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ALLOWANCE FOR CREDIT LOSSES (Tables)

6 Months Ended

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.

X

- 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

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X

- References

No definition available.

+ Details

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