LOANS AND LEASES (Tables)

6 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Schedule of composition of loans categorized by the type of loan

Loans outstanding, excluding those held for sale, by general ledger classification, as of June 30, 2024 and December 31, 2023, consisted of the following:

			% of					% of
	June 30,		Totals			December 31,		Total
(Dollars in thousands)	2024		Loans			2023		Loans
Residential mortgage	$	578,829		11.00	%	$	578,327		10.65	%
Multifamily mortgage		1,796,687		34.15			1,836,390		33.82
Commercial mortgage		600,859		11.42			637,625		11.74
Commercial loans (including equipment financing)		2,155,594		40.97			2,260,524		41.64
Commercial construction		22,157		0.42			17,721		0.33
Home equity lines of credit		37,117		0.71			36,464		0.67
Consumer loans, including fixed rate home equity loans		69,579		1.32			62,036		1.14
Other loans		172		0.01			238		0.01
Total loans	$	5,260,994		100.00	%	$	5,429,325		100.00	%

In determining an appropriate amount for the allowance, the Bank segments and aggregated the loan portfolio based on common characteristics. The following pool segments identified as of June 30, 2024 and December 31, 2023 are based on the CECL methodology:

			% of					% of
	June 30,		Totals			December 31,		Total
(Dollars in thousands)	2024		Loans			2023		Loans
Primary residential mortgage	$	584,645		11.12	%	$	585,126		10.78	%
Junior lien loan on residence		40,444		0.77			40,203		0.74
Multifamily property		1,796,687		34.17			1,836,390		33.85
Owner-occupied commercial real estate		256,035		4.87			255,110		4.70
Investment commercial real estate		1,012,489		19.25			1,061,197		19.56
Commercial and industrial		1,244,905		23.67			1,314,781		24.23
Lease financing		228,894		4.35			251,423		4.63
Construction		22,643		0.43			17,987		0.33
Consumer and other		71,789		1.37			63,906		1.18
Total loans		5,258,531		100.00	%		5,426,123		100.00	%
Net deferred costs		2,463					3,202
Total loans including net deferred costs	$	5,260,994				$	5,429,325

Schedule of recorded investment in nonaccrual and loans past due 90 days or over still on accrual

The following tables present the recorded investment in nonaccrual and loans past due 90 days or over still on accrual by class of loans as of June 30, 2024 and December 31, 2023:

			June 30, 2024
	Nonaccrual				Loans Past Due
	With No				90 Days or Over
	Allowance				And Still
(In thousands)	for Credit Loss		Nonaccrual		Accruing Interest
Primary residential mortgage	$	1,521	$	2,112	$	—
Junior lien loan on residence		98		98		—
Multifamily property		20,225		33,558		—
Investment commercial real estate		—		11,748		—
Commercial and industrial		6,036		30,684		—
Lease financing		3,003		3,871		—
Consumer and other		4		4		—
Total	$	30,887	$	82,075	$	—

			December 31, 2023
	Nonaccrual				Loans Past Due
	With No				90 Days or Over
	Allowance				And Still
(In thousands)	for Credit Loss		Nonaccrual		Accruing Interest
Primary residential mortgage	$	1,263	$	1,263	$	—
Junior lien loan on residence		100		100		—
Multifamily property		16,645		16,645		—
Investment commercial real estate		9,881		9,881		—
Commercial and industrial		3,965		31,430		—
Lease financing		946		2,002		—
Consumer and other		3		3		—
Total	$	32,803	$	61,324	$	—

Schedule of aging of past due loans

The following tables present the aging of the recorded investment in past due loans as of June 30, 2024 and December 31, 2023 by class of loans, excluding nonaccrual loans:

	June 30, 2024
	30-59		60-89		90 Days or
	Days		Days		Greater		Total
(In thousands)	Past Due		Past Due		Past Due		Past Due
Primary residential mortgage	$	1,774	$	97	$	—	$	1,871
Junior lien loan on residence		417		—		—		417
Multifamily property		13,571		—		—		13,571
Investment commercial real estate		—		17,326		—		17,326
Commercial and industrial		943		435		—		1,378
Lease financing		—		151		—		151
Total	$	16,705	$	18,009	$	—	$	34,714

	December 31, 2023
	30-59		60-89		90 Days or
	Days		Days		Greater		Total
(In thousands)	Past Due		Past Due		Past Due		Past Due
Primary residential mortgage	$	2,448	$	1,061	$	—	$	3,509
Junior lien on residence		84		—		—		84
Multifamily property		11,814		—		—		11,814
Commercial and industrial		7,297		11,498		—		18,795
Consumer and other		387		—		—		387
Total	$	22,030	$	12,559	$	—	$	34,589

Schedule of credit risk profile of loans

The following is a summary of the credit risk profile of loans by internally assigned grade as of June 30, 2024 and December 31, 2023 based on originations for the periods indicated; the years represent the year of origination for non-revolving loans:

	Grade as of June 30, 2024 for Loans Originated During
											2019				Revolving-
(In thousands)	2024		2023		2022		2021		2020		and Prior		Revolving		Term		Total
Primary residential mortgage:
Pass	$	25,736	$	92,920	$	112,096	$	77,156	$	54,479	$	213,434	$	—	$	5,698	$	581,519
Special mention		—		—		—		—		—		—		—		—		—
Substandard		—		591		—		—		458		2,077		—		—		3,126
Doubtful		—		—		—		—		—		—		—		—		—
Total primary residential mortgages		25,736		93,511		112,096		77,156		54,937		215,511		—		5,698		584,645
Current period gross charge-offs		—		—		—		—		—		—		—		—		—
Junior lien loan on residence:
Pass		—		838		1,224		114		—		1,153		29,885		7,132		40,346
Special mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		97		1		98
Doubtful		—		—		—		—		—		—		—		—		—
Total junior lien loan on residence		—		838		1,224		114		—		1,153		29,982		7,133		40,444
Current period gross charge-offs		—		—		—		—		—		—		—		—		—
Multifamily property:
Pass		6,223		51,871		457,492		601,510		118,653		462,454		8,802		—		1,707,005
Special mention		—		—		3,423		28,507		—		13,296		—		—		45,226
Substandard		—		—		13,366		—		—		31,090		—		—		44,456
Doubtful		—		—		—		—		—		—		—		—		—
Total multifamily property		6,223		51,871		474,281		630,017		118,653		506,840		8,802		—		1,796,687
Current period gross charge-offs		—		—		—		2,088		—		3,291		—		—		5,379
Owner-occupied commercial real estate:
Pass		5,777		4,267		23,218		44,214		19,217		126,927		19,355		10,543		253,518
Special mention		—		—		—		1,173		—		1,344		—		—		2,517
Substandard		—		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—		—
Total owner-occupied commercial real estate		5,777		4,267		23,218		45,387		19,217		128,271		19,355		10,543		256,035
Current period gross charge-offs		—		—		—		—		—		—		—		—		—
Investment commercial real estate:
Pass		22,551		124,748		171,432		139,203		56,965		390,223		21,904		17,035		944,061
Special mention		—		—		—		—		—		42,681		—		14,000		56,681
Substandard		—		—		9,818		—		—		1,929		—		—		11,747
Doubtful		—		—		—		—		—		—		—		—		—
Total investment commercial real estate		22,551		124,748		181,250		139,203		56,965		434,833		21,904		31,035		1,012,489
Current period gross charge-offs		—		—		—		—		—		—		—		—		—
Commercial and industrial:
Pass		93,904		157,772		179,978		150,176		18,288		26,898		501,899		14,614		1,143,529
Special mention		—		—		11,083		12,006		—		1,705		11,405		168		36,367
Substandard		12,250		2,035		20,260		1,729		2,059		3,294		20,673		2,709		65,009
Doubtful		—		—		—		—		—		—		—		—		—
Total commercial and industrial		106,154		159,807		211,321		163,911		20,347		31,897		533,977		17,491		1,244,905
Current period gross charge-offs		—		—		—		—		241		—		—		—		241

	Grade as of June 30, 2024 for Loans Originated During
											2019				Revolving-
(In thousands)	2024		2023		2022		2021		2020		and Prior		Revolving		Term		Total
Lease financing:
Pass		10,288		47,300		47,614		56,211		29,774		33,836		—		—		225,023
Special mention		—		—		—		—		—		—		—		—		—
Substandard		—		868		—		—		—		3,003		—		—		3,871
Doubtful		—		—		—		—		—		—		—		—		—
Total lease financing		10,288		48,168		47,614		56,211		29,774		36,839		—		—		228,894
Current period gross charge-offs		—		—		—		—		—		—		—		—		—
Construction:
Pass		—		—		—		—		—		—		22,643		—		22,643
Special mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—		—
Total commercial construction loans		—		—		—		—		—		—		22,643		—		22,643
Current period gross charge-offs		—		—		—		—		—		—		—		—		—
Consumer and other loans:
Pass		22,717		3,062		—		259		140		3,678		35,442		6,487		71,785
Special mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		4		—		4
Doubtful		—		—		—		—		—		—		—		—		—
Total consumer and other loans		22,717		3,062		—		259		140		3,678		35,446		6,487		71,789
Current period gross charge-offs		—		—		—		—		—		2		—		15		17
Total:
Pass		187,196		482,778		993,054		1,068,843		297,516		1,258,603		639,930		61,509		4,989,429
Special mention		—		—		14,506		41,686		—		59,026		11,405		14,168		140,791
Substandard		12,250		3,494		43,444		1,729		2,517		41,393		20,774		2,710		128,311
Doubtful		—		—		—		—		—		—		—		—		—
Total Loans	$	199,446	$	486,272	$	1,051,004	$	1,112,258	$	300,033	$	1,359,022	$	672,109	$	78,387	$	5,258,531
Total Current Period Gross Charge-offs	$	—	$	—	$	—	$	2,088	$	241	$	3,293	$	—	$	15	$	5,637

	Grade as of December 31, 2023 for Loans Originated During
											2018				Revolving-
(In thousands)	2023		2022		2021		2020		2019		and Prior		Revolving		Term		Total
Primary residential mortgage:
Pass	$	94,688	$	114,532	$	80,175	$	56,191	$	35,418	$	196,251	$	—	$	5,535	$	582,790
Special mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		473		935		928		—		—		2,336
Doubtful		—		—		—		—		—		—		—		—		—
Total primary residential mortgages		94,688		114,532		80,175		56,664		36,353		197,179		—		5,535		585,126
Current period gross charge-offs		—		—		—		—		—		—		—		—		—
Junior lien loan on residence:
Pass		872		1,394		135		—		530		808		29,620		6,680		40,039
Special mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		163		1		164
Doubtful		—		—		—		—		—		—		—		—		—
Total junior lien loan on residence		872		1,394		135		—		530		808		29,783		6,681		40,203
Current period gross charge-offs		—		—		—		—		—		—		—		—		—
Multifamily property:
Pass		52,072		476,972		645,093		119,934		209,299		295,226		8,451		—		1,807,047
Special mention		—		—		—		—		—		1,650		—		—		1,650
Substandard		—		1,572		7,491		—		10,370		8,260		—		—		27,693
Doubtful		—		—		—		—		—		—		—		—		—
Total multifamily property		52,072		478,544		652,584		119,934		219,669		305,136		8,451		—		1,836,390
Current period gross charge-offs		—		—		2,223		—		—		—		—		—		2,223
Owner-occupied commercial real estate:
Pass		4,333		23,590		39,563		19,457		11,788		126,430		17,559		10,731		253,451
Special mention		—		—		1,197		—		—		—		462		—		1,659
Substandard		—		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—		—
Total owner-occupied commercial real estate		4,333		23,590		40,760		19,457		11,788		126,430		18,021		10,731		255,110
Current period gross charge-offs		—		—		—		—		—		—		—		—		—
Investment commercial real estate:
Pass		125,568		173,660		150,026		57,811		144,447		314,411		30,124		13,379		1,009,426
Special mention		—		—		—		—		21,936		3,834		—		14,172		39,942
Substandard		—		9,881		—		—		1,948		—		—		—		11,829
Doubtful		—		—		—		—		—		—		—		—		—
Total investment commercial real estate		125,568		183,541		150,026		57,811		168,331		318,245		30,124		27,551		1,061,197
Current period gross charge-offs		—		1,199		—		—		—		—		—		—		1,199
Commercial and industrial:
Pass		226,699		216,864		191,389		39,003		26,570		16,845		516,844		23,687		1,257,901
Special mention		—		—		758		—		1,161		190		14,232		194		16,535
Substandard		1,212		22,297		1,467		1,865		953		2,524		7,571		2,456		40,345
Doubtful		—		—		—		—		—		—		—		—		—
Total commercial and industrial		227,911		239,161		193,614		40,868		28,684		19,559		538,647		26,337		1,314,781
Current period gross charge-offs		—		—		—		—		—		—		—		—		—
Lease financing:
Pass		50,706		42,447		61,547		39,710		24,113		19,287		—		—		237,810
Special mention		—		9,631		511		—		1,375		94		—		—		11,611
Substandard		1,056		—		—		—		946		—		—		—		2,002
Doubtful		—		—		—		—		—		—		—		—		—

Total lease financing		51,762		52,078		62,058		39,710		26,434		19,381		—		—		251,423
Current period gross charge-offs		—		4,800		—		—		—		794		—		—		5,594
Construction:
Pass		—		—		—		—		—		—		17,987		—		17,987
Special mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—		—
Total commercial construction loans		—		—		—		—		—		—		17,987		—		17,987
Current period gross charge-offs		—		—		—		—		—		—		—		—		—
Consumer and other loans:
Pass		3,934		—		301		158		—		4,141		51,788		3,581		63,903
Special mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		3		—		3
Doubtful		—		—		—		—		—		—		—		—		—
Total consumer and other loans		3,934		—		301		158		—		4,141		51,791		3,581		63,906
Current period gross charge-offs		—		—		—		—		—		—		139		—		139
Total:
Pass		558,872		1,049,459		1,168,229		332,264		452,165		973,399		672,373		63,593		5,270,354
Special mention		—		9,631		2,466		—		24,472		5,768		14,694		14,366		71,397
Substandard		2,268		33,750		8,958		2,338		15,152		11,712		7,737		2,457		84,372
Doubtful		—		—		—		—		—		—		—		—		—
Total Loans	$	561,140	$	1,092,840	$	1,179,653	$	334,602	$	491,789	$	990,879	$	694,804	$	80,416	$	5,426,123
Total Current Period Gross Charge-offs	$	—	$	5,999	$	2,223	$	—	$	—	$	794	$	139	$	—	$	9,155

Summary of Information Related to Modification

The following table provides information related to the modifications during the three months ended June 30, 2024 by pool segment and type of concession granted:

	Significant Payment Delay
	Three Months Ended June 30, 2024
			% of Total
	Amortized		Class of
	Cost Basis		Financing
(Dollars in thousands)	at Period End		Receivable
Primary residential mortgage	$	119		0.02	%
Commercial and industrial		14,539		1.17	%
Total	$	14,658		1.19	%

The following tables provide information related to the modifications during the six months ended June 30, 2024 by pool segment

and type of concession granted:

	Interest Rate Reduction and Term Extension
	Six Months Ended June 30, 2024
			% of Total
	Amortized		Class of
	Cost Basis		Financing
(Dollars in thousands)	at Period End		Receivable
Commercial and industrial	$	12,250		0.98	%
Total	$	12,250		0.98	%

	Significant Payment Delay
	Six Months Ended June 30, 2024
			% of Total
	Amortized		Class of
	Cost Basis		Financing
(Dollars in thousands)	at Period End		Receivable
Primary residential mortgage	$	119		0.02	%
Commercial and industrial		14,539		1.17	%
Total	$	14,658		1.19	%

The following table provides information related to the modifications during the three months ended June 30, 2023 by pool segment and type of concession granted:

	Interest Rate Reduction
	Three Months Ended June 30, 2023
			% of Total
	Amortized		Class of
	Cost Basis		Financing
(Dollars in thousands)	at Period End		Receivable
Commercial and industrial	$	777		0.06	%
Total	$	777		0.06	%

The following tables provide information related to the modifications during the six months ended June 30, 2023 by pool segment and type of concession granted:

	Significant Pay Delay
	Six Months Ended June 30, 2023
			% of Total
	Amortized		Class of
	Cost Basis		Financing
(Dollars in thousands)	at Period End		Receivable
Commercial and industrial	$	248		0.02	%
Total	$	248		0.02	%

	Interest Rate Reduction
	Six Months Ended June 30, 2023
			% of Total
	Amortized		Class of
	Cost Basis		Financing
(Dollars in thousands)	at Period End		Receivable
Commercial and industrial	$	777		0.06	%
Total	$	777		0.06	%

Schedule of Loan Modifications, Subsequent Default, By Payment Status

The following table depicts the payment status of the loans that were modified to a borrower experiencing financial difficulties on or after January 1, 2023, the date we adopted ASU 2022-02, through June 30, 2024:

	Payment Status at June 30, 2024
			30-89 Days		90+ Days
(Dollars in thousands)	Current		Past Due		Past Due
Primary residential mortgage	$	119	$	—	$	—
Commercial and industrial		26,788		2,863		248
Total	$	26,907	$	2,863	$	248

Schedule of Loan modifications resulted in payment default

The following table presents loans by class modified that failed to comply with the modified terms in the twelve months following modification and resulted in a payment default at June 30, 2024:

	Amortized Cost Basis of Modified Loans
	That Subsequently Defaulted
	Six Months Ended June 30, 2024
	Significant		Interest
(Dollars in thousands)	Pay Delay		Rate Reduction
Commercial and industrial	$	—	$	2,863
Total	$	—	$	2,863

The following table presents loans by class modified that failed to comply with the modified terms in the twelve months following modification and resulted in a payment default at June 30, 2023:

	Amortized Cost Basis of Modified Loans
	That Subsequently Defaulted
	Six Months Ended June 30, 2023
	Significant		Interest
(Dollars in thousands)	Pay Delay		Rate Reduction
Commercial and industrial	$	248	$	—
Total	$	248	$	—