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LOANS AND LEASES (Tables)

3 Months Ended

Mar. 31, 2023

Receivables [Abstract]

Schedule of composition of loans categorized by the type of loan

Loans outstanding, excluding those held for sale, by general ledger classification, as of March 31, 2023 and December 31, 2022, consisted of the following:

						% of								% of
		March 31,				Totals				December 31,				Total
(Dollars in thousands)		2023				Loans				2022				Loans
Residential mortgage		$	544,655				10.15	%		$	525,756				9.95	%
Multifamily mortgage			1,871,387				34.88				1,863,915				35.27
Commercial mortgage			613,911				11.44				624,625				11.82
Commercial loans (including equipment financing)			2,246,899				41.87				2,194,094				41.51
Commercial construction			6,138				0.12				4,042				0.07
Home equity lines of credit			33,294				0.62				34,496				0.65
Consumer loans, including fixed rate home equity loans			49,002				0.91				38,014				0.72
Other loans			443				0.01				304				0.01
Total loans		$	5,365,729				100.00	%		$	5,285,246				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 March 31, 2023 and December 31, 2022 are based on the CECL methodology:

						% of								% of
		March 31,				Totals				December 31,				Total
(Dollars in thousands)		2023				Loans				2022				Loans
Primary residential mortgage		$	546,133				10.18	%		$	527,784				9.99	%
Junior lien loan on residence			36,986				0.69				38,265				0.73
Multifamily property			1,871,387				34.90				1,863,915				35.29
Owner-occupied commercial real estate			274,923				5.13				272,009				5.15
Investment commercial real estate			1,016,725				18.96				1,044,125				19.77
Commercial and industrial			1,268,350				23.65				1,194,662				22.62
Lease financing			282,906				5.28				288,566				5.46
Construction			12,593				0.23				9,936				0.19
Consumer and other			52,249				0.98				42,319				0.80
Total loans			5,362,252				100.00	%			5,281,581				100.00	%
Net deferred costs			3,477								3,665
Total loans including net deferred costs		$	5,365,729							$	5,285,246

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

The following tables present the recorded investment in nonaccrual and loans past due 90 days or over still on accrual by class of loans as of March 31, 2023 and December 31, 2022:

		March 31, 2023
						Loans Past Due
						90 Days or Over
						And Still
(In thousands)		Nonaccrual				Accruing Interest
Primary residential mortgage		$	1,227			$	—
Multifamily property			11,235				—
Investment commercial real estate			11,166				—
Commercial and industrial			3,539				—
Lease financing			1,492				—
Total		$	28,659			$	—

		December 31, 2022
						Loans Past Due
						90 Days or Over
						And Still
(In thousands)		Nonaccrual				Accruing Interest
Primary residential mortgage		$	2,339			$	—
Investment commercial real estate			11,208				—
Commercial and industrial			3,662				—
Lease financing			1,765				—
Total		$	18,974			$	—

Schedule of aging of past due loans

The following tables present the aging of the recorded investment in past due loans as of March 31, 2023 and December 31, 2022 by class of loans, excluding nonaccrual loans:

		March 31, 2023
		30-59				60-89				90 Days or
		Days				Days				Greater				Total
(In thousands)		Past Due				Past Due				Past Due				Past Due
Primary residential mortgage		$	411			$	—			$	—			$	411
Multifamily property			876				—				—				876
Commercial and industrial			1,475				—				—				1,475
Total		$	2,762			$	—			$	—			$	2,762

		December 31, 2022
		30-59				60-89				90 Days or
		Days				Days				Greater				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

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 March 31, 2023 and December 31, 2022 based on originations for the periods indicated; the years represent the year of origination for non-revolving loans:

		Grade as of March 31, 2023 for Loans Originated During
																						2018								Revolving-
(In thousands)		2023				2022				2021				2020				2019				and Prior				Revolving				Term				Total
Primary residential mortgage:
Pass		$	30,590			$	117,702			$	84,130			$	61,330			$	36,638			$	212,680			$	—			$	688			$	543,758
Special mention			—				—				—				—				—				—				—				—				—
Substandard			—				—				—				546				1,008				821				—				—				2,375
Doubtful			—				—				—				—				—				—				—				—				—
Total primary residential mortgages			30,590				117,702				84,130				61,876				37,646				213,501				—				688				546,133
Current period gross charge-offs			—				—				—				—				—				—				—				—				—
Junior lien loan on residence:
Pass			128				1,632				167				38				614				1,113				33,231				—				36,923
Special mention			—				—				—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				63				—				63
Doubtful			—				—				—				—				—				—				—				—				—
Total junior lien loan on residence			128				1,632				167				38				614				1,113				33,294				—				36,986
Current period gross charge-offs			—				—				—				—				—				—				—				—				—
Multifamily property:
Pass			20,408				483,221				665,340				117,591				222,731				335,842				748				2,126				1,848,007
Special mention			—				—				—				—				—				1,685				—				—				1,685
Substandard			—				1,565				9,671				—				2,832				7,627				—				—				21,695
Doubtful			—				—				—				—				—				—				—				—				—
Total multifamily property			20,408				484,786				675,011				117,591				225,563				345,154				748				2,126				1,871,387
Current period gross charge-offs			—				—				—				—				—				—				—				—				—

		Grade as of March 31, 2023 for Loans Originated During
																						2018								Revolving-
(In thousands)		2023				2022				2021				2020				2019				and Prior				Revolving				Term				Total
Owner-occupied commercial real estate:
Pass			859				24,037				43,474				20,518				12,110				146,130				324				26,275				273,727
Special mention			—				1,065				—				—				—				—				131				—				1,196
Substandard			—				—				—				—				—				—				—				—				—
Doubtful			—				—				—				—				—				—				—				—				—
Total owner-occupied commercial real estate			859				25,102				43,474				20,518				12,110				146,130				455				26,275				274,923
Current period gross charge-offs			—				—				—				—				—				—				—				—				—
Investment commercial real estate:
Pass			30,893				176,245				153,109				58,969				155,031				348,474				11,874				26,984				961,579
Special mention			—				—				—				—				12,902				13,203				—				14,426				40,531
Substandard			—				11,166				—				—				3,449				—				—				—				14,615
Doubtful			—				—				—				—				—				—				—				—				—
Total investment commercial real estate			30,893				187,411				153,109				58,969				171,382				361,677				11,874				41,410				1,016,725
Current period gross charge-offs			—				—				—				—				—				—				—				—				—
Commercial and industrial:
Pass			93,226				396,905				215,264				67,721				65,802				27,924				366,019				16,445				1,249,306
Special mention			—				—				—				825				—				192				257				—				1,274
Substandard			—				1,441				1,858				1,972				3,516				285				8,698				—				17,770
Doubtful			—				—				—				—				—				—				—				—				—
Total commercial and industrial			93,226				398,346				217,122				70,518				69,318				28,401				374,974				16,445				1,268,350
Current period gross charge-offs			—				—				—				—				—				—				—				—				—
Lease financing:
Pass			10,218				70,676				69,305				54,747				44,848				29,740				—				—				279,534
Special mention			—				1,880				—				—				—				—				—				—				1,880
Substandard			—				—				—				—				1,492				—				—				—				1,492
Doubtful			—				—				—				—				—				—				—				—				—
Total lease financing			10,218				72,556				69,305				54,747				46,340				29,740				—				—				282,906
Current period gross charge-offs			—				—				—				—				—				—				—				—				—
Construction:
Pass			—				—				—				—				1,420				—				2,107				9,066				12,593
Special mention			—				—				—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				—				—				—
Doubtful			—				—				—				—				—				—				—				—				—
Total commercial construction loans			—				—				—				—				1,420				—				2,107				9,066				12,593
Current period gross charge-offs			—				—				—				—				—				—				—				—				—
Consumer and other loans:
Pass			—				—				356				182				—				5,186				31,121				15,404				52,249
Special mention			—				—				—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				—				—				—
Doubtful			—				—				—				—				—				—				—				—				—
Total consumer and other loans			—				—				356				182				—				5,186				31,121				15,404				52,249
Current period gross charge-offs			—				—				—				—				—				—				46				—				46

		Grade as of March 31, 2023 for Loans Originated During
																						2018								Revolving-
(In thousands)		2023				2022				2021				2020				2019				and Prior				Revolving				Term				Total
Total:
Pass			186,322				1,270,418				1,231,145				381,096				539,194				1,107,089				445,424				96,988				5,257,676
Special mention			—				2,945				—				825				12,902				15,080				388				14,426				46,566
Substandard			—				14,172				11,529				2,518				12,297				8,733				8,761				—				58,010
Doubtful			—				—				—				—				—				—				—				—				—
Total Loans		$	186,322			$	1,287,535			$	1,242,674			$	384,439			$	564,393			$	1,130,902			$	454,573			$	111,414			$	5,362,252
Total Current Period Gross Charge-offs		$	—			$	—			$	—			$	—			$	—			$	—			$	46			$	—			$	46

		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

		Grade as of December 31, 2022 for Loans Originated During
																						2017								Revolving-
(In thousands)		2022				2021				2020				2019				2018				and Prior				Revolving				Term				Total
Construction:
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

Summary of Information Related to Modification

The following table provides information related to the modification during the three months ended March 31, 2023 by pool segment and type of concession granted:

		Interest Only Period Extension
		Three Months Ended March 31, 2023
						% of Total
		Amortized				Class of
		Cost Basis				Financing
(Dollars in thousands)		at Period End				Receivable
Commercial and industrial		$	248				0.02	%
Total		$	248				0.02	%

Schedule of Loan Modifications, Subsequent Default, By Payment Status

The following table depicts the payment status of the loan that was modified to a borrower experiencing financial difficulties on or after January 1, 2023, the date we adopted ASU 2022-02, through March 31, 2023:

		Payment Status at March 31, 2023
						30-89 Days				90+ Days
(Dollars in thousands)		Current				Past Due				Past Due
Commercial and industrial		$	248			$	—			$	—
Total		$	248			$	—			$	—

Schedule of loans modified as troubled debt restructurings

The following table presents loans by class modified as TDRs during the three-month period ended March 31, 2022:

						Pre-Modification				Post-Modification
						Outstanding				Outstanding
		Number of				Recorded				Recorded
(Dollars in thousands)		Loans				Investment				Investment
Investment commercial real estate			1			$	12,500			$	12,500
Total			1			$	12,500			$	12,500

The following table presents loans by class modified as TDRs that failed to comply with the modified terms in the twelve months following modification and resulted in a payment default at March 31, 2022:

		Number of				Recorded
(Dollars in thousands)		Loans				Investment
Primary residential mortgage			1			$	215
Total			1			$	215

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
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-URI https://asc.fasb.org/extlink&oid=124255953&loc=SL82919253-210447

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-Publisher FASB
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Tabular disclosure of financing receivable modified as troubled debt restructuring.

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 10
-Section 50
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