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ALLOWANCE FOR CREDIT LOSSES (Tables)

9 Months Ended

Sep. 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 September 30, 2024 and December 31, 2023. The allowance was based on the CECL methodology.

		September 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		$	1,658			$	—			$	589,023			$	4,411			$	590,681			$	4,411
Junior lien loan on residence			96				—				42,063				200				42,159				200
Multifamily property			33,337				2,242				1,751,524				10,539				1,784,861				12,781
Owner-occupied commercial real estate			—				—				269,743				4,909				269,743				4,909
Investment commercial real estate			11,715				745				967,473				13,411				979,188				14,156
Commercial and industrial			29,810				6,501				1,276,360				24,808				1,306,170				31,309
Lease financing			3,356				197				227,928				1,524				231,284				1,721
Construction			—				—				28,578				770				28,578				770
Consumer and other loans			—				—				80,795				1,026				80,795				1,026
Total ACL		$	79,972			$	9,685			$	5,233,487			$	61,598			$	5,313,459			$	71,283

		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 September 30, 2024 and December 31, 2023:

		September 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)		$	1,754			$	1,658			$	—			$	1,539
Junior lien loan on residence (A)			99				96				—				103
Multifamily property (B)			15,320				15,295				—				17,526
Commercial and industrial (A)(C)(D)			3,902				2,733				—				3,798
Lease financing (E)			2,671				2,555				—				1,662
Total loans with no related allowance		$	23,746			$	22,337			$	—			$	24,628
With related allowance recorded:
Multifamily property (B)		$	18,138			$	18,042			$	2,242			$	10,090
Investment commercial real estate (D)			14,430				11,715				745				10,684
Commercial and industrial (A)(C)(D)(E)			29,513				27,077				6,501				22,184
Lease financing (E)			841				801				197				889
Total loans with related allowance		$	62,922			$	57,635			$	9,685			$	43,847
Total loans individually evaluated		$	86,668			$	79,972			$	9,685			$	68,475

(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 September 30, 2024 and September 30, 2023 is summarized below:

		July 1,																September 30,
		2024																2024
		Beginning												Provision				Ending
(In thousands)		ACL				Charge-offs				Recoveries				(Credit) (A)				ACL
Primary residential mortgage		$	4,191			$	(43	)		$	—			$	263			$	4,411
Junior lien loan on residence			187				—				—				13				200
Multifamily property			12,601				—				—				180				12,781
Owner-occupied commercial real estate			4,712				—				—				197				4,909
Investment commercial real estate			14,452				—				—				(296	)			14,156
Commercial and industrial			28,568				—				2,115				626				31,309
Lease financing			1,690				—				4				27				1,721
Construction			655				—				—				115				770
Consumer and other loans			928				(4	)			—				102				1,026
Total ACL		$	67,984			$	(47	)		$	2,119			$	1,227			$	71,283

(A) Provision to roll forward the ACL excludes a credit of $3,000 for off-balance sheet commitments.

		July 1,																September 30,
		2023																2023
		Beginning												Provision				Ending
(In thousands)		ACL				Charge-offs				Recoveries				(Credit) (A)				ACL
Primary residential mortgage		$	3,148			$	—			$	—			$	115			$	3,263
Junior lien loan on residence			151				—				—				3				154
Multifamily property			10,537				—				—				45				10,582
Owner-occupied commercial real estate			4,708				—				—				(46	)			4,662
Investment commercial real estate			13,548				—				—				(23	)			13,525
Commercial and industrial			27,433				—				—				4,701				32,134
Lease financing			2,063				—				—				904				2,967
Construction			421				—				—				131				552
Consumer and other loans			695				(57	)			1				114				753
Total ACL		$	62,704			$	(57	)		$	1			$	5,944			$	68,592

(A) Provision to roll forward the ACL excludes a provision of $88,000 for off-balance sheet commitments.

		January 1,																September 30,
		2024																2024
		Beginning												Provision				Ending
(In thousands)		ACL				Charge-offs				Recoveries				(Credit) (A)				ACL
Primary residential mortgage		$	3,931			$	(43	)		$	—			$	523			$	4,411
Junior lien loan on residence			177				—				—				23				200
Multifamily property			8,782				(5,379	)			—				9,378				12,781
Owner-occupied commercial real estate			4,840				—				—				69				4,909
Investment commercial real estate			15,403				—				—				(1,247	)			14,156
Commercial and industrial			29,707				(241	)			2,120				(277	)			31,309
Lease financing			1,663				—				3,214				(3,156	)			1,721
Construction			516				—				—				254				770
Consumer and other loans			869				(21	)			2				176				1,026
Total ACL		$	65,888			$	(5,684	)		$	5,336			$	5,743			$	71,283

(A) Provision to roll forward the ACL excludes a provision of $19,000 for off-balance sheet commitments.

		January 1,																September 30,
		2023																2023
		Beginning												Provision				Ending
(In thousands)		ACL				Charge-offs				Recoveries				(Credit) (A)				ACL
Primary residential mortgage		$	2,894			$	—			$	—			$	369			$	3,263
Junior lien loan on residence			154				—				—				—				154
Multifamily property			8,849				—				—				1,733				10,582
Owner-occupied commercial real estate			4,835				—				—				(173	)			4,662
Investment commercial real estate			15,480				(1,199	)			—				(756	)			13,525
Commercial and industrial			25,530				—				—				6,604				32,134
Lease financing			2,314				—				—				653				2,967
Construction			236				—				—				316				552
Consumer and other loans			537				(118	)			6				328				753
Total ACL		$	60,829			$	(1,317	)		$	6			$	9,074			$	68,592

(A) Provision to roll forward the ACL excludes a credit of $9,000 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 nine months ended September 30, 2024 and 2023:

		January 1,
		2024								September 30,
		Beginning				Provision				2024
(In thousands)		ACL				(Credit)				Ending ACL
Off balance sheet commitments		$	687			$	19			$	706
Total ACL		$	687			$	19			$	706

		January 1,
		2023								September 30,
		Beginning				Provision				2023
(In thousands)		ACL				(Credit)				Ending ACL
Off balance sheet commitments		$	752			$	(9	)		$	743
Total ACL		$	752			$	(9	)		$	743

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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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