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Loans Receivable and Allowance for Credit Losses (Tables)
 6 Months Ended
Jun. 30, 2023
Loans Receivable and Allowance for Credit Losses [Abstract]  
Recorded Investment in Loans Receivable

June 30, 2023

December 31, 2022

(In Thousands)

Residential one-to-four family

$

250,345 

$

250,123 

Commercial and multi-family

2,490,883 

2,345,229 

Construction

179,156 

144,931 

Commercial business(1)

368,948 

282,007 

Home equity(2)

61,595 

56,888 

Consumer

3,994 

3,240 

3,354,921 

3,082,418 

Less:

Deferred loan fees, net

(4,995)

(4,714)

Allowance for credit losses(3)

(30,205)

(32,373)

Total Loans, net

$

3,319,721 

$

3,045,331 

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

(3) The Company adopted ASU 2016-13 on January 1, 2023 with a modified retrospective approach. Accordingly, at June 30, 2023, the allowance for credit losses was determined in accordance with ASC 326, “Financial Instruments-Credit Losses”.
Allowance for Credit Losses The following table sets forth the activity in the Company’s allowance for credit losses for the three and six months ended June 30, 2023, and the related portion of the allowances for credit losses that is allocated to each loan class, as of June 30, 2023 (in thousands):

Residential

Commercial & Multi-family

Construction

Commercial Business (1)

Home Equity (2)

Consumer

Unallocated

Total

Allowance for credit losses:

Beginning Balance, April 1, 2023

$

2,361 

$

14,966 

$

3,850 

$

6,991 

$

680 

$

34 

-

$

28,882 

Charge-offs:

-

-

-

(39)

-

-

-

(39)

Recoveries:

12 

-

-

-

-

-

-

12 

Provision (benefit):

80 

79 

240 

912 

42 

(3)

-

1,350 

Ending Balance, June 30, 2023

2,453 

15,045 

4,090 

7,864 

722 

31 

-

30,205 

Ending Balance attributable to loans:

Individually evaluated

-

-

608 

2,164 

-

-

-

2,772 

Collectively evaluated

2,453 

15,045 

3,482 

5,700 

722 

31 

-

27,433 

Ending Balance, June 30, 2023

2,453 

15,045 

4,090 

7,864 

722 

31 

-

30,205 

Loans Receivables:

Individually evaluated

356 

17,108 

5,604 

4,969 

212 

-

-

28,249 

Collectively evaluated

249,989 

2,473,775 

173,552 

363,979 

61,383 

3,994 

-

3,326,672 

Total Gross Loans:

$

250,345 

$

2,490,883 

$

179,156 

$

368,948 

$

61,595 

$

3,994 

$

-

$

3,354,921 

(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:

Ending Balance December 31, 2022

2,474 

21,749 

2,094 

5,367 

485 

24 

180 

32,373 

Effect of adopting ASU No. 2016-13 ("CECL")

144 

(7,123)

1,387 

1,418 

182 

7 

(180)

(4,165)

Beginning Balance, January 1, 2023

$

2,618 

$

14,626 

$

3,481 

$

6,785 

$

667 

$

31 

$

-

$

28,208 

Charge-offs:

-

-

-

(40)

-

-

-

(40)

Recoveries:

24 

-

-

25 

16 

-

-

65 

Provision (benefit):

(189)

419 

609 

1,094 

39 

-

-

1,972 

Ending Balance, June 30, 2023

$

2,453 

$

15,045 

$

4,090 

$

7,864 

$

722 

$

31 

$

-

$

30,205 

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.


‎

Note 7 - Loans Receivable and Allowance for Credit Losses (Continued)

The following table sets forth the activity in the Company’s allowance for loan losses for the three and six months ended June 30, 2022, and the related portion of the allowances for loan losses that is allocated to each loan class, as of June 30, 2022 (in thousands): 

Residential

Commercial & Multi-family

Construction

Commercial Business (1)

Home Equity (2)

Consumer

Unallocated

Total

Allowance for loan losses:

Beginning Balance, April 1, 2022

$

2,501 

$

20,820 

$

1,965 

$

8,136 

$

334 

$

15 

$

209 

$

33,980 

Charge-offs:

-

-

-

(6)

-

-

-

(6)

Recovery:

2 

-

-

135 

2 

-

-

139 

Provision (benefit):

62 

337 

383 

(626)

51 

2 

(209)

-

Ending Balance June 30, 2022

$

2,565 

$

21,157 

$

2,348 

$

7,639 

$

387 

$

17 

$

-

$

34,113 

Ending Balance attributable to loans:

Individually evaluated

$

211 

$

-

$

382 

$

5,732 

$

8 

$

-

$

-

$

6,333 

Collectively evaluated

2,354 

21,157 

1,966 

1,907 

379 

17 

-

27,780 

Ending Balance June 30, 2022

$

2,565 

$

21,157 

$

2,348 

$

7,639 

$

387 

$

17 

$

-

$

34,113 

Loans Receivables:

Individually evaluated

$

4,786 

$

27,629 

$

3,043 

$

6,182 

$

771 

$

-

$

-

$

42,411 

Collectively evaluated

231,097 

2,002,968 

152,027 

175,686 

51,037 

2,656 

-

2,615,471 

Total Gross Loans:

$

235,883 

$

2,030,597 

$

155,070 

$

181,868 

$

51,808 

$

2,656 

$

-

$

2,657,882 

(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 loan losses:

Beginning Balance, January 1, 2022

$

4,094 

$

22,065 

$

2,231 

$

8,000 

$

533 

$

14 

$

182 

$

37,119 

Charge-offs:

-

-

-

(772)

-

-

-

(772)

Recovery:

2 

-

-

136 

5 

198 

-

341 

Provision (benefit):

(1,531)

(908)

117 

275 

(151)

(195)

(182)

(2,575)

Ending Balance, June 30, 2022

$

2,565 

$

21,157 

$

2,348 

$

7,639 

$

387 

$

17 

$

-

$

34,113 

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

The following table sets forth the amount recorded in loans receivable at December 31, 2022. 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 credit 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:

Ending Balance attributable to loans:

Individually evaluated

$

196 

$

-

$

518 

$

2,066 

$

4 

$

-

$

-

$

2,784 

Collectively evaluated

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

$

5,147 

$

15,397 

$

3,180 

$

3,821 

$

727 

$

-

$

-

$

28,272 

Collectively evaluated

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.
Allowance For Credit Losses On Off Balance Sheet Exposures

Three Months Ended June 30, 2023

Six Months Ended June 30, 2023

(In thousands)

(In thousands)

Allowance for Credit Losses:

Beginning Balance

$

689 

$

-

Impact of adopting ASU No. 2016-13 ("CECL") effective January 1, 2022

-

1,266 

(Benefit) provision for credit losses

(435)

(1,012)

Balance at June 30, 2023

$

254

$

254
Delinquency Status of Total Loans The following table sets forth the delinquency status of total loans receivable as of June 30, 2023:

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

$

231

$

305

$

178

$

714

$

249,631

$

250,345

$

-

Commercial and multi-family

15,024

1,086

-

16,110

2,474,773

2,490,883

-

Construction

222

-

4,145

4,367

174,789

179,156

-

Commercial business(1)

1,496

191

873

2,560

366,388

368,948

-

Home equity(2)

199

-

-

199

61,396

61,595

-

Consumer

-

-

-

-

3,994

3,994

-

Total

$

17,172

$

1,582

$

5,196

$

23,950

$

3,330,971

$

3,354,921

$

-

(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, 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.

Non-Accruing Loans

As of June 30, 2023

As of December 31, 2022

(In Thousands)

(In Thousands)

Non-Accruing Loans:

Residential one-to-four family

$

178

$

243

Commercial and multi-family

-

346

Construction

4,145

3,180

Commercial business(1)

1,373

1,340

Home equity(2)

-

-

Total

$

5,696

$

5,109

_________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Loan Portfolio by Pass Rating The following table summarizes the Company's loans by year of origination and internally assigned credit risk rating at June 30, 2023 and gross charge-offs for the six months ended June 30, 2023.

Loans by Year of Origination at June 30, 2023

2023

2022

2021

2020

2019

Prior

Revolving Loans

Revolving Loans to Term Loans

Total

Residential one-to-four family

Pass

$

10,821 

$

55,569 

$

39,875 

$

32,110 

$

12,313 

$

99,301 

$

-

$

-

$

249,989 

Special Mention

-

-

-

-

-

-

-

-

Substandard

-

-

178 

-

-

178 

-

-

356 

Total one-to-four family

$

10,821 

$

55,569 

$

40,053 

$

32,110 

$

12,313 

$

99,479 

$

-

$

-

$

250,345 

Commercial and multi-family

Pass

$

212,555 

$

843,724 

$

231,418 

$

222,710 

$

53,280 

$

891,663 

$

1,922 

$

-

$

2,457,272 

Special Mention

-

-

-

3,575 

-

12,928 

-

-

16,503 

Substandard

-

3,084 

-

-

-

14,024 

-

-

17,108 

Total Commercial and multi-family

$

212,555 

$

846,808 

$

231,418 

$

226,285 

$

53,280 

$

918,615 

$

1,922 

$

-

$

2,490,883 

Construction

Pass

$

10,701 

$

72,701 

$

57,747 

$

19,663 

$

-

$

5,878 

$

6,277 

$

-

$

172,967 

Special Mention

-

-

-

586 

-

-

-

-

586 

Substandard

-

1,458 

-

928 

-

3,217 

-

-

5,603 

Total Construction

$

10,701 

$

74,159 

$

57,747 

$

21,177 

$

-

$

9,095 

$

6,277 

$

-

$

179,156 

Commercial business

Pass

$

1,374 

$

313 

3,354 

5,296 

$

7,230 

$

40,244 

$

300,650 

$

-

$

358,461 

Special Mention

-

-

-

-

394 

1,674 

3,450 

-

5,518 

Substandard

-

-

-

-

-

3,169 

1,800 

-

4,969 

Total Commercial business

$

1,374 

$

313 

$

3,354 

$

5,296 

$

7,624 

$

45,087 

$

305,900 

$

-

$

368,948 

Home equity

Pass

$

1,987 

$

1,730 

$

576 

$

801 

$

1,332 

$

7,141 

$

47,315 

$

501 

$

61,383 

Special Mention

-

-

-

-

-

-

-

-

-

Substandard

-

-

-

-

-

-

-

212 

212 

Total Home equity

$

1,987 

$

1,730 

$

576 

$

801 

$

1,332 

$

7,141 

$

47,315 

$

713 

$

61,595 

Consumer

Pass

$

1,258 

$

514 

$

2,027 

$

116 

$

52 

$

-

$

27 

$

-

$

3,994 

Special Mention

-

-

-

-

-

-

-

-

-

Substandard

-

-

-

-

-

-

-

-

-

Total Consumer

$

1,258 

$

514 

$

2,027 

$

116 

$

52 

$

-

$

27 

$

-

$

3,994 

Total Loans

$

238,696 

$

979,093 

$

335,175 

$

285,785 

$

74,601 

$

1,079,417 

$

361,441 

$

713 

$

3,354,921 

Gross charge-offs

$

-

$

-

$

-

$

-

$

-

$

40

$

-

$

-

$

40


‎

Note 7 - Loans Receivable and Allowance for Credit Losses (Continued)

The following table summarizes the Company's loans by year of origination and internally assigned credit risk rating at December 31, 2022.

Loans by Year of Origination at December 31, 2022

2022

2021

2020

2019

2018

Prior

Revolving Loans

Revolving Loans to Term Loans

Total

Residential one-to-four family

Pass

$

56,893 

$

40,465 

$

33,019 

$

12,959 

$

23,918 

$

82,144 

$

-

$

-

$

249,398 

Special Mention

-

-

-

-

-

303 

-

-

303 

Substandard

-

179 

-

-

-

243 

-

-

422 

Total one-to-four family

$

56,893 

$

40,644 

$

33,019 

$

12,959 

$

23,918 

$

82,690 

$

-

$

-

$

250,123 

Commercial and multi-family

Pass

$

854,299 

$

234,441 

$

235,830 

$

55,752 

$

312,353 

$

628,191 

$

-

$

-

$

2,320,866 

Special Mention

-

-

-

-

-

14,183 

-

-

14,183 

Substandard

599 

-

-

-

8,000 

1,581 

-

-

10,180 

Total Commercial and multi-family

$

854,898 

$

234,441 

$

235,830 

$

55,752 

$

320,353 

$

643,955 

$

-

$

-

$

2,345,229 

Construction

Pass

$

51,783 

$

58,827 

$

17,518 

$

-

$

1,794 

$

4,031 

$

7,798 

$

-

$

141,751 

Special Mention

-

-

-

-

-

-

-

-

-

Substandard

-

-

-

-

3,180 

-

-

-

3,180 

Total Construction

$

51,783 

$

58,827 

$

17,518 

$

-

$

4,974 

$

4,031 

$

7,798 

$

-

$

144,931 

Commercial business

Pass

$

70 

$

5,331 

$

5,470 

$

8,070 

$

22,940 

$

19,487 

$

212,402 

$

-

$

273,770 

Special Mention

-

-

-

431 

-

1,600 

2,385 

-

4,416 

Substandard

-

-

-

-

2,686 

758 

377 

-

3,821 

Total Commercial business

$

70 

$

5,331 

$

5,470 

$

8,501 

$

25,626 

$

21,845 

$

215,164 

$

-

$

282,007 

Home equity

Pass

$

1,541 

$

643 

$

830 

$

1,390 

$

1,465 

$

6,437 

$

43,857 

$

513 

$

56,676 

Special Mention

-

-

-

-

-

-

-

-

-

Substandard

-

-

-

-

-

-

-

212 

212 

Total Home equity

$

1,541 

$

643 

$

830 

$

1,390 

$

1,465 

$

6,437 

$

43,857 

$

725 

$

56,888 

Consumer

Pass

$

994 

$

2,034 

$

139 

$

67 

$

-

$

-

$

6 

$

-

$

3,240 

Special Mention

-

-

-

-

-

-

-

-

-

Substandard

-

-

-

-

-

-

-

-

-

Total Consumer

$

994 

$

2,034 

$

139 

$

67 

$

-

$

-

$

6 

$

-

$

3,240 

Total Loans

$

966,179 

$

341,920 

$

292,806 

$

78,669 

$

376,336 

$

758,958 

$

266,825 

$

725 

$

3,082,418