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Loans Receivable and Allowance for Credit Losses (Tables)
 6 Months Ended
Jun. 30, 2024
Loans Receivable and Allowance for Credit Losses [Abstract]  
Recorded Investment in Loans Receivable

June 30, 2024

December 31, 2023

(In Thousands)

Residential one-to-four family

$

242,706

$

248,295 

Commercial and multi-family

2,340,385

2,434,115 

Construction

173,207

192,816 

Commercial business(1)

274,906

269,274 

Business express

100,449

102,928 

Home equity(2)

66,843

66,331 

Consumer

2,053

3,643 

3,200,549

3,317,402 

Less:

Deferred loan fees, net

(3,381)

(4,086)

Allowance for credit losses

(35,243)

(33,608)

Total Loans, net

$

3,161,925

$

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 and six months ended June 30, 2024, and the related portion of the allowances for credit losses that is allocated to each loan class, as of June 30, 2024 (in thousands):

Residential

Commercial & Multi-family

Construction

Commercial Business (1)

Business Express

Home Equity (2)

Consumer

Total

Allowance for credit losses:

Beginning Balance, April 1, 2024

$

2,163 

$

15,363 

$

3,237 

$

7,640 

$

5,030 

$

650 

$

480 

$

34,563 

Charge-offs:

-

-

-

(538)

(794)

-

(446)

(1,778)

Recoveries:

14 

-

-

2 

4 

-

-

20 

Provision (benefit):

(138)

(456)

(365)

1,219 

2,204 

(15)

(11)

2,438 

Ending Balance, June 30, 2024

2,039 

14,907 

2,872 

8,323 

6,444 

635 

23 

35,243 

Ending Balance attributable to loans:

Individually evaluated

-

970 

-

3,338 

2,025 

-

-

6,333 

Collectively evaluated

2,039 

13,937 

2,872 

4,985 

4,419 

635 

23 

28,910 

Ending Balance, June 30, 2024

2,039 

14,907 

2,872 

8,323 

6,444 

635 

23 

35,243 

Loans Receivables:

Individually evaluated

173 

51,089 

1,164 

6,135 

2,025 

212 

-

60,798 

Collectively evaluated

242,533 

2,289,296 

172,043 

268,771 

98,424 

66,631 

2,053 

3,139,751 

Total Gross Loans:

$

242,706 

$

2,340,385 

$

173,207 

$

274,906 

$

100,449 

$

66,843 

$

2,053 

$

3,200,549 

(1) Excludes Business express loans.

(2) Includes home equity lines of credit.

Residential

Commercial & Multi-family

Construction

Commercial Business (1)

Business Express

Home Equity (2)

Consumer

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:

-

-

-

(567)

(1,916)

-

(446)

(2,929)

Recoveries:

25 

-

-

5 

8 

-

-

38 

Provision (benefit):

(330)

(1,394)

(969)

3,074 

3,810 

(56)

391 

4,526 

Ending Balance, June 30, 2024

$

2,039 

$

14,907 

$

2,872 

$

8,323 

$

6,444 

$

635 

$

23 

$

35,243 

(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 activity in the Company’s allowance for credit losses for the three 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)

Business Express

Home Equity (2)

Consumer

Total

Allowance for credit losses:

Beginning Balance, April 1, 2023

$

2,361 

$

14,966 

$

3,850 

$

5,473 

$

1,518 

$

680 

$

34 

$

28,882 

Charge-offs:

-

-

-

-

(39)

-

-

(39)

Recoveries:

12 

-

-

-

-

-

-

12 

Provision (benefit):

80 

79 

240 

(94)

1,006 

42 

(3)

1,350 

Ending Balance, June 30, 2023

2,453 

15,045 

4,090 

5,379 

2,485 

722 

31 

30,205 

Ending Balance attributable to loans:

Individually evaluated

-

-

608 

1,898 

266 

-

-

2,772 

Collectively evaluated

2,453 

15,045 

3,482 

3,481 

2,219 

722 

31 

27,433 

Ending Balance, June 30, 2023

2,453 

15,045 

4,090 

5,379 

2,485 

722 

31 

30,205 

Loans Receivables:

Individually evaluated

356 

17,108 

5,604 

4,703 

266 

212 

-

28,249 

Collectively evaluated

249,989 

2,473,775 

173,552 

267,898 

96,081 

61,383 

3,994 

3,326,672 

Total Gross Loans:

$

250,345 

$

2,490,883 

$

179,156 

$

272,601 

$

96,347 

$

61,595 

$

3,994 

$

3,354,921 

(1) Excludes Business express loans.

(2) Includes home equity lines of credit.

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)

(39)

-

-

-

(40)

Recoveries:

24 

-

-

25 

-

16 

-

-

65 

Provision (benefit):

(189)

419 

609 

(874)

1,968 

39 

-

-

1,972 

Ending Balance, June 30, 2023

$

2,453 

$

15,045 

$

4,090 

$

5,379 

$

2,485 

$

722 

$

31 

$

-

$

30,205 

(1) Excludes Business express loans.

(2) Includes home equity lines of credit.

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, 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 June 30, 2024

Six Months Ended June 30, 2024

Allowance for Credit Losses:

Beginning Balance

$

759 

$

694 

Benefit for credit losses

(156)

(91)

Balance at June 30, 2024

$

603 

$

603 

Three Months Ended June 30, 2023

Six Months Ended June 30, 2023

Allowance for Credit Losses:

Beginning Balance

$

689 

$

-

Impact of adopting ASU No. 2016-13 ("CECL") effective January 1, 2023

-

1,266 

Benefit 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, 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

$

4,905

$

237

$

173

$

5,315

$

237,391

$

242,706

$

-

Commercial and multi-family

20,945

797

23,897

45,639

2,294,746

2,340,385

-

Construction

-

-

1,164

1,164

172,043

173,207

577

Commercial business(1)

4,542

1,287

2,273

8,102

266,804

274,906

-

Business express

3,766

3,535

50

7,351

93,098

100,449

-

Home equity(2)

981

81

-

1,062

65,781

66,843

-

Consumer

-

20

-

20

2,033

2,053

-

Total

$

35,139

$

5,957

$

27,557

$

68,653

$

3,131,896

$

3,200,549

$

577

(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 June 30, 2024

(In Thousands)

Number

Payment Delay

Term Extension

Total Principal

% of Total Class of Financing Receivable

Business Express

80 

$

-

$

17,536 

$

17,536 

17.46 

%

For the Six Months Ended June 30, 2024

(In Thousands)

Number

Payment Delay

Term Extension

Total Principal

% of Total Class of Financing Receivable

Residential one-to-four family

1 

$

177 

$

$

177 

0.07 

%

Business Express

80 

-

17,536 

17,536 

17.46 

81 

$

177 

$

17,536 

$

17,713 

0.55 

%
Loan Modifications

For the Six Months Ended June 30, 2024

(In Thousands)

Current

30-59 Days Past Due

60-90 Days Past Due

Non-accrual

Total

Residential one-to-four family

$

-

$

-

$

-

$

177 

$

177 

Business Express

17,333 

-

-

203 

17,536 

$

17,333 

$

-

$

-

$

380 

$

17,713 
Non-Accruing Loans

As of June 30, 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 days and Still Accruing

Residential one-to-four family

$

-

$

350 

$

350 

$

-

Commercial and multi-family

2,029 

25,767 

27,796 

-

Construction

-

586 

586 

577 

Commercial business (1)

1,544 

1,926 

3,470 

-

Business express loans

203 

-

203 

-

Home equity (2)

-

43 

43 

-

Consumer

-

-

-

-

Total

$

3,776 

$

28,672 

$

32,448 

$

577 

(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 days 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 June 30, 2024 and gross charge-offs for the six months ended June 30, 2024.

Loans by Year of Origination at June 30, 2024

2024

2023

2022

2021

2020

Prior

Revolving Loans

Revolving Loans to Term Loans

Total

Residential one-to-four family

Pass

$

2,498 

$

16,740 

$

52,329 

$

38,518 

$

31,014 

$

101,257 

$

-

$

-

$

242,356 

Special Mention

-

-

-

-

-

-

-

-

-

Substandard

-

-

-

173 

-

177 

-

-

350 

Total one-to-four family

$

2,498 

$

16,740 

$

52,329 

$

38,691 

$

31,014 

$

101,434 

$

-

$

-

$

242,706 

Commercial and multi-family

Pass

$

3,172 

$

215,327 

$

763,917 

$

192,100 

$

196,930 

$

784,482 

$

3,700 

$

-

$

2,159,628 

Special Mention

-

9,836 

33,988 

29,927 

15,500 

19,622 

140 

-

109,013 

Substandard

-

-

14,799 

2,812 

3,575 

50,558 

-

-

71,744 

Total Commercial and multi-family

$

3,172 

$

225,163 

$

812,704 

$

224,839 

$

216,005 

$

854,662 

$

3,840 

$

-

$

2,340,385 

Construction

Pass

$

-

$

31,766 

$

69,271 

$

51,141 

$

7,948 

$

-

$

5,710 

$

-

$

165,836 

Special Mention

-

-

-

3,366

991 

1,850 

-

-

6,207

Substandard

-

-

-

578

586 

-

-

-

1,164

Total Construction

$

-

$

31,766 

$

69,271 

$

55,085 

$

9,525 

$

1,850 

$

5,710 

$

-

$

173,207 

Commercial business

Pass

$

-

$

2,496 

282 

2,090 

$

3,958 

$

35,873

$

198,844 

$

781 

$

244,324 

Special Mention

-

-

-

571 

-

3,576 

14,899 

439 

19,485 

Substandard

-

-

-

-

-

3,810 

5,314 

1,973 

11,097 

Total Commercial business

$

-

$

2,496 

$

282 

$

2,661 

$

3,958 

$

43,259

$

219,057 

$

3,193 

$

274,906 

Business express

Pass

$

-

$

-

$

-

$

-

$

-

$

-

$

78,602 

$

17,226 

$

95,828 

Special Mention

-

-

-

-

-

-

2,041 

107 

2,148 

Substandard

-

-

-

-

-

-

2,270 

203 

2,473 

Total Business express

$

-

$

-

$

-

$

-

$

-

$

-

$

82,913 

$

17,536 

$

100,449 

Home equity

Pass

$

156 

$

3,891 

$

1,435 

$

528 

$

738 

$

6,691 

$

52,403 

$

746 

$

66,588 

Special Mention

-

-

-

-

-

-

-

-

-

Substandard

-

-

43 

-

-

-

-

212 

255 

Total Home equity

$

156 

$

3,891 

$

1,478 

$

528 

$

738 

$

6,691 

$

52,403 

$

958 

$

66,843 

Consumer

Pass

$

302 

$

1,176 

$

430 

$

16 

$

102 

$

21 

$

6 

$

-

$

2,053 

Special Mention

-

-

-

-

-

-

-

-

-

Substandard

-

-

-

-

-

-

-

-

-

Total Consumer

$

302 

$

1,176 

$

430 

$

16 

$

102 

$

21 

$

6 

$

-

$

2,053 

Total Loans

$

6,128

$

281,232 

$

936,494 

$

321,820 

$

261,342 

$

1,007,917

$

363,929 

$

21,687 

$

3,200,549 

Gross charge-offs

$

446 

$

-

$

-

$

-

$

-

$

567

$

1,916

$

-

$

2,929


‎

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