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ALLOWANCE FOR CREDIT LOSSES (Tables) | 12 Months Ended
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Dec. 31, 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 December 31, 2024 and 2023.
| December 31, 2024 |
|  |  |  |  | Ending |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  | ACL |  |  |  |  |  | Ending |  |  |  |  |  |  |
|  |  |  |  | Attributable |  |  |  |  |  | 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 |  | $ | 2,779 |  |  | $ | — |  |  | $ | 606,259 |  |  | $ | 4,398 |  |  | $ | 609,038 |  |  | $ | 4,398 |
Junior lien loan on residence |  |  | 92 |  |  |  | — |  |  |  | 45,215 |  |  |  | 180 |  |  |  | 45,307 |  |  |  | 180 |
Multifamily property |  |  | 53,105 |  |  |  | 5,149 |  |  |  | 1,746,649 |  |  |  | 12,504 |  |  |  | 1,799,754 |  |  |  | 17,653 |
Owner-occupied commercial real estate |  |  | — |  |  |  | — |  |  |  | 275,089 |  |  |  | 3,208 |  |  |  | 275,089 |  |  |  | 3,208 |
Investment commercial real estate |  |  | 11,684 |  |  |  | 735 |  |  |  | 966,752 |  |  |  | 10,950 |  |  |  | 978,436 |  |  |  | 11,685 |
Commercial and industrial |  |  | 30,881 |  |  |  | 6,678 |  |  |  | 1,458,585 |  |  |  | 26,397 |  |  |  | 1,489,466 |  |  |  | 33,075 |
Lease financing |  |  | 1,234 |  |  |  | 121 |  |  |  | 221,263 |  |  |  | 1,367 |  |  |  | 222,497 |  |  |  | 1,488 |
Construction |  |  | — |  |  |  | — |  |  |  | 11,204 |  |  |  | 121 |  |  |  | 11,204 |  |  |  | 121 |
Consumer and other |  |  | — |  |  |  | — |  |  |  | 80,165 |  |  |  | 1,184 |  |  |  | 80,165 |  |  |  | 1,184 |
Total ACL |  | $ | 99,775 |  |  | $ | 12,683 |  |  | $ | 5,411,181 |  |  | $ | 60,309 |  |  | $ | 5,510,956 |  |  | $ | 72,992 |
| December 31, 2023 |
|  |  |  |  | Ending |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  | ACL |  |  |  |  |  | Ending |  |  |  |  |  |  |
|  |  |  |  | Attributable |  |  |  |  |  | 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 |  |  | — |  |  |  | — |  |  |  | 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 December 31, 2024 and 2023:
|  | December 31, 2024 |
|  |  |  |  |  |  |  |  |  |  | Average |
|  | Unpaid |  |  |  |  |  |  |  |  | Individually |
|  | Principal |  |  | Recorded |  |  | Related |  |  | Evaluated |
(In thousands) |  | Balance |  |  | Investment |  |  | Allowance |  |  | Loans |
With no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |
Primary residential mortgage (A) |  | $ | 2,935 |  |  | $ | 2,779 |  |  | $ | — |  |  | $ | 1,851 |
Junior lien loan on residence (A) |  |  | 97 |  |  |  | 92 |  |  |  | — |  |  |  | 101 |
Multifamily property (B) |  |  | 15,320 |  |  |  | 15,295 |  |  |  | — |  |  |  | 16,968 |
Investment commercial real estate (C) |  |  | 12,500 |  |  |  | 9,754 |  |  |  | — |  |  |  | 9,810 |
Commercial and industrial (A)(C)(D) |  |  | 3,885 |  |  |  | 2,738 |  |  |  | — |  |  |  | 3,558 |
Lease financing (E) |  |  | 542 |  |  |  | 434 |  |  |  | — |  |  |  | 1,363 |
Total loans with no related allowance |  | $ | 35,279 |  |  | $ | 31,092 |  |  | $ | — |  |  | $ | 33,651 |
With related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |
Multifamily property (B) |  | $ | 37,874 |  |  | $ | 37,810 |  |  | $ | 5,149 |  |  | $ | 17,020 |
Investment commercial real estate (C) |  |  | 1,930 |  |  |  | 1,930 |  |  |  | 735 |  |  |  | 1,126 |
Commercial and industrial (A)(C)(D)(E) |  |  | 31,145 |  |  |  | 28,143 |  |  |  | 6,678 |  |  |  | 27,962 |
Lease financing (E) |  |  | 845 |  |  |  | 800 |  |  |  | 121 |  |  |  | 867 |
Total loans with related allowance |  | $ | 71,794 |  |  | $ | 68,683 |  |  | $ | 12,683 |  |  | $ | 46,975 |
Total loans individually evaluated for impairment |  | $ | 107,073 |  |  | $ | 99,775 |  |  | $ | 12,683 |  |  | $ | 80,626 |
(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 |
|  | Unpaid |  |  |  |  |  |  |  |  | Average |
|  | Principal |  |  | Recorded |  |  | Specific |  |  | Impaired |
(In thousands) |  | Balance |  |  | Investment |  |  | Reserves |  |  | 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 years ended December 31, 2024, 2023 and 2022 are summarized below:
|  | January 1, |  |  |  |  |  |  |  |  |  |  |  | December 31, |
|  | 2024 |  |  |  |  |  |  |  |  |  |  |  | 2024 |
|  | Beginning |  |  | Charge- |  |  |  |  |  | Provision/ |  |  | Ending |
(In thousands) |  | ACL |  |  | Offs |  |  | Recoveries |  |  | (Credit)(A) |  |  | ACL |
Primary residential mortgage |  | $ | 3,931 |  |  | $ | (43 | ) |  | $ | — |  |  | $ | 510 |  |  | $ | 4,398 |
Junior lien loan on residence |  |  | 177 |  |  |  | — |  |  |  | — |  |  |  | 3 |  |  |  | 180 |
Multifamily property |  |  | 8,782 |  |  |  | (5,379 | ) |  |  | — |  |  |  | 14,250 |  |  |  | 17,653 |
Owner-occupied commercial real estate |  |  | 4,840 |  |  |  | — |  |  |  | — |  |  |  | (1,632 | ) |  |  | 3,208 |
Investment commercial real estate |  |  | 15,403 |  |  |  | — |  |  |  | — |  |  |  | (3,718 | ) |  |  | 11,685 |
Commercial and industrial |  |  | 29,707 |  |  |  | (345 | ) |  |  | 2,195 |  |  |  | 1,518 |  |  |  | 33,075 |
Lease financing |  |  | 1,663 |  |  |  | — |  |  |  | 3,214 |  |  |  | (3,389 | ) |  |  | 1,488 |
Construction |  |  | 516 |  |  |  | — |  |  |  | — |  |  |  | (395 | ) |  |  | 121 |
Consumer and other |  |  | 869 |  |  |  | (39 | ) |  |  | 5 |  |  |  | 349 |  |  |  | 1,184 |
Total ACL |  | $ | 65,888 |  |  | $ | (5,806 | ) |  | $ | 5,414 |  |  | $ | 7,496 |  |  | $ | 72,992 |
(A) Provision to roll forward the ACL excludes a provision of $4,000 for off-balance sheet commitments.
|  | January 1, |  |  |  |  |  |  |  |  |  |  |  | December 31, |
|  | 2023 |  |  |  |  |  |  |  |  |  |  |  | 2023 |
|  | Beginning |  |  | Charge- |  |  |  |  |  | Provision/ |  |  | Ending |
(In thousands) |  | ACL |  |  | Offs |  |  | Recoveries |  |  | (Credit)(A) |  |  | ACL |
Primary residential mortgage |  | $ | 2,894 |  |  | $ | — |  |  | $ | 52 |  |  | $ | 985 |  |  | $ | 3,931 |
Junior lien loan on residence |  |  | 154 |  |  |  | — |  |  |  | — |  |  |  | 23 |  |  |  | 177 |
Multifamily property |  |  | 8,849 |  |  |  | (2,223 | ) |  |  | — |  |  |  | 2,156 |  |  |  | 8,782 |
Owner-occupied commercial real estate |  |  | 4,835 |  |  |  | — |  |  |  | — |  |  |  | 5 |  |  |  | 4,840 |
Investment commercial real estate |  |  | 15,480 |  |  |  | (1,199 | ) |  |  | — |  |  |  | 1,122 |  |  |  | 15,403 |
Commercial and industrial |  |  | 25,530 |  |  |  | — |  |  |  | — |  |  |  | 4,177 |  |  |  | 29,707 |
Lease financing |  |  | 2,314 |  |  |  | (5,594 | ) |  |  | — |  |  |  | 4,943 |  |  |  | 1,663 |
Construction |  |  | 236 |  |  |  | — |  |  |  | — |  |  |  | 280 |  |  |  | 516 |
Consumer and other |  |  | 537 |  |  |  | (139 | ) |  |  | 6 |  |  |  | 465 |  |  |  | 869 |
Total ACL |  | $ | 60,829 |  |  | $ | (9,155 | ) |  | $ | 58 |  |  | $ | 14,156 |  |  | $ | 65,888 |
(A) Provision to roll forward the ACL excludes a credit of $65,000 for off-balance sheet commitments.
|  | December 31, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Prior to |  |  |  |  |  |  |  |  |  |  |  |  |  |  | December 31, |
|  | Adoption |  |  | Impact of |  |  |  |  |  |  |  |  |  |  |  | 2022 |
|  | of |  |  | Adopting |  |  |  |  |  |  |  |  | Provision/ |  |  | Ending |
(In thousands) |  | Topic 326 |  |  | Topic 326 |  |  | Charge-Offs |  |  | Recoveries |  |  | (Credit)(A) |  |  | ACL |
Primary residential mortgage |  | $ | 1,510 |  |  | $ | 717 |  |  | $ | — |  |  | $ | 15 |  |  | $ | 652 |  |  | $ | 2,894 |
Junior lien loan on residence |  |  | 88 |  |  |  | 83 |  |  |  | (3 | ) |  |  | — |  |  |  | (14 | ) |  |  | 154 |
Multifamily property |  |  | 9,806 |  |  |  | 4,072 |  |  |  | — |  |  |  | — |  |  |  | (5,029 | ) |  |  | 8,849 |
Owner-occupied commercial real estate |  |  | 1,998 |  |  |  | 2,902 |  |  |  | — |  |  |  | — |  |  |  | (65 | ) |  |  | 4,835 |
Investment commercial real estate |  |  | 27,083 |  |  |  | (13,589 | ) |  |  | (1,450 | ) |  |  | — |  |  |  | 3,436 |  |  |  | 15,480 |
Commercial and industrial |  |  | 17,509 |  |  |  | (657 | ) |  |  | — |  |  |  | 254 |  |  |  | 8,424 |  |  |  | 25,530 |
Lease financing |  |  | 3,440 |  |  |  | 156 |  |  |  | — |  |  |  | — |  |  |  | (1,282 | ) |  |  | 2,314 |
Construction |  |  | 48 |  |  |  | 361 |  |  |  | — |  |  |  | — |  |  |  | (173 | ) |  |  | 236 |
Consumer and other |  |  | 215 |  |  |  | 419 |  |  |  | (53 | ) |  |  | 2 |  |  |  | (46 | ) |  |  | 537 |
Total ACL |  | $ | 61,697 |  |  | $ | (5,536 | ) |  | $ | (1,506 | ) |  | $ | 271 |  |  | $ | 5,903 |  |  | $ | 60,829 |
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 years ended December 31, 2024, 2023 and 2022:
|  | January 1, |  |  |  |  |  | December 31, |
|  | 2024 |  |  | Provision |  |  | 2024 |
(In thousands) |  | ACL |  |  | (Credit) |  |  | Ending ACL |
Off balance sheet commitments |  | $ | 687 |  |  | $ | 4 |  |  | $ | 691 |
Total ACL |  | $ | 687 |  |  | $ | 4 |  |  | $ | 691 |
|  | January 1, |  |  |  |  |  | December 31, |
|  | 2023 |  |  | Provision |  |  | 2023 |
(In thousands) |  | ACL |  |  | (Credit) |  |  | Ending ACL |
Off balance sheet commitments |  | $ | 752 |  |  | $ | (65 | ) |  | $ | 687 |
Total ACL |  | $ | 752 |  |  | $ | (65 | ) |  | $ | 687 |
|  | December 31, |  |  |  |  |  |  |  |  |  |
|  | 2021 |  |  |  |  |  |  |  |  | December 31, |
|  | Prior to Adoption |  |  | Impact of |  |  | Provision |  |  | 2022 |
(In thousands) |  | of Topic 326 |  |  | Adopting Topic 326 |  |  | (Credit) |  |  | Ending ACL |
Off balance sheet commitments |  | $ | — |  |  | $ | 302 |  |  | $ | 450 |  |  | $ | 752 |
Total ACL |  | $ | — |  |  | $ | 302 |  |  | $ | 450 |  |  | $ | 752 |

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- Definition 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 + Details
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