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LOANS RECEIVABLE (Tables) | 6 Months Ended
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Jun. 30, 2023
Receivables [Abstract] |
Summary of loans receivable | A summary of loans receivable, net at June 30, 2023 and December 31, 2022, follows:
| June 30, 2023 |  |
| (In thousands)
Residential one-to-four family | $ | 580,396 |  |  |
Multifamily | 696,956 |  |  |
Non-residential | 237,247 |  |  |
Construction | 36,032 |  |  |
Junior liens | 21,338 |  |  |
Commercial and industrial | 9,743 |  |  |
Consumer and other | 33 |  |  |
Total loans | 1,581,745 |  |  |
Allowance for credit losses on loans (1) | (14,413) |  |  |
Loans receivable, net | $ | 1,567,332 |  |  |
|  |  | December 31, 2022
|  |  | (In thousands)
Residential one-to-four family |  |  | $ | 594,521 |
Multifamily |  |  | 690,278 |
Non-residential |  |  | 216,394 |
Construction |  |  | 17,990 |
Junior liens |  |  | 18,477 |
Commercial and industrial |  |  | 4,682 |
Consumer and other |  |  | 38 |
Total gross loans |  |  | 1,542,380 |
Deferred fees, costs and premiums and discounts, net |  |  | 2,747 |
Total loans |  |  | 1,545,127 |
Allowance for loan losses |  |  | (13,400) |
Loans receivable, net |  |  | $ | 1,531,727 |
(1) For more information, see Footnote 4 - Allowance for Credit Losses.
Schedule of credit quality indicators | The following table presents the risk category of loans by class of loan and vintage based on the analysis performed as of June 30, 2023:
|  | Term Loans by Origination Year |  |  |  |  |  |
|  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Pre-2019 |  | Revolving Loans |  |  |  | Total
Residential one-to-four family |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 10,036 |  |  | $ | 100,456 |  |  | $ | 119,000 |  |  | $ | 15,343 |  |  | $ | 19,279 |  |  | $ | 308,798 |  |  | $ | — |  |  |  |  | $ | 572,912 |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7,484 |  |  | — |  |  |  |  | 7,484 |
Total |  | 10,036 |  |  | 100,456 |  |  | 119,000 |  |  | 15,343 |  |  | 19,279 |  |  | 316,282 |  |  | — |  |  |  |  | 580,396 |
Multifamily |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 17,240 |  |  | 282,553 |  |  | 161,025 |  |  | 35,832 |  |  | 59,947 |  |  | 139,869 |  |  | — |  |  |  |  | 696,466 |
Special mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 330 |  |  | — |  |  |  |  | 330 |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 160 |  |  | — |  |  |  |  | 160 |
Total |  | 17,240 |  |  | 282,553 |  |  | 161,025 |  |  | 35,832 |  |  | 59,947 |  |  | 140,359 |  |  | — |  |  |  |  | 696,956 |
Non-residential |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 25,820 |  |  | 120,496 |  |  | 14,929 |  |  | 15,310 |  |  | 5,481 |  |  | 54,175 |  |  | — |  |  |  |  | 236,211 |
Special mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,036 |  |  | — |  |  |  |  | 1,036 |
Total |  | 25,820 |  |  | 120,496 |  |  | 14,929 |  |  | 15,310 |  |  | 5,481 |  |  | 55,211 |  |  | — |  |  |  |  | 237,247 |
Construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 8,291 |  |  | 13,972 |  |  | 13,654 |  |  | — |  |  | — |  |  | 115 |  |  | — |  |  |  |  | 36,032 |
Total |  | 8,291 |  |  | 13,972 |  |  | 13,654 |  |  | — |  |  | — |  |  | 115 |  |  | — |  |  |  |  | 36,032 |
Junior liens |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 3,311 |  |  | 5,421 |  |  | 1,525 |  |  | 363 |  |  | 1,871 |  |  | 8,796 |  |  | — |  |  |  |  | 21,287 |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 51 |  |  | — |  |  |  |  | 51 |
Total |  | 3,311 |  |  | 5,421 |  |  | 1,525 |  |  | 363 |  |  | 1,871 |  |  | 8,847 |  |  | — |  |  |  |  | 21,338 |
Commercial and industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 6,289 |  |  | 110 |  |  | 3,109 |  |  | 170 |  |  | — |  |  | — |  |  | — |  |  |  |  | 9,678 |
Substandard (1) |  | — |  |  | — |  |  | 65 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 65 |
Total |  | 6,289 |  |  | 110 |  |  | 3,174 |  |  | 170 |  |  | — |  |  | — |  |  | — |  |  |  |  | 9,743 |
Consumer and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 18 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 15 |  |  |  |  | 33 |
Total |  | 18 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 15 |  |  |  |  | 33 |
Total gross loans |  | $ | 71,005 |  |  | $ | 523,008 |  |  | $ | 313,307 |  |  | $ | 67,018 |  |  | $ | 86,578 |  |  | $ | 520,814 |  |  | $ | 15 |  |  |  |  | $ | 1,581,745 |
(1) Balance represents PPP loans which carry the federal guarantee of the SBA. The following table presents the risk category of loans by class of loans based on the analysis performed as of December 31, 2022:
|  | Pass |  | Special Mention |  | Substandard |  | Doubtful / Loss |  | Total
|  | (In thousands)
Residential one-to-four family |  | $ | 589,137 |  |  | $ | 247 |  |  | $ | 7,870 |  |  | $ | — |  |  | $ | 597,254 |
Multifamily |  | 689,277 |  |  | 897 |  |  | 516 |  |  | — |  |  | 690,690 |
Non-residential |  | 214,981 |  |  | 1,080 |  |  | — |  |  | — |  |  | 216,061 |
Construction |  | 17,799 |  |  | — |  |  | — |  |  | — |  |  | 17,799 |
Junior liens |  | 18,579 |  |  | — |  |  | 52 |  |  | — |  |  | 18,631 |
Commercial and Industrial |  | 4,653 |  |  | — |  |  | — |  |  | — |  |  | 4,653 |
Consumer and other |  | 8 |  |  | — |  |  | 31 |  |  | — |  |  | 39 |
Total |  | $ | 1,534,434 |  |  | $ | 2,224 |  |  | $ | 8,469 |  |  | $ | — |  |  | $ | 1,545,127 |
Summary of past due and current loans | The following table presents the recorded investment in past due and current loans by loan portfolio class as of June 30, 2023 and December 31, 2022:
|  | 30-59 Days Past Due |  | 60-89 Days Past Due |  | 90 Days and Greater Past Due |  | Total Past Due |  | Current |  | Total Loans Receivable
|  | (In thousands)
June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family |  | $ | — |  |  | $ | 330 |  |  | $ | 6,318 |  |  | $ | 6,648 |  |  | $ | 573,748 |  |  | $ | 580,396 |
Multifamily |  | — |  |  | — |  |  | — |  |  | — |  |  | 696,956 |  |  | 696,956 |
Non-residential |  | — |  |  | — |  |  | — |  |  | — |  |  | 237,247 |  |  | 237,247 |
Construction |  | — |  |  | — |  |  | — |  |  | — |  |  | 36,032 |  |  | 36,032 |
Junior liens |  | — |  |  | — |  |  | 51 |  |  | 51 |  |  | 21,287 |  |  | 21,338 |
Commercial and Industrial |  | — |  |  | — |  |  | 65 |  |  | 65 |  |  | 9,678 |  |  | 9,743 |
Consumer and other |  | — |  |  | — |  |  | — |  |  | — |  |  | 33 |  |  | 33 |
Total |  | $ | — |  |  | $ | 330 |  |  | $ | 6,434 |  |  | $ | 6,764 |  |  | $ | 1,574,981 |  |  | $ | 1,581,745 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family |  | $ | — |  |  | $ | 845 |  |  | $ | 6,738 |  |  | $ | 7,583 |  |  | $ | 589,671 |  |  | $ | 597,254 |
Multifamily |  | — |  |  | — |  |  | 182 |  |  | 182 |  |  | 690,508 |  |  | 690,690 |
Non-residential |  | — |  |  | — |  |  | — |  |  | — |  |  | 216,061 |  |  | 216,061 |
Construction |  | — |  |  | — |  |  | — |  |  | — |  |  | 17,799 |  |  | 17,799 |
Junior liens |  | — |  |  | — |  |  | 52 |  |  | 52 |  |  | 18,579 |  |  | 18,631 |
Commercial and Industrial |  | — |  |  | — |  |  | 96 |  |  | 96 |  |  | 4,557 |  |  | 4,653 |
Consumer and other |  | — |  |  | — |  |  | — |  |  | — |  |  | 39 |  |  | 39 |
Total |  | $ | — |  |  | $ | 845 |  |  | $ | 7,068 |  |  | $ | 7,913 |  |  | $ | 1,537,214 |  |  | $ | 1,545,127 |
Summary of non-accrual loans and loans past due 90 days or more and still on accrual | The following table presents information on non-accrual loans at June 30, 2023:
|  | Non-accrual |  | Interest Income Recognized on Non-accrual Loans |  | Amortized Cost Basis of Loans >= 90 Day Past Due and Still Accruing |  | Amortized Cost Basis of Non-accrual Loans Without Related Allowance
|  | (In thousands)
Residential one-to-four family |  | $ | 7,460 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,460 |
Multifamily |  | 160 |  |  | — |  |  | — |  |  | 160 |
Commercial and industrial |  | 65 |  |  | — |  |  | — |  |  | 65 |
Junior liens |  | 51 |  |  | — |  |  | — |  |  | 51 |
Total |  | $ | 7,736 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,736 |
The following table presents the recorded investment in non-accrual loans at December 31, 2022:
|  |  |  | Non-accrual |  |  |  | Loans Past Due 90 Days and Still Accruing
|  |  |  | (In thousands)
Residential one-to-four family |  |  |  | $ | 7,498 |  |  |  |  | $ | — |
Multifamily |  |  |  | 182 |  |  |  |  | — |
Commercial and industrial (1) |  |  |  | 35 |  |  |  |  | 61 |
Junior liens |  |  |  | 52 |  |  |  |  | — |
Total |  |  |  | $ | 7,767 |  |  |  |  | $ | 61 |
(1) Loans 90 days past due and accruing were comprised of PPP loans which carry the federal guarantee of the SBA.
Summary of impaired loans by class of loans | The following table presents, under previously applicable U.S. GAAP, information related to impaired loans by class of loans at and as of June 30, 2022 and at December 31, 2022:
|  | June 30, 2022 |  | Six Months Ended June 30, 2022
|  | Unpaid Principal Balance |  | Recorded Investment |  | Allowance for Loan Losses Allocated |  | Average Recorded Investment |  | Interest Income Recognized |  | Cash Basis Interest Recognized
|  | (In thousands)
With no related allowance recorded: |  |  |  |  |  |  |  |  |  |
Residential one-to-four family |  | $ | 7,771 |  |  | $ | 8,054 |  |  | $ | — |  |  | $ | 8,686 |  |  | $ | 61 |  |  | $ | 58 |
Multifamily |  | 659 |  |  | 659 |  |  | — |  |  | 671 |  |  | 13 |  |  | 10 |
Non-residential |  | 3,755 |  |  | 3,595 |  |  | — |  |  | 4,275 |  |  | 105 |  |  | 95 |
Junior liens |  | 54 |  |  | 54 |  |  | — |  |  | 55 |  |  | 1 |  |  | 1 |
|  | 12,239 |  |  | 12,362 |  |  | — |  |  | 13,687 |  |  | 180 |  |  | 164 |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family |  | 1,122 |  |  | 1,125 |  |  | 30 |  |  | 743 |  |  | 23 |  |  | 20 |
|  | 1,122 |  |  | 1,125 |  |  | 30 |  |  | 743 |  |  | 23 |  |  | 20 |
Total |  | $ | 13,361 |  |  | $ | 13,487 |  |  | $ | 30 |  |  | $ | 14,430 |  |  | $ | 203 |  |  | $ | 184 |
|  | December 31, 2022 |  |
|  | Unpaid Principal Balance |  | Recorded Investment |  | Allowance for Loan Losses Allocated |  |  |  |  |  |
|  | (In thousands)
With no related allowance recorded: |  |  |  |  |  |  |  |  |  |
Residential one-to-four family |  | $ | 7,368 |  |  | $ | 7,669 |  |  | $ | — |  |  |  |  |  |  |
Multifamily |  | 516 |  |  | 516 |  |  | — |  |  |  |  |  |  |
Non-residential |  | 2,834 |  |  | 2,671 |  |  | — |  |  |  |  |  |  |
Junior liens |  | 52 |  |  | 52 |  |  | — |  |  |  |  |  |  |
|  | 10,770 |  |  | 10,908 |  |  | — |  |  |  |  |  |  |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family |  | 743 |  |  | 749 |  |  | 27 |  |  |  |  |  |  |
|  | 743 |  |  | 749 |  |  | 27 |  |  |  |  |  |  |
Total |  | $ | 11,513 |  |  | $ | 11,657 |  |  | $ | 27 |  |  |  |  |  |  |

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- Definition Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479319/326-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 29 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481962/310-10-50-29 + Details
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