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

September 30, 2023

December 31, 2022

(In Thousands)

Residential one-to-four family

$

251,845 

$

250,123 

Commercial and multi-family

2,444,887 

2,345,229 

Construction

185,202 

144,931 

Commercial business(1)

370,512 

282,007 

Home equity(2)

66,046 

56,888 

Consumer

3,647 

3,240 

3,322,139 

3,082,418 

Less:

Deferred loan fees, net

(4,498)

(4,714)

Allowance for credit losses(3)

(31,914)

(32,373)

Total Loans, net

$

3,285,727 

$

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 September 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 nine months ended September 30, 2023, and the related portion of the allowances for credit losses that is allocated to each loan class, as of September 30, 2023 (in thousands):

Residential

Commercial & Multi-family

Construction

Commercial Business (1)

Home Equity (2)

Consumer

Unallocated

Total

Allowance for credit losses:

Beginning Balance, July 1, 2023

$

2,453 

$

15,045 

$

4,090 

$

7,864 

$

722 

$

31 

-

$

30,205 

Charge-offs:

-

-

-

(515)

 

-

-

(515)

Recoveries:

14 

-

-

5 

-

-

-

19 

Provision (benefit):

(23)

(595)

573 

2,297 

(54)

7 

-

2,205 

Ending Balance, September 30, 2023

2,444 

14,450 

4,663 

9,651 

668 

38 

-

31,914 

Ending Balance attributable to loans:

Individually evaluated

-

-

608 

2,164 

-

-

-

2,772 

Collectively evaluated

2,444 

14,450 

4,055 

7,487 

668 

38 

-

29,142 

Ending Balance, September 30, 2023

2,444 

14,450 

4,663 

9,651 

668 

38 

-

31,914 

Loans Receivables:

Individually evaluated

355 

23,843 

4,931 

6,527 

212 

-

-

35,868 

Collectively evaluated

251,490 

2,421,044 

180,271 

363,985 

65,834 

3,647 

-

3,286,271 

Total Gross Loans:

$

251,845 

$

2,444,887 

$

185,202 

$

370,512 

$

66,046 

$

3,647 

$

-

$

3,322,139 

(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:

-

-

-

(555)

-

-

-

(555)

Recoveries:

38 

-

-

30 

16 

-

-

84 

Provision (benefit):

(212)

(176)

1,182 

3,391 

(15)

7 

-

4,177 

Ending Balance, September 30, 2023

$

2,444 

$

14,450 

$

4,663 

$

9,651 

$

668 

$

38 

$

-

$

31,914 

(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 credit losses for the three and nine months ended September 30, 2022, and the related portion of the allowances for credit losses that is allocated to each loan class, as of September 30, 2022 (in thousands): 

Residential

Commercial & Multi-family

Construction

Commercial Business (1)

Home Equity (2)

Consumer

Unallocated

Total

Allowance for credit losses:

Beginning Balance, July 1, 2022

$

2,565 

$

21,157 

$

2,348 

$

7,639 

$

387 

$

17 

$

-

$

34,113 

Charge-offs:

-

-

-

(931)

-

-

-

(931)

Recovery:

7 

-

-

2 

4 

-

-

13 

Provision (benefit):

(374)

390 

96 

(993)

75 

3 

803 

-

Ending Balance September 30, 2022

$

2,198 

$

21,547 

$

2,444 

$

5,717 

$

466 

$

20 

$

803 

$

33,195 

Ending Balance attributable to loans:

Individually evaluated

$

204 

$

-

$

519 

$

3,509 

$

6 

$

-

$

-

$

4,238 

Collectively evaluated

1,994 

21,547 

1,925 

2,208 

460 

20 

803 

28,957 

Ending Balance September 30, 2022

$

2,198 

$

21,547 

$

2,444 

$

5,717 

$

466 

$

20 

$

803 

$

33,195 

Loans Receivables:

Individually evaluated

$

4,914 

$

27,090 

$

3,180 

$

4,607 

$

733 

$

-

$

-

$

40,524 

Collectively evaluated

237,324 

2,137,230 

149,923 

201,054 

55,331 

2,545 

-

2,783,407 

Total Gross Loans:

$

242,238 

$

2,164,320 

$

153,103 

$

205,661 

$

56,064 

$

2,545 

$

-

$

2,823,931 

(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, January 1, 2022

$

4,094 

$

22,065 

$

2,231 

$

8,000 

$

533 

$

14 

$

182 

$

37,119 

Charge-offs:

-

-

-

(1,703)

-

-

-

(1,703)

Recovery:

9 

-

-

138 

9 

198 

-

354 

Provision (benefit):

(1,905)

(518)

213 

(718)

(76)

(192)

621 

(2,575)

Ending Balance, September 30, 2022

$

2,198 

$

21,547 

$

2,444 

$

5,717 

$

466 

$

20 

$

803 

$

33,195 

(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 September 30, 2023

Nine Months Ended September 30, 2023

(In thousands)

(In thousands)

Allowance for Credit Losses:

Beginning Balance

$

254 

$

-

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

-

1,266 

Provision (benefit)

148 

(864)

Balance at September 30, 2023

$

402

$

402
Delinquency Status of Total Loans The following table sets forth the delinquency status of total loans receivable as of September 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

$

50

$

856

$

178

$

1,084

$

250,761

$

251,845

$

-

Commercial and multi-family

12,195

6,378

3,267

21,840

2,423,047

2,444,887

-

Construction

-

2,045

2,886

4,931

180,271

185,202

-

Commercial business(1)

2,056

3,095

798

5,949

364,563

370,512

-

Home equity(2)

472

164

-

636

65,410

66,046

-

Consumer

-

1

-

1

3,646

3,647

-

Total

$

14,773

$

12,539

$

7,129

$

34,441

$

3,287,698

$

3,322,139

$

-

(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 September 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

3,267 

346 

Construction

2,886 

3,180 

Commercial business(1)

1,600 

1,340 

Total

$

7,931 

$

5,109 

_________

(1) Includes business 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 September 30, 2023 and gross charge-offs for the nine months ended September 30, 2023.

Loans by Year of Origination at September 30, 2023

2023

2022

2021

2020

2019

Prior

Revolving Loans

Revolving Loans to Term Loans

Total

Residential one-to-four family

Pass

$

16,805

$

54,608

$

38,402

$

31,622

$

12,184

$

96,050

$

-

$

-

$

249,671

Special Mention

-

496

91

-

-

91

-

-

678

Substandard

-

-

1,318

-

-

178

-

-

1,496

Total one-to-four family

$

16,805

$

55,104

$

39,811

$

31,622

$

12,184

$

96,319

$

-

$

-

$

251,845

Commercial and multi-family

Pass

$

219,180

$

822,626

$

226,073

$

217,855

$

52,614

$

848,504

$

1,922

$

-

$

2,388,774

Special Mention

-

-

-

-

-

26,690

-

-

26,690

Substandard

-

3,071

4,079

3,575

-

18,698

-

-

29,423

Total Commercial and multi-family

$

219,180

$

825,697

$

230,152

$

221,430

$

52,614

$

893,892

$

1,922

$

-

$

2,444,887

Construction

Pass

$

15,108

$

75,672

$

57,434

$

20,499

$

-

$

5,878

$

5,681

$

-

$

180,272

Special Mention

-

-

-

-

-

-

-

-

-

Substandard

-

1,458

-

586

-

2,886

-

-

4,930

Total Construction

$

15,108

$

77,130

$

57,434

$

21,085

$

-

$

8,764

$

5,681

$

-

$

185,202

Commercial business

Pass

$

2,553

$

305

$

3,314

$

4,333

$

7,143

$

36,487

$

304,133

$

-

$

358,268

Special Mention

-

-

-

-

369

1,666

3,582

-

5,617

Substandard

-

-

-

-

-

3,597

3,030

-

6,627

Total Commercial business

$

2,553

$

305

$

3,314

$

4,333

$

7,512

$

41,750

$

310,745

$

-

$

370,512

Home equity

Pass

$

4,189

$

1,704

$

565

$

782

$

1,306

$

6,601

$

50,074

$

496

$

65,717

Special Mention

-

-

-

-

-

-

-

-

-

Substandard

-

-

-

-

-

-

117

212

329

Total Home equity

$

4,189

$

1,704

$

565

$

782

$

1,306

$

6,601

$

50,191

$

708

$

66,046

Consumer

Pass

$

1,463

$

493

$

1,524

$

112

$

47

$

-

$

8

$

-

$

3,647

Special Mention

-

-

-

-

-

-

-

-

-

Substandard

-

-

-

-

-

-

-

-

-

Total Consumer

$

1,463

$

493

$

1,524

$

112

$

47

$

-

$

8

$

-

$

3,647

Total Loans

$

259,298

$

960,433

$

332,800

$

279,364

$

73,663

$

1,047,326

$

368,547

$

708

$

3,322,139

Gross charge-offs

$

250

$

305

$

-

$

-

$

-

$

-

$

-

$

-

$

555


‎

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