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Loans Receivable and Allowance for Credit Losses (Tables)

9 Months Ended

Sep. 30, 2024

Loans Receivable and Allowance for Credit Losses [Abstract]



	September 30, 2024		December 31, 2023
		(In Thousands)
Residential one-to-four family	$	241,050	$	248,295
Commercial and multi-family		2,296,886		2,434,115
Construction		146,471		192,816
Commercial business		272,408		269,274
Business express		98,957		102,928
Home equity⁽¹⁾		67,566		66,331
Consumer		2,309		3,643
		3,125,647		3,317,402

Less:
Deferred loan fees, net		(3,040)		(4,086)
Allowance for credit losses		(34,693)		(33,608)

Total Loans, net	$	3,087,914	$	3,279,708

(1) 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 nine months ended September 30, 2024, and the related portion of the allowance for credit losses that is allocated to each loan class, as of September 30, 2024 (in thousands):


	Residential			Commercial & Multi-family	Construction		Commercial Business		Business Express		Home Equity ⁽¹⁾		Consumer		Total
Allowance for credit losses:
Beginning Balance, July 1, 2024	$	2,039	$	14,907	$	2,872	$	8,323	$	6,444	$	635	$	23	$	35,243

Charge-offs:		-		-		-		-		(3,471)		-		-		(3,471)
Recoveries:		8		-		-		22		1		-		-		31
Provision (benefit):		30		(1,371)		(496)		531		4,168		10		18		2,890
Ending Balance, September 30, 2024		2,077		13,536		2,376		8,876		7,142		645		41		34,693

Ending Balance attributable to loans:
Individually evaluated		-		971		-		2,025		3,052		-		20		6,068
Collectively evaluated		2,077		12,565		2,376		6,851		4,090		645		21		28,625
Ending Balance, September 30, 2024		2,077		13,536		2,376		8,876		7,142		645		41		34,693

Loans Receivables:
Individually evaluated		235		56,869		586		4,993		3,052		293		20		66,048
Collectively evaluated		240,815		2,240,017		145,885		267,415		95,905		67,273		2,289		3,059,599
Total Gross Loans:	$	241,050	$	2,296,886	$	146,471	$	272,408	$	98,957	$	67,566	$	2,309	$	3,125,647

(1) Includes home equity lines of credit.


	Residential			Commercial & Multi-family	Construction		Commercial Business			Business Express		Home Equity⁽¹⁾	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)		(5,387)		-		(446)		(6,400)
Recoveries:		33		-		-		27		9		-		-		69
Provision (benefit):		(300)		(2,765)		(1,465)		3,605		7,978		(46)		409		7,416
Ending Balance, September 30, 2024	$	2,077	$	13,536	$	2,376	$	8,876	$	7,142	$	645	$	41	$	34,693

(1) 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, 2023, and the related portion of the allowance for credit losses that is allocated to each loan class, as of September 30, 2023 (in thousands):


	Residential			Commercial & Multi-family	Construction		Commercial Business		Business Express		Home Equity ⁽¹⁾		Consumer		Total
Allowance for credit losses:
Beginning Balance, July 1, 2023	$	2,453	$	15,045	$	4,090	$	5,379	$	2,485	$	722	$	31	$	30,205

Charge-offs:		-		-		-		-		(515)		-		-		(515)
Recoveries:		14		-		-		5		-		-		-		19
Provision (benefit):		(23)		(595)		573		2,782		(485)		(54)		7		2,205
Ending Balance, September 30, 2023		2,444		14,450		4,663		8,166		1,485		668		38		31,914

Ending Balance attributable to loans:
Individually evaluated		-		-		608		1,914		250		-		-		2,772
Collectively evaluated		2,444		14,450		4,055		6,252		1,235		668		38		29,142
Ending Balance, September 30, 2023		2,444		14,450		4,663		8,166		1,485		668		38		31,914

Loans Receivables:
Individually evaluated		355		23,843		4,931		6,277		250		212		-		35,868
Collectively evaluated		251,490		2,421,044		180,271		262,977		101,008		65,834		3,647		3,286,271
Total Gross Loans:	$	251,845	$	2,444,887	$	185,202	$	269,254	$	101,258	$	66,046	$	3,647	$	3,322,139

(1) Includes home equity lines of credit.


	Residential			Commercial & Multi-family	Construction		Commercial Business			Business Express		Home Equity⁽¹⁾	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)		(554)		-		-		-		(555)
Recoveries:		38		-		-		30		-		16		-		-		84
Provision (benefit):		(212)		(176)		1,182		1,908		1,483		(15)		7		-		4,177
Ending Balance, September 30, 2023	$	2,444	$	14,450	$	4,663	$	8,166	$	1,485	$	668	$	38	$	-	$	31,914

(1) Includes home equity lines of credit.

The following table sets forth the activity in the allowance for credit losses and amount recorded in loans receivable at and for the year ended 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		Business Express		Home Equity ⁽¹⁾		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) Includes home equity lines of credit.

Allowance for Credit Losses on Off-Balance Sheet Exposures


		Three Months Ended September 30, 2024		Nine Months Ended September 30, 2024
Allowance for Credit Losses:
Beginning Balance	$	759	$	694
Benefit for credit losses		(288)		(223)
Balance at September 30, 2024	$	471	$	471


		Three Months Ended September 30, 2023		Nine Months Ended September 30, 2023
Allowance for Credit Losses:
Beginning Balance	$	254	$	-
Impact of adopting ASU No. 2016-13 ("CECL") effective January 1, 2023		-		1,266
Provision (benefit) for credit losses		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, 2024:



													Loans Receivable
					Greater Than								>90 Days
	30-59 Days		60-90 Days		90 Days		Total Past				Total Loans		Past Due
	Past Due		Past Due		Past Due		Due		Current		Receivable		and Accruing
		(In Thousands)

Residential one-to-four family	$	4,972	$	391	$	312	$	5,675	$	235,375	$	241,050	$	-
Commercial and multi-family		10,905		308		29,391		40,604		2,256,282		2,296,886		5,520
Construction		-		-		586		586		145,885		146,471		313
Commercial business		5,512		155		2,946		8,613		263,794		272,407
Business express		9,776		3,750		387		13,913		85,044		98,957		387
Home equity ⁽¹⁾		2,285		41		81		2,407		65,159		67,566		-
Consumer		-		-		2		2		2,307		2,309		-
Total	$	33,450	$	4,645	$	33,705	$	71,800	$	3,053,847	$	3,125,647	$	6,220

(1) Includes home equity lines of credit.

The following table sets forth the delinquency status of total loans receivable at December 31, 2023:


													Loans Receivable
					Greater Than								>90 Days
	30-59 Days		60-90 Days		90 Days		Total Past				Total Loans		Past Due
	Past Due		Past Due		Past Due		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		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 ⁽¹⁾		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 home equity lines of credit.

‎

Amortized Cost Basis Of Loans Modified


	For the three Months Ended September 30, 2024
	(In Thousands)
	Number		Payment Delay		Term Extension		Total Principal	% of Total Class of Financing Receivable
Business Express	114	$	-	$	25,688	$	25,688	25.96	%


	For the Nine Months Ended September 30, 2024
	(In Thousands)
	Number		Payment Delay		Term Extension		Total Principal	% of Total Class of Financing Receivable
Residential one-to-four family	1	$	174	$	-	$	174	0.07	%
Business Express	194		-		43,027		43,027	43.48
	195	$	174	$	43,027	$	43,201	1.38	%

Loan Modifications


	For the Nine Months Ended September 30, 2024
	(In Thousands)
		Current		30-59 Days Past Due		60-90 Days Past Due		Non-accrual		Total
Residential one-to-four family	$	174	$	-	$	-	$	-	$	174
Business Express		42,581		249		-		197		43,027
	$	42,755	$	249	$	-	$	197	$	43,201

Non-Accruing Loans


	As of September 30, 2024
	(in Thousands)
		Non-accrual loans with an Allowance for Credit Losses		Non-accrual loans without an Allowance for Credit Losses		Total Non-accrual loans		Amortized Cost of Loans Past due 90 days and Still Accruing
Residential one-to-four family	$	174	$	236	$	410	$	-
Commercial and multi-family		5,853		21,840		27,693		5,520
Construction		-		586		586		313
Commercial business		5,766		535		6,301		-
Business express loans		-		197		197		387
Home equity ⁽¹⁾		42		81		123		-
Consumer		20		-		20		-
Total	$	11,855	$	23,475	$	35,330	$	6,220

(1) Includes home equity lines of credit.


	As of December 31, 2023
	(in Thousands)
		Non-accrual loans with an Allowance for Credit Losses		Non-accrual loans without an Allowance for Credit Losses		Total Non-accrual 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		2,050		2,892		4,942		-
Business express loans		549		-		549		-
Home equity ⁽¹⁾		-		46		46		-
Total	$	6,940	$	11,843	$	18,783	$	-

(1) 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 September 30, 2024 and gross charge-offs for the nine months ended September 30, 2024.



Loans by Year of Origination at September 30, 2024
		2024		2023		2022		2021		2020		Prior		Revolving Loans		Revolving Loans to Term Loans		Total
Residential one-to-four family
Pass	$	4,537	$	16,672	$	48,458	$	38,274	$	30,808	$	97,836	$	-	$	-	$	236,585
Special Mention		-		-		3,573		-		-		483		-		-		4,056
Substandard		-		-		-		174		-		235		-		-		409
Total one-to-four family	$	4,537	$	16,672	$	52,031	$	38,448	$	30,808	$	98,554	$	-	$	-	$	241,050

Commercial and multi-family
Pass	$	4,796	$	213,898	$	729,222	$	184,014	$	170,664	$	745,511	$	3,700	$	-	$	2,051,805
Special Mention		-		9,800		63,684		29,972		9,888		47,068		140		-		160,552
Substandard		-		-		15,631		7,418		9,134		52,346		-		-		84,529
Total Commercial and multi-family	$	4,796	$	223,698	$	808,537	$	221,404	$	189,686	$	844,925	$	3,840	$	-	$	2,296,886

Construction
Pass	$	4	$	36,722	$	36,031	$	25,143	$	-	$	-	$	5,710	$	-	$	103,610
Special Mention		-		834		1,716		31,304		6,571		1,850		-		-		42,275
Substandard		-		-		-		-		586		-		-		-		586
Total Construction	$	4	$	37,556	$	37,747	$	56,447	$	7,157	$	1,850	$	5,710	$	-	$	146,471

Commercial business
Pass	$	-	$	2,487		274		830	$	4,357	$	30,151	$	196,086	$	741	$	234,926
Special Mention		-		-		-		1,879		-		6,702		19,479		424		28,484
Substandard		-		-		-		-		-		4,507		3,494		-		8,001
Loss		-		-		-		-		-		-		997		-		997
Total Commercial business	$	-	$	2,487	$	274	$	2,709	$	4,357	$	41,360	$	220,056	$	1,165	$	272,408

Business express
Pass	$	-	$	-	$	-	$	-	$	-	$	-	$	50,282	$	40,617	$	90,899
Special Mention		-		-		-		-		-		-		3,595		1,166		4,761
Substandard		-		-		-		-		-		-		1,517		1,780		3,297
Total Business express	$	-	$	-	$	-	$	-	$	-	$	-	$	55,394	$	43,563	$	98,957

Home equity
Pass	$	304	$	3,828	$	1,411	$	515	$	644	$	6,050	$	53,806	$	673	$	67,231
Special Mention		-		-		-		-		-		-		-		-		-
Substandard		-		-		42		-		81		-		-		212		335
Total Home equity	$	304	$	3,828	$	1,453	$	515	$	725	$	6,050	$	53,806	$	885	$	67,566

Consumer
Pass	$	607	$	1,148	$	410	$	14	$	98	$	6	$	6	$	-	$	2,289
Special Mention		-		-		-		-		-		-		-		-		-
Substandard		-		20		-		-		-		-		-		-		20
Total Consumer	$	607	$	1,168	$	410	$	14	$	98	$	6	$	6	$	-	$	2,309

Total Loans	$	10,248	$	285,409	$	900,452	$	319,537	$	232,831	$	992,745	$	338,812	$	45,613	$	3,125,647

Gross charge-offs	$	446	$	-	$	-	$	-	$	-	$	567	$	5,206	$	181	$	6,400

‎

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 and gross charge-offs for the year ended 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