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Loans Receivable and Allowance for Credit Losses (Tables)
 3 Months Ended
Mar. 31, 2024
Loans Receivable and Allowance for Credit Losses [Abstract]  
Recorded Investment in Loans Receivable

March 31, 2024

December 31, 2023

(In Thousands)

Residential one-to-four family

$

244,762 

$

248,295 

Commercial and multi-family

2,392,970 

2,434,115 

Construction

180,975 

192,816 

Commercial business(1)

276,864 

269,274 

Business express

101,209 

102,928 

Home equity(2)

65,518 

66,331 

Consumer

2,847 

3,643 

3,265,145 

3,317,402 

Less:

Deferred loan fees, net

(3,705)

(4,086)

Allowance for credit losses

(34,563)

(33,608)

Total Loans, net

$

3,226,877 

$

3,279,708 

(1) Excludes Business express loans.

(2) Includes home equity lines of credit.
Allowance for Credit Losses The following table sets forth the activity in the Company’s allowance for credit losses for the three months ended March 31, 2024, and the related portion of the allowances for credit losses that is allocated to each loan class, as of March 31, 2024 (in thousands):

Residential

Commercial & Multi-family

Construction

Commercial Business (1)

Business Express

Home Equity (2)

Consumer

Unallocated

Total

Allowance for credit losses:

Beginning Balance, January 1, 2024

$

2,344 

$

16,301 

$

3,841 

$

5,811 

$

4,542 

$

691 

$

78 

$

-

$

33,608

Charge-offs:

-

-

-

(29)

(1,122)

-

-

-

(1,151)

Recoveries:

11 

-

-

3 

4 

-

-

-

18 

Provision (benefit):

(192)

(938)

(604)

1,855 

1,606 

(41)

402 

-

2,088 

Ending Balance, March 31, 2024

$

2,163 

$

15,363 

$

3,237 

$

7,640 

$

5,030 

$

650 

$

480 

$

-

$

34,563 

Ending Balance attributable to loans:

Individually evaluated

$

-

$

956 

$

203 

$

3,291 

$

657 

$

-

$

409 

$

-

$

5,516 

Collectively evaluated

2,163 

14,407 

3,034 

4,349 

4,373 

650 

71 

-

29,047 

Ending Balance, March 31, 2024

$

2,163 

$

15,363 

$

3,237 

$

7,640 

$

5,030 

$

650 

$

480 

$

-

$

34,563 

Loans Receivables:

Individually evaluated

$

173 

$

52,572 

$

3,802 

$

8,315 

$

657 

$

212 

$

-

$

-

$

65,731 

Collectively evaluated

244,589 

2,340,398 

177,173 

268,549 

100,552 

65,306 

2,847 

-

3,199,414 

Total Gross Loans:

$

244,762 

$

2,392,970 

$

180,975 

$

276,864 

$

101,209 

$

65,518 

$

2,847 

$

-

$

3,265,145 

(1) Excludes Business express loans.

(2) Includes home equity lines of credit.

The following table sets forth the activity in the Company’s allowance for credit losses for the three months ended March 31, 2023, and the related portion of the allowances for credit losses that is allocated to each loan class, as of March 31, 2023 (in thousands): 

Residential

Commercial & Multi-family

Construction

Commercial Business (1)

Business Express

Home Equity (2)

Consumer

Unallocated

Total

Allowance for credit losses:

Ending Balance December 31, 2022

$

2,474 

$

21,749 

$

2,094 

$

4,495 

$

872

$

485

$

24

$

180

$

32,373 

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

144

(7,123)

1,387 

1,734 

(316)

182

7

(180)

(4,165)

Beginning Balance, January 1, 2023

$

2,618 

$

14,626 

$

3,481 

$

6,229 

$

556 

$

667 

$

31 

$

-

$

28,208 

Charge-offs:

-

-

-

(1)

-

-

-

-

(1)

Recovery:

12 

-

-

25 

-

16 

-

-

53 

Provisions (benefit):

(269)

340 

369 

(780)

962 

(3)

3 

-

622 

Ending Balance March 31, 2023

$

2,361 

$

14,966 

$

3,850 

$

5,473 

$

1,518 

$

680 

$

34 

$

-

$

28,882 

Ending Balance attributable to loans:

Individually evaluated

$

-

$

-

$

605 

$

1,942 

$

39 

$

-

$

-

$

-

$

2,586 

Collectively evaluated

2,361 

14,966 

3,245 

3,531 

1,479 

680 

34 

-

26,296 

Ending Balance March 31, 2023

$

2,361 

$

14,966 

$

3,850 

$

5,473 

$

1,518 

$

680 

$

34 

$

-

$

28,882 

Loans Receivables:

Individually evaluated

$

358 

$

10,114 

$

3,217 

$

3,644 

$

39 

$

212 

$

-

$

-

$

17,584 

Collectively evaluated

246,325 

2,456,818 

159,336 

238,349 

85,566 

58,610 

3,383 

-

3,248,387 

Total Gross Loans:

$

246,683 

$

2,466,932 

$

162,553 

$

241,993 

$

85,605 

$

58,822 

$

3,383 

$

-

$

3,265,971 

(1) Excludes Business express loans.

(2) Includes home equity lines of credit.


‎

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

The following table sets forth the amount recorded in loans receivable at December 31, 2023. 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)

Business Express

Home Equity (2)

Consumer

Unallocated

Total

Allowance for credit losses:

Ending Balance, December 31, 2022

$

2,474 

$

21,749 

$

2,094 

$

4,495

$

872

$

485 

$

24 

$

180 

$

32,373

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

144 

(7,123)

1,387 

1,734

(316)

182 

7 

(180)

(4,165)

Beginning Balance, January 1, 2023

$

2,618 

$

14,626 

$

3,481 

$

6,229

$

556

$

667 

$

31 

$

-

$

28,208

Charge-offs:

-

-

-

-

(805)

-

-

-

(805)

Recoveries:

45 

-

-

29

11

16 

-

-

101

Provision (benefit):

(319)

1,675 

360 

(447)

4,780

8 

47 

-

6,104

Ending Balance, December 31, 2023

$

2,344 

$

16,301 

$

3,841 

$

5,811

$

4,542

$

691 

$

78 

$

-

$

33,608

Ending Balance attributable to loans:

Individually evaluated

$

-

$

990 

$

310 

$

2,132

$

797

$

-

$

-

$

-

$

4,229 

Collectively evaluated

2,344 

15,311 

3,531 

3,679

3,745

691 

78 

-

29,379

Ending Balance, December 31, 2023

$

2,344 

$

16,301 

$

3,841 

$

5,811

$

4,542

$

691 

$

78 

$

-

$

33,608

Loans Receivables:

Individually evaluated

$

444 

$

42,259 

$

4,292 

$

6,015

$

797

$

212 

$

-

$

-

$

54,019

Collectively evaluated

247,851 

2,391,856 

188,524 

263,259

102,131

66,119 

3,643 

-

3,263,383

Total Gross Loans

$

248,295 

$

2,434,115 

$

192,816 

$

269,274

$

102,928

$

66,331 

$

3,643 

$

-

$

3,317,402

(1) Excludes Business express loans.

(2) Includes home equity lines of credit.
Allowance for Credit Losses on Off-Balance Sheet Exposures

Three Months Ended March 31, 2024

(In thousands)

Allowance for Credit Losses:

Balance at December 31, 2023

$

694

Provision for credit losses

65

Balance at March 31, 2024

$

759

Three Months Ended March 31, 2023

(In thousands)

Allowance for Credit Losses:

Balance at December 31, 2022

$

-

Impact of adopting ASU 2016-13 ("CECL") effective January 1, 2023

1,266

Benefit for credit losses

(577)

Balance at March 31, 2023

$

689
Delinquency Status of Total Loans The following table sets forth the delinquency status of total loans receivable as of March 31, 2024:

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

$

1,499 

$

308 

$

-

$

1,807 

$

242,955 

$

244,762 

$

-

Commercial and multi-family

3,600 

17,100 

6,842 

27,542 

2,365,428 

2,392,970 

-

Construction

577 

387 

586 

1,550 

179,425 

180,975 

-

Commercial business(1)

3,831 

308 

2,443 

6,582 

270,282 

276,864 

-

Business express

2,272 

662 

-

2,934 

98,275 

101,209 

Home equity(2)

816 

330 

-

1,146 

64,372 

65,518 

-

Consumer

-

-

-

-

2,847 

2,847 

-

Total

$

12,595 

$

19,095 

$

9,871 

$

41,561 

$

3,223,584 

$

3,265,145 

$

-

(1) Excludes Business express loans.

(2) Includes home equity lines of credit.

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)

2,314 

362 

1,081 

3,757 

265,517 

269,274 

-

Business express

1,922 

249 

50 

2,221 

100,707 

102,928 

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) Excludes Business express loans.

(2) Includes home equity lines of credit.

Amortized Cost Basis Of Loans Modified

For the Three Months Ended March 31, 2024

(In Thousands)

Significant Payment Delay

Number

Amortized Cost Basis

% of Total Class of Financing Receivable

Financial Effect

Residential one-to-four family

1

$

180

0.01

%

Amortization extension
Non-Accruing Loans

As of March 31, 2024

(in Thousands)

Nonaccrual loans with an Allowance for Credit Losses

Nonaccrual loans without an Allowance for Credit Losses

Total Nonaccrual loans

Amortized Cost of Loans Past due 90 and Still Accruing

Residential one-to-four family

$

-

$

429 

$

429 

$

-

Commercial and multi-family

2,029 

10,598 

12,627 

-

Construction

2,251 

974 

3,225 

-

Commercial business (1)

1,983 

3,933 

5,916 

-

Business express loans

-

-

-

-

Home equity (2)

-

44 

44 

-

Consumer

-

-

-

-

Total

$

6,263 

$

15,978 

$

22,241 

$

-

(1) Excludes Business express loans.

(2) Includes home equity lines of credit.

As of December 31, 2023

(in Thousands)

Nonaccrual loans with an Allowance for Credit Losses

Nonaccrual loans without an 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)

2,050 

2,892 

4,942 

-

Business express loans

549 

-

549 

-

Home equity (2)

-

46 

46 

-

Total

$

6,940 

$

11,843 

$

18,783 

$

-

(1) Excludes Business express loans.

(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 March 31, 2024 and gross charge-offs for the three months ended March 31, 2024.

Loans by Year of Origination at March 31, 2024

2024

2023

2022

2021

2020

Prior

Revolving Loans

Revolving Loans to Term Loans

Total

Residential one-to-four family

Pass

$

-

$

17,095 

$

52,521 

$

37,956 

$

31,210 

$

103,842 

$

-

$

-

$

242,624 

Special Mention

-

-

489 

90 

-

-

-

-

579 

Substandard

-

-

-

1,303 

-

256 

-

-

1,559 

Total one-to-four family

$

-

$

17,095 

$

53,010 

$

39,349 

$

31,210 

$

104,098 

$

-

$

-

$

244,762 

Commercial and multi-family

Pass

$

1,200 

$

216,671 

$

764,734 

$

223,690 

$

213,531 

$

843,449 

$

2,000 

$

-

$

2,265,275 

Special Mention

-

9,871 

34,181 

-

-

5,801 

140 

-

49,993 

Substandard

-

-

14,865 

4,639 

3,575 

54,623 

-

-

77,702 

Total Commercial and multi-family

$

1,200 

$

226,542 

$

813,780 

$

228,329 

$

217,106 

$

903,873 

$

2,140 

$

-

$

2,392,970 

Construction

Pass

$

-

$

25,473 

$

71,926 

$

52,767 

$

19,448 

$

1,849 

$

5,710 

$

-

$

177,173 

Special Mention

-

-

-

-

-

-

-

-

-

Substandard

-

-

-

965 

586 

2,251 

-

-

3,802 

Total Construction

$

-

$

25,473 

$

71,926 

$

53,732 

$

20,034 

$

4,100 

$

5,710 

$

-

$

180,975 

Commercial business

Pass

$

-

$

3,141

290 

1,984 

$

4,135 

$

40,198 

$

207,677

$

549 

$

257,974

Special Mention

-

-

-

421 

-

1,063 

4,003 

-

5,487 

Substandard

-

-

-

-

-

4,645 

7,356

1,402 

13,403

Total Commercial business

$

-

$

3,141

$

290 

$

2,405 

$

4,135 

$

45,906 

$

219,036

$

1,951 

$

276,864

Business express

Pass

$

-

$

-

-

-

$

-

$

-

$

98,604 

$

-

$

98,604 

Special Mention

-

-

-

-

-

-

1,703 

-

1,703 

Substandard

-

-

-

-

-

-

902 

-

902 

Total Business express

$

-

$

-

$

-

$

-

$

-

$

-

$

101,209 

$

-

$

101,209 

Home equity

Pass

$

-

$

3,979 

$

1,461 

$

541 

$

754 

$

7,219 

$

50,445 

$

746 

$

65,145 

Special Mention

-

-

-

-

-

-

-

-

-

Substandard

-

-

44 

-

-

-

117 

212 

373 

Total Home equity

$

-

$

3,979 

$

1,505 

$

541 

$

754 

$

7,219 

$

50,562 

$

958 

$

65,518 

Consumer

Pass

$

1,059 

$

1,183 

$

451 

$

19 

$

105 

$

24 

$

6 

$

-

$

2,847 

Special Mention

-

-

-

-

-

-

-

-

-

Substandard

-

-

-

-

-

-

-

-

-

Total Consumer

$

1,059 

$

1,183 

$

451 

$

19 

$

105 

$

24 

$

6 

$

-

$

2,847 

Total Loans

$

2,259 

$

277,413

$

940,962 

$

324,375 

$

273,344 

$

1,065,220 

$

378,663

$

2,909 

$

3,265,145

Gross charge-offs

$

-

$

-

$

-

$

-

$

-

$

29 

$

1,122 

$

-

$

1,151 


‎

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, 2023.

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

$

3,179 

$

297 

$

2,967 

$

4,234 

$

7,080 

$

33,675 

$

201,008 

$

150 

$

252,590 

Special Mention

-

-

-

-

317 

830 

4,410 

-

5,557 

Substandard

-

-

-

-

-

4,703 

6,424 

-

11,127 

Total Commercial business

$

3,179 

$

297 

$

2,967 

$

4,234 

$

7,397 

$

39,208 

$

211,842 

$

150 

$

269,274 

Business express

Pass

$

-

$

-

$

-

$

-

$

-

$

-

$

101,531 

$

-

$

101,531 

Special Mention

-

-

-

-

-

-

600 

-

600 

Substandard

-

-

-

-

-

-

797 

-

797 

Total Business express

$

-

$

-

$

-

$

-

$

-

$

-

$

102,928 

$

-

$

102,928 

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

$

280,851 

$

959,372 

$

333,030 

$

276,923 

$

72,067 

$

1,021,468 

$

372,776

$

915 

$

3,317,402

Gross charge-offs

$

-

$

-

$

-

$

-

$

-

$

-

$

805 

$

-

$

805