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ALLOWANCE FOR CREDIT LOSSES (Tables)

6 Months Ended

Jun. 30, 2024

Credit Loss [Abstract]

Schedule of loan balances by segment and the corresponding balances in the allowance for loan losses

The following tables present the loan balances by segment, and the corresponding balances in the allowance as of June 30, 2024 and December 31, 2023. The allowance was based on the CECL methodology.

		June 30, 2024
						Ending ACL
						Attributable								Ending ACL
		Total				To				Total				Attributable
		Individually				Individually				Loans				To Loans								Total
		Evaluated				Evaluated				Collectively				Collectively				Total				Ending
(In thousands)		Loans				Loans				Evaluated				Evaluated				Loans				ACL
Primary residential mortgage		$	1,843			$	47			$	582,802			$	4,144			$	584,645			$	4,191
Junior lien loan on residence			98				—				40,346				187				40,444				187
Multifamily property			33,559				2,285				1,763,128				10,316				1,796,687				12,601
Owner-occupied commercial real estate			—				—				256,035				4,712				256,035				4,712
Investment commercial real estate			11,747				528				1,000,742				13,924				1,012,489				14,452
Commercial and industrial			30,684				4,747				1,214,221				23,821				1,244,905				28,568
Lease financing			3,871				264				225,023				1,426				228,894				1,690
Construction			—				—				22,643				655				22,643				655
Consumer and other loans			—				—				71,789				928				71,789				928
Total ACL		$	81,802			$	7,871			$	5,176,729			$	60,113			$	5,258,531			$	67,984

		December 31, 2023
						Ending ACL
						Attributable								Ending ACL
		Total				To				Total				Attributable
		Individually				Individually				Loans				To Loans								Total
		Evaluated				Evaluated				Collectively				Collectively				Total				Ending
(In thousands)		Loans				Loans				Evaluated				Evaluated				Loans				ACL
Primary residential mortgage		$	652			$	—			$	584,474			$	3,931			$	585,126			$	3,931
Junior lien loan on residence			100				—				40,103				177				40,203				177
Multifamily property			16,645				—				1,819,745				8,782				1,836,390				8,782
Owner-occupied commercial real estate			—				—				255,110				4,840				255,110				4,840
Investment commercial real estate			9,881				—				1,051,316				15,403				1,061,197				15,403
Commercial and industrial			31,430				4,518				1,283,351				25,189				1,314,781				29,707
Lease financing			2,002				20				249,421				1,643				251,423				1,663
Construction			—				—				17,987				516				17,987				516
Consumer and other loans			—				—				63,906				869				63,906				869
Total ACL		$	60,710			$	4,538			$	5,365,413			$	61,350			$	5,426,123			$	65,888

Schedule of loans individually evaluated by segment

The following tables present collateral dependent loans individually evaluated by segment as of June 30, 2024 and December 31, 2023:

		June 30, 2024
														Average
		Unpaid												Individually
		Principal				Recorded				Related				Evaluated
(In thousands)		Balance				Investment (A)				Allowance				Loans
With no related allowance recorded:
Primary residential mortgage (A)		$	1,337			$	1,252			$	—			$	919
Junior lien loan on residence (A)			100				98				—				106
Multifamily property (B)			20,225				20,225				—				19,455
Commercial and industrial (A)(C)(D)			7,816				5,184				—				4,817
Lease financing (E)			3,103				3,003				—				1,165
Total loans with no related allowance		$	32,581			$	29,762			$	—			$	26,462
With related allowance recorded:
Primary residential mortgage (A)		$	591			$	591			$	47			$	493
Multifamily property (B)			13,334				13,334				2,285				5,273
Investment commercial real estate (D)			14,430				11,747				528				10,164
Commercial and industrial (C)(D)(E)			27,414				25,500				4,747				26,162
Lease financing (E)			904				868				264				933
Total loans with related allowance		$	56,673			$	52,040			$	7,871			$	43,025
Total loans individually evaluated		$	89,254			$	81,802			$	7,871			$	69,487

(A) Secured by residential real estate.

(B) Secured by multifamily residential properties.

(C) Secured by commercial real estate.

(D) Secured by all business assets.

(E) Secured by machinery and equipment.

		December 31, 2023
														Average
		Unpaid												Individually
		Principal				Recorded				Related				Evaluated
(In thousands)		Balance				Investment				Allowance				Loans
With no related allowance recorded:
Primary residential mortgage (A)		$	712			$	652			$	—			$	428
Junior lien loan on residence (A)			100				100				—				8
Multifamily property (B)			18,868				16,645				—				5,964
Investment commercial real estate (C)			12,500				9,881				—				5,781
Commercial and industrial (A)(C)(D)			6,275				3,965				—				2,146
Lease financing (E)			1,035				946				—				2,067
Total loans with no related allowance		$	39,490			$	32,189			$	—			$	16,394
With related allowance recorded:
Commercial and industrial (C)(D)(E)		$	28,359			$	27,465			$	4,518			$	9,814
Lease financing (E)			1,079				1,056				20				1,611
Total loans with related allowance		$	29,438			$	28,521			$	4,538			$	11,425
Total loans individually evaluated for impairment		$	68,928			$	60,710			$	4,538			$	27,819

(A) Secured by residential real estate.

(B) Secured by multifamily residential properties.

(C) Secured by commercial real estate.

(D) Secured by all business assets.

(E) Secured by machinery and equipment.

Schedule of Activity in Allowance for Loan and Losses

The activity in the allowance for credit losses for the three months ended June 30, 2024 and June 30, 2023 is summarized below:

		April 1,																June 30,
		2024																2024
		Beginning												Provision				Ending
(In thousands)		ACL				Charge-offs				Recoveries				(Credit) (A)				ACL
Primary residential mortgage		$	4,101			$	—			$	—			$	90			$	4,191
Junior lien loan on residence			178				—				—				9				187
Multifamily property			10,242				(5,379	)			—				7,738				12,601
Owner-occupied commercial real estate			4,906				—				—				(194	)			4,712
Investment commercial real estate			15,126				—				—				(674	)			14,452
Commercial and industrial			28,755				—				5				(192	)			28,568
Lease financing			1,431				—				3,210				(2,951	)			1,690
Construction			597				—				—				58				655
Consumer and other loans			915				(4	)			—				17				928
Total ACL		$	66,251			$	(5,383	)		$	3,215			$	3,901			$	67,984

(A) Provision to roll forward the ACL excludes a provision of $10,000 for off-balance sheet commitments.

		April 1,																June 30,
		2023																2023
		Beginning												Provision				Ending
(In thousands)		ACL				Charge-offs				Recoveries				(Credit) (A)				ACL
Primary residential mortgage		$	2,959			$	—			$	—			$	189			$	3,148
Junior lien loan on residence			146				—				—				5				151
Multifamily property			9,823				—				—				714				10,537
Owner-occupied commercial real estate			4,952				—				—				(244	)			4,708
Investment commercial real estate			14,538				(1,199	)			—				209				13,548
Commercial and industrial			26,869				—				—				564				27,433
Lease financing			1,989				—				—				74				2,063
Construction			313				—				—				108				421
Consumer and other loans			661				(15	)			2				47				695
Total ACL		$	62,250			$	(1,214	)		$	2			$	1,666			$	62,704

(A) Provision to roll forward the ACL excludes a provision of $30,000 for off-balance sheet commitments.

		January 1,																June 30,
		2024																2024
		Beginning												Provision				Ending
(In thousands)		ACL				Charge-offs				Recoveries				(Credit) (A)				ACL
Primary residential mortgage		$	3,931			$	—			$	—			$	260			$	4,191
Junior lien loan on residence			177				—				—				10				187
Multifamily property			8,782				(5,379	)			—				9,198				12,601
Owner-occupied commercial real estate			4,840				—				—				(128	)			4,712
Investment commercial real estate			15,403				—				—				(951	)			14,452
Commercial and industrial			29,707				(241	)			5				(903	)			28,568
Lease financing			1,663				—				3,210				(3,183	)			1,690
Construction			516				—				—				139				655
Consumer and other loans			869				(17	)			2				74				928
Total ACL		$	65,888			$	(5,637	)		$	3,217			$	4,516			$	67,984

(A) Provision to roll forward the ACL excludes a provision of $22,000 for off-balance sheet commitments.

		January 1,																June 30,
		2023																2023
		Beginning												Provision				Ending
(In thousands)		ACL				Charge-offs				Recoveries				(Credit) (A)				ACL
Primary residential mortgage		$	2,894			$	—			$	—			$	254			$	3,148
Junior lien loan on residence			154				—				—				(3	)			151
Multifamily property			8,849				—				—				1,688				10,537
Owner-occupied commercial real estate			4,835				—				—				(127	)			4,708
Investment commercial real estate			15,480				(1,199	)			—				(733	)			13,548
Commercial and industrial			25,530				—				—				1,903				27,433
Lease financing			2,314				—				—				(251	)			2,063
Construction			236				—				—				185				421
Consumer and other loans			537				(61	)			5				214				695
Total ACL		$	60,829			$	(1,260	)		$	5			$	3,130			$	62,704

(A) Provision to roll forward the ACL excludes a provision of $79,000 for off-balance sheet commitments.

Schedule of Activity in ACL for Off Balance Sheet Commitments

The following tables present the activity in the ACL for off-balance sheet commitments for the six months ended June 30, 2024 and 2023:

		January 1,
		2024								June 30,
		Beginning				Provision				2024
(In thousands)		ACL				(Credit)				Ending ACL
Off balance sheet commitments		$	687			$	22			$	709
Total ACL		$	687			$	22			$	709

		January 1,
		2023								June 30,
		Beginning				Provision				2023
(In thousands)		ACL				(Credit)				Ending ACL
Off balance sheet commitments		$	752			$	79			$	831
Total ACL		$	752			$	79			$	831

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Tabular disclosure of allowance for credit loss on financing receivable.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-11B

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-13

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Tabular disclosure of allowance for credit loss of financing receivable, classified as current.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-11B

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-13

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