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ALLOWANCE FOR CREDIT LOSSES (Tables) | 6 Months Ended
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Jun. 30, 2023
Credit Loss [Abstract] |
Summary of changes in allowance for loan losses by class of loans | The allowance for credit losses on loans is summarized in the following table:
|  | For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
|  | (In thousands)
Balance at beginning of period |  | $ | 14,153 |  |  | $ | 13,465 |  |  | $ | 13,400 |  |  | $ | 14,425 |
Impact of adopting ASU 2016-13 and ASU 2022-02 |  | — |  |  | — |  |  | 668 |  |  | — |
Charge-offs |  | (13) |  |  | (9) |  |  | (18) |  |  | (19) |
Recoveries |  | — |  |  | — |  |  | 1 |  |  | 2 |
Net charge-offs |  | (13) |  |  | (9) |  |  | (17) |  |  | (17) |
Provision for (recovery of) credit loss on loans |  | 273 |  |  | 594 |  |  | 362 |  |  | (358) |
Balance at end of period |  | $ | 14,413 |  |  | $ | 14,050 |  |  | $ | 14,413 |  |  | $ | 14,050 |
The following tables presents the activity in the Company’s allowance for credit losses by class of loans based on the analysis performed for the three months ended June 30, 2023 and 2022:
|  | Balance at March 31, 2023 |  |  |  | Charge-offs (1) |  | Recoveries |  | (Recovery of) Provision for Credit Loss - Loans |  | Balance at June 30, 2023
|  | (In thousands)
Residential one-to-four family |  | $ | 2,056 |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | (62) |  |  | $ | 1,994 |
Multifamily |  | 7,191 |  |  |  |  | — |  |  | — |  |  | (174) |  |  | 7,017 |
Non-residential |  | 3,570 |  |  |  |  | — |  |  | — |  |  | 243 |  |  | 3,813 |
Construction |  | 1,190 |  |  |  |  | — |  |  | — |  |  | 238 |  |  | 1,428 |
Commercial and industrial |  | 100 |  |  |  |  | — |  |  | — |  |  | 11 |  |  | 111 |
Junior liens |  | 46 |  |  |  |  | — |  |  | — |  |  | 4 |  |  | 50 |
Consumer and other (1) |  | — |  |  |  |  | (13) |  |  | — |  |  | 13 |  |  | — |
Total |  | $ | 14,153 |  |  |  |  | $ | (13) |  |  | $ | — |  |  | $ | 273 |  |  | $ | 14,413 |
(1) Charge-offs relate to overdrafts, which were originated in 2023 as it is our policy to charge these off within 60 days of occurrence.
|  | Balance at March 31, 2022 |  |  |  | Charge-offs |  | Recoveries |  | (Recovery of) Provision for Loan Loss |  | Balance at June 30, 2022
|  | (In thousands)
Residential one-to-four family |  | $ | 2,610 |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | (28) |  |  | $ | 2,582 |
Multifamily |  | 4,776 |  |  |  |  | — |  |  | — |  |  | 363 |  |  | 5,139 |
Non-residential |  | 3,465 |  |  |  |  | — |  |  | — |  |  | 175 |  |  | 3,640 |
Construction |  | 1,905 |  |  |  |  | — |  |  | — |  |  | 189 |  |  | 2,094 |
Commercial and industrial |  | 71 |  |  |  |  | — |  |  | — |  |  | (29) |  |  | 42 |
Junior liens |  | 549 |  |  |  |  | — |  |  | — |  |  | (81) |  |  | 468 |
Consumer and other |  | — |  |  |  |  | (9) |  |  | — |  |  | 9 |  |  | — |
Unallocated |  | 89 |  |  |  |  | — |  |  | — |  |  | (4) |  |  | 85 |
Total |  | $ | 13,465 |  |  |  |  | $ | (9) |  |  | $ | — |  |  | $ | 594 |  |  | $ | 14,050 |
The following tables presents the activity in the Company’s allowance for credit losses by class of loans based on the analysis performed for the six months ended June 30, 2023 and 2022:
|  | Balance at December 31, 2022 |  | Impact of adopting ASU 2016-13 and ASU 2022-02 |  | Charge-offs (1) |  | Recoveries |  | (Recovery of) Provision for Credit Loss - Loans |  | Balance at June 30, 2023
|  | (In thousands)
Residential one-to-four family |  | $ | 2,264 |  |  | $ | (183) |  |  | $ | — |  |  | $ | — |  |  | $ | (87) |  |  | $ | 1,994 |
Multifamily |  | 5,491 |  |  | 2,057 |  |  | — |  |  | — |  |  | (531) |  |  | 7,017 |
Non-residential |  | 3,357 |  |  | 146 |  |  | — |  |  | — |  |  | 310 |  |  | 3,813 |
Construction |  | 1,697 |  |  | (832) |  |  | — |  |  | — |  |  | 563 |  |  | 1,428 |
Commercial and industrial |  | 47 |  |  | (23) |  |  | — |  |  | — |  |  | 87 |  |  | 111 |
Junior liens |  | 451 |  |  | (405) |  |  | — |  |  | — |  |  | 4 |  |  | 50 |
Consumer and other (1) |  | — |  |  | 1 |  |  | (18) |  |  | 1 |  |  | 16 |  |  | — |
Unallocated |  | 93 |  |  | (93) |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | 13,400 |  |  | $ | 668 |  |  | $ | (18) |  |  | $ | 1 |  |  | $ | 362 |  |  | $ | 14,413 |
(1) Charge-offs relate to overdrafts, which were originated in 2022 or 2023 as it is our policy to charge these off within 60 days of occurrence.
|  | Balance at December 31, 2021 |  |  |  | Charge-offs |  | Recoveries |  | (Recovery of) Provision for Loan Loss |  | Balance at June 30, 2022
|  | (In thousands)
Residential one-to-four family |  | $ | 2,822 |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | (240) |  |  | $ | 2,582 |
Multifamily |  | 5,263 |  |  |  |  | — |  |  | — |  |  | (124) |  |  | 5,139 |
Non-residential |  | 2,846 |  |  |  |  | — |  |  | — |  |  | 794 |  |  | 3,640 |
Construction |  | 2,678 |  |  |  |  | — |  |  | — |  |  | (584) |  |  | 2,094 |
Commercial and industrial |  | 51 |  |  |  |  | — |  |  | — |  |  | (9) |  |  | 42 |
Junior liens |  | 636 |  |  |  |  | — |  |  | — |  |  | (168) |  |  | 468 |
Consumer and other |  | 38 |  |  |  |  | (19) |  |  | 2 |  |  | (21) |  |  | — |
Unallocated |  | 91 |  |  |  |  | — |  |  | — |  |  | (6) |  |  | 85 |
Total |  | $ | 14,425 |  |  |  |  | $ | (19) |  |  | $ | 2 |  |  | $ | (358) |  |  | $ | 14,050 |
The following table represents the allocation of allowance for loan losses and the related recorded investment, including deferred fees and costs, in loans by loan portfolio segment, disaggregated based on the impairment methodology at June 30, 2023 and December 31, 2022:
|  | Loans |  | Allowance for Credit Losses on Loans
June 30, 2023 |  | Individually Evaluated |  | Collectively Evaluated |  | Total |  | Individually Evaluated |  | Collectively Evaluated |  | Total
|  | (In thousands)
Residential one-to-four family |  | $ | 7,484 |  |  | $ | 572,912 |  |  | $ | 580,396 |  |  | $ | — |  |  | $ | 1,994 |  |  | $ | 1,994 |
Multifamily |  | 160 |  |  | 696,796 |  |  | 696,956 |  |  | — |  |  | 7,017 |  |  | 7,017 |
Non-residential |  | — |  |  | 237,247 |  |  | 237,247 |  |  | — |  |  | 3,813 |  |  | 3,813 |
Construction |  | — |  |  | 36,032 |  |  | 36,032 |  |  | — |  |  | 1,428 |  |  | 1,428 |
Commercial and industrial (1) |  | — |  |  | 9,743 |  |  | 9,743 |  |  | — |  |  | 111 |  |  | 111 |
Junior liens |  | 51 |  |  | 21,287 |  |  | 21,338 |  |  | — |  |  | 50 |  |  | 50 |
Consumer and other |  | — |  |  | 33 |  |  | 33 |  |  | — |  |  | — |  |  | — |
Total |  | $ | 7,695 |  |  | $ | 1,574,050 |  |  | $ | 1,581,745 |  |  | $ | — |  |  | $ | 14,413 |  |  | $ | 14,413 |
(1) Includes PPP loans, which carry the federal guarantee of the SBA and do not have an allowance for credit losses.
|  | Loans |  | Allowance for Loan Losses
December 31, 2022 |  | Individually Evaluated |  | Collectively Evaluated |  | Total |  | Individually Evaluated |  | Collectively Evaluated |  | Total
|  | (In thousands)
Residential one-to-four family |  | $ | 8,418 |  |  | $ | 588,836 |  |  | $ | 597,254 |  |  | $ | 27 |  |  | $ | 2,237 |  |  | $ | 2,264 |
Multifamily |  | 516 |  |  | 690,174 |  |  | 690,690 |  |  | — |  |  | 5,491 |  |  | 5,491 |
Non-residential |  | 2,671 |  |  | 213,390 |  |  | 216,061 |  |  | — |  |  | 3,357 |  |  | 3,357 |
Construction |  | — |  |  | 17,799 |  |  | 17,799 |  |  | — |  |  | 1,697 |  |  | 1,697 |
Commercial and industrial (1) |  | — |  |  | 4,653 |  |  | 4,653 |  |  | — |  |  | 47 |  |  | 47 |
Junior liens |  | 52 |  |  | 18,579 |  |  | 18,631 |  |  | — |  |  | 451 |  |  | 451 |
Consumer and other |  | — |  |  | 39 |  |  | 39 |  |  | — |  |  | — |  |  | — |
Unallocated |  | — |  |  | — |  |  | — |  |  | — |  |  | 93 |  |  | 93 |
Total |  | $ | 11,657 |  |  | $ | 1,533,470 |  |  | $ | 1,545,127 |  |  | $ | 27 |  |  | $ | 13,373 |  |  | $ | 13,400 |
(1) Includes PPP loans which carry the federal guarantee of the SBA and do not have an allowance for credit losses.

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- Definition Tabular disclosure of allowance for credit loss on financing receivable. + References Reference 1: 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 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 11B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481962/310-10-50-11B + Details
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