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Loans Receivable and Allowance for Credit Losses (Tables)
 12 Months Ended
Dec. 31, 2023
Loans Receivable and Allowance for Credit Losses [Abstract]  
Recorded Investment in Loans Receivable The following table presents the recorded investment in loans receivable at December 31, 2023 and December 31, 2022 by segment and class:

December 31, 2023

December 31, 2022

(In Thousands)

Loans:

Residential one-to-four family

$

248,295 

$

250,123 

Commercial and multi-family

2,434,115 

2,345,229 

Construction

192,816 

144,931 

Commercial business(1)

372,202 

282,007 

Home equity(2)

66,331 

56,888 

Consumer

3,643 

3,240 

Total Loans

3,317,402 

3,082,418 

Less:

Deferred loan fees, net

(4,086)

(4,714)

Allowance for credit losses

(33,608)

(32,373)

(37,694)

(37,087)

Total Loans, net

$

3,279,708 

$

3,045,331 

__________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Related Party Loans

Years Ended December 31,

2023

2022

(In Thousands)

Balance – beginning

$

26,265

$

31,696 

Loans originated

2,882

-

Collections of principal

(939)

(5,431)

Balance - ending

$

28,208

$

26,265 
Allowance for Loan Losses The following tables set forth the activity in the Bank’s allowance for credit losses and recorded investment in loans receivable at December 31, 2023 and 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, 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:

-

-

-

(805)

-

-

-

(805)

Recoveries:

45 

-

-

40 

16 

-

-

101 

Provision (benefit):

(319)

1,675 

360 

4,333 

8 

47 

-

6,104 

Ending Balance, December 31, 2023

$

2,344 

$

16,301 

$

3,841 

$

10,353 

$

691 

$

78 

$

-

$

33,608 

Ending Balance attributable to loans:

Individually evaluated

$

-

$

990 

$

310 

$

2,929 

$

-

$

-

$

-

$

4,229 

Collectively evaluated

2,344 

15,311 

3,531 

7,424 

691 

78 

-

29,379 

Ending Balance, December 31, 2023

$

2,344 

$

16,301 

$

3,841 

$

10,353 

$

691 

$

78 

$

-

$

33,608 

Loans Receivables:

Individually evaluated

$

444 

$

42,259 

$

4,292 

$

6,812 

$

212 

$

-

$

-

$

54,019 

Collectively evaluated

247,851 

2,391,856 

188,524 

365,390 

66,119 

3,643 

-

3,263,383 

Total Gross Loans

$

248,295 

$

2,434,115 

$

192,816 

$

372,202 

$

66,331 

$

3,643 

$

-

$

3,317,402 

(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, 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 (benefit):

(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.


‎

Non-Accruing Loans

As of December 31, 2023

(in Thousands)

Nonaccrual loans with Allowance for Credit Losses

Nonaccrual loans without Allowance for Credit Losses

Total Nonaccrual loans

Amortized Cost of Loans Past due 90 and Still Accruing

Residential one-to-four family

$

-

$

270 

$

270 

$

-

Commercial and multi-family

2,029 

6,655 

8,684 

-

Construction

2,312 

1,980 

4,292 

-

Commercial business (1)

2,599 

2,892 

5,491 

-

Home equity (2)

-

46 

46 

-

Total

$

6,940 

$

11,843 

$

18,783 

$

-

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

As of
‎December 31, 2022

(In Thousands)

Non-Accruing Loans:

Residential one-to-four family

$

243 

Commercial and multi-family

346 

Construction

3,180 

Commercial business(1)

1,340 

Total

$

5,109 

(1) Includes business lines of credit.

Evaluated Loans The following Table summarizes the recorded investment and unpaid principal balances of individually evaluated loans for the year ended December 31, 2022.

(In Thousands):

As of December 31, 2022

Recorded

Unpaid Principal

Related

Investment

Balance

Allowance

Loans with no related allowance:

Residential one-to-four family

$

3,313 

$

3,472 

$

-

Commercial and multi-family

15,397 

16,355 

-

Commercial business(1)

691 

4,648 

-

Home equity(2)

500 

500 

-

Total Individually Evaluated Loans with no related allowance recorded:

$

19,901 

$

24,975 

$

-

Loans with an allowance recorded:

Residential one-to-four family

$

1,834 

$

1,856 

$

196 

Commercial and Multi-family

-

-

-

Construction

3,180 

3,180 

518 

Commercial business(1)

3,130 

8,276 

2,066 

Home equity(2)

227 

227 

4 

Total Individually Evaluated Loans with an allowance recorded:

$

8,371 

$

13,539 

$

2,784 

Total Individually Evaluated Loans:

$

28,272 

$

38,514 

$

2,784 

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.


‎

Note 5- Loans Receivable and Allowance for Credit losses (continued)

The following table summarizes the average recorded investment and actual interest income recognized on individually evaluated loans for the year ended December 31, 2022.

(In Thousands)

2022

2022

Average

Interest

Recorded

Income

Investment

Recognized

Loans with no related allowance recorded:

Residential one-to-four family

$

2,981 

$

149 

Commercial and multi-family

22,511 

1,088 

Construction

-

-

Commercial business(1)

1,250 

73 

Home equity(2)

540 

24 

Total Individually Evaluated Loans with no allowance recorded:

$

27,282 

$

1,334 

Loans with an allowance recorded:

Residential one-to-four family

$

1,948 

$

63 

Commercial and Multi-family

2,841 

266 

Construction

3,041 

41 

Commercial business(1)

4,924 

105 

Home equity(2)

272 

5 

Total Individually Evaluated Loans with an allowance recorded:

$

13,026 

$

480 

Total Individually Evaluated Loans:

$

40,308 

$

1,814 

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

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

$

4,701

$

-

$

270

$

4,971

$

243,324

$

248,295

$

-

Commercial and multi-family

1,853

7,876

6,842

16,571

2,417,544

2,434,115

-

Construction

3,641

-

586

4,227

188,589

192,816

-

Commercial business(1)

4,236

611

1,131

5,978

366,224

372,202

-

Home equity(2)

907

-

-

907

65,424

66,331

-

Consumer

-

-

-

-

3,643

3,643

-

Total

$

15,338

$

8,487

$

8,829

$

32,654

$

3,284,748

$

3,317,402

$

-

(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.
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, 2023 and 2022 (In Thousands):

Loans by Year of Origination at December 31, 2023

2023

2022

2021

2020

2019

Prior

Revolving Loans

Revolving Loans to Term Loans

Total

Residential one-to-four family

Pass

$

17,080 

$

53,623 

$

38,178 

$

31,420 

$

12,067 

$

93,764 

$

-

$

-

$

246,132 

Special Mention

-

492 

91 

-

-

-

-

-

583 

Substandard

-

-

1,310 

-

-

270 

-

-

1,580 

Total one-to-four family

$

17,080 

$

54,115 

$

39,579 

$

31,420 

$

12,067 

$

94,034 

$

-

$

-

$

248,295 

Commercial and multi-family

Pass

$

222,435 

$

778,076 

$

224,823 

$

214,768 

$

50,755 

$

824,375 

$

1,922 

$

-

$

2,317,154 

Special Mention

9,908 

34,375 

-

-

529 

4,453 

140 

-

49,405 

Substandard

-

14,931 

4,023 

3,575 

-

45,027 

-

-

67,556 

Total Commercial and multi-family

$

232,343 

$

827,382 

$

228,846 

$

218,343 

$

51,284 

$

873,855 

$

2,062 

$

-

$

2,434,115 

Construction

Pass

$

21,730 

$

74,180 

$

59,564 

$

21,462 

$

-

$

5,878 

$

5,710 

$

-

$

188,524 

Special Mention

-

-

-

-

-

-

-

-

-

Substandard

-

1,394 

-

586 

-

2,312 

-

-

4,292 

Total Construction

$

21,730 

$

75,574 

$

59,564 

$

22,048 

$

-

$

8,190 

$

5,710 

$

-

$

192,816 

Commercial business

Pass

$

3,328 

$

297 

$

2,967 

$

4,234 

$

7,080 

$

33,675 

$

302,540 

$

-

$

354,121 

Special Mention

-

-

-

-

317 

830 

5,010 

-

6,157 

Substandard

-

-

-

-

-

4,703 

7,221 

-

11,924 

Total Commercial business

$

3,328 

$

297 

$

2,967 

$

4,234 

$

7,397 

$

39,208 

$

314,771 

$

-

$

372,202 

Home equity

Pass

$

5,022 

$

1,487 

$

553 

$

769 

$

1,280 

$

6,181 

$

50,111 

$

553 

$

65,956 

Special Mention

-

-

-

-

-

-

-

-

-

Substandard

-

46

-

-

-

-

117 

212 

375

Total Home equity

$

5,022 

$

1,533 

$

553 

$

769 

$

1,280 

$

6,181 

$

50,228 

$

765 

$

66,331 

Consumer

Pass

$

1,497 

$

471 

$

1,521 

$

109 

$

39 

$

-

$

6 

$

-

$

3,643 

Special Mention

-

-

-

-

-

-

-

-

-

Substandard

-

-

-

-

-

-

-

-

-

Total Consumer

$

1,497 

$

471 

$

1,521 

$

109 

$

39 

$

-

$

6 

$

-

$

3,643 

Total Loans

$

281,000 

$

959,372 

$

333,030 

$

276,923 

$

72,067 

$

1,021,468 

$

372,777 

$

765 

$

3,317,402 

Gross charge-offs

$

500 

$

305 

$

-

$

-

$

-

$

-

$

-

$

-

$

805 

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.