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Loans Receivable and Allowance for Loan Losses (Tables)
 12 Months Ended
Dec. 31, 2022
Loans Receivable and Allowance for Loan Losses [Abstract]  
Recorded Investment in Loans Receivable The following table presents the recorded investment in loans receivable at December 31, 2022 and December 31, 2021 by segment and class:

December 31, 2022

December 31, 2021

(In Thousands)

Loans:

Residential one-to-four family

$

250,123

$

224,534

Commercial and multi-family

2,345,229

1,720,174

Construction

144,931

153,904

Commercial business(1)

282,007

191,139

Home equity(2)

56,888

50,469

Consumer

3,240

3,717

Total Loans

3,082,418

2,343,937

Less:

Deferred loan fees, net

(4,714)

(1,876)

Allowance for loan losses

(32,373)

(37,119)

(37,087)

(38,995)

Total Loans, net

$

3,045,331

$

2,304,942

__________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Unpaid Principal Balance and Related Recorded Investment of Acquired Loans

December 31,

2022

2021

(In Thousands)

Unpaid principal balance

$

114,053

$

140,969

Recorded investment

101,430

122,533
Related Party Loans

Years Ended December 31,

2022

2021

(In Thousands)

Balance – beginning

$

31,696

$

29,159

Loans originated

-

14,875

Collections of principal

(5,431)

(12,338)

Balance - ending

$

26,265

$

31,696
Allowance for Loan Losses The following tables set forth the activity in the Bank’s allowance for loan losses and recorded investment in loans receivable at December 31, 2022 and December 31, 2021. The table also details the amount of total loans receivable, that are evaluated individually, and collectively, for impairment, and the related portion of the allowance for loan losses that is allocated to each loan class (In Thousands):

Residential

Commercial & Multi-family

Construction

Commercial Business (1)

Home Equity (2)

Consumer

Unallocated

Total

Allowance for credit losses:

Beginning Balance, December 31, 2021

$

4,094 

$

22,065 

$

2,231 

$

8,000 

$

533 

$

14 

$

182 

$

37,119 

Charge-offs:

-

-

-

(2,095)

-

-

-

(2,095)

Recoveries:

23 

-

-

191 

12 

198 

-

424 

Provision (credit):

(1,643)

(316)

(137)

(729)

(60)

(188)

(2)

(3,075)

Ending Balance, December 31, 2022

$

2,474 

$

21,749 

$

2,094 

$

5,367 

$

485 

$

24 

$

180 

$

32,373 

Ending Balance attributable to loans:

Individually evaluated for impairment

$

196 

$

-

$

518 

$

2,066 

$

4 

$

-

$

$

2,784 

Collectively evaluated for impairment

2,278 

21,749 

1,576 

3,301 

481 

24 

180 

29,589 

Ending Balance, December 31, 2022

$

2,474 

$

21,749 

$

2,094 

$

5,367 

$

485 

$

24 

$

180 

$

32,373 

Loans Receivables:

Individually evaluated for impairment

$

5,147 

$

15,397 

$

3,180 

$

3,821 

$

727 

$

-

$

-

$

28,272 

Collectively evaluated for impairment

244,976 

2,329,832 

141,751 

278,186 

56,161 

3,240 

-

3,054,146 

Total Gross Loans

$

250,123 

$

2,345,229 

$

144,931 

$

282,007 

$

56,888 

$

3,240 

$

-

$

3,082,418 

__________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Residential

Commercial & Multi-family

Construction

Commercial Business (1)

Home Equity (2)

Consumer

Unallocated

Total

Allowance for credit losses:

Beginning Balance, December 31, 2020

$

3,293 

$

21,772 

$

1,977 

$

6,306 

$

286 

$

-

$

5 

$

33,639 

Charge-offs:

(69)

-

-

(205)

-

(198)

-

(472)

Recoveries:

27 

-

-

3 

67 

-

-

97 

Provision (credit):

843 

293 

254 

1,896 

180 

212 

177 

3,855 

Ending Balance, December 31, 2021

$

4,094 

$

22,065 

$

2,231 

$

8,000 

$

533 

$

14 

$

182 

$

37,119 

Ending Balance attributable to loans:

Individually evaluated for impairment

$

265 

$

1,690 

$

210 

$

5,650 

$

13 

$

-

$

-

$

7,828 

Collectively evaluated for impairment

3,829 

20,375 

2,021 

2,350 

520 

14 

182 

29,291 

Ending Balance, December 31, 2021

$

4,094 

$

22,065 

$

2,231 

$

8,000 

$

533 

$

14 

$

182 

$

37,119 

Loans Receivables:

Individually evaluated for impairment

$

4,961 

$

31,745 

$

2,847 

$

8,746 

$

1,083 

$

-

$

-

$

49,382 

Collectively evaluated for impairment

219,573 

1,688,429 

151,057 

182,393 

49,386 

3,717 

-

2,294,555 

Total Gross Loans

$

224,534 

$

1,720,174 

$

153,904 

$

191,139 

$

50,469 

$

3,717 

$

-

$

2,343,937 

__________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Non-Accruing Loans

As of

December 31, 2022

As of

December 31, 2021

(In Thousands)

(In Thousands)

Non-Accruing Loans:

Residential one-to-four family

$

243

$

282

Commercial and multi-family

346

8,601

Construction

3,180

2,847

Commercial business(1)

1,340

3,132

Home equity(2)

-

27

Total

$

5,109

$

14,889

__________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Impaired Loans The following table summarizes the recorded investment and unpaid principal balances of impaired loans for the years ended December 31, 2022 and December 31, 2021. (In Thousands):

As of December 31, 2022

As of December 31, 2021

Recorded

Unpaid Principal

Related

Recorded

Unpaid Principal

Related

Investment

Balance

Allowance

Investment

Balance

Allowance

Loans with no related allowance:

Residential one-to-four family

$

3,313

$

3,472

$

-

$

2,950

$

3,300

$

-

Commercial and multi-family

15,397

16,355

-

20,915

22,100

-

Commercial business(1)

691

4,648

-

2,114

6,905

-

Home equity(2)

500

500

-

779

780

-

Total Impaired Loans with no related allowance recorded:

$

19,901

$

24,975

$

-

$

26,758

$

33,085

$

-

Loans with an allowance recorded:

Residential one-to-four family

$

1,834

$

1,856

$

196

$

2,011

$

2,032

$

265

Commercial and Multi-family

-

-

-

10,830

14,494

1,690

Construction

3,180

3,180

518

2,847

2,847

210

Commercial business(1)

3,130

8,276

2,066

6,632

17,514

5,650

Home equity(2)

227

227

4

304

304

13

Total Impaired Loans with an allowance recorded:

$

8,371

$

13,539

$

2,784

$

22,624

$

37,191

$

7,828

Total Impaired Loans:

$

28,272

$

38,514

$

2,784

$

49,382

$

70,276

$

7,828

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Note 5- Loans Receivable and Allowance for Loan Losses (continued)

The following table summarizes the average recorded investment and actual interest income recognized on impaired loans for the years ended December 31, 2022 and December 31, 2021 (In Thousands).

Years Ended December 31,

2022

2022

2021

2021

Average

Interest

Average

Interest

Recorded

Income

Recorded

Income

Investment

Recognized

Investment

Recognized

Loans with no related allowance recorded:

Residential one-to-four family

$

2,981

$

149

$

2,968

$

145

Commercial and multi-family

22,511

1,088

28,189

1,073

Construction

-

-

697

36

Commercial business(1)

1,250

73

2,886

182

Home equity(2)

540

24

981

44

Total Impaired Loans with no allowance recorded:

$

27,282

$

1,334

$

35,721

$

1,480

Loans with an allowance recorded:

Residential one-to-four family

$

1,948

$

63

$

2,230

$

231

Commercial and Multi-family

2,841

266

11,111

380

Construction

3,041

41

2,105

9

Commercial business(1)

4,924

105

7,949

164

Home equity(2)

272

5

352

2

Total Impaired Loans with an allowance recorded:

$

13,026

$

480

$

23,747

$

786

Total Impaired Loans:

$

40,308

$

1,814

$

59,468

$

2,266

__________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Troubled Debt Restructurings

At December 31, 2022

At December 31, 2021

(In thousands)

Recorded investment in TDRs:

Accrual status

$

10,636

$

12,402

Non-accrual status

399

3,570

Total recorded investment in TDRs

$

11,035

$

15,972

The following tables summarize information with regard to troubled debt restructurings which occurred during the years ended December 31, 2022 and 2021 (Dollars in Thousands).

Year Ended December 31, 2022

Number of
‎Contracts

Pre-Modification Recorded Investments

Post-Modification Recorded Investments

Commercial and multi-family

1

115 

115 

Residential

1

169 

180 

Total

2

$

284 

$

295 

Pre-Modification
‎ Outstanding

Post-Modification
‎ Outstanding

Year Ended December 31, 2021

Number of
‎Contracts

Recorded Investments

Recorded Investments

Residential one-to-four family

2 

3,261 

3,169 

Commercial business(1)

2 

130 

120 

Home equity(2)

1 

96 

95 

Total

5 

$

3,487 

$

3,384 
Delinquency Status of Total Loans The following table sets forth the delinquency status of total loans receivable at December 31, 2022:

Loans Receivable

30-59 Days

60-90 Days

Greater Than

Total Past

Total Loans

>90 Days

Past Due

Past Due

90 Days

Due

Current

Receivable

and Accruing

(In Thousands)

Residential one-to-four family

$

253

$

314

$

-

$

567

$

249,556

$

250,123

$

-

Commercial and multi-family

2,163

428

-

2,591

2,342,638

2,345,229

-

Construction

-

-

3,180

3,180

141,751

144,931

-

Commercial business(1)

190

1,115

1,086

2,391

279,616

282,007

-

Home equity(2)

699

-

-

699

56,189

56,888

-

Consumer

-

-

-

-

3,240

3,240

-

Total

$

3,305

$

1,857

$

4,266

$

9,428

$

3,072,990

$

3,082,418

$

-

__________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

The following table sets forth the delinquency status of total loans receivable at December 31, 2021:

Loans Receivable

30-59 Days

60-90 Days

Greater Than

Total Past

Total Loans

>90 Days

Past Due

Past Due

90 Days

Due

Current

Receivable

and Accruing

(In Thousands)

Residential one-to-four family

$

1,063

$

-

$

86

$

1,149

$

223,385

$

224,534

$

-

Commercial and multi-family

1,181

-

5,167

6,348

1,713,826

1,720,174

-

Construction

2,899

-

2,847

5,746

148,158

153,904

-

Commercial business(1)

405

166

6,775

7,346

183,793

191,139

3,124

Home equity(2)

190

-

27

217

50,252

50,469

-

Consumer

-

-

-

-

3,717

3,717

-

Total

$

5,738

$

166

$

14,902

$

20,806

$

2,323,131

$

2,343,937

$

3,124

__________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.
Loan Portfolio by Pass Rating The following table presents the loan portfolio types summarized by the aggregate pass rating and the classified ratings of special mention, substandard, doubtful, and loss within the Company’s internal risk rating system as of December 31, 2022 and 2021. (In Thousands):

Pass

Special Mention

Substandard

Doubtful

Loss

Total

December 31, 2022

Residential one-to-four family

$

249,398

$

303

$

422

$

-

$

-

$

250,123

Commercial and multi-family

2,320,865

14,183

10,181

-

-

2,345,229

Construction

141,751

-

3,180

-

-

144,931

Commercial business(1)

273,770

4,416

3,821

-

-

282,007

Home equity(2)

56,676

-

212

-

-

56,888

Consumer

3,240

-

-

-

-

3,240

Total Gross Loans

$

3,045,700

$

18,902

$

17,816

$

-

$

-

$

3,082,418

__________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Pass

Special Mention

Substandard

Doubtful

Loss

Total

December 31, 2021

Residential one-to-four family

$

223,660

$

505

$

369

$

-

$

-

$

224,534

Commercial and multi-family

1,647,701

45,087

27,386

-

-

1,720,174

Construction

151,057

-

2,847

-

-

153,904

Commercial business(1)

178,056

4,767

8,316

-

-

191,139

Home equity(2)

50,230

-

239

-

-

50,469

Consumer

3,717

-

-

-

-

3,717

Total Gross Loans

$

2,254,421

$

50,359

$

39,157

$

-

$

-

$

2,343,937

__________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit