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LOANS AND ALLOWANCE FOR CREDIT LOSSES (Tables)
3 Months Ended
Mar. 31, 2025
Loans and Leases Receivable Disclosure [Line Items]  
Schedule of net loans

Loans, net of deferred costs and fees, consist of the following (in thousands):

At

At

March 31, 

December 31, 

    

2025

2024

Real estate

Commercial

$

4,595,466

$

4,317,361

Construction

228,826

206,960

Multi-family

388,734

376,737

One-to four-family

90,232

90,880

Total real estate loans

5,303,258

4,991,938

Commercial and industrial

1,044,715

1,046,146

Consumer

11,847

12,961

Total loans

6,359,820

6,051,045

Deferred fees, net of origination costs

(17,698)

(16,969)

Loans, net of deferred fees and costs

6,342,122

6,034,076

Allowance for credit losses

(67,803)

(63,273)

Net loans

$

6,274,319

$

5,970,803

Schedule of changes in the allowance for loan losses by portfolio segment

The following tables present the activity in the ACL for funded loans by segment. The portfolio segments represent the categories that the Company uses to determine its ACL (in thousands):

Multi-

One-to four-

Three months ended March 31, 2025

    

CRE

    

C&I

    

Construction

    

family

    

family

    

Consumer

    

Total

Allowance for credit losses:

Beginning balance

$

42,070

$

10,991

$

1,962

$

7,290

$

577

$

383

$

63,273

Provision/(credit) for credit losses

2,577

1,262

556

(31)

25

79

4,468

Loans charged-off

(118)

(118)

Recoveries

180

180

Total ending allowance balance

$

44,647

$

12,433

$

2,518

$

7,259

$

602

$

344

$

67,803

Multi-

One-to four-

Three months ended March 31, 2024

    

CRE

    

C&I

    

Construction

    

family

    

family

    

Consumer

    

Total

Allowance for credit losses:

Beginning balance

$

35,635

$

11,207

$

1,765

$

8,215

$

663

$

480

$

57,965

Provision/(credit) for credit losses

1,068

(270)

(53)

(44)

(142)

15

574

Loans charged-off

(3)

(3)

Recoveries

1

1

2

Total ending allowance balance

$

36,704

$

10,937

$

1,712

$

8,171

$

521

$

493

$

58,538

Schedule of recorded investment in non-accrual loans, loans past due over 90 days and still accruing by class of loans

The following tables present the recorded investment in non-accrual loans and loans past due 90 days and greater and still accruing, by class of loans (in thousands):

Loans Past Due

Non-accrual

90 Days and

Without an

Greater and

At March 31, 2025

    

Non-accrual

ACL

Still Accruing

Commercial real estate

$

25,087

$

25,087

$

Commercial & industrial

8,989

6,989

One-to-four family

446

446

Consumer

22

Total

$

34,522

$

32,522

$

22

Loans Past Due

Non-accrual

90 Days and

Without an

Greater and

At December 31, 2024

Non-accrual

ACL

Still Accruing

Commercial real estate

$

25,087

$

25,087

$

Commercial & industrial

6,989

6,989

One-to-four family

452

452

Consumer

72

Total

$

32,528

$

32,528

$

72

Schedule of aging of the recorded investment in past due loans by class of loans

The following tables present the aging of the recorded investment in past due loans by class of loans (in thousands):

Non-accrual or

30-59

60-89

90 Days and

Total Past

Current

At March 31, 2025

    

Days

    

Days

    

Greater

    

Due

    

Loans

    

Total

Commercial real estate

$

3,860

$

$

25,087

$

28,947

$

4,566,519

$

4,595,466

Commercial & industrial

8,989

8,989

1,035,726

1,044,715

Construction

228,826

228,826

Multi-family

4,745

5,363

10,108

378,626

388,734

One-to four-family

2,520

446

2,966

87,266

90,232

Consumer

142

32

22

196

11,651

11,847

Total

$

11,267

$

5,395

$

34,544

$

51,206

$

6,308,614

$

6,359,820

Non-accrual or

30-59

60-89

90 Days and

Total Past

Current

At December 31, 2024

    

     Days     

    

     Days    

    

Greater

    

Due

    

Loans

    

Total

Commercial real estate

$

7,115

$

$

25,087

$

32,202

$

4,285,159

$

4,317,361

Commercial & industrial

6,989

6,989

1,039,157

1,046,146

Construction

206,960

206,960

Multi-family

376,737

376,737

One-to four-family

2,049

452

2,501

88,379

90,880

Consumer

124

22

72

218

12,743

12,961

Total

$

9,288

$

22

$

32,600

$

41,910

$

6,009,135

$

6,051,045

Schedule of risk category of loans by class of loans

The following table presents loan balances by credit quality indicator and year of origination at March 31, 2025 and charge-offs for the three months ended March 31, 2025 (in thousands):

2020

    

2025

    

2024

    

2023

    

2022

    

2021

    

& Prior

    

Revolving

    

Total

CRE

Pass

$

836,700

$

1,426,536

$

987,682

$

797,354

$

212,989

$

248,397

$

26,692

$

4,536,350

Special Mention

19,774

14,255

34,029

Substandard

1,087

24,000

25,087

Total

$

836,700

$

1,447,397

$

987,682

$

821,354

$

227,244

$

248,397

$

26,692

$

4,595,466

Construction

Pass

$

55,039

$

63,073

$

72,302

$

8,886

$

$

$

29,526

$

228,826

Total

$

55,039

$

63,073

$

72,302

$

8,886

$

$

$

29,526

$

228,826

Multi-family

Pass

$

58,615

$

77,431

$

37,808

$

73,961

$

62,740

$

23,825

$

3,115

$

337,495

Substandard

30,300

20,939

51,239

Total

$

58,615

$

77,431

$

37,808

$

104,261

$

83,679

$

23,825

$

3,115

$

388,734

One-to four-family

Current

$

$

$

45,000

$

3,387

$

$

38,879

$

$

87,266

Past Due

2,966

2,966

Total

$

$

$

45,000

$

3,387

$

$

41,845

$

$

90,232

C&I

Pass

$

48,042

$

207,040

$

87,238

$

108,503

$

60,001

$

13,734

$

460,759

$

985,317

Substandard

9,140

30,876

4,197

15,185

59,398

Total

$

48,042

$

207,040

$

96,378

$

139,379

$

64,198

$

13,734

$

475,944

$

1,044,715

Consumer

Current

$

$

$

$

$

$

11,651

$

$

11,651

Past due

196

196

Total

$

$

$

$

$

$

11,847

$

$

11,847

Total

Pass/Current

$

998,396

$

1,774,080

$

1,230,030

$

992,091

$

335,730

$

336,486

$

520,092

$

6,186,905

Special Mention

19,774

14,255

34,029

Substandard/Past due

1,087

9,140

85,176

25,136

3,162

15,185

138,886

Total

$

998,396

$

1,794,941

$

1,239,170

$

1,077,267

$

375,121

$

339,648

$

535,277

$

6,359,820

Charge-offs

Consumer

$

$

$

$

$

$

118

$

$

118

The following table presents loan balances by credit quality indicator and year of origination at December 31, 2024 (in thousands):

2019

    

2024

    

2023

    

2022

    

2021

    

2020

    

& Prior

    

Revolving

    

Total

CRE

Pass

$

1,613,785

$

1,114,212

$

927,851

$

241,340

$

125,676

$

149,727

$

26,569

$

4,199,160

Special Mention

73,859

5,000

14,255

93,114

Substandard

1,087

24,000

25,087

Total

$

1,688,731

$

1,114,212

$

956,851

$

255,595

$

125,676

$

149,727

$

26,569

$

4,317,361

Construction

Pass

$

104,503

$

65,231

$

8,693

$

$

$

$

28,533

$

206,960

Total

$

104,503

$

65,231

$

8,693

$

$

$

$

28,533

$

206,960

Multi-family

Pass

$

110,440

$

38,143

$

74,120

$

63,086

$

23,005

$

13,480

$

3,224

$

325,498

Substandard

30,300

20,939

51,239

Total

$

110,440

$

38,143

$

104,420

$

84,025

$

23,005

$

13,480

$

3,224

$

376,737

One-to four-family

Current

$

$

45,000

$

3,469

$

$

9,531

$

30,379

$

$

88,379

Past Due

2,501

2,501

Total

$

$

45,000

$

3,469

$

$

9,531

$

32,880

$

$

90,880

C&I

Pass

$

238,850

$

96,201

$

119,601

$

62,865

$

14,987

$

1,929

$

452,477

$

986,910

Special Mention

1,497

10,246

1,000

12,743

Substandard

7,643

20,968

4,697

13,185

46,493

Total

$

238,850

$

105,341

$

150,815

$

67,562

$

14,987

$

1,929

$

466,662

$

1,046,146

Consumer

Current

$

$

$

$

$

$

12,743

$

$

12,743

Past due

218

218

Total

$

$

$

$

$

$

12,961

$

$

12,961

Total

Pass/Current

$

2,067,578

$

1,358,787

$

1,133,734

$

367,291

$

173,199

$

208,258

$

510,803

$

5,819,650

Special Mention

73,859

1,497

15,246

14,255

1,000

105,857

Substandard/Past due

1,087

7,643

75,268

25,636

2,719

13,185

125,538

Total

$

2,142,524

$

1,367,927

$

1,224,248

$

407,182

$

173,199

$

210,977

$

524,988

$

6,051,045

Charge-offs

Consumer

$

$

$

$

$

$

247

$

$

247

Schedule of borrowers experiencing financial difficulty

The following tables show the amortized cost basis of modified loans to borrowers experiencing financial difficulty during the periods indicated (in thousands):

Modifications

as a % of

Three months ended March 31, 2025

Extension

Total

Loan Class

Multi-family

$

51,239

$

51,239

13.2

%

Total

$

51,239

$

51,239

13.2

%

Modifications

as a % of

Three months ended March 31, 2024

Extension

Total

Loan Class

Commercial & industrial

$

7,000

$

7,000

0.7

%

Total

$

7,000

$

7,000

0.7

%

The following table describes the types of modifications made to borrowers experiencing financial difficulty:

    

Types of Modifications

Weighted

Average

Interest

Term

Rate

Extension

Reduction

Three months ended March 31, 2025

Multi-family

6-12 months

    

Types of Modifications

Weighted

Average

Interest

Term

Rate

Extension

Reduction

Three months ended March 31, 2024

Commercial & industrial

11-12 months

4.0%

Unfunded loan commitment  
Loans and Leases Receivable Disclosure [Line Items]  
Schedule of allowance for loan losses and the recorded investment in loans by portfolio segment

The following tables present the activity in the ACL for unfunded loan commitments (in thousands):

Three months ended March 31, 

    

    

2025

    

2024

    

Balance at the beginning of period

$

2,008

$

1,181

Provision/(credit) for credit losses

38

(46)

Total ending allowance balance

$

2,046

$

1,135