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LOANS AND ALLOWANCE FOR CREDIT LOSSES (Tables)
6 Months Ended
Jun. 30, 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

June 30, 

December 31, 

    

2025

2024

Real estate

Commercial

$

4,849,152

$

4,317,361

Construction

251,693

206,960

Multi-family

414,248

376,737

One-to four-family

88,876

90,880

Total real estate loans

5,603,969

4,991,938

Commercial and industrial

1,016,056

1,046,146

Consumer

11,269

12,961

Total loans

6,631,294

6,051,045

Deferred fees, net of origination costs

(18,505)

(16,969)

Loans, net of deferred fees and costs

6,612,789

6,034,076

Allowance for credit losses

(74,071)

(63,273)

Net loans

$

6,538,718

$

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 June 30, 2025

    

CRE

    

C&I

    

Construction

    

family

    

family

    

Consumer

    

Total

Allowance for credit losses:

Beginning balance

$

44,647

$

12,433

$

2,518

$

7,259

$

602

$

344

$

67,803

Provision/(credit) for credit losses

5,808

166

(178)

412

(24)

70

6,254

Loans charged-off

(112)

(112)

Recoveries

125

1

126

Total ending allowance balance

$

50,455

$

12,724

$

2,340

$

7,671

$

578

$

303

$

74,071

Multi-

One-to four-

Three months ended June 30, 2024

    

CRE

    

C&I

    

Construction

    

family

    

family

    

Consumer

    

Total

Allowance for credit losses:

Beginning balance

$

36,704

$

10,937

$

1,712

$

8,171

$

521

$

493

$

58,538

Provision/(credit) for credit losses

1,780

345

47

(344)

(390)

48

1,486

Loans charged-off

(16)

(16)

Recoveries

Total ending allowance balance

$

38,484

$

11,282

$

1,759

$

7,827

$

131

$

525

$

60,008

Multi-

One-to four-

Six months ended June 30, 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

8,385

1,428

378

381

1

150

10,723

Loans charged-off

(231)

(231)

Recoveries

305

1

306

Total ending allowance balance

$

50,455

$

12,724

$

2,340

$

7,671

$

578

$

303

$

74,071

Multi-

One-to four-

Six months ended June 30, 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

2,848

75

(6)

(388)

(532)

62

2,060

Loans charged-off

(18)

(18)

Recoveries

1

1

2

Total ending allowance balance

$

38,484

$

11,282

$

1,759

$

7,827

$

131

$

525

$

60,008

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 June 30, 2025

    

Non-accrual

ACL

Still Accruing

Commercial real estate

$

25,926

$

1,926

$

Commercial & industrial

8,989

6,989

Multi-family

2,554

2,554

One-to-four family

2,469

2,469

Consumer

Total

$

39,938

$

13,938

$

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

Total Past

30-59

60-89

90 Days and

Due or

Current

At June 30, 2025

    

Days

    

Days

    

Greater

    

Non-accrual

    

Loans

    

Total

Commercial real estate

$

$

15,448

$

25,926

$

41,374

$

4,807,778

$

4,849,152

Commercial & industrial

8,989

8,989

1,007,067

1,016,056

Construction

251,693

251,693

Multi-family

2,554

2,554

411,694

414,248

One-to four-family

2,469

2,469

86,407

88,876

Consumer

38

32

70

11,199

11,269

Total

$

38

$

15,480

$

39,938

$

55,456

$

6,575,838

$

6,631,294

Non-accrual or

Total Past

30-59

60-89

90 Days and

Due or

Current

At December 31, 2024

    

Days

    

     Days    

    

Greater

    

Non-accrual

    

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 June 30, 2025 and charge-offs for the six months ended June 30, 2025 (in thousands):

2020

    

2025

    

2024

    

2023

    

2022

    

2021

    

& Prior

    

Revolving

    

Total

CRE

Pass

$

1,373,024

$

1,283,281

$

944,522

$

727,284

$

210,968

$

178,070

$

50,220

$

4,767,369

Special Mention

18,400

33,953

52,353

Substandard

1,800

1,087

24,000

839

1,704

29,430

Total

$

1,393,224

$

1,318,321

$

944,522

$

751,284

$

211,807

$

179,774

$

50,220

$

4,849,152

Construction

Pass

$

76,160

$

49,283

$

86,910

$

9,419

$

$

$

29,921

$

251,693

Total

$

76,160

$

49,283

$

86,910

$

9,419

$

$

$

29,921

$

251,693

Multi-family

Pass

$

127,155

$

39,155

$

37,723

$

69,073

$

61,356

$

23,239

$

2,754

$

360,455

Substandard

2,554

30,300

20,939

53,793

Total

$

127,155

$

41,709

$

37,723

$

99,373

$

82,295

$

23,239

$

2,754

$

414,248

One-to four-family

Current

$

$

$

45,000

$

3,246

$

$

38,161

$

$

86,407

Past Due

2,469

2,469

Total

$

$

$

45,000

$

3,246

$

$

40,630

$

$

88,876

C&I

Pass

$

84,596

$

180,934

$

80,630

$

93,630

$

57,497

$

11,597

$

447,935

$

956,819

Substandard

9,095

30,760

4,197

15,185

59,237

Total

$

84,596

$

180,934

$

89,725

$

124,390

$

61,694

$

11,597

$

463,120

$

1,016,056

Consumer

Current

$

$

$

$

$

$

11,199

$

$

11,199

Past due

70

70

Total

$

$

$

$

$

$

11,269

$

$

11,269

Total

Pass/Current

$

1,660,935

$

1,552,653

$

1,194,785

$

902,652

$

329,821

$

262,266

$

530,830

$

6,433,942

Special Mention

18,400

33,953

52,353

Substandard/Past due

1,800

3,641

9,095

85,060

25,975

4,243

15,185

144,999

Total

$

1,681,135

$

1,590,247

$

1,203,880

$

987,712

$

355,796

$

266,509

$

546,015

$

6,631,294

Charge-offs

Consumer

$

$

$

$

$

$

230

$

$

230

The following table presents loan balances by credit quality indicator and year of origination at December 31, 2024 and charge-offs for the year ended 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

Interest Rate

as a % of

Three months ended June 30, 2025

Extension

Reduction

Total

Loan Class

Multi-family

$

$

$

0.0

%

Total

$

$

$

Modifications

Interest Rate

as a % of

Six months ended June 30, 2025

Extension

Reduction

Total

Loan Class

Multi-family

$

51,239

$

$

51,239

12.4

%

Total

$

51,239

$

$

51,239

Modifications

Interest Rate

as a % of

Three months ended June 30, 2024

Extension

Reduction

Total

Loan Class

Commercial & industrial

$

4,747

$

$

4,747

0.4

%

Multi-family

48,224

3,015

51,239

11.6

%

Total

$

52,971

$

3,015

$

55,986

Modifications

Interest Rate

as a % of

Six months ended June 30, 2024

Extension

Reduction

Total

Loan Class

Commercial & industrial

$

11,736

$

$

11,736

1.1

%

Multi-family

48,224

3,015

51,239

11.6

%

Total

$

59,960

$

3,015

$

62,975

The following tables describe the types of modifications made to borrowers experiencing financial difficulty:

    

Types of Modifications

Weighted

Average

Interest

Term

Rate

Extension

Reduction

Three months ended June 30, 2025

Multi-family

0.0%

    

Types of Modifications

Weighted

Average

Interest

Term

Rate

Extension

Reduction

Six months ended June 30, 2025

Multi-family

6-12 months

0.0%

    

Types of Modifications

Weighted

Average

Interest

Term

Rate

Extension

Reduction

Three months ended June 30, 2024

Commercial & industrial

11-12 months

3.8%

Multi-family

6-12 months

    

Types of Modifications

Weighted

Average

Interest

Term

Rate

Extension

Reduction

Six months ended June 30, 2024

Commercial & industrial

11-12 months

2.9%

Multi-family

6-12 months

4.1%

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 June 30, 

    

Six months ended June 30, 

    

2025

    

2024

    

2025

    

2024

    

Balance at the beginning of period

$

2,046

$

1,136

$

2,008

$

1,181

Provision/(credit) for credit losses

124

52

162

7

Total ending allowance balance

$

2,170

$

1,188

$

2,170

$

1,188