Loans Receivable and Allowance for Credit Losses (Tables)

12 Months Ended

Dec. 31, 2024

Loans Receivable and Allowance for Credit Losses [Abstract]

The following table presents the recorded investment in loans receivable at December 31, 2024 and December 31, 2023 by segment and class:



	December 31, 2024		December 31, 2023
	(In Thousands)
Loans:
Residential one-to-four family	$	239,870	$	248,295
Commercial and multi-family		2,246,677		2,434,115
Construction		135,434		192,816
Commercial business		249,852		269,274
Business express		92,947		102,928
Home equity ⁽¹⁾		66,769		66,331
Consumer		2,235		3,643
Total Loans		3,033,784		3,317,402
Less:
Deferred loan fees, net		(2,736)		(4,086)
Allowance for credit losses		(34,789)		(33,608)
		(37,525)		(37,694)
Total Loans, net	$	2,996,259	$	3,279,708

(1) Includes home equity lines of credit.

Related Party Loans



	Years Ended December 31,
		2024		2023
	(In Thousands)
Balance – beginning	$	28,208	$	26,265
Loans originated		-		2,882
Collections of principal		(1,703)		(939)
Balance - ending	$	26,505	$	28,208

Allowance for Credit 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, 2024, December 31, 2023 and December 31, 2022. The table also details the amount of total loans receivable, which 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		Business Express		Home Equity ⁽¹⁾		Consumer		Unallocated		Total
Allowance for credit losses:
Beginning Balance, December 31, 2023	$	2,344	$	16,301	$	3,841	$	5,811	$	4,542	$	691	$	78	$	-	$	33,608

Charge-offs		-		(531)		-		(1,799)		(8,038)		-		(467)		-		(10,835)
Recoveries		48		-		-		371		27		-		-		-		446
Provision (benefit)		(445)		(4,064)		(1,821)		6,354		11,238		(97)		405		-		11,570
Ending Balance, December 31, 2024	$	1,947	$	11,706	$	2,020	$	10,737	$	7,769	$	594	$	16	$	-	$	34,789

Ending Balance attributable to loans:
Individually evaluated	$	-	$	1,473	$	-	$	4,725	$	5,619	$	-	$	-	$	-	$	11,817
Collectively evaluated		1,947		10,233		2,020		6,012		2,150		594		16		-		22,972
Ending Balance, December 31, 2024	$	1,947	$	11,706	$	2,020	$	10,737	$	7,769	$	594	$	16	$	-	$	34,789

Loans Receivables:
Individually evaluated	$	853	$	64,735	$	586	$	11,163	$	5,619	$	443	$	-	$	-	$	83,399
Collectively evaluated		239,017		2,181,942		134,848		238,689		87,328		66,326		2,235		-		2,950,385
Total Gross Loans	$	239,870	$	2,246,677	$	135,434	$	249,852	$	92,947	$	66,769	$	2,235	$	-	$	3,033,784

(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		-		-		-		-		(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.

‎

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


	Residential			Commercial & Multi-family	Construction		Commercial Business		Business Express		Home Equity ⁽¹⁾		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 (credit)		(1,643)		(316)		(137)		(1,601)		872		(60)		(188)		(2)		(3,075)
Ending Balance, December 31, 2022	$	2,474	$	21,749	$	2,094	$	4,495	$	872	$	485	$	24	$	180	$	32,373

Ending Balance attributable to loans:
Individually evaluated	$	196	$	-	$	518	$	2,066	$	-	$	4	$	-	$	-	$	2,784
Collectively evaluated		2,278		21,749		1,576		2,429		872		481		24		180		29,589
Ending Balance, December 31, 2022	$	2,474	$	21,749	$	2,094	$	4,495	$	872	$	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		211,619		66,567		56,161		3,240		-		3,054,146
Total Gross Loans	$	250,123	$	2,345,229	$	144,931	$	215,440	$	66,567	$	56,888	$	3,240	$	-	$	3,082,418

(1) Includes home equity lines of credit.

Allowance for Credit Losses on Off-Balance Sheet Exposures


		Twelve Months Ended December 31, 2024		Twelve Months Ended December 31, 2023
Allowance for Credit Losses:
Beginning Balance	$	694	$	-
Impact of adopting ASU No. 2016-13 ("CECL") effective January 1, 2023		-		1,266
Provision (benefit) for credit losses		119		(572)
	$	813	$	694

Non-Accruing Loans


	As of December 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 Days and Still Accruing
Residential one-to-four family	$	534	$	853	$	1,387	$	-
Commercial and multi-family		4,823		28,151		32,974		6,049
Construction		-		586		586		-
Commercial business		5,208		2,425		7,633		-
Business express		1,706		191		1,897		1,677
Home equity ⁽¹⁾		-		231		231		-
Total	$	12,271	$	32,437	$	44,708	$	7,726

(1) 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		2,599		2,892		5,491		-
Business express		-		-		-		-
Home equity ⁽¹⁾		-		46		46		-
Total	$	6,940	$	11,843	$	18,783	$	-

(1) 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, 2024:



					Greater Than								Loans Receivable
	30-59 Days		60-90 Days		90 Days		Total Past				Total Loans		>90 Days
	Past Due		Past Due		Past Due		Due		Current		Receivable		and Accruing
		(In Thousands)
Residential one-to-four family	$	3,229	$	-	$	302	$	3,531	$	236,339	$	239,870	$	-
Commercial and multi-family		8,279		2,673		30,903		41,855		2,204,822		2,246,677		6,049
Construction		-		1,829		586		2,415		133,019		135,434		-
Commercial business		9,125		580		3,795		13,500		236,352		249,852		-
Business express		6,714		3,452		3,141		13,307		79,640		92,947		1,677
Home equity ⁽¹⁾		1,846		18		231		2,095		64,674		66,769		-
Consumer		-		-		-		-		2,235		2,235		-
Total	$	29,193	$	8,552	$	38,958	$	76,703	$	2,957,081	$	3,033,784	$	7,726

(1) Includes home equity lines of credit.

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



					Greater Than								Loans Receivable
	30-59 Days		60-90 Days		90 Days		Total Past				Total Loans		>90 Days
	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		363		1,081		3,758		265,516		269,274		-
Business express		1,922		248		50		2,220		100,708		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 Twelve Months Ended December 31, 2024
	(In Thousands)
	Number		Payment Delay		Term Extension		Rate & Term Reduction		Total Principal	% of Total Class of Financing Receivable
Residential one-to-four family	1	$	173	$	-	$	-	$	173	0.07	%
Commercial and multi-family	1		-		-		15,036		15,036	0.67
Commercial business	1		1,294		-		-		1,294	0.52
Business express	276		-		63,299		-		63,299	68.10
	279	$	1,467	$	63,299	$	15,036	$	79,802	2.63	%

Loan Modifications



	For the Twelve Months Ended December 31, 2024
	(In Thousands)
		Current		30-59 Days Past Due		60-90 Days Past Due		Greater than 90 Days Past Due & Accruing		Nonaccrual		Total
Residential one-to-four family	$	-	$	173	$	-	$	-	$	-	$	173
Commercial and multi-family		15,036		-		-		-		-		15,036
Commercial business		-		-		-		-		1,294		1,294
Business express		62,791		74		-		-		434		63,299
	$	77,827	$	247	$	-	$	-	$	1,728	$	79,802

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, 2024, and 2023 (In Thousands):


Loans by Year of Origination at December 31, 2024
		2024		2023		2022		2021		2020		Prior		Revolving Loans		Revolving Loans to Term Loans		Total
Residential one-to-four family
Pass	$	12,059	$	16,586	$	47,544	$	37,639	$	28,550	$	92,376	$	-	$	-	$	234,754
Special Mention		-		-		3,555		-		-		174		-		-		3,729
Substandard		-		-		301		173		-		913		-		-		1,387
Total one-to-four family	$	12,059	$	16,586	$	51,400	$	37,812	$	28,550	$	93,463	$	-	$	-	$	239,870

Commercial and multi-family
Pass	$	9,105	$	202,931	$	631,493	$	157,054	$	166,242	$	709,239	$	2,610	$	-	$	1,878,674
Special Mention		-		9,761		132,712		37,600		9,232		47,756		140		-		237,201
Substandard		-		10,115		33,958		13,070		11,782		61,877		-		-		130,802
Total Commercial and multi-family	$	9,105	$	222,807	$	798,163	$	207,724	$	187,256	$	818,872	$	2,750	$	-	$	2,246,677

Construction
Pass	$	4	$	34,906	$	37,625	$	-	$	-	$	-	$	5,824	$	-	$	78,359
Special Mention		-		1,521		3,792		47,174		3,745		-		-		-		56,232
Substandard		-		257		-		-		586		-		-		-		843
Total Construction	$	4	$	36,684	$	41,417	$	47,174	$	4,331	$	-	$	5,824	$	-	$	135,434

Commercial business
Pass	$	-	$	2,477	$	266	$	475	$	3,711	$	28,902	$	163,444	$	663	$	199,938
Special Mention		-		8,874		-		1,878		194		4,835		20,298		409		36,488
Substandard		-		-		-		-		-		5,884		7,542		-		13,426
Total Commercial business	$	-	$	11,351	$	266	$	2,353	$	3,905	$	39,621	$	191,284	$	1,072	$	249,852

Business express
Pass	$	-	$	-	$	-	$	-	$	-	$	-	$	23,739	$	59,189	$	82,928
Special Mention		-		-		-		-		-		-		1,506		2,894		4,400
Substandard		-		-		-		-		-		-		3,082		2,537		5,619
Total Business express	$	-	$	-	$	-	$	-	$	-	$	-	$	28,327	$	64,620	$	92,947

Home equity
Pass	$	300	$	3,767	$	1,369	$	501	$	549	$	5,754	$	51,829	$	2,186	$	66,255
Special Mention		-		-		-		-		-		18		-		-		18
Substandard		-		-		53		-		81		-		-		362		496
Total Home equity	$	300	$	3,767	$	1,422	$	501	$	630	$	5,772	$	51,829	$	2,548	$	66,769

Consumer
Pass	$	623	$	1,117	$	389	$	5	$	95	$	-	$	6	$	-	$	2,235
Special Mention		-		-		-		-		-		-		-		-		-
Substandard		-		-		-		-		-		-		-		-		-
Total Consumer	$	623	$	1,117	$	389	$	5	$	95	$	-	$	6	$	-	$	2,235

Total Loans	$	22,091	$	292,312	$	893,057	$	295,569	$	224,767	$	957,728	$	280,020	$	68,240	$	3,033,784

Gross charge-offs	$	446	$	20	$	-	$	174	$	-	$	1,133	$	8,381	$	681	$	10,835

‎

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


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