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LOANS AND LEASES (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2023 and December 31, 2022, consisted of the following:

						% of								% of
		June 30,				Totals				December 31,				Total
(Dollars in thousands)		2023				Loans				2022				Loans
Residential mortgage		$	575,238				10.58	%		$	525,756				9.95	%
Multifamily mortgage			1,884,369				34.67				1,863,915				35.27
Commercial mortgage			624,710				11.49				624,625				11.82
Commercial loans (including equipment financing)			2,254,232				41.48				2,194,094				41.51
Commercial construction			9,703				0.18				4,042				0.07
Home equity lines of credit			34,397				0.63				34,496				0.65
Consumer loans, including fixed rate home equity loans			52,098				0.96				38,014				0.72
Other loans			269				0.01				304				0.01
Total loans		$	5,435,016				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 June 30, 2023 and December 31, 2022 are based on the CECL methodology:

						% of								% of
		June 30,				Totals				December 31,				Total
(Dollars in thousands)		2023				Loans				2022				Loans
Primary residential mortgage		$	576,104				10.61	%		$	527,784				9.99	%
Junior lien loan on residence			37,780				0.70				38,265				0.73
Multifamily property			1,884,369				34.69				1,863,915				35.29
Owner-occupied commercial real estate			258,909				4.77				272,009				5.15
Investment commercial real estate			1,041,189				19.17				1,044,125				19.77
Commercial and industrial			1,282,058				23.60				1,194,662				22.62
Lease financing			279,518				5.14				288,566				5.46
Construction			16,251				0.30				9,936				0.19
Consumer and other			55,476				1.02				42,319				0.80
Total loans			5,431,654				100.00	%			5,281,581				100.00	%
Net deferred costs			3,362								3,665
Total loans including net deferred costs		$	5,435,016							$	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 June 30, 2023 and December 31, 2022:

		June 30, 2023
						Loans Past Due
						90 Days or Over
						And Still
(In thousands)		Nonaccrual				Accruing Interest
Primary residential mortgage		$	1,001			$	—
Multifamily property			18,868				—
Investment commercial real estate			9,935				—
Commercial and industrial			3,373				—
Lease financing			1,328				—
Total		$	34,505			$	—

		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 June 30, 2023 and December 31, 2022 by class of loans, excluding nonaccrual loans:

		June 30, 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		$	1,463			$	—			$	—			$	1,463
Commercial and industrial			3,968				—				—				3,968
Lease financing			7,447				—				—				7,447
Consumer and other			—				3				—				3
Total		$	12,878			$	3			$	—			$	12,881

		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 June 30, 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 June 30, 2023 for Loans Originated During
																						2018								Revolving-
(In thousands)		2023				2022				2021				2020				2019				and Prior				Revolving				Term				Total
Primary residential mortgage:
Pass		$	69,713			$	116,537			$	82,789			$	60,707			$	36,329			$	207,223			$	—			$	685			$	573,983
Special mention			—				—				—				—				—				—				—				—				—
Substandard			—				—				—				489				981				651				—				—				2,121
Doubtful			—				—				—				—				—				—				—				—				—
Total primary residential mortgages			69,713				116,537				82,789				61,196				37,310				207,874				—				685				576,104
Current period gross charge-offs			—				—				—				—				—				—				—				—				—
Junior lien loan on residence:
Pass			160				1,490				156				35				590				951				34,335				—				37,717
Special mention			—				—				—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				63				—				63
Doubtful			—				—				—				—				—				—				—				—				—
Total junior lien loan on residence			160				1,490				156				35				590				951				34,398				—				37,780
Current period gross charge-offs			—				—				—				—				—				—				—				—				—
Multifamily property:
Pass			43,495				481,160				659,346				121,200				213,938				326,509				748				7,037				1,853,433
Special mention			—				—				—				—				—				1,673				—				—				1,673
Substandard			—				1,572				9,714				—				10,399				7,578				—				—				29,263
Doubtful			—				—				—				—				—				—				—				—				—
Total multifamily property			43,495				482,732				669,060				121,200				224,337				335,760				748				7,037				1,884,369
Current period gross charge-offs			—				—				—				—				—				—				—				—				—

		Grade as of June 30, 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			1,515				23,878				43,125				20,395				11,996				130,336				305				26,983				258,533
Special mention			—				—				—				—				—				—				376				—				376
Substandard			—				—				—				—				—				—				—				—				—
Doubtful			—				—				—				—				—				—				—				—				—
Total owner-occupied commercial real estate			1,515				23,878				43,125				20,395				11,996				130,336				681				26,983				258,909
Current period gross charge-offs			—				—				—				—				—				—				—				—				—
Investment commercial real estate:
Pass			82,974				175,500				152,000				58,567				153,896				328,176				8,231				42,542				1,001,886
Special mention			—				—				—				—				12,817				13,125				—				—				25,942
Substandard			—				9,935				—				—				3,426				—				—				—				13,361
Doubtful			—				—				—				—				—				—				—				—				—
Total investment commercial real estate			82,974				185,435				152,000				58,567				170,139				341,301				8,231				42,542				1,041,189
Current period gross charge-offs			—				1,199				—				—				—				—				—				—				1,199
Commercial and industrial:
Pass			126,562				303,336				196,525				59,775				59,585				24,167				469,571				27,576				1,267,097
Special mention			—				—				—				825				1,170				191				256				—				2,442
Substandard			—				—				1,698				845				1,003				280				8,693				—				12,519
Doubtful			—				—				—				—				—				—				—				—				—
Total commercial and industrial			126,562				303,336				198,223				61,445				61,758				24,638				478,520				27,576				1,282,058
Current period gross charge-offs			—				—				—				—				—				—				—				—				—
Lease financing:
Pass			25,805				46,099				66,439				51,345				39,709				25,620				—				—				255,017
Special mention			1,410				18,225				569				—				1,508				1,461				—				—				23,173
Substandard			—				—				—				—				1,328				—				—				—				1,328
Doubtful			—				—				—				—				—				—				—				—				—
Total lease financing			27,215				64,324				67,008				51,345				42,545				27,081				—				—				279,518
Current period gross charge-offs			—				—				—				—				—				—				—				—				—
Construction:
Pass			—				—				—				—				1,404				—				—				14,847				16,251
Special mention			—				—				—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				—				—				—
Doubtful			—				—				—				—				—				—				—				—				—
Total commercial construction loans			—				—				—				—				1,404				—				—				14,847				16,251
Current period gross charge-offs			—				—				—				—				—				—				—				—				—
Consumer and other loans:
Pass			80				—				336				173				—				4,924				31,449				18,514				55,476
Special mention			—				—				—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				—				—				—
Doubtful			—				—				—				—				—				—				—				—				—
Total consumer and other loans			80				—				336				173				—				4,924				31,449				18,514				55,476
Current period gross charge-offs			—				—				—				—				—				—				61				—				61

		Grade as of June 30, 2023 for Loans Originated During
																						2018								Revolving-
(In thousands)		2023				2022				2021				2020				2019				and Prior				Revolving				Term				Total
Total:
Pass			350,304				1,148,000				1,200,716				372,197				517,447				1,047,906				544,639				138,184				5,319,393
Special mention			1,410				18,225				569				825				15,495				16,450				632				—				53,606
Substandard			—				11,507				11,412				1,334				17,137				8,509				8,756				—				58,655
Doubtful			—				—				—				—				—				—				—				—				—
Total Loans		$	351,714			$	1,177,732			$	1,212,697			$	374,356			$	550,079			$	1,072,865			$	554,027			$	138,184			$	5,431,654
Total Current Period Gross Charge-offs		$	—			$	1,199			$	—			$	—			$	—			$	—			$	61			$	—			$	1,260

		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 tables provides information related to the modifications during the six months ended June 30, 2023 by pool segment and type of concession granted:

		Interest Only Period Extension
		Six Months Ended June 30, 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	%

		Interest Rate Reduction
		Six Months Ended June 30, 2023
						% of Total
		Amortized				Class of
		Cost Basis				Financing
(Dollars in thousands)		at Period End				Receivable
Commercial and industrial		$	777				0.06	%
Total		$	777				0.06	%

Schedule of Loan Modifications, Subsequent Default, By Payment Status

The following table depicts the payment status of the loans that were modified to a borrower experiencing financial difficulties on or after January 1, 2023, the date we adopted ASU 2022-02, through June 30, 2023:

		Payment Status at June 30, 2023
						30-89 Days				90+ Days
(Dollars in thousands)		Current				Past Due				Past Due
Commercial and industrial		$	248			$	—			$	777
Total		$	248			$	—			$	777

Schedule of Loan modifications resulted in payment default

The following table presents loans by class modified that failed to comply with the modified terms in the twelve months following modification and resulted in a payment default at June 30, 2023:

		Amortized Cost Basis of Modified Loans
		That Subsequently Defaulted
		Six Months Ended June 30, 2023
		Interest Only				Interest
(Dollars in thousands)		Period Extension				Rate Reduction
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 six-month period ended June 30, 2022:

						Pre-Modification				Post-Modification
						Outstanding				Outstanding
		Number of				Recorded				Recorded
(Dollars in thousands)		Loans				Investment				Investment
Investment commercial real estate			1			$	12,471			$	12,471
Total			1			$	12,471			$	12,471

The identification of the TDRs did not have a material impact on the allowance for credit losses.

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 June 30, 2022:

		Number of				Recorded
(Dollars in thousands)		Loans				Investment
Primary residential mortgage			2			$	359
Total			2			$	359

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=124255953&loc=SL82919253-210447

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 7A
-URI https://asc.fasb.org/extlink&oid=123577603&loc=SL6953401-111524

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 55
-Paragraph 80
-URI https://asc.fasb.org/extlink&oid=124267575&loc=SL82922355-210448

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=123577603&loc=d3e5111-111524

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- Definition

Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.3,4)
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

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- Definition

Tabular disclosure of financing receivable on nonaccrual status.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=123577603&loc=d3e5111-111524

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 16
-URI https://asc.fasb.org/extlink&oid=124255953&loc=SL82919258-210447

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- Definition

Tabular disclosure of financing receivable modified as troubled debt restructuring.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 33
-URI https://asc.fasb.org/extlink&oid=123577603&loc=SL6953676-111524

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=123577603&loc=SL6953682-111524

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