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Loans Receivable and Allowance for Loan Losses (Tables)

12 Months Ended

Dec. 31, 2021

Loans receivable at December 31, 2021 and 2020 are summarized as follows:


	December 31,
	2021		2020
	(In thousands)
Real estate loans:
One-to-four family	$	2,092,317	$	1,940,327
Multifamily and commercial	3,211,344		2,817,965
Construction	295,047		328,711
Commercial business loans	452,232		752,870
Consumer loans:
Home equity loans and advances	276,563		321,177
Other consumer loans	1,428		1,497
Total gross loans	6,328,931		6,162,547
Purchased credit-impaired loans	6,791		6,345
Net deferred loan costs, fees and purchased premiums and discounts	24,879		12,878
Loans receivable	$	6,360,601	$	6,181,770

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 December 31, 2021 and 2020:


	December 31, 2021
	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	$	3,131	$	1,976	$	373	$	5,480	$	1,416	$	2,086,837	$	2,092,317
Multifamily and commercial	2,189		—		1,561		3,750		1,561		3,207,594		3,211,344
Construction	—		—		—		—		—		295,047		295,047
Commercial business loans	412		—		203		615		761		451,617		452,232
Consumer loans:
Home equity loans and advances	108		53		81		242		201		276,321		276,563
Other consumer loans	—		4		—		4		—		1,424		1,428
Total loans	$	5,840	$	2,033	$	2,218	$	10,091	$	3,939	$	6,318,840	$	6,328,931


	December 31, 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	$	3,068	$	912	$	1,901	$	5,881	$	2,637	$	1,934,446	$	1,940,327
Multifamily and commercial	15,645		—		1,238		16,883		1,873		2,801,082		2,817,965
Construction	550		—		—		550		—		328,161		328,711
Commercial business loans	2,343		1,056		2,453		5,852		2,968		747,018		752,870
Consumer loans:
Home equity loans and advances	1,156		696		394		2,246		678		318,931		321,177
Other consumer loans	4		—		—		4		—		1,493		1,497
Total loans	$	22,766	$	2,664	$	5,986	31,416		$	8,156	$	6,131,131	$	6,162,547

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 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 Roselle acquisition as of April 1, 2020 (See note 3 for more details):

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


	April 1, 2020
	(In thousands)

Contractually required principal and interest	$	461
Contractual cash flows not expected to be collected (non-accretable difference)	(237)
Expected cash flows to be collected	224
Interest component of expected cash flows (accretable yield)	(51)
Fair value of acquired loans	$	173

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 Freehold acquisition as of December 1, 2021 (See note 3 for more details):


	December 1, 2021
	(In thousands)

Contractually required principal and interest	$	5,149
Contractual cash flows not expected to be collected (non-accretable difference)	—
Expected cash flows to be collected	5,149
Interest component of expected cash flows (accretable yield)	(1,452)
Fair value of acquired loans	$	3,697

At December 31, 2021 and 2020, PCI loans acquired in the Stewardship acquisition totaled $2.7 million and $6.1 million, respectively. At both December 31, 2021 and 2020, PCI loans acquired in the Roselle acquisition totaled $184,000. and at December 31, 2021, PCI loans acquired in the Freehold acquisition totaled $3.9 million.

The following table presents changes in accretable yield for PCI loans for the years ended December 31, 2021 and 2020:


	December 31,
	2021		2020
	(In thousands)

Balance at beginning of period	$	418	$	511
Acquisition	19		58
Accretion	(20)		(34)
Net change in expected cash flows	(70)		(117)
Balance at end of period	$	347	$	418

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 December 31, 2021 and 2020:


	December 31, 2021
	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	$	258	$	97	$	—	$	16	$	7	$	—	$	378
Collectively evaluated for impairment	8,540		23,758		8,943		20,198		866		6		62,311
Loans acquired with deteriorated credit quality	—		—		—		—		—		—		—
Total	$	8,798	$	23,855	$	8,943	$	20,214	$	873	$	6	$	62,689

Total loans:
Individually evaluated for impairment	$	5,184	$	16,592	$	—	$	1,806	$	705	$	—	$	24,287
Collectively evaluated for impairment	2,087,133		3,194,752		295,047		450,426		275,858		1,428		6,304,644
Loans acquired with deteriorated credit quality	431		5,426		—		934		—		—		6,791
Total loans	$	2,092,748	$	3,216,770	$	295,047	$	453,166	$	276,563	$	1,428	$	6,335,722

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


	December 31, 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	$	391	$	601	$	—	$	84	$	12	$	—	$	1,088
Collectively evaluated for impairment	13,195		30,080		11,271		17,300		1,736		6		73,588
Loans acquired with deteriorated credit quality	—		—		—		—		—		—		—
Total	$	13,586	$	30,681	$	11,271	$	17,384	$	1,748	$	6	$	74,676

Total loans:
Individually evaluated for impairment	$	7,257	$	32,792	$	—	$	3,447	$	1,651	$	—	$	45,147
Collectively evaluated for impairment	1,933,070		2,785,173		328,711		749,423		319,526		1,497		6,117,400
Loans acquired with deteriorated credit quality	309		4,893		—		1,143		—		—		6,345
Total loans	$	1,940,636	$	2,822,858	$	328,711	$	754,013	$	321,177	$	1,497	$	6,168,892

The activity in the allowance for loan losses for the years ended December 31, 2021, 2020 and 2019, are as follows:


	Years Ended December 31,
	2021		2020		2019
	(In thousands)

Balance at beginning of period	$	74,676	$	61,709	$	62,342
Provision (credited) charged	(9,953)		18,447		4,224
Recoveries	1,530		823		496
Charge-offs	(3,564)		(6,303)		(5,353)
Balance at end of period	$	62,689	$	74,676	$	61,709

The activity in the allowance for loan losses by portfolio segment for the years ended December 31, 2021, 2020 and 2019, are as follows:


	For the Year Ended December 31, 2021
	One-to-Four Family		Multifamily and Commercial		Construction		Commercial Business		Home Equity Loans and Advances		Other Consumer Loans		Total
	(In thousands)

Balance at beginning of period	$	13,586	$	30,681	$	11,271	$	17,384	$	1,748	$	6	$	74,676
Provision charged (credited)	(4,037)		(7,354)		(2,330)		4,384		(623)		7		(9,953)
Recoveries	22		1,231		2		219		56		—		1,530
Charge-offs	(773)		(703)		—		(1,773)		(308)		(7)		(3,564)
Balance at end of period	$	8,798	$	23,855	$	8,943	$	20,214	$	873	$	6	$	62,689


	For the Year Ended December 31, 2020
	One-to-Four Family		Multifamily and Commercial		Construction		Commercial Business		Home Equity Loans and Advances		Other Consumer Loans		Total
	(In thousands)

Balance at beginning of period	$	13,780	$	22,980	$	7,435	$	15,836	$	1,669	$	9	$	61,709
Provision charged	1,299		7,713		3,835		5,360		239		1		18,447
Recoveries	438		16		1		308		60		—		823
Charge-offs	(1,931)		(28)		—		(4,120)		(220)		(4)		(6,303)
Balance at end of period	$	13,586	$	30,681	$	11,271	$	17,384	$	1,748	$	6	$	74,676


	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		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

Schedule of troubled debt restructuring

The following tables present the number of loans modified as TDRs during the years ended December 31, 2021, 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 Years Ended December 31,
	2021					2020
	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	2	$	285	$	388	—	$	—	$	—
Multifamily and commercial	1	$	192	$	211	5	$	17,022	$	17,022

Commercial business loans	—	—		—		2	11,507		12,802



Total restructured loans	3	$	477	$	599	7	$	28,529	$	29,824


	For the Year Ended December 31,
	2019
	No. of Loans	Pre-modification Recorded Investment		Post-modification Recorded Investment
		(Dollars in thousands)
Troubled Debt Restructurings




Commercial business loans	1	$	4,095	$	4,095



Total restructured loans	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 December 31, 2021 and 2020:


	At December 31, 2021
	Recorded Investment		Unpaid Principal Balance		Specific Allowance
	(In thousands)
With no allowance recorded:
Real estate loans:
One-to-four family	$	1,882	$	2,421	$	—
Multifamily and commercial	14,623		15,351		—
Commercial business loans	573		573		—
Consumer loans:
Home equity loans and advances	202		308		—
	17,280		18,653		—
With a specific allowance recorded:
Real estate loans:
One-to-four family	3,302		3,321		258
Multifamily and commercial	1,969		1,971		97
Commercial business loans	1,233		1,233		16
Consumer loans:
Home equity loans and advances	503		503		7
	7,007		7,028		378
Total:
Real estate loans:
One-to-four family	5,184		5,742		258
Multifamily and commercial	16,592		17,322		97
Commercial business loans	1,806		1,806		16
Consumer loans:
Home equity loans and advances	705		811		7
Total loans	$	24,287	$	25,681	$	378


	At December 31, 2020
	Recorded Investment		Unpaid Principal Balance		Specific Allowance
	(In thousands)
With no allowance recorded:
Real estate loans:
One-to-four family	$	3,344	$	3,898	$	—
Multifamily and commercial	13,058		13,094		—
Commercial business loans	1,945		1,945		—
Consumer loans:
Home equity loans and advances	714		851		—
	19,061		19,788		—
With a specific allowance recorded:
Real estate loans:
One-to-four family	3,913		3,919		391
Multifamily and commercial	19,734		20,350		601
Commercial business loans	1,502		1,502		84
Consumer loans:
Home equity loans and advances	937		937		12
	26,086		26,708		1,088
Total:
Real estate loans:
One-to-four family	7,257		7,817		391
Multifamily and commercial	32,792		33,444		601
Commercial business loans	3,447		3,447		84
Consumer loans:
Home equity loans and advances	1,651		1,788		12
Total loans	$	45,147	$	46,496	$	1,088

The following table presents interest income recognized for loans individually evaluated for impairment, by loan segment, excluding PCI loans for the years ended December 31, 2021, 2020 and 2019:


	For the Years Ended December 31,
	2021				2020				2019
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
	(In thousands)
Real estate loans:
One-to-four family	$	5,738	$	285	$	7,946	$	305	$	8,811	$	434
Multifamily and commercial	25,333		838		23,701		1,091		2,639		147
Construction	—		—		—		—		850		—
Commercial business loans	2,121		139		4,963		216		6,378		479
Consumer loans:
Home equity loans and advances	1,119		43		1,909		100		2,562		143
Totals	$	34,311	$	1,305	$	38,519	$	1,712	$	21,240	$	1,203

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, 2021 and 2020:


	December 31, 2021
	One-to-Four Family		Multifamily and Commercial		Construction		Commercial Business		Home Equity Loans and Advances		Other Consumer Loans		Total
	(In thousands)

Pass	$	2,087,547	$	3,130,414	$	294,940	$	434,930	$	276,225	$	1,428	$	6,225,484
Special mention	202		54,046		107		6,713		—		—		61,068
Substandard	4,568		26,884		—		10,589		338		—		42,379
Doubtful	—		—		—		—		—		—		—
Total	$	2,092,317	$	3,211,344	$	295,047	$	452,232	$	276,563	$	1,428	$	6,328,931

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


	December 31, 2020
	One-to-Four Family		Multifamily and Commercial		Construction		Commercial Business		Home Equity Loans and Advances		Other Consumer Loans		Total
	(In thousands)

Pass	$	1,935,032	$	2,758,905	$	328,711	$	740,010	$	320,092	$	1,497	$	6,084,247
Special mention	404		40,392		—		6,718		—		—		47,514
Substandard	4,891		18,668		—		6,142		1,085		—		30,786
Doubtful	—		—		—		—		—		—		—
Total	$	1,940,327	$	2,817,965	$	328,711	$	752,870	$	321,177	$	1,497	$	6,162,547