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Loans Receivable and Allowance for Loan Losses (Tables)

9 Months Ended

Sep. 30, 2020

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


	September 30,		December 31,
	2020		2019
	(In thousands)
Real estate loans:
One-to-four family	$	2,053,293	$	2,077,079
Multifamily and commercial	2,863,718		2,919,985
Construction	307,659		298,942
Commercial business loans	884,931		483,215
Consumer loans:
Home equity loans and advances	340,962		388,127
Other consumer loans	1,538		1,960
Total gross loans	6,452,101		6,169,308
Purchased credit-impaired loans	6,706		7,021
Net deferred loan costs, fees and purchased premiums and discounts	10,038		21,237
Loans receivable	$	6,468,845	$	6,197,566

Schedule of aging of loans receivable by portfolio segment

The following tables summarize the aging of loans receivable by portfolio segment, including non-accrual loans and excluding PCI loans at September 30, 2020 and December 31, 2019:


	September 30, 2020
	30-59 Days		60-89 Days		90 Days or More		Total Past Due		Non-accrual		Current		Total
	(In thousands)
Real estate loans:
One-to-four family	$	4,347	$	542	$	1,760	$	6,649	$	2,881	$	2,043,763	$	2,053,293
Multifamily and commercial	600		1,772		2,798		5,170		2,995		2,855,553		2,863,718
Construction	80		—		—		80		—		307,579		307,659
Commercial business loans	2,910		2,643		2,698		8,251		4,536		872,144		884,931
Consumer loans:
Home equity loans and advances	1,610		186		323		2,119		499		338,344		340,962
Other consumer loans	1		1		—		2		—		1,536		1,538
Total loans	$	9,548	$	5,144	$	7,579	$	22,271	$	10,911	$	6,418,919	$	6,452,101


	December 31, 2019
	30-59 Days		60-89 Days		90 Days or More		Total Past Due		Non-accrual		Current		Total
	(In thousands)
Real estate loans:
One-to-four family	$	6,249	$	2,132	$	1,638	$	10,019	$	1,732	$	2,065,328	$	2,077,079
Multifamily and commercial	626		1,210		716		2,552		716		2,916,717		2,919,985
Construction	—		—		—		—		—		298,942		298,942
Commercial business loans	1,056		—		2,489		3,545		3,686		475,984		483,215
Consumer loans:
Home equity loans and advances	1,708		246		405		2,359		553		385,215		388,127
Other consumer loans	3		—		—		3		—		1,957		1,960
Total loans	$	9,642	$	3,588	$	5,248	$	18,478	$	6,687	$	6,144,143	$	6,169,308

Schedule of PCI Loans Acquired

The following table presents changes in accretable yield for PCI loans for the three and nine months ended September 30, 2020. There were no PCI loans outstanding for the three and nine months ended September 30, 2019.


	Three Months Ended September 30, 2020		Nine Months Ended September 30, 2020
	(In thousands)

Balance at beginning of period	$	471	$	511
Acquisition	—		58
Accretion	(58)		(156)
Net change in expected cash flows	1		1
Balance at end of period	$	414	$	414

Schedule of loans receivable by portfolio segment and impairment method

The following tables summarize loans receivable (including PCI loans) and allowance for loan losses by portfolio segment and impairment method at September 30, 2020 and December 31, 2019:


	September 30, 2020
	One-to-Four Family		Multifamily and Commercial		Construction		Commercial Business		Home Equity Loans and Advances		Other Consumer Loans		Total
	(In thousands)
Allowance for loan losses:
Individually evaluated for impairment	$	406	$	550	$	—	$	871	$	12	$	—	$	1,839
Collectively evaluated for impairment	15,369		30,439		10,534		16,631		1,314		7		74,294
Loans acquired with deteriorated credit quality	—		—		—		—		—		—		—
Total	$	15,775	$	30,989	$	10,534	$	17,502	$	1,326	$	7	$	76,133

Total loans:
Individually evaluated for impairment	$	7,230	$	32,090	$	—	$	4,664	$	1,862	$	—	$	45,846
Collectively evaluated for impairment	2,046,063		2,831,628		307,659		880,267		339,100		1,538		6,406,255
Loans acquired with deteriorated credit quality	291		4,923		—		1,492		—		—		6,706
Total loans	$	2,053,584	$	2,868,641	$	307,659	$	886,423	$	340,962	$	1,538	$	6,458,807

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


	December 31, 2019
	One-to-Four Family		Multifamily and Commercial		Construction		Commercial Business		Home Equity Loans and Advances		Other Consumer Loans		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 loans	$	2,077,508	$	2,924,851	$	298,942	$	484,941	$	388,127	$	1,960	$	6,176,329

The activity in the allowance for loan losses by portfolio segment for the three and nine months ended September 30, 2020 and 2019 are as follows:


	For the Three Months Ended September 30,
	One-to-Four Family		Multifamily and Commercial		Construction		Commercial Business		Home Equity Loans and Advances		Other Consumer Loans		Total
	(In thousands)
2020
Balance at beginning of period	$	16,633	$	27,330	$	10,217	$	18,314	$	1,514	$	7	$	74,015
Provision charged (credited)	(758)		3,659		317		(573)		(129)		—		2,516
Recoveries	87		—		—		128		32		—		247
Charge-offs	(187)		—		—		(367)		(91)		—		(645)
Balance at end of period	$	15,775	$	30,989	$	10,534	$	17,502	$	1,326	$	7	$	76,133

2019
Balance at beginning of period	$	15,610	$	22,679	$	8,806	$	12,718	$	2,583	$	7	$	62,403
Provision charged (credited)	347		290		(1,047)		2,040		(474)		1		1,157
Recoveries	4		—		1		8		22		—		35
Charge-offs	(228)		—		—		(738)		—		—		(966)
Balance at end of period	$	15,733	$	22,969	$	7,760	$	14,028	$	2,131	$	8	$	62,629

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


	For the Nine Months Ended September 30,
	One-to-Four Family		Multifamily and Commercial		Construction		Commercial Business		Home Equity Loans and Advances		Other Consumer Loans		Total
	(In thousands)
2020
Balance at beginning of period	$	13,780	$	22,980	$	7,435	$	15,836	$	1,669	$	9	$	61,709
Provision charged (credited)	2,292		7,998		3,098		4,685		(253)		—		17,820
Recoveries	329		12		1		211		55		—		608
Charge-offs	(626)		(1)		—		(3,230)		(145)		(2)		(4,004)
Balance at end of period	$	15,775	$	30,989	$	10,534	$	17,502	$	1,326	$	7	$	76,133

2019
Balance at beginning of period	$	15,232	$	23,251	$	7,217	$	14,176	$	2,458	$	8	$	62,342
Provision charged (credited)	1,215		(282)		541		485		(255)		1		1,705
Recoveries	29		—		2		374		29		—		434
Charge-offs	(743)		—		—		(1,007)		(101)		(1)		(1,852)
Balance at end of period	$	15,733	$	22,969	$	7,760	$	14,028	$	2,131	$	8	$	62,629

Schedule of troubled debt restructuring

The following table presents the number of loans modified as TDRs during the three and nine months ended September 30, 2020 and 2019, 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 September 30,
	2020					2019
	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:

Multifamily and commercial	4	$	16,387	$	16,387	—	$	—	$	—
Commercial business loans	1	1,295		1,295		—	—		—


Total restructured loans	5	$	17,682	$	17,682	—	$	—	$	—


	For the Nine Months Ended September 30,
	2020					2019
	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:

Multifamily and commercial	4	$	16,387	$	16,387	—	$	—	$	—
Commercial business loans	2	11,507		12,802		1	4,095		4,095


Total restructured loans	6	$	27,894	$	29,189	1	$	4,095	$	4,095

Schedule of loans individually evaluated for impairment

The following tables present loans individually evaluated for impairment by loan segment, excluding PCI loans, at September 30, 2020 and December 31, 2019:


	At September 30, 2020
	Recorded Investment		Unpaid Principal Balance		Specific Allowance
	(In thousands)
With no allowance recorded:
Real estate loans:
One-to-four family	$	2,825	$	3,616	$	—
Multifamily and commercial	20,389		20,426		—

Commercial business loans	2,577		2,680		—
Consumer loans:
Home equity loans and advances	708		845		—
	26,499		27,567		—
With a specific allowance recorded:
Real estate loans:
One-to-four family	4,405		4,420		406
Multifamily and commercial	11,701		12,316		550

Commercial business loans	2,087		5,429		871
Consumer loans:
Home equity loans and advances	1,154		1,154		12
	19,347		23,319		1,839
Total:
Real estate loans:
One-to-four family	7,230		8,036		406
Multifamily and commercial	32,090		32,742		550

Commercial business loans	4,664		8,109		871
Consumer loans:
Home equity loans and advances	1,862		1,999		12
Total loans	$	45,846	$	50,886	$	1,839

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


	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
	$	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 three and nine months ended September 30, 2020 and 2019:


	For the Three Months Ended September 30,
	2020				2019
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
	(In thousands)
Real estate loans:
One-to-four family	$	8,020	$	74	$	8,773	$	101
Multifamily and commercial	23,525		227		2,637		37
Construction	—		—		850		—
Commercial business loans	4,979		52		7,461		88
Consumer loans:
Home equity loans and advances	1,935		28		2,629		35
Total loans	$	38,459	$	381	$	22,350	$	261


	For the Nine Months Ended September 30,
	2020				2019
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
	(In thousands)
Real estate loans:
One-to-four family	$	8,175	$	226	$	9,144	$	340
Multifamily and commercial	20,670		653		2,667		111
Construction	—		—		850		—
Commercial business loans	5,468		196		5,848		268
Consumer loans:
Home equity loans and advances	1,995		85		2,866		122
Total loans	$	36,308	$	1,160	$	21,375	$	841

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 September 30, 2020 and December 31, 2019:


	September 30, 2020
	One-to-Four Family		Multifamily and Commercial		Construction		Commercial Business		Home Equity Loans and Advances		Other Consumer Loans		Total
	(In thousands)

Pass	$	2,046,613	$	2,828,021	$	307,659	$	869,122	$	340,047	$	1,538	$	6,393,000
Special mention	408		15,819		—		8,061		—		—		24,288
Substandard	6,272		19,878		—		7,748		915		—		34,813
Doubtful	—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—
Total	$	2,053,293	$	2,863,718	$	307,659	$	884,931	$	340,962	$	1,538	$	6,452,101


	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	—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—
Total	$	2,077,079	$	2,919,985	$	298,942	$	483,215	$	388,127	$	1,960	$	6,169,308