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LOANS (Tables)

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

Schedule of composition of loans categorized by the type of loan

The following table presents loans outstanding, by type of loan, as of December 31:

						% of Total								% of Total
(Dollars in thousands)		2022				Loans				2021				Loans
Residential mortgage		$	525,756				9.95	%		$	498,300				10.37	%
Multifamily mortgage			1,863,915				35.27				1,595,866				33.20
Commercial mortgage			624,625				11.82				662,626				13.78
Commercial loans (including equipment financing)			2,194,094				41.51				1,955,157				40.67
Commercial construction			4,042				0.07				20,044				0.42
Home equity lines of credit			34,496				0.65				40,803				0.85
Consumer loans, including    fixed rate home equity loans			38,014				0.72				33,687				0.70
Other loans			304				0.01				238				0.01
Total loans		$	5,285,246				100.00	%		$	4,806,721				100.00	%

In determining an appropriate amount for the allowance, the Bank segments and aggregated the loan portfolio based on common characteristics. The following pool segments identified as of December 31, 2022 are based on the CECL methodology:

						% of Total
(Dollars in thousands)		2022				Loans
Primary residential mortgage		$	527,784				9.99	%
Junior lien loan on residence			38,265				0.73
Multifamily property			1,863,915				35.29
Owner-occupied commercial real estate			272,009				5.15
Investment commercial real estate			1,044,125				19.77
Commercial and industrial			1,194,662				22.62
Lease financing			288,566				5.46
Construction			9,936				0.19
Consumer and other			42,319				0.80
Total loans		$	5,281,581				100.00	%
Net deferred costs			3,665
Total loans including net deferred costs		$	5,285,246

The portfolio classes identified as of December 31, 2021 are based on the incurred loss methodology and are segmented by federal Call Report codes:

						% of Total
(Dollars in thousands)		2021				Loans
Primary residential mortgage		$	500,243				10.42	%
Home equity lines of credit			40,803				0.85
Junior lien loan on residence			3,191				0.07
Multifamily property			1,595,866				33.23
Owner-occupied commercial real estate			252,603				5.26
Investment commercial real estate			1,003,979				20.90
Commercial and industrial (A)			992,332				20.66
Lease financing			345,868				7.20
Farmland/Agricultural production			6,871				0.14
Commercial construction			20,174				0.42
Consumer and other			40,828				0.85
Total loans		$	4,802,758				100.00	%
Net deferred costs			3,963
Total loans including net deferred costs		$	4,806,721

Schedule of loans to executives and directors

The following table shows the changes in loans to officers, directors and their associates:

(In thousands)		2022				2021
Balance, beginning of year		$	4,337			$	3,801
New loans			448				845
Repayments			(305	)			(309	)
Balance, at end of year		$	4,480			$	4,337

Schedule of recorded investment in nonaccrual and loans past due over 90 days still on accrual

The following tables present the recorded investment in nonaccrual and loans past due over 90 days still on accrual by class of loans as of December 31, 2022 and 2021:

		2022
						Loans Past Due Over
						90 Days and Still
(In thousands)		Nonaccrual				Accruing Interest
Primary residential mortgage		$	2,339			$	—
Junior lien loan on residence			—				—
Owner-occupied commercial real estate			—				—
Investment commercial real estate			11,208				—
Commercial and industrial			3,662				—
Lease financing			1,765
Total		$	18,974			$	—

		2021
						Loans Past Due Over
						90 Days and Still
(In thousands)		Nonaccrual				Accruing Interest
Primary residential mortgage		$	1,851			$	—
Junior lien loan on residence			18				—
Owner-occupied commercial real estate			458				—
Investment commercial real estate			12,750				—
Commercial and industrial			496				—
Total		$	15,573			$	—

Schedule of aging of past due loans

The following tables present the recorded investment in past due loans as of December 31, 2022 and 2021 by class of loans, excluding nonaccrual loans:

		2022
		30-59				60-89				Greater Than
		Days				Days				90 Days				Total
(In thousands)		Past Due				Past Due				Past Due				Past Due
Primary residential mortgage		$	1,145			$	—			$	—			$	1,145
Multifamily property			882				—				—				882
Commercial and industrial			4,884				681				—				5,565
Total		$	6,911			$	681			$	—			$	7,592

		2021
		30-59				60-89				Greater Than
		Days				Days				90 Days				Total
(In thousands)		Past Due				Past Due				Past Due				Past Due
Primary residential mortgage		$	639			$	—			$	—			$	639
Commercial and industrial			7,825				142				—				7,967
Total		$	8,464			$	142			$	—			$	8,606

Schedule of credit risk profile of loans

The following is a summary of the credit risk profile of loans by internally assigned grade as of December 31, 2022 based on originations for the periods indicated; the years represent the year of origination for non-revolving loans:

		Grade as of December 31, 2022 for Loans Originated During
																						2017								Revolving-
(In thousands)		2022				2021				2020				2019				2018				and Prior				Revolving				Term				Total
Primary residential mortgage:
Pass		$	118,864			$	87,312			$	62,540			$	37,902			$	27,209			$	190,834			$	—			$	691			$	525,352
Special mention			—				—				—				—				—				—				—				—				—
Substandard			—				—				547				1,044				141				700				—				—				2,432
Doubtful			—				—				—				—				—				—				—				—				—
Total primary residential mortgages			118,864				87,312				63,087				38,946				27,350				191,534				—				691				527,784
Junior lien loan on residence:
Pass			1,631				177				42				639				326				953				33,996				—				37,764
Special mention			—				—				—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				501				—				501
Doubtful			—				—				—				—				—				—				—				—				—
Total junior lien loan on residence			1,631				177				42				639				326				953				34,497				—				38,265
Multifamily property:
Pass			488,657				678,507				118,220				224,129				33,884				305,628				1,246				1,425				1,851,696
Special mention			—				—				—				—				—				1,696				—				—				1,696
Substandard			—				—				—				2,846				—				7,677				—				—				10,523
Doubtful			—				—				—				—				—				—				—				—				—
Total multifamily property			488,657				678,507				118,220				226,975				33,884				315,001				1,246				1,425				1,863,915
Owner-occupied commercial real estate:
Pass			25,315				43,916				20,679				12,244				22,422				126,237				608				20,588				272,009
Special mention			—				—				—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				—				—				—
Doubtful			—				—				—				—				—				—				—				—				—
Total owner-occupied commercial real estate			25,315				43,916				20,679				12,244				22,422				126,237				608				20,588				272,009
Investment commercial real estate:
Pass			189,829				154,715				59,444				155,995				93,330				305,219				6,590				23,487				988,609
Special mention			—				—				—				13,015				—				13,309				—				14,507				40,831
Substandard			11,208				—				—				3,477				—				—				—				—				14,685
Doubtful			—				—				—				—				—				—				—				—				—
Total investment commercial real estate			201,037				154,715				59,444				172,487				93,330				318,528				6,590				37,994				1,044,125
Commercial and industrial:
Pass			421,072				217,887				76,307				80,359				26,792				5,559				303,526				29,750				1,161,252
Special mention			14,405				—				826				—				193				—				258				—				15,682
Substandard			1,553				1,892				2,148				3,894				277				71				7,893				—				17,728
Doubtful			—				—				—				—				—				—				—				—				—
Total commercial and industrial			437,030				219,779				79,281				84,253				27,262				5,630				311,677				29,750				1,194,662
Lease financing:
Pass			73,155				71,925				58,262				48,942				24,408				8,125				—				—				284,817
Special mention			1,984				—				—				—				—				—				—				—				1,984
Substandard			—				—				—				1,765				—				—				—				—				1,765
Doubtful			—				—				—				—				—				—				—				—				—
Total lease financing			75,139				71,925				58,262				50,707				24,408				8,125				—				—				288,566
Construction loans:
Pass			—				—				—				1,439				—				—				4,064				4,433				9,936

Special mention			—				—				—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				—				—				—
Doubtful			—				—				—				—				—				—				—				—				—
Total commercial construction loans			—				—				—				1,439				—				—				4,064				4,433				9,936
Consumer and other loans:
Pass			—				381				194				—				—				5,753				31,287				4,704				42,319
Special mention			—				—				—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				—				—				—
Doubtful			—				—				—				—				—				—				—				—				—
Total consumer and other loans			—				381				194				—				—				5,753				31,287				4,704				42,319
Total:
Pass			1,318,523				1,254,820				395,688				561,649				228,371				948,308				381,317				85,078				5,173,754
Special mention			16,389				—				826				13,015				193				15,005				258				14,507				60,193
Substandard			12,761				1,892				2,695				13,026				418				8,448				8,394				—				47,634
Doubtful			—				—				—				—				—				—				—				—				—
Total Loans		$	1,347,673			$	1,256,712			$	399,209			$	587,690			$	228,982			$	971,761			$	389,969			$	99,585			$	5,281,581

Schedule of the risk category of loans by class of loans

The table below presents, based on the most recent analysis performed, the risk category of loans by class of loans for December 31, 2021.

2021
						Special
(In thousands)		Pass				Mention				Substandard				Doubtful
Primary residential mortgage		$	494,444			$	557			$	5,242			$	—
Home equity lines of credit			40,274				—				529				—
Junior lien loan on residence			3,173				—				18				—
Multifamily property			1,579,776				7,720				8,370				—
Owner-occupied commercial real estate			251,229				663				711				—
Investment commercial real estate			901,877				87,297				14,805				—
Commercial and industrial			951,127				20,178				21,027				—
Lease financing			345,868				—				—				—
Secured by farmland and agricultural			6,871				—				—				—
Commercial construction			20,099				75				—				—
Consumer and other loans			40,828				—				—				—
Total		$	4,635,566			$	116,490			$	50,702			$	—

Schedule of loans modified as troubled debt restructurings

The following table presents loans by class modified as troubled debt restructurings that occurred during the year ended December 31, 2022:

						Pre-Modification				Post-Modification
						Outstanding				Outstanding
		Number of				Recorded				Recorded
(Dollars in thousands)		Loans				Investment				Investment
Investment commercial real estate			1			$	11,208			$	11,208
Total			1			$	11,208			$	11,208

The following table presents loans by class modified as troubled debt restructurings that occurred during the year ended December 31, 2021:

						Pre-Modification				Post-Modification
						Outstanding				Outstanding
		Number of				Recorded				Recorded
(Dollars in thousands)		Loans				Investment				Investment
Primary residential mortgage			3			$	603			$	603
Junior lien loan on residence			1				18				18
Commercial and industrial			1				2,070				2,070
Total			5			$	2,691			$	2,691

The following table presents loans by class modified as troubled debt restructurings that occurred during the year ended December 31, 2020:

						Pre-Modification				Post-Modification
						Outstanding				Outstanding
		Number of				Recorded				Recorded
(Dollars in thousands)		Loans				Investment				Investment
Primary residential mortgage			3			$	423			$	423
Commercial and industrial			1				39				39
Total			4			$	462			$	462

The following table presents loans by class modified as troubled debt restructurings during the year ended December 31, 2021 for which there was a payment default during the same period:

		Number of				Recorded
(Dollars in thousands)		Loans				Investment
Primary residential mortgage			1			$	218
Total			1			$	218

The following table presents loans by class modified as trouble debt restructurings during the year ended December 31, 2020 for which there was a payment default during the same period:

		Number of				Recorded
(Dollars in thousands)		Loans				Investment
Primary residential mortgage			1			$	133
Commercial and industrial			1			$	39
Total			2			$	172

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