Loans Receivable and Allowance for Loan Losses (Tables)

12 Months Ended

Dec. 31, 2019

Receivables [Abstract]

Schedule of loans receivable

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

	December 31,
	2019		2018
	(In thousands)
Real estate loans:
One-to-four family	$	2,077,079	$	1,830,186
Multifamily and commercial	2,919,985		2,142,154
Construction	298,942		261,473
Commercial business loans	483,215		333,876
Consumer loans:
Home equity loans and advances	388,127		393,492
Other consumer loans	1,960		1,108
Total gross loans	6,169,308		4,962,289
Purchased credit-impaired loans	7,021		—
Net deferred loan costs, fees and purchased premiums and discounts	21,237		16,893
Loans receivable	$	6,197,566	$	4,979,182

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

	December 31,
	2019		2018
	(In thousands)
Non-accrual loans:
Real estate loans:
One-to-four family	$	1,732	$	819
Multifamily and commercial	716		154
Commercial business loans	3,686		911
Consumer loans:
Home equity loans and advances	553		905
Total non-accrual loans	$	6,687	$	2,789

Schedule of aging of loans receivable by portfolio segment

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

	December 31, 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	$	6,249	$	2,132	$	1,638	$	10,019	$	2,067,060	$	2,077,079
Multifamily and commercial	626		1,210		716		2,552		2,917,433		2,919,985
Construction	—		—		—		—		298,942		298,942
Commercial business loans	1,056		—		2,489		3,545		479,670		483,215
Consumer loans:
Home equity loans and advances	1,708		246		405		2,359		385,768		388,127
Other consumer loans	3		—		—		3		1,957		1,960
Total loans	$	9,642	$	3,588	$	5,248	$	18,478	$	6,150,830	$	6,169,308

	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 PCI loans acquired

The following table presents information regarding the estimates of the contractually required payments, the cash flows expected to be collected, and the estimated fair value of the PCI loans acquired in the Stewardship acquisition as of November 1, 2019 (See Note 3 for more details):

	November 1, 2019
	(In thousands)
Contractually required principal and interest	$	9,286
Contractual cash flows not expected to be collected (non-accretable difference)	(1,823		)
Expected cash flows to be collected	7,463
Interest component of expected cash flows (accretable yield)	(556		)
Fair value of acquired loans	$	6,907

The following table presents changes in the accretable yield for PCI loans for the year ended December 31, 2019:

	December 31, 2019
	(In thousands)
Balance, beginning of period	$	—
Acquisition	556
Accretion	(30		)
Net change in expected cash flows	(15		)
Balance, end of period	$	511

Schedule of loans receivable by portfolio segment and impairment method

The following table summarizes loans receivable (including PCI loans) and allowance for loan losses by portfolio segment and impairment method at December 31, 2019 and 2018:

	December 31, 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	$	484	$	2	$	—	$	1,121	$	14	$	—	$	—	$	1,621
Collectively evaluated for impairment	13,296		22,978		7,435		14,715		1,655		9		—		60,088
Loans acquired with deteriorated credit quality	—		—		—		—		—		—		—		—
Total	$	13,780	$	22,980	$	7,435	$	15,836	$	1,669	$	9	$	—	$	61,709
Total loans:
Individually evaluated for impairment	$	8,891	$	2,599	$	—	$	5,178	$	2,143	$	—	$	—	$	18,811
Collectively evaluated for impairment	2,068,188		2,917,386		298,942		478,037		385,984		1,960		—		6,150,497
Loans acquired with deteriorated credit quality	429		4,866		—		1,726		—		—		—		7,021
Total gross loans	$	2,077,508	$	2,924,851	$	298,942	$	484,941	$	388,127	$	1,960	$	—	$	6,176,329

(7)     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 gross 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 for the years ended December 31, 2019 and 2018, September 30, 2017, and the three months ended December 31, 2017 are as follows:

	Years Ended December 31,						Three Months Ended December 31,			Year Ended September 30,
	2019			2018			2017			2017
	(In thousands)
Balance at beginning of period	$	62,342		$	58,178		$	54,633		$	51,867
Provision charged	4,224			6,677			3,400			6,426
Recoveries	496			707			188			584
Charge-offs	(5,353		)	(3,220		)	(43		)	(4,244		)
Balance at end of period	$	61,709		$	62,342		$	58,178		$	54,633

The activity in the allowance for loan losses by portfolio segment for the years ended December 31, 2019 and 2018, September 30, 2017, and the three months ended December 31, 2017 are as follows:

	For the Year Ended December 31, 2019
	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	$	15,232		$	23,251		$	7,217	$	14,176		$	2,458		$	8		$	—	$	62,342
Provision charged (credited)	(429		)	(178		)	216		5,250			(638		)	3			—		4,224
Recoveries	30			10			2		404			50			—			—		496
Charge-offs	(1,053		)	(103		)	—		(3,994		)	(201		)	(2		)	—		(5,353		)
Balance at end of period	$	13,780		$	22,980		$	7,435	$	15,836		$	1,669		$	9		$	—	$	61,709

	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

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

	For the Three Months Ended 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)
Balance at beginning of period	$	18,533		$	18,029		$	5,299		$	8,480		$	4,190		$	8		$	94	$	54,633
Provision charged (credited)	1,473			1,906			(82		)	(373		)	389			3			84		3,400
Recoveries	9			—			—			171			6			2			—		188
Charge-offs	(24		)	(2		)	—			(3		)	(9		)	(5		)	—		(43		)
Balance at end of period	$	19,991		$	19,933		$	5,217		$	8,275		$	4,576		$	8		$	178	$	58,178

	For the Year Ended September 30, 2017
	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	$	18,638		$	17,390		$	5,960		$	5,721		$	4,052		$	11		$	95		$	51,867
Provision charged (credited)	1,029			1,644			(661		)	3,183			1,219			13			(1		)	6,426
Recoveries	268			75			—			182			59			—			—			584
Charge-offs	(1,402		)	(1,080		)	—			(606		)	(1,140		)	(16		)	—			(4,244		)
Balance at end of period	$	18,533		$	18,029		$	5,299		$	8,480		$	4,190		$	8		$	94		$	54,633

Schedule of troubled debt restructuring

he following table presents the number of loans modified as TDRs for the years ended December 31, 2019 and 2018, and September 30, 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. There we no loans modified during the three months ended December 31, 2017,

	For the Years Ended December 31,
	2019					2018
	No. of Loans	Pre-modification Recorded Investment		Post-modification Recorded Investment		No. of Loans	Pre-modification Recorded Investment		Post-modification Recorded Investment
	(In thousands)
Troubled Debt Restructurings
Real estate loans:
One-to-four family	—	$	—	$	—	5	$	801	$	801
Multifamily and commercial	—	—		—		1	65		65
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	7	$	1,454	$	1,454

	For the Year Ended September 30,
	2017
	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
Consumer loans:
Home equity loans and advances	2	248		248
Total restructured loans	7	$	4,778	$	4,778

Schedule of loans individually evaluated for impairment

	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

The following tables present loans individually evaluated for impairment by loan segment, excluding PCI loans:

	At December 31, 2019
	Recorded Investment		Unpaid Principal Balance		Specific Allowance
	(In thousands)
With no allowance recorded:
Real estate loans:
One-to-four family	$	4,314	$	5,473	$	—
Multifamily and commercial	1,494		2,191		—
Commercial business loans	3,859		4,048		—
Consumer loans:
Home equity loans and advances	1,080		1,217		—
	10,747		12,929		—
With a specific allowance recorded:
Real estate loans:
One-to-four family	4,577		4,613		484
Multifamily and commercial	1,105		1,105		2
Commercial business loans	1,319		4,307		1,121
Consumer loans:
Home equity loans and advances	1,063		1,063		14
	8,064		11,088		1,621
Total:
Real estate loans:
One-to-four family	8,891		10,086		484
Multifamily and commercial	2,599		3,296		2
Commercial business loans	5,178		8,355		1,121
Consumer loans:
Home equity loans and advances	2,143		2,280		14
Total loans	$	18,811	$	24,017	$	1,621

The following tables present interest income recognized for loans individually evaluated for impairment, by loan segment, excluding PCI loans for the years ended December 31, 2019 and 2018, September 30, 2017, and the three months ended December 31, 2017:

	For the Years Ended December 31,
	2019				2018
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
	(In thousands)
Real estate loans:
One-to-four family	$	8,811	$	434	$	10,224	$	445
Multifamily and commercial	2,639		147		2,712		155
Construction	850		—		—		—
Commercial business loans	6,378		479		3,060		118
Consumer loans:
Home equity loans and advances	2,562		143		3,361		173
Totals	$	21,240	$	1,203	$	19,357	$	891

	For the Three Months Ended December 31,				For the Year Ended September 30,
	2017				2017
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
	(In thousands)
Real estate loans:
One-to-four family	$	14,015	$	110	$	15,027	$	469
Multifamily and commercial	4,087		39		4,328		279
Commercial business loans	3,870		46		3,796		195
Consumer loans:
Home equity loans and advances	3,618		35		3,903		136
Totals	$	25,590	$	230	$	27,054	$	1,079

Schedule of loans receivable by credit quality risk

The following tables present loans receivable by credit quality risk indicator and by loan segment, excluding PCI loans at December 31, 2019 and 2018:

	December 31, 2019
	One-to-Four Family		Multifamily and Commercial		Construction		Commercial Business		Home Equity Loans and Advances		Other Consumer Loans		Total
	(In thousands)
Pass	$	2,072,878	$	2,900,286	$	298,942	$	454,183	$	387,251	$	1,960	$	6,115,500
Special mention	419		4,724		—		20,170		—		—		25,313
Substandard	3,782		14,975		—		8,862		876		—		28,495
Doubtful	—		—		—		—		—		—		—
Total	$	2,077,079	$	2,919,985	$	298,942	$	483,215	$	388,127	$	1,960	$	6,169,308

	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