivable and allowance for loan losses by portfolio segment and impairment method at June 30, 2019 and December 31, 2018:



	June 30, 2019
	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	$	520	$	2	$	372	$	404	$	11	$	—	$	—	$	1,309
Collectively evaluated for impairment	15,090		22,677		8,434		12,314		2,572		7		—		61,094
Total	$	15,610	$	22,679	$	8,806	$	12,718	$	2,583	$	7	$	—	$	62,403

Total loans:
Individually evaluated for impairment	$	8,414	$	2,648	$	1,700	$	7,822	$	2,550	$	—	$	—	$	23,134
Collectively evaluated for impairment	1,811,125		2,245,652		291,850		350,798		372,574		1,124		—		5,073,123
Total loans	$	1,819,539	$	2,248,300	$	293,550	$	358,620	$	375,124	$	1,124	$	—	$	5,096,257

8. Loans Receivable and Allowance for Loan Losses (continued)



	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 loans	$	1,830,186	$	2,142,154	$	261,473	$	333,876	$	393,492	$	1,108	$	—	$	4,962,289

The activity in the allowance for loan losses by portfolio segment for the three and six months ended June 30, 2019 and 2018 are as follows:



	For the Three Months Ended June 30,
	One-to-Four Family			Multifamily and Commercial		Construction			Commercial Business			Home Equity Loans and Advances			Other Consumer Loans			Unallocated			Total
	(In thousands)
2019
Balance at beginning of period	$	17,375		$	20,986	$	9,033		$	12,225		$	3,146		$	6		$	—		$	62,771
Provision charged (credited)	(1,254		)	1,693		(228		)	441			(542		)	2			—			112
Recoveries	4			—		1			53			—			—			—			58
Charge-offs	(515		)	—		—			(1		)	(21		)	(1		)	—			(538		)
Balance at end of period	$	15,610		$	22,679	$	8,806		$	12,718		$	2,583		$	7		$	—		$	62,403

2018
Balance at beginning of period	$	18,828		$	19,097	$	6,574		$	10,800		$	3,924		$	7		$	722		$	59,952
Provision charged (credited)	(324		)	3,705		154			87			(1,153		)	5			(74		)	2,400
Recoveries	51			—		—			36			99			3			—			189
Charge-offs	(6		)	—		—			(3		)	—			(8		)	—			(17		)
Balance at end of period	$	18,549		$	22,802	$	6,728		$	10,920		$	2,870		$	7		$	648		$	62,524

8. Loans Receivable and Allowance for Loan Losses (continued)



	For the Six Months Ended June 30,
	One-to-Four Family			Multifamily and Commercial			Construction		Commercial Business			Home Equity Loans and Advances			Other Consumer Loans			Unallocated		Total
	(In thousands)
2019
Balance at beginning of period	$	15,232		$	23,251		$	7,217	$	14,176		$	2,458		$	8		$	—	$	62,342
Provision charged (credited)	868			(572		)	1,588		(1,555		)	219			—			—		548
Recoveries	25			—			1		366			7			—			—		399
Charge-offs	(515		)	—			—		(269		)	(101		)	(1		)	—		(886		)
Balance at end of period	$	15,610		$	22,679		$	8,806	$	12,718		$	2,583		$	7		$	—	$	62,403

2018
Balance at beginning of period	$	19,991		$	19,933		$	5,217	$	8,275		$	4,577		$	8		$	177	$	58,178
Provision charged (credited)	(1,552		)	2,998			1,508		2,783			(1,810		)	2			471		4,400
Recoveries	171			—			3		87			103			5			—		369
Charge-offs	(61		)	(129		)	—		(225		)	—			(8		)	—		(423		)
Balance at end of period	$	18,549		$	22,802		$	6,728	$	10,920		$	2,870		$	7		$	648	$	62,524

Schedule of troubled debt restructuring

The following tables present the number of loans modified as TDRs during the three and six months ended June 30, 2019 and 2018, 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 Three Months Ended June 30,
	2019					2018
	No. of Loans	Pre-modification Recorded Investment		Post-modification Recorded Investment		No. of Loans	Pre-modification Recorded Investment		Pre-modification Recorded Investment
	(Dollars in thousands)
Troubled Debt Restructurings
Real estate loans:
One-to-four family	—	$	—	$	—	3	$	378	$	378
Total restructured loans	—	$	—	$	—	3	$	378	$	378



	For the Six Months Ended June 30,
	2019					2018
	No. of Loans	Pre-modification Recorded Investment		Post-modification Recorded Investment		No. of Loans	Pre-modification Recorded Investment		Pre-modification Recorded Investment
	(Dollars in thousands)
Troubled Debt Restructurings
Real estate loans:
One-to-four family	—	$	—	$	—	4	$	462	$	462
Commercial business loans	1	4,095		4,095		—	—		—
Consumer loans:
Home equity loans and advances	—	—		—		1	588		588
Total restructured loans	1	$	4,095	$	4,095	5	$	1,050	$	1,050

Schedule of loans individually evaluated for impairment

The following tables present loans individually evaluated for impairment by loan segment at June 30, 2019 and December 31, 2018:



	At June 30, 2019
	Recorded Investment		Unpaid Principal Balance		Specific Allowance
	(In thousands)
With no allowance recorded:
Real estate loans:
One-to-four family	$	3,657	$	4,802	$	—
Multifamily and commercial	1,528		2,315		—
Commercial business loans	2,616		2,803		—
Consumer loans:
Home equity loans and advances	1,427		1,781		—
	9,228		11,701		—
With a specific allowance recorded:
Real estate loans:
One-to-four family	4,757		4,807		520
Multifamily and commercial	1,120		1,120		2
Construction	1,700		1,700		372
Commercial business loans	5,206		5,206		404
Consumer loans:
Home equity loans and advances	1,123		1,124		11
	13,906		13,957		1,309
Total:
Real estate loans:
One-to-four family	8,414		9,609		520
Multifamily and commercial	2,648		3,435		2
Construction	1,700		1,700		372
Commercial business loans	7,822		8,009		404
Consumer loans:
Home equity loans and advances	2,550		2,905		11
Total loans	$	23,134	$	25,658	$	1,309

8. Loans Receivable and Allowance for Loan Losses (continued)



	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
	$	17,787	$	20,325	$	915

The following tables present interest income recognized for loans individually evaluated for impairment, by loan segment, for the three and six months ended June 30, 2019 and 2018:



	For the Three Months Ended June 30,
	2019				2018
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
	(In thousands)
Real estate loans:
One-to-four family	$	8,611	$	108	$	10,715	$	103
Multifamily and commercial	2,666		37		2,718		30
Construction	1,700		—		—		—
Commercial business loans	6,616		98		3,180		25
Consumer loans:
Home equity loans and advances	2,699		47		3,260		39
Total loans	$	22,292	$	290	$	19,873	$	197



	For the Six Months Ended June 30,
	2019				2018
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
	(In thousands)
Real estate loans:
One-to-four family	$	9,149	$	214	$	11,025	$	103
Multifamily and commercial	2,681		74		3,043		28
Construction	1,133		25		—		—
Commercial business loans	5,430		178		3,541		25
Consumer loans:
Home equity loans and advances	2,920		99		3,037		38
Total loans	$	21,313	$	590	$	20,646	$	194

Schedule of loans receivable by credit quality risk

The following tables present loans receivable by credit risk indicator and by loan segment:



	At June 30, 2019
	One-to-Four Family		Multifamily and Commercial		Construction		Commercial Business		Home Equity Loans and Advances		Other Consumer Loans		Total
	(In thousands)

Pass	$	1,815,526	$	2,234,349	$	291,850	$	342,966	$	374,025	$	1,124	$	5,059,840
Special mention	—		89		—		11,109		—		—		11,198
Substandard	4,013		13,862		1,700		4,545		1,099		—		25,219
Doubtful	—		—		—		—		—		—		—
Total	$	1,819,539	$	2,248,300	$	293,550	$	358,620	$	375,124	$	1,124	$	5,096,257



	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